20 Crypto Companies in San Francisco You Should Get to Know
20 Crypto Companies in San Francisco You Should Get to Know
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The principles I learned in 7 years here
I've learned a lot by surfing these subs. I internalized it and am really happy with where I am. I wanted to take a minute to pay it forward and distill what I've internalized into first principles. First, a bit on my background. I was always interested in being FI and know that money doesn't equal freedom, but it is an aspect of freedom (if nothing else, freedom from worrying about meeting basic needs). I was saving heavily in my mid 20's but was also working for a nonprofit. I was saving 50% of my income but it honestly wasn't amounting to all that much. I wound up spending about a year teaching myself data science before and after work. I was really motivated by the field and, luckily for me, it turns out to be quite lucrative. I also started skydiving. That meant moving to a shared 1 bedroom apartment with somebody I butted heads with so I could afford it and not overly sacrifice savings goals. That was a tough call because skydiving is expensive, but it also made me much more risk tolerant and a generally happier and less reactive human. Skydiving taught me that most of my fears were unfounded (evolution predisposes you to fear more than you have to) so I geared up for a big life change. When I was good enough at data science, I quit my job in the nonprofit and moved to San Francisco to do a 3 month bootcamp program. Everybody thought I was nuts. That drained my savings virtually down to the last dime (with no debt though). I got my first job in the industry making very little money in a role where I would learn a lot. I loved it and got a promotion in (I shit you not) 2 weeks of being on the job. That was my first 6 figure income. Zoom forward four years and I'm at a major company with a significant equity stake, financially comfortable, and having just bought a home. Not quite yet FIRE but getting close depending on how my company stock does. Obviously everybody's path is different. But principles are more universal. With all that, here are the main principles that lead to my success:
Find the global maximum. I was top of my game in that nonprofit with a relatively good income and title, but I was growing unhappy and knew I wouldn't make my longterm goals. It was a tough call to quit, drain my savings, and move. But I did it and now I feel like I'm in a global personal maximum for life satisfaction, earning, etc. This means longterm thinking
Stay balanced. I almost burned myself out on FIRE multiple times. I started seeing everything as costs. Be scrappy on everything but what makes you most come alive. That's crucial for longterm motivation
The best investments are always in yourself. Active recovery, eduction, socializing, etc. are the best investments you can make. They're bad investments on the short term but great on the longterm
Save on housing until you're ready to purchase a home. My rule was that I'd live with roommates until I had enough for a down payment. When covid happened, I decided I wouldn't buy a place until the market rebounded so I let my investments sit until they rebounded, sold, and purchased a home. Most people lose too much money on housing
Never pay interest. This is an exaggeration but it's the biggest lifetime expense for more people. I pay some interest but both my small car loan and mortgage are below 3% interest. That means, with inflation, my money is likely better in the stock market than paying back those loans. So apart from that interest, I've been lucky enough to manage to avoid it like the plague
Take risks and experiment. Most people are way too risk adverse, scared to place strategic bets. I've lost a lot of money on risky things but have gained so much more in experience. Spending thousands on bitcoin miners in the early days while on a shoestring budget? Lost a lot on that. But it resulted in learning an appropriate way to buy crypto and the net effect was many more thousands of dollars in gains
Have mentors/models. If you don't do this explicitly, you default to modeling your behavior on whoever is around you. Think of who your top models for behavior are (financial, relationship, etc) and figure out what makes them tick. For me it was Mr. Money Moustache, some abundance-oriented technology thought leaders, and some anti-consumer friends who were militant about how owning things doesn't make you happy
Don't defer pleasure. I came to realize that many of my thoughts on retirement were quite Catholic (thanks, dad). In other words, I was deferring pleasure until retirement like my Catholic father was deferring pleasure until the afterlife. Be fiercely present and enjoy today. Finances are only one part of life satisfaction
Have an abundance and growth mindset. Most people think of money as a scarce resource. It's not. Anybody can generate it given enough time and effort. Think big picture and work incrementally towards it rather than accepting the career progression of your peers or employer. Most people underestimate how much employers will recognize a strong sense of drive and personal responsibility
Change is necessary. For the Buddhists, that's the source of all suffering. Do we want to sacrifice the mediocre reality today for the option of a better reality tomorrow? Most people are so change and uncertainty adverse they can't adapt to more beneficial situations. Being open and curious and optimistic about change is necessary, otherwise the mediocre today seems like a better bet or you'll change and then quickly regress. The opportunity cost for change is whatever situation you currently find yourself in. Make sure you're ok with this and have the confidence to course correct if you get in over your head
TL;DR - Reality is malleable. You can achieve whatever you want as long as you take a step back, strategize, and then kick some ass. If you adopt some principles and play the long game, you'll ace this whole life thing Edit: Glad this got so much attention. I feel like I've paid forward the mindset and benefits this sub helped me create. Thanks for being part of that!
Best Exchanges to Buy Bitcoin & Crypto in the US (Pros & Cons)
Are you looking to start investing in cryptocurrency and wondering where the best place to buy it is? Or if you are in the US, are you wondering which crypto exchanges are legal for you to use? Below is a list of 5 cryptocurrency exchanges that, as of this post, are all legal for US citizens. I have also included a quick break down on the pros and cons of each exchange. This is not a complete list of every exchange available to US citizens as there are others, but these are my own personal top 5 based on characteristics such as ease of use, security, fees, liquidity and selection of available coins to trade. If you are not located in the US there is a good chance most of these exchanges are available to you as well, you will just need to check with the exchange and look up your own country's policies regarding the purchase of cryptocurrencies. As you go through the list please keep in mind, while I do have them ranked 1 through 5, there is not a lot separating them and each of these exchanges offer something a little unique from the others. Everyone's investment goals and preferences are going to be a little different so my #5 exchange here could be your #1 based on your criteria. It is also pretty likely that if you end up wanting to invest in 5 or more coins at some point, no one exchange is going to have all of them available so you will likely need to open multiple accounts anyways. Okay, on to the list. 1) Binance US Binance US is an offshoot of one of the largest cryptocurrency exchanges out there, Binance.com. They created Binance US in response to US citizens being banned from using their main exchange back in 2019. These two exchanges function much the same with the biggest difference being that Binance US has a slightly smaller pool of cryptos listed on their exchange, which currently is a little over 30 coins. Other than that, all of the great features of Binance.com that have helped it become one of the largest crypto exchanges in the world, apply to Binance US as well. PROS - Low Fees: Start at 0.10% spot trading fee and goes down from there depending on your trading frequency. You can also save an additional 25% off your trading fees by holding their native token BNB. - High Trading Volume: Allows you to get in and out of your positions more easily. - Coin Selection: Currently as of this writing there are over 30 different coins available to be traded. - Reliability / Reputation: As one of the larger players in the crypto space, Binance is able to offer a bit of security as they are able to throw a lot of money at any potential problems with things like hackers. Binance US puts away a set portion of their earnings every month in a fund that acts as insurance against any funds that may be lost due to hackers. Back in 2019 they had an incident where 40 million dollars of crypto was stolen by hackers and they reimbursed every penny to their customers. CONS - Interface: Trading can be a little confusing for those not used to trading cryptocurrencies. While it is not too difficult to learn, a couple of the upcoming exchanges on my list are a little more user friendly for those who are new to the space. All things considered, right now if I was getting started with Crypto trading in the US, Binance US would be the first account that I created. If you would like to open an account you can use the link below. If you are located outside of the United States I would suggest opening an account on the the original Binance.com exchange as they currently have a wider selection of cryptos to pick from. Below is a link for their sign up as well if you are interested. Binance US Sign Up Binance Sign Up (Non-US Citizens) 2) Crypto.com Crypto.com is on a mission to be the leader in cryptocurrency adoption to the masses and is trying to bridge the gap between the worlds of blockchain and traditional finance. Along with trading cryptocurrencies they have programs on their app like Earn, Invest, Pay & Credit which you would find with more traditional finance companies. For instance, through their Earn program there are many coins you can earn interest on by locking them up for a set time period. Depending on the coin, how many MCO (Crypto.com native coin) you have staked and how long you keep your tokens locked up for, you can earn anywhere from 2% to 18% interest which a lot better than any bank is going to do for you these days. One of the best features of Crypto.com, in my opinion, are their great eye-catching, metal crypto MCO reward credit cards. These cards pay you cashback, in the form of their MCO token, for all of your day to day purchases anywhere that VISA is accepted. Depending on which level of card you get, these credit cards reward 1% to 5% cashback on all spending along with other great benefits like free ATM & international withdrawals, 100% cashback on Spotify & Netflix subscriptions and airport lounge access. In order to get your hands on one of these cards you will need to open a Crypto.com account if you don’t already have one. There is good news if you don’t already have one, as new sign ups can get $50 worth of MCO tokens free by using the link and promo code I have posted below. Please note that the $50 of MCO tokens will remain locked until you deposit & stake at least 50 MCO tokens toward the sign up of the particular card you are interested in. If you want to know a little more about these cards you can check out method #3 in my earlier post 5 Easy Legitimate Ways to Earn Free Crypto where I go into a bit more detail on them. However, for the purpose of this post, let's get to some pros and cons of their exchange platform. PROS - Low Fees: Start at 0.20% and go lower from there depending on your trading volume. - Coin Selection: Currently as of this writing there are 53 different coins available to be traded. - Interface: Easy to use app that is very user friendly.- Customer Service: One of the best customer service programs in the industry if you need any help. CONS - App Only: No desktop version, all functions on the exchange must be done via their app. - History: Founded in 2016 so they are still relatively new to the industry. Crypto.com is a great option if you are looking to trade cryptocurrencies and also want to take advantage of things like their cash back VISA cards and Earn program that pay you great interest rates as you hold your coins. Below is a link you can use to sign up for a new account. If you are also interested in getting one of their MCO Visa cards, use the link below along with the promo code to get $50 of their MCO token free. Crypto.com Sign Up PROMO CODE:gapena3dq4 3) Coinbase Headquartered in San Francisco, Coinbase is the largest US-based crypto exchange with about 20 million current users. Like Crypto.com, they are trying to bring cryptocurrency trading to the masses through an easy to use interface and education. One way they try to educate their users is through their Coinbase Earn program where they offer free crypto for watching short educational videos teaching you about the various coins they offer on their exchange. I will not go into the details of that program here, but if you are interested in checking it out I go into a bit more detail on it in my post 5 Easy Legitimate Ways to Earn Free Crypto. Now on to some of the pros and cons. PROS - High Trading Volume: Allows you to get in and out of your positions easily. - Interface: Easy to use desktop interface and trading mechanisms for those new to crypto trading. - Insurance: Coinbase carries an insurance policy that covers 2% of all assets on the exchange and they keep the other 98% in cold storage. CONS - Fees: While their fee structure is not horrible, it is a bit higher than Crypto.com and Binance US. Crypto to crypto trading fees are at 0.50% / bank purchases at 1.49% / credit & debit card purchases at 3.99%. - Coin Selection: Currently they only have about 20 coins to choose from, however they are looking to add a bunch more soon. Coinbase is a solid choice for anyone looking to get started in crypto trading. If you would like to open an account you can use the link below which will get you $10 of free Bitcoin as a sign up bonus. Please note that to get the free $10 you must buy or sell $100 worth of crypto within 180 days of signing up. Coinbase Sign Up 4) Robinhood Robinhood is the pioneer of no fee trading for securities which is the main benefit of this exchange. It also is, to my knowledge, one of the few exchanges that allow you to trade both traditional stocks and cryptocurrencies. Technically their stock and crypto exchanges are separate entities, however you can seamlessly trade them both from the same account on their app. This is great for those who would like to get started trading in both crypto and traditional stocks but don't want to open multiple accounts. Or for those who might want to trade back and forth between stocks and crypto but don't want to have to transfer money between accounts to do so. Now to explore some other features of the Robinhood exchange let's get into the pros and cons. PROS - Fees: None (FREE!) - Flexibility: Can trade multiple asset classes (Stocks, Crypto, ETFs, Options) - Interface: Easy to use app that is very user friendly. Desktop version available as well. CONS - Coin Selection: Currently only offer 7 coins that can be traded (BTC, BCH, BSV, DOGE, ETH, ETC, LTC) - Coin Mobility: Your coins must remain on the Robinhood exchange. You cannot transfer your coins to another exchange or withdraw them to put in your own digital wallets. With their user friendly interface and no fees, Robinhood is very appealing for those just getting into crypto trading. If you are just looking to buy some of the higher cap coins like Bitcoin and Etherium, this exchange can be a good fit for you. However if you know there are some projects you would like to invest in that are not listed above, you may want to choose some of the other exchanges on this list, or both. If you are unsure at this point if you want to invest beyond coins like Bitcoin and Etherium in the future, it doesn't hurt to start here, get your feet wet and open another account down the road if you have other projects you get interested in. If you would like to open an account you can use the link below to get one free stock with sign up! This free stock will be valued somewhere between $2.50 and $200. Robinhood Sign Up 5) Kraken Kraken exchange is based out of the United States and was founded back in 2011. While there is no specific trait that blows away the competition with this exchange, it does most everything pretty well. Like most crypto exchanges at this point, your funds on there are not FDIC insured, however Kraken does keep a separate fund that serves as an insurance policy and is currently over 100 million dollars. They also show great transparency and compliance with programs like their Proof of Reserves which offers proof that they hold all of the funds that they say they do. Here is quick break down of their pros and cons. PROS - Low Fees: Range from 0.10% to 0.26% depending on your trading frequency. - High Security: One of the best reputations in the industry for security. - Coin Selection: Good but not great. Currently they have about 20 coins available for trading. CONS - Interface: Making trades can be a little confusing for beginners who are not familiar with their format. However with a couple quick tutorials most of you should be able to get familiar with it pretty quickly. To open an account and begin trading with Kraken use the link below. Kraken Sign Up
Interested in some ways you can passively earn free crypto?
