The problems that lie within the overall Blockchain and Crypto industry.
People within the industry suffer from having tunnel vision. Majority of companies and people are doing the same thing and continuously expecting different results. Using the same marketing or sales strategies time and time again without realizing that their business is flawed in many other ways and avoid addressing those issues.
I love how most of these people think that they have the best product and that’s all that matters to be successful. Have these people not watched single episode of Shark’s Tank?
Why aren’t these so-called experts and investors slamming their products for the shams they really are?
Are they REALLY experts or just clueless?
Do these investors really know what they are throwing their money into or are they as clueless the next guy?
It’s hilarious to me that 99% of these Blockchain & Crypto companies have next to zero business sense. They literally don’t have the fundamentals needed to start anything. Even those that come from these amazing backgrounds tend to throw all the rules out the window when it comes to this industry because they think they are better or that Blockchain & Crypto knows no rules.
How arrogant.
How arrogant to assume that because you throw a big title behind your name that people would throw money at you. How arrogant to think that just because you make all these claims about your product that people would do anything with you. How…it’s all starting to unfold, and people are getting more and more skeptical about the industry because of you.
When an ICO is launched. Before they get listed on an exchange. Thousands of people throw money at the potential of that business. Blindly failing to realize how easily they could have lost all their life savings on hype & FOMO. It’s worse than those people who throw thousands of dollars into brands because at LEAST they get a superficial product in return.
These people get digital….. what do they get really? You get digital “currency” that has met no standard requirements of any entity that can decide to run away with all your money at any moment leaving you unable to do anything about it? Hmmmm sounds….awesome?
These “companies” lure hype-addicts into throwing in their money by giving you the CHANCE to get free coins and now cars and all that. Do you know how dodgy that sounds? It doesn’t sound awesome. It sounds too good to be true & if there is one thing I know, if it’s too good to be true, it is.
I can confidently say that 90% of what is out there today and 95% of what is continuously going on the market will never see the light of day. The reason? None of them follow any business rules or ethics that a normal company would be expected to follow to be considered fractionally successful.
The manipulators in this industry are very real. They are real, rich and have enough followers on Twitter, Facebook, Youtube or Instagram for them to be considered of dangerous influence.
Some of the biggest names and voices globally all play their part in the manipulation of Cryptocurrencies like Bitcoin. Giving the mass public a false idea of the state of the overall industry. Currently, most people are afraid. Afraid of it all being one big scam. With manipulators taking advantage of the hype as well as actual scammers taking advantage of the situation as well, the industry overall is at a very low point.
Although the rise of STOs this year in 2019 will “change” the impression quite a bit. I see a similar rise and fall with these new entrants in the industry throughout the next few months. They will threaten the old, some will survive, most will fall. Just like most businesses, these are all just a part of the overall business life cycle that cannot be denied. It will remain to be seen how far STOs will go.
Another issue that cannot be avoided within the industry is accountability. Because governments refrain from stepping in to regulate (“because it cannot be regulated” says the Bitcoin Addicts Anonymous), the overall accountability for these companies in Blockchain and Crypto are next to nothing really. Be it a lack of faith, a lack of willingness, a lack of anything really, most of these companies fail to put a face to their brand. Those that do, tend to lose all credibility once that face decides to call it a day. In the end? Leaving investors & individuals feeling like they might have gotten cheated somehow.
Ripple (XRP)
Companies like Ripple are quite frankly a shining light in the industry. Although hated by most in the community, the people managing Ripple are smart and have a incredibly business savvy team. They understand how the world works and are smart enough to realize that you can’t make a mark in this world, without playing the game.
"Don’t hate the player, hate the game”.
They focused on their product. Not their coin. I honestly have not come across a Blockchain/Crypto company that has educated the public about their product’s ability as much as Ripple. You’d honestly hardly hear about XRP unless it was something specific or technical about their technology. That says it all really. When majority of companies are talking about how much money you’d make buying their coin, Ripple tells the public about the ease & speed of using their tech.
