Altcoins are becoming a joke...... Anyone Agree?

[HeroCat]

Yes, that' right. Too many altcoins in the market   Without doubt Dogecoins and LTC are most popular crypto  

[monsterer]

But classic cryptocurrency 1) is not incorporated 2) has no debts 3) has no accounting 4) has no assets 5) has no real profits or dividends
6) cannot be bankrupted 7) doesn't produce any product.

1 and 6 are irrelevant. 3 is plain wrong (public ledger?) 7 is narrow minded; the currency itself provides a service to all users. I would argue that burnt fees represent something similar to profits/dividends.

edit: I'm not saying they're exactly alike, but they are a good analogy

[el kaka22]

Nobody accepts these Altcoins as currency, or payment, and nobody outside of this forum (and the cryptocurrency community) knows what the hell a Litecoin, Dogecoin, NXT, or Monero is.....

Nope. I've seen a newspaper have listed out a list of altcoins, including LTC, DVC, NMC etc. when featuring bitcoin. Some of the old altcoins are known by non-crypto-er, however the new ones really not.

[KlondikeBear]

Also 1 more thing.... Cryptocurrencies are not stocks.  

If we just use analogies, comparisons to discuss some FEATURES we can use ANY analogy which can help to understand us.
We can say that cryptocurrencies are trees. They have some similar features.

But if we consider that A=B when A=1 and B=2 and C=2, we can be completely wrong later, thinking that A=C.

For example, "the long cold winter of the far north is unsuitable for plant growth and trees must grow rapidly in the short summer season when the temperature rises and the days are long".
If we think that cryptocurrencies are like trees, we will expect that they cannot be implemented into market when it is very cold, and that they will rise when it is summer or spring.

But classic cryptocurrency 1) is not incorporated 2) has no debts 3) has no accounting 4) has no assets 5) has no real profits or dividends
6) cannot be bankrupted 7) doesn't produce any product.

1 and 6 are irrelevant. 3 is plain wrong (public ledger?) 7 is narrow minded; the currency itself provides a service to all users. I would argue that burnt fees represent something similar to profits/dividends.

edit: I'm not saying they're exactly alike, but they are a good analogy

[Nxtblg]

Altcoins are pretty much like religions: Someone does not like a feature of his current religion, then creates a new one. Other guys simply start their own sect to grab people's money (scam coins).

Alts are also strikingly like gold-exploration penny stocks. Do you know what the odds are for a promising gold-exploration project to become a profitable mine? About 1 in 300. No joke.

So, you could say that 99+% of gold-exploration pennies aren't real. That's a lot like the odds for alts: 99+% of alts will never become transactional currencies or platform currencies.

Odd how the two completely different sectors cohere. It's at least apparently a general feature of markets for assets which only have speculative value. Asset markets like that are similar to hash functions: it's easy to see why Asset XYZ is like an Asset that prove to have real real-word value. But it's all-but-impossibly hard to see if Asset XYZ itself will have real real-word value in the future.

That's because the future as a whole, much as we like to kid ourselves, is unpredictable. The best we can do is rely upon regularities that are predictable, like "the sun will rise in the east tomorrow," close-to-predictable, like "that dropped object will fall at 9.81 metres per second squared unless it fall is slowed by air resistance," or fall under a common class with rough-but-ready odds attached to each outcome.

So in a sense, the hype & excitement surrounding asset markets with truly longshot odds are a testament to how much we humans live on hope. To take the bright side of the phenomenon...

[Nxtblg]

Yes, the best and wrong.

Like so many other go-to metaphors....

[Snail2]

any altcoin without 1 million in daily volume is a joke i.e. anything not litecoin  

This isn't necessary true. Some coins with real development, and with some really innovative features can be far below 1 million daily volume, but in the future these coins can grow fast or can be the basis of future technologies (like Ethereum and IBMs IoT proposal), so I wouldn't call these coins a joke.
But you are right about the rest (copypaste crapcoins).

[Ingatqhvq]

Not a joke. But a way to earn bitcoon for somebody.
.                                                                             

[KlondikeBear]

Why do you think innovations can be technical only?
In the U.S or Japan you can patent not only technical solutions as innovations.
And why do you think that technical innovations cannot be implemented later?
Why do you think that innovations is the most important thing?
Huntercoin (HUC) is completely innovative, it is a pioneer of Human-proof, with market capitalization $17,000.
Dogecoin is not innovative with market capitalization $18 million.

Following your logic and your "sh*t argument",  Dogecoin is "sh*t" coin?

Btw Dogecoin was based on a code of one of current Mooncoin's developers.

But you are right about the rest (copypaste crapcoins).

[monsterer]

If we just use analogies, comparisons to discuss some FEATURES we can use ANY analogy which can help to understand us.
We can say that cryptocurrencies are trees. They have some similar features.

