3x Fintech Founder. 2 Exits. Investor. Operator. Engineer. Rational Optimist. 🇰🇾 🇨🇦 🇺🇸
Cayman Islands
Joined October 2012
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Insurance. If a consumer does not want to bear the full cost of private healthcare when they need the service they would purchase private insurance in advance when they don't need the service. The reality is, healthcare is not free and is not a right. A free market provides the conditions for the lowest aggregate cost to the consumer. If you want the same standard of care for everyone regardless of price, you change the incentives, and thus this inevitably leads to a lower aggregate standard of care and higher aggregate costs...however, it's an interesting thought experiment to consider how one could achieve a hybrid (mixed) system while not introducing "sufficiently more adverse" outcomes than a free system.
You stay competitively priced for normal people. How do all the “not normal” people pay for their care ? And if they can’t pay for their care, how do all the hospitals and doctors stay in business when everyone that is poor can’t pay for their care ?
Old people need the most care. And the don’t have much money. Let em get sick, stay sick, and die, so normal people get cheaper insurance ?
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The key to X Money's success will be if they can offer a truly "global" card with no FX fees and near-market exchange rates. The problem with many of the market-leading cards today is that they are only open to US residents (or those with a valid TIN) and the non-US fees make them unusable when travelling... I'm sure this is the focus of @nikitabier @elonmusk . Excited for it to happen.
X Money just went live in beta and it’s gotta be the single best financial product on the market today
These numbers don't even make sense:
- 6% APY on deposits
- Insured up to $250,000 = $15,000/yr in interest, $1,250/mo when maxed
- The metal card gives 3% cashback on all purchases matching Robinhood gold
Also equipped with direct deposit support from your day job and creator payout support from your posting
Everything flows into one account.
Earning 6% APY on the way in, and 3% on the way out.
I'm not sure how sustainable this is but man is it compelling.
images from @REDWRITER who's been sharing some great stuff
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We pay for the privilege to increase our dependency on others until there is nothing left to pay.
Game theory will become more important than ever. Humans over index on trust, but AI won't. In other words, "reputation" will become exploitable in the early stages of AI-to-AI commerce. Even if formal reputation systems exist, commerce flows must be designed to handle trustlessness throughout the buying journey to minimize the attack surface -negotiating terms (e.g. prices), facilitating payments, delivering goods, managing returns and disputes, etc.
The optimal genius-to-idiot ratio is different for everyone, but if you're not feeling like an idiot enough, you're not pursuing audacious-enough goals.
Dream bigger. Be idiotmaxxing.
Girlfriend was robbed twice in the past year, myself once. All financial fraud schemes. 1st was credit card skimming in a taxi cab, 2nd was wire fraud due to forgery, the 3rd was an Interac e-transfer scam. Canada never used to be like this. @canantifraud @RCMP @OPP must be busy.
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40% increase in fraud losses from 2021 to 2022. If we're not tougher on crime this trend will continue. rcmp-grc.gc.ca/en/news/2023/…
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Expect more companies to take on non-dilutive capital instead of doing a down round in this environment.
What alternative funding options exist for startups? Check out our latest blog to find out:
corl.io/blog/vc-funding-is-d…
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Raquel Dancho gives POWERFUL speech on the current state of Canada youtu.be/ZeHJcw_GrmY via @YouTube
Railz: Build Financial SME apps using normalized Accounting data producthunt.com/posts/railz
"Post-Modern" Monetary Theory ...
The Last Gasps of the Central Bank Experiment (w/ Brent Johnson and Will... youtu.be/9a8pz6lXyqE via @YouTube
“no state…shall make any Thing but gold and silver Coin a Tender in Payment of Debts.” -United States Constitution, 1789 ...how do We The People hold the government accountable? 🤔
Always remember...
Executive Order 6102 is a United States presidential executive order signed on April 5, 1933, by President Franklin D. Roosevelt "forbidding the hoarding of gold coin, gold bullion, and gold certificates within the continental United States".
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The Biggest Scam In The History Of Mankind - Hidden Secrets of Money Ep 4 youtu.be/iFDe5kUUyT0 via @YouTube
Actionable leadership.
I’m moving $1B of my Square equity (~28% of my wealth) to #startsmall LLC to fund global COVID-19 relief. After we disarm this pandemic, the focus will shift to girl’s health and education, and UBI. It will operate transparently, all flows tracked here: docs.google.com/spreadsheets…
[LIVE] Coronavirus Pandemic: Real Time Counter, World Map, News youtu.be/qgylp3Td1Bw via @YouTube
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Non-dilutive capital ftw.
Started the company with $50K, owns 85% of the biz (+ mom owns the other 15%!)...😎forbes.com/sites/kristinstol…
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Excited to finally share what we've been working on for several months. Know a female founder from Ontario that's looking for funding? Apply! #IWD2020