How we crypto-geeks get it wrong & the reality of altcoin success.

[First.Bitcoins]

There is an old saying about success of retail stores - The secret is location, location, location!

If I may paraphrase for altcoins - It would be community, community, community!

Yes. Dogecoin, leaving aside its current grindingly slow bear market, did teach us that.

I agree, Doge indeed is the leader in a community focused coin. Despite all the negative comments in these forums, Doge taught us all something about building a user community.

[djarot]

There is an old saying about success of retail stores - The secret is location, location, location!

If I may paraphrase for altcoins - It would be community, community, community!

Yes. Dogecoin, leaving aside its current grindingly slow bear market, did teach us that.

I agree, Doge indeed is the leader in a community focused coin. Despite all the negative comments in these forums, Doge taught us all something about building a user community.

yes, though I wonder how much of doge is down to the brand, not community itself. for example, I thinking of cryptonote coins eg monero which has strong community sure, but no real brand. However, with a strong brand you need someone to manage it, and doge's recovery i think will show us whether its example really is something we can all learn from or not...

[hodlbananas]

This is a very interesting read - I was wondering what's happening with some of the main players in altcoins, though it would be a shame to see the likes of Doge etc. go so suddenly, if indeed it's on the cards. As others said, Bitcoin needs some kind of alternative surely!

[profitofthegods]

Dogecoin was a victim of its own success.

The whole point in Dogecoin was that it was mostly just a bit of fun - nothing to take seriously. As long as that was true it was successful, but then as soon as it started shooting up in value and people started realizing that their coins were valuable and others started thinking it was an opportunity to profit, then it was innevitable that people would start taking it seriously - and that was the death knell of the Doge.

Whether Dogecoin recovers in price is something entirely separate from whether Dogecoin should be considered successful, because it was never supposed to be valuable, and it was never supposed to be an investment or make people rich.

[blockjoe]

2014 is the year where the multipools and big farms have killed the fragile equilibrium between buyers and sellers of the alternates. I don't think that 99% of alternate owner want bitcoins; anyway multipools users, and a lot of big farms are only there for bitcoins. They are just there for massively dump everything they get, to get bitcoins, this game is only a short term strategy; after a few months of this game GPU mining don't even worth the electricity. We can just hope that these farms are doomed to close, with enough debts to stay out of cryptos.

We have also so many scams issues, lying in the software implementation for some (do you know a X11 POW coins that is really fair, without premined or equivalent implementation?), or coins with ICO scheme and, so on... Anyway the recovery will take months or years...

[Nxtblg]

Dogecoin was a victim of its own success.

The whole point in Dogecoin was that it was mostly just a bit of fun - nothing to take seriously. As long as that was true it was successful, but then as soon as it started shooting up in value and people started realizing that their coins were valuable and others started thinking it was an opportunity to profit, then it was innevitable that people would start taking it seriously - and that was the death knell of the Doge.

Whether Dogecoin recovers in price is something entirely separate from whether Dogecoin should be considered successful, because it was never supposed to be valuable, and it was never supposed to be an investment or make people rich.

I wouldn't count Dogecoin out. The shibe community has shrunk recently, but the holder-ons are just as undaunted. DOGE probably won't be an ace speculation, but it is going to be a "real" cryptocurrency...the poor man's Bitcoin.

[profitofthegods]

Dogecoin was a victim of its own success.

The whole point in Dogecoin was that it was mostly just a bit of fun - nothing to take seriously. As long as that was true it was successful, but then as soon as it started shooting up in value and people started realizing that their coins were valuable and others started thinking it was an opportunity to profit, then it was innevitable that people would start taking it seriously - and that was the death knell of the Doge.

Whether Dogecoin recovers in price is something entirely separate from whether Dogecoin should be considered successful, because it was never supposed to be valuable, and it was never supposed to be an investment or make people rich.

I wouldn't count Dogecoin out. The shibe community has shrunk recently, but the holder-ons are just as undaunted. DOGE probably won't be an ace speculation, but it is going to be a "real" cryptocurrency...the poor man's Bitcoin.

Good. I wouldn't count it out either.

[swainzag]

I'll say up front I haven't read the whole thread. 

Here is my problem with 99% of new altcoins.  They are just ideas.  Someone has a big idea, makes a coin, gets it on an exchange as quick as possible and most of the time the coin pumps and dumps and dies.  In my opinion for an alt coin right now to succeed a lot work must be done before it's announced and mined.  Software must be developed, games/casino/etc up the minute the coin launches, debit/credit cards with coins available right away, the blockchain and all wallets pre-made, etc. 

