Topic: New alt coins good or bad? (Read 1431 times)
The free market process will eventually result in the elimination of most of these altcoins. Nevertheless, the sheer number of altcoins being released will make the process a lengthy and frustrating one.
Exactly. Sooner or later one cryptocurrency will end up top of the pile and will become the de facto cc to use.
It may not even be the best one (whatever that means anyway) that wins. Just think Betamax vs VHS in the 80s.
Ok, now I feel old because many of the posters here probably have no clue what I'm talking about.
It may not even be the best one (whatever that means anyway) that wins. Just think Betamax vs VHS in the 80s.
Ok, now I feel old because many of the posters here probably have no clue what I'm talking about.
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i dont think people will mine every new coin that comes out, the novelty wares off, it has for me. some of these new coins have brought a wealth of publicity exposing more people to cryptocurrencies which has to be good.
There's going to be a point where the market becomes so saturated that people wont even bother mining half of these coins because it wont be profitable to do so.
i dont think people will mine every new coin that comes out, the novelty wares off, it has for me. some of these new coins have brought a wealth of publicity exposing more people to cryptocurrencies which has to be good.
I don't think altcoins are a problem. The free market will sort this out. Just have some faith.
Hi all my first post here. 
What opinions do you have on the amount of new coins appearing?
Is it a good thing?
More competition and dev staff having to keep 'on the ball' or a bad thing in that it makes the whole alt coin arena seem somewhat a joke and rife with scams? (I belive it may well kill the alt coin market)
Comments??
Cheers all..
What opinions do you have on the amount of new coins appearing?
Is it a good thing?
More competition and dev staff having to keep 'on the ball' or a bad thing in that it makes the whole alt coin arena seem somewhat a joke and rife with scams? (I belive it may well kill the alt coin market)
Comments??
Cheers all..
New altcoins are not in direct competition with BTC. They are compliment to it. New innovations can be developed and tested in both the technical sense and marketplace. Some will rise, most will fall. What we are experiencing is akin to what was happening during the industrial revolution, and the beginning of the internet. Where an firm monopoly has yet to be cemented, and the barriers to entry are essentially nil. We live in exciting times and are lucky to be witnessing a fundamental shakeup of the economy.
Omg just looked at ANN section.
NEX NEXX NOX all descendants of NXT apparently. ...
Although Levelcoin seems interesting. diamond in the rough?..
NEX NEXX NOX all descendants of NXT apparently. ...
Although Levelcoin seems interesting.
diamond in the rough?.. well, the good thing is that they're waking people up to the fact that money is not something sacred with some kind of constant value fixed by god.
Bitcoin has now become a constant value. Seems last year was the year to heavily invest. Going to expand on this on subsequent posts.
Everyone can create some form of currency. It's just a powerful instrument and we can, and should, control it. It should be our goal to create the ultimate form of money. We aren't there yet, but hopefully we'll get closer, one altcoin at a time. They aren't innovating much yet, but hopefully we'll see some cool innovations in the future.
Let's hope not TOO many altcoins spring up as it gets too confusing. But I still think cryptocurrency could be the ultimate form of money if it was regulated by Satoshi. I think it needs to be as the recent long-term market manipulation has gotten out of hand.
well, the good thing is that they're waking people up to the fact that money is not something sacred with some kind of constant value fixed by god.
Everyone can create some form of currency. It's just a powerful instrument and we can, and should, control it. It should be our goal to create the ultimate form of money. We aren't there yet, but hopefully we'll get closer, one altcoin at a time. They aren't innovating much yet, but hopefully we'll see some cool innovations in the future.
Everyone can create some form of currency. It's just a powerful instrument and we can, and should, control it. It should be our goal to create the ultimate form of money. We aren't there yet, but hopefully we'll get closer, one altcoin at a time. They aren't innovating much yet, but hopefully we'll see some cool innovations in the future.
Hi all my first post here.
What opinions do you have on the amount of new coins appearing?
Is it a good thing?
More competition and dev staff having to keep 'on the ball' or a bad thing in that it makes the whole alt coin arena seem somewhat a joke and rife with scams? (I belive it may well kill the alt coin market)
Comments??
Cheers all..
What opinions do you have on the amount of new coins appearing?
Is it a good thing?
More competition and dev staff having to keep 'on the ball' or a bad thing in that it makes the whole alt coin arena seem somewhat a joke and rife with scams? (I belive it may well kill the alt coin market)
Comments??
Cheers all..
The majority of them are so similar to bitcoin that they are pretty much a joke. Scams, maybe, but bitcoin and clones make the incentive system for early adopters so strong and it's only human nature to want to have that chance too. But they don't offer much at all different from bitcoin, so the "network effect" comes into play. There are some very different ones though like Ripple and Nxt, and several others in development that are branching away from the bitcoin mentality that are worth paying attention to.
I think most of them are rubbish.
There are a few better ones, for example MicroCoin. It has a unique reward system and it's based on Scrypt Jane. Seems like a fair, stable and reliable coin to me with potential. My miners are currently working on that coin
.
There are a few better ones, for example MicroCoin. It has a unique reward system and it's based on Scrypt Jane. Seems like a fair, stable and reliable coin to me with potential. My miners are currently working on that coin
. 