How do I Buy Bitcoin & Crypto? - Pros & Cons of 5 Exchanges
Are you looking to start investing in cryptocurrency and wondering the best place to buy it? Or if you are in the US, are you wondering which crypto exchanges are legal for you to use? Below is a list of 5 cryptocurrency exchanges that, as of this post, are all legal for US citizens. I have also included a quick break down on the pros and cons of each exchange. This is not a complete list of every exchange available to US citizens as there are others, but these are my own personal top 5 based on characteristics such as ease of use, security, fees, liquidity and selection of available coins to trade. If you are not located in the US there is a good chance most of these exchanges are available to you as well, you will just need to check with the exchange and look up your own country's policies regarding the purchase of cryptocurrencies. As you go through the list please keep in mind, while I do have them ranked 1 through 5, there is not a lot separating them and each of these exchanges offer something a little unique from the others. Everyone's investment goals and preferences are going to be a little different so my #5 exchange here could be your #1 based on your criteria. It is also pretty likely that if you end up wanting to invest in 5 or more coins at some point, no one exchange is going to have all of them available so you will likely need to open multiple accounts anyways. Okay, on to the list. 1) Binance US Binance US is an offshoot of one of the largest cryptocurrency exchanges out there, Binance.com. They created Binance US in response to US citizens being banned from using their main exchange back in 2019. These two exchanges function much the same with the biggest difference being that Binance US has a slightly smaller pool of cryptos listed on their exchange, which currently is a little over 30 coins. Other than that, all of the great features of Binance.com that have helped it become one of the largest crypto exchanges in the world, apply to Binance US as well. PROS - Low Fees: Start at 0.10% spot trading fee and goes down from there depending on your trading frequency. You can also save an additional 25% off your trading fees by holding their native token BNB. - High Trading Volume: Allows you to get in and out of your positions more easily. - Coin Selection: Currently as of this writing there are over 30 different coins available to be traded. - Reliability / Reputation: As one of the larger players in the crypto space, Binance is able to offer a bit of security as they are able to throw a lot of money at any potential problems with things like hackers. Binance US puts away a set portion of their earnings every month in a fund that acts as insurance against any funds that may be lost due to hackers. Back in 2019 they had an incident where 40 million dollars of crypto was stolen by hackers and they reimbursed every penny to their customers. CONS - Interface: Trading can be a little confusing for those not used to trading cryptocurrencies. While it is not too difficult to learn, a couple of the upcoming exchanges on my list are a little more user friendly for those who are new to the space. All things considered, right now if I was getting started with Crypto trading in the US, Binance US would be the first account that I created. If you would like to open an account you can use the link below. If you are located outside of the United States I would suggest opening an account on the the original Binance.com exchange as they currently have a wider selection of cryptos to pick from. Below is a link for their sign up as well if you are interested. Binance US Sign Up Binance Sign Up (Non-US Citizens) 2) Crypto.com Crypto.com is on a mission to be the leader in cryptocurrency adoption to the masses and is trying to bridge the gap between the worlds of blockchain and traditional finance. Along with trading cryptocurrencies they have programs on their app like Earn, Invest, Pay & Credit which you would find with more traditional finance companies. For instance, through their Earn program there are many coins you can earn interest on by locking them up for a set time period. Depending on the coin, how many MCO (Crypto.com native coin) you have staked and how long you keep your tokens locked up for, you can earn anywhere from 2% to 18% interest which a lot better than any bank is going to do for you these days. One of the best features of Crypto.com, in my opinion, are their great eye-catching, metal crypto MCO reward credit cards. These cards pay you cashback, in the form of their MCO token, for all of your day to day purchases anywhere that VISA is accepted. Depending on which level of card you get, these credit cards reward 1% to 5% cashback on all spending along with other great benefits like free ATM & international withdrawals, 100% cashback on Spotify & Netflix subscriptions and airport lounge access. In order to get your hands on one of these cards you will need to open a Crypto.com account if you don’t already have one. There is good news if you don’t already have one, as new sign ups can get $50 worth of MCO tokens free by using the link and promo code I have posted below. Please note that the $50 of MCO tokens will remain locked until you deposit & stake at least 50 MCO tokens toward the sign up of the particular card you are interested in. If you want to know a little more about these cards you can check out method #3 in my earlier post 5 Easy Legitimate Ways to Earn Free Crypto where I go into a bit more detail on them. However, for the purpose of this post, let's get to some pros and cons of their exchange platform. PROS - Low Fees: Start at 0.20% and go lower from there depending on your trading volume. - Coin Selection: Currently as of this writing there are 53 different coins available to be traded. - Interface: Easy to use app that is very user friendly.- Customer Service: One of the best customer service programs in the industry if you need any help. CONS - App Only: No desktop version, all functions on the exchange must be done via their app. - History: Founded in 2016 so they are still relatively new to the industry. Crypto.com is a great option if you are looking to trade cryptocurrencies and also want to take advantage of things like their cash back VISA cards and Earn program that pay you great interest rates as you hold your coins. Below is a link you can use to sign up for a new account. If you are also interested in getting one of their MCO Visa cards, use the link below along with the promo code to get $50 of their MCO token free. Crypto.com Sign Up PROMO CODE:gapena3dq4 3) Coinbase Headquartered in San Francisco, Coinbase is the largest US-based crypto exchange with about 20 million current users. Like Crypto.com, they are trying to bring cryptocurrency trading to the masses through an easy to use interface and education. One way they try to educate their users is through their Coinbase Earn program where they offer free crypto for watching short educational videos teaching you about the various coins they offer on their exchange. I will not go into the details of that program here, but if you are interested in checking it out I go into a bit more detail on it in my post 5 Easy Legitimate Ways to Earn Free Crypto. Now on to some of the pros and cons. PROS - High Trading Volume: Allows you to get in and out of your positions easily. - Interface: Easy to use desktop interface and trading mechanisms for those new to crypto trading. - Insurance: Coinbase carries an insurance policy that covers 2% of all assets on the exchange and they keep the other 98% in cold storage. CONS - Fees: While their fee structure is not horrible, it is a bit higher than Crypto.com and Binance US. Crypto to crypto trading fees are at 0.50% / bank purchases at 1.49% / credit & debit card purchases at 3.99%. - Coin Selection: Currently they only have about 20 coins to choose from, however they are looking to add a bunch more soon. Coinbase is a solid choice for anyone looking to get started in crypto trading. If you would like to open an account you can use the link below which will get you $10 of free Bitcoin as a sign up bonus. Please note that to get the free $10 you must buy or sell $100 worth of crypto within 180 days of signing up. Coinbase Sign Up 4) Robinhood Robinhood is the pioneer of no fee trading for securities which is the main benefit of this exchange. It also is, to my knowledge, one of the few exchanges that allow you to trade both traditional stocks and cryptocurrencies. Technically their stock and crypto exchanges are separate entities, however you can seamlessly trade them both from the same account on their app. This is great for those who would like to get started trading in both crypto and traditional stocks but don't want to open multiple accounts. Or for those who might want to trade back and forth between stocks and crypto but don't want to have to transfer money between accounts to do so. Now to explore some other features of the Robinhood exchange let's get into the pros and cons. PROS - Fees: None (FREE!) - Flexibility: Can trade multiple asset classes (Stocks, Crypto, ETFs, Options) - Interface: Easy to use app that is very user friendly. Desktop version available as well. CONS - Coin Selection: Currently only offer 7 coins that can be traded (BTC, BCH, BSV, DOGE, ETH, ETC, LTC) - Coin Mobility: Your coins must remain on the Robinhood exchange. You cannot transfer your coins to another exchange or withdraw them to put in your own digital wallets. With their user friendly interface and no fees, Robinhood is very appealing for those just getting into crypto trading. If you are just looking to buy some of the higher cap coins like Bitcoin and Etherium, this exchange can be a good fit for you. However if you know there are some projects you would like to invest in that are not listed above, you may want to choose some of the other exchanges on this list, or both. If you are unsure at this point if you want to invest beyond coins like Bitcoin and Etherium in the future, it doesn't hurt to start here, get your feet wet and open another account down the road if you have other projects you get interested in. If you would like to open an account you can use the link below to get one free stock with sign up! This free stock will be valued somewhere between $2.50 and $200. Robinhood Sign Up 5) Kraken Kraken exchange is based out of the United States and was founded back in 2011. While there is no specific trait that blows away the competition with this exchange, it does most everything pretty well. Like most crypto exchanges at this point, your funds on there are not FDIC insured, however Kraken does keep a separate fund that serves as an insurance policy and is currently over 100 million dollars. They also show great transparency and compliance with programs like their Proof of Reserves which offers proof that they hold all of the funds that they say they do. Here is quick break down of their pros and cons. PROS - Low Fees: Range from 0.10% to 0.26% depending on your trading frequency. - High Security: One of the best reputations in the industry for security. - Coin Selection: Good but not great. Currently they have about 20 coins available for trading. CONS - Interface: Making trades can be a little confusing for beginners who are not familiar with their format. However with a couple quick tutorials most of you should be able to get familiar with it pretty quickly. To open an account and begin trading with Kraken use the link below. Kraken Sign Up
Interested in some ways you can passively earn free crypto?
Over the past year my team and I have been tirelessly working to build a Bitcoin onramp built by Bitcoiners, for Bitcoiners. Today, I'm excited to introduce River Financial: the best place to buy, sell, and use Bitcoin for the long term investor.
Hey /bitcoin! I'm Alex Leishman, a longtime Bitcoiner and member of this sub. Today I'm very proud to announce the launch of River Financial (river.com), a financial institution built specifically for long-term Bitcoin investors. TL;DR At River.com you can:
Connect your U.S. bank account and buy Bitcoin at a competitive price with USD
Setup recurring Bitcoin purchases with discounted fees
Send and receive Bitcoin onchain or via the Lightning Network
See detailed investment performance metrics and select specific tax lots when selling (coming soon)
Easily access human support (phone, chat, email)
Background Like many of you, I became quite frustrated over the last few years as I watched many once-respected companies in the space (e.g. Coinbase) turn their backs on Bitcoin and become casinos for altcoin trading. So, I decided to compete with them and build the company that Bitcoin deserves. At River.com we deeply believe that Bitcoin (and Bitcoin alone) will continue to grow in its role as a globally recognized currency and store of value, and will eventually sit alongside or challenge today’s government-backed fiat currencies. We're building a financial institution around this hypothesis. We have built our technical infrastructure from the ground up. All core applications run on our own servers sitting in a 2,000lb vault only we have access to (not your servers, not your company). And, of course, the vast majority of funds are held in a multisig PSBT-based cold storage system. By focusing exclusively on Bitcoin, we can provide access to the latest features Bitcoin has to offer. We already support the Lightning Network and will be ready to go with Schnorr support if/when the taproot soft fork is accepted by the network! If you'd like to read more about River Financial and who we are, check out our blog post here. We are based in San Francisco, and growing quickly. We are currently still in invite-only mode as we scale up. If you are eager to get access, sign up here river.com/request and DM me. I'll see what I can do ;) Feel free to ask any questions below! FAQ How are you better than Coinbase?
Discounted recurring purchases
Lightning Network Support
Proper accounting and financial reporting tools (easily see your unrealized gains and losses)
And lots more to come
What states do you currently support?
With many more coming early next year. Will you support other cryptocurrencies? No.
I've heard that founder of MakerDAO is not strictly against KYC. I have a message to whole community and specifically to a founder of MakerDAO Rune Christensen. I will explain using concrete examples why having KYC in MakerDAO is a grave mistake and it will lead to MakerDAO fork. Many people in the first world never actually understand why financial privacy and financial inclusion is important. Even people (in the first world) who seemingly supportive of such ideas are not able to provide any concrete examples of why it's actually important. Unfortunately, I was born in a "wrong" country (Uzbekistan) and I experienced first hand what financial exclusion actually means. I know first hand that annoying feeling when you read polite, boilerplate rejection letter from financial institution based in first world. So I had to become practical libertarian. I'm going to give you concrete examples of financial discrimination against me. Then I'm going to explain fundamental reasons why it happens. And finally, I'm going to explain my vision for DAI. Back in 2005, I lived in Uzbekistan. I had an idea to invest in US stocks. I was very naive and I didn't know anything about investing, compliance, bank transfers, KYC etc. All I knew is nice long term charts of US stocks and what P/E means. I didn't contact any US brokerage but I checked information about account opening and how to transfer money there. I approached local bank in Uzbekistan and asked how to transfer money to Bank of New York. Banker's face was like - WOW, WTF?!?! They asked me to go to private room to talk with senior manager. Senior manager of local bank in Uzbekistan asked me why I wanted to transfer money to US. They told me that it's absolutely impossible to transfer money to US/EU and pretty much anywhere. I approached nearly every local bank in the town and they told me the same. In 2012, I already lived in Moscow and acquired Russian citizenship. I got back to my old idea - investing in US stocks. I called to many US brokerages and all of them politely rejected me. Usually when I called I asked them if I can open an account with them. They told me to hold on line. After long pause, I was able to speak with "senior" support who politely explain me that Russia in their list of restricted countries and they can't open an account for me. Finally, I was able to open an account with OptionsXpress. Next challenge was to convince local Russian bank to transfer money to US. Back then in 2012, I was able to get permission to do so. So you might say - is this happy end? Fast forwarding US brokerage story to 2017, OptionsXpress was acquired by Charles Schwab. I was notified that my OptionsXpress account will be migrated to Charles Schwab platform. In 2017, I already lived in the Netherlands (but still having Russian citizenship). I wasn't happy with my stupid job in the Netherlands. I called Charles Schwab and asked if I quit my job in the Netherlands and have to return to Russia, what will happen with my account. Schwab told me that they will restrict my account, so I can't do anything except closing my account. So even if I was long term customer of OptionsXpress, Charles Schwab is not fully okay with me. Going back to 2013, I still lived in Russia. I had another idea. What if I quit my job and build some SAAS platform (or whatever) and sell my stuff to US customers. So I need some website which accept US credit cards. I contacted my Russian bank (who previously allowed me to transfer money to OptionsXpress) about steps to make in order to accept US credit cards in Russia. I've been told explicitly in email that they won't allow me to accept US credit cards under any circumstances. Back then I still believed in "the free west". So I thought - no problem, I will just open bank account abroad and do all operations from my foreign account. I planned vacation in Hong Kong. And Hong Kong is freest economy in the world. Looks like it's right place to open bank account. I contacted HSBC Hong Kong via email. Their general support assured me that I can open bank account with them if I'm foreigner. I flew to Hong Kong for vacation and visited HSBC branch. Of course, they rejected me. But they recommended me to visit last floor in their HQ building, they told me that another HSBC branch specializes on opening bank accounts for foreigners. I went there and they said minimum amount to open bank account is 10 mil HKD (1.27 mil USD). Later I learned that it's called private banking. When I relocated to the Netherlands, I asked ABN Amro staff - what's happen with my bank account if I quit/lose my job in the Netherlands and have to return back to Russia. I've been told that I can't have my dutch bank account if I go back to Russia even if I already used their bank for 2+ years. I still had idea that I would like to quit my job and do something for myself. The problem is that I'm Russian citizen and I don't have any residency which is independent from my employment. So if I quit my job in the Netherlands, I have to return back to Russia. I wanted to see how I would get payments from US/EU customers. I found Stripe Atlas, it's so exciting, they help you to incorporate in US, and even help with banking, all process of receiving credit card payments is very smooth. But as usual in my case, there is a catch - Russia in their list of restricted countries. Speaking of centralized compliance-friendly (e.g. KYC) crypto exchanges. This year I live and work in Hong Kong. Earlier this year, I thought it would be nice to have an account at local crypto exchange in Hong Kong so I can quickly transfer money from my bank account in Hong Kong to crypto exchange using FPS (local payment system for fast bank transfers). What could go wrong? After all Hong Kong is freest economy in the world, right? I submitted KYC documents to crypto exchange called Weever including copy of my Hong Kong ID as they requested. They very quickly responded that they need copy of my passport as well. I submitted copy of my Russian passport. This time they got silent. After a few days, they sent me email saying that Russia is on the US Office of Foreign Assets Control sanction list, so they just require me to fill a form about source of the funds. I told them that the source of my funds is salary, my Hong Kong bank can confirm that along with my employment contract. They got very silent after I sent them a filled form. After a week of silence I asked them - when my account get approved? They said that their compliance office will review my application soon. And they got very silent again. I waited for two or three weeks. Then I asked them again. And I immediately got email with title - Rejection for Weever Account Opening. And text of email was:
We are sorry to inform you that Weever may not be able to accept your account opening application at this stage.
