How important is a community behind a crypto project?

[repetecrypto]

Hello all,

I came across this article that talks about the importance of a community backing a project, how important do you think it is? Do you think they can get by through large marketing budgets instead? and do you agree with the article?

https://medium.com/crowdholding-innovation-platform/why-do-you-need-to-build-a-loyal-community-for-crypto-projects-14b9207608c2

[Slugmonkey]

I think community is very important because a large supportive community not only can be of help financially but also help in marketing & promotion of the coin. But apart from this support any bugs can be found out by them. This is especially helpful to the engineers who also get a morale boost. But all in all the personnel working on the coin is most crucial for product to be successful.

[1902spizirna]

Great article and I agree with the article.

I think you need a community behind you, because with any new token, a large amount of the investments will be speculators that are looking for a quick profit and don't really care if the business succeeds after they have sold off their token. Having a strong community protects this. Just look at DeepOnion, they have an amazing community behind them and they are strong, even if their token has a lot of competitors.

It is what makes the token stand out over the 1,000s of other ones and gives it validity and a perceived value (like any currency in the world).

[lobo13hf]

Hello all,

I came across this article that talks about the importance of a community backing a project, how important do you think it is? Do you think they can get by through large marketing budgets instead? and do you agree with the article?

https://medium.com/crowdholding-innovation-platform/why-do-you-need-to-build-a-loyal-community-for-crypto-projects-14b9207608c2

It's really important i suppose. They can get it not only through use large marketing scale, but if the team will try to buy something that interesting for everyone . You can see that how the project with big community behind it will be so easily to spread FOMO to the public audience.

[Jonsnowstark]

Community backing or support is very important because it keeps the people connected to the crypto. If many people are helping out promoting the project, it will give a positive note to investors. The word of mouth now is stronger than any news. The more people will talk positive about a project through blogs or any social media will best promote a project.

[Razick]

Community backing or support is very important because it keeps the people connected to the crypto. If many people are helping out promoting the project, it will give a positive note to investors. The word of mouth now is stronger than any news. The more people will talk positive about a project through blogs or any social media will best promote a project.

I have to agree. if the community behind a cryptocurrency project is not strong and united/connected then that project will mostly fail. It is the people who are investors in a project that make the project and it is what they say that others who have not invested in the project will believe and take from it. If the community does not believe in the project then the project is dead.

[eternalgloom]

From the article:

Bounty clickers are not a scarce resource and will always be around. What you really want focus on are qualitative users who seek a meaningful interaction with your company and have the potential to form a loyal user base. A loyal user base that is really engaged with your product is probably the most precious thing, especially for an emerging crypto project.

This statement really hold a lot of truth and it'sz also something that's often forgotten by so many new projects.
Sometimes it seems as if all of the focus is pointed towards getting the attention of bounty hunters, while forgetting to actually spend time building a sustainable community around their project.

I'd much rather see projects that have active chat channels and regular communication with the developers (through update blogs etc.), than projects that just blindly give out rewards to spam the ICO.

Pretty interesting article, nice find

[salandacrypto]

I don't think it's too important for the raising of the ICO, as they can use mass marketing to get a lot of investors. The real value is once the project is up and running and they need to spread the word about their ideology.

I think mass marketing is just as important in this sphere sadly. I see plenty of poor projects raising a lot just because of a huge marketing budget.

[MCVXYZ]

Hi...I agree with this,More specifically,Community for me is the best way to understand the concrete coin better,Its better way to listen and consider  experienced members opinions and views about X coin or another project.We know too many good projects with 0 success,which didn't have good pr managers...therefore It also gives one additional advantage,When we don't have time to learn something better it helps me to find here simple definitions,business models,strategies,theories,etc.Anyway its easier to understand analysis of any coins from community(+search engine),Its better not only for us as a consumers,Its also the best way for project developers and for PR managers to become their project more successful.

[awazieik]

Hello all,

I came across this article that talks about the importance of a community backing a project, how important do you think it is? Do you think they can get by through large marketing budgets instead? and do you agree with the article?

https://medium.com/crowdholding-innovation-platform/why-do-you-need-to-build-a-loyal-community-for-crypto-projects-14b9207608c2

From my experience in Ico projects, i think there is a balance between a good team and the Community. Sometimes some ICOs get a large community to hype an ICO and these community end up dumping the coin. If a project is solid and has a great team, then the community will be integral to its success but a shit coin will never go anywhere no matter how large is the community.

[Broesel]

Community is along with dedicated dev team and a good idea everything for a successfull project? Your idea and tech can be perfect, but if there is noone backing you up and spreading the word that you have something good going on, noone will know about it. Community is what really pushes the project, gives (constructive) criticism and helps each other out, when there is a problem. So in summary: there is no success without a supportive community!

[nazaroenko1]

I can not fully agree with the information stated in the article. Although there are a lot of sensible thoughts.

[Alex077]

Hello all,

I came across this article that talks about the importance of a community backing a project, how important do you think it is? Do you think they can get by through large marketing budgets instead? and do you agree with the article?

It seems to me that the community plays one of the most important roles for each altcoin. There are many aspects here: including financial support and a wide range of application of this altcoin and many other things. I think the community is the second most important thing, after the development team.

[bitkanu]

The community behind a crypto project is the most important thing among others because it's like a foundation of the building, if there's none or having relatively small community then it means that the project will hardly holding on or even growing to its potential peak.
That's also why so many project are trying to build its community as big as it can even if it also means spending a lot of money.

[bigcash2011]

Community is definitely a great marketing tool for crypto world, the community not only keeps the word alive about a project but also puts across the positive aspects that keeps the hype and fomo going attracting new investors and rise in value.

[FrueGreads]

I agree with a lot of things written on the article, and I also think that a good community is crucial for the future of a project. First, every investor will most definitely see what the community of the project is saying about it. If they are not loyal, and are not very happy with it, then it will probably be hard for any investor to enter the market. Also, a good community could help promote the project if they are really committed to it. I know this will be a bad example, but just see how ponzi schemes work. They are worthless without their community promoting it. Finally a loyal community, that believes in the project will most likely hold their coins, shares, wtv, when things go bad, because they believe in it, and that's probably good enough to bring any project from it's ashes. For instance, I think it's impossible for bitcoin to ever go to 0, because it's build with a community of strong supporters, so if it's price drops, they will just buy more, because they believe in the project.

[icalical]

It is very important, even I think it is the most important thing in every crypto project. Wel all can see how many project that only relies on Community Hype, they gain so much, though it only temporary, but it prove that strong community could affect project more significant.

[jack107]

I think community is essential. When you look at projects like Havven that have over 73k telegram members int heir group, you can see why they're doing so well. Community=your project's evangelists. I also think the project should be good by itself too. The community is what supports the good idea/team.

[sorehammer]

Hello all,

I came across this article that talks about the importance of a community backing a project, how important do you think it is? Do you think they can get by through large marketing budgets instead? and do you agree with the article?

https://medium.com/crowdholding-innovation-platform/why-do-you-need-to-build-a-loyal-community-for-crypto-projects-14b9207608c2

Community is important factor of all the parameters because if a coin is not supported by community response then that coin can never be successful.after community good idea and well experienced development team is another important factor.BTC is a great example of community support.ETH is another strong example of community support.

[KryptoKai]

A good example of community importance is deeponion. Take a look at their success at all the voting polls which is due to having the most supportive and active community in BCT. The market is low so it's a good time to invest now