Diversification into alt coins.

[WompRat]

For those invested in Dogecoin.  May I ask why?  Some of the others may have some benefit such as Peercoin's POS but Dogecoin is and was intended to be a joke.

I do like Doge.   The joke and the logo and the continuous dumping of millions of coins, in my opinion form a clever repellent to most speculators and keep the price increases interesting, but not an 'Oh my God, I have missed the boat' turn off.  I am investing purely because I think the community is growing faster than the price. If this continues for another few months Dogecoin could surprise almost everyone.  The only advantage Bitcoin has is the network effect, everything else is easily duplicated and Bitcoin is not growing as fast as it should be at this stage of the game and that worries me a lot.  Bitcoin is an elephant next to the Doge, but have you ever tried pushing an elephant up the stairs?

The other thing I would add is that getting my first bitcoins was a real pain in the arse. A year later and it is still a pain in the arse and a handful of ATMs are not going to change this quickly.  If you want some dogecoins you are still able to mine them directly or you just post something on reddit - nothing much, but you are off and running in a few minutes and with no cost or risk at all.

[raid_n]

peercoin is centralized crap , nxt is a premined scam.


buy Litecoin

How is peercoin centralized? It's way better by design than by Litecoin. I was selling my litecoins to buy more peercoins.

I personally do not yet fully trust that PoS can be properly relied on. PoW is much simpler.
If I understand correctly the addresses eligible for minting a PoS block are randomly drawn.
The thing is that if you own a substantial amount of addresses that can mint PoS blocks they are more likely to be drawn.
If every block that can get a reward would get it at the same time (in the same round where one round is a block being added to the blockchain) the relative wealth would not change.
Now If my block gets drawn first and I can mint enough coins to put into a new address and have that also minting I am at an advantage.

Small thought experiment:
I have two addresses that can mint with both of them having enough coins to produce a third address that can also mint.
You have one address that can mint and produce a new address. If I happen to be drawn first I produce an extra address, further reducing your chance to beat me in the next draw round.
Of course this is much more complex, the rewards are different and if you had a majority of wealth there would already be massive problems.
I'm not really good at stochastics and maybe I am missing something but I just don't feel comfortable with PoS yet.

Anyways, this is just my personal oppinion






 

[Hyena]

peercoin is centralized crap , nxt is a premined scam.


buy Litecoin

How is peercoin centralized? It's way better by design than by Litecoin. I was selling my litecoins to buy more peercoins.

The thing is that if you own a substantial amount of addresses that can mint PoS blocks they are more likely to be drawn.

The number of addresses shouldn't change anything. It's the total amount of coin age that you own that produces PoS blocks.

[Dafar]

Yes.... bitcoin has been boring as fuck so I just let it sit. Instead of waiting for BTC's price to rise I just trade ALT coins to increase my overall bitcoin count. It's a lot more fun and ALTs are highly volatile

8 BTC in Coinbase
1 BTC in Cryptsy to ride the pump n dumps
80 LTC in BTC-E
6.6 million MEOW

[raid_n]

peercoin is centralized crap , nxt is a premined scam.


buy Litecoin

How is peercoin centralized? It's way better by design than by Litecoin. I was selling my litecoins to buy more peercoins.

The thing is that if you own a substantial amount of addresses that can mint PoS blocks they are more likely to be drawn.

The number of addresses shouldn't change anything. It's the total amount of coin age that you own that produces PoS blocks.

No, you need a random way of selecting who gets to "mine" the next PoS block or else the system becomes predictable
Here is the whitepaper : http://peercoin.net/bin/peercoin-paper.pdf
I believe some part/all of the previous PoW block is used and hashed to derive an address. If that address exists and has enough coin age it is eligible for minting a PoS block in which the owner pays out his own stake.

Note: thats why It is probably a bad idea to have multiple consecutive PoS blocks and a mixed approach is used. If Transactions are added you could theoretically try different combinations of transactions to create a block that, when hashed would also point to one of your other addresses.

[aminorex]

Lest anyone be deceived, it is a very inefficient "diversification" in the MPT sense if the assets are all highly correlated.

[bqxpd]

For those invested in Dogecoin.  May I ask why?  Some of the others may have some benefit such as Peercoin's POS but Dogecoin is and was intended to be a joke.

Joke or not, I invested 10% of my BTC in DOGE the week before last when I happened to notice it trending upward rapidly. Turns out by sheer luck I got in near the beginning of the biggest altcoin pump in some time, and was able to sell my DOGE last Monday at a more than a 400% profit, increasing my total BTC holdings by over 30%. That, my friend, is the best joke I've been a part of in some time.

