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From 'Ripples' To 'RonPaulCoin'; There Are Now 83 Cryptocurrencies In The World

Tyler Durden's picture





 

While Bitcoin (and Litecoin) garner the most attention in the cryptocurrency world, there are now 83 (and counting) virtual currencies to store your wealth in. Bitcoin's market cap (at over $10 billion) is by far the highest but we wonder whether the miasma of mimiccers - from Unobtainium to the ironically-named StableCoin and from 'Philospher Stones' to HoboNickels - serves to reduce the confidence in Bitcoin as a new method payments, or bolsters it as the clear market winner.

 

Top 20 Virtual Currencies...

 

The full list, sorted by market cap, is here.

 


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Tue, 01/28/2014 - 21:14 | Link to Comment wisehiney
wisehiney's picture

http://www.cnbc.com/id/101370984

Getting HOT out there.

Tue, 01/28/2014 - 21:23 | Link to Comment stacking12321
stacking12321's picture

fucking dogecoin....

Tue, 01/28/2014 - 21:24 | Link to Comment fonestar
fonestar's picture

There's eighty-three cryptocurrencies and about five or six serious cryptocurrencies.

Tue, 01/28/2014 - 21:27 | Link to Comment A L I E N
A L I E N's picture

 

Gridcoin is the future!

http://gridcoinnetwork.org/

 

Tue, 01/28/2014 - 21:31 | Link to Comment Harlequin001
Harlequin001's picture

Soon to be a trillion crypto currencies, none worth any more than any other and then you might as well hold fiat.

There is and always was only one serious alternative to fiat and that is gold in money.

Period.

Tue, 01/28/2014 - 21:37 | Link to Comment john39
john39's picture

did the money changers control the Pound?  Do the money changers controll the FRN?   so how many of these crypto currencies are also created and controlled by the money changers?  I guess to them, it doesn't really matter in the end, as long as the only one which really comes out on top...  is theirs.

Tue, 01/28/2014 - 21:39 | Link to Comment Troll Magnet
Troll Magnet's picture

Fuckin' morons can't wait for a cashless society. They'll get what they deserve.

Tue, 01/28/2014 - 21:43 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Gold, in use for 6000 years....just sayin.

Tue, 01/28/2014 - 21:47 | Link to Comment fonestar
fonestar's picture

Well it had a nice run.

Also, what this article fails to mention is that some of these are niche coins and fill very important roles.  For example Namecoin (NMC) which could be almost as important as Bitcoin itself.  I'm not going to tell you why, you can research that on your own... but that would involve reading and opening your mind so I doubt it.

Tue, 01/28/2014 - 21:50 | Link to Comment Troll Magnet
Troll Magnet's picture

My mind is open. It's your brain that's turned off.

YEAH! Let's all go digital currency invented by _____! What could possibly go wrong???

Tue, 01/28/2014 - 22:39 | Link to Comment SMG
SMG's picture

Props to the ZHer that came up this (Sorry I didn't search for it):

ButtCoin

Pull it out of your ass whenever you want.

Or keep it there for safekeeping.

Tue, 01/28/2014 - 23:02 | Link to Comment bunzbunzbunz
bunzbunzbunz's picture

Every comment before this one is bullshit lies. Get some free bitcoins at http://freebitco.in/?r=25727.

That's all you need to know. Now go be a successful whatever with more fake money!

Wed, 01/29/2014 - 00:28 | Link to Comment fonestar
fonestar's picture

That's right bunz!

Wed, 01/29/2014 - 04:18 | Link to Comment Fish Gone Bad
Fish Gone Bad's picture

Now that cryptocurrency is fairly common, I am getting seriously creeped out.

Wed, 01/29/2014 - 06:45 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

 

 

It sorta makes you pine for the malaise daze of fiat paper.

Wed, 01/29/2014 - 07:39 | Link to Comment Spanky
Spanky's picture

Stop it. I'm gettin all teary-eyed.

Wed, 01/29/2014 - 10:44 | Link to Comment fonestar
fonestar's picture

Yes, we're well aware of the fake libertarians secret love affair with paper rectangles.

Tue, 01/28/2014 - 22:38 | Link to Comment Spanky
Spanky's picture

-1

For... the usual BS.

How about it fonestar, proved the bitcoin crypto algo is unbreakable yet? Or are you still spouting BS? Come on fonestar, pony up: Answer the question.

Bitcoin: An NSA crypto algo wrapped in a USN onion. Fingerprints at the scene of the crime.

Tue, 01/28/2014 - 23:16 | Link to Comment bunzbunzbunz
bunzbunzbunz's picture

So. It's updateable. So. It's open source. So like, if someone who is smart like you, like finds an exploit for it, like and steals money or like whatever, like the program can be like changed to patch that exploit.

I'm guessing you have NO fucking clue as to what encryption is. But let's say you created an encryption algorithm that was good, you would probably use at least 256 bit keys. Which would take even the best supercomputer thousands of years (or more? probably. i really dont feel like mathing right now) to break using brute force. And that is the approximate time to break ONE!e encrypted packet. Not the whole system. So it is up to people who are smarter than you.....or more dedicated to find an exploit to your encryption algorithm before the system can be exploited. But then guess WHAT!@?#!@?#?!@ RJ@$IJ?:SAF:JOAS" ODJGS

Like, someone else will patch the program to use a different encryption algorithm. sooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooo.... you know. maybe statistically it will work. kinda like dem credit card thingies that can be stolen!@# but yet we darn how seem a keep usin em.

Wed, 01/29/2014 - 00:11 | Link to Comment Spanky
Spanky's picture

-1

For... giberish.

So. It's updateable. So. It's open source. So like, if someone who is smart like you, like finds an exploit for it, like and steals money or like whatever, like the program can be like changed to patch that exploit. -- bunzbunzbunz

So like, so what? If somebody smart like me (your words, not mine) steals your money because of a crypto exploit, well that's OK because they (whomever they are) will write a patch for it? Bullish!

Is this really the best you can do fonestar, excuse me, bunz?

Like, someone else will patch the program to use a different encryption algorithm... -- bunzbunzbunz

Yes sir, I'll bet they'll get right on it. Hot damn. Too bad about your bitcoins though. Tough shit as they say out west. Can I have some of what you're smokin'? It smells good...

