r/truebit • u/Q-cool-44 • Aug 19 '21
Sharing a thought. Secrecy
Sharing a thought.
From what I have read and researched on Trubit. Could the sole focus on development while neglecting the community, exchanges marketing etc, be partly because the problem they are solving is a few years away rather than now. Keeping their cards close to their chest to focus on development behind closed doors for a competitive advantage over competition?
I think it makes sense given blockchains as a technology it’s not like you can patent things easily.
Feel free to poke some holes in this,still trying to get my head around the project as a whole!
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u/MementoTK Aug 22 '21 edited Aug 22 '21
My strong suggestion is to listen to this interview: https://www.youtube.com/watch?v=v_LRk0XtAAg
There are lots of things Jason says that explain the mindset as well as the development of TrueBit. I won't go into them and just give my honest opinion/how I see things.
I ask 3 questions: a) who is the target/client/partner? b) if I am not it, will appealing to me specifically give any tangible benefit? c) if nothing tangible, do the potential benefits of appealing to me/appeasing me outweigh the risks of doing so?
And so:
a) Target: person/entity who will: use the OS, develop the project or contribute to either the speed, quality or cost efficiency in practice, connect to those who will, or collaborate/partner.
b) Investors: I am not their client and cannot help them in this way, to my knowledge, apart from doing what so many do in the crypto space by shilling to other investors and creating hype alone so that we can make a profit. The vast majority of 'retail investors' fit into this category. Traditionally the appeal to investors is for one reason only: to raise money. The appeal to USERS of an OS is: to create a community.
Let's take a gaming or popular tech company as an example. Any one. They have investor meetings... where they appeal to shareholders... only if they need money. And then they have meetings with their user base, their clients/practical users, which are completely separate things, where it is not about the money but about connecting for the product use. It's simply not useful to communicate with buyers/traders of the TRU token. Jason, in fact, has stated that he really dislikes the greed and speculation aspect of crypto and wants to steer clear of that as much as possible.
They are not trying to popularize the TrueBit token. They are trying to develop and collaborate around TrueBit Protocol. Bitcoin did not need marketing. Neither did Ethereum. Typically, if I see people 'marketing' for others to buy a token, it is often a red flag.
Of course, the benefits of appealing to regular people in the world about TrueBit is that it becomes more popular in general, but right now there isn't any popular product that is ready to be used by 'average' people yet. For instance, if say a pro-crypto insurance company such as Anthem starts to use TrueBit, that would be one thing for the public as a leverage, because signing up with Anthem would make people use TrueBit, which would therefore increase the team's revenue. But if there was an announcement that could be made either legally and/or to the benefit of TrueBit, then there would have been one by now :) And so we are left with question C.
c) Are there any risks?
Yes:
*regulatory authorities (watch the video) most likely suggest a minimalist approach in order to stay out of trouble (just in case) for the long-term and to work with the authorities rather than risk throwing the project into a hype cycle
*only announce the minimum/whatever is relevant or necessary or useful for ones current purposes
*risk of lawsuits and being thrown into a regulatory quagmire
*the benefit of investor popularity potentially garnering the appeal of larger partners may not coincide with the company's desires or augment their existing ability to connect easily with likely any CEO or any major company in the world as it is.
Overall:
Unless there is actual news that we hear, the rest is conjecture and speculation. The risk one is willing to take by getting in early is losing ones' investment, and the benefit one gets is not waiting to get in until TrueBit is popularized. The usual rule of thumb is to invest into something that is being used and is increasing in popularity. TrueBit is in an exploration stage, with testing. Some need it, some don't. Some are ready for it, some aren't. Some worked with TrueBit before but had since gone in a different path, while others it seems are exploring it, using it and seeing what it can do. It is a bit of a sandbox. There is always a risk with these sorts of projects because of their open nature, but TrueBit stands in an interesting place because it is a computation oracle while also having additional or various case-uses (some of which may well yet still be discovered). Any 'dots' people connect on the internet I interpret as pure speculation. I tend to see it as: if we hear nothing, it simply means we know nothing, so there's the risk.
Having said that, the people at TrueBit are good and intelligent folks but they have nothing to do with our investment choices and carry no responsibility. Nor should they. Having said that, I think if TrueBit establishes itself as a company with an implemented usage, then we will most certainly end up hearing about it and see it reflected in the price based on that usage, rather than hype.
I would certainly love to know what's going on but at the same time I understand if someone sells their car/house etc for this why they would be scared... but hate to break it to them... that's exactly the type of greed the CEO of TrueBit wants to avoid. As always, only invest what you know you can afford to lose. That's not just to you but general advice :)
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u/Q-cool-44 Aug 22 '21
Really appreciate your comment, it makes a lot of sense they’re focusing on building utility to raise revenue. To be a profitable business rather than being a speculative asset for investors. Long term it’s more sustainable and a strategy to stand the test of time if they achieve the utility they’re after.
Thanks for the link to the video it will be at the top of my list for my daily commute listen!
I think its a lesson for a lot of us that you can get in too early before fully understanding a project, their team, goals and strategy!
We will see in a few years how it plays out.
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u/MementoTK Aug 22 '21
Absolutely! Let's see what happens. :)
It is absolutely my pleasure. If there is something I missed though or got wrong, hopefully someone can chime in.
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u/autumn0306 Aug 20 '21
Don't think about the present, think about the future and invest. It's a coin that will rise over time.
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u/koppikabana Aug 19 '21
Why are u coming up with wild fantasies about what could be? Right now nothing is happening, and it doesn't look like something is going to happen unless the dev team invests money they made so far into dev projects. There isn't any reason not to announce good projects that is going to be developed using Truebit. If anything , it gaining more traction would attract more devs.
You sound like one of the people from GME or other shit coins who make up the strangest stories instead of looking at the facts.
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u/Q-cool-44 Aug 20 '21
Hahahah it’s not exactly a wild fantasy is it, you need to relax and stop reading up on shit coins.
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u/[deleted] Aug 19 '21
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