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January 06, 2014, 06:25:58 PM |
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The interesting thing about CoinGen is that it will show how easy and hard it is to create a new coin. There's more to a coin than a name and a qt client - something that a lot of folks don't seem to realize. All the crap coins that are generated will go nowhere except for the few run by competent devs and even those will need a community that cares - this gets people talking about it and mining. Next is ways to promote exposure to give the coin value - it will die if its only purpose is to trade for other coins. Services must be built that make the coin useful. Note that Bitcoin got to a certain place because of the *potential* and disruptive nature of cryptocurrency but now that there are services that accept it at a means of trade and ways to easily convert it to cash etc. it is more stable in price and considered valuable.
The coin generation is a technical issue, solved in some ways by this service. Cryptocurrencies, however, are more than this initial robotic task. It will be interesting to see where this goes. I'm guessing it will quickly kill off a majority of cryptos with no purpose by flooding the market. Caveat Emptor...
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