Chime Financial Inc., a financial technology company focused on no-fee banking services, has submitted a confidential filing with the US government for its initial public offering, according to people familiar with the matter.

Fintech Startup Chime Submits Confidential Filing for IPO - Bloomberg

Chime

chime

This story was originally published on by . ProPublica Carson Kessler The day after Jonathan Marrero’s federal stimulus payment landed in his bank account, he took his 5-year-old twins out for lunch at an Applebee’s near where he lives in New Jersey. When he went to pay, his only means of payment, a debit card issued by the hot financial technology startup Chime, was declined. He didn’t understand why. Marrero had checked his account earlier that day and saw a balance of nearly $10,000. With the Applebee’s server standing next to him, he quickly pulled out his phone to check his Chime app, just as he had hundreds of times since he signed up in January. Marrero couldn’t log in. He immediately checked his email and found a message from Chime that read, “We regret to inform you that we have made the decision to end our relationship with you at this time. Your spending account will be closed on March 18, 2021.” He had no choice but to call his parents and have them pay the lunch bill. “I was so embarrassed,” said Marrero, a 32-year-old motorcycle technician. “I’m a grown man, and I was tearing up and everything.” Speaking of the $10,000 that he was suddenly locked out of, he added, “If it was $100, I wouldn’t sweat it. But it was everything I had for my kids.” Marrero’s grievance is not unusual. Chime, which provides app-based banking services to an estimated 12 million customers, has according to experts been generating a high rate of complaints, with 920 filed at the Consumer Financial Protection Bureau since April 15, 2020. “For a company that most people have never heard of, I think that’s a lot of complaints,” said Lauren Saunders of the National Consumer Law Center. Many customers have told the CFPB that they can’t access their money or accounts, and that, among other things, Chime is slow to resolve problems. Of the 920 complaints filed about Chime, 197 were tagged as involving a “closed account.” The CFPB’s complaints are labeled inconsistently, and many of the other 723 also detail problems involving accounts that were closed against customers’ will. By comparison, Wells Fargo, a bank with six times as many customers and a lengthy of in its consumer bank, has 317 CFPB complaints tagged for closed accounts over the same time period. recent history misbehavior Marcus, the new online bank created by Goldman Sachs, with 4 million customers, has generated seven such complaints. Customers have also filed 4,439 complaints against Chime at the Better Business Bureau, compared to 3,281 for Wells Fargo. Meanwhile, several Facebook groups have sprung up with names like “Chime Bank has FAILED” and “Chime Thieves.” They’ve attracted some 700 members combined. One group has more than 100 posts and comments, almost all of them saying some version of the same thing. “Chime stole my entire unemployment backpay,” reads one typical post. Another says, “I’m a single mom of 4 kids and they stolen $1400 from me and refuse to give it back and now we are about to be evicted.” Chime doesn’t look much better on Google, where, according to the site’s “People Also Ask” feature, two of the questions most often posed about Chime are “Is Chime bank a real bank?” and, at various points in recent weeks, “Is Chime a ripoff?” or “Does Chime steal your money?” Most of the company’s CFPB complaints have been “closed with explanation,” a designation that conveys that Chime has resolved the dispute privately with the customer; the company is in the process of responding to the rest. As for the BBB complaints, Chime has said on the BBB’s website that it “takes these issues seriously” and that its “top priority is protecting its members.” Chime portrayed the customer complaints as largely driven by the company’s attempts to crack down on accounts that use fraudulently obtained unemployment insurance or federal stimulus payments. “As a leader in the US payments ecosystem and as part of our commitment to Chime members, we take seriously our responsibility to detect and prevent fraud,” asserted a provided by spokesperson Gabe Madway. statement “The past year has seen an extraordinary surge in activity by those seeking to illicitly obtain pandemic-related government funds and defraud US taxpayers. By some credible estimates, may have transpired. $400 billion worth of unemployment fraud alone We are proud of Chime’s robust anti-fraud efforts, which have returned hundreds of millions of dollars to state and federal agencies during the pandemic. While it’s important for us to fight fraud, our top focus will always be to take care of our members. And despite our best efforts, we do make mistakes.” The statement also touted Chime as having “proven that basic banking services can be helpful, easy and free.” It’s easy to see why Chime has caught on. Opening an account takes minutes. Chime’s app is intuitive and easy to use. The service welcomes customers with spotty credit histories and doesn’t require a credit check. It has no monthly fees and keeps other charges to a minimum. (It takes a small slice of the interchange fees paid by the merchant each time a customer uses a Chime card.) ‘ For customers who sign up for direct deposit, Chime offers two-day interest-free advances on paychecks, IRS refunds or government stimulus checks. The company has marketed aggressively in both new media and old. The company displays a youthful sensibility online, tweeting out memes on its Twitter feed. At the same time, its logo is plastered in many locations, including opposite the Nike swoosh on the uniforms of the NBA’s Dallas Mavericks. Chime is now the largest in a growing subcategory of financial technology, or fintech, companies known as “neobanks” (more on that later) that serve low- to moderate-income individuals underserved by traditional banks. The neobanks have thrived in the past year, vying with each other to land consumers looking for somewhere to deposit government stimulus payments, according to Jason Mikula, managing director for 312 Global Strategies, a fintech consultancy. Chime offered new and existing customers a “Stimulus Sweepstakes” that dangled a chance of winning $1,200. Chime built a base of 8 million customers between its launch in 2013 and 2020, then jumped to 12 million over the past year, according to Cornerstone Advisors. Many of the new accounts began with deposits from federal stimulus payments, according to a recent analysis by Cornerstone and StrategyCorps, two financial service companies that specialize in consumer research. All that growth has made Chime, which is based in San Francisco, a hit in Silicon Valley. Venture capitalists have given the company a valuation of $14.5 billion, and the company’s CEO said in late May that Chime might prepare to go public as early as this fall. For all of Chime’s Silicon Valley tech patina, one thing it’s not is an actual bank. Like others in its category, Chime is a digital interface that hands over the actual banking to, in this instance, two regional institutions, The Bancorp Bank and Stride Bank. Chime customers interact with the Chime app, but Bancorp and Stride, both of which are FDIC-insured, hold their money. Since Chime is not a bank, that leaves it in a regulatory no man’s land, according to Alex Horowitz, senior research officer for the consumer finance project at the Pew Charitable Trusts. The rules and jurisdiction are murky at best. “When you have a fintech that is the consumer interface, they don’t have a primary regulator,” he said. “They’re primarily regulated as a vendor to the existing bank, because banks are required to manage their vendors and they’re responsible for third-party relationships. But it’s still a step removed.” Bancorp and Stride have an obligation to police Chime, according to Mikula. “The regulatory treatment should not be any different than if I myself went directly into Stride and opened up a demand deposit account or checking account,” Mikula said. “There should be no different threshold because Chime is a fintech.” (Bancorp and Stride did not respond to requests for comment.) The legal environment may be murky, but Chime has already attracted the attention of state regulators. In late 2019, the California Department of Financial Protection and Innovation received complaints about an outage in Chime’s system that prevented consumers from accessing accounts and left many unable to pay their bills. The agency investigated and found a different violation: It concluded that Chime had violated state law by describing itself as a bank on its website and elsewhere. “DFPI found this was likely to confuse consumers into thinking Chime was an online bank,” the agency said in a statement to ProPublica. “Chime itself is not licensed or insured as a bank.” in late March. DFPI and Chime agreed to an administrative settlement Chime neither admitted to nor denied the findings but agreed to take a detailed series of actions on its website and promotional materials to make clear that it is not a bank. (A similar agreement was also reached with regulators in Illinois.) Even after the settlement, as of early July, Chime’s offered mixed messages. At the top, it stated, in large letters, “Banking that has your back.” homepage A bit lower, below the “get started” button, in much smaller type, were the words, “Chime is a financial technology company, not a bank.” The word “banking” is much more prominent on Chime’s home page than the words “not a bank.” Chime told ProPublica that it is in compliance with the settlement agreement and that all of the necessary changes have been made. California has also responded more broadly to the rise of fintech companies. On Jan. 1, a new law, the California Consumer Financial Protection Law, took effect. It gives the state new authority over providers of financial products and services. (The March settlement with Chime was based on preexisting statutes.) “The purpose of the new law was to clarify that if you’re meeting the definition of being in the business of providing consumer financial products and services, then yes, DFPI has jurisdiction over you,” said Suzanne Martindale, senior deputy commissioner of the agency’s Consumer Financial Protection Division. “We can supervise, we can draft regulation, and we also have authority to stop unfair, deceptive and abusive acts and practices and can enforce any state or federal consumer financial law.” Martindale did not comment directly on the complaints about account closures, but said, “We continue to monitor for compliance.” She said that if regulators uncovered “new activities that suggest there may be a violation or there may be a deceptive misrepresentation,” then “we may have to take a look.” Many of the complaints about Chime relate to the same things that spurred the company’s growth over the past year: government payments for stimulus aid, PPP, unemployment insurance and tax refunds. Indeed, many account closures occurred directly after a government deposit, according to customers interviewed by ProPublica and the CFPB complaints. That meant Chime was simultaneously pushing to land new accounts from customers with stimulus checks while trying to vet millions of new accounts for suspicious payments. (There is widespread agreement that fraud involving unemployment-insurance and stimulus claims has been rampant during the pandemic, though estimates of its scope have varied wildly.) Banks and neobanks are expected to take action if they see signs of suspicious activity, typically by filing a report with federal authorities, according to Mikula. Chime’s approach involves three levels of potential action. If Chime decides that the evidence of fraud is conclusive, it typically closes the relevant account and returns the money to the government if the account was opened with a check from the government. If Chime sees what it considers suspicious behavior — but can’t conclusively determine that fraud has occurred — it can still terminate the account, but then typically returns the funds to the account holder. Finally, Chime says that if its investigation confirms that a payment was legitimate, it unfreezes the account. In reporting for this article, ProPublica interviewed 13 current or former Chime customers who claimed the company had wrongly frozen their funds or closed their accounts. ProPublica discussed the details with the company. Chime confirmed that five of the anecdotes were well-founded; the company acknowledged making mistakes and returned each customers’ funds. In two other instances, the company was able to provide documentary evidence of fraud and said it had not returned the customers’ funds. That left six complaints, and there the situation was much murkier and raised questions about the company’s approach. In its statement, Chime asserted that those six “did in fact involve fraud and/or violations of our terms.” Yet the evidence of misbehavior that Chime cited in conversations with ProPublica generally consisted of the same act that its marketing encouraged: Opening a new account using a federal stimulus check or a payment from unemployment insurance. In those instances, Chime said, it or its bank partners had closed the accounts but returned the funds to customers. Inadequate compliance management may be partially to blame for Chime’s problems, said former CFPB staff member Chris Peterson, who is now a law professor at the University of Utah. “As fintech businesses start to move into banking services,” he said, “they have to have adequate resources to monitor problems that emerge in their financial services” and then resolve them. The sudden account closures have put financially vulnerable customers under stress. That’s the situation Michelle Robertson, 52, found herself in. After getting burned by overdraft and minimum balance fees at her traditional bank, Robertson signed up with Chime three years ago. The pandemic wasn’t easy for Robertson, a computer technician in Richmond, California, who is also a single mother and the full-time caregiver for her elderly father. A much-needed infusion of cash was set to be deposited into Robertson’s Chime account the week of March 10: a $1,200 stimulus deposit and a $3,500 tax refund. She planned to use the money to catch up on the stack of bills that had been piling up. But on March 4, after setting up her Chime direct deposit with the IRS, Robertson received an email closing both her spending and savings accounts. Chime’s email, which Robertson shared with ProPublica, offered almost the same explanation as the company email provided to Marrero: “Following a recent review of your Spending Account, we regret to inform you that we have made the decision to end our relationship with you at this time.” She was unable to use her debit card, access the money in her accounts or sign in to the mobile app. The email informed Robertson that a check for any remaining balance would be mailed to her within 30 days. Citing “security reasons,” Chime’s email stated the company couldn’t explain to Robertson why her account was closed. (The company confirmed, in interviews for this article, that it should not have closed Robertson’s account.) She was directed to a passage in the company’s account agreement that states, “Chime and/or Bank may suspend, freeze, or close your Account for any reason with or without notice” and “Funds on deposit in any Account are subject to hold at the Bank’s discretion until the source of such funds and/or the activity is properly verified.” Robertson didn’t have much money in the account when it was closed, but the prospect of not knowing the status of her incoming deposits scared her. “I lost my mind. I couldn't believe it,” she said. “It was very shocking, just for them to tell me that and then not know why and then have all this money that I was really, really counting on.” What followed was a frustrating roundelay in which Chime directed Robertson to the IRS, and the IRS directed her to Chime. In one email, Chime told Robertson, “Please note that any Direct Deposits such as your Tax Refund that can be received during the account access restriction, may have been rejected and returned to the sender in the next 1-3 business days so, we encourage you to contact the originator of your deposit to avoid any further delays.” Robertson’s interaction with Chime’s customer service provided no new answers. She kept getting emails telling her to “contact the issuer” and stating that no “further information” could be given about the closing of her account. (According to 10 other Chime customers, users are discouraged from contacting customer service via phone or sending multiple emails; they’re told that doing so could “cause the review time to be extended,” as one Chime email put it.) With more than two months having passed with no access to her money, the consequences grew dire for Robertson. Unable to pay her bills, she feared eviction from her home, car payments were delayed, her cell phone was shut off, and late-payment fees piled up. Eventually, in late May, the federal government came through: Robertson received a paper check for her stimulus payment; the tax refund followed a few weeks later. She no longer has a Chime account and has no intention of ever signing back up. In its statement to ProPublica, Chime said that “for those cases where Chime did make a mistake, including the two highlighted in this story, we sincerely apologize. We have made efforts to make things right with these members.” (Robertson said that, beyond unfreezing her funds, Chime has not contacted her.) For his part, Jonathan Marrero finally got his account reopened in late May after filing complaints to the CFPB and BBB. He said Chime (which confirmed to ProPublica that it had erred in closing Marrero’s account) provided no explanation for blocking him from his funds for more than two months beyond telling him there had been suspicious activity in his account. Marrero immediately withdrew all of the remaining funds. “It’s been torture,” he said. After this article was published, Michelle Robertson emailed ProPublica to say that a Chime executive apologized to her on July 4.' Update, July 7, 2021: Photo by on Adam Nir Unsplash

