anteater2009 (OP)
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March 13, 2014, 02:37:28 AM Last edit: March 13, 2014, 03:03:57 AM by anteater2009 |
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There used to be a time when miners used to mine altcoins and just hold them as an asset. I could just choose an altcoin, keep my miner pointed at for several weeks and finally sell it for a bargain (Not just dump it for the highest bidder). There were times when the value of altcoin just used to go up with difficulty level.
Now the altcoin scenario is highly saturated. New coins coming everday and miners are rushing to quickly mine-pump-dump the coins. Buy orders are also shrinking for most of the alts. Adding to this is new exchanges being announced for some of the new alts. So I cant just keep my miner pointed at a coin for more than 2 days. Ironically the value of some of the coins drops with increasing difficulty. A look at most of the topics in Alternate cryptocurrencies section just seem to be self promotion posts.
Simply I used to make 0.006 BTC per day with my 640Kh/s when BTC was 800 to 1000 USD. But now I'm not able to reach those levels (except when I caught the trains with Maxcoin, Myriad...) with BTC valued at 630 USD. Am I the only small scale miner here experiencing these or are you guys all switched to mining farm?
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theomoplatapus
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March 13, 2014, 02:53:56 AM |
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Doubtful that its gone forever. I wouldn't be surprised if it changes dramatically if/when bitcoin takes another spike in price with Wall St entering the fray. I think its much more likely that the alt markets are cyclical.
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#Bitcoin
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bl0ckchain
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March 13, 2014, 03:41:08 AM |
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Doubtful that its gone forever. I wouldn't be surprised if it changes dramatically if/when bitcoin takes another spike in price with Wall St entering the fray. I think its much more likely that the alt markets are cyclical.
Yes. This is just a slow cycle. I think from a mining/investment perspective you're going to need a longer outlook than 2 days. For example, take Goldcoin (GLD) that has a new java client coming in Spring. Mine that now and continue holding into June. That strategy should net you a sizable return.
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kelsey
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March 13, 2014, 04:10:14 AM |
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We had an era like this end of last year, but then it bounced back bigtime (a few journo articles brought new money in).
However this time the market is completely saturated and still more coins being pumped out at an alarming rate, more added to exchanges and more people draw into the latest pump n dump scams.
Too much greed, too many wanting quick profits, and few people even remembering the point to cryptocurrencies.
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jonnysomething
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March 13, 2014, 05:03:07 AM |
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I'm excited to go forward with my idea for a coin, because it's not going to have the problems today's coins face.
coins are listed on exchanges at launch, that's the problem.
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BitCoinPokerBro
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March 13, 2014, 05:51:49 AM |
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There used to be a time when miners used to mine altcoins and just hold them as an asset. I could just choose an altcoin, keep my miner pointed at for several weeks and finally sell it for a bargain (Not just dump it for the highest bidder). There were times when the value of altcoin just used to go up with difficulty level.
Now the altcoin scenario is highly saturated. New coins coming everday and miners are rushing to quickly mine-pump-dump the coins. Buy orders are also shrinking for most of the alts. Adding to this is new exchanges being announced for some of the new alts. So I cant just keep my miner pointed at a coin for more than 2 days. Ironically the value of some of the coins drops with increasing difficulty. A look at most of the topics in Alternate cryptocurrencies section just seem to be self promotion posts.
Simply I used to make 0.006 BTC per day with my 640Kh/s when BTC was 800 to 1000 USD. But now I'm not able to reach those levels (except when I caught the trains with Maxcoin, Myriad...) with BTC valued at 630 USD. Am I the only small scale miner here experiencing these or are you guys all switched to mining farm?
I'm willing to bet the crypto erra isn't over but scrypt algo is as far as profitability goes. Which proves a bit of a problem for newbie miners or anyone who mined scrypt with gui miner. For the last 8 or 9 months that's all I've ever used to mine because it's easy and already dialed in for practically every video card currently available. The newer scrypt-n, Keccek, and multi-algo coins will dominate the market being the most profitable vs ltc simply because these will be gpu mineable and asic resistant for the time being. The problem again is I'm sure there are many people out there like me that do not know how to dial in a miner (or even were to start) for other algo's using cg miner based command line software like vertminer, sgminer etc.
