Bitcoin Forum

Almost all(in fact, all) of the alt-coins out there are going to be a waste of time.  They're being created to take advantage of people who get super excited about different things and then get pumped and dumped.

Most alt coins are completely pointless and just poor replicas of what's already out there with little to no improvement.

Those alt coins(junkcoins) are spreading the investment of bitcoin and can't be good for crypto as a whole, they will also destroy people's trust of cryptocurrencies after their crash and run and disapparation. only their "developers" or "early adopters team" will get rich quick by taking your money away.

Bitcoin has a limit of only 21 million, however with all these so called "alt coins", the total number of crypto is in fact unlimited and make all cryptocurrencies end up into a ponzi scheme(only detract from people's perceived value of Bitcoin and the legitimacy of cryptos in general)

Stop and Ban those alt coins copycats now, let the money flow back to the bitcoin!

Whilst that is all true, you can't stop them, nor should we want to ban them. Just let the kids have their toys is what I say. They'll soon get bored or outgrow them and hopefully move onto bigger things (Ie Bitcoin).

Go try ban them lol, that is exactly why cryptocurrencies works: no one can ban them

They have their purpose: "...to provide a rich base of BS from which the bitcoin community can grow..."
Many have legitimate ideas and bitcoin will endure despite any assaults against its integrity.
It seems we have a new giant troll population born of the altcoin epidemic. Very amusing posts countering every altcoin to the point of disbelief.

Don't worry Opie, the market gets to decide this not you. 

yes only have one currency, might as well toss in only one government while your at it.

As much as I hate these crap and scamcoins, we shouldn't try to suppress them. This freedom is what cryptos are all about. The greater public aren't ever going to take Dogecoin or Coinye coin seriously so it's irrelevant. Just ignore them if you don't like or agree with them.

I think alts are great if they're innovative. I own Bitcoin and Dogecoin (DOGE for its short term profits), but when Zerocoin, Cloudcoin (Bitcloud's cryptocurrency), and Ethers (Ethereum's cryptocurrency) launch, coins like these that serves a purpose will be the new and most alts that are built on top of existing protocols will die out. I thinks its best to just go with the flow.

They are all denominated in Bitcoin.  People recognize them as a means to possibly get more BTC.  I don't view them as a threat.

Nobody can make people buy alts. If people want to invest their time and money they are free to do it. Why should anyone ban anything, this is a free market.

LoLz Open Source brother.... U can STOP them and EVERYONE want Satoshi's balance in their account.

Which alts are innovative? I don't think I've seen any in the past couple of months that are.

I think that the alt-coins actually take advantage of people new to cryptocurrency. I remember clearly thinking to myself when I first got into this, 'Bitcoin is pretty expensive and it's not profitable to mine it on my laptop, how about another alt'. This is when newbies look at alternatives and get caught up in the bull of it all. I nearly got swept away in Coinye.

Zerocoin. It's suppose to launch May 2014. It will make transactions provably anonymous, unlike Bitcoin. Also google Cloudcoin, Bitcloud's cryptocurrency, they both actually serve a purpose and are not built on an existing cryptocurrency.

Holy Crap! There are so many people upset at a certain coin.

I've seen you push Zerocoin a lot, are you involved in it at all?

Lol. Not at all. I believe it will be big for those who value privacy and anonymity.

Zerocoin is something important. It is being made as a new coin to test it, but the concept can be integrated in bitcoin and probably will.

Yeah, a lot of newbs just want to feel like they're a part of the start of something. A lot of their logic is based entirely on the fact that they think they're 'going to the moon' just because Bitcoin did. They think if they hoard these millions of coins long enough they'll sell them as soon as they hit a dollar and become millionaires, but that's never gonna happen when you've got a marketcap of billions.

I have to disagree. At first it was going to be added on to bitcoin, but it was modified to be launched as its own cryptocurrency.

Yeah, the old 'how do I get rich quick' crowd have ventured from Internet Marketing to Bitcoin.

Yup, to test it, but nothing stop us from integrating the concept in bitcoin

What concept?

Zerocoin I think.

Correct me if I'm wrong. The Zerocoin Project was brought to the Bitcoin Foundation, but Bitcoin was hesitant to integrate it to the Bitcoin project due to regulation concerns, thus Zerocoin was modified to be its own cryptocurrency.

Even though all these pump and dump crap coins annoy me, I don't want the section to go.

And what's SEC?

They also serve as testing grounds for things that can potentially be incorporated into bitcoin if they work.

i say ban the OP

FREEDOM!!! :D

Why was this thread moved to Meta vs. the Altcoin section?

Well since crypto's are closely related with freedom (and as you can see from the amount of allowed things in this forum). There aren't doing anything bad and hopefully they will be back to BTC later.

/thread end

I'm a bit suspicious of some of these coins and they have turned out to be a scam operation or they're poor quality clones etc. but you know what? It's a free market now, nobody is forcing you to accept them so don't, most of these coins will fall over by themselves anyway because they won't be properly updated or the devs don't know what they're doing.

Max Kaiser was right, Bitcoin and all cryptocurrencies are a litmus test for whether you really believe in the free market.

While I agree it can be annoying when ridiculous coins get released this is likely only to be temporary, eventually they will die away.

Alt coins actually bring A LOT of new speculators to BTCitcoin because of the fact that people feel that its "too late" to mine BTCitcoin but instead mine alt-coins and trade them at the exchanges. Alt-coins cannot be 'THAT' bad lol!  :-*

Isn't that what people that are against cryptos say for bitcoin?   ::)

Having said that i agree that most of the alts are schemes.

