Topic: What's the deal with altcoins? - page 2. (Read 2069 times)
It's individuality and freedom. Those are the reasons for alt coin. People who push bitcoin and are against alt coin also worship god you would think. Destroy those who mock allah. Destroy those that mock bitcoin
Altcoins serve no useful purpose.
You will eat humble pie too.
They only distract people from the real battle being waged -- Bitcoin versus Big Brother.
Bitcoin is helping Big Brother. You are very ignorant.
Altcoins exist because too many people think with their emotions instead of logic.
Bitcoin solves a number of critical problems -- debt-based currencies with fractional reserve banking and central bank stimulus packages serve primarily to steal from the poor to give to the rich, and abuse of currencies makes socialism possible, again primarily benefitting the looters at the expense of the producers. Bitcoin can change all that and usher in a new age of prosperity, limited government, and increased personal freedom.
Altcoins serve no useful purpose. They only distract people from the real battle being waged -- Bitcoin versus Big Brother.
Bitcoin solves a number of critical problems -- debt-based currencies with fractional reserve banking and central bank stimulus packages serve primarily to steal from the poor to give to the rich, and abuse of currencies makes socialism possible, again primarily benefitting the looters at the expense of the producers. Bitcoin can change all that and usher in a new age of prosperity, limited government, and increased personal freedom.
Altcoins serve no useful purpose. They only distract people from the real battle being waged -- Bitcoin versus Big Brother.
Be especially careful with scrypt-based altcoins.
Whoever creates the first ASIC für scrypt, has the option is control the blockchain.
Whoever creates the first ASIC für scrypt, has the option is control the blockchain.
That thing would be so expensive to make... gpu will always be in the lead
there's no possible decrease in watts/gH that will justify the crazy price.
If people want to buy, let them. 
In fact, Litcoin are currently generated 8 times faster than Bitcoin.
Fire up those graphics cards!
In fact, Litcoin are currently generated 8 times faster than Bitcoin.
Fire up those graphics cards!
I had single HD7950 on sale, for a good price for a while, but last month or two I've decided to keep it. There were people calling me , asking for a crazy low price, trying to debate something like "nvidia card of the same level costs less , etc". I told them to buy that nvidia and leave me alone.
Yesterday same people started calling me, wanting to buy my gpu (not selling anymore, lol)
Talked with one of them about mining, hour ago, recognized him as a previous caller, so much lulz.Sold 15LTC in the summer, starting to regret a little now
Someone described Bitcoin as gold and Litecoins as silver. I think I agree with that.
That someone is the guy who created litecoin. It 's only a slogan but it seems that it works in people's psychology
Really? Why, LTC grow fast in value as well. Don't you think it's going to make it?
Someone described Bitcoin as gold and Litecoins as silver. I think I agree with that.
That someone is the guy who created litecoin. It 's only a slogan but it seems that it works in people's psychology
If people want to buy, let them.
In fact, Litcoin are currently generated 8 times faster than Bitcoin.
Fire up those graphics cards!
In fact, Litcoin are currently generated 8 times faster than Bitcoin.
Fire up those graphics cards!
Someone described Bitcoin as gold and Litecoins as silver. I think I agree with that.
What in God's name does this even mean?That LTC is a good 2nd coin.
I don't understand why there is so much demand for LTC. LTC-Global is closed, so is Atlantis. So the demand solely comes from speculation. Unlike the BTC, the LTC doesn't have any use as of now.
And like Erik mentioned, the alt-coins draw the bottom of the barrel speculator away from Bitcoin, creating a stabilizing effect.
Erik will eat humble pie.
TL;DR: don't fall for altcoins, unless you really understand the reasons for owning them
For example you missed the point that Bitcoin and Litecoin are insecure and will fail technically.
You won't convince many people to stop doing something they're currently making a bunch of money at. But unlike with Bitcoin the story driving their speculation is relatively unconvincing, so I suspect that when prices begin to stagnate or consolidate, people will get bored and nervous, and we'll see a flight to (relative) safety in bitcoin. Actually it seems like this is exactly what happened throughout the summer with litecoin.
And like Erik mentioned, the alt-coins draw the bottom of the barrel speculator away from Bitcoin, creating a stabilizing effect. Unfortunately this will lead to alt-coins getting pumped up during bitcoin hype phases, but likely this stored value will "gravitate back toward the centre" during periods of consolidation. That or the cryptocurrency market will prove to be too fickle to stably contain its liquidity, and the store of value promise ("gold 2.0") dies.
Something funny I noticed on Erik's reddit post. Top voted comment:
And like Erik mentioned, the alt-coins draw the bottom of the barrel speculator away from Bitcoin, creating a stabilizing effect. Unfortunately this will lead to alt-coins getting pumped up during bitcoin hype phases, but likely this stored value will "gravitate back toward the centre" during periods of consolidation. That or the cryptocurrency market will prove to be too fickle to stably contain its liquidity, and the store of value promise ("gold 2.0") dies.
Something funny I noticed on Erik's reddit post. Top voted comment:
Quote
A second block chain might be important for reasons yet to be ascertained.
Quote
"a company for carrying out an undertaking of great advantage, but nobody to know what it is" -South Sea Company
Notice the resemblance +1
Quote from: PenAndPaper
People think that bitcoin is unlikely to rise any more in value. 1000$ is a psychological barrier and it will not be easy to beat that.
