Topic: Impact of Unrelenting Supply of new Alt-Coins ?? (Read 2598 times)

im surprised nobody has made a coin called "Get-rich-quick coin" (CRQC)
make a promo video that looks somewhat like this http://www.youtube.com/watch?v=hGOWDd05q7o but instead when they open the vault there is tons of GRQ coins or something else creative

i can guarantee theres gonna be plenty of idiots jumping on a coin like that given that the market strategy is good

I think competition can only advance the search for a good altcoin that can make our lives better and easier.
The downside is, that sooner or later, something will come up and beat bitcoin - certainly for the mass-market.
We'll see what the future brings, but it all sounds promising.

Hmmm.  Someone will start a DoubleSpenders pool to systematically attack the chains of disfavored alts.   First mine the coins, hoard them.  Then, sell massively.  Then start double-spending wildly, forking the chains into many tiny fragments.

This is an angle I hadn't considered. I did hear that doge is relatively easy to mine, but if it is easy enough that a 51% is a realistic risk, then...

Big investors no doubt have people to figure out security and potential risks, so they will have taken this into account. If true, then alts are only a short-term problem - if they in fact are, given that they help spread crypto awareness.

Question for the tech people: Does Lite share this potential weakness?

Absolute bullshit, agreed.

Scrypt coin miners tagged as "greedy," while speculative buyers' best laid aromatic plans are laid to waste. What a shame, what an injustice! People should really stop trying to make money for themselves and just aimlessly throw hashing power at bitcoin.

The conflation of "more people mining" (larger network hashrate) and "more coins flooding the market" on this forum really is just unbelievable.

If you can't beat 'em, join 'em. That was Cubic Earth's conclusion, and it's working for him...

When practically all of the dogecoins are mined in a year or two, prior to the many years it takes a crypto currency to really establish itself, it will cost an insignificant amount of electricity to attack the dogecoin network. We will see many reorgs on doge and as a result it will lose its "fun" value. IMHO as some currently popular alts fail, it will focus people on bitcoin more.

it's all good fun and everyone gains,publicity for mainstream awareness is free with all the alt coins

let em loose onto the world

IMO not a good idea to try and use logic when it comes to internet memes or "cute" cryptocurrencies.

I wouldn't be surprised if in the future we'll have different currencies for different interests. BTC will be the serious financial currency/asset, while Doge might be used by others for more "fun" purchases, such as surf gear or petfood.

If BTC is the main financial currency, it will attract that kind of social class and money, while Doge might just be mostly for young adults. That doesn't mean that Doge won't be worth a lot more, but it might not attract the kinds of minds who are investing billions of dollars.

This is just a possibility of course. It does seem that alts are going to have a place, although probably not nearly as financially influential as BTC.    

Sort of does: Miners will take advantage of arbitage situations to make extra money. This is what is pounding catcoin (GO CATCOIN!) which is kind of the way it is.

I upgrade jalapeno miners for bitcoin. At the moment it is still profitable for the end user. When it becomes a loss for the user I will probably stop doing it even if people ask for it. Possibly because I have limits on what I will accept in terms of free money or something. Not sure.

Despite all the new coins, Bitcoin's share of the market remains >90%. (Non-mineables don't count as their market cap is radically indeterminate and grossly inflated.)

Ok, so what is the difference if the person buying alts with BTC would have bought fiat with the same amount of BTC instead? Same net effect.

A good thing they exist? Well i dont see it that way...
If u look at the fact that most alt coins are here just to 'make ppl rich', people are selling their coin for BTC, what will not have any positive effect on the real btc/usd price.
Then they sell the BTC for usd, what does do have a negative effect.

This really smells like bullshit. You know what? It doesnt matter how many people are mining, the same number of coins come out anyway. Yes, it doesnt matter how many people mine. Miners would be pretty stupid to mine BTC with gfx cards, right? Doesnt really matter if the miner is interested in getting fiat or BTC, there are better ways then to mine BTC directly ...

