A warning about Alt-Coins

[tagbond]

TagCoin has not only a built in auction website, but classifieds, rewards, community building, membership charging and a lot more...however, it is not just tagcoin which we created, but many other coins as well..

[hilariousandco]

TagCoin has not only a built in auction website, but classifieds, rewards, community building, membership charging and a lot more...however, it is not just tagcoin which we created, but many other coins as well..

Where's the auction website at?

[tagbond]

tagbond.com

@niothor - wishful thinking is what builds empires, as long as action goes along with the wishing..:-)

[Kisquash]

Do you guys think DOGE price is going to rise again or it's just safer to dump it now? Thanks in regards.

[hilariousandco]

tagbond.com

Can't seem to find it on there?

[jordixal]

Hi guys, what do you think about alt coins like QRK and Earth?

[drogoul]

Hi guys, what do you think about alt coins like QRK and Earth?

It seems that a lot of people don't trust QRK. Supposedly largely premined and controlled. Personally, I just don't really believe all the QRK hype, and I the value hasn't risen significantly over the past weeks, so low on my interest-list.

Earthcoin looks promising. I like the ideas, I like the enthusiasm, I like the coin-design  Also, EAC is a LiteCoin descendant.
It will be interesting to see what the value does once it hits exchanges. EAC has a high difficulty, so that might be an indicator for a quickly rising value and a fast uptake by the community.

[bitdolla]

QRK TO the moon

[HeBurnsTrees]

the whole online currency craze has caught up to the average Joe it seems, i am mining with only my gaming pc and i am getting 240khash/s which seems to be an alright speed for a pc... when i see people writing the are getting 60mhash/s i assume is is million hash per second not a thousand hash per second i am putting up right now is this what i a seeing or am i wrong in my assumption.

doge is the coins i am mining they seem to e the easiest to mine and the have the biggest upside as far as inflation goes(to my limited knowledge) any other coins you guys could recommend to
newbies??

i am running my gpu mining through 64x was wondering if it would be foolish to try and run the 32x at the same time to simply double my output without adding more graphics cards?

thanks in advance friends i hope to grow close to some of you in the coming months and years and hopefully we will be all able to get away from our need for the money from the government


Trees

[Garland]

I am responding to the comment that stated "almost all altcoins are a waste of time". I think that statement is ill informed and I am not sure what the motivation is to make a statement like that. There was a time in this very country (USA) when there were over 1800 currencies. Banks and businesses and individuals could issue currency. Some was backed by gold and others were backed by the honesty and integrity of the person issuing or the reputation of the person issuing.

There are many currencies in the world right now, both centrally controlled by governments and controlled by companies like Starbucks. When I first started using the Starbucks card they had accumulated over 1 billion dollars on deposit through the use of their card. People, like me, foolishly perhaps, traded our fiat currency for Star-bucks. I ran a trade exchange 30 years ago which used a barter currency we called "trade dollars".

Since December of 2003, I have used a currency for purchasing stock in private and public companies called Troptions. I literally traded millions of dollars in Troptions for millions of dollars in cash and stock. Here is a clip from an article that is still online regarding Troptions used for a $10,000,000 funding from Fountain Capital Fund, Inc. and Global Trading Partners Corp., companies I am/was president of, to New Dynamic Marketing, Inc., a company in which Bitcointalk memeber: "ezview" was the CEO.
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http://globenewswire.com/news-release/2006/01/27/338708/92973/en/New-Dynamic-Marketing-Inc-Receives-First-1-Million-of-Its-10-Million-Private-Placement.html

FT. LAUDERDALE, Fla., Jan. 27, 2006 (PRIMEZONE) -- New Dynamic Marketing Inc. (NDYM) (Pink Sheets:NDYM) has raised $1 million of its $10 million private placement from Fountain Capital Fund Inc., a Pittsburgh-based private equity fund.

