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The short story
I’ve written a lot here about how you have to do startup basics, like figure out what problem your coin solves, or why you’d want a blockchain - who has the need that having an immutable ledger solves a real problem they have? But one of the things I haven’t talked a lot about is the ability to execute, to ship.
There were some ICOs that raised huge amounts of money, and then didn’t do anything. There have been crowdfunding campaigns that didn’t ship, or shipped partially and gave up. What’s the story here? Momentum is a big indicator for success. It isn’t how much you raise, or how many people you get in your telegram channel, or whose fancy TV interview you go on. It’s, “Can you ship? Can you do the thing you said you were going to do?” The pressure to execute can be enormous, especially if you’re seeking perfection every time. If you can’t allow yourself to do something with less than perfection, it can cripple you and prevent you from doing anything at all.
Look for the people who make snap decisions based on some informed context, as opposed to people who are paralyzed until deep research has been conducted. Look for the people who are able to go ahead on smaller amounts of investment rather than not doing anything until a few millions have been raised. The goal out to be to prototype something even without the cash flow, prove it fills a need, then go for the cash infusion and build, build, build.
That is, if you raise tons of money and are slow to deliver, chances are, you’re not really committed to what you’re trying to make. And if you aren’t, why should anyone else be?
Perfect is the enemy of good. “Done” is good.
What’s stopping you?
A little news
The Winklevii have their own exchange, named Gemini, and they’re out pushing for regulations, saying that cryptocurrency’s growth has been impeded by negative press that associated it with criminals, and by a misperception that Bitcoin is totally anonymous. They’re trying to create crypto’s version of FINRA, and are running advertising suggesting that crypto needs the same safeguards and consumer protections as other financial institutions.
A Swiss watch is a thing of mechanical beauty, whose price can run to the absurd… but what if you made it a cold storage wallet? A. Favre & Fils have made this mashup, with the intention of making a watch that’s future-thinking.
“I am very excited about this new piece and the vision it creates for the Swiss watchmaking industry. I am particularly proud of the great board of advisors we can count on for this very innovative project we are working on. Our team is composed by luxury watchmaking experts and a world-class board of advisors including Stephen Urquhart, Ex-President and CEO of Omega for 17 years and Oliver Bussmann, former Group CIO of UBS and SAP and one of the most influential blockchain expert”, comments Laurent Favre, A. Favre & Fils CEO. “We have developed this first timepiece with the idea of offering something useful for the crypto-community, not simply something to spend their money on.”
Bitcoin’s price as of this moment is 3,679 USD. That’s where we’ve arrived after a 9% drop last Thursday. For perspective, the price was at 3,122 back in December. Some people were encouraged by the idea that it would break 4,100, but that hasn’t taken place. I suspect that the price isn’t going to go up anytime soon, but don’t take my word for it.
disclosure: I own about $300 worth of bitcoin.
Even with that negative slope on the crypto’s price, that isn’t deterring NYC. The New York City Economic Development Corporation’s Blockchain Center in Manhattan will open Thursday. The center will offer coding classes and lectures to promote awareness and adoption of blockchain, the distributed ledger technology. There’s some indication that the city may also start testing the use of blockchain technology in the fall.
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