Exactly the same situation I had with one crypto exchange in Europe back in 2017. Luckily I have accounts at other crypto exchanges including Gemini, one of most compliance obsessed exchange in the world. Although I don't keep my money there because I can't trust them, who knows what might come into head of their compliance officer one sunny day. By the way, I'm living and working outside of Russia for quite a few years. The situation with crypto exchanges is much worse for those who still living in Russia. I give you a few other examples of financial discrimination is not related to troubles with my Russian citizenship. Back in 2018, I still lived in the Netherlands. I logged in into my brokerage account just to buy US ETFs as I always do - SPY and QQQ. I placed my order and it failed to fill. I thought it's just a technical problem with my brokerage account. After a few failed attempts to send buy orders for SPY and QQQ, I contacted their support. What they told me was shocking and completely unexpected. They said I'm not permitted to buy US ETFs anymore as EU resident because EU passed a law to protect retail investors. So as a EU resident I'm allowed to be exposed to more risk by buying individual US stocks but I'm not allowed to reduce my risk by buying SPY because ... EU wants to protect me. I felt final result of new law. By the way, on paper their law looks fine. And the final example. It's a known fact that US public market become less attractive in recent decades. Due to heavy regulatory burden companies prefer to go public very late. So if successful unicorn startup grows from its inception/genesis to late adoption, company's valuation would be 3-5 orders of orders of magnitude. For example, if valuation of successful company at inception is 1 Mil USD, then at its very latest stage it's valuation would be 10 Bil USD. So we have 10'000 times of growth. In the best case scenario, company would go public at 1 Bil USD 5-10 years before reaching its peak 10 Bil USD. So investors in private equity could enjoy 1000 fold growth and just leave for public only last 10 fold growth stretched in time. In the worst case scenario, company would go public at 10 Bil USD, i.e. at its historical peak. But there are well known platforms to buy shares of private companies, one of such platforms is Forge Global. You can buy shares of almost all blue chip startups. You can even invest in SpaceX! But as always, there is a catch - US government wants to protect not just US citizens but all people in the world (sounds ridiculous, right?). US law requires you to have 1 Mil USD net worth or 200'000 USD annual income if you want to buy shares of non-public company. So if you are high-net worth individual you can be called "accredited investor". Funny thing is that the law intends to protect US citizens but even if you are not US citizen and never even lived in US, this law is still applies to you in practice. So if you are "poor loser", platforms like Forge Global will reject you. So high-net worth individuals have access and opportunity to Bitcoin-style multi-magnitude growth every 5-10 years. Contrary to private equity markets, US public markets is low risk/low return type of market. If you have small amount of capital, it's just glorified way to protect yourself from inflation plus some little return on top. It's not bad, US public market is a still great way to store your wealth. But I'm deeply convinced that for small capital you must seek fundamentally different type of market - high risk/high return. It's just historical luck that Bitcoin/Ethereum/etc were available for general public from day one. But in reality, viral/exponential growth is happening quite often. It's just you don't have access to such type of markets due to regulatory reasons. I intentionally described these examples of financial discrimination in full details as I experienced them because I do feel that vast majority of people in the first world honestly think that current financial system works just fine and only criminals and terrorists are banned. In reality that's not true at all. 99.999% of innocent people are completely cut off from modern financial system in the name of fighting against money laundering. Here is a big picture why it's happening. There are rich countries (so called western world) and poor countries (so called third world). Financial wall is carefully built by two sides. Authoritarian leaders of poor countries almost always want full control over their population, they don't like market economy, and since market forces don't value their crappy legal system (because it works only for close friends of authoritarian leader) they must implement strict capital control. Otherwise, all capital will run away from their country because nobody really respects their crappy legal system. It only has value under heavy gun of government. Only friends of authoritarian leader can move their money out of country but not you. Leaders of rich countries want to protect their economy from "dirty money" coming from third world. Since citizens of poor countries never vote for leaders of rich countries nobody really cares if rich country just ban everyone from poor country. It's the most lazy way to fight against money laundering - simply ban everyone from certain country. Actually if you look deeper you will see that rich countries very rarely directly ban ordinary people from third world. Usually, there is no such law which doesn't allow me to open bank account somewhere in Europe as non-EU resident. What's really happens is that US/EU government implement very harsh penalties for financial institutions if anything ever goes wrong. So what's actually happens is that financial institutions (banks, brokerages etc) do de-risking. This is the most important word you must know about traditional financial system! So if you have wrong passport, financial institution (for example) bank from rich country just doesn't want to take any risks dealing with you even if you are willing to provide full documentation about your finances. It's well known fact that banks in Hong Kong, Europe, US like to unexpectedly shutdown accounts of thousands innocent businesses due to de-risking. So it's actually de-risking is the real reason why I was rejected so many times by financial institutions in the first world!!! It's de-risking actually responsible for banning 99.999% of innocent people. So governments of rich democratic countries formally have clean hands because they are not banning ordinary people from third world directly. All dirty job is done by financial institutions but governments are well aware of that, it's just more convenient way to discriminate. And nobody actually cares! Ordinary citizens in rich countries are never exposed to such problems and they really don't care about people in third world, after all they are not citizens of US/EU/UK/CH/CA/HK/SG/JP/AU/NZ. And now are you ready for the most hilarious part? If you are big corrupt bureaucrat from Russia you are actually welcome by the first world financial institutions! All Russian's junta keep their stolen money all across Europe and even in US. You might wonder how this is possible if the western financial system is so aggressive in de-risking. Here is a simple equation which financial institution should solve when they decide whether to open an account for you or not: Y - R = net profit Where: Y - how much profit they can make with you; R - how much regulatory risk they take while working with you; That's it! It's very simple equation. So if you are really big junta member from Russia you are actually welcome according to this equation. Banks have special name for serving (ultra) high-net worth individuals, it's called private banking. It's has nothing to do with the fact that bank is private. It's just fancy name for banking for rich. So what's usually happen in real world. Some Estonian or Danish bank got caught with large scale money laundering from Russia. European leaders are ashamed in front of their voters. They implement new super harsh law against money laundering to keep their voters happy. Voters are ordinary people, they don't care about details of new regulations. So banks get scared and abruptly shutdown ALL accounts of Russian customers. And European voters are happy. Modern money laundering laws are like shooting mouse in your house using bazooka! It's very efficient to kill mouse, right? Now imagine world without financial borders. It's hard to do so because we are all get so used to current status quo of traditional financial system. But with additional effort you can start asking questions - if Internet economy is so global and it doesn't really matter where HQ of startup is located, why they are all concentrated in just a few tiny places like Silicon Valley and ... well, that's mostly it if you count the biggest unicorns! Another question would be - why so many talented russian, indian, chinese programmers just go to the same places like San Francisco, London and make super rich companies like Amazon, Google, Facebook, Apple to get even richer? If all you need is laptop and access to internet, why you don't see any trade happening between first and third world? Well actually there is a trade between first and third world but it's not exactly what I want to see. Usually third world countries sell their natural resources through giant corporations to the first world. So it's possible to get access to the first world market from third world but this access usually granted only to big and established companies (and usually it means not innovative). Unicorns are created through massive parallel experiment. Every week bunch of new startups are created in Silicon Valley. Thousands and thousands startups are created in Silicon Valley with almost instant access to global market. Just by law of large numbers you have a very few of them who later become unicorns and dominate the world. But if you have wrong passport and you are located in "wrong" country where every attempt to access global market is very costly, then you most likely not to start innovative startup in the first place. In the best case scenario, you just create either local business or just local copy-paste startup (copied from the west) oriented on (relatively small) domestic market. Obviously in such setup it's predictable that places like Silicon Valley will have giant advantage and as a result all unicorns get concentrated in just a few tiny places. In the world without financial barriers there will be much smaller gap between rich and poor countries. With low barrier of entry, it won't be a game when winner takes all. Whole architecture of decentralized cryptocurrencies is intended to remove middle man and make transactions permissionless. Governments are inherently opposite to that, they are centralized and permissioned. Therefore, decentralized cryptocurrencies are fundamentally incompatible with traditional financial system which is full of middle mans and regulations (i.e. permissions). Real value of crypto are coming from third world, not the first world. People are buying crypto in rich countries just want to invest. Their financial system and their fiat money are more or less already working for them. So there is no immediate urgency to get rid of fiat money in the first world. So the first world citizens buying crypto on centralized KYCd exchanges are essentially making side bet on the success of crypto in third world. Real and natural environment of cryptocurrencies is actually dark OTC market in places like Venezuela and China. But cryptocurrencies like Bitcoin and Ethereum have a big limitation to wide adoption in third world - high volatility. So the real target audience is oppressed (both by their own government and by first world governments) ordinary citizens of third world countries yet they are least who can afford to take burden of high volatility. Right now, Tether is a big thing for dark markets across the world (by the way, dark market doesn't automatically imply bad!). But Tether soon or later be smashed by US/EU regulators. The only real and working permissionless stable cryptocurrency (avoiding hyped word - stablecoin) is DAI. DAI is the currency for post-Tether world to lead dark OTC market around the world and subvert fiat currencies of oppressive third world governments. Once DAI become de-facto widespread currency in shadow economy in all of third world, then it will be accepted (after many huge push backs from governments) as a new reality. I'm talking about 10-20+ years time horizon. But if MakerDAO chooses the route of being compliance friendly then DAI will lose its real target audience (i.e. third world). I can not imagine US/EU calmly tolerate someone buying US stocks and using as a collateral to issue another security (i.e. DAI) which is going to be traded somewhere in Venezuela! You can not be compliance friendly and serve people in Venezuela. Facebook's Libra was stupidest thing I've seen. It's extremely stupid to ask permission from the first world regulators to serve third world and create borderless economy. Another stupid thing is to please third world governments as well. For example, Libra (if ever run) will not serve Indian, Chinese, Venezuelan people. Who is then going to use stupid Libra? Hipsters in Silicon Valley? Why? US dollars are good enough already.
Just Hit $300k NW! 26 Years Old. $82k Income. Here's My Story.
Hi guys. I've been a subscriber and lurker here for over 5 years and one of my favorite things to read are the "how you got to where you are" stories. I told myself that once I hit $300k, I'd tell the first ~5 years of my FIRE story. I hate lack of transparency and ambiguity, so I'll try to be as open as I can. I tried to include everything that I would want to know if I was reading someone else's post. Feel free to ask me any questions. There is a TLDR at the bottom of this post. You probably want to read that first to see if you're interested before investing your time in conquering this wall of text. Also, you can skip the wall of text below about my childhood/college/relationship stuff if you're just interested in the "numbers". I just wanted to include this background to provide context and credibility.
Age: Current age is 26. Discovered FIRE via MMM in October 2012 at the age of 19. It blew my mind.
Childhood: I come from a rural, solidly middle-class background. I owe all my success with my academics, career, and finances to my parents. My dad is a mechanic and my mom is a nurse. Both are very frugal and they passed that down to me. They are natural savers and maxxed out their 401(k)s and IRAs every year on their modest incomes. We never had the "nicest" things growing up, but they gave me an amazing childhood. They also valued "experiences" more than "things", so we would grow up going on trips to Washington DC, NYC, Philadelphia, San Francisco, etc. instead of buying me the latest video game console or Abercromie clothes. They also pushed upon me the value of education. They had high academic expectations for me and I was always at the top of the class because of it. #thanksmomanddad
College Years: I received a bachelors in business from a top public in-state university. I was in-state, so it was already a great value, but I was also very fortunate to receive a full-ride academic scholarship from the university. In high school I was valedictorian. I also had good test scores and very good extracurriculars. My parents saved about $20k for me to go to college in a 529 plan. They gave $10k of that to my sister since she didn't receive any scholarships and gave me the other $10k as a college graduation gift. This is the only "windfall" that I've ever received (other than my scholarships). I also received another ~$1,000 a year from a couple other small scholarships that I won. Those scholarships obviously covered my tuition and books, but I still worked a few jobs in college to pay for living expenses and save the extra. My last 3 years of college I was an RA for campus housing. The way this worked was that I lived in the dorm with freshman students as a student leader and in return I got my dorm housing and meal plan paid for. Since I already had a full scholarship, I essentially got to "bank" this money (roughly $4k a semester) for 8 semesters. Starting my 2nd year of college I also got a job working 10 hours per week at a local law office making $10 per hour. I did this job for about 2 years. After my 2nd year I got a summer internship working for a local Fortune 500 company making $19 per hour. I worked this job all summer and then convinced them to let me stay on part time working 20 hours per week for my entire 3rd year of college. So my 3rd year of college I worked as an RA in student housing (very little "work"), at the law firm 10 hours per week, at the Fortune 500 20 hours per week, and took a full course load (~15 credits). This was the first time in my life that I really started making money and was getting addicted to making money and saving money. At the end of my 3rd year of college I left my corporate internship and got a different summer internship at a different local Fortune 500 company making $29 per hour. I quit working at the law office around this time, but was still an RA. I worked this internship all summer and at the end of the summer I received a full-time job offer to work for this company once I graduated the next May. I really liked this company and this industry so I accepted the offer. I also convinced them to let me stay on part-time working 30 hours per week while I finished my last year of college. My senior year I was only working this internship and my RA job while taking a full course load. This only worked because I would work from ~7am-1pm every day because I scheduled my classes so that they were all in the afternoon. Because of all these jobs and the scholarships, I graduated with no student debt and was able to save ~$60k after my other expenses. I maxed out my Roth IRA my last 3 years of college and also put some extra money in a taxable account. The rest I saved in cash. I didn't graduate with a perfect GPA, but it was still above a 3.50.
