Topic: Why would i still invest in bitcoin? (Read 1215 times)

I mined bitcoin, namecoin, devcoin, groupcoin, ixcoin, i0coin, coiledcoin and geistgeld all at once, merged.

That is why I bought the eruptors: I was worried that at any moment the extremely easy coins would become difficult due to a public pool picking them up.

Sure enough, mmpool picked I0Coin back up again and at the same time picked up GRouPcoin too, so I had been right to get those eruptors quick to grab some quick before that happened. I am still raking in CoiLedCoin and GeistGeld because luckily the pools have not picked them up yet.

But yeah I did also get to pick up a bunch of different crapcoins that are no way ever going to be secure unless maybe they eventually take up merged mining.

That though was after my larger rigs arrived so I could spare the eruptors for penny-ante stuff because my larger rigs were taking care of the merged mining.

-MarkM-

Its true, ASICS are profitable. Back in September I bought 10 block erupters. I was told that there is no ROI but that didn't matter to me. I was interested in them more for nostalgic reasons. I like to collect old computers and equipment. So I figured I would buy a piece of history. Well, in 30 years it will be.

So anyways, back on topic. I tried to mine BTC with them.. LOL that was funny.. So I pointed them at alt coins. Tigercoin, Zetacoin, Joulecoin, Deutch emarks. All of these are worth something now. I erupters have ROI'ed at least 10x over in 2 months.

That is total bullshit. You can make a profit with a frakkin' $13 block-eruptor fergoshsakes, plus if you aren't a lazy/ignorant idiot you can rake in oodles of merged mined coins on the side too.

-MarkM-

Isn't it more that Bitcoin has a difficulty so high that nobody, with ASICs or not, can obtain enough at this point starting from zero to cause any significant changes to the market? Litecoin is much the same, so it's not a problem with Scrypt.

Doge is new. The difficulty is low enough that new people can still mine it and dump it all if they want. It'll become more stable as the difficulty rises and the block rewards reduce.

ASICs destroy coins. Nobody on this forum is willing to mine SHA256 because the only people who profit are the bigshots with hundreds of ASICs. Scrypt is much better for a new coin.

Exactly

There are very few people, that if selling anything of value, tell you "no I wont take bitcoin you can buy that BMW car off me in FTC."

even the coin developers are just making and mining most of the alts to cash into bitcoin.

He did. Hashing power secures the coin. He said that right off the bat.

The sheer massive volume that DOGE has in such a short time shows how vulnerable many scrypt coins are. ASICs secure a coin. This is in part why Quark is a bit silly.

Bitcoin is also status, any crypto portfolio without it looks lacking.

There are not that many, every crypto enthusiast will want a few of these more than any other crypto - that will remain forever since it was the original. Therefore demand will always be very high as will price.

Of course most will want a few of all the top alts too so they will be great to hold. The newest copy and paste alts without community will probably die out or stay a near zero value. Doge has a massive following it reminds me of feathercoin only a much larger wave of new miners mined it as their first big alt, so doge will remain strong and perhaps get even stronger. Your first big alt profit coin always stays kind of special.

It is the coin i most regret not mining from the start. But after i noticed it was not just another shitclone (although the design is) and that it had a huge following perhaps the biggest i had seen every in such a short time i put all hash on it and got a few. Doge is another one i think it will be a good idea to hold quite a few for the future. You will not see another coin take off like this until the next big wave of miners hit crypto and i'm not sure what will cause this to happen aside from paying with LTC at the super market. I think every kid that could has persuaded his parents into having a mini crypto farm in their room. I think rows over electricity bills are about to take place anytime now

Either that or some super revolutionary crypto that comes out and takes the entire community by storm. Until then BTC will rule with other special alts firmly attached.

You still haven't explained why Doge's initially viral nature makes it less legitimate than Bitcoin, nor what makes you believe that another coin based on a meme would simply sweep away Dogecoin's audience.

now lets keep it real ok

why are we mining and promoting all these other altcoins ?

to make bitcoins , no ?  

DOGE is itself such a meme. It proves how much GPU power such memes can whip up almost overnight. So it demonstrates the vulnerability of all GPU mined coins that have as little hash power as it does or less.

-MarkM-

Aren't they both GPU-mined coins secured by less GPU power than a stupid internet meme (DOGE) conjured up almost overnight?

