This. Nxt - a coin that didn't even exist half a year ago, is currently in third place according to Coinmarketcap.com, just behind Bitcoin and Litecoin. If that isn't the definition of a successful coin then I don't know what is.

Just curious, and you don't have to answer this if you don't want to, but were the accounts hacked? Or did the original owners sell them to you and you are reselling them here?

Also I'd imagine my account would only be worth a few satoshis at most, haha.

Edit: I just found this from one of your earlier posts:


So these are actually accounts you created yourself then?

It's never a good idea to accept a reversible form of payment such as PayPal for BTC. If I remember correctly, chargebacks can happen up to 90 days after payment. If you still want to sell BTC for PayPal then not selling to newbies with zero trust and/or requesting ID is probably a good idea.

As I understand it, Multicoin was a program that let you create new coins complete with new rules and a new blockchain. It was basically a free and open source Coingen:


Tenebrix was built using Multicoin. Tenebrix was later cloned by coblee whose Fairbrix was the prototype of his more successful project, Litecoin.

Seemed like a pretty interesting idea. I wonder what happened to it?

Dogecoin was largely a copy and paste clone of another Litecoin clone (Luckycoin), so there is still a miniscule chance that a copy and paste coin can blossom into something great.


If you try to copy and paste an existing coin but have no understanding of how programming or blockchains work, it is possible that you could create a fork of the old coin's blockchain or end up with a broken blockchain.

I could, but those are very expensive. The last one went for 15 BTC apparently. I only have 0.3 BTC.

It will have a completely different name and will be launched on a new account. I already registered the domain for it although it's a secret. Launch is set on Jan 1, 2015. And who knows? If it becomes extremely popular then I might even be able to buy the trademark off Karpeles and call it Mt. Gox 2.

Hi, I'm thinking of building my own altcoin exchange similar to Cryptsy but I need some advice first.

I took a semester of Python and a semester of Java back in college two years ago, both of which I passed (the former with an A grade). I also have some experience with HTML and some minor experience with CSS.

Now I understand that an exchange would utilize scripts and dynamically generate pages with a front end and a back end. And I will need to learn PHP (or perhaps use my existing knowledge of Python?) to code for all the programming in the back end and use MySQL to keep entries in a database.

So I'm guessing the basic script will generate a new deposit address for coin A and assign it to each user. Each user will be an object that is an instance of class "User" that will have its own attributes. When coins are deposited into the address, the script updates the user's balance and stores this in a database somewhere. If the user wants to exchange his coin A for another coin B, a method call is performed which deducts the chosen amount from the coin A balance and updates the coin B balance. The same would happen to the other user on the opposite side of the trade.

Sounds pretty easy.

I also realize that I could hire a developer who could make the site for me, but I don't really want to do down this path because if they are a good developer, then they can build their own altcoin exchange themselves. Why would someone choose to do all the work for me? Not to mention it would be expensive and it would be very bad if I, the owner, did not understand the code and had no idea how anything worked.

OK, so far so good. Now what about the economics? Exactly how profitable are exchanges? What are the expenses (other than hosting costs), that impact the profitability of an exchange? My plan for my business is that it will be a one-man operation to keep costs low. And how long would it take for someone like me who has no knowledge of PHP to gain the necessary skills to pursue this plan?

Thanks.

Interesting thread.

For those wishing to acquire 1 BTC, it seems that access to USD can be a major bottleneck.

Yup. This year is looking more and more like 2012. Which is weird because there is a lot more positive news about Bitcoin coming out every day and new developments happening in the field compared to back then. Between January 2012 and December 2012, the price of a single bitcoin only increased from about $5 to $13. It was a very gradual rise with only a couple of very minor bumps along the way.

No, Litecoin is a scrypt coin. Bitcoin is a SHA-256 coin. You can only use SHA-256 ASICs to mine SHA-256 coins and scrypt ASICs to mine scrypt coins. Most altcoins are scrypt-based, but some of the older ones (Namecoin, Peercoin) are SHA-256-based and can be mined with equipment used to mine Bitcoin.

Edit: There are also other algorithims out there, such as scrypt-N, X11, X13, etc.

Bitcoin will almost touch $10,000 very late next year (actual price will be somewhere between $8,000 and $9,000) but we won't see it fully break the $10,000 barrier until perhaps 2017 or even later.

Bitcoin is my five-year investment plan too!


Future generations will probably remember 2014 as the year that Bitcoin officially became mainstream.

Although I know it is possible to receive coins while being offline, I thought you had to be online to send coins? Doesn't initiating a transaction require broadcasting it to the network?


Maliciousness, not incompetency.

I don't know if it's accurate or not, but if it is then he should have kept it a secret or incorporated it into a trading bot. He would have profited enormously.

Edit: The technology behind it (neural networks) seems to be sound. Market prediction is indeed a valid application of artificial neural networks.

USB drives can start losing data after more than 10 years without being powered. SanDisk makes this thing called the Memory Vault which is meant to protect your photos and videos for up to 100 years and it should work as a Bitcoin cold storage solution too, but it's very expensive.

Don't forget OP, you can convert these altcoins to bitcoins too via an exchange. In fact, this is a way for people without ASICs to still get bitcoins from mining with CPUs and GPUs. So don't think that you will be stuck forever with an altcoin you don't want.

So this is like the testnet bitcoins then? Wouldn't a blockchain reset every two months require a hard fork every two months as well?

Where did you get this number from? The maximum supply of bitcoins is 21 million so wouldn't it be more correct to say there will never be more than 21 million individuals with 1 BTC?


Bitcoin has increased every year but some years were much better than others. 2012 was a very poor year ($5 to $13 or 3-fold increase) while 2013 was an extremely good year ($13 to $1,000 or 80-fold increase). 2011 was also a very good year ($0.20 to $5 or 25-fold increase). Personally, I feel that the increase in 2013 was a bit too much, and it might be a while before we see another spike. I wouldn't be surprised if 2014 turns out to be Bitcoin's worst year.

It might be possible to get a positive ROI if your electricity is free and you resell the miner for a good price.