Plenty of celebrities have openly endorsed initial coin offering in 2016 and 2017. It was a matter of time until that type of behavior would have negative repercussions.
Steven Seagal is one of the multiple celebrities paid to promote an ICO.
Steven Seagal Pays a Hefty Price
At the time, there was no pressure by the SEC for such projects.
Years later, Seagal came under scrutiny of the SEC for his association with an initial coin offering endorsement.
His endorsement pertains to Bitcoiin2Gen, an ICO which never amounted to much.
Steven Seagal hinted on social media to not miss out on this ICO.
For this behavior, the movie star is now fined $330,0000, as Bitcoiin2Gen is an unregistered security offering.
Becoming the brand ambassador of a project intent on raising millions despite having no business plan is never a smart decision.
It appears that Seagal also received $1 million for promoting this initial coin offering, which is a very substantial amount.
Of that transaction, $250,000 was paid in cash, and the remainder in the Bitcoiin2Gen tokens.
As this token plummeted in value after the ICO, it never amounted to much.
Steven Seagal never disclosed how he received a payment for his endorsement, albeit most people acknowledge he would never do something like this free of charge.
Published on February 28th, 2020 by BTCMedia
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Microsoft has a history of funding and developing with open source systems, and has started a new project called ION, trying to make a universal, decentralized system secured by Bitcoin, for managing and proving identities available to the globe. What are the goals and mindset behind this project, and how is Microsoft planning for its future, and the future of the Bitcoin ecosystem? Find out in today’s article by Colin Harper discussing the ION system with Daniel Buchner, the project lead!
Another of the constantly amazing content available thanks to the team at Bitcoin Magazine! Check out Colin’s previous article getting into details of how the ION system will work. A huge thanks to the LTB Network for partnering with the show and helping to get the Audible of Bitcoin to everyone! Support the show by becoming a patron and get access to the Cryptoconomy Telegram Crew! patreon.com/thecryptconomy
Bitcoin is known for its parabolic movements to the upside; BTC’s infamous rally from $1,000 to $20,000 in 2017 was a clear parabola higher, marked by rapidly-increasing highs and an eventual blow-off top, which saw BTC correct 60% within weeks after the peak.Though, the cryptocurrency also trades parabolically to the downside. A prominent analyst recently touched on this, warning that the “downside parabolic structure” Bitcoin is currently forming suggests a stronger crash is nearing.Bitcoin Could Crash Further, Predicts Bearish Parabolic StructureJacob Canfield, a CNBC-featured trader, shared the below chart on Friday morning, showing that Bitcoin is trading in an “aggressive” parabolic structure to the downside, marked by fresh lows being made faster and faster as time progresses. Accentuating the bearish nature of this, he wrote:“This recent structure has a much more aggressive slope to it than the post-china pump bleed out, which means sellers are more aggressive.”Canfield’s depiction of the parabola suggests that should Bitcoin fail to break above it, the asset will fall to $6,400 — the range low that has been formed over the past few months — by the second week of March, just 10 days away. For some context, BTC moving to $6,400 from the current price of $8,750 will mean the asset falls nearly 27%.There Are Some Positive SignsAlthough the parabola remains intact, there are signs the cryptocurrency may soon see some bid.Per previous reports from NewsBTC, analyst CryptoWolf thinks Bitcoin holding the 21-week exponential moving average (currently at $8,750)— a popular moving average used by analysts to determine an asset’s directionality — will imply the “start of a new parabolic advance.”Indeed, he shared the below chart, indicating that the previous bull run that took BTC from $1,000 to $20,000 was punctuated by consistent bounces off the 21-week EMA.BTC seems somewhat poised to hold this level on a weekly basis, now trading exactly where the moving average is. CryptoWolf’s tweet implies that if Bitcoin manages to hold the aforementioned moving average, it will be cleared to experience a strong recovery in the coming weeks.Not to mention, the crypto market’s fundamentals seemingly remain astronomically positive; just today, Jerome Powell, Chairman of the Federal Reserve, strongly suggested that the central bank may soon be cutting its policy interest rate yet again.Top analysts, both in traditional and crypto markets, think that easy monetary policy will be a massive catalyst for Bitcoin’s growth in the future.Featured Image from ShutterstockSource
Banks, insurers and other financial companies say efforts to expand their use of artificial intelligence are being hampered by a scarcity of data and talent, according to a report from the University of Cambridge and the World Economic Forum. Below, some of the best analysis and insight from WSJ writers and columnists, the Dow Jones […]
Bitcoin (BTC) Price Prediction – February 29
For the past three days, the bulls and bears tussled for the price above $8,500. The bulls are trying to push the price above $9,000. Sellers, on the other hand, are waiting to repel such a move. The bulls’ failure may attract selling and BTC/USD will fall to the low of $8,200 or $7,800.
