All of the alt-crytpos are sliding down

[ironstove]

Could be taken as an indicator for the future movement of bitcoin.

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[randrace]

How so?

[UltimateReaper]

How so?

I think he's saying that maybe we're entering an overall slump.

[crazy_rabbit]

They are sliding down *against* bitcoin. Which might mean that alt-chains are sliding down against Bitcoin. Meaning perhaps Bitcoin is reaching full network effect and regardless of what other advantageous new alt-coins might bring to the table Bitcoin is the winner.

[EuroTrash]

They are sliding down *against* bitcoin. Which might mean that alt-chains are sliding down against Bitcoin. Meaning perhaps Bitcoin is reaching full network effect and regardless of what other advantageous new alt-coins might bring to the table Bitcoin is the winner.

Or simply that the get-rich-quick types are quietly heading for the door. Leaving the market in the hands of either stronger hands or actual users, depending what side your short-term bets are on.

[ElectricMucus]

I don't think this is a permanent thing, however the wide recognition that alt-coins were in a hype has lead to a correction overall.
I already said Bitcoin is a whale and altcoins are those little fish eating excess skin while keeping the whale healthy. The population has risen too much so that they start to starve, only the fittest will survive.

What I also would like to mention is since most altcoins can only be traded for BTC speculating with alts can be a dangerous game during bear periods. All altcoins are pegged to bitcoin....

[jhansen858]

I was having this debate with someone who was saying its the difference between gold and silver. One is not necessarily better then the other.  I however, take the stance that Alt coins are really just riding off the success of bitcoin and in the end of the day, really serve no useful purpose.   Can anyone name one feature that an alt coin can do that bitcoin cant?  I don't really see minor differences in how many total coins exist, or the different mining strategies that are employed as features.  Features are, send money electronically, etc ,etc.

[Babylon]

I'd say that silver is better than gold.  It has more practical uses, and it is not so expensive as to keep those uses from being things it is used for.  Gold is, basically, just expensive and durable.

[jhansen858]

Of course the major difference here is that you generally cant directly spend silver and gold but you can directly spend bitcoins.  So in my mind, that 100% removes the gold vs silver argument.   You really cant directly spend alt coins and their only good for converting to bitcoins or cash. I just don't see any advantage of any kind that alt coins offer.

[Babylon]

Of course the major difference here is that you generally cant directly spend silver and gold but you can directly spend bitcoins.  So in my mind, that 100% removes the gold vs silver argument.   You really cant directly spend alt coins and their only good for converting to bitcoins or cash. I just don't see any advantage of any kind that alt coins offer.

You can spend litecoins, on the Atlantis black market.

[amencon]

Of course the major difference here is that you generally cant directly spend silver and gold but you can directly spend bitcoins.  So in my mind, that 100% removes the gold vs silver argument.   You really cant directly spend alt coins and their only good for converting to bitcoins or cash. I just don't see any advantage of any kind that alt coins offer.

You can spend litecoins, on the Atlantis black market.

I think his point was that the market of gold or silver accepting businesses are roughly equivalent (close to 0) but the same cannot be said for BTC and Alt Coins and so the comparison breaks down to a certain degree.

[Odalv]

All alt-coins are only the try ... I'm poor, I cannot afford to buy 1 Bitcoin or to buy asic and mine btc. So let's try my own coin. I'll pre-mine alot of shit-coins and will make fortune. ... good luck ... :-)  mine shit-coins as much as you want. Look for fools who will buy your shit-coins. Sorry, I'll not buy a one. :-)

[Frozenlock]

I think his point was that the market of gold or silver accepting businesses are roughly equivalent (close to 0) but the same cannot be said for BTC and Alt Coins and so the comparison breaks down to a certain degree.

The comparison never held to any degree anyway.

There is physical/practical limitation to the divisibility of gold for day to day transaction.
Same thing with silver, which is why we also had nickel coins, copper coins, etc.

You can divide a cryptocurrency as much as you want.

Really, the comparison should have been crypto-b is like the Australian dollar to the crypto-a Canadian dollar.

[smoothie]

I see no exchange for any of the crap coins recently launched for any fiat.

Litecoin at least has LTC/USD which in some cases unpegs itself from bitcoin to a certain extent allowing for another exit in bear markets.

[tosku]

I thought the alts were sliding because of the Vircurex hack.

[smoothie]

I thought the alts were sliding because of the Vircurex hack.

Nope. They were sliding before that. Vircurex hack just help it move downwards a little more.

[amencon]

I think his point was that the market of gold or silver accepting businesses are roughly equivalent (close to 0) but the same cannot be said for BTC and Alt Coins and so the comparison breaks down to a certain degree.

