The following post on Xtrabytes Marketing was posted by @jhar on Xtrabytes.slack.com with credit to the XBY board and entire team
Summary: The new Xtrabytes marketing campaign seeks to ensure that current and future community members pursue every means available to build a technical and social foundation capable of supporting new investors and developers eager to join our community project. [edited John Potter 9/3/17]
I’ve been researching and thinking about what you posted to the board for some time now, CCR. As you rightly identified, this next marketing push is the one that can provide us with a vastly greater audience. I agree with you that goals are crucial to the project. Saying them out loud makes them more real and holds us all accountable.
As most crypto fans know, crypto investors can be somewhat merciless. Indeed, they can be far more cynical/vigilant than investors in the stock market. They expect a scam and are so set on finding a scam around every corner. Any little misstep, miscommunication, or exaggeration is latched upon and interpreted as evidence that a crypto scam is afoot. Bearing this in mind, our short and long-term project goals must be kept within the realm of ability and reason. Among the three goals set for us, achieving a price of 7000 satoshis may be the one that most opens us and our community to FUD and/or trolling.
XBY Price Predictions
The inherent risk of setting a price as a goal is the clear possibility of not reaching that price. There are numerous reasons why a price prediction isn’t met. A price prediction can also negatively affect a coin. Below are the ones that I see most likely as occurring.
- Unrealistically high price in a given amount of time
- The possibility of people waiting until 4-6k satoshis and dumping into a large pool of holders
- Attracting pump and dump groups who see this as the perfect cover to work under as they drive the price up and then dump
- Appearing to be a project concerned more with a highly volatile valuation than some other important goal
- Attracting low information investors concerned only about gains and not community
- The inevitable accusations of devs trying to cash out
- Setting a goal that cannot be maintained and that even if reached, will dramatically correct to a lower price
- Encouraging the more cynical amongst cryptocurrency to make sure we never reach our target
- Not allowing the free market to decide what all-time highs our project can reach
If we were to go from our current price of say an average of 450 satoshi to 7000 satoshis by September 21st, that is an overall percentage increase of 1455%, which translates into an increase of 26% every day from today until the 21st. If I was outside looking in on those numbers I would definitely consider that level of growth to be either highly coordinated or at the least, extremely unmaintainable.
XtraBytes Marketing & FUD
One of our main focuses going into this next phase of the project is to cut down on and avoid creating FUD/trolling. When the price skyrockets and takes off to the moon, we’ll attract plenty of new investors to our coin. The vast majority of those investors are looking for massive gains. However, they would most likely lose those gains due to a massive price correction, coordinated dumping, or some other silly reason.
There are few people more mean and negative in crypto than disgruntled bag holders who never intended to be long-term holders. Pairing a community-wide push to reach 7000 satoshis alongside another equally as massive goal of bringing in 2000 new slack members seems like the perfect storm for FUD and relentless trolling. The crypto world loves nothing more than to sarcastically point out large price corrections in projects and it gives the trolls and critics a perfect case to say “I told you so/I warned you”.
Limiting our public commitments to forecasted prices will serve as a pre-emptive strike against potential FUD/trolling behaviors that would negatively impact the confidence of new and old members eager to participate in our growing developmental ecosystem.
In setting goals like the ones mentioned above, it is always better to set points that are reachable and more importantly, capable of being surpassed. Nothing will please the old and new investor more than being able to help us meet a reasonable goal and then some. I would be against a price prediction, even if it was set at 2500 satoshis because that creates a situation that can be judged by only two options: you reached your goal or you didn’t. It is far more convenient to stay away from hard facts like numbers when dealing with the future as you can’t spin numbers.
Trade Volume & Bittrex
Another goal can be substituted for a specific price and that is trade volume. Daily trading volumes are a much more useful metric that is less vulnerable to manipulation as it increases. If we were to discover a reasonable trade volume at which we could have traded by or on September 21st, I believe it would be a goal of more substance and depth that the community could rally behind with more confidence. As we know, price means relatively little when trading at low volumes and can only become meaningful once volumes begin to increase leading to greater trading room and liquidity. Moreover, a focus on creating higher volumes is more important when attempting to gain listing onto some of the more restrictive exchanges such as Bittrex. We need to prove we can generate and maintain high volume trading more so than a high satoshi price.
