Experiment with 5 altcoins (BCN, DRK, FLT, KMC, MINT)

[whatsthestory]

6. Meets this criteria, some of the best devs in cryptoworld do work on this coin
7. Meets the philosophy criteria too - the coin was designed to support developers and others through bounties and is doing this successfully.

Other benefits - the transaction fee is very low in dollar terms, and while this coin isn't as inflationary like dogecoin, it isn't deflationary either, and is thus suited to micro transactions and a spending economy. Some 24 stores already accept it - you can buy a walmart voucher with devcoin, which is more than you can say about most cryptos.

Finally, longevity. This coin is older than litecoin and has stood the test of time. The devs and community arn't going to walk away.

Devcoin is amazing, really. I was very impressed how much they do for the development of infrastructure and the support for system. For example "DVC provide an income for anyone who wants to work, even if they live in an area with more job seekers than jobs". I have said many times that it's the cornerstone for all altcoins. The devs make important and necessary actions, they are hard-workers. Now.
If we forget the philosophy we can see SHA-256 and merged mining with BTC. It's annoying, you agree with me. SHA-256 aren't seen in this experiment at all. It's like Win95 imo.
Also I want to refer to www.mapofcoins.com again, everything is very clearly shown. Why do Novacoin, Yacoin etc have so many forks? And why don't DVC have?

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[whatsthestory]

Day 2. Welcome! (part II)

http://oi62.tinypic.com/vnz8m9.jpg

Kimocoin (KMC) – fork of Litecoin. KMC uses Scrypt-n-Adaptive and Scrypt-ASIC-Resistant. Also KMC uses POW and Kimoto Gravity Well.

So the devs declare that block time is 60 sec and KMC are produced by only CPU-mining.

Total 15 bln KMC and 1% was premined. Kimocoin is based on strong philosophy and supports study careers. The devs are Italian students and they are very passionate about the project. KMC was launched on April and has the KimoShop where you can buy real products already.

Features: security, only CPU-mining, apps to Windows, Linux and MAC, interesting devs.

http://oi60.tinypic.com/2hhdiqg.jpg

Mintcoin (MINT) – fork of Novacoin. MINT uses Scrypt.

At first MINT used hybrid POW+POS, but now MINT is pure POS. It seems to me that pure POS is speculative technology, so I will see how this community will mine, trade and use (!) MINT.

Total 70 bln and 1% was premined. The devs declared that MINT is energy efficient. MINT is very discussed and popular (about 650p. in off-thread). It’s all very well but I have a several questions. How will the devs use premined MINT? They say nothing about this, this is very strange and alarming. What connects the exchange MintPal www.mintpal.com with MINT? Exchange and coin were launched at the same time. I hope MINT isn’t purely speculative.

Features: 30 sec block time, apps to Windows, Linux and MAC, native wallet, very strong marketing and community.

So this is the end of my review. Tomorrow I will tell you about their installations and wallets.

See you here!

[smooth]

Check your PM dude. I owe you money.

[whatsthestory]

Check your PM dude. I owe you money.

Thank you!

[wasamata]

"dark is over priced. too many coins to be at the price now."

4,000,000 darkcoin available (mined), price: 50 cents
23,000,000 litecoin available (mined), price: 10$ plus
  nice try fudmaster noob

[JPSelzer]

"dark is over priced. too many coins to be at the price now."

4,000,000 darkcoin available (mined), price: 50 cents
23,000,000 litecoin available (mined), price: 10$ plus
  nice try fudmaster noob

Maybe in 23m mined times darkcoin is going to be 10$+ too.  Jumping to conclusions is not good.

[HCLivess]

Thanks for trying to keep a seemingly unbiased approach to these coins.

Seemingly is an important word here

[JPSelzer]

Thanks for trying to keep a seemingly unbiased approach to these coins.

Seemingly is an important word here

Well, so far so good I think. I didn't notice any "love" towards some particular coin. Did you?

[.cryptic.]

Interesting read..

[nonlinearboy]

Devcoin is amazing, really. I was very impressed how much they do for the development of infrastructure and the support for system. For example "DVC provide an income for anyone who wants to work, even if they live in an area with more job seekers than jobs". I have said many times that it's the cornerstone for all altcoins. The devs make important and necessary actions, they are hard-workers. Now.
really?

[BreakingBAD]

Thanks for a great thread. Looking forward to read the summary of your research.

I am interested mostly in finding out about various coins with the best prospects.

At the moment BCN and DRK look like the coins to lead in the new era of crypto currency.

[whatsthestory]

Day 3. Installation

At first I must say that I solo-mine and trade BCN and FLT already. I began to use them before the idea of the experiment occurred to me. Also I have BTC, LTC, MMC and YAC, and I used DOGE, XPM, XIV, CPR, SBC etc. I started as a gambler, it is.

So I want to talk with you about installations the coins.

