Topic: What will determine the value of any coin (Keep in mind altcoin developers) (Read 418 times)
May 03, 2013, 02:34:46 PM
minor bump since I think today this thread is particularly relevant
May 03, 2013, 01:18:05 PM
Things that will effect the value of your currency:
- How easy it is to have a wallet (expecting users to compile from source will not result in mass adoption)
- Is there a portable wallet (secure online wallets will go a long way, especially if can be accessible via phone app)
- Can you buy stuff in that currency (vendors, creating websites like coingig.com that make it easy to sell goods and get paid in that currency)
- is it easy to get my hands on the currency (easy access and easy to use exchanges, not everyone is a miner)
Things that won't effect your coins value, especially in the long run:
- Quantity of the Coin (100 coins for $1 each is the same as 10 coins for $10 each, there may be some effects to the structure of production, but that beyond the value of the coin in itself)
- Difficulty of mining the coin (a coin that is too difficult will roll out to slowly to entice vendors, but one that rolls out too quickly may take longer to establish value until the coin is spread out among more people but once the supply has rolled out and spread itself out it really doesn't matter)
- The originality of the code (a real coin will be used in commerce, as long as it's convient to use and are able to buy stuff with it people will care very little about the code underneath it because the end goal should be that all people can use the coin not just people with intermediate to advanced programmers)
Bitcoin, thanks to a lot of you here on this board (I tip my hat off to you) has gone a long way in improving the points above while probably only PPcoin and Litecoin have made decent headway in the areas above (online wallets, goods markets, etc.)
Does this mean the other coins are worthless, nope, I'm just saying getting the coin going and then on an exchange is only the start don't forget to follow up those efforts with online wallets, online store CMS scripts, mobile apps, etc.
- How easy it is to have a wallet (expecting users to compile from source will not result in mass adoption)
- Is there a portable wallet (secure online wallets will go a long way, especially if can be accessible via phone app)
- Can you buy stuff in that currency (vendors, creating websites like coingig.com that make it easy to sell goods and get paid in that currency)
- is it easy to get my hands on the currency (easy access and easy to use exchanges, not everyone is a miner)
Things that won't effect your coins value, especially in the long run:
- Quantity of the Coin (100 coins for $1 each is the same as 10 coins for $10 each, there may be some effects to the structure of production, but that beyond the value of the coin in itself)
- Difficulty of mining the coin (a coin that is too difficult will roll out to slowly to entice vendors, but one that rolls out too quickly may take longer to establish value until the coin is spread out among more people but once the supply has rolled out and spread itself out it really doesn't matter)
- The originality of the code (a real coin will be used in commerce, as long as it's convient to use and are able to buy stuff with it people will care very little about the code underneath it because the end goal should be that all people can use the coin not just people with intermediate to advanced programmers)
Bitcoin, thanks to a lot of you here on this board (I tip my hat off to you) has gone a long way in improving the points above while probably only PPcoin and Litecoin have made decent headway in the areas above (online wallets, goods markets, etc.)
Does this mean the other coins are worthless, nope, I'm just saying getting the coin going and then on an exchange is only the start don't forget to follow up those efforts with online wallets, online store CMS scripts, mobile apps, etc.
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