Rise of the Altcoins!

[Mortimer452]

I disagree 100% with the OP, and with any speculation that Bitcoin is going to reach some ridiculous number like $50,000 each or something like that.

I think the vast array of altcoins coming out (practically daily now) is taking away from the value of all other coins.

Think of digital currencies like an economic industry, like automobiles or clothing or kitchen appliances.  Right now, the "digital currency" industry is worth about $8billion USD.  This number is not climbing steadily along with all the additional coins coming out, this value is remaining relatively static and is simply being distributed amongst all the digital currencies.

ALL COIN TRADING PATHS LEAD TO BITCOIN.  When a new coin comes out, it simply subtracts from the value of Bitcoin, because Bitcoin must be used to invest in that currency, or to convert it to $USD.  New currencies are not adding wealth to the digital coin industry, they are simply providing more places to move it around.

Something major is going to have to happen before this can change, I'm not sure what it is.  Maybe BTC needs to show up on the NYSE or NASDAQ so normal Joe's can invest in it instead of it being some "dark an mysterious" hacker-currency like the media has made it out to be.  Maybe some major retailers like Amazon need to start accepting it so it gets more public exposure.

As far as Bitcoin reaching $50,000 or some ridiculous number like that, this is simply nonsense.  Again, think of digital currency like any other economic industry.  With BTC at $50,000 that would make this industry worth well over half a TRILLION dollars - sorry but I just don't see that happening.  That's as large as the entire U.S. auto industry.

[BrandonQ1995]

I think the vast array of altcoins coming out (practically daily now) is taking away from the value of all other coins.

Exactly and only a very few will make it out alive with in the next couple years. And thats where the gamble comes in.

[drizzle2405]

Mortimer, anything is possible.  You obviously don't understand market caps.  They really don't mean anything.  Learn stocks.  Wall street is coming to Bitcoin sooner or later end of story.

Don't forget, inflation will catch up to us eventually and it will be something fierce, thanks to the FED's easy money policy over the past 4 years.  You can't just print Billions of dollars and expect inflation to not go through the roof.  It's going to happen.

Coins could be a way out of this inflationary period that will hit us eventually, and by that point, tens of thousands of % gains could be quite possible...

My point is anything is possible and one fact, is more and more people with money are jumping into the Bitcoin/Alternate Coin game....  It's going to be a huge market.  Remember, bubbles can last a long time....

[BlueDragon747]

Problem with Bitcoin/Litecoin (SHA-256D/Scrypt) is that the reward is going to drop for mining blocks and some of these other alts also have the same issue or they have a problem with amount of coins left, either way after a few years they will have issues keeping the network hash rate imho, if a network is too slow and does not have enough hashing power it will have issues sending/receiving coins which may effect the ability to sell or transfer your investment?

Why Blakecoin beats other coins in the long run:

The modified blake-256 algorithm hash rate is just under 3x faster on the GPU and just over 2x on the FPGA compared with Bitcoin
The reward for mining Blakecoin does Not decrease over time it only increases with block height and difficulty
No restriction on any platform as Blakecoin does not include artificial *Security* that slows down possible mining hash rate and reduces power efficiency
Already has planned use for Blakecoin as a currency storage between MMO systems with prototypes in development

Blakecoin is the fastest !

5.1GH/s on a AMD ATI Radeon 7990
2.2GH/s on a AMD ATI Radeon 7970
1.4GH/s on a AMD ATI Radeon 6970
1.3GH/s on a AMD ATI Radeon 5870
1.6GH/s on a ZTEX USB-FPGA 1.15y Quad Spartan-6 LX150 Development Board

some time in 2014 you should be able to exchange Blakecoin for in-game items in the MMO system we are working on or even learn some new skills by taking a course on 3DS Max or Unity 4.x in the MOOC system we have planed, both of which are not $ or BTC  

The idea of our games is not just to play an MMO game but to also mine while you are playing, same goes for the MOOC mine while you learn too  

[singula]

I don't think this is so ridiculous. As traditional currencies (fiat money) is becoming quite unstable, usually due to governmnents - government just "prints" money, causing inflation and thus sort of reducing all your savings.

There are several ways that fiat money can become basically worthless in a short time (Zimbabwe inflation), or sometimes government will cut your saving short by several percent overnight, like taxing bank savings on Cyprus, fixing CHF/EUR to 1.2 almost overnight (from close to 1.0), fixing CZK/EUR to 27.5 (from about 26). And if you consider huge public debt, inflation, crisis, financial stability of EU/USA - then the bitcoin may be still a viable alternative to save money into.

