Bitcoin Forum

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?

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.

they creating clone, because they can control an initial amount, to dump it later, that  thing is called instamine, or premine(you could do it in those two way)

some dev also run pool that charge 1-2% and obviously they want to increase their users, so they make a scamcoin, to attract miners and earn easy money

and it doesn't cost too much to create one of those, there is one guy selling it for 0.1 or 0.2 if i'm not mistaken

i would advice to do not buy scamcoin, too dangerous, you will lose money

btw some of them offer good testing, like monero for anonimity

Some create new clone because they want to pump and dump. Well.. they will get rich faster. Some create new clone because they believe they would like a new currency with their own way of doing. Take Hyper for example.. it is created for gamers.

Starting a new coin is very easy - provided you have basic computing skills. There are lots of tutorial on the internet teaching you how to create a new coin.

To answer the bolded they are created for only one thing: profit for the devs. They create the, instamine the, then dump the coins and walk away with the profits. Rinse and repeat. People need to stop mining, buying, or getting involved with these crapcoins.

Some coins offer additional features, have different technical specifications, different marketing,etc
Some people make money with creating some scam coin, e.g. they pre-mine coins, create some hype, sell their coins quickly.
Others just enjoy creating their own currency.
There are many reasons to create a new coin - legit and shady motivations.


If you do everything on your own, nothing. There are websites offering the creation of your own coin. I think it's just around 0.1 btc.


If you buy the coins of an almost dead coin and no one cares, no. Some people will just be happy to get finally rid of their trash.
If there are a few people who think "wow, this is the great rebirth of this wonderful shitcoin, I should buy some more", maybe. However, the price might alraedy go up when start buying.
But then, what do you do with the coins of this dead currency?

I'm thinking, what if, I will create a nxt clone, then distribute it fairly, then those who forge a block, can sell it for bitcoins with a fixed value and the later the block forged, the higher the value they can exchange it for.

What would be the problem, if any, using that setup?

If i'm not wrong, last year we saw Bitcoin-Scrypt (BTCS), Bitcoin Plus (XBC), Bitcoin Dark and many more
it all just pump-dump coin who try to follow the successful of bitcoin

Cryptonote focuses on privacy which Bitcoin does not provide, so both complement each other

Your only problem is that nobody cares.

lol ok. thanks. i was just thinking out loud. :)

Seriously, if you're not presenting something revolutionary and have some top-notch marketing ideas and a professional team with big names, people will either ignore or fuck with you.

But it's a good way to learn about cryptos for yourself. And who knows, maybe in the process of learning you have some cool new ideas, or decide to improve Bitcoin or other alts. But maybe you also just wasted some time  :P

The sad thing is there ARE quite a few legit alts out there but they can never grab a decent market hold because people would rather buy the weekly scams than invest in something good.

Some create clones because they think they have the potential to be better than BTC. We are not all driving model T's around today because there was competition that strived to make a better product. Maybe one day a new coin will overtake BTC. Or BTC will evolve and include the best experiments. Aka alt coins

Shows how many are in it for quick profit.

I have seen Devs offering a compete package of a new altcoin with the name of your choice for only 1 BTC. This includes compile of the wallet, marketing material and block explore.

The reason is that the most clones have been created just for one purpose; to make quick money with less effort!

The answer is the time. many people don't want to wait for a long time to make profit. Just buy newly launched crap coind and dump immediately after it has value. Compare to good & legit alts which need more time to established and grow in value. That speculator just want to get profit quickly ::)

Not every coin has been a straight up clone.

See Freicoin as an example of how a developer team saw a potential variation to Bitcoin could be radically different as well as solve some issues that Bitcoin can not.

By the way, Nxt is not a Bitcoin clone. It has been developed from scratch. They have nothing in common except the concept of crypto currencies.

Nem (Xem) was supposed to be a clone of Nxt but the dev team decided to create a better version of crypto from scratch.