ALTCOIN FAIL | Bitcointalksearch.org

Nxtblg

legendary

Activity: 924

Merit: 1000

Quote from: Nullu on January 17, 2014, 05:31:30 PM

This is the free market at work. Take a look at the film industry, or the game industry, Hell, take a look at the crap China makes on a daily basis.

This is capitalism at work. Welcome to the real World.

If you notice, people are becoming more and more picky about the coins they mine.

Not to mention the "IPOs." IMO, the best way to look at the next one is to see it as a lottery ticket. You plunk down your $20 or $50 and you takes your chances. If it's a scam or fustercluck, you end up with a busted ticket and some memories - exactly like the real lottery. If you're a lucky winner, you might get 0.1-0.2 BTC out of it. If you're very lucky, you might score a Bitcoin. If you're really, really lucky, you might win enough for a new mining rig.

Look at this one, from which the devs have scampered off: https://bitcointalk.org/index.php?topic=528925.0;all Supposed to have launched three days ago, and it hasn't. To be honest, I went in because the whole concept captured my imagination. But because I've been burned, having thrown 0.4 BTC into Edgecoin, I only threw in 0.1 BTC. So did many others, more or less.

The "IPO" was open for a month. Total haul? About 1.5 BTC. Yes, less than eight hundred bucks from everyone.

We're learning slowly, but we're learning.

Chris001

sr. member

Activity: 448

Merit: 250

electroneum.com

bring on a s*** coins bring on the s*** going to mark wants the better as soon as there is 5000 then it will have to be an innovative coin to make it

Chris001

sr. member

Activity: 448

Merit: 250

electroneum.com

the more coins that come out the more coins that there will be for people to choose from therefore no one will know what to do with the bullshit coins and the only coins that will make it will be the ones that have something to offer

menzo

full member

Activity: 196

Merit: 100

CapriPay

Quote from: Chris001 on February 01, 2014, 10:48:34 AM

Quote from: Nullu on January 17, 2014, 05:31:30 PM

This is the free market at work. Take a look at the film industry, or the game industry, Hell, take a look at the crap China makes on a daily basis.

This is capitalism at work. Welcome to the real World.

If you notice, people are becoming more and more picky about the coins they mine. It's there if you look. Altcoins are beginning to compete for attention. Again, this is exactly how the free market works. You're complaining about a process which will ultimately improve altcoins. Let it happen. Pick the right coins and maybe you'll see things differently.

+1000

:d

Chris001

sr. member

Activity: 448

Merit: 250

electroneum.com

Quote from: Nullu on January 17, 2014, 05:31:30 PM

This is the free market at work. Take a look at the film industry, or the game industry, Hell, take a look at the crap China makes on a daily basis.

This is capitalism at work. Welcome to the real World.

If you notice, people are becoming more and more picky about the coins they mine. It's there if you look. Altcoins are beginning to compete for attention. Again, this is exactly how the free market works. You're complaining about a process which will ultimately improve altcoins. Let it happen. Pick the right coins and maybe you'll see things differently.

+1000

BitcoinNational

legendary

Activity: 1470

Merit: 1010

Join The Blockchain Revolution In Logistics

Quote from: Coolstoryteller on January 17, 2014, 05:07:25 PM

Since when did technology progression become such a joke Huh

It seems like there's been a new coin released every 5 mins.. each bringing absolutely nothing new to the table other than being "rare" or "abundant".

8008s

coinerer

hero member

Activity: 1316

Merit: 593

Quote from: sakkosekk on January 21, 2014, 07:41:11 PM

I mine and dump must of them as soon as I can.

If you do only this unselectively, there is no much money in that action.

NUFCrichard

legendary

Activity: 1218

Merit: 1003

Quote from: sakkosekk on January 21, 2014, 07:41:11 PM

I mine and dump must of them as soon as I can.

Wow, really! You must be just about the only one to do this!
This is why there is a topic called ALTCOIN FAIL!

gbomb944

newbie

Activity: 56

Merit: 0

Litecoin used to have pool mining in the wallet but they took it out. Apparently the foxcoin people put it back in which was cool. For ltc it's probably not useful but for newly launched coins a wallet miner is good.

