Most promising Altcoin for the future of mining?

[Smidge]

Hi all,

The BTC/LTC networks are currently very well supplied with miners throwing their equipment at them and I like the idea of Bitcoin being regarded as "Gold" and Litecoin as "Silver".

With the recent flood of new coins, I am currently looking into focusing my mining efforts on one of them. The reason for that is the underlying trends that 1) new, much faster hardware is being connected on a daily basis and 2) the existing hardware is becoming more and more inefficient, being boosted by 1).

I think that when the BTC/LTC difficulty gets too high for the existing hardware to be profitable, people will switch to mining other coins rather than selling the hardware (at least a lot of them should). This should trigger a boost in mining power for the other coins.

So my question is: In which Altcoin Basket would you put your eggs right now, if you had to?

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[anderl]

I can't speak for anyone else.  I'm not on any band wagon.  I'm mining BTC up until the next difficulty spike which will put me never breakeven if difficulty comes in as I expect it to.

LTC has suffered as of late and it is not as profitable to mine but I'm using it as my base cashflow as it is not as volatile as the other alts and has liquidity. 

Speculatively I'm mining WDC and DGC.  I sell up to break even to support my operations and keep the rest for long term.  I expect they will be trading near LTC in about 18 months.  If that means LTC falls in price, WDC and DGC rise or the combination of the two I'll be fine.  I think they have the best chance for a future until the really innovate coins come out in the next year.

FtW - I have one under development but it is very slow coding it right now as I have other projects I need to complete.  It's a complete ground up rebuild of the bitcoin source using a modified scrypt algorithm.  It's going to implement a multicoin wallet and will be inflation and deflation resistant.  No announcements other than this tidbit because I need to iron out a lot of the new features.  I'm projecting I can have a testnet ready for UAT in 9 to 12 months with a deployment in 18.

Any one interested in working on the project with me can PM me. 

[lazydna]

Hi all,

The BTC/LTC networks are currently very well supplied with miners throwing their equipment at them and I like the idea of Bitcoin being regarded as "Gold" and Litecoin as "Silver".

With the recent flood of new coins, I am currently looking into focusing my mining efforts on one of them. The reason for that is the underlying trends that 1) new, much faster hardware is being connected on a daily basis and 2) the existing hardware is becoming more and more inefficient, being boosted by 1).

I think that when the BTC/LTC difficulty gets too high for the existing hardware to be profitable, people will switch to mining other coins rather than selling the hardware (at least a lot of them should). This should trigger a boost in mining power for the other coins.

So my question is: In which Altcoin Basket would you put your eggs right now, if you had to?

Mining PPC, innovative and has good dev support. Not a copy paste coins like FTC,WDC,DGC and the rest of them.

[Smidge]

I'm mining BTC up until the next difficulty spike which will put me never breakeven if difficulty comes in as I expect it to.

This is what I am talking about. There is tons of BTC (after that, LTC...) mining equipment going "End of Life" very soon. Which coin's value is going to explode next?

[anderl]

I'm mining BTC up until the next difficulty spike which will put me never breakeven if difficulty comes in as I expect it to.

This is what I am talking about. There is tons of BTC (after that, LTC...) mining equipment going "End of Life" very soon. Which coin's value is going to explode next?

It won't directly explode a coins value.  Short term its going to be nasty for all cryptocoins.  Long term it will be stable or continue to appreciate.

Sequence of events as I predict.

1. Current ASIC miners try to recoupe investment into hardware.  Sell off BTC ahead of future ASIC miners.
2. Price of BTC goes down.
3. GPU miners finally exist BTC
4. GPU miners move to LTC
5. GPU miners do not invest aggressively in hardware as most have recouped hardware costs (matured hardware).  LTC difficult rises slowly.  Most GPU miners moved to LTC when it was 20% more profitable that BTC for a few months.
6. With tight profit margins, rising summer electrical costs, some marginal GPU miners exit the market (maybe to return in winter)
7. Existing miners either:
      a. sell off their BTC/LTC as part of the exist strategy
      b. hold some of their assets for future appreciation
      c. reinvest in other speculative coins.


