A warning about Alt-Coins

[skorch31]

I am just getting started mining.. which alt-coins have the best long term potential? and which alt-coins over the overall most profitable to mine?

No one knows.  And anyone trying to convince you otherwise already invested in that specific alt-coin.  Last week, it was feathercoin!  This week, quark and stablecoins! 

If you are looking for a long term investment in an altcoin, I would pick one that can be traded in USD over $2.

Thus, bitcoin, litecoin, namecoin, primecoin, peercoin.

[1715282797]

1715282797

[sparta_cuss]

Where do you store your bitcoins and altcoins - in client wallets on a hard drive, or on a removeable drive, paper wallets, or at exchanges? I'm not sure where I should store mine. Keeping them in an account at an exchange is obviously convenient, but perhaps it's not safe. What do y'all do?

[crazywack]

I read in  a tweet that Zeta coin will be on BTC38 a few days after quark, which should be the 13th. Is this true? Unfortunately BTC38 is not english compatible or at least I cant figure it out.

[Electrolytez]

I read in  a tweet that Zeta coin will be on BTC38 a few days after quark, which should be the 13th. Is this true? Unfortunately BTC38 is not english compatible or at least I cant figure it out.

I thought BTC38 was on a hold after what happened with all the banks in China. If it didn't hopefully they will get the chance to add QRK and SBC.

[crazywack]

I wouldn't think the news in china would stop them adding quark. China has the most activity still and is the reason that BTC hasn't gone threw the floor.

[lwilliams777]

I'm very new to cryptocurrencies.  I don't even have one coin yet.  However, I am concerned that BTC is over saturated so I've been seriously looking at alt coins.  So far the ones that look promising to me now are NXT and Ripple, and possibly LTC.  Those of you who have been in the market longer can provide some wisdom and merits of these or others which you see that may have more promise.  I welcome your input.

Thanks,
Leon

[phil__65]

Where do you store your bitcoins and altcoins - in client wallets on a hard drive, or on a removeable drive, paper wallets, or at exchanges? I'm not sure where I should store mine. Keeping them in an account at an exchange is obviously convenient, but perhaps it's not safe. What do y'all do?

I have stored it at different places. saving inside an encrypted container (truecrypt for example) at a cloud service also seems like a safe solution to me while still being able to access it from different places.

[mockbyte]

It's true that there's a huge saturation of alt coins in the market now, which is devaluting a lot of them.  It's hard to say which coins will gain in value in the future; sometimes you never know.

Why Behind That Use This Website and Earn 6% Monthly Interest on the Bitcoin you Invest Bitcoinera.net | Bitcoin wallet and investments, earn 6% per month + more with our affiliate program

[dalawliet]

Thank You For the information. I think i saw thread about alt-coin scam hmm.

[tagbond]

Well, I know that I will be around a long time supporting TagCoin, with both Tagbond and the other companies I own. It does not really matter to us the price of the coin, just the fact that it can be used within the system as a rewards currency. As far as I know we are the only company backed coin, but I think the market will be changing over the coming months..

[Speedie]

I am just getting started mining.. which alt-coins have the best long term potential? and which alt-coins over the overall most profitable to mine?

Look for coins that offer something different rather than just being a "me too" clone. Some examples are TAG which has a rewards infrastructure that may or may not catch on, WDC which has some interesting ideas floated including direct USD/WDC "banking" etc. Mining isn't cheap, so ask yourself what it is about the coin that you choose to mine that would compel someone else to buy it from you once mined.

IMHO avoid anything that looks like the devs took a clone of some Scrypt code and added a pretty logo to it. They can be fun to direct your rigs at once in a while when they go bananas on the exchanges, but they're not a solid long term proposition.

As to which are the most profitable to mine at any given time, a site like CoinWarz.com will give you some idea. However: coins at the top of the list very rarely stay there for long, so you may be chasing coins that have already had their moment in the sun for a while.

[asdaf]

I don't understand the point behind so many alt coins out there. I mean who is to stop or regulate from making each individual his own currency?

These so many alt currencies will also have a negative impact on the pioneers. But that's just my opinion.

[tagbond]

It is fairly straightforward to create your own coin, but just because you do does not mean it will be supported by miners or of any use to people.

If you think of coins as having a use within a community, a company, a market, etc, and used interchangeably with other coins, then the idea of altcoins will become clearer. It would be great if everyone settled on just Bitcoin, but the fact of the matter is that there are many altcoins already, and there will be a lot more coming. In our case, we created TagCoin because we wanted a branded rewards currency that has value built into it by miners, customers and other companies, something to replace airmiles and coupons etc. It suits our purpose, and other altcoins will be created to suit other needs. A lot of them will disappear for lack of support and adoption, and the market will sort itself out as it develops. For example with TAG, people can earn from merchants that want to reward them as customers, who then get to transfer, trade, speculate with it, and use the same TAG at other merchants to pay for goods and services, because those merchants want to give out TAG to get more customers. And the cycle repeats. We think that will build value into TAG, and I think the rewards business needs to change. Customers want something they can use everywhere, not just in that business.

The other side of the coin is that altcoins are being traded as securities as well as being used as a currency. That's fairly unique, and I think markets will develop where altcoins are created by companies and groups, and based on what they do it will affect the price of coins on any exchange. Makes for a form of gambling which is what is driving the Chinese market right now. Crypto is so volatile right now, it is impossible to price goods and services in it, although you can take the equivalent after calculating the exchange rate right then and there from Fiat, if that crypto serves a purpose for you.

[PenAndPaper]

I don't understand the point behind so many alt coins out there. I mean who is to stop or regulate from making each individual his own currency?

These so many alt currencies will also have a negative impact on the pioneers. But that's just my opinion.

Every individual can make his own alt coin but they should add something more for others to join them. Of course most of the alts add nothing and still have supporters but those are pump and dump schemes anyway.

[jones31]

I don't understand the point behind so many alt coins out there. I mean who is to stop or regulate from making each individual his own currency?

These so many alt currencies will also have a negative impact on the pioneers. But that's just my opinion.

How many brands of cars are in the world? How many have failed?
Let's try something easier.
How many ebay and Facebook copycats are there?
A few which survived and a lot who never caught attention.
Something far easier.
Make your own coin.

But the lower you get on this , the more chances for failure.

[Jebus4life]

Hello.

This is my first post here, and the only reason that I'm creating this post is because the forum rules force me to post here before I can send someone a PM or reply to his topic.
The reason for this I cannot comprehend as the only reason to create an account for me is to ask a question which is not explained in the topic (why the speed of his XPMminer is measured in knumps instead of PPS). I've tried looking it up online, but alas I could not find it, nor can I find any way to do the math to recalculate it... Thus I need to contact the owner of the topic to be able to figure it out.

The topic creator would also become very happy as if he can answer my question and solve the connected problem I would be very happy and thank him with some XPM

I'm sorry for the spampost here, but my knowledge of bitcoin/altcoins is quite basic so I don't understand what else I can contribute at this point...

[Dogecoinfan]

I heard that we need five posts on here to post. So I'm posting so I can post while I post so I can post.

[pcoin700]

I read in  a tweet that Zeta coin will be on BTC38 a few days after quark, which should be the 13th. Is this true? Unfortunately BTC38 is not english compatible or at least I cant figure it out.

At least ZetaCoin is shown at their altcoin page next to Quark.

[pcoin700]

Just wondering, what's the hypest alt-coin right now? :-)

Coin of the week... this is very fast changing thing so there are multiple hypes I guess

[apoliakov]

I heard that we need five posts on here to post. So I'm posting so I can post while I post so I can post.