Bitcoin Forum

Hi, I am new to all this, but help me understand this. If there is a crypto coin that is very useful and has functional value, not just speculative, say it becomes very expensive. What is to stop someone from just creating their own coin that is the almost identical to it, and using it instead, so high prices are not paid for the other coin? How can all these coins maintain high values, when people can just create as many new coins as they want?

Nobody, really.
But it's not enough just to clone the coin. You have to convince people to switch to your new coin or at least use it: miners, exchanges, traders.
If there's no gain behind it, nobody will follow you.

There are many Bitcoin clones (and I mean 1000% clones, same algorithm, same everything), then there are lightly changed coins (Litecoin, Dogecoin and many others, changed from algorithm to emission rules). Some have no success at all, some have moderate or even big success.

price is based on demand and demand is not just based on functionality, it is also based on security.
for example if you create a exact copy of bitcoin (not these forks that are changing things) without changing anything, nobody will mine it, no mining means less security of the chain and that means no demand.

additionally because it will be a separate chain, anyone who have adopted bitcoin, if they want to adopt your chain too, they have to run your chain and that is not easy. so nobody would bother.

Your statements are contradictory. On one side, you are saying that a coin has utility. On the other side, you saying someone else make identical coin!
Now if Apple makes Mac Book, it doesn't mean anyone else can make computer with same specifications and can sell at same price as of Apple. Apple has brand name and userbase which is not easy to take up.
Similarly just creating a copy of coin (which is however possible), it is not possible to take up its operation and userbase. However, it is possible in case of speculative coin.

Well firstly there's nothing stopping them, but it probably won't be successful, other people have to use the other coin and that's no small task. Second to that, for a lot of bitcoins uses the price doesn't matter whatsoever. Say there's a company who want to send $1m overseas, it doesn't matter if bitcoin price is $1m or $1 they just send a different amount of bitcoin.

You can't really stop anyone from cloning a coin. As you can copyright a product not the concept.
What matters is how you convince people that your coin is best than the prior one. Eg. There are alot E-commerce website selling same product but still Amazon is most used brand....reason is new players either unable to reach consumers or they are not able to convince users to buy product from them.

I got your motive and thoughts which i do really agreed on that one but this thing cant really be stop as long theres a greedy developer or owner would mind to create his own coin he wont mind if it would be the same idea as others as long he do launch it make easy money when they do accumulate investors on it. Knowing creating new coin would really be profitable on developers side.

Cloning a coin or branding your own coin entirely is not the issue rather is about your market that you have, marketing strategy and your team. Team is important if your white paper is good. Good luck.

Exactly, they just out all the features fronting their new clone coins to gain supporters. The higher the demand the higher the value it gets. Some turns out to be nothing and waste of time and efforts.
Others are just used for a moment trust then scams every supporters. Pity.

The general consensus is, there will continue to be forks of bitcoin until it is no longer profitable. Forks are a relatively new phenomena, they could be overvalued at the moment. History will show what the true value of forks is. It may be fair to say there is some misinformation about forks being proliferated. False claims about forks having faster transactions and lower transaction fees. In reality both claims could be untrue, the reason for faster transactions/low fees may simply be a lack of support and small userbases for forked alts, which keeps network traffic low.

The market cap and value of alt coins could be misleading figures. The value of coins (other than BTC) decline very quickly when a sell off occurs. The sustained value of forks and alts is nowhere near as robust as btc, due to trading volume being lower and buyers more sparse, making it more difficult to sustain dumps. The market cap and value of forks and alts declines very quickly whenever a dump occurs, in contrast to bitcoin. It could imply figures like market cap and value regarding forks and alts are exaggerated.

Nobody can stop them from "cloning" a certain coin, lets say bitcoin. However, the clone coin even though not that expensive can't really take off if there are no miners and no investors to really jump start this clone coin.

Someone has really to promote this new coins, but how can you promote or at least gain transaction from community when it has no value to begin with? We would rather stay with the original coin, eventhough very expensive but has gained trust and confidence by a lot of people.

Look at Bitcoin Cash, similar to bitcoin and even improves it with a bigger block. However, the price is not even closer to bitcoin because the community does not support it and only a few has really used it as designed. It's merely another pump-and-dump coin. Little demand means its not gonna be sustainable at least.

That is why there are tons of alt coins, and we can stop people from creating new coin, there are some country banning them to create new coin but somehow it's not yet effective

Every one can create their own coins but they need to make other people attracted to used their creation coin, that is the point where most of people failed, so now people need to create coin that is different from other coin

Actually the price of crypto currency is based on it's demand so bitcoin having more demand than any other cryptos so the price is high even some cryptos have same functionality as bitcoin.If the new coin get enough support then the price of new coin will also increase.

Even if it has a function or a special niche on something it does not guarantee that it will be successful in the market as the market as of right now is not looking for function but price movement. Which means your demand won't be concentrated on your solo coin and it has been proven by Bitcoin for far so long now, there are altcoins that are better in terms of becoming a secure and anonymous payment method yet Bitcoin is the one who has the most expensive price out there because sadly it is the first to be offered in the market therefore making it more popular.

