How Leo (And Cryptocurrency Sites) Can Thrive In A Bull Run

in LeoFinance •  2 months ago 

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Who was here in 2017 and 2018 when we had a crazy run and a crazy fall?

I got into crypto just before that and I did not have the time to really learn enough about crypto to do well in the bull run and saw how volatile the bear market could be. There was some insane highs and some crushing lows and we all learned a lot along the way.

I do not know if we are going to see this kind of market again in 2021 but so far it is looking positive that the market is heading up and we might break 20k for Bitcoin in the near future. It might be short-lived or it might not happen at all (or even crash) but it is smart to be prepared in case it does as Leo needs to make the most of this opportunity.

We all made mistakes in 2017 and 2018 and I'm sure a lot of us look back and think I did this and that differently. There is no shame in it, this is no territory so stumbling along the way is normal. But we have our footing now and we need to utilise what we learned if another runs takes place.

The Two Things Leo Needs To Get Right

I wrote a comment to Kal that we need to ready for the bull run so we can thrive if a bear market follows. In my head I was thinking about the importance of resources (which I will get to in a bit). How we manage resources is very important but he mentioned the other big thing that we need to focus on which is on-boarding with ease. We will need to take advantage of the attention that comes with a bull run and this includes both advertising and on-boarding.

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1. Attention For Crypto

During a bullrun a lot of attention will be on cryptocurrency. This means that people will be looking into how to buy and sell. A lot of this will spill over to dapps. This is where we need to make it as easy as possible for people to sign up for this dapp. A lot of people are not going to know how to get a wallet or use crypto and things like a Twitter sign-in will go a LONG way. There will also be a lot of older users who get back into crypto when they see things pick up. We need to welcome them and get engagement up on the site.

Then you have advertising. There will be a lot of people vying for attention in crypto when it is popular again and it will be very competitive. Leo has a working site and a proven track record so we need to show people this is the best option when it comes to dapps.

2. Resource Management

This is the other big area we need to get right during a bull market. When the money is flowing there is this tendency to think that the money will keep flowing. We cannot fall into this trap and spend beyond our means. I saw so many companies in 2017 spending money frivolously when their coin was mooning without building a business with sustainable income. I know this isn't the fun way to see things but we need to be wise with every dollar and not spend it like the bull run will last forever. No matter how well we are doing we cannot lose focus of this. This is money that needs to get us through the winter.

The key is getting ad revenue up. If the money is used to really get this site thriving and ad revenue soaring then we can do well regardless of how the market is doing. Cryptocurrency is great but we need to run a great business as well.

We need to be smart here as this could our chance to really get this site and other crypto sites into the mainstream.

I know everyone wants moon and lambos. Those days can come if we make the right moves. But for now let's just rent the Lambo until we know we can truly afford it.

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We still have about one more year left till entering a bear market imo, but your points are good.

Ease of on-board and use is something Hive should have solved long time ago. Luckily leofinance has partnered with metamask and from what i know there will be a twitter on board available as well.

Spending too much is definitely a problem when you think of a future bull market but we need some shilling on youtube and in the media because people will get interested in crypto in the near future and we have to somehow advertise ourselves.

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I agree I think we have a year as well, I just want us to be ready now to take advantage of that time.

Twitter and Metamask should go a long way.

Yeah it's a fine balance as we need to spend money to make money. As long as we spend it wisely I'm in.

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All in all, resource management is really important, I do believe that the bull market is where we take the opportunity to prepare for the bear market and once we can maintain sustainability during the bear market then the better for us.
Steem had a lot of attention during the bull market but then it people that came in were only interested in milking and had no intentions of actually staying because I guess there wasn't any structure beyond the money at them. We must do better.

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It is really is the time to get our site ready for the years to come. It was unfortunate with steem as I remember it being a top 1,000k site on Alexa with traffic. We are lucky if we get another chance like that and we can'r squander it.

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Exactly, the bull market is a time to establish a structure and it's imperative that we take that advantage, 2021 will surely explode and I see Leo is making steps im actually not panicking

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You are indeed correct. And being around that last run, especially on steem provided us plenty of examples on how to do it much better now.

The beauty part is these areas/issues are the exact area the LEO community has focused on. Steem handling this very poorly back in the crypto boom and LEO is already in a much better position to grow a larger foundation from a bull market run.

The increase in ad revenue consistently and how it has been used thus far has been prudent and thus far I have been very happy with how Khal has handled building the business. Plus, if he were to make any dumb steem like decision I'm sure me, neal and rolland would let him hear it on the leo roundtable call! :-P

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lol it was good we all went through that period with steem as we know what pitfalls not to step in. I'm sure we will still make mistakes along the way but as long as they are new mistakes we are moving forward.

I can't deny the work that Kal and the team have done. I'm really impressed and with Twitter coming we have a way to get in the masses who are new to crypto.

Glad to have you on Leo and the work you put in for the site. We are in good hands with this community.

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I believe though we might even see something bigger than the bull run we witness in 2017 and 2018 in 2021 because during those years, there has not been a massive adoption of crypto then

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I can definitely agree resource management needs to be a big priority going forward (not to say that it isnt now) because in the long run thatll lead to more user retention and price stability. Yea a bear market may be far off but we also know btc is good for a few flash crashes every year so we need to be prepared for those too.

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