If anyone can invent a cryptocurrency, how is it worth anything?

[Anonymous]

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If we want to invent a new cryptocurrency, then what is the easy process to make a new cryptocurrency.

[Ben]

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Hi. I will share my knowledge of this. Everyone can create cryptocurrency, but not everyone can make it in demand, and that is, take for example Dogicoin, this crypto is very unreliable, because it can easily collapse, and you can lose a lot on it because of the creators, because they are trying to make money on us. For example, I’m a creator and you’re a buyer. I made my coins demanded, you invested in them, at a price of for example 1000 dollars, I saw that you start to buy them, I start to bring them down, the price collapses, you lose a lot of money, and sell the coins to me for 200 dollars, I’m at a profit of 800 dollars. It’s very simple. And bitcoin, a very reliable coin that works on reputation, and won’t want to collapse its coin because it goes up in price every time and people will still buy it.

[JamesMorgan]

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Cryptocurrencies face criticism for some time and for a number of reasons, including their use for illegal activities, exchange rate volatility, and vulnerabilities of the infrastructure underlying them. However, they also have been praised for their portability, inflation resistance, and transparency and for the fact that some countries don’t accept crypto values.

[James Millar]

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I think you just learned one of the most important lessons in investment. Markets react to both “substance” AND “sentiment”. So when sentiment is running hot (or cold) you can get large swings in valuations of an asset and this doesn’t necessarily track the true “substance” or underlying value in the short term. With the unregulated world of crypto there has been so much market manipulation – aka pump and dump. In any other financial market, you would probably go to jail for breach of securities law for organising schemes that spike demand and manipulate price.

Helping build better businesses and better lives with expert financial and taxation advice. info@360partners.com.au www.360partners.com.au 03 9005 4900

[Emywilson]

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You don’t even need to be a programmer to create your own cryptocurrency. Several existing blockchain platforms let you to make your own currency – as a community coin, a joke, or for any other reason.

[Author]

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