There seem to be a lot of features which can be implemented in an alt coin which are not immediately obvious.
The Bitcoin protocol is quite robust - but if an implementation comes along with a killer new feature it could take over.
Topic: A warning about Alt-Coins - page 123. (Read 901725 times)
A miner on one of the other consortia asked me what I thought of a proposed 'karmacoin' in which instead of hashing to authenticate transactions, your miner program was doing something more genuinely useful. I replied that
i) I thought it a bad idea to make up more YetAnotherBitcoinClones
ii) I liked the karma idea and proposed that for public benefit tasks such as following asteroid paths or ridding the world of malaria, perhaps stratum and bitcoin mining consortia would have the right infrastructure to share out a problem amongst thousands, and distribute payment for subroutine completions (not hashes, since most tasks are not hashing). That would need a generous benefactor to put 1000 BTC on a problem from time to time, and it would need some transparency so that the public can see that they are not computing the most economical way to smash an asteroid into the pentagon. That would gain the benefactor massively parallel processing power so might be suitable for certain classes of task which suit that degree of parallelism.
What do others think?
Would it be better to install new code to do karma tasks for bitcoin than to have a new karmacoin?
Would you want to connect in to processing tasks at an existing bitcoin mining consortium?
Should effort shares be counted and rewarded in Bitcoin, or would people not need those to help out with a problem?
i) I thought it a bad idea to make up more YetAnotherBitcoinClones
ii) I liked the karma idea and proposed that for public benefit tasks such as following asteroid paths or ridding the world of malaria, perhaps stratum and bitcoin mining consortia would have the right infrastructure to share out a problem amongst thousands, and distribute payment for subroutine completions (not hashes, since most tasks are not hashing). That would need a generous benefactor to put 1000 BTC on a problem from time to time, and it would need some transparency so that the public can see that they are not computing the most economical way to smash an asteroid into the pentagon. That would gain the benefactor massively parallel processing power so might be suitable for certain classes of task which suit that degree of parallelism.
What do others think?
Would it be better to install new code to do karma tasks for bitcoin than to have a new karmacoin?
Would you want to connect in to processing tasks at an existing bitcoin mining consortium?
Should effort shares be counted and rewarded in Bitcoin, or would people not need those to help out with a problem?
This concept could easily work on top of the Bitcoin blockchain. Considering that micro-payments can work both ways, any service providing distributed computation could in effect pay a commission to nodes that contribute processing power. In this way the computation doesn't need to be aligned to a particular hashing algorithm and it isn't time sensitive so anyone can participate earning micropayments as simple as 1 satoshi per Hz per second...
It doesn't even need new infrastructure to implement. WorldCommunityGrid.org could release an updated client that asks for your Bitcoin address, and on their server they run BitcoinJ to facilitate the micropayments.
richcoin is a good one, http://richcoin.net
not good, sorrywhy not? Could you explain more, please.
A miner on one of the other consortia asked me what I thought of a proposed 'karmacoin' in which instead of hashing to authenticate transactions, your miner program was doing something more genuinely useful. I replied that
i) I thought it a bad idea to make up more YetAnotherBitcoinClones
ii) I liked the karma idea and proposed that for public benefit tasks such as following asteroid paths or ridding the world of malaria, perhaps stratum and bitcoin mining consortia would have the right infrastructure to share out a problem amongst thousands, and distribute payment for subroutine completions (not hashes, since most tasks are not hashing). That would need a generous benefactor to put 1000 BTC on a problem from time to time, and it would need some transparency so that the public can see that they are not computing the most economical way to smash an asteroid into the pentagon. That would gain the benefactor massively parallel processing power so might be suitable for certain classes of task which suit that degree of parallelism.
What do others think?
Would it be better to install new code to do karma tasks for bitcoin than to have a new karmacoin?
Would you want to connect in to processing tasks at an existing bitcoin mining consortium?
