Mistakes to avoid when starting a crypto?

[flatbit]

I really love and value this forum, good and the bad. I've been a lurker for a while but now feel empowered to move forward with my new project which I will eventually openly discuss on here.

When releasing a new project based coin, what advice would you give a start up before their ICO or coin release? I know a lot is obvious and some can even be found in the search bar in this forum but I'm never to proud to ask, and would love to hear about your favorite coins biggest failures upon release.

My idea isn't original but it will be implemented better and reworked with hopes of becoming the leader in said industry.

The project will be related to the sharing economy, room and lodging, with our own coin. The coin will have a use other than being just a pump and dump, which is where I believe we will stand out.

We will be rolling out our website sometime before the end of the year with the ICO to follow.

Where do ICO's go wrong in your opinion?

[RGBKey]

Ask yourself questions like "do we really need a coin for this? What use does the coin serve?"

I've seen so many "ICOs" that don't have reasons. There's just hundreds upon hundreds of people trying to make money that make a coin from a cookie cutter script and then try to start some sort of kickstarter for their yacht. Please don't release another useless coin into the environment.

[flatbit]

Ask yourself questions like "do we really need a coin for this? What use does the coin serve?"

I've seen so many "ICOs" that don't have reasons. There's just hundreds upon hundreds of people trying to make money that make a coin from a cookie cutter script and then try to start some sort of kickstarter for their yacht. Please don't release another useless coin into the environment.

Yes I totally agree, I'm more interested in interconnecting my project with the blockchain. I myself am tired of using and losing money on useless coins. Which is why after years of thinking about jumping in I finally feel confident that I have found a use for said coin and feel comfortable releasing it

[aizzaku]

i would second RGB with those questions.

And i would suggest, whatever the project is, if you decide to do a ICO keep a max money cap which you need to atleast make a working prototype of your project let it be a platform or software or whatever.

Make a working model and then investors will come. ICO is not the only option for investors ( for some reason people are forgetting this ).

Once you have proof of concept and working prototype.. approach investors like venture capitalist if you aiming high.
 Then you can think of spending money on advertisement.


EDIT: Also find some good team to work with having knowledge in different fields and some advisors.

[IQeon]

Ask yourself questions like "do we really need a coin for this? What use does the coin serve?"

I've seen so many "ICOs" that don't have reasons. There's just hundreds upon hundreds of people trying to make money that make a coin from a cookie cutter script and then try to start some sort of kickstarter for their yacht. Please don't release another useless coin into the environment.

You are absolutely right. First of all, they need to analyze the market situation. But there are a lot of projects now, and it is really difficult to assess the uniqueness of their solution. This is the problem. Maybe regulation will help to change it.

Anyway, of course, you need to understand who needs your decision and what problem it solves.

[buwaytress]

Ask yourself questions like "do we really need a coin for this? What use does the coin serve?"

I've seen so many "ICOs" that don't have reasons. There's just hundreds upon hundreds of people trying to make money that make a coin from a cookie cutter script and then try to start some sort of kickstarter for their yacht. Please don't release another useless coin into the environment.

Agree with this, with some caveats. I think ICOs oversell themselves, claiming to be this solution to that problem (usually created by themselves) or claiming to be the blockchain disruptor of massive proportions. There are hardly any realists it seems, behind these new ICOS. That aside, I do see a good reason in a simple tokenised model of fundraising. Some businesses have a lot of problems raising capital needed for expansion, or for growth. Business loans require collateral. P2P lending itself is an industry crippled with a reputation that would take years to shrug off.

So I don't necessarily see a company that launches an ICO (or ITO?) for the simple sake of raising funds as a bad thing. Especially when those tokens are almost purely for dividend-sharing and exist outside exchanges, then they're not inflating the market and using it purely as a funding tool.

[dunfida]

I really love and value this forum, good and the bad. I've been a lurker for a while but now feel empowered to move forward with my new project which I will eventually openly discuss on here.

When releasing a new project based coin, what advice would you give a start up before their ICO or coin release? I know a lot is obvious and some can even be found in the search bar in this forum but I'm never to proud to ask, and would love to hear about your favorite coins biggest failures upon release.

