Altcoins dying????

[Gazza1]

Alt-coins aren't dying.  They are going to be around for quite some time.  Your income per day relies on a combination of difficulty, reward, and the current value of litecoin and bitcoin.  As any coin lives on rewards get smaller and difficulty usually get higher.  To compensate that usually causes the value to go up.

Previously Litecoin hit an all time high of $70+ and Bitcoin was over $1150.  The higher the value for those, the more money you will make when you sell your altcoins for them.  Bitcoin dropped to the 500s and is now in the 900s again which is great.

Altcoins are a volatile market you aren't going to make the same amount of money every day/week/month.  But if you play it right you absolutely make more than mining litecoin and you can make mega bank if you mine a brand new coin, rake up tons, then get lucky and it hits the exchange sometime later.

But by all means, the best thing to do is INVEST in LITECOIN and BITCOIN.

[DarkMiningBTC]

Alt-coins aren't dying.  They are going to be around for quite some time.  Your income per day relies on a combination of difficulty, reward, and the current value of litecoin and bitcoin.  As any coin lives on rewards get smaller and difficulty usually get higher.  To compensate that usually causes the value to go up.

Previously Litecoin hit an all time high of $70+ and Bitcoin was over $1150.  The higher the value for those, the more money you will make when you sell your altcoins for them.  Bitcoin dropped to the 500s and is now in the 900s again which is great.

Altcoins are a volatile market you aren't going to make the same amount of money every day/week/month.  But if you play it right you absolutely make more than mining litecoin and you can make mega bank if you mine a brand new coin, rake up tons, then get lucky and it hits the exchange sometime later.

But by all means, the best thing to do is INVEST in LITECOIN and BITCOIN.

umm I know it relies on difficulty and reward, but guess what, a week or two the difficulty AND exchange rate for most ALTS were the same as they are now, BUT they are worth alot less , a week or two for a few weeks it was stabilized at 1.5 MH/s will get you arolund $40-50 a day , if one coineds profibility went down, go the next. Litecoin was ALL THE WAY at the bottom of $7-9 a day at that time, now the difficulty on most are still the same (decreasing and rising, though stable on most) THOUGH the prices are way lower, a 1.5 rig will get you $15 today.

[Haze]

Alt-coins aren't dying.  They are going to be around for quite some time.  Your income per day relies on a combination of difficulty, reward, and the current value of litecoin and bitcoin.  As any coin lives on rewards get smaller and difficulty usually get higher.  To compensate that usually causes the value to go up.

Previously Litecoin hit an all time high of $70+ and Bitcoin was over $1150.  The higher the value for those, the more money you will make when you sell your altcoins for them.  Bitcoin dropped to the 500s and is now in the 900s again which is great.

Altcoins are a volatile market you aren't going to make the same amount of money every day/week/month.  But if you play it right you absolutely make more than mining litecoin and you can make mega bank if you mine a brand new coin, rake up tons, then get lucky and it hits the exchange sometime later.

But by all means, the best thing to do is INVEST in LITECOIN and BITCOIN.

100% agree. I sell most of the alts I mine immediately for LTC/BTC.

[markm]

Maybe you didn't pick the right coins.

I mined Protoshares for a day or so when they first came out, their difficulty climbed so fast that it didn't seem worthwhile after that but the Protoshares I mined then are worth a lot more now than the same amount of hashing would have normally made that day.

And a heck of a lot more than I could have sold them for that same day, too, I think?

But wasting hashing power on the kind of scams that exchanges like Cryptsy specialises in - the scams of the day, basically - seems like peanuts compared to those few occassions when one has a chance to get something long-lasting at a low difficulty.

-MarkM-

[kalus]

umm I know it relies on difficulty and reward, but guess what, a week or two the difficulty AND exchange rate for most ALTS were the same as they are now, BUT they are worth alot less , a week or two for a few weeks it was stabilized at 1.5 MH/s will get you arolund $40-50 a day , if one coineds profibility went down, go the next. Litecoin was ALL THE WAY at the bottom of $7-9 a day at that time, now the difficulty on most are still the same (decreasing and rising, though stable on most) THOUGH the prices are way lower, a 1.5 rig will get you $15 today.

simple solution:  Don't mine now, but instead mine two weeks earlier in December.

[lamontweaver]

Miners remind me of fisherman who overfish an area and then complain about the diminishing catch while continuing to overfish.

Miners are killing the goose that layed the golden egg. When an altoin does manage to attract an influx of buyers like Doge did, Miners don't give the price a chance to grow and attract even more buyers in. No, they dump on the first rise and knock down the price and also knock down any investors who might have chased a rise.

You don't see hedge funds selling off their stocks and killing a market. There's a subtle way to sell and miners have no subtlety.

[roozifus]

Miners remind me of fisherman who overfish an area and then complain about the diminishing catch while continuing to overfish.

Miners are killing the goose that layed the golden egg. When an altoin does manage to attract an influx of buyers like Doge did, Miners don't give the price a chance to grow and attract even more buyers in. No, they dump on the first rise and knock down the price and also knock down any investors who might have chased a rise.

