The payments wars in Japan are heating up and one of the battlegrounds is convenience store coffee.
“Coffee? What does that have to do with payments?” I’m glad you asked.
They need repeat custom.
The price point is $1 to about $2.
But the coffee is not very defensible
Enter payment apps.
And since booze and tobacco can’t meaningfully be used...
Family Mart has a closed loop store value app called Family Pay. It is a barcode based payment and does basically what you expect it to.
It is also a coupon platform, and will sell you an anywhere-in-chain “11 drinks for price of 10.”
App tracks progress. 6 more to go!
(I cropped the screen to avoid giving you a barcode that would let anyone snatch my coffee.)
Automating all of this and having funds flow go Corp -> franchisee not F>C>F ameliorated problem.
“You know what would make this process even better? ... A blockchain.”
More from Patrick McKenzie
“Why do people care about stablecoins then?”
A mix of “they encourage dollar-denominated liquidity in the cryptocurrency ecosystem and discourage withdrawal of the same” and “they’re good for money laundering.”
“But they make value transfer between exchanges much faster!”
This was a solved problem in traditional finance, too, mostly through the extension of credit. (It doesn’t matter how long settlement takes if there is sufficient trust to enable credit.)
The Bitcoin ecosystem is *positively allergic* to credit, so you have to call it a coin for them to accept it. And after you call it a coin they ignore everything the world has learned about credit, like risk management.
“Stablecoins aren’t credit!”
They’re pretty much exactly credit? A tether is a zero-coupon Bitfinex bond with a non-functioning call option. I
If everyone was holding bitcoin on the old x86 in their parents basement, we would be finding a price bottom. The problem is the risk is all pooled at a few brokerages and a network of rotten exchanges with counter party risk that makes AIG circa 2008 look like a good credit.— Greg Wester (@gwestr) November 25, 2018
The benign product is sovereign programmable money, which is historically a niche interest of folks with a relatively clustered set of beliefs about the state, the literary merit of Snow Crash, and the utility of gold to the modern economy.
This product has narrow appeal and, accordingly, is worth about as much as everything else on a 486 sitting in someone's basement is worth.
The other product is investment scams, which have approximately the best product market fit of anything produced by humans. In no age, in no country, in no city, at no level of sophistication do people consistently say "Actually I would prefer not to get money for nothing."
This product needs the exchanges like they need oxygen, because the value of it is directly tied to having payment rails to move real currency into the ecosystem and some jurisdictional and regulatory legerdemain to stay one step ahead of the banhammer.
I love the aesthetics of this category and they’re under remarked upon.
I think people underestimate QSRs in terms of social utility, but Sukiya et al describe themselves as mission-oriented enterprises. I believe this is largely sincere, and goes back to the 60s and 70s, when the clientele was primarily manual laborers who had migrated to work.
Japan was not a rich nation at the time, and day laborers in particular were both unlikely to be able to cook for themselves and unlikely to have much of a food budget, and so the chains sprung up offering an honest-to-goodness cooked meal delivered in under a minute for cheap.
This heritage continued over the years, even after Japan became a much more wealthy nation, and these chains function as social support and dignity for folks in diminished circumstances.
They also are a wee bit of a cartel, and I appreciate the aesthetics of the cartel:
Back when I was first in Japan, in the mid 2000s, there was an increase in the price of beef.
And the heads of the three chains got together, and decided that the price of the basic beef bowl needed to increase, but given the economic circumstances how could they hold the line.
Here's how I'd measure the health of any tech company:— Jeff Atwood (@codinghorror) October 25, 2018
How long, as measured from the inception of idea to the modified software arriving in the user's hands, does it take to roll out a *1 word copy change* in your primary product?
How long does it take, measured from initial expression of interest through offer of employment signed, for a typical candidate cold inbounding to the company?
What is the *theoretical minimum* for *any* candidate?
How long does it take, as a developer newly hired at the company:
* To get a fully credentialed machine issued to you
* To get a fully functional development environment on that machine which could push code to production immediately
* To solo ship one material quanta of work
How long does it take, from first idea floated to "It's on the Internet", to create a piece of marketing collateral.
(For bonus points: break down by ambitiousness / form factor.)
How many people have to say yes to do something which is clearly worth doing which costs $5,000 / $15,000 / $250,000 and has never been done before.
