Topic: What makes altcoins valuable? - page 2. (Read 2105 times)

While a coin needs a good development team to get it going, it needs a reason to stay around in order to have real staying power. None of the clone coins have such a reason, so they eventually die out (after the inevitable pump and dump). Coins like litecoin, devcoin, ppcoin, and namecoin were unique enough to gain the critical mass that allowed them to survive.

Well, I never thought there won't be people who will disagree as it is obviously a "matter of life and death" here if coin is premined or not. It's kinda a movement, you're not cool if you don't write 2 premine posts per day.

I'd rather coin developer have nice chunk of coins than big farm owners who are jumping from one to other coin and have big chunk in all of them. I'll take individual premine over big "capitalists" raping coin by coin any day of the week. I feel more comfortable seeing loads of coins in dev's wallet, as long as he is half serious one, than in mining speculators ones.

Then he won't need to setup a bounty for development as you guys did the other day but will finance it from his personal coin wealth.

Premine moaning is pretty much like when Manchester United fans moan because there is City and few other clubs on the scene now and their club can't buy all the best players they used to buy for decades. It's only we that could do it, when other do, it's not the proper way. I'm devastated for them 

That's what people with 10 rigs do when creator premine some coins without really caring that their mining power is pretty much premine to some folk with lack of it. That's why I call it bullshit. If it would be fair game where everyone have same chance, than yeah, premine would be bad. Since it's not, creator would be stupid to stay "poor" while others are banking on his creation, no matter what kind of work is needed for it.

On the end of a day, the coin that is main theme of this forum is premined too by all premining definitions people like to talk about here. Yeah, coins were not moved but we never know they won't be at some time. So, premining is bit of traditional thing  

I disagree. How much work does it take to launch a new alt currency? It's not much, so why should the creator premine a bunch for himself? Why does he deserve it?

One reason why I created Litecoin was because almost all the other alt coins before it had a large premine. The ONLY reason to premine a coin is if the creator is greedy and wants to strike it rich. If not, then he/she should just mine it themselves. If they really believed in the coin, they would accumulate coins by mining it the whole time and buying it on the exchanges, and then work hard to make the coin gain acceptance and gain in value.

I spent very little time on the coding part when I created Litecoin. What I spent time on was on coming up with a process to launch the coin fairly. I also spent some time thinking of a good name for it. When it was released, I only had one CPU pointed at it, so I did not mine a lot of litecoins. And I've bought more litecoins than I have mined. That's because I believed in it and I worked hard to support it.

So no, alt coins should not have a premine. If the developers truly believed in their coin, they would be a buyer and not a seller on the exchange. I will never support a coin with a premine.

Lot of stuff...

Bitcoin - was revolutionary at the time created, huge community, press... nobody would look at it today though, very outdated. But it was first and ti will be first as long as something very, very innovative comes.

Litecoin - not original  all but the one that managed to position itself on the market and get big community of people, many of whom were bit late with bitcoins. Definitely the second one in some medium period.

Now about recent alts and why I invested some of them..

YAC - because it's kick ass coin that took some time to think and develop, different than any other, growing community, both developing and supporting ones. Proper coin, as far as my technical knowledge or lack of it could understand - technically the best coin on the market.

DGC - good name, pretty good community (with some boring twats but yeah, it comes with investing  ), active dev (though I don't like his approach sometimes, he takes too big profile for my taste at times)

GLD - best name out there by a country mile, if it manages to get over usual babycoin problems and if dev stops to be asshole at times, it might buy me a car in a year or two. GoldCoin is just a brilliant name.

WDC - well, not sure if I'm happy I've invested in this one as I did it in wrong time but there is still hope

MicroCash - have not yet invested anything in SolidCoins that will be converted to this thing but will look at it. Not a fan of is developer and don't really completely understand it yet but it looks original and I like that,, will certainly dig to it at some time to try to figure it out better.

Wouldn't touch anything else at the moment.


That's bullshit. If it is not acceptable for you, you don't deal with it and that's it.

Developers should make money from creating coins, specially those that stay around and take care about it. Why the heck would a dev who accidentaly has one rig only finish with 20 times less coins than some gpu farm bully.

It's not charity.

If I'd create a new coin I'd premine nice amount of it or would take care that I bank from transaction fees. If some self-precious moaner wouldn't like it, well, let it be.

