Some tips if you are making an alt-coin

[Fuserleer]

Ok, so I've been finding it rather bemusing as of late at all the alt-coin releases (yeah yeah I know I got a thread on it too ), especially when the OP's get defensive and even downright insulting when asked whats different and challenged about their release.

Sooooo some tips:

1) Bring something different, doesn't have to be code, if you can't code, market it professionally, and follow 2

2) Partner with some developers and set up a faucet first/lottery/casino/anything.  Build an infrastructure!  There is plenty of guys on here with little services running for BTC/LTC send them a (polite) message and ask them if they will share/allow your coin to use that service

3) Long lead announcement.  Don't just post a launch thread, build up some discussion and set a time in the future.  Don't be afraid of pushing the dates out if you aren't ready (which I may have to do myself shortly), it shows you are serious and don't want to rush.

4) If someone else has made a coin with similar properties to yours, and didn't receive a standing ovation, don't expect the same, see 1)

5) Read, if even just a little, how the bitcoin algorithms work, so as not to make mistakes of setting the block time to x's and other pitfalls.

6) BE POLITE!  Yes I know sometimes people can be irritating, but screaming, swearing and shouting is going to do nothing for your rep or your coin.  Getting into a fluster shows you can't handle stress or challenge, so who's going to invest in you and your coin when you may not be able to handle issues that are stressful later.

7) Pick a name that's different (yes there's debate on ours but it is different), get a good looking logo, and be consise.

Don't pre-mine crazy amounts.  If you have done REAL work, then the market won't mind if you take a moderate amount for your efforts.  If your coin is a success, seriously, 100k of anything is plenty!

9) Support!!

Just my 2 cents

[St.Bit]

Don't pre-mine crazy amounts.

What about "don't premine at all"?

[Fuserleer]

IMO if someone does real work, either code, marketing or some other effort that contributes to the currency, then they deserve "some" reward.

[kaputt]

I agree. There is a difference between altcoins that show merit and crapcoins that will just be used for another pump and dump. The points made above are good ones. I especially agree with number 9. Good support before, during and after launch can make up for mistakes (everyone makes them) and deficiencies. Number 3, Long lead announcement, is also important, and I like that you pointed out that the date can be pushed back. A timely launch means nothing if it's a bad launch. Also, give as much info upfront before the launch as you can without endangering the launch. On number 8, I think no premining or "instamining" shows that you aren't creating the coin with pump and dump in mind. If you really are developing the coin, people will donate.

[DiamondCardz]

IMO if someone does real work, either code, marketing or some other effort that contributes to the currency, then they deserve "some" reward.

Yeah, tbh a pre-mine of a few thousand is fine. It's just when you insta-mine a ton of coins, or even pre-mine them...like Feathercoin.

Unfortunately, the community rages whenever someone wants to make a little bit of profit for their work. :L

[kaputt]

IMO if someone does real work, either code, marketing or some other effort that contributes to the currency, then they deserve "some" reward.

Yeah, tbh a pre-mine of a few thousand is fine. It's just when you insta-mine a ton of coins, or even pre-mine them...like Feathercoin.

Unfortunately, the community rages whenever someone wants to make a little bit of profit for their work. :L

If the developer announced before the launch that "a few thousand" would be premined, I would think nothing of it. Actually, I would be more inclined to support the coin, due to the upfront honesty.

[St.Bit]

If the developer announced before the launch that "a few thousand" would be premined, I would think nothing of it. Actually, I would be more inclined to support the coin, due to the upfront honesty.

If your cardealer is so upfront hones to tell you that he's goint to screw you on your car it doesn't mean that's a honest business! Every successful crypto went from a few cents to at least some bugs. That's usually more than a 100fold and enough to make some serious money for anyone.

Nobody stops the developer to be the first to invest 100USD in his invention and a developer that isn't willing to risk that little money is usually not willing to invest some more time after relaese. There is no need to revard developpers for a failed coin and a successful coin has already made them some nice money and donations.

[kaputt]

If the developer announced before the launch that "a few thousand" would be premined, I would think nothing of it. Actually, I would be more inclined to support the coin, due to the upfront honesty.

