Welcome to our exclusive video panel interview with Dan Khomenko, Dasha Volkova, And Jack Huang. This is all part of a series of timely, crypto-industry-focused, video panel interviews that we’re doing as we approach Newconference.Online, our first-annual online crypto, the blockchain, and ICO industry free global conference coming up this December from the 3rd to the 6th.
In this new video interview, moderated by Dana Garrison, we address the recent BTC crash, cover the Bitcoin Cash hard fork a little bit, and then address what post-ICO success looks like for the 44% of ICO projects that will be successful–and what the other 56% of failed ICOs could have done to be successful. Thank you for visiting and here we go!
Moderator Dana Garrison asked: Recently Bitcoin fell 15%. What do you think is the reason for this? And what do you think we can expect in the crypto market next.
Dan Khomenko believes the Bitcoin crash is obviously just a normal correction. There’s nothing special about it, really, in his opinion. It just happens. Volatility is in place. The market is still trying to find its floor and become more stable. According to Dan, we need more consistency and this is the natural process to get there. In the current market, there’s a lot happening with the hard fork of Bitcoin Cash, according to Dan, it’s a very interesting case that we can learn from. Dan also said we need more unity and less guilt that visions, goals, and roadmaps haven’t been achieved.
Dasha Volkova agrees with Dan in that the cryptocurrency market is just developing now. It’s normal that cryptocurrency is volatile. It crashes and recovers routinely. Jack Huang also agreed with Dan. While Bitcoin Cash might be the reason for the crash, Jack added, the other reason might be because of speculative day-trading, and there are also government regulations and licenses that are beginning to strangle ICOs. In the long term, Jack said, the price will go up, but not in the short term. He doesn’t see the price going back to normal.
Moderator Dana Garrison asked: Based on Boston College Research there is 44% of Post ICO success, what do you think about these figures and how does it define future success?
To Dan Khomenko, the post-ICO part of an Initial Coin Offering is the most interesting part. A new journey for any project. Once you’ve finished your ICO, you’ve only done a small part, Dan Khomenko added. Raising money is the easiest part of the life of an ICO. The post-ICO will define how well and how organized you will spend this money to achieve those goals that you’ve promised to all of your investors. Many projects fail. The 44% success rate of ICOs doesn’t surprise Dan Khomenko. In fact, that number probably doesn’t even include the ICOs that weren’t able to raise their minimum. As of September, there were only 163 ICOs and only ten of them have raised more than one million dollars, Dan Khomenko added.
The post-ICO state includes things like listings on exchanges and liquidity (an essential tool for your investors to show them that there is confidence towards your token in the market). Also, with regards to the exchanges, marketing and confidence are very important, said Dan Khomenko. In order to keep the ICO machine running, you need the dynamic tension between buyers and sellers. What you need, according to Dan Khomenko, is an army of buyers to fight off the sellers.
Marketing is such an important part. Global marketing, AKA post-ICO marketing, is not about selling Tokens, Coins, or shares; it’s about promoting your post-ICO product in order to grow your community bigger and to keep your believers up-to-date with all the news and progress and partnerships happening on the road to launch. In closing, Dan Khomenko summarized that there are three steps to doing a post-ICO well: liquidity, good exchanges as your business partners (and not just as trading platforms), and a very good post-ICO global marketing campaign.
Dasha Volkova added with the most important but often overlooked legal aspect of pre-ICO, ICO, and post-ICO. For the most successful post-ICO, Dasha Volkova suggested, you must remember the three main zones. Most suitable jurisdictions for your project. Think of the start of the ICO. You can find a way to register the project in one company in one jurisdiction/country and then register ICO in another company in another country’s jurisdiction.
According to Dasha Volkova, you need to spend time well ahead of your ICO choosing jurisdictions as well as company types and which state, city, or country would most benefit your ICO and also the project your ICO gives birth to. With regards to jurisdictions for the project: one country, many countries. Choose the preferable company and preferable country based on their local and federal laws. There are potentially severe legal issues if you choose the wrong legal entity, Dasha Volkova warned.