Why Was This Banking App Closing People's Accounts?

¿Por qué esta aplicación bancaria cerraba las cuentas de las personas?

Pourquoi cette application bancaire fermait-elle les comptes des personnes ?

क्यों बंद कर रहा था यह बैंकिंग ऐप लोगों के खाते?

この銀行アプリが人々の口座を閉鎖したのはなぜですか?

Por que esse aplicativo bancário estava fechando as contas das pessoas?

Tại sao ứng dụng ngân hàng này lại đóng tài khoản của mọi người?

为什么这个银行应用程序会关闭人们的账户？

Challenge Chime wanted an error monitoring solution that would work with React Native, unify its error management across platforms, and ensure stable experiences for iOS and Android users. Results Chime benefits from complete clarity during app releases with Bugsnag’s stack traces, filtering, and Stability Center, which enable complete error monitoring and fast debugging to ensure app stability and lower crash rates**.** Chime Aims to Stabilize User Experiences and Lower Crash Rates Founded in 2012, Chime is a technology company that believes banking should be helpful and easy. Chime offers mobile access to banking services provided by its partner banks to provide members with a Spending Account, optional Savings Account, and Chime Visa ® Debit Card. Members can also access SpotMe for no overdraft fees and receive their paychecks up to two days early. Over two years ago, Chime consolidated its Android and iOS mobile app development on the React Native (RN) platform. Chime’s mobile engineers recognized the need for a stability management solution that would work seamlessly with RN and provide more details than the typical error monitoring tool. “We wanted to track crash rates to make sure we improved the stability of the product over time,” states an engineering manager on the spending and savings team. “We wanted to track crash rates to make sure we improved the stability of the product over time.” – Engineering Manager, Chime Shift to React Native Required Support From an Error Monitoring Solution When Chime originally launched its services, the company developed separate Android and iOS mobile apps. Approximately four years later, the decision was made to move to the React Native platform to consolidate engineering efforts and deliver a unified member experience. By enabling engineers to work on both iOS and Android apps, Chime could align its development around product features rather than app platforms and thereby deliver the same features to all customers faster. Hand-in-hand with this decision was the need to find an error monitoring solution that could handle RN apps. Chime did not want to rely solely on the built-in app store tools. Not only would it be more difficult to track crashes and monitor unexpected errors, but some errors are platform-specific. The team wanted a solution that would bring all bugs together in a single monitoring location and provide stack traces. A mobile engineer recommended that Chime evaluate Bugsnag. As the only error monitoring solution that supports RN, Bugsnag aggregates errors across iOS and Android platforms and provides the level of detail that the mobile engineers wanted. Today, Bugsnag is used across product teams within Chime. “With React Native, the same developers are working on both platforms. If we used only the built-in tools with the Play Store or Apple Store, it would be more difficult to track the crashes,” an engineering manager explains. “With Bugsnag, we have one very useful tool where we can see both sides.” Bugsnag Enables Release Stability and Control Over All Error Types Bugsnag is used by Chime for monitoring release rollouts and for debugging. As each new release goes out, mobile engineers use filters to find any spikes in errors, determine what they are, how many events have happened, and how many users are impacted. Bugsnag supports error data on Android’s ANR (Application Not Responding), Chime includes them in its crash rates. “Anything that detracts from the customer experience is really important to us. That’s why we think of crashes and ANRs similarly and include ANRs in our crash rate,” explains an engineering manager. “Beyond monitoring crashes, we’re able to monitor when unexpected errors come through and handle those gracefully,” a software engineer states. “It gives us deeper control over what’s erroring out in the app and provides stack trace along those lines as well.” The team uses stack traces to view the line of code where the app crashed, breadcrumbs as a secondary method to narrow down unhandled crashes, and custom data in the Bugsnag error reports to group errors and debug. Chime Decreases Crash Rate and Saves Debugging Time With Bugsnag Since using Bugsnag, Chime has exceeded its software stability goals. Engineers are able to maintain a healthy application stability score and spend less time investigating and fixing bugs. “It’s a helpful tool,” says a Chime software engineer, recognizing Bugsnag as playing a role in that accomplishment. “Bugsnag accelerates the debugging process,” adds an engineering Manager. Adding custom metadata in Bugsnag has been particularly useful to Chime as it provides more context behind crashes. Chime is focused on developing a deep understanding of what its members are encountering in the app and providing the best experience possible. Chime also benefits from Bugsnag integrations with Jira and Slack for seamless ticketing, communication, and monitoring of its app store ratings. “It’s a great tool for delivering a better customer experience, making the app more stable, and taking pride in your application as an engineer.” – Software Engineer, Chime

