New alt coins good or bad?

[ademoose]

free markets are what are needed to introduce innovation, the crap coins will die just be careful throwing your hashing power around

[Sutters Mill]

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.

Good way to put it. I've had some advice recently not to bother mining these new alt-coins UNLESS I'm looking to trade to something more stable. But even then it may not be worth it.

[Don007]

I think most of them are rubbish.

There are a few better ones, for example MicroCoin.  It has a unique reward system and it's based on Scrypt Jane. Seems like a fair, stable and reliable coin to me with potential. My miners are currently working on that coin .

[Ix]

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..

The majority of them are so similar to bitcoin that they are pretty much a joke. Scams, maybe, but bitcoin and clones make the incentive system for early adopters so strong and it's only human nature to want to have that chance too. But they don't offer much at all different from bitcoin, so the "network effect" comes into play. There are some very different ones though like Ripple and Nxt, and several others in development that are branching away from the bitcoin mentality that are worth paying attention to.

[jonjonson]

well, the good thing is that they're waking people up to the fact that money is not something sacred with some kind of constant value fixed by god.

Everyone can create some form of currency. It's just a powerful instrument and we can, and should, control it. It should be our goal to create the ultimate form of money. We aren't there yet, but hopefully we'll get closer, one altcoin at a time. They aren't innovating much yet, but hopefully we'll see some cool innovations in the future.

[NordicMoose]

well, the good thing is that they're waking people up to the fact that money is not something sacred with some kind of constant value fixed by god.

Bitcoin has now become a constant value. Seems last year was the year to heavily invest. Going to expand on this on subsequent posts.

Everyone can create some form of currency. It's just a powerful instrument and we can, and should, control it. It should be our goal to create the ultimate form of money. We aren't there yet, but hopefully we'll get closer, one altcoin at a time. They aren't innovating much yet, but hopefully we'll see some cool innovations in the future.

Let's hope not TOO many altcoins spring up as it gets too confusing. But I still think cryptocurrency could be the ultimate form of money if it was regulated by Satoshi. I think it needs to be as the recent long-term market manipulation has gotten out of hand.

[murkster]

Omg just looked at ANN section.

NEX NEXX NOX all descendants of NXT apparently. ...  

Although Levelcoin seems interesting.  diamond in the rough?..

[turtoro]

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..

New altcoins are not in direct competition with BTC. They are compliment to it. New innovations can be developed and tested in both the technical sense and marketplace. Some will rise, most will fall. What we are experiencing is akin to what was happening during the industrial revolution, and the beginning of the internet. Where an firm monopoly has yet to be cemented,  and the barriers to entry are essentially nil.  We live in exciting times and are lucky to be witnessing a fundamental shakeup of the economy.

[Wekkel]

I don't think altcoins are a problem. The free market will sort this out. Just have some faith.

[elixir]

i dont think people will mine every new coin that comes out, the novelty wares off, it has for me. some of these new coins have brought a wealth of publicity exposing more people to cryptocurrencies which has to be good.

[hilariousandco]

i dont think people will mine every new coin that comes out, the novelty wares off, it has for me. some of these new coins have brought a wealth of publicity exposing more people to cryptocurrencies which has to be good.

There's going to be a point where the market becomes so saturated that people wont even bother mining half of these coins because it wont be profitable to do so.

[vonstauff]

Exactly. Sooner or later one cryptocurrency will end up top of the pile and will become the de facto cc to use.
It may not even be the best one (whatever that means anyway) that wins. Just think Betamax vs VHS in the 80s.
Ok, now I feel old because many of the posters here probably have no clue what I'm talking about.

[kg8a0i]

The free market process will eventually result in the elimination of most of these altcoins. Nevertheless, the sheer number of altcoins being released will make the process a lengthy and frustrating one.