...i really dont feel like mathing right now... -- bunzbunzbunz

And I would hate for you to go all mathy on me. So how about explaining "trust" in the context of "cryptography" and "they".

Comon guys, just answer the fuckin' question: Prove the bitcoin crypto is unbreakable. Get all mathy an shit. Prove the algo is trustworthy. Cause the burden of proof is on you...

Wed, 01/29/2014 - 00:39 | Link to Comment wintermute
wintermute's picture

The mere existence of Bitcoin with a $11 billion valuation proves that the encryption it uses is unbreakable. There is a massive golden hoard for the first hacker to crack, but guess what? They can't. Every money-hungry computer-techy-crypto-hacker nerd on the planet has had a look and given up.

That is how good Bitcoin is.

Wed, 01/29/2014 - 03:55 | Link to Comment Spanky
Spanky's picture

-1

For...

The mere existence of Bitcoin with a $11 billion valuation proves that the encryption it uses is unbreakable. -- wintermute

Please don't make me laugh. All that proves is that people are gullible. And I'm not terribly concerned about hackers. I'm much more interested in the folks that wrote the crypto algo. You might of heard of them -- the NSA.

Hmmm. If total information awareness is .gov's goal, I'll just bet the NSA jumped at the chance to release strong crypto to the world. I wonder if the Russians and Chinese know what they're missing out on?

And if bitcoin is that good (your claim) -- prove the bitcoin crypto is unbreakable. Any other answer is just more bullshit.

Wed, 01/29/2014 - 01:03 | Link to Comment bunzbunzbunz
bunzbunzbunz's picture

Wait...did you not realize I was making fun of your ignorance? You're cute. Good luck in life 'tard.

To put this into terms you might have the intelligence to comprehend: cash is exploitable; gold is exploitable; credit is exploitable; bitcoin is exploitable.

All systems that exist are the product of statistics and can be exploited statistically. So once again - GO FUCKING LEARN SOMETHING ABOUT ENCRYPTION YOU STUPID, HILLBILLY, FUCKING, RETARD. In the event you are just trolling me, good job.

You do realize that when credit cards first existed, THEY WERE EXTREMELY RISKY for both parties?Yet...hmmm.............. I think maybe they might still be in widespread use. But maybe I'm wrong.

Wed, 01/29/2014 - 03:45 | Link to Comment Spanky
Spanky's picture

Yada, yada, yada... Just more fuckin' bullshit and no substantive answer. If you don't understand the trust problem with SHA-256, simply because of who wrote it, you'll never understand the basics of crypto. I don't trust the NSA. You do. That's the problem in a nutshell.

All your evasions and name calling can't obscure one simple fact -- you can't prove dick. You believe, but you don't know. If you did, you could prove it. But you can't. It's really just that simple. 

If I'm so dumb and ignorant, and what I assert baseless, you ought be able to prove it. But all you're doing is piling on more fanboi bullshit.

Put up or shut up boys: Prove the crypto in bitcoin is unbreakable.

Bitcoin: NSA crypto wrapped in a USN onion. Fingerprints at the scene of the crime.

Wed, 01/29/2014 - 04:32 | Link to Comment TheHound73
TheHound73's picture

You can't prove something is unbreakable because it would take an infinite amount of attempts.  That's just part of the risk profile of Bitcoin.  Don't like it or can't fit that risk into the lunch money section your investment portfolio ? Fine, don't bite.  Nobody cares.

Satoshi Nakamoto once said: 

SHA256 is not going to be broken by Moore’s law computational improvements in our lifetimes. If it’s going to get broken, it’ll be by some breakthrough cracking method. An attack that could so thoroughly vanquish SHA256 to bring it within computationally tractable range has a good chance of clobbering SHA512 too. If we see a weakness in SHA256 coming gradually, we can transition to a new hash function after a certain block number. Everyone would have to upgrade their software by that block number.

 

Wed, 01/29/2014 - 04:41 | Link to Comment Spanky
Spanky's picture

+1

For... answering the question.

You can't prove something is unbreakable because it would take an infinite amount of attempts. -- TheHound73

Thank you. It's a simple answer really. But that's not the issue, is it? Trust is the issue. You either believe the NSA has released strong crypto into the wild, or not. I don't and you're right: Nobody cares. I just get tired of bullshit.

Wed, 01/29/2014 - 05:52 | Link to Comment TheHound73
TheHound73's picture

NSA outsourcing the Quality Assurance of crypto to the world and all its experts is a lot cheaper and gets a lot more eyeballs on it than trusting to their small in-house clique of over-paid employees.  I, personally, use the Bouncy Castle version of SHA-256 which was built from the ground up apart from the NSA code and all of it is available for inspection.

Wed, 01/29/2014 - 07:12 | Link to Comment Spanky
Spanky's picture

If you do not fully comprehend the mathematics of the algo... you're taking it on trust. Literally. And that's what crypto is in the real world -- trusted associates.

One of your associates is not trustworthy. I know this from experience. It rules out any other argument, because there is a lack of trust. The best crypto algo in the world is useless if you cannot establish, or, break the chain of trust. Ask the Nazis about Enigma...

Now why would the NSA release strong encryption (i.e.: an algo with no backdoor) to the world? They are in the business of reading people's mail, and have no duty to secure anything other than .gov communications. Moreover, as Snowden revealed, they are in the "total information awareness" business. Strong encryption makes that problematic. There is no incentive for the NSA to release strong encryption into the wild... unless.

Dismiss them all you want, but doing so indicates a lack of healthy respect for their formidable capabilities. Credit, where credit is due. Snowden has barely scratched the surface... 

And just in case you're wondering how far out there no such agency can go with an unlimited budget and all the capabilities of .gov at its disposal, just consider Operation Ivy Bells.

https://en.wikipedia.org/wiki/Operation_Ivy_Bells

http://rijmenants.blogspot.com/2009/12/operation-ivy-bells.html

I esp. like the nuclear-powered phone taps.

Is it too great a leap to think the NSA might release a crypto algo for public use that has a backdoor, and that some "experts" just plain missed it and others were well paid to so?

