Im over it with Altcoins.....

[joeventyra]

Is anyone else with me on this?
Im on the verge of selling my mining rig, power costs are too expensive for the return...
I have wasted alot of time mining mintcoin, digibyte and vertcoin, i think i should have just stuck with dogecoin, since i have more faith in this coin than any others.

I still get mixed views on NXT coin, i want to exchange what ive got with whatever will be the most likely successor to bitcoin.

I just cant get over the amount of crapcoins being introduced every day, its enough to make me loose interest in the whole thing altogether.
Is there any other coin i should have a crack at before ditching my rig?

Giving up so fast? not a smart move man. if you are tired of the altcoins or as you call them the "crapcoins" just keep the mining with 1-2 coins in which you still have trust. You mentioned doge- why don't you stay with doge only and forget the others? that is kinda better than giving up from the whole thing.

[ShroomsKit_Disgrace]

So much THIS:

I still get mixed views on NXT coin, i want to exchange what ive got with whatever will be the most likely successor to bitcoin

For me, NXT is the most promising alt out there. As a software developer, I like the idea that a 2nd generation alt has it's own blockchain. Kind of defeats the purpose otherwise.

Secondly, I like the fact that NXT has both a high and low level protocol to choose from when developing a client solution. Not only that, they are smack square in the centre of internet technology standards - http and JSON.

Thirdly, there are some very clever people doing a lot of work - not just on the network but on the economics and statistics of the coin,so that  it's demographics are very well understood. (Like, say this ... https://github.com/dmkaplan2000/nxt_state/blob/master/nxt_state.md)

Fourthly, whatever its fortunes as an alt coin, it's now becoming a bloody useful just as a service. A whole network of servers just sitting there able to provide, asset registration services, coloured coins, account transaction, messaging, alias management..whatever. The http (high level) protocol makes these so accessible that it's easy to see how a ton of client applications are currently in development, not to mention a choice of about 5 different wallet clients.

Fifthly, again, whatever it's fortunes as an alt coin, there is a viable business model in place. The network is going to make money from service provision - such as asset registration - so it's a million miles away from being simply a trading commodity.

I would never dump NXT at this stage. It's probably at its most undervalued level it will ever be because we are on the verge of a wave of new services and client applications for those services.

[loszhor]

That's speculation for you, when you take the risk on the "new thing" the odds are more in favor of you losing than winning. Just remember to do your due diligence and remind yourself that there is no such thing as a quick buck.

If you bought a mining rig to pump and dump cheap crap coins you got into mining for the wrong reason and furthermore you are contributing to the problem. If on the other hand you bought it as an investment with the understanding that it will take 6 months to over year to possibly get you money back then you are on the right track. If you want to still speculate on new coins then just remember to diversify both the coins you mine and which rigs you mine them with.

[gustav]

this thread is signal to buy.

buy, buy, buy

 


(soon)

[nzminer]

Im mining at www.p00l.org
for NXT coins, it mines the most profitable Scrypt or sha256 coins and converts it to NXT at an exchange for you.
does this look like the best way to earn NXT?

[Glen Hoddle]

Ive been mining them mainly to pump and dump if they rise in value, since i dont have much hashing power ive been careful what ive been mining, since ive been mining the most profitable coins and then keeping them to exchange for better coins.
90% of the altcoins are just litecoin clones with an adjusted block time and number of coins issued.
As much as i like bitcoin, i can see it needs major room for improvement and transaction speed is one of those things that needs improving.
It would be great to see all these developers work together to bring a decent currency that can replace credit cards or EFTPOS.
It also has to be easy to use.
I dont think that a currency with a huge number of coins is a bad thing, since if we want a global coin, we really eventually need hundreds of billions of coins or else they will be over inflated like bitcoin and breaking something down into smaller units isnt really that appealing.
If there was a way to slowly release this many coins as the currency was adpoted is the key in controlling the inflation, as is regulating the hashing power so that it will not be impossible to mine in the future.
NXT has alot of advantages as mining is not required to keep the thing running, and i think this is a major advantage over other coins.
I liked the idea of mint coin as it is a POS coin that lets you mine it at the start. Its good to see another coin that was build from scratch and not just a litecoin/bitcoin clone. I see there is another fork of NXT, but again, only those that registered and paid a certian amount got the first block of coins, it really makes me wonder if the developers did it for quick cash.

All i know is at the end of this year most of these altcoins should have died, its crazy seeing a new one pop up every day with no real advantage over another.

I think that in december the major coins will be bitcoin, litecoin, doge, quark, peercoin, NXT

Goldcoin may very well be a good coin to mine, however other coins are more profitable, so exchanging my digibyte for them would be a better idea i guess.