I have a feeling they took it out because they were concerned that since it's less efficient it would cause global warming lol. I'd like to know why exactly but anyway I think miner in the wallet is good.

WRT the OP I definitely agree too many alts. Makes me sad cause I didn't get into it soon enough but yeah it's tiring and then after a week or two they have to fork and blow up the coin. Part of the problem is that the increasing diff scale creates get rich quick possibilities until it rises. Maybe the new standard should be gravity well or don't mine it.

elixir

full member

Activity: 224

Merit: 100

Quote from: sibilant_doge on January 21, 2014, 07:32:05 PM

My big idea that no one seems to want to implement is building the GUIminer script version INTO the wallet. solo mining made easy for newcomers and increase the size of the crowd.

that would be cool i always have problems solo mining so normally end up waiting for a pool.

Kestrel71

sr. member

Activity: 266

Merit: 250

I initially hated all these badly made shit coins with no future but now I am loving them. All these new pointless coins are taking away people from the coins I mine and in doing so they are not helping to increase the difficulty level on them.
Thank you coinye, 42, moon, doge and all the other no go coins for taking the dreamers away from my coins and allowing me to mine more of what I want. Please don't stop making these trashy coins I beg of you, let the kiddies have their coin while I make real money

It is a matter of perspective and as far as my perspective goes the more the merrier. keep making those coins guys and keep the riff raff away from mine

r0ach

legendary

Activity: 1260

Merit: 1000

Quote from: Coolstoryteller on January 17, 2014, 05:07:25 PM

The only real altcoin list I see so far is Anoncoin, Litecoin, Stablecoin, Peercoin, Zerocoin, Primecoin, Skiencoin, Securecoin and Datacoin.

The only coins I have any real interest in at the moment are: BTC, Vertcoin, Microcoin, Dogecoin, Stablecoin post mixer, and whatever official altcoin that Zerocoin is released as. I would allow Skeincoin into the list, even though it's name sounds like a disease, due to the fact that we need more coins that won't be abused/monopolized by multipools and ASIC. Vertcoin, Microcoin, and Skein are all bringing something big to the table in that regard.

I have mixed feelings on LTC. It's actually superior to BTC as a currency due to Gambler's ruin and block time, but LTC could easily be defeated by something like Vertcoin. There is, after all, no real reason for LTC to exist once it becomes bombed with ASIC in the same manner as BTC. Microcoin is probably the first proof of stake coin that I have any interest in, but the developer really needs to draw up a chalkboard of how he plans this coin to work, instead of expecting people to sift through the source to figure out GPU vs CPU effectiveness at specific time intervals, etc.

And last but not least, anyone that doesn't like Dogecoin will eternally roast in the flames of hell.

sakkosekk

full member

Activity: 224

Merit: 100

I mine and dump must of them as soon as I can.

BrewCrewFan

hero member

Activity: 672

Merit: 501

Quote from: BitCoinPokerBro on January 21, 2014, 07:19:31 PM

You all might want to sit here dissing all the alt coins in the altcoin forum but results speak for themselves. Every new coin within a day of launch have 50-100+ Mh/s per network. With these new lower end marketplaces opening up market for just about any coin possible 30+ MH/s ops are joining in on brand new coins cuz it's more profitable than mining litecoin. Who cares if a coin is innovative is you can earn a bitcoin or more every week?

The thing that drives it is the quick pump and dump. Thats the only reason people mine it.

Dont get me wrong some will have a nitch... but most new coins are just get rich quick.

BrewCrewFan

hero member

Activity: 672

Merit: 501

Quote from: Coolstoryteller on January 17, 2014, 05:07:25 PM

Since when did technology progression become such a joke Huh

It seems like there's been a new coin released every 5 mins.. each bringing absolutely nothing new to the table other than being "rare" or "abundant". Hey my old cigarettes are rare and btw my 5 gallon water bottle full of pennies is abundant - doesn't mean they are worth anything.

