A warning about Alt-Coins

[Wenter]

I once tried mining litecoins. The yield is higher than with bitcoins, but still not satisfying for me, so I just stopped mining altogether.

[keccak512]

Altcoins _should_ be innovative.

[tysat]

Altcoins _should_ be innovative.

They should be, the problem is most aren't 

[huynhthuan99]

More the merrier.

[overc]

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.

I would partually agree with that.
Bitcoin has a great advantage and value compared to alltcoins: it is people adoption, I doubt that any altcoins can bet that in foreseeable future.

BUT!

Altcoins must be and they will be just because Bitcoin need a backup.
If altcoin would not exists then govermnents would found way to shutdown Bitcoin (create a lot of ASICs and make 51% attack, for example)
With alcoins in existence nobody will do that because it is useles: people will shift to altcoins with another hashing algorythm and all of resources are spent on the 51% attack are spent in vain...

[almightyruler]

First poster but long time member (started mining BTC in 2011)

I've toyed with various alt coins recently - MNC, CNC, YAC, BTB, ELC, PWC - in the hope that I'd be one of the early adopters, able to push out five or six figures worth of coins while I was yawning in bed. Hasn't happened yet, I've always been a day or two too late. (In the case of ELC I was ready to go, but the botched launch with the 2 hour delay, no windows client, plus a malfunctioning pool took care of that...)

Anyway, I'm sort of alternating between being excited about a new coin, versus thinking "not THIS again"... most of them are just a search and replace of the name then a tweak of a couple of parameters. How is this innovation? 

[bystander]

Anyone have a chance to sit in on the Alt-Chains session at the conference today? 

[keccak512]

Worldcoin is being traded on mcxnow.com

[keccak512]

GLD all the way! No premining

The GLD seems undervalued in the short-term (compared to some other altcoins), but I don't think it's innovative enough for a good long-term outlook.

[Tywill]

Has anyone dealt with mcxnow? How reputable are they?

[fahrenheit451]

If someone missed it elsewhere, there's a litecoin sites listing at http://uselitecoin.com, check it out and spread the word

[EBM]

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.

I would partually agree with that.
Bitcoin has a great advantage and value compared to alltcoins: it is people adoption, I doubt that any altcoins can bet that in foreseeable future.

BUT!

Altcoins must be and they will be just because Bitcoin need a backup.
If altcoin would not exists then govermnents would found way to shutdown Bitcoin (create a lot of ASICs and make 51% attack, for example)
With alcoins in existence nobody will do that because it is useles: people will shift to altcoins with another hashing algorythm and all of resources are spent on the 51% attack are spent in vain...

Nope, they just use the same ASICs to crush all of them.

There are only two coin systems: SHA 256 and scrypt.

BTC uses SHA 256. Any other coin using SHA 256 can be hit by the same ASICs that mine BTC.

Same applies with scrypt, except - as yet - there are no scrypt ASICs and they will be a bit more difficult to make. But not impossible.

All of this is besides the point though. Within 2 years, the next tech for mining will make even ASICs obsolete. It's already being prototyped.

And it will not be available (in numbers) to the public.

[tysat]

All of this is besides the point though. Within 2 years, the next tech for mining will make even ASICs obsolete. It's already being prototyped.

And it will not be available (in numbers) to the public.

What's better than an ASIC?  I didn't think there was really anything else.  Please post a link or write about it because I'm curious.

[qritz]

Are the alt coins created by the same people who made bitcoin or are they all independent?

[yannickvr]

If someone missed it elsewhere, there's a litecoin sites listing at http://uselitecoin.com, check it out and spread the word

lol @ the Asics for LTC one! Thanks for the link

[DaGreatRV]

So, what about SHA-3?
It's fairly new, but I bet someone will make a coin based on it. 

[EBM]

All of this is besides the point though. Within 2 years, the next tech for mining will make even ASICs obsolete. It's already being prototyped.

And it will not be available (in numbers) to the public.

What's better than an ASIC?  I didn't think there was really anything else.  Please post a link or write about it because I'm curious.

Happy to discuss privately. Can't reveal too much though - we intend to make good use of this tech when it arrives.

Equally though, we don't want it to wreck anyone's plans for ASIC investing. So we're talking about now, before that's an issue.

(Hopefully, it will also make the network far more resistant to a 51% attack in future - even from a Govt.)

[EBM]

Are the alt coins created by the same people who made bitcoin or are they all independent?

Independent. Some are allegedly the work of organised crime, as are the exchanges which deal in them. (Same people doing both, in some cases.)

Caveat emptor.

[imineftc]

Hi guys, first post here.. I think alt coins are inevitable since bitcoin is opensource.  But they aren't all bad they can add value and push for evolution in this growing market. Of course there are bound to be failures but this is a fact in anything we do.  I'm glad to be a part of this growing economy that is finally governed by the people thats all that matters to me.

[Plesk]

WDC (Worldcoin) just hit BTER.com exchange!
I'm a newbie so naturally I'm going to play around with it and cash in (hopefully!)