What are your opinions on the rarer cryptocurrencies like: Peercoin, Novacoin, Feathercoin, Terracoin...? Novacoin is almost as expensive as the Litecoin, but all other are very cheap. Should they hit a few dollars, they could bring tremendous income! But I don't know why that would happen. For now almost everyone is interested in BTC and LTC, but the others are way down... just like Litecoin was earlier this year. Litecoin was 0.069 $ at the beginning of 2013 and now it's been to 9 $ already!
I reckon it'll be like the VHS vs Beta at some point. Someone is gonna lose money in this and it won't be me.
I mean if these schemes continue one will dominate over the others and they'll disappear to the loss of those who bought them. Same as those who bought the Beta video player in the 80's. I don't get it. The mantra if you don't hold it you don't own it doesn't seem to apply with all the discussion of these alt 'currencies' on SS. I'm not touching them at all.
You have a strong point there. We just don't know what the 21st century brings. Some are interested for the sake of profit-making only. Others want to own them. I think the bubble will pop eventually... A few weeks ago, someone offered me a MLM-type membership, typical pyramidal scheme. Cryptocurrencies have a strong pyramidal feel as well. But I'm still in the learning process right now.
A lot of these Bitcoin competitors will eventually pop, only a few will remain. Hard to predict the future, a new alt curr may come out that works a lot better than Bitcoin and be the standard. Even though this has been going on since 2009, it's still early days.
Unless someone is promoting a particular alt-coin with a view to increasing it's uptake as medium of exchange for goods and services, it will only ever be bought by speculators and have no future beyond being a way to gamble. If that's the case, you may as well go to the casino.
I think it's worth throwing a few bucks in each, XPM has a great system I read, Name coin or NMC had doubled nearly in last 24 hours, as the other one if the 3 mentioned at the Senate hearing it's obviously on the radar ..
Agreed. Look at Namecoin - huge flaw discovered recently that undermines the entire thing. Bitcoin has by far the biggest support, and more importantly, mature payment processors for ecommerce integration (such as BitPay, and Coinjar looks like they are heading that way). Litecoin's future is to be seen. In the meantime, I view the other digital currencies as "me toos" - even though they may have improvements over Bitcoin, Bitcoin has a rock solid first-mover advantage and established market dominance. Certainly a point that the smaller cap currencies have huge opportunity for ten bagger performance, but DYODD, tread carefully, and don't speculate more than you can afford to lose.
The time to get in on alt-coins was a few months ago when a number of them started popping up. I jumped onto mining CHN (ChinaCoin) the moment it was released and mined about 15,000 coins in a one day period. The next day, people started speculating hardcore on it because it was the 'China' coin haha... ended up trading those 15,000 into something like 10 BTC as far as I remember. Now, all the pop up ones offer nothing different to the SHA-256/scrypt coins you see now.
Peercoin: mined a few, good concept, has some strong backing... but it's going nowhere Novacoin: pre-mined, dodgy as. Feathercoin: a 1:1 copy of Litecoin, nothing changed, they just changed the name. Terracoin: another nothing coin that ASICs used to take advantage of as the difficulty scales up exponentially
My gear was down and I couldn't mine CHN that time. I remember when it was released, people get awarded free CHN if they sign up for some promo campaigns. I was a few hours late to that too...
Why? Let's say I wanted to use a crypto currency to send money to somebody in China. I need to convert my AUD to Xcoin, send the Xcoin to the other party and they convert the Xcoin to Yuan Doesn't make a difference to me which crypto currency is used could just select whichever is currently down in value or provides a cheaper fiat conversion fee I see lots of potential for crypto currencies in the future but cannot see any reason any one currency has to become dominant There are hundreds of fiat currencies, there can be hundreds of crypto currencies Coming soon (well one day when I get around to it) - TrewCoin. :lol:
I want to see a silverstackers digital cryptocurrency. If the XAG coins are anything to go by, there's a market for it GP. You're dropping the ball
