The end of Alt-Coins

[FuzzyBear]

I believe Feathercoin might have survived and done well if Chinacoin, Bitbar, etc, didn't come out.

Feel free to visit the forums. Just because we're not fontas's pump/dump toy doesn't mean we're not pushing forward.  A few solid announcements coming soon.

no disrespect but this for me is the current soundtrack to feathercoin http://www.youtube.com/watch?v=5-MT5zeY6CU

[r3animation]

I believe Feathercoin might have survived and done well if Chinacoin, Bitbar, etc, didn't come out.

Feel free to visit the forums. Just because we're not fontas's pump/dump toy doesn't mean we're not pushing forward.  A few solid announcements coming soon.

Don't get me wrong, I hope Feathercoin succeeds (I still have a few) but it would have been so much better if Chinacoin didn't come out when it did.

[erk]

The problem with the flood of alt coins is not the people that are making them for a quick pump and dump, it's the stoopid exchanges that are accepting them. Buy endorsing a coin that is only going to go downwards, you create people that are either scared off or bored with alt coins, either way you loose business, exchanges need coins that slowly rise in value to attract more investors and transactions. Imagine if the stock market worked the same way as the alt coin exchanges and there was no due diligence for an IPO, nobody would buy shares!

[nameface]

The problem with the flood of alt coins is not the people that are making them for a quick pump and dump, it's the stoopid exchanges that are accepting them. Buy endorsing a coin that is only going to go downwards, you create people that are either scared off or bored with alt coins, either way you loose business, exchanges need coins that slowly rise in value to attract more investors and transactions. Imagine if the stock market worked the same way as the alt coin exchanges and there was no due diligence for an IPO, nobody would buy shares!

Pretty soon the BTC-E pairs list will look like a giant chessboard with zeros allover it.

[evershawn]

I believe Feathercoin might have survived and done well if Chinacoin, Bitbar, etc, didn't come out.

Feel free to visit the forums. Just because we're not fontas's pump/dump toy doesn't mean we're not pushing forward.  A few solid announcements coming soon.

+1 - Everyone likes to be a nay sayer with out any real economical insight or internal knowledge. Pay it no mind. I'm sure most of them have ulterior motives for the way they're trying to sway the community and make people think. Judge for yourself people.

Looking forward to the announcements.

[bitrain]

 There are still several interesting specific concepts to realise and proove with time (Gcoin, CHIPS, ARM), but as for now - everybody understand that only BTC, LTC and YAC are reasonable 'cause they use different mining protocols. PPC and NVC are promosing, but an average user don't see any advantages in them. Even NMC and DEV are not really necessary.

[jubalix]

I'll keep this short and sweet. There are now so many alt-coins that it has become the same thing as hyperinflation. The value of alt-coins is trending towards zero. Great job guys! 

soooo, now's the time to buy alts!!!!

what's happening though,inmho, alts FTC/CNC are a btc siphon, which have depressed BTC a little as early sellers may cash out their BTC's

[jubalix]

The problem with the flood of alt coins is not the people that are making them for a quick pump and dump, it's the stoopid exchanges that are accepting them. Buy endorsing a coin that is only going to go downwards, you create people that are either scared off or bored with alt coins, either way you loose business, exchanges need coins that slowly rise in value to attract more investors and transactions. Imagine if the stock market worked the same way as the alt coin exchanges and there was no due diligence for an IPO, nobody would buy shares!

Pretty soon the BTC-E pairs list will look like a giant chessboard with zeros allover it.

they can also de-list

[erk]

I'll keep this short and sweet. There are now so many alt-coins that it has become the same thing as hyperinflation. The value of alt-coins is trending towards zero. Great job guys! 

soooo, now's the time to buy alts!!!!

what's happening though,inmho, alts FTC/CNC are a btc siphon, which have depressed BTC a little as early sellers may cash out their BTC's

There is no such thing as a BTC siphon, the BTC simply changes hands, it's not siphoned out of the system.

[uMMcQxCWELNzkt]

I have been working on my own coin but I cannot find any developers to work on some of the more technical areas so it is likely I wont release it. I guess that is a good thing? 

[0150r]

I have been working on my own coin but I cannot find any developers to work on some of the more technical areas so it is likely I wont release it. I guess that is a good thing? 

Look through the code, rename everything that says "litecoin" to "myscamcoin", put a new icon, put block target and difficulty super low, premine the heck out of it, and get made fun of...that's all it takes

[0150r]

I believe Feathercoin might have survived and done well if Chinacoin, Bitbar, etc, didn't come out.

If something can only thrive in the absence of competition, then how good could it really be?

[The 4ner]

The problem with the flood of alt coins is not the people that are making them for a quick pump and dump, it's the stoopid exchanges that are accepting them. Buy endorsing a coin that is only going to go downwards, you create people that are either scared off or bored with alt coins, either way you loose business, exchanges need coins that slowly rise in value to attract more investors and transactions. Imagine if the stock market worked the same way as the alt coin exchanges and there was no due diligence for an IPO, nobody would buy shares!

