Altcoins dying????

[damnation]

i dont think Altcoins are dying.. though the recent wave of new coins has basically flipped the market onto its back.

Too much of scrambling to find that 1 coin which will make it big (with every launch jumping to 12+GH/s within 30 mins of launch) and way too many coins have followed the doge ideology of minting coins in the billions following the theory that the lowest they could make on it would be 1 satoshi at launch. I for one am getting tired of new coins being launched without a wallet.

I believe we are seeing a market rationalization of sorts. With BTC prices climbing high. This gives a bigger incentive to buyers to watch their BTC expenditure and are likely closing of their investments to cash in on the higher prices. The market has also been too diluted with this wave of crap coins so i think even a coin designed by "God" would fail in this climate.

There's been a reduction of coins being introduced so I expect the markets will start seeing a bounce in value with the reliable coins slowly and eventually in 3-6 months we will see another wave of crap coins once again.

As for GPU mining ending.. i sincerely doubt it and agree with molecule man. I do believe that there is quite a bit of elitism from BTC'ers. For some reason, Bitcoiner's tend to overlook that before there was SHA-256 and scrypt. Bitcoin was GPU mined. its kinda like that shameful family secret no-one wants to talk about. But my take is this for a cryptocurrency to be successful it needs to be tested by the general public. Large corporations/investors are going to sink Millions into a venture which hasn't proven itself. So, those little rigs at home are the best way to test and prove that a coin can support itself.

Markm had it right.. with his statement that mining is designed to reduce profitability we have seen it on BTC and now LTC we will likely see it on WDC and a few others as well but thats not always a bad thing. The advantage to GPU miners is that if we keep aside a little bit of everything we mine rather than just sell immediately there is a good chance we are looking at something that will be worth a few 100 in a few years. The problem is that miners have too much overhead to cover.

Lastly, Markm also probably pointed out the right thing when he said that you were probably not mining the right coins. I mined LOT for the first week after launch with my 400KH/s system. earned about 490k on solo (my first attempt) and another 500k+ from pool mining. I also played a games that cost me 692K LOT and returned 1.05M LOT ten minutes later. i sold about  800K lot on its way up and down. and earned about 0.3 BTC which isnt bad at all when u consider it was done from 1 week of mining. As it stands, i've paid off the cost of my single GPU in the first month alone. i've also discovered i like the community of LOT and as such have decided to hold the balance because i think its got a shot at being succesful. The fact that it came out with a whole bunch of other coins including a week after doge and still stayed viable is a testament to its validity. Plus dev and its support team seem to be working hard at making it work.

This is not a plug for LOT and its not a show of my ability to pick a winner. I have 800k meow which while interesting seems to be headed nowhere. Cage was a bust. Gift was pointless. I mined moon for 2 hours at launch and sold out my 200k moon immediately after it got on coinex. so basically picking a winner when it comes down to New coins comes down to luck. I also have ELE and NDL. not a lot but i've basically been hopping and holding. Which is not something i would suggest as its usually better to find one coin and stick to it. But with my 400Kh/s hopping abt is pretty much the most profitable system for me

[DarkMiningBTC]

i dont think Altcoins are dying.. though the recent wave of new coins has basically flipped the market onto its back.

Too much of scrambling to find that 1 coin which will make it big (with every launch jumping to 12+GH/s within 30 mins of launch) and way too many coins have followed the doge ideology of minting coins in the billions following the theory that the lowest they could make on it would be 1 satoshi at launch. I for one am getting tired of new coins being launched without a wallet.

I believe we are seeing a market rationalization of sorts. With BTC prices climbing high. This gives a bigger incentive to buyers to watch their BTC expenditure and are likely closing of their investments to cash in on the higher prices. The market has also been too diluted with this wave of crap coins so i think even a coin designed by "God" would fail in this climate.

There's been a reduction of coins being introduced so I expect the markets will start seeing a bounce in value with the reliable coins slowly and eventually in 3-6 months we will see another wave of crap coins once again.

