That's it, I've lost hope in the future of crypto currencies...

[ymer]

I'll just mine for the money now, not for trying to improve and make the cryptocoin concept be a new way of making payments and get out of the Fiat Scam.

The reason is that we're getting a flood of shtcoins ruining the show. First example is Feathercoin, it brings nothing new to the table but it had a huge and very smart marketing campaign along with alliances like BTC-e to get a lot of profit in a short time, now I can see the same being done with CHN (CNC) and I guess this is going to be an ongoing trend.

The problem with this "alt coins" is that they are derailing the original purpose of BTC and now it's just a speculation game with tulips. In a few years we will have a flood of cryptos with a lot of volume, more and more altcoins with good planning and marketing (Shills on this forum) which will eventually end in serious coins like BTC and LTC on the same level as these jokecoins.

Anyway right now I'm mining FTC, will flip them for profit then ride the next train until all this fad dies off.

Thank you for ruining the game phaggots. 

[1714704771]

1714704771

[1714704771]

1714704771

[1714704771]

1714704771

[1714704771]

1714704771

[muddafudda]

I think Bitbar was just one too far for me. Really offers nothing.

[perhan007]

I'll just mine for the money now, not for trying to improve and make the cryptocoin concept be a new way of making payments and get out of the Fiat Scam.

The reason is that we're getting a flood of shtcoins ruining the show. First example is Feathercoin, it brings nothing new to the table but it had a huge and very smart marketing campaign along with alliances like BTC-e to get a lot of profit in a short time, now I can see the same being done with CHN (CNC) and I guess this is going to be an ongoing trend.

The problem with this "alt coins" is that they are derailing the original purpose of BTC and now it's just a speculation game with tulips. In a few years we will have a flood of cryptos with a lot of volume, more and more altcoins with good planning and marketing (Shills on this forum) which will eventually end in serious coins like BTC and LTC on the same level as these jokecoins.

Anyway right now I'm mining FTC, will flip them for profit then ride the next train until all this fad dies off.

Thank you for ruining the game phaggots. 

welcome to my world!

[mccorvic]

I'll just mine for the money now, not for trying to improve and make the cryptocoin concept be a new way of making payments and get out of the Fiat Scam.

The reason is that we're getting a flood of shtcoins ruining the show. First example is Feathercoin, it brings nothing new to the table but it had a huge and very smart marketing campaign along with alliances like BTC-e to get a lot of profit in a short time, now I can see the same being done with CHN (CNC) and I guess this is going to be an ongoing trend.

The problem with this "alt coins" is that they are derailing the original purpose of BTC and now it's just a speculation game with tulips. In a few years we will have a flood of cryptos with a lot of volume, more and more altcoins with good planning and marketing (Shills on this forum) which will eventually end in serious coins like BTC and LTC on the same level as these jokecoins.

Anyway right now I'm mining FTC, will flip them for profit then ride the next train until all this fad dies off.

Thank you for ruining the game phaggots. 

Umm, the one thing you forgot was that LTC was the original jokecoin.  You are part of the problem you're complaining about.  Enjoy the shitstorm you helped create.  You have zero sympathy from me.

[markm]

Maybe that is what you get when you run off chasing exclusively-mined coins that cannot be merged-mined.

Should have stuck to the ones you can merged-mine alongside bitcoin.

-MarkM-

[RodeoX]

Thank you for ruining the game phaggots. 

Aww, there there. I just tipped you some tipcoins to make it all better.

[tacotime]

I welcome all new copycoins that will pull hashing away from the Litecoin network, so that I can get more Litecoins.

[SgtSpike]

I think it's really funny that people have such a hard time simply ignoring cryptocoins that they don't like.

It's super easy for me...

[ymer]

I'll just mine for the money now, not for trying to improve and make the cryptocoin concept be a new way of making payments and get out of the Fiat Scam.

The reason is that we're getting a flood of shtcoins ruining the show. First example is Feathercoin, it brings nothing new to the table but it had a huge and very smart marketing campaign along with alliances like BTC-e to get a lot of profit in a short time, now I can see the same being done with CHN (CNC) and I guess this is going to be an ongoing trend.

The problem with this "alt coins" is that they are derailing the original purpose of BTC and now it's just a speculation game with tulips. In a few years we will have a flood of cryptos with a lot of volume, more and more altcoins with good planning and marketing (Shills on this forum) which will eventually end in serious coins like BTC and LTC on the same level as these jokecoins.

Anyway right now I'm mining FTC, will flip them for profit then ride the next train until all this fad dies off.

Thank you for ruining the game phaggots. 

Umm, the one thing you forgot was that LTC was the original jokecoin.  You are part of the problem you're complaining about.  Enjoy the shitstorm you helped create.  You have zero sympathy from me.

LTC was never pumped and had no marketing with shills on forums and also no alliances with exchance sites like BTC-e... and I'm not looking for sympaty, the truth is that crypto world is going to crash it's just a matter of time.

As I said, I'll join any train that comes up for profit and that's it.

[ymer]

I think it's really funny that people have such a hard time simply ignoring cryptocoins that they don't like.

It's super easy for me...

Point of the post is not that I don't like the coins... it's that the original purpose is lost and now it's all about speculation and who has the best marketing and best connections.

[Twerka]

Imagine if somebody wants to control a coin, with so many he can't do any damage.

Stick with BTC and use the rest as alternate ways of escape.
And, doesn't matter how many coins are, for example, I bet nobody will accept bitbars, for me, the value is 0. But I can accept bitcoins if I sell my, for example, videocard.

[daytrader420]

Send me your address, I'd like to donate some PityCoins.

[Ignore@YourPeril]

I think you are just about ready for one more clone: TarCoin. It will be the last clone ever, if successful...

Here you have it announced: https://bitcointalk.org/index.php?topic=193588.msg2008039#msg2008039

Please have a look.

Lots of cool bounties.

[mccorvic]

LTC was never pumped and had no marketing with shills on forums

Whatever helps you sleep at night, bro.  The fact is, this is exactly what happened.

[SgtSpike]

I think it's really funny that people have such a hard time simply ignoring cryptocoins that they don't like.

It's super easy for me...

