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Are altcoins dying? Is mining dying in general? Like a week or 2 before any altcoin mined at 1500 KH/s (scrypt) would get you around 40 dollars a day, now its like $15, also SHA 256 coins like emark and tigercoin and all the others seemed too. What's going on ? Is it dying or will it get back up?? Also should I start investing in coins instead of mining? Like dogecoins?
I haven't read the whole thread but to answer the OP. No, Alt coins are not dying they are just taking a rest. Almost the exact same thing happened back in April-May last year as is happening now. A rig would pay for itself in a month so a whole bunch of people got into mining. Then that increased competition to the point where mining was barely worth it. Then Bitcoin took off in October and after a bit of lagging behind the Alts followed which made mining very profitable again. Profitable enough that a whole bunch of new people started mining trying to make a quick buck. Now there is so much competition again that mining is not as profitable. I assume since your join date is Dec 19th that you are still pretty new to this game and haven't experienced this for yourself. Here is a tip. Pick a quality coin, I recommend Worldcoin and keep mining it even when not very profitable. Although profits are less when measured in dollars a larger number of coins are mined when profitability and difficulty are low. Mine and hold your coins, don't sell for at least 6 months and thank me later. Of course this will only work with quality, mining a shitcoin that will likely die off isn't going to work so stay away form gimmicks and memes. I've been doing a bit of research into earth coin and that seems like a pretty good quality coin, though I do know worldcoin is a VERY high quality coin to go for. Do you recommend me mining worldcoin or earthcoin at this point? I personally believe that this year bitcion will take off, and when it does the alt-coin which will benefit the most is litecoin. So mine LTC now before the difficulty rises suddenly and drastically. |
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now its fixed it'll get moving to be dumped by those who hold 100's of millions each.
do people really understand how big a number 66 billion is in this small niche community?
I don't think people stop to think about that. They just want to make a quick $. |
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If your question is in regards as to how to select a coin to mine or invest in, I'd suggest the following:
1. Bitcoin & Litecoin most widely known/accepted
If you want to select an alt-coin:
2. Find one that has no pre-mine
3. No instamine
4. No outrageous numbers of shares & block reward
5. Is listed and actively traded on multiple exchanges
6. Has an active community that outlines plans to increase adoption
7. Isn't just a copy-paste coin
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For LTC and all other coins, you can go to BTC-e and cryptsy and some others. TAG needs to be focused. Even if it never goes above 200 PHP or 0.003 or 0.004 BTC, it just has to be stable. That stability will be provided by the initial funding on the new exchange / trading.
The merchants will like the stability. They're not in it to speculate anyway. For those speculating, they are buying now.
This. I love TAG for it's stability in price. You turn the exchange into another BTC-E, and you've got pumps, dumps, and chumps for days. TAG & BTC. Tag did quite well this past weekend while most other alt-coins were falling against BTC, TAG actually rose. More details about it here: |
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Are altcoins dying? Is mining dying in general? Like a week or 2 before any altcoin mined at 1500 KH/s (scrypt) would get you around 40 dollars a day, now its like $15, also SHA 256 coins like emark and tigercoin and all the others seemed too. What's going on ? Is it dying or will it get back up?? Also should I start investing in coins instead of mining? Like dogecoins?
Just read a bit into this thread; all I can read in your posts is: 1) you bought some graphics cards, hoping to make a quick buck 2) now you are scared/upset that it doesn't work out Part of me wants to be really tough with you. Because your expectation is to make a quick profit. And you apparently did not do any research before jumping into mining. You just thought of the free 900-1200$/month you'd make. No risk, no skills needed, no work involved. And as it doesn't work out you suddenly talk about coins dying. What now? If it was that simple to make money, I'd rent out a warehouse and run 100's of 7950's. The story repeats itself every 6-12 months. We've already been there in June 2013. Many new coins had crazy high profitability for some time - but then suddenly they lost value and Litecoin was the most profitable altcoin to mine. And eventually a rig like yours would make 2-6$/day after energy costs. Which sounds like a fair price to me. Read this about a guy who made a loss mining litecoin in 2013; learn from his mistakes: http://reckoner.com.au/2013/08/im-done-mining-litecoin/Now regarding the economics of altcoins. Let me ask you: Why would anyone pay you $30-40 a day for running 2x7970 or 3x7950? There is almost no special skill involved, no market entrance barrier and if you thought you could make a quick buck, so did 10.000's others!. Profit maximising by all miners (and switching coins/pools) is going to equalize the profitability of all listed coins. Soon LTC will be as profitable as most other altcoins. Because people like you learn how to pick the most profitable one and increase the difficulty to be on par to its market price. The other effect is that more people jump onto the mining bandwaggon and drive up the difficulty overall until it is barely profitable to mine any coin. We are talking $2-5/day after energy costs for your 1500kH/s - which sounds about fair. This is a free market and YOU have to find a niche where you can compete in mining, for example: a) low energy costs? (as low as 0.10$/KWh in the US) b) well informed regarding new altcoin releases? c) can take a lot of risk/have money => invest in ASICs? There is tons of other ways to add value to the community and hence to make money. You could start trading, develop better coins, run a mining pool, create a website for spending coins, lottery, poker etc. And eventually all coins may die with you holding a bag full of BTC.  +1 |
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The alt-coins are not dying. The spreads are adjusting themselves to account for BTC rise in price. It is as simple as that. If you want more info, I wrote about it: hereAnd there were alt coins that actually did gain against BTC this weekend, I wrote about them as well: hereBut very few people here appear to look at the markets broadly. Most just tend to focus on the coin they have the greatest quantity of. The truth is that these coins are really only as useful as their adoption rate. In the long run, this adoption rate will be 0. Also, the flood of altcoins will only get worse. It will dilute the market and make them all equally worthless over the long run. Miners will simply migrate from scumcoin to scumcoin to maximize profits. Thus, their support infrastructure is merely an illusion. I think this is a good thing .. good riddance. Only a few unrealistic investors actually believe <insert coin name here> is here to stay. This is all just a scheme for speculators like me to make profits while the making is good and enrich some coin developers. Sorry guys. That being said, alt coins will never die, because people love to gamble. But that's all it will become .. pure gambling in hopes of catching a pump and dump before everyone else does.
