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Author Topic: WHy the fuck so many alt coins?  (Read 3019 times)
sterob
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May 09, 2013, 02:34:59 AM
 #21

I agree it is stupid shit every time you turn around a new alternative coin. I personally support competition and have been selling ltc almost exclusively, but come on every day a new bullshit coin... wtf? 
no wonder the option to ignore you is highlighted.

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May 09, 2013, 02:39:56 AM
 #22

No the reason that the ignore button is highlighted is because I tell faggots like you to suck my cock. Feel free to ignore me too.. oh and by the way go fuck yourself Grin
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May 09, 2013, 02:42:17 AM
 #23

because bitcoin is opensource. If it's not as ripple, there will be no cheap alt-coins.
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May 09, 2013, 03:12:12 AM
 #24

to get btc for the dev team

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May 09, 2013, 03:29:49 AM
 #25

Because people believe they will get rich off the new next thing.
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May 09, 2013, 03:31:11 AM
 #26

Q. Why so many alt coins?

A. So future Bitcoin-qt developers can cut their teeth and learn the codebase.

Companies claiming they got hacked and lost your coins sounds like fraud so perfect it could be called fashionable.  I never believe them.  If I ever experience the misfortune of a real intrusion, I declare I have been honest about the way I have managed the keys in Casascius Coins.  I maintain no ability to recover or reproduce the keys, not even under limitless duress or total intrusion.  Remember that trusting strangers with your coins without any recourse is, as a matter of principle, not a best practice.  Don't keep coins online. Use paper or hardware wallets instead.
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May 09, 2013, 03:41:34 AM
 #27

why so serious?
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May 09, 2013, 03:55:56 AM
 #28

If bitcoin is a meta-currency of fiat money, altcoins are a meta-meta-currency.
Consider them the cheap knock-offs of bitcoins, everyone is a satoshi wannabie.
That's human nature, it happens with gangnam style, Harlem shake and serial murders, whatever crap that becomes popular, you'll have copycats popping up everywhere.

The only altcoin project modestly original is the Ripple, the rest is shit. Some of the others are just minor tweaks of the bitcoin protocol.
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May 09, 2013, 04:12:15 AM
 #29

Im happy because its keeps the LTC difficulty from being EVEN HIGHER and teaches people the hard way at the same time. Win-win

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May 09, 2013, 04:20:31 AM
 #30

This thread was so desperately needed.  It just wouldn't have made sense to ask this question in one of the other five dozen threads started with the same question every day. 


Charlie Kelly: I'm pleading the 5th.  The Attorney: I would advise you do that.  Charlie Kelly: I'll take that advice under cooperation, alright? Now, let's say you and I go toe-to-toe on bird law and see who comes out the victor?  The Attorney: You know, I don't think I'm going to do anything close to that and I can clearly see you know nothing about the law.
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May 09, 2013, 04:22:37 AM
 #31

I go away for a week and things were pretty alt crazy before i left. I come back and it is bat shit insane now. Well done all.

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May 09, 2013, 04:32:02 AM
 #32

Because BitCoin can and should evolve.

The only other Alt Coins I've checked out/showed interest in so far is LiteCoin/LTC and ByteCoin/BTE

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Free ByteCoins www.ByteHits.info

What I'd really like to see in a coin is a much better TX Fee system or no TX fee system!

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May 09, 2013, 04:34:38 AM
 #33

Q. Why so many alt coins?

A. So future Bitcoin-qt developers can cut their teeth and learn the codebase.

+1

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May 09, 2013, 04:42:35 AM
 #34

Why so many alt-coins?

Evolution, of course.  Those are the dead-end muations.

Just like during the Cambrian Explosion when a huge number of crazy body-plans competed against each other, resulting in only a few long-term surviving types...




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May 09, 2013, 04:44:47 AM
 #35

Why so many alt-coins?

Evolution, of course.  Those are the dead-end muations.

Just like during the Cambrian Explosion when a huge number of crazy body-plans competed against each other, resulting in only a few long-term surviving types...



We should be thankful that troglodytes had no network effect.

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May 09, 2013, 05:10:56 AM
 #36

What strikes me odd about all of these new alts is not so much the coins themselves, but the complete lack of support structure around them aside the usual couple of exchanges and pools, and complete lack of push for actual adoption for something other than something new to mine.

If a coin is actually going to "make it" it will need more than a slightly modified version of Bitcoin or Litecoin. Most of these will likely go away, I don't see any clear innovation in any of these really.

Litecoin and Bitcoin are primes as they actually differ from one another in a core way (SHA vs Scrypt). I think any real contender will need to be this kind of fundamentally different that improves upon or solves a particular problem, with their creators doing more than just dropping it off on here.