Premine, premine, premine... most boring and twattish thing in crypto community. Can't stand "premine moaners"

the community that stands behind and support the coin they mine

To nitpick. YAC replaces sha256 with sha3, scrypt-salsa with scrypt-chacha, scrypt(1024,1,1) with scrypt(N,1,1), has 60s block time, diff and reward retargets every block, and includes NVC 0.4.0 Proof of Stake.

But of course a new UI would be nice.

I don't see why this isn't sufficient for YAC to succeed. People here usually see crypto as code, but the advantage of mining on standard PCs is huge. I haven't seen such an huge improvement jump on any other altcoin.

Or they just wait untill there is enough demand to dump their coins.
Just waiting a little bit longer makes them more valuable. That proves nothing.


Premining is never acceptable.* If they really belived in it they could mine for themselves and still make a fortune if the coin succeeds. At first there isn't much competition on a new altcoin and beeing a premined crypto scares a lot of people away.

*maybe if the coins will be sold at predefined prices and the money goes to charity.

The devs benefit by a high price too, so they have to make it successful to see any returns of their investments in coding and other labor they put in it.
Knowing the devs have 1,000,000 PXC is an assurance for me they will do anything in their power make it a success.

They didn't dump their coins, they tried to keep PXC of an exchange for an extra week, they created a free of charge escrow to prevent scamming, etc.

If they wanted it to be a pump and dump coin, the are pretty bad at it  

Well, yea, we always judge a coin on if any were pre-mined or not. Honestly I think we need to throw this out the window. Im not against a coin being pre-mined, only because those pre-mined coins can be a good idea to get an exchange started, a casino, giveaways, etc.
 And, if the coin is successful, should the development team behind it earn some type of reward for their hard work? I think so.

 Honestly It's not as big of a deal as what people are making it out to be. Still like I said, the dev. team behind PXC is doing great.

what makes alt coins valuable.  yes the development team.

by developers I mean the programmers.  how many years of experience.  how much code they've implemented.  how much cross functional experience they have in other fields. 

so in reality it makes the 2013 batch of alt coins worthless as they are all minor tweaks of the existing code base.  nothing interesting at all.  even yac just replaces sha2 with sha3.  no big deal.  still uses the same crappy peer to peer implementation, still uses the same crappy wallet.  that coin bay far is the most innovative but is still lightyears from being innovative.

Yup.

The investment made by the PXC developers (Phenixcoin.com, Phenixauth.com, PhenixST.com, PhenixTrader.com, Phenixpool.com and things to come) is larger than the value of those 1M premined coins.

1,000,000 PXC is currently worth a "staggering" 115 Bitcoins.

If they would dump it on Cryptsy right now, there isn't even enough volume to get to that amount.

I don't think they would waste all their efforts and good work by dumping their premined coins, it would be pretty stupid.

They give away coins in their casino to attract players (free roll games), they pay other (casino)gamedevelopers to work and create games, etc.
Nothing is hurried, they take their time and I prefer that over "pump and dump".

Maybe the launch of their coins was 2 weeks too early but I don't mind, I mine while diff is low

speculation

copy coin is not a gamble. you dont lose anything if you coins go straight to bottom
its a way to make quick money

Copycoins are gambling. They just hope they aren't the last ones to exit.

Innovative coins are hedging, if something goes horribly wrong with BTC maybe a different coin will survive.

even thought the "developed team" of PXC premined 1M coins?

True, it is the devs. Thats why I believe PXC should start rising in value, although at the moment not enough people are getting behind it because they are all distracted by all these other shitcoins -  Other than that, I believe NetCoin will be the strongest, I think NetCoin will be the best new alt to come out in months - Great team behind it, doing everything right -

I disagree. The people follow a good dev team. Once you have the people, though, you no longer need the original dev team. Bitcoin is an example of that.

And smoothie, I said to keep this thread not about Ripple.

My rebuttal to that is...because it is still closed source your comment is invalid in my view.

The community can't give proper input based on actual FACTs from the SOURCE CODE.

The only fact that exists is that ripple is being "developed", closed sourced, and centralized. But that is going on looking at OpenCoin's actions.

Ok i'll stop there.

The people.

The interesting part about this is that doing something different that makes sense and has practical value implies a good initial development team. Love it or hate it, this is why Ripple is still around. Let's not make this a discussion about Ripple, though.