Hi all my first post here.
What opinions do you have on the amount of new coins appearing?
Is it a good thing?
More competition and dev staff having to keep 'on the ball' or a bad thing in that it makes the whole alt coin arena seem somewhat a joke and rife with scams? (I belive it may well kill the alt coin market)
Comments??
Cheers all..
What opinions do you have on the amount of new coins appearing?
Is it a good thing?
More competition and dev staff having to keep 'on the ball' or a bad thing in that it makes the whole alt coin arena seem somewhat a joke and rife with scams? (I belive it may well kill the alt coin market)
Comments??
Cheers all..
It's a double-edged sword. Personally I think most of these crapcoins are exactly that, but you can make a little cash from them if you get in early and mine them, then trade them for BTC etc. But there's also a lot of naive newbs that are left holding the coins thinking they’re gonna become rich off them in the future, but when the miners and users move on to another coin, the value drops and they're left holding a load of worthless crap.
Good way to put it. I've had some advice recently not to bother mining these new alt-coins UNLESS I'm looking to trade to something more stable. But even then it may not be worth it.
free markets are what are needed to introduce innovation, the crap coins will die just be careful throwing your hashing power around
I thought you said with. 
Without all the new altcoins appearing everyday I wouldnt be sure of Bitcoin as the best option.
In my opinion it still is, simply based on the fact it is the best known crypto currency so has a much higher likelihood for adoption. That doesn't mean you shouldn't invest in altcoins but I would caution prudence as it still carries the same handle as bitcoins, and that might be a problem following the conspiracies the FBI has put forth recently regarding Silk Road.
Let the market decide.
Let the users decide.
Some of alts will die, others will be fine for years.
Scrypt coins with reasonably low diff will be mined by GPU owners when ASIC scrypt hardware will overtake Litecoin. First gen sha-256 ASICs will be used to mine low diff sha-256 altcoins.
I hope obvious premined & instamined scamcoins will die, those which are fair will last.
Let the users decide.
Some of alts will die, others will be fine for years.
Scrypt coins with reasonably low diff will be mined by GPU owners when ASIC scrypt hardware will overtake Litecoin. First gen sha-256 ASICs will be used to mine low diff sha-256 altcoins.
I hope obvious premined & instamined scamcoins will die, those which are fair will last.
It's true, the market decides what is worth something and what is not. I think it was Max Keiser who tweeted that every coin with have its 15 minutes. The majority of those will only experience 15 minutes, but there will be a few diamonds in the rough.
I love how you're quoting Keiser like he's a sage spouting ancient wisdom haha. I think it was Einstein who once said:
The market is going to become so saturated with these coins that 15 minutes is probably about all they get.
Haha, it is happening now. The market is already saturated in steaming pile of shitcoins, Coinye was the checkpoint for that.
I remember when I saw BBQCoin that thought that it was a joke (it is), but some of the stuff people are putting out now is a right Babyshambles.
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Let the market decide.
Let the users decide.
Some of alts will die, others will be fine for years.
Scrypt coins with reasonably low diff will be mined by GPU owners when ASIC scrypt hardware will overtake Litecoin. First gen sha-256 ASICs will be used to mine low diff sha-256 altcoins.
I hope obvious premined & instamined scamcoins will die, those which are fair will last.
Let the users decide.
Some of alts will die, others will be fine for years.
Scrypt coins with reasonably low diff will be mined by GPU owners when ASIC scrypt hardware will overtake Litecoin. First gen sha-256 ASICs will be used to mine low diff sha-256 altcoins.
I hope obvious premined & instamined scamcoins will die, those which are fair will last.
It's true, the market decides what is worth something and what is not. I think it was Max Keiser who tweeted that every coin with have its 15 minutes. The majority of those will only experience 15 minutes, but there will be a few diamonds in the rough.
I love how you're quoting Keiser like he's a sage spouting ancient wisdom haha. I think it was Einstein who once said:
The market is going to become so saturated with these coins that 15 minutes is probably about all they get.
Going to be difficult to enter the game at this point. Imagine if you were the very last person so start mining during the gold-rush. It would be very difficult to get ahead.
You could try to mine all of them. Just jump in when they get their first good pool and after a while hop over to a new coin with a first good pool. If just a few of the coins you mined become popular you got a nice stash of those coins.
Let the market decide.
Let the users decide.
Some of alts will die, others will be fine for years.
Scrypt coins with reasonably low diff will be mined by GPU owners when ASIC scrypt hardware will overtake Litecoin. First gen sha-256 ASICs will be used to mine low diff sha-256 altcoins.
I hope obvious premined & instamined scamcoins will die, those which are fair will last.
Let the users decide.
Some of alts will die, others will be fine for years.
Scrypt coins with reasonably low diff will be mined by GPU owners when ASIC scrypt hardware will overtake Litecoin. First gen sha-256 ASICs will be used to mine low diff sha-256 altcoins.
I hope obvious premined & instamined scamcoins will die, those which are fair will last.
It's true, the market decides what is worth something and what is not. I think it was Max Keiser who tweeted that every coin with have its 15 minutes. The majority of those will only experience 15 minutes, but there will be a few diamonds in the rough.
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