Topic: Do not invest in alternate cryptocurrencies or you will lose money! - page 2. (Read 3309 times)

Communicating with the far side is somewhat difficult.

Why not the dark side of the moon ? Methinks that getting comm signals there is not impossible ,and it's so much more stylish ^__^

I'll keep visible side of the moon for ads.

I'm not Lupus_Youndeboy nor do I agree with him. But to successfully prosecute for money laundering doesn't require any official recognition of the "token". Those prosecutions do take time to build up the case and the evidence.

Years ago the favorite "token" for money laundering were the prepaid long-distance telephone calling cards. When the prosecutions started they had several years of invoices worth high six figure sums and boxes full of VHS surveilance tapes. Some really small-time prepaid calling card dealers were prosecuted while some big-time distributors got off scott-free. For the first ones this was a major source of income, for the later it was just a few percent of the total.

I don't think that authorities in any country would waste time prosecuting joke money laundry web sites or illegal gambling dens with the total turnover in three figures.

Remember that the Anglo-Saxon legal tradition is adversarial, unlike most of the European ones which are inquisitorial.

Personally, I would think that for your coins the best long term plan is to plan setting up your laundries either on the orbit or on the visible side of the moon.

 Alternate cryptocurrencies subforum = THE GATHERING

THERE CAN BE ONLY ONE

I stopped thinking in profit or loss.
I'm now mining for the lulz, no coin is profitable for me as one kWh is 0,32 US$ over here.

New currencies come and fail, some may survive.

But every new currency has some improvements (or at least changes) over the last one, that could lead to the ultimate currency in the end.

Okay, okay, files will be renamed in next release, I pwomis !



Now, with all due respect, this is just FUD / slightly dramatic advertising (whichever you like more, though something can be both ~__^)

There is currently no jurisdiction that would recognize x-coins and/or WoW gold and/or exotic postage stamps as valid money, and there is not a single case where an operator of a "ephemeral un-backed token transaction mixing system" was convicted (FFS, bitcoinlaundry is run by an American in the open, IIRC, so what?)

So calling it a "laundry" is the same as calling bicoins "money" - a fairly inaccurate oversimplification done to ease communication.
 

... and lost other people that amount of money you have made
(I also made about 1BTC on i0coin)
Yeah it is quite simple and obvious and yet many people who lose don't see it.
I guess that is also due to the fact that many who lose don't lose a lot but it does all add up for those few who gain a lot.

Anyway, the actual reason for me commenting here is that there is a more fundamentally obvious problem with all these crypto-currencies.
How many of them have been long term planned, setup properly and managed well?
None.
They do not exist for the same reason as bitcoin does, if they did then a lot more effort would have gone into their creation.
Half the time someone hasn't even bothered to spend 5 minutes on the code to change all the name/comments/file references from "bitcoin" to "scamcoin".

They all start with: quick make a copy of the bitcoin/xyzcoin git and then sometimes add a few changes and sometimes change the names to the new name
Start it up and hopefully it will work
Find out next all the problems and maybe fix some of them
Make money on an exchange
Watch it slowly die

This is how ixcoin, i0coin, SC, gg, tb and whatever else: are or will be.

They have all been made to make someone money and/or make an illegal (in many countries) laundering service.

And anyone who brings up SC2.0 - well think about it - it was done that way the first version - that should answer any questions

Yes you can lose not much money and possibly make a small amount of money.
But remember, all the mining and exchanging, for most people, is really just pocket money for a lot of effort.
The exchanges are trading what? 10's, 100's of dollars of coins? Wow that's like ... nothing.

Gotta disagree with you there.
Namecoin, ixcoin, i0coin, SC,  and tenebrix have all made me money.
It's more of a question of how long to invest in them.

One PREMINED coin

Theoretically, the Bitcoin protocol allows just one coin for the whole economy, doesn't it?

An alternate cryptocurrency with just one coin, and sixteen decimal places.

Onecoin, for all!

You don't get it.

The premise of Zorti is that value increases due to upper limit on mining.

Thus, there will only be a single Zortiflex unit mined.

And it has already been premined.

Zortiflex. I like that name. It must be a nice currency.
Where is the pool? What miner? Where can I buy?
Come on, give the info!

I suspect you have a typo there :-P

Quick, get the exchange set up so we can cash out.

At least these alternate coins have been pretty good sources of entertainment for me.

7.7 million premined coins is just LOL  

I just wanted to issue another big fat warning: do not invest in alternate cryptocurrencies or you will lose money!

A fundamental aspect of Bitcoin is that there is a limited amount of currency.

Any alternate currency that tries to copy this "finite supply" principle is doomed, no matter what technical advantages are claimed by the creators of these currencies.

It is like saying that you are a monotheist, but you also want to believe in another God than the pre-existing one, because the new God looks better.