There are so many copycats of Bitcoin. Do you think any of them will succeed? - page 2.

AldenHurley

newbie

Activity: 12

Merit: 0

Quote from: Lethn on December 26, 2013, 07:53:12 AM

You do realise don't you that there are coins out there while using code from Litecoin etc. that have devs who actually know what they're doing and are just using the code sample as a starting point? I do agree a lot of coins are crap though, I don't know how the hell Doge coin for instance got onto Vircurex.

The issue is that the algorithm must be the same across all systems and maintain consistency from the inception of the coin. Since all blocks, historical and new, must adhere to the algorithm any changes to it potentially invalidate (or worse change) previous transactions. Copiers of other algorithms may have dev teams that know what they are doing, but their only hope for differentiation if they are using a copied algorithm lie in marketing and infrastructure.

arcke

newbie

Activity: 46

Merit: 0

Theres so much more to discover after bitcoin and our first advances in cryptocurrency.

http://invictus-innovations.com/protoshares/

http://vbuterin.com/ethereum.html

Every day brightens my eyes more than the day before it.

dejikocv

member

Activity: 70

Merit: 10

I think there are enough market to have different coins. Bitcoin was the first, so it is going to be always the most important, but there some new crypto with potential, like namecoin.

It is really interesting to study about the new coins, and try to search the best one to invest, because Bitcoin is out of my possibilities.

CryptKeeper

legendary

Activity: 2044

Merit: 1055

Quote from: doriangray on December 26, 2013, 04:42:38 AM

I vote Yes!

I think few other altcoins will succeed and have you heard about Nxt? 100% Proof of Stake and was built /designed from scratch. It is environmentally friendly when it comes to power efficiency while using an average PC. These are some the advantages of Nxt to other altcoin plus it has a great community support. And Nxt might be the next big thing after Bitcoin.

So we'll just have to wait and see...

+1

jongameson

member

Activity: 84

Merit: 10

LiteCoin is an acceptable replacement. only time will tell..

tracphil

member

Activity: 74

Merit: 10

I have recently switched from BTC to NXT.

It is not a clone of BTC, it is java based and pre-mined so all coins that will exist already exist. There are a lot of donations going around now so all you have to do is get an NXT address and ask for donations.

The coin will officially be launched on Jan 3, 2014.

There is no mining since it is a Proof of Stake currency instead of Proof of Work. The way you can get coin in Proof of Stake is by foraging as opposed to mining.

http://en.wikipedia.org/wiki/Proof-of-stake

No high-powered machines required!!!

Lethn

legendary

Activity: 1540

Merit: 1000

You do realise don't you that there are coins out there while using code from Litecoin etc. that have devs who actually know what they're doing and are just using the code sample as a starting point? I do agree a lot of coins are crap though, I don't know how the hell Doge coin for instance got onto Vircurex.

HappyFeet

newbie

Activity: 3

Merit: 0

With bitcoins going the way they are, it seems likely it will drag a few alts with it. In the short term, many of these will perform quite well. In the longer-term, probably only a few with stand-out features will gain some kind of parity to BTCs.

yatsey87

hero member

Activity: 840

Merit: 509

Quote from: hostmaster on December 26, 2013, 05:53:25 AM

I think copycats can benefit long term but short term they really confusing new people. We still need to find best ideal coin. But there should be out there good authority to check all coins before they released at least some standarts...

I'd say it's the other way around. They benefit in the short term by people getting in early and making a quick dollar, but in the long term they'll be worth nothing and forgotten about.

hatemjapo

newbie

Activity: 7

Merit: 0

i dont think they will succeed, bitcoin is too strong now and it keeps growing

hostmaster

sr. member

Activity: 266

Merit: 250

I think copycats can benefit long term but short term they really confusing new people. We still need to find best ideal coin. But there should be out there good authority to check all coins before they released at least some standarts...

yatsey87

hero member

Activity: 840

Merit: 509

Quote from: Reece523 on December 26, 2013, 05:47:27 AM

Quark (QRK) seems like a winner to me. It seems like exactly the kind of coin we need in an age where privacy is so hard to come by.

