Oddbean new post about login | logout TFW YOU SECRETLY TURNED YOUR COMPANY INTO A MINING FIRM BUT ARE CONTINUOUSLY LOSING MONEY. https://m.primal.net/IERI.png
when bitcoin VCs feed the beast https://m.primal.net/IERF.jpg
TEN31 WAS NOT INVOLVED. https://m.primal.net/IERJ.png
Always knew something seemed off about Swan
Brutal. Savage. Rekt.
I don't understand why do you dislike Swan so much.
Same. I think it has to do with VC funding. As always, follow the money.
nostr:nevent1qqswmfuekwf6rnmcxdaprd78jqz6wfw7mtvca4avjt89ud79vlp8e2spz3mhxue69uhhyetvv9ujumn0wd68ytnzvupzp57hgyjdm76mm3sm3uvdzlpnxkamf7x8zxp2xhhzwv22fxjwk7caqvzqqqqqqyvpt64c Could be this?
Ad hominem
OK. This better? "Honestly not surprising for a bankrupted, but reborn under a different name with the same management shitcoin custodian frontend with a Bitcoin only marketing strategy to be comfortable with a shadow bank that issues its own transaction reversable deposit certificates." https://i.nostr.build/8GrVX.jpg https://i.nostr.build/jYLGG.jpg
Bankrupted and reborn? You got a citation for that? Swan mining is not cloud mining. It is not on offer for retail. These are business deals between corporations with oversight and accountability. You should be more careful to separate the concept of cloud mining from the scummy companies that have ruined this term in the minds of the public. I think we will need to build a robust market for hashrate in order to solve miner decentralization. Guess what that's called? Not cloud mining lol that phrase has been burned. The idea is sound. Execution has so far been extremely poor.
Prime Trust -> Fortress Trust.
Bit of a reach there. Fortress is a different company from Prime with the same founder. Both companies partnered with Swan. It's not a deep market. There are not many choices for custodian integrations. The biggest issue is finding a custodian that can scale the seperate trust account for each customer model that swan uses. This model provides legal protection for customer funds in the event of custodian bankruptcy. Nobody else does this AFAIK. BTW swan now supports multiple custodians. We are working to build a nice integration layer to bring on even more. Also, I can't say much about it but Swan is working on a very smart long play here. We're hard at work setting up a bitcoin only custodian. I think your distaste for swan is way overblown. It's trendy to hate on swan but we are pursuing a unique strategy. Time will tell what strategy is most appropriate or who executes better but I, for one, am very glad to have multiple teams of bitcoiners trying all different approaches to solve the same problem. It's easy to criticize builders. Much harder to build something from nothing. Ask yourself this: are you a net contributor or a net detractor to the cause of freedom technology?
Didn't see a single mention of building for privacy or self-custody. Keep building that guilded cage.
Hard agree on the privacy point. I don't see a path for a heavily regulated onramp to really push on privacy. If we tried to push the envelope we would get shut down faster than you can say wasabi. Nobody wins in this scenario except the state. We need cypherpunks to advance the cause of privacy. Mad props to the mad lads making this a reality. Respect. ✊ As for self-custody, Swan puts a lot of emphasis on pushing people to take custody of their corn. I first became a customer because they were the only game in town with automated withdrawals. Swan also caters to entire customer segments that are not able to self custody thanks to the regulatory state. Important not to lose sight of the reality on the ground. Many institutional customers are required to use regulated custodians. IRAs exist in a legal gray area; Swan chose the conservative path of custodial IRAs to avoid this legal risk. Other companies chose a different path. Again, I am happy that bitcoiners are pursuing all strategies. It makes the whole movement more resilient and more likely to succeed.
It’s because he sunk a ton of money into Strike - a company who laid off a massive, massive amount of Bitcoiners because Jack can’t figure out, for the life of him, how to monetize and run his business. Strike is a shitshow. Now Samourai (also ten31 funded). It sucks to suck. Some people do it gracefully. Others do it like Odell lol.
GUESS WE KNOW WHERE THE MONEY CAME FROM
Is Tether fud still a thing?
Always will be. Ops fud based on emotions, not logic
Not sure. Also not sure where Tether for on the Maxi scale. I know Keiser is good with Tether. Not sure with the Odell disciples where Tether stands. If I understand correctly, Tether takes dollars buys treasuries with them then takes the proceeds and buys Bitcoin for their treasury.