So many coins come out with nothing but a plan, gets some coins, makes some BTC and decided it's too much work to actually do what was purposed or never planned on doing it anyways.  There needs to be better use-ability in the now and not just in the present.  Just my 2 cents.

[profitofthegods]

I'll say up front I haven't read the whole thread. 

Here is my problem with 99% of new altcoins.  They are just ideas.  Someone has a big idea, makes a coin, gets it on an exchange as quick as possible and most of the time the coin pumps and dumps and dies.  In my opinion for an alt coin right now to succeed a lot work must be done before it's announced and mined.  Software must be developed, games/casino/etc up the minute the coin launches, debit/credit cards with coins available right away, the blockchain and all wallets pre-made, etc. 

So many coins come out with nothing but a plan, gets some coins, makes some BTC and decided it's too much work to actually do what was purposed or never planned on doing it anyways.  There needs to be better use-ability in the now and not just in the present.  Just my 2 cents.

Definitely agree with that. I just saw an IPO for something I think is called Checkcoin, and I thought the idea was really good and has huge potential, but I can't really justify giving them any money because it was exactly what you described - purely an idea with no evidence that they've done anything yet or that they are capable of doing what they say.

[First.Bitcoins]

I'll say up front I haven't read the whole thread. 

Here is my problem with 99% of new altcoins.  They are just ideas.  Someone has a big idea, makes a coin, gets it on an exchange as quick as possible and most of the time the coin pumps and dumps and dies.  In my opinion for an alt coin right now to succeed a lot work must be done before it's announced and mined.  Software must be developed, games/casino/etc up the minute the coin launches, debit/credit cards with coins available right away, the blockchain and all wallets pre-made, etc. 

So many coins come out with nothing but a plan, gets some coins, makes some BTC and decided it's too much work to actually do what was purposed or never planned on doing it anyways.  There needs to be better use-ability in the now and not just in the present.  Just my 2 cents.

Definitely agree with that. I just saw an IPO for something I think is called Checkcoin, and I thought the idea was really good and has huge potential, but I can't really justify giving them any money because it was exactly what you described - purely an idea with no evidence that they've done anything yet or that they are capable of doing what they say.

I agree. I have seen coins trading on exchanges that don't even have working Windows or MAC wallets. I can tell you from experience, to build a real user community, everything must work when it is released. The members of this forum may accept a period of stuff not working (perhaps because they are blinded by the hype), the user community, who are not familiar with cryptos will not.

[Triffin]

"I have seen coins trading on exchanges that don't even have working Windows or MAC wallets."

Seems to be a trend .. on purpose I think .. geeks only ..

Triff ..

[edu91]

I'll say up front I haven't read the whole thread.  

Here is my problem with 99% of new altcoins.  They are just ideas.  Someone has a big idea, makes a coin, gets it on an exchange as quick as possible and most of the time the coin pumps and dumps and dies.  In my opinion for an alt coin right now to succeed a lot work must be done before it's announced and mined.  Software must be developed, games/casino/etc up the minute the coin launches, debit/credit cards with coins available right away, the blockchain and all wallets pre-made, etc.  

So many coins come out with nothing but a plan, gets some coins, makes some BTC and decided it's too much work to actually do what was purposed or never planned on doing it anyways.  There needs to be better use-ability in the now and not just in the present.  Just my 2 cents.

Definitely agree with that. I just saw an IPO for something I think is called Checkcoin, and I thought the idea was really good and has huge potential, but I can't really justify giving them any money because it was exactly what you described - purely an idea with no evidence that they've done anything yet or that they are capable of doing what they say.

I did agree with your statement but after having mail contact i was pretty convinced that these guys are really trying to pull this thing off the ground, and just to make sure that this is not another scam team i tried to call them and that also was a success. I spoke to the same guy that mailed me. I asked them again about the future plans and what the plans are considering the IPO. They told me everything that they were planning to do and specified almost every investment they needed to do to let this idea be a success. So I’m pretty convinced that this could be a good investment and a great idea for the crypto world. After all the confirmations I feel very comfortable to invest so I invested 1 btc for 25.000 Checkcoin.

So thumbs up for me!

[profitofthegods]

I'll say up front I haven't read the whole thread.  