Should effort shares be counted and rewarded in Bitcoin, or would people not need those to help out with a problem?
i) I thought it a bad idea to make up more YetAnotherBitcoinClones
ii) I liked the karma idea and proposed that for public benefit tasks such as following asteroid paths or ridding the world of malaria, perhaps stratum and bitcoin mining consortia would have the right infrastructure to share out a problem amongst thousands, and distribute payment for subroutine completions (not hashes, since most tasks are not hashing). That would need a generous benefactor to put 1000 BTC on a problem from time to time, and it would need some transparency so that the public can see that they are not computing the most economical way to smash an asteroid into the pentagon. That would gain the benefactor massively parallel processing power so might be suitable for certain classes of task which suit that degree of parallelism.
What do others think?
Would it be better to install new code to do karma tasks for bitcoin than to have a new karmacoin?
Would you want to connect in to processing tasks at an existing bitcoin mining consortium?
Should effort shares be counted and rewarded in Bitcoin, or would people not need those to help out with a problem?
richcoin is a good one, http://richcoin.net
not good, sorry 
richcoin is a good one, http://richcoin.net
The only alt-coin I have faith in is Litecoin.
I have about 500 LTC stashed away in the hope that they someday become the silver to bitcoin's gold.
Saw a little spike in value with yet another rumor about LTC being available on MtGox, but then everyone lost patience and it's back down to around 2.5 USD again.
Long way to go before I make up my losses, since I bought in at 3.8!
I have about 500 LTC stashed away in the hope that they someday become the silver to bitcoin's gold.
Saw a little spike in value with yet another rumor about LTC being available on MtGox, but then everyone lost patience and it's back down to around 2.5 USD again.
Long way to go before I make up my losses, since I bought in at 3.8!
Wow you bought pretty high, I suspect you may be waiting months before you get a chance to break even. I don't think mtgox will announce any time soon as this last pump looks like a failure. If we close daily above 3 then I think we may see new highs but until then we are bearish long term.
The only alt-coin I have faith in is Litecoin.
I have about 500 LTC stashed away in the hope that they someday become the silver to bitcoin's gold.
Saw a little spike in value with yet another rumor about LTC being available on MtGox, but then everyone lost patience and it's back down to around 2.5 USD again.
Long way to go before I make up my losses, since I bought in at 3.8!
I have about 500 LTC stashed away in the hope that they someday become the silver to bitcoin's gold.
Saw a little spike in value with yet another rumor about LTC being available on MtGox, but then everyone lost patience and it's back down to around 2.5 USD again.
Long way to go before I make up my losses, since I bought in at 3.8!
I only use Bitcoin and Litecoin wallets, all other altcoins I just withdraw from pool to BTC-E/Cryptsy.
Thanks for the pointers tysat. I had no idea some of the altcoin software could hide wallet stealing code. I assume this has happend before and was posted on the forum here?
Many Anti Virus and protection suites will pick up on this kind of thing now but thank you for mentioning it, another reason not to use any alt coins out of the blue, not matter how appealing it sounds.
Thanks for the pointers tysat. I had no idea some of the altcoin software could hide wallet stealing code. I assume this has happend before and was posted on the forum here?
I think lite coin has a long way to catch up with bitcoin since the computation requirements are very different and the same infrastructures might not work well for lite coin. At the same time, I think lite coin is going to be a better digital currency compared to bitcoin since the generation is harder and more balanced in terms of hardware requirements.
Wouldn't people just switch to another alt coin as the price would be so low that miners would see no profitability in mining? It would take a REALLY dedicated community to bring it back from the dead.
The only reason I switch coins is because of a combination of a low difficulty + value against the BTC. If I end up with a usb asic miner or the BFL miner I've been waiting on, I may take on a higher difficulty coin.
Thanks!
Almost all of the alt-coins out there are going to be a waste of time. They're being created to take advantage of people who get super excited about different things and then get pumped and dumped.
