How To Create Your Own Cryptocurrency

mspohr writes "Since the code for Bitcoin is open source, we have seen the creation of various Bitcoin clones and enhancements (Litecoin, Dogecoin or Coinye West, anyone?... There are about 70 listed on this site.) This article explains the process of making your own. Thanks to Matt Corallo, a veteran Bitcoin developer, you can easily create your own at coingen.io. He has automated the process of modifying the source code to create custom currencies. Just enter in the name for your new currency, a logo image and set a few parameters (or accept the defaults), and you can have your own cryptocurrency. Source code and some customizations cost a bit extra. Once you have your own 'coin,' you just need to convince people that it is worth something."

Diluted legitimacy

[Okian Warrior]

Well, here's a new section for my "beating down democracy" book.

Suppose you want to discredit crypto-currencies, or at least dilute their effect. What can you do?

You can start a raft of new currencies with sketchy names and origins. Currencies based on celebrities, currencies based on businesses, sports (such as Nascar commemorative plates [ebay.com] - good as gold in many US locations), and even personal currencies!

"We can't stop people from using BitCoin! What can we do?"

"Let's generate alternatives - so many that people won't know which ones to use."

"You mean like software standards?"

"Yes - exactly like software standards."

"Heh. They'll never see that coming..."

Re:Is he really a "sucker"?

[dk20]

True in theory, but not in reality. How many "internet companies" are trading at high multiples? What is their "intrinsic value" and why are the multiple so high?

Take a look at companies you think have "intrinsic value" and note their relative low PE's. Now take a few you think dont have intrinsic value and the corresponding high PE's. Why do people pay that PE premium?

For example, here is the PE for facebook: 121.08

And for reference:
Google 32.71
Apple 13.63


How much advertising can you sell?

Somewhat correct about Tulips, but it was more a "economic bubble" something like the internet bubble in the early 2000's or the more recent "housing bubble"

Re:There's one born every minute.

[NotQuiteReal]

I like the fact that US 1963 50 Cent pieces could buy you lunch in 1963, and in 2013 are will still worth lunch money.

A1965 or later 50 cent piece? not so much.

We'll see how BitCoin does over the next 50 years...