A warning about Alt-Coins

[Welsh]

I'd be interested to hear other's thoughts on dimecoin, or any other *new* coins you may be looking at.

My opinion on alt coins in general? Don't bother. My opinion on dimecoin? Don't bother.

[intercoin-dev]

I'd be interested to hear other's thoughts on dimecoin, or any other *new* coins you may be looking at.

dimecoin is crazy, overall

earthcoin is nice

[Mega-Pool]

Bitcoin is an "altcoin", if you think about it carefully and someday we will find another altcoin much better.  Evolution.

[evankirk2]

1

[MrToodles]

anybody is interested in trading QQcoin for IFC

[Waukeen]

I'd be interested to hear other's thoughts on dimecoin, or any other *new* coins you may be looking at.

dimecoin is crazy, overall

earthcoin is nice

Digging the Dimecoin, hoping it goes the way of Doge with community interest. 

Didn't get many Earthcoins which I'm regretting

[arbnewsd]

New guys here. 

Try to earn some coin 

[jallajalla]

Hi guys ... i'm new ... good luck

[robotslave]

Posting nothing at all, because I have nothing to add to the newbies forum, yet am required to post here before anywhere else.  What's up?

[lnash]

Not sure about Dimecoin. Kittehcoin is of interest since it seems to be the real competitor to Dogecoin and may rise quickly. Worldcoin has the ability to take over Litecoin. Earthcoin also has quite a following - does anyone have any thoughts if this will compete (or overtake Worldcoin)?

Thanks!

[GlobeTrotter]

Hey people, I'm a newbie here, have been following crypto's for the past couple of months quite intently. Here's my 2 cents worth of where I am on my current thinking on Cryptocurrency.

Crypto's are a great place to make fast cash, if you're lucky! Cryptos are also a great way to lose money (left holding the bag) and getting painfully burnt, particularly with the lower capped altcoins. I missed the take-off Litecoin had from $4 by a few days which rattled my cage ever so slightly, but opened my eyes to what the possibilities are if you place your bet on the right horse. The more research i have been doing into crypto currency, the more I have come to realise that we are the early adopters, Bitcoin is just the beginning. I believe that crypocurrenies have a long road ahead, and Bitcoin, although the first 'Real McCoy', has a healthy amount of growing competition that will either co-exist with Bitcoin or replace it.

These really are early days and I believe with all of the experimental crypto's being developed, we will likely see the next big thing being born somewhere between now and the end of 2014.

Too many pump and dumps going on with new alt coins in my opinion so I have decided to keep it simple and try to minimize my risk by positioning myself in Bitcoin and Worldcoin. I will be investing in Litecoin also when I run into some more funds because I see the value ratio between Bitcoin and Litecoin decreasing in the not too distant future, kind of like how silver's relationship has been with gold over the last few years. Also, the 'Network Effect' that Bitcoin has had since its birth I believe will be passed onto Litecoin, where it will gain momentum now it seems to be rubbing shoulders with Bitcoin, particularly with how it is being mentioned alongside Bitcoin more and more, and thus subliminally being fed into the masses subconscious minds'.

But right now, I am very bullish with WDC. Worldcoin could do very well in 2014 due to what the development team has planned and will be rolling out over the next few months, these guys are definitely thinking outside of the box and have a solid plan they appear to to executing with real professionalism. You will be able to buy WDC with a credit card or via bank transfer come Feb 2014, much like you can buy Bitcoin via Coinbase, and apparently they have plans to make their services available not just in the US, but expanding to other parts of the world too. With a team who appear to look like they know what they are doing with a strategic marketing campaign in the pipeline and value added services in development, beta mode I believe. With all of this going on in the background and on its way to fruition, I believe Worldcoin is under-priced right now due to just these factors alone. Especially when you look at many of the other altcoins available with no such backing, development, forward planning etc etc. So I somewhat agree with the above post that says that they think Worldcoin will surpass Litecoin in 2014, it's a long-shot as it is such early days, but it’s a definite possibility if Worldcoin has a successful launch and high adoption rate.

I've heard a lot about Dogecoin, Nextcoin, Quarkcoin and the like, but with these coins coming out with such high limits, like in the billions, I find it hard to convince myself that they are not just set-up for massive pump and dumps, although I do know a lot of people make a lot of money off of these, particularly the early adopters, my issue with this is that the early adopters seem to only invest so they can make the profits and dump the coins when they hit the exchange after a small rally, leaving the newcomers to deal with a punishing loss in value, not knowing if or when the value will recover. This is all very well, but for these sorts of coins I personally prefer to let the dust settle before I would even think about investing, it's always difficult not to get cut catching a falling knife.

All the best of luck though if you're all for taking a calculated risk, I mean you gotta speculate to accumulate, right?!

High Risk, High Reward

BTC: 15ijnoPVtzgcv5ncTQgwtGEKrgDjBMWMMX

[tjcnjg]

i for one trade between BTC and LTC as one get stronger i buy the weaker and so one back and forth.  up 150% of total bit coins sense Thank giving when i started this stuff.  even with market changes i am up over all in value and way up in coins.

Everyone else i know is down because they are trading the market trying to buy in and sell out on the big ups and down of a down turn....  to much emotional trades hard to predict.   or trying to buy at the bottum and wait to sell to at the top.

If you assume that BTC, LTC and others like Qrk and World coin are going to be higher in value in the long run.  i choose to grow my coin Quantity VS the Value.   so far my 2-5% gains couple times a day  have had Zero loses and all gains in just one month on BTC-e  on Cryptsy i have been testing out the "Riding the Wave" of the market and have had mixed results.  

