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Poll
Question: Number of Altcoins is getting out of control?
Yes - 17 (29.8%)
No - 6 (10.5%)
New coins add no real value or changes - 10 (17.5%)
New coins are needed to keep the code in constant evolution - 18 (31.6%)
Altcoins are nothing but a scam - 6 (10.5%)
Total Voters: 57

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Author Topic: What is your perspective of Altcoins?  (Read 745 times)
kpriess
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May 13, 2013, 07:45:43 PM
 #1

Your thoughts.
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Transactions can optionally carry transaction fees. Whoever mines the block which ends up containing your transaction will get the fee. The Bitcoin client will sometimes force you to pay a fee when it thinks that no miner will accept your transaction otherwise.
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May 13, 2013, 07:49:08 PM
 #2

4 votes, and half are negative..

Some altcoins are a scam, others help test certain paramaters, others are novelty. You, the consumer, ultimately has the freedom to choose which crypto you use. And who's to say that your choice is better then anyone elses?

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May 13, 2013, 07:50:33 PM
 #3

Yes there are a lot of scamcoins, but some are really trying to innovate. People will get tired of the scamcoins ( they already are, as a matter of fact, look at how RoyalCoin and now GameCoin are failing ).

Coins that really add something will do well. We need those, as you say, to keep the code in evolution. I believe Netcoin will be the next real altcoin, and maybe while we wait for that, we can enjoy the experiment that is Elacoin.

All the copypaste coins will die quickly now, the market is saturated with those. When enough people get burned by the dump that follows the pump, that type of coin won't have a chance anymore.

At least until the next wave of greedy newbies shows up, hahahe. They never seem to be in short supply. ( I was one so i know Wink

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May 13, 2013, 08:20:16 PM
 #4

As a relative newcomer to crypto I can understand the buzz around new coins being released. There is a mad rush every time a release is announced to get the client and get mining. The sight of your client showing incoming transactions gives the warm fuzzy feeling that you are succeeding and making money.

The reality is however those of us who are new to mining are a tad to late to the party. The people who mined the birth of bitcoin and litecoin have to a large extent made the majority of any money that was ever going to be made in these areas. For the countless newcomers hoping the next release will be the next big coin, they are blind to the fact that the coin dev has one goal in mind. Get the coin out, get interest, get an exchange and dump your stockpile. Thus allowing them to walk away from the coin having made their money.

Of course some of these coins will hang around and may spring to life in the future but as long as they are just clones bringing nothing new, people are pissing their money away under the illusion they are making money
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May 13, 2013, 08:29:37 PM
 #5

For the countless newcomers hoping the next release will be the next big coin, they are blind to the fact that the coin dev has one goal in mind. Get the coin out, get interest, get an exchange and dump your stockpile. Thus allowing them to walk away from the coin having made their money.

Of course some of these coins will hang around and may spring to life in the future but as long as they are just clones bringing nothing new, people are pissing their money away under the illusion they are making money

That's rather cynical. Perhaps, just maybe, maybe the OCCASIONAL coin is put out with the intent of creating something new? Like litecoin, which while very similiar to bitcoin, uses a different hashing algorithm? Novacoin was premined, yes. Very unfortunate, because it was the first coin, as far as I'm aware, to combine both PoW and PoS into a single system. And of course, we wouldn't even HAVE PoS without PPC, now, would we?

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ictin
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May 13, 2013, 08:33:45 PM
 #6

Well, there are some good alt coins, but most of them are just scam-clones unfortunately.

But is room for improvements. And what i think that are the big problems of the current cryptocoins are the following:
1. to long blockchain, and so not usable in the long term
2. long transaction confirmations time. Anything 10s is not acceptable in the long run
3. to scarce. Having 21 milions coins for a world of 7 billions means that most of the people will work with 0.00000000x values, and this will not happen.
4. the 51% attack

This problems must be fixed by new coins if we want to replace fiat. But most of the new altcoins don't do nothing to solve this problems.

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May 13, 2013, 08:37:47 PM
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For the countless newcomers hoping the next release will be the next big coin, they are blind to the fact that the coin dev has one goal in mind. Get the coin out, get interest, get an exchange and dump your stockpile. Thus allowing them to walk away from the coin having made their money.

Of course some of these coins will hang around and may spring to life in the future but as long as they are just clones bringing nothing new, people are pissing their money away under the illusion they are making money

That's rather cynical. Perhaps, just maybe, maybe the OCCASIONAL coin is put out with the intent of creating something new? Like litecoin, which while very similiar to bitcoin, uses a different hashing algorithm? Novacoin was premined, yes. Very unfortunate, because it was the first coin, as far as I'm aware, to combine both PoW and PoS into a single system. And of course, we wouldn't even HAVE PoS without PPC, now, would we?