Exactly. This is all it is. Take a Bitcoin fork, give it a name that suggests it's something original (Litecoin or Terracoin or whatever), and drive speculation money that's looking for a 'cheaper' alternative into it.
Bitcoin prices should immediately be quoted in terms of mBTC.
People think that bitcoin is unlikely to rise any more in value. 1000$ is a psychological barrier and it will not be easy to beat that.
On the other hand altcoins are considered cheap and with much more potential. It's a flawed logic but can fuel speculation easily.
On the other hand altcoins are considered cheap and with much more potential. It's a flawed logic but can fuel speculation easily.
You won't convince many people to stop doing something they're currently making a bunch of money at. But unlike with Bitcoin the story driving their speculation is relatively unconvincing, so I suspect that when prices begin to stagnate or consolidate, people will get bored and nervous, and we'll see a flight to (relative) safety in bitcoin. Actually it seems like this is exactly what happened throughout the summer with litecoin.
And like Erik mentioned, the alt-coins draw the bottom of the barrel speculator away from Bitcoin, creating a stabilizing effect. Unfortunately this will lead to alt-coins getting pumped up during bitcoin hype phases, but likely this stored value will "gravitate back toward the centre" during periods of consolidation. That or the cryptocurrency market will prove to be too fickle to stably contain its liquidity, and the store of value promise ("gold 2.0") dies.
Something funny I noticed on Erik's reddit post. Top voted comment:
And like Erik mentioned, the alt-coins draw the bottom of the barrel speculator away from Bitcoin, creating a stabilizing effect. Unfortunately this will lead to alt-coins getting pumped up during bitcoin hype phases, but likely this stored value will "gravitate back toward the centre" during periods of consolidation. That or the cryptocurrency market will prove to be too fickle to stably contain its liquidity, and the store of value promise ("gold 2.0") dies.
Something funny I noticed on Erik's reddit post. Top voted comment:
Someone described Bitcoin as gold and Litecoins as silver. I think I agree with that.
What in God's name does this even mean? I think it's important to understand what is going on. This is only my opinion, but feel free to correct or add anything.
IMO altcoins got popular for these reasons:
I see these reasons as the "perfect storm", the whole is greater than the sum of its parts. But it is also not sustainable. Newbies will learn the fundamentals, suckers from pumps & dumps will learn from their mistakes, the mining aspect will lose power (professionalization), built infrastructure will make Bitcoin more usable for day-to-day transactions.
TL;DR: don't fall for altcoins, unless you really understand the reasons for owning them
IMO altcoins got popular for these reasons:
- lots of newbies with regret and (incorrect) thinking in style "I missed the boat with bitcoin, what is the next big thing"
- pumps & dumps are much easier done with altcoins and on newbies
- GPU miners lost their profits when FPGAs and ASICs arrived and had to switch to something else. They suddenly became incentivized to promote altcoins
- all cryptocurrencies are currently more than 90% speculation. The network effect, that Erik Voorhees is talking about, is only semi-valid at the moment. When Bitcoin price will reach its full potential and the system becomes more like a transactional currency, network effect will cause the value to (finally) concentrate in one currency
- hype-price feedback
I see these reasons as the "perfect storm", the whole is greater than the sum of its parts. But it is also not sustainable. Newbies will learn the fundamentals, suckers from pumps & dumps will learn from their mistakes, the mining aspect will lose power (professionalization), built infrastructure will make Bitcoin more usable for day-to-day transactions.
TL;DR: don't fall for altcoins, unless you really understand the reasons for owning them
You can fall for altcoins, but just don't spend money on it. That's more the thing I think. There are plenty of giveaways on the internet, so if you want to experience with altcoins I suggest you do that.
LTC can't be ignored tho. I think this one will be the steady 2nd. Someone described Bitcoin as gold and Litecoins as silver. I think I agree with that.
Be especially careful with scrypt-based altcoins.
Whoever creates the first ASIC für scrypt, has the option is control the blockchain.
Whoever creates the first ASIC für scrypt, has the option is control the blockchain.
I think it's important to understand what is going on. This is only my opinion, but feel free to correct or add anything.
IMO altcoins got popular for these reasons:
I see these reasons as the "perfect storm", the whole is greater than the sum of its parts. But it is also not sustainable. Newbies will learn the fundamentals, suckers from pumps & dumps will learn from their mistakes, the mining aspect will lose power (professionalization), built infrastructure will make Bitcoin more usable for day-to-day transactions.
TL;DR: don't fall for altcoins, unless you really understand the reasons for owning them
IMO altcoins got popular for these reasons:
- lots of newbies with regret and (incorrect) thinking in style "I missed the boat with bitcoin, what is the next big thing"
- pumps & dumps are much easier done with altcoins and on newbies
- GPU miners lost their profits when FPGAs and ASICs arrived and had to switch to something else. They suddenly became incentivized to promote altcoins
- all cryptocurrencies are currently more than 90% speculation. The network effect, that Erik Voorhees is talking about, is only semi-valid at the moment. When Bitcoin price will reach its full potential and the system becomes more like a transactional currency, network effect will cause the value to (finally) concentrate in one currency
- hype-price feedback
I see these reasons as the "perfect storm", the whole is greater than the sum of its parts. But it is also not sustainable. Newbies will learn the fundamentals, suckers from pumps & dumps will learn from their mistakes, the mining aspect will lose power (professionalization), built infrastructure will make Bitcoin more usable for day-to-day transactions.
TL;DR: don't fall for altcoins, unless you really understand the reasons for owning them
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