Cushion

cushion

The corporate world is often compared to a marathon - steady, structured, and predictable. In contrast, start-ups can feel like a series of sprints, full of direction changes. Transitioning from the structured environment of the corporate world to the dynamic fast-paced start-up ecosystem can be daunting but incredibly rewarding. It requires a shift in mindset, a willingness to step out of your comfort zone, and the courage to embrace uncertainty. Gaby Haffner, currently the Head of Europe at Baret Scholars and former Founder of Ameli Health, has successfully navigated this transition. As a former Strategy Consultant and Investment Banker turned start-up founder. From her early roles at Bank of America Merrill Lynch to her time at Monitor Deloitte and EY, where she focused on tech and consumer companies, Gaby's experiences can offer lessons for aspiring entrepreneurs. Here, Gaby shares five actionable insights from her transition from corporate to entrepreneurship. Lesson 1: Focus on Execution Over Perfection In start-ups, speed and execution often matter more than meticulous planning. "Real-world feedback provides insights no amount of theoretical planning can match," Gaby notes. This lesson became especially clear when she founded Ameli Health, a luxury prescription skincare platform. Gaby launched a proprietary platform that integrated doctor-patient matching with pharmacy supply chains in a remarkably short timeframe. She moved fast, gathered feedback, and pivoted based on real-time market reactions. This experience contrasted sharply with her corporate experience at EY and Monitor Deloitte, where processes were more structured and detailed. "A good idea is only as valuable as the ability to execute it," Gaby emphasizes. This ability of hers has also been crucial at Baret Scholars, where she is part of the founding team who are building a pioneering education company. Lesson 2: Embrace Uncertainty Entrepreneurship demands a strong appetite for risk. "In corporate environments, things are often predictable, but in the start-up world, you need to be comfortable with uncertainty", Gaby explains. This shift means learning to thrive in ambiguity. As a founder, you're responsible for everything, from product development to finances, often pushing you well beyond your comfort zone. During her time at Ameli Health, Gaby had to quickly become proficient in areas outside her expertise, such as digital marketing and product management. This adaptability has been invaluable at Baret Scholars, where she successfully leads the digital marketing efforts. Her advice: “Growth happens in the unknown”. Lesson 3: Adopt a Growth Mindset Unlike the scarcity-driven, zero-sum thinking that often dominates corporate environments, start-ups require a growth mindset - the belief that abilities can be developed through dedication and effort. "A growth mindset allows you to embrace challenges and setbacks as opportunities for learning and growth," Gaby emphasizes. Gaby honed this mindset during her time at Farfetch, where she worked on improving revenue strategies for high-end luxury fashion clients. These experiences translated directly into her role at Baret Scholars, where she continues to apply growth-oriented strategies to drive business development. Lesson 4: Prepare for the Emotional Rollercoaster "Entrepreneurship is an emotional rollercoaster," Gaby admits. "There are extreme highs and crushing lows. You need a high pain threshold and a deep passion for what you're building to push through the tough times". In corporate roles, setbacks are often cushioned by larger organizations, but in start-ups, every challenge can feel personal. Her experience founding Ameli Health taught Gaby the resilience needed to endure the ups and downs of entrepreneurship. This emotional resilience has been crucial to her role at Baret Scholars, where she manages the pressures of scaling a start-up. Lesson 5: Constantly Seek Critique In start-ups, mediocrity is not an option. "Whatever you create must be far superior to what's already out there," Gaby emphasizes. Constantly seeking feedback from trusted sources and iterating based on that critique is key to refining a high-value product or service. At Baret Scholars, Gaby implemented a fast feedback loop early on, speaking directly to customers to refine the program’s structure. This adaptability has allowed the company to evolve its offering and offer a truly innovative product. “Listening to the market and improving based on feedback has been essential to our growth,” she notes. Gaby’s Thoughts on Entrepreneurship Gaby believes that start-ups are society’s true source of innovation and disruption. As a mentor at MassChallenge and for Fitzwilliam College, University of Cambridge’s entrepreneurship competition, she dedicates her time to supporting early-stage start-ups. The