What is the point of Altcoins?

[Athanasios Motok]

Why are there so many new coins?  They clutter this Alt Forum!  What Is the point for them anyway? 

[Hazard]

People trying to make a quick buck

[sgrunger]

It's fun. You get to play around with exchanges, bitcoin or litecoin is mine and wait.

[Tranz]

Its also a way to test new functionality in the real world.  Some new cool innovations are coming out of alts.

[tokyoghetto]

Altcoins are good for seeing what is possible with cryptos.

Think of Bitcoin as Myspace...Pioneers.
I believe there will be an Altcoin that can take over Bitcoin and become the new standard....like Facebook.

So far very few coins show promise. Most coins released are the following:

Shit Copy and Paste devs who release new coins every other week.
Premine/Instamine scam coins.
Pump and dump coins.
coins that fork/rollback every two days.
coins with shit retargets that will take months to drop in diff, only to be raped and driven back to high diff hell again.
Coins with  devs who change block reward/block times just to prop the price up, but only after they have mined/hoarded huge amounts of coin before hand.
coins with shit names that will never be accepted by the mainstream.

This also breeds:

Scam Pools that steal from miners.
Scam exchanges that steal from everyone that deposits coins
Scammers who steal from honest people trying to do off exchange trades
Lazy people who complain about devs getting paid for their hard work, but who dont realize that without devs none of this shit would be possible.

ohh wait what was the question again?

[dragonkid]

Think of Bitcoin as Myspace...Pioneers.
I believe there will be an Altcoin that can take over Bitcoin and become the new standard....like Facebook.

Actually it is Friends reunited which was the first pioneer, then came MySpace.

[fattypig]

Why are there so many new coins?  They clutter this Alt Forum!  What Is the point for them anyway? 

Alt-coins are different in a way, they are script mining and not sha-256 mining. I was once told that script is anti FPGA and ASIC. But looks like someone developed FPGA and soon if someone come out with script ASIC then I guess it would be the same as Bitcoin then.

[QuantPlus]

Bitcoin is everything Satoshi feared.

Controlled by an Oligarchy of Rich Early Adopters...
Stodgy, conservative development is centralized in Silicon Valley, California, USA...
Security in the hands of 2-3 Mining Oligarchies and 2-3 foundries in China...
An ordinary person cannot mine BTC anymore...

Plus the Bitcoin Foundation wants to have sex with the US Government...
Not to mention the patronizing attitude towards the Developing World...
Ya man, subsistence level African farmers and Indian migrant workers need Bitcoin ATMs, baby.

The Alt Coin Point of the Tech Spear...
Will ultimately spawn 1000s of coins and 100s of innovations...
The scammers and pump and dumpers are a small price to pay...
3 years from now BTC will be just another Top 5 coin for Old School Hoarders.

[r3wt]

Think of Bitcoin as Myspace...Pioneers.
I believe there will be an Altcoin that can take over Bitcoin and become the new standard....like Facebook.

Actually it is Friends reunited which was the first pioneer, then came MySpace.

you forgot about Xanga

[Swordsoffreedom]

Think of Bitcoin as Myspace...Pioneers.
I believe there will be an Altcoin that can take over Bitcoin and become the new standard....like Facebook.

Actually it is Friends reunited which was the first pioneer, then came MySpace.

you forgot about Xanga

No one remembers Xanga
Until you mention Xanga

[CoinBuzz]

We should not have only 1crypto-coin.

More crypto coins can start a challenge and therefore makes better crypto world.

[Notanon]

The current block on microtransactions with Bitcoin will only strengthen the case for alternative coins, so as long as it remains in place or becomes permanent.

[FoldingTime]

Bitcoin is everything Satoshi feared.

Controlled by an Oligarchy of Rich Early Adopters...
Stodgy, conservative development is centralized in Silicon Valley, California, USA...
Security in the hands of 2-3 Mining Oligarchies and 2-3 foundries in China...
An ordinary person cannot mine BTC anymore...

Plus the Bitcoin Foundation wants to have sex with the US Government...
Not to mention the patronizing attitude towards the Developing World...
Ya man, subsistence level African farmers and Indian migrant workers need Bitcoin ATMs, baby.

The Alt Coin Point of the Tech Spear...
Will ultimately spawn 1000s of coins and 100s of innovations...
The scammers and pump and dumpers are a small price to pay...
3 years from now BTC will be just another Top 5 coin for Old School Hoarders.

Who is to say Satoshi is not one of the rich early adopters controlling Bitcoin?

[wachtwoord]

There is no spoon.

[kriwest]

I agree there are way too many trash coins.. but that's what happens when fools continue to buy into pump and dumps. Supply and demand.. people want crap? We'll continue to produce crap.
That's why McDonald's is still in business, and that's why shitty Altcoins are still being made daily. There's money in it.

Stop trading the scam coins and they will stop being made. Focus instead on the Alts that have good devs and actually provide something new and different.. some quality, feature, or service that Bitcoin doesn't have or isn't doing quite as good as <insert altcoin here>.

It's a free market, and monopolies are never good.. that's the point of altcoins. Competition.
Microsoft was the biggest for a long time, then all of a sudden came Apple and Google. Bitcoin is biggest right now.. who's going to produce the Apple of crypto?