Topic: CHNcoin will be the death of Feathercoin! (Read 7387 times)

So what can i buy for bitcoin besides recreational drugs, rackspace or bitcoin mining devices?
 

With the exception of Bitcoin which is being used by people to purchase stuff all over the place. See SR or Bitpay for examples.

Agree that hoarding makes sense because of lack of economy.
But all this tells us that aparently even bitcoin is not that needed or else other businesses besides SR would have flourished.
All cryptocoins at the moment are driven only by future prospects of price.

The hoarding is partially due to a lack of things to spend the coins on. Over time that should change. If the tax dept would take them as payment that would be really handy for a lot of people.

In a free market diversity is better.
If there is no place for these altcoins they will go away.
And bitcoin could use some inflation. Way too many people there hoarding their coins.

Funny how all the problems you mention are solved by fiat money...
Maybe you didn't need bitcoins in the first place?

Yeah because with dozens of altcoins you get all these great effects like:

- hyperinflation
- obscurity
- pump and dump schemes
- diluted security (making 51% attacks easier)
- complicating merchant's business model

Sounds great! Let's have one million altcoins! Because diversity is always better, right?

I agree with your take on this.

I think the analogy with Linux distros is better than with most of the financial analogies I've seen bandied around.

Anyone who thought that they were going to become the new Microsoft back in the mid 90's through Linux (Caldera?) misunderstood the game completely.  Almost no one has made serious money out of selling distros.  Redhat bases its business model on service contracts.  But the people who supported the IDEAS behind Linux are gradually winning the war with Android, etc.  We don't live in the Microsoft controlled world that many people feared back then.

I would predict that the value of BTC will be gradually eroded by the alt currencies, and that that is not a bad thing. A diverse cryptocurrency ecosystem is going to be much more resilient to the threats posed by states, banks, regulators etc. than one tall poppy currency.  Until there are many more alt currencies there will be a large red "X marks the target" on Bitcoin's back.  

The impulse to defend any particular coin because you are invested in it is mistaken.  Life just isn't that easy.  It makes more sense to adapt by diversifying intelligently, and to support alt currencies in general.  Which is easier to track and shut down, one big currency, or a hundred variations?

The only time BBQ coin is brought up on these forums is when someone wants to dump their worthless stash of them on some other poor sucker.

Feathercoin will soon be forgotten, just like the countless copy cat chains that came before it and the new one's that are popping up now.

The only ALT coin that is "going strong" at the moment is Litecoin, all others are fighting for survival and could be worthless in a month.

That's why I think it's stupid all you new guys hopped on the Feathercoin bandwagon. I guess you don't understand how many new coins are being released all the time. Here we are a week later and there is China Coin now. There will be more and more as time goes on, we should only support the ones that provide innovation from prior coins, not copy cats.

Feathercoin will be fine, as long as people don't rush onto the next coin and it continues to get a following. Look at BBQ coin, that one is still going strong isn't it?

No, but average Joe will bother to buy 2,34mBTC  

Makes sense... but remember, the more alts. are created,the more scams will emerge, and the more confusion there will be amongst the partially-informed (that includes the mainstream)... That will detract from the market as a whole.

Stop! You make too much sense among the trolling.

CHNcoin is unproven as yet. It may, or may not, have a niche. .. Due diligence required. There are many ways for ot to be a scam...

That said, I am prepared to take a risk and buy some... Does anyone have some for sale ??

Actually, i can't know because it's very fashonable around here to have a sockpuppet account or two.
The only reason why i think you may actually be new is because there has been a recent influx of new people.

Anyway, it seems you really are new.
I can only say that there is probably a lot you still need to learn about all this.
One thing you'll find out is that premature opinions usually turn out to be false and things usually are not as simple as they appear.

but there is a pink sheet market and its frontier zone.  you trade high risk with potentially big gains as well as losses.  You can respect it or disrespect it all you want it wont change the fact that people are trading it.

I really don't think the number of coins will make any difference. It's merely psychological and people will adapt. Look back far enough in history and you could buy property for a few dollars. Just use SI prefixes. Problem solved.

I lost respect for the exchanges that included a 2 week old coin.  There is a reason even the stock market has a pink slip.

Obviously you know I haven't been involved in cryptocurrencies very long, but that isn't the point. The whole point of this thread was to show that every argument that has been made for feathercoin can also be made for CHNcoin. Sure, at less than a day old CHNcoin doesn't have a very large or strong community, but I'm sure that will change, especially in China. And feathercoin's community isn't as large and strong as litecoin's, which isn't as large and strong as bitcoin's... The only reason anyone has any feathercoin at all is because other people are willing to trade actually usable currency for it, and those people only trade usable currency for it because they think someone else will trade even more usable currency for it in the future. CHNcoin is already being traded for stupid amounts on the forum, for the same reason. All I'm saying is that if you want a coin to be viable in the long term you should have something that makes it stand out from the next bitcoin/litecoin clone that comes along, and if that's not technological innovation, what is it?

its fun to watch this market.  thankfully all the pragmatics aren't regulators otherwise they would have adopted BTC as the defacto currency and outlawed all others by the posts I see.  Comical I think.  Its a human mentality of self interest.  protecting the old guard that established BTC against the new comers that are sucking away liquidity by distributing it to other coins.  

The thinking is that if it was for these alt coins BTC would be stronger and more widely adopted and would make me richer since I was here a year ago, 2 years ago, etc.

These coins act like pure markets, and its free to establish any number of new coins for any reason.  I welcome them.  Eventually there will be 2 to 3 coins a week being produced and the coin hoppers will not be sure what to jump on next.  You'll have the old established markets BTC/LTC where margins are small but becoming more stable and the frontier markets where there are wild swings and some coins will make it and others won't and people will waste hash time and gamble away or win bid on trades.

We need it all.  Its not about the defacto coin, its about establishing a greater market in cryptocoins.  Combined they are greater than they are individually.

So I guess I'm saying can't we all just get along?

tell you what we are the guys that came in just in time for the huge BTC crash.

We came here now, but we were not born yesterday.

This market is a commodity market right now, and in order to be stable it needs options.

options where investors can safeguard their assets.


Moreover , if Bitcoin and soon litecoin do not proceed to make adjustements in their coin numbers (like making 1btc=1000 new-btc) the ammount of coins is extremely low.

One cannot seriously think that the average Joe will bother with buying 0,00234 bitcoin!


Thus market needs more coins.

as simple as that.