CryptoBerd
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October 20, 2017, 05:00:34 AM |
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I agree with your list of success factors.
Those Coins/Tokens that have a simplistic view of the function of their Token / Coin, such just as a digital currency, will not survive. How many types of digital currency do we really need?
Those Alt Coins/Tokens that solves a problem, and they have a great team (in all departments), markets well, deliver their promises, resolves unforeseen problems quickly, find many supporters (corporations and even governments), ease of use, ease of exchange (fiat-crypto and crypto-fiat), bringing awareness and knowledge to the public for mass adoption will become successful. Once you have the critical mass confidently using your cryptocurrency, it will become 'sticky' and it will become a barrier of entry for others.
Although many groups of people are for decentralization, and not regulation, I think government support and regulation is the only way for crypto acceptance to growth to mass adoption levels. On top of that list of success factors, I like to add that Alt coins that go towards this direction of government support will have the greatest chance of success.
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babsjoe
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October 20, 2017, 05:13:41 AM |
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Failure in business is not peculiar to crypto currency alone! Take time off crypto and read statistcs in the Mainstream! More than 90% of new start up fail also in other businesses! Something that is different about crypto however is when any coin succeed, millions of people all around he world regardless of their colour, creed or beliefs will benefit!
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thepo1m
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October 20, 2017, 05:46:12 AM |
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I like most of your point but the one I like most is that most people wants to run a company and be an enterprenuer without having any sound knowledge of how to market it, there is difference when you get to the real market proper, I have started some business and I know how competitive the space is. My advice is not to stick to any project long term because most will fail and better idea will pop up
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mx667
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October 20, 2017, 06:03:40 AM |
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I like most of your point but the one I like most is that most people wants to run a company and be an enterprenuer without having any sound knowledge of how to market it, there is difference when you get to the real market proper, I have started some business and I know how competitive the space is. My advice is not to stick to any project long term because most will fail and better idea will pop up.
New coins appear everyday. I guess your talk is true. Some of them will succeed, but most of them will fail. Currently, some of the coins we know in the market, are few and can be counted with our fingers. For example let me mention: Bitcoin, Litecoin, Ethereum, Dash, Zcash, Monero, and some others. When compared with the number of other coins, definitely the coin above is nothing.
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Fredrosam
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October 20, 2017, 10:27:53 AM |
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I fully agree with you. Because projects can promise anything - neural networks, mobile mining, etc, but all these "nice words" have no meaning for investors without strong development team
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StreakW
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Buzz App - Spin wheel, farm rewards
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October 20, 2017, 10:38:27 AM |
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why because many people dont thrust that. so many scam project born daed coin
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styca
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October 20, 2017, 11:04:01 AM |
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I agree with the OP that there are a lot of junk coins that have no use or merit, and often not even a white paper. These will inevitably fail. 99% seems too much, but then how many coins are out there? They are not all on coinmarketcap.
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blockTorque
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October 20, 2017, 11:13:32 AM |
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The Alt coin market is such a bubble its unbelievable...However the companies with solid business plans and strong platforms may become the google's of Internet 3.0. Below is the best token of all time, enjoy. It raised over 100,000 USD https://uetoken.com/
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TrueAnon
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October 20, 2017, 11:23:50 AM |
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The points you listed will ultimately determine the future of a lot of projects. However I think that the end is not quite here yet. If we compare the current market cap to the dotcombubble we still have a long way to go until it all comes down. =) Currently I'm only aware of 2-3 projects (1 still in ICO) that actually offer something.
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iBlitz22
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October 20, 2017, 11:38:46 AM |
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maybe, i guess. because ethereum still do increase. so maybe
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HansWermhat
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October 20, 2017, 01:06:05 PM |
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Considering there are thousands of coins out there, I think saying 99% will fail is accurate. That would mean that there would still be dozens that are successful.
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imteaz (OP)
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October 20, 2017, 01:42:50 PM |
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Just noticed on Alt coin announcement, what's going on with Ether coin? There are 5 new ICO associate with Ether everyday. Do people realized these coins has no value, or these are shit coins. Someone has to stop this madness.
No one will stop as long as there is a sucker born every minute. The prevalent FOMO also helps to feed the madness. This is why. i believe there should be ICO regulation. Only reputable company or those who can spend millions or have funds, should allow to offer ICO. Till then it is very risky as normal people will buy those shitty coins, and some day they will disappear with all money and nobody can do anything. If you want to control or stop the madness, Every country should have put a standard regulation for the ICO.
