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July 10, 2014, 12:38:13 PM |
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Only because I am being asked, asked to give lessons in coin creation that is, the following is my view. (Not advice nor a preach)
1) Mirror mirror on the wall
I believe anyone should experiment with their own coin if they wish, but ask yourself if you really have the time and grit to see it through. What experience do you have, you will need to answer questions, be available. So, if you cant create a config file ( highly unlikely ) don't start your own coin.
2) The Secret
Many believe that if you have written the next great Hollywood hit that you need to hide it away and show it to no-one, the reality is you need to show it to many people. To create a totally unique never before seen cryptocurrency can cost a ton of money, so if all you can afford is a few hundred dollars, don't be precious. You are not ever truly going to have anything that has not been done before except maybe the coin name.
3) Reality bites
If you consider the amount of time it took to create Bitcoin, then the work, effort and dedication of numerous people, and then give it a value you would be looking at Many millions. So be realistic about what you are spending and what you are going to get in return. Bitcoin is firmly entrenched as no1 on the billboard 100 ( coinmarketcap ) and I don't see anyone knocking them off. Dogecoin is a good example of a couple of guys that managed to hit it right. All over the world there are Guys and their mates(friends) jamming in their parents garage. Its fun and a great experience, but usually amounts to nothing.
4)The Wild West
For every Good intention in the cryptoworld the is a bad one too, every bit of code that someone is developing is a new opportunity for some shady character. I see the Cryptosphere in much the same way as various mining rushes around the world. Out in the middle of nowhere, with people lurking, snipers in the hills ready to pick off casualties from a distance, not much trust and a lot of cynicism.
5) The Cult
Be ready for the wrath of the chosen ones, or at least they think they are. If anybody has any criticisms, click on their names check their history, see how knowledgeable they are, and if it turns out that they worthy, engage in a dialogue with them, if not then they are just glassy eyed fanatics that luckily cant shoot or poison you.
I know that most will be reading this and going what the F@#ck but if you have read some of the PM,s sent to me, on various channels, you will hopefully understand.
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