Sometimes things don't go as planned.


Transcript

00:11     You can do everything right and still have a failed launch.

A failed launch could be;

1. You launch your coin and people don't mine it. Leaving a few people with larger numbers of coins. This is not what you want.

2. You launch but you are later than advertised. This leads people to distrust your capabilities.

3. Miners are unable to mine your coin at launch because your blockchain has issues.

4. Someone has got hold of your source code before launch time and started mining.



00:50     There are many ways to have a failed launch. Most of the time you have to just start again. Issue a new launch date and hope people are still excited about it.

How do we combat these issues.

Let's look at the first reason for a failed launch. You launch your coin and people don't mine it.

This is rare. Unless you announced your coin too late. If you made a PRE ANN a few days before launch, you should have a minimum of 300 miners ready to go. For the most part, this isn't the main cause of a failed launch.

01:28     Next,  You launch but you are later than advertised. This is down to you, the developer. Follow the timeline I provide and have everything ready. Things always take longer than you expect. It's okay not to have the explorer ready before launch. But failing to have a support node online before launch time is not an option. All eyes are watching that day. You won't ever be remembered for a smooth launch, but you will always be remembered for a failed launch.

02:02     Miners are unable to mine your coin at launch because your blockchain has issues.

I have seen this happen many times. It's all about testing. Test the network over and over. Run through thousands of blocks before you are confident that it runs well. If you have chosen a proven to be stable source code, you shouldn't have issues. During the development stage, be sure to check your work. Just because it compiled with errors and still functioned, doesn't mean it's stable. If your launch fails due to blockchain issues, you have limited options. Fix the blockchain, and look like a star developer. Scrap the blockchain and restart with your tail between your legs.

02:48     Someone has got hold of your source code before launch time and started mining. This happens time and time again. There are bots on GitHub that look for new releases. They then compile the wallet and start mining. These ruin a coin. You have to be careful not to leave all the source code on GitHub before launch. Leaving out the chainparams.cpp file will stop this. Or upgrade your GitHub account to premium, to be able to host private repositories.

03:22     If someone has mined your coin before launch, delete the hidden folder in your seed node. And in your pre-mine wallet. Return to the tutorial called ''Preparing for the Genesis'' and re-hash a new genesis. You will need to create a new Windows Qt also. So this is likely to delay your launch by about 2 days. Often you can salvage this though as you will be able to get more people to join your Discord server whilst you are rebuilding. And miners expect this kind of delay. They may also be on your side, so there is room to build a stronger community.

04:05     Just to prove to you that this can happen to anyone. Whilst making these videos and creating our tutorial coin, Vision X. I consistently noted in the repository, that it was a tutorial coin. This was to deter people from mining.

04:23     However, this did not work. And we still had one guy mining the blockchain for over 2 weeks. People will mine anything in the hope that it pays off. When I was making the block explorer tutorial we were at block 540. I stopped the chain after this. And 6 days later, I was making the mining pool tutorial. Within 6 days, someone had mined an additional 2586 blocks. And continued through the next day. By the end of the next day, the block height was 5173. Now, had this been in preparation for a real launch, the coin would have been dead. Be sure to protect your code before launch.

05:11     So, what do you do with a dead blockchain... Well, there's not much that you can do other than to abandon it. Delete all the seed nodes and remove the repository. Start again with a fresh genesis.

05:26     What happened to Vision X... I decided to find the lone miner and make his day. I traced the IP address of the miner to Minsk, Belarus.

It was easy to find his wallet address on the blockchain as he had over 47,000 Vision X at this point. I copied his wallet address and sent him the 790,000 Vision X from the pre-mine.  Being sent the pre-mine, I was hoping that he would get the message. However, he continued to mine. I then watched him continue to mine the coin until it reached over block 30,000. At which point, I deleted the seed node and the support masternode.

06:07     Vision X is now dead and gone forever. Had he added a new seed node and a new support masternode, the blockchain would have continued. But I don't think he knew that.

This is just an example of how easy it is to get complacent. Don't take any risks with your code before launch. Keep everything private. People will mine anything, even if you label it as shit coin in your repository.