Yemi Johnson 🐐

My favorite types of people to follow. - Nerds about business models, margins, and leverage. - Nerds about how the world works and incentives. - Nerds about getting alpha in investments - Nerds about consumer internet companies. - Nerds about computer specs. - Memesters

AI gives humans additional IQ points. IQ comes from your brain. However, AI is currently in a chat interface that is slow. We need AI at the speed of thought. Directionally, AI will be a brain embed - additional IQ points at the speed of thought.

Kamala needs to fix price gouging on Saas tools starting with Typeform.

Things do not take time. It’s the outcome you want that takes time. To get things done, you need to overwhelm it. So if you have been waiting for something to happen, you need to overwhelm it.

Most people are reading the headline without reading the actual email nor with an understanding of sales/VAT tax. Here are the facts. 1. Many countries require online businesses selling to people within its borders to collect sales tax if the sales volume crosses a threshold. They call this a nexus. E.g: if annual sales/revenue value crosses $20K from residents in that country, then you need to collect and remit sales tax. 2. It’s in KuCoin’s best interest to be compliant in each country it has customers even if they never plan to open up an entity in that country. If you buy services online from foreign online businesses they will ask you to pay sales tax too even though your address is set to Nigeria. 3. Many foreign online companies will absorb the tax and pay for it out of pocket because they have worked it into their pricing model. KuCoin has chosen to pass back the sales tax to the customer rather than absorbing the cost. 4. KuCoin passing back the charge to customers does not change much for the customer. Your trading fees will go from 0.1% to ~0.1075%. Gas fees on any DEX is greater than the extra fee. 5. This also does not change much for the Nigerian government because trading fees are low. That is if KuCoin processes $1B annually and charges 0.1% as their fee then their sales volume is $1M, and VAT remittance is $75K. 6. I am seeing comments asking how an “illegal” activity can be taxed. Taxation does not care if your money is from a banned or illegal activity. The tax man expects you to pay on all monies you make. It’s the job of the court to determine if the money is legit or fraudulent. 7. If this country wants to make real money from crypto, they would implement capital gains tax on individuals holding crypto. Or they might require these exchanges register in Nigeria to serve the Nigerian market so that they can charge them company income tax on any profits. Both of these are bad ideas, but the tax authorities know they have this option to frustrate residents. Summary, what KuCoin is doing is what happens globally for every online business that has established nexus (crossed the sales volume threshold to remit sales tax) in a country.

Choose your champion. "It was in the roadmap" "If we build it, they will come" "Our business is selling shovels to gold miners"

Governments around the world need to be banned from making new policies. After 100 years of this democratic experiment, the low hanging good policies like free markets, or education for all genders have been made. The remainder good policies to make are either too controversial or too liberal. Like a livable minimum wage, or gender and gay rights. So the only policies they implement are those that are too conservative or too extortionist like criminalizing victimless acts or subtle tax increases.

I love this story. It’s a powerful way to remember that “the minimum requirement for doing any work is to do good work.”

It only took 100 years from founding to get here.

When making monthly or quarterly plans you got to ask yourself. Am I just doing work? Or are am I actually making progress?