Really interesting! I like where this is going even though i'm not sure the particular use case is that useful. Generating content for list views is marginally useful; being able to generate UI components for full web/mobile app experiences is a must have.
Suppose I'm a founder/PM who wants to design a crypto app with fiat on-ramp/off-ramp. Before the app is built, initial thought must be given to what's important to the user. Once established, a prioritization of UI elements is made and designer implements them. Now imagine if I write this as a GPT prompt and get back 20 different designs, choosing between 30+ UI elements. Almost like a Pinterest board for UX designs from a single prompt. This visual experience inspires me to tradeoff decisions quicker and thereby ship faster.
I agree with how you've painted GameStop and Bitcoin as the nihilistic struggle against the establishment. However, I disagree with your conclusion. You make a pretty bold argument that underpins the whole conclusion so that's what I'll focus on:
> Bitcoin doesn’t work, it’s a naked speculative bubble based on a technology that doesn’t scale can’t and can’t replace any existing financial service
When you say Bitcoin doesn't work, what are you referring to? As a medium of exchange, you're correct: it doesn't work. But the narrative in crypto communities is that Bitcoin is becoming a store-of-value. Under that narrative, Bitcoin is "working": it's replacing gold as a store of value. We're seeing institutions expand their portfolios to include BTC. There are additional arguments for why Bitcoin may be a better hedge against inflation than gold or oil. Here is an interesting analysis by Winklevoss twins [1]
There's more to cryptocurrency than Bitcoin. Today, there are over 4,000 crypto tokens out there and they're each solving various use cases with varying success. One particular thriving area is Decentralized Finance (DeFi) which creates decentralized exchanges, market makers, lenders/borrowers that aim to disrupt traditional (centralized) financial structures. As proof that there's something here, decentralized exchanges are taking market share from centralized ones - which are valued at $100B.
Or consider the more visionary take on cryptocurrencies: decentralized computation networks that create economies for network participants. Centralized businesses must act in the interest of shareholders and are built to extract as much value from their product as possible. Decentralized computation networks, on the other hand, do not. They can (and are) constructed to be minimally extractive, taking only what is needed to reward network participants & secure the network. Thus, the value capture is distributed across all network participants, enabling new forms of humans organizing together to achieve a common goal. Check out [3] if you're interested in learning more.
I hope this spurs your curiosity to dig into cryptocurrencies beyond just the surface. Thanks for writing the article!
We're not actually certain whether Mastercard will include volatile cryptocurrencies, such as Bitcoin. Reading this article (https://arstechnica.com/tech-policy/2021/02/mastercard-will-...), their requirements suggest supporting stablecoins (i.e. USDC). These cryptocurrencies are pegged to the dollar and should be backed by a reserve. In that case, your argument about price movements doesn't apply here.
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WorkPatterns is reimagining people management to help modern managers and their teams stay connected and operate more effectively. We're a collaborative tool tool that brings your 1:1s, team work, feedback, recognition & goals - all in one place. We have revenue, growing significantly week over week, have amazing customer testimonials and backed by Founders Fund. Check out what one of our customers wrote - https://www.linkedin.com/feed/update/urn:li:activity:6745326...
For this role, we're looking to add someone who wants to level up in their career. You'll have a voice in product direction, own features end-to-end, and collaborate with design & product.
Tech Stack: Ruby on Rails, React/Redux, PostgreSQL.
Thanks for AMA. My previous startup was in self-insured employer space so I only saw the issues you're describing from a distance.
> "Finally, until a business model emerges that favors open source and patient health, everyone makes more money with lock-in and so that perpetuates"
I'm curious to know if you've thought about what such a business model might look like. The closest to a viable business model I've seen gives patients control of their data & allows them to monetize it. But that feels like a pipe dream at the moment because a) EHR vendors don't have incentives to share data, and b) there is no marketplace of buyers for said data.
Re General Catalyst: precisely what you said and the brand building they just did. Just ctrl+f in this article to see people's reaction to General Catalyst. This will indirectly help them with even more dealflow.
In case some entrepreneur gets discouraged by this comment, I'd like to add some personal color (currently building B2B product). The commenter is correct that IT admins take a conservative stance ("no" by default) but that doesn't mean your startup can't break into big enterprise using a bottoms-up motion. Unless the business is in a highly regulated industry, employees will sign up to try the product and, in most cases, won't ask IT for approval.
This is indicative of a broader trend in how software is distributed in the enterprise. Whereas software was traditionally purchased tops-down (i.e. CIO purchasing decision), today's software products are increasingly product-led & bottoms-up (i.e. end user purchasing). Classic examples include Dropbox, Slack and now Notion, Airtable, etc.
In most scenarios, high-touch saas is harder to bootstrap. Your network will smooth out the friction of getting in the door, but there are other factors that make this hard to bootstrap:
* Expensive headcount - high-touch sales requires sales, marketing and other GTM teams. Sales, especially, is very expensive.
* Customizations - enterprise customers will want additional features above and beyond what your MVP offers. This will require additional engineering/product/design resources
* Security audits - IT of the enterprise customer will want to see recent security audits which can range from $20K and up
* Stability guarantees - enterprise customers are wary of offloading their workflow to small startups that might go belly up. Having guarantees, such as VC funding, will acquiesce them.
A common path in B2B is to start with low-touch SaaS business (which is easier to bootstrap) & then move up-market.
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WorkPatterns (www.workpatterns.com) | Full Stack Engineer | San Francisco or Los Angeles | ONSITE | Full Time
WorkPatterns is improving workplace relationships by making best practices automatic. We're starting by building workflow & automation tools for managers and employees. Product-first company with strong VC backing and serial founders. You'll be responsible for an important part of the product roadmap & will work closely with the founders.
Tech Stack: Ruby on Rails, React, React Native, GraphQL, PostgreSQL
Suppose I'm a founder/PM who wants to design a crypto app with fiat on-ramp/off-ramp. Before the app is built, initial thought must be given to what's important to the user. Once established, a prioritization of UI elements is made and designer implements them. Now imagine if I write this as a GPT prompt and get back 20 different designs, choosing between 30+ UI elements. Almost like a Pinterest board for UX designs from a single prompt. This visual experience inspires me to tradeoff decisions quicker and thereby ship faster.