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Author Topic: A warning about Alt-Coins  (Read 901632 times)
shadallion
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June 25, 2013, 04:55:19 PM
 #761

The only alt-coin I have faith in is Litecoin.

I have about 500 LTC stashed away in the hope that they someday become the silver to bitcoin's gold. 

Saw a little spike in value with yet another rumor about LTC being available on MtGox, but then everyone lost patience and it's back down to around 2.5 USD again.

Long way to go before I make up my losses, since I bought in at 3.8!
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Once a transaction has 6 confirmations, it is extremely unlikely that an attacker without at least 50% of the network's computation power would be able to reverse it.
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sidhujag
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June 25, 2013, 06:01:16 PM
 #762

The only alt-coin I have faith in is Litecoin.

I have about 500 LTC stashed away in the hope that they someday become the silver to bitcoin's gold. 

Saw a little spike in value with yet another rumor about LTC being available on MtGox, but then everyone lost patience and it's back down to around 2.5 USD again.

Long way to go before I make up my losses, since I bought in at 3.8!

Wow you bought pretty high, I suspect you may be waiting months before you get a chance to break even. I don't think mtgox will announce any time soon as this last pump looks like a failure. If we close daily above 3 then I think we may see new highs but until then we are bearish long term.
cosmoscoin
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June 26, 2013, 05:04:41 AM
 #763

richcoin is a good one, http://richcoin.net

This is accont of CMC dev team.
Please donate CMC to us:
C9F6XmSESpKJVRjc2DkRZh1w6Ch53abRxL
DannyHamiltonn
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June 26, 2013, 08:42:42 AM
 #764

richcoin is a good one, http://richcoin.net
not good, sorry
whizz94
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June 26, 2013, 09:59:13 AM
 #765

A miner on one of the other consortia asked me what I thought of a proposed 'karmacoin' in which instead of hashing to authenticate transactions, your miner program was doing something more genuinely useful.  I replied that
i) I thought it a bad idea to make up more YetAnotherBitcoinClones
ii) I liked the karma idea and proposed that for public benefit tasks such as following asteroid paths or ridding the world of malaria, perhaps stratum and bitcoin mining consortia would have the right infrastructure to share out a problem amongst thousands, and distribute payment for subroutine completions (not hashes, since most tasks are not hashing).  That would need a generous benefactor to put 1000 BTC on a problem from time to time, and it would need some transparency so that the public can see that they are not computing the most economical way to smash an asteroid into the pentagon.  That would gain the benefactor massively parallel processing power so might be suitable for certain classes of task which suit that degree of parallelism.

What do others think?
Would it be better to install new code to do karma tasks for bitcoin than to have a new karmacoin?
Would you want to connect in to processing tasks at an existing bitcoin mining consortium?
Should effort shares be counted and rewarded in Bitcoin, or would people not need those to help out with a problem?






 
MissCoin
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June 27, 2013, 02:19:09 PM
 #766


why not? Could you explain more, please.
1base58
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June 27, 2013, 10:20:30 PM
 #767

A miner on one of the other consortia asked me what I thought of a proposed 'karmacoin' in which instead of hashing to authenticate transactions, your miner program was doing something more genuinely useful.  I replied that
i) I thought it a bad idea to make up more YetAnotherBitcoinClones
ii) I liked the karma idea and proposed that for public benefit tasks such as following asteroid paths or ridding the world of malaria, perhaps stratum and bitcoin mining consortia would have the right infrastructure to share out a problem amongst thousands, and distribute payment for subroutine completions (not hashes, since most tasks are not hashing).  That would need a generous benefactor to put 1000 BTC on a problem from time to time, and it would need some transparency so that the public can see that they are not computing the most economical way to smash an asteroid into the pentagon.  That would gain the benefactor massively parallel processing power so might be suitable for certain classes of task which suit that degree of parallelism.

What do others think?
Would it be better to install new code to do karma tasks for bitcoin than to have a new karmacoin?
Would you want to connect in to processing tasks at an existing bitcoin mining consortium?
Should effort shares be counted and rewarded in Bitcoin, or would people not need those to help out with a problem?

This concept could easily work on top of the Bitcoin blockchain. Considering that micro-payments can work both ways, any service providing distributed computation could in effect pay a commission to nodes that contribute processing power. In this way the computation doesn't need to be aligned to a particular hashing algorithm and it isn't time sensitive so anyone can participate earning micropayments as simple as 1 satoshi per Hz per second...

