Topic: Reality check on alts - page 2. (Read 3856 times)

Why do you constantly troll every OP on this site? If anyone deserved to be banned it is you.

You know what, This chat has built up my enthusiasum again, I should just do it, I have a coin producer all ready lined up, If you can help with nodes/getting onto pool's/PR work then watch this space, I will link on this thread my announcement.

Please note, This will be a "not for profit" coin, Made with fast turnover and some other nice features, I want to do this, Spread the word!


https://bitcointalksearch.org/topic/m.8602694

True, But under the surface, Their has to be either a pre-mine or an IPO for them to have coins to give away in the first place. Hence "premineplus"

I like the idea tho, I am seriously re-considering starting one, Then after some time of me mining openly after launch, Give some away as a promo.

The best alts are the ones with free giveaways. Last week there was reserveshare and today I just learned of premineplus. Nothing beats getting to try a brand new altcoin for free! Also, these fair distributions are a huge positive for the coin's future.

I happen to know of a project which is entirely focused on ideas / discussion and adoption, with the technical knowhow in the community and dev team to make virtually anything required or requested. If you'd like to join in discussion and float ideas about with like minded people, then please come in.

Been searching for ages LOL This is an old thread mind! https://bitcointalksearch.org/topic/ann-yes-another-scrypt-coin-created-by-you-555633

i wanted to create a coin made for US, all of us, Not just one person, However I could not get everything in one place, I needed one pool, One exchange, and some people to PR, It never happened.

I have lots of great ideas, Unfortunately not the tech knowhow 

What was your idea, any links? I'd be interested to read it

I'm sorry that you're unable to read and comprehend the simple post that i made.

Devs will be rewarded for work they actually do. Not pressing copy and paste then dumping their 1% premine after making empty promises.

Try using some form of logic to justify your empty rants. Anti-capitalist? un-American? haha please ...

Explain to me in detail how the premine being held by escrows and released for continued support and not empty promises results in genius committed devs getting paid zero for their innovation and hardwork?

As far as i am concerned the developer can have 10% of the minting released to them over a reasonable time period for work they put in. There simply needs to be measures put in place to stop the constant zero post dev teams cashing out their premines/instamines for doing ZERO.

Sounds to me you're part of the scam zero post dev teams that dream up great ideas for coins then actually provide ZERO results other than dumping the premine/instamine and popping up under another ZERO post account to do the same all over again.

Please come back and provide some coherent discussion so that i may try to understand wtf you are talking about.

"Communists like CryptoHunter... have created the Scam Alt Assembly Line." - please explain fully your statement, i am actually interested in how i have achieved such a thing. Seems more to me that devs holding their own premines/instamines and zero day listings on exchanges have created this. Your claim is actually almost madness. If a true communist approach was employed at all there would be zero incentive for new scam alt coins to be released each day but then there would hardly be reason for any new innovation to be released hence why yes the developers should be rewarded well for what they actually produce. The net gain from most of these scam alts released daily goes to the dev teams, the exchanges and a few lucky dumpers.

Really your post is quite amusing to me. Please feel free to thrash out the details here so that i may enjoy your powers of reasoning a little longer.

The solution to the endless stream of scamming alt coins being released daily is simple. Take away any motivation to release these scam coins. Any serious devs that have real plans for their coins will get larger rewards than the usual 1% they are allowed to premine perhaps 10x more. However, only if they are serious devs and actually do provide something along the lines of the promises they make at the start. As the coin rises in value then yes the devs should be given funds to put into place the resources they require for further development. Sadly trusting zero post devs with this so far has resulted in most coins being pump and dump scams.

The latest scam i notice by the dev teams that  do make an effort to stick around is this...... create some fud, then vanish for a few weeks, wait for everyone to assume the project is dead and was another scam, buy up all the coins cheap then appear with a fix to the fud and some excuse why they vanished. Price sky rockets and they cash out again. Even with escrows holding premines and instamines, this new cycle of "fud and fix"  needs to be looked at. I don't say regulation is the way but certainly a noob guide to warn against widely used scam tactics.

