A warning about Alt-Coins

[Dogecoinfan]

But my name is not Apoliakov....anyone know why it does that?

[pcoin700]

I think PPC is definitely the best Altcoin and maybe the best coin in the future. Great Developer and will be at the very least a long term coin for the holding of money.

PPC is very nice coin, but I think there's also need for faster coins like: FastCoin, Quark, Zeta and WorldCoin.

[zsnorbi]

Hi. I am also new to alt coins but i sarted now with graincoin and in a few hours i was able to mine more than 200,coins with just a few khash/s rate. I think it is pretty good and i am thinking now to mine only new alt coins while the difficulty is not too high. Do you think is a good ideea to try promissing new alt coins for mining with the hope that it may get some value later?

[PenAndPaper]

Hi. I am also new to alt coins but i sarted now with graincoin and in a few hours i was able to mine more than 200,coins with just a few khash/s rate. I think it is pretty good and i am thinking now to mine only new alt coins while the difficulty is not too high. Do you think is a good ideea to try promissing new alt coins for mining with the hope that it may get some value later?

99 out of 100 will fail so 99% of your time you 'll be mining something worthless. The 1% that you 'll mine something that will find its way to the spotlight will most probaby not give you much in return. No more than mining a coin that it is already established anyway.

[pcoin700]

I heard that we need five posts on here to post. So I'm posting so I can post while I post so I can post.

Damn it... I thought it was four

[pcoin700]

https://www.cryptsy.com/markets/view/116


(LK7) Lucky 7 Coin looks like it will bounceeeeeee =)

What's difference between Lucky7Coin and LuckyCoin ?

[hilariousandco]

I heard that we need five posts on here to post. So I'm posting so I can post while I post so I can post.

Haha.

Just wondering, what's the hypest alt-coin right now? :-)

Coin of the week... this is very fast changing thing so there are multiple hypes I guess

Coin of the week is Dogecoin for sure.

very scrypt     such random   

much profit    wow   

many coin

[OttRx]

I heard that we need five posts on here to post. So I'm posting so I can post while I post so I can post.

Haha.

http://userserve-ak.last.fm/serve/500/50441183/Xzibit.png

Just wondering, what's the hypest alt-coin right now? :-)

Coin of the week... this is very fast changing thing so there are multiple hypes I guess

Coin of the week is Dogecoin for sure.

very scrypt     such random   

much profit    wow   

many coin

https://i.imgur.com/6jJTZkU.png

It's getting there
https://i.imgur.com/htPOlJQ.png

Had to change pool because the one I was using stopped paying off. Anyways, also just posting so I  can get to the real thread. Post post post.

[maxxoccupancy]

I view the exchanges as like a stock market.  If one wants a get rich slow scheme, the stock market is it because it taps into a larger market of actual returns.  Currency deals with a more limited value in the marketplace, and very few seem to be experienced, bright, or disciplined enough to get it right.  Bitcoin's volatility (and the learning curve) is a major impediment to getting investors and consumers into the digital currency marketplace.

The solution in the marketplace is to create a great diversity of investment tools.  Some, like precious and semi-precious metals fluctuate over the short term, but preserve value over the very long term, even after governments collapse.  Others. like treasuries and money market funds, serve a very different purpose than stocks.  Index funds, mutual funds, futures, and other tools are available even to the average investor.  Stock exchanges might be thought of as akin to shopping malls.  However, the Bitcoin/altcoin exchanges look more like a food court (since they're quite new) with several chinese food places and a couple of Dairy Queen look-a-likes.

New altcoins should be completely different from Bitcoin--not be Bitcoin clones.

[zsnorbi]

Hi. I am also new to alt coins but i sarted now with graincoin and in a few hours i was able to mine more than 200,coins with just a few khash/s rate. I think it is pretty good and i am thinking now to mine only new alt coins while the difficulty is not too high. Do you think is a good ideea to try promissing new alt coins for mining with the hope that it may get some value later?

99 out of 100 will fail so 99% of your time you 'll be mining something worthless. The 1% that you 'll mine something that will find its way to the spotlight will most probaby not give you much in return. No more than mining a coin that it is already established anyway.

Thanks for letting me know this awful succes rate of the alt-coins. pretty bad i think...

[USB mining]

There are many scam or untrustworthy coins atm, but little competition never hurt. And I think litecoin have chances to surpass  bitcoin.

[coinofvalue]

The best way to avoid a pump and dump scenario is to avoid working with alt-coins that have been pre mined.

[ss666]

Anyone mining grancoin? Exploring it to be a good one! What are your performance stats?

[PenAndPaper]

There are many scam or untrustworthy coins atm, but little competition never hurt. And I think litecoin have chances to surpass  bitcoin.

For competition to take place alt coins must offer something different over bitcoin. Rip offs can't compete with the real thing even if they have some tweaks over bitcoin...

[oxxymoronn]

Almost all of the alt-coins are 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.

I bet thats the kind of thinking many had about Bitcoins in the beginning but look where it is now. I am not bashing you in anyway, I just feel like qualifying your statement. People should really research what their going into because maybe one of the Alt-coins will have a boom like BTC.

Agreed. Many alt-coins out there have great potential and some-not all will hit it off big.

I agree as well, there is still room in the marketplace for many many successful coins.

Many very broad niches have not been targeted and a large portion of the current community is underdeveloped. We will definitely see some new comers tearing they're way up the charts. Just wait until individual corporations get involved and create they're own internal currencies.

[Motya]

Almost all of the alt-coins are 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.

I bet thats the kind of thinking many had about Bitcoins in the beginning but look where it is now. I am not bashing you in anyway, I just feel like qualifying your statement. People should really research what their going into because maybe one of the Alt-coins will have a boom like BTC.

Agreed. Many alt-coins out there have great potential and some-not all will hit it off big.

I agree as well, there is still room in the marketplace for many many successful coins.

Many very broad niches have not been targeted and a large portion of the current community is underdeveloped. We will definitely see some new comers tearing they're way up the charts. Just wait until individual corporations get involved and create they're own internal currencies.

I'm very curious on what those niches could be. Can you please explain? What kind of features would other alt coins provide that BTC and LTC don't?

The only other niche I can imagine is a currency like USD where more and more are minted every year, as apposed to decreasing amounts. 

[bardo30]

Where do you store your bitcoins and altcoins - in client wallets on a hard drive, or on a removeable drive, paper wallets, or at exchanges? I'm not sure where I should store mine. Keeping them in an account at an exchange is obviously convenient, but perhaps it's not safe. What do y'all do?

I have stored it at different places. saving inside an encrypted container (truecrypt for example) at a cloud service also seems like a safe solution to me while still being able to access it from different places.

thank you truecrypt suggestion I was looking for cloud solution this one is perfect

[Zavdub]

It's true, some alt-coins (i've seen a few) seem to be pump and dump schemes which means eventually they'll dry up and fade away.

But there are a couple of other coins that I find interesting like namecoin, peercoin, and curecoin. Because they have some kind of extra component in their system that adds legitimacy to weather or not they can be long lasting.

[tagbond]

@coinofvalue - not buying into premined coins is usually a good idea, but I am working on an idea now to list a coin to be created, with the option to buy into the premine at whatever rate is determined for that coin. A bit like an IPO for coins - the risk is that the price coming out of the gate is lower, but really, that can be determined by the number of buyers for the premine ahead of time. We can also line up different exchanges, determine the number of miners interested in supporting the coin etc. Our first coin to be launched this way is CharityCoin.

[experiment626]

Thanks for answering my question!/