Bitcoin Forum
December 07, 2016, 12:53:02 PM *
News: Latest stable version of Bitcoin Core: 0.13.1  [Torrent].
 
   Home   Help Search Donate Login Register  
Pages: [1] 2 »  All
  Print  
Author Topic: What's the purpose for other alternate cryptocurrecies?  (Read 1448 times)
knight22
Legendary
*
Offline Offline

Activity: 1358


--------------->¿?


View Profile
July 11, 2012, 12:58:28 AM
 #1

Just asking

Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1481115182
Hero Member
*
Offline Offline

Posts: 1481115182

View Profile Personal Message (Offline)

Ignore
1481115182
Reply with quote  #2

1481115182
Report to moderator
1481115182
Hero Member
*
Offline Offline

Posts: 1481115182

View Profile Personal Message (Offline)

Ignore
1481115182
Reply with quote  #2

1481115182
Report to moderator
1481115182
Hero Member
*
Offline Offline

Posts: 1481115182

View Profile Personal Message (Offline)

Ignore
1481115182
Reply with quote  #2

1481115182
Report to moderator
smoothie
Legendary
*
Offline Offline

Activity: 1848


LEALANA Monero Physical Silver Coins


View Profile
July 11, 2012, 01:04:10 AM
 #2

Insight into the testing of bitcoin code in different manners.

Bitcoin is just an instance of an idea. Tweaking block rates, coin amounts, difficulty adjustments, proof-of-work...etc.

That's why. Grin Grin Grin

███████████████████████████████████████

            ,╓p@@███████@╗╖,           
        ,p████████████████████N,       
      d█████████████████████████b     
    d██████████████████████████████æ   
  ,████²█████████████████████████████, 
 ,█████  ╙████████████████████╨  █████y
 ██████    `████████████████`    ██████
║██████       Ñ███████████`      ███████
███████         ╩██████Ñ         ███████
███████    ▐▄     ²██╩     a▌    ███████
╢██████    ▐▓█▄          ▄█▓▌    ███████
 ██████    ▐▓▓▓▓▌,     ▄█▓▓▓▌    ██████─
           ▐▓▓▓▓▓▓█,,▄▓▓▓▓▓▓▌          
           ▐▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▌          
    ▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓─  
     ²▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓╩    
        ▀▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▀       
           ²▀▀▓▓▓▓▓▓▓▓▓▓▓▓▀▀`          
                   ²²²                 
███████████████████████████████████████

. ★☆ WWW.LEALANA.COM        My PGP fingerprint is A764D833.        SMOOTHIE'S HEALTH AND FITNESS JOURNAL          History of Monero development Visualization ★☆ .
LEALANA  PHYSICAL MONERO COINS 999 FINE SILVER.
 
Bitcoin Oz
Hero Member
*****
Offline Offline

Activity: 700


Wat


View Profile WWW
July 11, 2012, 01:07:24 AM
 #3

The purpose is to show how perfect bitcoin is of course.   Smiley

Revalin
Hero Member
*****
Offline Offline

Activity: 728


165YUuQUWhBz3d27iXKxRiazQnjEtJNG9g


View Profile
July 11, 2012, 01:14:39 AM
 #4

There are many other ways to do things (proof-of-stake, demurrage, different inflation schedules ... ) which MIGHT be better and which people want to try, but which are too much of a fundamental change to be appropriate for Bitcoin.  Thus alternate cryptocurrencies are born.  Most will be niche currencies that are mostly proofs of concept, but it's possible that one will get just the right combination of stuff to overcome Bitcoin's first mover advantage and replace it.

      War is God's way of teaching Americans geography.  --Ambrose Bierce
Bitcoin is the Devil's way of teaching geeks economics.  --Revalin 165YUuQUWhBz3d27iXKxRiazQnjEtJNG9g
Bitcoin Oz
Hero Member
*****
Offline Offline

Activity: 700


Wat


View Profile WWW
July 11, 2012, 01:16:39 AM
 #5

I can see a cryptocurrency that uses the sha-3 winner as its hashing function as a good idea.

markm
Legendary
*
Offline Offline

Activity: 1792



View Profile WWW
July 11, 2012, 02:24:59 AM
 #6

I found the ones that can be merged-mined useful for testing mergedmining. I learned for example that the extremely short block time of GeistGeld was bad for merged mining along with all the other coins, so I had to drop GeistGeld from my merged-mining mix.

It would be handy to have more coins to try adding to the mix, however I expect that if they try to use block time as short as GeistGeld's they will prove unsuitable.

DeVCoin has been very useful for financing free open source stuff, which is its purpose.

I0coin has had problems, maybe once we get to the root of them there will be something to learn from them.

