Stop cloning scamcoins!

[Peleus]

I'm ok with it, mainly because it' siphon's off a portion of the community from mining the actual main coins, hence it's more profitable for me because there is less hashing in the main pools.

Saying that, the vast majority of these new coins are nothing more than glorified pump and dumps. It just takes a range people in to mine and "get in on the ground floor" before we see a slight rise, massive sell off by the early adopters leaving the end users holding the ball with nothing.

I've got nothing against alternative currencies, one day there may even be one out there that offers genuine advantages over bitcoins. We haven't seen one yet though, and the vast majority of the clones are just ridiculous.

As I said, each to their own though, it just benefits me so I don't have an issue.

[human]

It's a free world.

Thats why we say STOP DOING IT!!!

There are really smarter things to do...

[human]

The market will decide which are good and which are not--not a bunch of pundits posting on a forum.

We are the market.

[Peleus]

Alt mean alternative. Alternative to what? To bitcoin? Don't make me LOL. Name at least one currency which can:
1. grow up from less than $0.01 to $260
2. can be used for purchasing legal and illegal goods, including guns, ammo and drugs. But not only!
2.1 On bitcoins you already can buy software, games, sporting food.. You can buy even a pizza or rent a cab.
3. can be compared with real gold by marked specialists.
4. What the hell? What exactly you miss in bitcoin and litecoin?
But the scammers like Real Solid kills trust to any crypto currency.

If the coin isn't strong enough to withstand fly-by-night-flash-in-the-pan alt-coins then that is the coin's problem.

If a coin is truly strong enough to stand on it's own it will stand strong no matter how many alts are made and people will use it as an example in reference to how alt-coins could be better or don't compare. There should be no fear of alt-coins for a crypto which is truly strong enough to stand on it's own.

There is a difference between "survivable" and "negative influence". If a massive rise of alt coins became realistic it may scare off many general public members from adopting any cryptocurrency because of confusion as to the "right" one. They simply abandon the idea all together and no one wins. Certainly Bitcoin will continue in it's niche and all the others will die off with the cryptocurrency decline. In that scenario Bitcoin was strong enough to "survive", but alt coins would have helped the demise of cryptocurrency in general.

[c4n10]

There is a difference between "survivable" and "negative influence". If a massive rise of alt coins became realistic it may scare off many general public members from adopting any cryptocurrency because of confusion as to the "right" one. They simply abandon the idea all together and no one wins. Certainly Bitcoin will continue in it's niche and all the others will die off with the cryptocurrency decline. In that scenario Bitcoin was strong enough to "survive", but alt coins would have helped the demise of cryptocurrency in general.

How is there confusion as to which is the "right" one...?

If you are interested in purchasing a currency which can be used for let's say buying monthly web hosting and BTC/LTC are the only currencies which web hosting companies accept how would you be confused into wondering if you need BBQCoin or Feathercoin...?

[CoinHoarder]

There is a difference between "survivable" and "negative influence". If a massive rise of alt coins became realistic it may scare off many general public members from adopting any cryptocurrency because of confusion as to the "right" one. They simply abandon the idea all together and no one wins. Certainly Bitcoin will continue in it's niche and all the others will die off with the cryptocurrency decline. In that scenario Bitcoin was strong enough to "survive", but alt coins would have helped the demise of cryptocurrency in general.

Good point. I can relate to this, as I am Agnostic. As I was growing up, my parents raised me as a christian (bible school, church, youth group, etc.). As I got older I started to wonder about different religions and why there were so many that so many people faithfully believed in.

This really turned me off of the whole organized religion thing... there are so many and how was I supposed to decide which one is actually legit, when I could never really know for sure. This line of thinking could easily be applied to crypto currencies if they keep proliferating at this rate.

[wmikrut]

imo this is like saying.... lets get rid of platinum, silver, palladium... and while we're at it -- eliminate copper, bronze, and every other metal we have... because we have gold.

[c4n10]

There is a difference between "survivable" and "negative influence". If a massive rise of alt coins became realistic it may scare off many general public members from adopting any cryptocurrency because of confusion as to the "right" one. They simply abandon the idea all together and no one wins. Certainly Bitcoin will continue in it's niche and all the others will die off with the cryptocurrency decline. In that scenario Bitcoin was strong enough to "survive", but alt coins would have helped the demise of cryptocurrency in general.

Good point. I can relate to this, as I am Agnostic. As I was growing up, my parents raised me as a christian (bible school, church, youth group, etc.). As I got older I started to wonder about different religions and why there were so many that so many people faithfully believed in. Which one is legit??

This really turned me off of the whole organized religion thing... there are so many and how was I supposed to decide which one is actually legit, when I could never really know for sure. This line of thinking could easily be applied to crypto currencies if they keep proliferating at this rate.

So having multiple religions was beneficial in this case as it got you away from all religions altogether because all religions are scams...

[CoinHoarder]

imo this is like saying.... lets get rid of platinum, silver, palladium... and while we're at it -- eliminate copper, bronze, and every other metal we have... because we have gold.

Metals have real world uses and applications.

Scam coins and pump & dumps don't.

[Peleus]

There is a difference between "survivable" and "negative influence". If a massive rise of alt coins became realistic it may scare off many general public members from adopting any cryptocurrency because of confusion as to the "right" one. They simply abandon the idea all together and no one wins. Certainly Bitcoin will continue in it's niche and all the others will die off with the cryptocurrency decline. In that scenario Bitcoin was strong enough to "survive", but alt coins would have helped the demise of cryptocurrency in general.

How is there confusion as to which is the "right" one...?

If you are interested in purchasing a currency which can be used for let's say buying monthly web hosting and BTC/LTC are the only currencies which web hosting companies accept how would you be confused into wondering if you need BBQCoin or Feathercoin...?

