I actually feel that several of the other alt coins out there may have more potential than bitcoin even. Litecoin for example is almost identical to bitcoin fundamentally, but can be transacted in 2.5 min to bitcoin's 10. I also personally feel that alt coins with higher market caps may fare better in the long run, as they will run into fewer psychological barriers associated with high unit price.
That's not to say that the market isn't oversaturated with cryptocurrencies. We need to see several of them fail.
Topic: A warning about Alt-Coins - page 159. (Read 901727 times)
Difficulty changes all the time with these altcoin... How to exchange these?
1) Don't just trust the status of a member, anyone can be a hero member. 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 http://blockchain.info or www.cryptocoinexplorer.com to verify if his address has the amounts he wants to sell.
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/trust of the member, checking also his successful trades, in the form of vouches from the other party on the deal. Be aware that positive trust can be forged by making and using more bitcointalk accounts and the trust system can be more or less avoided by changing its settings.
6) Even if he has some reputation, never send all the money in one transfer: send one first small tranche (ex. 0.1 btc) 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 (specially if he is a newbie or Jr.), even small tranches are very risky. Better use an escrow system, like the one of http://www.bitmit.net, www.btcrow.com, or a trusted member, or you might need to send more than 10 very small tranches. Think well before sending more than 0.2 btcs (it's considerable money in some countries) and only after 1 or 2 successful payments of 0.1 or 0.15 btcs.
8] For big amounts use an escrow system, unless the member has an excellent reputation. If he doesn't accept, forget the deal. Always protect your capital.
9) Only trade codes (ex. of virtual gift cards) with members with a very good reputation or using a very trusted escrow member that will have to go to the account and apply the code himself. The buyer will have to give the escrow person his password and change it again after. With an automatic escrow system, the buyer can claim falsely that the code was already redeemed when he received it or that his account was blocked after.
10) Don't sell any cryptocoin to paypal or other reversible system, unless the buyer has good reputation. The buyer can chargeback and, since it's against paypal's TOS to trade currency, paypal usually gives your money back to the buyer.
http://www.bitmit.net:
Just post anything you want to sell for bitcoins or ask the seller to do the same about something you want to buy. The payment in bitcoins is sent to their escrow system. It's of no use for the buyer to lie about paying, because the page of the deal indicates automatically if the bitcoins were or weren't receive. If you are the seller and sent the goods to the buyer (for instance, another currency), once the buyer clicks item received, you receive the bitcoins from bitmit.net. If the buyer doesn't confirm that the goods were received, you write bitmit with evidence that you sent (like the transfer id) and they pay you fast. There is a 1.90% fee to pay.
http://www.bitmit.net/en/info/faq
You can also use http://btcrow.com, the fee is smaller: 1%.
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 http://blockchain.info or www.cryptocoinexplorer.com to verify if his address has the amounts he wants to sell.
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/trust of the member, checking also his successful trades, in the form of vouches from the other party on the deal. Be aware that positive trust can be forged by making and using more bitcointalk accounts and the trust system can be more or less avoided by changing its settings.
6) Even if he has some reputation, never send all the money in one transfer: send one first small tranche (ex. 0.1 btc) 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 (specially if he is a newbie or Jr.), even small tranches are very risky. Better use an escrow system, like the one of http://www.bitmit.net, www.btcrow.com, or a trusted member, or you might need to send more than 10 very small tranches. Think well before sending more than 0.2 btcs (it's considerable money in some countries) and only after 1 or 2 successful payments of 0.1 or 0.15 btcs.
8] For big amounts use an escrow system, unless the member has an excellent reputation. If he doesn't accept, forget the deal. Always protect your capital.
9) Only trade codes (ex. of virtual gift cards) with members with a very good reputation or using a very trusted escrow member that will have to go to the account and apply the code himself. The buyer will have to give the escrow person his password and change it again after. With an automatic escrow system, the buyer can claim falsely that the code was already redeemed when he received it or that his account was blocked after.
10) Don't sell any cryptocoin to paypal or other reversible system, unless the buyer has good reputation. The buyer can chargeback and, since it's against paypal's TOS to trade currency, paypal usually gives your money back to the buyer.
http://www.bitmit.net:
Just post anything you want to sell for bitcoins or ask the seller to do the same about something you want to buy. The payment in bitcoins is sent to their escrow system. It's of no use for the buyer to lie about paying, because the page of the deal indicates automatically if the bitcoins were or weren't receive. If you are the seller and sent the goods to the buyer (for instance, another currency), once the buyer clicks item received, you receive the bitcoins from bitmit.net. If the buyer doesn't confirm that the goods were received, you write bitmit with evidence that you sent (like the transfer id) and they pay you fast. There is a 1.90% fee to pay.
http://www.bitmit.net/en/info/faq
You can also use http://btcrow.com, the fee is smaller: 1%.
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.
Oh and with the hashrate changes due to chain jumping, both the bitcoin and litecoin networks are left less secure in the process of weeding out the alts.
If one of these alt coins would actually give more than a day long announcement before opening up mining (as well as bring something new to the table), it might help. Lately it seems like the new coins just pop up like SURPRISE, someone is already mining 5000 coins per hour! SURPRISE, an exchange has them! Then they mine at 400% + value for 12-24 hours, the first miners dump their 5000 per hour on the exchanges at massive rates and get out, leaving straggler miners to try to pick up the scraps as the price drops below profitability over bitcoin.
Altcoins can be quiet good, if you smell a pump and can buy in early.
I guess at least one alternative is necessary.
Almost all of the alt-coins are 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 wasting time with too many alt coins.
A day without a new coin was a bad day!
i dont think so...
what about NameCoins? will those ever be worth anything?
They're worth something now. You can trade them for Bitcoins.
I mine in pool with merged mining, so I have some namecoins, but namecoins are so cheap that isn't worth of trading for btc, unless you have tons of NMC.
I think the key word is "almost." There will certainly be some that take off, and if you want to mine/get your hands on them, it'll be a lot easier now than later when they're far more money. Overall, I'm a fan, and I think that even though they're a risk, overall they're positive EV.
This, however it's not that hard to see which alt coins will die after 2 weeks.... or which ones will be backed up by companies. I've heard credit card companies are looking to get involved in alternative currencies.
And potential to obsolete.
alt-coins have great potential to rise up.
I think the key word is "almost." There will certainly be some that take off, and if you want to mine/get your hands on them, it'll be a lot easier now than later when they're far more money. Overall, I'm a fan, and I think that even though they're a risk, overall they're positive EV.
This, however it's not that hard to see which alt coins will die after 2 weeks.
I think the key word is "almost." There will certainly be some that take off, and if you want to mine/get your hands on them, it'll be a lot easier now than later when they're far more money. Overall, I'm a fan, and I think that even though they're a risk, overall they're positive EV.
There is interest relationship exists.
The first of any new type of system is usually not the one that lasts. It introduces the fundamentally new concepts that make the system unique/superior to the previous mode of operation; but "evolution" takes its course. The system will be optimized and the cyrpto-currency that will be most widespread, I am willing to bet, will not be bitcoin.
If you dont like the alt coins dont use them, the market will figure out whether they have value or not. Litecoin in particular is doing great as an alternative digital currency and is profitable to mine
Almost all of the alt-coins are 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 wasting time with too many alt coins.
Alt coins are like penny stocks. Penny stocks are the fastest way to get rich for people who have a few thousand laying around to take big risk. Love them or hate them, they can make you millions. Buy/Mine them when they are worth next to nothing and sell or convert them to a more stable currency when you decide to. If you think they are a waste of time, then great, but Bitcoin wont be the only cryptocurrency that goes mainstream. Everything needs competition - Coke/Pepsi GM/Ford/Dodge Microsoft/Apple. Did you know the world has 182 currencies? I wonder how many of those were said to be "just pump and dumps" a months after they were created. Forex is a huge industry based on trading currencies alone. Anytime you can copy something, improve it, and make money off of it there will always be innovation and new things on the market. I believe Litecoin or even Feathercoin with its fast confirmation time have a better chance of going mainstream than bitcoin, they're just a few years behind. They are the Apple to the Microsoft.
Did you realize that bitcoin was "created to take advantage of people who get super excited about different things and then get pumped and dumped?" I bet the idiots who spent $100 on the "waste of time" in the beginning sure regret it now when their bitcoin wallet is worth 6 figures.
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