Tue, 01/28/2014 - 22:07 | Link to Comment Kirk2NCC1701
Kirk2NCC1701's picture

In the interest of historical accuracy and intellectual integrity...

Gold has been used by monarchs as decoration and demonstration of god-like Power & Glory prior to ~ 500 BC.

Gold has been used as "Money" (coins!) the last 2,500 years.  A very long time, no doubt, but not the 6,000 yrs than many seem to think or suggest.

As most of you know... Gold stopped being used as Money (backing to paper currency) in 1971, thanks to US Pres. Nixon and a host of people who put him up to it. 

It was (allegedly) Henry Kissinger's idea to swap yellow gold for black gold (oil!).  By getting the Saudis to lead/force the OPEC cartel to adopt the USD as The Only currency for pricing, buying & selling of global crude oil, it prevented a run on the dollar and created the Substitution effect.  Since then, gold has maintained psychological value as Universal Money, but that too is coming under scrutiny.

It appears, as the power of the Petro-dollar wanes (or may do so in the coming years), that Cyber-Currencies are trying to play to long game, to eventually replace oil as Universal Money.  Maybe a mix of gold + cybercurrency is the way to hedge against a world of runaway fiat-currency and fiat-debt creation.

Wed, 01/29/2014 - 04:35 | Link to Comment Fish Gone Bad
Fish Gone Bad's picture

Maybe a mix of gold + cybercurrency is the way to hedge against a world of runaway fiat-currency and fiat-debt creation.

Sorry but no, not really.  Real is real.  Hand waiving and faith are for fools.  In the long run, all that will ever be real is something that can be held.  Apparently everyone in the world might know this other than people who bicker on ZeroHedge.

Google: cursing fish cafepress

Tue, 01/28/2014 - 21:41 | Link to Comment RideTheWalrus
RideTheWalrus's picture

83 roads to FedCoin which comes pre-installed in your RFID.

 

Tue, 01/28/2014 - 22:17 | Link to Comment Kirk2NCC1701
Kirk2NCC1701's picture

Bingo!

Clever way to let the Market build the new infrastructure for free and debug the system.  Then, when it's running nice & smooth, some False Flag event will lead TPTB/Fed to issue a Red Herring argument  as to why they "need" to intervene.  But don't be fooled with their trickery, where they swap pretext for reason.

Bonus round: If you tattoo yourself with a QR Code, then YOU become the Walking, Talking Wallet that can't be forged, lost or stolen.  "It's for your own good". 

Enter "666"... when no one can buy or sell w/o the Mark of The Beast.  When literature or SciFi tech is used for Inspiration, rather than as a Warning, then 'prophecy' becomes Self-Fulfilling prophecy.

"No Fate But The One We Make"

Tue, 01/28/2014 - 23:20 | Link to Comment bunzbunzbunz
bunzbunzbunz's picture

This is the correct attitude. But does that mean bitcoin is worthless long-term? Are there patents? Will the government respect the patents?

I think it's cute that bitcoin is being marked as the "way to get away with crime". Yet it is allllllll traceable. Seems like someone(s) want bitcoin to get used from the bottom up. I'm not sure what this really means long-term. But it's fun!

Wed, 01/29/2014 - 04:26 | Link to Comment Spanky
Spanky's picture

-1

For...

Are there patents? Will the government respect the patents? -- bunzbunzbunz

OH. MY. GOD. Didn't you get the news??? There are patents!!! Registered to an NSA employee!!! That cover bitcoin!!! I'm so excited!!!

... [bitcoin] is alllllll traceable... -- bunzbunzbunz

That's the point.

Wed, 01/29/2014 - 01:19 | Link to Comment Metal Minded
Metal Minded's picture

Perhaps, but they could also be 83 roads which End the FED and get the other Fed(read govt) under control.

Wed, 01/29/2014 - 07:02 | Link to Comment Acet
Acet's picture

The FED is all about wealth (as in wealth preservation and storage), while crypt occurrences are all about distance trading in the digital world: their strength is not in storing value, it's in allowing (reasonably) anonymous distance payments.

In my view gold and crypto-currencies are complementary rather than rivals.

 

(Please note this is quite independent of the issue of whether or not a specific crypto-currency is actually safe to trade with)

Wed, 01/29/2014 - 07:05 | Link to Comment Acet
Acet's picture

*dupe*

Wed, 01/29/2014 - 05:16 | Link to Comment silvermail
silvermail's picture

All these so-called crypto-currency will multiply like rabbits up to moment when their numbers will be equal to the number of fools on the planet.
And only when every fool on the planet will have its own personal crypto-currency, the bubble of crypto-currency will burst and all these so-called crypto-currency, will become equal zero.

Wed, 01/29/2014 - 07:26 | Link to Comment Disenchanted
Disenchanted's picture

Why don't we drop all the pretense and just introduce a virtual currency called the Shekelbitz...

Thu, 01/30/2014 - 03:16 | Link to Comment kurt
kurt's picture

Und the miners vood be Shekelgreubers like Hitler's mom, who vas a Rothchild. Thus ze money would be back in the better and righter hands.

Tue, 01/28/2014 - 22:25 | Link to Comment Zero Point
Zero Point's picture

The usefullness of crypto will be undiminished. The paper profit of speculators will be.

Hilariously.

Wed, 01/29/2014 - 08:22 | Link to Comment cnmcdee
cnmcdee's picture

When I went to buy a new video card for a game I wanted to play I discovered they were all sold out.  I started doing research and people were making $200 - $600 / month with their video cards crunching various cypto-currencies.  Bitcoin had become so difficult that only ASIC miners could even hope (and only ASIC Pool Miners at that) make any money at it.  However it's closer knock off's like lite-coin were supposedly designed to prevent ASIC miners from wiping out the video card miners.

In the end I steered clear from all of it.  I realized that the pools were completely based on trust, and the pools were taking people's digital currencies.  So you would mine for the pool and they were hand distributing the blocks that were solved!? No thanks, it was a very complicated pyramid scheme.

The other dirty secret is anyone buying ASIC miners would be unable to get their hands on them until *after* the cards were unprofitable.  Look at the wait times for an ASIC miner.

