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15 Lessons for Crypto from the Car Industry

Despite its origin myths about democratizing wealth production, today’s crypto is largely inaccessible. To realize full potential, crypto must do what car-makers do: offer max utility.

1. To Succeed, Crypto Must Make Sense to Everyone

Accessibility is about realizing that crypto needs normal people to have extremely easy entry points into the crypto economy.

2. Thesis

(A) Ordinary people need to be able to easily earn easily-convertible crypto; crypto needs to give people this functionality.

(B) Crypto’s success depends overwhelmingly on this.

(C) In other words, crypto needs ordinary people far more than ordinary people need crypto.

3. Today’s Cryptomobile is Complex & Expensive!

When it comes to global scaling, complexity and inaccessibility are not virtues.

Crypto’s image of itself. Go anywhere; do anything. Unstoppable. Like the EarthRoamer. Photo credit: ExpeditionPortal.com

By building up defenses, Crypto didn’t insulate itself from a world of exaggerated threats. It just made bad guys and law enforcement even more curious about what’s happening under all that tint.

4. The Cryptomobile Can & Must Be Simpler

  • (1) Here are the keys (downloadable app or hardware widget like a Ledger Nano)
  • (2) Here’s a quick primer on how the brakes, switches, & gears work (here’s how to earn crypto with one click, and here’s how to withdraw your money);
  • (3) Have fun driving (enjoy earning crypto, and tell all your friends about it)!

Crypto needs adoption by the world’s billions.

5. Learning to Drive

  • Offer A (Studebaker): The automobile and the “automotive market is not for novices. Hire a mechanic on the inside.” Customize your automotive experience. We’re custom coach builders with the “highest technical capability” and we’ll cater to your every wish. We’ll send a mechanic to each disgruntled owner and replace defective parts, no matter the cost.
Studebaker limousine. Source: Wikipedia.
  • Offer B (Ford): The automobile and the automotive market should be for novices! We build cars that minimize the need for a mechanic on the inside. Our cars are so simple, you can be your own mechanic. You can customize and “choose any color, so long as it’s black.” Our value proposition is simple: your ROI is “extra productivity” from not having to walk or tame horses; but the ROI is also coming from extra nickels and dimes you can earn in your Model T by taking people or goods for a ride.
Ford Model T. Source: Wikipedia.

6. Crypto Today: Lots of Studebakers, No Ford

But in our view, today’s crypto has a lot of Studebakers and not a single Ford.

  • We want you to be right; we want to be pleasantly surprised; and we always want to learn about new CryptoFord candidates.
  • But if your CryptoFord (whether it’s Ethereum or Trinity or Truth or X, Y, Z) doesn’t do the three-step dance above — (1) keys; (2) quick how-to earn crypto; (3) earn crypto — you’re probably wrong.

7. Crypto’s a Plush & Complex Studebaker

But, be honest, when’s the last time you’ve seen a Studebaker on the road?

8. Crypto Needs to Identify its Real Competitors

Today’s inter-crypto gamesmanship is like watching a group of friends facing off in a fierce game of Grand Theft Auto.

At the end of the day, you may have won some battles against your friends. But the people winning the war are the publishers of Grand Theft Auto.

7. Crypto Needs to Raise Shared Expectations

See the planes on the runway right behind those cars?

The inter-crypto race for primacy is only normal, but crypto adoption-drivers shouldn’t just look above steering wheels and “under the hood” to figure out how to go much faster.

8. Crypto Should Use Different Benchmarks

9. Crypto Must Understand The Needs of Crypto “Consumers”

Bitcoin is the “Unix of money.” Ethereum is the “Linux of crypto.” IOTA is the “FreeBSD of the machine economy.” And so on.

Crypto should stop getting high on its own supply; instead, crypto needs to understand what non-crypto people need from crypto.

10. Crypto Platform Shopping is Real

In 2015, we started doing legal mechanics for several crypto projects, and started educating ourselves on the rapidly growing range of crypto projects, platforms, and possibilities.

Maybach Exelero. Source: Wikipedia

But that’s just context. We’re not plugging anything. This isn’t a sales pitch. It’s analysis. This part of the story is just better told by sharing our own experiences with crypto platform shopping.

11. Crypto “Features” Must Come Standard

To us, the need for this “feature” is as obvious as the need for a seat belt in a car.

Despite the obvious value and utility of an app like that, there wasn’t and isn’t a crypto platform that makes development of globally-scalable apps like this easy.

So, upon examining the Studebakers and Packards, and noticing that they’re missing seat belts, we did what you’d expect reasonable people to do: we asked the developers for seat belts.

12. Don’t Shift Development Burden to Users

There’s no need to reinvent the wheel.

1920 Studebaker “Big-Six” Touring Car: $2350
1920 Ford Model T: $575

13. Hyperutility = Higher Earnings

What was the key to this impressive and unprecedented growth? Answer: the automobile offered material hyperutility.

An explicit Ford selling point was that buying a Model T increased the buyer’s earnings.

The Model T sold a healthier, more productive, less-stressful, more efficient, and more bountiful future.

14. Be Honest About Risks & Costs

From early lobbying efforts to dismantle public transportation networks to exploding Ford Pintos to the most recent Volkswagen emissions scandal, the car industry has carved some gnarly skid marks in ethical norms like transparency and commercial good faith.

Hyperutility apps may find it cheaper to externalize costs of production onto others. But as one learns in Economics 101, these costs aren’t ever fully externalized. Ever.

15. If You Build It; They Will Come

This means giving rookies secure and easy pathways for earning crypto, as opposed to just inventing progressively easier ways to buy crypto.