The Altcoin Thread

Carbon_Rod said:
It does the same thing almost on a weekly basis. I'm not too worried unless it shows signs of not recovering... meaning it goes down, levels off and stays there, or goes down, stops dropping hard, but continues to go down in tiny increments over the next weeks.

There may be a recovery of some sort. How big will depend on what the news from China really is. Rumor has it that the Peoples' Bank of China has asked all third party payment processors not to do business with bitcoin exchanges. So, that would effectively remove China, a major source of trading activity, from the crypto picture.
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No confirmation of this yet though that I have seen.
 
AliceCooper said:
Seems like a lot of coins are dropping...
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Well hopefully that just means the market will soon be glutted with GPU's and difficulty will settle lower as people jump ship without the high priced coins(At least if the stay low). LTC hasn't dropped this low in a while. Kind of wish I had sold last week at $33 so I could buy now but I didn't see this low of a drop coming.
 
AliceCooper said:
Seems like a lot of coins are dropping...
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It's not the the coins are dropping, it's that BTC is dropping. altcoins are mostly tied directly to BTC for exchange rates. If BTC goes down, everything else goes with it.
 
SunnyD said:
It's not the the coins are dropping, it's that BTC is dropping. altcoins are mostly tied directly to BTC for exchange rates. If BTC goes down, everything else goes with it.
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sadly this is true, when LTC hit $40 and FTC was at $1 BTC was also at a all time high of $1200. Once more exchange sites allow for usd/ltc or some other alt coin then the umbilical cord of btc can be cut. If coinbase allowed for usd to ltc,then its price would explode.
 
SunnyD said:
It's not the the coins are dropping, it's that BTC is dropping. altcoins are mostly tied directly to BTC for exchange rates. If BTC goes down, everything else goes with it.
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This. ^

You'd think by now at least LTC would have legs to stand on its own, but I guess not.
 
Carbon_Rod said:
This. ^

You'd think by now at least LTC would have legs to stand on its own, but I guess not.
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Well only BTC-e is currently trading LTC/USD that I am aware of so it isn't that big of a shock that it is still heavily dependent on BTC? Plus very few places are accepting LTC as currency still or at least not as many as accept BTC.

If the market is worried about a massive pullout from China then it is going to affect all the coins and not just BTC as well. Just ride it out and chances are it will just go back up unless something catastrophic happens. With the recent valuation of BTC at $1300 by BOA it is starting to get some more traction. I think China's news(if true) of trying to quash cryptocurrency will drop the value over the short term but I have a hard time believing that it will be permanent because due to it's nature it would be almost impossible for the Bank of China to stop any funds coming in that originated as a cryptocurrency.
 
DriveEuro said:
It sucks so bad because its experiencing ridiculous growth. If you think its bad now, you should've used it 2 weeks ago. You would submit an order and it wouldn't even accept it part of the time. The other part of the time it would accept it after a long delay. You would be sitting there with your coins showing as unavailable, but also with no indication that the order was created

With the massive growth in alt coins over the last month or so... it would be hard for most large exchanges to keep up with growth.
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Ridiculous growth is the excuse? Sorry, I don't buy it. If you read the "About Us" page on Cryptsy, it goes on about how the CEO (BigVern) is some genius tech guru and has started an internet company in 1997 or something and is the visionary behind their tech planning and implementation and whatever. Well, if he's such a visionary, you'd think he'd know about high availability clusters or at least load balancing or leveraging the increased server load with cloud services or something. I mean, come on.

And then there's the bugs. Some of the bugs just don't instill an air of confidence in their trading platform.

I dunno... not really entirely happy with Cryptsy at the moment, but there really is no alternative for some of these alt coins. So, I guess it's bite the bullet and hope things improve in the short term.

EDIT: Well, it's going on about 5 hours now that the Cryptsy WDC/BTC market has been unusable tonight... the system is just not processing any orders that are submitted. Awesome.
 
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Carbon_Rod said:
This. ^

You'd think by now at least LTC would have legs to stand on its own, but I guess not.
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You'd think that, but any actual fiat-based venture capital only really went into BTC, which is where BTC essentially derived any real-world value from. There maybe a few pennies of fiat venture capital here and there backing some of the altcoin projects, but as far as I know (and I may be wrong on this) LiteCoin was originally rolled out with the backing of some BTC as it's monetary basis, and therefore has at best a proportional but not independent tie to the value of BTC.

Couple that with the fact that there's absolutely no exchanges that let you cash out altcoins directly to USD without going through BTC first, and you can see where the bottleneck is. The whole virtual currency world revolves around BTC.

Honestly, the only altcoin I can see standing on its own legs by any stretch of the imagination at this point is sexcoin, for obvious reasons. There's an economy that will support it independent of fiat backing, and one that will grow over time no less (pun intended, TWSS and all that).
 
SunnyD said:
You'd think that, but any actual fiat-based venture capital only really went into BTC, which is where BTC essentially derived any real-world value from. There maybe a few pennies of fiat venture capital here and there backing some of the altcoin projects, but as far as I know (and I may be wrong on this) LiteCoin was originally rolled out with the backing of some BTC as it's monetary basis, and therefore has at best a proportional but not independent tie to the value of BTC.

Couple that with the fact that there's absolutely no exchanges that let you cash out altcoins directly to USD without going through BTC first, and you can see where the bottleneck is. The whole virtual currency world revolves around BTC.

