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January 13, 2014, 10:09:34 PM
Last edit: January 14, 2014, 01:31:29 AM by rentarocker |
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Hello all. I just bought into eToken and this weeks other promising IPO on Coinedup: Grain (GRA).
I'm a small business owner and musician in RL so I come into the crypto game mainly as an investor. To succeed in my business I must focus more time on marketing, advertising, and promotion than actually doing jobs/playing gigs. In a lot of ways, starting an alt coin is more akin to starting a small business or promoting a band. It is essentially a popularity contest. And most folks in this game (at least those that aren't just trying to pump n dump a copycat alt) fail to realize that. They get too bogged down in the nuts and bolts of the coin. As someone who just spent a fair amount of BTC on your venture, allow me to make this request: Please don't ignore the promotion of your new 'high-value' alt.
I've watched a number of alt IPOs in the last couple months. If I may offer some advice:
Don't rely on others to do your promotion for you. Any alt will fail without adequate promotion. Promotion is the most important thing about starting an alt
especially if you don't have celebrity cache (RPC), a meme (DOGE), or a name like 'Bitbar.'
Aim your promotion at the bitcoin community (and general public) rather than other alt coin holders. Drawing in new money is what will make your coin succeed. Coinmarketcap is a great place to start, but only one piece of the puzzle.
Don't try to dissuade miners from dumping. They don't care about your alt, they're gonna do it anyway, and complaining about it just makes your community look weak. Instead, if you believe in eToken, buy up the cheap coin and hold it. There is no reason that early adopters of your coin cannot hold a significant percentage of its value in the first few weeks with careful trading. This 'stake' held by early adopters will make the currency scarce and newly mined coin valuable. You can also use it some to spend on promoting the coin.
I know hash can be a problem for a PoW coin; perhaps now would be a good time to develop a relationship with a solo miner with a hash farm? They're out there (in fact, I may get into this later in the year when my RL biz picks up). Sure, you may have to subsidize their efforts, but if it gets you over the initial fits of getting established it is probably worth it.
If there is a premine (is there?), spend a fair amount of it on promotion. And do so publicly. This will build confidence in the coin and developer. There are too many dead alts that wound up that way because the dev took a big premine and failed to spend it.
And lastly realize that smart investors will diversify. I own a few different up-and-coming alts that I think are promising including GRAIN (GRA) and now eToken. GRA has impressed me by being stable and 'boring,' so much so that I've seen it referred to on Bitcointalk as 'the whitebread alternative' to Coinye (ha-ha). But that is a good thing. GRA avoids drama. Investors such as myself are a commodity and for every one who is looking for instant pump-n-dump profits, there is one looking for stability who will stick with you for the long haul. These are the ones you want.
And for every investor willing to write a post such as this, there are thousands who will never bother to even introduce themselves. Thank you for allowing me the privilege. And if you feel I've contributed in a meaningful way to your forum, please feel free to toss some eToken my way:
eKaX2S81tY7cX83tEZ1Ref5z756E4prmm6
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