How to Reduce Your Crash Rate 

Chimezie Emewulu, is a tech founder with over fifteen years of experience building tech products. He is the founder of Seamfix, a people & software development company that seamlessly automates processes for productivity and revenue for over 100 million Nigerians and their businesses. He started building during his second year of University and has not stopped building ever since. In this interview, Chimezie sits down with Peace to share his experience building Seamfix, and all the experience he has garnered from being a tech business man for years. He goes into detail about the experience he has garnered through the years, shares some of his biggest wins, talks about visibility, growing poor and a passion for philanthropy and gives a lot of valuable advice to founders and potential founders seeking to build their own companies. Watch the video https://www.youtube.com/watch?v=Hp2iLd4nUxs Video timestamps - Chimezie shares his background 1:02 - Starting Seamfix in 2007 3:11 - Finding Engineering, First experience Coding 4:28 - Early days of Seamfix 8:27 - Key Milestones in the last 15 years 11:27 - Examples of Seamfix Solutions 12:13 - What he wants to change in the next 10 years 18:18 - Biggest Challenges building Seamfix 20:02 - Intricacies of Running Business 25:00 - Key mistakes made while running Seamfix 30:00 - Advice for upcoming entrepreneurs 33:44

#FoundersConnect: Chimezie Emewulu, Co-Founder and MD of Seamfix Limited.

the “chimera” in Greek mythology — the fantasy, the illusion Tokenization is nothing new The term “tokenization” is mainly associated with securities, equities and real assets and indicates the creation of a digital token which represents ownership rights to the underlying assets and which is issued on a Blockchain. But tokenization is nothing new. It is an evolution of derivative instruments and securitized assets such . per se ABS For instance, the s and at the heart of the 2009 financial crisis were substantially tokens representing debt. The first examples of go back to the 17th and 18th century. CDO MBS securitizations Despite and literally dozens of tokenization platforms springing up in the last 12 months and plenty of businesses willing to try to raise funds with it, very little practical progress has been done so far. Notwithstanding the announcements of imminent issuance of tokens representing equities or real assets, none has yet been practically issued. the promises that I also share about the potential of STOs Perceived advantages of tokenization Governance participation mechanisms and automated dividend payments — which can be embedded in the smart contract — are often cited among the biggest advantages, together with the reduction of back-office work, the reduction of costs for the issuing companies and 24/7 trading. Fractional ownership is indeed also important as it helps democratize investing, but it is also not new and tokenization is just a new tool to achieve what has already been done in the past through fractional ownership of real estate or club-deals. Securitization vs tokenization So in what, practically, securitization and tokenization differ? Two things essentially: (i) the issuance of the token on a Blockchain, and (ii) the tradability/liquidity of the token on a digital secondary market. But the Blockchain has one fundamental scope: enabling the peer to peer trusted transfer of digital values, while providing certainty and immutability to that transfer. The first ever Blockchain — that of Bitcoin — was created to allow peer to peer transfers of bitcoins, not of real assets. By definition, its use can be easily extended to other digital assets or rights — such as digital photos, music or e-books for instance — which will benefit massively from the certainty and immutability which are intrinsic to the Blockchain. But as far as real assets or equities are concerned, the transfer and ownership titles are regulated by the law. Each jurisdiction has its own legal authorities which enable and certify such transfers. Real estate and land transfers are generally effective upon recording into Land Registries (at least in civil law countries, while the situation is more complex in countries such as the USA where the adoption of a public Blockchain based system can likely introduce certainty to the title ownership and cut conveyance costs and risks), car sales when entered into the motor vehicle registry, sales of equities in private companies when recorded into the companies´ registry. All those transactions are also likely certified by public Notaries in most jurisdictions. And the issue here is not to advocate whether the future Blockchain adoption may enhance the existing public systems of real estate or corporate ownership titles of any individual jurisdiction — which thing is also probably true — but to simply evaluate whether the Blockchain has some scope of use for tokenizing real assets or private equities within the existing systems. So the real question to answer is: can the on-chain tokenization of real assets and private equities bring more advantages or more problems in respect to a simpler off-chain tokenization? Tokenization use cases Let’s look at two use cases: use case A is the issuance of tokens representing private equity, while use case B is the issuance of corporate bonds/commercial papers or other corporate debt instruments by the same private company. In case A an SPV is needed as a vehicle for all the token holders to have a single entry in XYZ cap table. The SPV subscribes to XYZ share capital increase and owns the shares issued. The SPV will be managed by a nominee director under the terms of Trust Agreement I for the benefit of token holders. 100% of the shares of SPV will be owned by Trust I for the benefit of token holders. Trust Agreement I issues the tokens representing 100% of SPVs share capital. Under Trust Agreement II the shares of XYZ owned by SPV are held for the beneficial ownership of token holders. Note that in this case trusted third parties, such as a Public Notary and the Company Registry, are statutorily required in order to validate transactions. Therefore, in my opinion, the use of the Blockchain unnecessarily complicates things without bringing noticeable advantages. In case B instead, the same private company issues corporate debt. Because there are no statutory requirements for third party validations for the issue of debt instruments, such as the need to record it on a public registry, the token and the debt instrument are substantially the same thing and function on the same level. Therefore XYZ can issue directly to single buyers the tokens representing its debt. Tokens can be issued on the Ethereum Blockchain. A Smart Contract will embed the terms of the debt issuance in the token, such as automatic coupon/yield payments and the repayment of the principal at duration expiration with subsequent burning of all the tokens redeemed. Case B is therefore a good candidate for on-chain tokenization. Tokenizing real assets off-chain As seen above in use case A, when dealing with legally trusted authorities (such as land or companies registries) the Blockchain main functions — which are guaranteeing trust, transparency, immutability, non-corruption of data and non-duplication — are already performed by such authorities. Blockchain is therefore redundant. Well practised traditional legal structures such as SPVs, trustees, nominees and escrows — backed up by collaterals such as a mortgage or a pledge — are still needed to guarantee the investor (buy side) that the issued token is tied to the real world asset. This because the contractual promise — even if embedded in the smart contract — remains just an “unsecured contractual promise” which, without a collateral guarantee, still poses all the enforceability issues of any unsecured (contractual) promise. And until those public registries are not on the Blockchain themselves, the smart contract has limited practical application. Enforcement/execution — for real assets — takes place off-chain and therefore must be secured with traditional guarantees which can only function off-chain. Moreover, with such complex transaction structures, mistakes and disputes happen all the time and they need to be promptly rectified or solved. With public registries or with trusted parties mistakes can be easily rectified and disputes solved. Instead, Blockchains´ immutability and irreversibility features then become drawbacks. Without an appropriate mechanism for dispute resolution and reversibility, the Blockchain can render real asset transactions unmanageable. Therefore, in my opinion, the practical aspects of an on-chain real asset tokenization are still generally not sufficiently appreciated but when this is done, it appears that — in many cases — it is more efficient to tokenize/digitize real assets off-chain. Guaranteed liquidity is the key prerequisite Most importantly, what is still missing from the picture — — is the guaranteed liquidity and the possibility for the investors to effectively trade the tokens. Surprisingly, not much progress has been done on that very fundamental issue. and it is certainly the essential prerequisite for any tokenization either on or off-chain Only if deep pools of liquidity are brought in to ensure adequate market making, then tokenized assets may possibly scale-up in the future to match traditional financial instruments. Conclusions Summing it up: 1. Above all, deep liquidity of the digital secondary market is a prerequisite for any tokenization. 2. We can tokenize assets on-chain or off-chain. 3. Not every asset is suitable to be tokenized on-chain. 4. On-chain tokenization is advisable when the asset can be freely transferred without the statutory need of a third party off-chain validation (such as with corporate debt — as in Case B above — or, as an example, with unregistered real assets such as objects of art or plain digital assets such as digital photos, music, Cryptokitties etc). Here the Blockchain fully performs its main functions which are guaranteeing trust, transparency, immutability, non-corruption of data and non-duplication. 5. Off-chain tokenization is advisable when there is a statutory need for a third party off-chain validation of the transaction (such as with private equities — as in Case A above — or with real estate, cars, boats, planes, etc). Here the Blockchain is redundant because its main functions are already performed by the third party validation off-chain. 6. Of course, if and when those statutory registers will be on-chain themselves, then on-chain transactions will be possible also for real assets and the Smart Contract will be able to close the loop and to reconcile the ownership title of a real asset off-chain with the digital token (representing the asset) on-chain. 7. Of course the above conclusions may vary depending on the jurisdiction (eg. real estate on-chain tokenization may be advisable in the USA and not in Germany or Italy). : This paper is for general guidance only and it does not constitute legal advice. As such, it should not be used as a substitute for consultation with lawyers on specific issues. All information in this paper is provided “as is”, with no guarantee of completeness, accuracy, timeliness or warranty of any kind, express or implied. Legal Disclaimer #tokenization #cryptoassets #bianconi andrea #STOs #Blockchain