You might say that cryptocurrencies are like trees, but that doesn't help you to understand them. Saying they are like stocks does help you to understand them because this is a useful analogy - they have broadly similar attributes and behave in a broadly similar way.

[tspacepilot]

OP is basically correct.  I was recently offered some work by some altcoin developers.  They wanted to pay me in millions of their new altcoin.  When I asked them to pay in BTC they said, well you can exchange our altcoin on such-and-such exchange.  I told them, I'm sorry, I'd like to receive the payment in BTC, if you guys can do the exchange, that'd be fine.  It turns out that they basically can't exchange that many of their coins for btc because it would crash the already tiny price all the way down to zero.  And these guys had no BTC of their own to pay me with.  Here we had some guys trying to hire me as a developer with money they were inventing.

I hope people are being smart about this.  BTC has real value (and volitilty, but that's another story), but many of these altcoins are like the paper money printed by interstitial regimes---bound to be worthless.  Don't take them for payment, make people pay you in real money if they're expecting real work.

[KlondikeBear]

Not sure. Not always. We don't know in fact.
"The earliest recognized joint-stock company in modern times was the English (later British) East India Company, one of the most famous joint-stock companies. It was granted an English Royal Charter by Elizabeth I on December 31, 1600."
Stock market is well-studied since 1600. Cryptocurrency market is not, it is very young.

If we just use analogies, comparisons to discuss some FEATURES we can use ANY analogy which can help to understand us.
We can say that cryptocurrencies are trees. They have some similar features.

they have broadly similar attributes and behave in a broadly similar way.

[newrad]

the only reason for this thread is you feeling threatened

By who?

[Snail2]

Why do you think innovations can be technical only?
In the U.S or Japan you can patent not only technical solutions as innovations.
And why do you think that technical innovations cannot be implemented later?
Why do you think that innovations is the most important thing?
Huntercoin (HUC) is completely innovative, it is a pioneer of Human-proof, with market capitalization $17,000.
Dogecoin is not innovative with market capitalization $18 million.

Following your logic and your "sh*t argument",  Dogecoin is "sh*t" coin?

Btw Dogecoin was based on a code of one of current Mooncoin's developers.

Marketing and memes are fading away with time. Innovations last longer and contribute to the community. Technologically Dogecoin is a popular shitcoin with a pretty good marketing indeed. Period. However if we take a look at the impact of it, I think DOGE was the gate to cryptos for many people, and probably contributed a lot in generally increasing the acceptance and publicity of cryptoes, so I tend to agree in some cases even shitcoins can serve a good cause .

[bobsurpulus]

Altcoins are awesome. I´m a total cryptoalcoholic......

New coins = money (BTC)

If you don´t like them. Don´t waste your time. 

[CryptyMike]

Altcoins are awesome. I´m a total cryptoalcoholic......

New coins = money (BTC)

If you don´t like them. Don´t waste your time. 

lmfao bobsurpulus

[KlondikeBear]

If a business, that has issued stocks, has a very good and promising innovation, patented technology, investors usually arrive.
But if it is a crypto innovation (open source, decentralized), it is available for everyone usually.
In the same time crypto innovation is narrow-specialized in comparison with business innovations.

That is an example why we cannot compare investing in cryptocurrency with investing in stocks.
If we think cryptocurrencies=stocks, we don't understand why non-innovative Doge has $18 mln market capitalization, and we miss the boat of other good "non-innovative" currencies.

[unusualfacts30]

anyone with little technical skills can create an altcoin...so yeah..they're becoming a joke. People invest in them to make money...it's easier to just create your own coin if all you want is money. Tech behind altcoins (blockchain) is something that can never become a joke...you can bend the rules as you please and make altcoin suitable to your needs...hell I have few altcoins that I use with my friends to place bet. You'll never see them online though....they're mine and very useful to me.

it's like open source OS. You do what you please and anyone can copy it.

[tspacepilot]

anyone with little technical skills can create an altcoin...so yeah..they're becoming a joke. People invest in them to make money...it's easier to just create your own coin if all you want is money. Tech behind altcoins (blockchain) is something that can never become a joke...you can bend the rules as you please and make altcoin suitable to your needs...hell I have few altcoins that I use with my friends to place bet. You'll never see them online though....they're mine and very useful to me.

it's like open source OS. You do what you please and anyone can copy it.

Funny that you keep your own selfcoin that you use with your friends.  I guess that if anyone did figure out how to connect to your coin's network then they could make yourcoin into theircoin with not too much hashing power

[Sharkzz1]

Well most of the altcoins are a joke,
if you want a really good coin thats NOT a joke, take a look at DigiByte
It's fast and is really cheap atm, so get in before the train leaves