Point of the post is not that I don't like the coins... it's that the original purpose is lost and now it's all about speculation and who has the best marketing and best connections.

What was that original purpose, exactly?  And why is that purpose lost?  I personally don't care what other cryptocurrencies people are getting involved in or speculating on.  It makes no difference to me, nor does it affect what Bitcoin is all about or the problems that Bitcoin solves.

[mccorvic]

Send me your address, I'd like to donate some PityCoins.

I lol'd

[ymer]

I think it's really funny that people have such a hard time simply ignoring cryptocoins that they don't like.

It's super easy for me...

Point of the post is not that I don't like the coins... it's that the original purpose is lost and now it's all about speculation and who has the best marketing and best connections.

What was that original purpose, exactly?  And why is that purpose lost?  I personally don't care what other cryptocurrencies people are getting involved in or speculating on.  It makes no difference to me, nor does it affect what Bitcoin is all about or the problems that Bitcoin solves.

The problem that I see is that this situation will eventually drain legitimacy from Bitcoins, if you can go to Vicurex or BTC-e and exchance your shitcoins for Bitcoins puts it on the same level.

[tacotime]

The problem that I see is that this situation will eventually drain legitimacy from Bitcoins, if you can go to Vicurex or BTC-e and exchance your shitcoins for Bitcoins puts it on the same level.

Let people lose their life savings on a game of pump and dump chicken if they want to.  It only makes me more coins.  Alt chains have been around since right after the introduction of Bitcoin, and Bitcoin is still 100% alive.

[ymer]

LTC was never pumped and had no marketing with shills on forums

Whatever helps you sleep at night, bro.  The fact is, this is exactly what happened.

Whatever helps you sleep at night, bro. As I said I'll join the shitcoin fad and make profit.

[mccorvic]

LTC was never pumped and had no marketing with shills on forums

Whatever helps you sleep at night, bro.  The fact is, this is exactly what happened.

Whatever helps you sleep at night, bro. As I said I'll join the shitcoin fad and make profit.

And that's fine.  I'm just sayin' you lose the right to bitch and moan about it the second you said anything about LTC.  You helped CREATE this problem.  No one will blame you for just pumpin' and dumpin' all the scamcoins, but you don't get the right to whine about it.

[markm]

The problem that I see is that this situation will eventually drain legitimacy from Bitcoins, if you can go to Vicurex or BTC-e and exchance your shitcoins for Bitcoins puts it on the same level.

No it does not, it simply insulates all the toycoins from the fiat world.

We need a few coins that can be used as gateways to and from fiat so that the game currencies always have options for being able to get market value for your game gear, including game coins, and the coins that can be exchanged directly for fiat serve that purpose.

Given those, we can have fun with all kinds of game forex and game stockmarket and other forms of gambling / gaming without all the crap that accompanies interfacing with fiat.

-MarkM-

[ymer]

LTC was never pumped and had no marketing with shills on forums

Whatever helps you sleep at night, bro.  The fact is, this is exactly what happened.

Whatever helps you sleep at night, bro. As I said I'll join the shitcoin fad and make profit.

And that's fine.  I'm just sayin' you lose the right to bitch and moan about it the second you said anything about LTC.  You helped CREATE this problem.  No one will blame you for just pumpin' and dumpin' all the scamcoins, but you don't get the right to whine about it.

Sure man, if making me part of the problem helps you sleep at night then good. The truth is that shitcoins are winning the race. I already mined 4x more BTC than I usually do in a day. It's so easy it's ridiculous.

1. Join FTC Pool and mine.
2. Transfer to BTC-e and exchange for BTC.
3. 4x as much profit as if I mined BTC.

My opinion is that the fact that this is so easy done will eventualy make all coins lose legitimacy including BTC

[Akka]

Can someone who has the skills (I'm not a coder) finally make a coin creation tool kit?

I'm thinking of something where you just have enter Name, Blocktime, Coins per block, Halving each x Blocks, Sha- or Scrypt Mining press enter and there is your very own Altcoin.

Something like this would hopefully show even the last guy the ridiculousness of this.

Is this feasible? Should we collect a bounty for this?

[markm]

Sure man, if making me part of the problem helps you sleep at night then good. The truth is that shitcoins are winning the race. I already mined 4x more BTC than I usually do in a day. It's so easy it's ridiculous.

1. Join FTC Pool and mine.
2. Transfer to BTC-e and exchange for BTC.
3. 4x as much profit as if I mined BTC.

My opinion is that the fact that this is so easy done will eventualy make all coins lose legitimacy including BTC

It just means that mining too is an interesting game, kudos for you for finding a lucrative vein of bitcoin to mine in the alt-mountains.

It means miners who actually play the game instead of sitting back letting pre-determined scripts do all the work, scripts that do not pay attention to where lucrative new veins of bitcoin have been discovered, don't make as many bitcoins as active players like you.

-MarkM-

[CoinHoarder]

Ymer, don't let these guys change your opinon. I completely agree with you and there are a lot of others that feel the same way.. Alt coins have gone to shit with all these new guys just in it for the quick cash.

The previous posters wont admit it but Litecoin was an improvement from Bitcoin. The new coins are just blatant rip offs from Litecoins improvements and success.

[mmitech]

mine anything even if it is a dickcoin as long as some idiot is willing to threw his money on it . pump and dump



after all I have no idea what am I doing here, I saw a new coin every few months than every weeks now it is every day, and we will soon see many every day .


it is copy paste , Bitcoiners hated LTC now I am hating everything

[ymer]

Sure man, if making me part of the problem helps you sleep at night then good. The truth is that shitcoins are winning the race. I already mined 4x more BTC than I usually do in a day. It's so easy it's ridiculous.

1. Join FTC Pool and mine.
2. Transfer to BTC-e and exchange for BTC.
3. 4x as much profit as if I mined BTC.

My opinion is that the fact that this is so easy done will eventualy make all coins lose legitimacy including BTC

It just means that mining too is an interesting game, kudos for you for finding a lucrative vein of bitcoin to mine in the alt-mountains.

-MarkM-

I think anyone with half a brain can do this, shit's gonna eventually hit the fan and it sucks.