Why tokenization is still a chimera

Gig workers can be considered the backbone of our modern economy. Just think of how many times you’ve been saved by a rideshare driver, food delivery worker, or freelance specialist assisting with a niche task. However, more often than not, gig workers are left behind when it comes to financial services. Due to the non-traditional nature of their employment and inconsistent incomes, they can’t always access savings, credit, or fair financial tools. These tools are simply not quite tailored for them. Enter open banking paired with AI. This cutting-edge technology could offer a lifeline to gig workers managing their finances, giving them power and control over their financial data. We’ll explore how open banking and artificial intelligence are building a more inclusive future via real-time income tracking, personalized budgeting, and predictive cash flow modeling. open banking AI The Freelance Future Is Already Here The term “gig work” falls under the broader umbrella of non-standard employment (NSE), which includes work that typically varies between temporary and contract work. While not all NSE is short-term or remote, and there’s a difference between gig work and freelancing, lots of gig work shares these characteristics. In recent years, the growth of people employed in these types of jobs has boomed. These changes are indicative of an immense change in the workforce. NSE between gig work and freelancing The following trends were found: trends In the United States, approximately 38% of working Americans, around 64 million people, made up the gig economy.
Globally, the number of gig workers makes up 12% of employed people. This number has grown significantly compared to previous years. In the United States, approximately 38% of working Americans, around 64 million people, made up the gig economy. Globally, the number of gig workers makes up 12% of employed people. This number has grown significantly compared to previous years. Despite the clear surge in people opting for alternative employment structures, financial tools are still only catering to the traditionally employed. Banks and financial tool systems only benefit full-time employees with consistent and predictable paychecks. However, these workers are no longer the norm. Gig workers may find themselves struggling to get their loans approved, access to credit cards, and saving tools are proving to not be personalized enough for their needs. This may be due to them being perceived as financial risks, despite having steady incomes. This issue begs the question: How do we build financial tools and platforms for people who don’t receive scheduled payslips? The answer could lie in open banking and AI joining forces, technologies that are currently reshaping the financial landscape under our noses. Open banking offers users much more control over their finances; it allows for financial data to be safely shared with apps tailored to assist with specific needs. AI adds intelligence to this data, engineering tools like income predictions, improved risk assessments, and ultimately, personalized financial services. open banking AI What Is Open Banking and Why Should You Care? Open banking refers to the practice of allowing your financial data (think statements, income, and spending history) to be securely shared with trusted services or apps that, with your strict permission, assess your data to help you manage your money. This is done through the use of application programming interfaces (APIs). Open banking practice Imagine it like logging into Spotify with your Facebook account, but for your money. You’re giving two secure and trusted applications access to both accounts so that they can communicate and make your life easier. Some of the top and widely used API companies include: Some of the top and widely used API companies include: Plaid (U.S./global): Plaid’s platform can seamlessly blend with apps like Venmo, Chime, and Robinhood, in addition to thousands of banks.
TrueLayer (Europe/UK): TrueLayer offers a range of payments, identity, and data services and has proven to be a popular choice among fintechs based in the UK and EU.
Tink (Europe/Global, acquired by Visa): Tink provides customers and major banks open banking infrastructure across 18+ markets in Europe. Plaid (U.S./global): Plaid’s platform can seamlessly blend with apps like Venmo, Chime, and Robinhood, in addition to thousands of banks. Plaid (U.S./global): TrueLayer (Europe/UK): TrueLayer offers a range of payments, identity, and data services and has proven to be a popular choice among fintechs based in the UK and EU. TrueLayer (Europe/UK): Tink (Europe/Global, acquired by Visa): Tink provides customers and major banks open banking infrastructure across 18+ markets in Europe. Tink (Europe/Global, acquired by Visa): How do open banking API systems work? APIs such as Plaid or TrueLayer act as a data bridge for the user to securely link their bank account to a FinTech app via a consent screen. Banking Systems vs. Gig Worker Realities Gig workers’ employment details are incredibly varied. There are a million different ways they produce an income; how often, how much, and where their money comes from. However, there is one clear, common denominator: it’s likely inconsistent. This is the major aspect that sets them apart from traditional employees. inconsistent A 2021 paper unpacking the financial behaviors of gig workers produced very interesting findings. They noted distinct financial challenges, such as: paper Lack of medical insurance benefits
High loan usage
Financial-related stress
High reports of debt Lack of medical insurance benefits High loan usage Financial-related stress High reports of debt Despite this, gig workers reported having very high financial confidence. This reinforces the idea that they’re not reckless or financially uneducated, but traditional financial models simply do not work on their terms. AI and open banking can bridge this gap that gig workers are struggling with; i.e., traditional banks not being able to assess their financial risks and their potential lack of credit history and saving tools. How Open Banking Unlocks New Financial Tools Unified income view: Open banking does exactly what gig workers might be struggling with. It allows users to link more than one source of income and bank account, which could be revolutionary to people who have multiple streams of income. This creates a much more condensed, comprehensive view of a person’s accumulated income, even if its source is a variety of platforms. As a result, this is a lot more presentable to banks and lenders.