Maybe i should just exchange all my coins for bitcoin and face that bitcoin is here to stay? IDK

Look, I'm not a miner, so my perspective is slightly different. Bitcoin is certainly here to stay- and in terms of financial gain- there is plenty more upside remaining. I think that people get clouded by the promise of 1000% returns or what have you- the reality is that if you get a 20% on the regular stock market you're doing very well. My advice would simply to mine what you believe in for the long haul- and get away from the pump and dump philosophy. It's not about making a quick buck today, it's about investing in a coin as a long term venture- as a miner, user, or buyer you are supporting different parts of its ecosystem. There are probably a limited amount of coins that are here for the long haul- mine or trade for the ones that you believe- and trade at least some into BTC.
My philosophy, rightly or wrongly, is to put around 60% into BTC, 30% into LTC, and 10% into other alts. Over time I am simply looking to accumulate into my portfolio and look for buying opportunities. I bought LTC relatively early and I believe that for at least the mid-term future the future is bright with the likely-hood of large exchange adoption. With other alts I am simply risking what I can afford to loose- I like PPC, NMC, XPM, NXT, plus five or so others- but I can't say for certain what will succeed- instead I have a small portion of each and if any do 'succeed' I will have done pretty well.
I believe that on forums like this we talk about technical innovations and improvements- but if you take a bigger picture view, that's only half the story- what is just as important is spreading adoption amongst the masses, and in this sense there are coins (and the people affiliated with them) that already have a huge head-start.
I think that you should keep mining, but try to take a longer view on things- mine what you believe in, and hold (and trade) for the long-term.

Great post,especially the bit in bold

[stevegreer]

I'm in agreement with most of what has been posted here already. Part of your problem is your admission of pumping and dumping. This happens way too much and saturates the market too quickly with undervalued coins. Maybe you should shut your rigs down for a while if they are costing you that much. Do some research into some coins that are promising for longer term investments and just buy them from the exchanges compliments of the other pump and dumpers, and let their greed become your potential fortune.

If you get in on a coin that is on the market at 1 - 3 satoshi and invest right at or just below however much you are spending on electricity for a normal month and let the coin sit, if it is a POS coin like my favorite, Zeitcoin, then you can also take advantage of having your wallet generate coins for you without using a lot of electricity. Then treat the coin like a long-term investment, and hopefully it will pay off for you in the long run. That's why I like Zeit. It has great potential as a long term investment and is cheap to buy into right now. I have about 550K sitting in my wallet just waiting for POS to kick in soon.

Zeit also has a strong community behind it and very active devs. The devs wanted to have a coin that wasn't very appealing to the pump and dumpers, but more appealing to long term investors and those interested in supporting what could be a very competitive alt-coin one day soon.

[nzminer]

When i say pump and dump im referring to trading the most profitable coins for ones i feel will be more successfull in the long term. I havnt actually traded or sold any coins at all yet, i do want to exchange some of my coins for NXT though, i am in it for the long run, i dont intend to sell any coins in the short term, im in it for the long run.
I just dont know what coin(s) to choose, there is only enough room for 3 or 4 major currencies IMO

[wallstreetcoiner]

Giving up so fast? not a smart move man. if you are tired of the altcoins or as you call them the "crapcoins" just keep the mining with 1-2 coins in which you still have trust. You mentioned doge- why don't you stay with doge only and forget the others? that is kinda better than giving up from the whole thing.

Yes, this is a tough period but the sun is getting ready to rise again. Find a coin to support and then mine it, hold it, and help the community spread the coin's adoption. What the world needs is more community involvement in existing coins and fewer new coins. Take a look at Goldcoin (GLD).

[Ignition75]

How can you pump and dump if you don't have much hashing power?

 

[pikuchato]

So many goldcoin bag holders it is amazing

[Ignition75]

And he musn't have configured his rig very well, Vertcoin has been and is still reasonably profitable, max ROI on any rig even mining sh!tcoin is about 3 months...

Save your sooky baby complains for Mummy and don't fill this forum with spam...

[nzminer]

zeitcoin does look interesting i may start mining that

[Bit_Happy]

Definitely a mistake to stop mining.  The key is to find an alt coin you actually think offers something and that has a community and infrastructure behind it.  That is the only way to keep a coin from simply dropping straight down as so many of them do once they are listed on an exchange.

For all the hate, Doge is one of those that avoided the straight line of death simply because, joke that it was/is, some infrastructure came along for it.

Coins that seem interesting in that they are clearly different from BTC are Darkcoin and that huntercoin thing.  With the latter even if it goes to zero you can always play that game with it.  So don't quit mining, just quit trying to play the game everyone else is playing.

...the game everyone else is playing.
We do have a huge % of lemmings.
How come a project this awesome doesn't attract more free-thinking people?