Several new coins a day, Bad for crypto ?

[panteraforlife]

HI guys i'm new to mining and only started after the announcement of asic bitcoin miners. I even ordered one but unfortunately by the time it arrived it was no longer profitable to use. So I keep my eyes open and mined doge coins from launch and made a fair amount of coins. With all the new coins starting daily I just don't know what to mine anymore and it can't be good for crypto as a whole. Whats your take on this ?  

If you vote on the poll, Please give your reason in the thread.

[Jacce]

I'd say we need competition among the coins to breed the best coins. Sure, like 99% of the coins are worthless, but they will pretty soon fall in the pits of oblivion.

[I_am_the_one_who_knocks]

I've been thinking about this a lot lately and as a smalltime miner of AltCoins this worries me. I think that many of the newly-released currencies are basically just a ponzi scheme. I suspect that the creators usually hope to score some value and convert into BTC/Fiat as soon as possible since many coins do not provide any added value over BTC.

What many people also miss is the respective environment of a certain AltCoin. What about actual trading partners? Exchanges? Official Websites? Maybe even additional services like an official payment system?

I'd say we need competition among the coins to breed the best coins. Sure, like 99% of the coins are worthless, but they will pretty soon fall in the pits of oblivion.

That's mechanisms of the free market at work, I suppose.
Still, considering how much attention DOGE has received recently while at the same time it's basically just a meme currency that's not really reassuring...

[poewerden]

If you look at altcoins as just testing coins with various parameters, then the more the better, maybe sometimes there can be important feature Bitcoin could use, but so far I dont see anything interesting in altcoins

[Lethn]

Free market competition, if you don't support currency competition, then you don't support a true free market, I find that currency competition is one of the ultimate tests of whether state leaders etc. are actually as in favour of a free market as they claim to be.

[BlockChainLottery]

If you look at altcoins as just testing coins with various parameters, then the more the better, maybe sometimes there can be important feature Bitcoin could use, but so far I dont see anything interesting in altcoins

When a kind of evolution mechanism gives us a better digital currency, sure. But just having the same core and adjusting the parameters, no. What is happening now is just ridiculous, a big waste of time, energy, and money. But a thing as Mastercoin is much more exciting.

[I_am_the_one_who_knocks]

I think a little competition doesn't hurt anything. I don't think it will hurt bitcoin short-term.  And if bitcoin goes, it's its time anyway.    I'd look at which coins to mine based on how much they exchange for and how easy they are to mine.  I mine XPM (primecoin) right now...

Personally I think that the competition does not harm BTC itself. I believe that BTC has won in terms of predominance. If you ask me the new coins appearing every day spurn competition among the AltCoins and I do not think that, for example, LTC as "silver" is already carved in stone. I'm all for not taking yourself too seriously, but DOGE? Really?  

Of course I jumped the bandwagon of DOGE miners after the positive media coverage but still...

...
When a kind of evolution mechanism gives us a better digital currency, sure. But just having the same core and adjusting the parameters, no. What is happening now is just ridiculous, a big waste of time, energy, and money. But a thing as Mastercoin is much more exciting.

Exactly my point. As I said before if there is no added value then I am a little doubtful about what's going on right now. But as long as there are people willing to trade these newly-created coins there will be new coins

[Jcw188]

I don't think ti adds anything and in fact I think it detracts from BTC and cryptocurrency.  Frankly I think it's a big joke and I think the people making the coins tthink so too, just a get rich quick scheme.  Not that I think it should be outlawed or anything, I just think it's ridiculous.

[DeboraMeeks]

it's some competition and making mining profitable to an extent since BTC/LTC and all big coins are difficult to mine in. it make bitcoin and cryptos looks like a joke specially with "funny" coins and it loses it decency as a money transmitting method.

[Bitconorama]

Being a firm BTC believer, I used to think the existence of numerous other coins would only detract from people's perceived value of Bitcoin and the legitimacy of cryptos in general. I no longer think this is the case. As others have said, competition is not just a good thing for a healthy market, it is necessary for the longevity of a market. If BTC were to be the only option, you can be sure that those opposed to the concepts and liberation cryptos provide would inhibit adoption by attrition as there is only one protocol to receive focused and coordinated efforts. In addition, it also forces the developers to remain true to the core fundamentals of that coin as any undesirable deviation could cause a very rapid transition to an alternative among the mass of holders.

Secondly, we don't know what the future holds for cryptos and how they'll be absorbed into the daily activities of society. While I personally think there is little functional reason for other cryptos other than BTC at this time, I could very easily imagine that there would be numerous that coexist ..maybe one specific to each industry for example. In any case, regardless of what we think we have in the currently dominant Bitcoin, we simply cannot and should not stop innovation ..even if it's for the likes of Doge and CoinyeWest.

Lastly, no PR is bad PR. If something like Doge simply drew in people that had otherwise not been involved in cryptos previously, how could that be bad?

[R0yalAir]

It's not necessarily so bad because people are starting to know about the cryptocurrencies.

[evgamine]

it's good to have some variety

[Iano]

It will be positive in my opinion and will likely strengthen existing cryptocurrencies. There will always be copycats, but the market will determine their popularity. The more competition in the market the greater the innovation will be in future generations of cryptocurrency technology.

[souldeep]

Lastly, no PR is bad PR. If something like Doge simply drew in people that had otherwise not been involved in cryptos previously, how could that be bad?

Yup definitely agree with this. Most will disappear those that stay will be strong. Although the issue of some people being stuck with a dead coin is a touch sour but market trading has always been that way anyways except now we really can all be a part of it without working in Wall street.

[jonanon]

There is nothing wrong with alts but there is something wrong with lots of the alts being developed - coinye west makes your blood boil - the developers of this coin have no respect for BTC!

[souldeep]

There is nothing wrong with alts but there is something wrong with lots of the alts being developed - coinye west makes your blood boil - the developers of this coin have no respect for BTC!

Bit of a strange one this one indeed, latest is that he sent a cease-and-desist. http://newsfeed.time.com/2014/01/07/bound-2-happen-kanye-west-demands-coinye-programmers-shut-down-the-digital-currency/

[MsCollec]

No, it creates competition for creating new features 

[RCSpades]

My take on alt coins... 

There are plenty of different fiat currencies out there.  Over the centuries many have come and gone.  The world has room for multiple valuable fiat currencies at once and it doesn't stop the US dollar from being valuable compared to the Yen on Euro. 

Crypto is new and anything that brings recognition to it I think is a positive.  Vast majority of new coins are crap clones, but it sure is fun to speculate on them.

Since exchanges exist, they all have potential to be valuable, But I believe that only a small handful of them will come out with any real value by the time the dust settles.  Be it in 6 months...  a year?  I doubt 2 years.  Probably the day after Asic comes out for scrypt.

As for which will come out on top...  I will use the DAD TEST.  This test will include me calling my dad and asking if he would ever consider using something called "dogecoin" to buy something on the internet.  How about "Baconbits"? No?  ok. 

Alt coins brought me here and opened my eyes to Bitcoin and I will now on be a supporter of it. 

[howzar]

it's some competition and making mining profitable to an extent since BTC/LTC and all big coins are difficult to mine in. it make bitcoin and cryptos looks like a joke specially with "funny" coins and it loses it decency as a money transmitting method.

[HASHRA]

At first I thought it was a bad thing but in the long run it will help develop the network and keep everything fresh... This is good for all crypto currencies in general for the long term.

When it comes to mining its going to get harder and harder to choose what to mine though… some big winners possible though.