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Offline Method-X

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What if America isn't the best place to market BitUSD?
« on: October 17, 2014, 05:58:34 PM »

I've been trying to articulate my concerns with the marketing direction for quite some time. On the one hand, I understand the need to reach a broader audience than the little crypto bubble we live in and on the other I'm trying to reconcile who will actually use BitUSD and why...

 - Regulation is driving blockchain technology out of America. They don't even have a Bitcoin exchange.
 - The American banking system works well enough for an apathetic mainstream.
 - Yield may not be enough to entice Americans.

The advantage of BitUSD is it's basically Bitcoin with stability and yield. Who does that appeal most to? For BitUSD to gain traction, I believe it only needs to take root in one relatively substantial niche; from there it will spread to other areas it's most useful.

What are some significant niches that need what BitUSD offers right now?

 - Remittances.
 - Countries with volatile currencies.
 - Countries with capital controls.
 - Markets that transact exclusively in BTC.
 - Unbanked billions.

America and the West in general may not be the low hanging fruit that will take us to a trillion dollar market cap. Maybe efforts would be better spent introducing BitUSD into an environment that desperately needs this technology?
« Last Edit: October 18, 2014, 02:01:19 AM by MeTHoDx »

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Re: What if America isn't the best place for BitUSD?
« Reply #1 on: October 17, 2014, 06:43:04 PM »

BitUSD on the whole will probably always be moure valueable to ppl outside the US than inside.

Offline Empirical1.1

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Re: What if America isn't the best place for BitUSD?
« Reply #2 on: October 17, 2014, 06:56:53 PM »
Yes you're absolutely right, they're not the low hanging fruit. On the contrary they're the fruit highest on the tree, especially baby boomers. The perceived advantages to them will be low and you'll spend a fortune trying to target them.

(If you did want to hit them then you need a marketing surf board ready to ride a catalyst wave.
So when BitCoin had a huge drop a few weeks ago that's when you want to hit the Alt-coin market with BitAsset marketing & advertising. (It really kicked off NuBits)  At that point in time BitAssets become 10x more interesting and valuable.
When deposit confiscations start that's when you want to hit mainstream with marketing. At that point in time BitAssets become 10x more interesting and valuable.)

Imo, the marketing strategy for now should be something like

Anywhere demand is high but supply is limited or restricted. That's the market. It's like selling water in the desert, easy.

The marketing strategy should clearly be to find the 4/5 markets that fit those criteria the most & try penetrate them, starting with the ones that are the most targetable.


https://bitsharestalk.org/index.php?topic=10048.msg131842#msg131842

Edit: I don't mind a strategy that announce BitAssets to the mainstream and gives them the tools to use it. That needs to be in place to take advantage of a catalyst anyway.

I just think it's a waste to spend too much money trying to chase mainstream and that you'll have more success with targetable niches.
« Last Edit: October 17, 2014, 07:09:49 PM by Empirical1.1 »

Offline CLains

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Re: What if America isn't the best place for BitUSD?
« Reply #3 on: October 17, 2014, 07:10:26 PM »
bitBTC <-> bitUSD, bitCNY

To the Bitcoin and alt community we could easily be a decentralized exchange with fast transaction times, almost no fees and yield on assets. Everyone in the crypto community understands the problems of centralized exchanges, they know about regulatory issues, overhead, and even cases like Gox, CryptoRush, and now Mintpal (not to mention the shadiness BTC-e or ineptitude of Cryptsy). I constantly now see people on facebook, twitter, chats and comment sections all slowly turning their backs to mining and calling out for good, decentralized exchanges.

It feels to me like we almost have too many options at this point for how to market BitShares X. It is 1) a decentralized exchange, 2) a personal vault that pays interest, 3) fiat&assets on a blockchain, and 4) an opportunity to invest and speculate in a new type of bank and exchange. Combining all these aspects of BitShares X's potential with different target demographics will result right away in an explosion of possible marketing strategies.. How do we decide?