The comparison never held to any degree anyway.

There is physical/practical limitation to the divisibility of gold for day to day transaction.
Same thing with silver, which is why we also had nickel coins, copper coins, etc.

You can divide a cryptocurrency as much as you want.

Really, the comparison should have been crypto-b is like the Australian dollar to the crypto-a Canadian dollar.

Yeah true.

[FTWbitcoinFTW]

Last 10 days !

[BTC Books]

The only alt-coin with any value distinct from bitcoin is Namecoin.  You can actually do something with it that is unique - buy .bit domains.

The others are junk, and while they may have some slight utility in buying some very limited numbers of things, that's just for the moment.  I see no future at all for any of them, once the alt-whales have sucked out the value from all of the unwary holders.

[johnyj]

Not like some people thought, you can't copy bitcoin just because it is open source, just like you don't need many other types of dollar to pay your bill  

[Zangelbert Bingledack]

Predicted a week ago. It was obvious that altcoins were in a bubble. Litecoin isn't useless (it is a backup/testnet/hedge for Bitcoin), but there is no way that its dev team, network, track record, and ecosystem are anywhere near 10% the value of Bitcoin's (LTC market cap was 10% that of Bitcoin).

[Aristotle]

I was having this debate with someone who was saying its the difference between gold and silver. One is not necessarily better then the other.  I however, take the stance that Alt coins are really just riding off the success of bitcoin and in the end of the day, really serve no useful purpose.   Can anyone name one feature that an alt coin can do that bitcoin cant?  I don't really see minor differences in how many total coins exist, or the different mining strategies that are employed as features.  Features are, send money electronically, etc ,etc.

PPCoin augments "proof of work" with "proof of stake" to secure the network which is much more efficient. So, all things being equal, transaction fees with PPCoin should be lower than Bitcoin. And I believe transaction confirmation times are half that as Bitcoin?

Freicoin has a 5%/year demurrage rate that goes to miners forever. So, this may encourage a more secure network, and lower transaction fees. The demurrage could also help increase monetary velocity.

I believe the only thing different with Litecoin is the hashing algorithm and faster confirmation times?

[jhansen858]

PPCoin augments "proof of work" with "proof of stake" to secure the network which is much more efficient. So, all things being equal, transaction fees with PPCoin should be lower than Bitcoin. And I believe transaction confirmation times are half that as Bitcoin?

Freicoin has a 5%/year demurrage rate that goes to miners forever. So, this may encourage a more secure network, and lower transaction fees. The demurrage could also help increase monetary velocity.

I believe the only thing different with Litecoin is the hashing algorithm and faster confirmation times?

PPCoin - I have tried to read and understand this.  However, so far, I don't understand why this is better.  I thought they wanted mining to be hard to do. 

Freicoin - Burning money during each transaction kinda sounds like what they did in world of warcraft.  Not sure why you would want to do that

Like I said, they don't really offer anything New.  They just offer to do the same things differently. 

[lebing]

[Aristotle]

PPCoin - I have tried to read and understand this.  However, so far, I don't understand why this is better.  I thought they wanted mining to be hard to do. 

Well, "better" is subjective, but with proof-of-stake, coin ownership is used to achieve consensus instead of hashing power. A 51% attack would require the attacker to have 51% of the coins, instead of 51% of hashing power in proof-of-work. I'm not sure which is harder.

[UltimateReaper]

https://i.imgur.com/hIbLCFn.png

lmao

[Melbustus]

The only alt-coin with any value distinct from bitcoin is Namecoin.  You can actually do something with it that is unique - buy .bit domains.

The others are junk, and while they may have some slight utility in buying some very limited numbers of things, that's just for the moment.  I see no future at all for any of them, once the alt-whales have sucked out the value from all of the unwary holders.

Well, PPCoin is at least theoretically interesting, given that long-term it should (again, theoretically) offer far lower energy consumption than bitcoin for the same security level, and therefore, significantly cheaper transaction fees when we get to the point where fees matter more than block rewards.

But generally, I agree. The alts are pretty much all silly, with the possible exception of PPCoin and NameCoin. Litecoin gets a boost right now as people shift GPUs to it, but I expect it to be mostly temporary. The fact the quicker confs are hyped as an important feature is laughable. There are essentially zero situations where an avg 2min conf time is acceptable but a 10min isn't. Both fail at buying brick-and-mortar coffee. Both succeed at buying coffee-beans online. No difference.

Seems there's a certain amount of money, as a somewhat fixed percentage of bitcoin market cap, that people are willing to speculate with on all the alts collectively. So when there's a new JunkCoin every day, there's a dilution effect.

