This article will focus on three key factors that can help Cobinhood survival in the crypto space. These factors are:
Building the community with the principle of transparency
Respect the roadmap
Lessons from Binance
Transparency
Many companies make mistakes. While most of these errors are hidden from clients and investors, some companies are transparent in communicating those errors to clients as part of ethical corporate practices. One of the advantages of doing the latter is that it builds trust and trust of investors and clients towards the company. In the short term, stocks, stocks, token prices may decline following the announcement, but may recover soon.
Following the company timeline
It is imperative that Cobinhood honors and obeys the timeline. This may seem as a minute issue but is essential for Cobinhood survival. It is important that Cobinhood learn from successful platforms such as Stratis and Neblio. As an early investor in Stratis, Stratis's success relies heavily on the team's ability to bring all its investors and also follow its roadmap. Such an attitude depicts a team that is serious about its business. It also boasted investor confidence in the team. When investors have confidence in their teams it tends to HODL which therefore affects prices positively. Today Stratis has generated over 1000X and Neblio who has followed suit has also produced more than 11X.
Following a Company timeline may not always be possible; But communication is very important in situations where the company is behind the timeline. Nothing is more annoying for investors because the team fails to meet its project schedule and still feels uncomfortable with their progress. This is one reason why Antshares was asked to be renamed. Because they are so bad at PR so most early investors have to sell their tokens, but after changing the image and improving communication and PR, prices skyrocket.
Lessons from Binance
Before discussing Binance lessons, it is important to emphasize that IF COFFEE DOES NOT LISTEN TO ITS SOCIETY, IT WILL NOT BE RESPONSIBLE. The reason for saying this is because crypto exchanges like Poloniex which is IDEAL Exchange because of the high volume currently struggling to get such simple volumes is becoming too BIG to listen to the needs of the merchants.
Many investors and crypto traders generally agree that Binance is a game changer in the crypto room. Prior to the founding of Binance, it was very difficult to trade with the Chinese market. Some requirements in opening an account from this Chinese Exchange may include having Chinese Identity. Therefore, it is very difficult for merchants and investors from the west to trade on Chinese exchanges. However, with the introduction of Binance, they bridge the gap between the West and the East. As a result of the decision, Binance survived, after China collapsed. Just because, first they registered in Hong Kong, and both more than 70 percent of its users came from the West. Can you imagine what would happen with Binance's story if they did not open their doors to the West,
The advantage that Cobinhood has over Binance is temporary, Binance is registered in Hong Kong, they all mostly live in China. Therefore indirectly compel them to comply with Chinese regulations. One of the effects was that Binance was "forced" to shut down China's ICO that he had borne to return the funds to investors.
Cobinhood does have some advantages in handling more legs into ICO space than Binance. First the company is incorporated in Cayman Island and is located in Taipei. Therefore, it protects Cobinhood from Chinese law considering the company is not registered in China. Also, Taipei and China have the same culture, and this may attract Chinese merchants using the Cobinhood platform.
One of the ways in which Cobinhood can attract Chinese investors and still RESPOND China's rule will include and bear ICO from China in accordance with Chinese regulations. Although there is still a gray area, given there is little information about China's regulation on ICO, there is a possibility that the Chinese PBOC may clarify it in the future.
Secondly, Cobinhood should only bear ICOs that have undergone rigorous due diligence, review smart contract codes and also comply with domestic legal compliance such as KYC. If this is done then it will put Cobinhood in a safe position that is profitable for legal compliance. It is not as if China is openly banning ICO, but wants ICO to comply with its monetary laws. At present, projects that have ICO before PBOC announcements such as NEO and Qtum are still operating and getting stronger. The view shared by some crypto analysts is that the cramps that occurred in China by ICO will not stop China's early steps following the ICO route, once everything has been settled.
Therefore, my view is that Cobinhood can learn from other successful crypto project experiences and be innovative in its approach. Binance has proven that through innovation, a new exchange can be a strong competitor in the crypto space. Binance innovations like monthly coin voting are a strategic means of attracting new traders and traffic to their platforms. Such innovations affect project prices positively, and I hope that Cobinhood can really be a competitor and one of the most exchanges in a few months, if everything is done through transparency lenses, legal compliance and innovation.
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