Next? Business application. Fuck me are Ripple amazing at this part of business. Look at how far they have gone in executing their plans. They are fearless and relentless in gathering new banks and businesses to test out their technology. They don’t stop and it might not sound impressive, but they do it on a GLOBAL scale. Not just the USA or whatever. Which is harder than most would expect because 80% of businesses globally would 100% not have been able to scale the way Ripple has the past year.
How many companies in Blockchain/Crypto have had progress like Ripple in 2018? Nobody.
They put a FACE to their brand. No, they put FACES to their brand. What do I mean? It’s like they were buying ammunition and then BOOM in 2018 they were EVERYWHERE guns blazing. Every event, every talk, everything! They put all their heads out there in every event to educate the world. The took questions, they took everything in with ease and answered them all with finesse. They hired a gold standard team and executed a gold standard global marketing plan that must be impressive to most companies globally.
They got leadership. They got the right idea. They got the right execution.
Ripple makes me so confident I don’t really give a shit about the current price of XRP. I KNOW it will succeed because if Ripple was a Lemonade stand, coffee shop, supermarket, accounting firm, WHATEVER business you can think off, and they were executing plans like they have been doing? ANYTHING and I mean ANYTHING would succeed.
They know BUSINESS & that’s ALL that matters.
Tunnel Vision
The Tunnel Vision problem within the industry is quite frankly a scary one. My positive diagnosis is simply Business Love Tunnel Vision. My negative diagnosis is that these people are out to raise money for a “product” that would never see the light of day & they know it. But let’s stick to the positives.
Just like every Fashion Blogger in Singapore/Asia/Globally, Blockchain/Crypto companies tend to suffer from realizing that there are already 20-50 companies that are similar. I went to an event that was a product launch of a new ICO/Exchange. This company did a whole power-point about their company and ended of saying “I know that our product’s services are pretty much like that of most out there. But I assure you. Our security is better!”. A bloody joke if you ask me. Who approves this nonsense? Better yet. Who invests in this crap?
Business Application
Business application is more than a need. It should be a requirement. If a company lacks a route map to execute proper business application, they should not be relevant. They should not be considered, and they certainly should not be invested in. They should be shunned from the industry until they get serious and stop wasting people’s time.
The execution of a route map is everything and should be everything. I personally feel that money should be kept in a safe controlled area and only released to these companies once they fulfill certain benchmarks. This ensures that the people who believed in them, their stories, their plans, do not get scammed if their investors fail to deliver. Very similar to the format of companies like Kickstarter, I feel that a form of this is very much needed due to the nature of the business.
The cohesion needed for business application is something everyone should get over as well. Property companies for example should be building on these platforms together to execute a bigger plan that would ensure a better landscape overall. Finance, banking, insurance, hospitality, everyone stands a chance to improve from the technology.
This applies to all industries but should very much be regulated by government. Theses methods of governing blockchain should ALSO be watched over by something like the G20. Imagine the G20 of Blockchain. I do believe that during the next G20, this will be a major topic to be discussed.
These changes will change the image of the industry overall. Fear will soon be eliminated from the industry as more people will be able to accept that these companies will be subjected to accountability for their actions rather than being able to run away Scott free.
Finally, the industry overall is just bloody boring isn’t it? Lacking any form of creativity to make the industry fractionally interesting. The ideas, sales methods, branding from all the companies popping up are not only boring, they are all the same old things we’ve seen time and time again. No. These aren’t timeless designs. These are simply people too focused on their product.
A business will never find success if it doesn’t execute the fundamentals.
· Place. Knowing where you are and how that changes everything you do.
· Price. The price sensitivity of your product/business in every aspect.
· Promotion. Sales strategy.
· People. Understanding people is in my opinion, more important than anything you’d do.
· Process. People need to the route map. Understand it. Agree with it. See the progress.
· Product. 99% of these companies surprisingly have no USP.
They probably won’t last 10 seconds on Shark Tank.
Wake up because consumers won't remain blind forever & you'd get left behind.