[glendall]

My guess: the recent last influx of questionable alt coins, such as CNC, FTC, Mincoin, has only highlighted the actual [low] value of alt coins in comparison to BTC.

[samson]

My guess: the recent last influx of questionable alt coins, such as CNC, FTC, Mincoin, has only highlighted the actual [low] value of alt coins in comparison to BTC.

BTCe is responsible for this.

[FCTaiChi]

BTC has always been top dog what can you expect?

Should expect other currencies to rally eventually though.  Unfortunately there will be room for them

[runam0k]

Last 10 days !

Nice charts.  Where from?

Pretty clear to me that alt coins are short term money grabs / pump and dump ops.  Maybe Curecoin or something similar can grab some mainstream attention but again, no real advantage over Bitcoin.

That said, I do wonder where we will be 10 years from now.  Everyone is looking to improve upon Bitcoin, surely it's only a matter of time before someone creates something genuinely useful with universal appeal.  Near instant transactions would be a killer feature, of course.  I suspect whatever it is, it will look very different - it definitely won't be a breakaway version of any of the alt coins we've seen so far.

[FTWbitcoinFTW]

Nice charts.  Where from?

Cryptocoincharts + Paint + PhotoScape  #skill4life

[n8rwJeTt8TrrLKPa55eU]

My guess: the recent last influx of questionable alt coins, such as CNC, FTC, Mincoin, has only highlighted the actual [low] value of alt coins in comparison to BTC.

The altcoin subforum now looks unpleasantly reminiscent of the "Long term offers" & "Securities" subforums circa August 2012.  New issuers, scammers, and get-rich-quick attempts all over the place.

[MAbtc]

[mccorvic]

Every alt-coin  (yes, every alt-coin) was designed only to act as Quantitative Easing for bitcoin, nothing more.  As soon as they all hit zero then BTC, and with it the concept of cryptocoin, will have cleared the last major hurdle to success.

[cbeast]

They were a fad, now it's over. Still love the trollbox.

[mccorvic]

They were a fad, now it's over. Still love the trollbox.

The trollbox is something else, for sure. 

[ElectricMucus]

Every alt-coin  (yes, every alt-coin) was designed only to act as Quantitative Easing for bitcoin, nothing more.  As soon as they all hit zero then BTC, and with it the concept of cryptocoin, will have cleared the last major hurdle to success.

Actually no.
Ironically they provide additional investment incentive for bitcoin. This is because they are pegged to it, so in order to speculate on alt-coins you have to have bitcoins first.

The altcoin subforum now looks unpleasantly reminiscent of the "Long term offers" & "Securities" subforums circa August 2012.  New issuers, scammers, and get-rich-quick attempts all over the place.

True, monkey see, monkey do. When that mentality is gone then bitcoin will have "cleared the last major hurdle for success." But then that was always there as far I remember.

[FCTaiChi]

Every alt-coin  (yes, every alt-coin) was designed only to act as Quantitative Easing for bitcoin, nothing more.  As soon as they all hit zero then BTC, and with it the concept of cryptocoin, will have cleared the last major hurdle to success.

What about the corporate/government hurdle?  That's a mile high right now.  Not that btc won't grow up soon...

[kokojie]

The only alt-coin with any value distinct from bitcoin is Namecoin.  You can actually do something with it that is unique - buy .bit domains.

The others are junk, and while they may have some slight utility in buying some very limited numbers of things, that's just for the moment.  I see no future at all for any of them, once the alt-whales have sucked out the value from all of the unwary holders.

Is that why NMC is less than 10% of market cap of LTC? The problem with NMC is that it meant only to buy .bit domains, and .bit can not even be opened by a common user without making some proxy/DNS changes in their system. The value is very limited.

LTC's fast confirmation time is a huge plus, a lot of people on this forum already prefer LTC for trading things.

[KFR]

IMHO it's not about the speed.  It's about the choice of hashing algorithm.

[kokojie]

LTC's fast confirmation time is a huge plus, a lot of people on this forum already prefer LTC for trading things.

Tell me again, why is the 2 min confirmation superior?

Because for vast majority of trades, the most important thing is the first confirmation, once you have first confirmation, you can be very confident that this is transaction is good. It takes at least 10% of network power to have a small chance at double spending a 1 confirmation transaction, no one would do it for small trades.

There are 1 hour blocks in Bitcoin nearly every single day, that means very often, a trade in Bitcoin would take over 1 hour to reach 1st confirmation.

There's nearly no 1 hour blocks in Litecoin, for vast majority of trades, litecoin will reach 1st confirmation in a matter of 1-2 minutes. That's why it's superior.