Sitting on a lot of ADT right now hoping it goes up a bit.   other then ADT i am up over all but not as much as the Controlled steady growth of the above example on BTC-e.   it works with other currencies but harder to calculate and keep up with value changes for trades when BTC/LTC has been amazingly predicable.

Sorry about spelling  lol not great at writing.  Good luck all and hope that market goes UP UP UP

[theking7426]

Hey all,

new to this forum, although I have lurked here for several days.

Mined TIPS for the last 3 days, bad choice, they turned out to be useless. oh well, time for a new coin. Gonna give HTC a shot, unless someone has a better idea?

I am also new to the forum, well not new just found out how to post though. Anyway I too mined a bunch of TIPS only to watch the price drop.
I blame the miners though in all honesty. If the sell orders were raised even to 0.00000003 or 4 then the price could have held a bit steady and the second TIPS/LTC market would not have been opened. The coin was young and people were scared to lose their hard mined coins.That's my rant anyway.

As for coins to mine now, I would say earthcoin, icoin or qqcoin, as they are relatively new and stand to give pretty good gains.

I still support tips and throw hash at it though, call me crazy, i like it better DODGE as a tipping currency and the tag TIP is just perfect.

[GlobeTrotter]

Thats an interesting concept, trading between Bitcoins and Litecoins, if I had the time to be a day trader, I would probably look into it as i have read that people can make a fair bit just by trading between different exchanges making a profit on discrepancies between them. Plus you've also got to keep a pretty sharp eye on whats going on in terms of developments with new and existing alt coins. But as i work a full time job, this would prove to be a little difficult, which is why i'm playing it safe, investing in coins for the long term and not looking to trade unless I see a coin that has really interesting credentials and promising fundamentals.

Best of luck though with your system, hope it continues to work out for you.

[theking7426]

i for one trade between BTC and LTC as one get stronger i buy the weaker and so one back and forth.  up 150% of total bit coins sense Thank giving when i started this stuff.  even with market changes i am up over all in value and way up in coins.

Everyone else i know is down because they are trading the market trying to buy in and sell out on the big ups and down of a down turn....  to much emotional trades hard to predict.   or trying to buy at the bottum and wait to sell to at the top.

If you assume that BTC, LTC and others like Qrk and World coin are going to be higher in value in the long run.  i choose to grow my coin Quantity VS the Value.   so far my 2-5% gains couple times a day  have had Zero loses and all gains in just one month on BTC-e  on Cryptsy i have been testing out the "Riding the Wave" of the market and have had mixed results.  

Sitting on a lot of ADT right now hoping it goes up a bit.   other then ADT i am up over all but not as much as the Controlled steady growth of the above example on BTC-e.   it works with other currencies but harder to calculate and keep up with value changes for trades when BTC/LTC has been amazingly predicable.

Sorry about spelling  lol not great at writing.  Good luck all and hope that market goes UP UP UP

Love this way of trading cryptos. The way I see it is quite similar. At the end of the day I have a price that I believe it will rise too before I sell. Before that price I am only interested in getting the highest amount of bitcoins possible.

I look at it like this...

#1. Bitcoins aren't new, the uprising is new but they are not going anywhere in my opinion.
#2. With all the startups that are getting up and running just in terms of bitcoin payment systems... bitcoin is not going anywhere.
#3. Using bitcoin as payment once you have entered the crypto culture is by far the easiest way to make a payment, once more companies offer this it will rise further in my opinion. We are all just waiting for the first "Walmart" "Target" "Blah Blah" to take the reigns and things will be golden. (pun intended)
#4. Even if bitcoin fails the culture cannot. The abundance of what everyone calls "shitcoins" is at the moment helping to saturate the market and makes things look a bit scammy. But the fact is that every now and then one of these coins adds something that bitcoin or a previous alt-coin did not. Things take time and with so many people working on cryptos it is only a matter of time before the ultimate crypto is made that will convince even the angriest naysayers to switch to cryptos.

Also, when it does hit my price it does not mean I will sell, just means it is time to hit the bitcoin gyft shop haha.

[gym1734]

I think that dogecoin has potential since so many people have gotten excited about it.  I do not think it will ever get big, but i believe it may one day be worth a dollar or two.  I am hoping that it will get a good reputation as it was a pretty large startup as it is based around a meme after all.  I have heard that it has gotten the most backing in the least amount of time. 

[paulmaritz]

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.

I couldn't agree more.

[paulmaritz]

What are your thoughts on FastCoin (FST)?

http://youtu.be/JO_6Cp408I8

[thesamson]

I think that dogecoin has potential since so many people have gotten excited about it.  I do not think it will ever get big, but i believe it may one day be worth a dollar or two.  I am hoping that it will get a good reputation as it was a pretty large startup as it is based around a meme after all.  I have heard that it has gotten the most backing in the least amount of time. 

Yeah - I've been surprised and impressed by the amount of traction doge has picked up - I jumped on and mined quite a bit when it launched entirely as a joke, and was shocked to see that what I had was actually worth something a couple weeks later. It seems too that there are a number of folks out there accepting doge as actual payment - something that's adding to it's legitimacy and staying power.

[Johnnydoge]

I have nothing of value to add to this conversation unfortunately.  This archaic system of registering and being unable to make use of any feature until a certain post count is made is to blame.  I just need to make a PM for pete's sake.  Anyways, EAC is on the rise and still profitable to mine if you have the hash power.  I see it having real long term value.  Thanks for reading.