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Author Topic: A warning about Alt-Coins  (Read 901638 times)
Sawtoothsquid
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May 13, 2013, 06:52:24 AM
 #121

Powercoin started today. I don't know how long it will last, but you might be able to mine some and hold on to them in case they do amount to something.
All you will waste is some time and electricity.
Amph
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May 13, 2013, 08:06:03 AM
 #122

I guess i'm still pretty new at this but I'm not really sure you can trust any of the ALT coins. BTC, LTC and PPC seem to be the only 3 worth putting hardware into.
The only one which have real potential is BTC.
LTC is something like sub-economy for btc, but very small and no real potential to grow. Maybe it works fine just as it is. Anyway, wasted time.
BTC haven't any real potential, they are already established
LTC are the one with potential
ineauxv
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May 13, 2013, 08:16:26 AM
 #123

Alt-coins is the new gold.
Niolin
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May 13, 2013, 10:33:49 AM
 #124

Seems YAC is the coin of today
karasako
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May 13, 2013, 04:23:28 PM
 #125


Until a digital currency is used and accepted frequently in transactions new ones will be pop up continuously...

Bitrated user: kostas.
sir
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May 13, 2013, 04:26:44 PM
 #126

there is one rule buy high sell low ;]
Lachy
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May 13, 2013, 05:23:01 PM
 #127

Is there actually any future for clone-coins like FTC and NMC? Is it possible to mine any new coin with fpga's?
sir
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May 13, 2013, 06:17:09 PM
 #128

I think it will be still for speculation purpose only. Maybe if something big start accept it,then it will change:)
v1le
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May 13, 2013, 06:37:48 PM
 #129

all altcoins seem to be tanking, even ltc. even btc seems to be on a downtrend. makes me wonder if we'll ever see $150+ btcs again
Troophey
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May 13, 2013, 08:22:27 PM
 #130

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.



Well said my friend..
djmarsat
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May 13, 2013, 09:24:18 PM
 #131

all altcoins seem to be tanking, even ltc. even btc seems to be on a downtrend. makes me wonder if we'll ever see $150+ btcs again

Do you follow the stock market? Nothing goes up in a straight line.  Prices will fluctuate greatly but I believe the overall trend will be up over the next decade. FIAT currencies are worthless. Your $s are backed up by nothing. Governments continue to print more and more money devaluing what's in your pocket. Soon it will be cheaper to wipe you're arse with a $ note instead of buying toilet roll. BitCoins are the future.
Aineko
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May 13, 2013, 11:48:36 PM
 #132

atm its mostly scamcoin instead of altcoin
ik2013
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May 14, 2013, 12:48:41 AM
 #133

Well personally I am interested in alt-coins because they are easier to mine. It's much nicer to see a half or whole coin reward  instead of one to 8 decimal places...

The only question is how easy will it be for the SHA-256 ASIC chips to be converted to alt-coin mining. I suppose that depends on who developed the coin/miner and the ASIC developers

Single board ATX power supply interface for Raspberry Pi: https://bitcointalk.org/index.php?topic=263567.msg2815917#msg2815917    Like my work? Donations accepted here: 1FXYreNr35PzZVimEQkSzR68EdNutqefYh   I sell on Tindie: https://www.tindie.com/stores/KD8SSF/     Reputation thread: https://bitcointalk.org/index.php?topic=264089.0
Schrankwand
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May 14, 2013, 12:50:40 AM
 #134

Well personally I am interested in alt-coins because they are easier to mine. It's much nicer to see a half or whole coin reward  instead of one to 8 decimal places...

The only question is how easy will it be for the SHA-256 ASIC chips to be converted to alt-coin mining. I suppose that depends on who developed the coin/miner and the ASIC developers

None of the coins are more profitable at the moment, though.

And for mining SHA-256 coins, you simply start cgminer, send it to the pool you want to mine in and it will start mining. Whatever tool you may be using.
Arnold37
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May 14, 2013, 02:32:00 AM
 #135

Todays Coin is ElaCoin, Royal coin was yesterday Roll Eyes
vanbits85
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May 14, 2013, 02:49:53 AM
 #136

alt coins are good
Allods
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May 14, 2013, 05:30:39 AM
 #137

Alt-coins is the new gold.
no, it is a scam
minerg0d
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May 14, 2013, 07:15:47 AM
 #138

Well personally I am interested in alt-coins because they are easier to mine. It's much nicer to see a half or whole coin reward  instead of one to 8 decimal places...

The only question is how easy will it be for the SHA-256 ASIC chips to be converted to alt-coin mining. I suppose that depends on who developed the coin/miner and the ASIC developers

None of the coins are more profitable at the moment, though.

And for mining SHA-256 coins, you simply start cgminer, send it to the pool you want to mine in and it will start mining. Whatever tool you may be using.
the same to me, I vote for Royal coin

Here is the real problem with all this BS alt-coin talk.  Just because it is easier for you to mine does not give the thing value.  Do you not see the endless road of this logic?  Bitcoin becomes difficult, so you abandon it for litecoin, then litecoin becomes too difficult and you abandon that for {insert next stupid alt-coin here}.