Be careful about wasting time with too many alt coins.
Be careful about downloading files, seems like there's plenty of wallet stealers around hidden as alt coin miners.
Seen some more of this recently, so wanted to highlight the point.
Here's some good info from later in the thread:
Be careful about wasting time with too many alt coins.
Be careful about downloading files, seems like there's plenty of wallet stealers around hidden as alt coin miners.
Seen some more of this recently, so wanted to highlight the point.
Here's some good info from later in the thread:
1) Don't just trust the status of a member, anyone can write 500 posts and be a hero member in a short period. This just means that he invested some time on his membership. He can always decide that a profitable scam will be a good payment for his time.
2) Never deal with anyone without doing a search in the forum with his nickname, in order to check if he has scam accusations.
3) Ask for his coin address and always search it on blockchain.info or www.cryptocoinexplorer.com to verify if his address has the amounts he is claiming.
4) Be very suspicious about proposals well under market price or if he accepts your proposal under market price with no negotiation.
5) Look for the reputation of the member (his successful trades, in the form of vouches from the other party on the deal).
6) Even if he has some reputation, never send all the money in one transfer: send one first very small tranche (0.1 btc might be a good start) and wait for his payment. Send a second little higher tranche and wait again, etc. Small increments, because he might decide to pay you the first and second, to scam a bigger tranche. Always suspect if he doesn't accept to trade in small tranches.
7) If he has no reputation (including most cases when he is a newbie or a Jr.), even small tranches are a risk. Better use an escrow system, like the one of bitmit.net, or a trusted member, or you might need to send over 10 very small tranches. It can be annoying, but loosing your money will be more.
8] For big amounts always use an escrow system, unless the member has an excellent reputation.
Since this thread is a sticky, I decided to post this here. Any moderator or member feel free to move, copy or improve these rules at will.
2) Never deal with anyone without doing a search in the forum with his nickname, in order to check if he has scam accusations.
3) Ask for his coin address and always search it on blockchain.info or www.cryptocoinexplorer.com to verify if his address has the amounts he is claiming.
4) Be very suspicious about proposals well under market price or if he accepts your proposal under market price with no negotiation.
5) Look for the reputation of the member (his successful trades, in the form of vouches from the other party on the deal).
6) Even if he has some reputation, never send all the money in one transfer: send one first very small tranche (0.1 btc might be a good start) and wait for his payment. Send a second little higher tranche and wait again, etc. Small increments, because he might decide to pay you the first and second, to scam a bigger tranche. Always suspect if he doesn't accept to trade in small tranches.
7) If he has no reputation (including most cases when he is a newbie or a Jr.), even small tranches are a risk. Better use an escrow system, like the one of bitmit.net, or a trusted member, or you might need to send over 10 very small tranches. It can be annoying, but loosing your money will be more.
8] For big amounts always use an escrow system, unless the member has an excellent reputation.
Since this thread is a sticky, I decided to post this here. Any moderator or member feel free to move, copy or improve these rules at will.
Thanks for this information, but other is there other coinexplorer for others coins?
Blockchain.info is good, but the other coin has the ones that aren't nearly as extensive, and I suspect most alt-coins don't. I'm only familiar with alt-coin on the Btc-e exchange though.
Almost all of the alt-coins out there are going to be a waste of time. They're being created to take advantage of people who get super excited about different things and then get pumped and dumped.
Be careful about wasting time with too many alt coins.
Be careful about downloading files, seems like there's plenty of wallet stealers around hidden as alt coin miners.
Seen some more of this recently, so wanted to highlight the point.
Here's some good info from later in the thread:
Be careful about wasting time with too many alt coins.
Be careful about downloading files, seems like there's plenty of wallet stealers around hidden as alt coin miners.
Seen some more of this recently, so wanted to highlight the point.
