Bitcoin Forum

I mean i like the whole alternate currency thing...but this is just getting crazy. At least 4 coins are launched every single day. And it is only getting worse. I mean...BaconBits? Ermagherd Cern? Hysterical but a little ridiculous. And all it is doing is flooding the markets. It is drowning out the potential for other good coins. Pandacoin? Come on....who thinks up crap like this.

And this whole newbie status is killing me. Like here is a pointless thread that i dont give a crap about just so i can post in the other forums. Like really.... captcha isnt good enough?lol

Either way....here is another rant. Ever notice how giant whales jump on a new coin and practically crash it shortly thereafter. They get most of the coins and then dump them to oblivion. It kills everything that isnt established well enough yet. What is everyones thoughts on that subject?

Ok well my post is done have a nice day.

 ???

Why worry? This ritual will continue until those who come late discover there is no reason to buy into the next hype. Coins can only be sold if there is a buyer. Lotto tickets can only be sold if a fool wants to be parted from his money. If we run out of fools (unlikely) the rush will end. Until then, ignore it, or try to make a quick buck out of it. If you don't buy the coins, you won't loose more than a few kWh on it.

totally agree. Greed is to blame. People are trying to get rich by any means, and that translates into buying the new hype, then switching to another and so on... This always existed and will not cease to exist.
Your choise to either ignore it or get into it :)

Your not the only one who thinks it's ridiculous. Especially all the coins that are Bitcoin clones with bad names. Only the parameters are tweaked a little sometimes, but that's it. But don't let that put you off. There are some alt coins that are really different under the hood. Those are really exciting and maybe better than Bitcoin. Those should be compared with Bitcoin's performance and let the market decide which one is the best.
The rest of the alt coins is just a way for the first adopters to make money from the people that buy in later.

It takes some serious work to filter through the crap, as you've found. The newbie section was started to hopefully push people towards reading like you have before jumping straight into, say, pandacoin. Or one of the three different nyan coins?

As for your last statement, well, isn't it obvious what's going on?

Interesting point. How do you define an innovative/creative coin? For me a coin is a coin, only the name changes. Whatever its name is Baconbits, Megacoin, Haircoin (the coin that will help those suffering of baldness lol ) or whatever.

But I am a newbie and willing to learn :)

Thanks for your input!

Good post OP.  I agree on all counts.  All these new coins are making my head spin.  I have just about decided that 99% of them are not worth looking at.

But I would really like to weed out that 1% and maybe find a serious 2nd gen coin that has been well developed and implemented to last.

Well, pretty much anyone. http://coingen.io/

IMO the effect of all these new coins is not quite so detrimental. If a coin truly has a reason to exist or that there is something fundamentally different about it, it will endure through all the shitcoins that roll out everyday. All it proves is that cryptos are not built with some secret, mysterious or malicious magic that only a select few can get access to. It is the unique functions that crypto has that will determine whether it floats or sinks. I could grab some markers and paper and draw up some B'Rama Dollars, but that doesn't mean it will take anything away from usd.

I may have to mine up some BaconBits and Ermagherd Cerns though. lol

It is still killing me, I need to copy and save each post before submitting and every time I post I get a message saying that a post was made less than 360 seconds ago and I need to press back and try to post again (its never me that posted 360 seconds ago), when you go back to resubmit it loses everything you type which has really encouraged me to just post one liners

I actually think competition is a good thing. Sure at the end of the day, 90% of new alt coins that come out are junk! but the other 10% may be revolutionary. That innovation will not have been realized if everyone were to be content with just Bitcoin, Litecoin and Peercoin.

Just my .2 btc

When you go back ; ctrl+a, ctrl+c. It becomes routine ;D

Let the market decide. The strong will prevail and weak will be weeded out.

I wonder what the impact of having all these alternative blockchains will cause. In 5 years their will be hundreds maybe thousands of cryptocurrencies to exchange between and invest/mine in.

There are already hundreds cryptocurrencies, Given how easy is to copycat a new one, I expect many thousand in few years, but most will be dead coins already

Now there is an online coin generator that tweak the parameters for you so you don't even need to know how to code in order to make a coin. That seems ridiculous and almost dangerous.

I don't think it is all bad though. Ultimately, it is money in the crpytocurrency economy instead of the fiat economy.  As coins dies off, they will come back to BTC or one of the other top contenders.

^^^^^^

The part that sucks is.... we all want to make money. And the way to make money right now is to mine an altcoin with some hype and dump it with the rest. If you get stuck holding onto a coin that you think will profit in the long run then chances are you may end up with a wallet of worthless coins (see Mooncoin). The name of the game is pump and dump. SO people are scared to hold onto a coin they like and they dump it in fear of losing potential profits...thereby destroying the coin and creating a chain effect trend.

It's horrible really lol. I can make more LTC or BTC by mining scam coins and dumping then i would by mining them directly. LTC and BTC are the only ones i see with some real worth and EAC i feel has some potential too with a great dev team behind it.

I dunno... maybe im just becoming mentally exhausted trying to keep up with the market.

The *really* scary thing is that we are moving towards a universe where someone can create an pseudo-AI package that recognises low-level trends in any Altcoin whether new or not; direct mining towards it and thus gauge resilience and pool influence, start pumping it in forums and squawkboxes using AI shills, automatically locate the key exchanges, start a pump and dump cycle using a seed dollar account, pull the dollars at peak and move on.

Call it 'Exploiter'.

We humans are pretty predictable en masse: show us a carrot or two, engage the greed reflex, then get out at the top. 

If altcoins start crashing and burning I reckon that's a good sign the process has become automatic; we are already seeing signs that antibodies need to be in place to combat large pools that swoop on profitability differentials.

Nevermind, 99.9% of the alt-coins are very short-lived.