Rob31, you should remember that value/price of bitcoin is directly proportional to the demand. Further, Bitcoin being able to convince most people, it has come out with good reputation. It is thus a source of investment. Do not forget that it is more safer and more profitable than newer coins. That is how things have shaped up. It just happened that way!

If you are afraid about the price of bitcoin, then remember that till now the price of bitcoin was between 6000 and 7000 USD but after a long time its price jumped, the same case can occur again but if you want invest in bitcoin then you must be sharp minded and must keep an eye on the digital currency market and must be patient because in bitcoin patience is the key to success. 

You are correct, anyone can create a new coin, or fork existing coins. But doing so doesn't necessarily give them value. Remember that bitcoin price is defined by the rules of a free market (supply and demand), so if no one wants the other coins, it will have no value. You can actually see something similar with all these new airdops. People create ICOs and donate almost all the tokens, and no one trades them, and they just have no value.
Also let's not forget how the network is maintained. Miners would have to move to that new coins, or new miners would have to decide to run the full nodes for that new coin. If there is no demand for it, they won't do it.

Until there will be a regulation but that will be only applied to the ico and not for those people are creating their own coin. If there will be no people buy it and then the altcoin that already created will be useless.
People will always try to make a clone as much as they can. The people in these days are really smart enough. It's about the competition from one to each other.

Based on bitcoin on how long term price, it is on how many people used or access bitcoin. It is based the increase of people who adopt bitcoin currency day by day. When we say long term price it reflects on how the demand being maintain. And also on how the supply  being maintain.

If you are a good developer or have a good team, you will be able to create such coin.
But creating a coin is not enough. You need to find investors and convince them that your coin is trustworthy.
Competing with an existing coin is not that easy especially if you don't provide newer and better services.
Any one can develop a search engine, but what are the chances to beat Google?!!

what i can say here that if you are asking for some sure thing on crypto then you are really wrong on this because there is no such thing on crypto. All of these coins are based on some speculation and it is always pump and dump, you just need to be lucky enough to get pumped and being unlucky when it is dumped. High volumes are depends on demands so whenever there is demand price will always increasing and that apply vice versa

There are lots of similar project which do launch on a short period of time and talking about on the similarity then its actually true why those people keep on making the same concept of a previous project why not on just supporting it instead rather than on making a new one. The main reason? because they do like to make money because if people would possibly buy their then they can really easily make money too.Its just like that which a normal thing on the market as of now and knowing creating a new coin is simple. Just do some works and make your coin attractive.

you are right that there are many questions comes in mind about long term prices because all the life activities are connected to the price of bitcoin and need to be sure about all the features about bitcoin before invest for the long term of price, there is permanent in long term and those people who will proceed and earn profit then that person will be lucky while when dumped and earn nothing than one thing happened and that is bad luck.

It isn't at all easy to create something identical to it.. all the source code an everything else is highly concealed n uniqe..also it may be similar but never identical.. code is very difficult to copy line to line ...also there is is always a trust factor like first come first come types that is essentiallyvery important for high class business investors.. And I really think that the oldest and the.. thing from where everything started is more trustable.

What makes bitcoin or other cryptocurrency value rises is all due to the investors who have hope in them and continue to buy. So for anyone to create a coin and want to make it's value rises, They need to convince potential investors about the advantages his/her coin s compared to others and once the investors see that it can be profitable, they can then invest in it.

There is nothing in this world that can stop someone from creating their own coins, but there are some important things to note. First of all, the new coin wont be as famous as the old one, and the reason for that is the community behind the old coin. The old coin will still be valuable for its community and users. And, they wont migrate their investments to a new coin with no community and just a few users.
Think about it for a second, if you even created your own clone of a particular coin that is worth 100$ or even 1000$. And, your coin is exactly same as the old one, and even with some amazing new features. How will you be able to influence the users of that old coin to use your coin instead of the one they are already using? And how will you add your coin to the exchanges if no one has invested in your coin? You coin will literally be worthless without some good investors. It will take you long to make your coin successful.

It is not enough to just clone a particular currency and drop it in the market so that it can take some value, since this has already been tried and we have many currencies in the market that are mere copies of currencies known as btc and eth but see, none has achieved success all they are dead.

For a currency to earn value first it needs to win its users with serious and truthful proposals, only after that it starts to gain its market value.

And why would you like to have a coin that is never moving? It is useless, most people are just buying altcoins because of the volatility that it has, just take a look over the altcoins during this week, most of them have increased a lot during the last few days.
It would be ridiculous to have a non-volatile altcoin.

