Perhaps this is slightly off-topic, but with respect to people's favourite crypto-coins, what's being said here seems to indicate that the world of crypto-coins is riddled with, how shall I phrase it... people of questionable character and... markets which may be rigged more than others and... more pitfalls than normal for miners and participants.
Assuming this is correct, how is a slightly wary newb to proceed? Is there a listing of, say, the best merged mining pools to efficiently mine crypto-coins, or some agreement on the better exchanges to use or maybe even a coin ranking, perhaps a top ten, with 'most reliable' or 'most accepted' coins at the top cascading down to... well, the less accepted and the less reliable?
As with licensed financial exchanges, you can make serious money trading in penny stocks or exploratory mining companies. But for those people who'd prefer not to wade in mud is the best path just to stay away from most altcoins or are there a top-tier group of coins worth mining and trading?
Be grateful for your comments. And my apologies if these remarks are best appended to another thread, feel free to point me in the right direction.
Thanks very much
Bro, if there's one thing about my threads it's that there's no worries about being off topic.
There's easy money to be made in Cryptos (with little to no laws, regulations or oversight) so clearly it's gonna be riddled with scams and scammers.
I would say the most stable or less scammy coins would be be the first top 5 or so coins which were started and never died.
Among these would be coins such as Devcoin, Litecoin, ixCoin, of course, Bitcoin and maybe a couple others.
Most of the new coins can be called either CrapCoins or ScamCoins, even my own coin, NUGGETS. As such, you're risking a lot when buying alt coins.
The best way to proceed is to mine the most profitable (as outlined by coinchoose) and dump it on any pumps. If you're buying coins, like me, then it's riskier. New coins tend to get pumped so then you can speculate and hope to dump on time. But that too is risky.
My strategy remains: Play the upcoming Bitcoin ETF, with my 2 main picks being ixCoin and devcoin, in that order.
I made an error in judgement. I thought when the Bitcoin ETF comes out and Bitcoin goes to $1,000 that all alt coins would sky-rocket. But the recent Bitcoin run to $140 proved to me the exact opposite will happen. 99% of the coins will get killed, driven to near zero but for whatever reason a few will sky-rocket.
I have outlined my arguments for why I think ixCoin will be Wallstreet's choice for an ETF 2.0, so I won't go into detail here.
Good luck!
