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Author Topic: A warning about Alt-Coins  (Read 901632 times)
simiane
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July 27, 2013, 09:51:09 PM
 #901

I've been mining Litecoins for a while and it's an easy thing to convert to BTC on any number of exchanges... Converting to Fiat currency is easy enough too, but actually getting that currency out can be a bit difficult.

I'd steer clear of 7970s - I've heard nothing but bad things about them. 7950s are the sweet spot in terms of power/hashing ratio, but even if you're not paying for power I think you'll have a real headache getting 7990s stable.

Generally, Litecoin is the way to go for general mining. I think if you want to take advantage of price changes on other alt coins, you really need to be mining enough to make it worthwhile. If you've only got a couple of rigs you don't have enough power to really profit from a 30 minute spike in such and such a coin.

Currently, all the cool kids are talking about Primecoin... CPU only for now, but not for much longer I think.
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Qantaqa
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July 27, 2013, 11:11:11 PM
 #902

Too much burning of Alt-coins here in my opinion, rather then helping new users getting started the right way.

So here's my attempt, since I have to make a 'substantial post' anyways:

1. Be aware, alt-coins are far more volatile then BTC and BTC is already a pretty volatile thing.
2. Be aware, the vast majority of alt-coins fail. Pretty much all start off decently, but after a while the minting becomes harder while there are virtually no places to spend your coin. Hence its all supply and no demand for the coin. A coin must manage to create a decent economy, its not just decent mining.
3. Be aware, there are a shitload of get-rich-quick dudes among the alt-coin creators. They either premine or mine directly at start when many are easy to earn. They will apply marketing more then actually working on the economy to sell their own stash and then forget about it. I dont think many of them succeed, but there is a lot of pollution in the alt-coin market due to this and its hard to separate the crap from the serious attempts.
4. Be aware, alt-coins are not the place to invest real money. The markets are volatile, the majority of coins goes down in value over time as the supply of coins grows, and the volumes on the markets are relatively small, so even if you're lucky you can never really make a lot of money anyways.

Now some positives

5. Alt-coins have a decent chance of providing the true future coins. Litecoin is doing decent, the value is very good if you were there early. Primecoin is also one of those true innovators, with much more purpose then BTC and LTC, however it completely lacks an economy atm, so if that economy never happens, the coin will still collapse. However by joining the coins you believe in, you can actually really help markets forward and be there at the start.
6. If you actively sell your coins at any time the rate is better then you can yield with BTC, then you make more money. Don't hold on, it might pay out for one coin, but it will cost you on all others (feel free to take a gamble if you believe in something). This making more money comes at substantially more work, for example you need to update your clients much more often, even compile them in some cases, there are more bugs and fails, you need to change coin regularly and so on. If you want to make money by turning your miner on and look at the result in a year, alt-coins are not your thing. If you are fiddling and tuning with it everyday, you might as well do it with a better paying coin.
7. If you like cryptocurrency, then alt-coins are just a lot of fun.

Enjoy and see you around! Feel free to drop me any questions.
StrongBit
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July 28, 2013, 11:34:23 AM
 #903

thank you for posting this.usefull to know
zoxerz
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July 29, 2013, 11:07:11 AM
 #904

What about LTC, isn't it becoming a more successful Alt-Coin?
N_S
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July 29, 2013, 08:14:18 PM
 #905

I believe mining litecoins is still pretty profitable. Hell, you could just mine litecoins and convert to bitcoins if you didn't want to hold litecoins.
Krichwins
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July 29, 2013, 10:32:02 PM
 #906

this is a great thread.. i beleive the authot isnt necesarily bashing altcoins.. i think he is just trying to get the point across to not trrust everyone in every trading situation.. im sure he also agrees that much profit can be gained if done well
skyline364
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July 29, 2013, 11:22:59 PM
 #907

i think good just have to wait and see
arorts
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July 30, 2013, 09:17:50 PM
 #908

Hi,

What do you think of the prospects of Ripple? Do you think it would replace Bitcoin in any shape or form? Sooner than later?

Thanks
jeffs90
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July 30, 2013, 09:38:30 PM
 #909

I just started trading alt-coins  Grin. Starting with KRC and DGC. What success have my fellow noobs had with alt coins?
waver
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July 31, 2013, 12:53:36 PM
 #910

It is a good thing in my opinion that there are many new coins coming out. Sure there are pump and dump scams but I think most if not all of these will be quickly sorted out as people realize the truth. If they have solid features then lets see how far they go. The more ideas we try the closer we get to perfection.

In the future cryptocoins will be a dime a dozen IMO. There will be specialized coins for many different products and applications. Like I said before some will win some will loose.

I think coming up with novel ideas should be encouraged. I also think new algorithms should be experimented with. What about trying SHA-384 or SHA-512? Or even SHA-3 algorithms? Proof of scrypt coins are also a good direction to look into, as are combination types (like PPC).

Primecoin(XPM) is a great example of innovation in altcoins. We need to think of even more ways and test them out. Namecoin, another great idea, link a coin to a specific use.

