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[Serious] What's stopping you from creating your own coin?

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by COINS NEWS 94 Views

I know that we all owe our entire lives and soul to MOONs, but I have been having this question lately. Considering how many shit coins are created and how many achieve to get a lot of money, what's stopping you from creating your own crypto/token?

Because to be honest, I could consider into make one myself (If I knew how to do so to to begin with). So what are the pros and cons of making your own cryptocurrency or token? Because to be honest I don't see any downside, the worst thing that could happen is that it just fail but that doesn't mean much. But the pros are good enough I think.

You just have to go to coinmarketcap or coingecko and see how these coins are doing and it is something crazy. Just for a meme's sake, many coins achieve a spot at the top 100 coins. And many others receive millions in investment and funding. And many others get quite a few bucks. You just have to look at at fine examples like AssPennies, Fck Banks Coin, SpankChain, Fellatiocoin, Groincoin, and Crimsoncoin, ELONSPERM, AllAgesCoin, Alcohoin, Allahcoin, BlobbyCoin, Boringcoin, Crapcoin, CryptoMeth, Dubstepcoin, DeleteCoin, FAILCoin, FraudCoin, Furrycoin, Internet computer (This is actually worst than the others since it is actually a serious attempt to make a real and serious coin). And the list goes on and on.

Sure, it could be just a waste of time and effort, but considering how low is the entry level for a simple token, then it would not entail too much of a lost there. I remember the days when people had to create a team in which all the devs where background checked in order to have a viable chance of getting funded. But today, many shit coins are made are not a single dev is to be seen anywhere, and if they are, they are probably just under an alias, so you wouldn't know any of their personal info nor their background. Not only that, but since nobody real is in front of a project, then that means that you can't have anyone to hold responsible in case they make a rug pull or in case that they just scam people.

And so I'm talking about making a coin, especially a meme coin. To make a a serious coin is a different level obviously. Like for example, in order to do something serious, the technological expertise is obviously way higher and so that's deal breaker for most of us I think (myself included). To make the next BTC, ETH, or something like that obviously requires a lot of work to do and a high level of understanding, so it is out of the question. I'm talking mostly about a meme coin, since it doesn't need any big difficulty (I think) besides coming up with a funny name for your coin.

So my question is, is there any real downside into making a meme coin besides the waste of time? What's stopping you from making Elonspems 2.0 or Internet Mobile Device?

Note: by the way, what happened to the [Serious] tag?

submitted by /u/New_Diet
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