Bitcoin Forum

Hi Folks,


Ive been a lurker here for a few months and just started trading.
Whilst I have picked up some knowledge I'm still a newbie
so what I say is personal speculation.

Aside from all the various shennanigans that happen around these crypto currencies the one conclusion i have come
to is all alt coins except for Bitcoin are there simply to increase your BTC holdings. Very  long-term investment is not
what I should be thinking, but waiting for rises and dips. BTC owners needed something to trade, make and lose
btc, right?

Im just not sure about these many hundreds of alt coins purpose other than that.
Am I wrong?

There are manyother coins that are more evolved in terms of security than bitcoin for example.

Most alt coins have no purpose, other than a way for the creators to make some money. On the other hand, some are interesting and may have some long term utility.

I believe that the long term outlook for alt coins is bad -- nearly all will eventually become worthless. However, some may succeed, and the trick is to pick the winners.

well, all altcoins including btc are you know, worthless in some sense.  A lot of coins were created at first for faster transaction times, then for specific games/causes, then for fun (doge lets say), some for anonymity, etc.  Then btc hit its huge bubble and people started trading these altcoins a lot, some went 1000x in value, even more.  Seeing this, greedy neckbeards started creating total shit coins and they flooded the market since then with shitcoin, after shitcoin, after shitcoin.

But that's life.  I wish the neckbeards didnt do it, but they did.  Then they came up with different forms of making coins, POS, hybrids, etc.  After that, well, different forms of mining coins, as you can see on coinwarz we are far from sha and scrypt now.  (all this is in no particular order of events).

Much evolving in the crypto world, it is a wild west, and I like it like that.  Be careful with exchanges, and other than that have fun.  research how many coins there are, how many are created, buy low sell high.  in the very long term all coins go to zero in my opinion, and innovation replaces them.

My worst >trade<...sortof...was mining Magic Internet Money.  that shit was funny as hell.  had a lot of fun making it rain on people and giving it out, i mined millions upon millions with 1mh/s scrypt and it is now worth less than zero.  meh, had fun, would do it again.

Sadly, agree... altcoins ae obsolete, you can look at litecoin, its dying

Alt coins can be used for trading but watch out for spyware ones. Trading can be a good method to get more BTC, some coins have up to 50% to 70% rise in the last 24 hours.
A list of alt coins is here http://coinmarketcap.com/ (http://coinmarketcap.com/)

Almost all the coins are designed to make the developer of the said coins to earn some btc. Some may be promising, but not compared to bitcoin.
These alt coins are nice to play with; try to make some money with them if you have the time. This method can be successful, but can sometimes be a mistake. It is still up for the user to pick the coins which he thinks is better than any other coins out there. Some are just pump and dump coins, while others are there to be of a great use to the public.

That's kind of true. Altcoin trading is a very high-risk but also high-return investment opportunity.

Take the current price data on Bittrex https://bittrex.com/ as example, the BTC-GIVE rate has gone up 280% in the past 24 hours with a 24h-high and 24h-low at 0.00000030 and 0.00000005 respectively. On the other hand, the BTC-WWC rate has gone down 79% with a 24h-high and 24h-low at 0.00000998 and 0.00000100 respectively.

yeah... alt coins are extremely risky due to their very high volatility and potential for pump and dump schemes. Buying alt coins now is pretty crazy, you must be either completely blind or have huge balls :)