Bitcoin Forum

Now that we have a correction in BTC - are the other alt coins also falling - or are there some going up?

It looks like LTC yesterday got a really bad melt-down - do you guys think this was a bottom?

Altcoins are dying a slow death.  They serve no purpose.  Mainstream adoption is all that matters and were having a tough enough time getting average joes to wrap there head around bitcoin. 

Ya I stopped the altcoin game. Don't see the point in any of them. The only ones that may have some potential are 2.0 style coins.

Most of my forays into alts have been an utter failure. They're worth treating as insane gambles. Safe haven would be the last thing I'd be regarding them as. I've never put more than a minute fraction of my BTC into them.

Lol.  There is no safe haven in crypto.  Bitcoin is the healthiest horse in the glue factory. 

LTC bottom still far away IMO. There wasn't enough volume for the true bottom.
And BTC that were used to pump altcoins are now returning to the BTC / fiat market.

Their main purpose was to extend the life of GPU miners left behind by ASICs.

I also jumped out of altcoins a couple of months ago, sold all my 280x gpus and converted everything to btc. You had to be lucky to catch hysteria periods, I got lucky with the Dogecoin and Darkcoin huge pumps, but failed big time on others. All things considered, I think I came out slightly on top, but I don't really want to go back and find out :D I'm glad to be out of the game. Bitcoin is where it's at from here.

The only future I see in an altcoin is one with absolute 100% anonymity, which will obviously have a big niche following. Darkcoin does not fill that gap in my eyes.

Are altcoins a safe haven? No, but if you're bothered by short-term price movements you don't need a safe haven, you need to reduce the size of your investment. Only invest a significant amount when you've learned enough about Bitcoin and about investing to sit tight through minor fluctuations (and major ones as well - this week is nothing).

For completeness, as far as investing some left over coinage into altcoins, I'd go only with alts that take advantage of King Bitcoin's network effect by either (a) operating as a layer on top of Bitcoin or (b) sharing Bitcoin's ledger (https://bitcointalk.org/index.php?topic=563972.0). So far no coins share Bitcoin's ledger, and Mastercoin and Counterparty are the only platforms I know of that operate on top of Bitcoin. And of those two, only Counterparty is already working and seems to show substantial promise. But again, it's not a safe haven. Your safe haven is education and contemplation on the nature of Bitcoin and investment: have some hodling fuel (https://bitcointalk.org/index.php?topic=365250.0).

Also, there's the indispensable "Savings Plan" by Risto Pietila (https://bitcointalk.org/index.php?topic=345065.0) and the ensuing educational discussion in that thread:

People should realized by now most of the alt coin are pump and dump.

With the exception of anon coin/feature, if any developer manage to get this to work, then may be there is an untapped market for it.

No.

Imho, Peercoin seems to be a good safe haven in case PoW fails because of the centralization of mining.
It is also relatively stable; its price is about the same now than it was a month ago.

We don't want stability. Yet. Retard. Stability will only be possible once the market is saturated, and we are about 1000 times away from that.

Litecoin - the only alt coin with enough volume and liquidity to be considered by big merchants and Coinbase.

From https://www.cryptocoincharts.info/v2/markets/graphicalComparison

https://i.imgur.com/1OgLGza.png

Yes, litecoin price is depressed but now very attractive to speculators who want to diversify. Nothing wrong with having litecoin in your portfolio; at current ltc/btc price upside potential for litecoin is considerable. Perhaps 80/20 bitcoin/litecoin mix for investors. However IMO ltc/btc has not bottomed out yet, see this chart:

https://i.imgur.com/k9DBDRD.png

If ltc/btc price goes below .010 on heavy volume could offer very good risk/reward for buying.