As for GPU mining ending.. i sincerely doubt it and agree with molecule man. I do believe that there is quite a bit of elitism from BTC'ers. For some reason, Bitcoiner's tend to overlook that before there was SHA-256 and scrypt. Bitcoin was GPU mined. its kinda like that shameful family secret no-one wants to talk about. But my take is this for a cryptocurrency to be successful it needs to be tested by the general public. Large corporations/investors are going to sink Millions into a venture which hasn't proven itself. So, those little rigs at home are the best way to test and prove that a coin can support itself.

Markm had it right.. with his statement that mining is designed to reduce profitability we have seen it on BTC and now LTC we will likely see it on WDC and a few others as well but thats not always a bad thing. The advantage to GPU miners is that if we keep aside a little bit of everything we mine rather than just sell immediately there is a good chance we are looking at something that will be worth a few 100 in a few years. The problem is that miners have too much overhead to cover.

Lastly, Markm also probably pointed out the right thing when he said that you were probably not mining the right coins. I mined LOT for the first week after launch with my 400KH/s system. earned about 490k on solo (my first attempt) and another 500k+ from pool mining. I also played a games that cost me 692K LOT and returned 1.05M LOT ten minutes later. i sold about  800K lot on its way up and down. and earned about 0.3 BTC which isnt bad at all when u consider it was done from 1 week of mining. As it stands, i've paid off the cost of my single GPU in the first month alone. i've also discovered i like the community of LOT and as such have decided to hold the balance because i think its got a shot at being succesful. The fact that it came out with a whole bunch of other coins including a week after doge and still stayed viable is a testament to its validity. Plus dev and its support team seem to be working hard at making it work.

This is not a plug for LOT and its not a show of my ability to pick a winner. I have 800k meow which while interesting seems to be headed nowhere. Cage was a bust. Gift was pointless. I mined moon for 2 hours at launch and sold out my 200k moon immediately after it got on coinex. so basically picking a winner when it comes down to New coins comes down to luck. I also have ELE and NDL. not a lot but i've basically been hopping and holding. Which is not something i would suggest as its usually better to find one coin and stick to it. But with my 400Kh/s hopping abt is pretty much the most profitable system for me

That was really interesting to read man, do you suggest I mine lottocoin instead of dogecoin? I'm starting to hate dogecoin and understand why everyones pissed off about a meme like that becoming an actual coin.

[DarkMiningBTC]

You might be right about me not mining the best coin, What I do is just check coinwarz for the most valuable YET stable and efficient coin, so far only mining doge, any tips on how to choose the right coin for best profits and supporting the coin itself?

[lalakies23]

Betacoin is never going to die. I haven't seen a cryptocurrency which can adapts that fast.
It is even profitable in these harsh times. I will stick to this coin!

[dewdeded]

Betacoin is never going to die. I haven't seen a cryptocurrency which can adapts that fast.
It is even profitable in these harsh times. I will stick to this coin!

Does Betacoin have any merchant?

[lalakies23]

Buy now when it's low and not for long !!!!
https://www.cryptsy.com/

It's also on Coinex.pw and coins-e.com

[kalus]

Betacoin is never going to die. I haven't seen a cryptocurrency which can adapts that fast.
It is even profitable in these harsh times. I will stick to this coin!

tbh this is the first i've ever heard of a betacoin.

Anyone who doesn't think that altcoins are dying, take a look at coingen's status page today.

http://coingen.io/status.html

this is after 2 days.

[lalakies23]

See?

And it's two months old!
http://www.coinwarz.com/cryptocurrency/?sha256HashRate=19000.00&sha256Power=300.00&sha256PowerCost=0.1500&scryptHashRate=4400.00&scryptPower=1800.00&scryptPowerCost=0.1500&sha256Check=true&scryptCheck=false


I learned it from here!!!!

http://www.nasdaq.com/article/will-better-technology-deflate-bitcoin-fever-cm307120

[dewdeded]

What should we see?

