Bitcoin Forum

So many add so little except confusing crap for new players in the crypto world. Do we really need the 500 scrypt coins? Litecoin was enough. Bitcoin was enough! Im just interested to see what others think and to try and find a alt that isnt just a load of crap/scam/copy! We dont need more get-rich-quick schemes!

So. Do you know a decent alt?
or do you think Bitcoin was enough?

Im kinda depressed by all this new business, overwhelmed my attempts at investing! Its so hard to find anything decent!

There is only one decent.
The one which is on sale today.

i dont know decent alt, even litecoin for me is joke
bitcoin is enough and still im not bothered with other coins, they are harmless big joke :)

PS
some ideas from this joke's can be adopted to bitcoin if good enough, we will see

Whether you agree with that tends to depend on whether you got in on the ground floor of this one.

I think the altcoins are a healthy thing. As crypto currency evolves the alt coins can help drive innovation. I think in the future it will not be just one dominant coin but perhaps five or six that will be widely traded and exchanged for goods and services. 

I'm quite happy with them, do your homework on them and you wont be depressed

Actually yeah to many alt coins just makes people confused.  Was to early for so many to come out, but this was all about greed and getting rich to others.

Doge is a different story and bitcoin

Bitcoin is technology, and technology always evolves. No way to avoid new alts, this is progress.

i was. youll get used to it

I really should be diversifying out of BTC somewhat which means weeks of research on the various alts, figuring out a reliable platform for trading, and compiling whatever software I might need to ensure that I am in complete control of my funds (which defines them as mine.)  Then staying on-top of the various new arrivals and goings-on on those which I've taken a position in.  Beyond that, Bitcoin-style crypto-currencies are suitable mostly for those with good internet connectivity which I lack so I also gotta chose a decent VM provider and build out some machines, document them, and that sort of thing.  So far I've been to lazy to bite off that project.  So, to answer the question, yes.  Depressed might not be quite the right word for it though.

I think the alts are actually a pretty good thing for bitcoin. Many people who mine alts do so through multipools. Many of these multipools autoexchange the altcoins that they purchase for bitcoins - so by these people mining altcoins, they're actually creating demand for bitcoins on the exchanges.

I think Bitcoin was enough. There was Litecoin ... there was few others ... and then too many ...
Really :)

But altcoins are in my opinion good thing - maybe one day someone will develop "better" coin.
Just too many ... too many ... and most of them are a waste of devs and our time.

Altcoins provide a sort of crypto inflation.  If more Bitcoins had existed, there would have been better distribution and thus, less alts would have sprung up.  Alts are just a representation of the market's desire to expand distribution of the tech.  Not depressed at all...it was inevitable and necessary.

Thats what a free market is for.  In the end fiat will win and crypto will be a useful for transmission

Fiat is not fighting with crypto ...

Crypto is crypto...
Fiat is fiat :)

Bitcoin, Litecoin, Ripple, and NameCoin so far appear to be the only alts that have any major differences between them.

Bitcoin is SHA-256, Litecoin is Scrypt, Ripple is neither.

I don't see any advantage to having 500 alts. It's great to have the ability to create a new alt as additional security for crypto currencies in general. Having 500 different alt coins is just excessive and they will be weeded out.

there is alot of shit yes, like dogecoin or feathercoin. but there are also good ones like Litecoin or Zerocoin (and Namecoin maybe)

https://lh4.googleusercontent.com/D5WwwPBUyBKU9nDzTs6Vyj5W43ars1PqsMdSvJvQqiKGcnBDFNjmtXEy4mAneHKpug=w1259-h531
https://lh3.googleusercontent.com/P5F8nuvSr2DaJLF6ifzAl5zm4eFy2Lh6whrwhKAuVeYKw1duN3rT-oeVsvkI0xDdCg=w1259-h531

Nothing new, eh?  Screenshots are the NEM client.

Nxt is the only released second generation out there and NEM will be releasing soon.  eMunie is another second generation but it's vaporware (e.g., will never release). 

"...only released second generation out there"?  Always amusing when they try to ignore Ripple, the leader in 2nd gen.  ;)  

"NEM will be releasing soon."?  And you call eMunie vaporware?  lol

NEM is one of the standouts - but it is getting increasingly difficult to see the good alts in the ever-increasing mountain of alt coin crap.

You just gotta know how to properly manipulate the markets, the alt coin game is not one for the weak of heart.

Well yes people might get stress when they see pump and dump.

I think alts actually help the development of bitcoin and increase bitcoin's value.  Bitcoins do not appeal to everyone but will always serve as the ultimate measure of value for all cryptocurrencies.  Bitcoin is to diamond as alts are to sapphire, rubies, and etc.  Bitcoin is to gold as alts are to silver, copper, and etc.

Need 3 more.
 :D

Paypal or some big company needs to come out with their own version of an alt. Think about it, they could back it up and make bank off it while making transactions easy for consumers. http://www.panture.com/virtual-currencies-can-work/

Virtual currencies are the future the only prob is that BTC is frowned upon by the world. The world will eventually use more virtual currencies though as time goes on and things get computerized. Dont fight the future!

