- May 27, 2014
Marketing is both an art and a science. We believe that the best path forward is engagement of experts / professionals that can skillfully craft, test, measure, and refine a cohesive multi-channel marketing strategy featuring consistent messaging and branding.
Evan and Ryan
I’m writing this “Open Letter” to Ryan Taylor (“RYAN”) and Stakeholders (“WE”/“US”) of DASH.
First of all, I am hyped for DASH. I love DASH. Thank you for nurturing it, improving it and getting into the Top 5. With recent roadmap and market cap increase, we are seeing a glimpse of the potential DASH has to become the #1 cryptocurrency and change the world! The brand and messaging is simple and resonates with everyone I speak to. However, as a multiple MNO and successful business owner - someone who has to perform highly at all aspects of business - it is excruciatingly-painful to see that we are not maximizing the utilization of Treasury Funds. In this letter, I will explain the importance of the Treasury Funds, the inherent problem with the Proposal Market and offer a solution.
DASH INTELLECTUAL PROPERTY
The DASH Treasury is a God-send - something every crypto would be ecstatic to utilize to its fullest. A common business “rule of thumb”, for established businesses, is that 5% of the top line Revenue should be allocated to marketing. So, spending the entire available Treasury Funds is not in any way “wild” or “crazy” – it is well within standard metrics, and, in my opinion, should be an urgent priority, especially as we are trying to assert DASH as the pre-eminent crypto-currency of the world. Many startups have a much higher Marketing budget to make a splash and build awareness. This is what we must do.
The Treasury affords US an unequivocal advantage to push DASH from Top 5 to THE TOP. I absolutely believe DASH has the brand, vision and capacity to do so. (I wouldn’t keep many masternodes locked up since 2014 in the project and spend time writing this if I didn’t.)
Not fully utilizing the Treasury funds every month is absolutely the opposite of fiduciary duty - we are knee-capping ourselves and throwing away DASH’s advantage if we think not using the Treasury Funds is somehow responsible. The cryptoverse is an arm’s race in hyper-drive! If we don’t use the funds, forks like the already-successful PIVX, and others I know personally who are currently contemplating the idea, will steal the code and eat our lunch. As I write this, we are at an inflection point in DASH history. What we do in the next 12 months will determine the future of DASH. DASH could easily be #4 in 6 months. The time to strike with marketing blitz is NOW – before Evolution to create AIDA (attention, interest, desire, and action).
Due to the open-source nature of this space, it is unique in that there is really very little IP or Trade Secrets. Our IP is our advantage in market cap, Core Team and Treasury. If we don’t use the Treasury properly, the market cap and Core will leave to other more efficient projects.
THE INHERENT PROBLEM WITH THE TREASURY PROPOSAL SYSTEM
The problem is there aren’t enough quality proposals submitted by the free market for MNOs to approve and fully spend the ever-increasing Treasury Funds in the best way possible. In a way, we are currently too rich for the market!
This is where I believe RYAN must step in.
PROBLEM: ON-BOARDING FOR EARLY (PRE-EVOLUTION) AND MASS ADOPTION
If you are reading this in 2017, you are a risk-taker. You're before the early adopter stage. Early DASH adopter to me is a business owner putting an ATM in his store, or someone that goes to an ATM and uses DASH before mass awareness in 2018 (if WE play our cards right).
Every family member and friend that I speak to about DASH wants to buy in (without even mentioning Evolution). The problem is how to on-board them? It’s not a problem of desire – it’s a problem of action, or possibility – the barrier to entry is way too high! Forget coinbase! Average Joe is not going to sign up to some online exchange to buy bitcoin to buy DASH. If we want mass adoption, we need RYAN to hire someone (or a team) to build out an infrastructure of ATMs. We need to make alliances with chains the likes of 7-11 and Starbucks. Private ATMs are not a problem. Think of it like corporate stores vs. franchises. Watch “The Founder” for inspiration. Think BIG.
SOLUTION: I suggest that we invest in a massive rollout of ATMs with unused Treasury Funds every month. We must remove the biggest barrier to entry to achieve awareness and adoption!
Details TBD: MNOs can vote on variables like which brand and how many, etc. Of course, ATM that is compatible with updates for Evolution. RYAN should hire someone to do outreach to see which businesses want to participate. Ask @DashRacer and @bchamz for input or nomination (I approve) as they have proven to be excellent self-starter spokesmen and have already had good success with this.
SHORT TERM SOLUTIONS
Here are my proposed immediate solutions, in order of importance in chronological order:
- Vote to revive all unspent Treasury Funds to a “savings account” and write code to put all future unspent funds in same
- Allow said unspent funds to be used by MNOs or Core (by proposal)
- Hire COO/CMO and team to manage mass roll-out of DASH ATMs.
- Create Help Desk to aid with Wallet Support and updating ATMs, etc.
TL ; DR
DASH is in a never-before-seen position to make exponential progress from captivating a tiny demographic of internet crypto nerds to achieving mass awareness in the next 12 months. This is technology that could positively change the world and provide financial independence – things I think we are all passionate about. However, I believe action must be taken to immediately capitalize on the IP advantages the Core Team and Treasury have afforded us. If not, we will get steamrolled by competition and fade into obscurity. Let’s revive the Treasury Funds and utilize them to the fullest! With that, we can build out the ATM infrastructure to remove barriers to entry and create the possibility for mass adoption of DASH Evolution!!!