Something major needs to happen for BTC to get somewhere near $50000 - but it won't be BTC showing up on the NYSE or NASDAQ - it will be some huge financial disaster in major market (US, EU, Japan, China ....) - people will find that fluctuating bitcoin is much more stable than their local fiat money and switch to it - some of them to just protect their savings, some of them to actually conduct a business. Not very likely, but still possible, if the fiat money gets really screwed.

[BrandonQ1995]

Mortimer, anything is possible.  You obviously don't understand market caps.  They really don't mean anything.  Learn stocks.  Wall street is coming to Bitcoin sooner or later end of story.

Don't forget, inflation will catch up to us eventually and it will be something fierce, thanks to the FED's easy money policy over the past 4 years.  You can't just print Billions of dollars and expect inflation to not go through the roof.  It's going to happen.

Coins could be a way out of this inflationary period that will hit us eventually, and by that point, tens of thousands of % gains could be quite possible...

My point is anything is possible and one fact, is more and more people with money are jumping into the Bitcoin/Alternate Coin game....  It's going to be a huge market.  Remember, bubbles can last a long time....

I kind of agree with Mortimer tho. Even with the market caps, I can't see Bitcoin reaching 50,000. Of course the value will skyrocket at cap but not to that level I don't think. And obviously every other coin relies on Bitcoin to survive at the moment, but that can always change. Theres bound to be competition that could steal value from Bitcoin in the future.

[drizzle2405]

BrandonQ, I'm not 100% agreeing it could hit $50k.  I'm just saying anything could happen...  Reminds me of tulips...

[Bitcoins101]

I disagree 100% with the OP, and with any speculation that Bitcoin is going to reach some ridiculous number like $50,000 each or something like that.

I think the vast array of altcoins coming out (practically daily now) is taking away from the value of all other coins.

Think of digital currencies like an economic industry, like automobiles or clothing or kitchen appliances.  Right now, the "digital currency" industry is worth about $8billion USD.  This number is not climbing steadily along with all the additional coins coming out, this value is remaining relatively static and is simply being distributed amongst all the digital currencies.

ALL COIN TRADING PATHS LEAD TO BITCOIN.  When a new coin comes out, it simply subtracts from the value of Bitcoin, because Bitcoin must be used to invest in that currency, or to convert it to $USD.  New currencies are not adding wealth to the digital coin industry, they are simply providing more places to move it around.

Something major is going to have to happen before this can change, I'm not sure what it is.  Maybe BTC needs to show up on the NYSE or NASDAQ so normal Joe's can invest in it instead of it being some "dark an mysterious" hacker-currency like the media has made it out to be.  Maybe some major retailers like Amazon need to start accepting it so it gets more public exposure.

As far as Bitcoin reaching $50,000 or some ridiculous number like that, this is simply nonsense.  Again, think of digital currency like any other economic industry.  With BTC at $50,000 that would make this industry worth well over half a TRILLION dollars - sorry but I just don't see that happening.  That's as large as the entire U.S. auto industry.

You're telling me bitcoin can't be worth half as much as the US auto industry? You've got to be kidding me. If bitcoin actually catches on, and I mean really catches on, bitcoin would go well over $50,000.

Of course, it's just as likely bitcoin will be nearly worthless years from now.

[Mortimer452]

I don't think this is so ridiculous. As traditional currencies (fiat money) is becoming quite unstable, usually due to governmnents - government just "prints" money, causing inflation and thus sort of reducing all your savings.

There are several ways that fiat money can become basically worthless in a short time (Zimbabwe inflation), or sometimes government will cut your saving short by several percent overnight, like taxing bank savings on Cyprus, fixing CHF/EUR to 1.2 almost overnight (from close to 1.0), fixing CZK/EUR to 27.5 (from about 26). And if you consider huge public debt, inflation, crisis, financial stability of EU/USA - then the bitcoin may be still a viable alternative to save money into.

Something major needs to happen for BTC to get somewhere near $50000 - but it won't be BTC showing up on the NYSE or NASDAQ - it will be some huge financial disaster in major market (US, EU, Japan, China ....) - people will find that fluctuating bitcoin is much more stable than their local fiat money and switch to it - some of them to just protect their savings, some of them to actually conduct a business. Not very likely, but still possible, if the fiat money gets really screwed.

I keep hearing people compare Bitcoin and other crypt's advantages over "fiat" currencies, but Bitcoin is a fiat currency as well, just not a government-sanctioned one.

"Fiat currency" is any money that has value simply because someone says it has value, or because people want it, without being backed by any physical goods or services.  Bitcoin works exactly the same way - the only difference is that the people declaring its value are the community of its users, rather than a government entity.

[stink]

I think the vast array of altcoins coming out (practically daily now) is taking away from the value of all other coins.