So short term
1. BTC and LTC will drop in price.  Panic amongst the ASIC miners and big GPU miners
2. BTC/LTC Clones will be stagnant.
3.  Any alts with sought after features will see difficulties spike but will be volatile as miners dump and investors accumulate.

Long term
1. BTC and LTC will stabilize and appreciate
2.  BTC/LTC Clones will still be stagnant.
3. Sought after alts will show long term appreciation trends and investors build bases and miners start to hold for longer periods and miners selling is smaller relative to buying.

[seleme]

MyCoin (MC)

That's most popular answer on threads like this one 

[negerkolle]

If you wanna get something that can pay out big in the near future Id say Memecoin. With the Memecoin shop soon to be released this thing could  explode. One of the few alts you can actually buy stuff with and they really easy to mine right now 

[cryptohunter]

pxc > wdc > dgc

also mining btc and ltc to cover costs.

[nulo0b]

Pxc ofc, 
Awsome, grown up devs.

[BazkieBumpercar]

I'd say WCD and DGC look like the most likely candidates as a replacement of LTC right now, so I'd mine that. Can never be sure though

[ethought]

DGC for sure..

[SpaceCadet]

There is another option I'm going to start investigating (especially for those that don't already have a high-end mining rig of any flavor): just buy your altcoin(s) of choice as they are all relatively very cheap right now.  If you already have a Useful Rig, then by all means mine with it, but if you have to acquire one, the same money could buy you a large sum of altcoin today instead of mining until you break even in the future.

Disclosure:  I have not yet run any scenarios to see how the buy vs mine options really compare in long run (running different assumed price / diff rates and the like).  Also to look into is buying strategies (for example, how large a block to buy to balance risk vs reward).

Thoughts?

[bitdwarf]

MyCoin (MC)

I'm not recommending YAC cos he's asking for which coin will BTC and LTC miners migrate to, and that doesn't apply unless they plan to use their expensive graphic chips to run extremely fancy CPU monitors.

[MaGNeT]

I mined a lot of coins, read a lot of topics and read a lot of crap too.

But I really like PXC, it's 100% supported by MaGNeT.

[Barnacle_Ed]

If I was going to take up mining again?

1) Start my own coin
2) Instamine
3) PUMP AND DUMP!



Guaranteed profit here, as we've seen countless time and time again...

[spoid]

3x7950 laundry basket

card 1: wdc
card 2: dgc
card 3: pxc

we'll see how that turns out

[St.Bit]

MyCoin (MC)

That's most popular answer on threads like this one 

Strange that people rather mine their coins insted the most profitable and exchange.

[vnezapno]

There is no promising altcoin 'couse world does not need it.
The only hypothetical use of alt-coins in the future is to provide anonymity for illegal bitcoins - BTC/ALTC and vise-versa conversions on stocks like btc-e.
Litecoin is more then enough for this purpose.
And this is, btw, the sufficient  reason why you won't ever see altcoins on gox - especially considering latest libertyreserve stink.

[TCPC]

I think PPC has a lot of potential.  With POS and the energy efficiency aspect etc... and the developer is very active, so that is always a plus.

[anderl]

There is no promising altcoin 'couse world does not need it.
The only hypothetical use of alt-coins in the future is to provide anonymity for illegal bitcoins - BTC/ALTC and vise-versa conversions on stocks like btc-e.
Litecoin is more then enough for this purpose.
And this is, btw, the sufficient  reason why you won't ever see altcoins on gox - especially considering latest libertyreserve stink.

high frequency trading, transaction processing times between financial institutions, small footprint of financial organizations in 3rd world countries, opacity of the existing global financial systems, restrictive regulations,  lack of individual ownership of existing financial institutions, the list goes on as to why digital currencies are needed.

all fiat currencies provide anonymity for illegal transactions.  as long as fiat is physical is can travel through out a black or grey market for years with no historical record of transactions.

litecoin serves as much of a purpose as did the horse drawn carriage.  useful for its time but it cannot go as fast as today's cars.  the world will demands strong, better and faster.  litecoin is somewhat a mature coin now.  time to move on to strong better and faster.