Then there was total outright fraud with companies like TeraMiner that spouted Tera-Hashes.  Collected hundreds of thousands (or millions) of people's money, made up completely bogus circuit boards, then folded overnight and refunded HALF of the money that they collected.

Meanwhile in China any ASIC fabricator is quietly waiting to make an ASIC miner for any digi-currency over a certain value.

And on the Silk-Road $100 million in Bitcoin just vanished from an anonymous online Bitcoin wallet.

Who is to say that NSA's Quantum computer cannot completely crack the encyryption leaving the entire thing worthless.

STAY AWAY FROM ALL OF IT - It is one fraud system perpetrated upon another.

Tue, 01/28/2014 - 21:41 | Link to Comment RazorForex
RazorForex's picture

 GridCoin is a new peer-to-peer internet based cryptocurrency that aims to provide real benefits to humanity by compensating the coin miners for participating in BOINC projects that may lead to advances in medicine, biology, mathematics, science, climatology, and astrophysics by concentrating a large percentage of the computational power towards BOINC research - instead of generating unecessary heat and wasted power for the proof of work algorithms required to keep the coin network running.

http://www.gridcoin.us

If you look at the Gridcoin wallet client you will see how different it is and how much work has been put into it. This is not just another copycat coin. So far the Gridcoin Network has donated close to 9 million points to the Boinc system in various science projects. Even if this coin goes nowhere, the fact that already this much work has been done is a success in my book.

Boinc stats: http://boincstats.com/signature/-1/team/118094994/sig.png

http://razorsforex.blogspot.com/2014/01/crypto-exchange-c-cex-accepts-gr...

 

 

 

 

Wed, 01/29/2014 - 01:14 | Link to Comment Metal Minded
Metal Minded's picture

'BOINC projects' ' BOINC research' 'Boinc system'

I'm not familiar, please explain. TIA

Wed, 01/29/2014 - 09:45 | Link to Comment RazorForex
RazorForex's picture

Boinc is a system where anyone can donate computing power from their pc to various science projects that need calculations done. So scientists from different universities have projects like proten folding, various math problems, cancer research etcc.. So you can install the software on your computer and pick which projects you want the software to do work for and thats it.

 

And now thanks to the Gridcoin Project you can donate power to Boinc and earn Gridcoins in the process. So you get a monetary benefit for contributing to science.

Wed, 01/29/2014 - 01:58 | Link to Comment Kirk2NCC1701
Kirk2NCC1701's picture

Good to know, thanks.
But tell me, doesn't that sound like a(nother) Voluntary Surtax -- so the wealthy or the Gov don't have to fund this?

Tue, 01/28/2014 - 21:26 | Link to Comment stacking12321
stacking12321's picture

tyler, what gives!

the jpg you put up shows bitcoin #1 followed by litecoin #2, ripple is conspicuously absent.

when i click on the link you gave, it shows ripple #2.

Tue, 01/28/2014 - 21:55 | Link to Comment NGC4945
NGC4945's picture

The API feeds for these coins occasionally go out and come back.

Tue, 01/28/2014 - 22:22 | Link to Comment The Thunder Child
The Thunder Child's picture

Ripple isn't minable, 100% pre-mine banker scam coin. There is a selection at the top of coinmarketcap 'minable' that filters those coins out.

Tue, 01/28/2014 - 22:47 | Link to Comment Debtonation
Debtonation's picture

Ripples may be listed as #2, but it has harldy the volume.  Most is just sitting around and if it achieved a comparable volume as BTC there wouldn't be enough liquidity to support that market cap making it effectively worthless.

Tue, 01/28/2014 - 22:56 | Link to Comment adeptish
adeptish's picture

there is only one gold and one silver.

Wed, 01/29/2014 - 01:52 | Link to Comment TheHound73
TheHound73's picture

And one platinum and one palladium and one rhodium.  And there's the asset classes known as real estate, diamonds & precious gems, fine art. plain old cash (which fared better than PMs last year), etc., etc., And they are all competing with each other as forms of wealth preservation.  And now with Bitcoin as well.  Get used to it.

Wed, 01/29/2014 - 02:47 | Link to Comment hmmtellmemore
hmmtellmemore's picture

bitcoin doesn't compete with precious metals.  currency != money

Wed, 01/29/2014 - 03:33 | Link to Comment TheHound73
TheHound73's picture

Whatever you say, boss.  Seems you've got it all figured out.

Gold lost 1/3 of its price in terms of USD last year.  You don't think some people look at that and say, "Meh, I'll just leave my 'currency' in the bank rather than risk it on metals."?

Wed, 01/29/2014 - 05:59 | Link to Comment silvermail
silvermail's picture

Gold lost 30% last year? But at the same time, gold rose by 300% over the past 10 years.
This 300% growth, taking into account the record decline in gold prices in 2013, as a result of regular manipulation by the Fed.

Wed, 01/29/2014 - 07:23 | Link to Comment TheHound73
TheHound73's picture

Aye, I like gold, I own gold.  I'm just saying all asset classes compete with each other and that each individual person determines for themselves what constitutes an asset and what allocations are to be made based on that determination. 

On that note, Bitcoin has seen 1000%+ annual growth each year of its existence and I would be suprised if isn't the best performing asset again this year.

Wed, 01/29/2014 - 07:44 | Link to Comment silvermail
silvermail's picture

"On that note, Bitcoin has seen 1000%+ annual growth...".


History of the market does not know a single case of asset growth by 1000% each year, except in cases of bubbles.

 


Wed, 01/29/2014 - 05:50 | Link to Comment silvermail
silvermail's picture

Platinum and palladium were never money. With rare exceptions, in Czarist Russia, in a short time. They were use platinum coins in a small volume.

Wed, 01/29/2014 - 05:00 | Link to Comment silvermail
silvermail's picture

83 crypto currencies? Oh my God, how many different bull shit against only one gold!