I originally joined the mining for fun and to make it a real currency because I have my own business wich gives me enough to have a comfortable live, however I've always hated the Fiat Scam.

[TheSwede75]

Feathercoin was a bad joke that spiraled out of control thanks to Vircurex and BTC-E being greedy basement operations that would blow a donkey if you stapled a dollar bill to it's taint. Either of those joke-exchanges would list their moms tampons if they could make money off the trade.

[mccorvic]

Sure man, if making me part of the problem helps you sleep at night then good. The truth is that shitcoins are winning the race. I already mined 4x more BTC than I usually do in a day. It's so easy it's ridiculous.

1. Join FTC Pool and mine.
2. Transfer to BTC-e and exchange for BTC.
3. 4x as much profit as if I mined BTC.

My opinion is that the fact that this is so easy done will eventualy make all coins lose legitimacy including BTC

Ummm....I think you have forgotten what you even posted in the OP.  

Your first post was WHAA WHAA SCAMCOINS ARE RUINING CRYPTO!  

I agree with this point.  Then I pointed out that LTC was the original scamcoin and your promotion of it is actually the genesis of the problem with YOU COMPLAINED ABOUT IN YOUR OWN POST.  This is fact. This is indisputable.  Your inability to comprehend your own OP highlights why you would even think LTC was a good idea to begin with.

I don't disagree that you can just pump, dump coins and move to the next scam and repeat. That is true.  I don't disagree that this is bad for BTC and legitimacy.  This is also true.  I'm not arguing with this.

I'm saying, you helped start the problem.  Deal with it.

[markm]

Can someone who has the skills (I'm not a coder) finally make a coin creation tool kit?

I'm thinking of something where you just have enter Name, Blocktime, Coins per block, Halving each x Blocks, Sha- or Scrypt Mining press enter and there is your very own Altcoin.

Something like this would hopefully show even the last guy the ridiculousness of this.

Is this feasible? Should we collect a bounty for this?

Such a kit exists, it is called a codemonkey.

Just pay a codemonkey a few tens of bitcoins to make you a coin, it is easy.

Unthinkingbit got devcoin build starting from just an initial bounty of 100 bitcoins.

-MarkM-

[nailedit]

Feathercoin was a bad joke that spiraled out of control thanks to Vircurex and BTC-E being greedy basement operations that would blow a donkey if you stapled a dollar bill to it's taint.  

Lol

[ymer]

Sure man, if making me part of the problem helps you sleep at night then good. The truth is that shitcoins are winning the race. I already mined 4x more BTC than I usually do in a day. It's so easy it's ridiculous.

1. Join FTC Pool and mine.
2. Transfer to BTC-e and exchange for BTC.
3. 4x as much profit as if I mined BTC.

My opinion is that the fact that this is so easy done will eventualy make all coins lose legitimacy including BTC

Ummm....I think you have forgotten what you even posted in the OP.  

Your first post was WHAA WHAA SCAMCOINS ARE RUINING CRYPTO!  

I agree with this point.  Then I pointed out that LTC was the original scamcoin and your promotion of it is actually the genesis of the problem with YOU COMPLAINED ABOUT IN YOUR OWN POST.  This is fact. This is indisputable.  Your inability to comprehend your own OP highlights why you would even think LTC was a good idea to begin with.

I don't disagree that you can just pump, dump coins and move to the next scam and repeat. That is true.  I don't disagree that this is bad for BTC and legitimacy.  This is also true.  I'm not arguing with this.

I'm saying, you helped start the problem.  Deal with it.

Dude you don't even know how to read, you have selective reading skills.

I said I lost hope in the concept and that I WILL DO IT ONLY FOR THE MONEY NOW, comprende? which is the reason why I'm joining the train and ripping BTC out of idiots and converting it to cash before all goes to shit.

[mccorvic]

I said I lost hope in the concept and that I WILL DO IT ONLY FOR THE MONEY NOW, comprende? which is the reason why I'm joining the train and ripping BTC out of idiots and converting it to cash before all goes to shit.

Uh....yea. I know. You're really, really bad at posting.

[c4n10]

LOL...

A man writes some software that he calls "bitcoin". He makes it open-source so that the world may use it, copy it, change it, create their own version, whatever their soul may desire to do with it... The world praises this man for his ingenuity and even hates on new coins/concepts that don't follow the open-source scheme.

People create new versions of the software implementing changes (or not) doing exactly as the creator intended and then everyone begins to whine and cry about people ruining their precious chosen coin.

Funny.


Crypto-currency won't go anywhere UNTIL it has been copied, modified and tested through 1,000 different versions until the "perfect" one is found that has the proper balance of network safety, confirmation times, efficiency, etc...

It may even be necessary to have multiple types of currencies for different applications.

That's why I'm surprised to see all these open-source "devs" and fan-boys who seem to be trying their hardest to hold back knowledge from those who wish to create their own coins, or build their own pools and exchanges.

[Walter Rothbard]

I'll just mine for the money now, not for trying to improve and make the cryptocoin concept be a new way of making payments and get out of the Fiat Scam.

The reason is that we're getting a flood of shtcoins ruining the show. First example is Feathercoin, it brings nothing new to the table but it had a huge and very smart marketing campaign along with alliances like BTC-e to get a lot of profit in a short time, now I can see the same being done with CHN (CNC) and I guess this is going to be an ongoing trend.

The problem with this "alt coins" is that they are derailing the original purpose of BTC and now it's just a speculation game with tulips. In a few years we will have a flood of cryptos with a lot of volume, more and more altcoins with good planning and marketing (Shills on this forum) which will eventually end in serious coins like BTC and LTC on the same level as these jokecoins.

Anyway right now I'm mining FTC, will flip them for profit then ride the next train until all this fad dies off.

Thank you for ruining the game phaggots. 

Isn't this just a little dramatic?  How does all of this keep Satoshi-style cryptocurrency from accomplishing the goal of giving people a chance to get out of fiat?

(P.S. We lowered the hash rate for you on some of the longer-established coins.  You're welcome! )

[ymer]

LOL...

A man writes some software that he calls "bitcoin". He makes it open-source so that the world may use it, copy it, change it, create their own version, whatever their soul may desire to do with it... The world praises this man for his ingenuity and even hates on new coins/concepts that don't follow the open-source scheme.