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alyssa85
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October 20, 2017, 02:07:41 PM |
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Good post.
We've already seen a lot of alts die - Neucoin for example (which was being shilled by Jackson Palmer back in the day).
Unless a coin has a special selling point or a big community, it's likely to die within five years.
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HansWermhat
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October 20, 2017, 02:23:27 PM |
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Good post.
We've already seen a lot of alts die - Neucoin for example (which was being shilled by Jackson Palmer back in the day).
Unless a coin has a special selling point or a big community, it's likely to die within five years.
True, but I think five years is being too generous. Especially at the rate that crypto is going nowadays, if there isn't anything significant within the next year then I think we are going to see a lot of coins dying.
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imteaz (OP)
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October 20, 2017, 06:24:16 PM |
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Good post.
We've already seen a lot of alts die - Neucoin for example (which was being shilled by Jackson Palmer back in the day).
Unless a coin has a special selling point or a big community, it's likely to die within five years.
True, but I think five years is being too generous. Especially at the rate that crypto is going nowadays, if there isn't anything significant within the next year then I think we are going to see a lot of coins dying. You are right, the way new coins coming everyday, i have doubt if they will last 6 months, lol
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Ivan16
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October 20, 2017, 06:56:16 PM |
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The first thing the most of people who earn altcoin in signature sell and people buy only if is project good,but hugh numbers of projects never invite this is main reason i think.
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jack1111
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October 20, 2017, 07:00:27 PM |
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The biggest portion might fail, but not %99, this percentage does not reflect the advancement of Blockchain technology, yes, there are scammers and unexperienced developers, but there are real projects which will advance blockchain usages.
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Quidat
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October 20, 2017, 07:07:40 PM |
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Well, Recently I have noticed Alt coin market saturated, If you visit the Alt coin announcement or bounty, you will notice every hour, there is a new coin announcement.
So my question is, how many % of those new alt coin survive in long run? let's say 1 year? 2 years? or even 5 years?
99% of them will fail within first year. Here's why:
1. People making millions of crypto currency, we can make it, lets make a coin. 2. People have no idea, what they are getting in, and how to run a company or organization. 3. People wants easy money. 4. No reputable organization or company behind the idea. 5. Most of people under 25, wanaa be entrepreneur, without any background or knowledge. 6. Most of the alt coin start with ICO, expecting to collect millions of dollar from it, without any capital. 7. How many new alt coin company can run of 20 to 25 dev team? not many. 8. Without zero marketing idea, or how to market the coin. 9. When coin price doesn't go up in couple of months, they give up. 10. If we can list on exchanges, we will get rich!
And list goes on... Post your opinion, why 99% alt coin will fail?
The rest of 1% Alt coin will survive beyond 2020 because > 1. They have a purpose and ambition. 2. They don't go after money, rather working hard to maintain back end. 3. Strong Development team, who knows what they are doing. 4. Keeping touch with social media, updating every move and letting investors know, they are in good hand. 5. Trust factor, you have to show that public will trust you. 6. Regularly have conference, at least twice a year and update investor, what's going on. 7. A clear road map, and actually follow it. 8. Thinking long term. 9. Hire actual marketing people rather than depends on this forum only. 10. There are million of people who doesn't use Facebook, Twitter, Instagram, you have to learn how to reach them. 11. Stop depending on Social media, We all know 70% people use social media is under 25 and they are student. They are not investor. 12. Try to connect your coin with any company, or organization, no matter how small it is. 13. Go slow, don't worry about your price, worry about your project and stability. 14. Hire online entrepreneur or even a YouTube star, if your audience is young and target market under 25.
I can go on and on but these are my opinion to be a successful in this field.
You did really get the points on where it is indeed the reality on having these new coins in the field which most of them do really fail in the end because of they are really only having the concern on making money without minding on their project would go for long term.I would say that they are really just too greedy on making money on a short period of time.If i do have the capability on making such project then i would rather go for long term since i can able to view that i would even gain more money and popularity if i can sustain for too long.
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Anastasiya
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October 20, 2017, 07:14:59 PM |
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Every word is true.
We’ve all seen ICOs, where we are promised a revolution but don’t even see the beginnings of it. Most ICOs don’t even seem to have an Alpha version of a product, and if you read their white papers, you find that the project isn’t even past the conceptualization phase
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anasso
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October 20, 2017, 08:13:35 PM |
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i agree with you because most of this coins don't solve many problems!
i think the biggest problem today in the cryptoworld is scalability!
if no scalability, no mainstream!
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