My idea isn't original but it will be implemented better and reworked with hopes of becoming the leader in said industry.

The project will be related to the sharing economy, room and lodging, with our own coin. The coin will have a use other than being just a pump and dump, which is where I believe we will stand out.

We will be rolling out our website sometime before the end of the year with the ICO to follow.

Where do ICO's go wrong in your opinion?

If you do see this project to be beneficial and do really have the demand then its up to you if you would strive to develop this one but I would say this is not special at all and do really have a common  or even doesn't have use and we are already seeing some of projects do have the same concept.Im discouraging but better to make a unique one which would really caught communities attention and would really be beneficial.ICO would gone wrong if people don't have interest to put up money on the project.If they wouldn't see anything special then expect on what would be the outcome later on.

[Hexah]

When you to start a project make sure that it has a future and it is best planned ahead because no doubt that there are many ICO's coming and only just a few of them becomes a successful one. Well,  ICO's only go wrong if it isn't have a good purpose to the crypto community simce investors also find good coins they wanted to invest for good profit and has potential that it will grow as time passes by.

And a fair advice also that if you want to make your own crypto make sure that it benefits the whole.

[ichtyar]

and send coins cryptography using a P2P network for the transmission of ... the award should increase by improving the efficiency of the network.

[masterchief001]

I really love and value this forum, good and the bad. I've been a lurker for a while but now feel empowered to move forward with my new project which I will eventually openly discuss on here.

When releasing a new project based coin, what advice would you give a start up before their ICO or coin release? I know a lot is obvious and some can even be found in the search bar in this forum but I'm never to proud to ask, and would love to hear about your favorite coins biggest failures upon release.

My idea isn't original but it will be implemented better and reworked with hopes of becoming the leader in said industry.

The project will be related to the sharing economy, room and lodging, with our own coin. The coin will have a use other than being just a pump and dump, which is where I believe we will stand out.

We will be rolling out our website sometime before the end of the year with the ICO to follow.

Where do ICO's go wrong in your opinion?

If you want to start a new coin, you need a really good idea, because there are so many coins at the moment, so to be able to compete with them, the idea is very important. In addition, you also need talented developers to be able to work for you. and never use the ideas of others.

[Bonakid]

I really love and value this forum, good and the bad. I've been a lurker for a while but now feel empowered to move forward with my new project which I will eventually openly discuss on here.

When releasing a new project based coin, what advice would you give a start up before their ICO or coin release? I know a lot is obvious and some can even be found in the search bar in this forum but I'm never to proud to ask, and would love to hear about your favorite coins biggest failures upon release.

My idea isn't original but it will be implemented better and reworked with hopes of becoming the leader in said industry.

The project will be related to the sharing economy, room and lodging, with our own coin. The coin will have a use other than being just a pump and dump, which is where I believe we will stand out.

We will be rolling out our website sometime before the end of the year with the ICO to follow.

Where do ICO's go wrong in your opinion?

When you started a new project you need more ideas and some options once your project will failed.Having a knowledge and skills is an advantage for creating good ico. Make sure that your ideas will be the best for the project you creat to make it successful.

[kprmrsh]

I really love and value this forum, good and the bad. I've been a lurker for a while but now feel empowered to move forward with my new project which I will eventually openly discuss on here.

When releasing a new project based coin, what advice would you give a start up before their ICO or coin release? I know a lot is obvious and some can even be found in the search bar in this forum but I'm never to proud to ask, and would love to hear about your favorite coins biggest failures upon release.

My idea isn't original but it will be implemented better and reworked with hopes of becoming the leader in said industry.

The project will be related to the sharing economy, room and lodging, with our own coin. The coin will have a use other than being just a pump and dump, which is where I believe we will stand out.

We will be rolling out our website sometime before the end of the year with the ICO to follow.

Where do ICO's go wrong in your opinion?

When you are going for ICO, you are indirectly responsible for the investment made on your coin. Be sure you price the your coin correctly so that you coin should kickoff with more than the price that you have sold in your ICO.

