Hey guys,
I have been in crypto for about 3-4 years, a few years before the "big one". I started in LTC mining, then a bit of bitcoin, then several altcoins, did the FPGA (and still do a bit) thing with altcoins, made some monitoring software, worked with people to build mining farms, built other management and trading programs and finally a coin. So I've been around the block a bit, but not a huge amount on the blockchain dev side. So here are the things that I see wrong with coins and tokens at this point, I would love to get your input on this from your experience too.
[stepping up to the soap box]
Most of the coins developed (including mine were) as test of how the coin works, so that we can look under the hood and see how this technology can be used, broken, hacked, maintained and operated. The goal was learning so that I can help the community, learn a skill, and be valuable in some way, but I had MASSIVE rejection from peer developers as being unworthy or being untrustworthy. I knew why, as I've seen it a bunch, here are the reasons people stick with Bitcoin or major altcoins vs newbie coins.
1. It is undeveloped idea, that isn't new and doesn't add value. A coin to make the developer rich, so he is looking to get adoption and pump and dump it.
2. The developers have no skill to develop this into what they want, neither does their team
3. They have no plan to get this to be used outside their basic pipe dream whitepaper
4. IT IS A CLONE, doesn't do ANYTHING new and has no value other than to the dev, kinda like #1
5. To create value it needs to do a few things
footnote- Have value - it needs to be traded for goods or services easily and actively, and inexpensively
a. Needs to be useful - we have fiat, if the gov is strong, we need motivation to use this risky payment system
b. It needs to be as easy as cash, but better.
c. It needs a large user base of people USING it as money, not just for trading
d. Cash is nearly free to use, free locally and nationally, but has fees internationally. We are winning in crypto internationally but what about your local grocery store? Nope. I lived on Bitcoin the biggest cryptocoin for only a few days because it was so hard to use. It was very expensive to use also, huge fees. Many altcoins has solved this problem.
6. We need to adopt more coins that are PoS vs PoW, mining is too hard on the environment, this energy could be used better. PoW is not on my list of "good" things we need in this world.
7. Our coins aren't doing anything for society. It is just a different type of money, what if it could be more?
What could we do to make crypto used, that in using it we could help people? I brought this here, because I wanted the community to just be open about whats wrong with the way we are doing things?
As I stated we made a coin, it was #2,3 and #4. This coin is DEAD btw, so I am not selling anything here, but I loved the "idea". The idea was a coin to help people and nonprofits do good in the world. The idea was a fork of PIVX that had 50% of the PoS stake go to a foundation account where members using the coin would vote for their favorite nonprofit or person who needed money. The fund would send them money and help them get a masternode going to help them make money every month to help more people. The more people use the coin, the more votes they get based on transactions and balance. I ran a nonprofit for 23 years and funding was our primary problem. We were great at helping people but terrible about asking money, most do-gooders are. I was hoping we could build a coin that would allow people to just do their normal life, buy and sell things and the transactions/staking would automatically help the people they couldn't normally help AUTOMATICALLY. We built a prototype and it worked, but after a few issues we realized we couldn't support it or be confident in it's security because we didn't know how it worked completely. We felt it would be dishonest to encourage people to use it (take their money) and then either close the coin, or lose their money unintentionally, both essentially stealing so we closed it due to our lack of technical ability.
Anyway -- that was our idea, what about you? What do you think are the problems? What idea do you have that you think would help real people?