Bitcoin Forum
November 25, 2020, 09:06:32 AM *
News: Latest Bitcoin Core release: 0.20.1 [Torrent]
 
   Home   Help Search Login Register More  
Poll
Question: Should I give up?
Yes - 0 (0%)
No - 0 (0%)
Total Voters: 0

Pages: [1]
  Print  
Author Topic: Should I give up?  (Read 98 times)
CristianOff
Member
**
Offline Offline

Activity: 424
Merit: 97


View Profile
February 24, 2020, 11:48:52 PM
Last edit: February 26, 2020, 11:37:58 PM by CristianOff
 #1

I promised myself that we would do it, we would solve a problem affecting so many people and that our success would bring so much inspiration to others.
I really don't like the fact that so many scam coins have been released in the market and I tried to give people a second chance.


The project idea
Had you invested in an ICO that never materialized or hold a coin that went downhill (examples: Ethereum Dark abbandoned website ,  etherscan,  
Litecoin Red abbandoned website, etherscan, etc.) we would give you a second chance. With our "Proof of Burn", we would create Goodcash. Based on each scam coin or dead coin burnt,
we would issue Goodcash. Makes sense right? We give the second chance! We recycle the system, is that not something you would want and find useful?
Am I doing something bad here selling a reality and not over promising?  Huh

If you burn $10 dollars of Ethereum Dark, you would get $10 of Goodcash. The Ethereum Dark goes bye bye to 0x0 (an undependable / inaccessible address). Same goes for Litecoin Red
and other coins that did not make it and are chosen for being "recycled". NO WE WOULD NOT TAKE GOOD COINS OUT OF THE MARKET, WE ARE THE GOOD GUYS.

Achievements
  • Had an international team of people who worked at Shapeshift, Tomochain, JP Morgan, Blockchain Ireland...
  • People from different backgrounds with different points of view: from UK, Ireland, Switzerland, US, Italy, Hungary, Vietnam, Romania, Mexico
  • Attended different events, met lots of important people
  • Videocall and praise by the great lady of this industry, Vansa CEO of omiseGO
  • Critical feedback from the blockchain legend, Robert Wiecko COO of DASH

What went wrong
  • As a young 21 years old dreamer, I think I failed to motivate my team which has lost interest over time. My leadership skills were lacking
  • [potential bad thing] Every time someone made it about money, I turned them down, changing their beliefs into the long term
    and telling them it's not about money  (successful entrepreneurs can you confirm if this is bad!?)
  • Lost composure myself, overreacted
  • Have I not done enough market research or is my "perception" skill of a business opportunity bad?


I need a reality check which would be much appreciated.
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
franky1
Legendary
*
Offline Offline

Activity: 2954
Merit: 1796



View Profile
February 26, 2020, 06:13:12 PM
 #2

in a financial system. money is key. and by you not addressing the money side it makes people feel that they wont get anthing while you get rich.

as for the project itself. a fatal flaw i see is.
you promising a user of say $10 of coinX $10 of your coin.
firstly where is the real fiat to convert out from your coin going to come from.
you cant promise $10 due to market dynamics.

who would buy your coin if its a non-absolute coin(non-fixed supply)
what features would the coin have as a use/purpose/feature to make people want to buy and retain your coin to offset those trying to offload their coinx dead altcoins. and also those trying to offload your coin for fiat.

also if someone had coinx deadcoin valued at $10 then they would just sell it at $10 using the market which you are using as your valuator. without the need to jump to your coin to then try getting the fiat.

dead coins are deadcoins because they have no market value. meaning another reason you cant promise $10 exact swap because the dead coin even if someone had 100,000 of them wont have a valuation of penny. or if it was vallued as a penny total thats all they would get from using your coin.

end result why would people jump to your coin. .. they wouldnt
then another point about those buying your coin to ofset those selling. how are your developers going to get paid.
if you envision giving them 'free' coin well they will sell on the market. tank it and then leave the prices as dead as the dead coin was so by the time customers come to want to sell. this new coin of yours would be of lower value than you promised.

its a vicious circle.
by you not looking passed the project prospectus/promises and hopes. and actually not looking at scenarios and long term sustainability i can see why many have lost faith.

seems you have not thought much about the viability of the coin itself. just the ICO and the promises of launch
i wont say give up. but i would suggest you think of the features/benefits/viability and sustainabilty beyond the launch and initial swap idea
CristianOff
Member
**
Offline Offline

Activity: 424
Merit: 97


View Profile
February 26, 2020, 06:17:25 PM
 #3

in a financial system. money is key. and by you not addressing the money side it makes people feel that they wont get anthing while you get rich.

as for the project itself. a fatal flaw i see is.
you promising a user of say $10 of coinX $10 of your coin.
firstly where is the real fiat to convert out from your coin going to come from.
you cant promise $10 due to market dynamics.

who would buy your coin if its a non-absolute coin(non-fixed supply)
what features would the coin have as a use/purpose/feature to make people want to buy and retain your coin to offset those trying to offload their coinx dead altcoins. and also those trying to offload your coin for fiat.

also if someone had coinx deadcoin valued at $10 then they would just sell it at $10 using the market which you are using as your valuator. without the need to jump to your coin to then try getting the fiat.

dead coins are deadcoins because they have no market value. meaning another reason you cant promise $10 exact swap because the dead coin even if someone had 100,000 of them wont have a valuation of penny. or if it was vallued as a penny total thats all they would get from using your coin.

end result why would people jump to your coin. .. they wouldnt
then another point about those buying your coin to ofset those selling. how are your developers going to get paid.
if you envision giving them 'free' coin well they will sell on the market. tank it and then leave the prices as dead as the dead coin was so by the time customers come to want to sell. this new coin of yours would be of lower value than you promised.

its a vicious circle.
by you not looking passed the project prospectus/promises and hopes. and actually not looking at scenarios and long term sustainability i can see why many have lost faith.

seems you have not thought much about the viability of the coin itself. just the ICO and the promises of launch
i wont say give up. but i would suggest you think of the features/benefits/viability and sustainabilty beyond the launch and initial swap idea

Thanks man. No, there would be no ICO.
The free coin model actually was what I used but seems that
it is not long term oriented as I thought. Good points raised,
I appreciate your efforts in writing this.
Pages: [1]
  Print  
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!