People create new versions of the software implementing changes (or not) doing exactly as the creator intended and then everyone begins to whine and cry about people ruining their precious bitcoin.

Funny.


Crypto-currency won't go anywhere UNTIL it has been copied, modified and tested through 1,000 different versions until the "perfect" one is found that has the proper balance of network safety, confirmation times, efficiency, etc...

It may even be necessary to have multiple types of currencies for different applications.

That's why I'm surprised to see all these open-source "devs" and fan-boys who seem to be trying their hardest to hold back knowledge from those who wish to create their own coins, or build their own pools and exchanges.

Except that the only ones that have made improvements  are LTC and PPC, all others are just copies to get rich quick

[mccorvic]

Except that the only ones that have made improvements  are LTC and PPC, all others are just copies to get rich quick

Excuse me while I continue to laugh at you.

[ymer]

Except that the only ones that have made improvements  are LTC and PPC, all others are just copies to get rich quick

Excuse me while I continue to laugh at you.

LOL you desperate for attention? I hope someone starts quoting and supporting you so you can feel warm and fuzzy inside.

[mccorvic]

Oh man, why haven't I been to the Alternate Crypto sub-forum before?! It's like Jita in EvE online.  Equal parts tears and scam but 100% spam I love it!

[Fuzzy]

Umm, the one thing you forgot was that LTC was the original jokecoin.

WRONG! SolidCoin was the original jokecoin. No other alt got you more lolz/coin.

I think it's really funny that people have such a hard time simply ignoring cryptocoins that they don't like.

It's super easy for me...

That's because you don't have a gun to your head making you mine alt coins, unlike ymer here...

Alt coins have gone to shit with all these new guys just in it for the quick cash.

The previous posters wont admit it but Litecoin was an improvement from Bitcoin. The new coins are just blatant rip offs from Litecoins improvements and success.

THIS IS HOW CRYPTO-CURRENCY EVOLVES. Yes, Litecoin was a genuine improvement over BitCoin in some ways.

What we need is MORE alt coins that are different from BTC in varying ways. the crappy ones will die off, the better ones will stay around.

Some day we will have one that is so much better that it surpasses Bitcoin, but for that to happen, people need to experiment and try new things.

Long live the Alt Coins!

[c4n10]

Except that the only ones that have made improvements  are LTC and PPC, all others are just copies to get rich quick

Who cares...? That's my point.

If you don't like a coin, don't use that coin, lol... It's that easy...

Sitting on a single blockchain and spitting on every other blockchain you've never been on makes no sense.

You check them out, compare the clients, compare the mining experience, compare the spending/receiving experience and decide whether you like it better than what you are already using, if not, then delete it and STFU about it.

I use and mine on a few different clients for different reasons. I like some because they have faster confirmation times, I like another because the client has chat and other GUI features I enjoy, some I mine simply to test different mining settings because they have a lower difficulty or more rapid block time.

Just about everything can contain value to someone even if it doesn't contain any value to you, you are not the deciding factor of what matters and what doesn't matter. Should the grocery store stop carrying a food just because YOU don't want to eat it...?

If you don't like a coin, don't use it. Sitting around being dramatic and bitching about it isn't going to do anything but get you trolled.

[kuusj98]

I welcome all new copycoins that will pull hashing away from the Litecoin network, so that I can get more Litecoins.

HAHA Thats a good one sir!
I think that 3/4 of all the new chains will go down in a few moths, as some new ones already did.
The difficulty for LTC is rising trough the roof, but the price isn't, I just mine a few coins of every new coin, so when one is becomng worth more, I can just sell em then.

[mccorvic]

Umm, the one thing you forgot was that LTC was the original jokecoin.

WRONG! SolidCoin was the original jokecoin. No other alt got you more lolz/coin.

I can get behind the lulz/coin as an experssion of economic performance.  How many lulz/coin is, say, CNC worth?

[ymer]

Thread went to shit already, only trolls attacking OP instead of the arguments.

I'll keep profiting while I can, but sorry for Satoshi's efforts that have gone to the crapper already.

[mccorvic]

Thread went to shit already, only trolls attacking OP instead of the arguments.

That's ok, you apparently don't even know what you're own arguments are either.

I haven't disagreed with any of your "points" because they're accurate.  Poopcoins are the threat to BTC.  They offer nothing but a chance to act as Quantitative Easing for crypto.

The only thing I have added is that LTC is part of the problem too.  This is where you are blind.

[c4n10]

Thread went to shit already, only trolls attacking OP instead of the arguments.

I'll keep profiting while I can, but sorry for Satoshi's efforts that have gone to the crapper already.

You're an idiot. Satoshi's dream is thriving. He didn't make bitcoin for you to get rich. He made bitcoin to pass on an idea that the world could then expand upon.

Learn the concept of "open-source".

[ymer]

Thread went to shit already, only trolls attacking OP instead of the arguments.

That's ok, you apparently don't even know what you're own arguments are either.

LOLOLOL, strong troll.

I'll try to re-explain one last time.

1. Cryptos were a solid idea to get out of Fiat.
2. Shitcoins + Strong marketing + Alliances with exchange sites appear.
3. You can make a decent ammount of BTC using said shitcoins if you are smart, and if you are In-the-Know you can hoard a lot of them.
4. This will eventually cause BTC to lose legitimacy.
5. I'll no longer mine BTC, will ride the current bandwagon, exchange for BTC and make a very nice profit.
6. Future of cryptos are fuarked, will do this while I can, current train is FTC.

[ymer]

Thread went to shit already, only trolls attacking OP instead of the arguments.

I'll keep profiting while I can, but sorry for Satoshi's efforts that have gone to the crapper already.

You're an idiot. Satoshi's dream is thriving. He didn't make bitcoin for you to get rich. He made bitcoin to pass on an idea that the world could then expand upon.

Learn the concept of "open-source".

And people like you are the reason that I can flip my shitcoins for your BTC, profit and ruin the show.

[mccorvic]

And people like you are the reason that I can flip my shitcoins for your BTC, profit and ruin the show.

