Im curious, as no one from the team has answered my questions:
- What does Xtrabytes expect people to do after seeing these ads? Xtrabytes is on two small exchanges, one of which is a DEx. Is Xtrabytes expecting the normal, every day non-crypto user who has never even bought from Coinbase to navigate through the Waves DEx or Crex24 to not only purchase XBY, but to also create a wallet and move their coins from the exchange to the wallet?
Hello Cameron, sorry for the delay as we are quite busy every day.
There are 2 parts to this answer: 1. The Academy is where we will be helping people learn all these challenging things beginners in this space need to learn. 2. We do not wish to only be on these 2 exchanges.
- What are these people supposed to do if they do manage to get the desired endpoint of purchasing XBY or XFuel? Theres barely any liquidity on either exchange period, much less for XBY and XFuel. Additionally, the remaining supply of XBY is extremely low.
Right now the market still does not fully understand XTRABYTES and the technology we are bringing to the table. We believe that once we start our testnets and the numbers are displaying the power we have been talking about, things will start to slowly change for the better and we will no longer be dealing with these issues you mention.
- Whats the incentive here? *Why* would they go through all the trouble? This is not a shot at the team. Its just facts. XBY is a small and relatively unknown project. Nearly everyone knows what Bitcoin is. A smaller, but still large number of people know what Ethereum is. The numbers go down at an increasingly high rate in regard to Litecoin, Bitcoin Cash, Ripple, etc. Outside of the top 10 coins, only a very small, minute fraction of people know any of the coins outside the top 10 even exist. Why would someone who has [likely] never purchased cryptocurrency before go to all the trouble? If they were going to buy crypto - which they likely would already have done by now if they truly *wanted* to invest in crypto. I would imagine theyre much more likely to sign up with Coinbase and buy Bitcoin than to really dive into the crypto space. I know many people who have done just that. They have never ventured outside of Coinbase and never bought anything other than Bitcoin and/or Ethereum. It seems highly unlikely they would do so. Even more unlikely - literally 0% chance in my own experience - that these people would learn about wallets, exchanges, dexs, deposits and withdrawals, etc., *especially* to buy an unknown projects token.
I know it is difficult for you (and many others) to see this right now, but you are comparing apples to oranges. The XTRABYTES technology is incomparable to any of the coins you mentioned above. Our vision is different, our goals are different. We are not just a crypto currency, but the others are nothing more than a crypto currency (Ethereum goes a bit further). Also, we are not advertising ourselves as "just another crypto currency" in fact, our documentary talks about the massive difference with our project and that we are a new and improved business model for the crypto space. From there, people will decide if they wish to get involved after venturing through our marketing funnels.
- Xtrabytes has stated their main goal is corporate adoption, yet also state - even in these comments - that these ads should drive the price of XBY & XFuel up. Corporations dont want the price to increase. That just means theyd have to spend more to purchase the token and use the Xtrabytes blockchain. Wanting the coin price to rise and wanting to gain enterprise-level clients are two things that dont go together. They cant both happen. Look at VeChain. All theyre doing and all the was promised, and the token price has done nothing. Billions of VET/VTHO burned and yet, nothing. As weve seen a few times in this space, projects typically offer steep discounts to corporations anyway. So, I dont see how these ads will be a net positive in that regard.
I am not sure we said our main goal was corporate adoption. Indeed we intend to go after the corporate markets once our tech is visible, but in the mean time we need to focus on our grassroots movements again and show the masses that we are different and will help them get involved and also learn many aspects about our technology while also giving them the opportunity to choose from several different ways to get involved with our project.
As for corporations, even if this were our main goal, to assume we want them to buy our coins is a mistake in understanding the actual goals and mission of XTRABYTES. We want the corporations to use our technology. Once we are ready, will build them the fastest, decentralized system they can buy and it will be expandable to whatever levels they require and will offer the highest levels of security which are built directly into our protocol. What happens with our coins in relation to corporations is secondary and in some cases we could even create a native token for them if this is useful for them.
Once we release our fees and rewards system in the coming days it will be much easier to understand all of this. But to say it simply, all of our softwares and services which will be available to enhance any corporations system is all paid by our coins. Some parts are paid by XBY and other parts by XFUEL. This will create an internal economy while at the same time the corporation would have their services visible without anyone even realizing there is an XTRABYTES economy in the background (unless they declared this).
- To further the second and third points, corporations would needs **millions** - if not **billions** - of tokens that are always readily available to purchase and with no possibility of those tokens running out any time in the foreseeable future. To effectively run an enterprise-level companys operations, the amount of tokens used on a constant and consistent basis would be an extraordinarily high number. How will the corporations obtain these tokens? How will they obtain tokens in the future? What about when the supply inevitably runs out? Why would they move to a blockchain that they will only be able to use for a relatively short and indeterminate amount of time? Corporate decision-making, especially purchasing and acquisition, doesnt work in favor of XBYs strategy here. The long-term benefit to the company and the incentives necessary to facilitate a switch just arent there.
Again, this is just a misunderstanding of how our system actually functions. Most of this was answered in my previous entry.
- What weve seen so far in this space is corporations using their own permissioned databases. Its not trustless and its not true blockchain, but corporations dont care about that. They care about the bottom line. There are also huge tech companies such as Oracle and IBM dominating the corporate blockchain space currently. Microsoft, as well as Amazon and Google, have their own blockchains as well. All these companies also offer vast amounts of cloud storage, which Xtrabytes has said since the beginning is one of the key focuses of the project. How does Xtrabytes plan to compete with corporations with the size, reach, and every other possible advantage that companies like Oracle, IBM, Microsoft, Amazon, and Google possess over Xtrabytes?
We will compete with our competitors by offering a better technology. It will not be the first time this has happened. This is also why we are taking the time to patent our technology because we know the big guys will like to use our tech in the end and so it must be protected.
Thank you again for your questions. If anything else is unclear that we can answer at this point, feel free to ask.
Dave