I attended the first Texas Bitcoin Conference as an ambassador for the NXT (Nextcoin) community.
During my talk about “How To Eliminate The 2 Biggest Hurdles To Mainstream Adoption Of Bitcoins & Alt Coins“, an audience member asked me if the large number of alternate cryptocurrencies hurt the maintream adoption of bitcoins? Here is my response.
Chad: This is Chad K., my question to you is on a sales and marketing perspective, do you think that the number of alt coins is affecting the overall sales and marketing for [crypto currencies]?
Tai: Yes. The question is whether or not the mass proliferation and abundance of alt coins is hurting bitcoin?
The answer in my opinion from a sales and marketing perspective is yes. I know that Andreas Antonopoulos, in the room next door says that it is good for the community and everything.
But I believe that from a sales and marketing perspective, the number one thing that kills adoption is confusion.
So when people look at market and they look and see that there is bitcoin, but then there’s dogecoin, there’s NXT coin, and there’s litecoin, and then there’s peercoin… which leads the public to think “what is the difference”?
If any body can make a coin, what’s to say I can’t do it?
So it does create that [sense of scepticism and suspicion].
I believe that in my opinion from a marketing perspective, the people who have a [programming] and developing background need to jump on one of the bitcoin development projects that’s going to move it forward instead of trying to come up with your own coin.
Chad: Here’s the follow-up… is there a way since I’m a big freedom guy…
I love the fact that we have so many alt coins. In your opinion, is there any way we can talk to the community into driving towards a general alt coin?
Tai: Yes. I’ve thought about that.
I’ve tried to brainstorm about that [topic] on how to get all these guys together.
They all have talent but it’s one of those situations where everybody does develop these alt coins and dig their own water well and it’s only an inch deep. Whereas, we can combine all our efforts and make faster progress?
Our marketing efforts, our promotion efforts, and our development efforts… together, we can dig the well a lot deeper, wider, and faster, and reach water and success much faster.
That is a big problem.
Right now, the only thing I can see is kill off some of these alt coins, maybe through an attrition process or something.
I don’t know if you guys are aware of this but the guys that know how to code and code well, are migrating from one alt coin to another because they are getting paid to do it.
They are paid the initial sum for development and once the code is launched, the price rises, they get their pay check and then they move on to the next alt coin.
One of the things that I like about this Ethereum project… and I am not promoting it in anyway, I’m just saying the strategy they used to prevent that non-sense is that they have a method to lock in to where you’re not able to get in and then get away and get rid of your initial investment to allow time for Ethereum to grow and develop, and that I think is one viable approach.
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