Paul

Update from broker friend who started coding his own CRM on Claude: - bailed on Claude version he made - too much work and wanted to focus on what he’s good at (brokerage!) - Got a quote for a custom coded CRM that he would own and it was 20k - too much. - said he was going to talk to Monday which how firm uses for other services to see if they can make a custom one for him - I asked if he was finaly going to just let me give him a damn demo and we set it up for tomorrow (Sunday) STAY TUNED

This is an email I sent earlier today to all employees at Coinbase: Team, Today I’ve made the difficult decision to reduce the size of Coinbase by ~14%. I want to walk you through why we're doing this now, what it means for those affected, and how this positions us for the future. Why now Two forces are converging at the same time. We need to be front footed to respond to both. First, the market. Coinbase is well-capitalized, has diversified revenue streams, and is well-positioned to weather any storm. Crypto is also on the verge of the next wave of adoption, with stablecoins, prediction markets, tokenization, and more taking off. However, our business is still volatile from quarter to quarter. While we've managed through that cyclicality many times before and come out stronger on the other side, we’re currently in a down market and need to adjust our cost structure now so that we emerge from this period leaner, faster, and more efficient for our next phase of growth. Second, AI is changing how we work. Over the past year, I’ve watched engineers use AI to ship in days what used to take a team weeks. Non-technical teams are now shipping production code and many of our workflows are being automated. The pace of what's possible with a small, focused team has changed dramatically, and it's accelerating every day. All of this has led us to an inflection point, not just for Coinbase, but for every company. The biggest risk now is not taking action. We are adjusting early and deliberately to rebuild Coinbase to be lean, fast, and AI-native. We need to return to the speed and focus of our startup founding, with AI at our core. What this means To get there, we are not just reducing headcount and cutting costs, we’re fundamentally changing how we operate: rebuilding Coinbase as an intelligence, with humans around the edge aligning it. What does this mean in practice? - Fewer layers, faster decisions: We are flattening our org structure to 5 layers max below CEO/COO. Layers slow things down and create coordination tax. The future is small, high context teams that can move quickly. Leaders will own much more, with as many as 15+ direct reports. Fewer layers also means a leaner cost structure that is built to perform through all market cycles. - No pure managers: Every leader at Coinbase must also be a strong and active individual contributor. Managers should be like player-coaches, getting their hands dirty alongside their teams. - AI-native pods: We’ll be concentrating around AI-native talent who can manage fleets of agents to drive outsized impact. We’ll also be experimenting with reduced pod sizes, including “one person teams” with engineers, designers, and product managers all in one role. In short: AI is bringing a profound shift in how companies operate, and we’re reshaping Coinbase to lead in this new era. This is a new way of working, and we need to leverage AI across every facet of our jobs. To those who are affected I know there are real people behind these decisions — talented colleagues who have poured themselves into this company and our mission. To those of you who will be leaving: thank you. You’ve helped build Coinbase into what it is today, and I am sincerely grateful for everything you've done. All impacted team members will receive an email to their personal account in the next hour with more information, and an invitation to meet with an HRBP and a senior leader in your organization. Coinbase system access has been removed today. I know this feels sudden and harsh, but it is the only responsible choice given our duty to protect customer information. To those affected, we will be providing a comprehensive package to support you through this transition. US employees will receive a minimum of 16 weeks base pay (plus 2 weeks per year worked), their next equity vest, and 6 months of COBRA. Employees on a work visa will get extra transition support. Those outside of the US will receive similar support, based on local factors and subject to any consultation requirements. Coinbase prides itself on talent density. Our employees are among the most talented people in the world, and I have no doubt that your skills and experience will be highly sought after as you pursue your next chapters. How we move forward To the team that is staying, I know this is a difficult day. We’re saying goodbye to colleagues and friends you've been in the trenches with. But here’s what I want you to know as we move forward together: Over the past 13 years, we have weathered four crypto winters, gone public, and built the most trusted platform in our industry. We’ve made it this far by making hard decisions and by always staying focused on our mission. This time will be no different – nothing has changed about the long term outlook of our company or industry. And most importantly, our mission has never been more important for the world. Increasing economic freedom requires a new financial system, and we’re building it. The Coinbase that emerges from this will be more capable than ever to achieve our mission. Brian

In China you can use a pig to light your cigarette

A client offered to fly around on the PJ to do site visits on their resorts around the US Is that even a question?

Eventually, society's embedded growth obligation will intersect w/ an aging species multiplying less quickly. As that point nears, the need for innovation to provide abundance becomes more key. 👇US population 1998-2021 by age w/ ⚫️labor participation.

I wonder if we will begin seeing retirees return to the workforce as their fixed income budgets get rocked. Their return would be a potential disinflationary force on wages, as they'd be competing w/ their kids for jobs & less likely to bid them up due to having second incomes.

Someone solve this for me. Every day, private jets fly home empty. Those seats are basically going to waste and there's still no good platform to buy or sell them. That opportunity is wide open. The technology exists and the demand is obvious on both sides. I've been thinking about this for years and haven't landed on the right go-to-market approach. If you're building something in this space or have a perspective on what the real obstacle is, I want to hear from you.

Too many entrepreneurs make good money each year but pay Uncle Sam 35-50% of it. It takes a long time to build a massive wealth snowball when 1/3 to 1/2 of your snow gets chopped off each year. Real estate can help with this. The best model I've seen is: 1. Earn cashflow from entrepreneurship. 2. Buy real estate as a "real estate professional." 3. Book losses through bonus depreciation. 4. End up with all cash and little to no tax. Your wealth snowball ends up a lot larger 10 years down the road when you make and keep your money in a more tax efficient way.

Wouldn't it be good not to be tied to a group of neighbors who love high energy costs because they put net zero ahead of affordability or reliability?