BC BUSINESS
Saved by @CodyyyGardner

I’m not going to litigate the SEC’s unproven allegations on Twitter, and as you can imagine, there are new considerations to what can / should be said publicly after the litigation process starts. However, I would like to address 5 key questions I’ve seen. 1/10

 Q: Why didn’t Ripple settle with the SEC?

Can’t get into specifics, but know we tried - and will continue to try w/ the new administration - to resolve this in a way so the XRP community can continue innovating, consumers are protected and orderly markets are preserved. 2/10
Q: Did you pay exchanges to list XRP? When will it be relisted?

XRP is one of the most liquid (top 3-5) digital assets globally, and 95% is traded outside the US. Ripple has no control over where XRP is listed, who owns it, etc. It’s open-source and decentralized. 3/10
Delisting and halting are 2 separate things - most are halting trading. With 8 different govt agencies, each with their own (and sometimes opposing) views of crypto, U.S. market participants are facing conflicting policies and no surprise, some act conservatively. 4/10
We’ve moved from lack of regulatory clarity to regulatory chaos in the U.S. This is why regulation by enforcement is such bad public policy. With the new administration, we expect #DCEA to be reintroduced - common-sense legislation providing clarity to the entire industry. 5/10
Q: When are you responding to the SEC? Why are you silent?

The legal process can be slow! Things may seem quiet, but there is plenty happening behind the scenes. We’ll be filing our initial response within weeks. Legal eagle @s_alderoty shares more 6/10 https://t.co/PIAsgohcG5
Q: Do investors have faith in Ripple?

Yes, we have real shareholders. That is how you own Ripple equity - buying our stock, not buying XRP. We’re disappointed that Tetragon (who owns 1.5% of Ripple) is seeking to unfairly advantage itself through the SEC’s allegations. 7/10
Q: Did you pay customers to use XRP?

We have provided some customers, especially first movers, w/ incentives to use ODL - this is building a payments network 101 (and totally lawful). Every payments network (PayPal, Visa, MC, etc) has or still uses incentives. 8/10
We built a product that is the FIRST of its kind - integrating new infra comes with costs. ODL w/ XRP solves real problems with cost, speed, and settlement and that’s proven to the tune of billions of dollars. 9/10
And that’s what I have for you today! No one is being silent, nor will we give up this fight. We’re on the right side of the facts and of history, and look forward to our day in court - as well as engaging with the new SEC leadership once appointed. 10/10

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I’m a firm believer that more & more entrepreneurial ‘builders’ will evolve their operating company into a HoldCo

Scaling initial capital light successes (like a service co) & redeploying cash flow into concentrated bets leveraging existing know-how, infrastructure, & expertise

Why?

- lower barriers than ever to building asset light/capital light co's
- existing co infrastructure makes acquiring/building another co easy
- more non-dilutive funding options available
- talented operators/investors can use brand, capital, & know-how to scale meaningfully

But first… what is a HoldCo?

It’s fancy term for “holding company” which is an entity that owns/controls the assets of other different companies

Most HoldCo portfolio companies operate autonomously... with their own team, balance sheets, systems, processes etc.

Major capital allocation decisions are performed at the “TopCo” (ie, primary owners of the HoldCo)

Most HoldCo’s are C-Corps due to structural/tax advantages, but sometimes you see them operate as LLCs

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No one is going to do it for you

A thread...

As a founder, if you won't show up every single day, despite how you are feeling, or how the startup is doing or what the press is writing about you, or your cofounders not working out, or your product failing or your customers shouting

No one is going to do it for you

As a student, if you won't do things that scare you, that make you feel nervous, that challenge you, that intimidate you, that you have always wanted to do but never gathered the courage to

No one is going to do it for you

In your first job, if you are not going to make an effort to know how things have happened before and why, to meet new people, to seek help, to ask for feedback, to be patient with results, to not seek "impact" in the first month itself

No one is going to do it for you

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@ReformedTrader That is a long post, but well written. Real estate is a claim on the future prosperity or ruin of a geographical location. Real estate intrinsic values is its ability to generate cash or similar costs to rent in that area. Intrinsic value is above zero in most cases.

Ironically enough, the location that benefits most from property ownership are places where rising living costs expand faster than rising middle income wages. Deflationary areas are hostile to property ownership as price is falling make collateral and borrowing difficult.

Homes are bought using leverage with agencies loan subsidies by the governments. As long as you have fixed rates, the costs of living expenses for your housing is set for 30 or 15 years which allow family to budget. Wealth can be accumulate over time as asset and income risen.

Time passed, real estate become detach from intrinsic values. Monthly mortgage rocket pass incomes and growth in the area. Quick money into real estate turn into a landmine. The 2007 fiasco could have been better or worst, but the free market is effectively dead as an ideology.

At the time, investors attack the institutional that vulnerable to the MBS and structured derivatives linked to real estate bubble risks. Since many financial institution owned the agencies MBS, defaulting on these security means downward spiral for M1 and M2 in developed nations
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Big congrats to @nonfungibles on releasing their 2020 Annual Non-Fungible Tokens Report! @NathalieBcht, @latelier & I thoroughly enjoyed partnering with them on it: https://t.co/uNvX18GcQV.
Some key takeaways from the report & my personal observations a/t #NFTs. A long-ish 🧵👇:

MARKET SIZE: The NFT market had a historic 2020 - tripled in value, reaching $250m (in terms of value of all #Ethereum transactions on chain, so actual market size is even bigger). This is rapid growth for a space that’s just a few years old.


Market is still volatile & prone to speculation but more sophisticated use cases are emerging based on utility, community, competitive elements. All are prerequisites for a more mature market. For all the hype around crypto, it is #NFTs that offer some of the more promising uses.

USERS: # of users transacting NFTs is up. So is interest in NFTs more broadly - using Twitter activity as a proxy, the uptick in interest is clear & rose 5x in Nov 2017- Sept 2020 (similar trajectory for #DeFi btw). BUT it's important to remember this is still a niche ecosystem.


PROFIT: Some NFT #Traders are commanding profits in the 100s of thousands. Again, this is still a niche activity. There are high barriers to entry (incl. technological) for non-crypto enthusiasts + asset prices are going up very fast. It's still hard to price and value NFTs.
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