Bitcoin Forum

Crypto developer Jimmy Song has tweeted that many ‘marketing experts” who enter the crypto space end up working for scam projects.

https://bitcoinist.com/crypto-marketing-experts-end-up-in-scams-affirms-jimmy-song/

Jimmy Song makes a good point cause scam project operates in varieties of ways, but it not all marketing expert that was involved in scam project. However, this was a case of when the ICOs was the main scheme used by new project owners and with the existence of IEO in the crypto market the rate of scam project is not like before

If a coin has marketing department, it's already a good sign that it's probably a scam, since true free and open source software doesn't need any marketing, as its now driven by profit. Meanwhile, shitcoins are created with the sole purpose of enriching the people behind them, and marketing is pretty much the only thing that they need - naive investors throw money at any project with good marketing, even if the code is bad.

It's very shocking to see - but the crypto-space is pretty weird and in the way, it's moving, we will probably need marketing experts, financial advisors, and more. The industry is slowing moving towards one that is much similar to real-life business and business structures need to follow suit.

I think he is more directly his blame/tweet towards companies that are crowdfunding/ICOing/IEOing to in order to become a thing, and then they hire marketing experts from the outside area which isn't good.

Bitcoin definitely doesn't need marketing, but the crypto-currency business sector, like any business, does.

I guess his point is that everyone should really DYOR and not just to buy the hype of an altcoin that will turned out to be shitcoin and then there are people who just exited scam after a marketing hype.

He didn't name names here, but we all know that 90% of ICO's are being run by bad actors behind and they hide themselves by hiring marketing "experts" to promote their scam coins and even celebrities (remember Centra?)

I agree to his standpoint. All these other altcoins need to get traction in order to gain some demand, in which marketing experts as they say, would hype up an altcoin so people would want to buy them. However, most altcoins and such projects quite often disappears in the market, they don't really bring such promise and end up being useless. Bitcoin truely does not need them because bitcoin had already proven itself, it's just waiting for worldwide acceptance that would definitely happen if not only the government would oppress its progress.

He just tweeted the fact. There were many of them that claims they are an expert in crypto and marketing and they can settle things through the people that they are talking who seem not to be familiar with crypto. He's correct that bitcoin doesn't need them obviously but certain companies that are into development with their services need them although he's tackling more about the scam projects. Obviously, these are the ICO scams.

I also experienced this with some people I met, online or in person. There are lot of them, especially those people who are really good for advertising or marketing. But they have something lack on their own self. It's stated in the first post, which is ending up in scams.
I don't think why if they are marketing experts then they will still end up in scams.
For my opinion, it's purely money.

This isn't really far from being unbelievable to be honest. "Marketing experts", especially the ones who don't have that much knowledge on technologies(blockchain or not), wouldn't really know if a certain technology or project is viable or just straight up a scam. Pretty much just like how Theranos had investors even though their product was scientifically impossible.

What he is saying has some form of relevance, as most people who call themselves experts are really not saying anything that people don't already know about, and most of them are just doing it and spreading prediction and information just to influence the market in their own interest, so if one expert starts talking about a currency and parsing it and saying that it is good and will rise in the future, that is because he wants people that follow him to invest in it and than it will actually rise and he will get the profit from it, and if he gets paid by a company to say the same thing about their coin he will do it, even without knowing its background or whether it is a scam or not.

Like you said, he just tweeted the fact but not the truth cause the crypto scheme still need marketing expert in other to woo some of the governments/institutions which are still against bitcoin and altcoin so they could see the brighter side of cryptocurrency. However, there are some expert which dont have the knowledge of crypto investment and how to identify scam project but they are into crypto cause of the reward involved.

You are harshly correct and straightforward. And I love the way you equate a marketing department with scam. More or less, I agree with it. Bitcoin didn't have any, and some of the top altcoins when they started out I suppose. The brilliance of their breakthroughs is enough for their project to promote itself. And a single speaking invitation of their creator here and another there are an additional step for the project to be heard and for the creator itself to be publicly scrutinized in his knowledge and wisdom behind the project.

Unfortunately, the majority of the investors and the potential investors are naive. This makes the whole marketing sphere effective in its strategies and approaches. How many among a hundred investors for example would look at the code rather than the marketing presentation of the project?

   In the crypto economy and especially here within the forum, you will find a lot of projects. A lot of projects may never get off of the ground. I think marketing experts end up unknowingly (giving them the benefit of the doubt) being involved with what may at first seem like legitimate projects. I don't think every project presented is a scam, but do believe that many might have failed because they couldn't sustain themselves, meet there quota,couldn't keep up with similar competitors, or they probably flopped right out of the starting gate and became a dead/obsolete project. I think that many crypto related businesses don't seem to always have a strong enough backing, marketing or don't have a fluent enough community for support. A lot are lacking funding, resulting in a delay or cancellation of an entire project.
   However, you are right though, there seems to be a new scam every day or so involving crypto-currency, not just on the forums. The way that I see it, in my opinion is this, Block-chain is a relatively new sector within digital ledger accounting, so there is bound to be an equal number of scams that crop up to compensate with the legitimate opportunities (like ying/yang, if you belive that sort of thing).
  This is why I believe the crypto community/economy (including the social groups, merchants, entrepreneurs, developers,speculators) need to meet at a middle ground with the institutions and regulators in order to receive clear and proper guidance, this way we don't have to tip toe cautiously through the legal gray areas, whereas we could walk an illuminated path as we're all blazing the trail together.

"This isn't financial or legal advice, as I am not a qualified representative of or advocate for, I'm just here to post my two cents!"   ;D

He has a point but I don't think that it's also correct to generalize all marketing experts as a scam. They're just doing their job since it's their job to promote the coins in the public. And I believe that's normal for a company to advertise and promote it. Every advertising is too much compare in the actual product or service they offer. It's a way to attract possible customers. It depends on the people if they will believe what the marketing experts will say. Though we cannot remove that some so-called-experts are just actually promotion shitcoins.

Well, his point is valid as we said, but talking of these marketers, they are even one of the major problem that we have in the market, and you know why I said this, these marketer are so good at what they do and they are usually the ones that works for the hype that these project do get that makes their value to jump up whether they are scam or not, though they are still to be blamed for accepting to market these projects also when they ought to have also researched on the project before they promote it to the public who would always take things based on the hype that they see.

Marketer needs to start checking the projects that they do release before they make so much commitment and effort to I, and that is how they will also stop working for a scam project.

Maybe some them are just making a payback, how would they become experts if not going through certain pits of hell and maybe one of that is being scammed by certain entities too. Well this is just my opinion, I guess they are just getting back what have been lost and the new comers are the ones paying. Then the cycle of vengeance goes on without ending.