Post
Topic
Board Project Development
Re: A breakdown of how to release a crypto currency
by
fablkak
on 03/02/2014, 09:37:56 UTC
You know Google, right? http://andarazoroflove.org/how-to-create-alt-coin-scrypt-clones-for-fun-and-profit-bitcoin-litecoin-secrets-exposed/
First thing that popped up, alon with several other tutorials, but just changing the basic parameters, won't make your coin uniqe.

If you really want your coin to establish, I'd say, you give at least an announcment several weeks ahead, where you already state your uniq features in a whitepaper. Nothing should be premined and as many people as possible should start with the same conditions. The coins should not all be mined within a timeframe of less than 3-4years, even that seems pretty fast. Don't expect your coin to "make it" (overtake bitcoin) in less than 5 years, it took btc 5 years to be where it is now.
Even IF your coin is superior, this is still the crypto market...it's unpredictable.

But a successful visionary, we all know, once said: “The People Who Are Crazy Enough to Think They Can Change the World, Are the Ones Who Do.”

what is this google of which you speak?
Nice link, reading through it now. I appreciate you other advice too although that kind of big picture stuff I have already got my head around. I have been mining for a few months and been reading a lot of the forums about startup coins. Like any successful venture it has to start with a bit of research and I'm really just in the early stages of that.
            I don't think there is a problem with a small premine so long as it is small enough to be negligible only a few days/weeks after launch. Furthermore I think that a premine spent largely on promotion and distributed within the first two weeks or so, with enough left over for a bounty or two isn't a bad thing if it is done in an upfront and transparent way. Having a little premine spent on promotion increases the value coins held much more so than the small inflationary effect it may have.
             I am not going to claim superiority to bitcoin or any other coin, only that it is fundamentally different in more than just name and block specifications. I'm pretty sure I have figured out a way to do something really special with only a few modifications but you will have to wait and see. Pre launch announcement is still months away.