Welcome to the libertarian nightmare

[markm]

1. Cryptos were a solid idea to get out of Fiat.
2. Shitcoins + Strong marketing + Alliances with exchange sites appear.
3. You can make a decent ammount of BTC using said shitcoins if you are smart, and if you are In-the-Know you can hoard a lot of them.
4. This will eventually cause BTC to lose legitimacy.
5. I'll no longer mine BTC, will ride the current bandwagon, exchange for BTC and make a very nice profit.
6. Future of cryptos are fuarked, will do this while I can, current train is FTC.

Point 4 is the error, I think.

I have many times in the past suspected deliberate attempts to legitimise established things by proliferating "illegitimate" competitors.

For example take the concept of the protection racket, aka police.

Having tons of gangsters and bandits and muggers and pickpockets running around actually helps the racket rather than making it seem illegitimate.

Basically any new thing that starts to see an "edge" to be gained in "legitimacy" needs "illigitmate" similar things to point at to "justify" all kinds of special advantages being given to the "legitimate" ones, ultimately leading to "regulated industries" and "licensed professionals" and so on. It is an age-old racket so it behooves those who want Bitcoin to gain "legitimacy" to proliferate oodles of "illigitimate" similar things to point at so they can argue that bitcoin / bitcoin-business needs special treatment, legislation, licensing and so on and so on.

Age-old story, boring.

The more people get ripped off by imitators of bitcoin, the more bitcoin can argue "you should have used the Real Thing (TM Pepsi-Colgate-Palmolive-Corp?)"

-MarkM-

[ymer]

1. Cryptos were a solid idea to get out of Fiat.
2. Shitcoins + Strong marketing + Alliances with exchange sites appear.
3. You can make a decent ammount of BTC using said shitcoins if you are smart, and if you are In-the-Know you can hoard a lot of them.
4. This will eventually cause BTC to lose legitimacy.
5. I'll no longer mine BTC, will ride the current bandwagon, exchange for BTC and make a very nice profit.
6. Future of cryptos are fuarked, will do this while I can, current train is FTC.

Point 4 is the error, I think.

I have many times in the past suspected deliberate attempts to legitimise established things by proliferating "illegitimate" competitors.

For example take the concept of the protection racket, aka police.

Having tons of gangsters and bandits and muggers and pickpockets running around actually helps the racket rather than making it seem illegitimate.

Basically any new thing that starts to see an "edge" to be gained in "legitimacy" needs "illigitmate" similar things to point at to "justify" all kinds of special advantages being given to the "legitimate" ones, ultimately leading to "regulated industries" and "licensed professionals" and so on. It is an age-old racket so it behooves those who want Bitcoin to gain "legitimacy" to proliferate oodles of "illigitimate" similar things to point at so they can argue that bitcoin / bitcoin-business needs special treatment, legislation, licensing and so on and so on.

Age-old story, boring.

The more people get ripped off by imitators of bitcoin, the more bitcoin can argue "you should have used the Real Thing (TM Pepsi-Colgate-Palmolive-Corp?)"

-MarkM-

Yea point 4 is the whole point of my thread, my opinion is the opposite as yours though, my personal opinion is that I think that all altcoins are making BTC unstable and ultimately will crumple.

[mccorvic]

Yea point 4 is the whole point of my thread, my opinion is the opposite as yours though, my personal opinion is that I think that all altcoins are making BTC unstable and ultimately will crumple.

This you are 100% correct on.  In fact, I've already been seeing comments on the outside of people pointing out that BTC is a "scam" because anyone can just inflate the supply by making a random "buttcoin".  The thing is, at this point they're being proven right.

[c4n10]

And people like you are the reason that I can flip my shitcoins for your BTC, profit and ruin the show.

I see talking to you is like talking to a brick wall. A big, stupid, ignorant brick wall...

[anderl]

Yea point 4 is the whole point of my thread, my opinion is the opposite as yours though, my personal opinion is that I think that all altcoins are making BTC unstable and ultimately will crumple.

This you are 100% correct on.  In fact, I've already been seeing comments on the outside of people pointing out that BTC is a "scam" because anyone can just inflate the supply by making a random "buttcoin".  The thing is, at this point they're being proven right.

That is like saying adding another stock to the stock market will dilute the ones already there and ruin the credibility of the others. For every Worldcom and Enron there are other stocks that have more trusted and have true value.  Maybe what we need is a market of sound analysts that can weed out the fly by nights from the more legitimate coins.  But for that you need to have a more mature market. 

Welcome to the days of the bucket shops!  If you ever get a chance to read Reminiscence of a Stock Market Operator please do so.  You will perfectly understand what is going on right now in the cryptocurrency market. 

[mccorvic]

This you are 100% correct on.  In fact, I've already been seeing comments on the outside of people pointing out that BTC is a "scam" because anyone can just inflate the supply by making a random "buttcoin".  The thing is, at this point they're being proven right.

That is like saying adding another stock to the stock market will dilute the ones already there and ruin the credibility of the others.

In fact, it is not like saying that at all.  I've debunk this terrible, terrible analogy so many times I am nearly brought to tears at the mere thought of having to debunk it again.

[maxmint]

Alt coins are healthy competition to bitcoin. Just let the market decide which coin succeeds.

[ymer]

Yea point 4 is the whole point of my thread, my opinion is the opposite as yours though, my personal opinion is that I think that all altcoins are making BTC unstable and ultimately will crumple.

This you are 100% correct on.  In fact, I've already been seeing comments on the outside of people pointing out that BTC is a "scam" because anyone can just inflate the supply by making a random "buttcoin".  The thing is, at this point they're being proven right.

That is like saying adding another stock to the stock market will dilute the ones already there and ruin the credibility of the others. For every Worldcom and Enron there are other stocks that have more trusted and have true value.  Maybe what we need is a market of sound analysts that can weed out the fly by nights from the more legitimate coins.  But for that you need to have a more mature market. 

Welcome to the days of the bucket shops!  If you ever get a chance to read Reminiscence of a Stock Market Operator please do so.  You will perfectly understand what is going on right now in the cryptocurrency market. 

I haven't read the book, however I want to give my opinion about your analogy.

