Bitcoin Forum

I discussed about a future of cryptocurrencies in this thread (My view on the future of Crypto Currencies (https://bitcointalk.org/index.php?topic=540361.msg6038043#msg6038043)), and mgburks77 give the link to interesting thread also (Bitcoin adoption slowing; Coinbase + Bitpay is enough to make Bitcoin a fiat (https://bitcointalk.org/index.php?topic=557732.0)).

Clear that cryptocurrencies 2.0 must have a several options:
1.   Resistance of GPU- and ASIC-mining. Not a “clean” fork.
2.   Resistance of the threat 51%.
3.   Privacy and data protection – it’s named “truly anonymity” in community. Sender’s and receiver’s data should be encrypted maximum.
4.   Decentralization. Low concentration of funds in large exchange. Not speculative.
5.   Apps to better part platforms (Windows, Linux, MAC and mobile of course). Native wallet.
6.   Strong devs (with background). Tech. support.
7.   And philosophy! It should not be speculative cryptocurrency, devs must want to change an economic and this world.

Most of this options are declared in some cryptocurrencies.
I decided to conduct an experiment. I chose the 5 cryptocoins and I will follow them during the month. I will install wallets, mine and trade them and see on changes (devs, community, courses, rumors etc).
I will be glad to get advises and comments!

So my choices is (alphabetical):
1.   Bytecoin (BCN) – https://bitcointalk.org/index.php?topic=512747
2.   Darkcoin (DRK) – https://bitcointalk.org/index.php?topic=421615
3.   Fluttercoin (FLT) – https://bitcointalk.org/index.php?topic=509499
4.   Kimocoin (KMC) – https://bitcointalk.org/index.php?topic=524216
5.   Mintcoin (MINT) – https://bitcointalk.org/index.php?topic=450381

I will start tomorrow. Stay tuned!

Interesting topic. keeping a eye

heads up on darkcoin.. it was instantmined (nothing wrong with this). therefore the price has not crashed once yet. its over priced. too many coins to be at the price now. Mine it if you can. but i would advise not to buy in yet. the price needs to crash and adjust once or twice before it shows the true value ; )

mintcoin can not mine more

Why is that? Was it hacked? Couldn't find any info.

Quite nice idea you got there my friend. Going to follow your topic and let the best man coin win ;D

No hack. The Pow phase is over. It´s a Pos coin now.

Interesting. What do you think about BlackCoin?

wondering how you came to this conclusion?

I think your comment is typical of someone wants to buy the coin, cheaper.

great idea

Day 1. Welcome! (part I)

Why did I choose these alternative cryptocurrencies?

https://i.imgur.com/Z5uo34z.png

Bytecoin (BCN) – not Bitcoin/Litecoin/”other”coin fork. BCN uses an algorithm “CryptoNight” and Cryptonote technology. There are untraceability and unlinkability of transactions, data/privacy protection and full anonymity. Adam Back approves to Cryptonote’s authentity.

It is declared that Cryptonote (and Bytecoin) has a blockchain analysis resistance. You can take part in verification in a special thread. I’m not a cryptographer but it rings true.

Total 184.46 bln BCN - and part of BCN was already mined by a community during 2 years. It’s the most closed and strange community which is based in TOR / deep web. Its devs are unknown and nobody has talked with them. It's interesting how they will decide problems with tech support? But Cryptonote devs communicate in their forum and seem to be high-level specialists.

Features: full anonymity, only CPU-mining, not off-exchange, detailed philosophy and a very interesting story with the community (Cicada’s and puzzle’s talks).

http://www.darkcoin.io/img/darkcoin_header.png

Darkcoin (DRK) – fork of Quark. DRK uses an algorithm x11 (11 rounds of scientific hashing functions) and Dark Gravity Wave.

It’s GPU-mineable with sph-sgminer. And I have a question about algorithm x11 and if it is ASIC-resistant. Darkcoin devs write in off-thread: “high end CPUs give an average return similar to that of GPUs, and GPUs run at about 30% less wattage than Scrypt and 30-50% cooler”. So is it ASIC-resistant or not?

Total 22 mln DRK and 0% was premined. Darkcoin started in January but community is very strong and popular (about 700 p. in off-thread!). On the other side DRK is attacked with black-PR and trolls, thread with anti-DRK messages in top forum daily. I need to understand which of them are true.

