Serial alt coin developers, experimenting in public and transference of valueSerial alt coin developersThere are many parallels with this crypto game in other known microcosms such as the drug game we see portrayed in serial cop dramas such as The Wire.
In this game there are many unstated rules but what they come down to is ethics, doing the right thing and general respect for other peoples time and money.
We understand that many of the players in this game are in certain positions such as exchanges, developers and traders. Those in the role of an exchange could basically screw us at any time by stealing which would totally violate any assumed code. For developers, there are many grey areas which are often times "accepted" but are not definitely a violation of the code. This would include the concept of the "serial alt coin developer".
The serial alt coin developer is one which divides their time and efforts between avoiding the coins they have made and launched in the past, and ones that they are about to make.
This is something which never sat well with me. It has never been acceptable to me. Consider it my way of respecting the game and the respective players.
When I set out to make a coin and put my name to it, I did. And to this day I have never launched another coin and been solely focused on one.
Experimenting in publicThere are ways to experiment in public. Right now we are running a live Testnet for the next incarnation of Jumbucks. A key point is that this Testnet allows us to learn, rapidly test and experiment but in now way could it cause financial harm as there is no value added to the coins.
Experimenting by launching multiple coins is deeply disrespectful to those to put in money. At the end of the day, an abandoned coin is lost money. There can be hopes of a revival but the damage has been done. A coin with no focused development is one which can only be one filled with empty promises and story telling.
Transference of valueThis shouldn't be a common occurrence but we faced a brick wall in terms of development that the code base we were running on wasn't actively worked on by multiple people world wide. Ultimately it is a stale codebase which had current issues but would never be updated.
If we were serial alt coin developers we would have launched a new experiment in public with no recourse or reflection that we were creating "just another coin".
What we will do instead is respect the money and value that people have put into the coin, and by transferring value to a new chain we aren't screwing people over.
So while there are cut and dry violations of the game such as the recent Bitfinex hack incident, developers will tend to always tread that fine line of being a scammer and on that one that is genuinely trying something which might work out.
In summary, I feel that respect for this crypto game comes down to some obvious plays for me.
Namely:
- Not creating multiple alt coins which allows focus of developments to pass through to a common good
- Not conducting nonsensical value based experiments in public and respecting other peoples money.
- Transferring and retaining value on everything we do so that value can only grow and expand.
