A warning about Alt-Coins

[tucksmcgucks]

Hi everyone,

I am quite n00bish to this whole scene (i.e. bitcoin and alt-coins), but it has been one of my biggest hobbies for the past few months, and I'd like to quickly say "Thanks" to this forum, which has helped me tremendously with the learning curve.

I finally made an account, and I would like to ask a few questions:

  1)  Which alt-coin currently has a high SHORT TERM value (over 6 months from now) and why?

  2)  Conversely, which alt-coin has a high LONG TERM value (over 1 year from now) and why?

  3)  How can I use guiminer-scrypt for P2P mining? Am I just dumb..?

Thank you all in advance!

EDIT:

Also, does anyone have any ideas as to why Bitcoin's value is down to $ 65 USD

[bitfromit]

Hi everyone,

I am quite n00bish to this whole scene (i.e. bitcoin and alt-coins), but it has been one of my biggest hobbies for the past few months, and I'd like to quickly say "Thanks" to this forum, which has helped me tremendously with the learning curve.

I finally made an account, and I would like to ask a few questions:

  1)  Which alt-coin currently has a high SHORT TERM value (over 6 months from now) and why?

  2)  Conversely, which alt-coin has a high LONG TERM value (over 1 year from now) and why?

  3)  How can I use guiminer-scrypt for P2P mining? Am I just dumb..?

Thank you all in advance!

EDIT:

Also, does anyone have any ideas as to why Bitcoin's value is down to $ 65 USD

Hello and welcome.

"does anyone have any ideas as to why..." Normal volatility. Long term log scale here: "http://blockchain.info/charts/market-price?showDataPoints=false&show_header=true&daysAverageString=1&timespan=all&scale=1"

1) "Which alt-coin..." No idea. BTC and LTC seem to be the first 2 "out of the gate" and therefore have lots of infrastructure going up around them.

2) "Conversely, which alt..." I would stick with BTC personally

3) "How can I use guiminer..." Don't know. Mining forum is here: https://bitcointalk.org/index.php?board=42.0 ("Bitcoin Forum > Bitcoin > Mining > Mining software(miners)")

[richiep41]

Hi everyone,

I am quite n00bish to this whole scene (i.e. bitcoin and alt-coins), but it has been one of my biggest hobbies for the past few months, and I'd like to quickly say "Thanks" to this forum, which has helped me tremendously with the learning curve.

I finally made an account, and I would like to ask a few questions:

  1)  Which alt-coin currently has a high SHORT TERM value (over 6 months from now) and why?

  2)  Conversely, which alt-coin has a high LONG TERM value (over 1 year from now) and why?

  3)  How can I use guiminer-scrypt for P2P mining? Am I just dumb..?

Thank you all in advance!

EDIT:

Also, does anyone have any ideas as to why Bitcoin's value is down to $ 65 USD

When you figure that out you'll probably be able to tell me why gold is down to $1200 ounce. None it makes that much sense except for the swings between fear, uncertainty and moments of greed. Ask people who have been around for a while how many of them say they believe BTC will one day be worth in several hundred and I suspect most will say they do, but how many of them are selling out of fear now?

[ozoner]

I'd prefer not to be mining altcoin-flavour-of-the-day, but all the time it's more profitable to do so, I'll be doing it.

[hifieli]

I'd prefer not to be mining altcoin-flavour-of-the-day, but all the time it's more profitable to do so, I'll be doing it.

^^ I second that.

[knightlife999]

I'd prefer not to be mining altcoin-flavour-of-the-day, but all the time it's more profitable to do so, I'll be doing it.

The problem with mining new alt-coins is that as soon as you start, you can be sure everyone else is starting as well. The new coin pools rarely have a robust system set up to handle all of the traffic and you end up wasting days of mining time fighting with your machine and the pool itself. I've tried turning my miners toward many different alt-coins over the last 6 months and always end up wasting a couple of days doing it. Everyone pumps and dumps the new alt-coin and when you are ready to sell your pile, they are worth .0001 BTC a piece. WDC and FTC are a good example. In the end, I have chosen to keep my GPUs mining LTC for now.

