DAOs are legal entities in Marshall Islands.
The Pacific island state recognizes decentralized autonomous organizations.
The Republic of the Marshall Islands has recognized decentralized autonomous organizations (DAOs) as legal entities, giving collectively owned and managed blockchain projects global recognition.
The Marshall Islands' amended the Non-Profit Entities Act 2021 that now recognizes DAOs, which are blockchain-based entities governed by self-organizing communities. Incorporating Admiralty LLC, the island country's first DAO, was made possible thanks to the amendement. MIDAO Directory Services Inc., a domestic organization established to assist DAOs in the Marshall Islands, assisted in the incorporation.
The new law currently allows any DAO to register and operate in the Marshall Islands.
“This is a unique moment to lead,” said Bobby Muller, former Marshall Islands chief secretary and co-founder of MIDAO. He believes DAOs will help create “more efficient and less hierarchical” organizations.
A global hub for DAOs, the Marshall Islands hopes to become a global hub for DAO registration, domicile, use cases, and mass adoption. He added:
"This includes low-cost incorporation, a supportive government with internationally recognized courts, and a technologically open environment."
According to the World Bank, the Marshall Islands is an independent island state in the Pacific Ocean near the Equator. To create a blockchain-based cryptocurrency that would be legal tender alongside the US dollar, the island state has been actively exploring use cases for digital assets since at least 2018.
In February 2018, the Marshall Islands approved the creation of a new cryptocurrency, Sovereign (SOV). As expected, the IMF has criticized the plan, citing concerns that a digital sovereign currency would jeopardize the state's financial stability. They have also criticized El Salvador, the first country to recognize Bitcoin (BTC) as legal tender.
Marshall Islands senator David Paul said the DAO legislation does not pose the same issues as a government-backed cryptocurrency. “A sovereign digital currency is financial and raises concerns about money laundering,” . This is more about giving DAOs legal recognition to make their case to regulators, investors, and consumers.
More on Web3 & Crypto
Ajay Shrestha
2 years ago
Bitcoin's technical innovation: addressing the issue of the Byzantine generals
The 2008 Bitcoin white paper solves the classic computer science consensus problem.
Issue Statement
The Byzantine Generals Problem (BGP) is called after an allegory in which several generals must collaborate and attack a city at the same time to win (figure 1-left). Any general who retreats at the last minute loses the fight (figure 1-right). Thus, precise messengers and no rogue generals are essential. This is difficult without a trusted central authority.
In their 1982 publication, Leslie Lamport, Robert Shostak, and Marshall Please termed this topic the Byzantine Generals Problem to simplify distributed computer systems.
Consensus in a distributed computer network is the issue. Reaching a consensus on which systems work (and stay in the network) and which don't makes maintaining a network tough (i.e., needs to be removed from network). Challenges include unreliable communication routes between systems and mis-reporting systems.
Solving BGP can let us construct machine learning solutions without single points of failure or trusted central entities. One server hosts model parameters while numerous workers train the model. This study describes fault-tolerant Distributed Byzantine Machine Learning.
Bitcoin invented a mechanism for a distributed network of nodes to agree on which transactions should go into the distributed ledger (blockchain) without a trusted central body. It solved BGP implementation. Satoshi Nakamoto, the pseudonymous bitcoin creator, solved the challenge by cleverly combining cryptography and consensus mechanisms.
Disclaimer
This is not financial advice. It discusses a unique computer science solution.
Bitcoin
Bitcoin's white paper begins:
“A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution.” Source: https://www.ussc.gov/sites/default/files/pdf/training/annual-national-training-seminar/2018/Emerging_Tech_Bitcoin_Crypto.pdf
Bitcoin's main parts:
The open-source and versioned bitcoin software that governs how nodes, miners, and the bitcoin token operate.
The native kind of token, known as a bitcoin token, may be created by mining (up to 21 million can be created), and it can be transferred between wallet addresses in the bitcoin network.
Distributed Ledger, which contains exact copies of the database (or "blockchain") containing each transaction since the first one in January 2009.
distributed network of nodes (computers) running the distributed ledger replica together with the bitcoin software. They broadcast the transactions to other peer nodes after validating and accepting them.