Some alt-coins are indeed get-rich-quick schemes. But they have very little hash power which I believe means their coin is extremely insecure and exposed to 51% style attacks.

Other coins are in my opinion novel and worth looking into, Prime-coin being my favorite example.
In my opinion any coin which claims to be "asic resistant" is completely misguided.

At this point I'm happy to hold BTC and I am scanning the horizon for "the next protocol layer".
For example Reggie Middletons Ultracoin ( not to be confused with the crypto-coin also called Ultracoin) which will allow for trustless contracts etc.

I personally do not worry or even think that BTC will be replaced by a superior coin in my lifetime. (born in the 80's)

Unlike most sheep-ass-fools, I went into Bitcoin for ideological reasons and understanding of the basics of the technology. I went in before China did. I have no regrets.

I am in profits as long as Bitcoin is $100 + per coin. But it's not about the profits. It's about the banksters and the nation-states, and how much I loathe them.

I would accept homelessness before I would reinvest in evil-empire nation-state monopoly money.

IMHO, about 1% of altcoins did / do have a purpose (GPU resistant hashing algo, PoS mechanism, etc.)
The rest 99% of altcoins were created just as a clone of existing coins.

I doubt you would find a single person who thinks we need 20 more alt coins.
They are not "depressing" though.
Cheer up, and your whole world will seem better.  :)

Yes.

No.   This is a mass quantity of unoriginal copycats trying to get rich quick, by coming up with horrible, stupid gimmicks in hopes that stupid people pour money into it.   That isn't progress.  Its a bunch of scurrying cockroaches.

-B-

I'll Drink to that  ;D

I haven't been drinking at all for several weeks, but I'm getting a bit thirsty.
We need more fun around here,

Trollbox live:
No way anyone would sell at these prices unless they've been kicked in the head by a horse  (user: dcmessarge)

There are way too many scam coins. I can see the allure in people creating more of them. Hell I created a couple for fun - but, not to scam people. I think we would be better off with just Bitcoin. Ordinarily I would say competition is good. But, when the "competition" has so many scams, it is just bad, in my opinion.

 ;D  ;D  ;D  ;D
http://i628.photobucket.com/albums/uu2/techjesse/MultiThreaded%20Mayhem/ill_drink_to_that_EgvrA_640_87_zps64108af3.jpg

And then there's coins like the one you're making.  Zimbabwecoin.  We have Bitcoin.  We don't need a "Zimbabwe Coin". The fact that you're making a usless copycat that has zero chance of actually being used in commerce, makes you one of the scurrying cockroaches I mentioned above.  You're trying to get yourself rich.  Nothing more.  By being an unoriginal copycat, both of Bitcoin, and the gimmick from Auroracoin.  

If you really gave a shit about Zimbabwe, you would invest your efforts in getting Bitcoin propagated there.  

Sorry to be blunt.

-B-

It's like this  ;D
http://i628.photobucket.com/albums/uu2/techjesse/Gaming%20Pics/NoNeo_zpsb613441b.jpg

Got it!   ;D LOL

BTCS/BitCoin scrypt : : fwiw : : i've been loading the boat!*cough-wink*

https://www.mintpal.com/market/BTCS/BTC

;)

^RADAR THIS GEMMMMM

Your GEM  lol

http://i628.photobucket.com/albums/uu2/techjesse/Bad%20Boy%20Computer/pink_elephant_flying.gif

I consider the alts for the most part "experimental" coins, as some of their features and fixes make their way into Bitcoin itself.

Beyond simply existing however, most of them are just speculative playthings and not much more. In a sense, they kind of are like the rubies and sapphires of the crypto world. They hold value, but only speculatively and not because they actually offer something new or needed usually.

My theory is that eventually most of the alts will die off eventually because of the above reason. Without a real purpose or true innovation to offer there is simply no need for them. I believe over time, each mining algo will have a single champion coin.

Bitcoin/Litecoin more or less already fill the role of wealth transmission, we dont need any more of those. I think in the future, things will look like this:


Bitcoin/Litecoin/? = Gold Standard, universal currency. These coins are only instruments of wealth transmission as designed. Higher functions are limited for things like Colored Coins.

Mastercoin/Ethereum/Datacoin = Services coins, valuated by Gold Standard coins. Decentralized exchanges, insurance contracts, energy, you name it.

Nextcoin/PoS coins = Mobile "spending coin". These are not mined, so they are ideal for mobile transaction networks with fast transaction times. I can see these being useful for everyday transactions like buying milk at a grocery store.

This is the crypto-economy we are all building together. I have no idea if this is how it will be of course, but it will be exciting to see it all unfold.

I started investing in a few alts but then realized that with each new alt it does not really dilute Bitcoin, it dilutes all alt coins.

The key to a currency is the Network Effect, where a currency reaches critical mass. Once that happens, it competes with established currencies. Bitcoin is on its way to reaching that point. No other alt is even close.

If I had a few extra days to work on it I would create an alt generator to create a new alt every hour. What do you think would happen to the alt coins? They would all be diluted to the point where nobody would ever touch them.