Ok, thanks for the explanation, I understand the difficulties in trying to build crypto in a FIAT system, I did miss understand a little, It sounded like you were trying to get the banks to accept your coin, My bad, What your doing is great and really the only way to do it, Virtual commodities are still widely not known, Let alone even used, As you say we have to use the banks in order to spread the word, Use them as a platform.

I am mostly fiat free  I have been working for three years to break away, But When it comes down to it, I still have the ball and chain government with me, I still have to have a bank for some bills, But I pay rent directly in BTC, I pay someone in BTC for my fuel/shopping/dentist/prescriptions and the like, But most people even here still say "what is a bitcoin?"

We have a long way to go, Keep fighting!

I am building a company that depends on working with banks, and licensing authorities. I am not trying to legalize anything, I am just abiding by the rules. If I don't then I go to jail. It's that simple. So the strategy will be to work with what is legal and then introduce crypto currency if we need to.

Banks have their regulations and you can't bank with them if you don't follow them. The central bank in each country guides them, and they like to control the money supply and keep it stable, so they are very cautious with regards to Crypto. However, we are already going to bypass banks, in paying out amounts via Tagcoin. But we still need them for the money to flow in from advertisers, most of who don't use Bitcoin.  We will be accepting Bitcoin and Tagcoin as a payment system for the loyalty points subscription system, or for buying Tagcash advertising points, but we cannot drop the use of banks at the moment.

Untill everyone lives in a digital currency world, digital and non digital need to work together. And anyone who wants to do anything serious in USA, India, China etc, needs to know the regulations and laws in each country. No point in trying to fight it - the majority of people don't care what they use to pay for something, points, crypto, cash or credit card. Just have to make it as easy as possible to get money in and out, while still keeping the authorities happy on aspects of KYC and AML. Otherwise, as I said, for the operators like myself, we go to jail. That's the real world.

@ tagbond, Thanks so much for sharing your story, There is something I just dont understand, Why are you trying to "legalize" a digital commodity?

I am from "back in the day" where the idea was sold to me before the idea of being rich, The whole idea of Digital is supposed to by-pass the authorities and build a person to person based community, Where we decide where our money goes.

Please see this as educating question, I am not attacking what your doing, I need to say that as reading text composure cannot be detected.

Just thought I would give my 2 cents worth here...

I created Tagcoin a year ago (hybrid PoW, PoS), no premine, no ideas to get rich from it - it was purely a marketing exercise to see what would happen, and to use within our rewards system. Things didn't go quite to plan - merchants prefer the points system to the unpredictable crypto, and we had to drop support for cryptocurrency in our digital wallet system at Tagcash (at least for now), due to Central Bank advice while we go through bank licensing process in Philippines. Since I have already invested over $3.5m (mostly for capital requirements to become an approved EMI in Philippines), it was prudent to follow their advice. Our market is not crypto currency but the $20 billion remittance market, the digital wallet market and outside of the Philippines a loyalty reward and affiliate platform.

As far as tagcoin is concerned, we need a way to pay out our referral and affiliate points (merchants buy Tagcash points, and we give 50% those points to users who share the adverts on facebook, twitter, and other sites, a bit like google adsense). Since we don't have MSB licensing in USA, or EMI license in Europe (yet), then we will be paying out in Tagcoin that users can immediately sell back to us for BTC if they want (at slightly lower price than Cryptsy etc), sit on them and make 5% interest per year, or sell to a merchant who can buy more tagcash points and the cycle repeats.

I know we could use Bitcoin, but we wanted to have our own branded but decentralized coin. The real world use for us is there - we don't have bank accounts all over the world to pay users, we don't want to (or in some cases cannot) use Paypal, we cannot pay into digital wallets (internally) with real money or crypto in USA (no MSB), we cannot even provide digital wallets in India due to RBI restrictions, but worldwide we can use the loyalty points system and pay out to external wallets, legally and with no hassle using Cyrpto. The more we grow and pay out the more Tagcoin we have to buy, and I guess the price will rise - I am not saying that we will be as big as Google in advertising, lol, but certainly over time I expect the company to support a multi million dollar crypto market cap, with a real need, not just fake pump and dump schemes.

