I recently did an episode of the Expert Council for the Survival Podcast where I was asked:
Since ASICs are taking over the more popular and mainstream coins, I have been looking for options to point my GPU rig towards for speculative/hold positions. One coin that seems to be getting some hype recently is Ravencoin. X16 R protocol, so designed to be ASIC resistant, and was released without any coins in reserve for the Devs, etc.
The whitepaper is describing a coin that can be used to represent a physical asset like a football ticket, etc. that would allow for the asset to be fully transferable across the blockchain in a secure transaction. This is similar to other coins out there, so is there anything in your opinion that makes Ravencoin worth looking at as a mining option, or is it just another “poo-coin” in the alt-coin toilet?
I’ll see if I can post the response here.
The main thing I wanted you to understand is that we can’t possibly know which crypto will be the next big thing. That’s why it’s called “speculation”. Speculation involves a lot of risk. There are a lot of cryptocurrency projects out there and most will amount to nothing over time.
Ravencoin has a few things going for it. It is the top coin on a new algorithm called X16R. This algorithm is thought to be ASIC resistant. This means it should be awhile before Bitmain and other companies can release an ASIC miner for it. This means it potentially will be a popular coin for GPU miners. To me that’s also a good sign for a coin because the GPU Miner community is very large. This is a great way to expose new people to their project. Other people say that GPU Miners are just greedy and want to sell for a quick buck. However, I think if a project is a good project getting exposure to a new audience will allow that project to grow quicker. More people will mention it to their friends. More people will post about it on social media. More people will make tutorials on how to mine it. All of this generates exposure for a coin.
However, we have to warn you.
Most cryptocurrencies will fail. Many projects have great ideas but will lack the execution. Maybe they have internal conflicts on the team or lack the right skills. Maybe they have an awesome developer but he’ll be woo’ed to another project with a bigger salary. Be VERY cautious when speculating on crypto.
I like to read the whitepaper but I don’t get mislead by fancy words. I want to see results first. I want to see the team actually begin to implement some of their ideas from their whitepaper.
Here are a few other projects I mentioned on the Survival Podcast:
- Horizen – formerly Zencash – security/privacy focused coin which also supports secure/master nodes
- Ethereum Classic – an offshoot of the original Ethereum. They don’t ever plan to go proof of stake and plan to remain GPU focused
- Bytecoin – A privacy based Monero clone
- Decred – Some of the best technology in crypto. They invented the cross chain atomic swaps. They also have a fully decentralized governance model in place where stake holders can vote. There is no chance of a fork as the vote is law. Whatever stakeholders vote for is automatically implemented.
- Digibyte – a unique privacy coin that uses 5 different mining algorithms.
- Verge – A secure an anonymous cryptocurrency. It has suffered some attacks on their network but it is one of the most popular privacy projects.
- Bitcoin Private – a clone from Zcash which was renamed to Bitcoin Private. I don’t know if they’re doing anything new and unique other than using the Bitcoin name for marketing.
- Loki – a Monero clone that plans to implement masternodes.
- Aeon – another Monero clone with intentions of being able to be used on low powered devices like mobile devices.
Remember, NO ONE can predict which cryptocurrencies will be successful. All the coins on this list are speculative. They are all very risky.
I am not a financial advisor. I cannot tell you what to invest in. You need to do your own research.