Hey guys
As we all know, there is a shitload of coins flooding the market right now. To me, it seems almost impossible to spend time with every coin. So I want to categorize the coins into groups or put some basic criteria on them.
Can we establish criteria that make a good coin and then check for each of them (or for the big ones) if these criteria are given? I am not an expert on this field so I want your opinions about this. BTC has the obvious disadvantage that block generation is pretty slow but it's well known and broadly accepted.
Here are my criteria, please tell me which ones you would add and how you rate the importance of that:
Share/Chart- [chart] Coin has been on the market for over 6 months
- [chart] High market cap so that it cannot be pumped by single people
- [chart] Low Volatility
- [chart] Rate stable or rising
Technology- [tech] Uses secure and well-known algorithms
- [tech] Brings new features/ideas
- [tech] Implements old features well
- [tech] Quick transaction verification
- [tech] Specifications fit the purpose (e.g. suitable for micropayments)
- [tech] (there is no good or bad here) Coin is mainstream/niche
Community- [comm] Acceptance by brokers
- [comm] Acceptance by traders/shops
- [comm] Positive news (as in "findable on Google")
- [comm] Devs must be trustworthy, active
- [comm] Seriousness (name e.g.)
Mining- [mine] As little premining as possible
- [mine] Resistant to stuff like pool-hopping
- [mine] ASIC / GPU mining resistant
- [mine] Existing mining hardware can be used
Misc- [misc] Coin is not a clone
If I take my experiences with BTC, LTC, DOGE and AUR it looks as follows
BTC is mainly accepted but to me it looks like people will realize BTC has some disadvantages and most likely switch to some altcoin, prolly LTC. Mining on BTC is barely possible (idk why Americans pay 10c for electricity, in Germany u pay 26 Eurocents) so for me, idk about mining BTC or LTC.
Litecoin is strongly interwoven with BTC and although being the second biggest (AUR doesnt count) I dont see the big acceptance at shops. To me, it looks like it will take some time until people realize that even by now it is time to prepare for trading different coins.
DOGE ... has a big community it seems but I am unsure about my criteria for this coin. Maybe u can help. Why is it better than LTC? A community of people who like this meme is not the reason to buy this coin
AUR - highly hyped and I have no idea why people dont see the obvious scam this coin is.
BTC- Chart Oldest coin on the market
- Technology BTC is the first coin and cannot have new features
- Community highest acceptance and awareness of all coins
- Mining unminable atm, to me, mining is not an important factor
- No clone
Maybe u get my direction. If we all help to complete information objectively categorized, I will keep this post updated as good as possible. As an example do you think good mining criteria are important for a good coin? If a coin is up and alive for years, people can use it without having to care about the mining process. That's why I rate the mining criteria pretty low. If you wanna use colors, maybe u can use one for
special features of a coin, e.g. 30s block verification or a special thought behind a coin.
I think we should start with discussion about the criteria and then talk about coins in order of their impact to the community (BTC > LTC > DOGE > ...)
grz
Lord
