Altcoins and Scamcoins - Know the difference.

[WindMaster]

Supercomputers just like battleships, nuclear reactors and so on run customized software that maybe originated from Open Source software. Anyone running stock Apache, PHP,
MySQL, GNU/LINUX or whatever else is an idiot so I don't count those cases as good example of Open Source software.

My friend works on power grid control for Berlin and can turn off electricity in any part of town or whole town with few mouse clicks. He would laugh on you if you come to him saying
that "Open source software is more secure than closed source software" or something similar.

Not to get into the middle of a closed-source vs. open-source religious war..  But one nuclear reactor manufacturer whose name is a common household name, uses an almost completely unmodified version of uC/OS-II (open source, though not under the GPL license) as the RTOS for their control rod servo drive microcontrollers.  Doesn't get much more mission-critical than that.  Just sayin'..

[jlspartz]

Let the idiots run closed source software. Just don't cry when your coins disappear.

Great thread. I agree with the discriptions of scam vs real alt.

[Praxis]

So the implication of this thread is that every coin that doesn't innovate it's automatically a "scam coin"? Because that would be very wrong, I think.

A coin can be perfectly honest even if it alters a few parameters only.

[ecliptic]

So the implication of this thread is that every coin that doesn't innovate it's automatically a "scam coin"? Because that would be very wrong, I think.

A coin can be perfectly honest even if it alters a few parameters only.

If you have nothing to offer in a cryptocurrency except replacing every instance of "litecoin" or  "mynewcoin" and changing a few constants.. you're not really doing anything of note.

[ecliptic]

Not much has changed i see

[phelix]

Similar attempt: https://bitcointalk.org/index.php?topic=280892 List of Innovative Cryptocurrencies

Had not known of this thread until know. Added a link in the 2nd post.

[alexxy]

Also you may add Primecoin (it uses prime chains as PoW, and potentialy infinite mining time)

[kelsey]

Sorry just because a coin is plugged as innovative doesn't mean its not a scam coin.

There certainly is some innovative scams out there  

To me cryptocurrencies and other alternatives are about making a currency as an alternative to government and bank controlled fiat.

Same tunnel visions repeated Ad nauseam on this forum......all we hear in any ANN thread;

1) "Premine scam!"....OK premine does not make it a scam and lack of premine doesn't make it not a scam.

2) "Innovative". Well yes innovation is great and anything that solves bitcoins failing is a step in the right direction, but again innovation doesn't mean its not a scam.

3) "Its has services."  sure it does!, a 10 minute website, a few faucets, token market place, overnite mining pools..etc etc etc..do not make for services that will have the world adopting your coin.

4) "Fair Launch" really? In the context of the world outside btt, 24 hrs notice on this obsecure forum, raped by specialist mining equipment in the first few days, does not make for a fair launch any better then a premine coin.

[LittleDigger]

Yeap, I see it pretty simply...

If I gave you a choice between a bag of potatoes, and a bag of gold bars you'd take the gold bars because they had more value..

Unless you were starving to death because you were in the middle of a natural disaster, or on a desert island etc... The gold bars would then be worth less and you'd take the potatoes to save your life.

The point is the value of anything is it's utilty.. and most coins have the same utility.. you could use FST, WDC or DGC with pretty much the same results.. If you weren't having problems with forking and a huge blockchain.. then they'd be worth less than another coin without those issues..

So basically anybody can build a client.. Building real world use, and therefore real world value, is the hard part.. 

[mullick]

Great write up

If you have time I can only think of one addition. That would be Bottlecaps. Even though its had its issues lately they are being resolved

.25 Starting difficulty to aid in orphan mania

Zero Premine

stable coin generation from the start 14400 coins per day Except day 1 which produced about 13,900 coins

Okay done with the plug. But seriously good write up. Very informattive

[digitalindustry]

Coins which have actually tried something fundamentally new, for better or worse.  In order of their introduction.


Coins which use a novel POW:

Bitcoin - SHA256 originator
Litecoin - Scrypt originator
PPCoin - Proof of Stake

Distributed p2p domain system:

Namecoin

Coins which have used ascending rewards to mitigate premining/early mining of the network:

Nibble
Digicoin

+1

Great thread 

+1

Great topic - Can i add to that a few other little "Gypsy scams" I noticed along the way, i'm not being all moral about them but its important the market is an informed market.

( sorry if been mentioned just braised will go back for in depth read soon)


- Hugh Rewards at the inception combined with low difficulty  ( the opposite to the ascending reward principal)  

- The principal of the "Random Large block " with of course {eye roll} a few huge "Random Blocks" being right at the start where the "developers" know and can get them.

- "The Straw Man Miner" < much harder to prove but this is an "innovative"  new Algorithm that only has say a CPU miner but the Dev developed a GPU or equivalent device to give a "certain few" an ASIC like advantage.


I just want to say , in the spirit of innovation "Nybble" {name change considered soon} will try to innovate but only ever with the aim to find fair value in the market and stick to the principals of PoW , and over all be a vehicle for which hopefully investors can find a store of value in what are soon to be troubling times.

the advantage of decent quality cryptocurrency is that investors can hop on and off such a vehicle with much more speed and efficiency than with traditional Gold or Silver.

that is our long term aim.

So if the world indeed descends into a chaos and stays there for a long period, the market will adjust its fair value and use, for/towards Crypto , if we somehow muddle our way though and investors think there is need to diversify then there is ample opportunity and the market will find new fair value.

Nybble is not seeking a market , the market will slowly come to Nybble as long as we can make it the best we can with the innovation from the community.

[digitalindustry]

Litecoin - Scrypt originator

TBX is scrypt originator, LTC is just a copy.

Bet the guys that pre-mined TBX are kicking themselves they may have made some quick cash - but i know for one i would rather use something call TBX  than LTC clearly TBX would have been the winner right now.

here is the lesson of history guys , TBX could have come back having that legacy , it could have been brought back and it would have been supported.

i've even go so far as to say , the design and name should be revived but a new BC and innovation , i would be happy to help with this and i have the P for Perfect logo ready.

if TBX had of had a fair sart or even the "appearance" of a fair start such as LTC had it would have the street cred now.

also a note Digitalcoin got the idea of not scamming people from Nybble thus it was named in my honor.

: D

- its turned out ok as well, I like all the Johns  : D they all do good work.

[bob131313]

Excellent posts OP. This thread needs stickying.

+1

+1^10