Bitcoin Forum

We can all agree that there is only so much hardware that can mine BTC. I remember when I started mining LTC at less than 100 Diff, only to watch it pump to over 600 Diff. So what did people who were late to the game do? They create Feathercoin. Feathercoin started the great altcoin rush of 2013. This actually slowed down the growth of LTC network diff and allowed people to mine at a higher profit than LTC.

So why don't we create more alt SHA256 coins. Most altcoins that exist are only being used by traders on exchanges anyways. We don't need mass adoption as a currency. We have BTC for that. But traders love to get their hands dirty with anything that moves. So you only need to create a coin that will list on an exchange and on coinchoose/coinwarz. This will make SHA256 Asic hardware move off BTC and into other alts, perhaps slowing down the insane diff increases we keep seeing.

thoughts?

And then we can merge mine them at the same time as BTC.....

Well the point would be so that whoever is running the hardware has to choose between BTC or something else. With todays diff change, we have already seen a rise in diff in other alts like EMark, OpenSourceCoin and Battlecoin. This is to "arb" the price down to what BTC currently makes, because most SHA256 Alts historically make less than what BTC makes. However, this also means that provided that no new hardware delivers, the next BTC diff change should be slightly less than what it was today, percentage wise.

It is a zero sum game, arb + BTC = total price = just BTC

The more alt coins you make, the more you make BTC look unstable to "normal" people who don't understand.  Especially when you build the alt coin to be merge mined with all other alt coins and BTC.

or worse, build the altcoins to be premined and dumped the same day they get onto the exchanges...

check the 'newest' coins, almost 100% shite

I agree. So many shitty coins have now been created. The good coins get overlooked. Checkout GOATCoin (has nothing to do with goats btw), we have an amazing concept behind it but have been overlooked due to the huge amount of pump and dump coins being created

After having cat and dog, we now have goat lol. :P

Care to explain briefly what make your coin different from all those shitty coins?

It seems to me that the mining "market" equalizes. Looking at coinwarz, all the other SHA256 altcoins are hovering at about a similar level (or less than BTC) in the amount you can mine a day with the same ASIC hardware. I guess if one stood out as being more profitable, people would jump in and raise the diff to compensate. There was a brief time a couple weeks ago when Peercoin was in the lead, so I switched from BTC to that, but when it was no longer so, I went back to BTC.

i think we already have good one there

This tells a great deal of the story of the real utility of altcoins:
http://mapofcoins.com/

I think we have more than enough Alt coins.  There are all pretty much gimmick or "meme" type coins or do something specific.

Bitcoin's the Gold, Litecoin's the silver, a few of the others may survive, but if you're in it for some darkhorse coin to claim Bitcoin's throne, good luck with that.

Are you fucking kidding me?

Do you think these coins are created for miners to go on profit?

These alt-coins dont have any future, only as a way  for miners to get even more money at the cost of investors.