corporate world is often compared to a marathon - steady, structured, and predictable. In contrast, start-ups can feel like a series of sprints, full of direction changes. Transitioning from the structured environment of the corporate world to the dynamic fast-paced start-up ecosystem can be daunting but incredibly rewarding. It requires a shift in mindset, a willingness to step out of your comfort zone, and the courage to embrace uncertainty. Gaby Haffner , currently the Head of Europe at Baret Scholars and former Founder of Ameli Health, has successfully navigated this transition. As a former Strategy Consultant and Investment Banker turned start-up founder. From her early roles at Bank of America Merrill Lynch to her time at Monitor Deloitte and EY, where she focused on tech and consumer companies, Gaby's experiences can offer lessons for aspiring entrepreneurs. Gaby Haffner Gaby Haffner Here, Gaby shares five actionable insights from her transition from corporate to entrepreneurship. Lesson 1: Focus on Execution Over Perfection In start-ups, speed and execution often matter more than meticulous planning. "Real-world feedback provides insights no amount of theoretical planning can match," Gaby notes. This lesson became especially clear when she founded Ameli Health, a luxury prescription skincare platform. Gaby launched a proprietary platform that integrated doctor-patient matching with pharmacy supply chains in a remarkably short timeframe. She moved fast, gathered feedback, and pivoted based on real-time market reactions. This experience contrasted sharply with her corporate experience at EY and Monitor Deloitte, where processes were more structured and detailed. "A good idea is only as valuable as the ability to execute it," Gaby emphasizes. This ability of hers has also been crucial at Baret Scholars, where she is part of the founding team who are building a pioneering education company. Lesson 2: Embrace Uncertainty Entrepreneurship demands a strong appetite for risk. "In corporate environments, things are often predictable, but in the start-up world, you need to be comfortable with uncertainty", Gaby explains. This shift means learning to thrive in ambiguity. As a founder, you're responsible for everything, from product development to finances, often pushing you well beyond your comfort zone. During her time at Ameli Health, Gaby had to quickly become proficient in areas outside her expertise, such as digital marketing and product management. This adaptability has been invaluable at Baret Scholars, where she successfully leads the digital marketing efforts. Her advice: “Growth happens in the unknown”. Lesson 3: Adopt a Growth Mindset Unlike the scarcity-driven, zero-sum thinking that often dominates corporate environments, start-ups require a growth mindset - the belief that abilities can be developed through dedication and effort. "A growth mindset allows you to embrace challenges and setbacks as opportunities for learning and growth," Gaby emphasizes. Gaby honed this mindset during her time at Farfetch, where she worked on improving revenue strategies for high-end luxury fashion clients. These experiences translated directly into her role at Baret Scholars, where she continues to apply growth-oriented strategies to drive business development. Lesson 4: Prepare for the Emotional Rollercoaster "Entrepreneurship is an emotional rollercoaster," Gaby admits. "There are extreme highs and crushing lows. You need a high pain threshold and a deep passion for what you're building to push through the tough times". In corporate roles, setbacks are often cushioned by larger organizations, but in start-ups, every challenge can feel personal. Her experience founding Ameli Health taught Gaby the resilience needed to endure the ups and downs of entrepreneurship. This emotional resilience has been crucial to her role at Baret Scholars, where she manages the pressures of scaling a start-up. Lesson 5: Constantly Seek Critique In start-ups, mediocrity is not an option. "Whatever you create must be far superior to what's already out there," Gaby emphasizes. Constantly seeking feedback from trusted sources and iterating based on that critique is key to refining a high-value product or service. At Baret Scholars, Gaby implemented a fast feedback loop early on, speaking directly to customers to refine the program’s structure. This adaptability has allowed the company to evolve its offering and offer a truly innovative product. “Listening to the market and improving based on feedback has been essential to our growth,” she notes. Gaby’s Thoughts on Entrepreneurship Gaby believes that start-ups are society’s true source of innovation and disruption. As a mentor at MassChallenge and for Fitzwilliam College, University of Cambridge’s entrepreneurship competition, she dedicates her time to supporting early-stage start-ups.

