Is the alternate cryptocurrencies market being monopolized?

[sdersdf2]

is there a TDLR on the OP?

[J1mb0]

It's nice to see a coin where the little guy miner and trader could possibly win for a change.

Surely, the answer is (Open Source) code that gives any node an equal chance of a block whatever it's hash rate. Then pools would be redundant and everyone could mine on Rasp Pi! 

[Starscream]

So, after a very interesting night, it seems like some major exchanges decided to add MIN after all:
Poloniex
Allcoin
and surprisingly enough, Bittrex.

So props for them for not bending for pool ops demands.

[Starscream]

It's nice to see a coin where the little guy miner and trader could possibly win for a change.

Surely, the answer is (Open Source) code that gives any node an equal chance of a block whatever it's hash rate. Then pools would be redundant and everyone could mine on Rasp Pi! 

Can't see how this is possible.
Any open source code can easily be alternated and w/e limitation you put there can be removed.

[Starscream]

Bump.
I want more people to see this.

^
More people see it the better.

[ThePeePs]

Seems like it might be good to start pushing P2Pools again.  A lot of nodes are run by community members, and it also helps to decentralize hash over the network. 

Also there's no chance of being scammed by the pool op, because when a block is solved, the miner's share gets deposited straight into their wallet, were it then matures.

Granted P2Pool doesn't have some of the features that alot of miners want, like stats for each rig, email notice when a rig times out/doesn't submit shares after X seconds, etc, but I think the orig codes of P2Pool could add that in.  I would, but I don't know python well enough to do it.

[Este Nuno]

Seems like it might be good to start pushing P2Pools again.  A lot of nodes are run by community members, and it also helps to decentralize hash over the network. 

Also there's no chance of being scammed by the pool op, because when a block is solved, the miner's share gets deposited straight into their wallet, were it then matures.

Granted P2Pool doesn't have some of the features that alot of miners want, like stats for each rig, email notice when a rig times out/doesn't submit shares after X seconds, etc, but I think the orig codes of P2Pool could add that in.  I would, but I don't know python well enough to do it.

Interesting to see that altcoins are having major problems with pools as well.

Although this seems a lot worse than with bitcoin seeing as how they are attempting to exercise control over the whole marketplace.

[Hesiod]

I mined mineral with my small rig and there was actually quite a difference compared to other recent cryptocoins - their system definitely made the distribution process fairer. It's a shame that some pools and exchanges reacted that way, as a fair distribution process probably adds more value to the coin...

[Starscream]

Interesting to see that altcoins are having major problems with pools as well.

Although this seems a lot worse than with bitcoin seeing as how they are attempting to exercise control over the whole marketplace.

Indeed. It is a lot worse than with BTC. Here's a more recent example of binaryclock being quoted from Bittrex IRC channel:

[12:33]<germanstudent> What do you guys think? Will fire be added to bittrex?
[12:35]<binaryclock> germanstudent, anything that gets added to dedicated pretty much does
[12:35] <binaryclock> germanstudent, if it's not on dedicated, be wary

It saddens me that Bittrex has a close relationship with such person.
I used to use them a lot, but this whole experience with Minerals really did open my eyes.

[TaunSew]

Yes it's all monopolized.  The professional miners are dominating and dumping everything.  PoS hasn't proven to be any better as most PoS coins have IPOs which allocate the vast majority of coins to less than 30 people.

The alternate coin section is essentially one big get quick rich scheme.

[Starscream]

Yes it's all monopolized.  The professional miners are dominating and dumping everything.  PoS hasn't proven to be any better as most PoS coins have IPOs which allocate the vast majority of coins to less than 30 people.

The alternate coin section is essentially one big get quick rich scheme.

PoS and IPO are completely not related. Lots of PoW coins also have IPO.
IPO is completely and utterly up to the creator of the coin and not to the algo or proof that is being used.

Otherwise I agree that the vast majority of coins in the alt coin world are used as nothing more but a get quick scheme for pool ops and exchanges.

[counter]

Much respect to the OP for starting the thread and bringing an interesting topic to the attention of others who weren't aware(myself included).  I know Crypto is not free from corruption but compared to Wall Street I'd say it is at the petty theft level for the most part.

I'm not happy to know a small amount of people could manipulate which coins are getting certain amount of attention and people investing in alts would probably feel the same if the knew.  I applaud the Devs for making minerals and for taking a bold step in the right direction.

[Starscream]

Much respect to the OP for starting the thread and bringing an interesting topic to the attention of others who weren't aware(myself included).  I know Crypto is not free from corruption but compared to Wall Street I'd say it is at the petty theft level for the most part.

I'm not happy to know a small amount of people could manipulate which coins are getting certain amount of attention and people investing in alts would probably feel the same if the knew.  I applaud the Devs for making minerals and for taking a bold step in the right direction.

Thank you for your kind words.

[Liquid71]

OP is an idiot, mineral coin sounds like a scam and even if it wasn't I'm glad he didn't get any support from the exchanges ect. How can you say you're worried about a mysterious monopoly when mineral coin wanted exactly that, a monopoly on the coins and mining.

Not sure what made me feel dumber, opening this thread or replying to it 

[Starscream]

OP is an idiot, mineral coin sounds like a scam and even if it wasn't I'm glad he didn't get any support from the exchanges ect. How can you say you're worried about a mysterious monopoly when mineral coin wanted exactly that, a monopoly on the coins and mining.

Not sure what made me feel dumber, opening this thread or replying to it  

Well, I can tell you that you're looking like a fool for posting, that's certain.

Dev did not get any monopoly over anything. PoW is over and PoS is up and running and decentralized so your post (if you can even call that garbage a post) is completely invalid.
If you'd bother to check Minerals thread (which you didn't because you're either stupid or just a shell account of some pool op) you'd see it's evident that the distribution was by the far the fairest any coins has seen so far.

And......... Minerals has been accepted to many exchanges since I opened this thread, so it appears you made yourself to be the local clown.

[GoldBit89]

There is no doubt poolowners are out of control....

All a pool owner has to do or be involved in is running a pool.

Shameless comments regarding a startup coin has nothing to do with doing their job, or is their job not just being a pool operator?

Kill CoinCrime , MIN FTW

well there is a conflict of interest when pool operators are also exchange owners/operators. Add to those two the possibilty of being a founding or adopted coin owner and thats where it all begins, the big fish eating the small fish.

[supercoin434]

Keep this thread in view, its important.

Crypto all about de-centralized system, coins 'for the 6.5 billion people who don't have access to banking' (Andreas Antonopoulos ) yet here we see pool operators acting just like the governments - f*cking over the small guy, getting all the power and abusing it.