Why Create a Cryptocurrency in 2019?

[Chuky92]

Simple; because they all believe they can make a change but along the line then realized there is more and Instead of looking for ways to overcome the challenges they tend to either abandon the project or come up with excuses.
This is just the nature of a good number of projects this year, I can hardly count projects which stuck to their idea and never let go this year.
Seriously I thought the aim of creating any project is to make impact but many projects has shown other wise as they are after their own pockets. Therefore we should be careful of most of these projects with unachievable ideas. The reason for creating a cryptocurrency should be to make positive impacts.

[fuer44]

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

amazing, very good post. I just learned that this crypto system should we often have to make transactions so that the value of crypto continues to move, and if we just keep quiet then the value will be silent. it makes perfect sense and the problem of limited supply can be overcome immediately. by doing transactions every day then we will keep the crypto value moving and when the supply finally runs out, there must be a new crypto for its successor, and it must continue not to be stopped.

I am now able to draw the conclusion that the failure of ICO which has launched its token to the market exchange which then lost its value must have been caused by no transaction at all. all token holders only wait and wait, while if we are silent then the token or coin will not experience any movement at all. Your steps are very innovative, this should be appreciated and should be done by everyone so that everyone no longer waits for long-term HODL. but trade every day and keep the market moving so crypto values ​​continue to move up.

[ned.ryerson]

I also think like many people who told you NO. we must learn to use ethereum and bitcoin. No one will need Bitflate in a few years, so what's the point of using it

[ajaymukund]

Because some people want to change the way the world go to work/employment, this crypto is changing the world of work to a freelance world  https://www.binance.org/en/trade/CAN-677_BNB

Yes, our generation is Millenials and we can freely work and earn ordinary money like those working in businesses and even higher.
Bitcoin really helps a lot for people who like to work freely but still have financial freedom. It has opened up an open market for countries that are still overshadowing the definition of "financial markets". The crypto market has really changed my mind for the past ten years. It has also made the life of a Millenial better as I make more and more money.

[NewRanger]

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.

i am agree ,too many shitcoin now in crypto market . and ofcourse this coins really harmed many inventors. I think too many people try to be rich man from crypto market by creating use less projects. Existing coins already complete ,and it could applied in any field. So we didn't need new projects again. Except this projects developted new version of blockchain that wil used in real industry or able to adopt in real life.

[ajiz138]

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

Yes, as you said, they made a new project just to take money from investors and enrich themselves. This makes crypto in 2019 the place for scammers and the most in crypto history. But we have to fight scammers by reporting them on this forum and posting them in a special thread for scam projects.

[btcdie]

Basically inflation is really real only on Bitcoin, Ethereum and other giant Coins. This limited supply concept in my opinion is the best, making prices more stable, pumping, and market movements that actually occur. strange to me if there is a project to make their tokens with an infinite supply. Crytpo is always preceded by concepts of new ideas or innovations, but sometimes strategies, developers and teams who are not focused on creating inflation that has no movement. The concept of Bitflate is interesting to me, maybe lately I will monitor it.

[naikturun]

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.

But most people now create new tokens just to take profit from selling tokens, they are not really serious in dealing with their projects.
So it will be difficult to determine which projects are made for the development of crypto and currency.

[chaoscoinz]

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

I think this particular problem of not supporting the founders of each Blockchain's generation is the reason that all of this shit coins projects have cropped up over the years. Bitcoin and Blockchain can be seen as the first generation Blockchain and the foundation of cryptocurrency as we know of it today. Ethereum would be the second generation of Blockchain with the introduction of smart contracts and tokens. I do believe that the third generation of Blockchain was EOS with its delegated proof of stake consensus algorithm.

[Baby Dragon]

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

Yes, as you said, they made a new project just to take money from investors and enrich themselves. This makes crypto in 2019 the place for scammers and the most in crypto history. But we have to fight scammers by reporting them on this forum and posting them in a special thread for scam projects.