Here's some good info from later in the thread:
1) Don't just trust the status of a member, anyone can write 500 posts and be a hero member in a short period. This just means that he invested some time on his membership. He can always decide that a profitable scam will be a good payment for his time.
2) Never deal with anyone without doing a search in the forum with his nickname, in order to check if he has scam accusations.
3) Ask for his coin address and always search it on blockchain.info or www.cryptocoinexplorer.com to verify if his address has the amounts he is claiming.
4) Be very suspicious about proposals well under market price or if he accepts your proposal under market price with no negotiation.
5) Look for the reputation of the member (his successful trades, in the form of vouches from the other party on the deal).
6) Even if he has some reputation, never send all the money in one transfer: send one first very small tranche (0.1 btc might be a good start) and wait for his payment. Send a second little higher tranche and wait again, etc. Small increments, because he might decide to pay you the first and second, to scam a bigger tranche. Always suspect if he doesn't accept to trade in small tranches.
7) If he has no reputation (including most cases when he is a newbie or a Jr.), even small tranches are a risk. Better use an escrow system, like the one of bitmit.net, or a trusted member, or you might need to send over 10 very small tranches. It can be annoying, but loosing your money will be more.
8] For big amounts always use an escrow system, unless the member has an excellent reputation.
Since this thread is a sticky, I decided to post this here. Any moderator or member feel free to move, copy or improve these rules at will.
2) Never deal with anyone without doing a search in the forum with his nickname, in order to check if he has scam accusations.
3) Ask for his coin address and always search it on blockchain.info or www.cryptocoinexplorer.com to verify if his address has the amounts he is claiming.
4) Be very suspicious about proposals well under market price or if he accepts your proposal under market price with no negotiation.
5) Look for the reputation of the member (his successful trades, in the form of vouches from the other party on the deal).
6) Even if he has some reputation, never send all the money in one transfer: send one first very small tranche (0.1 btc might be a good start) and wait for his payment. Send a second little higher tranche and wait again, etc. Small increments, because he might decide to pay you the first and second, to scam a bigger tranche. Always suspect if he doesn't accept to trade in small tranches.
7) If he has no reputation (including most cases when he is a newbie or a Jr.), even small tranches are a risk. Better use an escrow system, like the one of bitmit.net, or a trusted member, or you might need to send over 10 very small tranches. It can be annoying, but loosing your money will be more.
8] For big amounts always use an escrow system, unless the member has an excellent reputation.
Since this thread is a sticky, I decided to post this here. Any moderator or member feel free to move, copy or improve these rules at will.
Thanks for this information, but other is there other coinexplorer for others coins?
A very new no yet launched altcoin -- will be launched 1 July --- Has difficulty 0.005
http://krugercoin.co
Has a few pool -- has linux, max wallets -- still waiting for the windows compiled wallet.
Krugercoin is going to be the digital coin of the future as the Kruger rand is the physical world ..... Start mining now while the difficulty is low!
http://krugercoin.co
Has a few pool -- has linux, max wallets -- still waiting for the windows compiled wallet.
Krugercoin is going to be the digital coin of the future as the Kruger rand is the physical world ..... Start mining now while the difficulty is low!
many of alt coins are made from old bitcoin miner (GPU Miners) so they can survive ...point of bitcoin is many people involved not everyone has asic so i think that there is good there is alt valute like Litecoin(scrypt coin),if some Coin want to survive there are not enough only miners and some valute..it must has USE...bitcoin has use and everything so he will survive many other altcoins dosent in few months.
Wouldn't people just switch to another alt coin as the price would be so low that miners would see no profitability in mining? It would take a REALLY dedicated community to bring it back from the dead.
You should consider the khashs and difficulty when choosing an alt.
When bitcoins aren't profitable then you should stick with your current crypto-currencies.
Maybe you should mine some low difficulty currencies to catch some value
When bitcoins aren't profitable then you should stick with your current crypto-currencies.
Maybe you should mine some low difficulty currencies to catch some value
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