[lalakies23]

The fast adaptability and profitability even these harsh times for alt-coins where the most ppl sell for BTC .

[damnation]

That was really interesting to read man, do you suggest I mine lottocoin instead of dogecoin? I'm starting to hate dogecoin and understand why everyones pissed off about a meme like that becoming an actual coin.

Well i never got on the doge bandwagon.. couldnt stand it when i first saw its launch and opted for LOT instead.. Do i kick myself over it? No, not really, i think LOT has a potential for value over the long run and as i covered my hardware costs within 2 weeks of buying my 1st card so everything else is just a bonus. Small or big doesnt make a difference as i am in for the long run.

It's a case of long term vs short term really on what you choose to mine.
 
If we are going long term i would say trade all your alts for LTC as value will likely appreciate by the end of the year with the introduction of ASIC chips for LTC even if the ASIC are catastrophic failures it will only take some other company another 6 months at most to tweak and fine tune the process.

In the short term, coinwarz is helpful, to determine the best coin to mine but i generally ignore their top 3-5 picks simply because the profitability charts show the current most profitable coin based on difficulty and price and more often than not a multipool is already at it so your gains will be lower.. it doesnt matter what pool your in. If a multipool gets into mining a coin you are looking at around 800MH-1GH being casually tossed at a network and the following auto sell of the coins will basically drive the prices down by the time you get your coin to market. What i would do is mine anything but the most profitable and only sell when its at its most profitable on coinwarz that way you can catch the best price before the initial drop in price. If you arent hard up for immediate returns.. stick around for auto sells to come in and basically buy back the same amount of coins sold at a lower price. Its not the "Gospel Truth" but its a common enough occurence to be taken as a fact.

Looking at coinwarz your 1.5MH is expected to give about $15 a day in earnings so i dont think you are doing too bad on mining. I think we will actually see a rise in the value of the regular tried and true alt coins over the next few weeks as more and more miners get tired of the wave of new idiot coins and go back to mining what they are comfortable with. As for telling you to mine LOT i would actually suggest that you head over to the coins page and gauge the level of activity and decide if its something your interested in. Right now LOT is not the most profitable but its miners have fun with the superblock rewards so the network stays alive. Net looks promising from its price trend not sure why though as i havent had a chance to see their forum. EAC is impressive in the way it markets itself. Kind of a serious version of Doge really in their marketing just wish i dint feel like i was mining an earth day version of internet explorer.

I mined NDL for a few hours simply because i found the whole thing hilarious and they did a fun job on their wallet. I also solomine GRA when i am bored its not on any exchange and difficulty is at 0.6-0.8 and miners are reluctant to sell their coins because of the interests earned every 2 weeks on the coin. Personally, I would advice you to collect a small stake there as the dev bosian seems to be one really hard working individual. it really is a remarkable coin in that no accusations of scam flood the thread, DEV works hard to improve and fix issues, and there is no heavy push by any miners  to get listed on an exchange as they like mining there themselves. It was created about 2 weeks before LOT and doge and basically got lost in the scramble. If it does get on an exchange it could do very well.

I, myself, have partnered with a friend and will hopefully get two rigs operational by Feb through outside investments. I expect to get at least 10 rigs up by June in the same way. So, i do firmly believe in the future of a global digital economy. 
 

[damnation]

Anyone who doesn't think that altcoins are dying, take a look at coingen's status page today.
http://coingen.io/status.html
this is after 2 days.

Well to be honest i think the status page on coingen is actually helpful in a way as i will likely be avoiding any and all coins listed there. Just ctrl+f and search for new coin name.

Why? Its simple.. anyone getting a coin generated from someone else will basically have no idea how to compile a wallet or fix problems which are bound to come up in the course of mining a coin.. It seems the "GoTo" solution nowadays for a coin dev is "add nodes" beyond that miners are on their own. So ultimately a coin from there is headed to fail.