Features: full anonymity, a lot of exchanges, publicity, popularity and strong community.

http://oi61.tinypic.com/2nc4311.jpg

Fluttercoin (FLT) – fork of Litecoin “for anyone”. FLT uses innovation technology for proof-of-transaction (called butterfly-effect). Every transaction creates more opportunity for such chaos and data-protection. Also there are POS and POW. Not ASIC-resistant.

Total 5 bln FLT max. Now FLT was mined just n-hundred thousands. The devs have a very active marketing and are mentioned regular in thematic resources. And I think that the devs are from Russia (they use English and Russian only).

Features: anonymity, a lot of exchanges, active marketing and devs, apps to Windows, Linux and MAC, native wallet, strong community (or very active marketing).

TBC

Thanks for the info! But I'll not change my choice. I will write about MINT tomorrow.

IMO, I think Darkcoin has a few 'natural enemies' that account for quite a bit of the trolling.

1) Supporters (holders) of any other anonymity/privacy focused coin. Obviously it's in their best interest to knock DRK down as much as possible.

2) People who believe that true anonymity is bad for crypto-currency as a whole, or believe DRK will be only be popular in the black market and bring bad press to all cryptos. This was a debate in Bitcoin for years with support on both sides.

Regardless of what you think of Darkcoin itself, it's pretty easy to see that Evan is one of the best developers out there when his features keep finding their way into other coins. ;)  Anonymity is huge and as it gets closer the trolling seems to be ramping up...

with your analogy then your comment is typical of someone wants to sell the coin , higher


simple calculation really. look at other coins in same level that are older and their price is more stable. look at their coin mined per day volume. look at the coin you are interested. look at its price now per coin. it wont add up.

coins always rise up a bit in price once they hit an exchange. Once everyone that bought out of fear of missing out buy volume is done, there will be no more buying volume to sustain the coin release per day. eventually the selling will overwhelm the buy in price and it will drop down.

basic math really. the only one asking/prompting you to buy now is either instaminer who own lots of coins for dirt cheap or the ones that bought now and want the price to go higher.

hate it or love it, its the way of the free trade. You can stop the hypes or the FUD. but you can educate yourself to understand what a price of each coin is worth.

Devcoin already meets most of these aims.

1. It is merge mined with bitcoin, and thus can and indeed is mined with ASICs (via pools like ghash.io)
2. The merge mining protects against 51% attack - though an attack against bitcoin will take out devcoin and other merge mined coins - but this is unlikely.
3. Same pseudonymous protection as bitcoin - unless you know someone's address it's difficult to work out their identity
4. Very decentralized - the coins are widely held. Devcoin has been going since 2011, and lots of people accrued them over the last two and a half years
5. The one drawback - needs a new wallet, but the devs are working on it
6. Meets this criteria, some of the best devs in cryptoworld do work on this coin
7. Meets the philosophy criteria too - the coin was designed to support developers and others through bounties and is doing this successfully.

Other benefits - the transaction fee is very low in dollar terms, and while this coin isn't as inflationary like dogecoin, it isn't deflationary either, and is thus suited to micro transactions and a spending economy. Some 24 stores already accept it - you can buy a walmart voucher with devcoin, which is more than you can say about most cryptos.

Finally, longevity. This coin is older than litecoin and has stood the test of time. The devs and community arn't going to walk away.

I think that currency that is available for ASIC mining is not a "currency of the future". Of course equality among all miners is a dream and always there will be someone who mine much faster and much more effective then others but "he/she" will have to put A LOT of funds in there.

Also merged mining with bitcoin is not a bonus to my opinion. Being someones dependant is not a good thing at all.

This two factors are just too much for me to deal with - that's why Devcoin is not my choice :)

Nice choice in the coins, good luck with your experiment, will follow this thread. :)

Thanks. Never encountered PoS coins - going to look it up now. :)

I have a view for similar coins (NXT, BC etc). Pure POS (only-POS) looks like a deposit in a bank. It's not profitable to spend coins, and people just keep them up. Coin gain price when you became able to buy something real on it. So BC is just a vault deposit but isn't currency imo.
Also BC pools as this blackcoinpool.com (http://blackcoinpool.com) confirm my opinion.

True reasons are unknown for me but I agree with you that DRK dev responds in the off-thread quickly and plainly - it's very well.

