Bitcoin Forum

Title related.

The amount of altcoins being pumped out is ridiculous and I'm sure any sensible person can agree. Quit trying to make money off of the future. Quit making altcoins that have no meaning (clockcoin, ronpaulcoin, apecoin, etc.) other than to have a 1/100 chance into getting on to cryptsy and hoping for a pump and dump to get rich. It's awful that people think this is ok. If you think your new currency will be used widely, then you're going to have to do better than change the name, logo, and subsidy. Making more coins only confuses people who are trying to step into the game. Go do something useful with your programming skills.

Take care.  :-*

Indeed. This shit is getting more annoying than doges meme

Absolutely not. I'm not rich enough yet.  :P

Absolutey. Everyone should mine catcoin and bitcoin (scrypt and SHA). Remove the others.

C

(Just guess what I mine)

I love this , all these crap coins just prove which coins are actually good, Litecoin and Bitcoin

My point is, litecoin and bitcoin could have skyrocketed twice, if it weren't for all these shitty altcoins making companies say "hmm, this looks a little like a scam. a ponsi scheme to be more precise. let's add paypal instead." and then the rest of us who actually want quality coins like litecoin and bitcoin to be released as common payment methods are fucked, seeing as how we invested all of our time and money into something that is mainstream delayed.

My suggestion is, if you are making a new altcoin, atleast make it for your city. its just like trade in your own city, and it gonna be rock solid. But if you are trying to make just coins to become rich, it is impossible.

"Quit trying to make money off of the future"  

You first. A relatively small group of people had their hand in developing and participating in the early days of btc and ltc. If you want both of those to be taken seriously you're going to have to deal with the fact that there are millionaires amongst you. Do you think that handfuls of people sitting on piles of money is what the mainstream wants? One of the best ways to get your btc overlords off thier huge stacks is to sell them shitty altcoins that have some prospective future. "Stop making different money we want ours to be the only ones!" You guys are funny.

...there are altcoins that have brought in over 70 BTC's ($70k) without providing any semblance of innovation and very little information. Some that do look promising bring in A LOT more (and do make people very rich).

They are discrediting themselves.  The free market will work this out.

Let me guess... The person who started this thread has never had an economics class and understands nothing about a free market.  As barriers to enter the market start getting lower (ie more people know how to make coins) and profits continue to be made, then there will continue to be new coins.  Until these two things change, things will go on as they have.  Dogecoin changed everything.  New coins used to be mostly ignored.  Those days are over at least for now.

They have none. They use http://coingen.bluematt.me Click "Check Status" tab there to see how many more clones are coming.

I actually... kind of like it. Right now there are good opportunities to mine pumped crap and convert into BTC/LTC. If I pick the right coin, I can mine 2-3X worth of LTC than I'd otherwise mine doing straight LTC.

silvioberluscoin quackcoin sovietcoin

:D

This post cracks me up.

Here let me say his post another way, "Could all the companies in the world please stop making knockoff crap that no one wants, yet still buy for some reason?"

As long as there is a market for anything, it will sell, regardless of what a piece of crap it is. If it's cheap enough, people will buy it! End of story.

Look, Coke is a great product, but some people think it's too expensive to buy, so guess what the buy, Sam's Cola. Why?

Because it's cheaper.
It looks the same color
It kind of half way tastes something like cola
And it's always available and easy to get.

Well, maybe people should stop making scrypt clones. Things like Quark, Blake, Skein are in my opion a better alternative. BlakeCoin has FGPA's mining, so that a network won't be hype, or a meme. Too many scrypt-crap-coins will split the hashrate of the millions of gpu's mining too much to guaranty a solid hashrate on any of those altcoins. (look at what happened with ChinaCoin CHC, or FTC). Many scryptcoins will die when their networks stagnate.

Agreed! if they had an actual business plan and usage, then sure, release. But, this is getting silly!

Well, that guy is a smart one. He is earning of people who try to earn from other people. Perfect!

you are right dude

+100

The only difference is that coins aren't a product. They're a currency. Two totally different things my friend.

until I can go buy milk at 7-11 with bitcoin or litecoin they are not currency.

Going to make a MILKCoin now, you may use it at my 7-11 store.

No need to worry. Market will take care of that. And if there will be better altcoin that BTC (which I strongly doubt), it will be only good if it takes over market.

These coins are most certainly a product (a commodity) like gold. They are being bought and sold against real world currency. There for, they carry the same validity as a real world product, though virtual.
If they were real currencies, they would have their own value system, which they do not.

Every CryptoCurrency right now is valued against the Dollar(or a like currency).