Relationship: The most important part of my life is my SO. We went to high school together and college together. We've been dating for 9 years. She is (now) very frugal and a great saver. She comes from a low-income household and received a few grants and scholarships every year, which paid for most of her college. The other half was paid from her working a co-op ($16/hr), summer internship ($18/hr), and part-time job on campus ($8/hr). She graduated with no debt, an engineering degree, and $20k saved up. We've lived together for the past 4 years (splitting rent!) and are getting married in a couple months. Since this is a financial subreddit, I'll just go ahead and tell you that our wedding will cost $9k-11k. All of the numbers below about my budget/income/savings do not include her numbers. We split everything 50/50 even though my income is a little higher. She is dead-set on the path to FIRE (after a couple years of brainwashing ;D) and she has a similar budget. She just crossed over the $100k net worth milestone last week, so together we're right at $400k net worth.
Income: I graduated college at age 22. First full-time job was making $55k. Now I make $82k at age 26. I'm a typical "financial analyst/project manager" for a Fortune 500. It's a pretty low-stress, 40 hour per week job, with 10-20% travel to support clients. If I had never negotiated twice for more money, I'd be at ~$68k right now instead of $82k. I'm still at the same company that I started at and not necessarily looking to change anytime soon. I really love my team, boss, work-life balance, and the work that I do. I also live less than 1 mile from my office, so I walk to work everyday.
Home: We live in a lower-cost-of-living city in the south (not the crazy HCOL areas like NYC or SF). Our rent for the first two years out of college was $1,500 per month ($750 each) for a 1-bedroom apartment in the nicest area of the city (and walkable to my office). About 1.5 years ago we bought a 435 square-foot, 1-bedroom condo in the nicest part of the city for ~$125k. We did this as a way to maximize the efficiency of our monthly budget, not necessarily as a long-term investment. We plan on living here for at least the next 5 years (we want to have kids in our early 30s), then keep it as an investment property. After living here for 1.5 years we absolutely love it. It seems "too good to be true".
Food/Dining/Groceries: $100 (my half. Since it has been a common question, take a look at my replies to several comments below to see a deeper explanation on how we only spend $200/month for 2 people. TLDR: Shop at Aldi and Kroger, always buy generic, eat out less than once per month, cook every meal, and bring lunches to work everyday).
Car Insurance: $61 (2004 Scion xB with 180k miles that I bought for $4k in 2015. This will go up because I want to start paying for umbrella insurance soon...)
Gas: $0 (I walk to work, rarely drive, and when I do, its normally for my job and I get my miles reimbursed).
Vacation: $100 (carries over if we don't use it)
Fun Money: $100 (my catch-all category if it doesn't fit in a category above: video games, concerts, movies, Amazon Prime, Netflix, extra vacation money if we go over, etc.)
Debt: Our only debt is our $98k mortgage.
Net Worth: $300k
I have 11k in cash in an Ally savings account, $251k in index funds with Vanguard ($124k in my 401k, $54k in my Roth IRA, and $73k in my taxable account), $38k in home equity.
Here's a Mint graph of my net worth over time (going back to my 2nd year of college when I first learned about the concept of FIRE from MMM): https://imgur.com/GvsF7vM.
Age 20: $1k
Age 21: $20k
Age 22: $61k
Age 23: $84k
Age 24: $161k
Age 25: $213k
Age 26: $300k
Savings Rate: My savings rate has been between 70-85% pretty much every year since college. I don't have an ultra-high income, but I do have pretty ultra-low expenses. My SO's savings rate is around 50-65% because her income is a little lower and expenses are a tad higher.
FIRE Goal: $1.5-2.0 million. Right now our expenses are very low, but we expect them to rise in 5 years when we have kids and move into a larger house in a good school district. We hope to hit this amount by age 35-40, but we'll just have to wait and see what happens.
Post-FIRE Aspirations: I've always dreamed of being a high school US History teacher. I'd like to at least try it once to see how I like it. Since I'm FIRE I could easily quit If I don't like it. I've also always dreamed of being some kind of not-for-profit financial adviser for the "Average Joe" American. More of a "financial coach" where I could help people everyday with the basics (budgeting, index investing, etc.). Never sell any products. Just share my story and try to inspire people to make positive change. And most of all, I want to be a great dad. One of the biggest drivers of our FIRE goal is to be very close to FIRE by the time we have kids in our early-mid 30s. I just want to be a part of my child's life every step of the way and just be "there" the way my parents were for me. And of course I have a ton of "bucket list" items that I'd love to try out (thru-hike the Appalachian Trail, thru-hike the John Muir Trail, thru-hike the Vermont Long Trail, summit Kilimanjaro, build a camper-van and road trip to all the National Parks again, etc.).
My Advantages: Amazing parents who taught me the importance of education, frugality, and having a good head on my shoulders; a frugal & fulfilling childhood that showed me what's most important in life; being born in the U-S-of-A baby!; a full academic scholarship to college; a SO who shares my values and aggressive FIRE goals; the 2013-2019 bull market; supportive friends; learning about FIRE at such a young age; and many, many more things.
General Habits Worth Mentioning:
I've maxxed out my 401(k), Roth IRA, and HSA every year since starting work, plus invested the excess in a taxable account.
I've never invested in bitcoin or anything like that, just boring old Vanguard index funds. Vanguard is showing my personal rate of return since 2013 as exactly 10.0%, which is only slightly better than the S&P 500 during that time.
We love to travel. We go on 3-5 trips per year to National Parks, European cities, etc. that we fund via "credit card travel hacking" courtesy of /churning.
Unlike a lot of people on this sub, we've introduced the idea of FIRE to most of our close friends. Our parents, siblings, and close family also know our FIRE goals, but we set clear boundaries. My family is very understanding (my parents are basically FIRE-ing next year at age 53). Her family still thinks we're a little crazy. We're pretty open about our journey and try to help others if they are interested. Because of this, our 10-20 closest friends are all into FIRE as well. We hang out with friends 2-3 nights per week, but instead of "going out for drinks" (we don't drink alcohol anyways...) we go over to each other's homes for home-cooked dinners, board games, and video games. I say this because we have a good social network, but don't have to spend a ton. Having a like-minded SO and like-minded friends have been two of the most important contributors to my happiness and high savings rate.
Saving this much and maintaining a 70%+ savings rate hasn't been "hard" for me. I don't have to try very hard to accomplish these goals - it's just who I am. I'm a natural saver. Saving EXCITES me. I don't feel like I make any sacrifices in my life to meet these goals. I buy everything that I want...I just find that I don't "want" a lot of the typical things that other people "want" (luxury cars, eating out, 5-star hotels, brand-name clothes, $30k wedding, huge home, etc.).......And the best part is that I can't believe that I found a SO who is arguably more frugal that I am.
EDITS: 1) Added a little more explanation in the budget section about spendng $200/month on food for 2 people since that has been a recurring question. 2) Added a section on my post-FIRE aspirations since that was another question that people kept asking. TLDR: Hit $300k net worth at age 26. Frugal, middle-class upbringing. Got a full scholarship to top in-state university. Worked 2-3 jobs every week while attending college to pay for living expenses and saved the rest. Got degree in business. Graduated with no debt and $60k saved up. Parents gave me $10k as a graduation gift. Made $55k/year at my first full-time job after college. 4 years later I currently make $82k at the same company. My monthly budget is ~$820/month. I have been dating my SO for 9 years, living with her for 4 years, and I'm getting married to her in a couple months. She's dead-set on the FIRE path as well. #blessed
[Part 2] KAVA Historical AMA Tracker! (Questions & Answers)
ATTN: These AMA questions are from Autumn 2019 - before the official launch of the Kava Mainnet, and it's fungible Kava Token. These questions may no longer be relevant to the current Kava landscape, however, they do provide important historical background on the early origins of Kava Labs. Please note, that there are several repeat questions/answers.
How do you think about France in Kava market development plan?
What is your next plan to raise awareness among French about Kava?
Answer: It is important to reach many top markets. For countries like France we need to find 1st regulator partners such as Binance that can help provide access to KAVA for users. When our CDP platform launches, we will work through local validator partners to help translate content and work with local users.
We have some great community efforts where people create content for us.
Why did you choose Cosmos instead of Aion, which comes with AVM built on JAVA, which can be accepted by many developers?
Will there be a possibility that one day we will be able to collateralize a privacy coin, such as Monero, on KAVA?
Answer: We like programming in GO, interfaces are OK for Java. Cosmos will also feature a WASM module and EVM later. The Cosmos-SDK is very flexible and it allowed us to choose our own security model. That was unique compared to other frameworks where we had to adopt the underlying blockchains. In Cosmos-SDK we can create our own blockchain.
Re: privacy - you can do some fun things in payment channels to make transactions more private. Such as onion routing clearing and settlement across different nodes. This can be possible in the future, but not our priority now.
The biggest advantage of finance is the efficient allocation of resource allocation. If KAVA connects assets of multiple platforms through the interchain technology, the efficiency across the market will be improved.
But in terms of connectivity, Facebook's Libra, with its centralized giant platform, could be a big threat for the future. Of course, regulatory uncertainty still exists. KAVA wonders what big platform companies think about entering the blockchain field and how they can cope with their competition.
Answer: We think of Kava as a DeFi service that can integrate with wallets, exchanges, and other platforms when users want loans or stable coins for payments. We don't see competition with Libra, but we see lots of users potentially getting into crypto which will be good for the market, good for BTC, and good for Kava.
What will you do with the money after IEO?
What is the most important markets that Kava is focusing?
What is your marketing strategy to approach those markets?
Answer: What will we do with the IEO money? Put it in a bank and keep building. We keep our funds safe in secure accounts that are insured. We always maintain at least 2 years runway in pure fiat to ensure we can survive in any bear market conditions and come out on top in the end.
On mainnet, which function/feature can we expect to see on Kava since i only saw informations about its testnet?
Answer: mainnet will feature KAVA, staking, delegating, validator software, voting and governance / parameter changes. Following mainnet, the validators will vote to enable transactions and the CDP platform. We expect this to be towards the end of the yeaQ1 2020
How does Kava maintain the stability of its stablecoin? Are there any opportunties for outsiders to arbitrage or any other mechanisms to maintain price stabilization?
Answer: Kava users deposit crypto assets as collateral and can withdraw a loan based on the amount they deposited. They must always provide more collateral than the loan is worth. When the value of the collateral drops due to market conditions, before it reaches the value of the loaned amount, the platform will auction off the crypto assets for USDX that is on the market at a discount. Holders of USDX can buy these assets at a profit. This removes USDX from the market and makes sure that the global USDX to collateral in the system remains balanced. Similar to MakerDao, 3rd parties can run "keepers" - very simple implementations which continuously monitors the Kava/USDX credit system for unsafe CDPs, and execute the liquidation function the moment they become unsafe. Keepers can also perform arbitrage on DEX/Exchanges executing trades across the Kava platform and the markets.
Alright! So KAVA is doing DeFi right, could you explain DeFi in layman term to us.
Answer: Decentralized Finance. Finance is really ensuring everything about past, present, and future value of money. You need safe custody and a store of value to keep money you earned in the past safe to be used later when you need it. You need something liquid and easily tradable to be used in the present. And the trickier one is the future - people need to get loans on the assets they have or hedge against the assets they have in order to ensure they can build for a better future. That’s finance.
DeFi is taking all those things and making them open access and unregulated so that regardless if you were born with out an ID, if your credit score is bad, or if the government is trying to censor your actions and limit your spending - DeFi promises to give you a way to get access to the financial products you need.
Could you please briefly explain your projects, and why you choose DeFi as a problem to solve?
Answer: Kava is a cross-chain DeFi platform for cryptocurrencies. Kava offers decentralized loans and stable coins for any other crypto asset such as BTC, XRP, BNB, and ATOM.
DeFi is the killer use case of crypto today. I think most people see this clearly now. We believe providing the basic DeFi services is the very first step that is required before blockchain technology can really become wide spread - so we started here.
Why the name of the project KAVA?
Answer: We started in crypto thinking we would build banking products and we wanted a more relaxed cool name to stand out from other solutions. Turns out Kava means many things.
Kava = Hippopotamus in Japanese
Kava = crow in hindi
Cava = wine region in spain
Kava = a medicinal root you add to Tea
Kava = now a cross-chain DeFi platform
But TLDR - we liked the name and thought it sounded short and sweet.
What do you think of the future of DeFi in this space? Will DeFi one day take over the traditional financial systems? -- any wild guess on when it might happen?
Answer: I think centralized solutions will always have certain advantages and DeFi will also have certain advantages.
But truthfully, KYC is a problem from a user experience point of view. One of the big things with DeFi is there is no need to make people go through a KYC process anymore.
If we imagine a world where USD Is king, or Renminbi is king, or BTC is king. DeFi has a place in all of them because open access to financial services is a basic human necessity.
As we have known, Lending is not the only problem to solve in the whole financial areas, are you planning on going beyond lending? What other financial products are in your pipeline?
Answer: Thats a good #Q .
