Wanted: Mining pool to take out alt block chains

[annette786]

*Please don't move this thread to alternate cryptocurrencies.  It's not welcome there.*

If someone is smart enough to create a mining pool to take out alt coins I will gladly donate my GPU/CPUs... especially when asics arrive.

[annette786]

Not sure how it would work, but perhaps it mines BTC, then switches over as the owner identifies assailable targets.  Ideas welcome.

[DarkHyudrA]

Are trying to remove the alt crypto-currencies?
WTF

Just to start a discussion that probably will never end, I ask, why?

[annette786]

They are a significant threat to Bitcoin... now and definitely going forward. 

[DarkHyudrA]

A threat?

I'm not going to waste my words before you explain why you think that

[annette786]

A threat?

I'm not going to waste my words before you explain why you think that

You just did.  

When you tell people about bitcoin, most ask... why doesn't someone with money/power just create an alternative?  Well... they have, and some are starting to get momentum with only minor changes.  Some don't even bother to change the code at all.

Remember, $120MM marketcap is not very much.  When we reach $1B, sophisticated people will create serious alternatives.  If future threats realize they will be wiped out by BTCGuardian pool (or whatever), they will embrace bitcoin instead.

Also--

I would take this a step further and say, that with so many alts floating around, Bitcoin isn't really deflationary.  New alt coins arrive and suck away some the fiat/hash power that would normally go to BTC.

  
Let's raise the barriers of entry and protect bitcoin from these unimaginative clones.  At the very least, it will force alts to do something drastically different.

[DarkHyudrA]

A threat?

I'm not going to waste my words before you explain why you think that

...

Remember, $120MM marketcap is not very much.  When we reach $1B, sophisticated people will create serious alternatives.  If future threats realize they will be wiped out by BTCGuardian pool (or whatever), they will embrace bitcoin instead.

...

Do you really know when we are going to the BTC cap?

Also--
We don't need a monarchy, and most of the alts are just speculation, most of them break, SolicCoin and LiteCoin are the most relevant today IMO, and they worth less than 1 penny of BTC.

Having alts isn't a "threat" to BTC, it only makes more money flow, since most of the alt are exchanged to BTC.

[annette786]

A threat?

I'm not going to waste my words before you explain why you think that

...

Remember, $120MM marketcap is not very much.  When we reach $1B, sophisticated people will create serious alternatives.  If future threats realize they will be wiped out by BTCGuardian pool (or whatever), they will embrace bitcoin instead.

...

Do you really know when we are going to the BTC cap?

Also--
We don't need a monarchy, and most of the alts are just speculation, most of them break, SolicCoin and LiteCoin are the most relevant today IMO, and they worth less than 1 penny of BTC.

Having alts isn't a "threat" to BTC, it only makes more money flow, since most of the alt are exchanged to BTC.

i.e. increases BTC float and makes it not deflationary.  Please read my reply.

[SebastianJu]

Litecoin for example has another hashing algo so that it isnt really in concurrence to bitcoin. And why shouldnt there be alts? They mostly dont get real value and sane miner should carefully think about hashing them. so why do you want to play mommy and forbid miners their own decisions?

Anyway... i think very few share your opinion.

[bcpokey]

Maybe I'm hanging out with different people, but no one I've ever told about bitcoin has ever asked about creating an alternative. And the easy answer is that like any industry, there is no reason not to make an alternative, coke has its pepsi, mcdonalds has its burger king, et has its cetera. They can both do well, and the mainstay will usually have superior standing simply by having been first, or more established, rather than by being better necessarily.

The question I get asked is the flip, when talking about alt currency, most people ask "what's the point of this?" and that's the real question, until alts offer some real benefits (differences in mining rates don't really count except to miners) they aren't much threat.

I would argue that "attacking" alts in order to maintain cryptocurrency monopoly would be more harmful than leaving alts to their own devices, in terms of attracting bad PR and generally making cryptocurrency seem immature and potentially dangerous (more so than people already believe).

[Bitcoin Oz]

This post reminds me why witch burning happened.

[annette786]

I would argue that "attacking" alts in order to maintain cryptocurrency monopoly would be more harmful than leaving alts to their own devices, in terms of attracting bad PR and generally making cryptocurrency seem immature and potentially dangerous (more so than people already believe).

I concede this is a valid point.

[TheButterZone]

I concur with Luke-Jr that LTC are "scamcoins". When you have to buy other people's scamcoins with PayPal to get enough scamcoins to trade for BTC and just barely break even on it all, if not lose money... fuck it.

[annette786]

This post reminds me why witch burning happened.

No. One is judgement dictated by fear and ignorance. The other are empirically large-lipped, profit hungry memes trying to suck the goodwill out of something relevant.

[SebastianJu]

TheButterZone... what are you speaking about? Mining Litecoins with gpu is more profitable than mining bitcoins since months. So what are you speaking about worthless coins?

[tatsuchan]

There is great opportunity for Litecoin as well as other alt coins.  As the value of Bitcoin goes up it only makes sense that fractions of it's wealth would be passed around by other means.  They only compliment one another.

[TheButterZone]

TheButterZone... what are you speaking about? Mining Litecoins with gpu is more profitable than mining bitcoins since months. So what are you speaking about worthless coins?

Ok, since my previous post apparently wasn't clear enough... Let's say there is a new element discovered that is way easier to mine than gold, but it has no practical application or barter value, unlike most commodities. The miners sell it to people who then sell/trade it to other people and so on, and barely break even on the exchange, if not lose money. Miners must be laughing their asses off at LTC end-users. It's like some crazy world where merely possessing other peoples' feces means you're wealthy.

[SebastianJu]

Youre right... i dont know a place where one could pay with litecoins. But bitcoin isnt much better even now after all that time. I would prefer to use litecoins because of their faster transactions especially when making arbitrage with mtgox or similar. Waiting one hour until the btc are there is a pain and useless. Litecoins would be faster. So they have an advantage.
So its correct. Litecoins cant be used for much. Bitcoins is a bit better now but you cant buy way way more things than you can buy with it yet. So its a general problem. Bitcoin only has the advantage of time.
Most altcoins never will lift off because they simply arent needed. Litecoins seems to be something other because the speed is a unique feature.

[TheButterZone]

NONE of my LTC transactions reached 1 confirm in a shorter period of time than my shortest BTC 1 confirm, let alone almost all of my BTC 1 confirms.

They're a useless, waste of time, distraction. Invest in infrastructure for BTC. Don't fill the Hindenburg with hydrogen.

[Gladamas]

Hahahahahaha. This thread is hilarious!

Don't you guys see? Successful troll is successful. My guess is that annette786 is just LukeJr's sock.

Just to aggravate the flamewar...
TheButterZone, your argument is completely invalid. Just because one Litecoin transaction you had didn't confirm before a Bitcoin one did, doesn't mean it's always or mostly that way. 

And remember when Bitcoin was in its infancy? Just because there aren't many places that accept it, doesn't make it a bad idea.