what is the definition of an altcoin?

[charleshoskinson]

After all bitshares related threads were moved to the altcoin subforum but namecoin, bitmessage and mastercoin related threads remain, I'm seriously confused what constitutes an altcoin. Could a mod please explain this decision?

[theymos]

Namecoin is an altcoin. BitMessage has nothing to do with money, so it's not an altcoin. I don't know anything about mastercoin or bitshares. I moved some bitshares threads at the recommendation of someone who knows more than me after I skimmed the threads and I decided that it looks like an altcoin.

[charleshoskinson]

you have made a mistake and I request my thread be put back 2 project development. our product is a peer to peer exchange.

[gweedo]

you have made a mistake and I request my thread be put back 2 project development. our product is a peer to peer exchange.

https://docs.google.com/document/d/1ShDngXMp-2YMlCjb4NnJVUkRRZxathDdt5aTp3UUJDk/edit

In this document the first line it says it is a crypto-currency.

Also mastercoin is building off the current bitcoin blockchain is technically it is an addon to bitcoin, that happens to be another coin.

[vektor]

"x"-coins  bubble up from simple principles in data structures. any subsequent iterations of the "first" cryptocurrency (ie. Bitcoin) are representations of it, with different rule sets constituting the way they are distributed and mined for. the laws surrounding their exchange rates are regulated in a true decentralized market.

[b!z]

'alternate' cryptocurrencies (not btc).

[bytemaster]

Bitshares is a crypto-stock in a decentralized exchange that integrates the ideas of name coin and bitmessage while providing dividends on bitcoin.  We add to the bitcoin ecosystem far more than mastercoin and name coin do.   

If the only reason master coin is allowed is because it abuses the bitcoin network as the storage infrastructure then that is some really mixed up priorities.   

At the very least the Quixote  thread should be kept in project development because it focuses on 90% on bitmessage and identity with bitshares being a small part.   We are talking about eliminating the need for bitcoin addresses in order to transact bitcoins.

I am not sure why ripple and name coin get exceptions. 

[gweedo]

If the only reason master coin is allowed is because it abuses the bitcoin network as the storage infrastructure then that is some really mixed up priorities.   

That line shows you have not done any research into mastercoin, or you clearly don't understand it. It doesn't abuse the blockchain at all. Also it is impossible to abuse the blockchain hence why we have fees

*disclaimer I am not invested into mastercoin*

[charleshoskinson]

you know the creator of mastercoin actually paid a bounty to Daniel for finding flaws in his system. we are pointing out an obvious bias that in our opinion equates to censorship. our thread had 18 pages of posts and thousands of views prior to being moved. this is a mistake and it reflects poorly on these forums as a whole. Theymos I'm going to ask you again to please move our thread backso we can continue to have a productive conversation.

[dacoinminster]

I'm the guy behind MasterCoin. Discussion of our impact on the bitcoin block-chain, and how that can be improved, is here: https://bitcointalk.org/index.php?topic=284178.0

I'm not sure whether bitshares deserves the "alt-coin" label or not, but I will say they are a heck of a lot more innovative than any other alt-coin I have seen. I think they do have their own block chain, which is maybe the differentiating factor the mods are using.

[charleshoskinson]

And yet namecoin remains in the project thread? Notice my confusion.

[theymos]

The Namecoin thread predates the creation of the altcoin section by several months, so that particular thread is considered "grandfathered".

[charleshoskinson]

So your position is regardless of the application, utility and design of a cryptocurrency it is an altcoin if it has its own blockchain? We are not a bitcoin competitor and have absolutely no intention of advocating the use of bitshares as a conventional currency. It is the backbone of a decentralized p2p exchange regardless of what one particular, dishonest developer asserts.

I'm glad you've established the standard theymos. I hope in the future you're just as vigilant in moving all projects that contain blockchains into the altcurrency forum so they can join sexcoin and chinacoin. As we are under this standard now, we will no longer be able to effectively broadcast the 100 grand in bounties to this community that we have allocated for the next 12 months. We  will make every effort to let your community know of their existence but we will be unable to manage them on bitcointalk if they are misrepresented as altcoin development especially with the development of bitcom.

I'm sorry that we disagree with this definition and for the loss to this community.

[bytemaster]

BitShares is an attempt to create a P2P exchange for Bitcoin.     Block-chain or not BitShares is not an attempt to create a 'currency'.  

Rather than fight about the 'classification', perhaps we should consider things from the interest of the users on this forum.   Clearly, there were many people in the project development subform that found our efforts relevant, interesting, and not a spam, pump&dump scheme.    

GMaxwel has an ax to grind and is abusing his influence to the harm of the community.  Hopefully you will spend some time to see that Bitshares evolved out of an attempt to solve one of the biggest problems facing Bitcoin by providing a decentralized exchange.  The goal of a decentralized exchange is of interest to everyone in the forum based upon a survey of posts on both the Discussion thread and the project development thread.   In fact, you originally moved BitShares into the Project development thread from general discussion prior to moving it to Altcoins.  

Anyway, its your forum so do what you think is in the best interest of your users.