Just offering my 2 cents from a business POV
The success of this coin depends on a number of factors.
Lets break them down for the sake of constructive criticism and a mutual interest in economics.
Your coin will be able to attain scale only if individuals switch to using your monetary system as a means to accept and give payments for rides.
Existing players like uber, lyft, didi possess a massive monopoly in global markets and have been able to invest billions towards keeping away activities from unions and the likes. While ride sharing as a concept is fairly interesting - it includes changing the behavior of possible users. Now take into context the fact that uber is about to release self driving cars and we are increasingly moving towards machine to machine payments.
The total user base for your coin will rely on
-Those using crypto
-The fraction of people using crypto knowing your coin
-The fraction of people using crypto knowing your coin with other ride shares around / drivers willing to take the coin
-The fraction of people using the crypto knowing your coin with other ride shares around / drivers willing to take the coin with access to a wallet and coin of some value.
That, is a very small market. And unless and until you have atleast a couple million dollars to invest into acquiring users, those buying this token are going to end up sitting on another bunch of tokens that can neither be used for ride shares nor be traded.
Sorry, I do not mean to bash on you but do re think your strategy.
Feel free to PM me if you'd like to discuss this further.
Good analysis, you have a good grasp of the economics of business.
It's scary to think that other rideshare businesses have basically been burning cash continuously in an effort to reach mass adoption. You do have very good points here..
Thank you for the kind words Sir.
@OP - can you please explain what's going ?
Reposting.
Thanks for the analysis cryptor0th.
From the discussion in the thread, it seems that it will indeed be quite a challenge to get a meaningful amount of adoption without burning a lot of cash whilst trying to become a loss leader.
Some of the possible solutions to this have been to narrow the demographic and target specific use cases, I think someone mentioned University students for example.
I would like to mention however that the purpose of this pre-ann is to have this discussion and see how the direction I should take this project. Integrating crypto into a real life business model is never easy because as you say, it requires changing the behaviour of users who are already accustomed to other systems. In addition, the crypto demographic is already a very small subset of society as a whole and trying to get people to understand and use crypto is a challenge in itself.
I will say that the project much like crypto in general is still an experiment and I cannot guarantee that it will reach mainstream user adoption, but the lessons learnt will enable some aspects of crypto to be applied to this business model which I think is worth the effort. There are so many possibilities and yet one of the bottlenecks will always be the funding to make them possible.
I will put together a marketing plan after reading some more discussion and I will be happy to discuss ideas moving forward.
At this moment, I'm putting more focus on putting together a minimum viable product, after which, there is a possibility of approaching larger investors for the funding required to take this to the next level. I suspect that the larger part money spent will be in acquiring users, and you are very right in saying that this could be of the order of a few million dollars. There are however initiatives from governments around the world seeking to fund projects with some potential value.
http://www.coindesk.com/uk-government-distributed-ledger-competition/ this is one I saw just the other day.