I need feedback on my ICO

deylandra

I'm looking for feedback on my ICO project www.deylandra.net

Feel free to tear me to shreds and tell me everything that's wrong about the project.

It's basically Uber for food, you cook from home and sell food to your neighbors. (not doordash, which delivers restaurant food.)

Right now the only feedback I've received is that since I'm the only chef currently, it makes one reluctant to participate. Hence, I need more chefs onlines. (to be fair, I only launched a few days ago.)

bitcoingold1234

Hi there! Crypto in the food sphere is a good idea, but will someone buy from people they don't really know fooood?? and using crypto?? :joy: which is not really adopted at all

deylandra

yay, somebody finally gave me feedback.

I'm going to setup a network in Sacramento and San Francisco to try and get proof of concept.

I will report back if the network succeeds.

Blackicicle

What are your plans for food safety when someone gets sick (not necessarily from your food) and decides to take your house.

What will you do when the food safety inspectors come knocking?

Why do you need an ICO for this?

deylandra

Excellent questions. Thank you for asking.

On the issue of food safety:

1) Smartphone video technology is what makes the breakthrough of an "Uber for home cooking" safe because the entire meal preparation is recorded and live streamed on the website: https://www.deylandra.net/food-safety-rules

2) My mother is a retired health inspector. She is my primary financial backer and is advising me along with two of her health inspector colleagues.

On the issue of the government shutting us down.

1) The network will be decentralized like bitcoin and impossible for the government to shutdown. They would have to go after individual chefs. That is like saying you're going to shutdown bitcoin by targeting miners. The health department usually operates on a county level, meaning there are thousands of different jurisdictions in the United States.

A) Enforcement won't be able to coordinate across that many jurisdictions. B) Enforcement does not have the resources to stop thousands of chefs. C) If our network is safer than restaurants, enforcement loses the moral high ground. D) Enforcement generally lacks teeth. It starts with a warning. E) There are many valid arguments for why the network is legal.

I would foresee certain counties giving us problems and making it impossible to operate within a county, just like how certain cities pass laws against Uber and Lyft. That's an obstacle for sure, but losing a handful of counties out of thousands, that's still a massive business.

On the issue of why an ICO is needed:

1) Crypto currency is required over Visa and MasterCard because it's in a grey area of the law. A bank could easily shutdown one's merchant account, destroying the entire network. 2) Bitcoin and Ethereum have transaction fees that are too expensive for a food network where the average meal is $5. That is why I chose Stellar. 3) A new coin would provide funding to build and expand the network. 4) A person's first meal on the network needs to be free to overcome the learning curve. Issuing a new currency and giving it away for free to first time customers would provide the funding to do this. If it were an already established crypto currency, then the network would require tens of millions of dollars in VC funding, but there would be no way to pay the VCs back without charging fees on the network, for example, 10% of sales, but that requires a central entity that the government could target and then shutdown.

Blackicicle

Great well thought out response. I actually think it's a great idea. Seems like your requirements for chefs are strict enough to ensure food safety. (Maybe even too strict, but that's good, it will filter out those not serious)

Here's what I think. (Since you asked)

I think is a brilliant idea. I think using the blockchain / crypto route is actually a hindrance, to the business and will make it much harder to be successful. What I would do is A. Set up a stripe merchant account to accept credit card payments. B. The user, (instead of fiddling with and trying to figure out crypto, let's face it no one actually uses crypto yet, so you are limiting your user base to people who currently understand crypto, or are willing to learn it - an extra step you don't need - effectively shooting yourself in the foot) uses their visa to purchase $25 worth of credits on your website. (Subscription, gets them a $2, or $5 or whatever discount, that way you automatically charge their card every month or whatever you wish) You have a simple SQL database on your server that's stores their credentials and credits them 25, or 50 or whatever points for that amount, and that's $25 in your bank in 24hours (if you use stripe). C. The chefs signs up, to the site, and starts cooking for people. They get deyla, or dra, or delandra or whatever you call it points which they redeem at the end of the month by cheque, or e-transfer etc. D. Rinse and repeat.

If you can foot the first couple of thousands to pay out the chefs, or of course do it yourself, you don't need, ICO, blockchain, crypto or anything like that.

Ps. Imagine Uber started accepting crypto, wouldn't that be a big deal? Of course, cause they have the cash and the users already. You don't so don't complicate your life.

