Newbies, stay away from altcoins. please

sandy47bt

sr. member

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Quote from: maku on March 20, 2015, 02:14:06 AM

Quote from: lyth0s on March 18, 2015, 07:25:03 PM

Don't gamble any of your coins. Don't believe any investment site. Keep your coins on your own secure trezor/cold wallet etc. Come back in 5 years and profit Cheesy

And what is your solution for people who NEED to spend their conin here and now to survive? Like me? I want to hold everything or at least 99% of it.
But I need to sell bitcoin every month just to pay my bills. In the future I would be crying out loud when it will turn out that I sold value of bitcoins worth 1 million USD?

You can get your bitcoin back in a minute if you use trezor/paper wallet as cold wallet Roll Eyes

maku

legendary

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Quote from: lyth0s on March 18, 2015, 07:25:03 PM

Don't gamble any of your coins. Don't believe any investment site. Keep your coins on your own secure trezor/cold wallet etc. Come back in 5 years and profit Cheesy

And what is your solution for people who NEED to spend their conin here and now to survive? Like me? I want to hold everything or at least 99% of it.
But I need to sell bitcoin every month just to pay my bills. In the future I would be crying out loud when it will turn out that I sold value of bitcoins worth 1 million USD?

okthen

hero member

Activity: 490

Merit: 500

I think it all depends how actively you want to be trading.
I bought many different coins in very small amounts a while back, and I found out I'm too lazy to check their price, and sell if the moment's right, or buy more, etc.

I'm just sticking with bitcoin, as I don't believe you can earn nearly as much with any of the others, and it's simply too much for my head

favdesu

legendary

Activity: 1764

Merit: 1000

Quote from: gondel on March 19, 2015, 10:00:45 AM

Quote from: mishax1 on October 26, 2013, 02:12:45 PM

Just giving you a heads up, 99% of the alt coins are a waste of time and do not fulfill the main concept of the digital currency concept.

Invest only in Bitcoin (BTC) , it has more support and interest than any other coins(projects).

Although you might still find other projects with great support (either in great developers or they are heavily invested by many), like

Litecoin (which suffers from a few big holders that manipulate the price, but you might earn a bit of $ from it in the short range aka mt.gox announce to add it to their trading). and

Mastercoin / https://bitcointalk.org/index.php?topic=265488.0;topicseen (which has already been funded with 5000BTC to kick off with the development)

Don't make the same mistake I did wasting my time on other failing alt coins.. Undecided

Hope this info helps you decide where to start.

Good Luck.

I am not sure if this is the right advise.
Newbies can also experiment with mining and trading and learn the alternative points of crypto world.
Also do not want to advertise, but think that Stellar is great project and the price is really stable for months now. It can be a good way to invest. You can check it out.
BR
G

exactly. or dogecoin, reddcoin. cheap altcoins to play around with

gondel

legendary

Activity: 1946

Merit: 1005

Quote from: mishax1 on October 26, 2013, 02:12:45 PM

Just giving you a heads up, 99% of the alt coins are a waste of time and do not fulfill the main concept of the digital currency concept.

Invest only in Bitcoin (BTC) , it has more support and interest than any other coins(projects).

Although you might still find other projects with great support (either in great developers or they are heavily invested by many), like

Litecoin (which suffers from a few big holders that manipulate the price, but you might earn a bit of $ from it in the short range aka mt.gox announce to add it to their trading). and

Mastercoin / https://bitcointalk.org/index.php?topic=265488.0;topicseen (which has already been funded with 5000BTC to kick off with the development)

Don't make the same mistake I did wasting my time on other failing alt coins.. Undecided

Hope this info helps you decide where to start.

Good Luck.

I am not sure if this is the right advise.
Newbies can also experiment with mining and trading and learn the alternative points of crypto world.
Also do not want to advertise, but think that Stellar is great project and the price is really stable for months now. It can be a good way to invest. You can check it out.
BR
G

exoexo

newbie

Activity: 31

Merit: 0

It's impossible to "invest" in bitcoin only. Investment portfolio should be diversified, you know. One should access risks and mine different coins, bitcoin is good, but it is not everything.

favdesu

legendary

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Merit: 1000

Quote from: Istaria on March 18, 2015, 06:05:11 PM

Quote from: favdesu on March 18, 2015, 05:59:37 PM

I think 2-3 altcoins are fine. I recommend bitshares & NXT + respective Assets. You need time to do a proper research though!

I think what you really need to do is not to go in more than you can afford to lose - completely.

indeed, but that counts for every investment.

lyth0s

legendary

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World Class Cryptonaire

Most altcoins are completely junk I'll give you that.

There are however some altcoins that fill roles that bitcoin currently does not.

For example if you want a truly anonymous coin you'd need to have Monero.
If you think that decentralized assets will become a bit hit then either Counterparty, Etherum or Aetherum would be a few good choices.
If you think that SuperNET will succeed potentially having a small amount of bitcoindark would be a good investment.

Stay AWAY from Ripple centralized scamcoin and pretty much every other altcoin out there.

Bitcoin is 100% guaranteed to succeed in my opinion. After that I give Monero a good shot due to its anonymity. Whether or not a small amount of counterparty and bitcoindark is worth it to you depends on how much you want to gamble/speculate.

