Topic: Reality check on alts - page 4. (Read 3856 times)
Most alts are shit. Some devs have legitimate good intentions about what they want to achieve with their projects, but most of them are there exclusively to scam and move BTC to their pockets. This is a fact and we see it daily, just look around the alt section, its a total wild wild west.
my thoughts :
you make a lot of obvious points, but then end with a "could mining" punchline, do you realize i've explained how China is breaking the Bitcoin mining monopoly, and the only way that the original holders can try to hold that monopoly is to sucker some "greater fools" into "cloud mining", basically use their capital to fund further ASIC expansion to try to keep up wtih China and others.
I've also predicted that LTC will cross BTC cap , because it will be seen as the "better monopoly"
the Crypto currency market is about to change in a fundamental way I believe.
Yes, The obvious came firs as I believe it's lost on most people.
I hear you on the cloud mining, I don't think I said it right, I was aiming more towards hosted mining, But if a cloud mining service was really transparent, At what point would it become hosted mining?
alts with..
any premine even 0.01%
any instamine (ninja launch, or instamine settings)
zero post devs
All = potential scams, which is what most are.
There are a few dev teams that just keep launching coins, pumping and dumping their premines and instamines and starting new coins. This will kill nearly all alts eventually.
This board is the main jumping point for these scammers to get a foot hold. The alt section here has now practically killed any chance of people taking alt coins seriously.
Take away these dev teams premines and instamine pots of coins and you will see a huge reduction in the amount of coins released. That little 1% premine they keep dumping is all they need to keep pumping this crap out daily. Let's reduce it to 0% and see if they're so motivated.
If devs premine AT ALL = all coins should be held by escrow and released to the devs over time for continued suppport and development.
Instamine settings switched off fully.
Some alts have a future but many will not.
There is room for more than just BTC.
any premine even 0.01%
any instamine (ninja launch, or instamine settings)
zero post devs
All = potential scams, which is what most are.
There are a few dev teams that just keep launching coins, pumping and dumping their premines and instamines and starting new coins. This will kill nearly all alts eventually.
This board is the main jumping point for these scammers to get a foot hold. The alt section here has now practically killed any chance of people taking alt coins seriously.
Take away these dev teams premines and instamine pots of coins and you will see a huge reduction in the amount of coins released. That little 1% premine they keep dumping is all they need to keep pumping this crap out daily. Let's reduce it to 0% and see if they're so motivated.
If devs premine AT ALL = all coins should be held by escrow and released to the devs over time for continued suppport and development.
Instamine settings switched off fully.
Some alts have a future but many will not.
There is room for more than just BTC.
Funny I tried to gather hype on my coin which was no pre-mine, no IPO and only a few people who really "got" the idea was interested, If people cant feel like there in at the back door, They don't want to know. I lost intrest in my idea when 17 coins came out in the week I was planning
alts with..
any premine even 0.01%
any instamine (ninja launch, or instamine settings)
zero post devs
All = potential scams, which is what most are.
There are a few dev teams that just keep launching coins, pumping and dumping their premines and instamines and starting new coins. This will kill nearly all alts eventually.
This board is the main jumping point for these scammers to get a foot hold. The alt section here has now practically killed any chance of people taking alt coins seriously.
Take away these dev teams premines and instamine pots of coins and you will see a huge reduction in the amount of coins released. That little 1% premine they keep dumping is all they need to keep pumping this crap out daily. Let's reduce it to 0% and see if they're so motivated.
If devs premine AT ALL = all coins should be held by escrow and released to the devs over time for continued suppport and development.
Instamine settings switched off fully.
Some alts have a future but many will not.
There is room for more than just BTC.
any premine even 0.01%
any instamine (ninja launch, or instamine settings)
zero post devs
All = potential scams, which is what most are.
There are a few dev teams that just keep launching coins, pumping and dumping their premines and instamines and starting new coins. This will kill nearly all alts eventually.
This board is the main jumping point for these scammers to get a foot hold. The alt section here has now practically killed any chance of people taking alt coins seriously.
Take away these dev teams premines and instamine pots of coins and you will see a huge reduction in the amount of coins released. That little 1% premine they keep dumping is all they need to keep pumping this crap out daily. Let's reduce it to 0% and see if they're so motivated.
If devs premine AT ALL = all coins should be held by escrow and released to the devs over time for continued suppport and development.
Instamine settings switched off fully.
Some alts have a future but many will not.
There is room for more than just BTC.
Maybe I got lucky because I am Dutch and went straight for my countries coin, but I see a lot of stories where people put money into dying coins and scams and that is only can be bad for all cryptos in general. I do agree with the OP.
Should you guys ever come to the Netherlands Guldencoin is adding merchants almost daily now.
https://guldencoin.com/pay-here
Should you guys ever come to the Netherlands Guldencoin is adding merchants almost daily now.
https://guldencoin.com/pay-here
most alts are shite obviously
~CfA~
~CfA~
Hiya guys, I don't post alot here on alt's, I am involved and have been since LTC, I am more of an observer than a FUD spreader.
This is going to sound like a rant, But please read through everything, I really would like to hear another perspective!
People who reply with short comments like "your so wrong" without coming up with a respectable comment of opposition are not worth talking to IMO.
