Bitcoin Forum

There used to be a time when miners used to mine altcoins and just hold them as an asset. I could just choose an altcoin, keep my miner pointed at for several weeks and finally sell it for a bargain (Not just dump it for the highest bidder). There were times when the value of altcoin just used to go up with difficulty level.

Now the altcoin scenario is highly saturated. New coins coming everday and miners are rushing to quickly mine-pump-dump the coins. Buy orders are also shrinking for most of the alts. Adding to this is new exchanges being announced for some of the new alts. So I cant just keep my miner pointed at a coin for more than 2 days. Ironically the value of some of the coins drops with increasing difficulty. A look at most of the topics in Alternate cryptocurrencies section just seem to be self promotion posts.

Simply I used to make 0.006 BTC per day with my 640Kh/s when BTC was 800 to 1000 USD. But now I'm not able to reach those levels (except when I caught the trains with Maxcoin, Myriad...) with BTC valued at 630 USD. Am I the only small scale miner here experiencing these or are you guys all switched to mining farm?

Doubtful that its gone forever.  I wouldn't be surprised if it changes dramatically if/when bitcoin takes another spike in price with Wall St entering the fray.  I think its much more likely that the alt markets are cyclical.

Yes. This is just a slow cycle. I think from a mining/investment perspective you're going to need a longer outlook than 2 days. For example, take Goldcoin (GLD) that has a new java client coming in Spring. Mine that now and continue holding into June. That strategy should net you a sizable return.

We had an era like this end of last year, but then it bounced back bigtime (a few journo articles brought new money in).

However this time the market is completely saturated and still more coins being pumped out at an alarming rate, more added to exchanges and more people draw into the latest pump n dump scams.

Too much greed, too many wanting quick profits, and few people even remembering the point to cryptocurrencies.

I'm excited to go forward with my idea for a coin, because it's not going to have the problems today's coins face.

coins are listed on exchanges at launch, that's the problem.

Wow now I know what "DECENTRALIZED" means, it means BULLSHIT. Anyone having access to the FKINGCOIN.org website or being the OP on a thread can switch the wallet with a modified source and make everyone's coins worthless?

I think its the opposite. We need many many more coins to spread the hash power. We are not getting enough coins so everyone is focusing on limited number of coins.

It's like the tulip mania in the 1630s, only a few will survive.

I have no idea if what the other poster said is true about goldcoin, but if there was any bit of a community at all, someone would/should have stepped up to keep the original fork going. It's a big blow to the currency though and then the exchanges might become the decision makers.

with every new coin getting released it bloats the market so that every other coin except bitcoin will become worth less and less in favour of the new ones :S
Atleast that's what i think..

http://kolinevans.wordpress.com/2014/03/02/why-there-could-be-a-mini-revolution-occuring-in-crypto-currency/

Now really , what do you expect with 10 coins popping each day with nothing innovative ?
The money in cryptos are limited and after the last gox episode I don't see that many coming in to sustain the prices.

This period will take out a lot of coins , driving them to 1 satoshi. And we should be thankful that there isn't a lower denomination for BTC.

Without something big happening it will be a period which will decide the "survival of the fittest"

I believe that for a cryptocurrency to be successful, three players are needed in the following ratio:

70%- End Users  (Someone who uses a cryptos to buy a cup of tea or a Ferrari)
Whats the use of cryptos for them? It should be just another currency but with quicker transaction times than traditional currencies. They shouldn't be bothered about profitability and stuffs.

15% - Miners (The good old miners who secure the network and keep the supply of coins)
Whats the use of cryptos for them? They run their spare machines to generate cryptos and make some money selling them.

15% - Investors/Traders (The people who brings in real world fiat money in to the system)
Whats the use of cryptos for them? They just play around with value of cryptos just like in real world stock markets to book some profit.


But whats happening in reality(excluding Bitcoin)?

95% - Miners+Traders
5% - End Users

That defeats the ultimate purpose of cryptos.