Proof of work (PoW) is a cryptographic requirement that must be met in order for a miner to be granted permission to add a new block of transactions to the blockchain of the cryptocurrency bitcoin. It takes the form of a valid hash digest. In order to produce new blocks on average every 10 minutes, Bitcoin features a built-in difficulty adjustment function that modifies the valid hash requirement (length of nonce). PoW requires a lot of energy since it must continually generate new hashes at random until it satisfies the criteria.
The competing parties known as miners carry out continuous computing processing to address recurrent cryptography issues. Transaction fees and some freshly minted (mined) bitcoin are the rewards they receive. The amount of hashes produced each second—or hash rate—is a measure of mining capacity.
Cryptography, decentralization, and the proof-of-work consensus method are Bitcoin's most unique features.
Bitcoin uses encryption
Bitcoin employs this established cryptography.
Hashing
digital signatures based on asymmetric encryption
Hashing (SHA-256) (SHA-256)
Hashing converts unique plaintext data into a digest. Creating the plaintext from the digest is impossible. Bitcoin miners generate new hashes using SHA-256 to win block rewards.
A new hash is created from the current block header and a variable value called nonce. To achieve the required hash, mining involves altering the nonce and re-hashing.
The block header contains the previous block hash and a Merkle root, which contains hashes of all transactions in the block. Thus, a chain of blocks with increasing hashes links back to the first block. Hashing protects new transactions and makes the bitcoin blockchain immutable. After a transaction block is mined, it becomes hard to fabricate even a little entry.
Asymmetric Cryptography Digital Signatures
Asymmetric cryptography (public-key encryption) requires each side to have a secret and public key. Public keys (wallet addresses) can be shared with the transaction party, but private keys should not. A message (e.g., bitcoin payment record) can only be signed by the owner (sender) with the private key, but any node or anybody with access to the public key (visible in the blockchain) can verify it. Alex will submit a digitally signed transaction with a desired amount of bitcoin addressed to Bob's wallet to a node to send bitcoin to Bob. Alex alone has the secret keys to authorize that amount. Alex's blockchain public key allows anyone to verify the transaction.
Solution
Now, apply bitcoin to BGP. BGP generals resemble bitcoin nodes. The generals' consensus is like bitcoin nodes' blockchain block selection. Bitcoin software on all nodes can:
Check transactions (i.e., validate digital signatures)
2. Accept and propagate just the first miner to receive the valid hash and verify it accomplished the task. The only way to guess the proper hash is to brute force it by repeatedly producing one with the fixed/current block header and a fresh nonce value.
Thus, PoW and a dispersed network of nodes that accept blocks from miners that solve the unfalsifiable cryptographic challenge solve consensus.
Suppose:
Unreliable nodes
Unreliable miners
Bitcoin accepts the longest chain if rogue nodes cause divergence in accepted blocks. Thus, rogue nodes must outnumber honest nodes in accepting/forming the longer chain for invalid transactions to reach the blockchain. As of November 2022, 7000 coordinated rogue nodes are needed to takeover the bitcoin network.
Dishonest miners could also try to insert blocks with falsified transactions (double spend, reverse, censor, etc.) into the chain. This requires over 50% (51% attack) of miners (total computational power) to outguess the hash and attack the network. Mining hash rate exceeds 200 million (source). Rewards and transaction fees encourage miners to cooperate rather than attack. Quantum computers may become a threat.
Visit my Quantum Computing post.
Quantum computers—what are they? Quantum computers will have a big influence. towardsdatascience.com
Nodes have more power than miners since they can validate transactions and reject fake blocks. Thus, the network is secure if honest nodes are the majority.
Summary
Table 1 compares three Byzantine Generals Problem implementations.
Bitcoin white paper and implementation solved the consensus challenge of distributed systems without central governance. It solved the illusive Byzantine Generals Problem.