[rashmishetty344]

I really love and value this forum, good and the bad. I've been a lurker for a while but now feel empowered to move forward with my new project which I will eventually openly discuss on here.

When releasing a new project based coin, what advice would you give a start up before their ICO or coin release? I know a lot is obvious and some can even be found in the search bar in this forum but I'm never to proud to ask, and would love to hear about your favorite coins biggest failures upon release.

My idea isn't original but it will be implemented better and reworked with hopes of becoming the leader in said industry.

The project will be related to the sharing economy, room and lodging, with our own coin. The coin will have a use other than being just a pump and dump, which is where I believe we will stand out.

We will be rolling out our website sometime before the end of the year with the ICO to follow.

Where do ICO's go wrong in your opinion?

Do not follow troll box advice, it is a little a chat box that you might encounter on different online exchanges such as poloniex you should never follow any advice people are giving there.

[rashmishetty344]

I really love and value this forum, good and the bad. I've been a lurker for a while but now feel empowered to move forward with my new project which I will eventually openly discuss on here.

When releasing a new project based coin, what advice would you give a start up before their ICO or coin release? I know a lot is obvious and some can even be found in the search bar in this forum but I'm never to proud to ask, and would love to hear about your favorite coins biggest failures upon release.

My idea isn't original but it will be implemented better and reworked with hopes of becoming the leader in said industry.

The project will be related to the sharing economy, room and lodging, with our own coin. The coin will have a use other than being just a pump and dump, which is where I believe we will stand out.

We will be rolling out our website sometime before the end of the year with the ICO to follow.

Where do ICO's go wrong in your opinion?

Whenever there is a rumours like for example it's almost time for consesors 2017 it's a big event around blockchain so people are getting excited the rumours is spreading and then you see that people are buying and the price is rising but when the news actually comes or the news is incorporated in the price and people take profit yet you still buy at the moment the news is out you might run at loss so it's good to keep this in mind don't buy too late.

[chocopapaya]

I'm just reiterating what others have said, but it is important.

Does your project even need blockchain technology?
If you want to incorporate it just because you are interested in it, your project might not be sustainable.
Each unnecessary element of a company is wasted time, effort, and money and will hinder growth.


Another important thing to consider is who are you competing against?
Unless you offer something unique you are going against well established projects and potentially a handful of other ICOs that have similar ideas to yours.

[ticterine]

I'm just reiterating what others have said, but it is important.

Does your project even need blockchain technology?
If you want to incorporate it just because you are interested in it, your project might not be sustainable.
Each unnecessary element of a company is wasted time, effort, and money and will hinder growth.


Another important thing to consider is who are you competing against?
Unless you offer something unique you are going against well established projects and potentially a handful of other ICOs that have similar ideas to yours.

I actually think most projects DON'T need blockchain. They just use it because it's a hot technology and gets more money inflow from investors. Same thing happened in tech during the dot com bubble.

[Kyraishi]

Not putting enough in marketing. If you have a great project and all but have absolutely 0 advertising on your project then you'll soon realise you will garner zero interest. Also vice versa, not putting enough into actually developing your ideas fully but just trying to build up the hype is also detrimental.

Asking for so much is also not good.

Set a decent maximum contribution cap to show that you're not some greedy ICO scammer looking for just money.

[woas4]

Biggest mistake is trying to rush things. If you dont do things right from the start, you'll end up with a failed project once people realize your obvious shortcomings and holes in the project. Marketing is also very important during all stages of development and launch.

[buytheeffinD]

Most of them are wrong simply by being ICOs and asking for money from people in cryptos. If you take a look at the # of ICOs and the # of ICOs there should be or are worthy or raising money you will find a massive discrepancy.

And I think you need to look no further than this to find that ICOs are really screwed up right now.

[Alns]

If you are going to develop a new ico, please, dont do it.. And if you are very convinced to create one, invest a lot  of money and hire good people to work with you, dont hire a shitty team who are not worth even a few bucks.
A lot of ico's are falling because people can not be convinced by them, and their community managers are not even active on the ANN of the ico, or they dont even reply to their emails on questions about the project.
most of them are scam at the moment.