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Question: Do you believe in alternate cryptocurrencies?  (Voting closed: November 02, 2013, 06:32:45 AM)
no, I only believe in bitcoin - 7 (31.8%)
I believe in some major alternate cryptocurrencies - 8 (36.4%)
I believe in most major alternate cryptocurrencies and some minor ones - 2 (9.1%)
I want to make a fortune and try all of these - 4 (18.2%)
none of above - 1 (4.5%)
Total Voters: 22

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diski
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November 01, 2013, 06:32:45 AM
 #1

I've been believing in bitcoin since I heard about it about 2 years ago and seen its value rise and fall dramatically.
But I haven't heard of most of the alternate cryptocurrencies until recently.
Some of them have really weird names, like SEXcoin.
I have no idea what are these for.
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adworker
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November 01, 2013, 08:21:24 AM
 #2

I have no idea what are these for.


Most of the time just pump and dump to get creator of the altcoin quick BTC. Saying creator is bit misleading as it is modifying few lines of public code only  Smiley


But in some altcoins a lot of work is put to be fair
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November 01, 2013, 09:14:58 AM
 #3

I don't understand all the hate for altcoins, yes, some of them are definite scams, but some of them are being totally honest about what they are, this is free market competition at its finest, here are some tips for spotting worthwhile currencies:

. Is it open source? This means programmers will be able to go through it and find any sneaky code or problems

. Do the devs post updates regularly and check over their own code?

. Depending on your ideology, whether it is deflationary or inflationary this could be a good/bad thing so make sure to check the absolute amount of coins that can be made

. Are the devs trying something new? If you don't know anything about the code behind it like me it's a good idea to ask people to give a fairly dumbed down version, PPCoin is an example where it has things like proof of stake and uses less power than other coins

. Check price rises, are the prices going up for a reason? Due to volume or difficulty where a lot of people are mining? Or has the dev in question just gone and made it artificially high by putting even less overall coins than Bitcoin, that's always something to check, always check trade volume on a coin

. Are they investing in infrastructure? If they are getting stores to accept it and getting up payment processors or getting payment processors to accept the coin that means they have an idea of what they're doing and the currency has a chance of becoming more than just a pump and dump for miners
gaston909
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November 01, 2013, 12:23:40 PM
 #4

alt coins ruin the idea of a limited supply currency, if one takes off... its a bit like turning on the printing press.

Bitcoin has the most computing power, first mover advantage and a bit more trust.

I guess eventually some alt coins will have a serious place in the market for various reasons... but bitcoin will be number 1 for quite some time I imagine.
Birdy
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November 01, 2013, 12:39:33 PM
 #5

There are no good alternate cryptocurrencies yet.
There are some more or less interesting experiments and tons of scamcoins.
Chillin_with_beer
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November 01, 2013, 12:42:42 PM
 #6

Some altcoins bring innovation to the cryptocoin landscape, and bitcoin is no longer the only one. I also think that there will be some psychological limits to the value of bitcoin, and that's where a lot of people will start turning to altcoins like LTC and FTC.
fractal02
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November 01, 2013, 12:50:50 PM
 #7

PPC, XPM and Litecoin.

Others coins are just "pump and dump" coins.
champsak
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November 01, 2013, 12:57:59 PM
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I've never really understood the point of having so many crypto currencies. Surely to get the general public to accept BTC we should be focusing on one?
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November 01, 2013, 03:43:29 PM
 #9

Yes, why not? They are same as Bitcoin something like Window and Macintosh Smiley
thew3apon
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November 01, 2013, 03:52:37 PM
 #10

I do trust in alt-coins but only some. Primecoin Smiley

dsattler
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November 01, 2013, 07:14:54 PM
 #11

Maybe litecoin?

Primecoin looks promising too...

Bitcointalk member since 2013! Smiley
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November 01, 2013, 07:37:08 PM
 #12

Litecoin primecoin
Anoncoin has promise
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