That’s true. The run rate is actually a bit higher than $550k/mo now. Our report on Q2 will be ready early Jan. We did budget for $1.1M per month when the coin price was higher but pulled back on a number of fronts (a lot of marketing spend, Asia community, etc.) due to budget shortfalls given the current coin price.
can you add more on ‘Asia community’? what did ECC plan for Asia, curious to hear.
Long detail short: Hire a head of Asia and possibly a BD. Community development and pr (fintech) plans in Japan, S. Korea, Singapore, HK and China. Lighter weight exploratory moe-related work in smaller emerging markets: Philippines, Indonesia, Thailand.
Community development work varies (meetups, digital, content development, bd) based on context but we have bids for support from 3rd parties in each of major locations. Possible research work in Singapore in conjunction with the Monitory Authority of Singapore and a local University, and in S. Korea. Some cross promotion with exchanges based on the availability of content, local research, pr and regulatory engagement. Some education / pr targeted to Asia-based institutional set with SoV narrative.
Zcash is less well known across much of Asia. We made foundational investments this year but it will require much more.
Do not tell me when the main work will begin on everything that you wrote?
It’s just that I’ve heard about Asia for several years, and earlier when the coin cost more than 100
it wasn’t done in any form, then when the calculation was for coins of 90 you cut costs, now when the price is close to 33 dollars you say that you cut costs and throw out the direction until better times, then when next year the coin will be worth 20 will there be enough money? Or immediately after reducing the reward by 2 times?
I don’t understand the question, but I’ll list a few examples of our work this year.
This year, we held meetups in Seoul, Tokyo and Singapore. We met with MAS in Singapore and JVCEA in Japan along with an attorney we hired to help us navigate Japanese regulation. I spent several weeks in China, Japan, S Korea and Singapore. Zooko was there for a couple weeks and spoke at these meetups and with regulators. We also sponsored Ian Miers travel to speak at a conference for JFSA in Japan. Zooko conducted an online AMA for the Chinese community. We started research with RAND in support regional regulatory work that is set to complete in Jan. We provided translations of regulatory material for Korean and Japanese regulators. We’ve met with numerous exchanges and experts in the areas to better understand the landscape, deepen our understanding of privacy concerns, reframe incorrect narratives and plan for expansion. We developed a number of relationships with key regional influencers. We worked with a number of third parties on efforts and funding required for regionally specific pr, regulatory and community development. But we did pull back on greater ambitions, as any fiscally responsible entity would do.
What do you expect from all this work done? As far as I understand, interest in the meeting did not arise regarding zcash, because there is no news or announcements. In the past, when they talked about Asia, they suggested explosive interest, now say that there were so many meetings and nothing at the end, abandoned big ambitions in favor of preserving the balance of finances?
We talked about marketing and viral advertising before.
This is a simplistic assessment. I think it’s important to recognize the complexity and necessary duration of this work.
By way of example, our initial meeting in Japan led to a strong understanding of the Japanese regulatory landscape, implications for exchanges and which exchanges were in position to support us. I prepared a brief based on this understanding that led to a meeting with the director general of the key regulatory agency. In that meeting, we established a plan for the reintroduction of Zcash to Japan. We are working on activities in accordance with that plan. There are nuances to Japanese culture that necessitate certain steps and time. I respect those nuances.
Thanks for the questions but I’m going to sign off from this particular thread at this time as it’s become tangential.
Thanks for answers. This is an important clarification.