Offline Empirical1.1

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Re: What if America isn't the best place for BitUSD?
« Reply #4 on: October 17, 2014, 07:17:27 PM »
bitBTC <-> bitUSD, bitCNY

To the Bitcoin and alt community we could easily be a decentralized exchange with fast transaction times, almost no fees and yield on assets. Everyone in the crypto community understands the problems of centralized exchanges, they know about regulatory issues, overhead, and even cases like Gox, CryptoRush, and now Mintpal (not to mention the shadiness BTC-e or ineptitude of Cryptsy). I constantly now see people on facebook, twitter, chats and comment sections all slowly turning their backs to mining and calling out for good, decentralized exchanges.

It feels to me like we almost have too many options at this point for how to market BitShares X. It is 1) a decentralized exchange, 2) a personal vault that pays interest, 3) fiat&assets on a blockchain, and 4) an opportunity to invest and speculate in a new type of bank and exchange. Combining all these aspects of BitShares X's potential with different target demographics will result right away in an explosion of possible marketing strategies.. How do we decide?

I think their current strategy of setting up accessibility is the right one.

However out of all the markets, until there is a catalyst, Western mainstream especially baby boomers are the hardest to target. So I'm not a fan of wasting money with big network effect programs trying to bootstrap them.

I would target the 4/5 places where BitAssets are in highest demand and if you are going to use bonuses to gain network effect, do it there. (However in the right places you really won't need extra incentives.)

(Edit: For EBay + Debit Cards, I would counter-intuitively probably focus more on targeting merchants before consumers, because BitAssets have more advantages for merchants and merchants are a smaller more targetable group - So instead of having consumers asking merchants to start accepting BitAssets, imagine a consumer going to check-out and seeing 'Would you like 5% off this purchase by paying with BitUSD?'. -Still I wouldn't describe that market as the low hanging fruit.)
« Last Edit: October 17, 2014, 07:42:15 PM by Empirical1.1 »

Offline Method-X

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Re: What if America isn't the best place for BitUSD?
« Reply #5 on: October 17, 2014, 08:32:11 PM »
However out of all the markets, until there is a catalyst, Western mainstream especially baby boomers are the hardest to target. So I'm not a fan of wasting money with big network effect programs trying to bootstrap them.

Baby boomers are the hardest sell out of everyone on this planet. I think if we establish ourselves in one or two solid niche markets now, an inevitable economic collapse in America will send the mainstream our way naturally. All we need is a solid foundation and a little infrastructure. After that, we need only wait.

Offline CLains

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Re: What if America isn't the best place for BitUSD?
« Reply #6 on: October 17, 2014, 08:43:18 PM »
LTC jumped from under 2 dollar to 55 dollars this time around last year, from lower then we are now to 20x higher (1.2 billion).. From what I could tell 99% of that was hype generated internally from the crypto community, the average investors on the periphery being collateral damage sucked into it after the fact.

In that case it was also a question of access, but then there was so much buzz, so much insanity and hype, "LTC on GOX" and "LTC ON CHINA" - everyone could feel shit was about to go down http://trollboxarchive.com/quote/20357534

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Re: What if America isn't the best place for BitUSD?
« Reply #7 on: October 17, 2014, 08:45:43 PM »
Medias engine @ mtgox .. that have been funny announcements of announcements :)
Give BitShares a try! Use the http://testnet.bitshares.eu provided by http://bitshares.eu powered by ChainSquad GmbH

Offline Empirical1.1

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Re: What if America isn't the best place for BitUSD?
« Reply #8 on: October 17, 2014, 08:56:26 PM »
LTC jumped from under 2 dollar to 55 dollars this time around last year, from lower then we are now to 20x higher (1.2 billion).. From what I could tell 99% of that was hype generated internally from the crypto community, the average investors on the periphery being collateral damage sucked into it after the fact.

In that case it was also a question of access, but then there was so much buzz, so much insanity and hype, "LTC on GOX" and "LTC ON CHINA" - everyone could feel shit was about to go down http://trollboxarchive.com/quote/20357534

Yeah I rode that train, forget the numbers but got in 5-ish I think and out in mid twenties.

I remember Max Keiser was all over it as well, I think that really helped, he has quite a platform.
I think his pump juice is much weaker now though, felt kind of sad watching him try do the same thing for MaxCoin.