Resources
Resources
Source-code for Bitcoin Core Software — https://github.com/bitcoin/bitcoin
Bitcoin white paper — https://bitcoin.org/bitcoin.pdf
https://www.microsoft.com/en-us/research/publication/byzantine-generals-problem/
https://www.microsoft.com/en-us/research/uploads/prod/2016/12/The-Byzantine-Generals-Problem.pdf
Genuinely Distributed Byzantine Machine Learning, El-Mahdi El-Mhamdi et al., 2020. ACM, New York, NY, https://doi.org/10.1145/3382734.3405695
Stephen Moore
3 years ago
Web 2 + Web 3 = Web 5.
Monkey jpegs and shitcoins have tarnished Web3's reputation. Let’s move on.
Web3 was called "the internet's future."
Well, 'crypto bros' shouted about it loudly.
As quickly as it arrived to be the next internet, it appears to be dead. It's had scandals, turbulence, and crashes galore:
Web 3.0's cryptocurrencies have crashed. Bitcoin's all-time high was $66,935. This month, Ethereum fell from $2130 to $1117. Six months ago, the cryptocurrency market peaked at $3 trillion. Worst is likely ahead.
Gas fees make even the simplest Web3 blockchain transactions unsustainable.
Terra, Luna, and other dollar pegs collapsed, hurting crypto markets. Celsius, a crypto lender backed by VCs and Canada's second-largest pension fund, and Binance, a crypto marketplace, have withheld money and coins. They're near collapse.
NFT sales are falling rapidly and losing public interest.
Web3 has few real-world uses, like most crypto/blockchain technologies. Web3's image has been tarnished by monkey profile pictures and shitcoins while failing to become decentralized (the whole concept is controlled by VCs).
The damage seems irreparable, leaving Web3 in the gutter.
Step forward our new saviour — Web5
Fear not though, as hero awaits to drag us out of the Web3 hellscape. Jack Dorsey revealed his plan to save the internet quickly.
Dorsey has long criticized Web3, believing that VC capital and silicon valley insiders have created a centralized platform. In a tweet that upset believers and VCs (he was promptly blocked by Marc Andreessen), Dorsey argued, "You don't own "Web3." VCs and LPs do. Their incentives prevent it. It's a centralized organization with a new name.
Dorsey announced Web5 on June 10 in a very Elon-like manner. Block's TBD unit will work on the project (formerly Square).
Web5's pitch is that users will control their own data and identity. Bitcoin-based. Sound familiar? The presentation pack's official definition emphasizes decentralization. Web5 is a decentralized web platform that enables developers to write decentralized web apps using decentralized identifiers, verifiable credentials, and decentralized web nodes, returning ownership and control over identity and data to individuals.
Web5 would be permission-less, open, and token-less. What that means for Earth is anyone's guess. Identity. Ownership. Blockchains. Bitcoin. Different.
Web4 appears to have been skipped, forever destined to wish it could have shown the world what it could have been. (It was probably crap.) As this iteration combines Web2 and Web3, simple math and common sense add up to 5. Or something.
Dorsey and his team have had this idea simmering for a while. Daniel Buchner, a member of Block's Decentralized Identity team, said, "We're finishing up Web5's technical components."
Web5 could be the project that decentralizes the internet. It must be useful to users and convince everyone to drop the countless Web3 projects, products, services, coins, blockchains, and websites being developed as I write this.
Web5 may be too late for Dorsey and the incoming flood of creators.
Web6 is planned!
The next months and years will be hectic and less stable than the transition from Web 1.0 to Web 2.0.
Web1 was around 1991-2004.
Web2 ran from 2004 to 2021. (though the Web3 term was first used in 2014, it only really gained traction years later.)
Web3 lasted a year.
Web4 is dead.
Silicon Valley billionaires are turning it into a startup-style race, each disrupting the next iteration until they crack it. Or destroy it completely.
Web5 won't last either.
Koji Mochizuki
3 years ago
How to Launch an NFT Project by Yourself
Creating 10,000 auto-generated artworks, deploying a smart contract to the Ethereum / Polygon blockchain, setting up some tools, etc.
There is so much to do from launching to running an NFT project. Creating parts for artworks, generating 10,000 unique artworks and metadata, creating a smart contract and deploying it to a blockchain network, creating a website, creating a Twitter account, setting up a Discord server, setting up an OpenSea collection. In addition, you need to have MetaMask installed in your browser and have some ETH / MATIC. Did you get tired of doing all this? Don’t worry, once you know what you need to do, all you have to do is do it one by one.