Wed, 01/29/2014 - 06:37 | Link to Comment LMLP
LMLP's picture

see link..... http://com-http.us      .... It's a friggen joke.... these e-currencies are created from nothing, just like the feds bollax....why can't there be another 20? or 1000? or 20,000........which begs the question.... if so many competeing crypto currencies can just spring up from nothing ...thats the same as friggen printing ficticious money...... none of you bitcoin/e-crypto sprukers can justify the multitude of new ones springing up and defeating the underlying thesis of your special e thingy..... i say BUBBLE and call bollax to the whole lot.... long live the barbaric metal..... crypto fools!

Wed, 01/29/2014 - 07:31 | Link to Comment silvermail
silvermail's picture

between crypto currencies and human stupidity have something in common. This lack of limits.
The limit of separation on the parts (limit of depreciation) for Bitcoin and any other crypto currencies - it is infinity.

The limit for quantity emergence of various new crypto currencies - is also infinite.

And the limits of human stupidity - is also infinity!
Long live the new infinite money for people with infinite stupidity!

Wed, 01/29/2014 - 11:13 | Link to Comment TheHound73
TheHound73's picture

There are theoretically an unlimited number of different, distinct novels that can be published.  "It's a friggen joke..." Doesn't mean anybody will buy all of them.  In the meantime The Da Vinci Code has sold over 80 million copies.

Crypto currency can just spring up from nothing because the source code is open source.  The market will figure out which currencies survive and at what valuation.  Foolish market!

Wed, 01/29/2014 - 06:50 | Link to Comment The.Harmless.Who
The.Harmless.Who's picture

 

Hiya Fonestar, 

 

You seem like a man in the know about crypto-currencies (bit coin et al). 

 

Now, I'm a mathematician (by training), and currently doing a PhD in London (on an Info Sec domain), but I still don't understand a thing or two about bit-coin, namely:

 

1. Who is setting the puzzles that need to be solved / mined - can you shed light? I'm confused as to the nature of mathematical puzzles that need to be solved - who is behind them - what is the motive or point?

 

2. Mining is CPU /GPU dependent.  I have for my PhD (and to be fair market trading on the side), seven PCs with a fair bit of computing powers, but they don't come anywhere near the powers that blue-chip companies have.  Consider IBM for example, I mean their computing powers would take out anything a PI has to offer. So what chance does the PI have in this crypto-currency world that was supposed to democratise finances - how can it be anything other than a plutocratic scheme (i.e. he with the most power wins).

 

Geniunely interested in some feedback. 

 

p.s. I'm now scaling back on hardware and most purchases to be honest, and putting things out on sale and e-bay, any funds will be used to fund hard assets (help pay down my mortgage, and put a couple of gold bars in the safe). 

 

 

Wed, 01/29/2014 - 11:05 | Link to Comment TheHound73
TheHound73's picture

https://en.bitcoin.it/wiki/Mining

1. The puzzle being solved is to find a SHA-256 hash below a target number.  The target number always adjusts after 2016 solutions have been solved so that the average solution time is about 10 minutes.  This Proof-of-work and diffuctulty adjustment is built into the protocol.

2. The Bitcoin mining network is clocking in at 17,948,307 GH/s specifically on the SHA-256 hash. This is many times more powerful than any particular blue-chip corporation currently has at their disposal. http://www.zerohedge.com/news/2013-12-25/trip-through-bitcoin-mines


Wed, 01/29/2014 - 11:40 | Link to Comment The.Harmless.Who
The.Harmless.Who's picture

Hi Hound, 

 

Thank you for taking the time to respond.  I will check out the links provided.  However I remain at a loss (excuse the pun), as to just who is setting the puzzles - and what benefit is it to the puzzle setter (The motives). 

 

Much obliged. 

Wed, 01/29/2014 - 12:27 | Link to Comment TheHound73
TheHound73's picture

The puzzle is set by the protocol as defined in the Whitepaper [pdf].  

"The primary purpose of mining is to allow Bitcoin nodes to reach a secure, tamper-resistant consensus.  Mining is intentionally designed to be resource-intensive and difficult. This proof of work is verified by other Bitcoin nodes each time they receive a block."

The reward for solving the puzzle is newly created Bitcoin currency.

Thu, 01/30/2014 - 03:08 | Link to Comment kurt
kurt's picture

Are defenders of bitcoin saying that the whole think can't be encapsulated inside a super-computer and run as a government op?

Wed, 01/29/2014 - 07:34 | Link to Comment The.Harmless.Who
The.Harmless.Who's picture

(apologies, duplicate comment)

Tue, 01/28/2014 - 22:22 | Link to Comment Zero Point
Zero Point's picture

dogecoin is a silly gimmick. Coinye is where it's at.

Tue, 01/28/2014 - 22:28 | Link to Comment Suisse
Suisse's picture

Such Crypto. Much Value. Wow.

Tue, 01/28/2014 - 22:41 | Link to Comment Buck Johnson
Buck Johnson's picture

Same here, I'm thinking about buying a bunch of this.  If Only this one will go up like bitcoin.

Tue, 01/28/2014 - 22:39 | Link to Comment The Vineyard
The Vineyard's picture

Can you buy ripple and cigarettes with a hobo nickel?  Probably not.

Wed, 01/29/2014 - 00:39 | Link to Comment matrix2012
matrix2012's picture

Wow, etherware-backed coin is now propped by CNBC...how convincing...

next we'll soon here that starbugs mcdonald kfc pizzahut are also accepting the nsa-crypto coins... LOL

lets invest in the etherware, being in circuitry it's easy to move around without the physical constraints like those physical things, so easy to move around that one day it will end up in the giant sh!tholes... wtf vaporware

Wed, 01/29/2014 - 06:28 | Link to Comment _underscore
_underscore's picture

At this rate, we'll each all have our very own cryptocurrency - it's becoming a joke isn't it?

It's beginning to make even Zimbabwe dollars look as good as gold.

Wed, 01/29/2014 - 07:35 | Link to Comment Offthebeach
Offthebeach's picture

Dig up Paul Warberg. Maybe The Squid, The Whale and 20 world banks and CB, coupled with world GE size corporations can.....remove all these little people schemes and regulate them.

For the children.

Forward!

Tue, 01/28/2014 - 21:16 | Link to Comment sixsigma cygnus...
sixsigma cygnusatratus's picture

No inflation at all, here.