Real-time verification: Providing income proof can be challenging for gig workers, it can be tricky and laborious. Rather than submitting income proof and waiting for it to be verified, fintech apps utilize APIs to analyze the most recent transactions. This provides a much more efficient, hassle-free process for gig workers and provides accessible financial services. Unified income view: Open banking does exactly what gig workers might be struggling with. It allows users to link more than one source of income and bank account, which could be revolutionary to people who have multiple streams of income. This creates a much more condensed, comprehensive view of a person’s accumulated income, even if its source is a variety of platforms. As a result, this is a lot more presentable to banks and lenders. Unified income view: Open banking does exactly what gig workers might be struggling with. It allows users to link more than one source of income and bank account, which could be revolutionary to people who have multiple streams of income. This creates a much more condensed, comprehensive view of a person’s accumulated income, even if its source is a variety of platforms. As a result, this is a lot more presentable to banks and lenders. Unified income view: Real-time verification: Providing income proof can be challenging for gig workers, it can be tricky and laborious. Rather than submitting income proof and waiting for it to be verified, fintech apps utilize APIs to analyze the most recent transactions. This provides a much more efficient, hassle-free process for gig workers and provides accessible financial services. Real-time verification: Providing income proof can be challenging for gig workers, it can be tricky and laborious. Rather than submitting income proof and waiting for it to be verified, fintech apps utilize APIs to analyze the most recent transactions. This provides a much more efficient, hassle-free process for gig workers and provides accessible financial services. Real-time verification: For instance, some apps do not require credit checks to offer short-term advances but rather look at bank movements and data. EarnIn allows users to use portions of their income ahead of being paid, through open banking closely monitoring income flow. Smarter credit scoring models: Open banking analyzing bank transactions can also make credit checking easier. By doing so, alternative credit profiles are created. As opposed to traditional credit assessment models, open banking rewards responsible financial behavior and consistency. This opens up a world in which users can better qualify for improved rates, credit, and loans.
Smart automation: Automated financial tools can greatly relieve budgeting stressors, especially with an irregular income. Here’s how open banking and fintech tools like Cleo, Even, and Steady are doing it:
Detects when money enters your account and sets some aside accordingly for taxes or savings.
Inform you with smart alerts or slightly adjust your spending plan once your balance is predicted to be lower than usual. Smarter credit scoring models: Open banking analyzing bank transactions can also make credit checking easier. By doing so, alternative credit profiles are created. As opposed to traditional credit assessment models, open banking rewards responsible financial behavior and consistency. This opens up a world in which users can better qualify for improved rates, credit, and loans. Smarter credit scoring models: Smart automation: Automated financial tools can greatly relieve budgeting stressors, especially with an irregular income. Here’s how open banking and fintech tools like Cleo, Even, and Steady are doing it: Smart automation: Detects when money enters your account and sets some aside accordingly for taxes or savings. Inform you with smart alerts or slightly adjust your spending plan once your balance is predicted to be lower than usual. These are incredibly useful ways users can gain control over their money when it becomes difficult to predict their income. AI Meets Open Banking: Smarter Tools for a Smarter Workforce AI, combined with the open banking infrastructure, creates an incredibly personalized and adaptable tool, capable of even predicting users’ financial habits. This kind of technology is not only convenient for people like gig workers but essential. AI + Open Banking = Personalization Looking at the practical applications of AI algorithms paired with open banking APIs, the outcome is a hyper-personalized tool that can give clever, proactive suggestions. For instance, a notification alerting you of a third consecutive low-income week and providing you with personalized fund-saving suggestions, such as minimizing subscriptions. Apps like Cleo incorporate predictive models, and instead of offering damage control, they can assist users before they reach financial strain. before Alternative Credit Models: Traditional credit models cannot cater to the gig economy, as they require static variables of payment transactions, credit scores, and credit utilization. Earlier we looked at the role that open banking has in alternative credit models by evaluating transactions. AI takes this up a notch with improved, more adaptable models using financial data to evolve, recognizing patterns and habits, and responding to them. Via an open banking platform, AI can analyze: Via an open banking platform, AI can analyze: Income flow consistency
Variety of income sources from different platforms
Recurring bills consistently paid Income flow consistency Variety of income sources from different platforms Recurring bills consistently paid Chatbots and Financial Coaching: Conversational AI can offer an affordable, human-like platform to discuss finances and give suggestions. These chatbot features can help you save, budget, and receive financial advice. While not designed to replace human advisors, this could be a helpful tool. Risk & Fraud Detection: AI has become very advanced at detecting irregular behavior and patterns. Among the many AI capabilities include preventing fraudulent transactions, flagging suspicious activity, and spotting unusually high spending. detecting irregular behavior Developer’s Perspective: Building for Financial Fluidity Building fintech tools that include the needs of gig workers is an architectural challenge. A new approach to design, data, and UX is needed to create software that understands the complexities of income paid on random days that come from different platforms and includes tips and bonuses sporadically. Technical challenges: Fragmented APIs Fragmented APIs Fragmented APIs Every NSE platform could have very different API processes, if any. This calls for extensive mapping, expert error-handling, and consistent attention and maintenance on these systems to ensure a successful accumulation of data across banking accounts and gig platforms. Varied incomes Varied incomes Varied incomes Developers need to normalize income data from inconsistent earnings; however, this is understandably much more complex than building for traditionally salaried employees. A fluctuating cash flow model will be essential when building for savings or budgeting tailored for gig workers. Engineering possibilities: Building tools that benefit and assist gig workers would be essential for the gig economy. Imagine it’s like designing a GPS that updates every 3 seconds, thus it’s crucial to constantly adapt to remain useful. The logic behind features like income-smoothing dashboards, lending principles based on income flow, and predictive budgeting could greatly empower people instead of penalizing them. Automating transaction labeling could create a more seamless integration with banks by making use of open-source fintech stacks. This might make it a smoother, more reliable process to recognize different streams of income, resulting in improved user and reporting insights. Conclusion: Building for a More Inclusive Financial Future The gig economy indicates a fundamental shift in how people earn a living. Millions of people are opting for flexible employment that provides creativity, autonomy, and diversity, despite their financial services and tools not serving them. The infrastructure of open banking paired with AI has the power to close this gap, where open banking empowers users with control over their financial data. The combination of AI then renders that data useful with predictive models, dynamic personalization, and real-time analytics. Developers certainly have a unique opportunity to reshape rigid financial systems around current world behaviors. The question is, how are tools developed to adapt to volatility, as opposed to eliminating it? The freelance future has arrived, and it’s time that our financial tools reflect that.

Open Banking Meets AI: The Fintech Lifeline for the Gig Economy?

Sequels are a major part of the movie industry with many great movies featuring them. Sometimes, sequels are even teased, leaving room for potential sequels, and leaving audiences wanting more. Unfortunately, things dont always work out and we dont get the sequels, despite audiences desperately needing one. Here are six movies that left audiences wanting more, and have yet to deliver a sequel. Jumper Jumper Talk about a failed sci-fi concept, Jumper had all the tools to be one of the biggest movies in the genre. Jumping into the hearts of fans all over the world, Jumper follows David as he makes the best of his teleporting abilities. Unfortunately for our hero, the Paladins are always watching from the shadows, hunting Jumpers. David Paladins https://www.imdb.com/title/tt0489099/?ref_=ext_shr_lnk&embedable=true https://www.imdb.com/title/tt0489099/?ref_=ext_shr_lnk&embedable=true After several battles including one where David proves to be more than an ordinary Jumper, our hero triumphs. With Rolland stranded atop a mountain, and the Paladins in disarray, there’s enough excitement for a sequel. To top it all off, it turns out David’s mother is a Paladin, and she has another kid. David Rolland Paladins David Paladin The Losers With guns, Explosions, Explosions, and a whole party of violence, The Losers certainly lives up to its action billing. With a star-studded cast, it looked set to be the next big action flick or at least spawn a franchise. Sadly, there haven’t been any indications of a sequel after the first movie. https://www.imdb.com/title/tt0480255/?ref_=ext_shr_lnk&embedable=true https://www.imdb.com/title/tt0480255/?ref_=ext_shr_lnk&embedable=true With a villain that survives against all odds, there’s surely more potential for this movie in the future. Fans know Max isn’t one to take a defeat lying down, meaning he could return with a bang. Plus, there’s the small matter of Clay being responsible for Aisha’s father’s death. Despite a poor performance at the box office, fans are still left wanting more with the way things end. Max Clay Aisha I Am Number Four Aliens hunting other Aliens, with Earth serving as a battlefield, I Am Number Four would thrive in the industry today. The movie follows the children of the nine guardians of the fictional planet Lorien. After their parents’ demise, these children are all that stand between the Mogadorians and universal domination. Despite already killing the first three children, six more remain, including number four. Lorien Mogadorians https://www.imdb.com/title/tt1464540/?ref_=ext_shr_lnk&embedable=true https://www.imdb.com/title/tt1464540/?ref_=ext_shr_lnk&embedable=true After a showdown with the Mogadorians featuring number six’s intro and a badass chimera, the Mogadorians are defeated. We are left with number four and six teaming up and learning the location of the other children. Fans are left wondering how the Mogadorians will respond and how powerful the children will be when united. Let’s hope we get a sequel or a reboot that gives the fans a proper and well-deserved ending. Mogadorians Mogadorians Mogadorians Eragon Before Game of Thrones, Eragon was one of the few movies featuring dragons that viewers loved. Eragon boasted a C.G.I dragon seemingly ahead of its time, and might even hold up in today’s industry, despite higher standards. With sorcerers, orc-like humans, dragon riders (sort of), and magic, it had everything needed to succeed. Eragon Eragon https://www.imdb.com/title/tt0449010/?ref_=ext_shr_lnk&embedable=true https://www.imdb.com/title/tt0449010/?ref_=ext_shr_lnk&embedable=true Despite ending on a cliffhanger with the reveal of Galbatorix’s dragon, we never got a sequel taking us back to the beautiful world of Alagaesia. It seems we may never get a sequel nearly 20 years after the film’s original release, despite an abundance of source material. Perhaps a reboot may happen sometime in the future, but fans of Eragon are sure to want some closure. Galbatorix’s Alagaesia Eragon The Covenant Magical powers with a weird and possibly fatal twist? Yes please. The Covenant revolves around teenagers born into a coven who gain amazing powers. But where there’s power, there’s greed, and this sets the plot for our movie. A play on the distant aftermath of the Salem witch trials, there’s enough mystery to satisfy magic lovers. https://www.imdb.com/title/tt0475944/?ref_=ext_shr_lnk&embedable=true https://www.imdb.com/title/tt0475944/?ref_=ext_shr_lnk&embedable=true The Covenant is one of those movies in which the villain seemingly escapes at the end, leaving audiences to wonder, “What next?” Sadly, almost twenty years later, we still have no answers, and none seem forthcoming. If there were ever a sequel or a reboot, many fans would tune in to get the answers they deserve. Alita: Battle Angel James Cameron knows how to create movies that leave fans wanting more, and the same applies to Alita: Battle Angel. We follow Alita as she battles memory loss, Hunter Seekers and a new relationship, all while trying to fit in. Audiences cant help but love our heroine, and the C.G.I certainly does this movie justice. Alita Hunter Seekers https://www.imdb.com/title/tt0437086/?ref_=ext_shr_lnk&embedable=true https://www.imdb.com/title/tt0437086/?ref_=ext_shr_lnk&embedable=true In the end, we are left with Alita seeking to become the final champion of motorball and earn a place to Zalem. We see a nefarious smile from the final boss: Nova, as he watches on with excitement. Sure enough fans would like to know how it’ll go down and what becomes of our beloved battle angel. Alita Zalem Nova

6 Movie Sequels We Deserve (But Never Got)

Big Tech Loves These 45 System Design Questions—Do You Have the Answers?