Five Lessons for Transitioning From Corporate to Start-up with Gaby Haffner

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In the chaotic aftermath of WazirX’s $230 million hack, the proposed "Withdrawal Management Programme" feels more like a desperate bid to save the ship than a lifeboat for its users. As a passionate advocate for blockchain and community-first approaches, I must voice my concern: this isn’t the way to treat your users, WazirX. According to WazirX’s ‘Withdrawal Management Programme’, it’s asking customers to absorb a staggering 45% of the losses through a socialized loss model, which can be best described as throwing its users under the bus while the company shields its reserves. WazirX's Plan Detailed Post-hack, WazirX presented its "Withdrawal Management Programme," designed as a bifurcated approach to managing the crisis. The options laid out in their opinion poll are framed to cushion the company first, leaving users out in the cold. Here’s a breakdown for you. Option A - Users who choose this cannot withdraw funds but are promised priority in the asset recovery process. They are allowed to trade and hold assets on the platform.
Option B - This option allows for trading and withdrawal of assets but places users at a lower recovery priority. Either way, to stabilize the recovery efforts, 45% of all user crypto holdings will be converted into USDT-equivalent tokens and locked, distributing the financial impact across all users. According to them, this initiative aims to create a reserve fund to manage liquidity and facilitate recovery without a complete operational halt. Here’s why I feel it sucks. Key Issues with the Plan Snapshot Timing: The snapshot should have been taken on or before July 18, 2024, to prevent further discrepancies. Not July 21 when the trading was halted.
Unfair Penalties: Users with non-stolen tokens should not be penalized to compensate for stolen tokens.
Tax and TDS Issues: Users should not bear the additional tax burden on top of their losses. India has a flat 1% TDS and 30% Capital Gains Tax.
Financial Transparency: WazirX should disclose its financials, including profit, loss, and balance sheet, to justify compensation.
Leadership Accountability: The WazirX team should also take a financial hit instead of placing the entire burden on users. What WazirX Could Have Done Other exchanges like Bitfinex and Coincheck have faced similar losses but chose paths that prioritized their communities. Bitfinex issued BFX tokens and allowed users to convert these into company equity, effectively making them partners in recovery. Coincheck used its own funds to reimburse the 260,000 affected users. In both cases, these responses helped maintain user trust and stabilize the exchange. Reflecting on the proactive measures taken by other exchanges in similar crises could have guided WazirX to more community-favorable decisions. Immediate Financial Contribution: Instead of imposing a 45% loss on users, WazirX could have utilized its own reserves first, showing a commitment to its user base.
Use of Foundation Funds: The WRX foundation holds a significant amount of WRX tokens, part of which could have been liquidated to cover some of the losses.
Fair Loss Distribution: Applying a loss distribution only to those affected by the hack rather than a blanket approach across all users would have been more equitable.
Clear Financial Disclosure: Releasing detailed financial statements could help build trust and transparency, showing the users where the platform stands financially.
Leveraging Altcoin Listing Fees: Funds accumulated from altcoin listings could serve as an additional buffer to assist in compensating affected users.
Leadership Accountability: The leadership team could take a visible pay cut or similar financial hit to show solidarity with their user community. The Bottom Line What WazirX is doing is a tale of misplaced priorities. For a platform that has carried the banner of the crypto revolution in India, it’s a sad pivot to see its potential insolvency and irrelevance. For a community that thrives on trust and transparency, WazirX’s approach feels less like a strategy and more like a tragedy. By prioritizing its financial preservation over equitable treatment of its users, WazirX not only risks its reputation but also its operational future. A more balanced, transparent, and user-focused approach, demonstrating genuine leadership commitment to financial restitution, would likely bring greater trust and loyalty from the crypto community, ultimately keeping the platform's resilience and sustainability alive. In the chaotic aftermath of WazirX’s $230 million hack, the proposed "Withdrawal Management Programme" feels more like a desperate bid to save the ship than a lifeboat for its users. As a passionate advocate for blockchain and community-first approaches, I must voice my concern: this isn’t the way to treat your users, WazirX. According to WazirX’s ‘Withdrawal Management Programme’, it’s asking customers to absorb a staggering 45% of the losses through a socialized loss model, which can be best described as throwing its users under the bus while the company shields its reserves. WazirX's Plan Detailed Post-hack, WazirX presented its "Withdrawal Management Programme," designed as a bifurcated approach to managing the crisis. The options laid out in their opinion poll are framed to cushion the company first, leaving users out in the cold. Here’s a breakdown for you. Option A - Users who choose this cannot withdraw funds but are promised priority in the asset recovery process. They are allowed to trade and hold assets