Topic: [POLL] What current alt crypto-currency do YOU believe in? (Read 5933 times)

all the posts re feathercoin feel so frenzied

I'm backing LTC and have 1 rig mining FRC as pure speculation

There seems to be alot of hype over feathercoin.  Are there alot of big players behind it or something?

[NVC]Novacoin

Alt-Bitcoins are the perfect way to give the lie to the idea that Bitcoin has an "early adopter" problem.  Bitcoin continues to hold value even though the majority "late adopters" could all flee to these alternatives.  That proves something.  A healthy competitive economy proves lots of things about the industry leader.

I am an altcoin fan, but Bitcoin is still my digital gold.

Yeah, I agree with your take on PPCoin, I think Proof of Stake is an incredible concept that could end up being very influential in crypto coins.

I just wrote a guide relating to PoS minting -> PPCoin Proof of Stake Minting Setup Guide for PPCoin, a lot of people don't really "get" the upside of PPCoin I think.

Well there are many dif denominations of every currency, one being less rare than the other. I look at Bitcoin like a 100 dollar bill, LTC the 50 and so forth and so forth. I much rather pay 30 of some other coin than pay out a .00568466846564654654686876 of a BTC lol.

Honestly a very good question.. When I first heard about any alt-coins, (I think IOC was the first I was aware of?) I thought the same thing.. Then I suspected as so many do they only served to ease early adopter envy, and give others the chance to try mining on a small network like Bitcoin once was. Then of course I realized that the majority of people were simply trying to use them as pump and dumps to get rich quick.. I will even admit I mined a bunch of IXC with my only intention to exchange them for BTC and turn a profit.

Now, I see it a little differently. We have some good alt-coins around now with seemly good intentions of becoming useful, and not just an overnight fad. The reason I believe we have so many alts and that they will only continue to rise in popularity is that people simply like to have choices. It's part of our nature, we don't like being forced into a single option. Some people just like the fact they get to choose, some people enjoy the research that goes into making that choice. Bottom line, you could say that all currency's are just a product offered to satisfy a need (to perform transactions, store of value, etc..) and since there is a market for this type of product, many different products will show up and compete for your business.

Specifically as to why would there be two identical products in the same market? In this case it does heavily play to the favour of the early adopter seekers, hopefully not so much the pump and dumpers but it could be useful if Bitcoin ever runs into any scalability issues that take significant time to address. It's pretty much a cliché since it's been used so much, but Bytecoin could be the best silver to Bitcoin gold around.. Just as well designed, but lesser value just because it isn't as popular.

What again is the utility in having a second bitcoin? We already have bitcoin, we dont need another one.

Thanks! I really do believe BTE could become popular some day, just takes people like us to help kick things off..

As far as I am concerned gratuity is never expected, but always welcome and highly appreciated I updated my sig with a BTE address, thank you!

Great post!  +1.0 BTE if you'll send or post an address.

Bytecoin; because it is an exact replica of Bitcoin, which is already proven it can be trusted, and is useful.

I think many people who love Bitcoin also may wish to become involved with or use at least one of the alt-coins either now or in the future. Many alt-coins to date have anywhere from slightly modified to completely changed how the currency operates, where instead the Bytecoin is an exact replica of the tried and tested Bitcoin.  Those alt-coiners who still think Bitcoin is a fantastic cryptocurrency would probably prefer an alt which is an exact replica, yet still due to adoption and utility is a less valuable coin. Bytecoin has a long way to go before it is considered valuable, but we already know that so long as there is a diverse set of miners splitting the network one can trust it to be secure. As long as a slow and steady adoption occurs, the network will become strong enough to be as trusted as Bitcoin is.

tl;dr - If you like BTC, and are interested in alt's, why not one that's exactly the same with a different name?


edit to add:

The only CON I can see with Bytecoin is that the name is so simular to Bitcoin it could cause confusion.. yet it really is an awesome name for an alt-coin IMO

Bitcoin didn't hit the scalability limit, it forked because the arbitrary anti-spam cap of different versions didn't match. That's why altcoins are useful insurance in case bitcoin adoption outpaces technology.

Except those aren't theoretical future problems, it's happening right now in front of our eyes, at a speed that stresses the developers to keep up.

Back when ppcoin was released (just less than a year ago), any new coin can barely get past $50k market cap for months. Now they get to $1M market cap in days. You can ignore these signals all you want, but I take those 'whispers of the market' seriously and study them, because I have a lot of faith in free market. Even if you don't care about the low end of the market, just look at litecoin's market share, it gained on bitcoin massively since last year. Both facts indicate that market now has much more preference for diversity than last year.

So what happened since last year? 1) debut of ASIC in bitcoin mining; 2) bitcoin blockchain hitting scalability issue. The situation in cryptocurrency is quite different from metals. Different metals have different properties, only gold and silver are most suitable as money. All the clones of bitcoin basically have the same property as bitcoin, so if you have to make analogies to metals, they are more like coins from different mints, of different grade/purity, but of the same metal.

10k overnight could mean that value has been created instantly by copy-paste, or it could mean that people are throwing money at anything they think could make them bitcoin millionaires. I wouldn't read much into such a low cap after such a short period. The market for currencies has already spoken several times throughout history, with most cultures tending towards fewer metal backings over time.

If the reason for multiple coins is just theoretical future problems then it makes sense to have some altcoins as insurance, but to use the most popular suitable coin for everything else in the meantime. If anything, people would trade a basket currency of multiple coins, rather than limiting each coin's use to a particular class of goods. We didn't see people using tin coins for stagecoaches because they were worried about gold transmutation or El Dorado.

Beautiful post hehh heh

If bitcoin were perfect in all aspects maybe this argument would hold some water, however I highly doubt that's the case.

I think market has already spoken on this matter, just look at the money flowing into altcoins, any blatant copycat coin can get to 10k BTC market cap overnight.

Scalability concerns and the uncertainty of proof-of-work concentration are the top two issues that are eroding bitcoin's dominant position.

what coin do i believe in? like what do you mean? are these coins like unicorns and wizards or something, bearded sky gods chucking lighting books from the clouds? for crying out loud they are currency a freaking medium of exchange. i have a good or service i need in exchange for one that you have. we use coin as the intermediary. it like language you can have hundreds of languages to exchange ideas. if two people don't share a language they get translators. coins are the same thing. if i don't have the coins you want i trade mine for those and give you them, then you provide the good or service.

what is so hard to understand about that?

Anyone can buy LTC, and mining a low diff coin provides no more value than an equal amount of mining on a high diff coin; mining profitability of both will balance over time. There are actually fewer options for FC because it's accepted in fewer places but is otherwise identical to LTC. It doesn't solve any problems at all. And since both are deflationary by design, they both encourage "hoarders".

https://en.bitcoin.it/wiki/Myths#21_million_coins_isn.27t_enough.3B_doesn.27t_scale
If Bitcoin ever becomes widely accepted, people will decide they just want "just ONE mBTC". They wouldn't want the nice round number of 1 BTC any more than a nice round $1 million.

There's nothing actually restricting coins to a particular use, so people would avoid exchange fees and technical complexity and gravitate towards fewer (if not only 1-2) currencies.

I didn't add it because it's merged to BTC's blockchain. Being alongside bitcoin, I was sort of directing poll toward alternative crypto currencies. I sort of figured moreso toward scrypt as it can add a slight advantage when ASIC's are flooding the market.

namecoin should be on there especially since development is taking off and the whole .bit concept