The stock market with real companies is a bit different from cryptos, since they are real companies making profits, other companies do not dilute the value, but decisions, news, incoming laws, future plans do... though this is only my opinion, I'm not very educated on the subject

[mccorvic]

I haven't read the book, however I want to give my opinion about your analogy.

The stock market with real companies is a bit different from cryptos, since they are real companies making profits, other companies do not dilute the value, but decisions, news, incoming laws, future plans do... though this is only my opinion, I'm not very educated on the subject

Ymer, you're not so bad after all.  This is another 100% on lock explanation.

[AlexMerced]

good marketing is just as much important to development as the technology.

Many competing products have the inferior product win because of better marketing.

The coin that will will the cypto hunger games will be the one with best mix of technology, marketing and accessability.

[Mjbmonetarymetals]

This phase of altcoin saturation I see being short lived ,I'm not endorsing this next point but I feel it's a direction we might be headed - different crypto coins will become location-centric as we live in a world of boarders a certain small number of crypto coins with very similar characteristics will be favoured based on where you live. Rather than a particular coins features .

[anderl]

That is like saying adding another stock to the stock market will dilute the ones already there and ruin the credibility of the others. For every Worldcom and Enron there are other stocks that have more trusted and have true value.  Maybe what we need is a market of sound analysts that can weed out the fly by nights from the more legitimate coins.  But for that you need to have a more mature market. 

Welcome to the days of the bucket shops!  If you ever get a chance to read Reminiscence of a Stock Market Operator please do so.  You will perfectly understand what is going on right now in the cryptocurrency market. 

I haven't read the book, however I want to give my opinion about your analogy.

The stock market with real companies is a bit different from cryptos, since they are real companies making profits, other companies do not dilute the value, but decisions, news, incoming laws, future plans do... though this is only my opinion, I'm not very educated on the subject

Are you saying that one of the companies that are operating in the cryptocurrency market are real.  We'll that is good then mtGox doesn't have to be worried about that lawsuit since they are imaginary.  

yes the companies are real but the value we place on their shares (coins) is arbitrary.  We make up those numbers based on a number of metric we feel are important.  How is that any different here?

New companies DO dilute the value of other companies IN the MARKET.  If I create a new company and start mining gold well that is gold that the other companies cannot mine.  That means they have less opportunity because I've prevented from capturing it in this mine.  As a result my value goes up against theirs.  They potential value goes down.  If there was a single company mining all gold then they would have all the value and their shares would be worth the same as the total market cap of the industry.

Bitcoiners are upset because the total market value of the cryptocurrency market is not growing as fast as the number of currencies are as a result Bitcoin value is distributed to other currencies.  Eventually they will all reach parity but not without some massive price swings.  This is all healthy market action in a free market system.  Its just that some early adopters were not smart enough to anticipate it.

And there is a quote about never staying married to a stock.  I think it holds true here.  Never marry a coin.

[AlexMerced]

I haven't read the book, however I want to give my opinion about your analogy.

The stock market with real companies is a bit different from cryptos, since they are real companies making profits, other companies do not dilute the value, but decisions, news, incoming laws, future plans do... though this is only my opinion, I'm not very educated on the subject

Ymer, you're not so bad after all.  This is another 100% on lock explanation.

The market for cryptos currently is very much like real currency markets or pharmaceutical stock which is a load of speculation trying to make money on short pops in the price while a few true believers hold long term hoping the projects actually meet completion.

[AlexMerced]

That is like saying adding another stock to the stock market will dilute the ones already there and ruin the credibility of the others. For every Worldcom and Enron there are other stocks that have more trusted and have true value.  Maybe what we need is a market of sound analysts that can weed out the fly by nights from the more legitimate coins.  But for that you need to have a more mature market. 

Welcome to the days of the bucket shops!  If you ever get a chance to read Reminiscence of a Stock Market Operator please do so.  You will perfectly understand what is going on right now in the cryptocurrency market. 

I haven't read the book, however I want to give my opinion about your analogy.

The stock market with real companies is a bit different from cryptos, since they are real companies making profits, other companies do not dilute the value, but decisions, news, incoming laws, future plans do... though this is only my opinion, I'm not very educated on the subject

Are you saying that one of the companies that are operating in the cryptocurrency market are real.  We'll that is good then mtGox doesn't have to be worried about that lawsuit since they are imaginary.  

yes the companies are real but the value we place on their shares (coins) is arbitrary.  We make up those numbers based on a number of metric we feel are important.  How is that any different here?

New companies DO dilute the value of other companies IN the MARKET.  If I create a new company and start mining gold well that is gold that the other companies cannot mine.  That means they have less opportunity because I've prevented from capturing it in this mine.  As a result my value goes up against theirs.  They potential value goes down.  If there was a single company mining all gold then they would have all the value and their shares would be worth the same as the total market cap of the industry.

Bitcoiners are upset because the total market value of the cryptocurrency market is not growing as fast as the number of currencies are as a result Bitcoin value is distributed to other currencies.  Eventually they will all reach parity but not without some massive price swings.  This is all healthy market action in a free market system.  Its just that some early adopters were not smart enough to anticipate it.

And there is a quote about never staying married to a stock.  I think it holds true here.  Never marry a coin.

also companies compete for the same capital, a dollar that buys one share stock cannot buy another, but with the crypto bubble of 2013 is unqiue in two ways:

- What being crowded out is computing power... we're probably going to cause a massive brownout when all is said and done, lol
- When the bubble pops most of what people will lose is BTC, since BTC is the main way of buying alt coins so it won't be as big a deal to the world as when people see massive drops in their domestic currency (won't have a huge effect on any nations banking system)
- The end result will just be a bunch of bitter speculators who spent to much money on GPUs who now find themselves with no more BTC and bunch of altcoin worth less then they paid for.
- But like other bubbles a few companies do survive and prove their worth

[hathmill]

I welcome all new copycoins that will pull hashing away from the Litecoin network, so that I can get more Litecoins.

Indeed, I cant help feeling the same way. I am not afraid that these new alts will destroy any confidence in cryptos att all. Just check the wiki and look for dead coins. There is plenty of them and more to come.

