I started looking into this much too late, so altcoins are really my only viable option for understanding just WTF is going on with transactions, mining, pools, so on and so forth without wasting a lot of time and effort.
The more I read up on it the more I'm interested in Bitcoins, but since I don't have any use for them right now I'm not about to run out and convert my cash into bits when the price is so high/volatile. It makes much more sense to me to burn up my graphics card over the weekend to make an altcoin than to do the same for a satoshi or two.
Topic: Newbies, stay away from altcoins. please - page 7. (Read 9229 times)
I love all kinds of coins 
Most of this advice is sound. Although, if you are a gambler, its the most speculative investments that will give the highesr ROI if it does succeed. But I do think that with bitcoin gaining so much popularity, it will overshadow all other coins. Unless ofcourse another coin adds features sorely missing in Bitcoin. But yea, unless you know w hat you are doing, dont p ut any significant money into these alt coins, unless you want to take a gamble at getting rich. Dont spend your lunch money though 
Why? What's the difference?
I actually don't see bitcoin fully usable by the public.. same for the alts of course.
Mastercoin's project actually looks very promising, and to think I sold 2/3 of my coins like an idiot..
Mastercoin's project actually looks very promising, and to think I sold 2/3 of my coins like an idiot..
Agreed, most of other currencies will fail eventualy. Bitcoin is good enough. Most of people will stick with mainstream currency, most sellers will support bitcoin and will not implement something else. All media knows bitcoin as crypto currency and no other.
How about buying 40 litecoins right now for $150 ? Is there hope for its price to double in next year, what do you guys think
No offense, but the day that people started the ASICs arms race and killed GPUs for bitcoin mining, they fell from the top of their high horse. Yes, some alts are shitcoins, but you actually lost reason to complain when you pre-ordered your BFL or KnC.
Now, we agree that most alt-coins will not survive and people holding them for months, will become empty handed. However mining them and trading for BTC up to a week after being mined, is what was left for small/casual miners.
Further, people complain about wasting power with GPUs. Do you have an idea how much water, power, chemicals, capital, human work, etc... is wasted on making chips and bitcoin mining rigs that are not useful for anything else?
Now, we agree that most alt-coins will not survive and people holding them for months, will become empty handed. However mining them and trading for BTC up to a week after being mined, is what was left for small/casual miners.
Further, people complain about wasting power with GPUs. Do you have an idea how much water, power, chemicals, capital, human work, etc... is wasted on making chips and bitcoin mining rigs that are not useful for anything else?
I would only bother with these two..
Bitcoin (SHA256) can only be mined profitably on custom ASIC hardware (the Elites choice, and centralizing fast!)
and
LiteCoin (Scrypt) can still be mined on PCs (still the peoples printing press, and likely most decentralized)
Bitcoin (SHA256) can only be mined profitably on custom ASIC hardware (the Elites choice, and centralizing fast!)
and
LiteCoin (Scrypt) can still be mined on PCs (still the peoples printing press, and likely most decentralized)
I would suggest investing in some of the Altcoins since Bitcoin has already went up so much..
don`t stay away from alt-coins! just be carefull! if everybody is going to stay away from alt-coins then we shall have only bitcoin and that`s it! for a decentralized monetary sistem it can`t be just 1 or 2 crypto currencys
Everyone that tell you to stay away from alt-coin is a lie... they are secretly buying them.....
Thanks for the advice in this thread,
I had started looking into various alt coins and it was getting a bit overwhelming so I think I'll divert my efforts into some more trustworthy idea.
I had started looking into various alt coins and it was getting a bit overwhelming so I think I'll divert my efforts into some more trustworthy idea.
It only take 20-30 minutes for my LTC to get around, but my BTC takes a solid hour or longer for 6 confirmations. Other than speed though, BTC has the obvious edge.
All you need is 1 confirmation to be reasonably sure, 2 confirmations almost sure thing. The 6 confirmations is just unnecessary too much. Only once I saw 10+ confirmations to be orphaned when the blockchain splits between 8.x and 7.x versions
Alt coins have kept my GPU's relevant. Mostly LTC. I think their speed offers a better way to move money/coins. It only take 20-30 minutes for my LTC to get around, but my BTC takes a solid hour or longer for 6 confirmations. Other than speed though, BTC has the obvious edge.
Do your due diligence before you want to invest. Some altcoins have great potential for profits if you invest in the right thing at the right time.
So you have to be good daytrader. If your not and hope some altcoin will have future use, it is big gamble and very likely you will end with nothing
Do your due diligence before you want to invest. Some altcoins have great potential for profits if you invest in the right thing at the right time.
So you have to be good daytrader. If your not and hope some altcoin will have future use, it is big gamble and very likely you will end with nothing
Do your due diligence before you want to invest. Some altcoins have great potential for profits if you invest in the right thing at the right time.
yes i agree, Like if you invest in CGB now
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.
Surely MegaCoin and TAGcoin are good investments?
lulz
I was always suspicious of Litecoins. I got the impression that people are hoarding them in hopes their value will jump like Bitcoin. Without active circulation I don't really see this happening for them.
Yeah, Litecoin has even less traction than Bitcoin, and Litecoin's the most popular altcoin by a long shot. There are a number of believers on here and I do think it can have further usability someday but as it stands, I think we would do better trying to get just one crypto-currency as common place before worrying about another, and Bitcoin takes the cake when it comes to familiarity.
Yeah, I mostly thought the same but am seeing a large up tick in interest in Litecoin. There could just be something to it.
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