Because many members of the general public will presume one currency will win out in the end, rendering others useless. Exactly the same reason that so many people invest in so many useless coins here, because they are speculating that one "might be the big thing" and dominate the rest. For example people might invest in myspace without competitors, or they might invest in facebook without competitors, but many people may just hold out if facebook and myspace were competing against each other thinking on or the other would win out eventually. No one wants to back a myspace.

[wmikrut]

imo this is like saying.... lets get rid of platinum, silver, palladium... and while we're at it -- eliminate copper, bronze, and every other metal we have... because we have gold.

Metals have real world uses and applications.

Scam coins and pump & dumps don't.

True... they have real world use and applications because we want them to be useful and apply them.
cryptos have no physical property whatsoever... however, they have value because we want them to have value.

I see no difference between the perceived value of either.

[wormbog]

imo this is like saying.... lets get rid of platinum, silver, palladium... and while we're at it -- eliminate copper, bronze, and every other metal we have... because we have gold.

I read that to myself in Bender's voice.

[Peleus]

imo this is like saying.... lets get rid of platinum, silver, palladium... and while we're at it -- eliminate copper, bronze, and every other metal we have... because we have gold.

Ok let's make one thing clear. Metal's have inherent value with their uses in different applications. Rarity ties in with it also - but it's value is derived from applications.

Cryptocurrency in general has value, because it's used for transactions, cheap money transfer etc. Different coins at the moment offer no inherent added value over each other. It would be more like saying let's get rid of Gold A and Gold B, and just have Gold.

[wmikrut]

imo this is like saying.... lets get rid of platinum, silver, palladium... and while we're at it -- eliminate copper, bronze, and every other metal we have... because we have gold.

I read that to myself in Bender's voice.

Lol... i should have said "bite my shiney golden metal a..."

[c4n10]

Because many members of the general public will presume one currency will win out in the end, rendering others useless. Exactly the same reason that so many people invest in so many useless coins here, because they are speculating that one "might be the big thing" and dominate the rest. For example people might invest in myspace without competitors, or they might invest in facebook without competitors, but many people may just hold out if facebook and myspace were competing against each other thinking on or the other would win out eventually. No one wants to back a myspace.

At one point in time MySpace was THE thing to back but time progresses, society evolves. Even if Bitcoin becomes mainstream and becomes the worldwide currency it won't be the last currency we ever use. Time progresses, society/technology evolves, someday there will be something better. Stop fighting it.

Bitcoin was made open-source to encourage alt-coins for people to speculate and experiment with. Even alt-coins with minor changes can reveal new things to better crypto-currency overall.

If someone designs a crypt just to test a faster block tme and we learn it works or doesn't work, that was of value.

If someone changes just the block reward schema and we learn that it makes the coin more or less volatile or influences the market to make it more or less heavily traded (like how DVC is worth nothing simply because it's block reward is so high) then that was knowledge of value.

Stop hating and worrying about whether your coin is going to last as others come out because one day, it won't.

[glendall]

Ya it's a free world I suppose.

Surprised Terracoin is still alive. It's been having pretty serious problems recently...

I'm warming up to Novacoin myself.

If you don't like a coin you don't have to get any, or mine it. Litecoin makes sense and the other new alts don't really have a big enough piece of the cryptocoin pie to really bother anyone IMHO. I'd say maybe 1 in 50 dudes in the street, tops , knows about Bitcoin.  It'd be like 1 in 100,000 for Litecoin maybe?  If you can find anyone on the street who has heard of Terracoin or PPC or what have you, I'll give you a wonderful prize.

[Peleus]

Because many members of the general public will presume one currency will win out in the end, rendering others useless. Exactly the same reason that so many people invest in so many useless coins here, because they are speculating that one "might be the big thing" and dominate the rest. For example people might invest in myspace without competitors, or they might invest in facebook without competitors, but many people may just hold out if facebook and myspace were competing against each other thinking on or the other would win out eventually. No one wants to back a myspace.

At one point in time MySpace was THE thing to back but time progresses, society evolves. Even if Bitcoin becomes mainstream and becomes the worldwide currency it won't be the last currency we ever use. Time progresses, society/technology evolves, someday there will be something better. Stop fighting it.

Bitcoin was made open-source to encourage alt-coins for people to speculate and experiment with. Even alt-coins with minor changes can reveal new things to better crypto-currency overall.

If someone designs a crypt just to test a faster block tme and we learn it works or doesn't work, that was of value.

If someone changes just the block reward schema and we learn that it makes the coin more or less volatile or influences the market to make it more or less heavily traded (like how DVC is worth nothing simply because it's block reward is so high) then that was knowledge of value.

Stop hating and worrying about whether your coin is going to last as others come out because one day, it won't.

I have no problem with alt currencies and genuine improvements over BTC. If people want to experiment with new things... awesome. What I'm saying is, if you're making an alt coin, make it an alternate. Something like Bytecoin is a perfect example of what we don't need. At the moment there is next to no real variation or innovation within the alt-coin sector. Generally speaking minor changes have taught us zero things that we didn't already know about cryptocurrency. Please list 5 improvements alt-coins have brought to cryptocurrency so far.

Again, no problem if BTC is eventually superseeded as it will be with something better, but you have to separate people complaining about pointless clones with no innovation which are just pump and dumps against some truly new innovation.  

[ElBurro]

Frankly, it's not a bad idea to make useless copycats. It diverts ignorant miners to the new worthless clone taking their Khs with them.

[juve4v]

ElBurro: people said same thing when Litecoin was out.

[Impaler]

I have to agree that pure unabashed clones are a waste of time even when created without any malicious intent.  If you have some technical improvement try to convince an existing coin to implement it first before spinning off a new coin.