Here's their CFO describing their agreement (which we know from other litigation was never contractualized because, presumably because money launderers hate paper trails):
Bitfinex's CFO was shocked, shocked to learn that the money launderer they engaged to provide money laundering services while I-swear-to-God-this-is-an-actual-quote "we learned to bank like criminals" may have from time to time lied to banks.
"Institutional constraints" means, here, "We were attempting to avoid velocity checks placed by our banking partners to detect fraud and money laundering, which would have detected our fraud and money laundering."
Money at the speed of code, yadda yadda yadda, the Bitcoin economy is surprisingly blasé when several hundred million dollars is in an interstitial state for months.
In a situation never before encountered by a financial institution: the check was not, in fact, in the mail.
More from Finance
Let's first go through the negatives
2/x I really understand the excitement when you put on the "local dominant marketplace"-glasses and start comparing CDON multiples to the likes of $AMZN, $MELI, $SE or whatever. But with boots on the ground I can assure you, that they are *nothing* of the sort. At least yet.
3/x Just looking at GMV/revenue, after >20y in business, an "everything store", CDON doesn't even come near other local niche players like $BHG (8bSEK) or $BOOZT (4bSEK) and other private companies. They are closer to $LYKO in size, who are only selling hair & beauty..
4/x Unfortunately the brand is very much on decline (especially among young ppl) since the website has been mistreated for years and years, so I think they have to work extremely hard on building trust + enhance customer experience to even have a change long term.
5/x Like I wrote yesterday we have a very divided (in a good way) eCommerce market in the Nordics, with lots of amazing niche players with top notch customer experience. To put it in words you understand, we are a more $SHOP like region with independent businesses.
What is the catch here? How do Companies involved make money here?
Please "RT" if you like the thread.
1/ You are looking for a mobile phone worth Rs.10,000 on Amazon and as you move ahead to place the order, you are offered an option to pay that amount spread across 6 months. 6 EMIs of Rs.1667. No interest charges or processing fees.
2/ The next thought you have is - ‘obviously there is some catch here’. Why would someone give me an option to pay over 6 months? That too without any fees/charges!?
The catch is - it is more to do with marketing and sales than finance.
3/ There are 3 entities involved in this transaction. The platform (Amazon), Mobile Brand (Samsung), and the finance company (Bajaj Finance).
4/ Imagine you are a student who just got an internship with a stipend of Rs.5000. Shelling out Rs.10000 may not be possible for you. But if you have to pay Rs.1667 a month for 6 months, you feel like you have got a deal! Samsung gets to sell more. Amazon gets more commission.
A reminder of @morganhousel cash strategy.
For every $1,000 in cash:
If you've truly found the next $AMZN, $AAPL, or $NFLX and can hold for years, it's nearly impossible to overpay.
But finding them is hard.
Millennials have seen tech crash, 2008, and now #COVID19
I'm worried that many of them will swear off the stock market -- the greatest wealth-building device ever -- for life.
Want to see the checklists used by
When the P/E ratio is:
Useless (Stage 1, 4) - $MDB, $SHOP, $PINS, $GME, $JCP
Semi-useful (Stage 2) - $TTD, $NFLX
Useful! (Stage 3) - $MSFT, $AAPL, $V
In determining valuation
- One of the largest employers in the U.S. (~193,000 employees)
- ~$38 B in revenue
- 1200+ locations in 7 states
- Employee owned with majority shares still owned by the Jenkins family members
It’s called PUBLIX
I deleted an earlier tweet because I started to quickly. Forgive me for jumping the gun.
It was about a story that came out today in the WSJ about a big Trump Donor helping fund the #EllipseRally in D.C.
Great reporting by @rebeccaballhaus @shalini @AlexandraBerzon
Here’s that story
The donor who gave the money to help fund the #EllipseRally in DC that led to domestic terrorists storming the capital was Julie Ansley Jenkins Fancelli.
Julie gave $300,000 to help fund that rally.
But this THREAD is also about PUBLIX.
Julie is the daughter of George Jenkins, the original founder of PUBLIX. It began as one store in 1930 and grew to what it is today, despite the Great Depression and World Wars.
But that’s another story.