Exactly and only a very few will make it out alive with in the next couple years. And thats where the gamble comes in.

Yep, its really hedging your bets... if 10 coins fail and the 11th doesnt is going to be worth quite alot of coin

[gnode]

I disagree 100% with the OP, and with any speculation that Bitcoin is going to reach some ridiculous number like $50,000 each or something like that.

I think the vast array of altcoins coming out (practically daily now) is taking away from the value of all other coins.

Think of digital currencies like an economic industry, like automobiles or clothing or kitchen appliances.  Right now, the "digital currency" industry is worth about $8billion USD.  This number is not climbing steadily along with all the additional coins coming out, this value is remaining relatively static and is simply being distributed amongst all the digital currencies.

ALL COIN TRADING PATHS LEAD TO BITCOIN.  When a new coin comes out, it simply subtracts from the value of Bitcoin, because Bitcoin must be used to invest in that currency, or to convert it to $USD.  New currencies are not adding wealth to the digital coin industry, they are simply providing more places to move it around.

Something major is going to have to happen before this can change, I'm not sure what it is.  Maybe BTC needs to show up on the NYSE or NASDAQ so normal Joe's can invest in it instead of it being some "dark an mysterious" hacker-currency like the media has made it out to be.  Maybe some major retailers like Amazon need to start accepting it so it gets more public exposure.

As far as Bitcoin reaching $50,000 or some ridiculous number like that, this is simply nonsense.  Again, think of digital currency like any other economic industry.  With BTC at $50,000 that would make this industry worth well over half a TRILLION dollars - sorry but I just don't see that happening.  That's as large as the entire U.S. auto industry.

You're telling me bitcoin can't be worth half as much as the US auto industry? You've got to be kidding me. If bitcoin actually catches on, and I mean really catches on, bitcoin would go well over $50,000.

Of course, it's just as likely bitcoin will be nearly worthless years from now.

Bitcoin's first application is not as a currency, it is an investment vehicle. Bitcoins are a way for somebody to hide their money from governments and consequently from taxes, etc. Hedge funds are soon getting into crypto in a big way. Alt coins will be a major part of that.

What alt coins will the hedge funds buy into? Easy, those that are on multiple exchanges and have been around longest and thus have the most viable networks. There you go. All these new coins are just a distraction, avoid them until they get on an exchange.

What about price? Well the huge amount of money that is pouring into crypto will cause the price of all coins on exchanges to skyrocket. What does that mean for BTC? Somebody was quoted the other day saying $98500, probably true. I'm guessing in 6 months peak of $10000, settles near $5000, then in another
6 months $50000 settles to $25000.

[gnode]

BTW

Given the price action is the last month, I'm guessing that a hedge fund has already bought into BTC, LTC, and QRK.

[kizilsakal]

all my favourite coins are decreasing in value. first sbc, now DOGE! I've sold half of my doges at the first instance i could get them into cryptsy, the other half is waiting forever now because the difficulty is not going up anymore and the profit margin will be stupid if the price increases. I think the dev should do sth about difficulty changes if we want the price to be higher.

[mmihai1978]

most altcoins are not useful. they are poorly structured.

I believe an altcoin launched with an pre-existing backup of fiat / BTC (serving as market maker and monetary base) will be successful.

[Ilars]

too optimistic i guess
but i hope your analysis will come true some day

[mmihai1978]

there are some companies who make money from issuing money: they are called banks

the principles of issuing money are the same

[the joint]

I have a great idea.  I'll hire a team to make 1,000 new altcoins every day, and then I'll invest in all of them!   I'll be rich!  They just have to become valuable!

No, wait, scratch that - I'll just make the rarest alt-coin ever.  I'll make an altcoin with a total supply of one (1)  and then demand anyone pay 'at least' $50 million for it.

You must be the group of Doge investors.

[the joint]

I disagree 100% with the OP, and with any speculation that Bitcoin is going to reach some ridiculous number like $50,000 each or something like that.

...

You realize that going from $500-50,000, a 100-fold increase, would be similar to going from $1-100, or $10-1,000, right?

[NUFCrichard]

There are some Developments that could and should be made in alts, that will offer true advantages over LTC and btc.  I hope when a great new coin is released, it isn't drowned out in a pool of rubbish.

[AltCoinEnthusiast]

I have a great idea.  I'll hire a team to make 1,000 new altcoins every day, and then I'll invest in all of them!   I'll be rich!  They just have to become valuable!

No, wait, scratch that - I'll just make the rarest alt-coin ever.  I'll make an altcoin with a total supply of one (1)  and then demand anyone pay 'at least' $50 million for it.

You must be the group of Doge investors.

Onecoin exists..or better existed 
https://bitcointalk.org/index.php?topic=200177.0