Topic: The end of Alt-Coins - page 2. (Read 4528 times)

++1

That's exactly what it is.

Interesting. However, wouldn't the SC already in existence be equivalent to an 'mc premine'? Except with this model, all you have is a 'premine' and then a chance to gamble on what amounts to a coin toss...

Perhaps I am mistaken. If not...Damn, that sounds really bad.

There's no mining at all for microcash actually, it'll be some random investment thing where you invest your coins for 10 rounds in which there's a 50/50 chance it could increase or decrease each round.

I agree that he's had some good ideas, but he's just so goddamn manipulative, I can't trust a thing he says as being fact.

Ah I gotcha, many smart people have been pulled into his games. On balance, he wasn't entirely wrong or without good ideas, just not trustworthy. Unfortunately someone has to take the loss for everyone (I wish) else to learn .


On the nose, RS has instructed people to do just that. Apparently, MNC is just there for 'testing purposes' in preparation for microscam. '1/1 sc/mc' seems to be the exchange plan...That's gonna be an awesome premine.

I just dumped the last of my solidcoins there, I'm done with his crap.

There was some thread not long ago that seemed to imply the MicroCrash scam might be starting up again too.

To do with that same exchange also, advising to move your solidcoins there ready to trade them in for MicroCrash coins.

-MarkM-

I am fully aware of the owner, I refrained from mentioning it because I didn't want this to turn into a RS hate thread.  I used to have respect for him, I was an early adopter/supporter of solidcoin, and I'm now just realizing I was just another person he sucked in to his little games.

Also, I have this sinking feeling that SandyCohen (mincoin dev) is actually him.  Why else would he just show up again and make an exchange for it?

^ I've noticed those names too. They behave exactly as you said.

Wanna know something even more enlightening? The guy running the exchange is none other than the well known scammer 'RealSolid'. He abused his control over the centralized solidcoin (suddenly reduce block rewards to under .1 SC per block 'thereby increasing the value of SC already in circulation), and also scammed his own delusional little followers out of 250 BTC so he could release microscam. Of course, he's nearly as late as BFL.


These people have but one objective: helping themselves to the money of anyone who is foolish enough to follow.

The thing that makes me laugh is that some of these alt coins are literally turning into circlejerking cults where the leaders make large profits and the idiots that follow them will eventually lose.

Mincoin is a prime example of this. An unheard of developer (which is obviously an alias for someone else) releases a coin by way of proxy (SuperTramp) Over the first 8 hours (which was supposed to be 3 days) 9.36% of all the coins that will ever exist were mined.  How long will it take for the next 936000 coins to be mined?  325 days given the block target of 1 minute and 2880 coins mined per day. Seems a tad lopsided.

What happened after that?  A new exchange shows up to support it, the owner of that exchange starts giving away money to people who spam about Mincoin in various places, and now gives away 10 MNC for simply making a trade on said exchange, encouraging pointless trading, and we now have a solid collection of ridiculous people who seem to want the same kind of gratification and sense of belonging that a cult provides. zacho56 runs a silly blog (and apparently has a drug problem, and uses the same nickname everywhere on the internet), tyler of altclub profits from prostitution, vipah, who obviously holds a lot of mincoin, will go ape shit on anyone who wants to discuss the facts about how ridiculous the early mining bonuses were.  You can clearly see people who hold leadership roles and people who can't see what's going on, or don't care because they feel part of something.

People are being scammed into throwing more of their money into this coin, not realizing that the only reason it's going up is because hardly anyone is mining it (and even if they were, the amounts are irrelevant compared to the early adopters) and their tiny little community keeps putting more money into the system of maybe 4-500 users (blatant guesstimate, I have no data to back that up ;-)

whew. had to get that out.

Moar like TurdCoin amirite?

When I see the improvements from FirstCoin to SecondCoin. I literally can't wait for ThirdCoin.

I still intend to launch ThirdCoin, around 2016-11-11T03:57:33Z (estimated time of the next Bitcoin halving).  Thirdcoin will have a testnet, which I should probably launch earlier.

In the meantime, I still like Bytecoin, Terracoin, and BBQcoin.  I'll probably be happy to facilitate trades in lots of different coins, but that's a lot of blockchains to maintain.

ShamWowCoin!

Alt coins are getting like those late night infomercials you see on TV peddling instant beauty/fitness and other snake oil.
 

Namecoin is a differnet animal.  It attempts to deliberately serve a niche market (domain name services) in a novel way, and does not attempt to compete with Bitcoin as a general medium of exchange.  All the others are trying to compete with Bitcoin in it's own world.

Well ithink you forget NMC.. xD

It's a good coin, nice technology, and just 10 millions, and each time a domain is created well, 0.01 is destroyed.. so... i think this coin maybe will have great value...

maybe i'm wrong xD

Excellent point -- if one of the alt-coins comes up with an interesting idea that starts to prove out, the main Bitcoin client can fork with that added to it - and in the process decimate any desire for the alt-coin. The process would be similar to larger companies buying out smaller ones, except in this instance the idea is merely co-opted at zero cost.

Litecoin doesn't offer anything novel either, IMHO.  A shorter interval will permit greater transaction throughput on the low end, but still fails the promise of 'near instant' transaction confirmations.  In the long run, cutting the interval to one fifth of Bitcoin's will ultimately run up against network propogation delay times, resulting in exponentially increasing rates of orphaned blocks.  Using a GPU resiliant POW function (scrypt) is only a temporary restriction, since it's main limiting factor is deliberately high memory usage, and cache memory available to GPUs will continue to increase.  And ASICs can still be developed with sufficient cache memory to crush CPUs, which would happen as soon as the value of LTC were to increase enough to justify the initial research investment.  In the meantime, the huge memory requirements make an android smartphone version of LTC almost as difficult as a GPU miner.

And if I happen to be wrong about the value of Scrypt as a POW algo, Bitcoin could simply take that idea if LTC were to ever start claiming significant amounts of the market share.

My "pay attention" threshold is about ~25% of Bitcoin current network hashpower.

So if you can get anywhere near 22.5 Terahash/sec, I'll take you seriously. Otherwise, its just like a penny stock languishing in the trading range of 0.00 to 1.00.