[GigaCoin]

Other than Bitcoin & Litecoin, i suggest targeting Crypto assets like Bitshares, Ethereum, CGB. Also anonymity based coins hold a lot of future like AnonCoin, StableCoin & ZeroCoin.

from the general alt scene i think Lotto holds promise as a lot of gaming sites are accepting it and a lot of games are being developed around it, if development continues in 1 year it might be the most popular gaming crypto out there. Doge has promise by its community that's very strong and growing really fast with no end in sight, plus they have a smart PR team.

Nxt Coin holds a lot of promise as pure POS but the phase where u would've gotten super rich is long gone, the price is also currently dictated by artificial scarcity.

[Hyena]

from the general alt scene i think Lotto holds promise as a lot of gaming sites are accepting it and a lot of games are being developed around it, if development continues in 1 year it might be the most popular gaming crypto out there.

What's so great about LottoCoin? They give random amounts of coins to miners which will make the price unstable. Why would I accept it as payment? That doesn't make sense. I'd say it's a bad coin.

[GigaCoin]

from the general alt scene i think Lotto holds promise as a lot of gaming sites are accepting it and a lot of games are being developed around it, if development continues in 1 year it might be the most popular gaming crypto out there.

What's so great about LottoCoin? They give random amounts of coins to miners which will make the price unstable. Why would I accept it as payment? That doesn't make sense. I'd say it's a bad coin.

its the gaming infrastructure that is already built and being built around LottoCoin that matters, not the coin itself. I've been around the Lotto community since the start and witnessed how quickly the gaming infra has grown in just a month. If you think about it most Bitcoin/litecoin clones are useless since they offer nothing new over Bitcoin, what matters is the people i.e. the community and developers that bring value to the coin.

[Hyena]

its the gaming infrastructure that is already built and being built around LottoCoin that matters, not the coin itself. I've been around the Lotto community since the start and witnessed how quickly the gaming infra has grown in just a month. If you think about it most Bitcoin/litecoin clones are useless since they offer nothing new over Bitcoin, what matters is the people i.e. the community and developers that bring value to the coin.

True, but why should anyone build gaming services around LottoCoin INSTEAD of Bitcoin? I'd go for BTC from the beginning.

[NamelessOne]

NXT is one the most innovative of the new cryptos and it has grown rapidly because people see this innovation. I feel it will continue to grow for that reason. I've never been a fan of most of the alts simply because they are rip offs with slight changes. Yes they have been good for making money, but few provide any real innovation. NXT is new code and full of interesting features. People have always been talking about what the crypo that will become Facebook to Bitcoins Myspace, I'm not sure if that will ever happen, but it will require innovation and new features so I will invest in any potentially groundbreaking new crypos. We could also have a Visa/Mastercard/American Express situation, or Android and iOS, but I don't feel Litecoin fits into that since it is just a clone. 

[BldSwtTrs]

NXT is one the most innovative of the new cryptos and it has grown rapidly because people see this innovation. I feel it will continue to grow for that reason. I've never been a fan of most of the alts simply because they are rip offs with slight changes. Yes they have been good for making money, but few provide any real innovation. NXT is new code and full of interesting features. People have always been talking about what the crypo that will become Facebook to Bitcoins Myspace, I'm not sure if that will ever happen, but it will require innovation and new features so I will invest in any potentially groundbreaking new crypos. We could also have a Visa/Mastercard/American Express situation, or Android and iOS, but I don't feel Litecoin fits into that since it is just a clone.  

Yeah I think NXT will be what Litecoin wishes to be (i.e. the silver of crypto). Mainly due to its way better scalability.

But I don't think NXT will surpass BTC though, the network effect, the infrastructure and the reputation of BTC seems too strong.

Also Bitshares will probable have a significant place in the final crypto landscape if the price tracking mechanism works according to plan.

[DieJohnny]

NXT is one the most innovative of the new cryptos and it has grown rapidly because people see this innovation. I feel it will continue to grow for that reason. I've never been a fan of most of the alts simply because they are rip offs with slight changes. Yes they have been good for making money, but few provide any real innovation. NXT is new code and full of interesting features. People have always been talking about what the crypo that will become Facebook to Bitcoins Myspace, I'm not sure if that will ever happen, but it will require innovation and new features so I will invest in any potentially groundbreaking new crypos. We could also have a Visa/Mastercard/American Express situation, or Android and iOS, but I don't feel Litecoin fits into that since it is just a clone.  

Yeah I think NXT will be what Litecoin wishes to be (i.e. the silver of crypto). Mainly due to its way better scalability.

But I don't think NXT will surpass BTC though, the network effect, the infrastructure and the reputation of BTC seems too strong.

Also Bitshares will probable have a significant place in the final crypto landscape if the price tracking mechanism works according to plan.

NXT is just plain terrible. The UI is terrible, the premise is nonsense, the adoption is non-existent.

Just install it and try and use it, then try and trade it, then dump it and run for your trusted satoshi clone.

[El Dude]

funny how you people say Litecoin is a clone , when it's really not .


the real clone is dogecoin.

