Creating an Alt Coin. Need Advise.

[Shimofu]

Hey all, I am looking to design my own coin. I currently am moving over 6 figures a month in digital currency and just the fees of that have inspired me to research this topic heavily.

Moving money in the US is very challenging and has a lot of pain points. I really like the idea of being able to use my own currency and possibly grow it's value. More specifically though my own convertible coin would actually solve a major problem for me and the people working with us.

I have obsessively dug into this topic for the last 36 hours, almost all 36 actually, and have figured out a lot of the options. I like the Waves Platform but I am unsure of how the long term value of my currency. The next question is do I use the frame work of BitCoin, LiteCoin, of Ethereum? I understand the concepts of mining and the technology involved but in theory the practice of doing it at any scale makes me a bit nervous. Last but certainly not least is how the value of a small coin is determined and manipulated. I realize supply, demand, and activity are what drives the coins that are out there. I am okay with value being being organically grown but I don't understand how it is determined at such a small scale.

This is a deep topic and I might not be in the right place to ask but I am hoping for some guidance from some more of the more experienced crypto trading members. If it is okay I would also like any recommended forums for this topic. Thanks in advance!

 

[rayraymack]

Sometime ago in this crypto section @PinguSpy asked if anyone was interested in creating an altcoin, maybe you should have a vibe with him/her.

 

[PinguSpy]

Sometime ago in this crypto section @PinguSpy asked if anyone was interested in creating an altcoin, maybe you should have a vibe with him/her.

Its very hard to find a good coder for this project.
The expert and experienced coder mostly have their own coin.

If me, i want to create DAG coin. But to find high quality, creative, and experience coder in this field almost none existent.

 

[PocketAce]

Oh boy. There are already so many altcoins that I can't keep track. But I hope you update so I know when to invest in yours. Good Luck!

 

[Alexpaberla]

Is very hard to find a good coder
For the first you need a team (10 Guys + )
You should trust them , one could run with all the money

For the first i suggest ERC20
Make your coin and users could pay in ethereum to get your coin "smart contract''

and for the mining ? is not really hard with that you just need money (10.000$++++)
You just need to buy some VPS( Dedicated servers) To mine and confirm your own coin after your coin will be on top you dont need to invest any penny for that because the users will mining your coin

 

[Alma]

just fork some coin, its easy

 

[Shimofu]

Is very hard to find a good coder
For the first you need a team (10 Guys + )
You should trust them , one could run with all the money

For the first i suggest ERC20
Make your coin and users could pay in ethereum to get your coin "smart contract''

and for the mining ? is not really hard with that you just need money (10.000$++++)
You just need to buy some VPS( Dedicated servers) To mine and confirm your own coin after your coin will be on top you dont need to invest any penny for that because the users will mining your coin

I was leaning the ERC20 direction as well. Can anyone tell me the disadvantages of using Waves? The platform seems ready to just turn and burn but my concern is this is going to limit value on the upside. I am not trying to re-invent the wheel. I don't have any vision of a coin that does something different than the ones that are out there other than it would be starting at the bottom and I know I can use it heavily.

 

[DarkSpearTriant]

It's really not good that there are thousands of cryptocurrencies now. Everyone and their uncle wants to create their own coin. I predict most of these other coins will collapse and only BTC, Litecoin, Etherum, and a couple other mainstream ones will survive.

 

[Eat]

Will the unique benefits of your coin outweigh people's fatigue of altcoins? I don't doubt that you can make a great currency, but if it only does one or two things better than the big guys, people can just say "eh, I can deal with those problems" and just ignore you outright.

 

[onlineonly]

I've been thinking about creating a alt coin as well. Since I'm a miner I follow announcements every day about new released coins to mine. And I can tell you there are so many shit coins and scams coins created its unbelivable.

Some dude create a coin with a small premine, say 1-5%, create a nice looking ann thread with graphic and nice logo. Get miners on it and hipe it with some feautures like masternodes etc..

