Topic: what is needed to make a coin valuable? (Read 556 times)
more people join, more valueble.
awareness? I mean outside altcoin forums
There needs to be something you can DO with it, and there has to be a way to attract adherents to the coin. They key is therefore the ecosystem that is set up around it. Is it on exchanges? Does it have a marketplace? How about a casino for those that like to gamble? And of course a faucet or pay to watch site to draw in new casual users.
Too many folks just fork an existing coin and hope it works, put some time into developing a back end infrastructure of things to use it for rather than just "forking it and hope they come."
Too many folks just fork an existing coin and hope it works, put some time into developing a back end infrastructure of things to use it for rather than just "forking it and hope they come."
You understand one side to the problem. But what utility is there in an ecosystem for a clone if all potential adherents don't want to adhere? There needs to also be a preexisting innovation or at least the appearance of it for an ecosystem to have utility.
There needs to be something you can DO with it, and there has to be a way to attract adherents to the coin. They key is therefore the ecosystem that is set up around it. Is it on exchanges? Does it have a marketplace? How about a casino for those that like to gamble? And of course a faucet or pay to watch site to draw in new casual users.
Too many folks just fork an existing coin and hope it works, put some time into developing a back end infrastructure of things to use it for rather than just "forking it and hope they come."
Too many folks just fork an existing coin and hope it works, put some time into developing a back end infrastructure of things to use it for rather than just "forking it and hope they come."
Value in its relation to bitcoin (ex: LTC/BTC)? Value is not by innovation alone. A heavy advertised clone of a coin can be worth more in its relation to bitcoin than an original coin that was hardly adopted.
One thing that I've found with the alt-coins that caught on were:
1) They have a catchy name (Digitalcoin, worldcoin, etc have much better names than some of the other ones)
2) There is something unique about them (primecoin has the angle of being 'more useful')
3) They have developers that are involved with the community and are adding new reasons to adopt the coin over other ones
There seems to be a lot of choice right now, but being a little observant you will definitely see some coins just appearing more valuable than others. Along with general economics and scarcity and all that stuff
1) They have a catchy name (Digitalcoin, worldcoin, etc have much better names than some of the other ones)
2) There is something unique about them (primecoin has the angle of being 'more useful')
3) They have developers that are involved with the community and are adding new reasons to adopt the coin over other ones
There seems to be a lot of choice right now, but being a little observant you will definitely see some coins just appearing more valuable than others. Along with general economics and scarcity and all that stuff
I am trying to figure out what I should seek in a coin. Can anyone help me?
There needs to be demand with limited supply
I am trying to figure out what I should seek in a coin. Can anyone help me?
There needs to be demand with limited supply
I am trying to figure out what I should seek in a coin. Can anyone help me?
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