Scammers are just taking advantage of it because they know that there will be some people who are gonna fall into their trick, no wonder why some of us are not into new cryptos because we can't see the real purpose of it and we can't change the fact that some of them are not worth it. It's true that it makes the cryptocurrency speculative because of people like them but we can't get rid of it, we just need to face it and learn from it. I'm not underestimating the power and capabilities of new cryptos because I know that there is still some of them who can prove themselves that they are also profitable and worthy like bitcoin.

[Pecunia non olet]

I think that you are too late to join the party. We already have thousands of promising crypto projects but look at the price, nobody is interested in using them and buying the tokens.
Even you create a successful project, there is no warranty that price of the token will grow. 

[MrPiggles]

I think that you are too late to join the party. We already have thousands of promising crypto projects but look at the price, nobody is interested in using them and buying the tokens.
Even you create a successful project, there is no warranty that price of the token will grow. 

Up to 80% of altcoins do not receive the attention of people and this makes investors face a lot of great risks in investment. I think it is difficult to predict the future of those coins because you cannot be sure of the new price increase so it is best to choose only the projects that are available in this market. I personally never choose a new coin but would consider it if it works.

[bonyaserg]

Personally, I believe that everyone wants to create a new cryptocurrency. But for the discoverers of crypto, time has passed. And in order to become a leader in the invention of cryptocurrency. It is necessary to create something new, so that there is a demand for this product. So I wish everyone great innovative achievements in the field of cryptocurrency.

[coin-investor]

If you launched your project in 2017, people will be in a hurry to support, join and invest in your project, they will sing hallelujah for creating a project like yours, but this is 2019, investors and bounty hunters are wiser now, they have seen enough, so many similar projects like yours, that failed investor's expectations, so many funds are invested in a non sense project, I doubt if your project is unique from all the project that come and go.

[kro55]

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

I think if that's the case then ethereum and bitcoin are beaten by new currencies long ago.
Since there are too many cryptocurrencies already in the market, creating new cryptocurrency wont be of much use and will be challenging to make it successful.

[bitcoin-shark]

why create a new coin? simple to make profit / gain but is not very easy, create a new coin is very easy with wave and minereum platforms, is everything else that is difficult to create a valid, credible project that has future market developments and know how to do an effective aggressive advertising campaign, if you don't know how to do all this you can create a new token with your name for your vanity...

[duuuuude]

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

Cryptocurrency the good name, especially for investors left with nothing. It seems to me has plenty of innovations because these innovations and have produced many similar projects.

[tenakha]

I think that you are too late to join the party. We already have thousands of promising crypto projects but look at the price, nobody is interested in using them and buying the tokens.
Even you create a successful project, there is no warranty that price of the token will grow. 

You are right that there are many coins in the market but those that need to be evaluated are essentially evaluated. New shitcoins are already created every day, we want a coin that can bring a new breath to the market. I do not think price is of great importance in this regard, every coin already has its own deserved price, and it will also find its price, good or bad.

[xiboothrezi]

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.

By forming new niches that are realistic and can solve problems that would otherwise be in demand. Of course, there are factors to benefit from the proposed project. But at least taking part in developing welfare is a good contribution to increase utility.

[Pearls Before Swine]

It’s 2019. I’m pitching my idea of Bitflate, a cryptocurrency with constant inflation. I’ve got a lot of NO feedback.

You might want to seriously listen to that feedback.  Tho I don't know the specifics of what you're proposing, just take a look at how many coins and tokens are already on the market and how similar they are to one another.  If you're serious about making a new coin and want to make it attractive, it's got to have some advantage over everything else that's out there right now, else it's going to be just another shit coin.

why create a new coin? simple to make profit / gain

Uh, yeah.  That's why so many coins made it to the market in 2017-18 and also why so many of them are now dead.  Unless you can attract a following, which most devs of new coins can't do, there's no chance anyone is going to mine it or want to own or trade it.  And honestly I don't think we need any more coins released at the moment, because they're all basically the same.