Let those exchanges accept all the alt coin they want. They'll lose credibility and soon crumble.

[jubalix]

The problem with the flood of alt coins is not the people that are making them for a quick pump and dump, it's the stoopid exchanges that are accepting them. Buy endorsing a coin that is only going to go downwards, you create people that are either scared off or bored with alt coins, either way you loose business, exchanges need coins that slowly rise in value to attract more investors and transactions. Imagine if the stock market worked the same way as the alt coin exchanges and there was no due diligence for an IPO, nobody would buy shares!

Let those exchanges accept all the alt coin they want. They'll lose credibility and soon crumble.

why???

they are providing a service, no one forces anyone to buy and they make money off the trades...

[TraderTimm]

Unless your alt-coin offers something truly innovative, it won't succeed. Look at the current hashing power commanded by the Bitcoin network. That is your target, and it will take a lot of effort to get even close.

It should be a somber reminder that the closest alt-coin with an actual purpose, namecoin, didn't succeed even though it looked like a good way to decentralize DNS. (And perhaps it may be someday, if DNS gets co-opted by evil forces.)

So if they can't even get some starting momentum, what chance does your "twiddle-a-few-settings-and-push-it-out-the-door" alt-coin have?

Oh, and not to mention the self-defeating process of divided attention as everyone and their scamming brother tries to push out their particular alt-coin-of-the-week.

It's a bit comical, really.

[justabitoftime]

Unless your alt-coin offers something truly innovative, it won't succeed.
It's a bit comical, really.

That's interesting considering the number of first person shooters that ripped off Quake for years now. I was involved in creating one of the original add-on packs and THOSE ideas have been redefined for years. The only comedy is when very tight knit communities believe their narrow view of a technology is the same as the general public.  There's been quite a few games (like ROTT) that really broke away from the mold and still didn't reach it's potential on sales.

Visa, Mastercard, American Express... what's the difference? Ask the nerds, the rest of the public are too busy using the product to care.

I respect your opinion, I just think this bubble needs to step outside and see what really matters to people.  For now, the crypto community controls the price on everything but Bitcoin... hopefully that will change when some break through like Bitcoin.

[LOG123]

I believe Feathercoin might have survived and done well if Chinacoin, Bitbar, etc, didn't come out.

Feel free to visit the forums. Just because we're not fontas's pump/dump toy doesn't mean we're not pushing forward.  A few solid announcements coming soon.

fountass is kill

[TraderTimm]

My "pay attention" threshold is about ~25% of Bitcoin current network hashpower.

So if you can get anywhere near 22.5 Terahash/sec, I'll take you seriously. Otherwise, its just like a penny stock languishing in the trading range of 0.00 to 1.00.

[MoonShadow]

Agreed. Bitcoin and Litecoin are the strongest of crypto coins thus far.

Litecoin doesn't offer anything novel either, IMHO.  A shorter interval will permit greater transaction throughput on the low end, but still fails the promise of 'near instant' transaction confirmations.  In the long run, cutting the interval to one fifth of Bitcoin's will ultimately run up against network propogation delay times, resulting in exponentially increasing rates of orphaned blocks.  Using a GPU resiliant POW function (scrypt) is only a temporary restriction, since it's main limiting factor is deliberately high memory usage, and cache memory available to GPUs will continue to increase.  And ASICs can still be developed with sufficient cache memory to crush CPUs, which would happen as soon as the value of LTC were to increase enough to justify the initial research investment.  In the meantime, the huge memory requirements make an android smartphone version of LTC almost as difficult as a GPU miner.

And if I happen to be wrong about the value of Scrypt as a POW algo, Bitcoin could simply take that idea if LTC were to ever start claiming significant amounts of the market share.

[TraderTimm]

Agreed. Bitcoin and Litecoin are the strongest of crypto coins thus far.

Litecoin doesn't offer anything novel either, IMHO.  A shorter interval will permit greater transaction throughput on the low end, but still fails the promise of 'near instant' transaction confirmations.  In the long run, cutting the interval to one fifth of Bitcoin's will ultimately run up against network propogation delay times, resulting in exponentially increasing rates of orphaned blocks.  Using a GPU resiliant POW function (scrypt) is only a temporary restriction, since it's main limiting factor is deliberately high memory usage, and cache memory available to GPUs will continue to increase.  And ASICs can still be developed with sufficient cache memory to crush CPUs, which would happen as soon as the value of LTC were to increase enough to justify the initial research investment.  In the meantime, the huge memory requirements make an android smartphone version of LTC almost as difficult as a GPU miner.

And if I happen to be wrong about the value of Scrypt as a POW algo, Bitcoin could simply take that idea if LTC were to ever start claiming significant amounts of the market share.

Excellent point -- if one of the alt-coins comes up with an interesting idea that starts to prove out, the main Bitcoin client can fork with that added to it - and in the process decimate any desire for the alt-coin. The process would be similar to larger companies buying out smaller ones, except in this instance the idea is merely co-opted at zero cost.