Bitcoin Forum

Hi all my first post here. :)

What opinions do you have on the amount of new coins appearing? 

Is it a good thing?

More competition and dev staff having to keep 'on the ball' or a bad thing in that it makes the whole alt coin arena seem somewhat a joke and rife with scams? (I belive it may well kill the alt coin market)

Comments??

Cheers all.. :)

It's a double-edged sword. Personally I think most of these crapcoins are exactly that, but you can make a little cash from them if you get in early and mine them, then trade them for BTC etc. But there's also a lot of naive newbs that are left holding the coins thinking they’re gonna become rich off them in the future, but when the miners and users move on to another coin, the value drops and they're left holding a load of worthless crap.

Without all the new altcoins appearing everyday I wouldnt be sure of Bitcoin as the best option.

it's almost unable to determine those altcoins futures, bus as I am a gamble person, I'm trying mining some alt coins instead of Litecoin
I already have mined those alt's:
quark coin
USDe
Klondike coin

It's not only a matter of being newer or superior to others that counts as far as long-term success is concerned. Please keep in mind the "standarization" aspect.

The popular qwerty keyboard setting is a good example. Most people are using it not because it's the best way to arrange keys on a keyboard, but because it's the worst one. A long time ago, when typewriting required strength and physical machines, the latter were likely to break if people were writing too fast. That's why the qwerty arrangement was introduced. It became popular and everyone was using it… And later on, when it was no longer necessary to use this arrangement, it was not possible to move to a different one, because… everyone was using it - nobody would want to buy a new keyboard and go through all the hassle with learning how to type once again only to write a little faster.

So, even if altcoins are slightly better, they might never be really better or become widely accepted because bitcoin has already become a kind of standard.

Let the market decide.
Let the users decide.
Some of alts will die, others will be fine for years.

Scrypt coins with reasonably low diff will be mined by GPU owners when ASIC scrypt hardware will overtake Litecoin. First gen sha-256 ASICs will be used to mine low diff sha-256 altcoins.

I hope obvious premined & instamined scamcoins will die, those which are fair will last.

I Agree if the technology is the same. Now we have 2 main stream with SHA256 that work best with ASIC and script with GPU. SO nothing new for alt coins that adapt same backbone and they will fall behind the major one.

I wish these people would take heed of your first two points.

Thanks for the input all..

Im mining Noble atm. I belive they have a good ethos and devs/admins. May not bring much new to the table but honesty and transparency are needed imho more than ever.

Agree with comments on let the market and users decide. It all needs time to settle and find a level.

Will we end in loops of speculation? forever (forgive for the comment) taking advantage of newbies hoping to be millionaires?

Cheers all..

Most are copies. A very few will be worth your while.

Being a copy doesn't really matter as long as it gains much needed popularity. Take dogecoin for instance.

Copied coins fail for a reason. Anyone can make them and any point in time, the code is pasted on the internet. They only have to change a few variables and then pump and dump. Dogecoin is only successful at the moment. In a few months to a year it will be just like any other coin.

As long as there’s fools then there will be fools that take part. The only way to stop them to not even bother mining them, which will probably happen soon since there's so many being released.

It's true, the market decides what is worth something and what is not. I think it was Max Keiser who tweeted that every coin with have its 15 minutes. The majority of those will only experience 15 minutes, but there will be a few diamonds in the rough.

You could try to mine all of them. Just jump in when they get their first good pool and after a while hop over to a new coin with a first good pool. If just a few of the coins you mined become popular you got a nice stash of those coins.

Going to be difficult to enter the game at this point.  Imagine if you were the very last person so start mining during the gold-rush.  It would be very difficult to get ahead.

I love how you're quoting Keiser like he's a sage spouting ancient wisdom haha. I think it was Einstein who once said:

https://i.imgur.com/CThnEAN.jpg

The market is going to become so saturated with these coins that 15 minutes is probably about all they get.

Haha, it is happening now. The market is already saturated in steaming pile of shitcoins, Coinye was the checkpoint for that.

I remember when I saw BBQCoin that thought that it was a joke (it is), but some of the stuff people are putting out now is a right Babyshambles.

In my opinion it still is, simply based on the fact it is the best known crypto currency so has a much higher likelihood for adoption. That doesn't mean you shouldn't invest in altcoins but I would caution prudence as it still carries the same handle as bitcoins, and that might be a problem following the conspiracies the FBI has put forth recently regarding Silk Road.

I thought you said with. :-\

free markets are what are needed to introduce innovation, the crap coins will die just be careful throwing your hashing power around

Good way to put it. I've had some advice recently not to bother mining these new alt-coins UNLESS I'm looking to trade to something more stable. But even then it may not be worth it.

I think most of them are rubbish.

There are a few better ones, for example MicroCoin.  It has a unique reward system and it's based on Scrypt Jane. Seems like a fair, stable and reliable coin to me with potential. My miners are currently working on that coin ;).

The majority of them are so similar to bitcoin that they are pretty much a joke. Scams, maybe, but bitcoin and clones make the incentive system for early adopters so strong and it's only human nature to want to have that chance too. But they don't offer much at all different from bitcoin, so the "network effect" comes into play. There are some very different ones though like Ripple and Nxt, and several others in development that are branching away from the bitcoin mentality that are worth paying attention to.

well, the good thing is that they're waking people up to the fact that money is not something sacred with some kind of constant value fixed by god.

Everyone can create some form of currency. It's just a powerful instrument and we can, and should, control it. It should be our goal to create the ultimate form of money. We aren't there yet, but hopefully we'll get closer, one altcoin at a time. They aren't innovating much yet, but hopefully we'll see some cool innovations in the future.

Bitcoin has now become a constant value. Seems last year was the year to heavily invest. Going to expand on this on subsequent posts.



Let's hope not TOO many altcoins spring up as it gets too confusing. But I still think cryptocurrency could be the ultimate form of money if it was regulated by Satoshi. I think it needs to be as the recent long-term market manipulation has gotten out of hand.

Omg just looked at ANN section.

NEX NEXX NOX all descendants of NXT apparently. ...  :-[

Although Levelcoin seems interesting.  :) diamond in the rough?..

New altcoins are not in direct competition with BTC. They are compliment to it. New innovations can be developed and tested in both the technical sense and marketplace. Some will rise, most will fall. What we are experiencing is akin to what was happening during the industrial revolution, and the beginning of the internet. Where an firm monopoly has yet to be cemented,  and the barriers to entry are essentially nil.  We live in exciting times and are lucky to be witnessing a fundamental shakeup of the economy.

I don't think altcoins are a problem. The free market will sort this out (http://www.devtome.com/doku.php?id=altcoins_-_nothing_to_worry_about). Just have some faith.

i dont think people will mine every new coin that comes out, the novelty wares off, it has for me. some of these new coins have brought a wealth of publicity exposing more people to cryptocurrencies which has to be good.

There's going to be a point where the market becomes so saturated that people wont even bother mining half of these coins because it wont be profitable to do so.

Exactly. Sooner or later one cryptocurrency will end up top of the pile and will become the de facto cc to use.
It may not even be the best one (whatever that means anyway) that wins. Just think Betamax vs VHS in the 80s.
Ok, now I feel old because many of the posters here probably have no clue what I'm talking about.

The free market process will eventually result in the elimination of most of these altcoins. Nevertheless, the sheer number of altcoins being released will make the process a lengthy and frustrating one.