I am optimistic about a future where we trade between multiple crypto currencies that have different purposes and brands. I see no conflict with bitcoin at all. It makes me think that exchange sites like Cryptsy that are not ridiculously biased in favour of any one coin are going to become huge.  Let the market and marketeers duke it out.

How many distributions of Linux are there ?  Each one that has survived has a little bit of market and a bit of niche, some for dev, some for low powered pcs, some for mobile.  Its all good and another clone of debian or Red Hat doesn't hurt anyone. If anything Ubuntu has helped to popularise debian and Linux in general.  

Link to Linux distro map for the answer to the earlier question: http://upload.wikimedia.org/wikipedia/commons/1/1b/Linux_Distribution_Timeline.svg

what will change the game is when software developers create wallets that count in satoshis.

It's amazing how many long-term posters and "expert traders" still say that it's impossible to make returns on Bitcoin because "nobody will buy for $1000 a coin" as though that's the only entry sum available.

But this perception is a problem. Maybe Dogecoin's real marketing triumph wasn't in their cuddly dog, but in choosing 100 billion as a maximum number of mined coins. People do seem to love having 100,000's of something, as opposed to 100,000's of a decimal value of something.

I'm a bitcoin guy.  I bought 18 months ago and held though everything.  And I continue to keep my bet on the table that bitcoin will dominate.  For a long time I poo-pooed the alt coins as irrational and not really having a chance.  I did pick up a handful of litecoins when they were around $2, just as small hedge.

In the meantime I have come to see some altcoins as having a chance, not because they are well designed or thought out, but because people are by in large, irrational.  People like dogecoin because it is less 'intimidating' than bitcoin.  Maybe so.  People see litecoin as being more affordable.  That's just stupid, considering the true bitcoin unit is the satoshi.  And people like the ability to mine, not because the understand the network security and centralization issues, but because they seem to think mining exists so that people can get free money.  Even though all of these reasons are more or less ridiculous to anyone who really understands what is going on with this technological revolution we have before us, they are still believed by a huge number of people.  Thus, altcoins have life and probably will continue to have life (read: buyers).

Instead of continuing to be annoyed at the situation, I decided to take the plunge and start mining scrypt coins.  Lately I've been going Doge all the way.  I sell all of my Doges once at noon and once at midnight for BTC.  Then I cash out the BTC through Coinbase so that I may recover the fiat I spent on the equipment and electricity.  After the stuff is paid off (I am on track for a 60-day ROI), I may at that point speculate on some alts for fun.  I also wanted to have some hashing power to play with if something truly innovative comes about, perhaps Zerocoin, if it is scrypt-minable.

But yeah, I mine Doge and dump it as fast as I can.  I see it as doing my part to keep Bitcoin in the lead.

Its true, in fact if u noticed speculators just pretty much stopped buying new coins because of miner dumping. Miners have gotten v greedy with multipools causing buyers to loose interest.

Investors are now looking towards POS coins, since IMO greedy miners destroyed speculative buyers. However there r still enough buyers to make the price go up a little but they r fading away slowly with time. Notice how most coins fail to gain any significant rise, even with strong buying. Thats because huge mining pools are too busy dumping coins into buyers. Those days of 10,000x or 100,000x returns are long gone. Currently the winers are the multipool miners but it won't last long

I wrote my own thread about this exact same thing about 6 months or so ago.

All the new coins must leech value from BTC. 

But 'traders gonna trade'.   I just hope they eventually die off.  There has been about 6-10 great coins that came out in the last year, and, what, about 200 unneeded ones.  I still don't even know how or why Doge got so popular. There really isn't anything to it besides a charming mascot as far as I can tell. But hey, it's a free market I guess.

The worst is when an great new coin comes out and its gets ripped off right away though, that bothers me.  Really is easy to copy a coin, really difficult to make an original one with any actual new code. 

yea I guess its not 100% a binary thing, but you must agree there is no equivalent to facebook in size, not for miles. The Winkelvii didnt start facebook 2.0 because even then they were too late. few understand the network effect better than they do.
The development of the alt coins will not be in the same proportions as BTC.