To be honest, it’s best to run an NFT project in a team of three or more, including artists, developers, and marketers. However, depending on your motivation, you can do it by yourself. Some people might come later to offer help with your project. The most important thing is to take a step as soon as possible.
Creating Parts for Artworks
There are lots of free/paid software for drawing, but after all, I think Adobe Illustrator or Photoshop is the best. The images of Skulls In Love are a composite of 48x48 pixel parts created using Photoshop.
The most important thing in creating parts for generative art is to repeatedly test what your artworks will look like after each layer has been combined. The generated artworks should not be too unnatural.
How Many Parts Should You Create?
Are you wondering how many parts you should create to avoid duplication as much as possible when generating your artworks? My friend Stephane, a developer, has created a great tool to help with that.
Generating 10,000 Unique Artworks and Metadata
I highly recommend using the HashLips Art Engine to generate your artworks and metadata. Perhaps there is no better artworks generation tool at the moment.
GitHub: https://github.com/HashLips/hashlips_art_engine
YouTube:
Storing Artworks and Metadata
Ideally, the generated artworks and metadata should be stored on-chain, but if you want to store them off-chain, you should use IPFS. Do not store in centralized storage. This is because data will be lost if the server goes down or if the company goes down. On the other hand, IPFS is a more secure way to find data because it utilizes a distributed, decentralized system.
Storing to IPFS is easy with Pinata, NFT.Storage, and so on. The Skulls In Love uses Pinata. It’s very easy to use, just upload the folder containing your artworks.
Creating and Deploying a Smart Contract
You don’t have to create a smart contract from scratch. There are many great NFT projects, many of which publish their contract source code on Etherscan / PolygonScan. You can choose the contract you like and reuse it. Of course, that requires some knowledge of Solidity, but it depends on your efforts. If you don’t know which contract to choose, use the HashLips smart contract. It’s very simple, but it has almost all the functions you need.
GitHub: https://github.com/HashLips/hashlips_nft_contract
Note: Later on, you may want to change the cost value. You can change it on Remix or Etherscan / PolygonScan. But in this case, enter the Wei value instead of the Ether value. For example, if you want to sell for 1 MATIC, you have to enter “1000000000000000000”. If you set this value to “1”, you will have a nightmare. I recommend using Simple Unit Converter as a tool to calculate the Wei value.
Creating a Website
The website here is not just a static site to showcase your project, it’s a so-called dApp that allows you to access your smart contract and mint NFTs. In fact, this level of dApp is not too difficult for anyone who has ever created a website. Because the ethers.js / web3.js libraries make it easy to interact with your smart contract. There’s also no problem connecting wallets, as MetaMask has great documentation.
The Skulls In Love uses a simple, fast, and modern dApp that I built from scratch using Next.js. It is published on GitHub, so feel free to use it.
Why do people mint NFTs on a website?
Ethereum’s gas fees are high, so if you mint all your NFTs, there will be a huge initial cost. So it makes sense to get the buyers to help with the gas fees for minting.
What about Polygon? Polygon’s gas fees are super cheap, so even if you mint 10,000 NFTs, it’s not a big deal. But we don’t do that. Since NFT projects are a kind of game, it involves the fun of not knowing what will come out after minting.
Creating a Twitter Account
I highly recommend creating a Twitter account. Twitter is an indispensable tool for announcing giveaways and reaching more people. It’s better to announce your project and your artworks little by little, 1–2 weeks before launching your project.
Creating and Setting Up a Discord Server
I highly recommend creating a Discord server as well as a Twitter account. The Discord server is a community and its home. Fans of your NFT project will want to join your community and interact with many other members. So, carefully create each channel on your Discord server to make it a cozy place for your community members.
If you are unfamiliar with Discord, you may be particularly confused by the following:
What bots should I use?
How should I set roles and permissions?
But don’t worry. There are lots of great YouTube videos and blog posts about these.
It’s also a good idea to join the Discord servers of some NFT projects and see how they’re made. Our Discord server is so simple that even beginners will find it easy to understand. Please join us and see it!