What makes quark superior to Bitcoin, and what makes it so private?

Reece523

member

Activity: 84

Merit: 10

Quark (QRK) seems like a winner to me. It seems like exactly the kind of coin we need in an age where privacy is so hard to come by.

yatsey87

hero member

Activity: 840

Merit: 509

Quote from: bithernet on December 26, 2013, 05:14:07 AM

Quote from: jonanon on December 26, 2013, 04:50:55 AM

There are some good alts - but the majority are pointless.

It's a shame people keep creating them!

Angry

Human Beings are selfish. The reason why people keep creating so many different kind of AltCoin is because of jealous (to earlier bitcoiners).
"We are too late to catch up with the bitcoin revolution, so create a new one, change the rule to benefit ourselves. What a good idea!"

As a decentralized digital currency, do we really need another coin?

It's not really jealousy, but maybe greed. And no, we don't need any more copycat clones, unless they offer something unique or revolutionary. So far 99% of these alts do not.

whiskers75

hero member

Activity: 658

Merit: 502

Doesn't use these forums that often.

OMG DOGECOIN SUCH CURRENCY WOW SUCH MINING PROFIT OMG I'MMA SPAM IT ALL OVER BITCOINTALK

....I feel your pain.

Watchy312

member

Activity: 193

Merit: 10

Quote from: bithernet on December 26, 2013, 05:14:07 AM

Quote from: jonanon on December 26, 2013, 04:50:55 AM

There are some good alts - but the majority are pointless.

It's a shame people keep creating them!

Angry

Human Beings are selfish. The reason why people keep creating so many different kind of AltCoin is because of jealous (to earlier bitcoiners).
"We are too late to catch up with the bitcoin revolution, so create a new one, change the rule to benefit ourselves. What a good idea!"

As a decentralized digital currency, do we really need another coin?

Of course there is a big chuck of this but there is still a high probability that something else will take over bitcoin in the next few years.
You just need to check about past technology breakthough to believe about it

bithernet

hero member

Activity: 661

Merit: 503

A simple and secure Bitcoin wallet!

Quote from: jonanon on December 26, 2013, 04:50:55 AM

There are some good alts - but the majority are pointless.

It's a shame people keep creating them!

Angry

Human Beings are selfish. The reason why people keep creating so many different kind of AltCoin is because of jealous (to earlier bitcoiners).
"We are too late to catch up with the bitcoin revolution, so create a new one, change the rule to benefit ourselves. What a good idea!"

As a decentralized digital currency, do we really need another coin?

bithernet

hero member

Activity: 661

Merit: 503

A simple and secure Bitcoin wallet!

Quote from: yatsey87 on December 26, 2013, 04:49:34 AM

Quote from: bithernet on December 26, 2013, 03:26:15 AM

I vote to "all copycats are trash".

Depends on your definitions. I think some will be worth something in the long run, but most of these clones that spring up everyday wont be worth anything in the future.

jonanon

full member

Activity: 154

Merit: 100

There are some good alts - but the majority are pointless.

It's a shame people keep creating them!

Angry

Msile

hero member

Activity: 658

Merit: 503

Quote from: doriangray on December 26, 2013, 04:42:38 AM

I vote Yes!

I think few other altcoins will succeed and have you heard about Nxt? 100% Proof of Stake and was built /designed from scratch. It is environmentally friendly when it comes to power efficiency while using an average PC. These are some the advantages of Nxt to other altcoin plus it has a great community support. And Nxt might be the next big thing after Bitcoin.

So we'll just have to wait and see...

The problem with NXT is that the early investors have all coins, they will make huge profits will newer investors have high chance of becoming bagholders. All coins have to be sold to be spread into the world. Peercoin however is better imo, even though it's not 100% environmentally friendly, it is going to be it when mining is pretty much finished.

Topic: There are so many copycats of Bitcoin. Do you think any of them will succeed? - page 2. (Read 2162 times)