The funds were raised in a specialized financial instrument called a "troption". A "troption" or "trade option" is a derivative which derives its value from the underlying goods, services or currency it represents. "Troptions" were developed by Global Trading Partners Corp. a Florida-based company.
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Now thanks to ezview, Troptions: TRP is a crypto currency. As a barter currency it predates Bitcoin by 6 years but it was announced in this very forum last month and people are mining the "s--t out of it" as one of the members says.

Troptions, if you look it up on youtube has many videos explaining different ways of using them. I spent ten years of my life developing the idea.

Was it a "waste of time"?
Maybe.
But I sure would appreciate the chance to prove you wrong.
(Full disclosure: I developed the non-crypto version of Troptions (TroptionTrading.com) and Ezview developed the crypto version of Troptions "TRP" (Troptions.org). We have teamed up to make Troptions catch up to Bitcoins...We can dream can't we?")

Thanks,
Garland

[kaposo]

do u know something ABout Dimecoin? 

[Tranqdis]

Catcoin just launched today......born a bit premature from the looks of it.  Watch out for pool scammers.  Read the beginning to start and then the end of the thread where the dust is starting to settle.....

https://bitcointalk.org/index.php?topic=380130.0

Read the beginning to get started and then the end of the thread where the dust is starting to settle.....

[PeNGuiNBoy17]

I like alt-coins, they are fun to be part of sometimes. Especially if you started with the launches. I know it was fun with feathercoin, worldcoin, primecoin, and etc..... Now its Doge, and the DOGE copiers I assume that are going to be the " new " thing. So many people are like wow, a joke coin that went mainstream, and now there are so many joke coins and other meme coins. This is going to make alt-coins look like a joke and soon we will have 500-1000 alt coins. I think at some point the reputable exchanges are just going to stop taking in so much crap. Just my thought. However I do check on new coins everyday or atleast once a week, to point my cards at them for a little while, so I have a full portfolio. Just incase in a year or two, one of them takes on corporate sponsorship.

[berrtus]

Here is a great article:
http://letstalkbitcoin.com/bitcoin-and-the-three-laws-of-robotics/#.UrlH1rQ2nxF
 
Note the third law:
#3 A DAC must protect its own existence.

Bitcoin is a DAC therefore IT MUST PROTECT ITS OWN EXISTENCE.

Alt-Coins are considered a threat and a violation of #3.

Alt-Coins on one level support Bitcoin because if Bitcoin is destroyed there are endless alts just waiting.  But they are also being used by the opposition in a very well thought out effort to destroy Bitcoin and all cyrptocurrencies.  How is that?  Because if currencies can be made to come and go even over a period of years then they will be viewed as unstable.  They will not attract venture capital and the markets all of them will fail. 

What is the answer: 

1.  Bitcoin must maintain the technological lead or at least not get very far behind.
2.  Bitcoin must maintain a strong dominant percent of market cap.   

I do not see the BTC community very aware of this idea so I present it for further thought. 

[pop84]

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.

what about NXT??

[devcoinfans]

Thanks for the information

[residnt]

Hey All,

So I've decided to join up on the forum finally.  But wanted to bring it to the attention of people about DIME Coin.  This coin does in fact steal your mined coins.  After reading some of the forums I wanted to try it for myself to see.  Now I have mined several blocks.  The first one was fine, however it said it was mined from this address 78M6qwuvGoNDcYA44jNWrSYp7TrBEa7zkc.  However this isn't my address.  My address is 7NpJXgPJ4Zbrp6nhayaTrB7pvPvKRmdog2.  but it's still in my wallet.

Now I have mined several blocks since and they are going to some random address and not record is appearing my my wallet, they are just showing up in the mining window and in the notification bar.  I don't know if this is the proper place for this warning but I am not able to post it in their announcement thread.

Be wary my friends
Res.

[pop84]

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.

but evry new coin is a new chance for a quick profit for the short run

[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.

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

I didn't say it's better. Dogecoin wasn't supposed to be better. It is just a coin based on a meme; created for fun.

[halkah]

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

I didn't say it's better. Dogecoin wasn't supposed to be better. It is just a coin based on a meme; created for fun.

More like created for profit. I bet the dev has a lot of fun things he can do that takes less time and effort. But the profit is nice in altcoin making.