Another thing that Dasha Volkova recommended is the importance of trust and integrity between the ICO and post-ICO project and both the board and the investors and users. Roadmaps are so important and they need to be understandable for and by everybody, Dasha Volkova added. It essential to let all investors know about all changes in the roadmap; otherwise, you’ll be perceived to be just a scammer, Dasha Volkova again warned.
Dasha Volkova added that you need to follow your goal and keep your words and also account for them. You need to keep the entire board up-to-date with any changes or if you’ve reached any goals, you’ll need to make sure everyone knows every small step that you take in the ICO project. To keep yourself safe and to be as successful as you can, it would be very good to make sure that all the assets should be in the possession of the company that you’re leading and not personally.
Jack Huang added that the exchange partnership is very important. To him, 44% of ICOs being not successful is too low: the number should be higher, closer to 50%-60%. This year, according to Jack Huang, there are too many ICO projects that haven’t done any post-ICO marketing or community management very well, if at all.
Jack Huang added that you really need to know how to keep a Post-ICO relationship with the entire community, from the top investors through the board to the general investors, token owners, and even users. To Jack Huang, ICOs are just like IPOs: you raise capital from investors, yes; but then you actually need to use the money to do the business. In the world of the ICO, your investor is probably also someone who really wants to see your product live, to see the project actually come to fruition, to be successful and hit the market.
Amongst the people, there are users and there are investors, Jack Huang added, so many ICO projects were and are good at the ICO part but not at all good at the post-ICO global marketing and community management follow-through. Your post-ICO community might be your user or your investor. You need to know how to maintain this relationship with them over the long term. And it is a very long-term relationship: not just raise money then run away — that’s not a good project, Jack Huang quipped.
Dan Khomenko, Co-Founder at UBAI and Platinum.Fund
Exceptionally detailed, organized, and highly efficient business professional with long-standing and diverse experience throughout multiple industries and capacities. Deadline driven with outstanding multi-tasking skills. Fast learner with strong ability to work independently. Deliver great results, leading to increased levels of responsibility and recognition. Well-developed interpersonal communication skills to work effectively with people from diverse professional and cultural backgrounds.
Jack Huang, UBAI Advisor – The University of Blockchain and ICO
Graduated from the University of London, Mr. Jack Huang has broad industry experience and devotes his life to the global problems solving. He started his career working as an intern in the Ministry of Foreign Affairs, R.O.C., gathering and analyzing data and reports, preparing recommendations based on findings. Worked as the research assistant in the Taiwan Institute of Economic Research, supporting Principal Investigator (PI) with daily operational functions such making project budget, drafting official documents, press releases and communicating with governmental / NGOs / private sectors.
Dasha Volkova, Legal Advisor for UBAI
Expert in preparing legal opinions, analyzing all business documents of ICO projects and making conclusions about legal risks. Two years of experience in the legal audit of ICO projects.
Dana Garrison, Newconomy Reporter, and Panel Host
Dana is a Global Business Consultant and Speaker. She helps ICOs and Blockchain Companies with fundraising, investors, advisors, influencers, developers, and marketing talent. She helps run Conferences, including training and managing Social Media and Volunteer Teams, shooting and on-camera talent for Live Video and Video media coverage, working with Sponsors to make sure they get the most out of the event, MCing, Speaking, delivering training and workshops on Elevator Pitches, Networking, Pitching, and running Speed Networking. She’s the Founder of the Entrepreneur and Small Business Institute and BlockFalcon.
University of Blockchain and ICO provides the world’s first practical education in the fields of Blockchain and ICO for an extensive number of specialties. Established in 2018, UBAI is the first institution to make distinctive contributions to society in the world of blockchain technology and education about crypto-economics and engagement. Covering an extensive number of professions including project managers, lawyers, executives, engineers, support, and sales, and many more.
NEWconomy is a news and opinion media outlet with journalists and contributors from around the world, focusing on the new economy: cryptocurrency, blockchain, financial technology, and the future of money. Our news portal provides real-time financial data from all trading platforms and exchanges, ICO reviews, and updates, including expert opinions and forecasts. NEWconomy was founded in 2018.