But you can almost kill them.

Imagine deleting the alt coin section.
How many new coins will pop up ? Less than 10% of what they are doing now , as they don't have a place to get the initial userbase needed.
Also the value of the current launched ones will drop like a rock.

Just put all the alt-coin discussions into the alt-coin region is enough.
For those who find them annoying, they can just ignore the whole region. :)

How can you ban them? stopping the topics doesn't help allot since there are already other forums and most people already know them and it gives the forum a bad appearance. people should be more careful dealing with likely scamcoins and any alt-currency in general.

I'll be completely honest I started GaltCoin for a couple reasons. First I wanted to know more about how everything works from mining, to how the wallet works, and to see if I could build a product that the market would want.

I would love to see it flourish and hope that it does. But my plan is the create the coin, promote it to the niche market it was intended and let the market decide if and when it reaches an exchange, if companies or individuals will accept it as a currency etc.

I get really frustrated when people accuse me of being a scammer or some other crap because I built this with honest intentions and put quite a bit of work, time and energy into creating something with a very small dedicated team.

But isn't your coin a copycat too , and you already have some serious premined accusation in your own thread...

We used coingen to compile the code yes. And we mined 1000 blocks with a total of 50,000 coins, most of which has been to pay bounties and offer rewards for users creating tools.

Do you have some estimates .. how much you have given out of the premined coins?
With tx or posts to back-up these claims?

We have an active bounty post up on cryptocointalk so far we've had two bounties claimed for the first pool, and a dedicated block explorer. I am currently running another bounty for 5 paper wallet designs 1000 galt for each selected design.

As annoying as some are. You cant just ban/stop them..

I think we just need a new set of minimum standards for altcoins so people cant just spend 100usd and 10 mins and launch a coin


if the minimum requirements were >

has to have a real person behind not some unaccountable fake name ( not 100% necessary bout would help stop some scams )

cant be I direct clone ( has to have at least 1 thing that's new )

at least 2 pools on launch

windows and Linux clients at launch

block explorer

any premine held in escrow

its own forum

its own website

fair launch ( no instamine )

pre announcement of 7 days

it would stop the casual pump and dumper trying to make a quick buck anybody that wants to do it properly shouldn't have any problems with that as its really the bare minimum

All of that can be done for less than 1btc so every coin that doesn't have that is just a quick pump and dump 

Kill the alt section. Problem solved.

This should be thoroughly discussed in Alt section.

I think with the correct difficulty retargeting and a genesis block that's mined at a reasonable diff  instamining wouldn't be an issue

I have mentioned this in the altcoins section as well as a few other people but what happens s that the thread gets trolled to death by people that believe that because its a free market people shouldn't be forced into doing stuff and came its censorship 


the coin I work on / now run was premined by the founder and at first it was all going well ( all ledgerd out and used for what it was ment for )
but after a while the ledger stopped and the amount of remaining coins dropped considerably and as of now the founder has vanished leaving me to run the coin / pay for all of the repair work /where the last of the premine went 

most coins start with good intentions but over time things change :(  if I knew who the founder really was I would be able to hold him accountable for the loss of the premine so knowing a real name or coins put in escrow for premine is a must

If I could relaunch GaltCoin I would do this. The problem is there isn't a handy guide on how to do this the right way.

Holy shit zack, this is out of control..  :o

I can't believe how people fall for just about anything. we definitely need some standards, we're doomed if everything stays like this..

I definitely think a subforum hierarchy would benefit the alt topics.

This is a Bitcoin forum, we have no interest in picking and choosing what coins are more legitimate than others. Alt Coin specific forums can take on the task of making their own standards.

I'm not talking about this thread in particular, but I'm actually noticing that people "petitioning" against coins are actually just as spammy as the coins themselves. You are welcome to dislike a coin and post a warning about it/your opinion, but please don't post that same warning 57 times like some other people...

As a long-suffering oldtimer, I thank you for your realization that this is all cosmetic balderdash and everyone gets to stand on his/her/its merit. No favorites, no demands, just all to the wall. As in regard to scammers, it has always been proportional and unavoidable.

If a coin sucks, you can do your part by not using it. Let those that think its a great idea get burnt, and maybe they will do a little extra research next time. I don't see why people feel they have the right to make the choice for others what coins they can or can't use. If you don't like it, don't use it. If its a horrible idea, let the market take its course, tis a whole lot easier not to waste your time petitioning, and just let the coin run its course.

it wouldn't be about telling people what they can and cant use its about raising the standards if you cant see why having some basic standards would help everyone you shouldn't be a moderator

That's it --> handy guide

What about discussing this, adding more to it, some re-formulating and polishing,
and when the text seems ready then make it sticky in the announcement subforum?

As a guideline for fresh users

"Do not waste your time with new coins unless they provide most of this:"
...
...
...

maxcoin failed completely, and on so many levels today.


.


Max Keiser f$$$ed these up:

* at least 2 pools on launch

* windows and Linux clients at launch

* block explorer

* its own forum

* fair launch ( no instamine )



only nvidias are really mining anything, because cbuchner created
a keccak-cudaminer - it's essentially an instamine for a minority now.

The first Max are already sold on an exchange for incredibly much BTC.


cpu mining works, but still no working pool known (and diff @382),
1st page of thread not updated,
no windows qt-client

- and total chaos


Many many people lost half a night to MaxKeiser for nothing.

https://twitter.com/maxcoinproject/status/431593715468357633


A very good example for how not to launch an altcoin. TV stars ...