[ymer]

Indeed, I cant help feeling the same way. I am not afraid that these new alts will destroy any confidence in cryptos att all. Just check the wiki and look for dead coins. There is plenty of them and more to come.

Hopefuly this is the case, but my gut says it won't

[justabitoftime]

I haven't read the book, however I want to give my opinion about your analogy.

The stock market with real companies is a bit different from cryptos, since they are real companies making profits, other companies do not dilute the value, but decisions, news, incoming laws, future plans do... though this is only my opinion, I'm not very educated on the subject

Ymer, you're not so bad after all.  This is another 100% on lock explanation.

The market for cryptos currently is very much like real currency markets or pharmaceutical stock which is a load of speculation trying to make money on short pops in the price while a few true believers hold long term hoping the projects actually meet completion.

Again, stop! You make too much sense for this board.

[anderl]

This phase of altcoin saturation I see being short lived ,I'm not endorsing this next point but I feel it's a direction we might be headed - different crypto coins will become location-centric as we live in a world of boarders a certain small number of crypto coins with very similar characteristics will be favoured based on where you live. Rather than a particular coins features .

I think it might be more than that.  Since this is digital its more than just location based.  Ideas like 4chan, lolcats, facebook transend physical locations.  There are location based ideas and concepts like miko miko that do not catch on everywhere.  Some people have ideologies that do not jive with others and they will not put money toward it.  I think cryptos are the future but not in their current state.  I think that idea based coins are the next great wave of cryptos, especially when they are connected to folding projects, that benefit society.

This is all moving forward towards the new future where we invest in ideas and concepts to move them forward into the public space and where financial reward comes from investing in ideas in more abstract ways like digital currency.  We already do it physically with lobbying politicians to get an agenda to move forward.  

What if a coin could be spawned to move an idea forward.  A lower taxes coin where 2% of the node fees goes to lobbying a politician to change his vote.  It means people could compete against the corporations.  Or a coin that cures breast cancer?  Dilutive to the market yes because right now the market is small but in the coming years the market will be massive.  A few billion will pale in comparison the the hundreds of trillions it can be in the coming decades.

[anderl]

also companies compete for the same capital, a dollar that buys one share stock cannot buy another, but with the crypto bubble of 2013 is unqiue in two ways:

- What being crowded out is computing power... we're probably going to cause a massive brownout when all is said and done, lol
- When the bubble pops most of what people will lose is BTC, since BTC is the main way of buying alt coins so it won't be as big a deal to the world as when people see massive drops in their domestic currency (won't have a huge effect on any nations banking system)
- The end result will just be a bunch of bitter speculators who spent to much money on GPUs who now find themselves with no more BTC and bunch of altcoin worth less then they paid for.
- But like other bubbles a few companies do survive and prove their worth

Well said.  The market is smaller that these people realize.  I believe it is a fraction of its true potential.  I don't thing we are near the brownout stage.  Not enough people in the masses know about it yet.  People I work with are more put off by it at this stage.  After all it is only 3+ years old.  Its when the disinterested masses jump in is when it really starts producing brown outs.  How many companies produce hardware that can mine?  When they number in the tens of dozens is when I'll worry about a real bubble.

You are right its just a bunch of speculators but mostly ideologists.  The Teslas of the era.  Its still the age of innovation in cryptocurrencies and we have some time before the real competition begins.

[Walter Rothbard]

3. You can make a decent ammount of BTC using said shitcoins if you are smart, and if you are In-the-Know you can hoard a lot of them.
4. This will eventually cause BTC to lose legitimacy.

No it won't.  That's a fantastic leap.

[AlexMerced]

also companies compete for the same capital, a dollar that buys one share stock cannot buy another, but with the crypto bubble of 2013 is unqiue in two ways:

- What being crowded out is computing power... we're probably going to cause a massive brownout when all is said and done, lol
- When the bubble pops most of what people will lose is BTC, since BTC is the main way of buying alt coins so it won't be as big a deal to the world as when people see massive drops in their domestic currency (won't have a huge effect on any nations banking system)
- The end result will just be a bunch of bitter speculators who spent to much money on GPUs who now find themselves with no more BTC and bunch of altcoin worth less then they paid for.
- But like other bubbles a few companies do survive and prove their worth

Well said.  The market is smaller that these people realize.  I believe it is a fraction of its true potential.  I don't thing we are near the brownout stage.  Not enough people in the masses know about it yet.  People I work with are more put off by it at this stage.  After all it is only 3+ years old.  Its when the disinterested masses jump in is when it really starts producing brown outs.  How many companies produce hardware that can mine?  When they number in the tens of dozens is when I'll worry about a real bubble.

You are right its just a bunch of speculators but mostly ideologists.  The Teslas of the era.  Its still the age of innovation in cryptocurrencies and we have some time before the real competition begins.

by the time the masses really jump into cryptocurrencies, mining won't be as relevant. The masses will jump into when they really need it. Like if lady gaga did a tour that can only be paid for in Bitcoin the price would skyrocket.

[markm]

Hopefully it will mostly be Ripple clones by then, mining almost obsolete, an obscure geek cult thing they do because of some intrinsic loner aversion to "consensus" or something.

(But, BTC IOUs will be worth a lot nonetheless hahaha. )

-MarkM-

[ymer]

Hopefully it will mostly be Ripple clones by then, mining almost obsolete, an obscure geek cult thing they do because of some intrinsic loner aversion to "consensus" or something.

(But, BTC IOUs will be worth a lot nonetheless hahaha. )

-MarkM-

Btw how do you think Ripple role affects cryptos, is it positive or negative?

[comet1440]

 I agree with everything the OP said. Cryptocurrency is supposed to be a way to have a currency free of government control and regulation that can be used legitimately to buy and sell. This whole clone a coin thing going on now is nothing more then people trying to get rich quick quick and then move on. The greed is killing cryptocurrency.

Can someone who has the skills (I'm not a coder) finally make a coin creation tool kit?

I'm thinking of something where you just have enter Name, Blocktime, Coins per block, Halving each x Blocks, Sha- or Scrypt Mining press enter and there is your very own Altcoin.

Something like this would hopefully show even the last guy the ridiculousness of this.

Is this feasible? Should we collect a bounty for this?