on the platform. Option B - This option allows for trading and withdrawal of assets but places users at a lower recovery priority. Option A - Users who choose this cannot withdraw funds but are promised priority in the asset recovery process. They are allowed to trade and hold assets on the platform. Option A Option B - This option allows for trading and withdrawal of assets but places users at a lower recovery priority. Option B Either way, to stabilize the recovery efforts, 45% of all user crypto holdings will be converted into USDT-equivalent tokens and locked, distributing the financial impact across all users. According to them, this initiative aims to create a reserve fund to manage liquidity and facilitate recovery without a complete operational halt. Here’s why I feel it sucks. Key Issues with the Plan Snapshot Timing: The snapshot should have been taken on or before July 18, 2024, to prevent further discrepancies. Not July 21 when the trading was halted. Unfair Penalties: Users with non-stolen tokens should not be penalized to compensate for stolen tokens. Tax and TDS Issues: Users should not bear the additional tax burden on top of their losses. India has a flat 1% TDS and 30% Capital Gains Tax. Financial Transparency: WazirX should disclose its financials, including profit, loss, and balance sheet, to justify compensation. Leadership Accountability: The WazirX team should also take a financial hit instead of placing the entire burden on users. Snapshot Timing : The snapshot should have been taken on or before July 18, 2024, to prevent further discrepancies. Not July 21 when the trading was halted. Snapshot Timing Unfair Penalties : Users with non-stolen tokens should not be penalized to compensate for stolen tokens. Unfair Penalties Tax and TDS Issues : Users should not bear the additional tax burden on top of their losses. India has a flat 1% TDS and 30% Capital Gains Tax. Tax and TDS Issues Financial Transparency : WazirX should disclose its financials, including profit, loss, and balance sheet, to justify compensation. Financial Transparency Leadership Accountability : The WazirX team should also take a financial hit instead of placing the entire burden on users. Leadership Accountability What WazirX Could Have Done Other exchanges like Bitfinex and Coincheck have faced similar losses but chose paths that prioritized their communities. Bitfinex issued BFX tokens and allowed users to convert these into company equity, effectively making them partners in recovery. Coincheck used its own funds to reimburse the 260,000 affected users. In both cases, these responses helped maintain user trust and stabilize the exchange. Reflecting on the proactive measures taken by other exchanges in similar crises could have guided WazirX to more community-favorable decisions. Immediate Financial Contribution: Instead of imposing a 45% loss on users, WazirX could have utilized its own reserves first, showing a commitment to its user base. Use of Foundation Funds: The WRX foundation holds a significant amount of WRX tokens, part of which could have been liquidated to cover some of the losses. Fair Loss Distribution: Applying a loss distribution only to those affected by the hack rather than a blanket approach across all users would have been more equitable. Clear Financial Disclosure: Releasing detailed financial statements could help build trust and transparency, showing the users where the platform stands financially. Leveraging Altcoin Listing Fees: Funds accumulated from altcoin listings could serve as an additional buffer to assist in compensating affected users. Leadership Accountability: The leadership team could take a visible pay cut or similar financial hit to show solidarity with their user community. Immediate Financial Contribution : Instead of imposing a 45% loss on users, WazirX could have utilized its own reserves first, showing a commitment to its user base. Immediate Financial Contribution Use of Foundation Funds : The WRX foundation holds a significant amount of WRX tokens, part of which could have been liquidated to cover some of the losses. Use of Foundation Funds Fair Loss Distribution : Applying a loss distribution only to those affected by the hack rather than a blanket approach across all users would have been more equitable. Fair Loss Distribution Clear Financial Disclosure : Releasing detailed financial statements could help build trust and transparency, showing the users where the platform stands financially. Clear Financial Disclosure Leveraging Altcoin Listing Fees : Funds accumulated from altcoin listings could serve as an additional buffer to assist in compensating affected users. Leveraging Altcoin Listing Fees Leadership Accountability : The leadership team could take a visible pay cut or similar financial hit to show solidarity with their user community. Leadership Accountability The Bottom Line What WazirX is doing is a tale of misplaced priorities. For a platform that has carried the banner of the crypto revolution in India, it’s a sad pivot to see its potential insolvency and irrelevance. For a community that thrives on trust and transparency, WazirX’s approach feels less like a strategy and more like a tragedy. By prioritizing its financial preservation over equitable treatment of its users, WazirX not only risks its reputation but also its operational future. A more balanced, transparent, and user-focused approach, demonstrating genuine leadership commitment to financial restitution, would likely bring greater trust and loyalty from the crypto community, ultimately keeping the platform's resilience and sustainability alive.