Nothing can really stop such coin from becoming famous and overcome other similar coins. Once people get to know that the coin has good creative idea,  it gets unstoppable. Such coins usually never fail in market and can retain high values than other altcoins.
However there are many coins seen which fail later when they list on exchanges because of developers low support and other things

Actually we cannot stop someone from creating their own coin or cloning a coin. Most are there for a profit to attract investors in their coin. In this regard, a developer must see to it they are creating a worth token, good project to develop that later on users will into invest.

As far as bitcoin is concerned,every one is aware that bitcoin core is the original coin while all the other are just forked coins.So there is no chance of getting scammed even if they have the identical name as bitcoin.

But when concerned about altcoins,there are many scam projects which have the same identical name and those coins with the same name gets launched even at same time with slight interval.out of these coins,one would be unique and performing well delivering new features while the other would be just a shitcoin just having the same name.Most people get scammed by this way.So,we should be aware before buying such coins and we should research the web and see reviews about that coin so that scam coin could be traced and avoided.

I think it is possible. When many people join it possible that the price of coin is high. So we must know that coin which people love them :)

No doubt it is possible, even a blind man can see it, but the problem is that by that you wont be able to make the maximum out of it. There are several best practices which have been discussed on these forums and they can be implemented by a little bit of commitment to yourself. Rest if you are the investor, then it is your money involved and you are the best judge to make decisions about whether to take your profit to maximum or stay in normal trading profit.

It is good if you hold a coin for a long term price becuase your waiting to the voin price go to moon is so worth it, all you need is to have patient. And self comtrol if you want a big incone, becuase long term price will transform you to HIULK so patient is important.

I think it's a matter of how people support those coins we have in the market yes you're right how come a coin will be much appreciated were in fact you can have your own coin but try to figure out this there's a lot of ICO who's value was so high at first but after few months they just gone in the circulation it's because people has already established trust to some crypto currencies that's why even there's lots of new coin bitcoina nd other alts remains much appreciated

We know that bitcoin holding will be finally benefitable for all the bitcoin investors. So here you bumped this thread with out any reasons. That is what you have done bro. Please tell me when there is many active thread for same query. I am really confuse that why you have used this thread.
None of the moderators will accept these the unwanted bumps in the chart bro.
Next time you please avoid these kind of move and dead thread bumps. I hope you will take my point.

Good point. Rob31, you probably understand that it's not possible to pay with your coin instead of the original and pretend that it's the original. That's not possible, since your transactions won't be in the blockchain where the transactions from the original coin will appear and confirm. Thus, you can only make your coin a competitor of the former one, and to be able to use it you need to have it on exchanges, so that others use it as well. It's better not to waste time on cloning coins.

Think like nutella, any company can make their chocolates similiar to it but it is still the number one with high price, so what matters is the quality of coin, its services and the trust that gives to the investors.

You are totally misunderstood here. Market forces determine the prices of any coin. But sometimes shit coins also get pumped due to pump and dump groups. You can copy any coin and forge into your own how many ever times unless and until someone patents which is something that is not going to happen. High prices for any coin is only because of the achievements of the developer team,the specialty and uniqueness of a coin. We saw ripple finally going up after years and years worth of patience.

The coins are not the same because each of them serve it purpose. When you go to coincap.io or coinmarketcap.com you'll see many coins, of course. But every coin there has a features and purpose different from one another. They are actually not the same because they have different purposes, developers, platforms, communities and user-base.

People can easily create new coins and they do none is stoping them from doing so, but the thing is is how to make it popular so its price goes up, take bitcoin for exemple when it first came out it was a new idea that is why it started becoming more and more popualr and so its price got higher, and all the other coins that came after bitcoin didn't have the same success why, because they don't bring anything new, but right now with the trnasaction time and the miner fees for bitcoin going high, new coins are coming up and saying we can do what bitcoin can't and that is providing a fast transaction time wih less fees and those coins are starting to get the attention of many users and investors.

First and foremost, it is not the coin or the dev team who decides whether a coin is worthy of its value or not. It is actually the people, it is us. We are the ones who gives value to these coins and without us, it will cease to exist. Always remember, the main reason for ICO's is to gather potential investors that will support and back up the coins that had been developed. Even if a coin that is just like what you have said is created, as long as nobody is interested on using or choosing it, it doesn't matter. In the end, it will just turn out as one of those shitcoins, forgotten in history. It needs not to be identical, it needs to be better and even greater than the one before it so that investors and people chooses it rather than the old one.

Because that coin would not be the same and for most coins the price is completely irrelevant for their actual use case. Take bitcoin for example, if it is actually adopted as a currency worldwide (which is the end goal) the value of it does not really matter so much because weather you pay 0.1 BTC or 0.000001 BTC for a banana it is all relative to how many BTC are in the world in total. I'm not sure that makes sense but it makes sense in my mind.

Cant argue on the things you do said on here which is actually true, Even a 15 year old can able to make his own coin if he'd want to and copying other concepts wont really be a hard thing to do.The important thing on here is that people doesnt really pay too much attention into these kind of coins.Only unique and potential ones which would really succeed to rise up on its value exclude to those coins just being pumped and dumped out.