Possible to Create CryptoCurrency and Succeed?
- Thread starter johnnym
- Start date
Thanks for making fun of me. I was asking seriously.
Rough Driver
Newbie
- Mar 1, 2012
- 34
- 6
I believe that it is not a question of technology but one of marketing and grabbing market share from BTC. There are a few very interesting altcoins out there that are an improvement ( not going to say "better" ) on BTC :
Proof of stake - more efficient than POW
faster transaction times,
bigger blocks,
small pre mined share of coins,
and sybil proof
But no one is going to give then a chance while BTC has the vast majority of the market. Breaking that network share is very hard and what will do it is marketing and lots of $$$
Proof of stake - more efficient than POW
faster transaction times,
bigger blocks,
small pre mined share of coins,
and sybil proof
But no one is going to give then a chance while BTC has the vast majority of the market. Breaking that network share is very hard and what will do it is marketing and lots of $$$
thetroll
Newbie
- Sep 3, 2015
- 33
- 22
To be honest, I thought the joke was hilarious! :heh:
That aside though, I have some speculation to offer:
1. If anyone here has the knowledge to create a new cryptocurrency, I doubt they'd be handing it out to a stranger randomly asking on a forum. I say this because, when there is already a seemingly unlimited number of alternatives to BitCoin, why saturate an already overly-saturated market with more potential competition? I realize people here do post amazing guides on money-making techniques, but from what I've gathered in my short time here, these are also people that are - at the very least - semi-successful in what they're posting about, have moved onto other methods, or have multiple methods of income generation that allow them to share their ideas without worrying about their profit tanking because others are using one of the same methods as them.
2. I know very little about cryptocurrency, outside of some history, a bit of marketing, and a large variety of scams/wastes of time (see: faucets). That said, I do understand that this isn't your typical, run-of-the-mill basic HTML. AFAIK, there aren't cryptocurrency creation guides floating around all over the Internet (if there is, my mistake), and if there were, I imagine there would be a seemingly infinite number of additional cryptocurrencies available than there already are. That said (again, speculation here), creating a successful and sustainable cryptocurrency is/would be just that much harder, considering the saturation of the altcoin market, and the birth of new cryptocurrencies online every day. If your plans aren't to create a successful and sustainable cryptocurrency, but rather, to make a few quick bucks by scamming people (I'm not projecting here, simply adding the 'what-if' to the equation), you're likely only shooting yourself in the foot, as the history of pump-and-dump schemes has already created tension in the marketplace, and will only further it by people doing such a thing (and at which point, I would then ask myself "is it really worth it?").
3. If you are truly, wholeheartedly convinced you have what it takes to create something like this, and are capable of adding real value to the scene, there's a possibility that a BitCoin or AltCoin forum may be able to point you in the right direction. I'm not sure on this, as I've never desired to undertake such a task myself, but if you want to know bad enough, you'll find your answer somewhere.
Iguana
Junior Member
- Aug 22, 2015
- 102
- 30
What? Honestly, what? Apple Pay is practically an NFC app for debit cards. Tell me how that is related to cryptocurrencies.
Iguana
Junior Member
- Aug 22, 2015
- 102
- 30
Ignoring your horrific use of punctuation, you haven't really answered the question. You say that people use Bitcoin because it's an alternative to carrying cash. So is a debit card. I have yet to meet one person who uses Bitcoin because 'it's an alternative to carrying cash'.
Where are you getting these statistics from? You must have undertaken some pretty large surveys to gather those details. You seem to have a pretty clouded view of how cryptocurrencies work. Bitcoin is not 'run' or 'owned' by anyone. That's the 'decentralised' part in play. Care to tell me who these "greedy idiots" are? I'm also interested in how they have 'set back all crypto' by 2 years? What have these mystical captilalists who have secret control over Bitcoin done to stop all crypto's progressing in the next two years?
Rough Driver
Newbie
- Mar 1, 2012
- 34
- 6
Just classic !! Beyond words or parody
Y Combinator
Newbie
- Sep 12, 2015
- 36
- 18
Bitcoin isn't just a payment system. It's a way for untrusted participants to universally agree on anything without requiring a trusted third-party to mediate their agreement (so in other words it's a p2p consensus system with no trusted third-party and hence has serious applications for governance.)
Serious answer to the OP: you will need a few things to build a cryptocurrency from scratch:
1. A working consensus system so people can agree on the state of asset transfers. Without consensus people can double-spend the same money = fraud. The way banks solve this problem is with a simple centralized ledger but Bitcoin is a decentralized system and uses a proof-of-work, append-only based database to agree on asset transfers (but you could also use proof-of-stake or Ripple-style quorums for consensus.)
2. P2P networking with NAT traversal so nodes can find each other and communicate (normal home computers are behind firewalls so there needs to be a way to connect to other nodes even if they're behind NATs.)
3. A provable identity system to prove asset ownership (so people can't lie about who owns what.) Bitcoin uses ECDSA signatures to prove ownership (like signing a check) when moving Bitcoins.
4. A network protocol so nodes can talk to each other.
5. Application logic and a basic user interface.
It isn't that hard to code a cryptocurrency and I've already written similar code for one myself (I built the first decentralized exchange for trading cryptocurrencies.) But what is hard is preventing spam and making things efficient. In total: a from-scratch cryptocurrency with adequate testing would take a single developer a year or more to code. With a team: it's slightly better and could be done in months but the engineering is still exceptionally challenging (particularly with all the weird edge cases that come from forks and what not.) Consensus critical code needs to be methodically correct as any divergence in its execution can cause deadly forks in the transaction ledger which would result in nodes failing to agree on who owns what - not what you want when doing payments.
Shadexpwn
Elite Member
- Sep 12, 2010
- 1,730
- 484
It's a little late for that bandwagon.
Try tapping into an existing one as even if you made one your value wouldn't be too high and the amount of people to get mining isn't worth the hassle.
It isn't something you should get your hands into unless there are means to evaluate a web script such as a faucet or crypto game with social functionality to make it go viral.
Try tapping into an existing one as even if you made one your value wouldn't be too high and the amount of people to get mining isn't worth the hassle.
It isn't something you should get your hands into unless there are means to evaluate a web script such as a faucet or crypto game with social functionality to make it go viral.
kimanierick
Junior Member
- Nov 2, 2015
- 101
- 12
you will need more than creating one. you need great strategy to penetrate the market because it has already been saturated with cryptocurrencies some of which are still struggling to survive while the Bitcoin has marked its territory. I am not a dream killer so I will not discourage you. just take a step of faith and create one. you never know. we might be using yours next time. all the best
chadsomenezz
Newbie
- Aug 5, 2014
- 25
- 0
I think now is not the right time to make a new one.
I will say it is possible as long as you have the right resources needed, a good work plan and strategy. But I believe you will need more than that because many people have tried and failed. Just be unique and try and meet peoples demands and desires and maybe you shall overdo the others
yes it is possible i have done it multiple times, but its unlikely for the newcomer. your best bet is to at least consult with and or pay a group that has been through the whole process. There is more involved than you might think, design, coding, block explorers, webpage, mining pool, social media, forum, multiple os compiles, interacting with sites like coinwarz, coinmarketcap and getting onto the exchanges.