Tue, 01/28/2014 - 21:15 | Link to Comment Flakmeister
Flakmeister's picture

This is not going to end well....

Tue, 01/28/2014 - 21:22 | Link to Comment XenoFrog
XenoFrog's picture

All just distractions to keep people from spending USD on gold and silver.

Tue, 01/28/2014 - 21:43 | Link to Comment Troll Magnet
Troll Magnet's picture

Like Yves at Naked Capitalism, I believe these idiots are doing all the legwork for central bankers to get rid of cash altogether. Digital currency! GRRRRREAT IDEA!!!

Now where's my gold?

Wed, 01/29/2014 - 01:07 | Link to Comment Metal Minded
Metal Minded's picture

They have invented digital cash, which works well enough, which will get rid of the central bankers, who can do nothing to stop it.

Wed, 01/29/2014 - 01:41 | Link to Comment Troll Magnet
Troll Magnet's picture

Close but no cigar for you.

Digital currency = central planners' dream

Wed, 01/29/2014 - 01:54 | Link to Comment Metal Minded
Metal Minded's picture

Alright, please explain how the central planners will control it.

Wed, 01/29/2014 - 01:56 | Link to Comment TheHound73
TheHound73's picture

They already have Visa and PayPal using digital dollars as currency.  Bitcoin is a whole other type of beast:  Decentralized with a controlled supply, pretty much the antithesis of what the central planners wish for.

Tue, 01/28/2014 - 21:16 | Link to Comment jcaz
jcaz's picture

Fonebutt's head exploding 3...2....1.....

Tue, 01/28/2014 - 21:25 | Link to Comment fonestar
fonestar's picture

0

Tue, 01/28/2014 - 21:29 | Link to Comment MeMongo
MeMongo's picture

Yeah fonefist is seeing his virtual buying mechanism kinda going "POOF" ,but I'm sure his insight without sarcasm  may be paralleled to the original douche...MDB:-)...Still unsure?

Tue, 01/28/2014 - 21:51 | Link to Comment fonestar
fonestar's picture

How is it going poof dipstick?

Tue, 01/28/2014 - 22:17 | Link to Comment nope-1004
nope-1004's picture

"Limited number of bitcoins in circulation".  LMAO.  Check out what can be duplicated 83 times over......

 

Tue, 01/28/2014 - 23:25 | Link to Comment Matt
Matt's picture

USD are worthless, because of Dong and Baht! - You, just now.

Wed, 01/29/2014 - 01:18 | Link to Comment centipede
centipede's picture

Government will force you to accept payments for any debt you are owed in USD and to pay taxes in USD. Otherwise USD would be worthless. Nobody will force you to use bitcoins or any other of 83 ++ cryptocoins.

Wed, 01/29/2014 - 11:15 | Link to Comment TheHound73
TheHound73's picture

Force is not the only means to establish worth.

Tue, 01/28/2014 - 23:34 | Link to Comment Bunga Bunga
Bunga Bunga's picture

Even if duplicated a million times, it does not matter.

Tue, 01/28/2014 - 22:01 | Link to Comment SAT 800
SAT 800's picture

LOL.

Tue, 01/28/2014 - 21:18 | Link to Comment Xibalba
Xibalba's picture

Where's MAXCOIN?  

Tue, 01/28/2014 - 23:29 | Link to Comment putaipan
putaipan's picture

i think they are still waiting on the second one ... maybe the third by now.

Tue, 01/28/2014 - 21:18 | Link to Comment Ulterior
Ulterior's picture

The best bet is to create your own and wait for suckers

Tue, 01/28/2014 - 21:35 | Link to Comment Grande Tetons
Grande Tetons's picture

First mover advantage is gone. Bitcoin is the new Amway. 

Everybody loves to hear from an Amway rep, eh.

 

Tue, 01/28/2014 - 23:30 | Link to Comment putaipan
putaipan's picture

see above.

Tue, 01/28/2014 - 21:19 | Link to Comment lordylord
lordylord's picture

Is there any innovation from one cryptocurrency to the next or is it just some guy trying to duplicate bitcoin's success and get rich quick?

Tue, 01/28/2014 - 21:32 | Link to Comment aminorex
aminorex's picture

Some innovations.  There's one that is mined by doing protein folding on your computer, trying to cure cancer.   Another which uses TOR in the wallet to provide anonymity.  Some which can only be mined on a CPU.  Some which require proof of stake (coins held) to mine, which means they dilute with dividends.  Some which apply demurrage.  Some which implement distributed messaging systems.  There's a lot of innovation going on, but most of them just exist to scoop up sucker fiat (like Ripple).  Very caveat emptor.  There is only one Bitcoin.

Tue, 01/28/2014 - 22:03 | Link to Comment Grande Tetons
Grande Tetons's picture

There is only one Bitcoin.

The Highlander of currencies. One day all cryptocurrencies will feel the quickening.

Wed, 01/29/2014 - 02:56 | Link to Comment hmmtellmemore
hmmtellmemore's picture

What is the TOR one you mentioned?  

Wed, 01/29/2014 - 02:50 | Link to Comment hmmtellmemore
hmmtellmemore's picture

Not much innovation.  Litecoin is basically a clone, and is a waste of time.  Namecoin is amazingly innovative.  Zerocoin will be as well.  Many coins will die off, which is normal in free markets.  Free markets hate a monopoly, so there will always be a few serious coins competitng with each other until the end of time.

Tue, 01/28/2014 - 21:21 | Link to Comment Occams_Chainsaw
Occams_Chainsaw's picture

C'mon....let's start FightClubCoin which can only be used to bet on our clandestine club activities........

Tue, 01/28/2014 - 21:27 | Link to Comment G.O.O.D
G.O.O.D's picture

Superbowl coin would be a sure fire winner.

Tue, 01/28/2014 - 21:50 | Link to Comment Occams_Chainsaw
Occams_Chainsaw's picture

MarlaCoin....we could use it for hookers....oh yeah!

Tue, 01/28/2014 - 23:02 | Link to Comment adeptish
adeptish's picture

gonchcoin, just for the canucks...

