A warning about Alt-Coins

[Yowie]

What is going on with Market??? Yesterday was very turbulent... Do you think coins will raise, especially i was thinking about NVC?

[niothor]

Disagree.

I think Bitcoin has 3 fundamental problems:

1) The 22 million cap.
For good economic reasons you always want a very low level of inflation in a currency.

2) The decline in incentive to mine at the 22 million cap.
The fear is that, especially with the invention of ASICs, the network will become monopolized by a few big players once the rewards become prohibatively small for the "hobbiest".

3) The 10 minute transaction confirmation.
This of course is not acceptable for point of sale transactions.

Several alt-coins have been developed to address these issues. The best of which (imo) is Peercoin. With Peercoin's proof-of-ownership scheme it ensures the currency always grows at a steady 1%. This means the currency both has no cap, and consequently always ensures miners receive at least 1% interest. This alone solves problem 1 and 2 with bitcoin.

Peercoin does have the same 10 minute transaction confirmation as bitcoin but I don't believe is as big of a problem. I find it highly unlikely that any government will use a decentralized virtual currency as the official medium of exchange. I think best case scenario virtual currencies will be used to back, or provide value, to a countries currency in replace of the US dollar. This will isolate direct virtual currency transactions to the online world, in which a 10 minute confirmation is completely acceptable.

Just my 2 cents... and my newbie post

I would have loled at this , If I could stop crying.

[niothor]

YesI agree, I think BTC is going to push higher and people who cannot afford BTC will invest in othewr lke LTC and thus push the price higher too.

I have recently invested in both. I just hope LTC goes the same way as BTC.

Do you even have a clue about bitcoin?
If you buy 100$ worth of Bitcoin /Litecoin and both BTC and LTC raise by 10% you have the same profit.
Or do you assume that someday LTC will be as pricey as BTC?

[AndrewNoble]

Bitcoin now worth potentially more than an ounce of gold

[QwertzOne]

Is it still worth to invest in QRK after so rapid growth?
Its worth 10x more than few days ago, why should it grow even higher?

[XBTSTOCKS]

hi all ,

I own some FASTcoins {{{ FST }}} and Emeralds {{{ EMD }}}    ,thanks!

[drdejanm]

I forgot my bbq wallet password, what can I do?

[Lewis2]

Make a new wallet, get new coins. The old ones are lost.

[drdejanm]

I can't believe that there is no way to fix the problem. I was mining for months, I gave a lot of money for electricity, I was living in room with a lot of noise and my coins have a big value today. I made wallet in April, put password on it and couple days after that a wrote it down but it doesn't work now, I am very, very desperate!

[rvdb1984]

I can't believe that there is no way to fix the problem. I was mining for months, I gave a lot of money for electricity, I was living in room with a lot of noise and my coins have a big value today. I made wallet in April, put password on it and couple days after that a wrote it down but it doesn't work now, I am very, very desperate!

Is there no way to retrieve the data file from the client?

[drdejanm]

I saw a forum topic that discus about the problem that I have. There are some people that can retrieve password but I can't write/post there. Can you tell me why I cant post there,I have 5 hours on this forum and some of them have 4 hours and the can post?

[ouwe]

im not taking altcoins because they are not really- in my opinion- for the general public recognisable as much as  the real-ting named bitcoin,as believable as the real future way of storing and transferring money....

[Hechay]

Is the Litecoin perfect than Bitcoin? I means it can be mined with CPU!

[NxtCoinDaFuture]

I can't believe that there is no way to fix the problem. I was mining for months, I gave a lot of money for electricity, I was living in room with a lot of noise and my coins have a big value today. I made wallet in April, put password on it and couple days after that a wrote it down but it doesn't work now, I am very, very desperate!

Is there no way to retrieve the data file from the client?

There are websites dedicated to finding out your wallet password if you know "some" of the password. http://www.walletrecoveryservices.com/

[INSeed]

Is the Litecoin perfect than Bitcoin? I means it can be mined with CPU!

GPU miners have moved to LTC Already if that's what you're asking

[miky17]

what do you think about the quarks depreciation

[Lewis2]

Completely predictable

[Cazten]

Holy cow, so I've been looking into litecoins for a while now.decided to try mining and suddenly every piece of hardware on the net is sold out. Wonder if difficulty is going to skyrocket

[be4verch33se]

I would have loled at this , If I could stop crying.

Your argument would be served better by a real rebuttal rather than a veiled attempt at condescension.

From my position, I would argue that there is no such thing as a completely stable currency. With a currency like bitcoins that has an upper limit to the amount that can exist, you are going to continually (albeit probably very slowly) lose currency to factors such as lost wallets, hoarding, and the like. Without a small level of inflation you have, invariably, a small amount of deflation which is far more devastating. This is why virtually all national currencies aim for a 1-3% annual inflation rate.

TL;DR: 1% inflation > any amount of deflation.

Also the 1% inflation acts as a form of investment "interest" for the network. I wouldn't be surprised to see bitcoin monopolized by a cartel of ASIC miners once block rewards disappear. Network monopolization is the one thing that threatens to destroy a virtual currency. Nobody can argue against that.

With Peercoins the 1% gain by participating in the proof-of-stake network acts like a GIC, or T-Bill. It is the safest place to store your money and get a guaranteed return.

[miky17]

Completely predictable

de quark price?