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Svennisen (OP)
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June 10, 2013, 06:57:08 PM |
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What is peoples reason for buying alt coins?
I get that most people mine the coin to sell for btc or likewise.
But what actual benefits does other coins have over bitcoin?
Why would I abandon btc for any other coin?
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Got help from me? Feel free to tip me  BTC: 13hrdpUSJWhe2n4g4kTSHEx4GYUF9v5CU3 |
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A L I E N
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Activity: 1358
Merit: 1000
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June 10, 2013, 07:03:56 PM |
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Because there is a chance you could get in from the release of the next bitcoin.
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deadweasel
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June 10, 2013, 07:10:53 PM |
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What is peoples reason for buying alt coins?
I get that most people mine the coin to sell for btc or likewise.
But what actual benefits does other coins have over bitcoin?
Why would I abandon btc for any other coin?
There are now members of this forum who will create an 'altcoin'/scamcoin for anyone! All they have to do is supply a name for it and few parameters. These users then change a few variables in the open source Bitcoin client and sell it (or the new free website which MAKES alt coins for you) to whoever will pay. These people then pump up the currency for a week or two and dump all of their premined or early-mined coins --- they then trade these for btc or cash or whatever people will trade for. Hence they come out on top, leaving the lemmings to sort out what has happened to their precious new alt coin. I'm with you, OP, I wouldn't touch them with a 10 foot pole (although litecoin seems promising, and I watch it as an example of what a true ALTCOIN would look like). But that's just my two satoshis. |
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nonameo
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Activity: 112
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June 10, 2013, 07:11:36 PM |
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Because the is a chance you could get in from the release of the next bitcoin.
IMO the "next bitcoin"(if there is one) will not be something you "get into" early There's already one bitcoin, and there's litecoin too. Bitcoin's speculative nature is what will ultimately drive it into the ground. We need something that is NOT speculative in nature for it to gain truly widespread acceptance. |
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deadweasel
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June 10, 2013, 07:13:08 PM |
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Because the is a chance you could get in from the release of the next bitcoin.
IMO the "next bitcoin"(if there is one) will not be something you "get into" early There's already one bitcoin, and there's litecoin too. Bitcoin's speculative nature is what will ultimately drive it into the ground. We need something that is NOT speculative in nature for it to gain truly widespread acceptance. Show me a coin, I will speculate all over it. |
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Svennisen (OP)
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June 10, 2013, 07:17:26 PM |
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What is peoples reason for buying alt coins?
I get that most people mine the coin to sell for btc or likewise.
But what actual benefits does other coins have over bitcoin?
Why would I abandon btc for any other coin?
There are now members of this forum who will create an 'altcoin'/scamcoin for anyone! All they have to do is supply a name for it and few parameters. These users then change a few variables in the open source Bitcoin client and sell it (or the new free website which MAKES alt coins for you) to whoever will pay. These people then pump up the currency for a week or two and dump all of their premined or early-mined coins --- they then trade these for btc or cash or whatever people will trade for. Hence they come out on top, leaving the lemmings to sort out what has happened to their precious new alt coin. I'm with you, OP, I wouldn't touch them with a 10 foot pole (although litecoin seems promising, and I watch it as an example of what a true ALTCOIN would look like). But that's just my two satoshis. Precicely! That have been exactly my thoughts. The only thing I am involved with is BTC, and some litecoin mining on my gpu since I cant make a profit on btc anymore As I see it, the new coins is just another way for scammers to get people who are new to crypto currencies to get them rich. There are some big differences like how many coins there are, how fast they are being mined, and what algorithms they use. But essentially, they are ll the same? |
Got help from me? Feel free to tip me BTC: 13hrdpUSJWhe2n4g4kTSHEx4GYUF9v5CU3 |
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deadweasel
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June 10, 2013, 07:20:57 PM |
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What is peoples reason for buying alt coins?
I get that most people mine the coin to sell for btc or likewise.
But what actual benefits does other coins have over bitcoin?
Why would I abandon btc for any other coin?
There are now members of this forum who will create an 'altcoin'/scamcoin for anyone! All they have to do is supply a name for it and few parameters. These users then change a few variables in the open source Bitcoin client and sell it (or the new free website which MAKES alt coins for you) to whoever will pay. These people then pump up the currency for a week or two and dump all of their premined or early-mined coins --- they then trade these for btc or cash or whatever people will trade for. Hence they come out on top, leaving the lemmings to sort out what has happened to their precious new alt coin. I'm with you, OP, I wouldn't touch them with a 10 foot pole (although litecoin seems promising, and I watch it as an example of what a true ALTCOIN would look like). But that's just my two satoshis. Precicely! That have been exactly my thoughts. The only thing I am involved with is BTC, and some litecoin mining on my gpu since I cant make a profit on btc anymore As I see it, the new coins is just another way for scammers to get people who are new to crypto currencies to get them rich. There are some big differences like how many coins there are, how fast they are being mined, and what algorithms they use. But essentially, they are ll the same? They are the same in sense that they have no development, no feature, no purpose other than to be re-branded, pumped, and dumped. |
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deadweasel
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June 10, 2013, 07:22:56 PM |
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Because the is a chance you could get in from the release of the next bitcoin.