You don't see hedge funds selling off their stocks and killing a market. There's a subtle way to sell and miners have no subtlety.

There is nothing wrong with this and it will change once people stop wanting to buy crap coins straight away.

In the past you could buy any coin when it launched and make a lot of money a couple of weeks down the road, this meant there were always buyers so it was always worthwhile for people to mine and dump.

With the creation of 10 new rubbish coins per day you'll start to find that nobody wants to buy them, so miners will find that mining for a quick dump isn't worth it any more.

[coinerer]

Miners remind me of fisherman who overfish an area and then complain about the diminishing catch while continuing to overfish.

Miners are killing the goose that layed the golden egg. When an altoin does manage to attract an influx of buyers like Doge did, Miners don't give the price a chance to grow and attract even more buyers in. No, they dump on the first rise and knock down the price and also knock down any investors who might have chased a rise.

You don't see hedge funds selling off their stocks and killing a market. There's a subtle way to sell and miners have no subtlety.

Not true. It depends on the price. At the last summer miners dumped their coins accepting so little price level. At that time that was total nonsense and the lack of the sense for speculations.

[DarkMiningBTC]

Maybe you didn't pick the right coins.

I mined Protoshares for a day or so when they first came out, their difficulty climbed so fast that it didn't seem worthwhile after that but the Protoshares I mined then are worth a lot more now than the same amount of hashing would have normally made that day.

And a heck of a lot more than I could have sold them for that same day, too, I think?

But wasting hashing power on the kind of scams that exchanges like Cryptsy specialises in - the scams of the day, basically - seems like peanuts compared to those few occassions when one has a chance to get something long-lasting at a low difficulty.

-MarkM-

I mine the most profitable coins, ATM doge.

[DarkMiningBTC]

well now 1.5 MH/s is averaging $10-15 a day with the most profitable coins, I give it 1 week to reach $2 a day dont you all agree? Or does it have a chance of boosting back up. I don't no.

[kalus]

well now 1.5 MH/s is averaging $10-15 a day with the most profitable coins, I give it 1 week to reach $2 a day dont you all agree? Or does it have a chance of boosting back up. I don't no.

it's almost like more people are mining, and technology gradually becoming obsolete.  

[markm]

Mining is intended and designed o be lower and lower and lower profit. The whole point is that we don't want to waste money paying inefficient people to inefficiently secure the network. We want/need it to be secured as efficiently as possible and as securely as possible.

There are only so many coins minted per block per chain, and if you go on spamming the world with more worthless insecure chains of course they are worth less and less and less. However many coins are minted per day has to be divided up among all the hashes mining them, so every tiem you add a new rig you are making every existing rig earn less coins.

You can make more shit pies so there is more pie to divide but shit pies just aren't as good a product as some other kind of pies so at some point no one will care how many shit pies you have they will want you to go away and stop throwing shit pies at them, instead of going like oh wow a whole shit pie how much do you want for that?

-MarkM-

[kalus]

Mining is intended and designed o be lower and lower and lower profit. The whole point is that we don't want to waste money paying inefficient people to inefficiently secure the network. We want/need it to be secured as efficiently as possible and as securely as possible.

this is a good way to think about it.  

at least it gets us beyond the myopic, gold-rush mentality of altcoins.  

You can make more shit pies so there is more pie to divide but shit pies just aren't as good a product as some other kind of pies so at some point no one will care how many shit pies you have they will want you to go away and stop throwing shit pies at them, instead of going like oh wow a whole shit pie how much do you want for that?

um... how many CrapCoin for a shitpie?  i will pay top turd for quality shit.

[rix5]

seeing a thread here entitled 'Altcoins dying?' is a sure sign to buy

remember that 'ltc dying???' - thread?

i agree on 'market becumes deluted with spam'

[DarkMiningBTC]

so the matter of the fact is scrypt mining Is inFACT dying of profits, soon you wont make profits AT ALL its going down slowly and slowly as I said $14 a day for 1.5 MH/s. YOu wont make money and more mining, just securing networks which is useless. UNLESS it goes back up and thats what I'm asking.

[Kungfucheez]

well now 1.5 MH/s is averaging $10-15 a day with the most profitable coins, I give it 1 week to reach $2 a day dont you all agree? Or does it have a chance of boosting back up. I don't no.

Well, that tends to happen when everyone and their mother just pumps and dumps them on the market. Bitcoins used to be the exact same way as all these other alt-coins at one point. Until the actual supply of any of these coins goes down quite a bit, they will never be worth much

[dewdeded]

Securing networks is not useless. WTF

[DarkMiningBTC]

Securing networks is not useless. WTF

no I didn't mean it like that, of course its a great thing to secure the network, I meant for profit

[testbitcoiner]

only quality coins like EAC will survive

you need a professional team, plans for the future of the coin and a community.

EAC has all that.

there is an USD/EAC only exchange in the works, an android wallet, some shops are already accepting it and so on...

most new coins these days are based on cute animals or memes. that has to stop, and will stop once these trashcoins are no longer accepted at exchanges

[DarkMiningBTC]

You know.... I just Realized something, OMG yes, RIGHT when dogecoins came out EVERY other coins value went down by half... WTF...