If your cardealer is so upfront hones to tell you that he's goint to screw you on your car it doesn't mean that's a honest business! Every successful crypto went from a few cents to at least some bugs. That's usually more than a 100fold and enough to make some serious money for anyone.

Nobody stops the developer to be the first to invest 100USD in his invention and a developer that isn't willing to risk that little money is usually not willing to invest some more time after relaese. There is no need to revard developpers for a failed coin and a successful coin has already made them some nice money and donations.

If a dealer was upfront and honest that he was going to try to screw me on a car deal, I would at least have the opportunity to take my business elsewhere. If he told me how much profit he was going to make and I felt that it was reasonable, I would consider buying from them. I don't expect car dealerships to be not for profit organizations. If a *coin dev said ahead of time, before I invest any time in his coin, that a few 1000 were going to be premined as opposed to launching the coin and letting it be a surprise that 1,000,000 had been premined, It would not keep me away from a well developed coin.

[virtualmaster]

 
Good points.

[UniversalTrek]

Tips on making a new alt-coin :   DONT , we have enough to focus energy on now, we dont need more, if we all keep focusing on one after another none of them no matter how good there are will get anywhere... PXC has been the best yet, and we have NetCoin to look forward too, thats enough, invest in them now, put effort into it, and the payout will be much bigger, but these children with no sense on how to invest or make money will keep making new alts and we will all keep repeating this process...

[MashRinx]

IMO if someone does real work, either code, marketing or some other effort that contributes to the currency, then they deserve "some" reward.

Yeah, tbh a pre-mine of a few thousand is fine. It's just when you insta-mine a ton of coins, or even pre-mine them...like Feathercoin.

Unfortunately, the community rages whenever someone wants to make a little bit of profit for their work. :L

 I had this same conversation with the Dev behind a coin just this afternoon.  The OP said that 1000 blocks were mined, but not the size of those blocks.  He confirmed they were the same size os the other starting blocks (and I believe him), so that would be 4,200 coins.  I too find that reasonable.  1,000,000 coins for *fill in the blank* just makes no sense to me.  The only possible exception that I see MIGHT be Stablecoin, but that requires trust of that Dev to really use them for the mixing service and not for other purposes.

[MashRinx]

Tips on making a new alt-coin :   DONT , we have enough to focus energy on now, we dont need more, if we all keep focusing on one after another none of them no matter how good there are will get anywhere... PXC has been the best yet, and we have NetCoin to look forward too, thats enough, invest in them now, put effort into it, and the payout will be much bigger, but these children with no sense on how to invest or make money will keep making new alts and we will all keep repeating this process...

How has PXC been the best yet, in your opinion?  Honest question, not trolling.

[UniversalTrek]

Developers, no funny configurations.

 Partnerships with gaming, website, phenixst.com, casino development. Devs. are hard at work to get it out there, get it sponsored, putting time and money into these websites and promotions, they show they are in it for the long run, they even tried to keep it off cryptsy, was held off for a week.

 - People here too often dismiss a coin because of pre-mine, for some reason when people here hear that they get scared and dismiss the coin, pre-mined isnt a bad thing, as long as those pre-mined coins are going towards promoting the coin, it dosent matter, BTC, LTC, PPC etc.. etc.. all coins have been pre-mined, means nothing.

 PXC is backed by the best devs. that have been here in a long fuckin time, thats why so many of us support this coin, theres nothing fishy about it, it is just a fact now that it will gain value enormously in the near future.

 The point is, coins will NOT gain value when everyone is split up between 20 different alts, Focus on 1, 2 3 at the most, and they will succeed, they will, no reason not too, but no one here will ever see a return on their investment when they keep running around like retards collecting every new coin that comes out, just fact -

[St.Bit]

I would at least have the opportunity to take my business elsewhere.

Many people (including me) take that opportunity when they hear about a pre-mine. The worth of the pre-mine at the time it was created is just a very tiny fraction compared to the reduced price this lower demand causes. Taking 100USD for themselves and ignoring the fact that this will make their currency some several thousand USD less valueable is a pretty good example of screwing someone.