Will the Crypto Community Destroy Itself?

[Ghepetto]

I am six months into my mining journey and I am becoming concerned, I would like some opinions from more experienced cryptologists.    My concerns are with the community:




I don't mind crapcoins I just do not mine them or buy them if I dub them so.

I don't mind coins with controversial names, it brings attention to the crypto community.

But when a coin is released and I download the wallet within one hour of the release time and its on block 22k I get pissed.

Here is a link to the coin I speak of:
https://cryptocointalk.com/topic/3356-milancoin-mlc-information/

Downloaded the wallet and synced up @ block 22k.......



So may I ask what, if anything can be done to stop the community from destroying itself because the scams are increasing exponentially, which over time will degrade trust in crypto. 


Of course the easy answer is do not mine it, but what happens in six months if all coins are released in this manner?   

I am by no means a pillar of professionalism.

But the community is going to Hell in a handbasket, when I first came here it seemed the average IQ was around 160.  I stood on the shoulders of these forums which provided me a springboard forward.  This is changing rapidly, downhill.

Discuss.....

[Meuh6879]

Use coin instead of mining ... real user buy Bitcoin regulary (part of the month pay) and sell when it's needed (for electronic appliance or others goods).

Crypto is not mining community ... at the first step.

[Ghepetto]

https://bitcointalk.org/index.php?topic=375732.0


I found this, so it was announced and I stand corrected.   

No idea how I missed it....

[BittBurger]

As Andreas Antonopoulos stated on a recent CoinsiderThis Podcast:

(paraphrase):

The alt coin community is a testing ground for possible future Bitcoin protocol enhancements, and/or services which may be layered on top of it.  The nonsense crap coins in the alt coin community represent a healthy ecosystem.  Healthy ecosystems have the good and the bad.  The coins with valid concepts that end up with 51% attacks help us see how a 51% will actually play out, and give us an example to point to and learn from.   Forks as well.  

So in effect ... yes the shit coins are nothing but nonsense spam.  And I have asked this forum to consider blocking the obvious ones, but they are afraid to censor.  But in the end, Bitcoin is going to be the one that will last.  You can mine all day to try and get $5 if you like.  Maybe even $50.  But I hope you're converting everything to BTC when you sell...

I would start to pay attention to the "coins" that are actually building services and layers on top of the Bitcoin protocol.  Like the new Mastercoin, and Zerocoin, and Darkwallet, NXT ... etc.   

I personally think you would be far more intelligent to save that $10,000 on GPU's and buy a Bitcoin miner for $10,000 instead.

[Abdussamad]

There is a lot more innovation left:

- A bot that scans the alt currency forum for new coin announcements and auto mines them first chance it gets.

- A bot that spams alt currencies left and right. It's not hard to do. Just pick a silly picture or some random theme and spit out a coin.

End result of all of this will be coins with lifetimes measured in hours.

[LiteCoinGuy]

people are downloading all kind of shit-coin software and after some weeks they wonder and scream: "OHH NO, WE ARE MY BITCOINS?! i GOT HACKED  !"

[cryptomining]

As Andreas Antonopoulos stated on a recent CoinsiderThis Podcast:


I personally think you would be far more intelligent to save that $10,000 on GPU's and buy a Bitcoin miner for $10,000 instead.

yep but that 10,000 gpu investment will yield lots more btc than buying a btc asicminer.

[bluemeanie1]

But the community is going to Hell in a handbasket, when I first came here it seemed the average IQ was around 160.  I stood on the shoulders of these forums which provided me a springboard forward.  This is changing rapidly, downhill.

Discuss.....

in my experience, if you say anything that upsets anyone's little scam business you get called a 'troll'.   The scams are popping up like weeds, and all of them are pretending as if they're Satoshi Nakamoto.  A small clique of people is maintaining their image of having some kind of monopoly on knowledge of the protocol, because they are the only ones capable of altering the dominant client.  This client is a mess of C code and probably is purposefully created to be abstruse and difficult to manage.  Most of the cool things about Bitcoin have been either removed or phased out.

[jubalix]

I am six months into my mining journey and I am becoming concerned, I would like some opinions from more experienced cryptologists.    My concerns are with the community:




I don't mind crapcoins I just do not mine them or buy them if I dub them so.

I don't mind coins with controversial names, it brings attention to the crypto community.

But when a coin is released and I download the wallet within one hour of the release time and its on block 22k I get pissed.

Here is a link to the coin I speak of:
https://cryptocointalk.com/topic/3356-milancoin-mlc-information/

Downloaded the wallet and synced up @ block 22k.......



So may I ask what, if anything can be done to stop the community from destroying itself because the scams are increasing exponentially, which over time will degrade trust in crypto. 


Of course the easy answer is do not mine it, but what happens in six months if all coins are released in this manner?   

I am by no means a pillar of professionalism.

But the community is going to Hell in a handbasket, when I first came here it seemed the average IQ was around 160.  I stood on the shoulders of these forums which provided me a springboard forward.  This is changing rapidly, downhill.

Discuss.....

no, the ccc (crypto coin community....just coined that!) is probably unkillable....and pehonix like.


no one forces you to download any coin.

