## Your P2K Articles-13 ### Your P2K Articles  #### Metadata * Author: [[P2K]] * Full Title: Your P2K Articles * Category: #books #### Highlights * In 2018, Shah raised $30 million for his second fintech venture on his reputation alone; venture capitalists beelined to finance his next startup, sight unseen. Five months later, he announced his latest innovation: a members-only payment app that, by Shah's own admission, caters to India's 1%. (Location 27) * CRED rewards customers for paying their bills on time with benefits like discounts on plane tickets and gym memberships. Eventually, Shah hopes it will lead to perks like expedited visa processing or early access to new car models. Anyone who scores well on CRED can get behind the velvet rope, regardless of social standing. (Location 32) ^6ad009 * When we exited the company, we were doing close to 1 million transactions a day. We focused on the college segment because we realized they'd understand the internet better. You're the chief technology officer of your household, right? A generation before you, the kids had no say in where their parents bought. Now, because you understand the technology, your parents come to you and ask where to book a flight, where to buy, and more. That helped us get a lot of (Location 54) * I did not, actually. I have a Vespa scooter right now; I don't have a car. The only thing I did was buy an apartment for my family, a nice apartment in South Bombay, because they still lived in a very small house at the time. When you have not had money all your life, the value that you have for money is what it can do to other people's lives. That's probably why I splurged and invested in like 70 to 80 startups. What kind of startups did you invest in? Mostly Indian startups, a few abroad. I don't have an Indian flag on my Twitter account, but I'm extremely patriotic. I really believe my job is to help the country see prosperity, and the only way will be through entrepreneurs. (Location 59) * But these big companies don't mind it. Because when you're a global company, you can show 4 billion active users to the public market, and they'll give you a better market cap for it. Your ARPU comes from America, but you get your DAU from India. When you join the numbers, they look nice. (Location 73) * This situation is largely what led Franklin D. Roosevelt to sever the convertibility of U.S. currency and debt into gold during the Great Depression. Under the gold standard (especially when currency could be converted to gold), hoarding gold had a direct impact on monetary flow, hurting commerce and exacerbating recessions. By severing the link between gold reserves and currency, the Federal Reserve is better able to combat major economic shocks to the economy. (Location 220) * It's fair to argue that the Federal Reserve's efforts to limit the impact of economic crisis could have unforeseen long-term effects, based on the additional money that has been put in circulation, versus a gold or silver standard that limits how much money circulates. The problem gets back to times of major economic crisis: When governments need tools to stop or reduce the harm, a commodity standard has historically had the opposite effect as people hoard it. (Location 228) * Removing the relationship between a currency and commodity doesn't create "worthless money." It simply keeps panic from causing greater economic harm in times of crisis when people hoard the underpinning of a commodity currency and stop the wheels of commerce. And that makes (Location 235) * Bitcoin's growth is not based on its technology alone (which, while powerful, is open-source and therefore easily replicable) but rather on the strength of virality, encouraged by the vested interests who held early and invested in marketing it; with no genuine business underlying it, it acquires its (very substantial) memetic potency only from the evangelism of those who hodl and preach. The paucity of effective regulation to date means that, as an investment, it has enjoyed an advantage vis-a-vis other investments, like shares or bonds. (Location 303) * Bitcoin's Gini coefficient is estimated at 0.88 and up, making Bitcoinlandia more unequal than any other human society, including North Korea, which enjoys a comparatively liberal Gini coefficient of 0.86. (Location 316) * Although BTC has its issues, at the very least it has focus. Meaning its problems pale in comparison to what we see with the ICO ecosystem that apes Bitcoin. This ecosystem really got its start with the public Ethereum blockchain and its unique flavour of technology woo. (Location 323) * With constraints like these, Ethereum isn't going to "decentralise" the entire Internet anytime soon. As it is, it would have trouble "decentralising" a call center. The wider the expectation/reality mismatch, the more severe the correction will be. (Location 377) * The future of the organization is distributed, the DAO happened. Imagine an organization where bosses don't exist as a definition and voices of all members are heard despite their position in the company. Furthermore, employees don't exist as well but the company gains its market share and earns the profit. Sounds impossible? Not actually. The seeds of a new organizational structure have been already planted. (Location 522) * Motivation. The main purpose of any company is to make the profit. Employees are mostly motivated by their salaries and benefits. However, the performance lowers dramatically if their salaries stay the same for a long time. Employees do the minimum just not to be fired. On a contrary, a DAO enables collaboration between numerous people which are highly interested in the success of the organization. This becomes true by issuing tokens (you may substitute "shares" for "tokens"); those aren't limited to a group of rich investors but can be purchased by any contributor. Lowering the barrier to entry and enabling to acquire a small number of tokens, helps the organization to become decentralized. Additionally, token holders are involved in processes of a company and have incentives to contribute. (Location 529) * Companies gain the competitive edge through innovations and fast decision-making. Modern rules of running a business are forcing companies to implement new features in order to be on the top of the industry. That is getting harder with traditional hierarchical organizational structure. A DAO enables to make that process easier and faster. In result, DAOs will grow up in size and gain their market share. That's why more and more DAOs are being started nowadays. One of the first DAOs is RocketICO. It is a decentralized accelerator based on the DAO fundamentals. The platform helps new DAOs to be created, raise funds and provide powerful marketing tools for entrepreneurs. (Location 548) * RocketICO — the world's first decentralized accelerator, built on the principles of DAO. This ecosystem provides the chance for the teams with their ideas, experts and investors efficiently and safely interact through smart contracts ethereum to create projects and bring them to the ICO with raising funds in cryptocurrency. The platform is based on the basis of Solidity DAO framework and is a decentralized web application (dApp). (Location 556) * Imagine if every computer had to store every e-mail, to receive any. That's how blockchains work. Lightning Network allows computers to make blockchain transactions, only storing the data they care about—their own money. (Location 575) * Scalability was the first major motivator for Lightning, as Bitcoin's distributed nature greatly limits the transaction rate of the network. (Location 578) # Your P2K Articles  ## Metadata - Author: [[P2K]] - Full Title: Your P2K Articles - Category: #books ## Highlights - In 2018, Shah raised $30 million for his second fintech venture on his reputation alone; venture capitalists beelined to finance his next startup, sight unseen. Five months later, he announced his latest innovation: a members-only payment app that, by Shah’s own admission, caters to India’s 1%. (Location 27) - CRED rewards customers for paying their bills on time with benefits like discounts on plane tickets and gym memberships. Eventually, Shah hopes it will lead to perks like expedited visa processing or early access to new car models. Anyone who scores well on CRED can get behind the velvet rope, regardless of social standing. (Location 32) - When we exited the company, we were doing close to 1 million transactions a day. We focused on the college segment because we realized they’d understand the internet better. You’re the chief technology officer of your household, right? A generation before you, the kids had no say in where their parents bought. Now, because you understand the technology, your parents come to you and ask where to book a flight, where to buy, and more. That helped us get a lot of (Location 54) - I did not, actually. I have a Vespa scooter right now; I don’t have a car. The only thing I did was buy an apartment for my family, a nice apartment in South Bombay, because they still lived in a very small house at the time. When you have not had money all your life, the value that you have for money is what it can do to other people’s lives. That’s probably why I splurged and invested in like 70 to 80 startups. What kind of startups did you invest in? Mostly Indian startups, a few abroad. I don’t have an Indian flag on my Twitter account, but I’m extremely patriotic. I really believe my job is to help the country see prosperity, and the only way will be through entrepreneurs. (Location 59) - But these big companies don’t mind it. Because when you’re a global company, you can show 4 billion active users to the public market, and they’ll give you a better market cap for it. Your ARPU comes from America, but you get your DAU from India. When you join the numbers, they look nice. (Location 73) - This situation is largely what led Franklin D. Roosevelt to sever the convertibility of U.S. currency and debt into gold during the Great Depression. Under the gold standard (especially when currency could be converted to gold), hoarding gold had a direct impact on monetary flow, hurting commerce and exacerbating recessions. By severing the link between gold reserves and currency, the Federal Reserve is better able to combat major economic shocks to the economy. (Location 220) - It's fair to argue that the Federal Reserve's efforts to limit the impact of economic crisis could have unforeseen long-term effects, based on the additional money that has been put in circulation, versus a gold or silver standard that limits how much money circulates. The problem gets back to times of major economic crisis: When governments need tools to stop or reduce the harm, a commodity standard has historically had the opposite effect as people hoard it. (Location 228) - Removing the relationship between a currency and commodity doesn't create "worthless money." It simply keeps panic from causing greater economic harm in times of crisis when people hoard the underpinning of a commodity currency and stop the wheels of commerce. And that makes (Location 235) - Bitcoin’s growth is not based on its technology alone (which, while powerful, is open-source and therefore easily replicable) but rather on the strength of virality, encouraged by the vested interests who held early and invested in marketing it; with no genuine business underlying it, it acquires its (very substantial) memetic potency only from the evangelism of those who hodl and preach. The paucity of effective regulation to date means that, as an investment, it has enjoyed an advantage vis-a-vis other investments, like shares or bonds. (Location 303) - Bitcoin’s Gini coefficient is estimated at 0.88 and up, making Bitcoinlandia more unequal than any other human society, including North Korea, which enjoys a comparatively liberal Gini coefficient of 0.86. (Location 316) - Although BTC has its issues, at the very least it has focus. Meaning its problems pale in comparison to what we see with the ICO ecosystem that apes Bitcoin. This ecosystem really got its start with the public Ethereum blockchain and its unique flavour of technology woo. (Location 323) - With constraints like these, Ethereum isn’t going to “decentralise” the entire Internet anytime soon. As it is, it would have trouble “decentralising” a call center. The wider the expectation/reality mismatch, the more severe the correction will be. (Location 377) - The future of the organization is distributed, the DAO happened. Imagine an organization where bosses don’t exist as a definition and voices of all members are heard despite their position in the company. Furthermore, employees don’t exist as well but the company gains its market share and earns the profit. Sounds impossible? Not actually. The seeds of a new organizational structure have been already planted. (Location 522) - Motivation. The main purpose of any company is to make the profit. Employees are mostly motivated by their salaries and benefits. However, the performance lowers dramatically if their salaries stay the same for a long time. Employees do the minimum just not to be fired. On a contrary, a DAO enables collaboration between numerous people which are highly interested in the success of the organization. This becomes true by issuing tokens (you may substitute “shares” for “tokens”); those aren’t limited to a group of rich investors but can be purchased by any contributor. Lowering the barrier to entry and enabling to acquire a small number of tokens, helps the organization to become decentralized. Additionally, token holders are involved in processes of a company and have incentives to contribute. (Location 529) - Companies gain the competitive edge through innovations and fast decision-making. Modern rules of running a business are forcing companies to implement new features in order to be on the top of the industry. That is getting harder with traditional hierarchical organizational structure. A DAO enables to make that process easier and faster. In result, DAOs will grow up in size and gain their market share. That’s why more and more DAOs are being started nowadays. One of the first DAOs is RocketICO. It is a decentralized accelerator based on the DAO fundamentals. The platform helps new DAOs to be created, raise funds and provide powerful marketing tools for entrepreneurs. (Location 548) - RocketICO — the world’s first decentralized accelerator, built on the principles of DAO. This ecosystem provides the chance for the teams with their ideas, experts and investors efficiently and safely interact through smart contracts ethereum to create projects and bring them to the ICO with raising funds in cryptocurrency. The platform is based on the basis of Solidity DAO framework and is a decentralized web application (dApp). (Location 556) - Imagine if every computer had to store every e-mail, to receive any. That’s how blockchains work. Lightning Network allows computers to make blockchain transactions, only storing the data they care about—their own money. (Location 575) - Scalability was the first major motivator for Lightning, as Bitcoin’s distributed nature greatly limits the transaction rate of the network. (Location 578)