Hi,
What do you think of the prospects of Ripple? Do you think it would replace Bitcoin in any shape or form? Sooner than later?
Thanks
Topic: A warning about Alt-Coins - page 116. (Read 901725 times)
i think good just have to wait and see
this is a great thread.. i beleive the authot isnt necesarily bashing altcoins.. i think he is just trying to get the point across to not trrust everyone in every trading situation.. im sure he also agrees that much profit can be gained if done well
I believe mining litecoins is still pretty profitable. Hell, you could just mine litecoins and convert to bitcoins if you didn't want to hold litecoins.
What about LTC, isn't it becoming a more successful Alt-Coin?
thank you for posting this.usefull to know
Too much burning of Alt-coins here in my opinion, rather then helping new users getting started the right way.
So here's my attempt, since I have to make a 'substantial post' anyways:
1. Be aware, alt-coins are far more volatile then BTC and BTC is already a pretty volatile thing.
2. Be aware, the vast majority of alt-coins fail. Pretty much all start off decently, but after a while the minting becomes harder while there are virtually no places to spend your coin. Hence its all supply and no demand for the coin. A coin must manage to create a decent economy, its not just decent mining.
3. Be aware, there are a shitload of get-rich-quick dudes among the alt-coin creators. They either premine or mine directly at start when many are easy to earn. They will apply marketing more then actually working on the economy to sell their own stash and then forget about it. I dont think many of them succeed, but there is a lot of pollution in the alt-coin market due to this and its hard to separate the crap from the serious attempts.
4. Be aware, alt-coins are not the place to invest real money. The markets are volatile, the majority of coins goes down in value over time as the supply of coins grows, and the volumes on the markets are relatively small, so even if you're lucky you can never really make a lot of money anyways.
Now some positives
5. Alt-coins have a decent chance of providing the true future coins. Litecoin is doing decent, the value is very good if you were there early. Primecoin is also one of those true innovators, with much more purpose then BTC and LTC, however it completely lacks an economy atm, so if that economy never happens, the coin will still collapse. However by joining the coins you believe in, you can actually really help markets forward and be there at the start.
6. If you actively sell your coins at any time the rate is better then you can yield with BTC, then you make more money. Don't hold on, it might pay out for one coin, but it will cost you on all others (feel free to take a gamble if you believe in something). This making more money comes at substantially more work, for example you need to update your clients much more often, even compile them in some cases, there are more bugs and fails, you need to change coin regularly and so on. If you want to make money by turning your miner on and look at the result in a year, alt-coins are not your thing. If you are fiddling and tuning with it everyday, you might as well do it with a better paying coin.
7. If you like cryptocurrency, then alt-coins are just a lot of fun.
Enjoy and see you around! Feel free to drop me any questions.
So here's my attempt, since I have to make a 'substantial post' anyways:
1. Be aware, alt-coins are far more volatile then BTC and BTC is already a pretty volatile thing.
2. Be aware, the vast majority of alt-coins fail. Pretty much all start off decently, but after a while the minting becomes harder while there are virtually no places to spend your coin. Hence its all supply and no demand for the coin. A coin must manage to create a decent economy, its not just decent mining.
3. Be aware, there are a shitload of get-rich-quick dudes among the alt-coin creators. They either premine or mine directly at start when many are easy to earn. They will apply marketing more then actually working on the economy to sell their own stash and then forget about it. I dont think many of them succeed, but there is a lot of pollution in the alt-coin market due to this and its hard to separate the crap from the serious attempts.
4. Be aware, alt-coins are not the place to invest real money. The markets are volatile, the majority of coins goes down in value over time as the supply of coins grows, and the volumes on the markets are relatively small, so even if you're lucky you can never really make a lot of money anyways.
Now some positives
5. Alt-coins have a decent chance of providing the true future coins. Litecoin is doing decent, the value is very good if you were there early. Primecoin is also one of those true innovators, with much more purpose then BTC and LTC, however it completely lacks an economy atm, so if that economy never happens, the coin will still collapse. However by joining the coins you believe in, you can actually really help markets forward and be there at the start.
6. If you actively sell your coins at any time the rate is better then you can yield with BTC, then you make more money. Don't hold on, it might pay out for one coin, but it will cost you on all others (feel free to take a gamble if you believe in something). This making more money comes at substantially more work, for example you need to update your clients much more often, even compile them in some cases, there are more bugs and fails, you need to change coin regularly and so on. If you want to make money by turning your miner on and look at the result in a year, alt-coins are not your thing. If you are fiddling and tuning with it everyday, you might as well do it with a better paying coin.
