Objections When Marketing The BitShares DEX

Cryptoctopus posted an article about the marketing effort around BitShares DEX. I believe the DEX is awesome, however, many within the cryptoworld do not use it. As a longtime user and supporter of BitShares, I want it to be wildly successful.

The Bitshares DEX, is a decentralized crypto-currency exchange. A marketplace where crypto-currency trader buy and sell a multitude of tokens. This is just one feature that the DEX offers.

Below, is my response to Cryptoctopus article. I initially posted it as a comment, but after receiving limited visibility, I thought it deserved its own post.

Common objections with marketing the Bitshares DEX

One thing to consider is most crypto-currency traders already trade on an exchange. Telling me it is fun, fast, and secure might not be enough.

Most traders don't care about decentralization and owning their private keys. If they did, centralized exchanges would not be the dominate players.

Think about it, you are asking someone who has a routine to change their behavior and start using the DEX. Why? What's the benefit to the trader?

I think owning your private keys is a reason, but I'm not sure if it is enough of a reason. We must be mindful, even if the DEX does offer many compelling reasons to switch, some traders still won't do it.

User Interface

Also, someone has already stated the DEX user interface has to be better, more intuitive, and as simple as the current exchanges the traders are already using.

Which Comes First, Traders or Liquidity?

The issue of liquidity is an equally important problem that must be addressed. We have the classic chicken and egg problem.

We need more traders on the DEX, but we need to have enough liquidity to support them.

We need market makers on the DEX to provide more liquidity, but they need more traders to trade the markets they are making.

Suspend Trading Fees

What some of the Chinese exchanges have done to increase liquidity was to suspend trading fees. Based on the reports that I have read, trading volumes increased as a result. Maybe this can be done.

Conclusion

I know I'm listing a number of obstacles, without many solutions. However, I understand marketing to an entrenched user base and asking them to change their behavior is a uphill battle.

I just want these points to be taken into consideration and answers to the problems I've listed are thought about and responses to them are apart of the marketing plan.

I really want to hear, if you agree with my sentiment or not. Leave your feedback in the comments section.

Thanks @pairmike