How to have a successful coin (aka asset)
I’ve seen hundreds.. maybe over a thousand different coins over the last year and a half of starting this exchange. If there is one thing I am, it’s that I’m very observant. I watch assets grow, I watch assets die. If you are an asset developer, this here is a list of my observations that you may want to consider.
- ERC20 Tokens are starting to get a bad reputation. It’s not that the technology is bad, it’s because it’s an easy avenue for for bad actors to do what bad actors do… They don’t need anybody on their team with any clue on how to create and maintain a blockchain based asset — all they need is contract code which is easily copy and pasted from other existing contracts. On top of that, you can buy a wordpress template specifically designed for ERC20 ICO’s for $70 — so no need for even the experience on how to make a website. So what’s the solution here? It’s simple — do not do an ICO. Do not create an asset for the sole purpose of making a few bucks. That is simply NOT in the spirit of crypto. It’s not what its all about. You think you can solve the worlds transportation problems with an ERC20 token? Hell NO. Find something you can REALLY solve.
- Go ahead, make your ERC20 token, or any other token, but create a purpose that YOU believe in — that YOU can deliver on.
- Your community will be your most valuable asset — not the token. I know it takes a lot of work to build a REAL community, but if you aren’t willing to put in the work to do that then don’t get into the game. There are no shortcuts here, guys. Hard Work + Determination + Time = Success. It’s a formula that’s been proven over and over again. Don’t get discouraged when things aren’t moving as quickly as you hope — they never do. Only the lucky ones get popular quickly. If you get lucky, congratulations. If not, keep going. If you never quit, you WILL succeed eventually.
- If you don’t know how something works — go learn. It will be the best investment of your time.
- Always be truthful to your community. They will appreciate it and support you more. The crypto community is a trustless community — if you want trust, you have to build it… and it doesn’t come easy.
- Ignore the trolls if you know what you are doing is right. They’ll go away eventually and the thing they want most of all is to pull you into their game.
- Constructive criticism from your supporters should be taken very seriously. Don’t get offended when somebody offers critical advice. If it angers you, then go outside — take a walk, come back and read it again.
- Don’t expected to get listed on any exchange if you have less than 100 users. Exchanges take a very small fee from trade activity, and it’s simple economics when it comes to listing new coins.
- Create an Ecosystem. If you asset doesn’t have a use other than to be traded on an exchange — it will die. Find unique ways for people to actually use your asset. Do you think you would want Dollars if all you could do is trade them for Euros? Nope. You would just go get Euros instead.