Thus basically honeypots suckering people into putting money out where the memesters / anon / whoever can access it any time they want, the main reason they haven't yet probably being the honeypot hasn't quite attracted enough loot yet to make PWNing it be worth enough LOLs yet?

-MarkM-

Doge isn't any more of a Ponzi scheme than Bitcoin is. If you can put aside your soreness over it being based on an internet meme, you'll see that it's a currency with enormous community support and, no, it's not going to be blown away by the next memecoin to show up. Several already have, and none of them have had even close to the same impact as Doge.

Funny how elitist Bitcoin users are. Many have come to be exactly like the "economists" who swear that Bitcoin will definitely collapse because it doesn't have a central bank and the government doesn't control it.

I believe that Bitcoin is just a single block chain which can be a single source of failure or bottleneck.  Bitcoin's scalability is questionable. There should be one or two altcoins that helps reduce risks of depending a single network or payment gateway.

Thanks for takung the time to write the info MarkM, was very informative

I claim that bitcoin will be like altavista, lycos etc.
the google of coins hasn't come yet, and even google's glory is finite

I would invest in BTC long term. I believe that it will keep rising as more countries governments acknowledge it.

I would invest in ALTS long term. Just try to pick a good one and not a DOGE fad coin.

Sunny King's Peercoin and Primecoin are good choices.

Invictus Innovations is doing some very interesting things with Protoshares that will get you shares in their future projects.

More risk? - World Coin, Mega Coin..


Do your research and have fun.

Faster transactions poses some challenges..

First off - you'd need to have faster block generation, meaning you'd have to reduce rewards appropriately or significantly increase the supply of coins in the short term. More coins would reduce the value and more blocks with lower rewards has an impact on new user adoption (it already takes forever for a wallet to sync) and also increases the size of the blockchain much faster, meaning soon enough Raspberry Pis and other small memory devices used for miner controllers won't be able to hold the whole blockchain.

Secondly, you'd need to hard-fork the client.. meaning EVERYONE would have to download and start using the new client or they'd end up mining 'old' bitcoin, which would basically be invalid.

I'm sure there are other reasons beyond these.

As for investing in bitcoin, it's all a matter of whether you think the value will continue to increase.. There are plenty of other cryptos out there, but only a few (if any) are liable to last. Bitcoin has the most momentum, is the most commonly recognized, and has the largest community. Will it grow? nobody knows.

Nothing beats bitcoin, because of one thing, bitcoin is the only real crypto currency that merchants massively accept. not even litecoin comes close.

Fast block speed does not matter much and it is a double edge sword, the faster the blocks the longer the blockchain, in the beginning with a new coin that does not matter much but after a while synchronizing becomes a real pain in the ass.

and well for most things you buy on the internet , well they not gonna send them out to you in 10 minutes are they now

and well when you buy a cup of coffee in a restaurant , they can risk that tiny amount without confirmation no problem and they are doing just that infact right now.

the speed of some of the newer coins, is just a sales pitch , that matters very little in the real world.

When the sheer speed of the coin interrupts the miner with new work so often that the miner loses hashing time, so all the many other coins the miner is hashing all suffer because of one insanely fast coin constantly interrupting it.

(It it not practical to not merged-mine because as DOGE showed us a stupid internet meme can overnight conjure up more than enough hashing power to trash numerous crapcoins all at once.)

But high speed has tons of other problems too, unless you don't want home users to be able to mine the coin or you want home users to get nothing but orphans because by the tiem they have had a block passed to them by their neighbor who got it from his neighbor who got it from his neighbor, all validating the block before passing it on, the massive datacentres on passive internet backbones already solved it and maybe the next block too and maybe are darn close to solving yet another...

Bear in mind too that all the brand new scamcoins do not have years of transactions to compare against when validating blocks and so on, they have less than even one year, although the faster their blocks the sooner they would rack up as much transactions if only people actually used them. They have not been seen in real use, all the newbies idiotically going oooh and aaaah at their speed are watching a fake, a pretense, an empty blockchain, devoind of real transaction volume, not what such a thing would be like in real life.

-MarkM-

It's all very depressing. I see so many people on these forums investing in dust and thin air. Big amounts of money. It's like the new penny stocks and ponzi scams of the digital age.