Newbies, stay away from altcoins. please

[Sustainable]

This is complete garbage, there needs to be at least a couple of alternative coins in the world if there is a transition to digital currency. Bitcoin cannot handle the complete demand of the world, this is ridiculous. Businesses are already working towards getting other altcoins established in countries and using them as a currency. There are advantages for altcoins such as cryptogenic bullion which acts like a building society with fixed interest rates, bitcoin does not have this feature. There are many more coins with extremely important features that bitcoin completely neglects, if we go the way of bitcoin is the only one then the monetary supply will always be fixed like it is now 1% have the most 99% have the least. There needs to be alternative currencies to let bitcoin thrive, they both need each other. The price of bitcoin dips like any other currency it goes up and it goes down, while bitcoin goes down, my alt coins remain stable there needs to be competition in the market place. The point is do your research if your just investing randomly in alts you are going to get burned, if you actually sit down look at investments and work out what people need and want you will not get burned. I can't actually believe people are saying don't invest in alternative currencies, it's like saying don't invest in Yen when there is USD.

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[Sustainable]

This is correct for newbies. For experienced users no. Investing in the right altcoin will prove to be much better than investing in bitcoin (in the future).

So what happens when they buy in at $190 and it dips to $150 like it will do now? The point is it's your investment no-one elses, don't listen to these people because they have no idea about the market it's your choice and yours alone. These sorts of threads are designed to trip newbies up, because others don't want mass adoption of others alts at lower prices, they want to raise the prices of their BTC and they know that other alts can dominate BTC entirely. So my advice is don't listen to anyone and make your OWN decisions.

[Sustainable]

I can vouch for this; don't ever trust anyone pushing a coin that isn't Bitcoin (or possible Litecoin.)  The scheme is to create a coin just to short it and abandon it; this requires people to put their time and effort into adopting the altcoin and putting it on an exchange.  It's nothing more than a movement of wealth to the original adopters (sometimes involving a pre-mine) from whoever decided not to cash out.

Also you just vouched for a guy that did exactly what your against, he names mastercoin and litecoin, probably both of those he has significant investment in.

[CryptoNames]

Preference:

Mine  -->  Altcoins
Invest USD  -->  Bitcoins

 

[rampalija]

I really don't mind mining alt coins. Investing money into it is one thing, but it doesn't really hurt much to mine a few alt coins. Some of the alt coin projects that are interesting are the ones that aren't simply clones and try new mechanics like Proof of Stake. Yes, many alt coins are merely pump and dump, but some are acting as proof of concepts to try and innovate crypto coin technology and I think those types are worth investing your hash rate into to see how well or poorly the new concept plays out.

Thums up!

[Kimowa]

This is correct for newbies. For experienced users no. Investing in the right altcoin will prove to be much better than investing in bitcoin (in the future).

So what happens when they buy in at $190 and it dips to $150 like it will do now? The point is it's your investment no-one elses, don't listen to these people because they have no idea about the market it's your choice and yours alone. These sorts of threads are designed to trip newbies up, because others don't want mass adoption of others alts at lower prices, they want to raise the prices of their BTC and they know that other alts can dominate BTC entirely. So my advice is don't listen to anyone and make your OWN decisions.

It's always good for newbie to read a few opinion of others and decide on their own (like what I am doing now). If the newbie just follow blinding then its his problem...

[moderate]

Just giving you a heads up, 99% of the alt coins are a waste of time and do not fulfill the main concept of the digital currency concept.

Invest only in Bitcoin (BTC) , it has more support and interest than any other coins(projects).

Although you might still find other projects with great support (either in great developers or they are heavily invested by many), like

Litecoin (which suffers from a few big holders that manipulate the price, but you might earn a bit of $ from it in the short range aka mt.gox announce to add it to their trading).

Do NOT count on MtGox adding Litecoin, they believe there's an actual need for handling thousands of transactions per second with their imaginary Midas engine. They also cannot handle this basic functionality called money withdraw, so there is no hope on adding another coin to the system.

[PeercoinEnthusiast]

Investigate alts and go from there. Make up your own minds.

[MAbtc]

Agreed, most altcoins are pump-and-dump schemes, and by the time you find out about the coin, the dump has already happened and the coin will go nowhere.

[bitwhizz]

DOn;t invest in alt coins (apart from BTC and LTC maybe), and don;t invest in bitcoin securities!

[sofakingdom]

Ive only checked out bitcoins tbh, but thanks for the heads up.

[neordicICE]

There was period when I mined altcoins, converted to BTC and bought the stuff I liked with BTC.

But now it is not profitabe for my electrcity costs anymore, so I see altcoins as useless coin

[beegatewood]

There was period when I mined altcoins, converted to BTC and bought the stuff I liked with BTC.

But now it is not profitabe for my electrcity costs anymore, so I see altcoins as useless coin

Just curious, how much was your electricity charges per KWH?

[monbux]

Litecoin (which suffers from a few big holders that manipulate the price, but you might earn a bit of $ from it in the short range aka mt.gox announce to add it to their trading). and

I've learned to laugh at every annoucement MT.GOX makes.
People told me they would release the LTC trading by mid September >.>
So I bought some coins at 0.02 BTC, and waiting and waited.
Freaking btc-e trolls, lol, but I was lucky, I sold them at 0.018 BTC.

[mishax1]

I only wish you newbies to check whatever you are about to invest..

Even if a coin seems really good and you really like the idea behind it you should check it from top to bottom.. (someone said CryptogenicBullion ? tried it too.. but then I found out - https://bitcointalk.org/index.php?topic=245086.msg3044315#msg3044315 )
just an example..

oh, and another thing, be careful on btc-e, its controlled by big holders and the prices are usually fixed by their bots, trade with extreme caution and don't be tempted to sell/buy when some price change is happening.
(Its really easy to see how the bots work there.. ever tried selling at the top of the orderlist? a bot will automatically outbid your order making you to change or consider(psychological affect) changing your order to sell lower (or buy higher when you are buying) those outbids will automatically appear the second you hit the button with an amount looking like this - 216.98147513)

[ninjatflex]

How would one go about mining mastercoin?

[kryptopath]

I only wish you newbies to check whatever you are about to invest..

sounds like do your due diligence

[iLoveXojo]

So. Let me get this straight. You want us to stay away for your competition? LMAO! Such "business" and "closed" like thinking.

[flayway]

I dont think its bad idea invest little money to some alt coins, if you can now buy like $0.1-$2 and that value is later like $1 or $10. I have buy LTC, PPC and little XPM and looking to buy few other interesting altcoins.

[payb.tc]

[MtGox] also cannot handle this basic functionality called money withdraw

or charts


i don't see any reason for newbies to stay away from alt-coins altogether, but i'd recommend just doing it with a smaller fraction and put most (i.e. > 50%) into btc