Future of other Crypto-currencies?

[WhiteSkyMage]

Ok guys,

 

Most of you know that BitCoin has shut down already, so what do you think will happen to the other digital currencies like LiteCoin/DogeCoin/NameCoin? 

Since most can't really be exchanged directly to USD, but only through BitCoin to USD, then what happens? Do they fall too?

[WhiteSkyMage]

Only one exchange (Mt Gox) shut down, not the entire Bitcoin network. Nothing will change. 

 

But is that just like a company for a bitcoin or it's just one part of a network?

[atrash]

WhiteSkyMage, on 01 Mar 2014 - 9:17 PM, said:

But is that just like a company for a bitcoin or it's just one part of a network?

 

It's like a bank. A bankrupt bank.

[Toxic Tom]

Errm... Bitcoin still exists...

[FizzyFantom]

Ok guys,

 

Most of you know that BitCoin has shut down already, so what do you think will happen to the other digital currencies like LiteCoin/DogeCoin/NameCoin? 

Since most can't really be exchanged directly to USD, but only through BitCoin to USD, then what happens? Do they fall too?

You seem to be confused. MtGox is gone, not Bitcoin. Gox was an exchange for Bitcoin, and there are plenty more of those. People who like to bash Bitcoin will claim that its dead now, but it certainly isn't. As for other cryptos, the price will likely drop, but they are also still working just fine.

[Biggerisbetter]

Bitcoin or any crypto for that matter will only be a niche thing. It will must likely not be widely accepted due to the fact it is not convenient. Also based on some surveys that I've seen men make up 93% of the crypto. Another thing that I have always suspected ,44 percent of users describing themselves as "libertarian/anarcho-capitalist." And libertarian/anarcho-capitalists tend to be white men, other studies have shown.

 

Based on the info i have read. Crypto is a niche thing.

 

source

 

http://publicreligion.org/research/2013/10/2013-american-values-survey/

 

 

http://simulacrum.cc/2014/02/01/bitcoin-community-survey-2014/

[Shack Tastic]

Bitcoin or any crypto for that matter will only be a niche thing. It will must likely not be widely accepted due to the fact it is not convenient. Also based on some surveys that i was seen men make up 93% of the crypto. Another thing that I have always suspected ,44 percent of users describing themselves as "libertarian/anarcho-capitalist." And libertarian/anarcho-capitalists tend to be white men, other studies have shown.

 

Based on the info i have read. Crypto is a niche thing.

 

source

 

http://publicreligion.org/research/2013/10/2013-american-values-survey/

 

 

http://simulacrum.cc/2014/02/01/bitcoin-community-survey-2014/

-Cash was a niche thing, gold/silver was more reliable and had real worth

-Credit cards were niche things, only the wealthy has them

-Paypal was niche, nobody believed it would get big, but it did

-Now that a new option of payment is here, people will think its niche, only to find that they themselves will be using it in a few years

 

Just my opinion...

[WhiteSkyMage]

OK, but, it looks like really bitcoin mining is dying - you can only mine it with ASICs, otherwise it's not profitable....so, would it be worth for me to mine LiteCoin or it's even more risky investment in GPUs?

[MrGod]

Just to point out BTC value has actually gone up since MtGox closure. 

At 2:30am 25/02/14 the price of 1 BTC on BTC-e was 528.15USD

The current price (19:13 01/03/14) on BTC-e is 560.50USD

[MrGod]

OK, but, it looks like really bitcoin mining is dying - you can only mine it with ASICs, otherwise it's not profitable....so, would it be worth for me to mine LiteCoin or it's even more risky investment in GPUs?

 

The case about ASIC's only been profitable has been that way for quite a while.

Litecoin or other scrypt based coin are still profitable but if you don't feel like it is a safe investment and you can't afford to lose money invested in GPUs just don't do it.

[Shack Tastic]

OK, but, it looks like really bitcoin mining is dying - you can only mine it with ASICs, otherwise it's not profitable....so, would it be worth for me to mine LiteCoin or it's even more risky investment in GPUs?

You could still do what a lot of people do who don't have high-end computers or mining setups....buy bitcoins and invest in other cryptocurrencies. It's just like the stock market really. Exchanges I like to use:

 

-Cryptsy.com

-Mintpal.com

-Poloniex.com

-Cryptorush.in

 

and to buy Bitcoins you could use coinbase.com

[Shack Tastic]

Just saw this quote... and saw its resemblance to Bitcoin. Thought the supporters might like it

 

"First they ignore you, then they laugh at you, then they fight you, then you win."

-Mahatma Gandhi

[IdeaStormer]

Only one exchange (Mt Gox) shut down, not the entire Bitcoin network. Nothing will change. 

 

 

But is that just like a company for a bitcoin or it's just one part of a network?

 

It needs a better bank (aka wallet).

 

Although there is a lot of potential with Bitcoin, many things are going wrong with it, Shamir said. The promise of decentralization doesn't really exist with Bitcoin, and security is also a major concern as Bitcoin wallets that store currency are often attacked, he said.

 

"The currency of the Internet cannot be kept on the Internet," Shamir said.

 

Both Shamir and Diffie said the security of digital wallets isn't seen as being particularly robust.

 

"Your [physical] wallet is more secure than any computer you use," Diffie said.

 

Ref: http://www.eweek.com/security/nsa-snowden-revelations-not-surprising-rsa-panel.html?kc=EWKNLSTE02272014STR4&dni=108184357&rni=22049222