Here is my problem with 99% of new altcoins.  They are just ideas.  Someone has a big idea, makes a coin, gets it on an exchange as quick as possible and most of the time the coin pumps and dumps and dies.  In my opinion for an alt coin right now to succeed a lot work must be done before it's announced and mined.  Software must be developed, games/casino/etc up the minute the coin launches, debit/credit cards with coins available right away, the blockchain and all wallets pre-made, etc.  

So many coins come out with nothing but a plan, gets some coins, makes some BTC and decided it's too much work to actually do what was purposed or never planned on doing it anyways.  There needs to be better use-ability in the now and not just in the present.  Just my 2 cents.

Definitely agree with that. I just saw an IPO for something I think is called Checkcoin, and I thought the idea was really good and has huge potential, but I can't really justify giving them any money because it was exactly what you described - purely an idea with no evidence that they've done anything yet or that they are capable of doing what they say.

I did agree with your statement but after having mail contact i was pretty convinced that these guys are really trying to pull this thing off the ground, and just to make sure that this is not another scam team i tried to call them and that also was a success. I spoke to the same guy that mailed me. I asked them again about the future plans and what the plans are considering the IPO. They told me everything that they were planning to do and specified almost every investment they needed to do to let this idea be a success. So I’m pretty convinced that this could be a good investment and a great idea for the crypto world. After all the confirmations I feel very comfortable to invest so I invested 1 btc for 25.000 Checkcoin.

So thumbs up for me!

They have a telephone and an email address??!!! Damn those guys really mean business. That's an impressive resume right there.

Btw I'm not saying they are a scam or that they can't deliver, just that I didn't really feel confident enough in what I saw to put my money on the line. And it really is a good idea so I don't want to put people off taking a look and making up their own minds on this.

[Nxtblg]

I'll say up front I haven't read the whole thread. 

Here is my problem with 99% of new altcoins.  They are just ideas.  Someone has a big idea, makes a coin, gets it on an exchange as quick as possible and most of the time the coin pumps and dumps and dies.  In my opinion for an alt coin right now to succeed a lot work must be done before it's announced and mined.  Software must be developed, games/casino/etc up the minute the coin launches, debit/credit cards with coins available right away, the blockchain and all wallets pre-made, etc. 

So many coins come out with nothing but a plan, gets some coins, makes some BTC and decided it's too much work to actually do what was purposed or never planned on doing it anyways. 

You're absolutely right. Strangely, this scene is a lot like Internet Marketing. A guide on "How I Got Rick Quick And How You Can Too" sells like hotcakes. The favourite methods are "sniper" sales Websites which have a short shelf life because they essentially rely on a cunning trick - typically, fooling Google into giving them a page-1 ranking - which lasts only as long as Google's anti-spam team finds out about it and the big G updates their algo to make the trick obsolete.

There's very few people who are interested in putting in the heavy lifting and long-term legwork to make a solid business. Advice along that line is really unpopular, even if it comes from a fully established Internet Marketer who pulls in six figures per year. 

[YarkoL]

You're absolutely right. Strangely, this scene is a lot like Internet Marketing.

The comparison is interesting. Internet marketing has been around
longer than crypto scene and is somewhat more matured now. The problem there
is that so many people are making money on internet teaching people how to make money on internet
(by teaching people how to make money on internet.. you get the idea...)
... but the demand is shifting more and more towards legit and sustainable business operations.
Gaming the search engines is too demanding now, it is left in the province of very shady people
who are prepared to spend lots of money and move fast.

Crypto simply hasn't reached that point in its evolution yet. Maybe
a day will come when we too speak about "white hat" vs "black hat" devs as they do
in IM. 

[First.Bitcoins]

And the madness continues...

I saw a post on the ANN forum, that said XXXcoin (which will remain nameless), the original x15 coin....

Really? You guys think the users care?

[kelsey]

Lets be honest, pretty much the entire alt community is comprised of 3 groups;

group A) mine anything that will get them more BTC (and thus fiat),

who sells to;

group B) the missed the BTC boat crowd.


group c) the 3 people making all these crap coins and coming up with innovative stories to suck both A) and B) in

[First.Bitcoins]

+100 <kelsey> That is the best summary I have seen about altcoin development!

But I would add a category, I know there are a handful of Devs working hard to develop a real user community.

As I posted at the start of this thread, success on the street, in the real world, is very different from what most members of this forum think.

[megashira1]

I believe this thread is worthy of further discussion. bump

[First.Bitcoins]

Yes, the disease is still rampant. Here is an actual post from one of those "What coin should I buy" threads (names removed)

"xxxcoin is stupidly undervalued. I expect a big rise soon when it implements xxx feature"