STOP MAKING ALTCOINS

[tondreigh]

This post cracks me up.

Here let me say his post another way, "Could all the companies in the world please stop making knockoff crap that no one wants, yet still buy for some reason?"

As long as there is a market for anything, it will sell, regardless of what a piece of crap it is. If it's cheap enough, people will buy it! End of story.

Look, Coke is a great product, but some people think it's too expensive to buy, so guess what the buy, Sam's Cola. Why?

Because it's cheaper.
It looks the same color
It kind of half way tastes something like cola
And it's always available and easy to get.

The only difference is that coins aren't a product. They're a currency. Two totally different things my friend.

[krodmandoon]

until I can go buy milk at 7-11 with bitcoin or litecoin they are not currency.

[SCAM]

until I can go buy milk at 7-11 with bitcoin or litecoin they are not currency.

Going to make a MILKCoin now, you may use it at my 7-11 store.

[sifo]

No need to worry. Market will take care of that. And if there will be better altcoin that BTC (which I strongly doubt), it will be only good if it takes over market.

[OneEyedJack]

This post cracks me up.

Here let me say his post another way, "Could all the companies in the world please stop making knockoff crap that no one wants, yet still buy for some reason?"

As long as there is a market for anything, it will sell, regardless of what a piece of crap it is. If it's cheap enough, people will buy it! End of story.

Look, Coke is a great product, but some people think it's too expensive to buy, so guess what the buy, Sam's Cola. Why?

Because it's cheaper.
It looks the same color
It kind of half way tastes something like cola
And it's always available and easy to get.

The only difference is that coins aren't a product. They're a currency. Two totally different things my friend.

These coins are most certainly a product (a commodity) like gold. They are being bought and sold against real world currency. There for, they carry the same validity as a real world product, though virtual.
If they were real currencies, they would have their own value system, which they do not.

Every CryptoCurrency right now is valued against the Dollar(or a like currency).

[krodmandoon]

until I can go buy milk at 7-11 with bitcoin or litecoin they are not currency.

Going to make a MILKCoin now, you may use it at my 7-11 store.

Love this

[Mortimer452]

I agree there are way too many coins coming out right now.

At first, we had altcoins that were fairly unique and innovative, incorporating new wallet features (Namecoin - distributed DNS, Datacoin - distributed data storage, and others)

Since the DOGE came along, everything changed.  DOGE proved to the crypto-world that all you need is a catchy name & theme, and you can build up a cult following and send your coin into outer space.  Now, the forums are lousy with new coins coming out almost every day, mostly just copies of some other coin with a few parameters changed and some catchy name.

DOGE did something unique - I'm not sure if it was just a fluke or if the devs planned & pulled it off themselves.  I'll be amazed if anything like it is ever repeated.

Some of these new coins I think are pretty dangerous and could help destroy AltCoins alltogether . . . like RonPaulCoin and the recently publicizied CoinyeWest.  What if Ron Paul or Conye West speaks out publicly against these coins being created in their name?  What if they decide to file suit or take legal action (admittedly this would be hard to do, but anything can happen with enough $$$)


**EDIT**
Actually, looks like Conye is already taking that route . . .
http://blogs.wsj.com/digits/2014/01/07/kanyes-lawyer-moves-to-block-coinye/

[OneEyedJack]

**EDIT**
Actually, looks like Conye is already taking that route . . .
http://blogs.wsj.com/digits/2014/01/07/kanyes-lawyer-moves-to-block-coinye/

Quite frankly, since they want the coders to 'hand over' the website and code behind the coin, I think Kanye wants in on the action and thinks he and his team of tricksters, I mean lawyers, can strong arm them to give everything up.

[Mortimer452]

**EDIT**
Actually, looks like Conye is already taking that route . . .
http://blogs.wsj.com/digits/2014/01/07/kanyes-lawyer-moves-to-block-coinye/

Quite frankly, since they want the coders to 'hand over' the website and code behind the coin, I think Kanye wants in on the action and thinks he and his team of tricksters, I mean lawyers, can strong arm them to give everything up.

