A warning about Alt-Coins

[voteformeg]

hello all , i am totaly new in this hole coinworld but i want to start mining , very inteested , i have an radeon 7770 so i now it is not for bitcoins , but wich coin have the most change to grow ? ,
by the way i am using my cpu for mining kingcoin , is that safe , i read things about walletsteelers?

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[BTClobsta]

Almost all of the alt-coins out there are going to be a waste of time.  They're being created to take advantage of people who get super excited about different things and then get pumped and dumped.

Be careful about wasting time with too many alt coins.

Be careful about downloading files, seems like there's plenty of wallet stealers around hidden as alt coin miners.
Seen some more of this recently, so wanted to highlight the point.

Here's some good info from later in the thread:

1) Don't just trust the status of a member, anyone can write 500 posts and be a hero member in a short period. This just means that he invested some time on his membership. He can always decide that a profitable scam will be a good payment for his time.
2) Never deal with anyone without doing a search in the forum with his nickname, in order to check if he has scam accusations.
3) Ask for his coin address and always search it on blockchain.info or www.cryptocoinexplorer.com to verify if his address has the amounts he is claiming.
4) Be very suspicious about proposals well under market price or if he accepts your proposal under market price with no negotiation.
5) Look for the reputation of the member (his successful trades, in the form of vouches from the other party on the deal).
6) Even if he has some reputation, never send all the money in one transfer: send one first very small tranche (0.1 btc might be a good start) and wait for his payment. Send a second little higher tranche and wait again, etc. Small increments, because he might decide to pay you the first and second, to scam a bigger tranche. Always suspect if he doesn't accept to trade in small tranches.
7) If he has no reputation (including most cases when he is a newbie or a Jr.), even small tranches are a risk. Better use an escrow system, like the one of bitmit.net, or a trusted member, or you might need to send over 10 very small tranches. It can be annoying, but loosing your money will be more.
8] For big amounts always use an escrow system, unless the member has an excellent reputation.

Since this thread is a sticky, I decided to post this here. Any moderator or member feel free to move, copy or improve these rules at will.

thanks for the tip

[jeffm]

I did some LTC mining, but converted to BTC with BTC-e, worked out ok.

[FinShaggy]

Is there anywhere I can earn Altcoins for writing, or reviews, or per word, or for articles, or for blogging?

Besides Devtome, Devtome is awesome but I would like to have another coin to wait on in between payments.

[sidhujag]

Is there anywhere I can earn Altcoins for writing, or reviews, or per word, or for articles, or for blogging?

Besides Devtome, Devtome is awesome but I would like to have another coin to wait on in between payments.

How about work on some devcoin bounties while your waiting :p

[will1982]

Is there anywhere I can earn Altcoins for writing, or reviews, or per word, or for articles, or for blogging?

Besides Devtome, Devtome is awesome but I would like to have another coin to wait on in between payments.

Litecoin is the second most developed faucet wise. Still very skimpy though

[red-jet]

I like litcoin, moved a cuplt of BTC into it. Faster transaction time is a huge plus.

[smoothwater]

Look at peercoin or (PPCoin). There is a lot of hype about bitcoin, and lightcoin but there are some fundamental limits the technology. I think "smart" investors are starting to diversify. This video shows presents a good case for PPC in the long-term:

Bitcoin vs. Peercoin
 http://www.youtube.com/watch?v=ZEgj_whkg08

I'd like to know what others think.

[the_blazer52]

I do kind of like Litecoin too. I mine them with my GPU and i'm probably going to hold onto them for a while.

[Cryddit]

Bitcoin vs. Peercoin
 http://www.youtube.com/watch?v=ZEgj_whkg08

I'd like to know what others think.

I think, "why was short textfile would have fit in post been faster to just read presented slow and wasting video bandwidth?"
I also think "damn all pretentious idiots want people read text while it wiggles."

Proof of stake is good idea.  Make 51% attack much harder.  But video not explain what is nor why better. 

[iHashFury]

Some alt coins must be worth some effort

[Don007]

There are quite a lot of Alt-coins which are simply rubbish. Don't forget to check the amount of pre-mined coins before you start to mine an altcoin. I like FTC and LTC too.

[gwedo]

There are quite a lot of Alt-coins which are simply rubbish. Don't forget to check the amount of pre-mined coins before you start to mine an altcoin. I like FTC and LTC too.

Ltc is excellent, I mine it too.

[BuyXRP.com]

Although not actually an "alt", I prefer XRP.

[xianyunguh]

Almost all of the alt-coins out there are going to be a waste of time.  They're being created to take advantage of people who get super excited about different things and then get pumped and dumped.

Be careful about wasting time with too many alt coins.

Be careful about downloading files, seems like there's plenty of wallet stealers around hidden as alt coin miners.
Seen some more of this recently, so wanted to highlight the point.

Here's some good info from later in the thread:

1) Don't just trust the status of a member, anyone can write 500 posts and be a hero member in a short period. This just means that he invested some time on his membership. He can always decide that a profitable scam will be a good payment for his time.
2) Never deal with anyone without doing a search in the forum with his nickname, in order to check if he has scam accusations.
3) Ask for his coin address and always search it on blockchain.info or www.cryptocoinexplorer.com to verify if his address has the amounts he is claiming.
4) Be very suspicious about proposals well under market price or if he accepts your proposal under market price with no negotiation.
5) Look for the reputation of the member (his successful trades, in the form of vouches from the other party on the deal).
6) Even if he has some reputation, never send all the money in one transfer: send one first very small tranche (0.1 btc might be a good start) and wait for his payment. Send a second little higher tranche and wait again, etc. Small increments, because he might decide to pay you the first and second, to scam a bigger tranche. Always suspect if he doesn't accept to trade in small tranches.
7) If he has no reputation (including most cases when he is a newbie or a Jr.), even small tranches are a risk. Better use an escrow system, like the one of bitmit.net, or a trusted member, or you might need to send over 10 very small tranches. It can be annoying, but loosing your money will be more.
8] For big amounts always use an escrow system, unless the member has an excellent reputation.

Since this thread is a sticky, I decided to post this here. Any moderator or member feel free to move, copy or improve these rules at will.

Learn

[un4m3]

Whats the best among the rest...

NovaCoin of coz.

[Trillium]

https://bitcointalk.org/index.php?topic=134179.0

Although a bit subjective to the OPs own opinions on each coin, this is a pretty good starting point if you want to learn about some of the different altcoins.

[Baitty]

https://bitcointalk.org/index.php?topic=134179.0

Although a bit subjective to the OPs own opinions on each coin, this is a pretty good starting point if you want to learn about some of the different altcoins.

Thanks for that useful thread! I have been debating on weather to trust ANY Alt-coin.

[SlowRiot]

Although not actually an "alt", I prefer XRP.

With a name like that, i imagine you would.  Dodgy as hell.

[Destined]

I am currently experiment with 17 or 18 alt coins not counting ltc and obviously not counting btc.  There is potential for quite a few of them to stick around for a while but be a lower cost currency in general.  The more I play with the various alt coins the more I am starting to see potential in several of them of staying around but being say change compared to bills, obviously really amazing new concept coins with interesting features have the potential to shift into more of mainstream coin if it gets enough people interested in their concept early on.  There no telling what could happen if somebody came along with a whole new form of cryptocurrencies with some additional basic but useful and creative features built into the wallet itself.