Topic: Newbies, stay away from altcoins. please - page 2. (Read 9229 times)

The thing about the gold, silver, gems and stocks is that they are are relative to the dollar, in the same way that altcoins price directly correlate with Bitcoins price. Because altcoins are exchanged for Bitcoin rather than actual physical currency, the price of altcoins will always be dependent on Bitcoin to succeed.

Of course, the amount of a Bitcoin each altcoin is worth is dependent on other factors, such as popularity and acceptance. The reason 42coin is worthless to mine is that it has neither of those two - sure it's worth a lot, but its far more profitable to mine something such as Dogecoin.

So what makes BTC and LTC better than anything else?  OP states they are both "better supported"....well, going off that, if another alt is "better supported" wouldnt it overtake BTC/LTC? 

Its like saying you should only buy gold or silver, but not diamonds, rubies, emeralds, or oil futures or apple stock.  they're currencies and will be worth whatever the market provides.

what about 42coin that is worth what 100x BTC?

Hear me now believe me later...

Bitcoin & Litecoin will be replaced.

The only question is what replaced them.

There will be a time to trade out your Bitcoins & Litecoins for something else.

Since when has the Beta ever got it perfect?

Trading alt coin to BTC is new commodity, open a new market.
I just try invest in one alt coin, wait and see.. Invest in BTC big risk, Big profit.

Been reading info for noobs, here and at other places.

Lots of people tell the newcomers to just invest in BTC by buying them.

However, I know people who mine for altcoins and succeed.

So it looks like it makes perfect sense to go for certain altcoins as long as you're careful and know what you're doing, don't you think?

I think it is too early to tell what purpose the altcoins will serve. But I find each of them equally fascinating. I hope they all make it the moon!

But doge is very coin, such wow :<

I invested in NEM. Let's see what happens.

mining probably...investing probably not...

I pretty much agree with OP, and believe 99% of altcoins are just for pumps and dumps.
You may get profit/loss with short-term trading though...

I was told Memory coin was worth mining and investing in - isn't tht true?

This is all very confusing for me, too many options. But I have quite a few friends recommending NXT and NEM. What do you guys think about them?

OP here..   check this out! - https://leancy.com

I got into this late November starting with an Nvidia card (465 gtx - now doing 140 is kh's thanks to Cristians latest cudaminer - must send donation...) of all things....

First mined bitcoin but learned quickly that this wasn't going anywhere. Then started mining LTC which prompted me to 'upgrade' to an AMD card and press two other pc's into service, one with an AMD (7870) the other inheriting my old Nvidia. Running at +- 700kh/s now combined. This slowly got some results but still more on the glacial side of progress....
Now have completely switched to altcoins since about mid Dec in terms of mining which are then exchanged to btc / ltc. Doge, some multipool bits & pieces and now some '42 coin' for a couple of days to see how it goes. Got some 150 'Dents' since lunch today. Not much but..who knows.....

Slowly accumulating some more long term coins (mainly LTC) and 'careful ' daytrading' now sometimes brings me 3 or 4 times what I can mine in a day. Slowly starting to see an exponential curve to take hold as each successful swing earns more & more coins. Not doing it for the $ btw. Purely to increase my coinholding eg a short is fine if it increases my coins from when they were sold. Without alts I'll be dead in the water with my hashrate...

A lot is philosophical for me. I abhor central banks / international banking and have so for a long time. So I have to passionately support this - hah a peer to peer currency backed by trust by the community using it - see ya to the banking system once we can pay for day to day things. Best thing that has been invented since the .308 and the internet. And I can't wait to see the epic struggle to come when we get critical mass....So go mine altcoins and be merry methinks.

Hi there!

You can try to warn of altcoins but it seems that is why many new people become attracted in any cryptocurrencies. Obviously some of them will waste their time and power for mining "nothing" (while some will make good deal, even very short-term before currency dies) but it could be lesson why main currencies are stable and more trustworth than short-living alternatives.

However I don't exclude that some (really really very few) altcoins could stay with us for years (and that's again why it is so attractive to "just try" new coins). It's just a business like many others with many pros and cons - the difference is that some things happen here faster.

Only mining here and for the BTC or LTC it is really impossible.

cheap mastercoins https://www.masterxchange.com/market.php     you should hurry...

This is 100% true.

See this is the opposite of what I've noticed. Yes, bitcoins and litecoins are sound investments because they're basically gold and silver, but most of these other altcoins can be traded for either of them, and my hashrate gains me a lot more net profit by mining these altcoins and trading them for bitcoin or litecoin immediately. So while the altcoins might be considered riskier, it's also a better investment to mine them outright and trade them for the more well-known coins. That's just my perspective, anyways.

Being all in Bitcoin to start out with is excellent advice.  Don't try to chase the pump coins like doge or sexcoin.

They are intentionally pump and dump coins to get founders their money quickly in the short-term and leaves many holding the bag.

CoinedUp.com is now exchanging btc for RonPaulCoin.  Both seem sound.  Any reason not to trust this exchange or the coin?