A warning about Alt-Coins

[Mieljean]

It's all about guessing which coin is gonna make it big now 

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[B0FF]

If you are lucky enough to join the bandwagon early on you can mine quite a few coins. But It's best to sell them as soon as you can.
if the coin lost it's hype the coins value will diminish

[SamS]

It occurs to me that once one crypto-currency (bitcoin or what have you) really begins to break through, it would be a small matter for large corporates to put their own out there -- or coop the existing one by paying a small price by corporate standards. It could also be the case the governments adopt a hybrid model and issue their own crypto-currencies (backed by the nation-state). What stops either of the above two scenarios from happening?

[tom_o]

It occurs to me that once one crypto-currency (bitcoin or what have you) really begins to break through, it would be a small matter for large corporates to put their own out there -- or coop the existing one by paying a small price by corporate standards. It could also be the case the governments adopt a hybrid model and issue their own crypto-currencies (backed by the nation-state). What stops either of the above two scenarios from happening?

Not much really except more miners getting in on it and securing the network. Paypal is considering it but I reckon they'll make their own so they can enable refunds.

[ashaw596]

Some of the alt currencies implement new ideas like proof of stake

[asdfghj]

There seem to be a lot of features which can be implemented in an alt coin which are not immediately obvious.

The Bitcoin protocol is quite robust - but if an implementation comes along with a killer new feature it could take over.

[mymenace]

It occurs to me that once one crypto-currency (bitcoin or what have you) really begins to break through, it would be a small matter for large corporates to put their own out there -- or coop the existing one by paying a small price by corporate standards. It could also be the case the governments adopt a hybrid model and issue their own crypto-currencies (backed by the nation-state). What stops either of the above two scenarios from happening?

I agree, people will follow a coin backed by a regulator or someone they can trust. Seems they will trust government more than likely.

[baconcooledcomputer]

It would be great if bitpay, or whomever that "pay with bitcoins" button comes from, offered a service where you could exchange alts on the fly for BTC, and/or allow merchants to accept alts.

[Waramp22]

Almost all of the alt-coins are 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.

Alt coins are like penny stocks. Penny stocks are the fastest way to get rich for people who have a few thousand laying around to take big risk. Love them or hate them, they can make you millions. Buy/Mine them when they are worth next to nothing and sell or convert them to a more stable currency when you decide to. If you think they are a waste of time, then great, but Bitcoin wont be the only cryptocurrency that goes mainstream. Everything needs competition - Coke/Pepsi GM/Ford/Dodge Microsoft/Apple. Did you know the world has 182 currencies? I wonder how many of those were said to be "just pump and dumps" a months after they were created. Forex is a huge industry based on trading currencies alone. Anytime you can copy something, improve it, and make money off of it there will always be innovation and new things on the market. I believe Litecoin or even Feathercoin with its fast confirmation time have a better chance of going mainstream than bitcoin, they're just a few years behind. They are the Apple to the Microsoft.

Did you realize that bitcoin was "created to take advantage of people who get super excited about different things and then get pumped and dumped?" I bet the idiots who spent $100 on the "waste of time" in the beginning sure regret it now when their bitcoin wallet is worth 6 figures.  

[plato14]

If you dont like the alt coins dont use them, the market will figure out whether they have value or not.  Litecoin in particular is doing great as an alternative digital currency and is profitable to mine

[jokercoin]

The first of any new type of system is usually not the one that lasts. It introduces the fundamentally new concepts that make the system unique/superior to the previous mode of operation; but "evolution" takes its course. The system will be optimized and the cyrpto-currency that will be most widespread, I am willing to bet, will not be bitcoin.

[theone1e]

There is interest relationship exists.

[zss9174]

I think the key word is "almost."  There will certainly be some that take off, and if you want to mine/get your hands on them, it'll be a lot easier now than later when they're far more money.  Overall, I'm a fan, and I think that even though they're a risk, overall they're positive EV.

[🏰 TradeFortress 🏰]

I think the key word is "almost."  There will certainly be some that take off, and if you want to mine/get your hands on them, it'll be a lot easier now than later when they're far more money.  Overall, I'm a fan, and I think that even though they're a risk, overall they're positive EV.

This, however it's not that hard to see which alt coins will die after 2 weeks.

[ewanpa]

alt-coins have great potential to rise up.

[john99]

And potential to obsolete.

[Captain C.]

I think the key word is "almost."  There will certainly be some that take off, and if you want to mine/get your hands on them, it'll be a lot easier now than later when they're far more money.  Overall, I'm a fan, and I think that even though they're a risk, overall they're positive EV.

This, however it's not that hard to see which alt coins will die after 2 weeks.

... or which ones will be backed up by companies. I've heard credit card companies are looking to get involved in alternative currencies.

[biaka]

And potential to obsolete.

 

[inkognitoman]

what about NameCoins? will those ever be worth anything?

They're worth something now. You can trade them for Bitcoins.

I mine in pool with merged mining, so I have some namecoins, but namecoins are so cheap that isn't worth of trading for btc, unless you have tons of NMC.

[jamesblack]

i dont think so...