From 11 coins to 2!.. BTC and PPC win for me and here's why.

[davidpbrown]

So, a reality check. Why you might want to think and spend more effort promoting BTC and real world use.

All these new coins recently have only helped make me think more closely about what each was offering. I've been following the Alt-TC for a long while and yet today, I'm rethinking and consolidating the small wins I've made; which I have say is really refreshing.


Firstly the bleeding obvious for those who need it: Steps to lazy profit - Pump and dump
1. Find something of value (Bitcoin)
2. Copy it; adding little or no value.
3. Point at it - and shout "see how much profit we're going to make!!!!!!!". Create the excitement.
4. Wait for noobs and opportunists to jump before thinking.. hell it's fun; why wouldn't people get caught up in it. This new thing, is the same as the successful thing!!
5. Profit and repeat


Most new coins are offering nothing - you might as well be holding Linden dollars, for all the prospect of spending them in the real world.

BTC works - it really does work well. So, why would a real world merchant need to use another coin? Please, tell me why.
None of the alt's beats a green address in a fast and reliable way.

In the event that Proof of Stake becomes useful, then PPC will be affected by that and it's unlikely that a mix coin will win if Proof of Work is stung. PPC then is the only real other option at the moment.

Namecoin is a fun application but if you have no use for it, then why are you buying it?
Devcoin, nice idea but is it working?.. Frankly I don't see it, though I'd really like to see it happen.


Beyond BTC and PPC then is really wild guessing with your eyes closed - if you've got money to burn then fine but it's all just pump and dump until one of them resolves.

So, some coins use scrypt.. so what, that's just a different crypto and the effect on mining isn't going to make or break the coin. TRC starved of oxygen for a while but if that happened to BTC, you wouldn't be looking to similar coins, you'd be looking for something different. Perhaps LTC would lend some support for a while but if BTC failed then LTC would surely follow; if BTC becomes everything we hope, then what use LTC? The developers of new coins benefit enormously for the experience and the profit but we need to see Alt-TC coins for what they are. Unless the Alt-TC coins become known in the real world as linked to something concrete they will never be secure store of value.. perhaps one will become a gaming currency but right now.. I'm sticking with BTC and PPC.

Tell me I've got it wrong and maybe tomorrow I'll rethink

[nwbitcoin]

you've got it wrong!

[davidpbrown]

you've got it wrong!

Saying it doesn't make it true.. how apt then your reply.

[Yurizhai]

you've got it wrong!

Saying it doesn't make it true.. how apt then your reply.

I think he was making a joke.

[mill0601]

I guess with that logic the whole world should just use the U.S dollar right? lol

[davidpbrown]

I guess with that logic the whole world should just use the U.S dollar right? lol

I don't understand what you're suggesting.

Bitcoin beats the US dollar in so many ways.

How do Alt-TC beat BTC? Really, why would anyone need another coin?? Why would a merchant want to accept multiple coins.
If it works, then it works. If it runs into difficulty, then we'll need something different.

[MrWizard]

"BTC works - it really does work well."

This is patently not true.  Any arguments you make after this statement are based on a false fact.  There are plenty of threads arguing against the technical, economic, and moral aspects of bitcoin.  We don't need  to discuss them here.

[davidpbrown]

"BTC works - it really does work well."

This is patently not true.  Any arguments you make after this statement are based on a false fact.  There are plenty of threads arguing against the technical, economic, and moral aspects of bitcoin.  We don't need  to discuss them here.

My question, that you haven't answered, is what are Alt-TC offering that is more than BTC.

I'm just playing devil's advocate today.. perhaps I'll be all enthusiastic again tomorrow but this is where I'm at right now.

[davidpbrown]

People love to collect things. ...

Sure, I get that I really do.. but I think it's important that we do question and challenge the reality. Otherwise, we might be misleading ourselves. The winner will be robust because it meets all challengers. I would love if an Altcoin can defend itself against the challenge that it's offering nothing - but it would need to evidence that difference and I haven't seen that yet.

[Caesar V]

Competition is always healthy.

If BTC is really is the God that most people seem to think it is; then BTC is antifragile and will survive regardless of how many alt coins people release.

In the meantime.. alt-coins are extremely good profits!

[deac]

Most of the new altcoins do not offer anything. They are just pure pump and dumps (last one yacoin with ridiculous instamine) but most don't care because you can make easy money with them. Devs probably make insane amount of money, so there will be new coins until at some point bubble bursts and we might witness mass extinction.

[sharkbyte093]

I guess with that logic the whole world should just use the U.S dollar right? lol

I don't understand what you're suggesting.

Bitcoin beats the US dollar in so many ways.

How do Alt-TC beat BTC? Really, why would anyone need another coin?? Why would a merchant want to accept multiple coins.
If it works, then it works. If it runs into difficulty, then we'll need something different.