Love this

I agree there are way too many coins coming out right now.

At first, we had altcoins that were fairly unique and innovative, incorporating new wallet features (Namecoin - distributed DNS, Datacoin - distributed data storage, and others)

Since the DOGE came along, everything changed.  DOGE proved to the crypto-world that all you need is a catchy name & theme, and you can build up a cult following and send your coin into outer space.  Now, the forums are lousy with new coins coming out almost every day, mostly just copies of some other coin with a few parameters changed and some catchy name.

DOGE did something unique - I'm not sure if it was just a fluke or if the devs planned & pulled it off themselves.  I'll be amazed if anything like it is ever repeated.

Some of these new coins I think are pretty dangerous and could help destroy AltCoins alltogether . . . like RonPaulCoin and the recently publicizied CoinyeWest.  What if Ron Paul or Conye West speaks out publicly against these coins being created in their name?  What if they decide to file suit or take legal action (admittedly this would be hard to do, but anything can happen with enough $$$)


**EDIT**
Actually, looks like Conye is already taking that route . . .
http://blogs.wsj.com/digits/2014/01/07/kanyes-lawyer-moves-to-block-coinye/

Quite frankly, since they want the coders to 'hand over' the website and code behind the coin, I think Kanye wants in on the action and thinks he and his team of tricksters, I mean lawyers, can strong arm them to give everything up.

I don't think he wants "in on the action" necessarily.  The guy's already extremely wealthy and the couple thousand $$$ worth of trading per day this coin *might* produce probably isn't worth it to him to "get in on."  I think he's just pissed that someone is using his image, and a pun on his name, without his permission, to potentially make a decent chunk of change.  Were it not for the news outlets picking this up, probably would have been fine.  But now, this is being done VERY PUBLICLY.

If I were him, I'd be pissed, too.

someone needs to ban the new coins or stop new coins

I wouldn't. I'd capitalize on the situation. Force makers to give up certain percentage, sell songs and merchandise on website for coins...he could do a lot of good with the opportunity.

Free market. Saying to stop won't do much. The market will work itself out on this issue.

We need more SHA256 Coins  ;)

Competition is good; the fact Bitcoin stays as all these newcomers crop up and go away reinforces the perception Bitcoin is strong.

And if it turns out one of the competition has a good enough idea, the Bitcoin code can be tweaked to incorporate it before it looses the lead.

There's never too many coins, it's like saying there's too many type of cars... a car is a car, doesn't matter if 8 companies are making clones of each other...

FREE MARKET people... the strong will survive and get better footing out of the corpse of the dead ones...

Also if we only stopped at Bitcoin and Litecoin, what will be the point of this forum? talked about nothing forever because all has been said a thousand time?

Agreed!

Dont BS, I do the same, most you can do is 1.5x LTC direct mining, thats only if you sell right away. With the way altcoins are dropping fast I wouldve had a lot more if I had directly mined LTC. All my stupid DOGE Im holding on to are worth 1/3 of when I mined them. Garbage after garbage come out. I cant believe with all these altcoins anyone is still buying bitcoin itself.

I haven't done this, but I did mine LTC, convert to BTC, speculate on NXT and gain about 7x the value I mined :)

http://www.youtube.com/watch?v=KSTXOeKY8Qw

New ALT-COINS: some rules from the community (open proposal to talk about)

https://bitcointalk.org/index.php?topic=401943.msg4353969#msg4353969

This current trend is the evidence of demand for altcoins. The reason is that Bitcoin protocol can be significantly improved.

Improved is a funny concept. Catcoin is an example how changing the block difficulty calcs has really "improved" the coin for pump and dump miners. So what is the definition of "improve" and for whom?

That's the rub.

It can't be improved by copypasta

Honestly, these fakecoins are great for pumping and dumping. It's as old as the hills, and an (il)legitimate way to make a quick buck.

No biggie.

Well you have no one to blame but yourself if you continue to hold a coin that was started as a joke. What did you think would happen?

There will be hundreds or even thousands new shitcoins in few months. I still holding QRK because they have lost 1/2 of its value...but as somebody mentioned before, this new trend separate and rip the makret in  apart

I've thought about creating "SpikeCoins", named after me.

I only agree that copy-paste shitcoins need to stop

MILFCoin. Gets you.... well, you know what.

C

I have no problem with all of the crappy little coins, you just mine for the first 2 days and then sell everything. Then, the price plummets, the coin dies, and you've made a profit.

Check my Foxcoin FXC ( SHA256 ) ;D

I think we need millions of coins the reason so people know how to do it when the crackdown comes the more people know the better and the market will work all this out lets not dictate.