A warning about Alt-Coins

[coinking]

I'm just getting into alt coins now.. it seems if anything, they are going to gain speed in the coming months/years

[fasec]

Hi everybody!

This is my first post on the forum but I have been playing with mining software for some time. My question is about solo mining with litecoin and novacoin using Cgminer. I am constantly getting messages "found new block on pool 0!" but nothing after this - no rejections or acceptances. QT-software also displays no transactions. Can you help me with this? I can't find if they are invalid or orphans :/

Here's a pic of my Cgminer:
http://i41.tinypic.com/28v6gb9.jpg

[anixosees]

Hi everybody!

This is my first post on the forum but I have been playing with mining software for some time. My question is about solo mining with litecoin and novacoin using Cgminer. I am constantly getting messages "found new block on pool 0!" but nothing after this - no rejections or acceptances. QT-software also displays no transactions. Can you help me with this? I can't find if they are invalid or orphans :/

Here's a pic of my Cgminer:
http://i41.tinypic.com/28v6gb9.jpg

My guess would be that you're not able to solve a block before it's solved by someone else or a pool. Just a guess though. You could try it with a coin that has a really low difficulty to see if you get a different response.

[Don007]

Maybe there's something wrong with your configuration but;

Do you seriously think you can solo mine Litecoin with that hashpower and even find a block? Even in a pool it's gonna take days for you (or even more) to receive a single Litecoin.

[XCoinX]

there simply will never be enough of them for this ever to become a true currency, or to be used in any major way for currency exchange.

This has been addressed a thousand times

I'm fairly new to all this, and haven't found those discussions. But I guarantee you, that people aren't going to be buying a house with their .000256 bitcoins even if they are valued at $10,000,000,000 each.

Not sure why they wouldn't, ppl already buy hotel rooms with bitcoin...hotel room = house for one night

Agreed. As long as there are sellers willing to accept BTC then they will sell any number of different things for more as an investment or just a payment method.

My second post on this forum. How many posts until I can post in more interesting or non newbie category threads?

[OneOfMany07]

...

My second post on this forum. How many posts until I can post in more interesting or non newbie category threads?

The rules under https://bitcointalk.org/index.php?topic=177133.0 say...

"You can only post in the Newbie and Local sub-forums till you have made one post and waited 4 hours. This post must be substantial: at least several sentences."

So either you haven't waited 4 hours beyond your first post, or your first post was not "substantial" enough.  I'm in the same boat.  Here to ask about a crash in cudaminer, but am not sure how hard it is going to be to get out of newbie jail.

[dolfnation]

So after Newbie confirmation, how many posts do you need to make before you can pm or post other members outside of the newbie section?

[Dessy]

I've had my bitcoin-qt wallet infiltrated and lost a decent amount of coins this way. Be careful!

[Craigyyyyyy]

Probably about 5.

[passipapa]

What´s goin on with digicoinpool?

everything orphan!!!

[rampalija]

CGB and LTC are riesing now

[beetcoin]

i think i might buy a few LTC, just for the fun of it. i was thinking about it when it was 7 cents per.. not following through was a huge mistake, i guess.

[rampalija]

i think i might buy a few LTC, just for the fun of it. i was thinking about it when it was 7 cents per.. not following through was a huge mistake, i guess.

lol LTC is droping day after day

[Txslady]

I am new to the whole mining experience but have learned a lot from this site.  I have come to realize that mining bitcoin is not going to be very effective for me.  I have decided to mine alternate coins.  I am doing this for fun so I am using my laptop and if/when an inexpensive hardware becomes available to plug into my laptop via usb for scrypt I may purchase.  I will be getting a usb miner for the sha coins.  I know ROI is not very likely.  Can someone tell me how to decided which ones are good or is is better to just mine some of each one and hope that one day they will be worth something. 

[Whity]

I am new to the whole mining experience but have learned a lot from this site.  I have come to realize that mining bitcoin is not going to be very effective for me.  I have decided to mine alternate coins.  I am doing this for fun so I am using my laptop and if/when an inexpensive hardware becomes available to plug into my laptop via usb for scrypt I may purchase.  I will be getting a usb miner for the sha coins.  I know ROI is not very likely.  Can someone tell me how to decided which ones are good or is is better to just mine some of each one and hope that one day they will be worth something. 

You could check websites like CoinChoose to see which coins are worth it, but always do your research to see if they are premined or are known to contain a virus.
If unsure just upload the software to a virus scanner website like VirusTotal.

[Lazza]

Why LTC is droping day after day?? 

[Jasc]

I am new to the whole mining experience but have learned a lot from this site.  I have come to realize that mining bitcoin is not going to be very effective for me.  I have decided to mine alternate coins.  I am doing this for fun so I am using my laptop and if/when an inexpensive hardware becomes available to plug into my laptop via usb for scrypt I may purchase.  I will be getting a usb miner for the sha coins.  I know ROI is not very likely.  Can someone tell me how to decided which ones are good or is is better to just mine some of each one and hope that one day they will be worth something. 

Building off this question, are Litecoins still the most cost effective cryptocurrency to mine? I heard that a lot this past spring, but things change so quickly.

[Len]

Is there any mining equipment worth investing in to mine altcoins currently, if so could someone point me in the right direction as what to get.  Something that isn't going to become redundant any time soon.
Thanks

[Samir_H]

Why LTC is droping day after day?? 

Who knows. I have some and hope it goes up, I'm not in rush to sell...

[robozombie]

Almost all of the alt-coins out there are going to be a waste of time.  They're being created to take advantage of people who get super excited about different things and then get pumped and dumped.

Be careful about wasting time with too many alt coins.

Be careful about downloading files, seems like there's plenty of wallet stealers around hidden as alt coin miners.
Seen some more of this recently, so wanted to highlight the point.

Here's some good info from later in the thread:

1) Don't just trust the status of a member, anyone can write 500 posts and be a hero member in a short period. This just means that he invested some time on his membership. He can always decide that a profitable scam will be a good payment for his time.
2) Never deal with anyone without doing a search in the forum with his nickname, in order to check if he has scam accusations.
3) Ask for his coin address and always search it on blockchain.info or www.cryptocoinexplorer.com to verify if his address has the amounts he is claiming.
4) Be very suspicious about proposals well under market price or if he accepts your proposal under market price with no negotiation.
5) Look for the reputation of the member (his successful trades, in the form of vouches from the other party on the deal).
6) Even if he has some reputation, never send all the money in one transfer: send one first very small tranche (0.1 btc might be a good start) and wait for his payment. Send a second little higher tranche and wait again, etc. Small increments, because he might decide to pay you the first and second, to scam a bigger tranche. Always suspect if he doesn't accept to trade in small tranches.
7) If he has no reputation (including most cases when he is a newbie or a Jr.), even small tranches are a risk. Better use an escrow system, like the one of bitmit.net, or a trusted member, or you might need to send over 10 very small tranches. It can be annoying, but loosing your money will be more.
8] For big amounts always use an escrow system, unless the member has an excellent reputation.

Since this thread is a sticky, I decided to post this here. Any moderator or member feel free to move, copy or improve these rules at will.

Yeah, definitely right! We need to expose all fraudsters, like TECHSHARE and Infinitecoins. I just got banned from Infinitecointalk for telling him the truth (which he can't handle it) and exposing him as a fraud. I hope people wise up and be wary of all new cryptocurrencies out there, because there are greedy people investing time and money into this lucrative business and they're prepared to hit and run once they've got enough money to do so...