A warning about Alt-Coins

[timeofmind]

It is only a matter of time until we have decentralized crypto exchange network based on a high-bred crypto coin protocol that will allow us to exchange any network accessible crypto coin with a software client.

[FallingKnife]

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.

tysat, if you believe they are pump and dumps, seriously who do you think is behind it?  mtgox?  the btc elites?  honestly, if someone is pumping and dumping in an organised way, as a means of screwing new investors then the entire alt community should hunt them down

How about starting with /Fontase on twitter.
Small cryptocoins are routinely manipulated. There's no denying that. Just spend a little time on trollbox, which is the epicenter.

[dmoss]

any alt coins that are worth mining?

[altsay]

Yacoin, i would say

[yantis]

Right now only LTC and YAC are worth mining. I am hopeful on YAC because the development was forked after the original developer pulled a Satoshi and the new one is doing a lot of good work with it.

[baltazar]

I love the Scrypt Altcoins, since there will not be any ASICs.
I mined litecoins, chinacoins, bitbars and at the moment i mine Frankos
Unfortunately they are not listed on btc-e or bter.

does anyone know an exchange to trade Frankos?

thx

[menace_one]

my first post, so "Hello to all" and my first two cents.

After a long time, LTC difficulty rises and BTC/LTC ratio falls into regions where LTC mining is as worth as BTC mining.
At least if you trust www.coinotron.com.

[Xuxu911]

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.

Oh yeah....

[kaputt]

I know that most people want or need to make money, but mining altcoins can be fun and more importantly, they can be used to learn more about crypto-currencies in general. I still support bitcoins, but I don't mind if people try other things.

[tupacshomey]

With the number of people who get involved in crypto always increasing, newbies will always need a place to go and will start at the alternatives causing a few of them in increase. I'm sure there's room for a number of them, and what happens after the block chain is completed? It should move forward with with new coins kind of the way new bills are printed and updated every decade (or whatever time frame it is).

[griffga]

First post here on the forum. I have four rigs going right now and it's nice to be able to use the idle CPU time to mine another coin. Yacoin is a good supplement.

[Yinkle7]

I think people in parts of the world where electricity is expensive and getting more so will like PPcoin or Peercoin as it is now called. Time will tell if it functions correctly with proof of stake working, but I am willing to give it a go. I was shocked when I measured electricity usage when mining scrypt coins, so I no longer do.

[marzhall]

Sort of along Baltazar's point, I'm mining litecoins at the moment because there doesn't seem to be as much of a hardcore community to it yet, and a guy with two nividia computer can CPU mine and GPU mine and still do okay. If they move up in price, I'll have more of them overall, so it'll be better for me than if I have 0.05 bitcoins and they move up in price. Of course, if they never get adopted and just crash, I'll have wasted GPU and CPU time, but for something that's essentially free (electricity is included in rent for me), why not?

[grabber]

With the number of people who get involved in crypto always increasing, newbies will always need a place to go and will start at the alternatives causing a few of them in increase. I'm sure there's room for a number of them, and what happens after the block chain is completed? It should move forward with with new coins kind of the way new bills are printed and updated every decade (or whatever time frame it is).

It's normal to move on. I'm quite sure that Bitcoins were the original, but alternatives such as LTC having big potential.

[tysat]

With the number of people who get involved in crypto always increasing, newbies will always need a place to go and will start at the alternatives causing a few of them in increase. I'm sure there's room for a number of them, and what happens after the block chain is completed? It should move forward with with new coins kind of the way new bills are printed and updated every decade (or whatever time frame it is).

It's normal to move on. I'm quite sure that Bitcoins were the original, but alternatives such as LTC having big potential.

The point is most alt coins don't hvae potential.  They're just created to abuse people who think they do.

[wetroof]

if u read the post history of the original developer you can tell english is not his native language. It seems like he did a quick job on yacoin. It's a fork of Novacoin with a few changes. he did implement a new PoW algo so good for him. but he has not explained his reasonings at all.

[FallingKnife]

I also think there are too many cryptocoins, but who am I to judge. Some people just have fun mining, and it helps to create interest in all coins. With bitcoin mining difficulty so high, I understand why some people want to mess around with the tinycoins; emotionally it's more satisfying to see 1 xCoin in your wallet at the end of the day instead of .00001 btc.

I think interest in most of the tinycoins will die off eventually, but as long as people are learning how cryptocoins work, who cares. Eventually they'll gravitate to the liquid coins.

There should be more vetting of the coins that bring some new innovation to the table, over those that are just copycats. That's the community's job.

[ayosikh]

I agree with OP, most Alt coins are just pumped-dumped shortly after.

[lewis_]

I completely agree, its necessary not to fork away from the original cyrpto we were all here for imo.

[Viscera]

I love looking at Alt-Coins. I think they are making fantastic innovations an improvements along the way. I think a 1:1 BTC clone would be worth something, and will not destroy the value of BTC. I think that if Aliens arrive they may well have there own form of digital currency and if it where a 1:1 clone of BTC is would not make BTC less valuable but would rather add to the overall economy.

Let me say also that I don't think these digital currencies are rapidly rising in value, I think they have some value and as it's being recognised while the value of the fiat (read fake) money is dropping like a stone.

Of course I don't want to argue with people who have a different opinion unless they want to provide verifiable evidence, but so far the evidence I've seen is that a large number of alt coins are being traded by people who believe they have value, if the price fluctuates wildly they will be truly following in the footsteps of BTC

Rumours on CNN that Zimbabwe have adopted Bitcoin as there National currency... They could create an AltCoin... but maybe BTC is still the coin of choice