Why Create a Cryptocurrency in 2019?

[dnprock]

Original Post: https://bitflate.org/post/2019/11/20/why-create-a-cryptocurrency-in-2019.html

Bitflate is a cryptocurrency with constant inflation of 7% per year.

It’s 2019. I’m pitching my idea of Bitflate, a cryptocurrency with constant inflation. I’ve got a lot of NO feedback. Investors tell me the age of tokens has passed. We don’t need more tokens. Crypto enthusiasts tell me I’m just forking Bitcoin. It’s been done so many times. There’s no new innovation.

Bitcoin is the king of cryptocurrency. Ethereum is the king of token platform. Bitcoin has sidechain, Lightning Network. Ethereum has programmable blockchain. Everyone should start building on top of these platforms. We don’t need to reinvent the wheel.

We don’t have the platforms we need

We have many platforms. I’m most familiar with Bitcoin and Ethereum. Their economics operate under the same assumption: limited supply. Supporters of these platforms value this property. Price rise is a big incentive to motivate communities. At market level, we can see token growth as a kind of inflation. As more projects launch, people have more tokens to choose. In 2019, the prevailing view is we have too many tokens. We need to innovate the technology. High profile investors continue to put money behind projects that experiment with technology.

I’m a software engineer. I have seen smart and innovative technology in crypto market. In Bitcoin, we have Lightning Network for scaling, sidechain for launching derivatives. In Ethereum, we now have solutions building 3-4 layers on top of the main chain. There are other platforms improving components of Bitcoin and Ethereums.

I have come to the conclusion that technology is not the problem, at least right now. We have enough technology to solve any problem in the next 5-10 years. We don’t need more solutions to solve imaginary problems. The real problem is our base layer is missing some economics.

Bitcoin strength and weakness: limited supply

Bitcoin has successfully bootstrapped using limited supply. Its limited supply and halving increase market price. I think Bitcoin would not survive if it didn’t have this property. There is economic and social movement built around Bitcoin. People promise liberation from the existing monetary system. Despite of the hype, the main use case of Bitcoin remains Store of Value. It remains and likely continues to be a speculative asset. With Bitcoin, we HODL. The feature that defines Bitcoin hinders its adoption. Its strength is also its weakness.

Ethereum and other tokens face the same challenge. People in crypto don’t recognize this. If users don’t make transactions with tokens, there is no point building layers on top.

Experiment with monetary policy

I’m making the case for new experiment with monetary policy. With Bitcoin, we already solved the Store of Value use case. But we need to rethink limited supply. The world needs more than Store of Value. Life isn’t just work and stash. Crypto needs to grow up and accept reality. We need to stop preaching a limited supply money future. We need to create a cryptocurrency that people want to use.

The missing platform: cryptocurrency with constant inflation

Bitflate is a cryptocurrency with constant inflation. It is experimental. My experiment is simple. I take what is working in Bitcoin and change monetary policy. I think it has the technology we need. Bitflate does reward halving until the 4th halving. Then it starts inflation of 7%. The reward schedule is as follows:

0: 50 (supply: 10 million)
1: 25 (supply: 15 million)
2: 12.5
3: 6.25 (end of halving)
4: 6.56 (start of inflation 7%)
5: 7.02
6: 7.51
7: 8.04
8: 8.60
9: 9.20
10: 9.85 (supply: 31 million)

Other tokens have constant tail emission. Bitflate has a percentage, exponential increase. Even with 7% inflation, Bitflate supply is still limited. This is an incentive for early adopters to acquire Bitflate tokens. I think an inflating crypto has different economics. It discourages HODL. It’s not a long-term Store of Value. When people transact more often, we will see crypto moving. The market needs an inflating cryptocurrency. This is why I create a cryptocurrency in 2019.

Join Bitflate Discord community: https://discord.gg/utnEyp8

[0xcosmos]

Why Create a Cryptocurrency in 2019?

simple answer
profit

long answer
there are already so many cryptocurrencies in play that whatever you want to build a platform of is possible right now with the existing ones
also all the new coins that are released right now will have a hard time paving the way for themselves for the same above reason

[joseyphil82]

Why create a cryptocurrency in 2019? well for me new coins are suppose to do better than old coins in terms of features and tech but this is not how i see things today, its now all about profits

Tell me is bitflate you made mention not created for gains? lol

[biddicoin]

New cryptos are made to implementation new concept, idea, thought. it can make crypto more well-known to many people
Unfortunately, many people take this for its own sake, they just wanna take money from investors
that's the cause tarnish the good name of cryptocurrency in general

[avikz]

Bitflate seems like a very unique idea! Probably the most fresh idea in crypto market I have seen this year! I have seen majority of the token companies are building various platforms and products and 99% of them are failures because they try to solve problems that don't exist!

