The idea wasn’t perfect (I misjudged the merchant angle for instance, simple buy/sell turned out to be more lucrative).
...highlights the importance of resilience and ignoring haters when trying to build something new. Nine out of ten people will think it’s a terrible idea, and be quite articulate explaining why this is to you. This will go on for YEARs.
Even after five years and many millions of dollars in revenue, I would say still about 50% of people (investors, prospective employees, etc) I spoke to thought it was a bad idea.
1/ Today is a big moment for @coinbase as we become a public company. But it’s also a big one for crypto. This all started with the Bitcoin whitepaper 12 years ago, a deceptively simple 9 page document by Satoshi Nakamoto that ignited a global movement. bitcoin.org/bitcoin.pdf
2/ The Coinbase journey started when I read the Satoshi whitepaper while I was home for Thanksgiving in 2010. As I read it, I realized that crypto had the power to unlock a future where economic freedom was a reality for everyone.
3/ This has driven me ever since as I believe creating more economic freedom is one of the biggest meta problems of our time. It has so many positive downstream effects in society. blog.coinbase.com/how-digital-cu…
1/ Over the next few days I'll be releasing some electronic music that I created with DJ DAVI (David Khanjian). We'll be releasing them as NFTs.
2/ I listened to a lot of electronic music with no vocals as I was coding up the early versions of Coinbase, and always enjoyed David's music. (no vocals because I couldn't concentrate with other words in my head)
3/ Last year during COVID I decided I wanted to learn a little bit of electronic music composition as a hobby (I do something like this each year), and David was kind enough to take me under his wing and give me some free music lessons.
2/ We want to work with tech-forward countries who are pro-crypto and can move fast
3/ Things that would help: connect us with key decision makers, countries who can help us fast track a license and bank partnership, and help us get crypto into the hands of their citizens through advocacy and marketing
And it is showing up on Substack!
Mainstream media is missing out on these stories.
There are so many exciting stories to tell in technology. Mainstream media serves an important function in society holding functions accountable, but when the entire incentive system is build on who can tear something down, there are great stories that will be missed.
Not to mention the inherent conflict, working in an industry that was disrupted by tech. We wouldn't ask Pepsi for an unbiased review of Coke, and we can't ask mainstream media for an unbiased review of tech.
Last week we heard rumors that the U.S. Treasury and Secretary Mnuchin were planning to rush out some new regulation regarding self-hosted crypto wallets before the end of his term. I'm concerned that this would have unintended side effects, and wanted to share those concerns.
For those who don't know - self-hosted crypto wallets (also known as non-custodial wallets or self-custody wallets) are a type of software that lets individuals store and use their own cryptocurrency, instead of needing to rely on a third party financial institution.
Self-hosted crypto wallets are important, because they allow anyone to use this new technology to access basic financial services - just like anyone can use a computer or smartphone to access the open internet.