Topic: Rule #xx of the internet: there is a cryptocurrency of it. (Read 1055 times)

A good example of this "copy-paste mentality" that you speak of is the launch of a new coin called "Particle". From the opening post:

This says it all.

Research "51% attack" aka "50+ % attack".

A meme conjured up over-night enough hash-power to PWN any scrypt coin other than Litecoin.

In other words, basically all the scrypt coins other than litecoin are garbage, train wrecks waiting to happen, piles of "other people's money" waiting patiently for some "lets rob the bank" meme or whatever to pop up overnight and PWN them.

It is criminally irresponsible, criminal negligence, malice aforethought or some such to even consider urging anyone to throw away their money on such crap, a total deliberate scam, deliberately bilking people out of money for known scams.

Note, for scrypt read GPU, since any GPU-mine-able coin other than litecoin is likely so low in number of dedicated GPUs defending it that not being specifically scrypt probably makes no difference, overnight enough GPUs could be raised just by a stupid meme to PWN any of them.

-MarkM-

MarkM, what are you saying in your last paragraph? I'm trying to figure it out, but just can't. Could you rephrase?
In my opinion Worldcoin looks like something that could have some longer lasting value than these other crappy alto's out there (like DOGE). But I think your point is intriguing.

Huh? I thought Cryptsy was the most massive scam-of-the-day exchange of all?

Isn't that the whole point of Cryptsy, that every scam and its dog(e) is on there?

And being really fast to add new scams is just means being one of the fastest at listing the new scams.

Try maybe an exchange that actually waits to see whether a coin burns out, whether it consistently has more than half the hash power or just keeps ending up with less than half and even maybe less than the latest scam of the day, stuff like that.

Consider Feathercoin and Worldcoin for example, they have less than half the scrypt hashpower, plus have so pathetically little of the scrypt hashpower that a new coin out of the blue (DOGE) had way more hashpower than either of them maybe even more than both of them added together. In other words both of them are patheticly insecure garbage that could be PWNed any time just  by an internet meme. This time the meme said mine DOGE instead of saying PWN such and such a crapcoin, but any coin that has so little hashpower than a meme can overnight raise more hashpower than it has is a train wreck waiting to happen, thus either a scam or criminal negligence or some such (it is criminally irresponsible to encourage people to waste their money on garbage that can be wiped out any time just by a meme...)

I don't know of any responsible exchanges, really, since even VIrcurex has so far failed to list those two garbage coins even when it listed the meme (DOGE) that showed up just how uselessly pathetic / vulnerable they (Worldcoin and Feathercoin) actually are.

It should have de-listed them, and maybe not even bothered listing DOGE even though DOGE provided the proof the other two were PWN-waiting-to-happen garbage.

-MarkM-

Yes, and as a miner myself, I really like this development. I hope it will keep spreading a long time, and in the mean time I'm having great fun times with these crazy coins. But still, sometimes there is a realization that it's all so empty, devoid of any meaning or value.  

Good one! What would you consider the serious, responsible exchanges, and what the scam-of-the-day exchanges?

Take for example Cryptsy: where would that exchange fall in that spectrum? I dislike the site for its slowness, unresponsiveness and almost impossible deposit and confirmation structure. What I like about Cryptsy is that it does support the most alt-coins out there though, and staff seems to be trying their best to cope with all the issues that arise with the explosive growth of the site. There have been rumours though that Cryptsy asks money (in the form of BTC) from coin devs for getting the coins added to their exchange. (Note: these are rumours!)

CoinedUp: the last couple of days this site is really fast in adding interesting new coins. is improving, and has no fees! (although that will change in 2014). Staff seem like very nice guys, working hard to improve the site. I quite like CoinedUp to be honest. And they have a good sense of humor, shown through their CAT/DOGE trading market  

Coins-E/CoinEx/VirCurEx: I haven't used these exchanges to be honest. Maybe someone who has can shed some light on these.

But still this causes certain issues concerning power, governance, and trust. Who has the power to declare a coin "serious", or "conform to the rules" (what rules, by the way?). Will this happen through voting? Or a dedicated team of approvers? Aren't we destroying the key points of cryptocurrencies then, in that there should be no main 'governing' central authority?


Some issues to think about.

Dear sir, in what way am I wrong, in that there is a debate on something?

What is wrong?
What is right?

Are these the questions we should be asking ourselves? I don't think so. I think I'm making the same point as you. I am just saying that we should be aware of what kind of market we are creating here. How does the value of these coins arise, and what does that say about the current state of this community?

As long as people buy those coins from miners !

I think there's a lot of value in the fact that these small altcoins are attracting the attention of people holding large amounts of bitcoin and effectively moving that wealth around.

Nobody is paying cash for these. It's all based on bitcoin and as long as bitcoin is being spread around, we are succeeding.

One "quality mark" already exists:

Has the coin been listed on a serious, responsible exchange or only on the scam-of-the-day exchanges that regularly add all the latest scams to their listings?

-MarkM-

Cthulhucoin is not new 

We should organise a quality mark. Make a website for it where we together decide what the minimum required points are for quality coins. This doesn't hold back that "dump" coins will still be made, but at least the more serious coins have a label.

New coins that come/arise could then get a quality mark and get on a online list if they conform the rules specified for the quality mark. I think that if the quality mark will get enough faith by the people... it will have a lot of value.

Like "Coin approved by Bitcointalk: Rating: 8/10"

you are wrong. one sell, another buy and if you remove the fee it's a zero-sum game, easy as that.
let the market decide, it's all speculation

Amen

So, with all the abundancy of new coins that are arising (Fishcoin , Cthulhucoin , Dubstepcoin , et cetera), isn't it time for an update or addition to rule #34 of the internet, when talking about a subject on the internet?

Rule 34: There is porn of it, no exceptions.
Rule 35: If no porn is found at the moment, it will be made.

(source: http://knowyourmeme.com/memes/rule-34)

But seriously: how far will this go? Are people also really taking some of these coins seriously in that they fill a certain need or could work in a certain target group? I remember reading a thread a couple of days ago about a guy thinking about whether to invest $10.000 (yes, ten thousand actual US dollars) in DogeCoin, or another alt-coin. Okay, DogeCoin, we got it, it was fun, ridiculous, and grew outside of proportions fast.

I also remember reading a thread about DiamondCoin, where some dude really saw actual potential in a coin like that. Let me quote two of his main reasons for DiamondCoin's possible success (according to him):


Okay DogeCoin was fun, and we made a lot of money. But at the same time it pointed at the idiosyncrasy of the whole alt-coin system, the pump and dumps, and the emptiness of coins that are based on nothing at all. If "real" money is created out of nothing, a trust in that it represents a certain value, what value do these coins that are based on an alternation of a cryptographic equivalent of this "trust" hold? How could this ever work? These coins have no long lasting value.

Are we still gonna be making money with these new coins? Hell yes. But if we do, what the hell are we doing or creating anyway!? Think about that for a moment. Please don't invest more than you can afford to lose into these coins, and don't take things too seriously. Or please do. But always think about what you are doing at the moment, and what an unique situation we are having here. Enjoy it while it lasts. I definitely will.