Topic: A warning about Alt-Coins - page 160. (Read 901729 times)
It would be great if bitpay, or whomever that "pay with bitcoins" button comes from, offered a service where you could exchange alts on the fly for BTC, and/or allow merchants to accept alts.
It occurs to me that once one crypto-currency (bitcoin or what have you) really begins to break through, it would be a small matter for large corporates to put their own out there -- or coop the existing one by paying a small price by corporate standards. It could also be the case the governments adopt a hybrid model and issue their own crypto-currencies (backed by the nation-state). What stops either of the above two scenarios from happening?
I agree, people will follow a coin backed by a regulator or someone they can trust. Seems they will trust government more than likely.
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.
The Bitcoin protocol is quite robust - but if an implementation comes along with a killer new feature it could take over.
Some of the alt currencies implement new ideas like proof of stake
It occurs to me that once one crypto-currency (bitcoin or what have you) really begins to break through, it would be a small matter for large corporates to put their own out there -- or coop the existing one by paying a small price by corporate standards. It could also be the case the governments adopt a hybrid model and issue their own crypto-currencies (backed by the nation-state). What stops either of the above two scenarios from happening?
Not much really except more miners getting in on it and securing the network. Paypal is considering it but I reckon they'll make their own so they can enable refunds.
It occurs to me that once one crypto-currency (bitcoin or what have you) really begins to break through, it would be a small matter for large corporates to put their own out there -- or coop the existing one by paying a small price by corporate standards. It could also be the case the governments adopt a hybrid model and issue their own crypto-currencies (backed by the nation-state). What stops either of the above two scenarios from happening?
If you are lucky enough to join the bandwagon early on you can mine quite a few coins. But It's best to sell them as soon as you can.
if the coin lost it's hype the coins value will diminish
if the coin lost it's hype the coins value will diminish
It's all about guessing which coin is gonna make it big now 
It's true that there's a huge saturation of alt coins in the market now, which is devaluting a lot of them. It's hard to say which coins will gain in value in the future; sometimes you never know.
Alt coins can become useful, I think, if people start accepting them for services or goods. That's all that is missing.
what about NameCoins? will those ever be worth anything?
They're worth something now. You can trade them for Bitcoins.
what about NameCoins? will those ever be worth anything?
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.
Agree, but it is more satisfying to be able to mine whole coins for newcomers, who often don't have much of a setup or GPU. I love the alt coins. They're fun (even if just for now).
+1
Most Alt coins are completely pointless and just poor replicas of what's already out there with little to no improvement.
The second quotation explains why, very few actually do something new. Most coins are just a slight tweak of BTC or LTC then a new name is given to it.
As long as you can trade across the digital currencies, they're all basically an extension of Bitcoin. Notice how Bitcoin dropped $40 right after Feathercoin moved onto exchanges for trading? Alt currencies are a slick way to dilute Bitcoin.
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.
tysat, if you believe they are pump and dumps, seriously who do you think is behind it? mtgox? the btc elites? honestly, if someone is pumping and dumping in an organised way, as a means of screwing new investors then the entire alt community should hunt them down
Most Alt coins are completely pointless and just poor replicas of what's already out there with little to no improvement.
The second quotation explains why, very few actually do something new. Most coins are just a slight tweak of BTC or LTC then a new name is given to it.
True that. It is kind of discouraging when you can only mine .00001 of a bitcoin. Mining a whole Litecoin or something is much more satisfying.
Absolutely. And if you're starting with a cpuminer or small gpu, the transaction fees can really take a bite. Smaller value coins automatically have smaller fees - or at least you can cash out quicker and feel like you're accomplishing something, even if it's in millipennies.
I feel that you also make more if you can save those Alt-Coins, you never know when they might have a huge hit.
True that. It is kind of discouraging when you can only mine .00001 of a bitcoin. Mining a whole Litecoin or something is much more satisfying.
Absolutely. And if you're starting with a cpuminer or small gpu, the transaction fees can really take a bite. Smaller value coins automatically have smaller fees - or at least you can cash out quicker and feel like you're accomplishing something, even if it's in millipennies.
More the merrier. Can't get enough of those alt coins 
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.
Agree, but it is more satisfying to be able to mine whole coins for newcomers, who often don't have much of a setup or GPU. I love the alt coins. They're fun (even if just for now).
True that. It is kind of discouraging when you can only mine .00001 of a bitcoin. Mining a whole Litecoin or something is much more satisfying.
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.
Agree, but it is more satisfying to be able to mine whole coins for newcomers, who often don't have much of a setup or GPU. I love the alt coins. They're fun (even if just for now).
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