Tips & Info for New Users

[immakingacoin]

Someone was asking which kind of Coin is best to make, and this came up, so I am going to explain it here for everyone.

I mentioned that Cryptonote is the easiest, and probably the most supported, with Scrypt coins (like Litecoin) being 2nd, and the person asked "Isn't Cryptonote based on their currency and it's not really its own thing", so let me explain that for everyone.

First there was Bitcoin, then Litecoin. Bitcoin is the SHA algorithm, and Litecoin is Scrypt. So they are 2 completely different kinds of Coins, but then there are Coins like Doge Coin, which is the exact same as Litecoin, but it has a different number of blocks and coins and a new Genesis Block. With a new Genesis Block, it is a new Blockchain; this is called "Cloning" but creates something that is entirely independent and new. If you use the same Genesis Block, that is when you are "Forking", Forking is using he same Blockchain but giving it a new name, and it's like a Fork in the road. Everyone that had the old coin, will have your coin, because your coin is using the old part of the Blockchain, but at that Fork in the road, everything becomes a new coin. But everyone that had a supply of the old Coin, can download a wallet and have just as many of your new Coin, but to get more they have to mine or stake your new coin. Examples of Forks are BitcoinCash and BitcoinGold.

So that is how new Coins are made. Most coins are Clones or Forks.

Just so everyone can have some info that most people don't have about Bitcoin, I was there when Bitcoin was $5 each, and the only place you could really spend them was on the Silk Road, and we had to go out and mass email companies to ask them to start accepting Bitcoins...

Bitcoin will run out, eventually when people mine them, they will no longer come out. So how does the Bitcoin network keep moving at that Point? At that Point, other Coins have to be mine, like Litecoin or Ethereum, or Coins that don't exist yet but will exist by the time Bitcoin runs out of Coins. And they will be mined in Pools with Bitcoin and they will be paid in the other Coins.

Then Forking, people were not sure how Forks would work, and when Ethereum was first forked because of a Giant Ethereum Hack, they didn't expect people to keep using the Old one. But that is how Ethereum Classic was made, and everyone who had Ethereum Classic (the old Ethereum) also has Ethereum on the new Fork Blockchain, meaning they pretty much doubled their money (but Ethereum Classic is not worth as much). Then there was SegWit and all that, which created Bitcoin Cash and Bitcoin Gold and all those, which did the same as Ethereum and gave everyone the same amount of each one that they had of Bitcoin.

And I will get into more stuff as this goes on, but I just want everyone to have some understanding of what we figured out as Bitcoin grew and we all discussed what the future (now and soon) were going to look like for Bitcoin.

[1715025486]

1715025486

[immakingacoin]

Taxes
https://bitcointalk.org/index.php?topic=2660011

[immakingacoin]

When someone tells you "This Cryptocurrency thing is a Bubble", just point and laugh at them. Cryptocurrency in general probably does not even have 1 or 2 Billion users yet. A Bubble can't happen until the Market finds Stasis, and it can't find Stasis until it finds its peak volume.

There will not be a Cryptocurrency Bubble until it is the only way to trade between Earth and Mars and rich space-faring families are hording them all.

[immakingacoin]

Business Rules Engines
https://bitcointalk.org/index.php?topic=2153136

[Enbloc]

Keep good records of where, when, why, and how much you move or trade coins. It'll save you headaches down the line for taxes and bookkeeping purposes. -Chaz

[immakingacoin]

PMBOK
Project Management Book of Knowledge
http://www.cs.bilkent.edu.tr/~cagatay/cs413/PMBOK.pdf

[immakingacoin]

For Enterprise level Software Development
http://sparxsystems.com/

http://www.oracle.com/technetwork/articles/adf/adf-and-svn-168151.html

Oracle Open World
https://www.youtube.com/watch?v=HEupUSSSEBo

[immakingacoin]

DO THIS IS YOU WANT TO HELP THE COMMUNITY
https://bitcointalk.org/index.php?topic=2672296

I was involved when it was $5

When it got to $30, people were saying "It will be affordable again"

When it got to $100, people said "This is a Bubble"

As it went up, they said "It will never hit $1000"

And I was one of the 1st people, like in 2012, saying it would go to $10,000 and even $20,000 and people thought I was an idiot.

[immakingacoin]

So there is this theory, or rule, or whatever you want to call it. Where once you have seen something like 20 something times, you will recognize it forever.