[Enkel]

people are downloading all kind of shit-coin software and after some weeks they wonder and scream: "OHH NO, WE ARE MY BITCOINS?! i GOT HACKED  !"

This is exactly why I don't touch alt coins.

But, I think it would be interesting to see a country decide to make a national coin. For example, what if Ireland decided to creation a national cryptocurrency that is properly mined and has security and all of that. Germany has given a go-ahead to cryptocurrency. What if they decided to create a German currency with a slightly higher miner fee that paid for automatic multi-signature transactions. So, if a transfer is okay with both parties, no one gets involved, but if the transfer fails into mediation, a standard sub-section of the courts collects documents and breaks the tie. That way you don't have to go looking for an escrow agent and they could be a preferred currency for large transactions. Their coin would also probably be shunned by SR type vendors to they could trade as the "clean coin" instead of the "criminal coin".

[bluemeanie1]

people are downloading all kind of shit-coin software and after some weeks they wonder and scream: "OHH NO, WE ARE MY BITCOINS?! i GOT HACKED  !"

This is exactly why I don't touch alt coins.

But, I think it would be interesting to see a country decide to make a national coin. For example, what if Ireland decided to creation a national cryptocurrency that is properly mined and has security and all of that. Germany has given a go-ahead to cryptocurrency. What if they decided to create a German currency with a slightly higher miner fee that paid for automatic multi-signature transactions. So, if a transfer is okay with both parties, no one gets involved, but if the transfer fails into mediation, a standard sub-section of the courts collects documents and breaks the tie. That way you don't have to go looking for an escrow agent and they could be a preferred currency for large transactions. Their coin would also probably be shunned by SR type vendors to they could trade as the "clean coin" instead of the "criminal coin".

I can certainly see possibilities for Bitcoin-like digital currencies being fully supported and advocated by national governments, but I think the real value is in the creation of trans-national currencies and economic structures that are today impossible.

I can't see a national "Westphalian" government advocating for a fully private and anonymous currency.  Perhaps places like Switzerland.

[Akka]

Just do the only right thing.

Go to Profile --> Ignore Boards Preferences.

Mark:

Alternate cryptocurrencies
 Announcements (Altcoins)
 Mining (Altcoins)
 Marketplace (Altcoins)

Click "Change Profile" and be done with it.

[Enkel]

I can certainly see possibilities for Bitcoin-like digital currencies being fully supported and advocated by national governments, but I think the real value is in the creation of trans-national currencies and economic structures that are today impossible.

I can't see a national "Westphalian" government advocating for a fully private and anonymous currency.  Perhaps places like Switzerland.

Going back to Germany. Just because they create a national coin (and it would be tied to their country because of the n-party resolution), as long as users accept the German mediation, there is no reason that their coin couldn't be used globally. Accepting the german resolution process would be no different than when you log onto web sites that have user agreements that say all disputes will be handled in xyz state of the US. As long as the communications are available in a decent number of languages (including English), there should be no problem is the 'escrow agent' is in the US or the EU.

I agree that a small country or a country famous for corruption could not make a go of such a thing. But, if Ireland were to make a coin, I would be interested in using it just because I am Irish and I've enjoyed vacations to Ireland. Then there is Iceland who have built a reputation for themselves. If they were to create a coin w/automatic escrow protections, that could be a very attractive coin.

[LiteCoinGuy]

I can certainly see possibilities for Bitcoin-like digital currencies being fully supported and advocated by national governments, but I think the real value is in the creation of trans-national currencies and economic structures that are today impossible.

I can't see a national "Westphalian" government advocating for a fully private and anonymous currency.  Perhaps places like Switzerland.

Going back to Germany. Just because they create a national coin (and it would be tied to their country because of the n-party resolution), as long as users accept the German mediation, there is no reason that their coin couldn't be used globally. Accepting the german resolution process would be no different than when you log onto web sites that have user agreements that say all disputes will be handled in xyz state of the US. As long as the communications are available in a decent number of languages (including English), there should be no problem is the 'escrow agent' is in the US or the EU.

I agree that a small country or a country famous for corruption could not make a go of such a thing. But, if Ireland were to make a coin, I would be interested in using it just because I am Irish and I've enjoyed vacations to Ireland. Then there is Iceland who have built a reputation for themselves. If they were to create a coin w/automatic escrow protections, that could be a very attractive coin.

alot of people think that germany is so positive about bitcoin but be carefull. its not negative to it, i agree here ("private money") , but in my view (as a german) i think that the UK (in feburary we will know more) and canada is far more positive about bitcoin.
its sad but in germany we have NO real exchange until today  

[cdog]

I personally think you would be far more intelligent to save that $10,000 on GPU's and buy a Bitcoin miner for $10,000 instead.

[cryptomining]

I personally think you would be far more intelligent to save that $10,000 on GPU's and buy a Bitcoin miner for $10,000 instead.

nope, you earn more with gpus.

[Meuh6879]

  yes ... gpu = 300kH/s (300 euros) ... asic at 300 euros = 11000kH/s.

[cryptomining]

yes ... gpu = 300kH/s (300 euros) ... asic at 300 euros = 11000kH/s.

not using gpus to mine btc, alts then trade. gpus win by a mile.
get alot more than 300kh for 300 euros. check out coinwarz your 300 to 110000 gpu still wins.