(Hey guys, I'm starting a weekly/bi-weekly article on reddit and here. You can read the same article on reddit -properly formatted- here:
https://www.reddit.com/r/CryptoCurrency/comments/74gxc0/advice_to_devs_from_a_trader/?st=j8enlda8&sh=d8207f12 )
Dear Devs,
It may surprise you that I would want your coin to succeed so badly, since - on average - I hold the typical coin for only a week or two, but I am a firm believer in the symbiotic relationship of the dev and the trader and I would like to offer you the golden ticket to making us both richer. Give me that atypical coin and I’ll hodl it to the moon.
It should be noted that my trading strategy emphasizes community sentiment above all else. Positive community sentiment requires a good foundation, but is not given freely for reasons of tech alone. With this in mind I would like to make a few points:
# The tech is the bare minimum.
* Your technology is often very important to you, but the tech is the bare minimum to succeed and entertain a trader. I often don’t worry too much if the tech is bad, because 95% of the time you’ll see a tech nerd disparaging bad tech within the first 3 pages of the ANN. We need your tech to be good, but that is just the beginning.
# Start with a graphic and an idea.
* A scam is obviously a scam even with a good graphic, but a good graphic is icing on the cake. It isn’t that we are so much drawn to glitter, but that it shows broad development. Similarly, leading with an idea other than “decentralized, secure, anti-government, blah blah” is advised. What does your coin do? An idiot should be able to figure it out… you’re the most knowledgeable person in the room about your project, teach me what it is about.
# You must babysit your community
* After your energy is up developing the coin, it can feel like a release to set up the ANN and deliver it to the public, WHEW, your job is done! Haha, not really. Making the coin is the bare minimum, again. After even 7 days of no dev commentary a young community (under 3-6 months of activity) will begin to cry and whine and devolve. INTRODUCE MULTIPLE staff members at the very beginning of a project and have them all contribute to the ANN page. Even if one person is a dedicated writer for the community, have the work polished and published by other staff members… switching the main community organizer early in a project looks fishy even if it happens for a legit reason!
# Make a timeline for the future
* Many projects include a timeline, but not all do it properly from a trader perspective. Include regularly scheduled things for the next period of time (even two years) at, say, bi-weekly intervals. Have them ready to be done early and then publish them on the date given by your timeline. Even if it is just starting a small twitter campaign. This will show that you are reliable to your community and active.
# Emphasize getting on CoinMarketCap
* I want to catch the next big thing. Getting on CMC DOUBLES the price in most cases, so I definitely want to get something before it hits CMC. I really need devs that care about it too. Use your ANN page to advertise to the community the requested factors from CMC, listed here:
* 10,000 USD daily trading volume… you can’t really control this, but you can say how close you are. By responsible and advertise it on your ANN page when you hit important milestones… 5k, 9k, etc.
* Name
* Ticker Symbol (Use a Unique one, seriously… it is important)
* A 200X200 + logo image.
* Website
* Exchanges
* URL link for total supply of coins in real time (like
http://dogechain.info/chain/Dogecoin/q/totalbc)
* How many coins are you holding? Your honesty will be important to the community.
* Twitter Account
* Reddit Account
* Chat Page
* Source Code Repository
* Mineable Y/N?
In future posts I’d like to go into some of these topics in a little bit more detail, but if you have any questions I’ll be coming back to this thread repeatedly.
Thanks,
/u/TheCryptoGrinder