The XtraBytes Community
Now for the positive stuff. I love the goal of dramatically increasing the community members and attention on our social media outlets. Making the focus of our next push in order to bring more people to the project is the exact thing we should be doing.
More importantly, this is a project goal that everyone in the community can participate in. When people talk to their friends about XBY, they of course mention the incredible potential of making money, but most of them are talking to their friends about the community, how we are different, how innovative our technology is, and how committed to the actual investors the leaders are. I believe the best ammunition to give people to spread interest and information about XBY across the internet and the world is the best possible technology matched with a community devoted to creating a sustainable ecosystem that can be built on.
With the imminent release of our tech, now more than ever we need to ensure a stable community atmosphere that can attract and keep new developers, marketers, and loyal long-term holders. Best way to do that is with a good first impression not focused on price increases, but just on people and technology.
In order to accomplish those ideas and make a great first impression for new eyes, we need to have as much information/ explanations available and ready to go either on our ANN page or Website. Crucial to this upcoming Xtrabytes marketing push is locking down all the cold hard facts that we know we can release to people and ensuring our website is as good as it can be (roadmap, explanations etc. etc.) whether if is a definition of small business with a more direction to social media, online media and marketing in this area, so websites become the 80 percent of the success of the business. I do not want Borz’s technology success to be shadowed by lack of information or lack of project direction.
XtraBytes Marketing & Tech
If we are going to hype anything, we need to hype the technology of XBY. In particular, we should promote the benefits of our project over others. I know that Borz has lots of secrets and surprises in store for us that he might want to hang onto for now, but sharing some of those would really lend to promoting our long-term vision. If XBY has the potential to change the world and how we digitally interact with it then let’s freakin say it will.
New XBY Investors
The tech’s release and subsequent price increase will bring in many new investors, some of which will be future long-term holders. However, another reason exists as to why its important to attaining a price increase. This next phase is a vindication of those who believed from the beginning that you and Borz were telling the truth. This will be when we try to get on Bittrex and will undoubtedly be gaining a great deal of attention from more influential folks within the crypto world.
This is a further reason to stay away from getting caught up in price hype and value. We should be on our best behavior during this period letting everyone see that while yes we are excited about our price increase and the lambos being purchased, we are far more pleased by all the new members and people being able to appreciate such a cool new open source technology. The only way that we ensure a large price and volume rise is through the delivery of a top-notch website, full with all the details a new investor would need to grasp the entire scope of what is being accomplished.
Xtrabytes Marketing Objectives
Here’s a small list of some of the objectives we should maybe keep in mind. Vanfly has already said all these things as well.
- Increase twitter following to 1000 people
- Attempt to gain the attention of large crypto news website
- Create list of those to contact
- Open dialogue with Bittrex
- Express vision and purpose for all of Borz’s work clearly on website
- We aren’t looking to shill but looking to direct people to the information they need to learn more
- .biz posts, troll box chats, reddit, etc etc
- Focus on making information approachable and able to be met by newb
- Make XBY fact sheet/flyer that anyone could send to another person
- Possible digital press pack
- Must push the socials
- Continually encouraging the community to retweet, post, upvote about XBY
- Reach out to leaders within the tech community to retweet and or mention XBY, tweet at those people, comment on blogs, comment on articles, reach out to crypto you tubers….but we have to have the information available for them so when and if they do look at XBY they are able to get a sense for what is going on
- Digital press pack
- Create lists of professors, journalists, large twitter commentators, youtubers and invite them to take a moment to look over xby’s project
- This can be accomplished through a couple of outreach teams of footsoldiers sending short, somewhat personal messages to specific individuals asking to take a peak
- Those who review what we have and like it can be asked if they would be willing to introduce xby and us to another person they think we should know
- Highlight that more than many other communities the team interacts with and accepts user criticize
- Really nail down why we are different and without naming names why we are better
- A constant stream of our technology does this, this, this, this, and this which means coins on other platforms can’t do that, or that, or that, or that
- Since our chain can do many things others can’t, constantly remind people why that means it is a better choice for future projects
- Run promotions and lotteries to keep things lively
Lastly, might be a good time to add a couple new board members that some of us have been thinking about