$230M Vanishes, so Does Trust: WazirX’s Masterclass in Mismanagement

When I first transitioned to remote work, I underestimated the importance of having a dedicated workspace, relying solely on my laptop and couch. However, this approach soon led to back and neck pain and a disrupted work-life balance, making me realize the need to create a tailored working environment in my apartment. Here’s what I’ve learned from organizing my home office, where I’ve been working for almost four years now. A home office should be both functional and visually pleasing. Otherwise, you risk experiencing a decline in productivity and your overall sense of well-being. Arrange your work from the home area in a minimalist style, including only the furniture and decor items necessary for physical and mental comfort and functional tasks. Excessive and unfitting stuff can mess up your workspace and make you feel overwhelmed and tense. Another big deal is keeping your home office private. Choose a location that minimizes distractions. A separate room with a door is ideal, but if your apartment planning doesn’t allow this, find a quiet corner or use room dividers. Below, I’ll share five practical tips for organizing an effective workspace and setting an advantageous atmosphere for your remote job. Prioritize Furnishing Essentials Your top priority is maintaining your body’s comfort during long workdays. Invest in an ergonomic chair with good lumbar support, adjustable height, and armrests, and a writing desk spacious enough to accommodate your computer and other work essentials you may need. I prefer shopping for furniture offline to ensure the items meet my needs. For example, I test the chair for proper spine support and confirm that the desk is tall enough to avoid knocking my knees on its edge. Placing a footrest under your desk will help promote a proper posture while sitting and help you keep a neutral position throughout the workday. For added comfort, you can put a cushion on your chair. If made from soft fabrics, it will promote relaxation and help you return to your body sensations. Create a Favorable Background Place a freestanding or wall-mounted shelving unit behind your work desk. Ideally, choose one that is vertical and matches the width of your desk to avoid taking up too much floor space. Fill the shelves with books and decorative items to create a stylish, professional background infused with your personal touch. This setup creates a visually appealing backdrop for virtual meetings and ensures that you’ll always be ready for calls, including unplanned ones, in your neat, small office, even when the rest of your apartment is messy during a busy week. Add a Nature Touch As with your living space, your workspace shouldn't be packed with artificial-only items, making it a nature-depravated zone and negatively affecting your mental state. It will also drastically drop the air quality in your room, causing stuffiness and decreasing concentration. The lifeful decor elements such as plants, wooden furniture, aquariums, imitation waterfalls, and more can fulfill your need for affinity to the natural world in your working environment, boosting your enthusiasm and productivity. Be Mindful of Colors Choosing a color scheme that resonates with your personal preferences is no less important than getting comfortable furniture. Gloomy color solutions or flashy-bright design patterns act as ultimate stressors for your mind, overloading your eyes and brain and draining your productivity without you even realizing it. Overall, a natural base of whites, grays, or beiges will bring a tranquil sounding to your work surroundings. Pastel colors promote serenity and comfort, and warm neutrals are uplifting. You can also incorporate accent colors, like blues and greens for focus and concentration, and yellows or oranges for energy and creativity. Ensure Adequate Lighting Position your desk near a window to take advantage of natural light, which is essential for maintaining the body’s healthy internal clock. Exposure to sunlight helps regulate sleep patterns and prevent chronic fatigue. In contrast, working in poorly lit environments can increase stress and anxiety, cause energy dips, and reduce productivity and motivation. If you work late in the evenings, invest in a desk lamp with adjustable brightness and ensure the room is well-lit with overhead lighting to avoid eye strain. Last but not least, you should regularly clean and declutter your home office compartment and keep your work essentials in order. A tidy environment enhances focus and productivity, while a not-properly-organized space can be disorienting and provoke procrastination. When I first transitioned to remote work, I underestimated the importance of having a dedicated workspace, relying solely on my laptop and couch. However, this approach soon led to back and neck pain and a disrupted work-life balance, making me realize the need to create a tailored working environment in my apartment. Here’s what I’ve learned from organizing my home office, where I’ve been working for almost four years now. When I first transitioned to remote work, I underestimated the importance of having a dedicated workspace, relying solely on my laptop and couch. However, this approach soon led to back and neck pain and a disrupted work-life balance, making me realize the need to create a tailored working environment in my apartment. Here’s what I’ve learned from organizing my home office, where I’ve been working for almost four years now. A home office should be both functional and visually pleasing. Otherwise, you risk experiencing a decline in productivity and your overall sense of well-being. Arrange your work from the home area in a minimalist style, including only the furniture and decor items necessary for physical and mental comfort and functional tasks. Excessive and unfitting stuff can mess up your workspace and make you feel overwhelmed and tense. Another big deal is keeping your home office private. Choose a location that minimizes distractions. A separate room with a door is ideal, but if your apartment planning doesn’t allow this, find a quiet corner or use room dividers. Below, I’ll share five practical tips for organizing an effective workspace and setting an advantageous atmosphere for your remote job. Prioritize Furnishing Essentials Your top priority is maintaining your body’s comfort during long workdays. Invest in an ergonomic chair with good lumbar support, adjustable height, and armrests, and a writing desk spacious enough to accommodate your computer and other work essentials you may need. I prefer shopping for furniture offline to ensure the items meet my needs. For example, I test the chair for proper spine support and confirm that the desk is tall enough to avoid knocking my knees on its edge. Placing a footrest under your desk will help promote a proper posture while sitting and help you keep a neutral position throughout the workday. For added comfort, you can put a cushion on your chair. If made from soft fabrics, it will promote relaxation and help you return to your body sensations. Create a Favorable Background Place a freestanding or wall-mounted shelving unit behind your work desk. Ideally, choose one that is vertical and matches the width of your desk to avoid taking up too much floor space. Fill the shelves with books and decorative items to create a stylish, professional background infused with your personal touch. This setup creates a visually appealing backdrop for virtual meetings and ensures that you’ll always be ready for calls, including unplanned ones, in your neat, small office, even when the rest of your apartment is messy during a busy week. Add a Nature Touch As with your living space, your workspace shouldn't be packed with artificial-only items, making it a nature-depravated zone and negatively affecting your mental state. It will also drastically drop the air quality in your room, causing stuffiness and decreasing concentration. The lifeful decor elements such as plants, wooden furniture, aquariums, imitation waterfalls, and more can fulfill your need for affinity to the natural world in your working environment, boosting your enthusiasm and productivity. Be Mindful of Colors Choosing a color scheme that resonates with your personal preferences is no less important than getting comfortable furniture. Gloomy color solutions or flashy-bright design patterns act as ultimate stressors for your mind, overloading your eyes and brain and draining your productivity without you even realizing it. Overall, a natural base of whites, grays, or beiges will bring a tranquil sounding to your work surroundings. Pastel colors promote serenity and comfort, and warm neutrals are uplifting. You can also incorporate accent colors, like blues and greens for focus and concentration, and yellows or oranges for energy and creativity. Ensure Adequate Lighting Position your desk near a window to take advantage of natural light, which is essential for maintaining the body’s healthy internal clock. Exposure to sunlight helps regulate sleep patterns and prevent chronic fatigue. In contrast, working in poorly lit environments can increase stress and anxiety, cause energy dips, and reduce productivity and motivation. If you work late in the evenings, invest in a desk lamp with adjustable brightness and ensure the room is well-lit with overhead lighting to avoid eye strain. Last but not least, you should regularly clean and declutter your home office compartment and keep your work essentials in order. A tidy environment enhances focus and productivity, while a not-properly-organized space can be disorienting and provoke procrastination.