A Venture Studio Using Multi-Agent AI Systems to Make Better Investment Decisions

Венчър студио, използващо мултиагентни AI системи за вземане на по-добри инвестиционни решения

উন্নত বিনিয়োগ সিদ্ধান্ত নিতে মাল্টি-এজেন্ট এআই সিস্টেম ব্যবহার করে একটি ভেঞ্চার স্টুডিও

Ein Venture Studio nutzt Multi-Agent-KI-Systeme, um bessere Investitionsentscheidungen zu treffen

Un estudio de riesgo que utiliza sistemas de inteligencia artificial multiagente para tomar mejores decisiones de inversión

סטודיו לסיכון המשתמש במערכות בינה מלאכותיות מרובות סוכנים כדי לקבל החלטות השקעה טובות יותר

Uno studio di venture capital che utilizza sistemi di intelligenza artificiale multi-agente per prendere decisioni di investimento migliori

マルチエージェント AI システムを使用して投資判断を改善するベンチャー スタジオ

Een Venture Studio die Multi-Agent AI-systemen gebruikt om betere investeringsbeslissingen te nemen

Студияи венчурӣ бо истифода аз системаҳои бисёрҷонибаи AI барои қабули қарорҳои беҳтари сармоягузорӣ

ዝሓሸ ናይ ወፍሪ ውሳነታት ንምውሳን ብዙሕ ወኪላት ዘለዎም AI ስርዓታት ዝጥቀም ቨንቸር ስቱድዮ

Has gowy maýa goýum kararlary bermek üçin köp agentli AI ulgamlaryny ulanýan kärhana studiýasy

سرمایہ کاری کے بہتر فیصلے کرنے کے لیے ملٹی ایجنٹ AI سسٹمز کا استعمال کرنے والا وینچر اسٹوڈیو

When Michael Saylor tells you to hold Bitcoin as capital, he’s not just advocating for financial security—he’s unknowingly speculating on the collapse of civilization itself. Because here’s the truth no one wants to admit: Bitcoin’s price isn’t just a number—it’s a measure of global instability. At the Plan B Conference in El Salvador, I had separate conversations with Jameson Lopp and Gabor Gurbacs that left me unsettled. Lopp told me: “Bitcoin is a chimera—appearing as currency to some and capital to others. That duality is both its magic and what makes it controversial.” Gurbacs didn’t hesitate when I asked him what would happen if Bitcoin hit $3 million: “That would indicate severe systemic problems in the global financial system.” He wasn’t making a bullish prediction. He was issuing a warning. The $3M Question: Currency or Capital Let’s break this down: Bitcoin as a currency = Adoption of freedom


Bitcoin as capital = Refuge from collapse


Bitcoin at $3M = A financial and societal breaking point Bitcoin as currency versus capital presents a dichotomy, but there's a third possibility, and we'll get to that. Bitcoin’s rise as a store of value has coincided with the erosion of trust in global institutions. Every major financial crisis, hyperinflation event, or banking collapse pushes more people toward Bitcoin—not because they want to, but because they have no choice. And here’s what HODLers don’t want to admit: Bitcoin was never only designed to be digital gold. Look at its architecture: The UTXO model secures ownership and enables lightweight, scalable validation of transactions—critical for both spending and long-term holding.


Lightning Network was designed to scale Bitcoin for frequent, high-speed transactions, not just micropayments.


Time-locks and multi-sig enhance both everyday spending security and long-term wealth protection. These aren’t the features of a financial relic to be locked away in cold storage. They’re tools for a dynamic, evolving financial system. Yet, Bitcoin’s narrative has been hijacked by those who see it as an escape hatch rather than an economic engine. If they’re right—if Bitcoin is only a safe haven and nothing else—then a $3M Bitcoin doesn’t signal prosperity. It signals failure. The Real Flippening The flippening isn’t Bitcoin overtaking fiat. It’s the moment we stop hoping Bitcoin succeeds as capital and start praying it succeeds as currency. Because here’s the darkest truth: If Bitcoin reaches $3M as a store of value, it won’t matter how many satoshis you own. It will mean: Societal systems have collapsed.


Financial markets have imploded.


Global trade has broken down.


Trust has evaporated. The next time someone tells you to HODL, ask yourself: What broke in the world to cause this?


What systems are failing?


What are we running from? Bitcoin’s success shouldn’t be measured in price. It should be measured in velocity—the speed and volume of transactions. And that brings us to the third path. Bitcoin’s Forgotten Destiny Lopp was right. Bitcoin is a chimera—it is both currency and capital. Its survival depends on our ability to embrace both without losing ourselves in either. If we let it become just capital, it will be a lifeboat for the few while the world burns.


If we force it to be just currency, we strip away its resilience against manipulation and inflation.


