Im not trying to normalize these trials and errors as I am also frustrated, but at the same time we all have to understand that POSI was and is still somewhat relatively “new”. These kind of things happen with startups, and believe me ive seen far worse, with my own startups and other companies Ive invested in. This is normal.
The difference is that POSI is public so you will hear about ALL the trials and errors they face throughout their journey, opposed to other start ups which are private but can assure you all have similar struggles in the beginning too. Nothing always goes to plan, but the important thing is to not give up, and be better. AND to always remember best practices. Do not hire mediocre people, and i think if I can complain about something now, it is that POSI has no brand or identity, it also seems obvious that they don’t have an experienced advisory board or CMO right now, theres probably marketing coordinators stepping up but its different when you have a clear CMO. If there is one then they are either not getting full support or just really terrible at their job. The CTO also, I don’t know the guy, but someone has to take responsibility for a lot of these backend failures and delays. Its probably not the CTOs fault but again I dont know because there is little transparency. It might not even be a dev issue at all, maybe it is something else.
Anyways a lot of businesses fail because it is not easy and usually founders stick to being loyal to the same team that is not doing a good job, only because they feel a sense of “loyalty” to them for sticking with them from the beginning. But even when they have bad performance or poor KPIs, sometimes they are still kept in the company our of loyalty. Its hard to tell people that have been there since the beginning “hey your best is just not working or not good enough and we need to find someone else to take us to the next level”. Thats why some businesses struggle cause now it becomes a “learn as you go” mentality which is where POSI is now. Don’t know how to record AMA’s well lets “learn it as we go” etc (just an example). But again if the marketing is not good, developer or community managers / social media managers, then you gotta find better. Have to have an excellent team, proven people that HAVE DONE it before, and not a team where you learn as you go otherwise you will be stuck here in this level. If a project is not surrounded by people whove done and proven to have success before (board/partners/advisors/team members), then its tricky cause you lose all those veteran experience and wisdom from people whove done it before. I keep hearing POSI will partner when it develops the products, but thats backwards thinking, most startups before they even begin, they seek advisory and partners, then these people bring in their experience and theres LESS delays from trials and erros or again that “learning as you go”. Also, there is a difference between having just “marketing experience” to having “marketing experience and successfully executing strategies to effectively grow a project”. Everyone can have experience but doesnt mean they did a good job at their previous companies. They have to be proven. These are just examples, im not blaming anyone or one particular person. Anyway right now POSI is still alive and persevering to find solutions every single day.
At the end of the day, all the exchanges and coins that survived to this day had experienced one form of tough beginnings, even Binance was hacked 40million early on and there was a time when it was shutdown for a week which is unacceptable back then in this industry, and wasnt there a $600 million hack again last year or year before? I dont remember. But I guess that is the point, noone really will remember these things, cause all that matters now is that CZ did not give up, he kept being his charismatic self and built Binance to what it os today.