I want to ask something.
There are so many bitcoin clones since it is open source. I also saw cryptonote. And nxt. What do they get by creating a clone? Why not focus all the efforts to bitcoin?
Also, how much does it cost to create a new coin?
Also, if I have, say 20 bitcoins, and buy some clone with a low market cap, now I have a big share, will it drive the price up?
There are so many bitcoin clones since it is open source. I also saw cryptonote. And nxt. What do they get by creating a clone? Why not focus all the efforts to bitcoin?
Also, how much does it cost to create a new coin?
Also, if I have, say 20 bitcoins, and buy some clone with a low market cap, now I have a big share, will it drive the price up?
When the first forks coins started some people want to experiment with the bitcoin source code or new features. To do this on the bitcoin network would pose a risk, that's why they use altcoins. People later saw the market price of bitcoin going up to 1000$ and wanted to cash in, a lot of clones came into life with the only purpose of getting rich, they are "pump & dump" coins. There are more than 300 coins now, if not 1000
To create a coin you need to have a computer, internet, some time or money to invest. The cost to create a clone is very low, if you want an exact copy.
Coins with a small market cap can easily be toyed around with. If the market cap is 10$ and you put in 1000$ it will drive the price of that coin up. If you do that with a coin that has a large market cap nothing will happen.