How to make money in Crypto?

A time tested money making idea has been to sell shovels in a gold rush.
This remains true in crypto.
The owner of the world’s two largest mining pools (30% of hash power, see here) makes less than 10% of revenues from mining, but makes a good 90% from selling chips to other miners. True since 2015.

Subscription business models: Are they also more profitable?

Seeing subscriptions as recurring revenue streams is now well accepted. I believe they are also more profitable.
Consider the case of buying your favourite cereal at the supermarket. You travel to the supermarket (or its .com equivalent); look for the product; you are suggested alternatives with better deals and probably better ingredients; you think whether you want to try the new one; and then you decide (whatever that decision maybe). The repeatability of this purchase depends on the relative strength of behavioural laziness of the customer, the trust the brand has built, product quality vs the competing offer (price, product quality, etc). The shopper has to make a choice each time. And the brand needs to sway the customer towards it each time.
Now consider the same product on subscription: it shows up at your door, every week or whatever frequency you set. The shopper doesn’t get to consider another product. Removing the competition from the decision making process reduces marketing spend, pricing investments, and improves the brand’s profits.
Subscription models change the question for the shopper from “which one do i want?” to “is this good enough?” (Tweet this). Decision making is tiring. Behavioural inertia of the shopper converts to profits for the retailer.
That promise of future profits puts the focus on (the cost of) acquiring the customer, a topic for another time.

Now is all there is …

The idea is as simple as it reads. But, we are all guilty of obsessing about some past decision or being anxious about a future event. Both the past and the future do not exist, now is all there is.
If the above thought is philosophical, today, I read a passage from Jiddu Krishnamurti (here) that helps me put that thought in daily life (and connect it with another).

Man lives by time. Inventing the future has been his favourite game of escape. We think that changes in ourselves can come about in time, that order in ourselves can be built up little by little, added to day by day. But time doesn’t bring order or peace, so we must stop thinking in terms of gradualness. This means that there is no tomorrow for us to be peaceful in. We have to be orderly on the instant.
It is only then [when the mind is completely still] that the mind is free because it is no longer desiring anything; it is no longer seeking; it is no longer pursuing a goal, an ideal—which are all the projections of a conditioned mind. And if you ever come to that understanding, in which there can be no self-deception, then you will find that there is a possibility of the coming into being of that extraordinary thing called creativity.

Connecting them, I would conclude: There are no failures (past), no goals (future), there is only doing and exploring (now) for the sake of it.
The bit that stuck me was how much the past and the future “colour” our choices and take our freedom away. Then, it is in the now that we can attain positive freedom.


In a major work of his life, in 1941, Erich Fromm (March 23, 1900–March 18, 1980) explored the idea of freedom in his book Escape from Freedom.
Fromm explores the idea of positive freedom, which compels is to escape to it, and negative freedom, which drives us to escape from it.
Fromm writes:

Modern man, freed from the bonds of pre-individualistic society, which simultaneously gave him security and limited him, has not gained freedom in the positive sense of the realization of his individual self; that is, the expression of his intellectual, emotional and sensuous potentialities. Freedom, though it has brought him independence and rationality, has made him isolated and, thereby, anxious and powerless. This isolation is unbearable and the alternatives he is confronted with are either to escape from the burden of his freedom into new dependencies and submission, or to advance to the full realization of positive freedom which is based upon the uniqueness and individuality of man.

I find this quote so deep and meaningful. Its was just as relevant then as it is today, more so in light of technology addiction (the topic of conversation this year). That the same anxiety that leads to addition could lead to positive freedom is also a good reason to keep hope.

Appetite for Advertising

The chart below is based on a global survey by Statista (n=31,726) of internet users on their attitudes towards …

  1. Acceptance of advertising
  2. Acceptance of using personal data in making advertising more relevant

 A couple of very interesting things to note

  1. Advertising is mostly acceptable in major economies. It’s the use of personal data that is at question.
  2. The biggest economies are more relaxed vs the smaller ones.
  3. China is the most open.