Good thread, valid points.

+ 1

Goldcoin is the cryptocurrency with the greatest upside potential at the moment. Our research indicates that this coin is the one to watch.

Again its sad to see this thread being hijacked by two newbie accounts self promoting an alt.  :-\

Sure, there's been alot of spamming and market saturation lately. But some good has come of it, a phoenix/s from the dust if you will.

Innovation.

I believe in time to come, be it 1, 2, 10 etc years, people will look back at bitcoin and sort of shake there heads. Yes there will be those that collect it and lawd it for sentimental reasons, it being the first crypto. But I think in time to come it may fade away and be overtaken by much better coins/  cryptocurrencies.

Believe it or not there are recently created coins that could will change the world with aiding scientific discoveries, breakthroughs etc and cure's. There are also coins that will make people ultra rich even if its price stays the same, and then coins that will by clever design and management, constantly move upwards at a sustainable rate.

So yes there are bad but there are also lots of good and this is part of the benefits of a free market. The marketcap of bitcoin will be overtaken and it may simply become a collectors item (albeit it will still be worth alot). A model T ford if you will, make way for the ferrari's, four wheel drive, and ultimately, F1's of the cryptocurrency world. Part of the problem is also short sightedness. If you look a little bit further up the road you will do well. Pumping and dumping may be fun but someone always loses and oneday that will be you.

Yes there are limits though when a market is saturated sure I agree, some organization is needed for ALL of us to do well from this train, not just the 1 percent DEV's creating the same coins over and over for self gain. I can only hope that some among us will rise up and provide said organization and leadership of this massive ship and with that, the future will certainly be as gold as the sun ever did shine.

To OP:

Yep, its over, pretty much. Doge, Vert and a couple of others that innovate or build actual communities will survive. Rest will go back to the dumpster from where they emerged. Yes I'm looking at you Pandas, Bees, Rabbits, Cages, Karmas, Rubys, Max/Min/Mean/Average/Sum/Multiple/Divide/Modulus etc

http://img4.wikia.nocookie.net/__cb20110628005343/icarly/images/9/9d/RbAUm.gif

Feel free to use the ignore button. That's what I usually do these day, especially in the altcoin section :)

i laughed at this - best evidence your account is really new ha ha.

What research?

Sure!! Thanks!! will follow that.

hear hear

I just love the topic heading:

"Are the Golden Days of Cryptos gone?"

I think that innovation is happening, wow i just joined up this forum when FTC got put from huge mining straight onto BTCe.

there was what 10 Scrypt currencies?

I joined up twitter to follow the Worldcoin debacle, i think the Golden days are ahead.

** i respect both FTC and WDC as currencies.

time smooths all these bumps eventually and then the design needs to take the step from mining spam on this forum to something actually useful to human beings.

some will make it lots won't . its all gold but.

 

possible.

though I feel bitcoin and litecoin might not be the only players.

Stay away from Goldcoin and their scammers invading threads. Goldcoin has always been one of the worst scam coins.
http://cryptolife.net/goldcoin-the-scam-that-keeps-on-giving/ (http://cryptolife.net/goldcoin-the-scam-that-keeps-on-giving/)

A little melodramatic huh. Referring to the gif

I use to rent Scrypt miners sometimes. In Jan 2014, the cost of rental was around 0.02 BTC Price/Mh/day, today the cost is only 0.0075 BTC Price/Mh/day (http://www.betarigs.com/) .. and numerous rigs are available now. Back then Scrypt Rig owner's were able to recover the cost of investment in 3 months time, but with present scenario..maybe it would take atleast 8 or more months.

People always say Wall Street, Hedge fund group entering btc scene, but as like most of them I am losing hope. With BTC at ~$600, all those wall street, hedge should have entered and price spiked again.. I lost quite a money on betting alt-coins. Accepting it and trying to recover.