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(Se tiver sugestões me avisa que vou incluindo!)
Várias organizações se juntaram pra e tocar essa campanha imensa de financiamento coletivo pra apoiar grupos que acolhem pessoas que sofrem violência, intolerância, racismo, homofobia, transfobia e todo tipo de preconceito. #NiguémFicaPraTrás!
A ACODE é um grupo que usa o inbox do Facebook e do Instagram pra responder aos casos de violência política no Brasil. Participam da iniciativa: @AllOut, @defemde, Casa1, DIVAM, @conectas e ativistas do Brasil todo.
A @AllOut está se preparando pra lançar a All Out Brasil pra intensificar a luta por direitos, dignidade e segurança para todas as pessoas LGBT+ do Brasil. https://t.co/EJ0n2PmBKx
Tive que quebrar a thread.
Ela continua aqui:
Everything I've learned.
As a freelancer,
Your website is everything.
First, prioritise its existence.
Second, prioritise its improvement.
The technology you use is irrelevant.
It doesn't matter which you choose,
What matters is you have a website.
Pick a platform that you're comfortable with.
If you can:
- Capture leads
- Add content easily
- Have a clear design
If your website doesn't get leads,
It's not working.
Don't rest on a website that doesn't work for you.
Improve it until it does.
2/ For those who missed the first set of excerpts from PROOF OF COLLUSION, they can be seen in the tweet below—click on the link to see the tweet. For the link to preorder PROOF OF COLLUSION, see my currently pinned tweet or the link in my Twitter profile.
(EXCERPT) Here are the first excerpts to be published from my forthcoming 450-page, 1,650-endnote book PROOF OF COLLUSION. More excerpts will be released each Monday until the book's November 13 release. I hope you'll RETWEET and consider preordering here: https://t.co/ZJsnHcVwGi pic.twitter.com/LDu7deiPJU— Seth Abramson (@SethAbramson) October 15, 2018
PS/ To see a larger, more readily readable version of any of these excerpts, right-click and download the picture to your desktop. Then open the file and it will be much larger and easier to read.
BONUS FACT/ In the last excerpt, I refer to "any aide with whom Trump shared the classified intelligence he received in the [August 17, 2016] briefing." Well you might wonder—who did he share it with? Answer: we don't know.
But we DO know who was WITH HIM at the briefing: FLYNN.
BONUS FACT 2/ According to Mother Jones and Washington Post reporting, then, we know Flynn attended the August 17, 2016 briefing at which Trump was informed of Russian aggression, and THEREAFTER—but BEFORE the election—engaged in clandestine contacts with the Russian ambassador.
1. If you are using the desktop app, check you have the latest version of Teams so that you should have Breakout rooms enabled. Check by clicking your profile picture, then About - I have version 1.3.00.28779. If you have 1.2..., click on check for updates to get the latest
2. Set your entry routine. I get my students to enter with their microphone muted - you can also not allow attendees to unmute by opening the participants list, clicking the ellipsis and selecting that option.
3. Make sure students arrive as attendees - some organisations have this set up to automatically happen that only meeting organizer is the presenter and others are attendees. Can change this in the manage permissions menu to only me if not already set (opens in a web browser).
4. Classroom routine and expectations - first lesson I share my screen and show the students the raise hand function for when they want to ask questions, how to access the chat function and how to react to questions as opposed to typing answers
Led Zeppelin wrote “Rock And Roll” in 30 minutes.
The White Stripes, “Seven Nation Army”, 10 min during a soundcheck.
The Rolling Stones, “I Can’t Get No Satisfaction”, 40min.
Making a startup in 24 hours is perfectly fine.
I worked on my first startup for 2.5years. It was an events app. Sunk in cost and expectations were so high, that I had to close it, despite getting consistent revenue.
In comparison, I wrote @CryptoJobsList in 2 days. And it's way more meaningful than what I've been doing in my events startup for 2.5 years.
When I let go of my engineering ego and let go of expectations that I need to raise capital and hustle for 4+ years — I started lauching fast and interating fast without any expectations — then I started coming up with something truly meaningful and useful ✨
12 startups in 12 months by @levelsio
24 hour startup by @thepatwalls
— are great challenges that make you focus on the end product value, iterate fast and see what sticks and ruthlessly kill what does not work.