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brooklynite
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March 13, 2014, 08:18:15 AM |
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Doubtful that its gone forever. I wouldn't be surprised if it changes dramatically if/when bitcoin takes another spike in price with Wall St entering the fray. I think its much more likely that the alt markets are cyclical.
Yes. This is just a slow cycle. I think from a mining/investment perspective you're going to need a longer outlook than 2 days. For example, take Goldcoin (GLD) that has a new java client coming in Spring. Mine that now and continue holding into June. That strategy should net you a sizable return. I think Goldcoin may have deleted the original goldcoin, making all the original coin holders lose all their money, and then created a new coin, that they named goldcoin again, but this time they premined it and kept the coins in a tight knit circle of people, in order to try and prop up the price of the coin. But godlcoin screwed over alot of people, who lost all their investment on the original goldcoin that got deleted Wow now I know what "DECENTRALIZED" means, it means BULLSHIT. Anyone having access to the FKINGCOIN.org website or being the OP on a thread can switch the wallet with a modified source and make everyone's coins worthless?
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brooklynite
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March 13, 2014, 08:19:06 AM |
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Yes, and the endless threads saying "Stop making so many coins" should have tipped you off that this was going to happen.
I think its the opposite. We need many many more coins to spread the hash power. We are not getting enough coins so everyone is focusing on limited number of coins.
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ScroogeD
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█ Scrooge D Silver █
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March 13, 2014, 08:22:20 AM |
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It's like the tulip mania in the 1630s, only a few will survive.
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BTC & LTC #DOGE #DRK #HUC #VTC Blacklist #Maxcoin - Amateur Devs with ignorant JP Morgan Keiser
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Ix
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March 13, 2014, 08:30:50 AM |
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Wow now I know what "DECENTRALIZED" means, it means BULLSHIT. Anyone having access to the FKINGCOIN.org website or being the OP on a thread can switch the wallet with a modified source and make everyone's coins worthless?
I have no idea if what the other poster said is true about goldcoin, but if there was any bit of a community at all, someone would/should have stepped up to keep the original fork going. It's a big blow to the currency though and then the exchanges might become the decision makers.
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Warning__3
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March 13, 2014, 09:20:01 AM |
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with every new coin getting released it bloats the market so that every other coin except bitcoin will become worth less and less in favour of the new ones :S Atleast that's what i think..
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digitalindustry
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March 13, 2014, 09:26:48 AM |
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There used to be a time when miners used to mine altcoins and just hold them as an asset. I could just choose an altcoin, keep my miner pointed at for several weeks and finally sell it for a bargain (Not just dump it for the highest bidder). There were times when the value of altcoin just used to go up with difficulty level.
Now the altcoin scenario is highly saturated. New coins coming everday and miners are rushing to quickly mine-pump-dump the coins. Buy orders are also shrinking for most of the alts. Adding to this is new exchanges being announced for some of the new alts. So I cant just keep my miner pointed at a coin for more than 2 days. Ironically the value of some of the coins drops with increasing difficulty. A look at most of the topics in Alternate cryptocurrencies section just seem to be self promotion posts.
Simply I used to make 0.006 BTC per day with my 640Kh/s when BTC was 800 to 1000 USD. But now I'm not able to reach those levels (except when I caught the trains with Maxcoin, Myriad...) with BTC valued at 630 USD. Am I the only small scale miner here experiencing these or are you guys all switched to mining farm?
http://kolinevans.wordpress.com/2014/03/02/why-there-could-be-a-mini-revolution-occuring-in-crypto-currency/
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- Twitter @Kolin_Quark
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niothor
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March 13, 2014, 09:27:05 AM |
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Now really , what do you expect with 10 coins popping each day with nothing innovative ? The money in cryptos are limited and after the last gox episode I don't see that many coming in to sustain the prices.
