Do we have too many alt coins?

[fast-coin]

It's so easy to make one, does it make sense? But think about it, Bitcoin and Litecoin are the same thing.

[Mataman]

I've never looked into Litecoins, as I just got into Bitcoins, but having both of them seems confusing.

[Foxpup]

Of course it makes sense to create altcoins:

Step 1: Create altcoin.
Step 2: Convince suckers to buy it by telling them it is GPU- and ASIC-"proof" even though a) it totally isn't; and b) that's not even a desirable property to have in a cryptocurrency anyway (*cough* botnets *cough*).
Step 3: Profit!

Oh, you mean does it make sense for other people to actually use altcoins? No, not at all.

[kodo]

YES! Way, way to many.

[deppJ]

yep too easy to make anncoin

[kodo]

To many altcoins devalues Bitcoins. No good.

[Mataman]

To many altcoins devalues Bitcoins. No good.

I never thought of it that way, good point right here.

[Dunkelheit773]

yep

[connorcameron]

I've looked into Litecoins.

[worldinacoin]

I had seen tons of alt coins, none really come near to challenging Bitcoin at all.  Time to stop this and concentrate full time to support Bitcoin.  We still have a lot of challenges before Bitcoin goes mainstream.

[MarximusMG]

I had seen tons of alt coins, none really come near to challenging Bitcoin at all.  Time to stop this and concentrate full time to support Bitcoin.  We still have a lot of challenges before Bitcoin goes mainstream.

My main thought on this is the same, with regards to the fact that Bitcoin is still in the process of becoming mainstream, and having so many other altcoins may detract from the support behind Bitcoin.

[johnnyfla123]

Most lt coins never make it to exchange sites for trading. Its kinda like saying the u.s dollar is low cause the 200+ other currencies bring it down... If that was the case wouldn't the u.s push towards one uniform currency? No, Europe did that and look how that turned out for them

[brewcoin]

It does seem like a lot of these coins never make it to an exchange. But it makes sense to have a lot of them--how many currencies are there in the world right now? If we only had USD and Euro, that wouldn't be a good thing...

[iram9072]

search shakehula has free tutorial for this. or try hazard he will code it for you for 4btc.

[Prophet]

Bitcoin is an amazing experiment that has already changed the world.

I read this book that described the design of money and how there could be alternate forms of money that complemented national money.

The idea was very intriguing considering that at one point money was nothing more than sea shells, Freely available everywhere.

Having alternate coins are a good idea, what if someone paid people in physicscoins for doing science research, Folding@homecoins rather than the point system they use now, it would be like the airmiles points people earn, but useful to further humanity.

as a counterpoint you could have seriously flawed ideological coins like DrugCoins or Sexcoins for taking care of business, maybe hitman coins earned for doing a job. Extreme examples but the markets would decide and simple fate would destroy the less resilient communities.

[gambit1]

yep yep

[dimke_yu]

Interesting question, I think there are too many altcoins some of theme are usable most of them not. As for mining them with ASIC or FPGA I don`t know is it possible especially those that are scrypt based.

[Wekkel]

Market action tells us the real story. Yes there are many altcoins. No, there apparently are not too many altcoins since people continue to jump on them.

I consider it children trying their first bike. The more, the better.

In the end, only a few networks will prevail...

[Fuzzy]

It's so easy to make one, does it make sense? But think about it, Bitcoin and Litecoin are the same thing.

The shit that goes on in the newbies section is ridiculous.

You either haven't looked into bitcoin enough, or haven't looked into litecoin, or both.

[natey1]

Everyone can have their own Alt-Chain coin, there is no global overhead for new coins so why not.  The questions are do you personally care about any of them, the answer for most is nope