Altcoins of 2014 and Their Future

[Wolf_of_Bitcoin]

Hey guys, I'm a new member here, but I have been lurking around the crypto scene for quite some time. One topic that I have found myself thinking about a lot recently is the state of the alt coin scene. I have noticed that more and more alt coins are being created now, most of which are gimmicky and/or just plain Pump N' Dump schemes. As I see it the role of alt coins should be either to create a cryptocurrency with a specific niche use case or bring about some sort of innovative new feature or implementation beyond what BTC/LTC offer. How can this be accomplished with the likes of coin2, Coinye, and NorrisCoin filling the scene with highly marketed fluff. Does anyone else feel like giving attention to these GimmickCoins is hampering the future of cryptocurrency, and preventing it from becoming more well respected and widely adopted? Or am I completely missing the point of alt coins?

[Paul95]

Diversity is not the problem, the problem is the dependence of bitcoin

[Wolf_of_Bitcoin]

Diversity is not the problem, the problem is the dependence of bitcoin

I would argue that those are two separate but real issues. Obviously the reliance on bitcoin is a huge barrier of entry for many of these alt. coins to gain mass acceptance and use, but doesn't diversity cause its own issues? Diluting the marketplace with GimmickCoins doesn't exactly inspire much confidence in legitimately useful alt. coins. Furthermore many of those GimmickCoins are often marketed better, leading to some very innovative coins getting lost in the shuffle.

[Swordsoffreedom]

I'm sure there would be a market for a client that could host multiple alt-coin wallets in one place that would be a future innovation
Not sure how the blockchain X100 alt chains would work though  

For Altcoins mostly serve as a gateway to BTC there used to be a lot of giveaways of altcoins of one sort of another but they removed that recently

[deliciousham]

I'm sure there would be a market for a client that could host multiple alt-coin wallets in one place that would be a future innovation
Not sure how the blockchain X100 alt chains would work though  

For Altcoins mostly serve as a gateway to BTC there used to be a lot of giveaways of altcoins of one sort of another but they removed that recently

cryptsy? not sure if their fully secured tho

[Wolf_of_Bitcoin]

cryptsy? not sure if their fully secured tho

Eh, I don't think that's really what he was describing. Cryptsy isn't really multiple client wallets, I'm under the impression that they have multiple wallets and that your account balance is just recorded in a database somewhere. That is to say that they don't generate an individual private key for each kind of coin that you store there. Furthermore they even make mention not to use their service as a wallet on the site itself.

Anyway, we are starting to get really off topic here.

[Swordsoffreedom]

cryptsy? not sure if their fully secured tho

Eh, I don't think that's really what he was describing. Cryptsy isn't really multiple client wallets, I'm under the impression that they have multiple wallets and that your account balance is just recorded in a database somewhere. That is to say that they don't generate an individual private key for each kind of coin that you store there. Furthermore they even make mention not to use their service as a wallet on the site itself.

Anyway, we are starting to get really off topic here.

Sorry about that I read the future of altcoins then read your post
Anyways my 2 bits is that a new coin should offer a feature that the other coins cannot otherwise it just becomes a clone coin
Exceptions do occur as with dogecoin if enough people accept the alt coin
So acceptance and adoption for me are the key drivers of an altcoins success if they don't have that then its likely doomed to failure assuming it doesn't perform a unique function and is essentially a clone.

[chinabreak123]

most altcoins will disapper，some new will apper

[hellscabane]

Well, a lot of the first alts started out of one of the following 3 rifts: Economic theory, Protocol Diversity, or Mining Resistance.

As you can tell, the primary one that shook out was Mining Resistance: i.e. Litecoin (sure we can talk about Tene/Fairbrix, but we won't).

So the first major fork in the scene came about from the concern of FPGA/ASIC impact on mining. And that was the original point of the alt-coins.

That said, after the first wave of investment during 2013 came along a bunch of forks and clones and what not. And that's what's stuck (whether it's for better or worse).

Personally, I see these alts as a double-edged sword for the crypto-currency community. One can't deny the amount of added publicity that it provides. But on the other hand, the pump and dumps that have become an ingrained factor in the alt-scene have burned a lot of people and in turn increases the reticence towards crypto-currencies.

[Jeezy911]

Here is the future of altcoin at this point in time. Look for POS\POW and profit.

[piples]

The first innovation of 2014 is Myriadcoin . Please just check this out https://bitcointalk.org/index.php?topic=483515.0
5 algo 5 diff ....