A warning about Alt-Coins

[DooMAD]

You never know which ones are going to take off, and which aren't...

Some of them are more obvious candidates to fail than others, though.

[93under93]

I'm not going to waste too much time on Coinye, but I do want to at least mine some. Joke coin coins are fun, as long as the joke is funny. Coinye also seems to have a low barrier to entry for novices, so there's that.

[Anacronix]

Haven't been around here for long .. well , I have been mining since Nov. 2013 (mostly Litecoin) , but I have just made an account. I have one question though : is it always like this ? I mean ... do these new altcoins always spawn at such a ridiculous rate ?

[stompix]

Haven't been around here for long .. well , I have been mining since Nov. 2013 (mostly Litecoin) , but I have just made an account. I have one question though : is it always like this ? I mean ... do these new altcoins always spawn at such a ridiculous rate ?

No , the rate of which they spawn grows day by day.
They are like viruses , all clones of the previous one.

[olinnebit]

Haven't been around here for long .. well , I have been mining since Nov. 2013 (mostly Litecoin) , but I have just made an account. I have one question though : is it always like this ? I mean ... do these new altcoins always spawn at such a ridiculous rate ?

No , the rate of which they spawn grows day by day.
They are like viruses , all clones of the previous one.

One shit coin after another.

[thefewminutes]

nevermind a coin's reputation, whether it's dubbed "shitcoin" or "clone" or whatever....the important metric is profitability. A lot of us small-timers are mining shitcoin because it's more profitable than bitcoin, and then we just trade for whatever coin we want.

[relay23]

Sorry if I've missed this same comment somewhere in the 140+ pages of comments in this thread but here's my position on why I think there is some value in alt-coins.. Despite the fact that it appears value vs BTC has been steadily declining over the past few weeks.

a) In case of hard fork on BTC people will need to get into other currencies.. i think all will rise dramatically in that case, but i could be proven wrong.
b) In case of BTC block chain being heavily monitored and mapped to people by big brother, or worst case banned alt coins may survive.

For now I just mine the most profitable (per cryptsy) day by day and convert most of them immediately to btc but i think there might be a place for them to stay in the future.

Regarding shit coins, it's actually profitable to mine them. What you think about them does not make a rats ass of difference

[stork]

I think it's easy to mine now. Better now than later.

Mine today, yesterday and tomorrow.  I always have my ~3MH/S rigs running.  Nothing worse than waking up in the morning and finding out one of my rigs hung itself overnight.

May I ask what cards you are using? I decided to buy R9 280x, but I'm considering the 270x instead.

As far as I know 280x performance is much better than 270x performance. 280x has currently very good price/performance ratio.

[hilariousandco]

A new coin worth watching is AlphaOmegaCoin

Interesting coin with the largest expected production of 999 billion coins but with smaller block reward of 35,000.

It already has...

a website and wallet:  http://www.alphaomegacoin.com
a forum: http://www.alphaomegacoin.org/
and a pool: http://aoc.livechains.net/

and best of all, there has been very little premining!  (only about 2100 blocks premined for promotions and such)

Don't half of these coins already have this and there should be no pre-mining whatsoever.

[niothor]

Sorry if I've missed this same comment somewhere in the 140+ pages of comments in this thread but here's my position on why I think there is some value in alt-coins.. Despite the fact that it appears value vs BTC has been steadily declining over the past few weeks.

a) In case of hard fork on BTC people will need to get into other currencies.. i think all will rise dramatically in that case, but i could be proven wrong.
b) In case of BTC block chain being heavily monitored and mapped to people by big brother, or worst case banned alt coins may survive.

For now I just mine the most profitable (per cryptsy) day by day and convert most of them immediately to btc but i think there might be a place for them to stay in the future.

Regarding shit coins, it's actually profitable to mine them. What you think about them does not make a rats ass of difference

If BTC sneezes , the alt freeze to death.
If the BTC chain will fork , bitcoin might survive , the others will be fu*rked for eternity.

[bpbamberger]

Not so sure what you mean by low barriers to entry but everyone needs to stop mining it. Kanye and his eheheh.. ego won't stand for a coin based on him.

http://newsfeed.time.com/2014/01/07/bound-2-happen-kanye-west-demands-coinye-programmers-shut-down-the-digital-currency/

Abort!!

https://encrypted-tbn3.gstatic.com/images?q=tbn:ANd9GcQ8NxvTcWrRbjEKrNir3yVMl61QnaFtOYWdZ4cctdp1G9Ij2y1o-w

Though the developers seem adamant on releasing it regardless. Hopefully, Kanye takes this opportunity to grab the media spotlight and indirectly creates some crypto hype.

Edit:

Sorry I suck at linking to posts I'm new to it. Also, if you check http://coinyeco.in/ they have moved up the release due to these pressures. Against what I previously stated I may decide to switch my miner on to it for an hour or two just because how pissed off Kanye will be lol.

http://coinyeco.in/coinye/coinyeannounce.png

[tbitt]

I think it's easy to mine now. Better now than later.

Mine today, yesterday and tomorrow.  I always have my ~3MH/S rigs running.  Nothing worse than waking up in the morning and finding out one of my rigs hung itself overnight.

May I ask what cards you are using? I decided to buy R9 280x, but I'm considering the 270x instead.

As far as I know 280x performance is much better than 270x performance. 280x has currently very good price/performance ratio.

