Topic: Is the alternate cryptocurrencies market being monopolized? (Read 6555 times)

Keep this thread in view, its important.

Crypto all about de-centralized system, coins 'for the 6.5 billion people who don't have access to banking' (Andreas Antonopoulos ) yet here we see pool operators acting just like the governments - f*cking over the small guy, getting all the power and abusing it.

well there is a conflict of interest when pool operators are also exchange owners/operators. Add to those two the possibilty of being a founding or adopted coin owner and thats where it all begins, the big fish eating the small fish.

Well, I can tell you that you're looking like a fool for posting, that's certain.

Dev did not get any monopoly over anything. PoW is over and PoS is up and running and decentralized so your post (if you can even call that garbage a post) is completely invalid.
If you'd bother to check Minerals thread (which you didn't because you're either stupid or just a shell account of some pool op) you'd see it's evident that the distribution was by the far the fairest any coins has seen so far.

And......... Minerals has been accepted to many exchanges since I opened this thread, so it appears you made yourself to be the local clown.

OP is an idiot, mineral coin sounds like a scam and even if it wasn't I'm glad he didn't get any support from the exchanges ect. How can you say you're worried about a mysterious monopoly when mineral coin wanted exactly that, a monopoly on the coins and mining.

Not sure what made me feel dumber, opening this thread or replying to it 

Thank you for your kind words.

Much respect to the OP for starting the thread and bringing an interesting topic to the attention of others who weren't aware(myself included).  I know Crypto is not free from corruption but compared to Wall Street I'd say it is at the petty theft level for the most part.

I'm not happy to know a small amount of people could manipulate which coins are getting certain amount of attention and people investing in alts would probably feel the same if the knew.  I applaud the Devs for making minerals and for taking a bold step in the right direction.

PoS and IPO are completely not related. Lots of PoW coins also have IPO.
IPO is completely and utterly up to the creator of the coin and not to the algo or proof that is being used.

Otherwise I agree that the vast majority of coins in the alt coin world are used as nothing more but a get quick scheme for pool ops and exchanges.

Yes it's all monopolized.  The professional miners are dominating and dumping everything.  PoS hasn't proven to be any better as most PoS coins have IPOs which allocate the vast majority of coins to less than 30 people.

The alternate coin section is essentially one big get quick rich scheme.

Indeed. It is a lot worse than with BTC. Here's a more recent example of binaryclock being quoted from Bittrex IRC channel:


It saddens me that Bittrex has a close relationship with such person.
I used to use them a lot, but this whole experience with Minerals really did open my eyes.

I mined mineral with my small rig and there was actually quite a difference compared to other recent cryptocoins - their system definitely made the distribution process fairer. It's a shame that some pools and exchanges reacted that way, as a fair distribution process probably adds more value to the coin...

Interesting to see that altcoins are having major problems with pools as well.

Although this seems a lot worse than with bitcoin seeing as how they are attempting to exercise control over the whole marketplace.

Seems like it might be good to start pushing P2Pools again.  A lot of nodes are run by community members, and it also helps to decentralize hash over the network. 

Also there's no chance of being scammed by the pool op, because when a block is solved, the miner's share gets deposited straight into their wallet, were it then matures.

Granted P2Pool doesn't have some of the features that alot of miners want, like stats for each rig, email notice when a rig times out/doesn't submit shares after X seconds, etc, but I think the orig codes of P2Pool could add that in.  I would, but I don't know python well enough to do it.

^
More people see it the better.

Can't see how this is possible.
Any open source code can easily be alternated and w/e limitation you put there can be removed.

So, after a very interesting night, it seems like some major exchanges decided to add MIN after all:
Poloniex
Allcoin
and surprisingly enough, Bittrex.

So props for them for not bending for pool ops demands.

Surely, the answer is (Open Source) code that gives any node an equal chance of a block whatever it's hash rate. Then pools would be redundant and everyone could mine on Rasp Pi! 

is there a TDLR on the OP?

Personally I'm tired of multipools, I'm tired of them spamming every coin thread multiple times, I'm tired of them raping and dumping coins and preventing them from going to the moon, I'm tired of every miner whining if he loses a coin here and there when miners are generally making money hand over fist, I'm tired of it all! It's nice to see a coin where the little guy miner and trader could possibly win for a change.

I don't think it necessarily means the pools are colluding to protect their profits.  A lot of this may stem from a fundamental misunderstanding of the purpose of Minerals and perhaps a knee-jerk response based on partial information which got out of hand.  This is understandable in light of the recent catalogue of crypto scam coins.  A lot of people had questions about the Minerals formula.  The issue is not just about fair mining but about the centralisation of mining that is encouraged by the way it was launched.  This makes it easier for scammers to take advantage of people.  That doesn't mean it is is or was a scam though.  I think a lot of people are still undecided for now.  So far the developer seems above board and legit.  I honestly think that exchanges (and earlier pools) could foresee that this would be a big hit and if it turned out to be a scam the backlash and fallout against them would immense.  They therefore took the stance of assuming it was a scam rather than take the risk.  They were not protecting profits by not participating, if anything they were losing out on easy money.  However the fear of being tricked over-ruled their logic in this regard.  Again I don't think the developer did anything wrong and I don't think the concerns of exchanges or pools were wrong either.  The crypto world has become a lot more cynical and paranoid and everyone is afraid of being scammed.  It is sad that Minerals got caught up in this but I believe it will still succeed. It would be a lot better for the community if people just try to see things from both sides.  Most exchanges and pools are not run by mega-bucked gazillionaires who don't care about the community.

they are clearly mad because they did not obtain any large amount via their big giant scam farm