Note: First, create a test account and a test server to make sure your bots and permissions work properly. It is better to verify the behavior on the test server before setting up your production server.
UPDATED: As your Discord server grows, you cannot manage it on your own. In this case, you will be hiring several moderators, but choose carefully before hiring. And don’t give them important role permissions right after hiring. Initially, the same permissions as other members are sufficient. After a while, you can add permissions as needed, such as kicking/banning, using the “@every” tag, and adding roles. Again, don’t immediately give significant permissions to your Mod role. Your server can be messed up by fake moderators.
Setting Up Your OpenSea Collection
Before you start selling your NFTs, you need to reserve some for airdrops, giveaways, staff, and more. It’s up to you whether it’s 100, 500, or how many.
After minting some of your NFTs, your account and collection should have been created in OpenSea. Go to OpenSea, connect to your wallet, and set up your collection. Just set your logo, banner image, description, links, royalties, and more. It’s not that difficult.
Promoting Your Project
After all, promotion is the most important thing. In fact, almost every successful NFT project spends a lot of time and effort on it.
In addition to Twitter and Discord, it’s even better to use Instagram, Reddit, and Medium. Also, register your project in NFTCalendar and DISBOARD
DISBOARD is the public Discord server listing community.
About Promoters
You’ll probably get lots of contacts from promoters on your Discord, Twitter, Instagram, and more. But most of them are scams, so don’t pay right away. If you have a promoter that looks attractive to you, be sure to check the promoter’s social media accounts or website to see who he/she is. They basically charge in dollars. The amount they charge isn’t cheap, but promoters with lots of followers may have some temporary effect on your project. Some promoters accept 50% prepaid and 50% postpaid. If you can afford it, it might be worth a try. I never ask them, though.
When Should the Promotion Activities Start?
You may be worried that if you promote your project before it starts, someone will copy your project (artworks). It is true that some projects have actually suffered such damage. I don’t have a clear answer to this question right now, but:
- Do not publish all the information about your project too early
- The information should be released little by little
- Creating artworks that no one can easily copy
I think these are important.
If anyone has a good idea, please share it!
About Giveaways
When hosting giveaways, you’ll probably use multiple social media platforms. You may want to grow your Discord server faster. But if joining the Discord server is included in the giveaway requirements, some people hate it. I recommend holding giveaways for each platform. On Twitter and Reddit, you should just add the words “Discord members-only giveaway is being held now! Please join us if you like!”.
If you want to easily pick a giveaway winner in your browser, I recommend Twitter Picker.
Precautions for Distributing Free NFTs
If you want to increase your Twitter followers and Discord members, you can actually get a lot of people by holding events such as giveaways and invite contests. However, distributing many free NFTs at once can be dangerous. Some people who want free NFTs, as soon as they get a free one, sell it at a very low price on marketplaces such as OpenSea. They don’t care about your project and are only thinking about replacing their own “free” NFTs with Ethereum. The lower the floor price of your NFTs, the lower the value of your NFTs (project). Try to think of ways to get people to “buy” your NFTs as much as possible.
Ethereum vs. Polygon
Even though Ethereum has high gas fees, NFT projects on the Ethereum network are still mainstream and popular. On the other hand, Polygon has very low gas fees and fast transaction processing, but NFT projects on the Polygon network are not very popular.
Why? There are several reasons, but the biggest one is that it’s a lot of work to get MATIC (on Polygon blockchain, use MATIC instead of ETH) ready to use. Simply put, you need to bridge your tokens to the Polygon chain. So people need to do this first before minting your NFTs on your website. It may not be a big deal for those who are familiar with crypto and blockchain, but it may be complicated for those who are not. I hope that the tedious work will be simplified in the near future.
If you are confident that your NFTs will be purchased even if they are expensive, or if the total supply of your NFTs is low, you may choose Ethereum. If you just want to save money, you should choose Polygon. Keep in mind that gas fees are incurred not only when minting, but also when performing some of your smart contract functions and when transferring your NFTs.
If I were to launch a new NFT project, I would probably choose Ethereum or Solana.
