Topic: 10 Considerations for coin developers!

[JDS1000]

http://www.cryptosandwich.com/1/post/2014/05/soapbox-weekend-at-the-sandwich.html

[devnullius]

Thanx JDS, please copy paste the article too next time... ;-)

SoapBox Weekend at the Sandwich
05/03/20141 Comment
 
Picture
An Open Letter to Coin Developers.
Cryptocurrency has been a very, very large part of my life for the last 6 months. I run cryptosandwich.com which promotes coins by running strategic giveaways. I've also done a little consulting for exchanges and a number of coins. 


Here are 10 observations I've made that apply to what you do....

Getting listed on MintPal will not make your coin more valuable. MintPal is currently the best altcoin exchange. Heck, CryptoSandwich runs campaigns to get coins listed there. Look at the coins on MintPal, do their valuations and demand shoot up after being listed? Sometimes at first, but rarely in the medium or long-term. It's not an exchange's fault that people don't want to buy your coin – It's yours.

Innovation is very important. But if innovation and 100 of your coins can't buy me a cup of coffee – Then what good is it? I love PoS, PoT, X11 and many more but technology alone does not mean you have a great coin.

Have a great development team with vision and a solid plan. There appears to be no substitute for this...

Can I use your coin to buy something that I want? That what what makes your coin a currency. That's what makes a coin have value in the long-term.

In order do get merchants to accept your coin as payment. You'll need to be able to exchange your coin for Fiat. If this conversion is quick, easy and inexpensive for the merchant, the better for you and your coin's acceptance.

Premines are okay! A coin that has the vision to be accepted as currency will require a great team. It's a lot of work! This team deserves to be compensated because they will work their asses off. I recommend a public ledger to share where the coins are being spent. Use bounties to get more help and further distribute the coin. Miners don't like premines but many miners just dump your coin on the first day and might not have your coins' long-term value in mind. Take it a step further – disclose your address – Loosely based on Insider trader rules but voluntarily share the address which will be shared via the blockchain.
If you believe your coin is undervalued on the exchanges – then buy it! If you don't why would you expect others to buy it???

Rarity can't hurt. Do you really need to be producing 100,000,000,000 of your coins right out of the gate? It's basic supply and demand, the foundation of economics.

Take care of the people that look our for your coin. These people can be much more than cheerleaders or advocates. Be generous if someone sticks their neck out for you - take care of them.

Swallow Pride and ask for help. Delegate. No one person has all the strengths to manage all aspects of launching and maintaining a coin. Besides, this whole thing is about community.... 

Please leave additions, disagreements and other insights in our comments section below...
After of Tough Week, I took off a lot of last week from CryptoSandwich activities.
Found out my seasoned JDS1000 account is no longer usable on Reddit – Has to do with the way I was promoting posts on CryptoSandwich...
I recommended BTC-Arbs and later that same day it appeared to go under.  I'm really sorry if you've lost BTC there. It appears I have lost .5 BTC. Probably 1/2 of my Bitcoin holdings.  A part of me is still optimistic that BTC-Arbs will eventually payout this Bitcoin.
Cryptokk.com = Gone
Coinader.com = Gone
Coinmarket.io - I've now given up on my coins “stuck” here since February.
I never received bounty from InformationCoin despite featuring it in the weekend sandwich....



Yeah, maybe a tough week but there is a ton to be grateful for.  I love this community and I keep coming back!!!
Thanks for Reading and Have a great Weekend!!!!

[devnullius]

...? BTC-Arb...?

What's up with that...?