I don't think it harms to have different coins running on different algorithms with different features. The issue is the release of pump'n'dump coins that serve no other purpose save a quick profit for some, and a loss for many.

It's good to have a coin like LiteCoin that runs along side Bitcoin, as it runs on a different algorithm. If something were to happen to Bitcoin, an attack, or some other unanticipated black-swan type fault LiteCoin could assume the mantle. It's healthy to have a basket of currencies, although it's pretty easy, at least one would hope, to discern the crap ones from the legitimate ones that bring something new to the table.

[davidpbrown]

Competition is always healthy.

If BTC is really is the God that most people seem to think it is; then BTC is antifragile and will survive regardless of how many alt coins people release.

In the meantime.. alt-coins are extremely good profits!

Yes - and I'm all for the innovators making a profit that they can then perhaps contribute something more in the future.. there's a lot of reasons for devs and minors atm, learning and profiting and good luck to them; but I'm just noting that spawning more of the same isn't real innovation.

[davidpbrown]

I wonder what might happen is a large mix of alsorts of attempts and challenges over time and the current fast burn of same-coins perhaps it just one flavour of that. Perhaps we're just learning about what can work and what can't and no doubt the variety can't do any harm to the outcome; but it might do harm if we're naive about what is different and what is the same.

[Dacm4n]

"BTC works - it really does work well."

This is patently not true.  Any arguments you make after this statement are based on a false fact.  There are plenty of threads arguing against the technical, economic, and moral aspects of bitcoin.  We don't need  to discuss them here.

My question, that you haven't answered, is what are Alt-TC offering that is more than BTC.

They were created to gain more BTC and LTC. It was never more obvious then with FTC and CHN. PPC is interesting but i'm still not sure on it yet because of it using sha256, I think if they went with another hash it would be way more successful in the long run.

[hendo420]

"BTC works - it really does work well."

This is patently not true.  Any arguments you make after this statement are based on a false fact.  There are plenty of threads arguing against the technical, economic, and moral aspects of bitcoin.  We don't need  to discuss them here.

My question, that you haven't answered, is what are Alt-TC offering that is more than BTC.

They were created to gain more BTC and LTC. It was never more obvious then with FTC and CHN. PPC is interesting but i'm still not sure on it yet because of it using sha256, I think if they went with another hash it would be way more successful in the long run.

One of the big things that draws people to bitcoin is that they can mine it on their home computer. Once the asic's take over sha-256 coins that will take the "fun" out of it for alot of people. No more finding the perfect video card, overclocking it and finding the max stable hash rate balanced with cooling. Just order a box and let it sit in the corner. -.- Its so antiseptic.

as long as there are asic's there will be scrypt coins.

[davidpbrown]

PPC is interesting but i'm still not sure on it yet because of it using sha256, I think if they went with another hash it would be way more successful in the long run.

Yes, I couldn't find a detail of how SHA-3 works, so it's hard to judge the difference. I don't see SHA-256 failing but perhaps if there's a risk of Government or those with big resources interfering then it's worth considering something more.

[nwbitcoin]

you've got it wrong!

Saying it doesn't make it true.. how apt then your reply.

Guess humour isn't universal!

I find a big problem with your thinking - its purely based on a very limited specification in a very small window.

I agree that BTC and PPC are cool coins, however, LTC is also cool for the same reason.  Even FTC has something to say and suddenly we are up to 4 coins!

The problem is that you are looking for an ideal, and the world doesn't work like that.

Different coins are focused on different problems, and each will be great at their speciality.  Eventually, we will find some which are good at a number of different things, and they will become more popular, and eventually, we will have 7 or 10 or 35 different coins with enough of a user base to be considered mainstream. Maybe only BTC and PPC will be used by loads of people everywhere, but I very much doubt its going to be that clear cut!

Its expecting that only 2 coins which have already been developed will make it all the way through to mainstream adoption, regardless of future developments, where you got it wrong!

[davidpbrown]

you've got it wrong!

Saying it doesn't make it true.. how apt then your reply.

Guess humour isn't universal!

I think you're where I was yesterday

Also, I got the humour but then it also did capture rather well the idea, of how Alt-TC are convincing themselves they are successful by saying they are successful over and over..

[glendall]

Ya things are getting a tad ridiculous with MinCoin, BitBar, YAC (like is this dev dude even trying? YAC? )

But, hey, this is The Internetz.  Hopefully in this Darwinian system the truly better coin will rise to the top if it gets created.

I think there is space for a 3rd major coin, behind BTC and LTC, that has very quick confirms, for purchasing things online... but will just have to see where the coin falls.

All these scam coins do take money out of BTC's worth but hey, there isn't anything that could or should stop them from being created. Hopefully ppl will just get sick of the truly useless ones and become more scam-aware and just be more hesitant to use them.