A warning about Alt-Coins

[mdopro1]

What do I have to do to mine namecoin. It's part of my pool but it's asking for namecoin wallet... where do I get a namecoin wallet?

 The easiest option is to go register on BTC-E and put the wallet address from BTC-E into your pool.

So I can only do online wallets for namecoin? I'm just so new that I am trying to avoid online wallets for now until I grasp a good idea.

[1715008586]

1715008586

[1715008586]

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[EnRageRSrtrZHeaAt]

What do I have to do to mine namecoin. It's part of my pool but it's asking for namecoin wallet... where do I get a namecoin wallet?

 The easiest option is to go register on BTC-E and put the wallet address from BTC-E into your pool.

So I can only do online wallets for namecoin? I'm just so new that I am trying to avoid online wallets for now until I grasp a good idea.

Here's a guide http://crypto-news.com/namecoin/how-to-setup-a-namecoin-wallet/ I've noticed people have found this difficult. I believe it's best to have offline wallets for large amounts not used for trading. Worth the effort!!

[Allepisodes]

So what are the best coins to mine right now that look like they will be around for some time?

[RushNY]

So what are the best coins to mine right now that look like they will be around for some time?

Primecoin seems promising at the moment.

[cryptocoinmkt.com]

I'm just getting into Bitcoins/Altcoins and am preparing to start mining.  I see there are variable opinions on whether or not that's a good idea now that ASICS are coming out, so I was thinking of putting my hardware towards Litecoin mining.  Is that a bad choice as well?  I'm certainly late to the show here...

I think LiteCoin is more equalitarian , meaning that you don't need to buy expensive ASIC hardware to get involved like Bitcoin...it means normal Jane and Joe can get in on the action with just GPUs that is why I like LiteCoin.

Bitcoins kinda favors the people that have money, meaning if you are rich and you can afford ASIC hardware, then you will make more Bitcoins...rich get richer.  You get the idea.

I am mining BitCoins as well now , simply because of the sheer number of online stores and business that accepts it.  Quite awesome, I've recently bought gift certificates to buy groceries from Gyft.ca (Canadian) or Gyft.com (American).

My 2 cents is that you can't go wrong with Bitcoin and Litecoins for the next while (5 years).  I may be wrong...as you never know what may happen. C'est la vie.

CrytoCoinMKT

[huytungvn]

thanks for your advice 

[mdopro1]

What do I have to do to mine namecoin. It's part of my pool but it's asking for namecoin wallet... where do I get a namecoin wallet?

 The easiest option is to go register on BTC-E and put the wallet address from BTC-E into your pool.

So I can only do online wallets for namecoin? I'm just so new that I am trying to avoid online wallets for now until I grasp a good idea.

Here's a guide http://crypto-news.com/namecoin/how-to-setup-a-namecoin-wallet/ I've noticed people have found this difficult. I believe it's best to have offline wallets for large amounts not used for trading. Worth the effort!!

Thanks for the direction. I'll check it out.

[tharude]

So what are the best coins to mine right now that look like they will be around for some time?

Most of them will be around for quite some time, since they should have time enough for proving their existence. Be more specific! SHA or Scrypt? Either ways, sticking to the leaders will bring you some profit, if you decide to stay in the game long term. Fast breaking even results does not exists anymore since the diff is rising very fast for any named coin. If you own some ASIC miner, no doubt, stick to BTC, if you are GPU miner - stick to LTC, if you are willing to take high risk and to break even fast, stick to the leaders in coinwarz and trade to shorten the breaking even period. It makes it even more risky. Keep an eye on cryptos bringing real innovation to the market such as XPM (Primecoin). Namecoin is other undervalued crypto which deserves attention. Most important thing - behave, think and act as an investor! This will bring you success in the long term play. Keep in mind that when Bitcion becomes mainstream (maybe 5-10 years) it will worth maybe 1 or more millions per unit, so even at loss, consider to buy an ASIC just as an investment! Most important - enjoy it while it lasts! Happy mining and success!

