Sorry I’ve been awol over the last week, things have been a bit busy with other things I have to deal with. Last night I sat down and looked at all the statistics, revenue that’s being generated, cost of subsidy of the draws and amount of time it takes to run the site and I had to be honest with myself. I looked at the bigger picture and I came to the conclusion that as much as I love the site and generating free electroneum for the community, it just isn’t working.
From the stand point of the prizes, it seems that advertising for some of the users is quite well targeted to their interests. On the other hand, a larger percentage of users obviously have poorly targeted advertisements shown to them and they’re never of any interest to those users. This of course leads to a lack in revenue, which means I either drop the prizes or subsidise the prizes. I don’t like dropping the prizes as it makes the site less attractive, however, for the last 4 months I’ve subsidised the prizes and it hasn’t really helped anyway.
When I look at how much time the site takes to run, the amount of money it has cost to build and the fact i’m doing all this for free, or more recently at a small cost to me I have to look thing realistically and look through the fogginess of the love I have for the site and say somethings got to change. Looking at the bigger picture, we have a lot of great folk here, along with some from the Electroneum community forum, my man Rasta G, Nik UK and ETNWIN who have put great effort into trying to spread the word the site exists. However, interest for the site and support from the wider community has never really materialised.
So, I’m now at the point where I’ve got basically 3 choices, well, two really!
Choice number one, which is my least favourite of all three is to pay out all remaining balances and completely shut down the site with a view of bring it back further down the line when there is a lot more interest in electroneum and crypto in general and then we have a better chance to achieve the numbers in traffic we need to unlock increased revenue streams.
Choice number two – To run the site with much reduced capacity, one or maybe two draws a day, one of maybe two winners a day. basically take all the revenue generated and split it between the following 30 days. let’s say the site generated enough for 200 etn, we could have 2 100 etn draws, with two winners, if it was more, by every 100 increase in revenue one extra draw would appear. What this would do for me, is make it much less work. I would simply set the prizes at the start of the month and make two payments each day and not have to subsidise the draws. I’d pay for the hosting, quite happy to do that, it’s a set amount.
Choice number three – Continue on with a wishful attitude whilst losing a lot of money and time, that would be better spent elsewhere!
Number one – is what i think i should do, because it draws a line under it and some point in the future I could bring the whole thing back when Electroneum is slightly more popular.
I mean this isn’t me losing faith in Electroneum, I want to be clear about that. i don’t want to scare you guys off Electroneum, like, oh he’s closing the site maybe he’s getting out of Electroneum. that’s certainly not the case and I am strongly in on the Electroneum project and will remain so. I think it will be highly successful.
It’s more like this, I’ve put my time and money on the line to try to provide a project for the community to come together and generate a revenue stream into Electroneum to allow them to collect free electroneum and also to strengthen unbanked users interests in the project and that, in my opinion, strengthens everyone’s investments whilst bringing more fiat into the system, which is mostly being held now by “hodl’rs”. However, the wider community hasn’t been interested in supporting the project or using it and as i said i can’t do it myself, it doesn’t work like that, it needs a community of people to all support it for it to work. It needs people who think about not how much they can earn from it, but how much value they can add to every single person holding an electroneum coin.
I don’t want the site to completely go really, so I think option two would be my favourite option. it means we would keep the site, the workload would be much reduced for me and you guys would have the opportunity to pop across everyday and enter to see if you could win the 100, or 200 or 300 etc whatever is on offer that month. I think that’s about the best I can do at this time so that would probably be better than nothing at all if you get what I mean?
Just let me know down below what you think would be the best option 1 or 2 ?
Withdrawals – Sorry for the delays, I’ve been really busy lately. I have some Electroneum coming in from the exchange this morning and I’ll get through the payments today. If the site is to be shut down, all balance will be cleared and the unlimited top up fund I’ll look at that and see how to deal with it, I know the Electroneum community forum has south africa top up threads so perhaps I could find someone trusted in there and donate it into that so it gets used for what it is supposed to!