While we have a lot to solve to offer lending to other crypto assets - we can expand our support to non-crypto assets, to NFT tokens, and other assets.
We also have plans to offer derivatives and other synthetics other than USDX - such as synthetic bitcoin and Yuan. What is exciting about Kava and the oracle system run by validators is that we can leverage this infrastructure around the world to do all sort of things.
One of the more interesting products is creating under-collateralized loans using payment channel (layer-2 tech) of our USDX coin. Two parties can lock funds in payment channels and place bets on the price feeds from the oracles. When the funds reach a maximum threshold, the bet closes. Since a price feed is just a data set, we can have the settlement rules be multiples of the real data. In simple terms we can create 100x leverage products for the craziest of traders 😉
Btw KAVA is a bit unique because it use Cosmos/Tendermint. While other DeFi use Ethereum , why you guys choose Cosmos?
Answer: Cosmos is the future. Even facebook’s Libra consensus design was just a copy of Tendermint. Kava, Binance, the Cosmos Hub and many other blockchains are built on the same Cosmos-SDK framework.
It’s very flexible and soon interoperable. This is a huge advantage over Ethereum. Where system’s like MakerDAO will be forced to develop in a slowly evolving chain like Ethereum and only touching Erc20 assets, Kava will be able to rapidly evolve, program in GO rather than solidity, and interoperate with chains like Binance directly.
We’re very excited to get BNB and BTCB onto Kava’s CDPs and to put KAVA and USDX onto the Binance DEX. This is fairly easy on Cosmos.
I saw in KAVA deck that you guys will use USDX, is it a stable coin? How is it going to work and its relationship with KAVA token itself?
Answer: USDX is an algorithmically stable token pegged to the USD. USDX is the token users recieve when they get a loan from the Kava platform. USDX is collateralized or backed by crypto assets so the Kava platform should always hold more crypto value than the USDX it loans making USDX a very safe store of value even if the market crashes 10x overnight. That is what a stable coin should do.
USDX is special though. Natively, users can spend or trade USDX freely like other stable coins, but the important difference is that 1) USDX is free of censorship and does not require a bank or anything else. 2) USDX can be “bonded” or “staked” providing an interest bearing yield between 2-10% APR. This is substantially more than what I can even get from my bank account.
From your point of view as KAVA team, what would be most anticipated feature in KAVA ?
Answer: Our CDP platform launch later this year. The first USDX will be minted then.
Support of BTC in the CDP smart contracts. No blockchain has supported a real decentralized custody and use of BTC with smart contracts before.
Indonesia is one of the “developing” countries, how is DeFi can help in making a difference in those “developing” countries?
Answer: I can’t speak for developing countries as it’s not my expertise, but DeFi in general is trying to offer the exact same services to EVERYONE. Whether you are in San Francisco or Indonesia, the financial services you should have should be similar. The rates and fees you pay should be the same. DeFi is fair treatment and open access for everyone. That is what’s nice about having things run on a protocol.
Last but no least, since we are doing AMA in Indonesian group, I believed our members wants to know if you are interested in going to Indonesia to expand your community and reach?
Answer: As I said, I have not been before! I am traveling throughout South East Asia for a lot of the year. It is one of my destinations. I hope to meet many of you while I am out there.
Defi companies are growing at a rapid pace, but they're actually smaller than traditional financial institutions. In order for Defy to become a global trend, it must eventually acquire consumers within the traditional financial industry.
Traditional financial consumers, however, have poor technical understanding and want psychological stability through government guarantees such as deposit insurance. After all, what does KAVA think about long-term competitors as traditional financial institutions, and what long-term strategies do they have to embrace traditional financial consumers?
Answer: We think of financial institutions as big honey pots of potential DeFi users. For example, if Kava can offer margin lending at better rates than a bank because there is no middle men or compliance costs, users should want to use that service.
As crypto grows, I believe more FIs will integrate crypto assets and DeFi services. For example, in the US you cannot currently margin trade crypto as a retail user. But it could be possible for a regulated FI to integrate a lending service like KAVA without causing issues with regulators due to Kava having no counter party risk other than the user itself.
MakerDAO is only for ethereum but Kava support multiple assets, is this only difference?
What are Kava main advantages compared to MakerDAO?
Answer: Kava supports multiple assets THAT are on different blockchains. Maker can only support ETH. This is a huge difference. In addtion, the role of Maker is quite likely a security token. It represents fees paid by others. Where in Kava, the token is used in security of the blockchain protocol itself. The holders of Kava have a lot at stake and need it to govern the system. Maker holders have nothing at stake.
I think a huge difference is that with our model being POS and based on validators with slashing if they don't participate our governance participation and management will be much more effective than MakerDao.
Ticket claim for KAVA Launchpad is comming around the corner. This maybe last IEO ticket claim of this year. With this hype and expectation of investors/traders, do you think KAVA will be a big boom to end this year with happy tears?
If someone wants to manipulate Governance function of KAVA by changing voting result by possessing many Validators Node through buying over 51% KAVA of market, what will KAVA team do? Do you think Emergency Shutdown(Maker has this) can be considerd as a solution?
How will USDX be minted and backed on KAVA platform? If its based on uses crypto collateral, how will KAVA team make it stable since the inflation of crypto price?
Answer: I believe Kava to be underpriced currently, especially compared to maker which is 10x the value and serving ETH which is much smaller market than ours.
But I cannot tell you with certain if Kava will boom or bust - only the market can decide that. As with all speculative assets, do your homework and trade at your own risk. We here at kava are very LONG Kava, but we are biased 😉
Stablecoin is the word that I heard everyday, so do you have any plans to release wallet for stablecoin?
Answer: There are already wallets created for Kava that can hold our tokens 😉
My first question is: Why do traders choose to use KAVA instead of margin on exchanges?
My second #Q is: What happens whenKAVA doesn't have enough cash to loan out?
Answer: Traders who cannot get passed KYC can use Kava. Traders who want better rates than exchanges can use Kava. If regulators like in the US prevent margin trading, Kava is a great solution.
Kava creates USDX out of thin air when users withdraw loans. It will only create Kava is the user locks a great value of crypto in the system to back it. When the USDX loan is repaid, it is destroyed. In this way, Kava can scale however big it wants - it will never run out of cash.
i heard as you said before in San Fransisco, Silicon Valley. what is the relationship about Silicon Valley and KAVA? and what will KAVA done in this Q1 ?
Answer: I am born and raised in Silicon Valley. I am blessed to have grown up in this area where lots of tech innovation is. However, I am the only one at Kava that lives here full time. The others on my team are in the Cayman Islands and Cambridge.
San Francisco is a hub for the largest crypto projects - Ripple, Coinbase, Stellar, etc. It's a great place to network with founders and feel inspired to do big things. It is not the best weather here, but the people are focused and extremely helpful if they can be if you aim to do big things.
With regard to minting new USDX, is there any potential chance to against Global financial law? Likewise USDT, issuing money should guarantee deposit of real collateral as I have known.
Answer: USDX is debt. It is not a guarantee, but the protocol's rules state it must have more crypto assets behind it than the # of USDX issued. In this way, rules are better than guarantees. Tether guaranteed 1:1 USD, it turned out not to be true because their funds were seized by regulators. That is impossible in the case of Kava.
What is the uniqueness of KAVA project that cannot be found in other project that´s been released before?
Answer: Cross-chain is unique for us. But most unique is our partners and validator group that is launching our blockchain. We have incredible partners that support our work including Ripple, Cosmos, Arrington, Hashkey, SNZ, Lemniscap, etc.
KAVA was initially planned to launch on Ripple network but later switched to Cosmos Tindermint Core. What is that something you see in Tindermint Core that is not available anywhere.
Answer: We did not plan to launch on ripple and did not launch on "Tinder"-mint. I have a fiance - she would be quite mad.
We did however use the Cosmos SDK - a tool set, to build our blockchain that features tendermint consensus.
Tendermint is just the consensus so I assume you mean the SDK. The SDK is very much "choose your own adventure" you can build anything and design all the spec of your blockchain easily. In this way you choose the tradeoffs that make the most sense for your special application/network
How much portion of USDX is backed from crypto/fiat money ...& please mention why any trader, hodler will prefer USDX over other stable coins?
What are the biggest challenges you expect to face and how do you plan to overcome these challenges?
Answer: 150% of USDX or more is backed by crypto. Traders will use USDX because it offers a savings rate. This rate allows traders heding bitcoin or other assets to not only store value, but earn a return.
What do you think about creating liquidity for the Kava project?
Answer: It's the biggest challenge. My hope is the savings rate USDX offers will give it natural organic demand over existing stable coins. It will definitely be a large BD process to get USDX listed and used worldwide.
We work with some of the worlds best market makers to seed liquidity today. But we will need organic demand in the long-term
So many IEO projects consistently drop in price after listing. Whats different with KAVA, what are some special highlights?
Answer: Why is Kava based on Cosmos? Based on what considerations?
How do you see the chinese language community? How do you view the opportunities for growth in the chinese community?
Answer: You will be soon listing on Binance, what are your plans on the business side after listing? In one years time, what are your thoughts on where Kava's development will be?
If we take a look at all the different types of DeFi products/apps out there, including decentralized exchanges, stablecoins, atomic swaps, insurance products, lending platforms, trade financing platforms, custodial platforms, crowd investment platforms, etc, nearly cover all the important areas of traditional finance.
In this age of all these different platforms taking hold, where does Kava see itself appealing to its app developers, users, investors?
Answer: What does Kava do? What can a normal user (of crypto) achieve by using KAVA?
How does Kava maintain the stability of its stablecoin? Are there any opportunities for outsiders to arbitrage or any other mechanisms to maintain price stabilization
Answer: What is the reason for the IEO price reaching 6x the first round private sale price? How did you come about to reaching this valuation?
What would you be able to do more for Russian-speaking communities and regions?
Answer: one thing to keep in mind is that yes, we do have limitations and regulations to follow when it comes to certain countries and we will adhere to those regulations in hopes of proving ourselves to be a thoughtful and long-term solution. while we may not directly work with some countries, we hope that communities there can understand that we're here focused on being sustainable rather than another project around shorter-term gains.
for myself, I'm actually belarusian myself so I absolutely see the value of working in the CIS/Russian-speaking regions. we'll continue to do AMAs, interviews, and always engage with Russian-speaking communities to better understand what the #Q s, concerns, and thoughts.
If there's anything else we can do in this region and with the @gagarin_ico communities, please let us know!
What are your major goals to archive in the next 3-4 years? Where can we KAVA ecosystem in this period? What are your plans to expand and gain more adoption?
Do you guys feel satisfied by seeing your progresses and achievements till now, when you look back to the day when you have started this project?
Answer: We want to really build out great DeFi products for the masses. I really believe that DeFi will be a major force to allow much more mass adoption for crypto over the coming years. In the sorter term, we want to push out our blockchain and build on top of that our CDP platform, which allows users to trustlessly put collateral onto the Kava blockchain, and receive a loan in USDX that will be also trustlessly administered.
We will then build out more complex products and financial derivatives for crypto users and traders. We have barely scratched the surface in what we can do with DeFi so I can't predict the future, but we want to build products that are pegged to BTC values so that traders have more leverage purely in crypto.
Which one of your milestone do you think was difficult and which was the encouragement that courages you to achieve it?
What were the Minimum and Maximum limit of KAVA tokens that one can be able to STAKE after the Mainnet launch ? And What will be the percentage of reward one gets and will it in future ?
Answer: Good #Q ! Well we've been working on open source cross-chain technologies for a number of years and honestly it can be a pain. I think the Cosmos SDK made it significantly easier to implement the features that we wanted into the software.
I think the largest challenges for Kava are not software based but in market adoption. Makerdao is a great project and they have spearheaded a lot of the work in the lending field. Hopefully Kava can be a very meaningful contributor as well
What if someone fails to repay the debt? Is that KAVA is taking collateral system to enterprise level & if so, what's the plan? How secure KAVA is to safely handle the collateral tokens?
Answer: These CDPs or "collateral debt positions" are always over-collateralized, which means you have to have more asset locked up in the bucket than you can draw from the bucket. The system leaves a margin when the collateral is 'called' to be able to sell off. If the asset cannot be fully redeemed KAVA is minted to cover the balance. Hence KAVA is a 'lender of last resort". This is why its important that we select good initially assets to support 👍
I am very impressed with your voting method, how does it work? Whether users can vote to change things in the platform, are you a programmer with filters to decide what can be voted on and what is not possible?
Answer: Thanks. A lot of this was pioneered with the Tendermint team. Basically voting is entirely open and asynchronous, meaning anyone can submit a proposal to be voted on. All the project in the Cosmos ecosystem are working diligently to expand the space of variable or features that can be modified via this governance method in protocol. For example, we were the first to enable transactions directly via governance in our Testnet-2000!
Where does the interest rate come from for holding USDX specifically & technically?
Answer: Great #Q ! Just like in MakerDAO, lenders of collateral (e.g. BTC, BNB) pay an annual interest rate to borrow USDX. A portion of that interest rate accretes to holders of KAVA, the rest we can apply a 'carrot' for users to adopt USDX. In short, Savings rate is loan interest rate less 'rents' collected from KAVA holders
As far as I understand it KaVa is used both as a staking token and as collateral for Kava stablecoins (UsDX) .Can you talk a bit about the stability mechanism? Can other forms of collateral be used to create Kava stablecoins (a la Multi-Collateral Dai)?
Answer: KAVA will not be used as a collateral type in the CDPs. Collateral types will be assets exogenous to the system, like BTC and BNB. Of course BTC and BNB's value fluctuates. To make USDX not fluctate we ensure there is always more BTC or BNB in the CDP bucket than 'stable' USDX. Therefore BTC could increase or decrease a lot, as long as its less than the 'stable' debt of USDX that you have drawn, the system is healthy and functional 👌
As far as I know, KAVA had 150 Validators in the test. Why do you have so much. Which conditions are your team based on to choose / invite them to stay decentralized, important for a Defi platform like KAVA?
Answer: KAVA mainnet will launch with a cap of 100 validators. We want as many validators as possible. The reason? What if KAVA was run by just you and me. Well that works if people trust us, but its pretty for us to collude and act maliciously. Its harder for 100 people to collude -- its still possible, but harder. And so we put a lot of effort in to promoting a healthy and large validator community, and empowering them to grow their stake in the system
As a developer, which program languages can i use in kava core smart contracts?