[gazsullivan]

altcoins are good to make some money trading ..granted most altcoins just get pumped and dumped .. but some coins have real potential ..ontly time can tell which

[Tripjammer]

We need better exchanges. Each one is so different from each other its crazy. But I like Cryptsy and Coins-E the best.

[cursednova]

I have downloaded a few different ones and they do not work well with windows 8. The miners work fine though I just seem to have issues with the wallets.

[Duffer1]

 1)  Which alt-coin currently has a high SHORT TERM value (over 6 months from now) and why?

  2)  Conversely, which alt-coin has a high LONG TERM value (over 1 year from now) and why?

  3)  How can I use guiminer-scrypt for P2P mining? Am I just dumb..?

Thank you all in advance!

EDIT:

Also, does anyone have any ideas as to why Bitcoin's value is down to $ 65 USD

1 & 2 - IMO Value would depend on if you plan to mine the coin or buy into the coin as an investment.  

I believe Litecoin is easily the best alt coin to buy as an investment DEPENDING on MT Gox accepting it on their exchange or not.  (If you're a gambler you could buy into the coin before their announcement...).  I think Litecoin has a bright future as a legit crypto currency.

Mining Litecoins is a different story though.  The difficulty is already too high for a standard GPU card to mine it (unless you mine at a loss (investment in hardware + electricity) and hope the coin will be worth more in the future).  And really if you think the coin will be worth something in the future you might as well just buy them since they're WAY cheaper than even the most inexpensive hardware ($300 will get you one graphics card that will mine 2 cents worth of Litecoins for you every 4 hours, or just buy 125 Litecoins).  Basically if you want to mine LTC wait till specialized hardware is available.

3 - No idea man.  Every "tutorial" I've seen says "type this" (ok.. where?!), "then save it" (save it as what, and WHERE?!).  Finding a noob friendly script mining tutorial (to mine BTC or LTC) has been harder than getting a straight answer from BFL about shipment timings.

[TheChries]

I believe in Primecoin 

[DeinMeista]

I believe in Primecoin 

I see the value in Primecoin in bringing some attention to Cryptocurrencies as a whole. If we can make it that all the computer power has actually some "scientific purpose" 

[dmay728]

I believe in Primecoin 

I see the value in Primecoin in bringing some attention to Cryptocurrencies as a whole. If we can make it that all the computer power has actually some "scientific purpose" 

No doubt. I feel Primecoin is going to give us alot more worldwide exposure that we've needed. Hopefully more devs can build off this innovation

[sidhujag]

I believe in Primecoin 

I see the value in Primecoin in bringing some attention to Cryptocurrencies as a whole. If we can make it that all the computer power has actually some "scientific purpose" 

No doubt. I feel Primecoin is going to give us alot more worldwide exposure that we've needed. Hopefully more devs can build off this innovation

Not sure, may just fail because of the name. Maybe I'm biased but it sounds like a name where it was a task just to come up withs omething that didn't exist already rather than try to implement a name that truly represented the idea behind the concept.

[VoiceOfReason]

The only alt coin that has really picked up is ltc

[robolove]

We need better exchanges. Each one is so different from each other its crazy. But I like Cryptsy and Coins-E the best.

+1 - Those two are  inarguably the best

[multiminer]

is there some kind of multwallet available for at leat the most important altcoins? i dont like the idea of using exchange adresses.

[orco#2]

This tysat guy is calling the coins pump and dumps while loading his boat full of them for their inevitable rise.  We are early to the alt coin market and he is the biggest manipulator of them all.  trying keep people afraid.  You should be ashamed Tysat for lying to teh noobs.

[tysat]

This tysat guy is calling the coins pump and dumps while loading his boat full of them for their inevitable rise.  We are early to the alt coin market and he is the biggest manipulator of them all.  trying keep people afraid.  You should be ashamed Tysat for lying to teh noobs.

I don't touch altcoins (except for namecoin) because they're a waste of time.

[monte572]

good info thank you.