You’ve launched your token/cryptocurrency and you have a lot of investors. A lot of supporters and, as always, some trolls. Sadly, they’re always around and can be quite annoying.
If you have open channels of communication (and you should) you’ll always find those that moan, those that repeatedly ask the same question, questions you’ve already answered many times.
The question most crypto trolls ask is “When will it be on an exchange?” The reason they ask is twofold. Firstly, any token that stands a chance of succeeding needs to be on a public exchange, this adds to it’s credibility although is no guarantee of success or indeed validity.
The second and most irritating reason is because they want to sell some of their tokens/coins. These are the people who care only about making a profit, they buy many new tokens/coins in the hopes of making money. Their only concern is “When can I cash out?” They’re not true supporters of the token/coin, they have no interest in helping the platform succeed.
Unfortunately, once a token/coin is listed on an exchange, their questions change to “When is it going to be listed on…” whichever of the larger exchanges they have accounts on.
At this point you may have answered the questions several times. You may also be tempted to tell the trolls to get lost. However, you must remember that other people are watching how you handle these trolls, most of which won’t actually recognize them as trolls.
They will however, recognize your irritation and, will judge you by it. This may cause them to withdraw their support, so avoid if at all possible.
Have a link you can quickly post to the answer in your FAQs, the rest of the community will quickly step in and post the link for you once they see you doing it.
Pump & Dump
If you’ve not heard the term ‘Pump & Dump’ then you need to understand it. At its base, this is where people (either the creators or early supporters) promote a token/coin far and wide. Creating a buzz around the platform and extolling the virtues of the token/coin. This is the ‘pump’ part of the operation. Once the token/coin is launched and the ICO is over, with the token/coin on an exchange and the price going up quickly (because of the ‘pump) these people sell (dump) their holdings. The price crashes, sometimes never to recover, other times it recovers slowly and eventually succeeds but not often.
These people not only damage the token/coin, they damage the community holdings because the real supporters, who may have bought pre-ICO or during the ICO will see their holdings first increase then plummet in value.
Community
If you support a particular token/coin then you should read the FAQs before asking a question that’s been answered many times. You should also remember that it’s not easy to get a coin listed on a decent, reputable exchange and that YOU can help by promoting the token/coin in a truthful way.
Some exchanges charge a large fee, some have criteria that a token/coin must pass before it becomes eligible. It always comes down to the community, if you want a coin to succeed you need to support it.
An Example
To see an example of how important community is to a coin, take a look at Superior Coin. This coin had some problems but it has a very strong community, that community support has enabled Superior Coin (SUP) to be listed on three exchanges.
If the community keeps supporting it, buying rather than selling, it will soon be listed on Coin Market Cap, where one of the criteria is that a coin should have a daily fee based trading volume of $10K. It's up to the community of any coin to achieve this, especially if they also nag about 'when' it will be listed on CMC.
Wonderful to see this coin up and running, thanks for the update on where to find the #SuperiorCoin
Thanks Joan, you are part of that active community I know.
Very good article, we at SuperiorCoin are working hard to make SUP a viable, fast, fungible alt currency for use not only on kryptonia.io but on many other websites. Yes it is hard work to get listed on exchanges and we appreciate the fact that 3 have listed so far, soon we should be on CoinMarketCap and be a usable solution worldwide.
Keep up the good work
Thank you, I shall certainly do my best :)
Great article. People need to step up to help promote the coin and build it's success and not just sit back waiting for coin to be listed on Exchanges and Coin Market Cap and only then promote it.
Couldn't agree more Colin
Go $SUP #superiorcoins to the moon.
Great article and people buy/sell for many reasons. The dumping sometimes can be good when your looking for deals, and also annoying when you want slow but steady growth to the upside. It does take all kinds in order to have a successful crypto but the project community must also support it by buying up the excess for price support. At the end of the day it is the community that keeps everything going even when others have given up. As an example DOGE was created to not be a serious contender but the community has kept it alive, and it has strong support, and mining is still ongoing.
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Nice , thanks for sharing
The value of the community!!!
done plz upvote chk it and reply msg
This is really helpful. I have been hesitant to participate in ICOs but at least I am starting to get a better understanding of them.
Currently, which do you think is the best cryptoinvestment between EOS, Litecoin, Dash and Dogecoin. Great article as always
I refrain from giving opinions because everyone should do their own research. It's a wild world and if you're going to invest, my only advice is, invest ONLY what you can afford to lose. Invest ONLY after you've done your research.
It's sad when I look back and find myself one of those people who joined few ICOs (maybe 2 or 3 of them) just so I can profit... but I don't think I count in the "Pump & Dump" (evil) scheme as the amounts I took are always little amount.
I matured now (or I wish to see myself like that) and I only get coins I feel like supporting.
Most excellent article as always! Let me help by sharing it, my #Steemit vote don't do much. @steemthatshare @steemthat
I really thought that those mean old slimy Snot Goblins would dry up and disappear, but you have described how hard it is to get rid of those super slimy, sticky Snot Goblins. You are right they just won't go away. "The Snot Goblin Who Tried to Steal Christmas"
E-book coming soon on the Slime Goblin!!
This is Very Interesting Article as this is lots of happening these days!! So many ICO launching everyday!!