Hi Cardano Team,
I’ve been following this project since it launched in 2017 and have been holding long. I’m a big believer in the project due to the rigor and process, but I have a few constructive criticisms that have been spurred by recent events in global regulation.
This project in my opinion is light on marketing particularly in the US. It simply does not get the attention it deserves despite the fundamental and high standards of development. I chalk this up to this project sort of being the anti-marketing project and I get that, but I think developments in the market are putting the project at risk and a more balanced approach is needed.
#1. Binance is barring US investors as of September 12th 2019. Bittrex has already done this.
Where exactly are investors in the biggest crypto market in the world going to trade your coin?
This is a massive issue that If you are ignoring and not prioritizing you do so at your own risk. In the short term, ADA is likely to begin to fall in price as that date gets closer and people realize they may be unable to trade or swap out of the coin if needed.
You can go ahead and build the greatest platform coin in the world and if it’s inaccessible or has zero recognition it will fall flat on it’s face. The best doesn’t always win, but the best marketed product often does. Ignore at your own peril.
#2. FATF rules are going are being applied across developed and emerging countries. This is massive and the first step in further regulation in the market.
Why you should care: Authorities are already clamping down on ICO, and regulating smaller projects that have gone live. We don’t know where this will end.
The larger your market cap and the more highly traded and invested ADA is, the more likely the project will be grandfathered past any overzealous regulators. It could become even more difficult, particularly in the US to get listed on the primary exchanges such as Coinbase and Gemini and any future exchange rolled out by the traditional firms.
Here is my point:
The Cardano/ADA team needs a sense of urgency in regards to making this project accessible to US Investors ASAP!! You need to prioritize getting listed on the exchanges of Coinbase and Gemini. Furthermore, you need to get your wallet functionality fully developed. This should have been the first thing done. Currently, I can only use my Nano S via your browser extensions, but this need to be integrated into the Nano Manager and other competing products offerings immediately.
I get it, it seems like Charles H wants to be the down to earth, anti-marketing/ anti-bs guy in a world full of scam and shit coins, but marketing and accessibility are serious fundamental issues regardless and very little is being done compared to other projects.
Let’s be clear - We are at a turning point in the industry!! Bitcoin is growing on institutional investment and developments. We are nowhere near the next full on bull market though the bear is over. BTC is gaining acceptance, and the regulators are taking the space seriously. The next BTC run up over the next 24-36 months combined with the growing regulatory attention is going to contract the market offerings outside of the top coins and accepted projects.
Trading from US investors in thousands of shit coins on binance and bittrex is coming to an end. If Binance and Bittrex eventually comply with US law and become listed exchanges I can nearly guarantee that it won’t be with hundreds of coins. Let’s be realistic, the regulators are going to scrutinize projects and this is going to limit what legit exchanges will accept.
Please don’t be in an ivory tower and think this can’t be applied to Cardano despite it having arguably the highest merit out of any project outside of BTC Itself.
ADA needs to be listed on US exchanges before summer’s end.
Wallet accessibility and integration with all major providers needs to be developed in tandem.
Honestly, It’s irritating as a fan and supporter of this project that these two basic things have been ignored despite being the two most important things for ADA’s REAL usage and acceptance for it’s layer 1.
Thanks and good luck