The following is not a finished plan but an alpha concept that I am looking for feedback on, ideas, team members, partners, expressions of support and disapproval. Thanks in advance.
Bitcoin Cash is falling behind. It lacks the reliable infrastructure, mentoring and support necessary to realize the promise that is Bitcoin. Without sufficient marketing, onboarding and growth, BCH loses momentum and hater voices can more easily dominate Bitcoin Cash conversations, resulting in declining morale and loss of builders to more exciting projects.
I’d like to float the idea of forming a Panmoni Foundation to build out the Bitcoin Cash ecosystem through: (1) onboarding app builders, (2) marketing BCH at a high level, (3) expanding ground adoption, (4) creating profitable Bitcoin Cash products and (5) building BCH community cohesion.
In 2022, we want to do something big and meaningful that fills the most important gaps in the Bitcoin Cash ecosystem and enables BCH to grow 10-fold.
This plan is a response to the important challenge of growing BCH use so we can scale up blocks and provide price support. We want more users, more builders, more hashrate, more on-chain activity, more merchants, more media, more excitement and more realization of the possibilities that Bitcoin Cash offers to the world. All of it, of course, being real, genuine use.
A Panmoni foundation would focus on putting a new foot forward for Bitcoin Cash with the leadership, support and other services needed to realize the promise of Bitcoin. We want to build out the BCH ecosystem and continue onboarding the world to Bitcoin Cash.
The stakes are high and the challenge is great. We are the scrappy upstart David, not the overfunded Goliath with the brand name VC funds behind it. Therefore, we can’t simply run on big ideas, marketing fads, quick fixes and passion. We need strategies. We have identified a straightforward and effective strategy we can deploy to serve these goals.
Let’s make a statement to the world and the crypto ecosystem. A commitment to a marketing and onboarding foundation to build out the Bitcoin Cash ecosystem says a lot of encouraging things to those already involved in BCH, those on the fence and those who are looking for new crypto opportunities. It plants a flag for the Bitcoin vision of peer-to-peer electronic cash for all, without artificial limits or intermediaries.
Bitcoin Cash lacks the building blocks necessary to thrive as a permissionless Bitcoin ecosystem where new builders can find a welcoming and profitable home.
We lack infrastructure to build on, which means we can not retain builders, which leads to insufficient BCH media, lackluster ecosystem morale, a weakening motivation for new users to onboard and hold BCH, and not enough excitement to break through the hype/hate in the cryptocurrency marketplace.
Bitcoin Cash generates a sense of rudderlessness and unease for many of its remaining builders, unsure where the ecosystem is going, unsure what role they can most productively play in it, without a place to go for consistent advice and guidance.
When this goes on too long, the BCH hater voices can overwhelm our weak signal, and this leads to an escalation in the cycle of fear, uncertainty and doubt with respect to the future of Bitcoin Cash.
In short, we just need more people, and we need to help them find their respective places in the BCH ecosystem.
Before undertaking a new effort, it is important to consider what has come before.
In the past, Bitcoin.com tried to do everything and clearly is now moving towards doing a very small number of things as they have shed local.bitcoin.com, mint.bitcoin.com, their exchange, the Badger wallet, the open-source nature of their otherwise outstanding wallet and much more.
I found no clear analysis on why the BCF/BCA shut down, but I speculate that one or more of the following may have played a role. (I welcome more detailed analysis on this.)
- Surface-level work like donating to other projects, running adoption contests that are not sufficiently rigorous or running ads on trucks with no ability to measure results.
- Low value-add activities such as supporting other people’s proposals as a kind of funding mechanism rather than proactively pursuing its own projects and vision.
- A heavy focus on meetups as dinner parties for OGs rather than holding onboarding events that bring in new people, orienting them and placing them into an educational pipeline.
Bottom line, without a guiding strategy and plan, it is very easy for even the best people with the best intentions to fall victim to a grab-bag mentality and constantly spin their wheels without breaking past the threshold necessary to produce meaningful momentum.
The solution is a simple strategy with a clear guiding policy that anyone can understand, remember and follow.