FIRST, become the Uber (the easy headache free way), THEN incorporate crypto, if it's still your desire to do so. (Just my 2 XLM)

Like I always say to my wifu, you will only get the truth from me, nothing less nothing more. Hope it goes well.

deylandra

You are correct that using Crypto is a major hindrance, at least initially.

I'm handing out flyers around the neighborhood and many folks are retired/too old to understand crypto.

But I don't feel using credit cards is the way to go. www.Josephine.com died because they couldn't turn a profit. There's just no money in taking 10 percent of $5. What was the line from the movie The founder "You don't build an empire off a 1.4% cut of a 15 cent hamburger."

https://www.youtube.com/watch?v=7sf0J_N9iBE

Besides creating a target that the health department will surely destroy,

The real money comes from expanding the money supply and displacing bitcoin. Higher initial cost but greater long term reward.

I have a working plan to displace bitcoin, as crazy as it sounds, but hear me out.

Surpassing Bitcoin Doing the impossible may not be so impossible after all. Why is bitcoin useful? Bitcoin as a currency is only useful for online drug markets. And gambling. That's it. Otherwise, it's used as a store of wealth like digital gold.

For example, nobody cashes in their paycheck and immediately converts their dollars to bitcoin (or any altcoin) so they can shop at Amazon or Walmart or Target or any online store. That doesn't happen. They would keep their dollars in dollar form if they wanted to immediately spend it. The only time it gets converted to bitcoin for immediate spending is if a person wants something from a drug market or to bet on a horse race.

The rest of the time people are converting dollars into bitcoin to park their wealth. Parking one's wealth somewhere is not the purpose of a currency, that's digital gold, and that's a different use case.

Why have most people never used bitcoin before?

The bulk of the population has no use for online drug markets, online gambling, or digital gold. Therefore they have no use for bitcoin. This is going to limit bitcoin's penetration in society. The same applies to Ethereum, Ripple, Litecoin, and the other top altcoins. The coins don't do anything. You just hold them, store your wealth, and that's it. It's very boring.

Why a home food network changes the ballgame

1) A home food network is in a grey area of the law, meaning that it's unsuitable for Visa or MasterCard.

2) Everybody needs food and everybody wants food that's half the price of a restaurant and twice as good.

What I mean is that the Deylandra coin can penetrate deeper into society than bitcoin can. Maybe only 15% of the population is interested in drug markets, gambling, and digital gold. But 100% of the population needs food.

For example, my mother is 72 years old and terrible at computers. She eventually learned to use Facebook in 2012, but only because there was a real need. She likes to share photos of her grandchildren. She's never going to convert her dollars into bitcoin so she can shop at Walmart. There is just no need for bitcoin. She does like to eat good food however.

In other words, a home food network can surpass both drug markets and gambling in terms of total volume, number of transactions, and market penetration. The people who are interested in digital gold will prefer the crypto that has the largest volume and market penetration as a currency because it's the safer bet to park their wealth.

Rapid expansion of the Deylandra Network like a virus

The Deylandra Network can expand rapidly, much more rapidly than bitcoin, by offering people their first 2-3 meals free. Nobody's giving away free bitcoin anymore. Newly minted bitcoins are wasted in electricity and mining costs.

Wait, if you're giving away Deylandra coins for free why does it have value?

A crypto currencies value is determined by the network size. Every time $15 in free food is given away, it expands Deylandra's Network size by more than $15. This will fuel lightning fast expansion across the entire United States very, very quickly. The reason it adds more than $15 in value is because many people end up returning again and again for more food. It would only cause inflation and destroy the Deylandra coin's value if people took the free $15 and never returned.

Bitcoin is at a disadvantage because newly minted bitcoins 1) don't expand bitcoin's network size and thus cause inflation 2) the new bitcoin's value is squandered on electricity costs and mining costs, whereas new Deylandra coins aren't squandered, but instead are supplying people food. Right now bitcoin uses more electricity to maintain the network than the entire country of Ireland. Imagine if instead it were feeding an entire country the size of Ireland. Instead of miners we have chefs. That is much more useful.

What a currency needs in order to dethrone bitcoin 1) a rapid way to expand to all segments of society. 2) something that everyone wants but cannot use Visa or MasterCard to buy. 3) newly minted coins are used to fund the network's expansion, instead of being wasted on electricity and mining.

Deylandra has all three of these.

Essentially my argument is that the retired grandmother will never use bitcoin. But she might use Deylandra if she likes to cook.

Blackicicle

Thanks for the explanation. I can see your point. Anything is worth a shot!