Re: Do we really need so many kinds of coins?

[guybrushthreepwood]

I think there should be this many altcoins since very many people didnt get into the bitcoin game early, Its a great to start of investments, I am saving Protoshares and DOGE, and a Few dimecoins to see how much they are worth i the future so I can save for a college. But I will be greatly dissapointed if that happened.

So, Yes,IMO there hsould be that many.  

But, as others have said, a lot of these coins are 'pump and dump', meaning they're not good for storing money. They won't last forever.

Makes me chuckle when people talk about their coins having longevity and they're in it for the longrun, especially when they've only been out a month or two. People said this about Doge and Coinye lol.

[bit.alex]

OP's question doesn't make any sense. It's free market. If they are being mined - they are needed and vice versa.

[U1TRA_L0RD]

I think there should be this many altcoins since very many people didnt get into the bitcoin game early, Its a great to start of investments, I am saving Protoshares and DOGE, and a Few dimecoins to see how much they are worth i the future so I can save for a college. But I will be greatly dissapointed if that happened.

So, Yes,IMO there hsould be that many.  

But, as others have said, a lot of these coins are 'pump and dump', meaning they're not good for storing money. They won't last forever.

Makes me chuckle when people talk about their coins having longevity and they're in it for the longrun, especially when they've only been out a month or two. People said this about Doge and Coinye lol.

LOL, I have 10,400 DOGE coins on the 2nd of this month for $2 mindnig that the guy also added a few 400 DOGE coins, and Now they are worth $21. Doesn't that tell you something? I am just optimistic, and thats a good thing. IMO!

If one of the coins I have makes it too, I will cash all of them in.

[Sutters Mill]

I think there should be this many altcoins since very many people didnt get into the bitcoin game early, Its a great to start of investments, I am saving Protoshares and DOGE, and a Few dimecoins to see how much they are worth i the future so I can save for a college. But I will be greatly dissapointed if that happened.

So, Yes,IMO there hsould be that many.  

But, as others have said, a lot of these coins are 'pump and dump', meaning they're not good for storing money. They won't last forever.

Makes me chuckle when people talk about their coins having longevity and they're in it for the longrun, especially when they've only been out a month or two. People said this about Doge and Coinye lol.

LOL, I have 10,400 DOGE coins on the 2nd of this month for $2 mindnig that the guy also added a few 400 DOGE coins, and Now they are worth $21. Doesn't that tell you something? I am just optimistic, and thats a good thing. IMO!

If one of the coins I have makes it too, I will cash all of them in.

It tells me that there's short term small amounts of money to be made, without investing big bucks. If you were that confident about it, why did you only put in $2? You must have had reservations about alts yourself.

[DanielVG]

Yes, all those altcoins are useful.
I don't think it has already been decided that bitcoin will be the most successful crypto currency ever.
Bitcoin might be like myspace, and Facebook still hasn't been invented yet.

[Sutters Mill]

Yes, all those altcoins are useful.
I don't think it has already been decided that bitcoin will be the most successful crypto currency ever.
Bitcoin might be like myspace, and Facebook still hasn't been invented yet.

Good analogy, things can always improve I suppose. Who knows?

[Sonny]

I think there should be this many altcoins since very many people didnt get into the bitcoin game early, Its a great to start of investments, I am saving Protoshares and DOGE, and a Few dimecoins to see how much they are worth i the future so I can save for a college. But I will be greatly dissapointed if that happened.

So, Yes,IMO there hsould be that many.  

But, as others have said, a lot of these coins are 'pump and dump', meaning they're not good for storing money. They won't last forever.

Makes me chuckle when people talk about their coins having longevity and they're in it for the longrun, especially when they've only been out a month or two. People said this about Doge and Coinye lol.

LOL, I have 10,400 DOGE coins on the 2nd of this month for $2 mindnig that the guy also added a few 400 DOGE coins, and Now they are worth $21. Doesn't that tell you something? I am just optimistic, and thats a good thing. IMO!

If one of the coins I have makes it too, I will cash all of them in.