- Outreach to the mainstream economy where its consumers and producers are active with all relevant forms of marketing to involve more builders and users into the Bitcoin Cash ecosystem.
- Tell the story of Bitcoin Cash, its values, principles, unique benefits and characteristics. Tell it over and over again in different forms, styles, settings and voices.
- Mentor, equip and support builders so they stay, create profitable products and form a BCH business ecosystem.
In short, OSM: Outreach. Story. Mentor
To support this, we establish the guiding principle of: just more people.
In this way, we apply our strength of permissionlessness to welcome everyone we can into BCH, which is not something any other cryptocurrency can do. Any other crypto that attempts to compete with us on this point will find it too expensive and frustrating to do so.
Bitcoin Cash is decentralized, permissionless, inclusive and therefore open to everyone, everywhere, no matter what limits large institutions may attempt to enforce.
Bitcoin Cash has extremely low fees and the best of both the Bitcoin and Ethereum models under one roof.
Bitcoin Cash is a growing global nation that provides new members the opportunity to build their own prosperity with unlimited financial options and our growing global community.
With Bitcoin Cash, you have complete liberty, unlike with other coins that have many, varied and sometimes hidden limits that damage the network effect required to become successful.
Bitcoin Cash offers a motivated and passionate community with name recognition, network effect and an unstoppable vision.
- Build your prosperity with Bitcoin Cash
- A Swiss bank account in your pocket
- BCH crosses borders as if they didn’t exist
- BCH builds real utility
- BCH is the Bitcoin that works
A good strategy requires focus. We can’t say yes to everything. We have to choose a handful of things that will help move forward the rest.
We can not become recognized as a superior coin in the crypto ecosystem by only copying other crypto projects. We must find real problems in the real world that BCH/SmartBCH can solve, and we must find the human beings to solve those problems. This is the key to healthy, sustainable growth.
Copying the market leaders is a strategy for always remaining a few steps behind them, which will ultimately mean that BCH continues to lose traction. People follow leaders, not followers.
We must not only produce at a lower cost (low fees) but also we must produce more and more unique and real-world-effective solutions. This is how we can differentiate ourselves.
The crypto rich at hot coins are sitting pretty with 100 million raises in a NYC or SF office. They are comfortable. Therefore, we must find those who are hungry for prosperity, recruit them, mentor them and help them do the hard work that others turn their noses up at.
The developing world is a pivot point for Bitcoin Cash that is largely neglected by other cryptos. We can leverage the billions of financially-excluded working people to magnify the impact of our investments many times over.
There are 3,000 things we need to do to get BCH to where it should be, but some of those things are more impactful than others. Some of those things will help us achieve the rest of the items on the list.
I’ve identified the following 5 areas of strategic focus. This is what I believe will have the biggest impact and help the ecosystem to make progress on related action items.
Assemble a vibrant ecosystem of thousands of people building BCH apps to serve the growing user base across the globe and enhance network effect, leveraging mainnet as well as SmartBCH to solve problems Bitcoin Cash is uniquely suited to solve.
- Infra: BCH APIs/infrastructure service with a paid SLA and a free tier.
- Wallets: FOSS wallet super app with a dapp browser plus companion browser plugin. PMv3 support. Including BCH, SmartBCH, SLP, ETH & BSC to start.
- Developer outreach and recruitment, including to woo projects away from other smart contract chains.
- Self-study educational course about how to develop on BCH with organized technical and business mentoring available.
- BCH business accelerator and grant program.
- Developers are getting lots of money to develop elsewhere.
- Inadequate BCH infrastructure currently.
- We need to start from scratch with the browser plugin.
- Build a complete FOSS vertical so the work endures, there is a solid foundation for others to build on and others can build businesses replicating it.
- Leverage flipstarter and its successes to date to show that funding is easily available.
- Ample use of video to show real people doing important work that affects the real world.
- Leverage BCH values, our “why”, to counter the lure of money elsewhere.
- Recruit newbies and help them get up to speed so we’re not just jacking up prices for the same pool of people already being recruited by other cryptos.
- Make use of the personal touch.