Tue, 01/28/2014 - 21:23 | Link to Comment JustObserving
JustObserving's picture

Where is the ZeroHedgeCoin backed by gold and infinite skepticism in the miasma of mimickers?

Tue, 01/28/2014 - 22:19 | Link to Comment OpenThePodBayDoorHAL
Wed, 01/29/2014 - 01:00 | Link to Comment Metal Minded
Metal Minded's picture

Nofiatcoin(XNF) is the spawn of Ripple(XRP). Neither of them are cryptocurrencys, but are made to look like they are. Wall St money in the shadows behind this sham. They are hoping to trap the unknowing. The young know XRP for what is and are not going near it.

There is no authority in cryptocurrency to tell you what crypto you have to use, and what it is and what it isn't. The people will decide en masse, through usage. We  can only hope and pray the young see value in AU and AG.

Tue, 01/28/2014 - 21:24 | Link to Comment Robot Traders Mom
Robot Traders Mom's picture

Hi, I'm RTM. 

 

I used to come here when it was still cool to buy physical metals. 

Tue, 01/28/2014 - 21:25 | Link to Comment fonestar
fonestar's picture

Glad fonestar could help out.

Tue, 01/28/2014 - 21:25 | Link to Comment G.O.O.D
G.O.O.D's picture

wow look the cat dragged in.. how ya been? and wtf is robotrader? and Trav?

Tue, 01/28/2014 - 21:34 | Link to Comment q99x2
q99x2's picture

RTM You look like the kinda person that would buy gold and silver; maybe try eating it too, eh?

Tue, 01/28/2014 - 21:27 | Link to Comment DavrosoftheDaleks
DavrosoftheDaleks's picture

Real Bitcoins don't die because they eventually Mulitply...

Tue, 01/28/2014 - 21:28 | Link to Comment Catullus
Catullus's picture

I'm sure the fact that buttcoin has a theoretical cap to total supply will totally offset the fact that there's an unlimited supply of crypto-currencies.

Tue, 01/28/2014 - 21:30 | Link to Comment Kirk2NCC1701
Kirk2NCC1701's picture

Sexcoin... don't we have that already?  As in "No wealth, no sex".  ;-)  ;-)

Tue, 01/28/2014 - 21:31 | Link to Comment OC Sure
OC Sure's picture

I flip a shiney gold coin high into the sky and smile as it shimmers in the sun. I catch it as it lands flat in the palm of my hand. I laugh and drop it in my pocket.

The power goes out!

I pull the coin out of my pocket and flip it high into the sky again. I like that.

Tue, 01/28/2014 - 21:32 | Link to Comment Goldilocks
Goldilocks's picture

Theoretical physicist... Hesofullofshito...

Michio Kaku: Space Bubble Baths and the Free Universe
http://www.youtube.com/watch?v=D6XAkVA7RmY (5:25)

Tue, 01/28/2014 - 21:32 | Link to Comment Kirk2NCC1701
Kirk2NCC1701's picture

Eventually there WILL be industry consolidation, and the market will shake out the winners and losers.

The most interesting thing for the minor coins is the issue CONVERTIBILITY.  Good luck with that, w/o paying a bunch in conversion fees.

Wed, 01/29/2014 - 01:39 | Link to Comment TheHound73
TheHound73's picture

Sure.  Bitcoin is open source software.  This means anybody and their mom can take the code, tweak a few variables, press play, and Viola, your own custom crypto-currency is created.  Then throw it up on the market and see how it does.  The intention making Bitcoin open source was to have the widest amount of experts examining and banging on the code to make it as secure as possible.  Allowing for unlimited copycats is a side-effect. I have less faith in all of the alternative coins combined than I do in Bitcoin. The things to watch for  are:

1) Market cap: (Bitcoin currently clocking in at $10 B, next runner up 1/20th of that and falling off from there)

2) Strength of the mining network (Bitcoin currently clocking in at 17,548,574 GH/s)

3) Merchant acceptance and user base (what goods/service/currencies can be bought/liquidity)

Interesting note: a person pretty much has to spend BTC to buy any of these alternative coins.

Wed, 01/29/2014 - 06:30 | Link to Comment silvermail
silvermail's picture

Unix systems with open source, breaking every day many times around the world.

Open source is not a guarantee of safety.

If I give you check the mathematical work of Mr. Perelman (open source), you do not be able to understand, and you can not check anything.

All past " crypto " super -duper encryption algorithms were originally leaky. All of them had the back doors. But the believers learned about this later.
Encryption Standard bitkoin also has a back door. And you also will learn about it later. But right now, you can continue piously believe in miracles and fairy tales from the NSA about "Satoshi". LOL

 

Tue, 01/28/2014 - 21:35 | Link to Comment Colonel Klink
Colonel Klink's picture

All these fall under the category of Douchecoin.  But if they help end the Fed, knock yourselves out.

Tue, 01/28/2014 - 23:34 | Link to Comment Matt
Matt's picture

Cryptocurrencies used to be about anarachists versus central bankers. Now, I think it's more Silicon Valley versus Manhatten businesses.

Tue, 01/28/2014 - 21:37 | Link to Comment q99x2
q99x2's picture

This must mean war. It has to be the end of the world.

Please God do not let Hillary Clinton be elected.

Tue, 01/28/2014 - 21:44 | Link to Comment G.O.O.D
G.O.O.D's picture

Hillary Clinton is a slam dunk.. NOONE will have a chance against the black widow,

Tue, 01/28/2014 - 22:13 | Link to Comment Professorlocknload
Professorlocknload's picture

Votes are already counted. Just need to wait for the election.

Wed, 01/29/2014 - 02:57 | Link to Comment Kirk2NCC1701
Kirk2NCC1701's picture

I'm still trying to wrap my mind around the image of a 2x former POTUS becoming the First Gentleman. Mr. President, meet Mrs. President.

And will Hillary also be heard saying: "I did NOT have sex with that woman!" ? The mind reels.

Tue, 01/28/2014 - 21:39 | Link to Comment nordrhein
nordrhein's picture

Of those 83 coins only a few are innovative.  Mastercoin and Peercoin for example.  Let's see, do penny stocks dilute the value of Apple or Google stock?  

