In the forum post announcing Altcoin's creation ThickasThieves offers:
Unique Value Proposition - Altcoin is the first alternative to Bitcoin that serves a purpose: to simplify the entire Altcoin market and allow everyone to finally focus on ONE coin.
This is so incredibly meta. Altcoin can be the one coin for everyone's focus while also itself being an alternative to Bitcoin as well as every other cryptocoin. ThickasThieves further settled any debate regarding the potential for this coin to be premined with:
Here's some more or less relevant things about Altcoin and its network:
Proof of Work Algorithm: SHA2561
Block Rate (in seconds): 512
Initial value per block: 512
Block halving rate: 262144
Maximum coins: 268435456 ATC
Altcoin was even traded today in a transaction that valued the coins at 235 Satoshis per Altcoin. The Altcoin thread suggests that at this point most people mining Altcoin are hoarding it as a store of value as they anticipate appreciation against other, less meta altcoins. When I wrote about DogeCoin I mentioned how Old meme is a structural weakness which will always afflict that coin's potential future. Coinye allows us to see what DogeCoin's future might look like. If cryptocurrencies had emerged a decade earlier and Coinye was released in 2004, during 2005 through 2006 it might have seemed like it was doing great. Then as time goes on Coinye's prospects fall with its namesake.
Dogecoin as it has been recently discovered has some really glaring flaws. Like wow, such flaws, much penny stock, kinda scam, so poor. Altcoin lacks these weaknesses, because meta. The entire thing is a Satire. In the interim though the network difficulty for Altcoin is roughly 10 times that of Litecoin. I mean metaphysics is still a discipline with active dialogue, people have to understand the word "is." Meme is fleeting, but meta endures.
Update: Altcoin has a website. I also have to throw up a disclaimer now, I now hold some Altcoin.
- Those Block Erupters can indeed be useful again [↩]