This period will take out a lot of coins , driving them to 1 satoshi. And we should be thankful that there isn't a lower denomination for BTC.
Without something big happening it will be a period which will decide the "survival of the fittest"
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anteater2009 (OP)
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March 13, 2014, 10:21:37 AM |
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I believe that for a cryptocurrency to be successful, three players are needed in the following ratio:
70%- End Users (Someone who uses a cryptos to buy a cup of tea or a Ferrari) Whats the use of cryptos for them? It should be just another currency but with quicker transaction times than traditional currencies. They shouldn't be bothered about profitability and stuffs.
15% - Miners (The good old miners who secure the network and keep the supply of coins) Whats the use of cryptos for them? They run their spare machines to generate cryptos and make some money selling them.
15% - Investors/Traders (The people who brings in real world fiat money in to the system) Whats the use of cryptos for them? They just play around with value of cryptos just like in real world stock markets to book some profit.
But whats happening in reality(excluding Bitcoin)?
95% - Miners+Traders 5% - End Users
That defeats the ultimate purpose of cryptos.
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Luno
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March 13, 2014, 10:24:56 AM |
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Good thread, valid points.
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wallstreetcoiner
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March 13, 2014, 10:46:51 AM |
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Doubtful that its gone forever. I wouldn't be surprised if it changes dramatically if/when bitcoin takes another spike in price with Wall St entering the fray. I think its much more likely that the alt markets are cyclical.
Yes. This is just a slow cycle. I think from a mining/investment perspective you're going to need a longer outlook than 2 days. For example, take Goldcoin (GLD) that has a new java client coming in Spring. Mine that now and continue holding into June. That strategy should net you a sizable return. + 1 Goldcoin is the cryptocurrency with the greatest upside potential at the moment. Our research indicates that this coin is the one to watch.
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anteater2009 (OP)
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March 13, 2014, 11:33:36 AM |
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Again its sad to see this thread being hijacked by two newbie accounts self promoting an alt.
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wasamata
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March 13, 2014, 12:53:27 PM |
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Sure, there's been alot of spamming and market saturation lately. But some good has come of it, a phoenix/s from the dust if you will.
Innovation.
I believe in time to come, be it 1, 2, 10 etc years, people will look back at bitcoin and sort of shake there heads. Yes there will be those that collect it and lawd it for sentimental reasons, it being the first crypto. But I think in time to come it may fade away and be overtaken by much better coins/ cryptocurrencies.
Believe it or not there are recently created coins that could will change the world with aiding scientific discoveries, breakthroughs etc and cure's. There are also coins that will make people ultra rich even if its price stays the same, and then coins that will by clever design and management, constantly move upwards at a sustainable rate.
So yes there are bad but there are also lots of good and this is part of the benefits of a free market. The marketcap of bitcoin will be overtaken and it may simply become a collectors item (albeit it will still be worth alot). A model T ford if you will, make way for the ferrari's, four wheel drive, and ultimately, F1's of the cryptocurrency world. Part of the problem is also short sightedness. If you look a little bit further up the road you will do well. Pumping and dumping may be fun but someone always loses and oneday that will be you.
Yes there are limits though when a market is saturated sure I agree, some organization is needed for ALL of us to do well from this train, not just the 1 percent DEV's creating the same coins over and over for self gain. I can only hope that some among us will rise up and provide said organization and leadership of this massive ship and with that, the future will certainly be as gold as the sun ever did shine.
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maranello1561
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March 13, 2014, 01:29:44 PM |
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To OP: Yep, its over, pretty much. Doge, Vert and a couple of others that innovate or build actual communities will survive. Rest will go back to the dumpster from where they emerged. Yes I'm looking at you Pandas, Bees, Rabbits, Cages, Karmas, Rubys, Max/Min/Mean/Average/Sum/Multiple/Divide/Modulus etc
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maranello1561
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March 13, 2014, 01:34:43 PM |
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Again its sad to see this thread being hijacked by two newbie accounts self promoting an alt. Feel free to use the ignore button. That's what I usually do these day, especially in the altcoin section
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