Honestly, the only altcoin I can see standing on its own legs by any stretch of the imagination at this point is sexcoin, for obvious reasons. There's an economy that will support it independent of fiat backing, and one that will grow over time no less (pun intended, TWSS and all that).
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wait, there's people that thought that the value of every coin wasn't completely tied to BTC? Selloffs are happening everywhere because so many of these gold rush miners are quitting and selling off coins in a panic for Xmas money after overspending on mining hardware. We've hit a sky is falling point where big money will either come in but these cheap BTC or they'll let it drop a bit further before doing so. I believe the floor is just over $600 for BTC at this point.
 
mkrohn said:
wait, there's people that thought that the value of every coin wasn't completely tied to BTC? Selloffs are happening everywhere because so many of these gold rush miners are quitting and selling off coins in a panic for Xmas money after overspending on mining hardware. We've hit a sky is falling point where big money will either come in but these cheap BTC or they'll let it drop a bit further before doing so. I believe the floor is just over $600 for BTC at this point.
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Rose colored glasses. :rolleyes:

Yeah, I'm sure THAT'S exactly what it is.
 
So if anyone understands DOGE (Dogecoin), can you please explain it to me without all the meme crap? I can't get a straight frickin' answer from ANY site I visit about it. It's always some "Very coin Lots money Big hash Good coin" crap. I understand the internet meme thing... ya, funny. But, seriously, from a business perspective, I hear a lot of talk about it... what is it really worth? Where is it traded? I looked at a pool that said I could earn 47 DOGE a day at my hash rate but that translated somehow into >$1000 a day? Wait... wut!? Where are they getting the price figures from? Is that somehow translated from what people are willing to pay on Ebay or on Reddit or something? Because from what I see, a DOGE is still only worth .00000042 BTC. So how does the pool tell me that 1 DOGE is worth >$20? Or was artificially inflating the value some cheap tactic to get people to start mining that coin?

What the hell is it really worth?

EDIT: So I understand now that a block currently is worth 1 million DOGE.... still don't know how that translates into about 47 DOGE a day at my current hash rate.... maybe that's just a problem with the pool calculations... at least that's what I'm leaning towards. So frustrating.

EDIT2: Apologies to everyone for sounding sorta like a raving lunatic in this post.
 
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Dogecoin is most likely nonsense.

I've got my pool up and running for FTC, going to fix a few things before I open it up. I'll leave it invite-only for [H] folks:

http://f5theinternet.com
 
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Carbon_Rod said:
So if anyone understands DOGE (Dogecoin), can you please explain it to me without all the meme crap? I can't get a straight frickin' answer from ANY site I visit about it. It's always some "Very coin Lots money Big hash Good coin" crap. I understand the internet meme thing... ya, funny. But, seriously, from a business perspective, I hear a lot of talk about it... what is it really worth? Where is it traded? I looked at a pool that said I could earn 47 DOGE a day at my hash rate but that translated somehow into >$1000 a day? Wait... wut!? Where are they getting the price figures from? Is that somehow translated from what people are willing to pay on Ebay or on Reddit or something? Because from what I see, a DOGE is still only worth .00000042 BTC. So how does the pool tell me that 1 DOGE is worth >$20? Or was artificially inflating the value some cheap tactic to get people to start mining that coin?

What the hell is it really worth?

EDIT: So I understand now that a block currently is worth 1 million DOGE.... still don't know how that translates into about 47 DOGE a day at my current hash rate.... maybe that's just a problem with the pool calculations... at least that's what I'm leaning towards. So frustrating.

EDIT2: Apologies to everyone for sounding sorta like a raving lunatic in this post.
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just point at middlecoin and call it good.... doge is gonna crash hard its just getting pumped like crazy but doesn't exist on a real exchange. The only exchange its on is horrible and constantly down. Every pool for it is constantly down.

I'm sure middlecoin is on it right now but you can at least get some nice and simple BTC sent to your account each night from them.

doge is a joke and will never last.
 
wraieghaeien said:
I'll give f5 a whirl....see how feathers is doing.



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I only have about 800 of them... its a pretty bloody day everywhere for coins... I went ahead and bought about 2 BTC worth of various coins and just crossing my fingers. I have a decent amount of faith in the coins I put my money into
 
mkrohn said:
just point at middlecoin and call it good.... doge is gonna crash hard its just getting pumped like crazy but doesn't exist on a real exchange. The only exchange its on is horrible and constantly down. Every pool for it is constantly down.

I'm sure middlecoin is on it right now but you can at least get some nice and simple BTC sent to your account each night from them.

doge is a joke and will never last.
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Ya, Middlecoin sounds like almost a good alternative to switching to all of these little coins manually and trying to cash out on various exchanges, some of which are dodgy.

I just switched to straight FTC though. Gonna give it a go for a while.
 
Switching between middlecoin and ftc. on a lucky day I've earned .01 btc vs .003 btc (Mining at 250kh/s my 290's are taking too long to arrive xD)
 
It is working but I am only getting a difficulty of 16 back from the server.

Any way too increase that?
 
Should I do trade offers in the for sale section or is here okay since it is a dedicated thread?

I have a million dogecoin which is apparently now impossible to do unless you have mega hardware.

So would love to trade for BTC or even more mining hardware if someone actually has 7950s and is no longer mining scypt coins since they cannot (reasonably) be used for BTC
 
just signed up for f5 pool. Thanks for setting that up. had been using wemineftc but ill give the f5 pool a try for 24hours and see how that works out
 
I'll update the stratum difficulty to 192 before noon, it will require a stratum reload, so if you lose connection to the stratum, just reconnect
 
Dark Shade said:
I'll update the stratum difficulty to 192 before noon, it will require a stratum reload, so if you lose connection to the stratum, just reconnect
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cgminer is showing 192 now but the website still shows 16
 
draksia said:
cgminer is showing 192 now but the website still shows 16
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The way the website and stratum work together is a little odd, 192 is not possible, so I am setting it to 256. It should be correct on stratum and site now
 
I am not showing any confirmed or unconfirmed coins, at what point is it set to pay out?
 
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