Surviving the Entrepreneurial Storm in Crypto.
Right Now Our Business is Going Through a Dry Spell.
In December @AnaHilarski and I decided that we were no longer going to accept or keep clients who pay in USD and would go 100% Crypto. We literally could not have made that decision at a worse time.
Since we made that decision in December we have had zero cash flow from our businesses. Yes, absolutely zero! We still have Bitcoin mining contracts, SmartCash Staking and Steemit which pay the bills so we are doing fine. When it comes to our core business we are in a downtime so what does an entrepreneur do in times like this?
What We are Doing?
- I Partnered with my friend Big Mike and Started CryptoSwag.io.
- Token Magic is Restructuring.
- Building Out a Crypto Incubator in Panama Pacifico with the Guld and TigoCTM teams.
- Traveling to UNCHAIN Hamburg to Speak in May.
Randy You Should Be Cautious.
I am not built like that. When the times get tough it is time to work 10X. While everyone is cowering in fear you charge forward and take ground. Why should I take a break and rest on my laurels? Watch out, once the Crypto Bull returns we will be positioned to make moves.
Good example to stay afloat.
Like when you said, work 10x to get where you want to go and be.
You will get there.
Keep on steemin'
It's OK @hilarski. We know crypto is volatile so we should also know that if there's are times of "down" then there will be also times of "up". Patience is a very important key.
Good luck to you. I am sure that you will do great. Like you say when times get tough, it surely is time to put in ten times the effort.
Yes it's been a very hard March but all of us just keep pushing forward, and the downturn makes us look for others areas of opportunity. Yes you can make money in crypto even when the markets are bad.
It seems to be shakeout time, as the weaker nerved ones rush to the exit and sell low. Where will it bottom, like you said who knows. But I agree - it will bottom out. And when it does, reverse and give us all great buying opportunities before returning greater than before. Having traded markets for many years I have learned to see certain patterns in the charts. So long as the underlying asset is of value (and Bitcoin is) then I'm in still in.
We are far from done. I was thinking the top was $9k so I missed 50% of the move up but that is part of trading. The next leg up will be giant in comparison. At least I hope.
If monday it breaks 9350 then you can expect some gains.
Anyway, i loved your ambitous attitude to opt out from fiat in your real business.
Have you asked yourself questions like:
I struggled to answer positively to the second one, but i failed! Bitcoin looks more like a commodity or less liquid asset.
Ethereum looks like a platform... ripple... was the nearest one to a currency but... i just don't know yet...
Yeah, gotta stay tough at the worst of times!
I keep debating implementing accepting crypto into my business. But since it's point of sale many times this would require the customer to have the correct crypto that I'm accepting and I'd have to figure out how to deal with lag times. Kind of hard to say hey buy this and then hang out for 15 minutes while BTC transfers.
Would prefer a faster processing coin like Steem, but then I'd need to educate people on Steem first. Just isn't enough time to deal with this typically.
The Bull share return IMO and profits are being invested on a regular basis for my business. Hopefully this investment means added profits in the long run.
There are ways around it but I hear what you mean. I am wondering how to implement Crypto into our swag business. I know it will be vital.
Always way around any issue, but are those workarounds creating headaches? Making a transaction more complicated doesn't tend to lead towards increasing sales. Need someone to make a really good crypto POS system that is very user friendly.
For now I sell in fiat and then convert profits to crypto. Not ideal, but it's working.
There's a lot of good pointers here, brutally honest, and to the point, this post is way undervalued esp. knowing it comes from someone in the space in 2014, when most were not. So many good points here.... one I just said a few mins ago on my blog, telling someone there is too much innovation and onboarding happening to stay down for long. I think I am gonna tweet this out. Thanks for blogging! You do a nice job, I am glad you are writing. You know I cannot be seeing everything due to my life so point me here when needed or if I do not get here for a few days!
I appreciate the support. Nothing goes up forever, the market needed a break and we got it. Hopefully the foundation is strong to help us build the next step to the moon.
Wow, such a great thing when you have a partner that supports and loves things you like also. You both has planned and everything is going fine cos when two people agree. The world is set to move at your finger tip.
Wow, first of all i want to appreciate you for your decision of 100% Crypto transactions in your business and i hope and wish that your downtime period will boost once again because you have an attitude of an great leader and fighter and your words reflects that, means as you said, if we face difficult times we need work 10×, and these words are really boosting and positive. Thanks for sharing this post with us and wishing you an great day. Stay blessed. 🙂