Stop and Ban those alt coins copycats now

[Sutters Mill]

Almost all(in fact, all) of the alt-coins out there are going to be a waste of time.  They're being created to take advantage of people who get super excited about different things and then get pumped and dumped.

Most alt coins are completely pointless and just poor replicas of what's already out there with little to no improvement.

Those alt coins(junkcoins) are spreading the investment of bitcoin and can't be good for crypto as a whole, they will also destroy people's trust of cryptocurrencies after their crash and run and disapparation. only their "developers" or "early adopters team" will get rich quick by taking your money away.

Bitcoin has a limit of only 21 million, however with all these so called "alt coins", the total number of crypto is in fact unlimited and make all cryptocurrencies end up into a ponzi scheme(only detract from people's perceived value of Bitcoin and the legitimacy of cryptos in general)

Stop and Ban those alt coins copycats now, let the money flow back to the bitcoin!

I think that the alt-coins actually take advantage of people new to cryptocurrency. I remember clearly thinking to myself when I first got into this, 'Bitcoin is pretty expensive and it's not profitable to mine it on my laptop, how about another alt'. This is when newbies look at alternatives and get caught up in the bull of it all. I nearly got swept away in Coinye.

Yeah, a lot of newbs just want to feel like they're a part of the start of something. A lot of their logic is based entirely on the fact that they think they're 'going to the moon' just because Bitcoin did. They think if they hoard these millions of coins long enough they'll sell them as soon as they hit a dollar and become millionaires, but that's never gonna happen when you've got a marketcap of billions.

Yeah, the old 'how do I get rich quick' crowd have ventured from Internet Marketing to Bitcoin.

[1714750453]

1714750453

[Gabi]

Yup, to test it, but nothing stop us from integrating the concept in bitcoin

[Sutters Mill]

Yup, to test it, but nothing stop us from integrating the concept in bitcoin

What concept?

[guybrushthreepwood]

Yup, to test it, but nothing stop us from integrating the concept in bitcoin

What concept?

Zerocoin I think.

[BitEnthusiast]

Yup, to test it, but nothing stop us from integrating the concept in bitcoin

Correct me if I'm wrong. The Zerocoin Project was brought to the Bitcoin Foundation, but Bitcoin was hesitant to integrate it to the Bitcoin project due to regulation concerns, thus Zerocoin was modified to be its own cryptocurrency.

[guybrushthreepwood]

Theymos if you don't delete the alternative cryptocurrency section now you'll become an accessory to the scams that take place. It's criminal to allow this to continue at this point. All these pump and dumps and straight out scams are going to attract a lot of unwanted attention from the SEC again.

Even though all these pump and dump crap coins annoy me, I don't want the section to go.

And what's SEC?

[keithers]

They also serve as testing grounds for things that can potentially be incorporated into bitcoin if they work.

[scarsbergholden]

i say ban the OP

FREEDOM!!!

[MicroGuy]

Why was this thread moved to Meta vs. the Altcoin section?

[howzar]

Well since crypto's are closely related with freedom (and as you can see from the amount of allowed things in this forum). There aren't doing anything bad and hopefully they will be back to BTC later.

[Lethn]

Go try ban them lol, that is exactly why cryptocurrencies works: no one can ban them

/thread end

I'm a bit suspicious of some of these coins and they have turned out to be a scam operation or they're poor quality clones etc. but you know what? It's a free market now, nobody is forcing you to accept them so don't, most of these coins will fall over by themselves anyway because they won't be properly updated or the devs don't know what they're doing.

Max Kaiser was right, Bitcoin and all cryptocurrencies are a litmus test for whether you really believe in the free market.

[jonanon]

While I agree it can be annoying when ridiculous coins get released this is likely only to be temporary, eventually they will die away.

[Trance]

Whilst that is all true, you can't stop them, nor should we want to ban them. Just let the kids have their toys is what I say. They'll soon get bored or outgrow them and hopefully move onto bigger things (Ie Bitcoin).

Alt coins actually bring A LOT of new speculators to BTCitcoin because of the fact that people feel that its "too late" to mine BTCitcoin but instead mine alt-coins and trade them at the exchanges. Alt-coins cannot be 'THAT' bad lol! 

[pand70]

Almost all(in fact, all) of the alt-coins out there are going to be a waste of time.  They're being created to take advantage of people who get super excited about different things and then get pumped and dumped.

Isn't that what people that are against cryptos say for bitcoin?   

Having said that i agree that most of the alts are schemes.

[stompix]

Go try ban them lol, that is exactly why cryptocurrencies works: no one can ban them

But you can almost kill them.

Imagine deleting the alt coin section.
How many new coins will pop up ? Less than 10% of what they are doing now , as they don't have a place to get the initial userbase needed.
Also the value of the current launched ones will drop like a rock.

[drakoin]

I made diagrams of the sizes of the subfora here

https://bitcointalk.org/index.php?topic=435854

[Sonny]

Just put all the alt-coin discussions into the alt-coin region is enough.
For those who find them annoying, they can just ignore the whole region.

[Onews1990]

How can you ban them? stopping the topics doesn't help allot since there are already other forums and most people already know them and it gives the forum a bad appearance. people should be more careful dealing with likely scamcoins and any alt-currency in general.

[plaxant]

I'll be completely honest I started GaltCoin for a couple reasons. First I wanted to know more about how everything works from mining, to how the wallet works, and to see if I could build a product that the market would want.

I would love to see it flourish and hope that it does. But my plan is the create the coin, promote it to the niche market it was intended and let the market decide if and when it reaches an exchange, if companies or individuals will accept it as a currency etc.

I get really frustrated when people accuse me of being a scammer or some other crap because I built this with honest intentions and put quite a bit of work, time and energy into creating something with a very small dedicated team.

[stompix]

I'll be completely honest I started GaltCoin for a couple reasons. First I wanted to know more about how everything works from mining, to how the wallet works, and to see if I could build a product that the market would want.

I would love to see it flourish and hope that it does. But my plan is the create the coin, promote it to the niche market it was intended and let the market decide if and when it reaches an exchange, if companies or individuals will accept it as a currency etc.

I get really frustrated when people accuse me of being a scammer or some other crap because I built this with honest intentions and put quite a bit of work, time and energy into creating something with a very small dedicated team.

But isn't your coin a copycat too , and you already have some serious premined accusation in your own thread...