What is the purpose of altcoins and why there is so many of them? - page 2.

twister

hero member

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Quote from: European Central Bank on November 30, 2015, 06:17:04 PM

For dreamers and the unscrupulous to burn and make money? It's a natural human trait to try and best something disruptive. I wonder how many intranets there were before the internet won out.

Couldn't have said it better Cheesy

. People who couldn't catch the Bitcoin train, buy it in hopes that maybe one day these altcoins will bring the same result but so far nothing has came even close to that.

Quote from: eddie13 on November 30, 2015, 06:19:57 PM

Altcoins are a great testbed for cryptocurrency technology to try out new things in order for crypto to evolve.

They are trying out hundreds of ways to do things and finding out good ways to do things and ways to definately not do things..

I would much rather them be experimenting on shitcoins rather than experimenting on Bitcoin itself..

Also some alts are good companions to BTC IMO for there strengths of faster block times and some have increased anonymity protections that some may see very useful.

I guess this is the reason behind some of the coins to test out new technology but how to know which ones are shitcoins and which are not?

CryptoSporidium

sr. member

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Why are there so many rock bands? Chuck Berry nailed it down in 1955 with 'Maybellene', why all the copycat clones?

Mr.Postman

newbie

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Quote from: tokeweed on November 30, 2015, 07:52:20 PM

Quote from: eddie13 on November 30, 2015, 06:19:57 PM

Altcoins are a great testbed for cryptocurrency technology to try out new things in order for crypto to evolve.

They are trying out hundreds of ways to do things and finding out good ways to do things and ways to definately not do things..

I would much rather them be experimenting on shitcoins rather than experimenting on Bitcoin itself..

Also some alts are good companions to BTC IMO for there strengths of faster block times and some have increased anonymity protections that some may see very useful.

Yeah. And we're the test subjects. And they'll take your money while they're at it. Grin

That is really interesting but how exactly you can create an altcoin and attract people for that curency. Is there any e-book for that? For understanding how altcoin works and logic behind this?

coins4lunch

full member

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Am I EVIL? Yes I am

Some altcoins have faster confirmations than Bitcoin, so you can move them around more quicker. Also some are Proof of Stake, so you do not have to mine but hold to earn coins. But yes they are mostly existing to take your BTC Grin

Arrakeen

hero member

Activity: 532

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Offer escrow, receive negative trust

Some altcoins are created because people want to learn. Others, for greed. Some are created to free us from the grip of our current financial limitations. That's pretty much it...

Treat every altcoin as an attempt to scam you - that doesn't mean you can't play their game & come out with a profit though Wink

solstice

full member

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The purpose of altcoins is to obtain more bitcoin. Without bitcoin there will be no altcoins.

eddie13

legendary

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BTC or BUST

Quote from: tokeweed on November 30, 2015, 07:52:20 PM

Yeah. And we're the test subjects. And they'll take your money while they're at it. Grin

Sad but true.. Many ARE created for scam schemes alone..

tokeweed

legendary

Activity: 3976

Merit: 1421

Life, Love and Laughter...

Quote from: eddie13 on November 30, 2015, 06:19:57 PM

Altcoins are a great testbed for cryptocurrency technology to try out new things in order for crypto to evolve.

They are trying out hundreds of ways to do things and finding out good ways to do things and ways to definately not do things..

I would much rather them be experimenting on shitcoins rather than experimenting on Bitcoin itself..

Also some alts are good companions to BTC IMO for there strengths of faster block times and some have increased anonymity protections that some may see very useful.

Yeah. And we're the test subjects. And they'll take your money while they're at it. Grin

eddie13

legendary

Activity: 2296

Merit: 2262

BTC or BUST

Altcoins are a great testbed for cryptocurrency technology to try out new things in order for crypto to evolve.

They are trying out hundreds of ways to do things and finding out good ways to do things and ways to definately not do things..

I would much rather them be experimenting on shitcoins rather than experimenting on Bitcoin itself..

Also some alts are good companions to BTC IMO for there strengths of faster block times and some have increased anonymity protections that some may see very useful.

European Central Bank

legendary

Activity: 1288

Merit: 1087

For dreamers and the unscrupulous to burn and make money? It's a natural human trait to try and best something disruptive. I wonder how many intranets there were before the internet won out.

Mr.Postman

newbie

Activity: 42

Merit: 0

I mean we have bitcoin. Why there is some many alt coins in this business and what is the purpose of this?

Topic: What is the purpose of altcoins and why there is so many of them? - page 2. (Read 1932 times)