I think Satoshi Nakamotoi (who ever he/she/it was) wanted to use this bitcoin thing to show us what was possible and get us going in the right direction in making a better form of currency for global commerce, not just use bitcoin and forget about progress.

Source code for new coins should be gone over with a fine tooth comb by as many people in the community as possible so we can root out the malicious code before it becomes a problem and so we can fix bugs, make improvements, and get ideas for new coins.

Welcome to the world of thousands of alt-coins! Have fun, be careful, and have good luck!
xan_The_Dragon
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August 01, 2013, 04:21:15 AM
 #911

I disagree

MfFMEpgL5Ma9C2yw6iSsSX4QcbSVzjm6iK
waver
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August 01, 2013, 05:07:57 AM
 #912

I disagree

That's nice...

I know a lot of you bitcoin bag holders wont like the idea of the 'new kid on the block' coming around and spoiling all your fun, but.. here he comes!  Smiley

We all know there are  already hundreds of different currencies to invest/trade/use for commerce. Most of them are really poor at their intended jobs.. We need to fix that if we really care at all..

Its not all about 'me me me' getting rich and having all you want. Its also about making a better world for the next generations to come.

We have a good start, now lets step on the gas and really make a good currency!

"Unless someone like you cares a whole awful lot, nothing is going to get better, its not." -the Lorax
dr.exchange
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August 02, 2013, 08:26:04 AM
 #913

Agreed. Many alt-coins out there have great potential and some-not all will hit it off big.
Destiffmast
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August 02, 2013, 04:41:04 PM
 #914

I believe in XPM but it ain't easy to mine. Got a few blocks 2 weeks ago, not on my own with a 6 core no chance. Joined the pool and its slow but there is something coming in.
SatoshiDICE_Kat
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August 02, 2013, 05:52:03 PM
 #915

I can't tell you how grateful I am for the articulate and well-informed warning.  As a bona fide newbie to this wild and wonderful world, it's so easy to get caught up in the excitement/newness of other potential virtual cash-ins.  Thanks for keeping my eyes and ears open - doesn't make it any less exciting, just more rooted in reality.  Not always my favorite place, but when it comes to money, kind of a good plan Smiley

linko
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August 02, 2013, 08:17:35 PM
 #916

Hi,

What do you think of the prospects of Ripple? Do you think it would replace Bitcoin in any shape or form? Sooner than later?

Thanks

I think it's a joke personally.
tasslehawk
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August 02, 2013, 11:21:24 PM
 #917

I dont see it as the alt-coins being the problem. I think some will make as well
waver
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August 03, 2013, 12:19:48 PM
 #918

Hi,

What do you think of the prospects of Ripple? Do you think it would replace Bitcoin in any shape or form? Sooner than later?

Thanks

I think it's a joke personally.

I concur with the above theory. I would like to add that its not a very funny joke.:|

I think as do many others that ripple is a scam. Ripple is whats known as an 'instamine' meaning all the 'coins' have been premined and 20 BILLION of them kept by the developers. There are a total of 100 billion 'ripples' in existence.

Its an attempt to corner the digital currency market, ruin all other crypto currencies, and become the next federal reserve bank.

Avoid ripple (XRP) like you would avoid a keystroke logger, or the swine flu.. Again not funny at all :|
tyranosaur
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August 03, 2013, 02:55:25 PM
 #919

Hi,

What do you think of the prospects of Ripple? Do you think it would replace Bitcoin in any shape or form? Sooner than later?

Thanks

I think it's a joke personally.

I concur with the above theory. I would like to add that its not a very funny joke.:|

I think as do many others that ripple is a scam. Ripple is whats known as an 'instamine' meaning all the 'coins' have been premined and 20 BILLION of them kept by the developers. There are a total of 100 billion 'ripples' in existence.

Its an attempt to corner the digital currency market, ruin all other crypto currencies, and become the next federal reserve bank.

Avoid ripple (XRP) like you would avoid a keystroke logger, or the swine flu.. Again not funny at all :|


Absolutely. Something like 50 people control 95+% of all Ripple in existence. Complete and total scam. Avoid it like the plague.

SphereScape Corp
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August 03, 2013, 09:58:33 PM
 #920

Hi,

What do you think of the prospects of Ripple? Do you think it would replace Bitcoin in any shape or form? Sooner than later?

Thanks

I think it's a joke personally.

I concur with the above theory. I would like to add that its not a very funny joke.:|

I think as do many others that ripple is a scam. Ripple is whats known as an 'instamine' meaning all the 'coins' have been premined and 20 BILLION of them kept by the developers. There are a total of 100 billion 'ripples' in existence.

Its an attempt to corner the digital currency market, ruin all other crypto currencies, and become the next federal reserve bank.

Avoid ripple (XRP) like you would avoid a keystroke logger, or the swine flu.. Again not funny at all :|


Absolutely. Something like 50 people control 95+% of all Ripple in existence. Complete and total scam. Avoid it like the plague.


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