Staying active first couple of months so coin can mature and hit a few exchanges and when first pump coming they dump their premine.

Say they create a coin with total supply of 1 billion coins, premine 1%, thats 10 mil coins they have. If they can get the coin to let's say $0.05 they just made $500.000. Get it to a cent and they made $1.000.000 etc..

After you cashed out, you move on to your next shitcoin.

 

[MikeyMikey13]

Why not? Literally just fork LTC, market as a revolutionary coin, pump the shit out of it. Then just dump it for some cold hard cash.

You don't even need to be creative with it, look at DOGE coin, RED. Pieces of shit, but the owners made hella bank.

 

[life2ifeless]

I've been thinking about creating a alt coin as well. Since I'm a miner I follow announcements every day about new released coins to mine. And I can tell you there are so many shit coins and scams coins created its unbelivable.

Some dude create a coin with a small premine, say 1-5%, create a nice looking ann thread with graphic and nice logo. Get miners on it and hipe it with some feautures like masternodes etc..

Staying active first couple of months so coin can mature and hit a few exchanges and when first pump coming they dump their premine.

Say they create a coin with total supply of 1 billion coins, premine 1%, thats 10 mil coins they have. If they can get the coin to let's say $0.05 they just made $500.000. Get it to a cent and they made $1.000.000 etc..

After you cashed out, you move on to your next shitcoin.

Where do I sign up for the Crypto Millionaire Generator?

 

[MikeyMikey13]

Where do I sign up for the Crypto Millionaire Generator?

You don't sign up anywhere. You just need to use your brain once in a while and a bit of work.

Something most members on this sub-forum struggle to do.

 

[Shimofu]

I am not trying to "pump and dump". My goal is to build a sustainable currency because I am spending a ton on fees and it is more difficult to use. Question on the forking of other currency. Can I make a fork off of any of the majors? Say Litecoin, Bitcoin, or Ethereum? Is there any advantage to one vs the other?

 

[Shimofu]

Why not? Literally just fork LTC, market as a revolutionary coin, pump the shit out of it. Then just dump it for some cold hard cash.

You don't even need to be creative with it, look at DOGE coin, RED. Pieces of shit, but the owners made hella bank.

Are both of these "forked coins"? I would assume that eliminates a TON of development costs?

 

[MikeyMikey13]

I am not trying to "pump and dump". My goal is to build a sustainable currency because I am spending a ton on fees and it is more difficult to use. Question on the forking of other currency. Can I make a fork off of any of the majors? Say Litecoin, Bitcoin, or Ethereum? Is there any advantage to one vs the other?

Lol dude you don't stand a chance. Not knocking you, event he best programmers struggle.

You either need to be a great leader (which can manage investors, programmers and marketers) or a great programmer.

Edit: yes, forking reduces development costs.

 

[life2ifeless]

Theres a bunch of programmers on upwork willing to build ERC20 tokens for you for less than 100$.

Not sure if they are the real deal though.

 

[Shimofu]

Lol dude you don't stand a chance. Not knocking you, event he best programmers struggle.

You either need to be a great leader (which can manage investors, programmers and marketers) or a great programmer.

Edit: yes, forking reduces development costs.

I have a team of developers and literally millions of dollars in revenue. I have been looking into this for about 3-4 days.

 

[Shimofu]

Theres a bunch of programmers on upwork willing to build ERC20 tokens for you for less than 100$.

Not sure if they are the real deal though.

I have seen that. I found a few people that can build a coin for $3-6k that I am more inclined to trust but I am still trying to see what I actually want/need. Hence why I am here asking for help. I did land a few really good domains that I like so far. No one seems to have an opinion on Waves Platform?

 

[MikeyMikey13]

I have a team of developers and literally millions of dollars in revenue. I have been looking into this for about 3-4 days.

Take those millions and get yourself in with some real businessmen then, not some amateurs on bhw.

Surely your team of developers will know a course of action for you then? I mean, development is their job but they didn't suggest forking?