It doesn't even need new infrastructure to implement. WorldCommunityGrid.org could release an updated client that asks for your Bitcoin address, and on their server they run BitcoinJ to facilitate the micropayments.
DataPill
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June 28, 2013, 03:58:35 AM
 #768

There seem to be a lot of features which can be implemented in an alt coin which are not immediately obvious.

The Bitcoin protocol is quite robust - but if an implementation comes along with a killer new feature it could take over.
Quicker_777
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June 28, 2013, 11:31:14 AM
 #769

The only alt-coin I have faith in is Litecoin.

I have about 500 LTC stashed away in the hope that they someday become the silver to bitcoin's gold. 

Saw a little spike in value with yet another rumor about LTC being available on MtGox, but then everyone lost patience and it's back down to around 2.5 USD again.

Long way to go before I make up my losses, since I bought in at 3.8!

Why the predeliction to mt gox for trading?  Other exchanges are way more flexible and will allow trading other alt-coins.  I like Virucurex the best.  coin "A" to coin "B" to coin "C" to "USD" if I want.  https://vircurex.com/
Trillium
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June 28, 2013, 03:51:28 PM
 #770

The only alt-coin I have faith in is Litecoin.

I have about 500 LTC stashed away in the hope that they someday become the silver to bitcoin's gold. 

Saw a little spike in value with yet another rumor about LTC being available on MtGox, but then everyone lost patience and it's back down to around 2.5 USD again.

Long way to go before I make up my losses, since I bought in at 3.8!

Why the predeliction to mt gox for trading?  Other exchanges are way more flexible and will allow trading other alt-coins.  I like Virucurex the best.  coin "A" to coin "B" to coin "C" to "USD" if I want.  https://vircurex.com/

Yep, mt.gox is a fiat<->btc exchange (when you can deposite USD, that is). There are plenty of established altcoin exchanges. Btce and Vircurex have worked well for me before.

BTC:1AaaAAAAaAAE2L1PXM1x9VDNqvcrfa9He6
LevLion
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June 28, 2013, 08:31:36 PM
 #771

I Wouldn't undermine the importance of variety, new opportunities and independence.

There seems to be a need for a sort of "monetary" global exchange and for alternatives to deposits of value.

To my opinion more emerging crypto-currencies will open new mining opportunities and interesting future trends will develop. Off course there will be scammers, fake people and empty "alchemists" like in all times. Everyone should definitely be on the watch and inform oneself deeply before taking any steps into any of these vortexes.
JohnJ.
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June 28, 2013, 08:41:46 PM
 #772

Coin with future is PXC!
lfruiled
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June 28, 2013, 10:35:28 PM
 #773

Wouldn't people just switch to another alt coin as the price would be so low that miners would see no profitability in mining? It would take a REALLY dedicated community to bring it back from the dead.
gdanbre
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June 28, 2013, 10:44:46 PM
 #774

Wouldn't people just switch to another alt coin as the price would be so low that miners would see no profitability in mining? It would take a REALLY dedicated community to bring it back from the dead.
iTunesStats
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June 28, 2013, 10:48:35 PM
 #775

Feathercoins is really interesting. The developers are creating many sites and support for it, the only requirement for getting a coin popular is getting people to use it.
LushVixen
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June 28, 2013, 10:49:59 PM
 #776

I only use Bitcoin and Litecoin wallets, all other altcoins I just withdraw from pool to BTC-E/Cryptsy.
CarPro
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June 28, 2013, 10:54:13 PM
 #777

The only thing good that I see about the alt coins is that they are easier to get nowadays that bitcoins. Less people mining, so more possible profit in the future for the ones that do it.
kweenirang
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June 28, 2013, 10:55:27 PM
 #778

yep most alt coins are just quick pump and dumps! it's sweet when you can get in early and dump on all the fools, but you know, feels sort of crappy knowing that it's pretty much a ponzi scheme
tnallb
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June 29, 2013, 02:28:05 AM
 #779

You should consider the khashs and difficulty when choosing an alt.

When bitcoins aren't profitable then you should stick with your current crypto-currencies.
Maybe you should mine some low difficulty currencies to catch some value
tnallb
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June 29, 2013, 02:28:31 AM
 #780

I think lite coin has a long way to catch up with bitcoin since the computation requirements are very different and the same infrastructures might not work well for lite coin. At the same time, I think lite coin is going to be a better digital currency compared to bitcoin since the generation is harder and more balanced in terms of hardware requirements.
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