There will always be people who genuinely want to progress crypto currencies, but at the moment I believe the flooding of the market with new alt copy coins is a get rich quick scheme. They only need to have their coin on an exchange reasonably priced for a few hours to make their money from the pre-mine, insta-mine etc. There are people who really care about their release but they never gather enough steam because the next day people flock to the next release to get in early.

When a coin is released that will prevent the the majority of coins being mined within the first 24 hours, then and only then will we see something worth while
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May 13, 2013, 08:46:43 PM
 #8

To put it simply, any new coin with a low difficulty and no pre-announce is a scam.

There are a few alts that I think will stand the test of time - PPC and LTC. A new coin with genuine innovation can still join the club. But all we've seen are clones and remixes so far.
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May 13, 2013, 08:53:24 PM
 #9

It's a free market, deal with it.

If you want currencies with regulations, go back to fiat.
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May 13, 2013, 08:56:31 PM
 #10


There will always be people who genuinely want to progress crypto currencies, but at the moment I believe the flooding of the market with new alt copy coins is a get rich quick scheme. They only need to have their coin on an exchange reasonably priced for a few hours to make their money from the pre-mine, insta-mine etc. There are people who really care about their release but they never gather enough steam because the next day people flock to the next release to get in early.

When a coin is released that will prevent the the majority of coins being mined within the first 24 hours, then and only then will we see something worth while

There are coins under development right now that are hoping to address that. Specifically, i'm looking at Netcoin and Elacoin, as well as an unnamed one that's looking to revive the Novacoin Pow/Pos combo with a new blockchain concept


To put it simply, any new coin with a low difficulty and no pre-announce is a scam.

There are a few alts that I think will stand the test of time - PPC and LTC. A new coin with genuine innovation can still join the club. But all we've seen are clones and remixes so far.

A lot of the 'clones and remixes' have actually had some good ideas in them, but the developers didn't understand the importance of a public, scheduled release and they all get lumped in with spamcoins

If you like my rants, feel free to give me your coins! Cheesy
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November 26, 2017, 09:52:10 AM
 #11

Your thoughts.

Pretty is not a bad crypt, with good prospects for the future, I hope, invested in it I think that by the summer of 2018 will soar.

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November 26, 2017, 10:35:54 AM
 #12

They are all a scam. Run away. Stay away. Leave them all to me. I'll take care of these scammy coins.

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November 26, 2017, 10:46:12 AM
 #13

Your thoughts.

Altcoins come in the greater part varieties. A portion are professionally produced and developed, or compliment Bitcoin’s idea. Others are plainly experimental, Also other maybe completely experimenta, also it can fix issue or providing service, which is Additionally fine.

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November 26, 2017, 11:47:03 AM
 #14

Your thoughts.
My opinion about altcoin is that we can find various types of coins and market them to reach the capital for mined bitcoin. altcoin is an alternative coin that can produce bitcoin.

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November 26, 2017, 12:03:33 PM
 #15

Most new coins add no value to market while few coins come with a lot of exciting things. There are lots of trash coins compared to last year

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November 26, 2017, 12:17:39 PM
 #16

There are altcoins that have great concepts, mission, vision and great developers. With help of people, these altcoins in the future, will have value. While some altcoins are just scam or a joke.
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November 26, 2017, 12:25:20 PM
 #17

My perspective about Altcoins is they are the best option if investing Bitcoin isn't your concern. You'll be challenged in Altcoin group because of there's too many of them and somehow you'll find the best coin in order to invest. Altcoins are very simple yet complicated due to the differential of their values.
Altcoins are the most important rival of Bitcoin, they help Bitcoin value reach the moon.

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November 26, 2017, 12:29:48 PM
 #18

make a research first about what kind of altcoins do you like to use because there is a other altcoins is fake or scam only and there is good also. So try to be smart choosing the right altcoins.

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November 26, 2017, 12:32:06 PM
 #19

I won't say they are all scams, most new coin that are existing now are genuine while some are not. Moreover it's a good thing that some of them are emerging; the good advantage of cryptocurrency or altcoin  is the act of been free to emerge a new one.

If we all have and depends on some certain altcoins; they become scares, highly costly to have (which is the case of bitcoin) and excessive holding. So its a free world, lets embrace it.

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November 28, 2017, 01:23:09 PM
 #20

I support these people that are sure that new altcoins are needed always to keep the code in permanent evolution. New altcoins will appear and disappear, but the main ones with the largest capitalization will be developing and grow. I mean DASH, NEO, Ripple, Waves, Monero, Litecoin and some others

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