Many companies fail when they focus all their effort and development on one single product or a service. Every single market is changing rapidly and trying to be good at only one thing is not enough for the high demanding customers. The problem comes when a good product loses its popularity or the customer base has switched to a completely new trend. Since the markets are moving faster than we can react, the time it takes for any organization to plan and develop a new strategy often means losing too much capital and customers. In today’s high competitive space this can mean the end of any company. This very much applies to the crypto-market as well but on a much smaller scale. Here things are happening even faster and a major issue is that companies anticipate customers who don’t really exist. A very well-planned marketing strategy plus a solid advisory board often leads to massive gains and ICOs funded in seconds. The trading volume then follows the hype and the fear of missing out becomes unmanageable. When something like this happens but you only have an idea on paper and not a single customer, the only possible outcome is for the company is to fail in the long-term. There’s an unwritten rule that less money is better, because it makes you think outside of the box and find solutions that you wouldn’t otherwise come up with if you had too much capital. Of course, we all know that this market is moved mainly by people who look for big and fast returns rather than investing in solid projects. “If they are everywhere, they must be good”.
What we’ll see happening in 2018 and the years to come is the success of the businesses that are building ecosystems, not a single product. People don’t want to just buy books from Amazon, they want to buy anything they can think of — and in the meantime why not add a streaming service that you can control from your AI assistant. This is why Otcrit is not building a product, but a platform. A place where customers will be presented with a variety of services that they usually don’t see coming from one company. We are aiming to be an all-in-one solution for traders and investors while keeping the ecosystem safe from projects that are here only for the quick ride. Everything that is happening on the cryptocurrency market is absolutely normal for such a young space, but we are looking at the bigger picture. Otcrit is building a platform that will last as long at this market exists and provide the community with transparent and effective business model. Very soon we will see the beginning of the second wave of successful blockchain projects — the ones that actually reach some sort of adoption and deliver a working product. People will have to adapt to this change and become more educated if they want to continue to trade or invest in this space. The demand for objective information will be higher than ever and investors will have to spend much more time researching a company than they do now.
Cryptocurrency exchanges will have a big problem keeping their customers if they don’t start focusing more on the user experience and the clients’ safety when it comes to what projects are listed on the exchange and why. If we want to see this market reaching the extent of the stock market we have to focus more on development and research and less on marketing. It is unacceptable to think that in the future you could make an investment decision based on a YouTube video from someone who is paid by the company they are reviewing.
We have a lot of inexperienced people entering this space and we have to start thinking how to educate and protect them for their own good.
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