As for investing in other coins, I would be most interested in investing in one IF there was a company behind it with a real reason for it to exist. As far as I know, 99% of altcoins go high on launch, while people speculate, and then drop like a stone. Tagcoin was no different either, but I always thought it went too high (thanks to the Chinese influence 9 months ago). Now it has a better base to work with, with a small market cap that we can use to handle our external payment system and the capability to grow with us over time.

most new alt coins are dead in 3 months time

out of the monopolies i'm technically more bullish on Litecoin now .

https://bitcointalksearch.org/topic/the-oracle-of-crypto-digitalindustry-trading-investing-fundamentals-advice-760879

basic explanation is Bitcoin monopoly is broken LTC monpoly probably cant be broken.

so BTC becomes the play thing of the new mining monopoly, (if they don't own the cap )

and support the one they do.

thats the cold hard reality.

You can tell this alt industry has turned into just a profit making machine for coin launcher and exchanger.
When you see like 10 different names or gimmicks for "investing" in the coin before its launched, and all these crazy mining/pre-mine rules.
Dev uses best tactic to insure secured investment or secured coins before coin lists in exchanger, Dev is guaranteed some profit. Poor investors and or miners try and trade/cashout what they can once hits exchanger, and exchanger makes its fees. (Throw in the mining pools ect) This Alt market have become a refined money making machine for a few select, and sadly its not the average miner or coin investor. Nothing different here than in the "regulated" world. Select make money, most loose money.

Best thing to do is mine a coin and once it hits and exchange sell 75% of the bag because most Alt coins will decrease in value in a short time.

Totally agree , the community should work on a way to get rid of all those scamers .




Stealing other people's work ... sadly that could be too a good definition on what today is called capitalism .



Devs should being paid , but ... ¿it's necesary premine for that? , I think no , there are other ways , for example creating royalties that will grant the Devs a percentage of the money that people invested on his coin at the exchanges during certain time . That will stop most of that scam coins and probably will be more profitable for the devs on the long run if his coin is accepted and has succes , so if They want real money They will have to really work and develop his coin stoping the "hit and run" tactics . Also I think it will be a positive incentive for investors that want to fund a crypto .

And exchanges have little to say here about paid the devs a percentage if the community decide that is a good idea to stop scamers and to grant the devs some money for his work , if a exchange refuses to do that the altcommunity should start a boicot and stop using that exchange until they accept , but I can't see any reason why They should refuse give a royaltie to the devs , at the end who is going to pay is the user of the exchange that is going to be charged with a little more fees ... so the question here is if the community will agree to pay a little bit more fees in order to bring more security against scams and pay the devs for his work .

Probably most of you will think that this is a crazy idea that makes no sense and that situation will be corrected by itself over the time and that the scamers will dissapear ... I really doubt since everiday more and more people is discovering the cryptoworld thinking that every new coin is going to be a succes like bitcoin just because They saw some nice promo for that coin , there will be always n00bs to scam , it's a top rule on economics . Probably this is no the best idea , but I think that the community should start thinking in solutions instead being shouting scam ! on every new coin and cheap talking about how bad are the scamers .

Ah yeah I remember those days, around Nov-Dec last year and into Jan-Feb as well when alts were going crazy and every day a new alt would be up 100% and several up 1000% in a matter of days. It's funny in the world of crypto, BTC is the base/safest of them all, while the world views BTC as extremely volatile.

BTC was going up.. towards the end of the rally alts starting out performing BTC on percentage basis. So I got greedy.

During the correction BTC only lost half its value. But alts returned to their base and many even much much lower.

There is always the flavor of the month with alts.. They rally then collapse, then the new hype comes along and repeat. There is nothing to stop market entry for alts, but BTC will always have first mover advantage. That history can't ever be changed.

Why did you think that "investing" in alts would maximize your profit?