The End of Alt Coins

[greyscale]

I am sad to say that we are now entering the endtimes for alt coins. Nobody wanted alt coins to succeed more than me, but it has now become clear that they are nothing more than a failed experiment. Alt coins are crashing across the board, everything from litecoin (down 7.92%), namecoin (down 17.2%), peepeecoin (down 12.83%), novascamcoin (down 4.17%), feathercoin (down 10.79%), primecoin (down 25.31%), and terracoin (down 24.32%). These figures are REAL figures pulled from coinmarketcap.com.

This post is a public service announcement designed to help those of you still clutching your worthless alt coins to sell them for bitcoin ASAP and save yourself a lot of heartache. Just get rid of them, close this useless altcoin subsection, and go buy some BFL asics if you really want to mine something.

[muddafudda]

Yep, I hear yah and feel yah.

the community and exchanges themselves do not act in the best interest of progress, until that point, alts are a waste of time and space.

[r3wt]

agree with the post above me.

ps: in before flamewars

[Buffer Overflow]

Ahem!

Yes. I predict 'the great alt crash' coming.

[heatgsm]

If they are down that doesn`t mean that they won`t go up again. Patience is rare nowadays  

[BitcoinEXpress]

Verse 101 of the same song started in early 2011....


~BCX~

[Buffer Overflow]

It won't be the end of alt-coins, far from it. The innovative coins will pull through.
(Problem is that's a very small handful.)

[wedge]

This happens every time the BTC value rises.  But don't worry, it will crash again soon, and all the alts will rise again.

Remember that most alt miners don't care about the ALT/BTC value.  They only care about the ALT/Fiat value.  They just use BTC as a medium to make that trade.  So whenever it looks like alts are crashing, just look at the BTC value and you'll see it's rising.  Just enough so that the ALT/Fiat value remains somewhat constant.

[freedomno1]

Actually you can call that a correlation table of how strong the relationship is between BTC and Alt-Coins
Less variance with rising bitcoin prices more independent it is

Pending that their is enough volume traded to make those correlations

[smolen]

Wait till governments take Bitcoin seriously and start regulate it. This will be a great opportunity for new altcoins designed specially to fit or get around those regulations.

[Buffer Overflow]

Wait till governments take Bitcoin seriously and start regulate it. This will be a great opportunity for new altcoins designed specially to fit or get around those regulations.

I've never really brought into that idea much. Regulation will be an umbrella covering all crypto-currencies.

[kelsey]

All Bitcoin derived altcoins are dead ducks. Litecoiners (bagholders) still believe there are some mystery buyers on gox who will pay upwards of $5 for their rubbish, let's not even go into the others. No doubt, they were a good money spinner but Bitcoin is where the growth has occurred and where it will continue to occur. Altcoins in 2013 were nothing more than an opportunity to get some easy bitcoins, nothing more, nothing less. Remember, there are always some people who hold things all the way to the bottom in complete and utter denial.

actually its bitcoin thats a dead man working. pow was only ever meant to be a temp solution and was never meant to be gamed like it is currently being...............be very interesting show when the dif hits the mark  


but u guys bought into an anon idealist (and paranoid nutjob too boot)....and think there is no risk lol

[DeathAndTaxes]

Wait till governments take Bitcoin seriously and start regulate it. This will be a great opportunity for new altcoins designed specially to fit or get around those regulations.

No government is regulating "Bitcoin".  FinCEN guidance never once uses the word Bitcoin.  Governments are regulating decentralized virtual currencies.  Every FinCEN regulation which applies to entities exchanging Bitcoins equally applies to all current and future altcoins.

[DeathAndTaxes]

All Bitcoin derived altcoins are dead ducks. Litecoiners (bagholders) still believe there are some mystery buyers on gox who will pay upwards of $5 for their rubbish, let's not even go into the others. No doubt, they were a good money spinner but Bitcoin is where the growth has occurred and where it will continue to occur. Altcoins in 2013 were nothing more than an opportunity to get some easy bitcoins, nothing more, nothing less. Remember, there are always some people who hold things all the way to the bottom in complete and utter denial.

actually its bitcoin thats a dead man working. pow was only ever meant to be a temp solution and was never meant to be gamed like it is currently being...............be very interesting show when the dif hits the mark  

Please post a reference to where Satoshi claimed POW was a temporary solution.   POW works at all difficulty levels.  If difficulty exceeds the revenue for miners the least efficient miners will be squeezed out and difficulty will decline.

Not sure why you think the ASIC rise is anything different than the past.   ASICs have so far pushed difficulty from 20M to 200M and likely to 4B or higher.   Sounds impressive until you realize that CPU and GPU pushed difficulty from <1 to 20 million+.   When ASICs push difficulty to 400 trillion it will have a rise in magnitude that is comparable.

[pand70]

Just get rid of them, close this useless altcoin subsection, and go buy some BFL asics if you really want to mine something.

Is this sarcarsm or something?

[matt608]

Of course this isn't the end of alt coins, they usually go down when bitcoin goes up, this time bitcoin has gone up a lot so they've gone down a lot.  Once bitcoin settles they'll shoot back up again.

[illpoet]

Verse 101 of the same song started in early 2011....


~BCX~

yeah except now they call it the end when litecoin goes from 2.50 to 1.89 instead of when bitcoin goes from 2.50 to 1.89

[wedge]

Wait till governments take Bitcoin seriously and start regulate it. This will be a great opportunity for new altcoins designed specially to fit or get around those regulations.

I've never really brought into that idea much. Regulation will be an umbrella covering all crypto-currencies.

I wouldn't bet on that for a second.  It could be an umbrella, or it could be specific.  It could even mention bitcoin by name

[smolen]

Regulation will be an umbrella covering all crypto-currencies.

Governments are regulating decentralized virtual currencies.  Every FinCEN regulation which applies to entities exchanging Bitcoins equally applies to all current and future altcoins.

If the anonymity of cryptocurrencies become an obstacle to legally use it, it will be be sacrificed. Some freshly designed BigBrotherCoin can enforce identity disclosure to government but not to general public. Bitcoin can't.
The anonymity of Bitcoin makes it perfect tool for tax evasion. Some freshly designed TaxCoin can embed end enforce VAT rules, Bitcoin can't.
Bitcoin is open to everyone without limitations. Some SecessionRegionalCoin can be limited to only preapproved merchants and miners, Bitcoin can't.
Governments regulate economy via money supply, using banks as a proxy. Some BanksterCoin can implement fractional reserve rules, Bitcoin can't.

[Balthazar]

I am sad to say that we are now entering the endtimes for alt coins. Nobody wanted alt coins to succeed more than me, but it has now become clear that they are nothing more than a failed experiment. Alt coins are crashing across the board, everything from litecoin (down 7.92%), namecoin (down 17.2%), peepeecoin (down 12.83%), novascamcoin (down 4.17%), feathercoin (down 10.79%), primecoin (down 25.31%), and terracoin (down 24.32%). These figures are REAL figures pulled from coinmarketcap.com.

This post is a public service announcement designed to help those of you still clutching your worthless alt coins to sell them for bitcoin ASAP and save yourself a lot of heartache. Just get rid of them, close this useless altcoin subsection, and go buy some BFL asics if you really want to mine something.