Which country to start an altcoin?

[zartblu]

I've been interested in how to win over bitcoin (if at all).
The idea I got is using social mining, thus each person having Facebook account will get a coin for free.
The idea is to get more users more faster compared to BTC and not win by technology.

1) Has such been tried ?
2) In what country might it be cheapest to start launching a website and ask people to join to see whether such coin can be brought to life and turns viral ?

[Coltpython]

I've been interested in how to win over bitcoin (if at all).
The idea I got is using social mining, thus each person having Facebook account will get a coin for free.
The idea is to get more users more faster compared to BTC and not win by technology.

1) Has such been tried ?
2) In what country might it be cheapest to start launching a website and ask people to join to see whether such coin can be brought to life and turns viral ?

If everybody gets a coin on facebook for free, who will buy the coin? What value is attached to that coin? Creating an altcoin is easy. Building value on that altcoin is a different ball game already. You should think about this first before considering what country you can launch the altcoin from

[ajqjjj]

I've been interested in how to win over bitcoin (if at all).
The idea I got is using social mining, thus each person having Facebook account will get a coin for free.
The idea is to get more users more faster compared to BTC and not win by technology.

1) Has such been tried ?
2) In what country might it be cheapest to start launching a website and ask people to join to see whether such coin can be brought to life and turns viral ?

I think you don't plan anything so why you interested to launch new altcoin. You should plan the proper altcoin then you can ask your queries, Because self preparation is increase the knowledge and you will receive the right contacts. Day by day several altcoin was launched in the market, But few only maintain the long term.

[thiscomm]

I don't think that has ever existed. but can it be done ...?
because what I mostly see is a platform or social media that uses crypto is used for their own interests not for the benefit of their use. if this can be done surely this will be an interesting event because a mining is done in an easy way and extraordinary profits. because so far mining has been carried out by a game or other application which of course is paid at the beginning.

[Murat]

I think country with huge population is better to start with. India may be an option. There is a huge crypto user in India and population of India is enormous. It would be also cheap to start a website and launching a new coin. China also could be a good alternative but crypto is banned in China.

I don't know how you would demonstrate with the thought of giving every Fb user a free coin. I didn't like the idea but good luck to you.

[NeuroticFish]

I'm not convinced how will you get a list of accounts.
And also I don't know how will you check if there are no abusive new multiple accounts.

And what's the incentive for mining it?!

[ashmodeus]

The idea I got is using social mining, thus each person having Facebook account will get a coin for free.
1) Has such been tried ?

well , stellar already do that, by facebook verification , they distributed a ton of stellar to people in the world.
and i dont know how exactly stellar has growing rapidly when that time.
and by the way, cheating is very easy.

[dcomomal]

Social mining has a great future, but it won't defeat the most famous crypto currency. The second answer are the most crypto friendly countries like Switzerland or Malta. Actually, any european country is a good choice.

[Febo]

I've been interested in how to win over bitcoin (if at all).
The idea I got is using social mining, thus each person having Facebook account will get a coin for free.
The idea is to get more users more faster compared to BTC and not win by technology.

1) Has such been tried ?
2) In what country might it be cheapest to start launching a website and ask people to join to see whether such coin can be brought to life and turns viral ?

That idea is called an airdrop. Gazilion coins had distributed part or all coins that way.


If you want to make a useful coin, make such that have something that Bitcoin will not have and people will use it 10 years from now. You dont need any airdrops to get new users when you have such coin.   If you will make just another bitcoin copy no airdrop will not help you.

[jossiel]

Forget about beating bitcoin, no altcoin has ever done that. There were developers that thought about it before but no one became successful as bitcoin is just an unbeatable king of the cryptocurrencies.

Taking more users than bitcoin -- I doubt it that this can happen. A newbie to cryptocurrency once heard about the word 'cryptocurrency', they'll mostly take bitcoin instead of any altcoin.

[rdewilde]

I've been interested in how to win over bitcoin (if at all).
The idea I got is using social mining, thus each person having Facebook account will get a coin for free.
The idea is to get more users more faster compared to BTC and not win by technology.

1) Has such been tried ?
2) In what country might it be cheapest to start launching a website and ask people to join to see whether such coin can be brought to life and turns viral ?

You should take your time to properly draft your idea then run the feasible study to see how achievable it will be so that you don't end up wasting your resources before getting a tangible result. Secondly don't bother comparing your idea with Bitcoin or looking for ways to beat it, rather let's yours be unique in its own way and you will see the result. Also, I think countries with friendly crypto regulations is Malta, Singapore and Switzerland.

[zartblu]

I agree that winning over BTC is very very unlikely.
Yet it was the idea I came up with which was closest to the impossible goal.
And yes, using existing Facebook accounts will be unfair. But it might be good enough.
Traditional mining is also unfair (either you know how to create mining chips or you don't).

If you know how to start website in Malta or Switzerand and how to protect the attempt legally with minimal resources I'd like to hear from you. If a simple website (without coin implementation) will not get subscribers implementing the coin will not make a big difference. Thus even some PHP + MySQL would be enough.

How it can be implemented ? Secret code in image and upload to your facebook account. That would be enough to qualify for getting a coin for free.