5 Home Office Setup Ideas for Productivity and Work-Life Balance

Rootstock — the First Sidechain in the Bitcoin Network

রুটস্টক — বিটকয়েন নেটওয়ার্কের প্রথম সাইডচেইন

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Rootstock – la première sidechain du réseau Bitcoin

रूटस्टॉक - बिटकॉइन नेटवर्क में पहला साइडचेन

Rootstock — ビットコインネットワークの最初のサイドチェーン

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Rootstock — o primeiro Sidechain na rede Bitcoin

Rootstock — первый сайдчейн в сети Биткойн

Anaç — Bitcoin Ağındaki İlk Yan Zincir

Rootstock — Sidechain đầu tiên trong Mạng Bitcoin

Rootstock——比特币网络中的第一条侧链

Assessing VASP Solvency For Cryptoassets: Background and related literature

'Multimodal is the most unappreciated AI breakthrough' says DoNotPay CEO Joshua Browder

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„Multimodal ist der am wenigsten gewürdigte KI-Durchbruch“, sagt DoNotPayCEO Joshua Browder

"El multimodal es el avance de la IA menos apreciado", dice el director ejecutivo de DoNotPay, Joshua Browder

« Le multimodal est la percée la plus méconnue de l'IA », déclare Joshua Browder, PDG de DoNotPay

DoNotPay के सीईओ जोशुआ ब्राउडर कहते हैं, 'मल्टीमॉडल सबसे कम सराहना प्राप्त AI सफलता है'

「マルチモーダルは最も評価されていないAIのブレークスルーだ」とDoNotPayのCEOジョシュア・ブラウダー氏は語る

DoNotPayCEO Joshua Browder는 '멀티모달은 가장 인정받지 못한 AI 혁신'이라고 말했습니다.

‘Multimodal é o avanço de IA menos apreciado’, diz Joshua Browder, CEO da DoNotPay

«Мультимодальные перевозки — это самый недооцененный прорыв в области искусственного интеллекта», — говорит генеральный директор DoNotPay Джошуа Браудер.

DoNotPayCEO'su Joshua Browder "Multimodal, en takdir edilmemiş yapay zeka atılımıdır" diyor

'Đa phương thức là bước đột phá về AI không được đánh giá cao nhất', Joshua Browder, CEO của DoNotPay, nói

DoNotPay 首席执行官 Joshua Browder 表示，“多模式是最未被重视的人工智能突破”