BTC/USD Long-term Trend: Bearish (Daily Chart)
Resistance Levels: $10,000, $11,000, $12000
Support Levels: $7000, $6000, $5000
BTC/USD – Daily Chart
Following the recent consolidation above the $8,500, analysts will expect the downtrend to resume. The downtrend resumption will compel the price to reach the lows of $8,200 or $7,800. Conversely, in the previous price action, the price went up after consolidation at the same price level.
The previous price action in January was a bull market as the price continues its upward move. It is most likely the downtrend will continue. Meanwhile, as the market is falling, the Relative Strength Index level 37 is also falling. The RSI indicates that BTC is still in the downtrend zone. Besides, Bitcoin is below the centerline 50 which indicates that the coin is likely to fall.
BTC/USD Medium-term Trend: Ranging (4-Hour Chart)
On the 4-hour chart, the market has traded and reached a low of $8,500. Initially, the price retested the $9,000 price level but was repelled. The price is consolidating above $8,500 support level. On the downside, if the bears break the range-bound movement, the market is likely to fall to the next support at $8,200 or $7,800.
BTC/USD – 4 Hour Chart
On the upside, if the price bounces up at the current level, BTC will rally above $9,000.Meanwhile, Bitcoin is above the 20% range of the daily stochastic indicating that price is in bullish momentum. Bitcoin is expected to rise but may face resistance at the $9,000 price level.
Please note: Insidebitcoins.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
Anyone working in product development needs to think, feel and live like a customer to truly understand what they need to do. I’ve worked in digital for over a decade, but all too often I’ve heard the phrase “you are not the customer” used (usually incorrectly) like a carefully calibrated torpedo to blow any argument out of the water, even if it was valid. There are an endless number of organizations with mission statements saying they are customer focused - note any organizations where the customer is an abstract entity or a poster on a wall will generally lead to a product not delivering to customers’ expectations. We had a saying in my time at Barclays “what would Ethel do?”, more on that later.
Few months ago, I watched the film “What Women Want” (don’t judge me!), where Mel Gibson gets special powers to read women’s minds. Amongst other things, he uses this power to gain insight into women’s needs and find the product fit that solves problems. As a product person we need a similar superpower to answer the question, what do customers want?
So how do you get this product superpower without some divine intervention from a superior being or a freak electrical accident? We could rely on gut feeling or luck, the Lone Ranger product owner who just “knows” the right path to take. This is like winning the lottery, if you get it right you will have a huge impact. However, the odds are the same, but it’s rarely going to be right and it will probably fail. Or, we could just look at what our competitors are doing and follow them. For instance, when Apple launched the iPhone, competitors were quick to copy, and those that didn’t lost significant market share (such as Blackberry). So, we do need to keep up to date with market trends. But this approach has 2 problems:
- At best, we’ll only ever be as good as our competition
- At worst we’ll miss out on new market opportunities
So, we need something better than gut feel and following the competitors.
We can look at our products, how our customers use them, where there are pain points and what friction we’ve created and fix these pain points. This is a valuable thing to do and I would argue is a hygiene factor in any product or service. For instance, on the mobile app developed by my team, we are constantly looking at what customers are telling us, reviewing data and system logs and resolving the issues we see, usually before the customer comes across it. But the problem with this is that it doesn’t tell us where to go next. What is the next wave of product development?
