Let’s take another look at marketing, my favourite topic at the moment. This week, we discussed the debate that had been raging on Twitter about being paid to shill projects. The culprits are individual marketers who have built a profile and are paid to shill projects using their social media accounts. Within the “blockchain” industry, marketing has seemingly become more important than the technology itself.
“Blockchain experts,” as they like to call themselves, are usually anything but. Their expertise lies within the marketing industry and not actually understanding the underlying technology. They are often the ones invited to speak at conferences as their “profile” is usually greater than the knowledge necessary.
Why is this a problem?
The ICO craze may have dwindled in the past year as most continue to fail. This doesn’t mean that they are dead in the water, though. Instead, they will soon be rebranded as STOs, and you can be sure there will be a plethora of individuals signed up to “advise” these companies. The advisor role won’t necessarily focus on improving the technology or ensuring that it is a viable product, though. Rather, the advisor role will ensure that the marketing is in place to create plenty of hype around the new “Bitcoin killer.”
Not a day goes by without this claim. Marketers aren’t really interested in the technology or the fact that their marketing could cause people to lose money on projects that are doomed to failure. Not so long as they get paid for their advisor role.
Many of these so-called advisors are placed in the list of “global blockchain influencers,” based on the fact that they have an audience that they can market to. This is an expertise of theirs, and they do have a right to use it. Still, ethical questions can be raised when they take payment from any ICO waving money in their face. For a marketer, it is a win-win situation. If the project fails, they will still receive payment and then just move on to the next one.
People might suggest I am being too harsh on marketers, and perhaps I am. However, I am yet to be convinced by many in the industry. ICOs are a plague, and advising one instantly raises red flags in my mind. All I will say is be careful trusting so-called “blockchain” industry experts.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.