With BTC malleability issue and numerous security issues/hacks going on, ..I do not have a good feel about BTC's future.

Crypto concept is cool, but BTC and alt-coins are like... you printing your own notes and asking people to believe in magic and value. I hope Govt's will look for a way to digitize fiat. Just my opinion.

Its easy to talk bad about another coin on the internet..

Don't buy what you read, they are trying to tarnish our name because without their silly words it'd be a matter of who has the better coin and the fact is that GoldCoin (GLD) is the better coin.

1: No Goldcoins (GLD) were ever deleted, the main chain has survived, it has never been successfully forked.
2: No Goldcoins (GLD) were premined, a lot of the early coins were spread out except for 1.5M initially mined (fairly but really early) by the coin's founder who turned out to be an unstable individual and tried to kill the coin. We rescued it from his hands.
3: Hazard is a known scamcoin maker. Don't listen to a word he says.

http://thecryptoblog.com/the-anatomy-of-a-scamcoin-7-things-to-know-before-investing-in-an-altcoin-wait/

No I think you learned what CENTRALIZED means, as in the alt coin had such a small community that it was essentially one person.

These cycles come and go. Just mine and hang on!

All these altcoins are CENTRALIZED then not just goldcoin.

This guy akumaburn if he is the OP on the [ANN] thread, he basically is the god of that coin, he can manipulate the wallet, fork the chain, create a new fake chain and have the new updated 1.2 wallet download the "fake" chain which he created to have some other people's coins move into his account.

There is no "decentralization" here, we are just kidding ourselves.

Bitcoin may be different somehow, but still, someone (or a few) has (have) the password to update the QT wallet on bitcoin.org which could change everything in a snap. He could put a code in there to take the coins out of 1% of the Bitcoin owners and send them to his own account. No one would care about that 1% screa,ing their lungs out in these threads. Many may not even find out before its late. Such a thing could completely destroy all altcoins.

Oh , bitcoin is not growing by 30% a month. Panic everyone :)))
There is no issue with the code. The problem is with the users and the idiots (scammers) behind the services.
If you're going to use a fork for chopping wood , something bad will happen , just like int he "possible" gox malleability issue.

I don't know what you're smoking but don't do it anymore. At least not while you're on this forum.

Go back to the support section and do your homework again before even thinking of writing this things down.

Nothing has changed except the actual proof of what was already suspected, that mt gox were mismanaging clients funds and were caught out.   

As per any currency, stock or commodity these are ruled by perception and crowd sentiment and can be altered at any time by future events both positive and negative based on greed and fear.   

I talk to people all the time and the average layman are not involved in crypto at all or have a very vague idea as to how bitcoin actually operates.

The resemblance is similar to the beginning stages of the internet with some getting involved, others sitting on the sidelines watching and others laughing in skepticism as they do not understand the implications of what is currently happening.

The tools and vessels will alter and adapt over time but the idea is just too powerful to be ignored.

Do you really think that governments want to use paper currency in the future?

How are type writer sales going, encyclopedias, tape based storage, yellow pages?

There's a huge amount of new blood coming into crypto currencies, they've only been paying attention since Dogecoin kicked off so are under the mistaken impression that the trick is to get in early and get out on the first pump. They haven't seen what a real price hike looks like yet and are just hopping around from coin to coin looking to make a quick buck. When bitcoin rallies again and the strong alts skyrocket they'll realise how much they've thrown away and settle down.

Just work on stockpiling the stronger coins. The landscape will be very different 6 months from now.

Excellent advice.

Once the Wallstreet money starts flowing in the cream of the altcoin crop with be rewarded the most. Coins with strong branding will rise to the top. Then when word gets out there's a new Satoshi (https://bitcointalk.org/index.php?action=profile;u=105750) in town, the markets will certainly rally.