Someone should really do this, it might help kill this alt-coin fad that is destroying legitimate cryptocurrency.

[monocolor]

I saw someone said will do it, but would take some time I guess.

On the other hand, it looks easy to folk the coins, just change the names etc, and there are some parameters to change to make it specififc.

[donjonson]

Is anybody working on a real new alt coin that will bring something new and valuable to the table?

[markm]

I was wrong about Solidcoin and Fairbrix being the only actually dead altcoins.

I fired up fairbrix-qt, got a connection, and caught up on the blockchain.

It has still been running out there.

It was just a fairbrixd I could not compile, because the thing was built using multicoin-qt, and such a hacked up version of multicoin-qt that it does not use a proper full config file with the genesis block and everything in the config file so its config was not one you could simply use with standard multicoind to run a daemon for it.

Since it makes no sense to have to maintain an open connection from a desktop box running a GUI-server (X server for example) just so you can run a coin on a headless server I had simply given up on fairbrix long long long ago.

But evidently, like BBQcoin, it has actually been out there quietly humming along, although I do not know yet whether it has been serving as a haven for CPU miners because the GUI does not seem to show the current difficulty.

So now it is down to Solidcoin being the only actually-dead coin, but hey, maybe that is not really dead either?

So no, coins do not, in general ever die. Any that do actually manage to die are very rare exceptions.

-MarkM-

[ymer]

Well from the time that I made this thread till now I just realized that I will have to already switch from FTC to BTB, it's the most profitable now. 

[markm]

I saw someone said will do it, but would take some time I guess.

On the other hand, it looks easy to folk the coins, just change the names etc, and there are some parameters to change to make it specififc.

Search for "multicoin".

You set everything in the config file, even the genesis block goes in the config file.

So the same executable can run "any" coin simply by adjusting the config file contents.

No more having to compile separate executables for each coin, no more having to trust yet another builder/packager of executables. Trust the packager of your multicoin executable and just switch config files to switch coins.

-MarkM-

[AlexMerced]

I saw someone said will do it, but would take some time I guess.

On the other hand, it looks easy to folk the coins, just change the names etc, and there are some parameters to change to make it specififc.

Search for "multicoin".

You set everything in the config file, even the genesis block goes in the config file.

So the same executable can run "any" coin simply by adjusting the config file contents.

No more having to compile separate executables for each coin, no more having to trust yet another builder/packager of executables. Trust the packager of your multicoin executable and just switch config files to switch coins.

-MarkM-

I'm trying to compile MultiCoin for Windows but the link to the dependency files no longer works, and I can't find any pre-existing up to date windows binaries, can anyone help?

Without the dependency files and I can't compile

WIthout a binary I can't install

so sad, I need it to generate genesis block, seems like the easiest way to do so.

[iCEBREAKER]

I'll just mine for the money now, not for trying to improve and make the cryptocoin concept be a new way of making payments and get out of the Fiat Scam.

The reason is that we're getting a flood of shtcoins ruining the show. First example is Feathercoin, it brings nothing new to the table but it had a huge and very smart marketing campaign along with alliances like BTC-e to get a lot of profit in a short time, now I can see the same being done with CHN (CNC) and I guess this is going to be an ongoing trend.

The problem with this "alt coins" is that they are derailing the original purpose of BTC and now it's just a speculation game with tulips. In a few years we will have a flood of cryptos with a lot of volume, more and more altcoins with good planning and marketing (Shills on this forum) which will eventually end in serious coins like BTC and LTC on the same level as these jokecoins.

Anyway right now I'm mining FTC, will flip them for profit then ride the next train until all this fad dies off.

Thank you for ruining the game phaggots. 

All that, and you newb to b!tch about Novacoins.   

[richie88]

The more alt-coins there are the more the value of bitcoin is shown through its adoption. No meatspace outlets are going to spend money implementing a feathercoin POS option when they can just use bitcoin, and the more alt-coins there are, the more they weaken each other as they are all considered alt's to BTC.

The only alt that can weaken Bitcoin's position is one not based on the Bitcoin protocol.

[AlexMerced]

The more alt-coins there are the more the value of bitcoin is shown through its adoption. No meatspace outlets are going to spend money implementing a feathercoin POS option when they can just use bitcoin, and the more alt-coins there are, the more they weaken each other as they are all considered alt's to BTC.

The only alt that can weaken Bitcoin's position is one not based on the Bitcoin protocol.

agreed

[digitalindustry]

Thank you for ruining the game phaggots. 

Aww, there there. I just tipped you some tipcoins to make it all better.

ha ha ha ! +1

[markm]

Probably all the many and varied currencies will be abstracted away from vendors and POS checkout operators, just like credit cards or paypal does. Payment processors will handle all that stuff so the vendor simply gets the price they want in the currency they want.

Payment processors though could handle any number of currencies.

-MarkM-

[termhn]

I think it's really funny that people have such a hard time simply ignoring cryptocoins that they don't like.

It's super easy for me...

+ 1

[BBQKorv]

I think it's really funny that people have such a hard time simply ignoring cryptocoins that they don't like.

It's super easy for me...

+ 1

For me ignoring these new coins is impossible, the lost profiting opportunity is just too much to handle. New coins have made my mining operation many times more profitable than any BTC/LTC mining before.

[gabbynot]

I think it's really funny that people have such a hard time simply ignoring cryptocoins that they don't like.

It's super easy for me...

+ 1

For me ignoring these new coins is impossible, the lost profiting opportunity is just too much to handle. New coins have made my mining operation many times more profitable than any BTC/LTC mining before.

Enjoy it while it lasts...the market is being flooded with a new alt coming out each day.

[coinbeach1]

The Gifto token ICO was the first launched on Binance Launchpad and sold out in one minute - one of the fastest ICO`s ever.

https://www.youtube.com/watch?v=X1tuMkkoV_U

GIFTO has integrated the GTO wallet into their Uplive streaming app (+25 million users).  The GTO wallet is now available in the Uplive App in many countries. This app can be downloaded from Google Playstore or from the website:
   
http://up.live/#/home

The coin GTO is listed on these Exchanges:

https://www.binance.com/?ref=10137216
Bibox
Bancor Network
OKEx
Coinnest