It tells me that there's short term small amounts of money to be made, without investing big bucks. If you were that confident about it, why did you only put in $2? You must have had reservations about alts yourself.

Yup, grab your chance to buy it cheap now before the price goes 1000x lol.

[Sonny]

Problem is that they're all just clones....

But, some people just keep thinking "Oh, xxx coins have a bright future, and will be the new bitcoin" lol.

My favourite one is "my crapcoin has a great community and dev team behind it", which literally means nothing. And when you question them what's so good about their coin or tell them everybody says this they throw a shitfit and accuse you of being a troll haha.

Another strange logic I have seen is:
"xxx coin is a bitcoin clone. We will have a maximum of 21 million bitcoin and a maximum of 210 million xxx coin. That's why the value of 1 xxx coin will equal 0.1 bitcoin. Huge growing potential ahead, blah blah blah..."

[hilariousandco]

Problem is that they're all just clones....

But, some people just keep thinking "Oh, xxx coins have a bright future, and will be the new bitcoin" lol.

My favourite one is "my crapcoin has a great community and dev team behind it", which literally means nothing. And when you question them what's so good about their coin or tell them everybody says this they throw a shitfit and accuse you of being a troll haha.

Another strange logic I have seen is:
"xxx coin is a bitcoin clone. We will have a maximum of 21 million bitcoin and a maximum of 210 million xxx coin. That's why the value of 1 xxx coin will equal 0.1 bitcoin. Huge growing potential ahead, blah blah blah..."

Yeah, but greedy naive newbs lap this shit up. It's only really the greedy naive newbs that prop up these alt coins.

[Smileyftw]

people modify and adapt new altcoins they bring new concept of profit .

[sionsandman]

Good features to add to an altcoin would be anonymity and a way to prevent double spend attacks.

[Sonny]

Good features to add to an altcoin would be anonymity and a way to prevent double spend attacks.

Double spend is not necessarily a bad thing.
Sometimes, we double spend our own transaction when we have forgotten to add a fee, or make a bad mistake using raw transaction.

[guybrushthreepwood]

Good features to add to an altcoin would be anonymity and a way to prevent double spend attacks.

Double spend is not necessarily a bad thing.
Sometimes, we double spend our own transaction when we have forgotten to add a fee, or make a bad mistake using raw transaction.

What do you mean it's not a bad thing? How can it be good?

[Sonny]

Good features to add to an altcoin would be anonymity and a way to prevent double spend attacks.

Double spend is not necessarily a bad thing.
Sometimes, we double spend our own transaction when we have forgotten to add a fee, or make a bad mistake using raw transaction.

What do you mean it's not a bad thing? How can it be good?

Double spend attack is bad.
But, double spend is not necessarily a bad thing.

Exactly as my last post, sometime you could make mistake in creating transaction.

This is just one example how double spend can actually help people solve problem and do no harm to anybody.
https://bitcointalk.org/index.php?topic=231057.0


Of course, it is a bad thing if someone send his bitcoin to a gambling site, lose the bet, and double spend that tx.  

[mulatti101]

Maybe we need, maybe we don't. It is healty to have some competition, nature will select the best overtime, dont worry.

[oxfardk]

Good features to add to an altcoin would be anonymity and a way to prevent double spend attacks.

anonymity is exactly what zerocoin is offering, give it a try

[bryant.coleman]

How many different coins we have right now? May be somewhere around 200.... 

I think that we will hit the 1,000 mark before the end of this December.

[counter]

In some ways I think we do need all these coins for the time being.  They help distinguish what a good coin is and what a bad coin is and that is what a free market should be all about.  However with something like cryptos that is new to many people I think it causes alot of confusion and will cause setbacks in the overall progression for now.

[shanem]

A lot of the alt coins are for pump and dump.They are not sustainable.

[moriartypants]

Even some altcoins that have good ideas are not good for the ecosystem.   Too much muddying of the waters makes it more bewildering for newbs and harder for uninitiated to get on board with crypto.   

It also doesn't help that many altcoins are just predatory pump and dumps.