But if we allow it to be both? If Bitcoin can function as a transactional medium while maintaining its scarcity and security as a reserve asset? That is where its true power lies. This is the Bitcoin standard the world needs—not one that thrives only in times of crisis but one that coexists with, and strengthens, a functional global economy. The Real Choice The real decision isn’t between currency or capital. It’s between stagnation and movement. Between fear and innovation. Bitcoin’s fate is still in our hands. But the longer we treat it like digital gold instead of programmable money, the more we risk sleepwalking into a world where a $3M Bitcoin isn’t a milestone—it’s a eulogy. So ask yourself: Are you brave enough to spend your Bitcoin? Or will you watch as its success becomes our failure? When Michael Saylor tells you to hold Bitcoin as capital, he’s not just advocating for financial security—he’s unknowingly speculating on the collapse of civilization itself . Michael Saylor collapse of civilization itself Because here’s the truth no one wants to admit: Bitcoin’s price isn’t just a number—it’s a measure of global instability. Bitcoin’s price isn’t just a number—it’s a measure of global instability. At the Plan B Conference in El Salvador , I had separate conversations with Jameson Lopp and Gabor Gurbacs that left me unsettled. Plan B Conference in El Salvador Jameson Lopp Gabor Gurbacs Lopp told me: “Bitcoin is a chimera—appearing as currency to some and capital to others. That duality is both its magic and what makes it controversial.” “Bitcoin is a chimera—appearing as currency to some and capital to others. That duality is both its magic and what makes it controversial.” “Bitcoin is a chimera—appearing as currency to some and capital to others. That duality is both its magic and what makes it controversial.” Gurbacs didn’t hesitate when I asked him what would happen if Bitcoin hit $3 million : $3 million “That would indicate severe systemic problems in the global financial system.” “That would indicate severe systemic problems in the global financial system.” “That would indicate severe systemic problems in the global financial system.” He wasn’t making a bullish prediction . He was issuing a warning. bullish prediction He was issuing a warning. The $3M Question: Currency or Capital The $3M Question: Currency or Capital Let’s break this down: Bitcoin as a currency = Adoption of freedom Bitcoin as capital = Refuge from collapse Bitcoin at $3M = A financial and societal breaking point Bitcoin as a currency = Adoption of freedom Bitcoin as a currency = Adoption of freedom Bitcoin as a currency Bitcoin as capital = Refuge from collapse Bitcoin as capital = Refuge from collapse Bitcoin as capital Bitcoin at $3M = A financial and societal breaking point Bitcoin at $3M = A financial and societal breaking point Bitcoin at $3M Bitcoin as currency versus capital presents a dichotomy, but there's a third possibility , and we'll get to that. currency versus capital third possibility Bitcoin’s rise as a store of value has coincided with the erosion of trust in global institutions . Every major financial crisis, hyperinflation event, or banking collapse pushes more people toward Bitcoin—not because they want to, but because they have no choice . store of value erosion of trust in global institutions but because they have no choice And here’s what HODLers don’t want to admit: Bitcoin was never only designed to be digital gold. HODLers Bitcoin was never only designed to be digital gold. Look at its architecture: The UTXO model secures ownership and enables lightweight, scalable validation of transactions—critical for both spending and long-term holding. Lightning Network was designed to scale Bitcoin for frequent, high-speed transactions, not just micropayments. Time-locks and multi-sig enhance both everyday spending security and long-term wealth protection. The UTXO model secures ownership and enables lightweight, scalable validation of transactions—critical for both spending and long-term holding. The UTXO model secures ownership and enables lightweight, scalable validation of transactions— critical for both spending and long-term holding . The UTXO model critical for both spending and long-term holding Lightning Network was designed to scale Bitcoin for frequent, high-speed transactions, not just micropayments. Lightning Network was designed to scale Bitcoin for frequent, high-speed transactions , not just micropayments. Lightning Network frequent, high-speed transactions Time-locks and multi-sig enhance both everyday spending security and long-term wealth protection. Time-locks and multi-sig enhance both everyday spending security and long-term wealth protection . Time-locks and multi-sig everyday spending security and long-term wealth protection These aren’t the features of a financial relic to be locked away in cold storage. They’re tools for a dynamic, evolving financial system. aren’t the features of a financial relic They’re tools for a dynamic, evolving financial system. Yet, Bitcoin’s narrative has been hijacked by those who see it as an escape hatch rather than an economic engine . If they’re right—if Bitcoin is only a safe haven and nothing else —then a $3M Bitcoin doesn’t signal prosperity. It signals failure. an escape hatch rather than an economic engine safe haven and nothing else $3M Bitcoin doesn’t signal prosperity. It signals failure. The Real Flippening The Real Flippening The flippening isn’t Bitcoin overtaking fiat . It’s the moment we stop hoping Bitcoin succeeds as capital and start praying it succeeds as currency. isn’t Bitcoin overtaking fiat It’s the moment we stop hoping Bitcoin succeeds as capital and start praying it succeeds as currency. Because here’s the darkest truth : If Bitcoin reaches $3M as a store of value, it won’t matter how many satoshis you own. It will mean: darkest truth $3M It will mean: Societal systems have collapsed. Financial markets have imploded. Global trade has broken down. Trust has evaporated. Societal systems have collapsed. Societal systems have collapsed. Societal systems have collapsed. Financial markets have imploded. Financial markets have imploded. Financial markets have imploded. Global trade has broken down. Global trade has broken down. Global trade has broken down. Trust has evaporated. Trust has evaporated. Trust has evaporated. The next time someone tells you to HODL , ask yourself: HODL What broke in the world to cause this? What systems are failing? What are we running from? What broke in the world to cause this? What broke in the world to cause this? What broke in the world to cause this? What systems are failing? What systems are failing? What systems are failing? What are we running from? What are we running from? What are we running from? Bitcoin’s success shouldn’t be measured in price . It should be measured in velocity —the speed and volume of transactions . shouldn’t be measured in price It should be measured in velocity speed and volume of transactions And that brings us to the third path . the third path Bitcoin’s Forgotten Destiny Bitcoin’s Forgotten Destiny Lopp was right. Bitcoin is a chimera—it is both currency and capital. Its survival depends on our ability to embrace both without losing ourselves in either. Bitcoin is a chimera—it is both currency and capital. Its survival depends on our ability to embrace both without losing ourselves in either. If we let it become just capital, it will be a lifeboat for the few while the world burns. If we force it to be just currency, we strip away its resilience against manipulation and inflation. But if we allow it to be both? If Bitcoin can function as a transactional medium while maintaining its scarcity and security as a reserve asset? That is where its true power lies. If we let it become just capital, it will be a lifeboat for the few while the world burns. If we let it become just capital , it will be a lifeboat for the few while the world burns . just capital it will be a lifeboat for the few while the world burns If we force it to be just currency, we strip away its resilience against manipulation and inflation. If we force it to be just currency , we strip away its resilience against manipulation and inflation . just currency we strip away its resilience against manipulation and inflation But if we allow it to be both? If Bitcoin can function as a transactional medium while maintaining its scarcity and security as a reserve asset? That is where its true power lies. But if we allow it to be both? If Bitcoin can function as a transactional medium while maintaining its scarcity and security as a reserve asset ? That is where its true power lies . But if we allow it to be both? a transactional medium while maintaining its scarcity and security as a reserve asset its true power lies This is the Bitcoin standard the world needs —not one that thrives only in times of crisis but one that coexists with, and strengthens, a functional global economy . Bitcoin standard the world needs only in times of crisis coexists with, and strengthens, a functional global economy The Real Choice The Real Choice The real decision isn’t between currency or capital . It’s between stagnation and movement . Between fear and innovation . isn’t between currency or capital stagnation and movement fear and innovation Bitcoin’s fate is still in our hands. Bitcoin’s fate is still in our hands. But the longer we treat it like digital gold instead of programmable money , the more we risk sleepwalking into a world where a $3M Bitcoin isn’t a milestone—it’s a eulogy . digital gold programmable money sleepwalking into a world where a $3M Bitcoin isn’t a milestone—it’s a eulogy So ask yourself: Are you brave enough to spend your Bitcoin? Are you brave enough to spend your Bitcoin? Or will you watch as its success becomes our failure? its success becomes our failure?

Bitcoin’s Success Story—or Just a Lifeboat for the Rich?