I agree with most of what you said, however I believe that alt coins are sort of a sandbox. I believe in BTC and am sure it will continue to rise, however I believe that it is not flawless and another coin will emerge which will supplant it. Surely that coin will come from the alt coin scene. Currently there are a few alt-coins which are not scams which are actually trying to gain acceptance. Currently the alt-coin scene is like the wild west, it is completely unregulated and tons of scams are abound and everyone is looking for an instant get rich scheme. However, there are people out there that can and will innovate. Those that truly believe in digital currency as the future, not merely as ploy to confuse people with technical jargon in hopes of getting them to hand over thier money. The people who are in it just to scam and make a quick buck (I won't name them here) infuriate me. They are detrimental to the broader acceptance of crypto currency. |
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No thank you. And your on the wrong forum. There is a subforum for new coins now...
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Thank goodness. Now we need all the other joke currencies to die too. Market efficiency! |
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If you place a limit order then you are sitting in a queue. There are likely people ahead of you, who placed orders to buy at the same price before you did. If that price trades, they will get filled before you do.
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I have no issues with cryptsy other than it being slow.
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The price of BTC has gone up, if the spread between the alt currencies and BTC remains the same it means the value of the alts is increasing. For the coins to keep their same value, the spread has to go down. If you want more details, I wrote about it on my blog: http://de-crypter.blogspot.com/ |
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Only you can stop alt-currency clones!
1. Don't mine the coin
2. Don't buy the coin
3. Don't vote for the coin to get on any exchange
4. Don't post on the coin's thread
If everyone did that, the problem would go away.
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Hi, We ( blockr.io team) build new block explorer for Bitcoin an Litecoin. We think it is time for Litecoin to have a decent block explorer! http://ltc.blockr.io/Very very nice. Well done. |
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Appear you are asking for speculation, so speculate I shall:
Bitcoin is rising, people expect it to go back to 1000 and once it breaks 1000, they expect 2000. What better way to ride the Bitcoin train than to dump those alt-currencies which are now becoming more and more of a joke day by day?
Do I think Bitcoin will break 1000 this years. Absolutely. Will it break or reach 2000, very very likely.
Do I think the alt currencies will plummet to zero. No.
I'm expecting Bitcoin to come back down once it hits 1000, as there will be some profit taking. That is the time to double down on your position and get ready for the ride to 2000.
Disclaimer: My opinions are just that my opinions. They are not financial investment advice.
Well speculated! I did some further analysis and put it up on my blog, you can check it out if you are interested: http://de-crypter.blogspot.com/ |
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The altcoins aren't dying. As others have pointed out, Bitcoin is rising the so the spread is going down but most likely your alt-currency of choice is still worth whatever it was before in your local currency.
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Appear you are asking for speculation, so speculate I shall:
Bitcoin is rising, people expect it to go back to 1000 and once it breaks 1000, they expect 2000. What better way to ride the Bitcoin train than to dump those alt-currencies which are now becoming more and more of a joke day by day?
Do I think Bitcoin will break 1000 this years. Absolutely. Will it break or reach 2000, very very likely.
Do I think the alt currencies will plummet to zero. No.
I'm expecting Bitcoin to come back down once it hits 1000, as there will be some profit taking. That is the time to double down on your position and get ready for the ride to 2000.
Disclaimer: My opinions are just that my opinions. They are not financial investment advice.
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Yeah, it could be obvious for most of you, but those who are like me, read:
Never use your "classic" password (that pw you use for most of your internet activity) sorry? what? it's 2014. who does this??? >90% of Internet users, I'd conservatively guess. Ding Ding Ding, we have a winner. |
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Welcome to the internet. Its the wild west. Don't be naive. Learn to use password managers: http://keepass.info/ |
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I'm a paid professional programmer. Why should I work for free? |
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