Bitcoin Forum

Interesting article about why we need altcoins :) for those who thinks there is a way too many of them it is worth reading.

I used to think that indeed there is too many of them, but I knew that for some reasons this is a bad thing and also can be a good thing too.

A link to an article (http://www.coindesk.com/need-altcoins-can-get/)


Do you agree with this article or what are your feelings about it ?

I don't think we need probably 99% of these coins. Most of them are utter crap and should fail on launch. The only ones with any worth are those that try something different and maybe they can help improve bitcoin in the future, but the rest are just utter crap.

But still ... we need some of them :) Imagine ... if there would be only Bitcoin & LTC ...

We need other coins :) and in a same time we can say - other altcoins are advertising Bitcoin :P

Nonsense the article is bad.
99% of these coins are utter nonsense and made for scamming purposes. We need only a few altcoins.

I would ask - how many alt coins have you got or you had and you sold?

Or you were trading Bitcoin and Litecoin only? :)

Because even when I really ♥ BTC I already had some experience with: DogeCoin, Coin2.1, LTC, WorldCoin(that was very bad IMO - very, very slow etc.), DevCoin, BanksyCoin(new), PayzorCoin(new) and well ... I was also trading few others like NXT or some ...

At the moment I think the only true coin is Bitcoin.
But imagine bter, or cryptsy or other exchange where tons of coins are traded - without altcoins! :)

Altcoins are bad and good in same time. There are too many, and many are scam-coins (not 99% but perhaps a lot).

It is a thing to discuss. I agree that we don't need 32493 coins. But well ... let say if people want to make a GameCoin, Potcoin and whatever coin to use this coin while buying specific things like games, etc. - and if other will accept this idea - why not?

You might say - but why to just not use BITCOIN?! Perhaps maybe yes, but as you see so far those companies (like FB game makers) didn't accept bitcoin - so maybe there is a chance that they will accept specific coin made to pay in games.

I think there should be some Coin which will be integrated with all of the FB games. So you can buy some upgrades using some altcoin :)
Coin2 was up for this but they still need to work hard on it as it is not easy to convince the others.

Who knows.  We are in the very early stage of all of this crypto currency world and experiments are making things better :) in 10-20 years we will know better what was good and what was bad for the Bitcoin and cryptocurrency world.

Regards.
 

Thats a great article, i was really getting to the point where i wanted to kill the next alt coin dev but this puts a good perspective on it. we do need to cut down on scams tho.

I've delt with quite a few alt coins. and yes a lot of them are scams and that what we need to eliminate, not alt coins as a whole. many of the new coins bring a cool idea or concept. the problem is, is that the dev goes mia before it can be developed or worked on.

Seems like most altcoins developers "improve" things by changing stuff that they don't fully understand.

For example: the blocktime. Most altcoins say they are better than bitcoin because they have a 10 second blocktime or whatever and you don't have to wait long for confirmations, its "faster" they say. But the problem is they have NO idea at all why 10 minutes was chosen, it was chosen for a reason! More confirmations alone don't make a transaction more secure, it's a combination of confirmations and TIME. Thats why 6 confirmations is considered safe as 6 confirmations is about an hour. A transaction that has 60x 1 minute altcoin confirmations has more or less the same level of security from double spending as 6 bitcoin confirmations, so it's not faster despite what the devs tell you. Additionally there are other issues that altcoins have seen with low blocktimes such as increased risk of orphan blocks and poor scalability.

Even Dogecoin - which has a market cap in the multi-millions - had an obvious exploit that allowed a miner to earn unfair rewards for months before anyone noticed.

Bitcoin is open source. If you truly have an idea that will improve it you can convince the core devs to implement it. We've survived numerous hardforks already so even if your idea requires a hardfork it can still be implemented so long as the hardfork is well planned out.

If reducing the blocktime was REALLY a good idea bitcoin would do it too, but it's not.

Why have a playground where people risk millions of dollars of real money? It's a ridiculous situation where people do not realize how vulnerable they really are.

ahhhhhhh my favorite topic of them all LOL
i have been over this daily forever with everyone like a broken record.

a quick skim on the article and i gleaned no new info in the slightest or even a unique or interesting insight.
hell i didn't even see ANY excuses as to why they are good ..not even bad excuses lol

i see nothing to argue in the article it didn't provide even one excuse why they are good
so i am not even gonna argue here.. there is nothing to argue LOL

what are the reasons they are bad ?
uhhh welll read any fucking topic in here..
you will see a LOT of reasons why, in 75% of the topics posted here.