Spreading the word

With BTC pairs around the corner, General Availibility (GA) should follow not long after. At that point, as a community, we have the power to spread the word about Nash.

I thought this thread could document some communication best practices.

"DEX"

Short for Decentralized Exchange, “DEX” is a very controversed term and selling Nash as a “non-custodial DEX” is likely to instantly raise criticism around the definition of “…a true DEX…”. That’s missing the point! The interesting part is: Nash is non-custodial.

Here is what happened to @Encephalopath’s post on the /r/Bitcoin subreddit:

Most comments were very hostile.

My recommendation would be to speak of Nash as a “non-custodial exchange”. Simple and straight to the point. No drama about what a DEX is. (Maybe that part can come later).

"KYC"

Short for Know your customer/client/company, “KYC” is often rejected by crypto advocates because they look in crypto for a way to evade the system. To counter an argument like “Nash requires KYC”, don’t epilogue about whether regulated exchanges will become the norm in the years to come, go for simplicity: “Nash doesn’t require KYC under a daily trading volume of $1000
Of course, being compliant is one of Nash’s strong suit, and KYC are nothing to be ashamed of, but it’s a way to diffuse a hot topic for now.


That’s all for me today. If you’ve experienced difficult situations where Nash was under the fire of heavy criticism from people outside the community, please do share so we can iterate around them and build rock-solid communication arguments.

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:point_up_2: :point_up_2: :point_up_2:

Consider yourself an ambassador
As great as we may all view Nash (for both selfish and altruistic reasons) there will be detractors and people completely disengaged; no matter how much you highlight the benefits. Being respectful and humble (vs defensive) goes a long way in spreading the word. Avoid being brash and arrogant.

2 Likes

Agree with the first point, but not the second entirely.

In regard to the first point, I had a good chat with the moderator or the Bitcoin Subreddit after that post, and unfortunately the majority see the difference between a CEX and a DEX as simply being black and white. As per our discussion in the Syndicate group, I also don’t think that referring to Nash Exchange as a DEX is in our best interests right now (at least not until the five nodes of the matching engine are upgraded to be decentralised, which is planned in the future). A “non-custodial exchange” is quite apt, and I think that it should be pressed that Nash never has any control over funds. If someone wishes to discuss that the matching engine is (currently) centralised, it would be good to point out that it is based on verifiable smart contracts and nothing can happen that you haven’t signed for (e.g. x amount of USDT for x amount of BTC).

As per the second point… It should certainly be reiterated that no KYC is required for small trades, but the reality is that regulatory compliance is what the majority of investors want. It infers safety for investors, and in particular for large volume traders and institutions. It is what Nash has been built on and is working towards. Nash will be for institutional traders, businesses, and mom and pop investors. The kids sitting in dark rooms not wanting to type their government name into a computer is not what what will propel Nash forward IMO. Why not promote Nash for what it is and what it will be?

Here is a excerpt from the Nash team regarding compliance:

" One last word: Compliance

Some proponents of decentralized technology act as if it is beyond the reach of the law. This is not true. States clearly have the power to enforce legislation regarding digital assets, whether for taxation purposes, consumer protection or in the interest of their national economies. The US Securities and Exchange Commission (SEC) recently shut down the EtherDelta decentralized exchange and brought charges against its founder, leaving a number of users with funds locked inside the exchange’s smart contracts. Decentralization was no defense against the charge of operating “an unregistered national securities exchange.”

Nonetheless, existing DEXes and many CEXes shirk legal responsibilities. For example, most DEXes have not obtained the BitLicense and Money Transmitter licenses required to operate in the United States. They meet criticism with weak excuses that there are “no legal precedents” for using decentralized platforms to contravene regulations. This is a misleading claim, since the law cares here about the result of an action, not the technology used to achieve it. Indeed, many exchanges begin operating without licenses from questionable jurisdictions, hoping to make a profit before eventually being closed down — hardly a promising business model, and not one to inspire confidence in users or investors.

By contrast, Nash recognizes the legal reality within which digital assets must find a place. We believe that legal compliance is essential to ensuring the growth of distributed finance.

Firstly, we must create an environment in which the legal status of digital assets is known, thus making them amenable to use by businesses. Distributed ledger technology has enormous disruptive potential. It can increase the freedoms that help economies and businesses grow. But it is not realistic to expect businesses to operate under questionable legal conditions.

Secondly, legal compliance is crucial for safeguarding user and investor capital. Users must know that Nash will not shut down owing to legal troubles, locking up their funds.

To achieve these goals, we strive to work with regulators, ensuring that we are fully compliant in all jurisdictions in which we operate. What’s more, we have broken new legal ground by registering the Nash Exchange token (NEX) as the first digital security token in Europe. This protects Nash investors from market manipulation, fraud and insider trading. It also establishes the legal basis for us to offer investors a share of exchange revenue, giving the token sound economic fundamentals.

