Zangelbert Bingledack
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May 13, 2013, 04:37:46 AM |
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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).
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Aristotle
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May 13, 2013, 05:28:20 AM |
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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? |
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jhansen858
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May 13, 2013, 05:56:28 AM |
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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. |
Hi forum: 1DDpiEt36VTJsiJunyBc3XtG6CcSAnsQ4p
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lebing
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Enabling the maximal migration
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May 13, 2013, 06:31:06 AM |
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Bro, do you even blockchain?
-E Voorhees
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Aristotle
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May 13, 2013, 05:33:02 PM |
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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. |
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UltimateReaper
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May 13, 2013, 05:58:33 PM |
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Melbustus
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May 13, 2013, 08:00:22 PM |
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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. |
Bitcoin is the first monetary system to credibly offer perfect information to all economic participants.
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glendall
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Sugars.zone | DatingFi - Earn for Posting
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May 13, 2013, 08:31:58 PM |
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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.
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samson
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May 13, 2013, 10:03:23 PM |
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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. |
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FCTaiChi
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May 14, 2013, 05:05:05 AM |
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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  |
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runam0k
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Touchdown
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May 14, 2013, 10:24:31 AM |
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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. |
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FTWbitcoinFTW
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May 14, 2013, 12:41:41 PM |
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Nice charts. Where from? Cryptocoincharts + Paint + PhotoScape #skill4life |
Lost coins only make everyone else's coins worth slightly more. Think of it as a donation to everyone. it has lots of buttery taste.. |
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n8rwJeTt8TrrLKPa55eU
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May 14, 2013, 05:10:06 PM |
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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. |
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MAbtc
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May 14, 2013, 05:40:18 PM |
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mccorvic
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May 14, 2013, 06:46:21 PM |
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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.
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cbeast
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Let's talk governance, lipstick, and pigs.
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May 14, 2013, 06:49:41 PM |
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They were a fad, now it's over. Still love the trollbox.
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Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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mccorvic
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May 14, 2013, 06:50:07 PM |
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They were a fad, now it's over. Still love the trollbox.
The trollbox is something else, for sure.  |
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ElectricMucus
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Marketing manager - GO MP
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May 14, 2013, 07:27:39 PM |
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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. |
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FCTaiChi
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May 14, 2013, 11:58:08 PM |
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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... |
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kokojie
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May 15, 2013, 12:00:58 AM |
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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. |
btc: 15sFnThw58hiGHYXyUAasgfauifTEB1ZF6
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