Happy Sat-urday Stackers,
I was going to give a talk on 7 ways your startup will fail at TABConf in the Pleb Dev Village, but got sick. I thought I'd include the list, derived from my own numerous failures, here:
- not measuring
- an aversion to networking
- product requires having many active users to be valuable but there is no plan to get them
- not deeply understanding users
- poor product quality
- choosing a bad market (e.g. users are unmotivated to solve their problem and seek solutions)
- never going full time
This list isn't exhaustive - of my failures, future failures, or the possible failure modes of startups. Your startup can also make these mistakes and still succeed, probably, but its as if you're removing hash rate from your Bitcoin solo-mining operation.
May the odds ever be in your favor, stackers!
- Justin Moon, cofounder of Fedi, the company building private and trust-reducing custodial Bitcoin products powered by Fedimint, will be doing an AMA Tuesday October 18th at 10a CT. In addition to cofounding Fedi, Justin started Austin Bit Devs, arguably the most attended Bitcoin meetup in world. Come ask Justin anything!
- Michael, founder of Boltz, a privacy-first account-free exchange, will be doing an AMA Wednesday October 19th at 10a CT. Boltz makes extensive use of submarine swaps to atomically provide trades. Come ask Michael anything!
- Tony Giorgio, owner of Tony's World Famous Pizza and lightning developer and researcher, launched LNsploit. Written in Rust and using LDK, LNsploit is like metasploit, a software exploit suite, but focused on Lightning exploits. With a little help from his frens - Paul Miller, w3irdrobot, and ben carman - LNsploit allows you to exploit the recent LND sync bug and has plans to allow channel jamming, probing, attempts to steal funds, and more.
- Musician Joe Martin released his latest country single, High Gravity, using bitcoin in a Value for Value model. Joe writes "there is a better way for artists to monetise their music than just simply uploading to Spotify, Apple or Youtube" and setup a BTCPay tipping portal to accept bitcoin for the single.
- Jam, a user interface for Join Market, released a sleek landing page: https://jamapp.org/. Join Market is a CoinJoin tool without a centralized coordinator and Jam is a high quality interface for it. Aside: whenever Jam does a release I think of this book about an apocalyse caused by a strawberry jam flood.
- Homeless Mokum returns to write about their winter living situation in Amsterdam amidst signficant debt, 17.1% inflation in the Netherlands, and soaring energy costs. Stacking sats all the while, ~500/day, Homeless Mokum has been sleeping in a friend's attic while paying off their debts.
- LND experienced a bug preventing nodes from syncing the chain following the broadcast of a very large, 998 of 999 multisig Tapscript transaction. The script exceeded LND's expectations of script size, which doesn't apply to Taproot scripts. The bug was quickly fixed in LND v0.15.2-beta and you should update.
- nvk, CEO and Cofounder of Coinkite, did an AMA. We learn about NVK's view of Lightning hardware devices, the best wallets for Coldcard, how phone manufacturers will add Bitcoin wallets, wen Coldcard password management, and more!
- Tom Chojnacki, CEO of Satsback, an online store portal rewarding you with sats back on purchases, did an AMA. We learn about lanuage localization and future geos for Satsback, Satsback's most popular stores, their focus on Europe, and more!
- FASB Settles on Fair-Value Accounting for Measuring Crypto Assets
- Insights From The 4th Largest Lightning Network Node
- 15 methods to acquire non-kyc bitcoin
- I orange pilled a small business owner the other day. Here's how I did it
- John Light's report on validity rollups on bitcoin is ready