Honestly this entire scene is being polluted with garbage coins. Dogecoin? Really? What new tech did this coin bring to the table other than a ridiculous block reward and large supply pool? It's just another clone with a dog picture slapped on it. Coinye West? Really? You actually thought that you had a chance at becoming a top rate currency? Piratecoin? What possible advantage does an internet pirate have by using your coin? 42? Trading at $800,000 a coin... Someone tomorrow clones it and releases "41" trading at $xxx,xxxx a coin. Next week someone creates 1/4 coin "only 1/4 of a coin will ever be released" trading at $xxx,xxx,xxxx,xxxx.

Honestly it's gotten so bad that a dogecoin minion tweets to Matt Green(zerocoin) defending his crapcoin from Matt's righteous Dogecoin mention in a recent Forbes article. Matt is working on some next-level tech in the crypto scene he shouldn't have to respond to some crapcoin holder or developer for that matter.

The only real altcoin list I see so far is Anoncoin, Litecoin, Stablecoin, Peercoin, Zerocoin, Primecoin, Skiencoin, Securecoin and Datacoin.

Each of the above coins has/is working on new technology to progress cryptocurrency into the coming years. Honestly we should start a movement to remove other altcoins from the exchanges if they don't provide at least one new advancement. BTW cloning a repo and replacing key values doesn't count.

If you aren't contributing anything on the protocol level GTFO you're taking up valuable ports. This entire forum looks like a craigslist bot started pushing altcoins.

This is what turned me off on Doge ... the arrogance of many of the supporters is way over board.Granted they did market well with how they opened it up...but come on it was a joke. The reason why it is where it is because its popular. I give them that and thanks for that because it got new blood into cryptos. Karma is a bitch... while they may be enjoying it now, as with all things, its to come down, how hard is the question.

If they started to act like their shit does stink just like the rest of us, I would respect them more... but they keep up the current attitude, you aint gonna get no support from me except dumping the shit coin if I ever mine it.

sibilant_doge

full member

Activity: 126

Merit: 100

My big idea that no one seems to want to implement is building the GUIminer script version INTO the wallet. solo mining made easy for newcomers and increase the size of the crowd.

elixir

full member

Activity: 224

Merit: 100

although many of these alt coins dont bring anything new they are bringing new people to the scene in turn more people know about crypto~currencies bitcoin, litecoin etc which is fantastic. doge has brought a lot of people to the world of crypto~currency.

BitCoinPokerBro

hero member

Activity: 826

Merit: 1000

You all might want to sit here dissing all the alt coins in the altcoin forum but results speak for themselves. Every new coin within a day of launch have 50-100+ Mh/s per network. With these new lower end marketplaces opening up market for just about any coin possible 30+ MH/s ops are joining in on brand new coins cuz it's more profitable than mining litecoin. Who cares if a coin is innovative is you can earn a bitcoin or more every week?

divinity

member

Activity: 70

Merit: 10

If people would stop cloning coins by cutting and pasting from old source code and DEVELOP a new coin, great.

Each day we see new coins that are nothing but the same old wording and same old features. Why do people waste time mining such crap?

NXT coin has merit but a confusing interface to get running.

To all the developers, how about a FORWARD option for the next wallet to take funds and send them right away to a 3rd party address? This way one could leave their wallet running, it would take funds coming in from mining and send them to your exchange. Just an idea.

sibilant_doge

full member

Activity: 126

Merit: 100

I will preface by saying that I am NOT a coin developer. However, I do see merit in these coins, but only from the perspective of monkeys and typewriters. Eventually someone will find that perfect mix of confirmations, coin abundance, lack of orphans, number and locations of nodes, marketing principles, etc which will create the "perfect coin". Because, frankly BTC is far from perfect. The other day I waited 8 hours on a payment to finally confirm.. What the hell. So, haters gonna hate, or maybe just become fed up with the game and in that case I sympathize. But, in the mean time, I just mine for fun, not to "get rich", cause, brother, that boat sailed about 4 years ago when BTC were worth 3 cents each.

Topic: ALTCOIN FAIL (Read 3460 times)