Copycat Markets
You can never be too certain you are in good business until it is revealed overtime. We have seen this occur in the world of blockchain and cryptocurrency, something we will be looking at in the later part of this article. An idea is more like a prophecy and when manifested, it becomes a dream come true. It can be dicey from here. You have to face a lot of competitors in the process. The threatening part is that these competitors are of both ends; the ones who work in product opposition and those who jump in to produce the same. I have many business ideas, brands and products fade out due to same line competition.
I could remember a shortbread brand that came up some years ago in our locality and was becoming a hot cake. Consumers were flocking in to patronize the brand. Not sooner than later, we saw this same product being over supplied. At early phase consumers never knew but overtime due to change of product taste it was easy to detect that this brand has been adulterated; it had reached the hands of copycats who if they even produced something better they would have been no worries.
The reverse was the case, poor products were everywhere just to get the money off consumers. The trust for that brand died and it was back again to old ways. It can be a good idea to transform something localized into a more presentable. It was one of the things I recently observed in the dry pepper production within our locality. The old system had flaws; carelessness in production was everywhere. Not well sieved, not well grinded and sometime a notice of sand when added to a meal.
A brand stepped in and for months NOW we have seen the needed changes; well packaged, sieved and everything you can tick a green for. I was discussing this with a vendor about how this brand has stepped in to solve a pending problem and the reply I got during that conversation was that many new brands have followed suit? A saw other samples of the same product. The copycat mentality back in. Ok, I am not against competition, everyone gets to have something to do to survive I guess. Nevertheless, when trying to copy a product, make it at least of same quality or better still something more superior.
This is where many copycats fail, they flood the markets with inferior products and detest consumers. This has been the flaws of crypto, I feel this industry would have grown pass this if only we had more superior products than inferiors. We saw it happen in the early phase of Bitcoin. Many fake altcoins were created that dust away. Same came in the era of DeFi and NFT's , how many of these projects have failed. Too much Trial and Error can pose a ridicule.
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We came to the era of Memecoins, a lot have been wrecked in the pumps and dump as many TRY to replay what happened with dogecoin and Shiba. Exception of individuals, the government also stepped in to bring in more confusion. The idea was producing the same thing in a regulated way. We saw the idea of CBDC which has gradually faded away (so I assume). It widespread acceptance has proven void as stablecoins have shown much hedge in this market.
After the bill passing of the Genius Acts, it seems USDT and USDC Stablecoins are in for a long term profit. Or are there? Why am I saying so? Can government agencies frustrate this new effort and slow down the Stablecoins market by trying similar copycatting? We've heard such rumors like USDT and USDC are private companies and privitization of money is a big risk to government (they say). Should we be expecting something similar issue by the government anytime soon to keep a large scale control?.
To conclude, let me add, the risk of Stablecoins copycatting may slow this market for another season. As I earlier said, inferior products damage market reputations. Trillions of dollars is about to move into the crypto space, let's just hope the idea of a copycats products does not take us another step backwards. Who will be able to manage Stablecoins transactions much efficiently; government or Private companies? How has it been with the issue of Fiat till date, let's start from there.
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