A warning about Alt-Coins

[tagbond]

Dogecoin has the potential to be of some fun, and bringing new people to the crypto currency world that were not part of it before. Long term, who knows..if there is a large enough community for it who are willing to mine and use it, then it will survive...perhaps it will become the rewards coin of the pet market, used by pet stores worldwide..:-)

[IHateMayonnaise]

Hi!

[hilariousandco]

Dogecoin has the potential to be of some fun, and bringing new people to the crypto currency world that were not part of it before. Long term, who knows..if there is a large enough community for it who are willing to mine and use it, then it will survive...perhaps it will become the rewards coin of the pet market, used by pet stores worldwide..:-)

I don't see why Bitcoin or any other alts can't be fun. I don't know much about the community other than the rabid idiots who post here, but unless there's any other marketing behind it or a push for getting merchants to adopt it, I can't see how it'll last very long and will die off when the joke gets old.

[tagbond]

If there are many people holding Dogecoins, and a percentage of those are pet owners for example, and I were a pet shop chain, I could simply create a promotion saying that you could get a discount by visiting their pet store and using Dogecoins as coupons. The store chain gets what it needs (ie: more customers spending money), and the customers holding Doegecoins get to use them to buy stuff for their pets. The store chain can then use the Dogecoin as rewards for returning customers and the cycle continues.

IMHO, crypto coins are the rewards coin of the future. There will be thousands of them, just as there are thousands of different rewards, airmiles, coupons etc. I would like that TAG become the defacto rewards coin of the future but I am a realist..

[Proteu5]

Even if this altcoins are pump and dumb I will sell in the pump period and increase my litecoin and bitcoin ammount.
I like some of the altcoins but I have the feeling that they are supported by people that cant afford to mine bitcoin anymore and by true BTC enthuziasts like me.
I think that there will be good altcoins in the future, even if just from press point of view

I can agree with you there; however, I can get 1GHash/sec and have been really lucky beating out the BTC calculators in terms of profitability. I always keep in mind that as some people mine for current trending profit, I mine for future profit and current difficulty. But, too add to my quoted reply...I love mining WDC, and it is the only Alt giving me current profit with future gains. I'm averaging 800Khash/sec - 1MHash/sec on --Scrypt mining; about 1 WDC / 1.35HRs on average.

I have to look into Dodge coin tonight!

I really don't think people intend ALT's to be Pump and Dumps. I think 90% start with great intentions and then the DEV team quits or realizes they are in over their head; so then they dump their shares and escape, going on to their next big idea. If you are worried, do a Whois search on the domains with some investigative Google Public Records search 

[hashpuppy]

Speculating on doge now.  All my mining rig power is into this coin now mining almost a million coin.

[hilariousandco]

If there are many people holding Dogecoins, and a percentage of those are pet owners for example, and I were a pet shop chain, I could simply create a promotion saying that you could get a discount by visiting their pet store and using Dogecoins as coupons. The store chain gets what it needs (ie: more customers spending money), and the customers holding Doegecoins get to use them to buy stuff for their pets. The store chain can then use the Dogecoin as rewards for returning customers and the cycle continues.

IMHO, crypto coins are the rewards coin of the future. There will be thousands of them, just as there are thousands of different rewards, airmiles, coupons etc. I would like that TAG become the defacto rewards coin of the future but I am a realist..

I can't see why they would choose Doge over Bitcoin or whatever. Then again, I said that about Sexcoin, but an online crypto store started accepting 'em so I guess you never know.

[veqtrus]

Actually, mining DOGE and exchanging it to BTC is more profitable than mining BTC, even if there are fees for the exchange... At least for me it is.

[Kisquash]

Actually, mining DOGE and exchanging it to BTC is more profitable than mining BTC, even if there are fees for the exchange... At least for me it is.

Or compared to many other altcoins that is. Even LTC.

[niothor]

Actually, mining DOGE and exchanging it to BTC is more profitable than mining BTC, even if there are fees for the exchange... At least for me it is.

So basically you are saying that is easier to make money mining doge than any other coin. So why shouldn't we all starts begging because it is easier to make money this way rather than working?

Just because doge is more profitable to mine with your mining equipment it doesn't make it any better than btc

[BloodyRookie]

What's so special about those doge coins? As far as I can tell it's only the name, nothing substantial from the programming point of view.
Other Alt currencies like nxt coin promise to do things (in the future) that are not implemented in the bitcoin protocol.
So why are you guys so much in love with that doge coin?

[niothor]

If there are many people holding Dogecoins, and a percentage of those are pet owners for example, and I were a pet shop chain, I could simply create a promotion saying that you could get a discount by visiting their pet store and using Dogecoins as coupons. The store chain gets what it needs (ie: more customers spending money), and the customers holding Doegecoins get to use them to buy stuff for their pets. The store chain can then use the Dogecoin as rewards for returning customers and the cycle continues.