I started on LTC so I will start there, I only had a GPU or two on LTC when it came out, I mined a few coins, I cashed out a bit to help me offset the setup and power costs, It was failry easy to RIO back then, As more and more people jumped on this coin, My earnings went down.
Then we had the launch of a few more alt's, I jumped on those early, Mined a ton, Price raised, People jumped on, I sold out, ROI sunk like a stone.
You get the picture, I know we wont see the likes of them days again, But here is my point, All the time while this was going on, I was not mainly involved in BTC, Sure I was still mining, But half of my gear was in Alts. If I was to put in 100% to BTC I would be rich now.
I am not "dissi'n" Alts, I believe they have a place, I do still get involved in two coins, I will not name them here as I will not plug anyone.
People! Head my warning, 90% of new coins are Devs who want to get rich at launch!, It's a new wave of scamming.
Thats quite a powerful accusation yes? IMO no, And alot of people I know think the same, Any coin that needs a large IPO is not worth investing, A alt coin becomes popular and powerful if it is used, nothing else, Please stop sending Dev's money to start, The whole idea of a digital commodity is to spread the wealth, Do you think giving money to one person will make you rich!!
Personally we should just have a few alt's with different capabilities for different situations, There are now tones of crap coins, Every new coin takes a slice out of the pie as it draws more suckers in.
A few more points, Even though I mine LTC, I feel it's life has expired, Only the wave of new ASIC equipment has kept this coin alive, My reason? Look at the YTD LTC-USD It has constantly fallen in price all year! I believe in trends, If you can get in and out quick and make a few $$£ do it, Otherwise leave this one alone, Also, A fool compares any alts to BTC and says it's worth it, Anyone who compares one moving target and can say with certainty that it is justified alongside another moving target is just plain nuts, The ONLY justifiable argument I can see for this, If you accept that it's not worth it now, But believe in exchanging to BTC and holding for that to go up to cover the loss.
I know this is a little tl/dr But just a quick note on hardware, Well, we have come along way! I used 1KWh just to get over 1Mhs
Heres the big problem, It's still too geekish, If any developers want a good idea, I have two for free, To show we need to Take Mr government's hand out of our pocket, 1) Make a stand alone unit that does not need a host, They are coming out, But we need more work on this, As it is only the big $1000's units, What about the little guy who does not even know about CGminer? 2) we need a RELIABLE cloud source, The two big names at the moment are not transparent, They have no proof of anything, I cant invest in that, The others are all just scams, Even though PBmining for BTC is not transparent, It is still popular as there is not much competition.
Really what are your thoughts? If I feel you are posting crap to build your post count for adds, I will delete you.
This is going to sound like a rant, But please read through everything, I really would like to hear another perspective!
People who reply with short comments like "your so wrong" without coming up with a respectable comment of opposition are not worth talking to IMO.
I started on LTC so I will start there, I only had a GPU or two on LTC when it came out, I mined a few coins, I cashed out a bit to help me offset the setup and power costs, It was failry easy to RIO back then, As more and more people jumped on this coin, My earnings went down.
Then we had the launch of a few more alt's, I jumped on those early, Mined a ton, Price raised, People jumped on, I sold out, ROI sunk like a stone.
You get the picture, I know we wont see the likes of them days again, But here is my point, All the time while this was going on, I was not mainly involved in BTC, Sure I was still mining, But half of my gear was in Alts. If I was to put in 100% to BTC I would be rich now.
I am not "dissi'n" Alts, I believe they have a place, I do still get involved in two coins, I will not name them here as I will not plug anyone.
People! Head my warning, 90% of new coins are Devs who want to get rich at launch!, It's a new wave of scamming.
Thats quite a powerful accusation yes? IMO no, And alot of people I know think the same, Any coin that needs a large IPO is not worth investing, A alt coin becomes popular and powerful if it is used, nothing else, Please stop sending Dev's money to start, The whole idea of a digital commodity is to spread the wealth, Do you think giving money to one person will make you rich!!
Personally we should just have a few alt's with different capabilities for different situations, There are now tones of crap coins, Every new coin takes a slice out of the pie as it draws more suckers in.
A few more points, Even though I mine LTC, I feel it's life has expired, Only the wave of new ASIC equipment has kept this coin alive, My reason? Look at the YTD LTC-USD It has constantly fallen in price all year! I believe in trends, If you can get in and out quick and make a few $$£ do it, Otherwise leave this one alone, Also, A fool compares any alts to BTC and says it's worth it, Anyone who compares one moving target and can say with certainty that it is justified alongside another moving target is just plain nuts, The ONLY justifiable argument I can see for this, If you accept that it's not worth it now, But believe in exchanging to BTC and holding for that to go up to cover the loss.
I know this is a little tl/dr But just a quick note on hardware, Well, we have come along way! I used 1KWh just to get over 1Mhs
Heres the big problem, It's still too geekish, If any developers want a good idea, I have two for free, To show we need to Take Mr government's hand out of our pocket, 1) Make a stand alone unit that does not need a host, They are coming out, But we need more work on this, As it is only the big $1000's units, What about the little guy who does not even know about CGminer? 2) we need a RELIABLE cloud source, The two big names at the moment are not transparent, They have no proof of anything, I cant invest in that, The others are all just scams, Even though PBmining for BTC is not transparent, It is still popular as there is not much competition.
Really what are your thoughts? If I feel you are posting crap to build your post count for adds, I will delete you.
Jump to: