Kickstarter’s Going Crypto

While I gotta admit I don’t understand how moving to the blockchain would improve KS (or what it really is), this upcoming move has not sat well with a lot of creators. Myself included, simply due to the dangerous environmental effects they create.

Ok. So that’s it. It’s the environmental stigma that is attached to crypto. This is the reason creators are up in arms?

Ok. Not sure where crypto fits in, but block chain is not the problem. Just wanted to throw that out there.

I am very interested in how this plays out. Not because it has to do with crypto currency, but how blockchain will change the way business is done. KS seems like a perfect place for this kind of experiment.

  • Many small business with tight finances
  • many customers in different locations around the world
  • highly customizable products
  • long lead times
  • many subcontractors

The FAQ does touch on the environmental issue.
“Celo is a blockchain with a carbon footprint a fraction of Bitcoin and Ethereum. It would take about 6.9 million transactions on Celo to equal the carbon intensity of a single Bitcoin transaction. That’s like the difference between the carbon footprint of a banana and flying from New York to Beijing 250 times.”

I guess we’ll see how this plays out. I hope people give it a chance and don’t force it to die before we even get started.

Yeah, I think some are skeptical of Celo. I think it’s all similar to mining actual minerals, etc. We don’t like it, but then we live a lifestyle that warrants it. It’s complex, but the reactions are very ‘from the hip’.

Never mind the fact that it is mostly speculative.

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I am adopting a “wait and see” approach. Admittedly, I know very little about Celo but honestly, it was only a matter of time before someone figured out how to run blockchain without damaging the environment so much. Maybe Celo is completely legit and they were the ones (or one of the first ones) to crack that nut?

As for the tech, I think it will be interesting to see how KS employs it. It could be good. It could be bad. We’ll see.

I think the main issue is that people don’t know how this will change Kickstarter. What exactly is the benefit going to be? By moving the platform onto a blockchain, how will that change or improve how this works?

I admit that some of these reactions are as hasty as this announcement. They might as have said they’re moving Kickstarter onto the dark web with a FAQ that only said, “Hey, relaaaaaaaaax!” The environmental impact of some blockchains is a concern for me, but the only information I have comes from their marketing department. And I’d rather trust a $2 hooker who swears they’ve been tested than any marketing department.

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I get what you’re saying. I get that same sinking feeling when management sets up a Friday morning conference call on Thursday afternoon to discuss “exciting changes”. My first thoughts are always “we’re changing the grid” or “we’re changing everything you’ve been doing for the past decade”. It’s a hand-wringer until the meeting happens.

The sad thing is that KS been very cryptic. Stop with the stupid jargon and lay things out in plain English. What are the changes? I think that would help those affected by the changes.

I honestly think the announcement was jargon-heavy and vague because we’re not the target audience for the announcement, it was for the investors. It’s that time of year when big corp makes announcements like this to drum up value going into the end of the fiscal year (Jan to Mar). Investors love the buzzwords.

The irony is the backlash has had the opposite effect, stock value for KS took a serious hit (-21% value in the last 24 hours alone) which I am sure investors are not happy about at all. If KS is smart, we’ll see some kind of PR program over the next few months trying to recover with an ultimate goal to capture that extra value they were originally reaching for.

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Nailed it. Most people don’t care about blockchains, but buzzwords get investment dollars.

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Yes. It’s hard to resist the herd.

I should know, I’ve founded several dotcoms.

While Kickstarter has been my bread and butter these past few years, it would be nice to see more options down the road to accommodate different creators and audiences. There are some, but maybe this could help even the playing field and avoid the monopoly Kickstarter appears to have with crowdfunding.