Exactly, I wrote a blog recently about this. Basically, too many new coins coming out and no new buyers means less money to go around. It seems to me as though most altcoins will die a slow death. The reason the devs keep making them is cos they net about $50,000 from their premine each and every time. A lucky few who watch altcoin  releases like a hawk can make a small profit but nothing to justify mining being a full time job that's for sure. I stopped mining a few weeks ago because the electricity prices in the UK are atrocious. If things pick up again I will start mining but for now I'm done.

Altcoins have always come and gone.  The difference then is that a coin took months to die out.

As it were, at the current time that entire process has simply been accelerated (to literally days) with the larger number of market resources such as exchanges, upcoming coin release scheduling, multipools etc.  It's simply far easier to pump n dump and let die.

Well something got to change soon if any altcoin at all is going to survive, at the moment i see less and less activity on every coin except bitcoin :S

Nice username.

The safest bet is long-term holds on mature coins with exceptionally skilled devs. Sometimes a coin has to kiss a few frogs before finding its prince (https://bitcointalk.org/index.php?action=profile;u=105750).

Wait? Im smoking or are you living in denial? Just like the developer of a coin can switch the code to implement KGW he can also implement other code to take YOUR coins out of your WALLET anytime in anyway, maybe in percentages, ANYWAY he wants, he writes the CODE he makes the decision. Who is going to catch that? Even Apple cant find loop holes in their Safari and constantly gives updates. You think people on this forum can catch crooks like that?

You are the one who is in denial my friend. I am not smoking anything.

Some movies you might like to look at... all I saw on youtube. "Money as Debt," "The Corporation," "Money Masters."

"Digitize fiat"... 90+% of money is just bits on a hard drive (or some form of ledger) somewhere. There are not enough notes to give people if everyone wanted them in hand.

"you printing your own notes and asking people to believe in magic and value" ... Amazingly this is pretty much the same as fiat. The difference being we just can't keep printing.

IDK how I came across but my intent was not to be rude (and I'm pretty exhausted). Just trying to point out that cryptos are as legit as the USD, AUD, GBP or any other fiat currency. I believe in "Money Masters" the narrator mentions a period in US history when there were many notes within the colonies, even one colony itself could have several. Eventually they were consolidated..... feel the same will happen in cryptolandscape.

But I'm brandy-new here so I really don't know what to expect. I believe the consolidation would make sense though.

^^^ this is great < where did we find this guy ha ha ?

this is officially my favorite topic.

just love the name.

if any Gov "digitizes fiat" it will be as per neutral control and it will be a crypto currency, they won't have any control over it, except for saying  " we support this "

that one sentence and the viability of the government that said it will help determine net "value" . 

alt coins have given themselves a bad name.  it scares people away from the community as a whole.  if there isn't something truly revolutionary, like a total game changer (not just a copy paste and little tweak), then the people trying to release should be shamed as scammers. 

Ahh, the Dark Age. Pestilence anyone? A turnip perhaps?

 :D

on topic: I believe that order comes from chaos. The golden age has not arrived yet. Today we are still pioneering even if that only means tweaking existing code and making a quick a buck of it. Those days will pass, we will move on and in a year or two we'll be making jokes about the 'Wild West' days.

That is, if the community as a whole decides to put an end to these practices and not support shady dealings/coins. If not, a golden age will never arrive.

I like to believe it will.

Are the golden days of crypto gone asked in 2014 when they had not even started! Actually the content seemed to be have the golden days of mining gone and if by golden days mean mining in your bedroom and making a profit then I'd say so for the most part.

Are there still amateur miners out there making a profit or is it all farms and ASICS?

As for crypto itself it has yet to really reach out into people's homes, but barriers to adoption are coming down and new innovative alts are coming out all the time. I'd say we still have the real golden days of crypto to come and not just participating in coin generation.

Are you serious or just playing around. If you see the coinmarket cap all your questions will be answered the altcoin market is blowing up i still remember all of us were waiting for ethereum market to reach above 1 billion market cap but now it is more than 20 billion and coins like stratis has cap of 1 billion