Naive ICO question

ACcording to coinmarketcap.com there are currently 1429 cryptocurrencies on the market.

Why aren't there more?

It looks like you can hire someone for about $1500 to create a coin for you. Then figure another $500 for a website and marketing. And within a week it seems like you can have a $1.5 million market cap.

I found a coin whose website is hosted on Weebly and it has a $1 million market cap.

Is it better to start my own coin/cash out, rather then continue to invest in a bubble that may crash?

It's not easy like u think, it's hard to create your own coin and u need a trusted team to work for that!

kontentguy said:

ACcording to coinmarketcap.com there are currently 1429 cryptocurrencies on the market.

Why aren't there more?

It looks like you can hire someone for about $1500 to create a coin for you. Then figure another $500 for a website and marketing. And within a week it seems like you can have a $1.5 million market cap.

I found a coin whose website is hosted on Weebly and it has a $1 million market cap.

Is it better to start my own coin/cash out, rather then continue to invest in a bubble that may crash?

Click to expand...

Probably you are right. The most money is in starting your own ICO - and if you know what you are doing the risk must be a thousand times lower than investing in coins.

But I think the marketing budget to get enough traction for a million$ market cap will be a lot higher than $500.

davids355 said:

Probably you are right. The most money is in starting your own ICO - and if you know what you are doing the risk must be a thousand times lower than investing in coins.

But I think the marketing budget to get enough traction for a million$ market cap will be a lot higher than $500.

Click to expand...

Not 500$ but little bit more you just need bunch of people to brag about your coins all over the place and bribe few blogs and you are done.

all i need is a good gimmick - any ideas anyone?

If you create your own coin you need a huge team(s) for mining the data.....Very difficult

In few years every small store will have their own shit coin. Cashier will ask customer to pay with some shitcoin to get discount on store lol. Same like they now ask do you have our card to get discount.

kontentguy said:

ACcording to coinmarketcap.com there are currently 1429 cryptocurrencies on the market.

Why aren't there more?

It looks like you can hire someone for about $1500 to create a coin for you. Then figure another $500 for a website and marketing. And within a week it seems like you can have a $1.5 million market cap.

I found a coin whose website is hosted on Weebly and it has a $1 million market cap.

Is it better to start my own coin/cash out, rather then continue to invest in a bubble that may crash?

Click to expand...

try getting a quote from an ICO marketing agency. token distribution system and smart contract will cost you atleast $25k from a reputed agency. Getting listed on exchanges cost anywhere from 1 BTC to 50 BTC. PR, media buying, getting reputed advisors, getting team, investor outreach cost a shit ton of money. No one is going to invest in your ICO unless they trust the team, product and see the future growth in it. running ICO is not a small task. just 2 cents.

you can create a website on wordpress , create your coin, give it any valuation. and hold 200 million worth of coins in your own wallet and then register on coinmarketcap and say you have 200 million market cap. easy