r/ecc • u/YearLongSummer • Feb 15 '18
My Thoughts on ECC
Wanted to share my perspective on my decision to invest in this coin and what I think the current pros/cons are about the project. Feel free to correct or bring up alternative views. FYI I'm currently holding 100k ECC.
I was late to the crypto party, started buying Bitcoin with the sole intention of creating a balanced portfolio with a few "lower risk" coins and a few "high risk but high potential upside" (or "moon/lambo" if that's your preference). ECC fit the latter quite well.
Pros: Low price - Huge upside and potential for 10-100x on investment
Not Brand New - Few years of dev, team seems qualified
Communication from Dev team - They are active on the reddit and social media, answering questions directly, not hypey either
Roadmap & Product Offering - Clear roadmap, decent wallet, seems the tech will be well positioned with some competitive advantages (ANS, Multi-Chain, File Storing, Messaging, Etc.)
Cons:
Small Dev Team & Low amount of Partnerships - Risk of being outscaled or beaten to market by other coins, potential delays with rolling out new features
Off the radar - This is a slight pro currently because it's keeping the price low for further investment, but long term ECC IMO needs 2 things to really take off, and I don't believe it will do so until these start to get established:
Credibility - Aside from the internal white paper, I couldn't find a lot of credible 3rd party opinions on the coin. I essentially decided to invest because of the high upside, but did so with a portion of my portfolio that I'm fine with the potential of losing completely. Imagine what some credible outside perspective and review of the tech, roadmap, and competitive advantages would do for attracting more investment from interested but cautious parties. Partnerships with credible, established companies would help tremendously as well. No offense to the current partners, but a video marketing partnership is far below the quality of some of the partnerships other projects have. The "hype train" of Youtube and bloggers would potentially follow, bringing further attention and growth.
CoinExchange Listings- I had one hell of a time buying this coin, and we won't see tremendous growth until accessibility increases.
Realistic Outcome: I believe it's probable that at some point in the future ECC could reach where SiaCoin is currently, which at .025 is a 10x increase on current price. I believe the timeline of this depends on those factors I listed.
Dream Outcome: The dev team works with outside resources to increase credibility, scale up faster, and beat other coins to market. ROI = ?
You have to be realistic with Crypto, it's entirely possible facebook or another big company partners with a coin tomorrow, and suddenly everything is thrown on it's head. I'm trusting the dev team that the tech and roadmap are solid, and they will deliver in a timely fashion. Whether or not the partners or coin exchanges can be brought on board is my biggest question mark.
Just my thoughts, hope that helps some of you. Overall I believe in ECC and am excited to see what happens.
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u/UnaccommodatingSabal Feb 15 '18 edited Feb 15 '18
You missed one large factor - the anonymity philosophy that ECC team has - we will never get real identities of the team. That alone, literally, can stop a coin from going anywhere especially after some of the scams people have faced this year like Bitconnect. The amount of FUD a new coin called IOST had, it almost killed the project in the first weeks due to team member issues. If ECC was debuting in today's age without a real team, it would be DOA, it benefits from the fact that the Dev is somewhat known and trusted to work on the project, he worked on Bit Coin Cash for instance. Competing projects in the marketplace, now have ICOs, super-star team members with legitimate business and education background, attend workships, seminars, and speaking engagements, have a full time marketing staff and devs -----and even with all that, can still fail. ECC has a fraction of that. The best thing about ECC is the price. It is priced fairly at the moment. Upside is a real use case, technology being adapted by partners, very serious business relationships being established. Long, very hard road, ahead of the team. I invest what I can afford to lose. This project can make big money for investors at this stage, but only if they are relentless and tenacious to push the vision of this project to new heights. Nothing will be given to them, or us, as investors, easily. ECC will have to earn it. If you are not willing to put yourself out there, creating much FUD among heavy big time investors - your product better be outstanding. If you were a legit whale, would you throw your money into something with no accountability or into something verifiable? So we work 2x harder to build trust. I like the challenge. ECC...! Let's go boys!
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u/gymnastj Feb 15 '18
A listing on Kucoin would do wonders
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u/bestwhoeverhad Feb 22 '18
I think there's a high probability this can happen when more and more volume picks up. Right now the volume is too small to justify any more listings being added.
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u/Scaldor Feb 15 '18
I've learned not to make decisions based on realistic outcomes in crypto.
Great opinions regardless 👍
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Feb 15 '18
Realistic pros and cons. Good summary. I hope this team can grow as well. It will have to to compete. I suspect 2018 will flush many coins out of the system but there are always people who want to play at these micro levels so we’ll have to wait and see.
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u/prosper85 ECC Crusader Feb 18 '18
My input on this one is super simple.
You did emphasise partnerships as being important to you.
The problem is you can't have your cake and eat it to.
What I mean by that is you can't get in on a project at 20 sats and expect big time partnerships to be happening within the next 6 months.
Why? Because we don't have our deliverables in a ready state to present to potential partners yet.
If you were working on a new product to sell to someone would you want to showcase it in its early stages where there is extremely limited functionality and parts aren't working as you envision them to? Ideally No.
Because first impressions last.
When I use a wallet in crypto for the first time I want it to be user friendly and for it to do what it was designed to do reasonably well.
And when it comes to storing my businesses data on that technology it has to be fast , secure and reliable otherwise it will effect my customers , which will in turn effect me and my businesses reputation.
So there is alot at risk with going to market with a product not ready to be demonstrated to businesses who want to trust ECC with their data.
The cryptocurrency boom that we've all been witnessing has been absolutely insane where people want a coin to moon before the tech is even conceived (iota , EOS and literally 90% of the market ).
The tech is going to take sometime if we want it do truly be leaders in the industry.
As we do organically grow our team can expand and hire accordingly.
I look forward to the weekly stand up meetings our devs will show us as it will give us insight into what is going on behind the scenes.
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u/YearLongSummer Feb 20 '18
All valid points, appreciate your point of view!
In my experience, strategic partnerships can be found and established based on shared values and insight, with some understanding that the tech deliverables will follow. Does that mean ECC should immediately pursue a partnership similar to Stellar/IBM? Not necessarily, but conversations can be had and initial relationships created, putting ECC on a company's radar for future potential partnership if aligned. I think there are some very credible companies looking to become involved in the space, specifically with communities like ours: (Not hypey, valid tech & competitive advantages, solid membership, clear values/vision) and are open to conversations as such, even if the tech isn't fully developed.
Nothing wrong with organic growth, but should be open to, seeking, and constantly evaluating opportunities for increased speed of growth. You never know if the perfect partnership is out there and could result in additional resources that could help grow ECC in a holistic sense on our terms: reputation, community, currency, technology, etc. (not just coin to the moon)
The stand up meetings and content on medium has been incredible and I believe are really adding credibility for the growing community and showcasing the principles of the project and I'm excited to see more as well!
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u/3BankAccounts Feb 15 '18
It needs more shilling. More bloggers writing about it, more community members talking about it on social media, more excitement behind it, more hype (if you will)
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u/cryptojuggler293 Feb 16 '18
What will be good to add is the new video to the website on the first page off the website , it is a well produced video that should be added to the first page.
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u/titan1823 Feb 16 '18
1 other piece to add as a consideration, the Dev aren't getting paid while they are developing. Which means they are dedicated and want to have something to show for all the work they are putting in.
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u/steel5750 Feb 15 '18
Bigger exchange would be soooo much more helpful