The early December morning carried a stillness that felt almost deceptive. A steaming mug of hot tap water sat on my desk, the rising tendrils of vapor a fleeting, fragile calm. Then came the Slack notification—HUMMUS! “Integration pushes are all status ‘failed’—are we good?” My founder’s message was succinct, but the gripping feeling in my chest was unmistakable. Our largest customer had just pushed a major experience live yesterday, and despite weeks of QA, something had gone wrong. Heavy expectations Product management decision making is like designing something on Canva without the CMD+Z function (fun fact, it is 2025 and our app still doesn't have an undo/redo feature). Every decision I’ve made feels irreversible, and every promise I’ve coded into our hamster-wheel app is an untested function waiting to break under unexpected load. The stakes here weren’t just about feature delivery—they were about trust, credibility, and our ability to scale our ICP into the enterprise and fortune 500 customer base. HUMMUS! Another Slack message fired off into the thread, this time from my lead developer. “Not one ‘success’ status.” I stared at his words, my vision blurring as my contacts dried from not blinking. “@channel,” I typed back, “check the field mappings. Be careful not to double up work.” Our customer success manager chimed in shortly after. “Incident email sent to Company Co.” Good, I thought. Our emergency systems were working, at least on the communication front. But the product itself? It was a nightmare—no error logs firing, the app seemed to be working fine, yet 100% of our integration API pushes were throwing a “failed” status in our reporting dashboard. This wasn’t good at all. Putting on our debugging boots Hours passed in a blur of diagnostics and desperate firefighting. Each thread of conversation felt like a full audit—because it was. Every bit of comms had to be reported into a Confluence incident report. Finally, my lead developer dropped the first critical insight: “They’ve added all the fields as hidden constants instead of prefilled ones.” Hidden constants. “Aha!” a simple case of user error, but one that cascaded through the system like a misconfigured database migration. I responded immediately: “Pause the experience. Fix the fields. Update the mappings. Hopefully we won't have more than an hour of downtime.” It was 8:15 A.M. and I was holding my team together with nothing but duct tape and this one shred of hope. The API call that broke my spirit Then came my Founder’s K.O. Slack punch, as sharp as a P.I.P. to the face: “We cannot unpublish an experience without client approval!” Shit… One wrong move could take us from a controlled incident to full-on client escalation. I was bound by my startup’s boilerplate SLA: do no harm, maintain trust, and deliver results. I was on edge, not just because of the system failures but because the stakes felt deeply personal. For every decision I made to fix this error ASAP, I felt like I was taking two steps back and causing more problems. Ring ring—the client calls A new notification—this time no hummus. It was Google Calendar. “New calendar event scheduled with Company Co.” Before the notification could disappear, another one popped up. “Company Co. RCA starting in 1 minute.” Shit… No time to even breathe. I entered the meeting room at 8:37 A.M. It felt as tense as a bad PM case interview. My founder bumbled on with some generic niceties, but I could feel the weight of the customer’s concerns pressing down. “Who authorized unpublishing our experience?” the customer CMO asked. “We had just sent out an email blast at 8:00 A.M. and now we are losing out on peak traffic,” the customer CRM Manager added. I explained what we’d fixed and what we were investigating, but the imposter syndrome started to infect my composure. Was I doing enough? Had I overlooked something crucial? When the call ended, I paced around my standing desk, replaying their words. The clock was ticking. Lunch time musings In the quiet hours of lunch time, as my team caught what little rest they could, I let myself process the emotional load: Every system is flawed, every product, a patchwork. But our job is not to make it perfect. It’s to keep it running, despite the faults, despite the cracks. My thoughts settled over me like a poetic git commit to my soul. Company Co. didn’t need perfection—they needed accountability. They needed a team that could own the failures, debug issues as they come, and feel like they can trust us through accurate, data-backed insights. What’s the PM version of Popeye eating spinach? By the following morning, the chaos had settled into something resembling progress. My lead developer Slacked the first bit of good news: “The token issue is fixed. Reporting values are updated. Duplicates removed.” It was a successful deployment, but this time, I knew better than to celebrate too early. “@devteam, let’s run another round of tests,” I typed. “I don’t want any surprises when we hand this back to Company Co.” As the hours passed, we rebuilt trust one deployment at a time. My founder suggested a detailed post-mortem report for the client—every change documented, every fix timestamped. It was transparency as a service (can I coin the term TaaS?), and it worked. Company Co. saw that we weren’t just scrambling to fix things; we were learning, iterating, and improving the product with every passing hour. Wow, I might actually keep my job When the final report was submitted, and Company Co. confirmed they were satisfied, I allowed myself a moment of reflection. This project tested every aspect of my role as a product manager. It wasn’t just about shipping features—it was about resilience, communication, and staying calm under pressure. Product management, I realized, is the epitome of Systems Thinking (thanks Donella Meadows). You won’t have visibility into every working function, or every connection, therefore you must exercise your systems thinking abilities to foresee the peripheries of everything you do, because everything happens in the peripheries. You can’t promise it will always run smoothly, but you can promise you’ll always be there to keep it glued together and operating. FINAL REPORT SUNBISTED 💀 Lessons learned Clarity in Chaos: Clear communication is the best debugging tool. Keeping the team aligned prevented duplicated work and kept progress on track.
Data is Your Source of Truth: Comparative metrics and behavioral data helped frame discussions with the client, turning potential conflict into collaboration.
Trust is a System You Must Maintain: Much like anything in tech, customer trust also requires constant monitoring and proactive maintenance.
Perfection is a Myth: Your product will never be flawless. What matters is your ability to adapt, iterate, and improve. Final thoughts: building resilient systems and relationships Company Co.’s project was a trial by fire, but it left me with more than just singed nerves. It left me with a deeper understanding of what it means to be a product manager. We are the architects of experiences, the maintainers of systems, and the guardians of promises. So here’s to the chaos, the clarity, and the moments of triumph that make it all worthwhile. Like a resilient system, we learn, we adapt, and we keep going—because that’s what the role demands. And honestly? That’s why we love it. K bye. The early December morning carried a stillness that felt almost deceptive. A steaming mug of hot tap water sat on my desk, the rising tendrils of vapor a fleeting, fragile calm. Then came the Slack notification— HUMMUS! HUMMUS! “Integration pushes are all status ‘failed’—are we good?” My founder’s message was succinct, but the gripping feeling in my chest was unmistakable. Our largest customer had just pushed a major experience live yesterday, and despite weeks of QA, something had gone wrong. Heavy expectations Product management decision making is like designing something on Canva without the CMD+Z function ( fun fact, it is 2025 and our app still doesn't have an undo/redo feature ). fun fact, it is 2025 and our app still doesn't have an undo/redo feature Every decision I’ve made feels irreversible, and every promise I’ve coded into our hamster-wheel app is an untested function waiting to break under unexpected load. The stakes here weren’t just about feature delivery—they were about trust, credibility, and our ability to scale our ICP into the enterprise and fortune 500 customer base. HUMMUS! HUMMUS! Another Slack message fired off into the thread, this time from my lead developer. “Not one ‘success’ status.” I stared at his words, my vision blurring as my contacts dried from not blinking. “@channel,” I typed back, “check the field mappings. Be careful not to double up work.” Our customer success manager chimed in shortly after. “Incident email sent to Company Co.” Good , I thought. Good Our emergency systems were working, at least on the communication front. But the product itself? It was a nightmare—no error logs firing, the app seemed to be working fine, yet 100% of our integration API pushes were throwing a “failed” status in our reporting dashboard. This wasn’t good at all. Putting on our debugging boots Hours passed in a blur of diagnostics and desperate firefighting. Each thread of conversation felt like a full audit—because it was. Every bit of comms had to be reported into a Confluence incident report. Finally, my lead developer dropped the first critical insight: “They’ve added all the fields as hidden constants instead of prefilled ones.” Hidden constants . Hidden constants “Aha!” a simple case of user error, but one that cascaded through the system like a misconfigured database migration. I responded immediately: “Pause the experience. Fix the fields. Update the mappings. Hopefully we won't have more than an hour of downtime.” It was 8:15 A.M. and I was holding my team together with nothing but duct tape and this one shred of hope. The API call that broke my spirit Then came my Founder’s K.O. Slack punch, as sharp as a P.I.P. to the face: “We cannot unpublish an experience without client approval!” Shit… Shit… One wrong move could take us from a controlled incident to full-on client escalation. I was bound by my startup’s boilerplate SLA: do no harm, maintain trust, and deliver results. I was on edge, not just because of the system failures but because the stakes felt deeply personal. For every decision I made to fix this error ASAP, I felt like I was taking two steps back and causing more problems. Ring ring—the client calls A new notification—this time no hummus . hummus It was Google Calendar. “New calendar event scheduled with Company Co.” Before the notification could disappear, another one popped up. “Company Co. RCA starting in 1 minute.” Shit… Shit… No time to even breathe. I entered the meeting room at 8:37 A.M. It felt as tense as a bad PM case interview. My founder bumbled on with some generic niceties, but I could feel the weight of the customer’s concerns pressing down. “Who authorized unpublishing our experience?” the customer CMO asked. “We had just sent out an email blast at 8:00 A.M. and now we are losing out on peak traffic,” the customer CRM Manager added. I explained what we’d fixed and what we were investigating, but the imposter syndrome started to infect my composure. Was I doing enough? Was I doing enough? Had I overlooked something crucial? Had I overlooked something crucial? When the call ended, I paced around my standing desk, replaying their words. The clock was ticking. Lunch time musings In the quiet hours of lunch time, as my team caught what little rest they could, I let myself process the emotional load: Every system is flawed, Every system is flawed, every product, a patchwork. every product, a patchwork. But our job is not to make it perfect. But our job is not to make it perfect. It’s to keep it running, It’s to keep it running, despite the faults, despite the faults, despite the cracks. despite the cracks. My thoughts settled over me like a poetic git commit to my soul. Company Co. didn’t need perfection—they needed accountability . Company Co. didn’t need perfection—they needed accountability They needed a team that could own the failures, debug issues as they come, and feel like they can trust us through accurate, data-backed insights. What’s the PM version of Popeye eating spinach? By the following morning, the chaos had settled into something resembling progress. My lead developer Slacked the first bit of good news: “The token issue is fixed. Reporting values are updated. Duplicates removed.” It was a successful deployment, but this time, I knew better than to celebrate too early. “@devteam, let’s run another round of tests,” I typed. “I don’t want any surprises when we hand this back to Company Co.” As the hours passed, we rebuilt trust one deployment at a time. My founder suggested a detailed post-mortem report for the client—every change documented, every fix timestamped. It was transparency as a service ( can I coin the term TaaS? ), and it worked. can I coin the term TaaS? Company Co. saw that we weren’t just scrambling to fix things; we were learning, iterating, and improving the product with every passing hour. Wow, I might actually keep my job When the final report was submitted, and Company Co. confirmed they were satisfied, I allowed myself a moment of reflection. This project tested every aspect of my role as a product manager. It wasn’t just about shipping features—it was about resilience, communication, and staying calm under pressure. Product management, I realized, is the epitome of Systems Thinking ( thanks Donella Meadows ). Systems Thinking thanks Donella Meadows Donella Meadows You won’t have visibility into every working function, or every connection, therefore you must exercise your systems thinking abilities to foresee the peripheries of everything you do, because everything happens in the peripheries. everything You can’t promise it will always run smoothly, but you can promise you’ll always be there to keep it glued together and operating. FINAL REPORT SUNBISTED 💀 FINAL REPORT SUNBISTED 💀 FINAL REPORT SUNBISTED 💀 SUNBISTED Lessons learned Clarity in Chaos: Clear communication is the best debugging tool. Keeping the team aligned prevented duplicated work and kept progress on track. Data is Your Source of Truth: Comparative metrics and behavioral data helped frame discussions with the client, turning potential conflict into collaboration. Trust is a System You Must Maintain: Much like anything in tech, customer trust also requires constant monitoring and proactive maintenance. Perfection is a Myth: Your product will never be flawless. What matters is your ability to adapt, iterate, and improve. Clarity in Chaos: Clear communication is the best debugging tool. Keeping the team aligned prevented duplicated work and kept progress on track. Data is Your Source of Truth: Comparative metrics and behavioral data helped frame discussions with the client, turning potential conflict into collaboration. Trust is a System You Must Maintain: Much like anything in tech, customer trust also requires constant monitoring and proactive maintenance. customer trust Perfection is a Myth: Your product will never be flawless. What matters is your ability to adapt, iterate, and improve. Final thoughts: building resilient systems and relationships Company Co.’s project was a trial by fire, but it left me with more than just singed nerves. It left me with a deeper understanding of what it means to be a product manager. We are the architects of experiences, the maintainers of systems, and the guardians of promises. So here’s to the chaos, the clarity, and the moments of triumph that make it all worthwhile. Like a resilient system, we learn, we adapt, and we keep going—because that’s what the role demands. And honestly? That’s why we love it. K bye.

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