Bitcoin Forum

Alt coins will die if 10 more coins per day come out. Alt coins are becoming a laughing stock.


Soon there will be 1000's of the copy and paste clones. Then nobody will take any of them seriously = death of alts.

If a coin has zero innovation it should be shunned. This is for the good of alts.  

Exchanges need to get a handle on this situation, they are listing any new shitcoins through greed. They will ruin crypto currency if this continues.


We can apply pressure to these exchange by not trading on them if they keep adding just any crap coins they like.

Only the strong survive  ;D shittycoins die quick so why worry?  ???

i actually think this is good,  i hope 100 more coins come out tommorow, then maybe people will realize that a coin needs alot more, then just a just to pump and dump in the begining.  But I think it will take a while, there are so many newbs showing up, and when they figure out they cant mine there way into riches, they go with the second newb plan, i will release my own coin and get rich.  This will soon die off, it just takes time.  I am happy about all the new people though,  coins like any market is a zero sum game, so someome has to lose for someone to win, so more new people equal more easy coins to win


j

Pretty much that.

The problem though is that so many shitcoins produce confusion. Coins with real innovation or use get lost in the noise. It's very difficult for people to understand what makes a coin good.

I just wish there were less coins on coinmarketcap so that the money could spread evenly amongst say 20 coins and then more were introduced slowly so that the market could remain a bit more steady :)

But it is true, the one's that are not up to standard will fade away and be used for other coins to learn from and perhaps spark an idea in someones mind to come up with something very innovative.

update:

I think its good as well that it allows anyone to think they could make a coin because you never know, that anyone could have a very good idea  :D

The problem is that lots of premined clone coins are being released, everyone knows that they are scam coins, but loads of people immediately mine them anyway. Atom is a prime example.
Not every coin needs to be gold, but it seems like CPU coins in particular are being spat out at about 5 a day.

Look at the quark clones. Frozen was released to counter the quark instamine, fair enough. Then molecule, premined crap which was forked, to be fair, so the dev released Atom, which is still premined crap.  Now there is seconds, which has an infinite supply... No doubt more will follow and add nothing, but the difficulties of all of these coins is high, so why wouldn't someone bring out another quark clone?

This problem is made far worse when someone supports another coin already and starts smearing anything else in shit. You dont know what the fuck to believe, or who the fuck to believe. Like the whole worldcoin thing the other day - a popular coin, ranks well in market caps. Release a press statement about advances etc and then the next thing you know theres additional threads popping up calling it scam and saying its all nonsense. I dunno if its true, false or whatever...but for all the garbage alt coin releases theres an equal amount of shit surrounding almost every 'well established' alt coin.
Torn between whats worse tbh.

At least 4 of top 10 have zero innovations. Some of them were premined/instamined.  ;)

Shitty coins shouldn't be able to get any exposure on this forum yet here they are.

Not providing any significant improvement these coins serve a purpose of securing the genuineness and authority of BTC itself.

So the more of these altcoins popping up each day the better...

Exchanges work for provisions, and they get money from provisions. Look at Doge. Every exchanges listed Doge. They don't evan want Doge to be listed on LTC market. They support dumping Doge to their users at the highest possible price. They have very good short-sighted vision only.  ;D

Innovation should win in the end right?

Why Blakecoin beats other coins in the long run:

• The modified blake-256 algorithm hash rate is just under 3x faster on the GPU and just over 2x on the FPGA compared with Bitcoin
• The reward for mining Blakecoin does Not decrease over time it only increases with block height and difficulty
• No restriction on any platform as Blakecoin does not include artificial *Security* that slows down possible mining hash rate and reduces power efficiency
• Already has planned use for Blakecoin as a currency storage between MMO systems with prototypes in development

Blakecoin is the fastest !

• 5.1GH/s on a AMD ATI Radeon 7990
• 2.2GH/s on a AMD ATI Radeon 7970
• 1.4GH/s on a AMD ATI Radeon 6970
• 1.3GH/s on a AMD ATI Radeon 5870
• 1.6GH/s on a ZTEX USB-FPGA 1.15y Quad Spartan-6 LX150 Development Board (using < 40w of power)

Tweaks:
Removed some of the double hashing from the wallet for increased efficiency

It seems very easy to miss Blakecoin in a sea of joke coins  :'(

Although released in October Blakecoin has yet to be picked up by the exchanges  ???

129GH/s current network hash rate on Blakecoin no way Scrypt based coins can do this  ;D

I will try be as polite as can possibly be in saying this but perhaps blakecoin hasnt took off because of the name?, maybe if it was called something like ChuckNorris coin then it would have more appeal to the trendy kids? just a thought.

so you don't care about how the coin is made e.g hashing algorithim, reward structure  :-\

you just want a catchy name  :-[

and a network hash rate of 129 Giga hashes per second is not taking off lol what does that say about scrypt based coins then ::)

You guys dont see the big picture yet?  they WANT all these alt coins distracting everyone from the prize....i think there will be ONE coin in the end....the one that is working with all the right people in all the right places to make all the right moves......while the rest of the dreamers chase their doge tails....