Enhance high-level Bitcoin Cash marketing, leveraging best practices while remaining true to community values and priorities, to get BCH back into the top 5 by market cap and eventually flippen BTC. This is focused on building excitement among developed world investors.
- Form the Foundation: Make a splash with the foundation formation/investment. Leverage that for BCH publicity and follow-on goals.
- Refresh the Brand: Signal that new things are happening in BCH by creating a new logo that preserves the color green and the Bitcoin “B”.
- BCH Roadmap: Collect the CHIPs and other ideas that have consensus, interview key people about what should be on the roadmap, release podcast episodes and videos, coordinate with stakeholders and create a new BCH roadmap.
- Brand Marketing Campaign: Literally put BCH everywhere and do a complete brand refresh at entry points in particular. Spread our ideas, values, identity, what we’re building, opportunities in BCH far and wide, via paid, influencer and content marketing primarily. Respond to the narratives of other cryptos. Give BCH a voice. Be bold, challenging and classy. Create a BCH newsroom to support more BCH media coverage.
- Market BCH Protocol Development: A campaign that takes inspiration from BNB, ADA, SOL, TRON & other “hot” coins to make BCH development intricately well publicized, add some polish and mystique to it, build partnerships across the ecosystem and attract more protocol devs. The goal is to benchmark what top coins are doing, identify tactics that fit the BCH ethos and execute in order to build more global buzz for, confidence in and speculative excitement for BCH.
- A Partnership Practice: Give people a target to partner with. Do outreach to create a stable of 10 new key partnerships that complement the overall foundation action plan.
- Measurable, targeted ads (FB, IG, Google, private ad networks, etc.) and constant measuring and refocusing based on metrics.
- Leverage new media and its vibe: Tiktok, Instagram, etc.
- Partner with other teams to run ads for their products that also promote BCH.
- Partner with a small number of big-picture philanthropic projects alongside highly-reputable NGOs for small spends.
- Build coordination with BCHN, SmartBCH and other key people and projects in the BCH space to support these projects.
- Build relationships with high-profile people and organizations that could complement the action plan. Make friends.
- Do a survey of crypto investors to gauge public perception of BCH as an investment asset, and take steps to remedy shortcomings.
- Recruit pro media teams in each of Latam, Africa and South Asia to produce BCH video media that has respective market fits.
- Coordination with other ecosystem participants, particularly BCHN.
- Overcoming of existing ideas about BCH in the crypto space.
- Resistance to partnering with BCH among BTC maxis who run many organizations in the space.
- Finding and retaining the media talent required.
- Overcoming the crypto ads ban.
Timeline: Continuing on a slow simmer.
Continue building local merchant, consumer and institutional adoption in the developing world. This helps us onboard new BCH builders, is a laboratory for solving real problems with BCH/SmartBCH and provides real-world marketing material, use cases, etc. for marketing BCH that no one is currently replicating.
- Pearl: Upgrade to a more automated onboarding system to reduce administration expense and scale more smoothly.
- BCH 50 Merchants Promotion: Achieve 50+ active merchants, 500+ active users and regular events in each of 50+ high-population global cities across Latin America, Africa and South Asia.
- Edu Funnels: Expand the educational funnels, wherein new users are automatically nudged to learn more about BCH in bite-size portions, and progress to becoming Bitcoin Cash builders.
- Onboard Latam Corporations: Perform personalized outreach to Latin American corporations to orient them to BCH, get them to accept it and consider holding it as a treasury asset.
- Onboard all of Caracas Venezuela to BCH: Make Caracas a flagship city for Bitcoin Cash.
- Onboard a whole country to BCH but in a voluntary fashion, what Bitcoin should have been in El Salvador. But somewhere other than El Salvador as BTC has poisoned the well.
- Achieve global recognition for BCH as the #1 crypto in Venezuela.
- Incorporate the onboarding system into the wallet so newly onboarded users have an additional way to start earning BCH while also helping adoption.
- Generate BCH inflows, for example via remittances, cross-border freelancing and more.
- Systematize everything to smooth out the rough edges around dealing with young but ambitious onboarders in the developing world.