Multiple coins are not a bad thing, multiple carbon clones is. Plus most of them will never make it out of the gate with such unmarketable names.


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May 09, 2013, 05:19:07 AM
 #37

What strikes me odd about all of these new alts is not so much the coins themselves, but the complete lack of support structure around them aside the usual couple of exchanges and pools, and complete lack of push for actual adoption for something other than something new to mine.

If a coin is actually going to "make it" it will need more than a slightly modified version of Bitcoin or Litecoin. Most of these will likely go away, I don't see any clear innovation in any of these really.

You forget that these coins may not survive and by that serve their roles in evolution. Thus, they are perfectly fulfilling their destinies by simply showing what does not work. Science is disproving; not proving.

Litecoin and Bitcoin are primes as they actually differ from one another in a core way (SHA vs Scrypt). I think any real contender will need to be this kind of fundamentally different that improves upon or solves a particular problem, with their creators doing more than just dropping it off on here.

Multiple coins are not a bad thing, multiple carbon clones is. Plus most of them will never make it out of the gate with such unmarketable names.

The coins are not carbon copies. Evolution and mutation isn't always about huge changes; even the slightest change can be the trigger that causes a new mutation to survive. For every coin built, we learn something new, even if it's just that the name actuially matters for the adoption of a new coin.

.b

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May 09, 2013, 06:22:51 AM
 #38



If a coin is actually going to "make it" it will need more than a slightly modified version of Bitcoin or Litecoin.


Bitcoin has the first mover advantage, and by a long margin.  The only way any alt-coin ever "makes it" is 1) if it serves a niche market Bitcoin was not optimized for (i.e. Namecoin) or 2) manages to make a huge leap in some technical or economic fashion which cannot be replicated in Bitcoin itself (almost impossible) or 3) Bitcoin turns out to have some fatal bug in the protocol itself.

Which of these scenarios is most likely?

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
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May 09, 2013, 06:26:54 AM
 #39



If a coin is actually going to "make it" it will need more than a slightly modified version of Bitcoin or Litecoin.


Bitcoin has the first mover advantage, and by a long margin.  The only way any alt-coin ever "makes it" is 1) if it serves a niche market Bitcoin was not optimized for (i.e. Namecoin) or 2) manages to make a huge leap in some technical or economic fashion which cannot be replicated in Bitcoin itself (almost impossible) or 3) Bitcoin turns out to have some fatal bug in the protocol itself.

Which of these scenarios is most likely?

You mean like 2) a quicker blockchain or a non-SHA algorithm or more coins, if so desired by society?

You do realize that Netscape was the first mover by a long margin, right?

Bitcoin may lead now, we have no idea about the future. I strongly believe that Bitcoin 10 years from now is either gone or something quite different from what it is today.

.b

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May 09, 2013, 06:38:10 AM
 #40



If a coin is actually going to "make it" it will need more than a slightly modified version of Bitcoin or Litecoin.


Bitcoin has the first mover advantage, and by a long margin.  The only way any alt-coin ever "makes it" is 1) if it serves a niche market Bitcoin was not optimized for (i.e. Namecoin) or 2) manages to make a huge leap in some technical or economic fashion which cannot be replicated in Bitcoin itself (almost impossible) or 3) Bitcoin turns out to have some fatal bug in the protocol itself.

Which of these scenarios is most likely?

You mean like 2) a quicker blockchain or a non-SHA algorithm or more coins, if so desired by society?

Yes, if so desired.  Note, however, that these are not changes that cannot be replicated in Bitcoin itself.  The faster block interval is unlikely to change, but the hashing algo is deliberately modular in Bitcoin.  There is nothing magical about SHA-256.

Quote

You do realize that Netscape was the first mover by a long margin, right?


Indeed.  You do realize that Firefox is a direct code successor to Netscape Navigator, right?  Netscape (the company) did not cease to exist because they failed to compete with IE, they ceased to exist because they were legally destroyed by M$.

In the same way that Firefox is an open source version of Navigator and has successfully incorporated features into the codebase that Windows IE pioneered, there is no innovation that any alt-coin can make that Bitcoin can't just steal, if such an innovation proves to be desired by the public.

Quote
Bitcoin may lead now, we have no idea about the future. I strongly believe that Bitcoin 10 years from now is either gone or something quite different from what it is today.

.b


Again, evolution.  I have no doubt at all that bitcoin will be something quite different, but it will still be bitcoin.  Keep on mining your litecoins, though.  Bitcoin still needs it's evolutionary failures.  Keep in mind that this is a bitcoin discussion forum; if bitcoin didn't have something to gain from the alt-coin section, would it be here?

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
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