Uh, that hash rate isn't comparable to scrypt coins. You said a 7990 gets 5.1GH/s - so that hash rate could easily just be one big farm mining, lol. That's nothing.

People had the SAME exact threads in May/June when tons of altcoins were being produced. Guess what... the shitty ones died, and only a few survived. That's how you weed out the good from bad. Let the market decide.

Does anyone have a list of coins that are completely dead?

Let it be freemarket, what is shitcoins we will  see soon, IMHO they may produce 100 a day new coins.

There should be a reddit like voting mechanism in this forum that would keep the top altcoins in the first page of "alt currencies" and the rest of the crapcoins in the "crapcurrencies" section.

yeah scrypt is awful and slow plus you still need hash rate for the network to function assuming you want to confirm transactions  ::)

with so many GPU miners and ex Bitcoin FPGA's Blakecoin could reach a network hash of 1PH/s without the need for Asic's  

also on FPGA the fastest code for scrypt on a quad LX150 is about 40KH/s for ~40w
on Blakecoin it is about 1.6GH/s for the same ~40w

and yes two people could run the whole network if needed so you will always be able to confirm transactions never will it be to slow  ;D

I guess we'll see more announcements like these in the future. Sometimes it is hard to tell whether the coin is another MakeMeFilthyRich Coin or some joke coin, or some serious attempt, just with a silly name. So there is always somebody that thinks that this coin may have some future and starts mining. There is big change they mined a worthless junkcoin, but small chance they mined some coin that will become good and valuable in the future ... yielding a huge profit (small difficulty at start).

------ Average coin announcement: ------

[Announce] MakeMeFilthyRich Coin

Specification
Algorithm: Scrypt (it's more popular, not ASIC for this one yet)
Max Coins: 10,000,000,000,000 (more coin = more wealth, yeah!)
Block Time: 30 Seconds
Difficulty Retarget Time: 3 hours (dunno what these are, I "tweaked" them according to my friends advice. I hope I have not mixed these two in the sources, though ....)

Reward
Block 1-100,000: 10 million
Block 100,001-200,000: 9 million
...
Block 900,001-1000,000: 1 million
after that reward halves every 100000 blocks

My friend told me to put some randomness or cool looking stuff here, so if the block number is divisible by 666 you earn 5 time more coins and if the block number is prime, you earn 2 times more :)

Oh, I premined 10% of coins. I may put some of them into or of raffles or giveways, but not too much :)

Website
why? This announcement is enough ...

Official forum
umm .. this thread?

Source
(link to github)

Windows-QT version
My friend compiled that for me, I trust him for not putting there any malware. Probably.

Oh, and I intend to get this coin to some exchange ASAP, so I can then sell all the premined coins and get many BTC's and then be filthy rich :
)

reserved  ;D

Is there a detailed list, showing which alts have good potential and which ones are major pump and dumps, that would help a lot i think.

EARTHCOIN IS A SCAM!

PREMINED UP THE BUTT!

I wonder whether someone knows ratio of new coins that went completely dead after few days/weeks ...


I doubt it. Bitcoin have disadvantage of relatively long block time (15 minutes), so there is IMHO room for at least one secondary coin with faster transactions (like 30 or 60 secs per block) that is more suited for quick microtransactions. Possibly even more coins if they bring something unique - more anonymous? conditional transactions? I think Bitcoin will sort of "replace" (or complements) bank accounts and bank transfers (or the business done thru these) and some secondary coins may replace micropayments like Paypal, etc ...

most are especially if they reduce the block reward or have a huge reward for very early blocks  :-\

and when you do something different it does not seem well received especially if it is a serious fundamental changes to the hashing method used :'(  

Explains why you get so many clone "MakeMeFilthyRich" type coins based on scrypt ::)

As a newbie coming into this (but I have a lot of technical background) I am finding it to be a crazy environment. I have only been involved with this for about two weeks and feel like I have been researching, reading constantly trying to soak in as much information as I can. I have also pulled out hardware from the closet I thought was retired from when I was involved BOINC to experiment mining with. I whole hardheartedly agree with the crypto currency market and would like to adopt it on some of my eCommerce websites.  So I would like to be able to support the correct currencies, but it is difficult to determine which ones might be the best, and which ones to really consider that are emerging. In the end I would expect several coins to make it for example for savings, investing, general eCommerce, and industry specific.

Maybe it exists and I haven't seen it, but it sure would be nice to have a place to compare coin to coin to understand and quickly see what the specs are, what are close, which ware are crap, premined, etc.... instead of trying to wade from site to site and not exactly sure if the information is legitimate or just marketing for pump and dumps. I thought sites like coinmarketcap.com would have been a place to utilize, but everyday it seems there are new coins on there which doesn't really seem correct. Is anybody out there really scrutinizing them that are unbiased?

pool is doing 50GH/s plus I know many are still solo mining so nope no 51% attack just fast mining  ;D
https://www.blakecoinpool.org (https://www.blakecoinpool.org)

most miners are using GPU or FPGA's now

Blakecoin is going to be used in a few MMO/MOOC systems that are being worked on atm this is why I made a coin its main function is currency storage between systems as MMO game servers get hacked quite a bit and I was working on ways to prevent users from losing account premium credits (things you use for micro transactions) this is when I started working on the prototype for Blakecoin as it solves a lot of these issues

People flip ALT coins daily, they are not going anywhere no matter how many are developed, some stay some go.