Cryptowho seems neutral and says correct things imo. I sure that all altcoins (not dead-birth) have a life cycle: launch&star-period (when coin is above fair value estimate) and plateau (when the market is lined). Also ups-and-downs are inevitable.
It's impossible to predict when coin was launched recently. So my experiment will be continued a month.

Devcoin is amazing, really. I was very impressed how much they do for the development of infrastructure and the support for system. For example "DVC provide an income for anyone who wants to work, even if they live in an area with more job seekers than jobs". I have said many times that it's the cornerstone for all altcoins. The devs make important and necessary actions, they are hard-workers. Now.
If we forget the philosophy we can see SHA-256 and merged mining with BTC. It's annoying, you agree with me. SHA-256 aren't seen in this experiment at all. It's like Win95 imo.
Also I want to refer to www.mapofcoins.com again, everything is very clearly shown. Why do Novacoin, Yacoin etc have so many forks? And why don't DVC have?

Day 2. Welcome! (part II)

http://oi62.tinypic.com/vnz8m9.jpg

Kimocoin (KMC) – fork of Litecoin. KMC uses Scrypt-n-Adaptive and Scrypt-ASIC-Resistant. Also KMC uses POW and Kimoto Gravity Well.

So the devs declare that block time is 60 sec and KMC are produced by only CPU-mining.

Total 15 bln KMC and 1% was premined. Kimocoin is based on strong philosophy and supports study careers. The devs are Italian students and they are very passionate about the project. KMC was launched on April and has the KimoShop where you can buy real products already.

Features: security, only CPU-mining, apps to Windows, Linux and MAC, interesting devs.

http://oi60.tinypic.com/2hhdiqg.jpg

Mintcoin (MINT) – fork of Novacoin. MINT uses Scrypt.

At first MINT used hybrid POW+POS, but now MINT is pure POS. It seems to me that pure POS is speculative technology, so I will see how this community will mine, trade and use (!) MINT.

Total 70 bln and 1% was premined. The devs declared that MINT is energy efficient. MINT is very discussed and popular (about 650p. in off-thread). It’s all very well but I have a several questions. How will the devs use premined MINT? They say nothing about this, this is very strange and alarming. What connects the exchange MintPal www.mintpal.com with MINT? Exchange and coin were launched at the same time. I hope MINT isn’t purely speculative.

Features: 30 sec block time, apps to Windows, Linux and MAC, native wallet, very strong marketing and community.

So this is the end of my review. Tomorrow I will tell you about their installations and wallets.

See you here!

Check your PM dude. I owe you money.

Thank you!

4,000,000 darkcoin available (mined), price: 50 cents
23,000,000 litecoin available (mined), price: 10$ plus
 ::) nice try fudmaster noob

Maybe in 23m mined times darkcoin is going to be 10$+ too.  :-\ Jumping to conclusions is not good.

Seemingly is an important word here

Well, so far so good I think. I didn't notice any "love" towards some particular coin. Did you?

Interesting read..

Devcoin is amazing, really. I was very impressed how much they do for the development of infrastructure and the support for system. For example "DVC provide an income for anyone who wants to work, even if they live in an area with more job seekers than jobs". I have said many times that it's the cornerstone for all altcoins. The devs make important and necessary actions, they are hard-workers. Now.
really?

Thanks for a great thread. Looking forward to read the summary of your research.

I am interested mostly in finding out about various coins with the best prospects.

At the moment BCN and DRK look like the coins to lead in the new era of crypto currency.

Day 3. Installation

At first I must say that I solo-mine and trade BCN and FLT already. I began to use them before the idea of the experiment occurred to me. Also I have BTC, LTC, MMC and YAC, and I used DOGE, XPM, XIV, CPR, SBC etc. I started as a gambler, it is.

So I want to talk with you about installations the coins.

