I've come back to war...

[TheEmperor]

After spending around 4 months away from the forum and digital currency due to family and personal issues, with only glancing updates on the state of Bitcoin from twitter, it seems I have come back to war...of the altcoins!

It seems very few new or vibrantly active threads now discuss Bitcoin or the advancement of it. While I accept that there is still active discussion, it seems a new generation of users are intent on getting their coin out into the world and prove that it is better than all others. This leads me to deduce that these people are looking to solely make profit. To me, this is a huge deviation from the original principles of the Bitcoin movement, and what initially sparked so much interest; profit was never the agenda.

This, I believe, highlights everything that is wrong with our current system and society. People are happy to work hard to create these altcoins, although in all likelihood 90% will fall by the wayside, because they believe it to be a get rich quick scheme, as proven by so many 'pump n dump' coins. I'm not adverse to anybody making money (as I know a lot of us have from Bitcoin), but I feel each of these new coins is praying on the naive and/or the less educated. 

While I concede that diversity in any market is beneficial, and some altcoins do seem quite promising, has it all not just gone a bit too far now?

I can't help but think that all this time and effort, had it been but into development and infrastructure of the few leading coins, would have been much more beneficial and profitable* for everyone in the long term?

Thoughts?




*and I don't mean 'Oh, my BTC's are worth 10k each, yay!'

[jonanon]

Couldn't agree more.

I very much dislike all these new coins created purely for profit, more should be done to promote Bitcoin and some of the serious alts.

If this continues I can unfortunately see it having a detrimental affect on the future of BTC.

[Bitcoinpro]

healthy competition, you don't see that in the fiat markets

[Akka]

Year. Sadly I have to agree. Very few interesting threads these days 

Even if you ignore all the altcoin cr***, it's basically mostly speculation and next to no real content.

IMO it would need a couple month where nothing happens to the bitcoin price, that people start focusing on Bitcoin again and not just the price of bitcoins.

[jonanon]

healthy competition, you don't see that in the fiat markets

You can hardly class a coin called 'Coinye West' as a serious competitor. You would not even call them a competitor more of a sick joke.

I have no issue with serious alts, LTC, PPC, ANC etc but there has to be a point when coin creation stops.

[TheEmperor]

healthy competition, you don't see that in the fiat markets

While I concede that diversity in any market is beneficial, and some altcoins do seem quite promising, has it all not just gone a bit too far now?

[Interized]

Couldn't agree more.

I very much dislike all these new coins created purely for profit, more should be done to promote Bitcoin and some of the serious alts.

If this continues I can unfortunately see it having a detrimental affect on the future of BTC.

All the "Alt coins" can never be Bitcoin -- Bitcoin IS the first and at the same time IS a ALT coin adapting to accepted change faster than any of its competitors.

All the "alt coins" have taken over the HYIP/ponzi black markets.

These ALT coins are just an excuse to run a legal ponzi scam.

But now you have Litecoin fan boys and such crying every time someone says something against a coin they bought into just hoping to make a profit.

ALT coins aren't "healthy competition" they are simply scams that harm everyone in the Bitcoin community.

[ning]

On the flip side, it's nice to see that a new generation of users have been attracted to the concept of crypto-currency and thus more awareness has been generated. I don't possess any of the altcoins as of now, but in the future if any of them can solve certain (real) problems that Bitcoin cannot, I will pick up some.

[TheEmperor]

On the flip side, it's nice to see that a new generation of users have been attracted to the concept of crypto-currency and thus more awareness have been generated. I don't possess any of the altcoins as of now, but in the future if any of them can solve certain (real) problems that Bitcoin cannot, I will pick up some.

True in part, but they are only attracted by the profit potential which is what I dislike.

Also, like I said, there is some more prevalent and credible coins out there that will be beneficial to the market, it's just their being crowded out by all the wacko coins!

[Interized]

On the flip side, it's nice to see that a new generation of users have been attracted to the concept of crypto-currency and thus more awareness have been generated. I don't possess any of the altcoins as of now, but in the future if any of them can solve certain (real) problems that Bitcoin cannot, I will pick up some.

True in part, but they are only attracted by the profit potential which is what I dislike.

Also, like I said, there is some more prevalent and credible coins out there that will be beneficial to the market, it's just their being crowded out by all the wacko coins!

Mainly litecoin, trying to claim its place as "silver" to "gold" when infact Bitcoin isn't a Gold 2.0 its on a whole level on its own.

Litecoin will fail, along with the other copy cats.

Namecoin and some others may survive.

[Akka]

On the flip side, it's nice to see that a new generation of users have been attracted to the concept of crypto-currency and thus more awareness have been generated. I don't possess any of the altcoins as of now, but in the future if any of them can solve certain (real) problems that Bitcoin cannot, I will pick up some.

Not a single altcoin has tried to address any of Bitcoins issues yet: https://en.bitcoin.it/wiki/Hardfork_Wishlist


They only change variable where nothing can go wrong.

[Watchy312]

On the flip side, it's nice to see that a new generation of users have been attracted to the concept of crypto-currency and thus more awareness have been generated. I don't possess any of the altcoins as of now, but in the future if any of them can solve certain (real) problems that Bitcoin cannot, I will pick up some.

Not a single altcoin has tried to address any of Bitcoins issues yet: https://en.bitcoin.it/wiki/Hardfork_Wishlist


They only change variable where nothing can go wrong.

That's not true at all

"Difficulty adjustment should adapt to sudden hashrate loss. Note: all altchains which have attempted this have created significant security vulnerabilities in the process. Also interested parties could encourage mining by including high fee transactions in every block so avoiding need for this change. "
It prooves altcoins at least tryed and it's just the most obvious one.