As far as my calculations go and prices here it seems to me that price / performance is very close.

270X about 450 khash / 195 € = 2,31 khash / €
280X about 720 khash / 310 € = 2,32 khash / €

There is always some variance of course.

First newbie post. Yeah

[lukas_krs]

I have one question about litecoin.. How much better the gpu mining in litecoin compare to cpumining? So far what I can see, most litecoin mining rigs is using gpu.. No asic yet.. Can anyone confirm?

[tomun]

I have one question about litecoin.. How much better the gpu mining in litecoin compare to cpumining? So far what I can see, most litecoin mining rigs is using gpu.. No asic yet.. Can anyone confirm?

No ASICs yet, one is promised by it's just vaporware right now.

GPU mining is like 10 times faster than CPU.

See here:  https://litecoin.info/mining_hardware_comparison

[mohammedfaiz143]

I have one question about litecoin.. How much better the gpu mining in litecoin compare to cpumining? So far what I can see, most litecoin mining rigs is using gpu.. No asic yet.. Can anyone confirm?

GPU mining results in better Khashes and lesser elecricity costs while cpu meaning heats up your hardware and decreases the life time of it and depending on cpu maximum u can have 120 Kh/s accoriding to https://litecoin.info/Mining_hardware_comparison
and ASICs arent out yet..there are just pre-orders..

[relay23]

Sorry if I've missed this same comment somewhere in the 140+ pages of comments in this thread but here's my position on why I think there is some value in alt-coins.. Despite the fact that it appears value vs BTC has been steadily declining over the past few weeks.

a) In case of hard fork on BTC people will need to get into other currencies.. i think all will rise dramatically in that case, but i could be proven wrong.
b) In case of BTC block chain being heavily monitored and mapped to people by big brother, or worst case banned alt coins may survive.

For now I just mine the most profitable (per cryptsy) day by day and convert most of them immediately to btc but i think there might be a place for them to stay in the future.

Regarding shit coins, it's actually profitable to mine them. What you think about them does not make a rats ass of difference

If BTC sneezes , the alt freeze to death.
If the BTC chain will fork , bitcoin might survive , the others will be fu*rked for eternity.

Interesting take, why will the others be fu*rked into oblivion? I would think people might flock to an alternative...?? Also, are you suggesting that now that bitcoin is rebounding from it's recent correction, the alts will make a turn back to the upside? Maybe we have to see a new high in BTC?

[niothor]

Sorry if I've missed this same comment somewhere in the 140+ pages of comments in this thread but here's my position on why I think there is some value in alt-coins.. Despite the fact that it appears value vs BTC has been steadily declining over the past few weeks.

a) In case of hard fork on BTC people will need to get into other currencies.. i think all will rise dramatically in that case, but i could be proven wrong.
b) In case of BTC block chain being heavily monitored and mapped to people by big brother, or worst case banned alt coins may survive.

For now I just mine the most profitable (per cryptsy) day by day and convert most of them immediately to btc but i think there might be a place for them to stay in the future.

Regarding shit coins, it's actually profitable to mine them. What you think about them does not make a rats ass of difference

If BTC sneezes , the alt freeze to death.
If the BTC chain will fork , bitcoin might survive , the others will be fu*rked for eternity.

Interesting take, why will the others be fu*rked into oblivion? I would think people might flock to an alternative...?? Also, are you suggesting that now that bitcoin is rebounding from it's recent correction, the alts will make a turn back to the upside? Maybe we have to see a new high in BTC?

BTC is not just a currency.
Bitcoin is seen by many as the one crypto.

Whatever bad might happen to bitcoin , even a 51% attack , I can bet that even POS coins which are immune to this will be affected.
In a way , Bitcoin is just a brand of cars like VW , but if it collapse it will make all people lose faith in the auto industry.
And the domino effect will bring ruin to most of the alt that have spawn in this madness.

As for the BTC price , I never did and I will never do any predictions long term.
Just short terms ones when a major news hits the scene.

[soulnecturn]

Not so sure what you mean by low barriers to entry but everyone needs to stop mining it. Kanye and his eheheh.. ego won't stand for a coin based on him.

http://newsfeed.time.com/2014/01/07/bound-2-happen-kanye-west-demands-coinye-programmers-shut-down-the-digital-currency/

Abort!!



Though the developers seem adamant on releasing it regardless. Hopefully, Kanye takes this opportunity to grab the media spotlight and indirectly creates some crypto hype.

Edit:

Sorry I suck at linking to posts I'm new to it. Also, if you check http://coinyeco.in/ they have moved up the release due to these pressures. Against what I previously stated I may decide to switch my miner on to it for an hour or two just because how pissed off Kanye will be lol.

Wow hahah how you found this? Why even they came on idea to make coin like this - coin that represent known personality ... This way soon all of us will end up making own personal coin... Hmmmm hmmm why the hell not ? Basing on whats happening on coin world now ... 1 year later there will be hundreds of coins pfff

Anyway nice post ehhe got little fun reading

[bittydude]

What alt coin (still "mineable") has had a consistant price increase in the last few months?

[d4rksun]

I have one question about litecoin.. How much better the gpu mining in litecoin compare to cpumining? So far what I can see, most litecoin mining rigs is using gpu.. No asic yet.. Can anyone confirm?

Though currently AMD video cards >>> nVidia by a fair ammount.