Don't gamble any of your coins. Don't believe any investment site. Keep your coins on your own secure trezor/cold wallet etc. Come back in 5 years and profit Cheesy

gentlemand

legendary

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Welt Am Draht

Quote from: mrhelpful on March 18, 2015, 06:10:23 PM

If any newbie is to decide on a alt coin, I suggest who actually needs or uses them.

eg: Just-dice - huge dice site that only uses alt clam coins, that would be your only reason to jump on alt coin.

Unless its a similar scenario, I wouldnt jump on any alt coin unless its being actually used in demand at a high volume.

I think that's where a surprising newcomer might appear from. There are certain apps and sites with millions of loyal users. If a coin was introduced to them it would instantly become a major player.

mrhelpful

legendary

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If any newbie is to decide on a alt coin, I suggest who actually needs or uses them.

eg: Just-dice - huge dice site that only uses alt clam coins, that would be your only reason to jump on alt coin.

Unless its a similar scenario, I wouldnt jump on any alt coin unless its being actually used in demand at a high volume.

Istaria

newbie

Activity: 42

Merit: 0

Quote from: favdesu on March 18, 2015, 05:59:37 PM

I think 2-3 altcoins are fine. I recommend bitshares & NXT + respective Assets. You need time to do a proper research though!

I think what you really need to do is not to go in more than you can afford to lose - completely.

favdesu

legendary

Activity: 1764

Merit: 1000

I think 2-3 altcoins are fine. I recommend bitshares & NXT + respective Assets. You need time to do a proper research though!

Istaria

newbie

Activity: 42

Merit: 0

Quote from: ?? on ??

Bump.(will delete even if no one replies within 24 hrs)

Quote from: Birdy on October 26, 2013, 05:24:43 PM

=snip=
Something to read:
http://themisescircle.org/blog/2013/08/22/the-problem-with-altcoins/

That was an AMAZING read. Please don't delete this Muhammed. I don't agree with 100% of the points in it, but it's intelligent, clear and raises some great questions.

Definitely deserves to be on page 1 of the Newbie forum (so that people like me can read it Tongue

)

Thank you!

Ist.

jabo38

legendary

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Merit: 1001

mining is so 2012-2013

Quote from: uininPeter on October 26, 2013, 05:32:27 PM

Quote from: SkillfulHacking on October 26, 2013, 02:27:58 PM

What is the hold up with mt gox adding LTC? I thought it was supposed to happen in August? They do not seem to be very vocal on the issue.

I would preffer if MtGox start sending people withdrawals in timely fashion. For now, MtGox is big no no for me.

You became my hero of the hour! Great insight on MtGox man. BTW... What coin do you suggest? hehehe

OlliBrandt80

member

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I was thinking that Litecoin and Dogecoin is good altcoin! And now after MtGox crash Bitcoin is more volatile and it's more difficult to mine

dinky1s

newbie

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Merit: 0

Amen brotha gustav

gustav

hero member

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Merit: 500

if you are not prepared to be sherlock holmes on your investements stay away. But if you are capable of independant thinking, proper learning, analysing and research and are also prepared to stay cutting-edge information-wise you can seriously earn your ass off with those alts. (remember nxt made 3,5 MILLION PERCENT for the early investors - that makes it one of the best investements at that time in all of human history)
First learning certainly will cost you some in the beginning. Altcoins are not for everybody - 90%-swings can be seen nearly every day in both directions and the scammers are everywhere.
But if you are of above average intelligence and are ready to invest a lot of time on learnig and researching - yes you can earn a lot.

have you guys seen aurora? from less than a dollar to more than 25$ a coin in under 3 days. That was crazy. Things like that will happen again.
Sure someone will hold that bag with aurora when it crashes back to 1$ ... but that were the people not doing their research and thinking or it were people that gambled and lost.

op, it is not congruent to push mastercoin while you talk bad about other altcoins. But yeah, what ever ...

GAML

full member

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Quote from: Mike Christ on October 26, 2013, 02:16:46 PM

I can vouch for this; don't ever trust anyone pushing a coin that isn't Bitcoin (or possible Litecoin.) The scheme is to create a coin just to short it and abandon it; this requires people to put their time and effort into adopting the altcoin and putting it on an exchange. It's nothing more than a movement of wealth to the original adopters (sometimes involving a pre-mine) from whoever decided not to cash out.

I do agree that there are a lot of altcoins that are a waste of time. The only issue I have is how I can possible mine bitcoin when I am a GPU miner with a hashing speed of 2190kh/s. When I looked at mining bitcoin with my rig by using pools such as middlecoin the amount of BTC I would get doesn't cover the electric cost. I would be mining at a loss? Is it still possible to profitably mine BTC using GPU?

postingthatsmypurpose

newbie

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Thank you

that's very useful. And may I ask, how can I make btc? Im new here

dinky1s

newbie

Activity: 3

Merit: 0

Right, but the dollar used to be relative to gold; then that changed and the dollar now fluctuates based upon amount of fiat printed (simply put). So while BTC is the standard NOW, what happens when it falls out of favor or there is a coup of multiple alts?

I would agree that BTC may be better to mine, but not everyone of us are mining. Some of us are speculating and trading, so there are some ALTs that show great promise, at least short term...as the popularity rises, so does price. Buy low, sell high.

Topic: Newbies, stay away from altcoins. please (Read 9142 times)