[p2pbucks]

Thanks  , i will take care of altcoin mining program 

[Olimpiata]

Bitcoins and Litecoins are the only coins in my good books

[geometry06]

I'm interested in mining litecoin while it's still relatively unknown. Can anyone out there recommend a setup or give advice on the subject? Thanks.

I'm waiting to post some feedback on a trade I did with MsBitcoin as well.

[Asteral]

Bitcoins and Litecoins are the only coins in my good books

Agreed... however I have a feeling that another alt-coin will join Bitcoin and Litecoin sometime in late 2014/early 2015. Primecoin is a possibility or perhaps the next big alt-coin hasn't launched yet.

Remember Bitcoin was launched in 2009 and became popular in 2011, Litecoin was launched in 2011 and became popular in 2013, so I think 2013 is the year for the next big alt-coin to launch and become popular in 2015 (Perhaps late 2014).

The next big alt-coin however should bring something new to the table and not be just a Bitcoin/Litecoin clone.

It is also important that name of the next big alt-coin is short (2 syllables), universal and catchy. For this reason coins like Feathercoin (too long), Chinacoin (too political), Jupitercoin (too many syllables) won't become big. Primecoin is short, catchy and has a nice ring to it.

My 2 cents.

[glungnahund]

Currently there are dozens of alternative coins. Some are just "copy&paste" coins, some do have a slight modification of the algorithm or some small extra features. However, in my opinion neither of these coins has a real advantage over bitcoin. Thus, why are you mining/investing your time into one of these altcoins?

[jackjack]

Currently there are dozens of alternative coins. Some are just "copy&paste" coins, some do have a slight modification of the algorithm or some small extra features. However, in my opinion neither of these coins has a real advantage over bitcoin. Thus, why are you mining/investing your time into one of these altcoins?

pump&dump, easy money scamming newbies, the need to feel being an early adopter

[glungnahund]

Currently there are dozens of alternative coins. Some are just "copy&paste" coins, some do have a slight modification of the algorithm or some small extra features. However, in my opinion neither of these coins has a real advantage over bitcoin. Thus, why are you mining/investing your time into one of these altcoins?

pump&dump, easy money scamming newbies, the need to feel being an early adopter

I totally agree with you. For me its like playing with penny stocks. If you´re lucky you earn some money, but the likelihood you get scammed/ripped-off is very high. I expect (almost) all of these altcoins to be (almost) dead within a quite short period of time (maybe months or a year or two).

[Trillium]

Currently there are dozens of alternative coins. Some are just "copy&paste" coins, some do have a slight modification of the algorithm or some small extra features. However, in my opinion neither of these coins has a real advantage over bitcoin. Thus, why are you mining/investing your time into one of these altcoins?

Because GPU miners in particular can make a lot more money mining scrypt based altcoins than mining bitcoin. Litecoin is regularly in the realm of 100-150% profitability according to various altcoin comparison chart / stats sites. There are several other coins lately that have exceeded 200% profitability and stayed up there for a few days at time, far better than BTC even when they eventually pop in some cases.

So the short answer to your question is: "to make more money".

ASIC investment remains high risk, many won't ever see ROI. Many miners don't want to get rid of their GPUs just yet for various reasons.

If your idea of mining is squeezing every bit of coin out of your GPU hardware then altcoins are definitely for you. On the other hand if your idea of mining is to setup an ASIC or mine BTC shares with a GPU and check on it once a week or less then you have probably wasted your time reading this thread because altcoins are not for you.

Whether its worthwhile mining the other SHA-256 coins with an ASIC is another matter entirely that I don't think I'll go into right now...

[RangerTwentyTwo]

I don't think any of the available alt-coins have any form of benefit over and above bitcoins really anyway! 

[dollar21]

how about ltc entering mtgox tomorrow is it true?

[btcbot]

I don't think any of the available alt-coins have any form of benefit over and above bitcoins really anyway! 

Nothing but the chance for speculation at this point.  BTC's adoption now is unstoppable, it would appear. 

[scousesmoker]

how about ltc entering mtgox tomorrow is it true?

This ones been going around for awhile..... source?