This article is a rowk-in-progress. I’m publishing it in this state because it has value even in an incomplete form.
LiteCoin, LTC. The first and most prominent Scam/Shit Coin. Promoted in ways that the creators knew from the very beginning were lies.
1) ACIS-resistant. No, actually, it is designed specifically for ASICs.
2) “Silver to BitCoin’s Gold.” Bullshit. It’s called a decimal point. Goodbye.
3) Faster block time. And? Anyone can count. Tits on a Boar.
It’s retained value is nothing but bagholders who don’t understand the mistake they made. Greedy to find “The next BitCoin” they all jumped in not knowing what it was and wasn’t and now live in denial or are still just as clueless as they were when they bought in and have no idea what/why about anything… These people probably hold DogeCoin, too… It offers no tangible advantage of any kind, and a few disadvantages… You should be able to figure it out if you have an IQ above room temperature.
DogeCoin, DOGE. Exactly like BitCoin but WITHOUT ANY DIFF! It’s a deliberate hyperinflation coin held in check only by the droves of people who fall victim to their marketing/meme, while also being possessed of the same cluelessness as those who jumped into LiteCoin. There is a lesson to be learned from it tho. Controlling coin supply is not as important as Satoshi thought. It matters, but not as much as was initially believed. Any economy that depends on massive expansionism to keep it out of the red is going to fail eventually. There are only so many stupid suckers out there. Granted, they’re 99% of the population, but even at that, eventually… Even if your IQ is well below room temperature, you should be able to figure out why DOGE is a failcoin with very little effort.
PeerCoin, PPC. It seemed like a good idea at the time. That is, until you actually think it through… You don’t mine PPC. You just hoard it… It has advantages in not being mineable, but the pure notion of hoarding a coin to get more of it… When is the last time you saw people using gold bars at the supermarket? As fungible as it may be, it discourages itself from being used as a currency. Dumping miners for a proof of hoard is an interesting idea. But, it is not a stand-alone workable idea.
This is a problem that many of the clone/shit coins out there are suffering. One good idea that by itself doesn’t do a damn thing. Or worse, falsified intent coins… Purpose Coins or Country Coins… Crypto doesn’t care where politicians draw lines. Crypto doesn’t care what you spend it on. The idea that “This coin is for online porn!” Or “This coin is for Iceland!” is just stupid. It’s a faux-idea. Even if it were real, these stand-alone ideas don’t do anything useful while standing alone. When you buy something, does the money care? What you bought? Where you bought it?
In fact, I bet there is a $20 bill in your wallet right now, that at some point in it’s life, was used to buy weed or a blowjob from a hooker. Or both at the same time. Do you know for sure that it was or wasn’t? Does that make you guilty of something? Do you care? The way the Down’s Syndrome Government tracks BitCoin transactions and accuses people, maybe you should be? If it could be known that your $20 bill was once used to buy contraband, what might happen if the guv was not smart enough to understand that it wasn’t you? Or they were just pretending not to be smart enough to know because they felt like railroading someone and they can get away with it. Or a crooked prosecutor (is there any other kind?) knows the Judge has no hope of figuring out that s/he is lying… With BitCoin, and all of it’s clones which inherit the same epic tracability flaw, it is known what was bought. From the beginning of time. OK, since the genesis block… But you get the idea. Every transaction is known, and the issuing IP… If identity was exposed at any point, ever, it all traces back to you and that Hard Drive you bought on bitcoinstore.com – You didn’t break the law, but the government doesn’t care about little details like that. You used a BitCoin, and somewhere along the line they can prove it was connected to a transaction on Silk Road, so, off to prison with you, you dirty drug dealer you! Take a look at that $20 bill again. Where has it been? Is it’s history since the day it was printed to be lumped on you? Rational people say no. But, government says yes! Try to buy BitCoins without having to expose your identity, I dare you… Government already has it’s claws in exchanges. If the blockchain shows your TX on down the line from a known criminal act, doesn’t matter if you had anything to do with it or not. Coinbase is already enforcing this against gambling sites, and any customer who’s coins lead back to one. What if that $20 bill was used in a poker game? Are you guilty of illegal gambling? Who decided it was legal or not anyway? Did you even get a vote? Do you even know about the last 30 transactions it was used in? 14 years ago today, that $20 bill was one of many it a big fat stack used to pay a hitman. You’re guilty! Go to jail! Go directly to jail!
This is why cash is a good thing; nobody can prove where it came from or where it went. Funny, isn’t cash invented by the government? Isn’t cash used to launder trillions upon trillions of black-market funds? Aren’t banks caught defrauding the public to the tune of similar numbers? Doesn’t the $100 bill get counterfeited quite a lot? Credit card fraud? But it’s Cryptocurrencies that are evil and bad? Really? Even though Cryptocurrencies are incapable of these bad things?