Conclusion
Some people may want to start an NFT project to make money, but don’t forget to enjoy your own project. Several months ago, I was playing with creating generative art by imitating the CryptoPunks. I found out that auto-generated artworks would be more interesting than I had imagined, and since then I’ve been completely absorbed in generative art.
This is one of the Skulls In Love artworks:
This character wears a cowboy hat, black slim sunglasses, and a kimono. If anyone looks like this, I can’t help laughing!
The Skulls In Love NFTs can be minted for a small amount of MATIC on the official website. Please give it a try to see what kind of unique characters will appear 💀💖
Thank you for reading to the end. I hope this article will be helpful to those who want to launch an NFT project in the future ✨
You might also like
Logan Rane
2 years ago
I questioned Chat-GPT for advice on the top nonfiction books. Here's What It Suggests
You have to use it.
Chat-GPT is a revolution.
All social media outlets are discussing it. How it will impact the future and different things.
True.
I've been using Chat-GPT for a few days, and it's a rare revolution. It's amazing and will only improve.
I asked Chat-GPT about the best non-fiction books. It advised this, albeit results rely on interests.
The Immortal Life of Henrietta Lacks
by Rebecca Skloot
Science, Biography
A impoverished tobacco farmer dies of cervical cancer in The Immortal Life of Henrietta Lacks. Her cell strand helped scientists treat polio and other ailments.
Rebecca Skloot discovers about Henrietta, her family, how the medical business exploited black Americans, and how her cells can live forever in a fascinating and surprising research.
You ought to read it.
if you want to discover more about the past of medicine.
if you want to discover more about American history.
Bad Blood: Secrets and Lies in a Silicon Valley Startup
by John Carreyrou
Tech, Bio
Bad Blood tells the terrifying story of how a Silicon Valley tech startup's blood-testing device placed millions of lives at risk.
John Carreyrou, a Pulitzer Prize-winning journalist, wrote this book.
Theranos and its wunderkind CEO, Elizabeth Holmes, climbed to popularity swiftly and then plummeted.
You ought to read it.
if you are a start-up employee.
specialists in medicine.
The Power of Now: A Guide to Spiritual Enlightenment
by Eckhart Tolle
Self-improvement, Spirituality
The Power of Now shows how to stop suffering and attain inner peace by focusing on the now and ignoring your mind.
The book also helps you get rid of your ego, which tries to control your ideas and actions.
If you do this, you may embrace the present, reduce discomfort, strengthen relationships, and live a better life.
You ought to read it.
if you're looking for serenity and illumination.
If you believe that you are ruining your life, stop.
if you're not happy.
The 7 Habits of Highly Effective People
by Stephen R. Covey
Profession, Success
The 7 Habits of Highly Effective People is an iconic self-help book.
This vital book offers practical guidance for personal and professional success.
This non-fiction book is one of the most popular ever.
You ought to read it.
if you want to reach your full potential.
if you want to discover how to achieve all your objectives.
if you are just beginning your journey toward personal improvement.
Sapiens: A Brief History of Humankind
by Yuval Noah Harari
Science, History
Sapiens explains how our species has evolved from our earliest ancestors to the technology age.
How did we, a species of hairless apes without tails, come to control the whole planet?
It describes the shifts that propelled Homo sapiens to the top.
You ought to read it.
if you're interested in discovering our species' past.
if you want to discover more about the origins of human society and culture.
Tim Denning
2 years ago
In this recession, according to Mark Cuban, you need to outwork everyone
Here’s why that’s baloney
Mark Cuban popularized entrepreneurship.
Shark Tank (which made Mark famous) made starting a business glamorous to attract more entrepreneurs. First off
This isn't an anti-billionaire rant.
Mark Cuban has done excellent. He's a smart, principled businessman. I enjoy his Web3 work. But Mark's work and productivity theories are absurd.
You don't need to outwork everyone in this recession to live well.
You won't be able to outwork me.
Yuck! Mark's words made me gag.
Why do boys think working is a football game where the winner wins a Super Bowl trophy? To outwork you.
Hard work doesn't equal intelligence.
Highly clever professionals spend 4 hours a day in a flow state, then go home to relax with family.