7. If you like cryptocurrency, then alt-coins are just a lot of fun.
Enjoy and see you around! Feel free to drop me any questions.
I've been mining Litecoins for a while and it's an easy thing to convert to BTC on any number of exchanges... Converting to Fiat currency is easy enough too, but actually getting that currency out can be a bit difficult.
I'd steer clear of 7970s - I've heard nothing but bad things about them. 7950s are the sweet spot in terms of power/hashing ratio, but even if you're not paying for power I think you'll have a real headache getting 7990s stable.
Generally, Litecoin is the way to go for general mining. I think if you want to take advantage of price changes on other alt coins, you really need to be mining enough to make it worthwhile. If you've only got a couple of rigs you don't have enough power to really profit from a 30 minute spike in such and such a coin.
Currently, all the cool kids are talking about Primecoin... CPU only for now, but not for much longer I think.
I'd steer clear of 7970s - I've heard nothing but bad things about them. 7950s are the sweet spot in terms of power/hashing ratio, but even if you're not paying for power I think you'll have a real headache getting 7990s stable.
Generally, Litecoin is the way to go for general mining. I think if you want to take advantage of price changes on other alt coins, you really need to be mining enough to make it worthwhile. If you've only got a couple of rigs you don't have enough power to really profit from a 30 minute spike in such and such a coin.
Currently, all the cool kids are talking about Primecoin... CPU only for now, but not for much longer I think.
There are a bunch of alt coins being made every day. Some are designed to be pump and dump scams, others actually have some value (either in their design, or scientific purpose).
It's hard to predict which ones will be of value in the future as all cyptocurrencies are relatively new. But I do believe they serve an important part in the market.
It's hard to predict which ones will be of value in the future as all cyptocurrencies are relatively new. But I do believe they serve an important part in the market.
Any coíin is only as good as the comunity is going to suport it.
Take an example if today the possibylity to mine btc will end ppl will try to find an other alternation.
Despite the original idea of bitcoin as a digital curency , the bitcoin is only as strong as there is the possibility to make profit with the mining.
U can see that because of the perofitability of mining btc there r still growing manbufacturers willing to offer new more powerfull mining equipment.
But when the difficulty of mining reaches the top possible where u dont get any proffit of it. The btc will probably die.
And all miners an manufacturers will turn their attention on next most popular coin type.
Take an example if today the possibylity to mine btc will end ppl will try to find an other alternation.
Despite the original idea of bitcoin as a digital curency , the bitcoin is only as strong as there is the possibility to make profit with the mining.
U can see that because of the perofitability of mining btc there r still growing manbufacturers willing to offer new more powerfull mining equipment.
But when the difficulty of mining reaches the top possible where u dont get any proffit of it. The btc will probably die.
And all miners an manufacturers will turn their attention on next most popular coin type.
Hopefully there will be some list compiled showing which coins are proven to do bad. I would rather not see some general sentence saying "beware of all alts".
One thing I do not like is a lot of coins coming out with massive quantities. It does nothing to help the perceived value of the coin.
JoeAxe
knownwo.com
One thing I do not like is a lot of coins coming out with massive quantities. It does nothing to help the perceived value of the coin.
JoeAxe
knownwo.com
Cryptogenic Bullion's (CGB) are great. Only 1 million coins to be mined, it just got on Cryptsy, price may jump cause of it's rarity.
looks like devcoin is now the one to watch... 150btc buy wall set up for a pump
Coming soon
Altcoins make the gpu mining profitable, as long as there is an exchange where you can trade your altcoins for btc. If scrypt fpga or asic will be available then the demand for altcoins will be much less.
Wrong because there will still be GPU miners
Altcoins make the gpu mining profitable, as long as there is an exchange where you can trade your altcoins for btc. If scrypt fpga or asic will be available then the demand for altcoins will be much less.
Currently there are dozens of alternative coins. Some are just "copy&paste" coins, some do have a slight modification of the algorithm or some small extra features. However, in my opinion neither of these coins has a real advantage over bitcoin. Thus, why are you mining/investing your time into one of these altcoins?
