Topic: STOP MAKING ALT COINS!!! diluting value..... - page 2. (Read 2252 times)

Anyone with a brain can tell the difference between yet another altcoin and a decent altcoin.

While its possible to advise that the value of all coins is going to get effected, there is very little that can be done, except let people find out the hard way, as well as make sure you are not involved in it.

I think we are going through a very difficult time in we have a market that is getting bored with the stability and wants something to gamble with.

Its just like every get rich scheme, its its too good to be true, its too good to be true!

What do public schools have to do with crypto-coins?

I know this is going to come off insensitive, but I just can't help myself.  For the US portion of the crypto community, what are public schools teaching? I don't understand the need to try to control which coins are successful. Let the free market decide... period.  If a few coins break out into other markets, more power to them.  If these same coins become Fontas's pump/dump toy, more power to them. Too many central planners, that's how we got in trouble in the first place.

Support what you believe in, #$@# the rest of them.

Exactly. BTC and LTC are holding strong. That is because they have markets and it isn't just speculative money invested.

Pretty much everything else seems to be in a down trend.

The people mocking my post are not making valid comparisons. Also they are making assumptions about the level of understanding I have of economics.

I think they feel they need to defend their actions but I did not mean this as an attack on anyone in particular. I also have jumped on the alt coin band wagon with FTC and even mined CNC a little even though I was skeptical. After that though it started to get ridiculous and I could see where we were headed.

As for the Alt metals example. It is not a fair comparison. Every metal has different characteristics that distinguishes it from the others. Iron is not a suitable replacement for Gold and vise versa. Also even though you can mine more metals you cannot create new ones, the supply in the ground is unknown but finite. You can create alloys but in order to make steel you have to use up iron. Does CNC's creation use up another coin? I didn't think so

With crypto coins, anyone can come along and create another clone and say it is "original" with just a few tweaks and add more to the total supply. It might soar in value for awhile until the hype wears off and a newer "better" coin comes out the next week.
 
IF these coins are to distinguish themselves you need to be able to buy other things with them other then another crypto currency. Otherwise they are speculative value only and like I said the new ones are basically inflating the overall supply.

I had the same thoughts as OP.

Now I found that they do not affect BTC or LTC at all, altcoins are just a quick way to "scam" BTC and LTC out of greedy traders that want to be on the top of the bubble when it bursts, some end up at the top and some at the bottom of the bubble.

Also a bad comparison. FIAT currencies are for the most part domestic. Meaning the US uses Dollars and Cents, UK Pounds and Pence, etc. As an 'international' currency, we have........ BitCoin, LiteCoin, NovaCoin, PPCoin, MinCoin, TerraCoin, BBQCoin, CHNCoin, BitBar, FeatherCoin, FreiCoin, NameCoin, YaCoin, JunkCoin, IXCoin, DevCoin, ByteCoin, so on and so-forth, most of which are clones with a slight number change, essentially making half of them cents of a different color. It would be nice to stick with something that fills some gap in functionality, targeted uses per say. NameCoin was a good example, regardless of success or not.

Yeah, a better comparison would be: All you countries, Quit making your own FIAT currencies! Instead you should all be hopping on one grand currency, say the Euro!  Look how that went (is going).

Problem is we need to look past simply modeling after the old failed systems. I agree that a billion clones is not the answer, but neither is simply mimicking current thoughts on how an economy should work. I have no answers, but I do think experimentation is good and hopefully something useful and beneficial to all can come out of this giant laboratory.

You're forgetting that cryptocoins can be mined by anyone and fiat currency cannot. You're also forgetting that the value of these coins mostly has not been determined yet. When more goods/services can be purchased with crypto currency, maybe you can talk about inflation then. But for now, you really don't know anything about cryptocurrency economics.

People gives value to things, even money. So, more coins does not hurt. IF coins like YAC worth almost nothing is becaus epeople do not trust on them, but people trust on bitcoin and litecoin and their value keep constant/growing up.

In my oppinion, more coins does not affects other stablished coins.

I've got an idea for a new alt coin:

A 100 % copy of bitcoins with the name CopyCat Coins (CCC)

   

Not a good comparison 

QUIT SELLING ALT SANDWICHES!

There is only so many paninis out there that is going to be used for speculation and every new alt sub and burger that enters the market at this point is basically just inflating the supply of trade-able sandwiches and causing inflation just like with fiat currency!

QUIT MINING ALT METALS AND GEMS!

There is only so much gold out there that is going to be used for speculation and every new alt metal and gem that enters the market at this point is basically just inflating the supply of trade-able currency and causing inflation just like with fiat currency!

Don't know if this has been discussed much but the real reason why most of these Alt coins shit the bed recently isn't due to hasrate drop off or band wagon hopping or any other nonsense. It is a supply and demand issue.

There is only so much money out there that is going to be used for speculation and every new alt coin that enters the market at this point is basically just inflating the supply of coins and causing inflation just like with fiat currency.

One of the strengths of a crypto currency is that the supply is limited. This is great if the coin can actually be spent and has vendors like bitcoin and litecoin but with the alt coins it is only speculation that gives them value. It is the same pool of money that is treating the Alt coins as one group so every new coin is adding to the supply of coins and basically making them worthless. Older Alt coins are also getting dragged down and hurt by the ever expanding supply they have to compete with.

Of course people that want to make a quick buck can't help but make new coins in a pump and dump scheme.

Unless some of these Alt coins find markets for themselves they are only good for a quick trade when they first come out and there is hype. After that they will end up like FTC, CNC and the others.

Only Coins that can find a market will have lasting value.