Scamcoin Special Episode - Let's Talk Bitcoin! show

[Sting17]

Curious - To people defending Pre-mined coins created now, in 2013:

• Is it as hard to start an Alt-Chain now?
• Is it worth the same as starting the first cryptocurrency in 2009?

Maybe this is the problem - People view Satoshi's origination of Bitcoin as equvilent to forking the code... Except that's not what happened, he concieved, designed, documented, and implemented the code from basically scratch.

Do the alt-chains coming out now work like that?

Nope, they piggy back taking good bits and changing others

So... I see you have GLDcoin for your avatar, want to explain why pre-mining in GLDcoin is the same as Satoshi mining alone before anybody figured out Cryptocurrencies were worth their time?

Also, what good bits did GLDcoin take, and which parts did it change?

I've never Had any comment on pre-mining or how alt-coins get pre-mind and how they relate to Satoshi mining alone. In my opinion Satoshi didn't technically pre-mine as we know refer to it today. He simple created bitcoin from scratch and mined it to begin it's origin, in my opinion it's different.

As for the GLD, I've gone with them for a simple reason, community in the alt-coin market. They are an excellent community, they have given out to the public and have re-invested in their coin. I personally have not sold any coins and am now looking to buy more as I believe in the community and without community bitcoin would not be where it is today.

Now for what GLD has taken out of bitcoin that is good and what has it changed, I think the majority of alt-coins including GLD lend them self more to LTC due to it's resilience to ASIC which bitcoin will be subjected to soon, however when the difficulty rises due to the high influx of hash rate this will hopefully be negated, but for easier adoption with consumer hardware most coins have opted for a scrypt based algorithm coin. This is one thing LTC has going for it as the premier alt-coin and most if not all recently release arts have used. Things they have changed are transactions times, difficulty retargets and block rewards, however a price is paid for all of these whether they be good or bad, whether it be too big a reward for each block of to fast a transaction leading to less security.

It's a market that's using the shotgun approach and seeing what sticks and in my opinion I think it's a lot of noise but in a way allows the market to find something it likes and stick to it, much like it did to LTC.

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[sal002]

To me a coin is (or will be eventually) worthless if it has no innovation over another coin.  So, there are a few coins that have done something innovative (Freicoin, for example with demurrage, and a few others with innovative difficulty adjustments and ones that have put in place an infrastructure for actual use).  The ones that are just carbon copies with no infrastructure eventually will die as they add nothing besides maybe an immediate way to get more BTC / LTC via mining

[mindtomatter]

Curious - To people defending Pre-mined coins created now, in 2013:

• Is it as hard to start an Alt-Chain now?
• Is it worth the same as starting the first cryptocurrency in 2009?

Maybe this is the problem - People view Satoshi's origination of Bitcoin as equvilent to forking the code... Except that's not what happened, he concieved, designed, documented, and implemented the code from basically scratch.

Do the alt-chains coming out now work like that?

Nope, they piggy back taking good bits and changing others

So... I see you have GLDcoin for your avatar, want to explain why pre-mining in GLDcoin is the same as Satoshi mining alone before anybody figured out Cryptocurrencies were worth their time?

Also, what good bits did GLDcoin take, and which parts did it change?

I've never Had any comment on pre-mining or how alt-coins get pre-mind and how they relate to Satoshi mining alone. In my opinion Satoshi didn't technically pre-mine as we know refer to it today. He simple created bitcoin from scratch and mined it to begin it's origin, in my opinion it's different.

As for the GLD, I've gone with them for a simple reason, community in the alt-coin market. They are an excellent community, they have given out to the public and have re-invested in their coin. I personally have not sold any coins and am now looking to buy more as I believe in the community and without community bitcoin would not be where it is today.

Now for what GLD has taken out of bitcoin that is good and what has it changed, I think the majority of alt-coins including GLD lend them self more to LTC due to it's resilience to ASIC which bitcoin will be subjected to soon, however when the difficulty rises due to the high influx of hash rate this will hopefully be negated, but for easier adoption with consumer hardware most coins have opted for a scrypt based algorithm coin. This is one thing LTC has going for it as the premier alt-coin and most if not all recently release arts have used. Things they have changed are transactions times, difficulty retargets and block rewards, however a price is paid for all of these whether they be good or bad, whether it be too big a reward for each block of to fast a transaction leading to less security.

It's a market that's using the shotgun approach and seeing what sticks and in my opinion I think it's a lot of noise but in a way allows the market to find something it likes and stick to it, much like it did to LTC.

Ok.

So the problem with your arguement is that Litecoin already exists and has gained enough support to become the 2nd tier "status quo"

You basically said GLD is the same as LTC - Why shouldn't I just buy LTC since it has a larger community, people actually use it, and it offers exactly the same advantages you described for GLD?

Really trying to see the point beyond it being easier for miners to mine.

[ccwirral]

Scrypt based coins are useful for low end gpu miners or the "average joe" type miner if you will. Most people dont have much of a chance to mine the sha based coins with all the new asic technology coming out faster than ever before.

There are fpgas in the works for scrypt based mining but as far as I know there are no asics just yet. This leaves a fairer game for newcomers to crypto currency.

Whether they are premined or not it is what is done aftwards that really proves a coins worth if it stays around and grows an economy and services to compliment it. It is still early days to give a full answer to which coins are going to be long term and which ones arent.

Remember in your show to be speculative towards which coins may or may not be "scam coins" and be objective in your evidence towards it otherwise you will upset a lot of supporters for each coin. Whether it be support through greed or interest in the coins future you dont want to alienate any listeners like that.

This ones going to take a lot of research

[Sting17]

Curious - To people defending Pre-mined coins created now, in 2013:

• Is it as hard to start an Alt-Chain now?
• Is it worth the same as starting the first cryptocurrency in 2009?

Maybe this is the problem - People view Satoshi's origination of Bitcoin as equvilent to forking the code... Except that's not what happened, he concieved, designed, documented, and implemented the code from basically scratch.

Do the alt-chains coming out now work like that?

Nope, they piggy back taking good bits and changing others

So... I see you have GLDcoin for your avatar, want to explain why pre-mining in GLDcoin is the same as Satoshi mining alone before anybody figured out Cryptocurrencies were worth their time?

Also, what good bits did GLDcoin take, and which parts did it change?

I've never Had any comment on pre-mining or how alt-coins get pre-mind and how they relate to Satoshi mining alone. In my opinion Satoshi didn't technically pre-mine as we know refer to it today. He simple created bitcoin from scratch and mined it to begin it's origin, in my opinion it's different.

As for the GLD, I've gone with them for a simple reason, community in the alt-coin market. They are an excellent community, they have given out to the public and have re-invested in their coin. I personally have not sold any coins and am now looking to buy more as I believe in the community and without community bitcoin would not be where it is today.

Now for what GLD has taken out of bitcoin that is good and what has it changed, I think the majority of alt-coins including GLD lend them self more to LTC due to it's resilience to ASIC which bitcoin will be subjected to soon, however when the difficulty rises due to the high influx of hash rate this will hopefully be negated, but for easier adoption with consumer hardware most coins have opted for a scrypt based algorithm coin. This is one thing LTC has going for it as the premier alt-coin and most if not all recently release arts have used. Things they have changed are transactions times, difficulty retargets and block rewards, however a price is paid for all of these whether they be good or bad, whether it be too big a reward for each block of to fast a transaction leading to less security.

It's a market that's using the shotgun approach and seeing what sticks and in my opinion I think it's a lot of noise but in a way allows the market to find something it likes and stick to it, much like it did to LTC.

Ok.

So the problem with your arguement is that Litecoin already exists and has gained enough support to become the 2nd tier "status quo"

You basically said GLD is the same as LTC - Why shouldn't I just buy LTC since it has a larger community, people actually use it, and it offers exactly the same advantages you described for GLD?

Really trying to see the point beyond it being easier for miners to mine.

In fact I have purchased and continue to both purchase and mine LTC. My attraction to GLD was the scrypt based algo like LTC but mainly it was GLDs community that sucked me in, they were friendly and were more then happy to spread the wealth, whether it was pre-mined or not and for me and many others this was a bonus and helped the word of GLD grow.

To answer your last question, the coin has been easier to mine for people with more consumer grade hardware, 5xxx and up cards can mine GLD coins with decent success but that doesn't mean there is a problem with the coin or that it is a scam, it's just another coin in a large sea of alt-coins. It's more of a question of whether time will tell, but I do believe there is a market for alt coins or an alt coin, LTC has proved that.

[Bitinvestor]

I don't think there are any scamcoins. The market decides which coins it likes. The fact that all of the new coins are actively traded means that there is demand for them. Some will go up, some will go down. Don't like a coin? Don't use it!