We believe that every exchange token is, in practice, a security. They hold no value if the exchanges that issued them cease operations. Other projects continue to operate their platforms without following security and anti-money-laundering (AML) laws. This poses a major risk to investors, as these platforms may suffer harsh consequences when laws are eventually enforced.

By registering Nash as a security, we have laid the groundwork for future companies to release their own digital security tokens.

In addition, we are working to obtain the licenses required to trade this exciting new asset class. We also plan to obtain a variety of licenses in the future that will let us expand our operations.

This legal work is absolutely crucial if we wish to bring decentralized finance to everyone. Not only can our customers be sure that their funds are safe when using Nash, but we are helping to grow the legal infrastructure required for digital assets to realize their full potential.

Revolutionary technology must go hand-in-hand with legal innovation. Nash is committed to delivering both."

Source: https://medium.com/nashsocial/cryptocurrency-trading-the-good-the-bad-and-the-ugly-ef0668bb971c

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100%.

Present facts, not an arguement :+1:

I would also like to know from the team, especially the marketing team, how they would like us to present Nash. Like you said, if we advertise it as a DEX some people get very upset and point out exactly why it isn’t… but it sort of is a DEX. I know for sure it is non-custodial so that part is easy.

I just feel like just calling it non-custodial Bitcoin trading doesn’t give it the credit it deserves for what it really is. Also I agree, we should advertise compliance as well.

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You’re making good points, but I’m afraid you’d have lost most people’s attention at the end of your speech.

When pitching Nash, another selling argument we should quickly jump to is Try it and see for yourself - even if just the Funds Manager for now-, because I am convinced that they’ll love the entire experience and become frequent users in the end.

That goes without saying. If we’re not aligned with the upcoming marketing material, please do correct us.

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Encephalopath well done… tough crowd … but good work. But u aren’t armed with a name. No ones addressed that .

so maybe lets get a generic name … it sounds mad… as we are the first … but hey…

"Nash is a “NEX” "
Non-classified exchange
Non custodial exchange … durrr

^^ Obvious reasons why we should focus calling a hybrid exchange a NEX …
Any future NEX exchanges will be reffered to as “NEX’s” :thinking: :grin:

you could do edgy / risky marketing to allow twitter to insert a word:
What is a N-EX exchange?

Insert adjective:
NEX describes a <N_____ > exchange… seriously a bit of controversy is fine and it permits trolls to be trolls… might grab attention … might even be cathartic for trolls lol.
Venmo launched an ad campaign very similar

Some other ideas if people want to stray away from using NEX acronym

SEX sovereign exhange

HEX Hybrid exchange

MEX muggle exchange … lol

I really think all u can do with Cultists is plant a seed … a small seed would be …
"look at this "
“its not a threat to you”
“agree with them”
“tell them what it is and what to call it ,… a NEX exchange”

Seed is planted … return in the spring to pull weeds … will prob take a full year before harvesting a cultist…

Far easier to bring in friends that want to buy bitcoin…
( i think most are doing this)

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Nash is also using this wording on the exchange :wink:

Thanks again for your valuable input!

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marketing is key to this, which is why i created a topic as well.
Dex’s do not have great reputations. Either they have a confusing UI or their services are very slow, and they all can’t accept bitcoin or let alone cross chain trading.
Nash needs to sway people to accept nash fixes these issues, with for example a powerful referal program. People are not easy to accept change, especially not with all the shitty exchanges out there. almost a new one every 2-4 weeks, usually centralised.

This is also why i said the milstone of the first non custodial btc trade is not going to be recognised by crypto space until later on. They simply don’t care or don’t believe in nash right now, and it will be hard to make people change their minds, EVEN if you present them the facts and that it all works. People can be stubborn like that.

Can we give it a damn name please ???

NCE, NEX … whatever i dont care - abbreviate non custodial exchange . thats what we refer to it as .

u need to give it a genre … DEX/CEX/P2P/NCE … that the language these people understand…

give them a nice little box … “NCE” … non custodial exchange.

ull scare them less and ull be able to create curiosity as to what this new genre is.

If u want to assimilate these nut cases in reddit then ur gonna have to be way more machiavellian than anything ive seen suggested here.

Ur gonna need to start using the term NCE … and have content published ready on medium.
people are gonna need to figure out what an NCE for “themselves”… lead the swarm in to self discovering content u have placed for them to find

if uve not been brainwashed by the amount of times i put NCE in there then i dunno ur resilient

NCE
God knows Revolut could be a NCE

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nash is the first, so why not establish something first: NCE is nice.

What is NCE? What does it stand for? People will have to deal with it :slight_smile:

apart from that: kyc ensures that the world’s greatest criminals don’t do too much stupidity and ultimately protects the victims. To be against kyc and against taxes is anarchy and these people are welcome to live in the desert. because in a community everyone contributes and protects the weak. that makes as much sense as letting people live without laws: it escalates.
A completely kyc-less financial world may work on a rainbow unicorn ranch, but not in our world. that just shows how immature these people are. (sorry if someone feels attacked)

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N!CE dude , appreciate ur input Upinayah :+1:

Ok so me and you are onboard.