New alt coins good or bad?

[murkster]

Hi all my first post here.

What opinions do you have on the amount of new coins appearing? 

Is it a good thing?

More competition and dev staff having to keep 'on the ball' or a bad thing in that it makes the whole alt coin arena seem somewhat a joke and rife with scams? (I belive it may well kill the alt coin market)

Comments??

Cheers all..

[hilariousandco]

Hi all my first post here.

What opinions do you have on the amount of new coins appearing? 

Is it a good thing?

More competition and dev staff having to keep 'on the ball' or a bad thing in that it makes the whole alt coin arena seem somewhat a joke and rife with scams? (I belive it may well kill the alt coin market)

Comments??

Cheers all..

It's a double-edged sword. Personally I think most of these crapcoins are exactly that, but you can make a little cash from them if you get in early and mine them, then trade them for BTC etc. But there's also a lot of naive newbs that are left holding the coins thinking they’re gonna become rich off them in the future, but when the miners and users move on to another coin, the value drops and they're left holding a load of worthless crap.

[lambdaE]

Without all the new altcoins appearing everyday I wouldnt be sure of Bitcoin as the best option.

[tuner]

it's almost unable to determine those altcoins futures, bus as I am a gamble person, I'm trying mining some alt coins instead of Litecoin
I already have mined those alt's:
quark coin
USDe
Klondike coin

[mr.tea9]

It's not only a matter of being newer or superior to others that counts as far as long-term success is concerned. Please keep in mind the "standarization" aspect.

The popular qwerty keyboard setting is a good example. Most people are using it not because it's the best way to arrange keys on a keyboard, but because it's the worst one. A long time ago, when typewriting required strength and physical machines, the latter were likely to break if people were writing too fast. That's why the qwerty arrangement was introduced. It became popular and everyone was using it… And later on, when it was no longer necessary to use this arrangement, it was not possible to move to a different one, because… everyone was using it - nobody would want to buy a new keyboard and go through all the hassle with learning how to type once again only to write a little faster.

So, even if altcoins are slightly better, they might never be really better or become widely accepted because bitcoin has already become a kind of standard.

[pengar]

Let the market decide.
Let the users decide.
Some of alts will die, others will be fine for years.

Scrypt coins with reasonably low diff will be mined by GPU owners when ASIC scrypt hardware will overtake Litecoin. First gen sha-256 ASICs will be used to mine low diff sha-256 altcoins.

I hope obvious premined & instamined scamcoins will die, those which are fair will last.

[thiec]

It's not only a matter of being newer or superior to others that counts as far as long-term success is concerned. Please keep in mind the "standarization" aspect.

The popular qwerty keyboard setting is a good example. Most people are using it not because it's the best way to arrange keys on a keyboard, but because it's the worst one. A long time ago, when typewriting required strength and physical machines, the latter were likely to break if people were writing too fast. That's why the qwerty arrangement was introduced. It became popular and everyone was using it… And later on, when it was no longer necessary to use this arrangement, it was not possible to move to a different one, because… everyone was using it - nobody would want to buy a new keyboard and go through all the hassle with learning how to type once again only to write a little faster.

So, even if altcoins are slightly better, they might never be really better or become widely accepted because bitcoin has already become a kind of standard.

I Agree if the technology is the same. Now we have 2 main stream with SHA256 that work best with ASIC and script with GPU. SO nothing new for alt coins that adapt same backbone and they will fall behind the major one.

[hilariousandco]

Let the market decide.
Let the users decide.
Some of alts will die, others will be fine for years.

Scrypt coins with reasonably low diff will be mined by GPU owners when ASIC scrypt hardware will overtake Litecoin. First gen sha-256 ASICs will be used to mine low diff sha-256 altcoins.

I hope obvious premined & instamined scamcoins will die, those which are fair will last.

I wish these people would take heed of your first two points.

[murkster]

Thanks for the input all..

Im mining Noble atm. I belive they have a good ethos and devs/admins. May not bring much new to the table but honesty and transparency are needed imho more than ever.

Agree with comments on let the market and users decide. It all needs time to settle and find a level.

Will we end in loops of speculation? forever (forgive for the comment) taking advantage of newbies hoping to be millionaires?