2How secure your fully on-chain liquidity protocol & What's is a core Smart Contract ?can you briefly explain.
Answer: Yay developers! 🤓 The Cosmos SDK is currently written in Golang. So thats a good start. What other language would you like to work in?
What do you think of DEFI in the Blockchain space?
DeFi brings many benefits to users, but conflicts of interests with the Bank. What is the solution of kava?
Answer: Defi to me is offering financial primates, the supplies of which are spreadout amongst many participants, as opposed to few. People offer loans on BTC today. Kava's goal is to maximize the amount of counterparties to any loan, thereby 'socializing' the returns on any activiely used financial product
What is the crucial thing, in your opinion,that would increase adoption of KAVA and possibly the rest of crypto. What’s the KAVA economic model and how will it is architecture ensure scarcity of the token and help to growth token price?
Can you tell me more about the new technology that combines the benefits and interactive functions of Cosmos with the DeFi applications you have built?
Answer: Principly what I believe is 'new' about the KAVA tech stack is that we are building a standalone piece of software that treats other network techologies as 'first class citizens'. This means from the ground up our design is mean to easily incorporate and work with other software. A lot of blockchain is a story of "everyone will use my software, because its the best". Kava Labs worked for years against this view while bringing open Interledger to market.
As Per Kava website ! $KAVA was done many partnerships with Big project like Ripple, Cosmos, TenderMint, Hashkey, etc ! So, whats the major reason and benefits of these partnerships to kava project?
Kava Project have their own Mainnet Blockchain So, whats the main work of Cosmos Blockchain in Kava ? Is Kava projects is on Both mainnet and Cosmos OR Kava is just using the Cosmos Blockchain services?
Answer: Working together. Pooling resources and talent to make something bigger! Crypto is still a little fish in a huge ocean of financial services. Kava Labs has always had an eye for inclusivity. Grow the pie!
I have been too involved in KAVA's AMA, I think I know all about your technology.I want to ask a successful person like you why come with cryptocurrencies and blockchain, with talent. There are many other areas for you to choose, so why are you targeting such a risky market?
Answer: Successful ay? hehe. Depends how you define success and what your goals are. I love delivering products to users. Crypto has some fantastic users, and there is still sooo much to be built. I think KAVA has a lot of promise, but there is still so much work to be done and I hope users like you all become producers some day as well
What's the most critical and innovative point of KAVA to ensure users that it is the best under DeFi niche?
How can you compete MakerDAO which has done good number of business with recent market! If I hold KAVA tokens how KAVA leverage the tokens value and make it moon for me? 🙈
Answer: "IF" you hold KAVA tokens now? 😂 Again I think this a markets concern. To the extend that users on other chains begin to trust KAVA brand for loan issuance, and we get some solid adoption of USDX I think we're in a good spot. I would say a benefit of KAVA is that we are FOCUSED. We're not trying to be everything for everyone. This is lending, quite simply, for the large market cap coins -- and that's hard enough
Why KAVA needs to create it's own stable coin, whereas there are are many other options available in the market? Is that crypto tokens can be stable!!?
Answer: Yeah there are a lot of USD backed stable coins that is true. Indeed we have looked around with working together with a number of them. The difference with USDX (and DAI) is that its crypto-collateral backed. Doesnt mean we won't work with others in the future 😉
Processing fees on loans we need to pay in kava or usdx?
Which types of success you've been seen in testnet? Why on Nov 5th you've planned to launch mainnet? How many testnet was processed in the past?
Answer: Three major testnets with some minor iterations therein. Testnet-3000's software was pinned to KAVA mainnet software. That testnet is looking good which is a good indicator for smooth sailing on mainnet launch, we'll see 🤞
DeFi is a hot niche when it comes to crypto/blockchain project! Most of the projects are developing aiming DeFi, How KAVA is looking to contribute in DeFi ecosystem? What will be the approach of KAVA to systemize & increase adoptability?
Answer: DeFi is big. Mostly on Ethereum, which is great! KAVA is for non-ethereum networks 😇
What is the main reason that you think that Cosmos-based Kava zone will present a new validator opportunity :- a complex and multi-faceted governance system that allows differentiation?
Answer: Validator #Q , nice. I believe its important for validators to be able to distiguish there service in multiple ways, not just on security (otherwise they will be treated as a commodity). KAVA present an opportunity for validators to distiguish themselves on the basis of proper governance of system parameters on behalf of their delegating constituents. KAVA is a "lender of last resort", so delegating to a sophisticated validator could lead to better results beyond security.
How is kavas tendermint better than other defi consensus especially with the introduction of etheruem 2.0 which many believe will be better than all others - considering kavas association with ripple, is it possible to foresee defi loans from crypto to fiat ?
Maybe kava partnership with centralised banks?
Answer: IDK about that. But we will be working closely with the great folks over at Ripple, thats for sure!
Adoption is one of the important factor that all sustainable blockchain projects should focus to be more attractive in the invertors' eyes.
Can you tell me what KAVA has done and plan to do to achieve Adoption in the reality, real use cases, our real society?
Answer: Bitcoin is real!? I'm continuously impressed by the demand and size of that network. Help us capture that demand! Really, if we can I think the future looks bright for KAVA!
James Heckman 1944 – Present Born: United States Resides: United States · Professor in Economics at the University of Chicago. Professor at the Harris Graduate School of Public Policy Studies. Director of the Center for the Economics of Human Development (CEHD). Co-Director of Human Capital and Economic Opportunity (HCEO) Global Working Group. Heckman is also a Professor of Law at ‘the Law School’, a senior research fellow at the American Bar Foundation, and a research associate at the National Bureau of Economic Research. · In 2000, Heckman shared the Nobel Memorial Prize in Economic Sciences with Daniel McFadden, for his pioneering work in econometrics and microeconomics. · As of February 2019 (according to RePEc), he is the next most influential economist in the world behind Daniel McFadden. · Heckman has received numerous awards for his work, including the John Bates Clark Medal of the American Economic Association in 1983, the 2005 and 2007 Dennis Aigner Award for Applied Econometrics from the Journal of Econometrics, the 2005 Jacob Mincer Award for Lifetime Achievement in Labor Economics, the 2005 Ulysses Medal from the University College Dublin, the 2007 Theodore W. Schultz Award from the American Agricultural Economics Association, the Gold Medal of the President of the Italian Republic awarded by the International Scientific Committee of the Pio Manzú Centre in 2008, the Distinguished Contributions to Public Policy for Children Award from the Society for Research in Child Development in 2009, the 2014 Frisch Medal from the Econometric Society, the 2014 Spirit of Erikson Award from the Erikson Institute, and the 2016 Dan David Prize for Combating Poverty from Tel Aviv University. “The best way to improve the American workforce in the 21st century is to invest in early childhood education, to ensure that even the most disadvantaged children have the opportunity to succeed alongside their more advantaged peers” Janet Yellen 1945 – Present Born: United States Resides: United States · Successor to Ben Bernanke, serving as the Chair of the Federal Reserve from 2014 to 2018, and as Vice Chair from 2010 to 2014, following her position as President and Chief Executive Officer of the Federal Reserve Bank of San Francisco. Yellen was also Chair of the White House Council of Economic Advisers under President Bill Clinton. · Yellen is a Keynesian economist and advocates the use of monetary policy in stabilizing economic activity over the business cycle. She believes in the modern version of the Phillips curve, which originally was an observation about an inverse relationship between unemployment and inflation. In her 2010 nomination hearing for Vice Chair of the Federal Reserve Board of Governors, Yellen said, “The modern version of the Phillips curve model—relating movements in inflation to the degree of slack in the economy—has solid theoretical and empirical support.” · Yellen is married to George Akerlof, another notable economist, Nobel Memorial Prize in Economic Sciences laureate, professor at Georgetown University and the University of California, Berkeley.. · In 2014, Yellen was named by Forbes as the second most powerful woman in the world. She was the highest ranking American on the list. In October 2015, Bloomberg Markets ranked her first in their annual list of the 50 most influential economists and policymakers. In October 2015, Sovereign Wealth Fund Institute ranked Yellen #1 in the Public Investor 100 list. In October 2010, she received the Adam Smith Award from the National Association for Business Economics (NABE). “In the long run, outsourcing is another form of trade that benefits the U.S. economy by giving us cheaper ways to do things.” “I'm just opposed to a pure inflation-only mandate in which the only thing a central bank cares about is inflation and not unemployment.” Jared Polis 1975 – Present Born: United States Resides: United States · 43rd governor of Colorado since January 2019. Polis served on the Colorado State Board of Education from 2001 to 2007 and was the United States Representative for Colorado's 2nd congressional district from 2009 to 2019. · Polis is the first openly gay person and second openly LGBT person (after Kate Brown of Oregon) to be elected governor in the United States. · In 2000 Polis founded the Jared Polis Foundation, whose mission is to “create opportunities for success by supporting educators, increasing access to technology, and strengthening our community.” Polis has also founded two charter schools. · Polis was named Outstanding Philanthropist for the 2006 National Philanthropy Day in Colorado. He has received many awards, including the Boulder Daily Camera's 2007 Pacesetter Award in Education; the Kauffman Foundation Community Award; the Denver consul general of Mexico “Ohtli”; the Martin Luther King Jr. Colorado Humanitarian Award; and the Anti-Defamation League's inaugural Boulder Community Builder Award. “Having alternative currencies is great, right, because, historically, government's had a monopoly on currency.…At the end of the day, why should only politicians—either directly or indirectly—control the currency?We can reduce transaction cost, provide an alternative, and—look, I don't know whether it'll be Bitcoin or not—but I think the concept of digital currencies is here to stay, and the fact that a politician would write to try to ban them in their infancy is just the wrong way to go about it.Let the market determine whether there's any value there or not.” Jeff Bezos 1964 – Present Born: United States Resides: United States · Best known as the founder, CEO, and president of Amazon, Bezos is an American internet and aerospace entrepreneur, media proprietor, and investor. The first centi-billionaire on the Forbes wealth index, Bezos was named the “richest man in modern history” after his net worth increased to $150 billion in July 2018. In September 2018, Forbes described him as “far richer than anyone else on the planet” as he added $1.8 billion to his net worth when Amazon became the second company in history to reach a market cap of $1 trillion. · Bezos supported the electoral campaigns of U.S. senators Patty Murray and Maria Cantwell, two Democratic U.S. senators from Washington. He has also supported U.S. representative John Conyers, as well as Patrick Leahy and Spencer Abraham, U.S. senators serving on committees dealing with Internet-related issues. · Bezos has supported the legalization of same-sex marriage, and in 2012 contributed $2.5 million to a group supporting a yes vote on Washington Referendum 74, which affirmed same-sex marriage. · After the 2016 presidential election, Bezos was invited to join Donald Trump's Defense Innovation Advisory Board, an advisory council to improve the technology used by the Defense Department. Bezos declined the offer without further comment. · In September 2018, Business Insider reported that Bezos was the only one of the top five billionaires in the world who had not signed the Giving Pledge, an initiative created by Bill Gates and Warren Buffett that encourage wealthy people to give away their wealth. “Percentage margins don't matter. What matters always is dollar margins: the actual dollar amount. Companies are valued not on their percentage margins, but on how many dollars they actually make, and a multiple of that.” “We have the resources to build room for a trillion humans in this solar system, and when we have a trillion humans, we'll have a thousand Einsteins and a thousand Mozarts. It will be a way more interesting place to live.” Jens Weidmann 1968 – Present Born: Germany Resides: Germany · German economist and president of the Deutsche Bundesbank. Chairman of the Board of the Bank for International Settlements. From 1997 to 1999, Weidmann worked at the International Monetary Fund. In 2006, he began serving as Head of Division IV (Economic and Financial Policy) in the Federal Chancellery. He was the chief negotiator of the Federal Republic of Germany for both the summits of the G8 and the G20. He was given the 2016 Medal for Extraordinary Merits for Bavaria in a United Europe. · Weidmann was involved in a series of major decisions in response to the financial crisis in Germany and Europe: preventing the meltdown of the bank Hypo Real Estate, guaranteeing German deposits and implementing a rescue programme for the banking system, piecing together two fiscal-stimulus programmes, and setting up the Greek bail-out package and the European Financial Stability Facility (EFSF). · In a 2011 speech, Weidmann criticized the errors and “many years of wrong developments” of the European Monetary Union (EMU) peripheral states, particularly the wasted opportunity represented by their “disproportionate investment in private home-building, high government spending or private consumption”. In May, 2012, Weidmann's stance was characterized by US economist and columnist Paul Krugman as amounting to wanting to destroy the Euro. In 2016, Weidmann dismissed deflation in light of the European Central Bank's current stimulus program, pointing out the healthy condition of the German economy and that the euro area is not that bad off. “I share the concerns regarding monetary policy that is too loose for too long. … As you know I have concerns about granting emergency liquidity on account of the fact that the banks are not doing everything to improve their liquidity situation.” Jerome Powell 1953 – Present Born: United States Resides: United States · Current Chair of the Federal Reserve, nominated by Trump. Powell has faced substantial and repeated criticism from Trump after his confirmation. The Senate Banking Committee approved Powell's nomination in a 22–1 vote, with Senator Elizabeth Warren casting the lone dissenting vote. · Powell briefly served as Under Secretary of the Treasury for Domestic Finance under George H. W. Bush in 1992. He has served as a member of the Federal Reserve Board of Governors since 2012. He is the first Chair of the Federal Reserve since 1987 not to hold a Ph.D. degree in Economics. · Powell has described the Fed's role as nonpartisan and apolitical. Trump has criticized Powell for not massively lowering federal interest rates and instituting quantitative easing. · The Bloomberg Intelligence Fed Spectrometer rated Powell as neutral (not dove nor hawk). Powell has been a skeptic of round 3 of quantitative easing, initiated in 2012, although he did vote in favor of implementation. · Powell stated that higher capital and liquidity requirements and stress tests have made the financial system safer and must be preserved. However, he also stated that the Volcker Rule should be re-written to exclude smaller banks. Powell supports ample amounts of private capital to support housing finance activities. “The Fed's organization reflects a long-standing desire in American history to ensure that power over our nation's monetary policy and financial system is not concentrated in a few hands, whether in Washington or in high finance or in any single group or constituency.” John Cochrane 1957 – Present Born: United States Resides: United States · Senior Fellow of the Hoover Institution at Stanford University and economist, specializing in financial economics and macroeconomics. · The central idea of Cochrane's research is that macroeconomics and finance should be linked, and a comprehensive theory needs to explain both 1.) how, given the observed prices and financial returns, households and firms decide on consumption, investment, and financing; and 2.) how, in equilibrium, prices and financial returns are determined by households and firms decisions. · Cochrane is the author of ‘Asset Pricing,’ a widely used textbook in graduate courses on asset pricing. According to his own words, the organizing principle of the book is that everything can be traced back to specializations of a single equation: the basic pricing equation. Cochrane received the TIAA-CREF Institute Paul A. Samuelson Award for this book. “Regulators and politicians aren’t nitwits. The libertarian argument that regulation is so dumb — which it surely is — misses the point that it is enacted by really smart people. The fact that the regulatory state is an ideal tool for the entrenchment of political power was surely not missed by its architects.” John Keynes(John Maynard Keynes, 1st Baron Keynes) 1883 – 1946 Born: England Died: England · British economist, whose ideas fundamentally changed the theory and practice of macroeconomics and the economic policies of governments. Originally trained in mathematics, he built on and greatly refined earlier work on the causes of business cycles, and was one of the most influential economists of the 20th century. Widely considered the founder of modern macroeconomics, his ideas are the basis for the school of thought known as Keynesian economics, and its various offshoots. Keynes was a lifelong member of the Liberal Party, which until the 1920s had been one of the two main political parties in the United Kingdom. · During the 1930s Great Depression, Keynes challenged the ideas of neoclassical economics that held that free markets would, in the short to medium term, automatically provide full employment, as long as workers were flexible in their wage demands. He argued that aggregate demand (total spending in the economy) determined the overall level of economic activity, and that inadequate aggregate demand could lead to prolonged periods of high unemployment. Keynes advocated the use of fiscal and monetary policies to mitigate the adverse effects of economic recessions and