This is not how currency and commodities markets work.  When the gold became harder to find after the initial California gold rush those miners did not just use their digging tools on some other random mineral/element they decided was easier to get their hands on; gold had a value and that is why they started mining it.  Some jerk just did not wake up one day and say, "Hey I think I will start mining this yellow shit out of the ground and people are gonna pay me for it."  Gold had an intrinsic value, thus attracting miners.  

Yes, technically speaking someone did just wake up one day and invent Bitcoin and now a very modest amount of people have decided that they are willing to trade it for some value, but Bitcoin enjoys an advantage over all these other alt-coins precisely because it was the FIRST to market.  A group of mostly geeks (I say that lovingly) thought it was a decent idea and decided that they could probably use some of their excess (and thus unused) computing power to participate in this cool, new geeky thing.  It now has some value determined by a small market of people who are (supposedly) willing to trade this virtual currency for cold, hard cash.  

The Bitcoin market itself is very volatile though and still in its infancy.  It could crash and burn at ANY moment and all of use who have invested time and money would be screwed, but that is how markets and commodities work.  True, if you own a cow it will  probably never hit a value of zero, but Bitcoin ain't no cow.  It is a virtual currency and currencies rise and fall in value everyday.  They can crash and burn when they are propped up and supported by HUGE banks run at the behest of WHOLE FREAKING COUNTRIES.  Bitcoin is essentially a peer to peer trading group; for goodness sake Mt. Gox was borne from a Magic: The Gathering playing card exchange.

All this talk of "which coin do you like best" is a bunch of garbage.  Do you honestly think that you can just start minting money out of thin air by turning on your PC? That is the height of foolishness.  You have been told that things in life do not come cheap, or free or without work, correct?  Serious Bitcoin miners have spent serious time and/or money to do this.  Just because you found a currency on some web site run by some anonymous prick you have never met with some technical gobbedly-gook scheme about hashes and hexadecimal keys (or whatever) does not mean you just freaking stumbled upon something that is now gonna be the NEXT, NEWEST, BIGGEST thing to make money off of by doing absolutely nothing.

Do yourself a favor and go read a book about currency markets and basic business practices.  Have you ever heard of the Euro? Do you have any idea why they created it?  I will give you a quick answer (one of many, but this reason is relevant to the present discussion): because Europe is millions of people of different cultures living very close together and having a dozen freaking currencies milling about was a TOTAL PAIN IN THE ASS. So they consolidated all that mess into 1 currency to make things easier.  Now why the hell would the marketplace allow LAZY people to just decide to create a dozen new currencies with no intrinsic value, backed by no major institution, and that is volatile as hell?  What business wants to have to accept whatever stupid virtual currency you decided to show up with and take the risk that his payment will not plummet in value the very next freaking day?

So please, let's all agree that this alt-coin talk is crap.  Only 2 things can happen to solidify a second virtual currency: 1. Bitcoin is hacked so bad it is destroyed completely and everyone flees to another currency or 2. Bitcoin becomes a solid, non-volatile currency that markets and investors (not miners) can depend on, thus proving a proof of concept started by Satoshi and cementing the ENTIRE idea of virtual currencies in the first place.  

Either way, talking about "Well I like this currency," and "I like this one better because my cheap laptop mines it faster," is irrelevant.  No one can predict from here whether Bitcoin or any other virtual currency will succeed at all.

Having said all that, I support Bitcoin like a mother&*^%&.  And I will continue to mine it until it just becomes so damn expensive that only the ASIC corps are left, which is the inexorable end to this mining thing-- just look at gold mining and farming.

Do you like this rant? Here is my address. Wink 15BpbTyRi6JbFue7PZp9gqaVtUUdh6faDx
jomay
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May 14, 2013, 07:30:33 AM
 #139

Do yourself a favor and go read a book about currency markets and basic business practices.  Have you ever heard of the Euro? Do you have any idea why they created it?  I will give you a quick answer (one of many, but this reason is relevant to the present discussion): because Europe is millions of people of different cultures living very close together and having a dozen freaking currencies milling about was a TOTAL PAIN IN THE ASS. So they consolidated all that mess into 1 currency to make things easier.

Muahahaha, a professional economist talking, eh?

The Euro was introduced to eventually force a political and fiscal integration of Europe into a super-state. And because politicians are full of crap.

There was no solid economic reasoning for introducing the Euro and many economists warned and still warn about the risks of instability that the Euro causes.

Transferring this reasoning to altcoins: an altcoin is viable if it is different enough from other coins (e.g. confirms are faster) such that it could have a different use and market. Most of the new ones are worthless.

BTC 1NoV8NFSB7eiuK2aABFtBTdUdXhbEdG7Ss
LTC LaFyWSfzKY7CKwwmbxhyf8S2iJvfT7JFtL YAC YKKwR5B64Z9ww971J42vEGVPaema623Tz6
atlosas
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May 14, 2013, 08:07:58 AM
 #140

Only litecoin and bitcoin has some real value, because you can actually buy something, the others only have speculated value.
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