Tue, 01/28/2014 - 21:41 | Link to Comment bullionbaron
bullionbaron's picture

Cryptocurrencies come with limited units that can be mined, but the number of cryptocurrencies that can be created is unlimited. Can't create another new element...

 

http://www.bullionbaron.com/2014/01/bitcoin-first-crypto-curreny-not-las...

Tue, 01/28/2014 - 23:36 | Link to Comment dvfco
dvfco's picture

It almost sounds like - hmm - fiat currencies.   Think of BitCoin as the US Dollar in the mid-1900s.  It was the shit.  Then, 83 other cryptos come along, then 200, then 300 - kinda like countries each with their own fiat currency.

Hmm, it kinda makes it clear what fiat currency is reallyw worth.  The only difference is that by open source code, the actual # of each crypto coin is limited from inception.  Unlike the uSD, BTC is limited in #.   

I'd bet on Crypto.  I have bet on Crypto - and 1 BTC buys one shitload more gas this year than last.  While, $1 bought me a gallon of gas in 1995 - now I need $4.

IT'S ALL BULLSHIT - OWN GOLD.

Tue, 01/28/2014 - 21:42 | Link to Comment Its_the_economy...
Its_the_economy_stupid's picture

OT: smells like IT takes a hit, What JPM hiding?

 

http://dealbook.nytimes.com/2014/01/28/man-killed-in-fall-from-jpmorgan-...

Tue, 01/28/2014 - 21:47 | Link to Comment QE49er
QE49er's picture

#79 "CraftCoin" from Minecraft, great cryptocurrency, has a lot of potential, I'm all in.

Tue, 01/28/2014 - 21:47 | Link to Comment joego1
joego1's picture

Someday when the financial world blows and I'm down here in Mexico on some hot dusty street I can pull out a silver coin and walk into one of the many shops and exchange it for pesos. I haven't seen a single bitcoin ATM yet.

Tue, 01/28/2014 - 21:47 | Link to Comment The Duke of New...
The Duke of New York A No.1's picture

Somebody develop a crypto-currency backed by Gold, then maybe I'll buy some.

Tue, 01/28/2014 - 22:15 | Link to Comment philosophers bone
philosophers bone's picture

If bit coin were backed by an ounce of gold, it would trade at the price of gold (the underlying real asset) and if bit coin were backed by an ounce of silver, it would trade at the price of silver (the underlying real asset)(or a slight premium thereto). Which begs the question: What is the bit coin part of it worth?

Tue, 01/28/2014 - 23:37 | Link to Comment Matt
Matt's picture

1. If it provided additional utility, it would trade at a premium to gold, like PHYS has.

2. Storing gold costs money; to fund this, the transaction fees would have to be higher.

Tue, 01/28/2014 - 21:47 | Link to Comment G.O.O.D
G.O.O.D's picture

News just said the Queen of England is broke.. Holyshit if that ole whore is broke, the world is broke.

Wed, 01/29/2014 - 01:39 | Link to Comment Metal Minded
Metal Minded's picture

But let's get back to our original point about misleading headlines and what the queen is or is not worth. According to Forbes, "her personal net worth [is] around $500 million."

http://www.npr.org/blogs/thetwo-way/2014/01/28/267733457/no-queen-elizab...

Tue, 01/28/2014 - 21:52 | Link to Comment Kirk2NCC1701
Kirk2NCC1701's picture

Whoever positions themselves to be the 'FX' of Cyber-Currencies is guaranteed to make money 24/7/365.

They will then have great power.  "With great power comes great responsibility".  Hence, enter TPTB to help 'regulate' and protect the market from itself.

Tue, 01/28/2014 - 21:54 | Link to Comment Spungo
Spungo's picture

That's awesome dogecoin is #5. 

Tue, 01/28/2014 - 22:08 | Link to Comment SAT 800
SAT 800's picture

Developments like this make me wonder if maybe the fundamental problem isn't just that a tremendous number of people have lost contact with reality, COMPLETELY.

Tue, 01/28/2014 - 21:56 | Link to Comment roadhazard
roadhazard's picture

Someone is going to ruin it for everyone and that is why you can't have nice things.

Tue, 01/28/2014 - 22:31 | Link to Comment Professorlocknload
Professorlocknload's picture

Quick, tape the cord to the floor before someone trips on it!

Tue, 01/28/2014 - 21:57 | Link to Comment JuliaS
JuliaS's picture

I've got a currency that will finally address the biggest concern with all other other alternatives, including gold - the fact you just cannot eat them.

Introducing MeatCoin! Carved out of a solid piece of beef-jerky, smoked to perfection and bearing the image of Ron-giggidy-Paul himself in all of his wondrous glory!

Phases: "hungry for change" and "puting money where your mouth is" will never sound the same!

Tue, 01/28/2014 - 22:06 | Link to Comment SAT 800
SAT 800's picture

LOL! needs a picture of a LULZ cat eating his money.

Tue, 01/28/2014 - 22:13 | Link to Comment Cabreado
Cabreado's picture

The growing volume of crypto-fascists (and I mean no disrespect there) are an indication of

chaos (brokenness)

and

ignorance of what truly ails us.

They both work in concert, of course, until they can't.

There is some irony (but no surprise) in that the same forces that lead to breakdown are those that pretend to have solutions.

Think simple and true, else you will suffocate in the bullshit, even now.

Tue, 01/28/2014 - 22:36 | Link to Comment Professorlocknload
Professorlocknload's picture

Yeah, bullshit coins! Why didn't I think of that? I mean, the base material is everywhere?

Tue, 01/28/2014 - 22:25 | Link to Comment The Thunder Child
The Thunder Child's picture

Thew $100 into it in November and that is the only money I will put into cryptocurrency.

Traded it up to $300 in Dogecoin right now (rode Quark for a bit too)....how dumb is that!

On that note, if I can turn it into a couple thousand and take it to the surplus store in the area that actually does take bitcoin and buy some gear with it....why not.

Wed, 01/29/2014 - 03:06 | Link to Comment tip e. canoe
tip e. canoe's picture

still searching for that cryptic CPU mined crypto you mentioned last month. 

care to share another hint?

 

Do NOT follow this link or you will be banned from the site!