Because GPU miners in particular can make a lot more money mining scrypt based altcoins than mining bitcoin. Litecoin is regularly in the realm of 100-150% profitability according to various altcoin comparison chart / stats sites. There are several other coins lately that have exceeded 200% profitability and stayed up there for a few days at time, far better than BTC even when they eventually pop in some cases.
So the short answer to your question is: "to make more money".
ASIC investment remains high risk, many won't ever see ROI. Many miners don't want to get rid of their GPUs just yet for various reasons.
If your idea of mining is squeezing every bit of coin out of your GPU hardware then altcoins are definitely for you. On the other hand if your idea of mining is to setup an ASIC or mine BTC shares with a GPU and check on it once a week or less then you have probably wasted your time reading this thread because altcoins are not for you.
Whether its worthwhile mining the other SHA-256 coins with an ASIC is another matter entirely that I don't think I'll go into right now...
Trillium, this is the first post I have seen in the newb forum area that was worth reading; but I suppose that means I did my homework before investing time in mining Litecoin. I don't really have enough GPU-power to do much good, but I'm not paying anything for power where I currently live. My best miner is a (uggh, I know) Asus GTX 550Ti, which I have been using Cudaminer with to get ~75kh/s (which btw is a lot better than what is shown with , and stability isn't great. Since I'm not paying for power, I'm shopping for a 7970 (maybe up to 4 of them...) and would sure like to get some input as to which 7970s people are happiest & fastest mining with.
My other concern should be one that all newbs want answered: What are the ins & outs of converting coin to cold, hard $$$ in your preferred form (as in depending where you live)? How is the final step of transferring funds into an account handled typically?
GenesisSources
I can't advise re 7970 but I see a lot of people seem to like the 7950 vapor-x cards so maybe they are the way to go? Not sure.
I live in Australia so the BTC->$AUD services are going to be completely different.
I personally have previously used services that convert BTC to Paypal, sometimes with very low fees, because I buy a LOT of stuff on ebay.
However, those services have since discontinued, in the future I might use a service called Coinjar, I have used their Cash->BTC service (coinjar filler) with success already and I'm happy with them so far.
I would be really happy if there was a new service available in Australia where I can send someone BTC and they'll pay money using BPay, which is like a electronic bill payment system that just utilises a reference number. The previous service I used to do this with ceased. If anyone knows of a service that still does this... let me know. (I suppose I could use this forum to find people willing to send money towards the reference number. But there are trust issues with that, it could go wrong, a tested service provided by a company or group would be better.)
Currently there are dozens of alternative coins. Some are just "copy&paste" coins, some do have a slight modification of the algorithm or some small extra features. However, in my opinion neither of these coins has a real advantage over bitcoin. Thus, why are you mining/investing your time into one of these altcoins?
Because GPU miners in particular can make a lot more money mining scrypt based altcoins than mining bitcoin. Litecoin is regularly in the realm of 100-150% profitability according to various altcoin comparison chart / stats sites. There are several other coins lately that have exceeded 200% profitability and stayed up there for a few days at time, far better than BTC even when they eventually pop in some cases.
So the short answer to your question is: "to make more money".
ASIC investment remains high risk, many won't ever see ROI. Many miners don't want to get rid of their GPUs just yet for various reasons.
If your idea of mining is squeezing every bit of coin out of your GPU hardware then altcoins are definitely for you. On the other hand if your idea of mining is to setup an ASIC or mine BTC shares with a GPU and check on it once a week or less then you have probably wasted your time reading this thread because altcoins are not for you.
Whether its worthwhile mining the other SHA-256 coins with an ASIC is another matter entirely that I don't think I'll go into right now...
Trillium, this is the first post I have seen in the newb forum area that was worth reading; but I suppose that means I did my homework before investing time in mining Litecoin. I don't really have enough GPU-power to do much good, but I'm not paying anything for power where I currently live. My best miner is a (uggh, I know) Asus GTX 550Ti, which I have been using Cudaminer with to get ~75kh/s (which btw is a lot better than what is shown with , and stability isn't great. Since I'm not paying for power, I'm shopping for a 7970 (maybe up to 4 of them...) and would sure like to get some input as to which 7970s people are happiest & fastest mining with.
My other concern should be one that all newbs want answered: What are the ins & outs of converting coin to cold, hard $$$ in your preferred form (as in depending where you live)? How is the final step of transferring funds into an account handled typically?
GenesisSources
Why there are so many threads with Alt-Coin giveaways?
I love alt-coins 
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