Ping Ping Ping That is the sound of my phone alerting me to overnight snowfall at the various Hokkaido ski resorts I monitor. While this sound brings me immense joy in January and February, in March, it brings only FOMO. I decamped from Hokkaido in early March for the past few ski seasons. My recent experience taught me that Mother Nature turns on the heat circa March 1st. I’m a primadonna skier who only likes the driest and deepest pow. However, this season, Gaia changed up big time. There was a brutal warm spell in February that rekt the snow back. The cold weather only returned towards the end of the month. But frigid temperatures came back in March, accompanied by 10 to 30cm dumps of freshie pow pow every night. Hence, the reason why my phone was blowing up. Sitting in various South East Asian hot and humid countries throughout March, I kept foolishly checking the app and ruing my decision to leave the slopes. The April thaw finally occurred in earnest, and with it, the end to my FOMO. As readers know, my ski experiences act as metaphors for my macro and crypto trading book. I previously wrote that the cessation of the US Bank Term Funding Program (BTFP) on March 12th would cause a global market rout. The BTFP was cancelled, but a vicious sell-off in crypto specifically did not occur. Bitcoin broke $70,000 decisively and topped out around $74,000. Solana kept pumping alongside various doggie and kitty meme coins. My timing was wrong, but like the ski season, the unexpected favorable March conditions will not be repeated in April. While I love winter, summer brings joy as well. The onset of northern hemispheric summer brings sporting bliss as I reorient time towards playing tennis, surfing, and kiteboarding. Summer will usher in a renewed gusher of fiat liquidity due to the policies of the US Federal Reserve (Fed) and Treasury. I will briefly outline my mental map on how and why April will experience extreme weakness in risky asset markets. For those intrepid enough to short crypto, the macro setup is favorable. While I will not outright short the market, I have closed in profit several shitcoin and memecoin trading positions. From now until May 1st, I will be in a no-trade zone. I hope to return in May with dry powder ready to deploy to position myself for the bull market to begin in earnest. Tricksters The Bank Term Funding Program (BTFP) ended a few weeks ago, but no US, non-Too-Big-to-Fail (TBTF) banks have subsequently faced any real stress. That is because high priests of fugazi finance have a bag of tricks they will use to surreptitiously print money in order to bail out the financial system. I will peek behind the curtain and explain how they are expanding the USD fiat money supply, which will underpin the general rise of crypto and stonks until the end of the year. While the end result is always money printing, the journey is not without periods where liquidity growth slows, providing a negative catalyst for risk markets. By going through the bag of tricks and estimating when the rabbit will be pulled from the hat, we can guestimate when there will be periods where the free market is allowed to operate. The Discount Window The Fed and most other central banks operate a facility known as the discount window. Banks and other covered financial institutions who are in need of funds can pledge eligible securities to the Fed in exchange for cash. By and large, the discount window, for now, only accepts US Treasuries (UST) and mortgage-backed securities (MBS). Assume that a bank is fucked because a bunch of Pierce & Pierce boomer muppets runs it. The bank holds a UST that was worth $100 when purchased but is currently worth $80. The bank is in need of cash to satisfy deposit outflows. Rather than declaring bankruptcy, the dogshit insolvent bank can tap the discount window. The bank swaps the $80 UST for $80 of dolla dolla bills because under the current rules the bank receives the market value of pledged securities. To deprecate the BTFP and remove the associated negative stigma without increasing the risk of bank failures, the Fed and US Treasury now encourage troubled banks to tap the discount window instead. However, under the current collateral terms, the discount window is not as attractive as the recently expired BTFP. Let’s go back to our example above to understand why. Remember that the UST’s value declined from $100 to $80, which means the bank has an unrealized loss of $20. Initially the $100 of UST was funded with $100 of deposits. But now the UST is worth $80; therefore, the bank would be short $20 if all the depositors fled. Under the BTFP rules, the bank receives par for underwater USTs. That means a UST worth $80, when delivered to the Fed, is swapped for $100 of cash. This restores the solvency of the bank. But the discount window only gives $80 for a UST worth $80. The $20 loss is still there, and the bank remains insolvent. Given that the Fed can unilaterally change the collateral rules to equalize the treatment of assets by the BTFP and discount window, by greenlighting the use of the discount window by the insolvent banking system, the Fed continued the stealth banking bailout. Therefore, the Fed has essentially solved the BTFP problem; the entire UST and MBS balance sheet of the insolvent US banking system (I estimate at $4 trillion) will be supported when needed by money printed to finance loans through the discount window. This is why I believe the markets haven’t forced any non-TBTF banks into bankruptcy post-March 12th, when the BTFP ended. Bank Capital Requirements Banks are often called upon to finance governments who offer bonds at yields less than nominal GDP. But why would private for-profit entities buy something that features a negative real yield? They do it because the banking regulators allow banks to purchase government bonds with little to no money down. When the banks, who hold an insufficient capital cushion against their government bond portfolio, inevitably blow up because inflation appears and bond prices fall as yields rise, the Fed allows them to use the discount window in the manner described above. As a result, banks would rather buy and hold government bonds than lend to businesses and individuals in need of capital. When you or I buy anything using borrowed money, we must pledge collateral or equity against potential losses. That is prudent risk management. But the rules are different if you are a vampire squid zombie bank. After the 2008 Global Financial Crisis (GFC), the world’s banking regulators attempted to force banks globally to hold more capital, thus creating a more robust and resilient global banking system. The system of rules that codified these changes are called Basel III. The problem with Basel III is that government bonds are not treated as riskless. Banks must put a small amount of capital behind their gargantuan portfolio of sovereign bonds. These capital requirements have proven problematic during times of stress. During the COVID March 2020 market crash, the Fed decreed that banks could hold USTs with no collateral backing. This allowed banks to step in and warehouse trillions of dollars worth of USTs in a riskless fashion … at least in terms of their accounting treatment. When the crisis abated, the supplemental leverage ratio (SLR) exemption for USTs was reinstated. Predictably, as UST prices fell due to inflation, banks went bust due to an insufficient capital cushion. The Fed rode to the rescue with the BTFP and now the discount window, but that only covers losses from the last crisis. How can banks step up and slurp down more bonds at the current unattractively high prices? The US banking system loudly proclaimed in November 2023 