Topic: What is the point of creating all these new coins ? FC ? (Read 1379 times)

it's fun... doesn't have to be logical

Personally I think scrypt is the way to go.

BTW it's FTC not FC 

Disclosure: I hold/use BTC, LTC & FTC

It's just  like creating a new religion.
Create your own and then you may act as God, as long as people follow you

new coin = more money

You should try CRC AKA: Bitcoin Testnet. :-)
https://bitcointalksearch.org/topic/crazy-rabbit-coin-aka-bitcoin-testnet-the-best-alt-coin-out-there-190696

I love to see ShibajiCoin 

Well - at least looks like they get something of value in exchange for them. This gives me inspiration to try one 

There is room for Feathercoins. Nobody can remember 2000 different altcoins. Once there are enough successful altcoins, no others will gain traction.

Because some guys here have nothing to do and have no special skill to do things. They take LiteCoin source code, replace /LiteCoin with /FeatherCoin, change value of some constants, build a binary file, make some posts to ask people to download and start mining.

One month later, they still find themselves have nothing to do. They take FeatherCoin source code, replace /FeatherCoin with /RubberCoin, change value of some constants, build a binary file, make some posts to ask people to download and start mining.

2 months later, they still find themselves have nothing to do. They take RubberCoin source code, replace /RubberCoin with /RockCoin, change value of some constants, build a binary file, make some posts to ask people to download and start mining.

......

After 3 years, there are about 2000 altcoins that was created in such a silly way

You don't see control and creativity - ownership of something by creating it, in some theories the very basis of how ownership comes about in the first place - as being relevant?

You don't think an artist / creator views his/her creation/currency as mis or her "baby"?

That seems very naive.

Nations don't want to be beholden to the plutocrats already existing, they want to be their own plutocrats, so they create their own currency. Same thing with many/most (all?) altcoins.

(Of course it is "politically correct" to come up with rationalisations to disguise or distract from this core motivation but how many of the people does that fool how much of the time?)

-MarkM-

Sorry - this mockery is not appreciated. Different countries created different mode of fiat as it is controlled by respective government. Apples and oranges. Unfortunately seems like your understanding about global p2p currency is flawed.

Thanks for sharing your thought process anyway ... "sheesh!"

Why does the USA have dollars, when pounds already existed?

Heck look around the worlld to find the last fifty or so nations created, what percent of them created a new currency instead of just using any or all of the already existing currencies?

Heck why do poor folk have babies, is it really because rich folk aren't producing as many as are needed so the burden falls upon poor folk to keep the population from decreasing?

Sheesh.

Why do novels keep getting written? Aren't there more than anyone can actually read in a lifetime already?

-MarkM-

Thanks for all your inputs. Much appreciated.

You know, people said exactly the same things about LTC when it was new as you're saying about the other altcoins now. You can scoff all you like, but none of us has a crystal ball and you should entertain the possibility that coins like FC will see the same sort of success that LTC has already found. There are a lot of people kicking themselves for not being more open-minded with LTC.

The point is the market needs them.


Should there be just 2 Brands of everything?

2 brands of Cars? 2 brands of Beers?

2 brands of clothes?



They exist because there is a market for them and a community to support them.

Well the reason doesn't change. If it has utility, it has perceived value. If it has perceived value, it has actual value. Exchanges provide liquidity. Is that a good thing? The market will make such determinations. You can vote with your dollar. People will speculate. Services will come and go. And in the long term, it will do 2 of two things: Increase in value, or become worthless. But the exercise itself has GREAT value as a social experiment and democratic process by which we evolve our own future in determining and exchanging our wealth, and calling it 'mumbo jumbo' really doesn't do the lessons learned along the way justice. Lessons like how NOT to create a valuable cryptocurrency.

Bitcoin and Litecoin has already established their uniqueness and presence. My point is towards the other knock-offs, not BTC or LTC.

No, not really.

Any alt-coin has value for the same reason Bitcoin has value: People believe it does. What's more is exploring new ways of running the system is actually a very important part of learning about the technology.

Take Litecoin: People are positioning it as the silver to Bitcoin's gold, implying that it's not as valuable. But while that's true today, there's a lot of good reasons why it may in fact be worth more than Bitcoin in the future. The fact that it has quicker verification may turn out to be more valuable in the marketplace, and once it goes through the same maturation process Bitcoin had to go through with getting people to adopt it and use it, we may find people prefer it to Bitcoin, making it worth MORE as a currency. The fact that this is mathematically provable that this makes things like 51% attacks MUCH more difficult means that the fundamentals of Litecoin may in fact be stronger than Bitcoin, and the reason it's not worth more is simply because the market hasn't caught on to that fact. Yet. So we see Litecoin's price rise. Slowly. For now. And we see people adopting it. Slowly. For now. And when we have merged wallets that express things in whatever currency we want and automate exchanges between them so even casual users can take advantage of these things, we'll see the price go up more. And then you'll see media hype around it. And you'll see it go up really fast. And then the hypers will cash out, and you'll see it go down, fast. But ultimately, it has a fundamental value that's tied to it's utility, and the more adoption it sees the more utility it will gain, and the more it will be worth.

Exactly! So these are really killing the alt coin concept. If this continues, all this crypto mumbo jumbo will die soon enough.

I think it's ok to have more coins. More coins means less centralization. If somebody came with a machine to print money and buy all BTC, then we can (and should) go to LTC, or other one.
The value of each coins can be 0 or 1000, doesn't matter.

As long as I mine "jhonDoeCoin" and somebody accept "JDC", then everybody is happy.