“SWAN BITCOIN, A LEADER IN BITCOIN MINING INNOVATION” HAHAHHAHAHHAHAHAHAAHAHAHHAHAHAHHSHAHSHHAHAHHA HAHAHAHHAHAHAHA
Big red flags
Bitcooooonnnect.gif
Get this, I interviewed with Swan for three months from December 2023-March 2024 for an entry level bis ops role, spoke to a bunch of people, including Cory. Cory verbally told me I would be receiving an offer but needed to connect with HR to hash out the final details. Two days later I was told the position was on hold as they are, “hyper conscious of their growth”, and a bunch more bullshit managerial speak. They are clearly losing money and I have zero faith they’ll be around much longer. Not that I hope they fail, but damn that’s a fucking huge red flag 🚩 Hard pass
I also interviewed there for a marketing position once and was told that they wouldn’t be able to make an offer close to what the role was actually worth. This was the actual response: “So everyone at Swan works for below market in fact because so many talented bitcoiners want to work at a Bitcoin only company.” 🤣🤡🤣🤡🤣🤡🤣🤡🤣🤡🤣🤡
well, if they can find people for less money, that's what the position is worth. price only exists when an exchange happens. it seems that for many people just the feeling of working for some company is a non financial part of the salary. if it works for them and not for you, it is fine, you chose not to take the deal.
It also means they aren’t attracting the best talent and I think that’s self-evident.
yes, but that's their choice. often you can build things with developing talent. when I started with my company, I often hired students and invested time rather than money. they grew their capabilities and put in more effort, I could start without outside investment.
I was willing to take a pay cut to work in a bitcoin company, but not so much I can’t feed myself and my family. I never got a number but I was told it would be a significant cut from what I’m making today.
one man's paycut is another man's hot career opportunity
Simping for Swan not my jam. ✌️
not a great jam
I'm not, I'm not a customer and I'm indifferent to KYC exchanges. It's like a vegan restaurant for me. I understand that they exist, but they offer nothing usable to me. I'm slightly annoyed by every podcaster pushing them for referral fees. On the other hand, understanding the reality of job market is important. It has depth, sorting through top offers is not how to get an accurate picture of it.
nostr:nevent1qqswmfuekwf6rnmcxdaprd78jqz6wfw7mtvca4avjt89ud79vlp8e2spz3mhxue69uhhyetvv9ujumn0wd68ytnzvupzp57hgyjdm76mm3sm3uvdzlpnxkamf7x8zxp2xhhzwv22fxjwk7caqvzqqqqqqyvpt64c
nostr:nevent1qqswmfuekwf6rnmcxdaprd78jqz6wfw7mtvca4avjt89ud79vlp8e2spz3mhxue69uhhyetvv9ujumn0wd68ytnzvupzp57hgyjdm76mm3sm3uvdzlpnxkamf7x8zxp2xhhzwv22fxjwk7caqvzqqqqqqyvpt64c
SHOW US ON THE DOLL WHERE SWAN TOUCHED YOU MATT https://m.primal.net/IETP.jpg
And what's wrong with them running a.mining operation? And are you confirming you're confident they're losing money?
All Swan's business does is add overhead onto an industry which can't have a lot of. (The graveyard of managed mining services has plenty of examples). Swan picked up a lot of hash (allegedly) so if they were in-tuned with mining by keeping all of their machines running, then they should have no time to be messing with bullshit. Coming out and say that they need others to pay to keep ASICs running is a signal of a failing mining operation because capacity cannot be fully deployed. That's how I read Swan's announcement Mining is tough, it's for anyone but not everyone 🤷 but who knows, maybe they really have some ASIC-whisperer running their operation like a master conductor -- some bullshit like that npubs on nostr can't fathom🙄 or... They should wise up and leave mining alone or at least step aside if they don't know what their doing
nostr:nevent1qqswmfuekwf6rnmcxdaprd78jqz6wfw7mtvca4avjt89ud79vlp8e2spz3mhxue69uhhyetvv9ujumn0wd68ytnzvupzp57hgyjdm76mm3sm3uvdzlpnxkamf7x8zxp2xhhzwv22fxjwk7caqvzqqqqqqyvpt64c
Losing money? Lol. Are you talking about Swan, or Strike? You aren’t the only one who’s inside baseball - worry about your own sinking investments dude 😂, not companies that actually make money. lol.
Smarty McSmarty
Gotta admit that going the mining route when they did seemed like a big risk to me just prior to the halving. Granted mining has always been a big risk and margins are tiny unless you have some really serious advantage on energy pricing.
