Newbies, stay away from altcoins. please

[hellfrozenow]

Altcoins can pay off. I got in very early on Dogecoin mining with modest hardware and recently pocketed $500 USD selling it on Reddit and eBay. So, in conclusion $500 in a couple weeks for doing basically nothing but providing GPU/CPU power ain't a bad deal. 

Sometimes it pays off, and other times you get almost nothing, I mean when you mine all starting coins first day only when the difficulty is low

[pop84]

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). and

Mastercoin   /  https://bitcointalk.org/index.php?topic=265488.0;topicseen (which has already been funded with 5000BTC to kick off with the development)


Don't make the same mistake I did wasting my time on other failing alt coins.. 


Hope this info helps you decide where to start.

Good Luck.

what about NXT??

[topshibedoge]

Altcoins can pay off. I got in very early on Dogecoin mining with modest hardware and recently pocketed $500 USD selling it on Reddit and eBay. So, in conclusion $500 in a couple weeks for doing basically nothing but providing GPU/CPU power ain't a bad deal. 

Sometimes it pays off, and other times you get almost nothing, I mean when you mine all starting coins first day only when the difficulty is low

Yeah, and Doge seems to be the exception to the rule that most altcoins aren't worth bothering with. I have a feeling the value will plummet in maybe a couple months though once the novelty wears off... I'm hoping otherwise.

[Lukkasss]

Agreed. Bitcoins and Litecoins are the ones who will make a difference.

[popinjay]

Although I agree for the most part and there are a lot of pump and dump type coins, I would not abandon all coin just because they are an alt coin.  Look into them... There area few intriguing alts

[Lucky Cris]

im kind of wondering if the thread was actually made t o stop people from mining altcoins - so they could actually mine more of them at lower difficulty.

There is nothing wrong with taking some risks with altcoins. Bitcoin was  a huge gamble and risk early on as well.

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).

Interesting...

[pop84]

Altcoins can pay off. I got in very early on Dogecoin mining with modest hardware and recently pocketed $500 USD selling it on Reddit and eBay. So, in conclusion $500 in a couple weeks for doing basically nothing but providing GPU/CPU power ain't a bad deal. 

I agree.

it seems that all those coins can be an opportunity for a quick money in case you are smart

[TranZer]

But it is a good start for newbie to mine altcoins and then exchange those for Bitcoins.. Bitcoins are not minable with common hardware any more.

[ttony]

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). and

Mastercoin   /  https://bitcointalk.org/index.php?topic=265488.0;topicseen (which has already been funded with 5000BTC to kick off with the development)


Don't make the same mistake I did wasting my time on other failing alt coins.. 


Hope this info helps you decide where to start.

Good Luck.

It depends what are you looking/minig for

[FranceGuy1]

No one can mine bitcoin unless they buy an asic. I don't understand this thread.

[jongameson]

Altcoins can pay off. I got in very early on Dogecoin mining with modest hardware and recently pocketed $500 USD selling it on Reddit and eBay. So, in conclusion $500 in a couple weeks for doing basically nothing but providing GPU/CPU power ain't a bad deal. 

I agree.

it'll probably be worth $10,000,000 in 10 years 

[TranZer]

No one can mine bitcoin unless they buy an asic. I don't understand this thread.

I just have to agree.. Altcoins are now quite easy way to get Bitcoins..

[coinedge]

I think a few alt coins might have some staying power. What happens to the majority at the bottom that drop off the top 50 market cap list? Is 0 and over the end of them? Or could someone revive a coin that went belly up.

[coinedge]

All these coins seem more like an imaginary stock market then actual currency. Value of an currency doesn't increase when there is a increased interest, the stocks do.

Not sure what you mean.

Currencies (Dollar, Euro, Yen) most certainly increase/decrease in value depending on interest and capital flows. Why would that be different with digital currencies?

[blaaaaacksuit]

Nothing wrong with mining a few altcoins if you missed the bitcoin boom. Mine/trade or not the altcoin market will eventually collapse under its own weight (too many coins to choose from, none of them really bring anything truly revolutionary to cryptocurrency.)  BTC and LTC are the only real coins I see standing the test of time so why not make money while there is still an opportunity?

[Sheldor333]

You do realize that for most of people here, me included BTC are long ago become unreachable. If they have a couple of spare bucks they will buy a few alt coins, or mine them and hope they worth something some day. There is nothing else they can do. It's a sad reality, but it is a reality.

[satostein]

altcoins are great if you can see which will do well enough to pump and dump

[Whoisthelorax]

I respectfully disagree. But I appreciate the calling out of scam coins nonetheless.

Instead...
Look for altcoins that serve a true purpose and in a different vein than the purpose of Bitcoin.
Always vet your coin by researching if there has been a premine.  www.cryptometer.org is a good start.
Don't put money into a coin to only make money. Do it for other beneficial reasons.

[jzcjca00]

You do realize that for most of people here, me included BTC are long ago become unreachable. If they have a couple of spare bucks they will buy a few alt coins, or mine them and hope they worth something some day. There is nothing else they can do. It's a sad reality, but it is a reality.

That's just silly.  If you have a couple of bucks, you can buy 3 mBTC and join us on the trip to the moon.  If Bitcoin eventually becomes the global currency, which I believe can happen, then the average person on Earth will own about 3 mBTC.  So invest $2 in the real future of money today, hold for the very long term, and your minuscule investment will have turned into the average person's wealth.  Or put $20 in today and be 10 times as rich as the average person.

Just because altcoins have lower prices does NOT mean they are better investments!

[jonanon]

What about Anoncoin?

I believe this to be a coin for the future?

Limited supply, great support, great site etc, worth checking out.