I think over time miners will also follow the same system of elimination with what coins they bother to mine.

[AizenSou]

Since there arn't alot of calculators up right now, how many EAC's do you think you can make a day with 1.5 MH/s? and price of each?

just calculate another coin, the one you're mining, then do multiplications  or divide it by the diff and price

in this case I went to coinwarz and just did a doge * 1.3 calculation and came up with ~19 $

overall, it's just the most profitable, but that depends if you find a good pool...

mine got DDOSed into kindom come...  

http://eac.dedicatedpool.com/ this one seems to be ok... but I am still looking for a replacement

http://eac.us.hackshard.com this one will shut down in 14 days (the guy had a massive hardware issue with another pool and is giving up managing pools... so he shuts it down soon), but it has been one of the best

https://bitcointalk.org/index.php?topic=379236.4000 official thread

The best pool to mine EAC now is pool.chunky.ms/eac/ .

[Nanolucas]

This is a surprisingly interesting discussion, especially for a thread with four question marks in the subject.

I've been having a great time with Earthcoin since its launch and it has been a very interesting and enthusiastic community to be a part of. It's much more interesting when the devs are interested in marketing and developing the coin beyond the launch period. It's definitely still young but it has also differentiated itself from many of the other Litecoin clones (in the ways it has been presented and built around) and that's enough for me to spend my time mining it since it seems to have good prospects of future higher valuations.

I hadn't really read anything about Grain until this thread but it sounds pretty cool so I think I might throw a bit of hash power at it for a little while to get a few Grains to start earning from

[testbitcoiner]

it's happening again!!  doge is on coinwarz at rank one as most profitable with 124 satoshi

actual value atm is 26 satoshi. a new alltime low.

this is shenanigans!
someone wants to manipulate multipools with these fake profitability numbers

[lalakies23]

Betacoin is the descendant of Bitcoin for 1001 reasons.

The most profitable SHA256d cryptocurrency which is even profitable during these harsh times when the average joes dump it for nothing.

If you invest now you will make fortune in 2~3 years 

[testbitcoiner]

earthcoin just got picked up by btc38.com...  a chinese exchange

[Anubite]

it's happening again!!  doge is on coinwarz at rank one as most profitable with 124 satoshi

actual value atm is 26 satoshi. a new alltime low.

this is shenanigans!
someone wants to manipulate multipools with these fake profitability numbers

Pretty sure if a profit switching pool bases themselves off of coinwarz, they are already 5 minutes too late regardless. It's easier to contact the chain for difficulty info. Your wallet does this.

Some newb is probably buying doge at a high price, and it becomes the periods "highest selling price."

Coingen will accelerate the death of alts, leaving only the strong ones and a few cool ones. I hope it gets a cheaper competitor.

[Kungfucheez]

it's happening again!!  doge is on coinwarz at rank one as most profitable with 124 satoshi

actual value atm is 26 satoshi. a new alltime low.

this is shenanigans!
someone wants to manipulate multipools with these fake profitability numbers

You must be special or something.

It's listed on coinwarz at 26 satoshi. Takes about 3 seconds to check.

And it's the most profitable coin still because the difficulty has remained the same for awhile now and the block reward is still very high.

[placebo]

Altcoins are indeed DYING!!!! Already a few weeks. Lower high and higer lows. Now currently we are trading at levels that even altcoins are too cheap. LOT at 0.00000012???!!!, DOGES at 0.00000025???!!! I don't want to say anything but when you check that Junkcoin have a higher value then LOT then this say enough!!!!LOT and DOGE are being sold by the multipools, and those pools are destroying eachother. I notice a 2BTC sell at 0.00000012 on LOT, first how is it possible that they have so many shares!!!??? You already need to mine a long time to get this amount of coins.  Some multipool were hit hard today and will have a hard time to recover. Good think for the small investors as mining LOT and DOGE is not profitable at current levels, so pools will move away, value will start going up again, till the multiplepool are killing each other again.