that due to Basel III forcing them to hold more capital against their government bond portfolios, Bad Gurl Yellen could not stuff them with more bonds. Therefore, something had to give because the US government has no other natural buyers of its debt at these negative real yields. Below is the polite way the banks phrased their precarious situation. Demand for US Treasuries may have softened among several traditional buyers. Bank security portfolio assets have been declining since last year, with bank holdings of Treasuries down $154 billion compared to one year ago. Source: Report to the Secretary of the Treasury from the Treasury Borrowing Advisory Committee Again, the Fed – led by Powell – saved the day. Out of nowhere, at a recent , Powell proclaimed that banks would not be subject to higher capital requirements. Remember that many politicians called for banks to hold more capital so that the regional banking crisis of 2023 would not repeat itself. Obviously, the banks lobbied hard to nullify these higher capital requirements. They had a good argument –  if you, Bad Gurl Yellen, want us to buy dogshit government bonds, then we can only do it profitably with infinite leverage. Banks around the world run every flavour of government; the US is no different. US Senate Banking hearing The icing on the cake was a recent letter from the International Swaps Dealer Association (ISDA) advocating for an exemption of USTs from the SLR I spoke about earlier. In essence, banks can only hold USTs in the trillions of dollars needed to finance the US government deficit on a go-forward basis if they are required to put no money down. I expect as the US Treasury ramps up debt issuance, the ISDA proposal will be accepted. This excellent chart from clearly shows how wasteful the US Government is, as evidenced by the record-high deficit. The two recent periods where deficit spending was higher were due to the 2008 GFC and the boomer-led COVID lockdowns. The US economy is growing, but the government is spending money like it's an economic depression. Bianco Research Taken together, the relaxation of capital requirements and a likely future exemption of USTs from the SLR are a covert way of money printing. The Fed doesn’t print the money, rather the banking system creates the credit money out of thin air and purchases the bonds which then appear on their balance sheet. As always, the goal is to ensure that government bond yields do not rise to a level above the nominal GDP growth rate. As long as real rates remain negative, stonks, crypto, gold, etc., will continue advancing in fiat currency terms. Bad Gurl Yellen My essay “ ” spoke in depth about how the US Treasury, led by Bad Gurl Yellen, increased the issuance of short-term Treasury bills (T-bills) in an effort to drain the trillions of dollars locked in the Fed’s Reverse Repo Program (RRP). As expected, the RRP decline coincided with a rip higher in stonks, bonds, and crypto. But now that the RRP is down to $400 billion, the market is wondering what the next source of fiat liquidity will be that bolsters asset prices. Don’t you worry, Yellen ain’t done yet, shout ‘bout to booty drop. Bad Gurl RRP Balance (white) vs. Bitcoin (yellow) The flow of fiat funds I will discuss focuses on US tax payments, the Fed’s Quantitative Tightening (QT) program, and the Treasury General Account (TGA). The timeline in question is from April 15th (the day tax payments are due for the 2023 tax year) to May 1st. Let me provide a quick guide on their positive or negative impact on liquidity to help you understand the implications of these three things. remove liquidity from the system. That is because payers must remove cash from the financial system by selling securities for example, in order to pay their taxes. Analysts expect tax payments for the 2023 tax year to be on the high side because of the large amounts of interest income received and a solid performance in the stock market. Tax Payments removes liquidity from the system. As of March 2022, the Fed allows roughly $95 billion worth of UST and MBS to mature without reinvesting the proceeds. This causes the Fed’s balance sheet to fall, which we all know reduces dollar liquidity. However, we are not concerned about the absolute level of the Fed’s balance sheet but the pace at which it declines. Analysts, like Joe Kalish of Ned Davis Research, expect the Fed to reduce the pace of QT by $30 billion per month at its May 1st meeting. The reduction in the pace of QT is positive for dollar liquidity as the Fed’s balance sheet rate of decline slows. QT When the balance rises, it removes liquidity from the system, but when it falls, it adds liquidity to the system. When the Treasury receives tax payments, the TGA balance rises. I expect the TGA balance to swell well above the current ~$750 billion level as tax payments are processed on April 15th. This is dollar liquidity negative. Don’t forget it's an election year. Yellen’s job is to get her boss, US President , reelected. That means she must do all she can to juice the stock market to make voters feel rich and ascribe this great outcome to the slow “genius” of Bidenomics. When the RRP balances finally go to zero, Yellen will spend down the TGA, releasing, most likely, an additional $1 trillion of liquidity into the system, which will pump markets. TGA Jeo Boden The precarious period for risky assets is April 15th to May 1st. This is when tax payments remove liquidity from the system, QT rumbles on at the current elevated pace, and Yellen has yet to start running down the TGA. After May 1st, the pace of QT declines, and Yellen gets busy cashing checks to jack up asset prices. If you are a trader looking for an opportune time to put on a cheeky short position, the month of April is the perfect time to do so. After May 1st, it’s back to regular programming … asset inflation sponsored by Fed and US Treasury financial shenanigans. Bitcoin Halving The Bitcoin block reward is forecast to halve on April 20th. This is seen as a bullish catalyst for crypto markets. I agree that it will pump prices in the medium term; however, the price action directly before and after could be negative. The narrative of the halving being positive for crypto prices is well entrenched. When most market participants agree on a certain outcome, the opposite usually occurs. That is why I believe Bitcoin and crypto prices in general will slump around the halving. Given that the halving occurs at a time when dollar liquidity is tighter than usual, it will add propellant to a raging firesale of crypto assets. The timing of the halving adds further weight to my decision to abstain from trading until May. To date I took full profit on these positions, MEW, SOL, and NMT. The proceeds were placed into and staked to earn that phat yield. Before Ethena, I would have held USDT or USDC and earned nothing while Tether and Circle captured the entire T-bill yield. Ethena’s USDe Could the market defy my bearish inclinations and continue higher? Fuck yeah. I’m perennially long as fuck crypto, so I welcome being wrong. Do I really want to babysit my most speculative shitcoin positions while I’m two-stepping at Token2049 Dubai? Hell no. Therefore, I dump. There is no need to be upset. If the dollar liquidity scenarios I discussed above come true, I will have that much more confidence to ape into all manner of dogshit. If I miss a few percentage points of gains but definitely avoid losses for my portfolio and lifestyle, that is an acceptable outcome. With that, I bid you adieu. Please remember to put your dancing shoes on, and I will see you in Dubai for a celebration of the crypto bull market.

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