There are 100’s of frameworks out there, most attempt to do the same thing, customer focus, divergent thinking and creative problem solving. My general view on all frameworks is that they need to fit into the context of your organization, culture, priorities and deliverables. Keep what makes sense, adapt what doesn’t quite fit and put on ice the stuff that might be a bit too blue sky for your organization. Only introducing moonshots like an intravenous drip – measured, constant and considered. So, let’s look at some of these frameworks that can help you realize, “what do customers want”?
Here we might try and divide our customers up into groups of similar characteristics maybe based on behavior, gender, age and profession. Usually a picture and a name is given to the personas such as ‘Ethel a 70 year old pensioner’. We include things like Ethel’s goals, aspirations, likes and dislikes, and print it out and put in on a wall. Personas attempt to force people to think about customer and can give valuable insights. Especially at the start of the journey of what customers want, something is always better than nothing in this context. However, customers evolve as your product matures and if your personas are not refreshed with real customer data, they will become stale and you’ll end up making solutions that may get a lukewarm response.
This is a framework that can be used to understand what customers want or need in a structured way. Design thinking has been around since the 50s and 60s with names like creative engineering and systematic methods for designers. As head of innovation in my past I extensively used the double diamond framework of divergent and convergent thinking to drive solutions that were effective and not necessarily obvious.
But design thinking does get a lot of criticism, especially in that it oversimplifies the problem. Design thinking only works when you adapt it to your organization, and you are clear on your goals. Do you want to explore the art of the possible or build something that can be launched to customers or both? A few gotchas I have seen repeatedly in design thinking is when you exclude technology from the fun and games. If technology is absent from the design thinking process, then all you can deliver are very pretty slide decks with data. Additional knowledge might be an outcome however, this offers very little immediate value for the customer. Conversely if designers are absent from the process then the result is functionally working products that aren’t intuitive and require a manual to use. You need to ensure you are clear with the goals and bring all the right people to the party to make it work.
Jobs to be done (JTBD)
This is my all-time favorite framework and can be used in conjunction with any other framework. It has changed the way I look at product roadmaps and how I understand customers. JTBD, pioneered by late Clayton Christensen (a legend in his own right who recently passed away), is the process a consumer goes through searching for, buying, and using a product. For example, Google was designed for the job of finding information, not for a search demographic, just as Henry Ford didn’t consider the job to be a faster horse, he solved getting from Point A to Point B as quickly as possible.
The job has a lot of requirements, not just functional but also emotional and social, which suggests that context and circumstances are important. To understand the job, you need to study customers and find out what they are trying to accomplish especially under circumstances that leave them with insufficient solutions relative to available processes and technologies. What jobs have ad hoc solutions or poor solutions? When you see customers piecing together solutions themselves, these are great clues for innovation. Christensen says people buy any product to get a job done. The best example he gives is describing market research he and his team did to understand fully why people bought milkshakes. It’s probably worth noting job defined market is generally bigger than a product defined market. As an NLP (Neuro Linguistic Programming) practitioner I have a whole toolbox of techniques that I use to define the JTBD, taking into account function, emotion, personal and socialfactors. Answering questions such as:
- the job your product is hired for,
- why it may get fired, and
- why your customer switched to another solution.
Knowing what products are in a customer’s consideration set for a job, gives insight into what products a customer considers as competition for their JTBD. If you remember anything about JTBD remember this, they are completely neutral of the products and services you create. While a customer JTBD remains fairly stable over time, your products and services should change at strategic intervals as you strive to provide ever increasing value. As Clay used to say, “at a fundamental level, the things that people want to accomplish in their lives don’t change quickly.”
Till this day I still get messages from customers I have met along my own product journey telling me their ideas and their JTBD, even after I have left the company. It is true you are not your customer, however when you spend enough time speaking with customers, studying data, deep-diving into customers values and what they are trying to accomplish, you are able to achieve neural resonance with them. An almost super power to figure out what customers want and need. One of the most important skills of a product person is to be humble and never assume you are the customer. With ownership comes responsibility, when things are good you feel elated and when things don’t work you need to get your game face on peddle through it. Build great products that solve real customer problems and make the world a better place.
Thanks for reading
My views are my own, delightfully dyslexic so please forgive the typos!