Bytecoin (BCN). Yesterday BCN devs announced "Easy setup bundle for the beginners". Install-file (with blockchain!) weighs 1.44 Gb. BCN don’t use UI and work with the command line only. First synch runs for about 5-8 min (455 177 blocks of transactions history). I launched BCN and created the wallet very quickly (thanks to “Read me” and how-to in unoff-thread).

https://i.imgur.com/Xbm06m6.jpg

Darkcoin (DRK). Install-files include the wallet and “Standalone CPU-miner”. At start DRK synchronized for about 1 hour (49 475 blocks of transactions history). The wallet looks standard. There isn’t “Read me” in install folder, I think it can be a problem for some. Also I didn’t found how-to in off-thread. The wallet is translated more than 30 languages.

https://i.imgur.com/E4IJ8Yw.jpg

Fluttercoin (FLT). The first sync ran for less than a half hour (29 051 blocks). The wallet looks standard and is translated into Russian only (it’s rather peculiar).

https://i.imgur.com/IPSInav.jpg

Kimocoin (KMC). Blockchain synchronized very quickly (but of course, there are only 15 356 blocks). There isn’t “Read me” in install folder, the wallet looks standard (only English). I don’t understand why the wallet doesn't have Italian. There is link to how-to in off-thread, it’s very good.

https://i.imgur.com/Ric4tcy.jpg

Mintcoin (MINT). First synch runs for about 6 hours (238 616 blocks of transactions history). The wallet is made in “mint” style and translated into Russian only. 666 p. of off-thread, 238 thousand blocks and only 1 language – maybe community isn't active, maybe marketing is very active? On the other hand MINT is very user-friendly (“Read me”, how-to etc).

https://i.imgur.com/O0br2qq.jpg

I remember DOGE was synchronized for almost 2 days, ugh. Next post will be about solo-mining.

Write comments and have a nice weekend!

[Bitcoin Fiction]

Are you going to do some kind of conclusion? Which you liked the most and why etc.

[whatsthestory]

Devcoin is amazing, really. I was very impressed how much they do for the development of infrastructure and the support for system. For example "DVC provide an income for anyone who wants to work, even if they live in an area with more job seekers than jobs". I have said many times that it's the cornerstone for all altcoins. The devs make important and necessary actions, they are hard-workers. Now.
really?

https://i.imgur.com/9lyXq3i.jpg

[Bitcoin Fiction]

So... I guess OP got a good weekend Are we going to see a continuation of the 'story' ?

[Denni]

KMC was launched on April and has the KimoShop where you can buy real products already.

That's actually a great idea. More developers should introduce something like this.

To me as a customer this feature is really appealing. Freshly created currency can be used as a CURRENCY from day one. Definitely liking this.

[whatsthestory]

Are you going to do some kind of conclusion? Which you liked the most and why etc.

So... I guess OP got a good weekend Are we going to see a continuation of the 'story' ?

Yes, I will continue my experiment! And I will present my opinion later because I will have to learn more about these altcoins.

[Bitcoin Fiction]

Are you going to do some kind of conclusion? Which you liked the most and why etc.

So... I guess OP got a good weekend Are we going to see a continuation of the 'story' ?

Yes, I will continue my experiment! And I will present my opinion later because I will have to learn more about these altcoins.

That's good to hear! Looking forward to it.

[David Latapie]

I discussed about a future of cryptocurrencies in this thread (My view on the future of Crypto Currencies), and mgburks77 give the link to interesting thread also (Bitcoin adoption slowing; Coinbase + Bitpay is enough to make Bitcoin a fiat).

Clear that cryptocurrencies 2.0 must have a several options:
1.   Resistance of GPU- and ASIC-mining. Not a “clean” fork.
2.   Resistance of the threat 51%.
3.   Privacy and data protection – it’s named “truly anonymity” in community. Sender’s and receiver’s data should be encrypted maximum.
4.   Decentralization. Low concentration of funds in large exchange. Not speculative.
5.   Apps to better part platforms (Windows, Linux, MAC and mobile of course). Native wallet.
6.   Strong devs (with background). Tech. support.
7.   And philosophy! It should not be speculative cryptocurrency, devs must want to change an economic and this world.

Most of this options are declared in some cryptocurrencies.
I decided to conduct an experiment. I chose the 5 cryptocoins and I will follow them during the month. I will install wallets, mine and trade them and see on changes (devs, community, courses, rumors etc).
I will be glad to get advises and comments!

So my choices is (alphabetical):
1.   Bytecoin (BCN) – https://bitcointalk.org/index.php?topic=512747
2.   Darkcoin (DRK) – https://bitcointalk.org/index.php?topic=421615
3.   Fluttercoin (FLT) – https://bitcointalk.org/index.php?topic=509499
4.   Kimocoin (KMC) – https://bitcointalk.org/index.php?topic=524216
5.   Mintcoin (MINT) – https://bitcointalk.org/index.php?topic=450381

I will start tomorrow. Stay tuned!

I would humbly propose you to read my article on this - we independantly came to mostly the same conclusions (there are some thing you mentionned that I missed and probably the other way around too

Iinnovations in altcoins/ (I am considering renaming it something like "Altcoins, Darwin at works" or "Altcoins, a Darwinian process", I don't know what would be the most engagin title)

[David Latapie]

How will the devs use premined MINT? They say nothing about this, this is very strange and alarming.

Part of it is meant for the creation of the Mintcoin Fund the world's first legally registered NGO for crypto (despite its name, the Bitcoin Foundation is not an NGO). I can't say much even me I don't know how all the premined had been spent (or is planned to be).

What connects the exchange MintPal www.mintpal.com with MINT? Exchange and coin were launched at the same time. I hope MINT isn’t purely speculative.

Officially, nothing, just a nice coincidence. Since I am neither in Mintpal admin's nor Mintcoin dev's shoes, I have to believe it