Bytecoin (BCN). Yesterday BCN devs announced "Easy setup bundle for the beginners". Install-file (with blockchain!) weighs 1.44 Gb. BCN don’t use UI and work with the command line only. First synch runs for about 5-8 min (455 177 blocks of transactions history). I launched BCN and created the wallet very quickly (thanks to “Read me” and how-to in unoff-thread).

https://i.imgur.com/Xbm06m6.jpg

Darkcoin (DRK). Install-files include the wallet and “Standalone CPU-miner”. At start DRK synchronized for about 1 hour (49 475 blocks of transactions history). The wallet looks standard. There isn’t “Read me” in install folder, I think it can be a problem for some. Also I didn’t found how-to in off-thread. The wallet is translated more than 30 languages.

https://i.imgur.com/E4IJ8Yw.jpg

Fluttercoin (FLT). The first sync ran for less than a half hour (29 051 blocks). The wallet looks standard and is translated into Russian only (it’s rather peculiar).

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

Kimocoin (KMC). Blockchain synchronized very quickly (but of course, there are only 15 356 blocks). There isn’t “Read me” in install folder, the wallet looks standard (only English). I don’t understand why the wallet doesn't have Italian. There is link to how-to in off-thread, it’s very good.

https://i.imgur.com/Ric4tcy.jpg

Mintcoin (MINT). First synch runs for about 6 hours (238 616 blocks of transactions history). The wallet is made in “mint” style and translated into Russian only. 666 p. of off-thread, 238 thousand blocks and only 1 language – maybe community isn't active, maybe marketing is very active? On the other hand MINT is very user-friendly (“Read me”, how-to etc).

https://i.imgur.com/O0br2qq.jpg

I remember DOGE was synchronized for almost 2 days, ugh. Next post will be about solo-mining.

Write comments and have a nice weekend!

Are you going to do some kind of conclusion? Which you liked the most and why etc.

So... I guess OP got a good weekend :D Are we going to see a continuation of the 'story' ?

That's actually a great idea. More developers should introduce something like this.

To me as a customer this feature is really appealing. Freshly created currency can be used as a CURRENCY from day one. Definitely liking this.

Yes, I will continue my experiment! And I will present my opinion later because I will have to learn more about these altcoins.

That's good to hear! Looking forward to it.

I would humbly propose you to read my article on this - we independantly came to mostly the same conclusions (there are some thing you mentionned that I missed and probably the other way around too

Iinnovations in altcoins/ (http://Innovations in altcoins) (I am considering renaming it something like "Altcoins, Darwin at works" or "Altcoins, a Darwinian process", I don't know what would be the most engagin title)

Part of it is meant for the creation of the Mintcoin Fund the world's first legally registered NGO for crypto (despite its name, the Bitcoin Foundation is not an NGO). I can't say much even me I don't know how all the premined had been spent (or is planned to be).

Officially, nothing, just a nice coincidence. Since I am neither in Mintpal admin's nor Mintcoin dev's shoes, I have to believe it :)

It's too good to be a coincidence. I won't assume the worst possible outcome but it does look suspicious.

Your link is not working. :)

It's so great an idea, it'll be copied all over the place if it flies. ;D

But seriously, using cybers as virtual coupons is a perfect niche for alts.

out of the 5 i perfer MINT


hope it goes higher

It is! It's a great reason for start mining something. Imagine if each coin has it's own partner and offers different goods - select a coin according to the goods it's offering!

Yeah! If I had the bank to buy a small store, I would jump on the idea. Effectively, I'd be distributing store credit to miners via PoW. It'd be an interesting experiment to see if I could drum up some business for the store that way...

You talk about the present (“now altcoins should be…”), I'm talking about the future. Of course, the opportunity to earn is the mainstream, but it will not develop the industry.

I like your signature and glad to hear this ;-)

And in what direction should it be pushed? More anonymity? More usability? More notability?

Thanks for trying to keep a seemingly unbiased approach to these coins.

The new generation altcoin must be completely anonymous, easy to buy\sell and have good dev team who would solve any problem asap (cause there's always hacks)

Interesting post, more reviews?

How can _new_ currency be easy to buy/sell? Nobody wants it yet, so by default it's impossible on early stages of the coin.

Agree with you on everything else tho :)

Maybe he liked it so much he couldn't resist and tried to be as cool as you?

Or he couldn't find another words to express his point of view..

Anyway I want to see next post about the experiment! Where is author? 

Sorry, I still cannot use my PC (laptop only)! So I will continue my review when the problem will be solved. 

Wow, It seems to me - anyone says "DRK" and bots appear in a thread.

Oh, you can see my view in the top post - https://bitcointalk.org/index.php?topic=561992.msg6129696#msg6129696 :-)