I think long-term, Bitcoin is a currency of the Internet. So, even if humans don't use it, routers will use it. Web browsers will use it. Web servers will use it.
Naval RavikantRead
If you go to a venture firm, what you're doing is you're buying money from them in exchange for equity. They have a commodity that they're selling and they have to differentiate themselves.
Interpretation
The quote highlights the dynamics of fundraising where startups trade equity for investment capital.
In this quote, Naval Ravikant explains the transaction between startups and venture firms, illustrating that entrepreneurs are essentially purchasing capital in exchange for ownership stakes in their companies. He emphasizes that venture firms must find ways to stand out in a competitive market, as their main product—investment funds—needs to appeal to potential investors who are seeking value beyond financial support.
In practice
During a startup pitch, this quote can be used to explain the relationship between entrepreneurs and investors.
I think long-term, Bitcoin is a currency of the Internet. So, even if humans don't use it, routers will use it. Web browsers will use it. Web servers will use it.
Having a million-dollar net worth doesn't make you a genius, and having less than a million-dollar net worth doesn't make you a fool.
Humans don't 'need' math-based cryptocurrencies when dealing with other humans. We walk slowly, talk slowly, and buy big things. Credit cards, cash, wires, checks - the world seems fine.
Rules that may be easy for Wall Street are a death sentence for startups. They are easy to break accidentally and the penalty for noncompliance is severe.
Any competent programmer has an API to cash, payments, escrow, wills, notaries, lotteries, dividends, micropayments, subscriptions, crowdfunding, and more.
It's almost always possible to be honest and positive.
Customers don't always know what they want. The decline in coffee-drinking was due to the fact that most of the coffee people bought was stale and they weren't enjoying it. Once they tasted ours and experienced what we call "the third place" ... a gathering place between home and work where they were treated with respect.. they found we were filling a need they didn't know they had.
To make a pleasant and friendly impression is not alone good manners, but equally good business.
Entrepreneurs have only the murkiest picture of the future in which they are making their bets, and also there is ambiguity: they don't know when they push this lever or that lever that the outcome is going to be what they think it is going to be - there is the law of unanticipated consequences.
Intrinsic value can be defined simply: It is the discounted value of the cash that can be taken out of a business during its remaining life.
You should not build your customer service system on the premise that your organisation will never question the whims of your clients.
A good idea for a new business tends not to occur in isolation, and often the window of opportunity is very small. So speed is of the essence.
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