depressions. · Keynes's influence started to wane in the 1970s, his ideas challenged by those who disputed the ability of government to favorably regulate the business cycle with fiscal policy. However, the advent of the global financial crisis of 2007–2008 sparked a resurgence in Keynesian thought. Keynesian economics provided the theoretical underpinning for economic policies undertaken in response to the crisis by President Barack Obama of the United States, Prime Minister Gordon Brown of the United Kingdom, and other heads of governments. · Keynes was vice-chairman of the Marie Stopes Society which provided birth control education and campaigned against job discrimination against women and unequal pay. He was an outspoken critic of laws against homosexuality. Keynes thought that the pursuit of money for its own sake was a pathological condition, and that the proper aim of work is to provide leisure. He wanted shorter working hours and longer holidays for all. Keynes was ultimately a successful investor, building up a private fortune. “How can I accept the Communist doctrine, which sets up as its bible, above and beyond criticism, an obsolete textbook which I know not only to be scientifically erroneous but without interest or application to the modern world? How can I adopt a creed which, preferring the mud to the fish, exalts the boorish proletariat above the bourgeoisie and the intelligentsia, who with all their faults, are the quality of life and surely carry the seeds of all human achievement? Even if we need a religion, how can we find it in the turbid rubbish of the red bookshop? It is hard for an educated, decent, intelligent son of Western Europe to find his ideals here, unless he has first suffered some strange and horrid process of conversion which has changed all his values.” John Locke 1632 – 1704 Born: England Died: England · Known as the “Father of Liberalism,” Locke was an English philosopher and physician, widely regarded as one of the most influential of Enlightenment thinkers. His work greatly affected the development of epistemology and political philosophy. His writings influenced Voltaire and Jean-Jacques Rousseau, many Scottish Enlightenment thinkers, as well as the American revolutionaries. His contributions to classical republicanism and liberal theory are reflected in the United States Declaration of Independence. · Locke's political theory was founded on social contract theory. Social contract arguments typically posit that individuals have consented, either explicitly or tacitly, to surrender some of their freedoms and submit to the authority (of the ruler, or to the decision of a majority) in exchange for protection of their remaining rights or maintenance of the social order. · Locke advocated for governmental separation of powers and believed that revolution is not only a right but an obligation in some circumstances. Locke was vehemently opposed to slavery, calling it “vile and miserable … directly opposite to the generous Temper and Courage of our Nation.” · Locke uses the word “property” in both broad and narrow senses. In a broad sense, it covers a wide range of human interests and aspirations; more narrowly, it refers to material goods. He argues that property is a natural right and it is derived from labour aand that the individual ownership of goods and property is justified by the labour exerted to produce those goods · According to Locke, unused property is wasteful and an offence against nature, but, with the introduction of “durable” goods, men could exchange their excessive perishable goods for goods that would last longer and thus not offend the natural law. In his view, the introduction of money marks the culmination of this process, making possible the unlimited accumulation of property without causing waste through spoilage. “The power of the legislative, being derived from the people by a positive voluntary grant and institution, can be no other than what that positive grant conveyed, which being only to make laws, and not to make legislators, the legislative can have no power to transfer their authority of making laws, and place it in other hands.” “No man in civil society can be exempted from the laws of it: for if any man may do what he thinks fit, and there be no appeal on earth, for redress or security against any harm he shall do; I ask, whether he be not perfectly still in the state of nature, and so can be no part or member of that civil society; unless any one will say, the state of nature and civil society are one and the same thing, which I have never yet found any one so great a patron of anarchy as to affirm.” John Mill(John Stuart Mill a.k.a. J. S. Mill) 1806 – 1873 Born: England Died: France · John Stuart Mill was arguably the most influential English speaking philosopher of the nineteenth century. He was a naturalist, a utilitarian, and a liberal, whose work explores the consequences of a thoroughgoing empiricist outlook. In doing so, he sought to combine the best of eighteenth-century Enlightenment thinking with newly emerging currents of nineteenth-century Romantic and historical philosophy. His most important works include System of Logic (1843), On Liberty (1859), Utilitarianism (1861) and An Examination of Sir William Hamilton’s Philosophy (1865). · Mill's conception of liberty justified the freedom of the individual in opposition to unlimited state and social control. A member of the Liberal Party and author of the early feminist work The Subjection of Women (in which he also condemned slavery), he was also the second Member of Parliament to call for women's suffrage after Henry Hunt in 1832. · Mill, an employee for the British East India Company from 1823 to 1858, argued in support of what he called a “benevolent despotism” with regard to the colonies. Mill argued that “To suppose that the same international customs, and the same rules of international morality, can obtain between one civilized nation and another, and between civilized nations and barbarians, is a grave error. ... To characterize any conduct whatever towards a barbarous people as a violation of the law of nations, only shows that he who so speaks has never considered the subject.” · John Stuart Mill believed in the philosophy of Utilitarianism, which he described as the principle that holds “that actions are right in the proportion as they tend to promote happiness [intended pleasure, and the absence of pain], wrong as they tend to produce the reverse of happiness [pain, and the privation of pleasure].” Mill asserts that even when we value virtues for selfish reasons we are in fact cherishing them as a part of our happiness. · Mill's early economic philosophy was one of free markets. However, he accepted interventions in the economy, such as a tax on alcohol, if there were sufficient utilitarian grounds. Mill originally believed that “equality of taxation” meant “equality of sacrifice” and that progressive taxation penalized those who worked harder and saved more. Given an equal tax rate regardless of income, Mill agreed that inheritance should be taxed. · His main objection of socialism was on that of what he saw its destruction of competition. According to Mill, a socialist society would only be attainable through the provision of basic education for all, promoting economic democracy instead of capitalism, in the manner of substituting capitalist businesses with worker cooperatives. · Mill's major work on political democracy defends two fundamental principles at slight odds with each other: extensive participation by citizens and enlightened competence of rulers. He believed that the incompetence of the masses could eventually be overcome if they were given a chance to take part in politics, especially at the local level. · Mill is one of the few political philosophers ever to serve in government as an elected official. In his three years in Parliament, he was more willing to compromise than the “radical” principles expressed in his writing would lead one to expect. “He who knows only his own side of the case knows little of that. His reasons may be good, and no one may have been able to refute them. But if he is equally unable to refute the reasons on the opposite side, if he does not so much as know what they are, he has no ground for preferring either opinion... Nor is it enough that he should hear the opinions of adversaries from his own teachers, presented as they state them, and accompanied by what they offer as refutations. He must be able to hear them from persons who actually believe them...he must know them in their most plausible and persuasive form.” “The only freedom which deserves the name is that of pursuing our own good in our own way, so long as we do not attempt to deprive others of theirs, or impede their efforts to obtain it. Each is the proper guardian of his own health, whether bodily, or mental or spiritual. Mankind are greater gainers by suffering each other to live as seems good to themselves, than by compelling each to live as seems good to the rest.” John Rawls 1921 – 2002 Born: United States Died: United States · Liberal American moral and political philosopher who received both the Schock Prize for Logic and Philosophy and the National Humanities Medal in 1999, the latter presented by President Bill Clinton, who acclaimed Rawls for having “helped a whole generation of learned Americans revive their faith in democracy itself.” He is frequently cited by the courts of law in the United States and Canada. · Rawls's most discussed work is his theory of a just liberal society, called justice as fairness. Rawls first wrote about this theory in his book A Theory of Justice. Rawls spoke much about the desire for a well-ordered society; a society of free and equal persons cooperating on fair terms of social cooperation. · Rawls’s most important principle (the Liberty Principal) states that every individual has an equal right to basic liberties. Rawls believes that “personal property” constitutes a basic liberty, but an absolute right to unlimited private property is not. · Rawls's argument for his principles of social justice uses a thought experiment called the “original position”, in which people select what kind of society they would choose to live under if they did not know which social position they would personally occupy. “Justice is the first virtue of social institutions, as truth is of systems of thought. A theory however elegant and economical must be rejected or revised if it is untrue; likewise laws and institutions no matter how efficient and well-arranged must be reformed or abolished if they are unjust. Each person possesses an inviolability founded on justice that even the welfare of society as a whole cannot override. For this reason justice denies that the loss of freedom for some is made right by a greater good shared by others. It does not allow that the sacrifices imposed on a few are outweighed by the larger sum of advantages enjoyed by many. Therefore in a just society the liberties of equal citizenship are taken as settled; the rights secured by justice are not subject to political bargaining or to the calculus of social interests.” Joseph Nye 1937 – Present Born: United States Resides: United States · American political scientist and co-founder of the international relations theory of neoliberalism (a theory concerned first and foremost with absolute gains rather than relative gains to other states), developed in the 1977 book Power and Interdependence. He is noted for his notion of “smart power” (“the ability to combine hard and soft power into a successful strategy”), which became a popular phrase with the Clinton and Obama Administrations. · Secretary of State John Kerry appointed Nye to the Foreign Affairs Policy Board in 2014. In 2014, Nye was awarded the Order of the Rising Sun, Gold and Silver Star in recognition of his “contribution to the development of studies on Japan-U.S. security and to the promotion of the mutual understanding between Japan and the United States.” · From 1977 to 1979, Nye was Deputy to the Undersecretary of State for Security Assistance, Science, and Technology and chaired the National Security Council Group on Nonproliferation of Nuclear Weapons. In recognition of his service, he was awarded the State Department's Distinguished Honor Award in 1979. In 1993 and 1994, he was Chairman of the National Intelligence Council, which coordinates intelligence estimates for the President, and was awarded the Intelligence Community's Distinguished Service Medal. In the Clinton Administration from 1994 to 1995, Nye served as Assistant Secretary of Defense for International Security Affairs, and was awarded the Department's Distinguished Service Medal with Oak Leaf Cluster. Nye was considered by many to be the preferred choice for National Security Advisor in the 2004 presidential campaign of John Kerry. · Nye has been a member of the Harvard faculty since 1964. He is a fellow of the American Academy of Arts & Sciences and a foreign fellow of The British Academy. Nye is also a member of the American Academy of Diplomacy. The 2011 TRIP survey of over 1700 international relations scholars ranks Joe Nye as the sixth most influential scholar in the field of international relations in the past twenty years. He was also ranked as most influential in American foreign policy. In 2011, Foreign Policy magazine named him to its list of top global thinkers. In September 2014, Foreign Policy reported that the international relations scholars and policymakers both ranked Nye as one of the most influential scholars. “When you can get others to admire your ideals and to want what you want, you do not have to spend as much on sticks and carrots to move them in your direction. Seduction is always more effective than coercion, and many values like democracy, human rights, and individual opportunities are deeply seductive.” Karl Popper 1902 – 1994 Born: Austria-Hungary Died: England · Karl Popper is generally regarded as one of the greatest philosophers of science of the 20th century. He was a self-professed critical-rationalist, a dedicated opponent of all forms of scepticism, conventionalism, and relativism in science and in human affairs generally and a committed advocate and staunch defender of the ‘Open Society’. · In ‘The Open Society and Its Enemies’ and ‘The Poverty of Historicism’, Popper developed a critique of historicism and a defense of the “Open Society”. Popper considered historicism to be the theory that history develops inexorably and necessarily according to knowable general laws towards a determinate end. He argued that this view is the principal theoretical presupposition underpinning most forms of authoritarianism and totalitarianism. He argued that historicism is founded upon mistaken assumptions regarding the nature of scientific law and prediction. Since the growth of human knowledge is a causal factor in the evolution of human history, and since “no society can predict, scientifically, its own future states of knowledge”, it follows, he argued, that there can be no predictive science of human history. For Popper, metaphysical and historical indeterminism go hand in hand. · Popper is known for his vigorous defense of liberal democracy and the principles of social criticism that he believed made a flourishing open society possible. His political philosophy embraced ideas from major democratic political ideologies, including socialism/social democracy, libertarianism/classical liberalism and conservatism, and attempted to reconcile them. “Unlimited tolerance must lead to the disappearance of tolerance. If we extend unlimited tolerance even to those who are intolerant, if we are not prepared to defend a tolerant society against the onslaught of the intolerant, then the tolerant will be destroyed, and tolerance with them. In this formulation, I do not imply, for instance, that we should always suppress the utterance of intolerant philosophies; as long as we can counter them by rational argument and keep them in check by public opinion, suppression would certainly be most unwise. But we should claim the right to suppress them if necessary even by force; for it may easily turn out that they are not prepared to meet us on the level of rational argument, but begin by denouncing all argument; they may forbid their followers to listen to rational argument, because it is deceptive, and teach them to answer arguments by the use of their fists or pistols. We should therefore claim, in the name of tolerance, the right not to tolerate the intolerant. We should claim that any movement preaching intolerance places itself outside the law, and we should consider incitement to intolerance and persecution as criminal, in the same way as we should consider incitement to murder, or to kidnapping, or to the revival of the slave trade, as criminal.” Lawrence Summers 1954 – Present Born: United States Resides: United States · American economist, former Vice President of Development Economics and Chief Economist of the World Bank, senior U.S. Treasury Department official throughout President Clinton's administration, Treasury Secretary 1999–2001, and former director of the National Economic Council for President Obama (2009–2010). Summers served as the 27th President of Harvard University from 2001 to 2006. Current professor and director of the Mossavar-Rahmani Center for Business and Government at Harvard's Kennedy School of Government. · As a researcher, Summers has made important contributions in many areas of economics, primarily public finance, labor economics, financial economics, and macroeconomics. Summers has also worked in international economics, economic demography, economic history and development economics.[ He received the John Bates Clark Medal in 1993 from the American Economic Association. In 1987, he was the first social scientist to win the Alan T. Waterman Award from the National Science Foundation. Summers is also a member of the National Academy of Sciences. · In 1983, at age 28, Summers became one of the youngest tenured professors in Harvard's history. In 2006, Summers resigned as Harvard's president in the wake of a no-confidence vote by Harvard faculty. Summers viewed his beliefs on why science and engineering had an under-representation of women to be a large part in the vote, saying, “There is a great deal of absurd political correctness. Now, I'm somebody who believes very strongly in diversity, who resists racism in all of its many incarnations, who thinks that there is a great deal that's unjust in American society that needs to be combated, but it seems to be that there is a kind of creeping totalitarianism in terms of what kind of ideas are acceptable and are debatable on college campuses.” · As the World Bank's Vice President of Development Economics and Chief Economist, Summers played a role in designing strategies to aid developing countries, worked on the bank's loan committee, guided the bank's research and statistics operations, and guided external training programs. The World Bank's official site reports that Summer's research included an “influential” report that demonstrated a very high return from investments in educating girls in developing nations. According to The Economist, Summers was “often at the centre of heated debates” about economic policy, to an extent exceptional for the history of the World Bank in recent decades. · In 1999 Summers endorsed the Gramm–Leach–Bliley Act which removed the separation between investment and commercial banks. In February 2009, Summers quoted John Maynard Keynes, saying “When circumstances change, I change my opinion”, reflecting both on the failures of Wall Street deregulation and his new leadership role in the government bailout.
