A warning about Alt-Coins

[brambi]

and again me! sorry again!

Shame on u!  (5th post achieved)

[1715535621]

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[1715535621]

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[smscotten]

Yeah, clearly most altcurrencies have a very short shelf-life. Ultimately in order to have any value, people will need to be able to trade them for actual goods and services, which means we're talking BTC. LTC to a much smaller degree, but most currencies can't be traded except for other currencies which means they will disappear when people lose interest or faith.

This is NOT an indication that DGC has legs, but I was impressed to see that the developer behind DGC, after launching it a couple weeks ago, set up an ebay-like site for exchanging real things ( http://dgcmarket.com/ ). I'm NOT endorsing it and I have no idea if it is a scam or not, but if it's legit, it is the sort of thing that will give a currency value independent of riding BTC's coattails. Even if it is a scam, it's the SORT of thing that will give a currency independent value.

One thing I've been thinking about is whether a coin can get adoption by people other than miners and speculators, and I've got to wonder: why do so many altcurrencies come with names that can only serve to undercut their value? I understand fully that LTC is the strongest and stablest other than BTC, but how will we ever get ordinary citizens to use "Money Lite"? Less filling is NOT what I want in a currency.

I know that's no substantive argument against LTC, but value is all about perception. Why start your career with a label that will turn people off?

And PPCoin? Really? Sorry, I think it's got good ideas and actually adds something to the field, but I refuse to call it anything other than PeerCoin. And anyone who isn't actively trying to kill it ought to call it PeerCoin (or ANYTHING other than Peepeecoin).

[DazCat]

And PPCoin? Really? Sorry, I think it's got good ideas and actually adds something to the field, but I refuse to call it anything other than PeerCoin. And anyone who isn't actively trying to kill it ought to call it PeerCoin (or ANYTHING other than Peepeecoin).

I'm sure many are thinking the same thing.   

I can't help but snicker at it, sometimes.

 

[DazCat]

Is anyone actually keeping track of all the ALT coins around?

It would be interesting to see a full list and some stats.

(But also a lot of work to create and maintain)

I have found this site useful, but it is only keeping track of a few:

dustcoin.com/mining

[Holla4dolla]

Anyone join this pool Silverwolf's WDC Pool [BETA] for World Coins?  I just joined today.

http://silverwolf.ath.cx/wdc/index

[burnt]

so many alt coins!

which ones to choose from, which ones to mine?

[reneedr]

Anyone join this pool Silverwolf's WDC Pool [BETA] for World Coins?  I just joined today.

http://silverwolf.ath.cx/wdc/index

I was actually going to mention WorldCoins because I think that of all Alt-coins, this seems like one that would be accepted widely and gain traction. I do like the the LTC and have actively been collecting both them and NMC to trade for BTC while the value for BTC is still decent. Thanks for the advice on scammers guys and gals. I am still newb and don't know all the ins and outs. Hopefully I will be a rich vet one day...
Already would be if I had kept mining BTC 3 yrs ago...whoops lol.

[pinarello]

great info thank you for sharing

kind regards
pinarello

[ovideozn]

So what do you guys think about the newly released CopperLark alt-coin ? Looks kinda promising compared to all the other ones..

[Larry666]

What's the odds of a newbie succeeding in this world?  why do you want to push us down.

[ArtificiallySmart]

I've got a strong suspicion that you'll be hearing great things about GLD soon.  Wink

What is GLD? Was it a joke and did you mean Gold?

[gero9mo]

Watch out for this PXCpool, might be a scampool: http://pxc.theblocksfactory.com/inde x

Started mining PXC 12 hours ago with 2500 kh/s speed, looking to get aprox 800 pxc per 24 hour. Well, mined 12 hours and got only 9 coins wich is 18 coins per 24/hour. I get a few rejects in cgminer, but the pool accepts my submission all day long....so something is really wrong with this pool.  

If im making a mistake and dont understand why i only got 18 out of estimated 400-500 coins (that is for 12 hours), please inform me and i'll adjust to any new info that could explain it.


UPDATE: I transfered the 9 PXC i had on theblocksfactory, but weird as it is for me i recieved 167.43066769. Why I don't se the correct amount the pool site, i dont know hehe, but at least i was paid more than i first feared even though its still less than expected from 12 hours of mining on 2.5kh/s

So maybe not a scam, but weird stats thats for shure

[Deoptics8]

Started mining LTC a month ago but don't know if it still worth it. Great hobby but moving beyond 2 GPUs is getting expensive.

[atariguy]

You can use Namecoins to buy and register Domains.
Currently, the only domain you can use with Namecoins is .bit.

It's more than that. When ICE or DHS seizes a website they grab the DNS for the domain. Namecoin is a distributed DNS system that can't be seized.

However, the drawback is that in order to access your domain, users have to be participating in the distributed DNS system, correct?

[AliceWonder]

My suspicion is the vast majority of alt-coins are get rich quick schemes.

Get rich quick schemes work for a few, they don't work for most.
And those they do work for often blow it trying to repeat. Just like the guy who wins the slots, the hotel puts him up so he stays and gambles it all away.

I missed out on the boom of bitcoin but big deal, none of the others are going to have the same kind of boom.

bitcoin has been around a couple years, it still goes up and down sometimes like crazy but while I do think it may still be overvalued at the moment, it's value is changing from speculation to a value based upon the fact that you can actually buy things with it. That's a much more solid foundation for value than speculation that it is the next big thing.

You have $100 to throw at alt-coins, it's your money - speculate away. Maybe you'll get lucky but most of them will fail, and I fear their failure will put a sour taste in people's mouth possibly turning them off to bitcoin as well. But I'm guessing bitcoin will survive.

With respect to government backed crypto-currency - the reason I want bitcoin is specifically because there is no government / mainstream banking control. I don't want something I write to have to be censored because Credit Card company deems it obscene even though it is legal and I don't want .gov to be able to freeze my accounts while they investigate me for something that is legal but they don't like.

bitcoin gives me that freedom and that's why I am starting to use it. I'm not in this for the speculation, that ship has sailed and most speculators will fail and I certainly don't want to use a currency for my business that has a high probability of failing even if odds are that a few will make it.

So for me - bitcoin is where it's at.

[wpgdeez]

I wonder what LTC will do when GPU mining is no longer feasible for mining BTC

[AliceWonder]

I wonder what LTC will do when GPU mining is no longer feasible for mining BTC

I suspect cloud computing will make that a non issue.

Even if the payout isn't big, it will be in the best interest of businesses that accept Bitcoin to let their extra cycles be used for mining.

[Bitcollector]

Most Alt coins are completely pointless and just poor replicas of what's already out there with little to no improvement.

Do you think WDC is?

[Breen2543]

Great post

[ctala]

I was thinking about starting mining an other currency, I still can not decide which one is not going to be a waste of time.