Ive been mining them mainly to pump and dump if they rise in value, since i dont have much hashing power ive been careful what ive been mining, since ive been mining the most profitable coins and then keeping them to exchange for better coins.
90% of the altcoins are just litecoin clones with an adjusted block time and number of coins issued.
As much as i like bitcoin, i can see it needs major room for improvement and transaction speed is one of those things that needs improving.
It would be great to see all these developers work together to bring a decent currency that can replace credit cards or EFTPOS.
It also has to be easy to use.
I dont think that a currency with a huge number of coins is a bad thing, since if we want a global coin, we really eventually need hundreds of billions of coins or else they will be over inflated like bitcoin and breaking something down into smaller units isnt really that appealing.
If there was a way to slowly release this many coins as the currency was adpoted is the key in controlling the inflation, as is regulating the hashing power so that it will not be impossible to mine in the future.
NXT has alot of advantages as mining is not required to keep the thing running, and i think this is a major advantage over other coins.
I liked the idea of mint coin as it is a POS coin that lets you mine it at the start. Its good to see another coin that was build from scratch and not just a litecoin/bitcoin clone. I see there is another fork of NXT, but again, only those that registered and paid a certian amount got the first block of coins, it really makes me wonder if the developers did it for quick cash.
All i know is at the end of this year most of these altcoins should have died, its crazy seeing a new one pop up every day with no real advantage over another.
I think that in december the major coins will be bitcoin, litecoin, doge, quark, peercoin, NXT
Goldcoin may very well be a good coin to mine, however other coins are more profitable, so exchanging my digibyte for them would be a better idea i guess.
Maybe i should just exchange all my coins for bitcoin and face that bitcoin is here to stay? IDK
Look, I'm not a miner, so my perspective is slightly different. Bitcoin is certainly here to stay- and in terms of financial gain- there is plenty more upside remaining. I think that people get clouded by the promise of 1000% returns or what have you- the reality is that if you get a 20% on the regular stock market you're doing very well.
My advice would simply to mine what you believe in for the long haul- and get away from the pump and dump philosophy. It's not about making a quick buck today, it's about investing in a coin as a long term venture- as a miner, user, or buyer you are supporting different parts of its ecosystem. There are probably a limited amount of coins that are here for the long haul- mine or trade for the ones that you believe- and trade at least some into BTC.
My philosophy, rightly or wrongly, is to put around 60% into BTC, 30% into LTC, and 10% into other alts. Over time I am simply looking to accumulate into my portfolio and look for buying opportunities. I bought LTC relatively early and I believe that for at least the mid-term future the future is bright with the likely-hood of large exchange adoption. With other alts I am simply risking what I can afford to loose- I like PPC, NMC, XPM, NXT, plus five or so others- but I can't say for certain what will succeed- instead I have a small portion of each and if any do 'succeed' I will have done pretty well.
I believe that on forums like this we talk about technical innovations and improvements- but if you take a bigger picture view, that's only half the story- what is just as important is spreading adoption amongst the masses, and in this sense there are coins (and the people affiliated with them) that already have a huge head-start.
I think that you should keep mining, but try to take a longer view on things- mine what you believe in, and hold (and trade) for the long-term.