Net loss per share ($0.07), -75% YoY. (Due to investment in Eventbrite, excluding Eventbrite net loss per share was ($0.03), +33% YoY.)
Adjusted EPS $0.14, +75% YoY.
Q1 2019 Guidance
Total net revenue $918M to $938M
Adjusted Revenue $472M to $482M
Adjusted EBITDA $47M to $51M
Net income (loss) per share $(0.12) to $(0.10)
Adjusted EPS (diluted) $0.06 to $0.08
Square Quietly Launches Program For CBD Cannabis Company Credit Card Processing | May 22 2019 Companies that sell cannabis products—even those consisting of CBD derived from hemp, which was legalized in the U.S. through the Farm Bill late last year—are continuing to have trouble accessing basic financial services that are available to businesses in other sectors. That includes being able to maintain bank accounts and process their customers' credit cards. “Square is currently conducting an invite-only beta for some CBD products,” a spokesperson for the company said in an email. When asked about the reasons for the launching the new program, which comes after years of refusing to work with CBD companies, the spokesperson said that the company closely watches evolving public policies and strives to create new opportunities for clients. Square Spends $20 to Acquire Each New Cash App User | May 16, 2019 Square's (NYSE: SQ) Cash App has grown to become a meaningful contributor to the company's top-line growth. The peer-to-peer payments app turned financial multitool is the No. 1 driver of its subscription and services segment, management said at the J.P. Morgan Global Technology, Media and Communications Conference. During that conference, CFO Amrita Ahuja noted the company's per-customer acquisition cost for Cash App is about $20. That's actually quite low relative to other financial services, and even compared to other apps. Square’s AI Platform Could Transform SQ Stock | May 13, 2019 Eloquent Labs is the developer of Elle, which can converse intelligently with a customer through a conventional online-chat platform without any human input from the service provider. While resolving complex customer-service needs remain currently out of reach, Elle can easily handle simpler-but-distracting tasks like returns and product-tracking. Square teams up with Postmates for delivery partnership | May 9, 2019 Through the arrangement, Square SQ, sellers will be able to use Postmates couriers to get goods to customers who call up to place orders or visit a store. Merchants will be able to integrate Postmates with their existing Square point-of-sale systems. Square's Bitcoin Platform Remains Surprisingly Profitable | May 7, 2019 Square's bitcoin revenue accounted for 6.8% of its net revenue during the first quarter, compared to 5.1% in the prior year quarter. However, Square's bitcoin profits only accounted for about 0.2% of its gross profit during the quarter, versus less than 0.1% a year earlier. Square's bitcoin business won't move the needle anytime soon, but its top and bottom line growth is impressive, especially since bitcoin shed roughly 40% of its value over the past 12 months. If bitcoin's price rises again and it attracts more buyers, Square's bitcoin revenue and gross profits could surge much higher. Instead of viewing Square's bitcoin platform as a separate business, investors should see it as part of the company's long-term plan to lock users into its Cash App. Cash is one of the top peer-to-peer payment apps in the U.S. alongside PayPal's (NASDAQ: PYPL) Venmo and the bank-based Zelle, and it's still growing rapidly. Last quarter Square stated that its Cash App payment volume rose nearly 2.5 times annually. For comparison, PayPal stated that Venmo's payment volume rose 73% annually in its most recent quarter. How Square's Cash App Makes Money (SQ) | May 6, 2019 Square makes money from Cash App by charging businesses transaction fees for using its software. For a 1.5% transaction fee, individual users can expedite deposits to have them transferred immediately into their bank accounts instead of waiting the standard deposit time. They can also send personal payments from credit cards for a 3% transaction fee. Village Financial Cooperative partners with Square to bring tech and education to the North Side | Apr 18, 2019 Minnesota’s first black-led credit union is partnering with Square to bring financial education and technology to North Minneapolis. Village Financial Cooperative announced the partnership with the San Francisco-based financial technology company on Thursday. In a statement, the credit union made the case that its mission to empower the black community required it to be at the forefront of financial technology, shaping products and practices. Me’lea Connelly, the credit union’s vision and strategy lead, said the partnership, which includes the city of Minneapolis, was a year in the making. It will officially launch April 27 during “Village Squared: A Black Economic Empowerment Symposium,” one of the events closing out Minneapolis Tech Month. Square (SQ) to Open New Office, Expand Presence in Seattle | April 11, 2019 Square Inc. SQ recently signed a lease to buy a property in Seattle, in view of opening a new office therein. The office is expected to accommodate approximately 100 workers. We believe that the developments will enable it to carry on with new growth initiatives. Why Square Is Hiring Cryptocurrency Experts | April 3, 2019 Square (SQ) has announced a plan to hire several cryptocurrency experts. Square’s crypto team will work on an open-source initiative as part of the company’s contribution to the development of a cryptocurrency ecosystem. Although Square says the crypto team it’s planning to create won’t focus on its commercial interests, the company still stands to benefit if the team’s efforts lead to the broader uptake of cryptocurrencies such as Bitcoin. Square operates a cryptocurrency exchange that allows users of its Cash App to buy and sell Bitcoin. In the fourth quarter, Square’s Bitcoin business generated $52.4 million in revenue, up from $43 million in the third quarter. Square is already making a small profit from its Bitcoin business even though the overall business is still seeing losses. Where Does Square Rank in the Food Ordering Market? | April 3, 2019 Caviar is among America’s top five food ordering services. Square (SQ) runs an online food ordering and delivery business called Caviar. Through the Caviar app, people can order food from more than 3,000 restaurants across the United States and have food delivered to their doorsteps. According to the latest rankings of on-demand food delivery services, Square’s Caviar is one of America’s top online food ordering and delivery providers, but it’s currently holding on to a tiny share of the market. Square Partners with Washington Nationals to Enable Order-Ahead and In-Seat Card Payments at D.C.’s Nationals Park | March 27, 2019 Square has partnered with the Nationals to create a concession stand that offers the only skip-the-line, order-ahead experience in the ballpark, powered by Caviar Pickup. Fans who open the Caviar app from their seats will be able to order their concessions in advance – including beer and wine for fans 21 and over – and receive an alert when their food is ready to be picked up. The stand will feature food from exclusive Caviar restaurant partners, featured in a rotating series of pop-ups throughout the season. On Opening Day, fans will be able to enjoy Hong Kong-style Chinese food from Tiger Fork, with future food options including biscuits from Mason Dixie and ramen from Toki Underground. Square Terminal, the handheld, all-in-one payment processing hardware device, will also be piloted by roving concessions hawkers at Nationals Park. Square Terminal will allow fans to pay using credit cards or contactless payments like Apple Pay or Google Pay as they purchase food and beverage items from the comfort of their seats. With Square’s point of sale and employee management software built right into Square Terminal, it’s easy for hawkers to quickly accept payments. Square Terminal will help fans who don’t carry cash, and will speed transaction times as hawkers spend less time counting change and more time making sales. Square introduces invoice app; brings Stand to Japan | Mar. 26, 2019 App allows sellers to create, manage, and send invoices using mobile devices. “With the Square Invoices app, small business owners are able to get paid remotely and access their funds quickly and securely," says Alyssa Henry, seller lead at Square. Separately, in Japan, Square introduces Stand for iPad and its reader for contactless and chip. Square Expands Omnichannel Offerings with New Square Online Store and a Revamped Square for Retail | March 20, 2019 The new Square Online Store allows sellers to grow their business in person and online, with a professional eCommerce website and integrated tools including Instagram selling, shipping, in-store pickup, and more. The new product also brings the Square Online Store experience to restaurants, allowing sellers to offer seamless online ordering from their website, customized pickup times across multiple locations, and the option to easily pay ahead for online orders. Square for Retail, the point-of-sale app optimized specifically for retailers, has also been completely redesigned with expanded product features. For the first time, business owners who also want to sell online can easily create a professional website and automatically connect their Square for Retail catalog to their Square Online Store, allowing them to sync their items, inventory, prices, and data instantly across online and offline channels. Sellers that use Square for Retail and Square Online Store can also enable their customers to easily shop online and pick up their purchases in store, a feature typically only available to larger retailers. Finally, the Retail point-of-sale app has been redesigned to make managing online orders alongside a brick-and-mortar store quick and intuitive.
Jack Dorsey - CEO -$2.75 Jack is CEO and Chairman of Square, CEO of Twitter, and cofounder of both. Amrita Ahuja - CFO - Amrita is Square’s Chief Financial Officer. She was previously CFO of Blizzard Entertainment, a division of Activision Blizzard, and held various leadership positions at Fox Networks Group, the Walt Disney Company, and Morgan Stanley. Kevin Burke - Marketing and Sales Lead Kevin oversees Square marketing, sales, and partnerships, as well as international markets. Prior to joining Square, Kevin was CMO at Visa Inc. Jesse Dorogusker - Hardware Lead Jesse leads hardware product development at Square, including design, cross-functional engineering, manufacturing, and operations. Prior to Square, Jesse was the Director of Engineering for Apple’s iPhone, iPad, and iPod Accessories business. Brian Grassadonia - Cash App Lead Brian leads Cash App, the fastest and easiest way to pay individuals or businesses. Brian has held a number of leadership positions at Square including helping to launch the company’s flagship credit card reader. Alyssa Henry - Seller Lead -$3,870,481 Alyssa leads product management, design, and engineering for Square’s seller facing products including payments, point of sale, Customer Engagement, and Payroll. She previously served as VP of Amazon Web Services (AWS) Storage Services and Product Unit Manager for Microsoft SQL Server Data Access. Sam Quigley - Risk and Security Lead Sam leads engineering, product management, and data science for risk and information security. As an early engineering leader at Square, Sam helped to build and scale many of Square’s products. Gokul Rajaram - Caviar Lead Gokul oversees Caviar, Square’s growing food ordering service. Prior to Square, he served as Product Director of Ads at Facebook and Product Management Director for Google AdSense. Jacqueline Reses - Square Capital Lead -$3,972,968 Jackie leads Square Capital, overseeing credit products that provide sellers with access to the funding they need to grow and consumers with the ability to pay for purchases over time. She previously served as Yahoo’s Chief Development Officer and was on the Board of Directors at Alibaba Group. She also serves on the Federal Reserve Bank of San Francisco’s Economic Advisory Council. Sivan Whiteley - General Counsel -$2,796,591 Sivan oversees Square’s legal, regulatory, compliance, and security operations. A longtime leader of Square’s legal team, she previously held positions at Better Place, eBay, and Bingham McCutchen. Aaron Zamost - Communications, Policy and People Lead Aaron leads Square’s communications, government relations, and community affairs efforts, as well as human resources and talent. Prior to joining Square, Aaron led business communications at YouTube and managed corporate communications at Google.
May 16 2019 Buckingham reiterated a buy rating with a $100 price target. May 2 2019 Needham reiterated a buy rating and lowered their price target from $95 to $90. May 2 2019 Guggenheim reiterated a buy rating and raised their price target from $92 to $94. April 9 2019 KeyBanc Capital reiterated an outperform rating with a $100 price target. April 3 2019 Bernstein initiated a market perform rating with an $80 price target. March 28 2019 Instinet reiterated a buy rating with a $105 price target. March 27 2019 Macquarie initiated an outperform rating with a $94 price target. March 25 2019 RBC Capital reiterated an outperform rating with an $88 price target. February 27 2019 Canaccord Genuity reiterated a buy rating with an $88 price target. Vanguard, Blackrock, Jennison, Fidelity, Morgan Stanley, State Street, Allianz, and Goldman Sachs are the largest institutional holders of SQ respectively, collectively making up over 25% of ownership.
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