If you don't put forth the effort, someone else will.
- Mark.
He'll burn out. He's delusional and doesn't understand productivity. Boredom or disconnection spark our best thoughts.
TikTok outlaws boredom.
In a spare minute, we check our phones because we can't stand stillness.
All this work p*rn makes things worse. When is it okay to feel again? Because I can’t feel anything when I’m drowning in work and haven’t had a holiday in 2 years.
Your rivals are actively attempting to undermine you.
Ohhh please Mark…seriously.
This isn't a Tom Hanks war film. Relax. Not everyone is a rival. Only yourself is your competitor. To survive the recession, be better than a year ago.
If you get rich, great. If not, there's more to life than Lambos and angel investments.
Some want to relax and enjoy life. No competition. We witness people with lives trying to endure the recession and record-high prices.
This fictitious rival worsens life and work.
If you are truly talented, you will motivate others to work more diligently and effectively.
No Mark. Soz.
If you're a good leader, you won't brag about working hard and treating others like cogs. Treat them like humans. You'll have EQ.
Silly statements like this are caused by an out-of-control ego. No longer watch Shark Tank.
Ego over humanity.
Good leaders will urge people to keep together during the recession. Good leaders support those who are laid off and need a reference.
Not harder, quicker, better. That created my mental health problems 10 years ago.
Truth: we want to work less.
The promotion of entrepreneurship is ludicrous.
Marvel superheroes. Seriously, relax Max.
I used to write about entrepreneurship, then I quit. Many WeWork Adam Neumanns. Carelessness.
I now utilize the side hustle title when writing about online company or entrepreneurship. Humanizes.
Stop glorifying. Thinking we'll all be Elon Musks who send rockets to Mars is delusional. Most of us won't create companies employing hundreds.
OK.
The true epidemic is glorification. fewer selfies Little birdy needs less bank account screenshots. Less Uber talk.
We're exhausted.
Fun, ego-free business can transform the world. Take a relax pill.
Work as if someone were attempting to take everything from you.
I've seen people lose everything.
Myself included. My 20s startup failed. I was almost bankrupt. I thought I'd never recover. Nope.
Best thing ever.
Losing everything reveals your true self. Unintelligent entrepreneur egos perish instantly. Regaining humility revitalizes relationships.
Money's significance shifts. Stop chasing it like a puppy with a bone.
Fearing loss is unfounded.
Here is a more effective approach than outworking nobody.
(You'll thrive in the recession and become wealthy.)
Smarter work
Overworking is donkey work.
You don't want to be a career-long overworker. Instead than wasting time, write down what you do. List tasks and processes.
Keep doing/outsource the list. Step-by-step each task. Continuously systematize.
Then recruit a digital employee like Zapier or a virtual assistant in the same country.
Intelligent, not difficult.
If your big break could burn in hell, diversify like it will.
People err by focusing on one chance.
Chances can vanish. All-in risky. Instead of working like a Mark Cuban groupie, diversify your income.
If you're employed, your customer is your employer.
Sell the same abilities twice and add 2-3 contract clients. Reduce your hours at your main job and take on more clients.
Leave brand loyalty behind
Mark desires his employees' worship.
That's stupid. When times are bad, layoffs multiply. The problem is the false belief that companies care. No. A business maximizes profit and pays you the least.
To care or overpay is anti-capitalist (that run the world). Be honest.
I was a banker. Then the bat virus hit and jobs disappeared faster than I urinate after a night of drinking.
Start being disloyal now since your company will cheerfully replace you with a better applicant. Meet recruiters and hiring managers on LinkedIn. Whenever something goes wrong at work, act.
Loyalty to self and family. Nobody.
Outwork this instead
Mark doesn't suggest outworking inflation instead of people.
Inflation erodes your time on earth. If you ignore inflation, you'll work harder for less pay every minute.
Financial literacy beats inflation.
Get a side job and earn money online
So you can stop outworking everyone.
Internet leverages time. Same effort today yields exponential results later. There are still whole places not online.
Instead of working forever, generate money online.
Final Words
Overworking is stupid. Don't listen to wealthy football jocks.
