Fama One
AI power crypto investment vault
Last week I wrote a post here about hitting our first 10 signups and its fair to say that things have escalated quickly 😅
This will be quite a long post because I wanted to talk about the methods I used but also some of the problems we've encountered. I'd definitely appreciate some suggestions on the new challenges we face.
Unfortunately all the details and insight into how we hit this milestone is too long for IH so I posted it in a medium article here: https://medium.com/@naski22/we-hit-500-signups-what-happened-402c11ba528c
Over the weekend, Fama received its first 10 signups through the website! I know its quite a small number but I'm really happy about it for a few different reasons:
- People like the idea
I haven't used any of my family, friends or contacts in order to reach this first milestone which means I'm not getting any "sympathy" signups. These are completely unknown people.
I'm getting about a 15% signup conversion (I know the sample size is pretty small) but that means that the branding and the messaging is resonating with people. It's also confidence boosting to me personally as I designed and built the brand/website myself which I've never fully done before.
- The people are real
In the last startup I was involved in, we managed to achieved over 3000 signups in a week but when we analysed them, it was discovered that less than 50 seemed likely real people and in the target audience for the product.
This time round I know these people are real and engaged because I used specific channels, tracked the conversion and made a fairly in depth questionaire part of the signup process which those people have taken the time to fill out thoughtfully.
- We spent nothing in the process
It's taken quite a few hours of effort but we spent nothing in the process (apart from the domain and hosting).
The next challenge is turning these 10 into 100 and keeping a similar level of quality signup. I think that we can continue to replicate the initial methods we put in place but these are scalable in the long term.
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Congrats! Someone once said -"If you can get 10, you can get 100, then 1000"!! all the best
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Thanks, I hope thats right!
I'm planning to keep a bit of a journal on here with progress good and bad so I'll keep you posted on the journey
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Huge milestone congrats! Also, I love that you're focusing on "real" people, not just the data. Too many have the courage and honesty to do that, but that's where the real value lies. Keep it up Naski!!
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thank you!
I think the real people part is so crucial at this stage for learning and then for getting meaningful traction at launch. It will mean a slower start and won't help any investment prospects in the short term but will pay dividends in the future and should mean more success when we scale marketing and viral mechanisms
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A milestone is a milestone, congrats! 🤩
What's your best performing channel so far? We're currently having a lot of success with Reddit and jumping into relevant conversations providing value and plugging our solution if it makes sense.
Surfkey.io by @JohanCutych is amazing to always find relevant threads and comments, I highly recommend it. There must be a ton of people on Reddit talking about crypto who would use your tool.
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Thanks!
Reddit making up about 20% of traffic but twitter #1 and then a few different discord communities make up the rest.
I only spent about 1hr on reddit posting earlier in the week and spent another hour today replying to posts so hopefully will yield some results. The issue for us on reddit is theres some great subreddits for new crypto projects but don't have an account meet the karma requirements for some of the big ones yet, they're unusually high.
I'm going to explore the surfkey tool you just shared, looks good and like it will save me time, thank you for that 😍
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This comment was deleted 4 years ago
👋! I'm building a crypto investment vault that uses reinforcement learning (AI) to make market predictions.
Users can deposit a range of crypto assets on the ethereum network into Fama's non-custodial crypto vaults where our reinforcement learning models make predictions and execute trades automatically for users. We've been trying a range of Algorithms and had varied results but the good news is that we've been able to be profitable (and sometimes very profitable) when testing across 3 years of history.
We're resource strapped right now so only able to harness free data we can find online so I think we can ramp up each algorithms effectiveness a lot more still. I'm working hard to secure funding so we can scale up our data range and bring on a few more members to the team.
We've only been going a few weeks so there is big road ahead. If you want to come along for the ride or give some feedback that would be awesome 🙏
https://www.fama.one?utm_source=Startup&utm_medium=Forum&utm_campaign=initiate&utm_id=001
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I start to look at your profile and newsletter today and what motivated you to start this newsletter and why crypto?
2 Comments
You really had an in-depth analysis of the relevant opinion-leaders on Twitter; this is interesting to read, thanks for sharing!
I am wondering about this remark: "In the first week, we got suspended from following people twice [...]"; sorry to ask, but why was that so? Does Twitter have some kind of algorithm that prohibits an 'excessive' following?
Thanks for the kind words!
On twitter: yes, theyre a bit weird about new accounts, any kind of excessive action like following, getting followers or tweeting seems to raise the alarm. In our case you could do everything except hit the follow button on other profiles.