Bitcoin and a million alts does nothing to Bitcoin.

Bitcoins go's up altcoins go's up, Bitcoins go down altcoins go's down. Yep, it's all based on BTC  ;D
O one more pic  ;D Just Mine it!
http://i628.photobucket.com/albums/uu2/techjesse/IMG_1303.jpg
 ;D To the Max  ;D BTC
 

Every alt that dies strenghtens bitcoin. Give them time.

^is that nuclear? LOL =)

YEP  ;D

Yes there is one which has a vision - https://bitcointalk.org/index.php?topic=552633.0

They all have a vision pandher, if your a Miner, Mine BTC   ;D

Every day a dozen or more new shitcoins are being created. At this rate, by the end of the year, we'll be having 5,000 different shitcoins.

Hey bryant.coleman, I'll stick to BTC  ;D  You Too?  ;D

It really depends what you are looking for.

If by "alt" you are referring to direct Bitcoin derivatives as is usually the case, you just need to read the whitepapers of the newly released alt-coins and decide for yourself which one makes significant changes that really bring something new. Obvious answers on technical grounds are NMC, LTC, PPC and XPM, but I may be missing some more recent developments. You can also keep a tab on new projects from former innovative coin creators like Sunnyking, the chances that their next coin will be up to their reputation are good.
If on the other hand, what you are referring to by "alt" is completly new designs that really depart from Bitcoin and are disruptive in their own way, then NXT, Mastercoin, Ripple and Ethereum is what you really want to look into. These are long haul projects and may not be immediately profitable as investments in the short term, but their impact will be dramatic when/if they finally make it into the main stream. To be exact, these aren't really "alt" coins but rather second generation crypto-currencies.

So to make a long story short, from an investor's perspective:
- if you are seeking immediate profits go for any pump & dump provided that it has enough hype, mine it first, and dump it within the first minutes where it becomes exchange traded
- if you are seeking short term profits identify innovative Bitcoin clones from respectable developers and wait for their value to increase as they are making it to leading exchanges and start being listed as possible contenders by technology and finance magazines.
- if you are seeking long term profits get involved with second generation currencies. This requires a leap of faith and you will probably not get any return on investment before years, but remember that this was the also the case for early bitcoiners.

~flux capacitor n chit! =)

Got to have the right PSU  ;D
http://i628.photobucket.com/albums/uu2/techjesse/Bad%20Boy%20Computer/Resized%20pics/New%20Uploads%202010/IMG_0533.jpg

YEAH!

Merge mined coins with utility may survive

OK, Cool  ;D is it like this?
http://i628.photobucket.com/albums/uu2/techjesse/Gaming%20Pics/Borderlands2_2012_12_15_20_22_39_695_zps93221a27.png
LOL  ;D

I have some LTCs and NMCs with me. But 98% of my crypto assets are in BTC.

It used to be easy to decide which alt to invest in now it just too much. Just follow a coin with active devs  

Yeah, Namecoins Rock  ;D

Anyone who truly believes in the free market, believes in currency competition would have no problem with altcoins, I'm not surprised there are this many people going nuts and making shit considering how long we've been under the thumb of central banks. I have the same opinion as Ron Paul on this, so long as there's no fraud involved, why do we care? The bad coins will eventually be weeded out and some outright copies have already died off so I don't see what the big deal is.

If Bitcoin hadn't been made open source, it would have been an abysmal failure.

Very True Lethn, Ya got to love BTC  ;D YEAH!

RPC woot woot! ;)

Right now too much altcoins, each and every day new coins are coming. All these altcoins are doing only one thing. Spoiling bitcoins price.

DGC rebounding nicely off da 5000zzz ! >>

https://www.cryptsy.com/markets/view/26

no, more decent alt the better.

It is free market. Some coins will stay some wont. We shouldn't discriminate coins creators or coins itself because only market can determine which one would be the best.

Also large amount of coins provide even bigger decentralization.

Asking if Bitcoin was enough is like asking if Pork for dinner every night is going to work.
Why does a coin need to bring anything new?
As long as the coins further Bitcoin and the adoption of decentralized currency don't they have a good place here?
Maybe you need not to put money into any of them at all, I am going to hide some ACT with your name on them, they are yours if you can find them before anyone else, I will give you a head start too, just to pick up your spirit a little  :)

NXT,NEM,VERT and HVC, Apart from that nothing new

No. It gets just more challenging and people with talent of recognizing good coins will come ahead.

It's a Darwin thing you know...

Free market will choose the best ones.
Just have to wait and wear this storm out.
Bright days ahead for good coins.

Let me guess, dry ice?

Well i had no troubles with the altcoin scene around the time dogecoin got released but it's overvelming now-a-days.. :S

From what i see right now only 3-5 altcoins are the real deal. Maybe in future it will change, but i guess only 2 altcoins might stay.

I have literally stopped following every coin that doesn't bring anything innovative to the table.

My latest favorites have been XSV, Darkcoin, Reddcoin, Hirocoin and Myriad.

BTC.S/MZC/UNB ~moon and mars yoyoyoyoyoooo!!! ;-)