Tweetstorm: Touchpoints

2 minute read

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Tweetstorm: Touchpoints

By Vijay Boyapati

Posted June 4, 2019

  1. How many times did you have to hear about #Bitcoin before you were ready to acquire some or, at least, explore its significance? This number of โ€œtouchpointsโ€ is an important factor in the process of Bitcoinโ€™s monetization. Letโ€™s explore the idea of touchpoints in a thread: ๐Ÿ‘‡
  2. We now know that the process of #Bitcoinโ€™s monetization is occurring in a series of hype cycles where the magnitude of each cycle is defined by the people โ€œreachableโ€ in that cycle. Which people defined the prior cycles? ๐Ÿ‘‡ thread link
  3. The first hype cycle in the #Bitcoin market was dominated by cryptographers and cypherpunks who were already primed to understand the importance of Satoshi Nakamotoโ€™s groundbreaking invention.
  4. But even among the cohort of cryptographers and cypherpunks primed to understand #Bitcoin, some of the most brilliant required multiple touchpoints before being convinced that Satoshi was onto something. Consider the words of Core developer Gregory Maxwell:
  5. I was personally part of the second hype cycle which attracted those with an ideological affinity for #Bitcoinโ€™s freedom promoting potential (libertarians). But it took many touchpoints for me to recognize its importance (Iโ€™m a slow learner).
  6. Luckily for me, I had a very high opinion of the two people who evangelized #Bitcoin to me (one of them had been my co-founder in a @YCombinator startup). And they were planting seeds in fertile ideological ground. But what if I had no ideological affinity?
  7. One lesson to take away is that if a person is not reachable in a particular hype cycle, there is almost no point is trying to convince them of #Bitcoinโ€™s importance. As best they would view it as a quick trading opportunity
  8. To be โ€œreachableโ€ to #Bitcoinโ€™s potential most people will typically have to have heard about it multiple times from multiple people that they trust. One sign that a new group will become reachable is that a respected person in the group becomes an evangelizer to the group.
  9. Consider, for example, Superbowl winning left tackle @RussellOkung. A well respected pro-bowl player is now evangelizing #Bitcoin to his fellow players in the #NFL. Some will pay attention to Okung and begin evangelizing it in turn, priming more and more NFL players.
  10. Another way a person can be primed is if they made a small allocation to #Bitcoin (or received it as a gift) and saw that grow in a prior cycle. They will already be awake to the financial potential of a larger allocation and more receptive to learning more.
  11. However, for those who are ideologically opposed to #Bitcoin there is no number of touchpoints that will convince them of its importance. Think of people like @paulkrugman or @Nouriel. They will be walking around with wheelbarrows of worthless fiat before owning bitcoins.
  12. So when explaining #Bitcoin to friends, family and colleagues get a sense of how โ€œprimedโ€ they already are. Have they already heard of it? Are they curious or dismissive? Are they ready for a tiny allocation, or are they ready to take the leap?
  13. In the coming hype cycle, the people most ready to increase their allocation to #Bitcoin are those who were already curious about it and perhaps had made a small allocation to it in the prior cycle. They are ready to be activated in the next bull run and will define its size