Apart from that you don't want to have the volatility of most crypto to be a means of payment. "wait, my hard earned products are now worth 50 % less than an hour ago because some influencer in his basements mom did a rugpull?"
Because none of that is the purpose of cryptocurrency. It for tax evasion by the rich, and for the cryptocurrency to seize when its used for crimes or when its defrauded out of someone else. And for riding a seemingly permanently rising currency to riches.
In any case, it boils down to "I can make money off cryptocurrency". It doesn't "help" people. If someone says that, they just want to evangelize it because they think that's the key to 'crypto go up'.
> For us, it’s much more important to have more traditional markers of trust, like approval from bank partners, billboards in major cities, TV and radio ads, and so on.
Realistically, there is not really any way to create trust other than telling people "we are trustworthy".
The risk is that if the company is found wanting in the trust department, all the previously built up trust evaporates in an instant, and it's nigh on impossible to regain.
So yes, I do think trust is a function of marketing budget.
Apart from that you don't want to have the volatility of most crypto to be a means of payment. "wait, my hard earned products are now worth 50 % less than an hour ago because some influencer in his basements mom did a rugpull?"
The article lists volatility of the exchange rate as the most important factor.
there are many coins that don't fit this description
Because none of that is the purpose of cryptocurrency. It for tax evasion by the rich, and for the cryptocurrency to seize when its used for crimes or when its defrauded out of someone else. And for riding a seemingly permanently rising currency to riches.
In any case, it boils down to "I can make money off cryptocurrency". It doesn't "help" people. If someone says that, they just want to evangelize it because they think that's the key to 'crypto go up'.
> For us, it’s much more important to have more traditional markers of trust, like approval from bank partners, billboards in major cities, TV and radio ads, and so on.
Trust is a function of marketing budget now?
In context they are talking about poor Senegalese not being savvy to why crypto is trustworthy.
Realistically, there is not really any way to create trust other than telling people "we are trustworthy".
The risk is that if the company is found wanting in the trust department, all the previously built up trust evaporates in an instant, and it's nigh on impossible to regain.
So yes, I do think trust is a function of marketing budget.
> So yes, I do think trust is a function of marketing budget.
But also consistency and stability as the foundation of trust. Marketing is merely a means to transfer the message.
If you cannot show consistency and stability, no amount of marketing should give you trust.
Yes trust as in the emotion. The other side is trust as in honouring that trust, which needs culture, regulation etc.
Would you buy a car brand that has never been mentioned anywhere?
If you consider the US military budget to be part of the Dollar's marketing budget (I do), then this is spot on.
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