-MarkM-

Browser-launched Crossfire client now online (select CrossCiv server for Galactic  Milieu)
Free website hosting with PHP, MySQL etc: http://hosting.knotwork.com/
smoothie
Legendary
*
Offline Offline

Activity: 1848


LEALANA Monero Physical Silver Coins


View Profile
July 11, 2012, 02:30:55 AM
 #7

I found the ones that can be merged-mined useful for testing mergedmining. I learned for example that the extremely short block time of GeistGeld was bad for merged mining along with all the other coins, so I had to drop GeistGeld from my merged-mining mix.

It would be handy to have more coins to try adding to the mix, however I expect that if they try to use block time as short as GeistGeld's they will prove unsuitable.

DeVCoin has been very useful for financing free open source stuff, which is its purpose.

I0coin has had problems, maybe once we get to the root of them there will be something to learn from them.

-MarkM-


I never was a fan of merged mining. Yes security is the big reason why.

I call it inflation of cryptocurrencies. Freely produced as a byproduct of producing say bitcoins...

███████████████████████████████████████

            ,╓p@@███████@╗╖,           
        ,p████████████████████N,       
      d█████████████████████████b     
    d██████████████████████████████æ   
  ,████²█████████████████████████████, 
 ,█████  ╙████████████████████╨  █████y
 ██████    `████████████████`    ██████
║██████       Ñ███████████`      ███████
███████         ╩██████Ñ         ███████
███████    ▐▄     ²██╩     a▌    ███████
╢██████    ▐▓█▄          ▄█▓▌    ███████
 ██████    ▐▓▓▓▓▌,     ▄█▓▓▓▌    ██████─
           ▐▓▓▓▓▓▓█,,▄▓▓▓▓▓▓▌          
           ▐▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▌          
    ▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓─  
     ²▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓╩    
        ▀▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▀       
           ²▀▀▓▓▓▓▓▓▓▓▓▓▓▓▀▀`          
                   ²²²                 
███████████████████████████████████████

. ★☆ WWW.LEALANA.COM        My PGP fingerprint is A764D833.        SMOOTHIE'S HEALTH AND FITNESS JOURNAL          History of Monero development Visualization ★☆ .
LEALANA  PHYSICAL MONERO COINS 999 FINE SILVER.
 
doublec
Legendary
*
Offline Offline

Activity: 1078


View Profile
July 11, 2012, 02:44:39 AM
 #8

I never was a fan of merged mining. Yes security is the big reason why.

I call it inflation of cryptocurrencies. Freely produced as a byproduct of producing say bitcoins...
Merge mining seems like a great idea for non-currency blockchains to give them security. Unfortunately there aren't any. Namecoin comes closest but people still use it as a currency. For currency based blockchains it seems to make that currency pretty much worthless.

Maybe a currency could be done that merge mines up to block X to seed the coins widely, then at X it switches off merge mining and uses a different proof of work (like litecoin) from then on. The 'goldrush' during the merge mining phase might be fun to watch.
doublec
Legendary
*
Offline Offline

Activity: 1078


View Profile
July 11, 2012, 02:45:58 AM
 #9

Just asking
Other than testing different ideas, none really. They're somewhat useful to see what will happen to bitcoin down the track. For example, geistgeld is pushing the memory limits with its large blockchain. i0coin is also getting up there. i0coin also shows that the code to halve coin subsidies works since it hit that a while back.
knight22
Legendary
*
Offline Offline

Activity: 1358


--------------->¿?


View Profile
July 11, 2012, 04:15:54 AM
 #10

Well, thanks for the answers!

bulanula
Hero Member
*****
Offline Offline

Activity: 518



View Profile
July 18, 2012, 10:54:21 AM
 #11

Pump and dump !
Come-from-Beyond
Legendary
*
Offline Offline

Activity: 1414

Newbie


View Profile
July 18, 2012, 11:36:21 AM
 #12

Just asking

Depends.
For a person who launches an altcoin the purpose is to pick up easy money with premine. For miners it's to pick up easy money while prices are high. For traders it's to pick up easy money while there is demand on new coins.
If u r asking what the purpose from God/Universe/Mankind point of view... There is no purpose. It's just a toy (including Bitcoin) and it'll be replace by a better toy when the time comes.
markm
Legendary
*
Offline Offline

Activity: 1792



View Profile WWW
July 18, 2012, 11:40:11 AM
 #13

I never was a fan of merged mining. Yes security is the big reason why.

I call it inflation of cryptocurrencies. Freely produced as a byproduct of producing say bitcoins...
Merge mining seems like a great idea for non-currency blockchains to give them security. Unfortunately there aren't any. Namecoin comes closest but people still use it as a currency. For currency based blockchains it seems to make that currency pretty much worthless.

