A warning about Alt-Coins

[jiangyaokai]

Looks like they are all going to lack liquidity.

[zed_man]

Yup def all true as previously mentioned!

[Pitlord]

I somehow believe in YAC though...

[Masamune]

I somehow believe in YAC though...

I believe in all Alt-Coins 

[heropzy]

Noted with thanks, that's helpful

[calaber24p]

I like established alt coins like litecoin for example but that being said I dont trust them fully, for now Im putting my Litecoins in stocks and bonds which can be bought for bitcoins or litecoins for some security

[JimCGSavings]

Total newb here, but is it possible to buy partial Bitcoins with fiat currency? I don't want to mine alt-coins, I want to buy and spend them without the cost of buying BTC at it's current value.

[calaber24p]

yes it is google btc-e you can trade a couple of the higher priced coins with eachother

[minerg0d]

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.

As I noted, there were a myriad of reasons for the Euro and I won't get into the politics of it, but to say "there was no solid economic reasoning" is a bit dismissive.  The economic reasons were reduced transaction costs across states and easier cross border investment and trade.  Theories dealing with currency aggregation in regional areas date back to the 1960's.  The Euro may be unstable and/or a stupid idea in practice, but there does exist valid theory behind it.  And as a bonus, when fat, rich Americans travel to Europe they can cross borders will-nilly and spend their Euros like they never even crossed state lines.  Just imagine what economics in the US would be if every state used its own currency.  

As far as altcoins go, sure they may be viable if they are different enough, but viability does not mean they will ever be worth "real" money or possess any trade value.

[JimCGSavings]

yes it is google btc-e you can trade a couple of the higher priced coins with eachother

I'll look into it. Bitcoins seem more like a long term investment to me.

[shankopotamus]

I've been researching Ripple - and I'm still not clear on whether or not this is another alt-coin or something completely different. The best explanation I read was likening XRP to a USPO stamp. Users of Ripple exchange will need XRP to transfer BTC / USD / Etc. at a much MUCH lower fee than traditional avenues. Anyway...this is probably in the wrong thread - chalk it up to a newbie!

Regardless...loving this stuff!

[jamesgarfield]

Feathercoin FTW!

[Viscera]

Hi, as a complete newb, is there any simple way to mine CNC in a pool using the QT? I'm mining CNC on my own at 1khash... will take me years lol... but I don't know how to use any programing language... just know how to click an exe any ideas or lessons? Thanks

[minerg0d]

Hi, as a complete newb, is there any simple way to mine CNC in a pool using the QT? I'm mining CNC on my own at 1khash... will take me years lol... but I don't know how to use any programing language... just know how to click an exe any ideas or lessons? Thanks

This really is not the discussion for that question. You should probably start a new thread.

[jomay]

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.

As I noted, there were a myriad of reasons for the Euro and I won't get into the politics of it, but to say "there was no solid economic reasoning" is a bit dismissive.  The economic reasons were reduced transaction costs across states and easier cross border investment and trade.  Theories dealing with currency aggregation in regional areas date back to the 1960's.  The Euro may be unstable and/or a stupid idea in practice, but there does exist valid theory behind it.  And as a bonus, when fat, rich Americans travel to Europe they can cross borders will-nilly and spend their Euros like they never even crossed state lines.  Just imagine what economics in the US would be if every state used its own currency.  

As far as altcoins go, sure they may be viable if they are different enough, but viability does not mean they will ever be worth "real" money or possess any trade value.

Well, I am living in Europe btw. Introducing one currency eases cross-border investments and trade. That is the reason why french banks were hyperventilating zombies and needed to be propped up by politicians. I don't think this can be considered a "positive" aspect of the Euro. The extra money Americans leave here is negligible.

I understand that you are very biased towards BTC. That is your choice. I do not know what you consider real money but I can exchange LTC for USD at a current rate of 2.88 USD/LTC. That is pretty real to me. I think you are also afraid of a new revolutionary altcoin coming out that improves BTC significantly. This would cause BTC to lose value.

[MrEkchQE]

i belive in LTC or NVC

[zappatron]

There is value in alt coins, but they need to bring new features and improvements to the table. Simply forking an scrypt coin and changing a couple of variables is not enough.

[superresistant]

What the hell people argue about alt-coins ?
You don't decide alone what have value or not.
If people believe an alt-coin have value then it have value, that's it.

[zeeshanblc]

What the hell people argue about alt-coins ?
You don't decide alone what have value or not.
If people believe an alt-coin have value then it have value, that's it.

Your are right, Invest on new alt coins you will earn more if the coin get famous. Right now, I'm planning to invest on PowerCoin. Its very fast unlike bitcoin that an hour to send and recieve, powercoin only take 30 seconds.

[kaddyd]

Your are right, Invest on new alt coins you will earn more if the coin get famous. Right now, I'm planning to invest on PowerCoin. Its very fast unlike bitcoin that an hour to send and recieve, powercoin only take 30 seconds.

But why you think that any alternative coins can become famous? I think famous can be only Bitcoin, because it was first and original. Most alternative cryptocurrencies uses Bitcoin source code and protocol, and sure, they're not first.