A warning about Alt-Coins

[lawrence18uk]

Someone suggested that Palestine might adopt BTC as a currency - but a commenter replied that Palestine has serious problems with internet coverage. There exists an opportunity therefore for someone to design a crypto-currency that might work in those conditions - maybe it might use the mobile phone network to assist with block chain verfication, or something completely different. Might catch on in parts of Africa, too?  Innovative enough???

[jbutter]

Almost all of the alt-coins out there are going to be a waste of time.

This felt like a punch in the face.
I wanted to mine Bitcoin, when I first read about it a few months ago.
Realizing the ASIC pipe dream, wasn't going to happen for this latecomer.
Then I stumbled upon YACoin, so far, CPU only mining.
Now I'm mining 3 YACoins a day from the unused power of a VPS.
Building and using YACoin from src teaches me Bitcoin.
ALT Coins boost, the crypto currency community.

I'll take your unwanted YACoins here please:

YAC NO BEGGINER ALLOWED, ADDRESS REMOVED

[ph111]

All these alts look dodgy to me !!

[GenTarkins]

agree

[pavimus]

I'm hopping from mining one altcoin to another.  You can at least double your earnings compared to mining litecoin/bitcoin. I follow next steps:
1) I made virtual machine in virtualbox and installed clean windows in it.
2) I waiting some new altcoin to release
3) I make copy of prepared virtual machine and install altcoin wallet on it.
4) Then i point my cgminer to this wallet and mine solo (i have about 3mhash, this is enough for small difficulties). When difficulty is high, but mining is still profitable, i mine in pool.
5) Wait till altcoin is added to any exchange. Wait pump, then sale coins
6) go to step 2

[barfor]

While it may be true that BTC is the gold standard and most alt-coins are goofy, the marketplace is deciding what each is worth. If I can mine [insert-goofy-name/pizza]-coin and convert it somewhere to BTC then it clearly has value to mine. When chinacoin came out, I thought it might be cool if there was a world-coin...and poof... wdc appeared. Being opensource with fast transaction times makes it very interesting at least...

[RobinHood27]

While it may be true that BTC is the gold standard and most alt-coins are goofy, the marketplace is deciding what each is worth. If I can mine [insert-goofy-name/pizza]-coin and convert it somewhere to BTC then it clearly has value to mine. When chinacoin came out, I thought it might be cool if there was a world-coin...and poof... wdc appeared. Being opensource with fast transaction times makes it very interesting at least...

i think U are apsolutly right!

[Bohren]

on one hand it would be interesting to see how the crypto coin would compete with each other. what i think is important is the idea of decentralised crypto currencies. now that we as a species have come in contact with the concept it would be hard to go back to fiat in the long run. i can even immagine banks will try to make their own crypto coin. to try to compete with the bitcoin. i think the wild west period is far from over.

[iwannagofast]

Thank you for making this thread, super helpful.

[cyron]

Is WDC (worldcoin) worth spending time on? Seems to be very profitable and has had a lot of response so far.

[MegaDaninski]

Not sure anyone will ever see this, but I'm not yet able to post in any real forums. My question is, how difficult is it to set the bitcoin mining program to mine an alt chain? I would like to start my own chain as a local currency to exchange amongst friends and neighbors in my community.

MegaD

[rich90usa]

Not sure anyone will ever see this, but I'm not yet able to post in any real forums. My question is, how difficult is it to set the bitcoin mining program to mine an alt chain? I would like to start my own chain as a local currency to exchange amongst friends and neighbors in my community.

MegaD

A turn key solution may be to do testnet in a box: http://sourceforge.net/projects/bitcoin/files/Bitcoin/testnet-in-a-box/ and https://github.com/freewil/bitcoin-testnet-box

Probably not good to use 'em long term, but should help you get an idea of what may be involved. For your own local currency, you probably don't want the difficulty pegged at one.

[ingvarfervent]

Powercoin on https://www.cryptsy.com/markets/view/24 

[thecryptokeepers]

i think that people should stick to BTC and LTC, all other alt's are to semi fraud

[Magged]

Altcoins _should_ be innovative.

[ts0412]

Why is there so many alt-coins...?

[gpurig1]

litecoins rock!

[George5]

Hi everyone! Can abybody tell me how to see the current difficulty of alt-coin through the client or any other way?

[zokos]

Someone know where i can trade phenixcoin ?

[ChronoX5]

Hi everyone! Can abybody tell me how to see the current difficulty of alt-coin through the client or any other way?

Someone linked this site, it has an overview of all alt coins including difficulty: coinchoose com