[BldSwtTrs]

NXT is one the most innovative of the new cryptos and it has grown rapidly because people see this innovation. I feel it will continue to grow for that reason. I've never been a fan of most of the alts simply because they are rip offs with slight changes. Yes they have been good for making money, but few provide any real innovation. NXT is new code and full of interesting features. People have always been talking about what the crypo that will become Facebook to Bitcoins Myspace, I'm not sure if that will ever happen, but it will require innovation and new features so I will invest in any potentially groundbreaking new crypos. We could also have a Visa/Mastercard/American Express situation, or Android and iOS, but I don't feel Litecoin fits into that since it is just a clone.  

Yeah I think NXT will be what Litecoin wishes to be (i.e. the silver of crypto). Mainly due to its way better scalability.

But I don't think NXT will surpass BTC though, the network effect, the infrastructure and the reputation of BTC seems too strong.

Also Bitshares will probable have a significant place in the final crypto landscape if the price tracking mechanism works according to plan.

NXT is just plain terrible. The UI is terrible, the premise is nonsense, the adoption is non-existent.

Just install it and try and use it, then try and trade it, then dump it and run for your trusted satoshi clone.

There will be an user-friendly client on February 14 and I think the adoption is very good for a coin which was officially launch a month ago.  Also I don't understand what you mean by "the premise is non-sense".

[nmersulypnem]

The thing is that if you own a substantial amount of addresses that can mint PoS blocks they are more likely to be drawn.

The number of addresses shouldn't change anything. It's the total amount of coin age that you own that produces PoS blocks.

Exactly, and so the wealth that is created form the shape of a.... wait for it.... pyramid.

Yup, those in the beginning, get a perpetual and proportional increase in funds, to the detriment of the subsequent adopters.  So GET IN FAST OR YOU'LL MISS THE BOAT.  ....ahhhh, such a scam.  What's hilarious is how they describe the perpetual mining as "inflationary", when economically, it is exactly the opposite.  It is like the CEO of a company issues stocks to his employees and gives himself the most, then executes a stock split proportional to how many you own - giving himself EVEN MORE SHARE OF THE COMPANY.

PoS is a very very subtle way of screwing people.  Make the math complex, give it a confusing name, but it's still a pyramid scheme.

PoW is inefficient, but I am hopeful of coins like Primecoin which successfully perform useful proof of work.  Disclosure: I am not a holder of XPM any longer - but it is the best altcoin thus far.

[NamelessOne]

NXT is one the most innovative of the new cryptos and it has grown rapidly because people see this innovation. I feel it will continue to grow for that reason. I've never been a fan of most of the alts simply because they are rip offs with slight changes. Yes they have been good for making money, but few provide any real innovation. NXT is new code and full of interesting features. People have always been talking about what the crypo that will become Facebook to Bitcoins Myspace, I'm not sure if that will ever happen, but it will require innovation and new features so I will invest in any potentially groundbreaking new crypos. We could also have a Visa/Mastercard/American Express situation, or Android and iOS, but I don't feel Litecoin fits into that since it is just a clone.  

Yeah I think NXT will be what Litecoin wishes to be (i.e. the silver of crypto). Mainly due to its way better scalability.

But I don't think NXT will surpass BTC though, the network effect, the infrastructure and the reputation of BTC seems too strong.

Also Bitshares will probable have a significant place in the final crypto landscape if the price tracking mechanism works according to plan.

NXT is just plain terrible. The UI is terrible, the premise is nonsense, the adoption is non-existent.

Just install it and try and use it, then try and trade it, then dump it and run for your trusted satoshi clone.

LOL, 'adoption is non-existent', it has actually grown rapidly. HAHA it is already the 5th biggest market cap in two months of existence, catching up to cryptos that have had years to grow. Not sure how that can be interpreted as anything but a great start at this early stage. There is nothing nonsense about it. Your issues with its ultra early UI (which will be address shortly with real clients), and dismissive nature towards its innovation ( or inability to even value that innovation) are more your issues than NXT itself having any problems. The primary issue people have complained about is how the original coins were 'unfairly' distributed, but the distribution thus far is actually slightly better than Bitcoins current distribution. The future is never certain, anything can fizzle, but NXT is doing wonderfully so far and has earned the attention it has received.

[NamelessOne]

funny how you people say Litecoin is a clone , when it's really not .


the real clone is dogecoin.

I consider anything that has taken Bitcoins source code and modified it a bit to be a clone. Litecoin, Dogecoin, and the majority of the altcoins fit into that. Litecoin has been lovely for speculation and making money, and I hope it make people more money, but it is a complete 'me too, me too' coin that brings relatively little to the table.

[banaltcoin]

    
Stop and Ban those alt coins copycats now

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!

https://bitcointalk.org/index.php?topic=432187