A warning about Alt-Coins

[coldwinds]

Yes, I agree with you, altcoin sometime is jus a waste of time, but if get enough luck, one it's on the market, you got your price.

[1715455507]

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[ghitzafunny]

I think Feather coin have a huge potential , like other altcoins ! But bitcoin remains the best cryptocoin . Now I have 55 FTC

[elbeik]

thank you for this thread in my opinion it was very helpful

[samuelbt]

NXT is the best in my opinion with big potential

[Mac Red]

NXT is the best in my opinion with big potential

Agreed.

[MyLuckyMichelle]

Where is it safe to buy LTC?

[samuelbt]

Where is it safe to buy LTC?

decide yourself here http://bitcoincharts.com/markets/

[marakanito]

Where is it safe to buy LTC?

The safest exchange to buy LTC is btc-e.com

[BTC5OOO]

$BIL #CHATROOM COIN! ---> https://coinedup.com/OrderBook?market=BIL&base=BTC

[r4d15h]

NXT is the best in my opinion with big potential

Agreed.

What is different about NXT that makes you think it will be big?

[rezacz]

Giftcoin for the time.

[r4d15h]

Giftcoin for the time.

Gift coin didn't get off to a very good start eh! But at least they're trying to put a different spin on the usual alt-coin release.

Coinye has been getting a lot of press recently, so might be worth a look next week.

[MyLuckyMichelle]

Thank you for your answers.
Which other alt coins except LTC would you recommend?

[Enhanced Elephant]

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.

This is really helpful, thanks!

ee

[salamander135]

What is the difference between alt-coins and bitcoins themselves? Is it the hash-type or just a plain difference in algorithm? sorry if this has already been asked

[Asian Prepper]

do you suggest to have a large portfolio of alt coins?

i've done very well acquiring several of them trading some and holding some, but i make a criteria to mostly buy coins that have unique or innovative properties to btc.

I usually gauge all copy cat coins by the features they have that aims to solve pressing issues with crypto currencies.   I got into nxt for many of the problems it's attempting to resolve.

[Cryddit]

What is the difference between alt-coins and bitcoins themselves?

It varies; some are effectively the same (like Bytecoin), some have different hashes (like Litecoin), some bring new features various & sundry. 

[Patrickvbw]

But in the end - aren't all alts simply rip-offs of the bitcoin?

They all present themselves like they are some sort of revolutionary new coin, with new ideas, functions, capabilities and such, but since the day i 'joined' the crypto community by investing some cash, there are like 50+ new altcoins on the market. Every single on of them claims to be unique..

My 2 cents; all these alts will eventually crash the crypto markets, simply because there are too many of them.

This aside, i am happily riding the current waves offcourse

[Mother Earth1213]

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.

This is really helpful, thanks!

ee

# very useful information for newbies

[uamazeballzme]

MOON now has a list of petitions up on Reddit, posted by yours truly 

http://www.reddit.com/r/MoonCoin/comments/1uf3g7/help_spread_the_moon_petition_links_and_status/

Takes a village to raise a coin.