[Red-Apple]

I've been interested in how to win over bitcoin (if at all).

it is possible but you have to create something really better not just some fake better thing fooling people.
it has to be:
- decentralized
- deflationary so have limited supply
- have a well thought supply plan (max, start, distribution)
- be censorship resistant
- be more efficient
- and more.

so far we have nothing that could even come close.

The idea I got is using social mining, thus each person having Facebook account will get a coin for free.

that would be the worst coin ever.
basically whenever you give people "free money" you are ruining that currency.
a currency's purpose is not to give away money to people. instead it should be to be a payment system and a medium of exchange like bitcoin is.

The idea is to get more users more faster compared to BTC and not win by technology.

you can't achieve that by giving away money.

1) Has such been tried ?

yes, hundreds of times.
search for the term "airdrop" and find topics that belong to any year before 2015ish and you'll see real "giveaways" and how they all failed.

2) In what country might it be cheapest to start launching a website and ask people to join to see whether such coin can be brought to life and turns viral ?

a country will never give away money ever. that would require a ridiculous amount of real money invested in it and it can even ruin the economy of that country over night!
in fact that is how super inflation happens.

[landoffaucets]

You need to find a country that is crypto friendly, at first. These countries do not have strict regulations so you will be pretty free with your decisions.
Secondly, it is good if the country is also tax haven.
Which countries offer both? I know about Malta and Switzerland. 

[zartblu]

  be censorship resistant

=> no chance

be more efficient

=> btc and lightening chain is not perfect, but works good enough maybe.

You can be more efficient by reducing the amount of nodes requiring less currency.
You can have higher throughput of packages ..

But does it change much in the end ? To some extend only.

basically whenever you give people "free money" you are ruining that currency.
a currency's purpose is not to give away money to people. instead it should be to be a payment system and a medium of exchange like bitcoin is.

Reality is the currency is as much worth as people give it. And this does not depend on its past.
You can try stabilizing a currency by interest rates etc .. but how shall this work for internationally traded goods?
Let me ask the other way round: What is giving BTC its value? How can stability be defined at all?
Think about simple cases such as 50% of population dies, then 50% of passwords are lost, population grows again,
but only half of coins are in operation. So the value doubled. That's just one simple thought experiment.

>> The idea is to get more users more faster compared to BTC and not win by technology.
you can't achieve that by giving away money.

Why not? Only future value is of interest. The question is how to influence it.
"Here is a coin, it might be worthless, it might turn into 10K USD / coin. So better to get it now"
Some people will follow, some not. The question is how many.

search for the term "airdrop" and find topics that belong to any year before 2015ish and you'll see real "giveaways" and how they all failed.

So the big question is what made BTC different ?
BTC can be forked (so is not stable).
If you look at total amount of currencies out ther, BTC is like inflation to the world,
because you can pay by either USD or BTC.
So BTC might potentially have a destabilizing effect even if its small

a country will never give away money ever. that would require a ridiculous amount of real money invested in it and it can even ruin the economy of that country over night!

Depends on how you look at it. If countries pay people taking care of children, exactly this is what is happening.
The country is giving away money.

Whether you have CPU mining or for free, at the very beginning mining BTC was cheap (because it was just fun).

[tunapa]

It’s even too far for countries to start owning a coin and I don’t really see any need for that ! What will happen to the ones we have already ? It’s not about creating new Altcoins , let’s develop the ones we have ! Giving free coins to everyone wont work out !

[zartblu]

Why ?
Because I don't own them.
If I created a new one I could keep 10% myself :-P.
Why is this project of interest to those who already own coins and want to develop them?
Well, if you it possible to win over Bitcoin Bitcoin would loose much value.

BTC vs other -> they all don't have value on its own. Its all in the heads of users.
So if you can change this you change who "owns" (well could turn into FIAT) huge amounts of value.

So creating altcoin is high risk: Yes. It is likely to fail: Yes. Most failed: Yes.
But if it works out .. its worth doing.

[FontSeli]

I've been interested in how to win over bitcoin (if at all).
The idea I got is using social mining, thus each person having Facebook account will get a coin for free.
The idea is to get more users more faster compared to BTC and not win by technology.

1) Has such been tried ?
2) In what country might it be cheapest to start launching a website and ask people to join to see whether such coin can be brought to life and turns viral ?

In order to overtake Bitcoin, you need a lot of money. Billions of dollars. If you do not have them, then you need to find investors. How will you attract them to your project? What do you have other than the desire to “beat Bitcoin”?
Until you have something interesting, then you don’t even think about defeating Bitcoin. There have already been dozens of similar projects, and all of them died before it began.

[shinratensei_]

Please, if you are wanna creating your own crypto or start a new project and that will be much better if you can run or create your own altcoin in the friendly crypto country just like Singapore and swiss. This day so many regulators are putting their eyes to the crypto and as a new creator and you must think to bring clear status if your altcoin and make it can't be shut down by the government or regulators due to the regulation reason.

[tranduong123]

I've been interested in how to win over bitcoin (if at all).
The idea I got is using social mining, thus each person having Facebook account will get a coin for free.
The idea is to get more users more faster compared to BTC and not win by technology.

1) Has such been tried ?
2) In what country might it be cheapest to start launching a website and ask people to join to see whether such coin can be brought to life and turns viral ?

I think what you need to consider is the laws of your country of registration rather than the cost. Because most countries are not crypto-friendly, if you launch a project in such a country you will be in big trouble.