But this is the first time, I am seeing something fresh that directly  functions with the economical parameters! However, utility is something that you shouldn't forget! Having a crypto which takes care of the inflation is good, but make sure you create platforms where people can utilize it! Otherwise the entire ecosystem will jeopardize!

[dnprock]

Why create a cryptocurrency in 2019? well for me new coins are suppose to do better than old coins in terms of features and tech but this is not how i see things today, its now all about profits

Tell me is bitflate you made mention not created for gains? lol

Of course, Bitflate is there for making money.

We need more experiment with monetary policy, not tech. For Bitflate, I believe the market needs an inflating cryptocurrency. I myself look forward to new ideas with monetary policy, not tech.

[Genemind]

People are creating new Cryptocurrency for profit and to follow the footsteps of Bitcoin and other top altcoins. We all know how cryptocurrencies could change the economic situation so people are trying to create new ones to make big changes. However, it's necessary for a coin to be functional to attract more investors and to gain the trust of most people. That would bring a huge impact on its growth.

[dnprock]

Bitflate seems like a very unique idea! Probably the most fresh idea in crypto market I have seen this year! I have seen majority of the token companies are building various platforms and products and 99% of them are failures because they try to solve problems that don't exist!

But this is the first time, I am seeing something fresh that directly  functions with the economical parameters! However, utility is something that you shouldn't forget! Having a crypto which takes care of the inflation is good, but make sure you create platforms where people can utilize it! Otherwise the entire ecosystem will jeopardize!

Bitflate is going to stay close to Bitcoin platform. Its only difference is the monetary policy. It follows the latest release of Bitcoin Core, currently 0.18.1. I intend to keep it up to date. Bitcoin is Store of Value. Bitflate is transaction coin. I think Bitcoin platform has a lot of firepower. It's got SegWit and sidechain. We should be able to implement other layers on top of it.

I anticipate Ethereum, Litecoin and other chains will launch their inflating parallel blockchains. It'll be exciting.

[huu78]

Creating a new cryptocurrency is to create new innovations that have been made or to rival the old innovations to make the most of the benefits provided by each project, and of course the profit. New projects make it easy for us to generate enough profit from them compared to the old coin that dropped down time.

[Doranile432]

New coins are been created to either scam people of their money or built them for the sake of making profits out of them, this is whats happening around 99percent new projects, every single plans they have points back to making millions of out people

[Kvalentine]

Creating new coins and tokens should be to do better in all aspect of the old crypto coins, this is why few investors believe that buying promising new projects will bring better profits than old projects but this is not the case in crypto space today, there are scammers in every corner of crypto space

[bitvalak]

Original Post: https://bitflate.org/post/2019/11/20/why-create-a-cryptocurrency-in-2019.html

Bitflate is a cryptocurrency with constant inflation of 7% per year.

It’s 2019. I’m pitching my idea of Bitflate, a cryptocurrency with constant inflation. I’ve got a lot of NO feedback. Investors tell me the age of tokens has passed. We don’t need more tokens. Crypto enthusiasts tell me I’m just forking Bitcoin. It’s been done so many times. There’s no new innovation.

Bitcoin is the king of cryptocurrency. Ethereum is the king of token platform. Bitcoin has sidechain, Lightning Network. Ethereum has programmable blockchain. Everyone should start building on top of these platforms. We don’t need to reinvent the wheel.

We don’t have the platforms we need

We have many platforms. I’m most familiar with Bitcoin and Ethereum. Their economics operate under the same assumption: limited supply. Supporters of these platforms value this property. Price rise is a big incentive to motivate communities. At market level, we can see token growth as a kind of inflation. As more projects launch, people have more tokens to choose. In 2019, the prevailing view is we have too many tokens. We need to innovate the technology. High profile investors continue to put money behind projects that experiment with technology.

I’m a software engineer. I have seen smart and innovative technology in crypto market. In Bitcoin, we have Lightning Network for scaling, sidechain for launching derivatives. In Ethereum, we now have solutions building 3-4 layers on top of the main chain. There are other platforms improving components of Bitcoin and Ethereums.

I have come to the conclusion that technology is not the problem, at least right now. We have enough technology to solve any problem in the next 5-10 years. We don’t need more solutions to solve imaginary problems. The real problem is our base layer is missing some economics.

Bitcoin strength and weakness: limited supply

Bitcoin has successfully bootstrapped using limited supply. Its limited supply and halving increase market price. I think Bitcoin would not survive if it didn’t have this property. There is economic and social movement built around Bitcoin. People promise liberation from the existing monetary system. Despite of the hype, the main use case of Bitcoin remains Store of Value. It remains and likely continues to be a speculative asset. With Bitcoin, we HODL. The feature that defines Bitcoin hinders its adoption. Its strength is also its weakness.