I don't think he wants "in on the action" necessarily.  The guy's already extremely wealthy and the couple thousand $$$ worth of trading per day this coin *might* produce probably isn't worth it to him to "get in on."  I think he's just pissed that someone is using his image, and a pun on his name, without his permission, to potentially make a decent chunk of change.  Were it not for the news outlets picking this up, probably would have been fine.  But now, this is being done VERY PUBLICLY.

If I were him, I'd be pissed, too.

[bramvnl]

someone needs to ban the new coins or stop new coins

[SCAM]

**EDIT**
Actually, looks like Conye is already taking that route . . .
http://blogs.wsj.com/digits/2014/01/07/kanyes-lawyer-moves-to-block-coinye/

Quite frankly, since they want the coders to 'hand over' the website and code behind the coin, I think Kanye wants in on the action and thinks he and his team of tricksters, I mean lawyers, can strong arm them to give everything up.

I don't think he wants "in on the action" necessarily.  The guy's already extremely wealthy and the couple thousand $$$ worth of trading per day this coin *might* produce probably isn't worth it to him to "get in on."  I think he's just pissed that someone is using his image, and a pun on his name, without his permission, to potentially make a decent chunk of change.  Were it not for the news outlets picking this up, probably would have been fine.  But now, this is being done VERY PUBLICLY.

If I were him, I'd be pissed, too.

I wouldn't. I'd capitalize on the situation. Force makers to give up certain percentage, sell songs and merchandise on website for coins...he could do a lot of good with the opportunity.

[smoothie]

Free market. Saying to stop won't do much. The market will work itself out on this issue.

[4w4k3ning]

We need more SHA256 Coins 

[TiagoTiago]

Competition is good; the fact Bitcoin stays as all these newcomers crop up and go away reinforces the perception Bitcoin is strong.

And if it turns out one of the competition has a good enough idea, the Bitcoin code can be tweaked to incorporate it before it looses the lead.

[delphs]

There's never too many coins, it's like saying there's too many type of cars... a car is a car, doesn't matter if 8 companies are making clones of each other...

FREE MARKET people... the strong will survive and get better footing out of the corpse of the dead ones...

Also if we only stopped at Bitcoin and Litecoin, what will be the point of this forum? talked about nothing forever because all has been said a thousand time?

[OneEyedJack]

There's never too many coins, it's like saying there's too many type of cars... a car is a car, doesn't matter if 8 companies are making clones of each other...

FREE MARKET people... the strong will survive and get better footing out of the corpse of the dead ones...

Also if we only stopped at Bitcoin and Litecoin, what will be the point of this forum? talked about nothing forever because all has been said a thousand time?

Agreed!

[brooklynite]

I actually... kind of like it. Right now there are good opportunities to mine pumped crap and convert into BTC/LTC. If I pick the right coin, I can mine 2-3X worth of LTC than I'd otherwise mine doing straight LTC.

Dont BS, I do the same, most you can do is 1.5x LTC direct mining, thats only if you sell right away. With the way altcoins are dropping fast I wouldve had a lot more if I had directly mined LTC. All my stupid DOGE Im holding on to are worth 1/3 of when I mined them. Garbage after garbage come out. I cant believe with all these altcoins anyone is still buying bitcoin itself.

[SCAM]

I actually... kind of like it. Right now there are good opportunities to mine pumped crap and convert into BTC/LTC. If I pick the right coin, I can mine 2-3X worth of LTC than I'd otherwise mine doing straight LTC.

Dont BS, I do the same, most you can do is 1.5x LTC direct mining, thats only if you sell right away. With the way altcoins are dropping fast I wouldve had a lot more if I had directly mined LTC. All my stupid DOGE Im holding on to are worth 1/3 of when I mined them. Garbage after garbage come out. I cant believe with all these altcoins anyone is still buying bitcoin itself.

I haven't done this, but I did mine LTC, convert to BTC, speculate on NXT and gain about 7x the value I mined

[hasar]

http://www.youtube.com/watch?v=KSTXOeKY8Qw

[aleix]

New ALT-COINS: some rules from the community (open proposal to talk about)

https://bitcointalk.org/index.php?topic=401943.msg4353969#msg4353969