A warning about Alt-Coins

[FinShaggy]

Too many alt coins now..

No, just not enough alt coins with meaning. Like China coin, we need an India coin, a USA coin, a UK coin, a Eurocoin, etc etc.

[joulesbeef]

i need more alt coins.. why isnt there a beefcoin? crap i need to learn to code.

[FinShaggy]

i need more alt coins.. why isnt there a beefcoin? crap i need to learn to code.

There is a BBQ coin

[sdminer]

what is the best alt coin to mine right now...the fastest with quickest reward. My gpu is not that new, so I would like to find the best bang for my buck sort to speak.
I tried a few already for fun, but daily profit low due to older gpu.

[moody123]

WDC seems to be profitable to mine, I'm not sure though because I don't have a miner.

[coingun]

The machine I had my CNC wallet on I literally pulled apart and destroyed the hard-drive! Lmao.

[FinShaggy]

what is the best alt coin to mine right now...the fastest with quickest reward. My gpu is not that new, so I would like to find the best bang for my buck sort to speak.
I tried a few already for fun, but daily profit low due to older gpu.

Devcoin, merge mined with BTC and 10 minute blocks

[dadaguo]

finally i find a reason ~~~~

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.


Here's some good info from later in the thread:

1) Don't just trust the status of a member, anyone can write 500 posts and be a hero member in a short period. This just means that he invested some time on his membership. He can always decide that a profitable scam will be a good payment for his time.
2) Never deal with anyone without doing a search in the forum with his nickname, in order to check if he has scam accusations.
3) Ask for his coin address and always search it on blockchain.info or www.cryptocoinexplorer.com to verify if his address has the amounts he is claiming.
4) Be very suspicious about proposals well under market price or if he accepts your proposal under market price with no negotiation.
5) Look for the reputation of the member (his successful trades, in the form of vouches from the other party on the deal).
6) Even if he has some reputation, never send all the money in one transfer: send one first very small tranche (0.1 btc might be a good start) and wait for his payment. Send a second little higher tranche and wait again, etc. Small increments, because he might decide to pay you the first and second, to scam a bigger tranche. Always suspect if he doesn't accept to trade in small tranches.
7) If he has no reputation (including most cases when he is a newbie or a Jr.), even small tranches are a risk. Better use an escrow system, like the one of bitmit.net, or a trusted member, or you might need to send over 10 very small tranches. It can be annoying, but loosing your money will be more.
8] For big amounts always use an escrow system, unless the member has an excellent reputation.

Since this thread is a sticky, I decided to post this here. Any moderator or member feel free to move, copy or improve these rules at will.

[endlessskill]

Thanks for the heads up

[naphto]

Who is buying all those crapcoins? Tell me !

[alenevaa]

Thanks for the tips, very useful indeed 

[Mindsync Miner]

Don't get scammed. Seems like it's pretty easy to sniff out a dishonest launch if you do a little homework.

[BTCsckr]

Well I just love the pump and dump, I increase my profit like 200% that way, don´t care about the alt coins more than that, but is true that one of them may be a boom some time

[Ransor]

Competition is a good thing. There's room for multiple successful crypto currencies, and competition will weed out the ones that have flaws.

[tysat]

Competition is a good thing. There's room for multiple successful crypto currencies, and competition will weed out the ones that have flaws.

The problem is most are just clones of BTC that really offer nothing new.

[Ransor]

Competition is a good thing. There's room for multiple successful crypto currencies, and competition will weed out the ones that have flaws.

The problem is most are just clones of BTC that really offer nothing new.

The ones that offer nothing shouldn't gain much traction and will die off. I haven't invested any time or money into the alt-coin currencies, but I don't see them as a threat either. It is possible that some will provide good concepts which can either cause the currency to take off on its own or the benefits could be added to BTC in the future.

[tysat]

Competition is a good thing. There's room for multiple successful crypto currencies, and competition will weed out the ones that have flaws.

The problem is most are just clones of BTC that really offer nothing new.

The ones that offer nothing shouldn't gain much traction and will die off. I haven't invested any time or money into the alt-coin currencies, but I don't see them as a threat either. It is possible that some will provide good concepts which can either cause the currency to take off on its own or the benefits could be added to BTC in the future.

I don't see them as a threat either.  There are definitely some good concepts out there.

I'm just trying to stop people from wasting time/money on new cryptos.  A lot of newbies don't know better and will end up doing it, I just want to help people by giving them a warning.

[jmbinfo]

Well, what makes ALT coins risky is also what makes ALT coins potentially profitable. High risk...high potential gain...or loss.  To me, ALT coins are much more exciting than trading BTC or LTC. I can make or lose 10x in 1 day vs what would take weeks or months with BTC.

[zuper]

WDC is great now!
I've started mine it now

+1

[FinShaggy]

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