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August 16, 2016, 11:35:51 PM |
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There are many people out there that are cloning and forking coins and those coins fail. This is sometimes because the coin is developed for the purpose of pump and dump, but many times it is because the dev or dev team has no idea what is going on and what is going to happen when they release the coin. Here are some tips that might help and these are no where near all the facts that you need, but some things that will set a foundation.
1. Open Source....there are many people and services that develop coins for people. Some are free and some are not. Beware of any service that does not provide the source code for you at completion. There are those that will simply never touch a coin or wallet that does not show its code source. You will need to then place that source code on Github. It is free and takes about five seconds. You will find a "read me" files that comes with the coin source. Check to make sure that its been updated and update yourself if not. Many quickly cloned coins will still have the Litecoin or Bitcoin read me there and it still shows the original read me info for the old coins. This is highly unprofessional. It is not a tech document and changing it will not change the functions of the coin at all, so make sure it at least reads about your new coin.
2. A website...it is not needed but it really helps to have a site devoted to your coin. For this purpose, I suggest getting a cheap VPS. You can rent one for a couple bucks a month. Get a Ubuntu VPS and set up EHCP on the VPS server. Look it up online. This software suite makes it easier to manage the websites and server. If you cannot handle the instructions online that go with setting up this one piece of software on Linux, through SSH and terminal, then you should not be running a Crypto coin yourself.
3. Use the websites email addresses and info. The server's management area where you rent the VPS will allow you at least one email address. This is more professional and also allows you to have all correspondence that goes with the coin in one place.
4. DO NOT LAUNCH TOO EARLY....make sure that you have your ducks in a row before the launch. Make sure you are ready, even before a pre-announcment. You put an announcement or pre-launch thread on here and you will get a load of comments and questions instantly. It will take a lot of time to handle them and you need to be ready to devote your days and night to customer service versus the time you have spent getting the coin and site ready. How you handle these moments decide the outcome of your coin.
5. Do not lie, even unintentionally......think before you speak. Many times you feel pressured to answer a question or need and end up saying something that is wrong or cannot be done. Be sure that you can do what you say. If it takes every bit of start up cash that you have to keep your word, do it. More money will come and your network and your professional image will be improved. Think it out. If you say that every one that buys your coin or mines it is guaranteed to have it purchased by an exchange or you at X price, then you could end up buying back millions of coins at that price. On the launch day of Pokecoin, I was able to mine 100,000 coins in an hour with no effort. They sold on the exchange at a good price, but a dev that promised a price could have been screwed by me and several others having millions of coins.
6. Try to get on an exchange prior to release. It makes a huge difference. It is usually less than $100 and if you cannot afford that, do not start a Crypto.
Lastly, everything you do, everywhere can be seen. I was buying into a new coin recently and the dev was using a store account that they had used years ago for some other venture. That account was filled with a history that spoke volumes and I never bought a coin. If you come on a forum like this and screw people over, lie to them or whatever, then that history follows you to your next venture and the same is true for good ethics. You buy back this new coin to help someone out and it might fail, but your next coin you put out there will have at least one grateful person behind, as well as the community that watched you help, rather than hurt.
Good luck
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