Cheers all..

[Welsh]

Most are copies. A very few will be worth your while.

[Acruzez]

Being a copy doesn't really matter as long as it gains much needed popularity. Take dogecoin for instance.

[Welsh]

Being a copy doesn't really matter as long as it gains much needed popularity. Take dogecoin for instance.

Copied coins fail for a reason. Anyone can make them and any point in time, the code is pasted on the internet. They only have to change a few variables and then pump and dump. Dogecoin is only successful at the moment. In a few months to a year it will be just like any other coin.

[hilariousandco]

Thanks for the input all..

Im mining Noble atm. I belive they have a good ethos and devs/admins. May not bring much new to the table but honesty and transparency are needed imho more than ever.

Agree with comments on let the market and users decide. It all needs time to settle and find a level.

Will we end in loops of speculation? forever (forgive for the comment) taking advantage of newbies hoping to be millionaires?

Cheers all..

As long as there’s fools then there will be fools that take part. The only way to stop them to not even bother mining them, which will probably happen soon since there's so many being released.

[Cryptopher]

Let the market decide.
Let the users decide.
Some of alts will die, others will be fine for years.

Scrypt coins with reasonably low diff will be mined by GPU owners when ASIC scrypt hardware will overtake Litecoin. First gen sha-256 ASICs will be used to mine low diff sha-256 altcoins.

I hope obvious premined & instamined scamcoins will die, those which are fair will last.

It's true, the market decides what is worth something and what is not. I think it was Max Keiser who tweeted that every coin with have its 15 minutes. The majority of those will only experience 15 minutes, but there will be a few diamonds in the rough.

[svenk91]

You could try to mine all of them. Just jump in when they get their first good pool and after a while hop over to a new coin with a first good pool. If just a few of the coins you mined become popular you got a nice stash of those coins.

[scottii]

Going to be difficult to enter the game at this point.  Imagine if you were the very last person so start mining during the gold-rush.  It would be very difficult to get ahead.

[hilariousandco]

Let the market decide.
Let the users decide.
Some of alts will die, others will be fine for years.

Scrypt coins with reasonably low diff will be mined by GPU owners when ASIC scrypt hardware will overtake Litecoin. First gen sha-256 ASICs will be used to mine low diff sha-256 altcoins.

I hope obvious premined & instamined scamcoins will die, those which are fair will last.

It's true, the market decides what is worth something and what is not. I think it was Max Keiser who tweeted that every coin with have its 15 minutes. The majority of those will only experience 15 minutes, but there will be a few diamonds in the rough.

I love how you're quoting Keiser like he's a sage spouting ancient wisdom haha. I think it was Einstein who once said:



The market is going to become so saturated with these coins that 15 minutes is probably about all they get.

[Cryptopher]

Let the market decide.
Let the users decide.
Some of alts will die, others will be fine for years.

Scrypt coins with reasonably low diff will be mined by GPU owners when ASIC scrypt hardware will overtake Litecoin. First gen sha-256 ASICs will be used to mine low diff sha-256 altcoins.

I hope obvious premined & instamined scamcoins will die, those which are fair will last.

It's true, the market decides what is worth something and what is not. I think it was Max Keiser who tweeted that every coin with have its 15 minutes. The majority of those will only experience 15 minutes, but there will be a few diamonds in the rough.

I love how you're quoting Keiser like he's a sage spouting ancient wisdom haha. I think it was Einstein who once said:



The market is going to become so saturated with these coins that 15 minutes is probably about all they get.

Haha, it is happening now. The market is already saturated in steaming pile of shitcoins, Coinye was the checkpoint for that.

I remember when I saw BBQCoin that thought that it was a joke (it is), but some of the stuff people are putting out now is a right Babyshambles.

[NordicMoose]

Without all the new altcoins appearing everyday I wouldnt be sure of Bitcoin as the best option.

In my opinion it still is, simply based on the fact it is the best known crypto currency so has a much higher likelihood for adoption. That doesn't mean you shouldn't invest in altcoins but I would caution prudence as it still carries the same handle as bitcoins, and that might be a problem following the conspiracies the FBI has put forth recently regarding Silk Road.

[NordicMoose]

I thought you said with.