But I agree a Billion dollar + valuation can come in a blink. I'd like to think BTSX has enough penetration in the Chinese market especially that once they feel it's decentralised, stable & they like what they see, we'll see the price rise a lot.
« Last Edit: October 17, 2014, 09:01:53 PM by Empirical1.1 »


Offline sschechter

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Re: What if America isn't the best place for BitUSD?
« Reply #10 on: October 17, 2014, 09:16:26 PM »
I remember Max Keiser was all over it as well, I think that really helped, he has quite a platform.
I think his pump juice is much weaker now though, felt kind of sad watching him try do the same thing for MaxCoin.

Keiser is involved with Startcoin now though ;)

Keiser had no actual involvement with MaxCoin, other than to allow others use his name.  He's the anti-Kanye. Startcoin is his project, along with the Startjoin crowd funding platform.
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Offline Empirical1.1

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Re: What if America isn't the best place for BitUSD?
« Reply #11 on: October 17, 2014, 09:20:12 PM »
I remember Max Keiser was all over it as well, I think that really helped, he has quite a platform.
I think his pump juice is much weaker now though, felt kind of sad watching him try do the same thing for MaxCoin.

Keiser is involved with Startcoin now though ;)

Keiser had no actual involvement with MaxCoin, other than to allow others use his name.  He's the anti-Kanye. Startcoin is his project, along with the Startjoin crowd funding platform.

I remember him doing what I would describe as 'pumping MaxCoin' a few times though.

I've seen him do a couple of things on Startcoin. I like him but I don't get to watch him as much these days though. I actually don't follow the alt-coin market much at all really atm as I'm so into BitShares.
BitAssets are the Sh*$! :)

Offline Method-X

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Re: What if America isn't the best place for BitUSD?
« Reply #12 on: October 17, 2014, 09:44:07 PM »
LTC jumped from under 2 dollar to 55 dollars this time around last year, from lower then we are now to 20x higher (1.2 billion).. From what I could tell 99% of that was hype generated internally from the crypto community, the average investors on the periphery being collateral damage sucked into it after the fact.

In that case it was also a question of access, but then there was so much buzz, so much insanity and hype, "LTC on GOX" and "LTC ON CHINA" - everyone could feel shit was about to go down http://trollboxarchive.com/quote/20357534

A BTSX pump would be awesome but I think the crypto community has become incredibly averse to altcoins in general. Establishing a solid foundation would ultimately do us more good than a couple of pumps (unless those pumps lead to infrastructure and BitUSD gaining use).

Offline liondani

Re: What if America isn't the best place for BitUSD?
« Reply #13 on: October 17, 2014, 10:17:24 PM »
cut the Gordian Knot with
bitGOLD

GOLD is globally appreciated in converse with USD aka bitUSD   

Sent from my ALCATEL ONE TOUCH 997D

  https://bitshares.OPENLEDGER.info/?r=GREECE  | You are in Control | BUY | SELL | SHORT | SWAP | LOAN | TRADE |  

Offline CLains

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Re: What if America isn't the best place for BitUSD?
« Reply #14 on: October 17, 2014, 11:00:49 PM »
LTC jumped from under 2 dollar to 55 dollars this time around last year, from lower then we are now to 20x higher (1.2 billion).. From what I could tell 99% of that was hype generated internally from the crypto community, the average investors on the periphery being collateral damage sucked into it after the fact.

In that case it was also a question of access, but then there was so much buzz, so much insanity and hype, "LTC on GOX" and "LTC ON CHINA" - everyone could feel shit was about to go down http://trollboxarchive.com/quote/20357534

A BTSX pump would be awesome but I think the crypto community has become incredibly averse to altcoins in general. Establishing a solid foundation would ultimately do us more good than a couple of pumps (unless those pumps lead to infrastructure and BitUSD gaining use).

I think we are in a completely different situation now. If the BitShares ecosystem grows 20x from where it is now, the influx of capital to building the ecosystem will be brutal, even with well under 5% inflation across DACs we will see millions of dollar projects being launched each month. This is truly unthinkable disruption which nevertheless kind of seems like an inevitability.

 

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