IMO the "next bitcoin"(if there is one) will not be something you "get into" early There's already one bitcoin, and there's litecoin too. Bitcoin's speculative nature is what will ultimately drive it into the ground. We need something that is NOT speculative in nature for it to gain truly widespread acceptance. Show me a coin, I will speculate all over it. What about BitBar ::speculate::::speculate:: ::speculate:: ::speculate:: ::speculate:: ::speculate:: ::speculate:: bitbar ::speculate:: ::speculate:: ::speculate:: ::speculate::::speculate:: I speculated all over that bar. Ain't even a coin. nuff said.  |
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deadweasel
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June 10, 2013, 07:27:09 PM |
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Because the is a chance you could get in from the release of the next bitcoin.
IMO the "next bitcoin"(if there is one) will not be something you "get into" early There's already one bitcoin, and there's litecoin too. Bitcoin's speculative nature is what will ultimately drive it into the ground. We need something that is NOT speculative in nature for it to gain truly widespread acceptance. Show me a coin, I will speculate all over it. What about BitBar ::speculate::::speculate:: ::speculate:: ::speculate:: ::speculate:: ::speculate:: ::speculate:: bitbar ::speculate:: ::speculate:: ::speculate:: ::speculate::::speculate:: I speculated all over that bar. Ain't even a coin. nuff said. Wow you're a genius! I'll buy more BTB's now. I'd rather have fun with it than waste my time determining what a bitbar actually is. But hey, if you can explain in a few lines, I'm all ears. (don't have time to verify and understand every alt-something or other) |
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RodeoX
Legendary
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Activity: 3066
Merit: 1147
The revolution will be monetized!
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June 10, 2013, 07:27:45 PM |
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I think some of them have been projects by coding enthusiasts. Because the source is open, anyone can tinker with it and produce their own coin. Even knowing that it will never take off.
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jbmiller10
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June 10, 2013, 07:32:10 PM |
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Specifically, I support Digitalcoin because it's designed for quasi-instantaneous point-of-sale transactions, something bitcoin nor litecoin is very well suited for. Most new alt-coins bring nothing new of value to the table and I as a result don't pay much mind to them.
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MashRinx
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June 10, 2013, 07:45:22 PM |
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This is quickly going to dissolve into the "Why the coin I am mining/holding is better than the coin you are mining/holding - and my dad can beat up your dad." thread.
Welcome to the Alt sub-forum.
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Svennisen (OP)
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June 10, 2013, 07:54:40 PM |
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This is quickly going to dissolve into the "Why the coin I am mining/holding is better than the coin you are mining/holding - and my dad can beat up your dad." thread.
Welcome to the Alt sub-forum.
I can see that now The question I was looking an answer to was, who actually listen to all these threads with people claiming they got the next solution etc etc. I mean, somebody have to fall hard right, and loose alot of money to these people? Or else all these new coins wouldn't continue to spring up. |
Got help from me? Feel free to tip me BTC: 13hrdpUSJWhe2n4g4kTSHEx4GYUF9v5CU3 |
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MashRinx
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June 10, 2013, 08:10:06 PM |
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This is quickly going to dissolve into the "Why the coin I am mining/holding is better than the coin you are mining/holding - and my dad can beat up your dad." thread.
Welcome to the Alt sub-forum.
I can see that now The question I was looking an answer to was, who actually listen to all these threads with people claiming they got the next solution etc etc. I mean, somebody have to fall hard right, and loose alot of money to these people? Or else all these new coins wouldn't continue to spring up. I'll give you my two cents and they will probably worth just about that. Unless you guessed early and well on which BTC ASIC company to gamble on, this is now the first time that the hardware necessary to stay involved in BTC mining is not widely available and 'reasonably' priced (yes, reasonably is a relative term). My BTC miners are still profitable, but not sure they will be after 3 - 4 more difficulty retargets, if that long. 2 BTC for a 350 MHash miner? Sorry, the ROI doesn't work, IMO. If ASIC become more widely available and more reasonably priced, will look again. In the meantime, I do like that some of the Alts do appear to really be trying to bring something new to the table, including reduced block times and some other properties, and I think that only a coin that was not pre-mined at all, for any reason, and one designed to not be insta-mined as well are worth looking at, and there have been a couple of those as well. When bouncing between BTC and alts is not longer possible, I will probably move to mining between LTC and alts, but I also fully accept that any time mining on an Alt is time that could be spent mining something with more pedigree. The introduction of additional alt coins also seems to have REALLY lowered the barrier of entry in many respects, which is an unfortunate, but not completely unexpected byproduct of this. |
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ISAWHIM
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June 10, 2013, 08:37:37 PM |
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Because without competition, the "spirit of freedom" is dead.
That is why it was made open-source...
Turns out that people actually LIKE to own a variety of things, not just one thing. (Why use BitCoins, alt-coins or dollars at all? Is your money broken? Why, because you can. Because it is another variety of funds/value which you can obtain.)
Who cares why... You might as well ask why people eat, drive, dance, watch "The view", or masturbate... We do it because we can. To make you ask, "Why do you do that?", to piss you off, to screw with the nature of order, to shift our losses onto someone-else, to make personal gains at others expense...
What was the question again?
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MashRinx
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June 10, 2013, 08:42:34 PM |
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"The view", or masturbate Please don't ever use those two things in the same sentence again. Thanks! |
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owsleybeatsbigcartel
Newbie
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Activity: 28
Merit: 0
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June 10, 2013, 08:49:00 PM |
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Specifically, I support Digitalcoin because it's designed for quasi-instantaneous point-of-sale transactions, something bitcoin nor litecoin is very well suited for. Most new alt-coins bring nothing new of value to the table and I as a result don't pay much mind to them.
DGC looks good imo... well planned ...founder is on point no?;)weeeeeeee my addy!~>> DGC - DLgDtLMu7E88EPgLtGQG3AYYmimeNWmP7R |
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