Maybe a currency could be done that merge mines up to block X to seed the coins widely, then at X it switches off merge mining and uses a different proof of work (like litecoin) from then on. The 'goldrush' during the merge mining phase might be fun to watch.

Instead of focussing on the minting of coins, try focussing on just processing transactions. The main reason so many merged-mined chains, and even chains that are not merged-mined, are so low in value is that it is hard to "back" millions of coins minted by third parties.

Miners are so "spoiled" by all the "free money" that it is hard for a "backed" chain to get enough transaction volume to attract miners. Thus most of them have moved to Open Transactions for now, hoping to eventually move back to a blockchain format once they have enough transactions going on that transaction fees will suffice to pay the relatively low cost of adding yet another chain to a merged mining operation.

-MarkM-

Browser-launched Crossfire client now online (select CrossCiv server for Galactic  Milieu)
Free website hosting with PHP, MySQL etc: http://hosting.knotwork.com/
JTurner
Jr. Member
*
Offline Offline

Activity: 40


View Profile
July 18, 2012, 12:55:46 PM
 #14

Pump and dump !
Yup. It's for people who missed BTC's early adoption window and who want to try to get rich by becoming early adopter of a useless altcoin...
bulanula
Hero Member
*****
Offline Offline

Activity: 518



View Profile
July 18, 2012, 12:57:57 PM
 #15

Pump and dump !
Yup. It's for people who missed BTC's early adoption window and who want to try to get rich by becoming early adopter of a useless altcoin...

Just look at LTC and the huge pump and dump last week with 43K BTC buy wall manipulation.

Disgusting ...
HorseRider
Donator
Legendary
*
Offline Offline

Activity: 1582


View Profile
July 18, 2012, 01:43:57 PM
 #16

so you have a reason to persuade other people give his Bitcoin to you.

16SvwJtQET7mkHZFFbJpgPaDA1Pxtmbm5P
Dargo
Legendary
*
Offline Offline

Activity: 1554



View Profile
July 18, 2012, 02:12:58 PM
 #17

Non-ASIC will need something to mine in the near future.  Wink
smoothie
Legendary
*
Offline Offline

Activity: 1848


LEALANA Monero Physical Silver Coins


View Profile
July 18, 2012, 06:52:21 PM
 #18

Non-ASIC will need something to mine in the near future.  Wink

It may be a slower transition that you might think. This is all dependent on how fast BFL delivers preorders.

███████████████████████████████████████

            ,╓p@@███████@╗╖,           
        ,p████████████████████N,       
      d█████████████████████████b     
    d██████████████████████████████æ   
  ,████²█████████████████████████████, 
 ,█████  ╙████████████████████╨  █████y
 ██████    `████████████████`    ██████
║██████       Ñ███████████`      ███████
███████         ╩██████Ñ         ███████
███████    ▐▄     ²██╩     a▌    ███████
╢██████    ▐▓█▄          ▄█▓▌    ███████
 ██████    ▐▓▓▓▓▌,     ▄█▓▓▓▌    ██████─
           ▐▓▓▓▓▓▓█,,▄▓▓▓▓▓▓▌          
           ▐▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▌          
    ▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓─  
     ²▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓╩    
        ▀▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▀       
           ²▀▀▓▓▓▓▓▓▓▓▓▓▓▓▀▀`          
                   ²²²                 
███████████████████████████████████████

. ★☆ WWW.LEALANA.COM        My PGP fingerprint is A764D833.        SMOOTHIE'S HEALTH AND FITNESS JOURNAL          History of Monero development Visualization ★☆ .
LEALANA  PHYSICAL MONERO COINS 999 FINE SILVER.
 
Brunic
Hero Member
*****
Offline Offline

Activity: 633



View Profile
July 18, 2012, 07:16:31 PM
 #19

Different uses for different needs. It's not because a market is still in development that the use doesn't exist. Bitcoin was still "useless" a couple of years ago, and people found some interesting way to use it. It's hard to say for a specific cryptocurrency, but it gives another method to create a virtual currency.

Overall, I think it proves the concept of cryptocurrency that different people tries to create new version of it. Seeing that Litecoin and Namecoin are going relatively well show that the model behind Bitcoin work and is not simply a one-hit wonder. There's still a LOT of work to do, but I'm pretty confident we're going to see more uses for cryptocurrency.

BlackBison
Sr. Member
****
Offline Offline

Activity: 253



View Profile
July 18, 2012, 07:23:08 PM
 #20

Pump and dump !
Yup. It's for people who missed BTC's early adoption window and who want to try to get rich by becoming early adopter of a useless altcoin...

yea just like google was for people who missed the yahoo early investment window and wanted to try to get rich becoming an early investor of a useless search engine..

Pages: [1] 2 »  All
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!