RIP HYC.

The reason alot of you tech geeks will continue to fail in life is that you all keep thinking that tech is the only thing that matters.  You all think marketing means nothing and its fluff.  By this way of thinking that only the best succeed that would mean that McDonalds makes the best hamburgers, Walmart is the best retail store and Budweiser is the best beer.  The coins that should be mined are the ones that have their shit together.  Website (and hopefully forum) built, mining pools in place and something that appeals to the masses.  Keep getting pissed at Doge who 100% had their crap together.  People care about a coins transfer rate and how easily it can be used in the real world, thats about it.  Try thinking outside your little tech boxes if you want to be successful in the future.

It's 10 times worse now though.  It seems like there are a couple of scrypt coins a day being released and CPU coins too.  

It's bad for this forum too, that all of these coins are only supported by one subforum, which means that there is a lot of noise of all of these coins competing for the front page of the Alt cryptocurrencies sub forum.  

There should be subforums by coin release date, then the more mature ones, e.g. 2011-2012 (LTC,etc) have a subby, then 2013 Jan to June, etc.  So the subforum isn't fragmented too much, but the noisy new coins can be put in their own subforum, e.g. Released November 2013 to today.

Do you remember the old sports cards from the 1950's through the 1970's worth a fortune today? Do you see all of the new sports cards being pumped out to the modern market, never to be worth more than the cardboard they're printed on? Too many mass produced cards to ever see any market value, at least in our lifetime.

Alt coins are the same... BTC and LTC were innovative, among the first new coins out, and had retailers adopt them so that you could purchase items or non-tangible services with them.

All of the coins that followed are worthless, mass produced just because some idiot decided to modify some old source code. So people mine it and move on to the next new coin to flood the already flooded market. We need a Toilet Coin in which we can flush away all of these shit coins like Doge that will never amount to anything.

top speed of a sports car is one of its main marketing points?

you need the network to confirm your coins transfer and for a lot of these scrypt based coins this will only happen while its popular, after the reward drops these have very little to offer  ::)

energy efficiency is a Major marketing point?

and with Blakecoin you can do 1.6GH/s on a ZTEX USB-FPGA 1.15y Quad Spartan-6 LX150 Development Board using less than 40w of power, not only is it efficient but you can reuse Bitcoin mining FPGA's for Blakecoin

what can you spend your coins on is another marketing point?

MMO games anyone? or maybe you want to take a online course using our MOOC system all accepting Blakecoin and due 2014


BLC uses a new algorithm just like LTC did accept rather than it being slower than BTC its faster  ;D

For most coins you can simply compare their hashrate / difficulty with others that use the same hashing method.

As soon as there are three coins using the same hashing method but unable to be merged mined at least one of them will have less than half of the total hashing power.

So for example look at all the scrypt coins that cannot be merged mined, at most two of them can have half or more of the world's scrypt hashing power, the third highest hashing power one will have less than half the total scrypt hashing power thus will be obviously way the heck too vulnerable to consider using for anything important (such as finances, money, wealth storage, commerce etc).

So for starters simply drop all but the two highest hashing power non-merged-mine-able coins of each hash type.

Then quite likely drop the second highest of each also,

Even for coins that can be merged mined the ones that have less than half as much hashing power as the highest hashing power coin of that merge-family should be regarded as too insecure for real use, so should be added to more merged mining pools to get their hash rate up to more than half that of the highest hashing power coin of the family before using it for anything important.

-MarkM-

Glad you mentioned merged mining  :D

as far as I am aware scrypt based coins are not suitable for merged mining same goes for most POS coins  :'(

Blakecoin is suitable to have other blake-256 based coins merged mined just like Bitcoin/Namecoin  :o

listing coins by network hash rate is a great idea works well for Blakecoin  :D

The bitcoin family though of coins that one can merged-mine all at once does already have a fast transactions member: GeistGeld.

However, GeistGeld is possibly too fast, at least one merged-mining pool dropped GeistGeld from its merge due to the speed of the blocks.

However the same merged mining family of coins also includes I0Coin and CoiLedCoin, I0Coin is I think maybe two and a half minute blocks or somesuch and CoiLedCoin one and a half minutes or maybe one minute or something like that and whatever their block speed is does not seem to be too fast to be practical, they seem to merge fine without screwing up the mining of all the other coins in the merge by requiring all the miners to get new work every 20 or 30 or 40 seconds. (I cannot recall offhand whether GeistGeld is 20, 30, or 40 seconds, whichever it is mmpool.bitparking.com claims it is just too darn fast to be practical.)

-MarkM-