Topic: How much would it cost to create a trustworthy good coin? (Read 1718 times)

Every coin automatically comes with its own currency-system.
So a dev doesn't really need any funding as long as he can get in on his own coin early
and reserve a decent amount of coins when they are cheap.

You sound like you want to hire a dev to create "your" coin?
That's not going to work.
If a dev isn't motivated by himself to work on a coin,
his motivation will depend on your funding,
meaning that his motivation will probably vanish over time.

A dev should start a project not because of the money,
but because he wants to achieve a certain goal,
or solve a technical problem.

-sf-

First of all you need a great idea. Something new and useful. Something that will bring your coin an edge. Without that any script kiddy can clone a coin and some could even change it a little.
But you sound like you want to start something serious and for that you need first of all an idea. A great one. If you have it, even the money is not a big problem because there are plenty of ways to fund the team: from ICO and premine, to a certain % of the block income going to your funds, donations, masternodes handled by your team, ...

So if you have the idea and a rather small amount of money to keep a team of reputed people interested in your project until it's going live it's fine. Then, if the project is good, people will stay because they'll see its potential.

As you see, it's not just about money...

Well, it all comes down to added value and marketing. This means any new coin needs to introduce something really new, something crypto community needs and not just be a copy cat. Also, a lot of money needs to be allocated to marketing, especially via social networking. It simply does not seem you can provide either of these elements.

Some developers can do 90 percent of what you mentioned, they self fund run the network and do everything. Some of them are very good at it and work on other coins for income and put that into their coin. You have to go into this altcoin thing with the long term project ideal 1-5 years before it even takes off. This is for a major project, small pump useless dump projects are really not mature and don't last long or loose respect quickly.

I will take this from another angle, which is : Use case

You will have to determine if you want to compete with Bitcoin, or if you want to compete with other Alt coins. Last I checked, there were over 800+ Alt coins active.

Most people find a specific "use case" for their coin, and build on top of that. Let's take an example : You create a stunning viral game, where people make transactions with your coin. The "use case" is the game, not the coin. We have the same problem with Bitcoin. People needs some incentive, to move from one payment option or currency to a new alternative that is better. If it is not a improved concept, they will have no incentive to move. ^hmmmm^

If your coin offer no improvements over Bitcoin, nobody will use it. If you have a incentive to push them, they will move.

much better to ask those people who know more about creating altcoin so you may know the system and how it works, and if you don't have knowledge on how to make a coin well just  find a coin developer so he could make you a new decent one, but just make sure that you can sustain and you have huge funds to fulfill this project, idea would be great but if you have bad plans for this one well i would provably say that this project is insane since their are already scam coins existed on some certain trading sites  

Create unique services around a new coin. Some websites.

...

There is now a HUGE first-mover advantage to Bitcoin now.  It would take a lot of capital (money), work, publicity, personnel (testing code, etc.), marketing, lots of time (for people to test), etc., etc.

And an upstart product of almost any sort is typically (and must be) an order of magnitude better than what is currently in use.

if the funding is limited, it would stall in the middle having a useless coin.

also no clear directions regarding crypto.

anyways if you want those usual coins why not try wallet builders, you can search google and you would find them. 

It s obvious you do not know much about cryto. Even worse, you seem to be big time limited in funding. These two elements combined will bring failure to this project. Good luck.

10-15 btc is not enough since dev can spend more money for developments and payed big for those who create his coin or build a team and i can't imagine how it will cost him since im not expert nor have knowledge for coin making, but to sealed up this question OP should seek for adviser or shall we say find a better team who can create coin and develop it for him so he can make his dream coin turn to reality, and im sure to make good coin takes many months to develop it seriously.

A trustworthy coin needs a regular trustworthy team behind it so it wouldn't be a fixed rate but rather a continuous expenditure that will be paid per month to team members. Just for starting, I suppose 10 to 15BTC might be the actual starting expense in which it depends on duration of it as well, then it goes up from there. Skilled developers don't come cheap.

I modified an existing coin to create a new coin, so maybe I could help you with that. But it seems you want to create your own mining strategy etc? So it is a lot more work than just modifying an existing source code, I guess?

Well i think he just hired a coin developer for his coin project and no real team behind on those one, but at this state? I think this coin will be good if the dev/OP will have a great vision for his new coin project and this one will take some months before it will be really reach for the minds crypto enthusiast,

And @ OP if you have really a team of developer well you can list them in your ANN so people could see the team working behind of that new crypto and maybe it can help to thay coin to be buyable ones when ICO starts.

Hey OP you are missing  some important person behind the coin.

You have not mentioned the Web developer, Web designer, this is a different job that  makes your project goes online or at least professional enough when presented online.  This people will develop and design everyting that is on internet, from simple graphics to integrations of projects.  for a small to big project, a website is  a must.


It is possible that they already  known each other from some community forum not here in bitcointalk

OP, it might also be a good idea to have this discussion in the Altcoin section of the forum, since there will be more people who have experience with creating an altcoin seeing your post.

I think it's fine to post this in Altcoin Discussion if I'm not mistaken.

I'm interested in this thread because I'm working on a game that I want to release, at least an alpha version at the end of the year.  I've got many of the same challenges that you do, other than the actual development of a coin, in my case it's a game which I'm doing the dev work on. I've also got a background in IT security, so I've got that part of it as well. I've been parsing out bits and pieces of code to another developer now and again to help.  However, for the designer/marketing role, I need someone with the same experience as well. I can't really figure out how these projects like incent or firstblood end up building a team. You don't see them post here, like "Hey I have a project and I need a team", so where/how do they build these teams?

 You can't make people jump in the hype train with any kind of money , you can spend millions of dollars and they may not care , you may do it yourself and not spend any dime and still people may flock to it like its cure for aids. Marketing just helps with it.

 I was thinking 4 or 5 people who know their shit would be able to build a cryptocurrency that is big , not bitcoin big , not even litecoin big , but I assume at least these etherum or monero type of coins. It may take a while it may take a lot of seed but it may be done.

 Developer : to do the development part of creating a coin of course , this one is very obvious , one would need this first , he will be the one who will create the coin , try to code a coin that fixes some problems of other coins and add new features or remove unwanted features on other coins.

 Designer : to create marketing tools and logos and banners so forth , this will be the guy who from the first day creating logo to maintain a social media share shit on places like twitter posts and facebook posts and instagram and so on , he is the guy who designs everything and keeps social media up to date , maybe get a social media expert as well that works with him together.

 Security Expert : This will be the guy who will take care of security part of the work , so that coin will be secure and away from hacks and loop holes , this is a big issue because almost all bitcoin startups and bitcoin community is fed up with 'we got hacked' problems but has less work then a bitcoin startup because this is a coin itself not a coin related business that could be hacked .

 Business Guy : This guy finds cashflow to keep the idea afloat , he will find ways to make money and get everyone involved paid so that workers do not get greedy and just mine the first 10 million coins or some shit , tries to find angles to both make money for the team AND keep miners and coin users happy at the same time .

 As far as I know , these are it , some of them can be together like maybe designer has mba and can do business related stuff or developer trusts his security and can do pen-tests himself or outsource the pen-test who knows but I would feel comfortable with at least these 4 , possibly 5 with social media guy as well.

 How much would it cost to create a coin from scracth and payroll of these guys and money spend on marketing and PR and possibly even R&D and so forth to create a coin as popular as xmr or eth or so on?