Work isn't everything. Prioritize diversification, internet income streams, boredom, and financial knowledge throughout the recession.
That’s how to get wealthy rather than burnout-rich.
Josef Cruz
3 years ago
My friend worked in a startup scam that preys on slothful individuals.
He explained everything.
A drinking buddy confessed. Alexander. He says he works at a startup based on a scam, which appears too clever to be a lie.
Alexander (assuming he developed the story) or the startup's creator must have been a genius.
This is the story of an Internet scam that targets older individuals and generates tens of millions of dollars annually.
The business sells authentic things at 10% of their market value. This firm cannot be lucrative, but the entrepreneur has a plan: monthly subscriptions to a worthless service.
The firm can then charge the customer's credit card to settle the gap. The buyer must subscribe without knowing it. What's their strategy?
How does the con operate?
Imagine a website with a split homepage. On one page, the site offers an attractive goods at a ridiculous price (from 1 euro to 10% of the product's market worth).
Same product, but with a stupid monthly subscription. Business is unsustainable. They buy overpriced products and resell them too cheaply, hoping customers will subscribe to a useless service.
No customer will want this service. So they create another illegal homepage that hides the monthly subscription offer. After an endless scroll, a box says Yes, I want to subscribe to a service that costs x dollars per month.
Unchecking the checkbox bugs. When a customer buys a product on this page, he's enrolled in a monthly subscription. Not everyone should see it because it's illegal. So what does the startup do?
A page that varies based on the sort of website visitor, a possible consumer or someone who might be watching the startup's business
Startup technicians make sure the legal page is displayed when the site is accessed normally. Typing the web address in the browser, using Google, etc. The page crashes when buying a goods, preventing the purchase.
This avoids the startup from selling a product at a loss because the buyer won't subscribe to the worthless service and charge their credit card each month.
The illegal page only appears if a customer clicks on a Google ad, indicating interest in the offer.
Alexander says that a banker, police officer, or anyone else who visits the site (maybe for control) will only see a valid and buggy site as purchases won't be possible.
The latter will go to the site in the regular method (by typing the address in the browser, using Google, etc.) and not via an online ad.
Those who visit from ads are likely already lured by the site's price. They'll be sent to an illegal page that requires a subscription.
Laziness is humanity's secret weapon. The ordinary person ignores tiny monthly credit card charges. The subscription lasts around a year before the customer sees an unexpected deduction.
After-sales service (ASS) is useful in this situation.
After-sales assistance begins when a customer notices slight changes on his credit card, usually a year later.
The customer will search Google for the direct debit reference. How he'll complain to after-sales service.
It's crucial that ASS appears in the top 4/5 Google search results. This site must be clear, and offer chat, phone, etc., he argues.
The pigeon must be comforted after waking up. The customer learns via after-sales service that he subscribed to a service while buying the product, which justifies the debits on his card.
The customer will then clarify that he didn't intend to make the direct debits. The after-sales care professional will pretend to listen to the customer's arguments and complaints, then offer to unsubscribe him for free because his predicament has affected him.
In 99% of cases, the consumer is satisfied since the after-sales support unsubscribed him for free, and he forgets the debited amounts.
The remaining 1% is split between 0.99% who are delighted to be reimbursed and 0.01%. We'll pay until they're done. The customer should be delighted, not object or complain, and keep us beneath the radar (their situation is resolved, the rest, they don’t care).
It works, so we expand our thinking.
Startup has considered industrialization. Since this fraud is working, try another. Automate! So they used a site generator (only for product modifications), underpaid phone operators for after-sales service, and interns for fresh product ideas.
The company employed a data scientist. This has allowed the startup to recognize that specific customer profiles can be re-registered in the database and that it will take X months before they realize they're subscribing to a worthless service. Customers are re-subscribed to another service, then unsubscribed before realizing it.
Alexander took months to realize the deception and leave. Lawyers and others apparently threatened him and former colleagues who tried to talk about it.
The startup would have earned prizes and competed in contests. He adds they can provide evidence to any consumer group, media, police/gendarmerie, or relevant body. When I submitted my information to the FBI, I was told, "We know, we can't do much.", he says.