Ethereum and other tokens face the same challenge. People in crypto don’t recognize this. If users don’t make transactions with tokens, there is no point building layers on top.

Experiment with monetary policy

I’m making the case for new experiment with monetary policy. With Bitcoin, we already solved the Store of Value use case. But we need to rethink limited supply. The world needs more than Store of Value. Life isn’t just work and stash. Crypto needs to grow up and accept reality. We need to stop preaching a limited supply money future. We need to create a cryptocurrency that people want to use.

The missing platform: cryptocurrency with constant inflation

Bitflate is a cryptocurrency with constant inflation. It is experimental. My experiment is simple. I take what is working in Bitcoin and change monetary policy. I think it has the technology we need. Bitflate does reward halving until the 4th halving. Then it starts inflation of 7%. The reward schedule is as follows:

0: 50 (supply: 10 million)
1: 25 (supply: 15 million)
2: 12.5
3: 6.25 (end of halving)
4: 6.56 (start of inflation 7%)
5: 7.02
6: 7.51
7: 8.04
8: 8.60
9: 9.20
10: 9.85 (supply: 31 million)

Other tokens have constant tail emission. Bitflate has a percentage, exponential increase. Even with 7% inflation, Bitflate supply is still limited. This is an incentive for early adopters to acquire Bitflate tokens. I think an inflating crypto has different economics. It discourages HODL. It’s not a long-term Store of Value. When people transact more often, we will see crypto moving. The market needs an inflating cryptocurrency. This is why I create a cryptocurrency in 2019.

Join Bitflate Discord community: https://discord.gg/utnEyp8

New cryptocurrency must be able to provide better innovation than competitors.
It is common for example transaction fees, how do you make innovations for these problems because we know that bitcoin has a fairly large transaction fee.
Sometimes the problem is that they have a good vision, but the action is very minimal, which ends in a scam or something.

[rdewilde]

This question is what keeps making many developers to create cryptocurrencies. The fact is, each team believes they have a different thing to offer which already existing are falling to do; now this is how it's meant to be. But nowadays, many are creating different cryptocurrencies for profit while less than 1% are actually in for the Technology. So to answer your question from my own angle, some are creating for profit while few are creating to add value.

[MarioV]

There is no reason to create a new currency now, just to speculate and get rich. Bitcoins already exist, new projects should be born on the upper layers solving real everyday problems and bringing real added value.

[irixo10]

The irony about it is that they will always promise one or many things their cryptocurrencies will solve but will still end up not delivering just 1, so most times I ponder just like you and ask, why this coin? However, even in the midst of these, there are still genuine coins and upcoming projects which are still trying to remain relevant it just that the bad eggs and hype one keep springing up and sweeping People. Even next year we will see more coins but I think more people will be smarter next year.

[Ayiranorea]

This seems to be something unique compared to many projects that make the same thing under different names and little variations. End of the day every project is much focused on profit making with real time usage accessibility. The market has got lot many players to compete against each others. If this projects have reached the market during the year 2017 it could've got a huge return for the investors.

[alan2here]

New coins are been created to either scam people of their money or built them for the sake of making profits out of them, this is whats happening around 99percent new projects, every single plans they have points back to making millions of out people

You are right but there are some good coins that are still available in this market and create lots of opportunities for other investors to make money. Now what investors need is profit so before they invest they will consider many times. I think any new coin needs to be researched and always monitored the trading volume to know exactly what is happening.

Of course, this is the most widely used way of investing. However, if that coin shows sign of scam then you should stay away from the beginning.

[zeze18]

Why Create a Cryptocurrency in 2019?

simple answer
profit

long answer
there are already so many cryptocurrencies in play that whatever you want to build a platform of is possible right now with the existing ones
also all the new coins that are released right now will have a hard time paving the way for themselves for the same above reason

People are supposed to be created a coin not just for profits because if they just aiming for profits they're just gonna be think about the price, exchanges, interest, and all the thing that can affected the price instead of the people should make a coin for the usefulness in the future that can make a better payment for human being

[mrdeposit]

If he wants to create a new coin, he can. But claims are huge, and I understand from his ideas that he will make a coin with the limitless supply that everyone uses which better than ETH and BTC. But I have never heard about a valuable asset that has an unlimited supply in the economy.

[smyslov]

Why Create a Cryptocurrency in 2019?

simple answer
profit

long answer
there are already so many cryptocurrencies in play that whatever you want to build a platform of is possible right now with the existing ones
also all the new coins that are released right now will have a hard time paving the way for themselves for the same above reason

I'm with you on this, the driving force and the motivating factor is still profit, profit and profit, because all these past coins and tokens that has existed create a crowdfunding and are now gone has a good road map, some of them has a good platform and had a chance to be adopted, whatever coins or tokens you are creating now, has been created this inflationary coins of yours is not new I have read it so many times, just do your research.