IMHO, crypto coins are the rewards coin of the future. There will be thousands of them, just as there are thousands of different rewards, airmiles, coupons etc. I would like that TAG become the defacto rewards coin of the future but I am a realist..

This is what I call wishful thinking and it doesn't amaze me even a bit since it comes from somebody promoting another alt coin

[hilariousandco]

What's so special about those doge coins? As far as I can tell it's only the name, nothing substantial from the programming point of view.
Other Alt currencies like nxt coin promise to do things (in the future) that are not implemented in the bitcoin protocol.
So why are you guys so much in love with that doge coin?

Nothing. So far all it has going for it is the popularity it leached from the meme.

[niothor]

What's so special about those doge coins? As far as I can tell it's only the name, nothing substantial from the programming point of view.
Other Alt currencies like nxt coin promise to do things (in the future) that are not implemented in the bitcoin protocol.
So why are you guys so much in love with that doge coin?

People having fun and other people thinking that the fun  will last forever and those stupid jokes will never get old. as for nxt is just another scam , 100% premined.

[Kisquash]

If there are many people holding Dogecoins, and a percentage of those are pet owners for example, and I were a pet shop chain, I could simply create a promotion saying that you could get a discount by visiting their pet store and using Dogecoins as coupons. The store chain gets what it needs (ie: more customers spending money), and the customers holding Doegecoins get to use them to buy stuff for their pets. The store chain can then use the Dogecoin as rewards for returning customers and the cycle continues.

IMHO, crypto coins are the rewards coin of the future. There will be thousands of them, just as there are thousands of different rewards, airmiles, coupons etc. I would like that TAG become the defacto rewards coin of the future but I am a realist..

I can't see why they would choose Doge over Bitcoin or whatever. Then again, I said that about Sexcoin, but an online crypto store started accepting 'em so I guess you never know.

Yeah, you never really know, that's so right. Everything thought DOGE was a joke, and it still is lol, yet, it is still quite profitable to mine it.

[hilariousandco]

If there are many people holding Dogecoins, and a percentage of those are pet owners for example, and I were a pet shop chain, I could simply create a promotion saying that you could get a discount by visiting their pet store and using Dogecoins as coupons. The store chain gets what it needs (ie: more customers spending money), and the customers holding Doegecoins get to use them to buy stuff for their pets. The store chain can then use the Dogecoin as rewards for returning customers and the cycle continues.

IMHO, crypto coins are the rewards coin of the future. There will be thousands of them, just as there are thousands of different rewards, airmiles, coupons etc. I would like that TAG become the defacto rewards coin of the future but I am a realist..

I can't see why they would choose Doge over Bitcoin or whatever. Then again, I said that about Sexcoin, but an online crypto store started accepting 'em so I guess you never know.

Yeah, you never really know, that's so right. Everything thought DOGE was a joke, and it still is lol, yet, it is still quite profitable to mine it.

It wont be at some point, and when it isn't users will dump and flee and it'll probably die.

[lext]

Reading through the altcoin postings, it seems a lot don't focus enough on community building. You can't really have a currency without people actively supporting it. One of the postings I saw was just an enumeration of the coin's stats and a download link. It must take a decent amount of work to create a new altcoin, but I think that's only the smaller part of the work involved in publishing an altcoin.

[BloodyRookie]

What's so special about those doge coins? As far as I can tell it's only the name, nothing substantial from the programming point of view.
Other Alt currencies like nxt coin promise to do things (in the future) that are not implemented in the bitcoin protocol.
So why are you guys so much in love with that doge coin?

People having fun and other people thinking that the fun  will last forever and those stupid jokes will never get old. as for nxt is just another scam , 100% premined.

I think it's hard to tell which alt coins were created just to make quick money. We will see which coins have enough support from the community. Only time will tell...

[tenderTB0NE]

What do you guys think about BillionCoins (BIL)? I got into this with doge about a week ago and then heard about BIL, so I started mining that a little bit. From what I gather it's kind of anyone's guess on these alt-coins...there's a small possibility that they take off, so might as well mine a bit of em while the difficulty is low.

[hilariousandco]

Reading through the altcoin postings, it seems a lot don't focus enough on community building. You can't really have a currency without people actively supporting it. One of the postings I saw was just an enumeration of the coin's stats and a download link. It must take a decent amount of work to create a new altcoin, but I think that's only the smaller part of the work involved in publishing an altcoin.

I think community is a massive part of an alt coins su'ccess. You also need some forward thinking developers and individuals who will work to publicise and push the coin towards merchants. One coin I do think has this is Feathercoin. The free-to-use ebay style market is also a big plus. I don't think any other coin has their own auction-site built in as of yet.