- Create showcase adoption in key locations such as Venezuela, Cuba, Nigeria, Ghana, Kenya, Indonesia, the Philippines, etc. that can inspire follow-on adoption in other cities in the respective regions.
- COVID restrictions.
- Local law and institutional attitudes/obstacles.
- How to bridge the gap between real-life economic use and virtual BCH.
- Human development challenges.
Timeline: 2024 and beyond, medium priority.
Leverage our work to develop profitable BCH products and services and thus enable the organization to do more for Bitcoin Cash, perhaps even becoming self-sustaining.
- Infrastructure Service: BCH APIs/infra with paid SLA and free tier.
- Remittances: Pilot, combo remittances, simplify cash-to-cash remittances for end users, etc.
- Anyhedge POS for merchants.
- Unstoppable local liquidity DEX for P2P exchange.
- Several others ideas I’m not ready to share.
- Create products that give small businesspeople, freelancers, small entrepreneurs, startups, etc. a competitive advantage vis-a-vis their competition. Help our users prosper by making it directly advantageous to their bottom line to adopt BCH products.
- Focus on doing a handful of products extremely well that are foundational to products our mentees might like to create.
- Solve problems discovered through our local adoption work in the developing world and use our networks there to test and polish the resulting products.
- Identifying products people want.
- Launching them effectively.
- Supporting and growing the products.
Timeline: Long-term. Turn other positive results into this.
Through cooperation, collaboration and communication, build voluntary and decentralized community cohesion such that the global BCH community feels connected, has expanding network effect, growth opportunities can be fully exploited, and people can find the moral support and partners they need to move their projects forward.
- Documentaries: We will continue to produce 1-3 short documentaries per year about what BCH is building.
- Vlogs: Foundation officers will produce vlogs from time to time giving personalized updates and thoughts on BCH and what we’re working on.
- Support open and uncensored communication.
- Participate in existing communication spaces.
- Show off our wins, revel in them.
- Actively cheer on BCH builders. Help them fill in the blanks and get the attention they need.
- Trolls & haters.
- Mistrust & paranoia.
- People who are unwilling or unable to communicate productively.
- Bitcoin Cash Node and the general developer community
- Noise.cash & read.cash
- Modenero Corp.
- Bitcoin Verde
- Electron Cash
- SLP Foundation
- CoinGate & BitRefill
Given that most of our action plan is aimed at fomenting a larger, more effective and more adopted BCH ecosystem, the foundation might be our first choice of vehicle, since it removes the need to produce a profit. If we select corporation, our incentives will only align with profit-producing activities. We are open to forming a DAO but would prefer to see full funding commitment before creating the DAO to ensure we don’t do a lot of legwork to create a vehicle that is not going to be sufficiently adopted to afford execution of our action plan. (I already did a token sale once that did not meet its goal.)
I am still in the process of building a budget. It doesn’t have to cost crazy amounts of money. That said, $10 million is a meaningful round number that gives us the ability to do things right from day 1: hire and retain the talent we need, put out the offers we need, build the systems we need and invest in the image and vision of Bitcoin Cash.
The publicity power of an investment of this size into this mission is not to be underestimated, as it sends a signal to the crypto ecosystem that people believe in BCH, that BCH is growing, that there is serious muscle and talent behind it, and that good things are coming.
A $10 million base is the kind of investment others can follow when we do raises for a business accelerator, for-profit products and the startups of BCH builders we attract, mentor and help grow.
For comparison it is about 3x the Bitcoin ABC eCash block reward fund, 1x the annual Dash treasury, less than half of what has been put into GoCrypto, 1/3 of what ETH is spending just this year, 16% of Cardano Foundation funding, 10% of the BSC fund, 7% of Terra’s fund, 4% of what Avalanche raised in a recent private sale and less than 3% of what Solana has raised to date.
So, while it is not a small sum, it remains a modest sum in the crypto space. If we could announce an even larger sum that is on par with coins that are passing BCH, such as AVAX, ADA, SOL & LUNA, that would be even better. A foundation would not need huge sums immediately of course. The point of the $10 million number is about the PR impact, not actual immediate spending plans.
Find links to background information on the organization and our efforts at https://bitcoincashsite.com/about/.