Newbies, stay away from altcoins. please

[EKKT.O.]

Why? What's the difference?

[bitcoinpsftp]

Most of this advice is sound.  Although, if you are a gambler, its the most speculative investments that will give the highesr ROI if it does succeed.  But I do think that with bitcoin gaining so much popularity, it will overshadow all other coins.  Unless ofcourse another coin adds features sorely missing in Bitcoin.  But yea, unless you know w hat you are doing, dont p ut any significant money into these alt coins, unless you want to take a gamble at getting rich.  Dont spend your lunch money though

[bitcoinwheel]

I love all kinds of coins 

[thatsats]

I started looking into this much too late, so altcoins are really my only viable option for understanding just WTF is going on with transactions, mining, pools, so on and so forth without wasting a lot of time and effort.

The more I read up on it the more I'm interested in Bitcoins, but since I don't have any use for them right now I'm not about to run out and convert my cash into bits when the price is so high/volatile. It makes much more sense to me to burn up my graphics card over the weekend to make an altcoin than to do the same for a satoshi or two.

[mishax1]

Just for reference...
This thread started 2 months ago, when 1 mastercoin was worth 0.01BTC , look at the values now

An exchange for the msc will be up soon enough.. 

[darkshadowgirl]

I bought 100$ worth of Litecoin just in case.  No biggie if it doesn't go nowhere. But on hand in-case it does.

[mishax1]

bump for n00bs sake!

[Jeremiah2911]

I am interested in Litecoins and Peercoins but the main player is definitely Bitcoin.

[hilariousandco]

bitcoin are so much expensive now , and litecoin are so much cheaper people start accepting them as well

And this will have a knock on-effect. Once BTC price gets ridiculous - maybe it already has - people will just invest in the next biggest currency; Litecoin. Then when Litecoins get too pricey; on to the next and so on.

[neordicICE]

bitcoin are so much expensive now , and litecoin are so much cheaper people start accepting them as well

And this will have a knock on-effect. Once BTC price gets ridiculous - maybe it already has - people will just invest in the next biggest currency; Litecoin. Then when Litecoins get too pricey; on to the next and so on.

Nope, by your logic, smarter would be start with new and still worthless alternative coin.

Litecoin is already too much expensive + useless

[Dini]

Not really useless, you can purchase several things with them, for example BTC or USD.... That's something.  And the same infrastructure (software, wallet sites, cryptocurrency debit cards etc) that are being developed for Bitcoin should be easily adapted or expanded to other coins.  The only danger is that all cryptocurrency will die and I think I'll gamble that it will survive.

[Pedrocadiz]

I my opinion litecoin is a good choice for noobies too.

[btcmerch]

Thanks for the heads up

[cepo]

yeah stay away from altcoin, sux hacker currency

[hilariousandco]

bitcoin are so much expensive now , and litecoin are so much cheaper people start accepting them as well

And this will have a knock on-effect. Once BTC price gets ridiculous - maybe it already has - people will just invest in the next biggest currency; Litecoin. Then when Litecoins get too pricey; on to the next and so on.

Nope, by your logic, smarter would be start with new and still worthless alternative coin.

Litecoin is already too much expensive + useless

I think it would be wise to invest a little in some of the other up-and-coming cryptos.

And Litecoin's aren't really expensive, nor are they useless. Like any currency or commodity they're only worth what people are willing to pay. They're currently hovering under the $10 mark, and anyone who invested a little in these a few months ago has made a tidy profit. Same thing will probably happen with others cryptos in the next few months. Who knows? It's exciting to see how the markets play out for cryptos.

[mishax1]

If you want to mine on alts only for the profit, do it here ->  http://middlecoin.com/  or here -> https://www.multipool.us/  or what ever multi pool you want. It's easy and profitable.

[wearepoor]

bitcoin are so much expensive now , and litecoin are so much cheaper people start accepting them as well

And this will have a knock on-effect. Once BTC price gets ridiculous - maybe it already has - people will just invest in the next biggest currency; Litecoin. Then when Litecoins get too pricey; on to the next and so on.

Nope, by your logic, smarter would be start with new and still worthless alternative coin.

Litecoin is already too much expensive + useless

I think it would be wise to invest a little in some of the other up-and-coming cryptos.

And Litecoin's aren't really expensive, nor are they useless. Like any currency or commodity they're only worth what people are willing to pay. They're currently hovering under the $10 mark, and anyone who invested a little in these a few months ago has made a tidy profit. Same thing will probably happen with others cryptos in the next few months. Who knows? It's exciting to see how the markets play out for cryptos.

I would preffer creating my own wortless altcoin instead of pumping my money to worthless altcoin

[bleukind]

I don't agree at this topic.

I believe that all alt coins are a long time investment so spreading your changes over multiple altcoins seems like a good idea for me. Ofcourse a lot of the coins are crap and will die in time but you only need 1 goldmine. Just don't forget that bitcoin wasn't skyhigh in the begining.

[tampazeus]

I don't agree at this topic.

I believe that all alt coins are a long time investment so spreading your changes over multiple altcoins seems like a good idea for me. Ofcourse a lot of the coins are crap and will die in time but you only need 1 goldmine. Just don't forget that bitcoin wasn't skyhigh in the begining.

In future there will be not hundreds worthless copies of Bitcoin, but many thousands worthless copies of Bitcoin. Hopefully you have enought money if your plan is put some money in every new altcoin. The number of new altcoins will never stop if there will be enought demmand for burning money there 

[Sigmoid]

Well, it's not really investment. It's called speculation.
Not that there's anything wrong with that.

As for altcoins, 99% of all the interest around cryptocurrency is generated by a post-event hype of a successful get rich quick scheme that made millionaires of several early adopters (and it's quite clear that the Bitcoin train has left, you can't early adopt it anymore, the rocket fuel's gone).
Most altcoins come from the misguided hope of duplicating that success. Of course, the rate of success is unlikely to come even close to Bitcoin, but it will have a profound negative effect over time to the very idea of cryptocurrency as a whole. It's as if in the late years of the California gold rush, miners could just make up new minerals that are still abundant - and there would be people around to buy those at a premium.

However, given the inherent flaws of Bitcoin, I am sure that if cryptocurrency does go mainstream, it will not be Bitcoin, but some alt that has addressed those flaws. PeerCoin is an interesting step in the good direction, but its money supply scheme is still not inflationary enough to be useful as a currency, and in fact encourages hoarding to a ridiculous degree. Also, the transition from proof-of-work to proof-of-stake operation sounds shaky at best.