Personally I like IFC, but to be frank it's been one of the biggest pump and dump coin in CC history. So condemning DOGE for doing the same...
No that is not true. IFC was an excellent experiment in cryptocoins. It was an interesting set of parameters that hadn't been tried. I expected that network hashrate would dry up within a year. You can go through my post history back to April through July to see. I anticipated a price increase from increased scarcity but there were no measures put in place to handle the upcoming hashrate decline.
There were a few adjustments to the transaction fees but nothing that would help support mining. As a result the hashrate is down. With fewer miners you have fewer participants in the coin which means you have fewer promoters which means that your market remains small and you have to forcefully market the coin instead of organically growing it. DOGE's hashrate grew in size and its popularity increased with it. It wasn't a small subset of promoters but a large group where many small collectives independently provided promotion along with the core group. That is real marketing. Core group guides marketing and the smaller groups do their own thing.
Again, IFC is not bad. I'm fond of it. I made a decent profit. But it needs to solve a few issues that keeps it from going to the next tier of coins.
1. Incentivize miners again. Bring back your core group of supporters.
2. Reduce shameless promotion/marketing for a while. Have a quiet period. Only report facts. Wallet update, algorithm updates, added feature. This will build a strong collective group of supporters that are interested enough to invest time to monitor the progress. They will be some of your strongest supporters in the future. Incentivize their early reinvestment and risk.
3. Let IFC promotion grow organically at first. Let your supporters start spreading the word. People love rumors/tips/insider info. This incentivizes your early adopters more and builds another level of supporters, the friends and family plan.
4. Promote the coin only when it has peaked in organic growth with a road map for new feature deployment days. This fuels trading activity, especially if the new feature incentivized buyers before it is deployed.
5. Make sure what you build has staying power and keeps incentivizing long term adopters.
It is sad but true. Value is built on the backs of previous labor unless it is fiat (then it steals from the future laborers). To grow value in an inflationary currency (anything that added rewards) you need to increase value faster that it is being lost through creation. If people value IFC then they will store some of it. If they are rewarded in storing that value through price appreciation then they will store more.
Good luck developers. I'll be watching.