In the last six months on BTC-E(January 5th to July 4th)

LTC ... down 69%
PPC ... down 79%
NMC ... down 74%
XPM ... down 91%
TRC ... down 91%
FTC ... down 87%
NVC ... down 90%

+1 on anon features. There are a couple coins (XC, XMR) that, if their dev's plans come to fruition, could certainly play a role alongside BTC in the future. Darkwallet is not a sufficent anon solution. Privacy is important to people and one of these coins will come out on top from the alt sludge and be significant.

Macon Money guaranteed  to be as worthless as the dollar with the added bounce of being not recognized / accepted anywhere.

http://www.coindesk.com/other-alt-currencies-as-anti-bitcoins/

Only btc and maybe ltc and a couple of others will survive
The rest are largely fluff or pump and dump schemes
Overdue correction hopefully underway

I would not draw any major conclusions yet, who knows what will happen when BTC will enter the next bubble mode.

But for now, when the price movements are very insignificant (in the grand scheme of things) - its mostly just flavor of the month pump&dump.

Who is to say BTC and LTC will survive?

Once crypto goes mainstream they wont put up with Bitcoins flaws.

The new developments in crypto where you can have a decentralized exchange will have long term power like NXT and Qora. It wont just be about coins but about digital property.

+1

I think Bitcoin is the safest haven of course because it has the network effect on its side and it's way older than most altcoins so it proved that it's secure. But what Bitcoin could make unsafe in the future (like in a few years) is the ignorance regarding asics. Mining power will be more and more centralized and there will be a successful double spend attack eventually. But for now it's the safest coin I think.

I completely agree with this point.

with out a doubt if you cost price average into a non scam currency when its down in price , this is a perfect reserve mechanism.

obviously Quark is that, there are actually are few others. 

you are suffering from "Universals Proof of Scam Syndrome ." or "UPOSS"

Vericoin

hard sell - its not a market , big whales are selling out on ASIC fear was the best last guess..

Summary :

LTC is "too distributed" into the market.  to be properly price manipulated up .

ha ha its a problem of the free market starting to take over, beautiful thing isn't it?

They will always be a big gamble. Best to spread out your investment.

I thought Vertcoin would do decently but it has been going only one way ;D

Well, the most stable coin out there is currently bitcoin, im only seeing the rest of alts falling, specially LTC and the overpriced dark.

I don't agree, altcoin has done what Bitcoin hasn't achieved yet.

this -

also here is the explanation - http://kolinevans.wordpress.com/2014/07/04/why-has-litecoin-decoupled-from-bitcoin-and-is-on-a-price-decline-and-why-is-this-important-for-quark-and-other-free-market-crypto-currencies/

lots of room for profit. I like flipping coins on the low. 91% down? Wouldn't surprise me to see it 900% up in 8 months... orderbooks are extremely thin since months. What you see are dumping-prices ;)
One huge dumpfest since months. They can only dump so much longer. When they start buying they'll realize there is no sellresistance. I think this is going to play out very similar to Nov 2013

The safest heaven is NXT. Nobody knows if it will be as big as BTC one day, but it will have its place in Crypto for sure.

heh...I have a KNC Titan coming hopefully in August 2014....probably not my wisest move...better odds then the Neptune I upgraged from
they are having problems just getting that to power up with power supply...er got it when KNC was golden ..then 2 weeks later they
went BFL route...it was like a Nun becoming a stripper cause it pays more....blindsighted.....and you guessed it NO REFUNDS sigh

crap

live and learn

Searing

I feel pretty good with my NMC/HUC investments as far as alts.

1. Make a coin

2. Make an exchange

3. Make a forum on that exchange

Safety, and even ability to move the market, pretty much guaranteed.

The reason to make a new one is because there is meant to be an ecosystem.

Coins are not there for new people to find and mine, coins are there to trade for one another and support bitcoin.

NEW coins made (by you) are for you and your friends to mine, or for your school to mine, or for your team to mine, or for your WoW clan to mine, or whatever.
Then those coins are to be traded for other coins and used to support Bitcoin.

Let us know in 6 months or so how flipping coin work out.