Reading though Twitter and Telegram recently I’ve been thinking about Nash’s community culture, so to extend on from Fabio’s previous thread about community values and strategy I thought I’d create a thread on community culture.
Nash’s vision and mission as discussed in the what is Nash’s “why” thread should have a strong influence on the culture of the community but it isn’t the only source of influence.
Problem (discontent and infighting);
The incentive structure around the NEX security token is centred around staking and dividends, the longer the stake the greater the share in Nash’s revenue. However this doesn’t prevent participants from speculating on the value of NEX increasing and looking to profit buy buying low and selling high. While there’s nothing wrong with this strategy it can lead to discontent as seen recently on Twitter and Telegram, it’s evident that some token holders had expected NEX to increase in value by now and seeing other (lesser) tokens increasing (on weaker or no fundamentals) has caused some angst and lead to criticism and disagreements among token holders. Many community members have worked hard to promote Nash on social media, others have taken the initiative to use the exchange and give feedback and some of us have started running Market Making bots to increase volume, all of these add value to the platform in a way that is beneficial both to those staking/holding long-term and those speculating looking to exit on a higher valuation. NEX still trades below ICO price ($0.94 at the time of writing), for some expecting to flip NEX for a quick profit has lead to frustration, however for those looking to stake this is a great opportunity to increase their holdings as it’s in the interest of stakers to acquire as many tokens as possible. Complaints about a lack of trading volume compared to other exchanges (DEX/CEX or otherwise) while valid don’t necessarily add value, on the other hand complaints about the price of NEX are much less valid as they point to a failure in speculation rather than the platform itself. Some community members have encouraged these speculators to sell and move on to other trades, while it is always sad to see anyone leave the community if their goal isn’t to benefit from sharing in Nash’s revenue through staking they’re likely to continue to be dissatisfied as their goals are more aligned to a second order effect of Nash’s success and not directly tied with Nash’s vision and aim for the future.
Potential Solution;
Nash’s goal of contributing to a “freedom promoting open financial system” aligns well with the origional vision of the cypto community that some of the maximalists seem to have forgotten. Nash’s self-custodial + blockchain-agnostic nature means that Nash can remain neutral in the crypto space and not tie itself to one particular chain/community. Some recent community activity such as this;
is encouraging to see and shows that Nash has many welcoming and inclusive community members. Ultimately there will be many different incentives that will enable users to benefit from Nash other than staking (being able to receive payments, access to fast liquid markets and low spreads without 3rd party risk etc…) openness and inclusiveness will help to expand not only Nash but the entire crypto ecosystem bringing benefit to everyone involved. Promoting Nash’s vision for the future seems to me to be the best way to combat the discontent mentioned above and will hopefully lead to a more unified community with a shared vision. It’s not for me to say which direction Nash’s community culture should take however remaining open and encouraging collaboration seems like the way to go to me (the rest of the ripcord values are good too), I’m interested to see what the rest of the community thinks.
What’s you’re vision for Nash’s community culture?
Which incentives do you think have the greatest effect?