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RE: The Number One Reason Most Crypto Projects Will Fail

in #steemit7 years ago

Geez, I've missed these long-form posts.

And after seeing this latest $800 trending post (30 sec read) I thought, we were heading in the wrong direction - https://steemit.com/life/@cliffpower/making-a-difference

But to the point. The number one reason most crypto projects fail is they just focus on crypto and as you say that niche is too small.

People either don't have crypto to spend or won't spend it because they believe it'll moon (one day) and don't want to be that guy that paid too much for a pizza.

Which makes a crypto-based business difficult to build. Although everyone wants someone else to develop crypto businesses for their tokens to push the price forward but very few are actually prepared to spend their crypto to support them.

I see our initial business model acting more like a faucet. We have the ability to distribute Steem tokens to people who wouldn't normally be interested in crypto, and for zero dollars down they can earn a few tokens in exchange for finding and publishing deals.

The deals/coupon market in the USA is conservatively enjoying over 10 Million views a month. So that's a whole lot of attention we can tap into.

Then phase 2 (group buying deals) will help people to spend those crypto tokens if they choose.

Now we've really focused on making a deals page that looks like other deals sites on the web to ensure people are comfortable spending time browsing. And it's only when they dive in a little deeper will they learn about the reward opportunities and blockchain back end.

And now I think of it, they might not even be interested in claiming rewards at all and we should provide a means to donate to a selected charity account instead.

See this is why we need you around more. You stimulate healthy discussions.

Glad to have you around again. And keep 'em coming.

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Thanks mate.

I agree completely with your point above about a lot of the projects being too niche. I think because bitcoin was a currency, everyone has jumped on the currency bandwagon and maybe lost sight of the point of technology, which is to make things easier for people (ie solve a problem.) I'm looking into a few projects at the moment that I will hopefully turn into articles. So of the ways that blockchain is being applied in the real work is fascinating. Ive reached a point where I am less interested in who will be the next bitcoin and more interested in who will be the next amazon or google.