Operation World Record for Fred Kerley 🇺🇸 today.
He claims Usain Bolt's 100m World Record will be DESTROYED today at the Enhanced Games.
The 2022 World 100m Champion is currently serving a 2-year athletics ban for whereabouts failures.
Operation World Record for Fred Kerley 🇺🇸 today.
He claims Usain Bolt's 100m World Record will be DESTROYED today at the Enhanced Games.
The 2022 World 100m Champion is currently serving a 2-year athletics ban for whereabouts failures.
In the Backpack tokenomics, we have one guiding principle.
- Insiders "dumping on retail" should be impossible: no founder, executive, employee, or venture investor should receive wealth from the token until the product hits escape velocity.
Of course it begs the question, what does it mean to "hit escape velocity". Every project is different, and it's impossible to generalize. For Backpack, the answer is clear: we want to IPO in the USA. Going public might happen quickly, it might happen not so quickly, and in fact, it might not happen at all. In any case, we're going for it.
But before going public, we have to grow--a lot. The odd thing about Backpack's growth over the past year--and in fact one of the things that makes Backpack so different from basically every token project in crypto--is that, today, Backpack Exchange only serves about 48% of the world. We've been very slow, very intentional about opening up our product to the world, ensuring that we have every "i" dotted and ever "t" crossed as a regulated financial institution. Growth that sometimes feels like running with a parachute, but we are happy to take the long path, because it's precisely that parachute that will allow us to fly.
For those that don't know us, the reason for this is simple. Backpack is trying to not only build great crypto products, but we're also trying to build great TradFi products. We're trying to not only give our users access to every crypto asset, every blockchain, and every decentralized application, but we're also getting banking rails around the world, USD client money accounts in the USA, EUR in the EU, JPY in Japan--every currency on every major payment network you can imagine. We're trying to build a great securities product, whether that's getting access to your favorite stocks in a traditional brokerage or bidding on primary shares of a company about to go public on NASDAQ. We want to serve not only retail users worldwide, but we want to serve regulated products for regulated counterparties and regulated institutions around the world. All of this takes an enormous amount of time, effort, blood, sweat, and tears. We've been working on this for over three years at this point, laying an international foundation for the company and for the product slowly but surely, brick by brick. If we're lucky, we'll spend a lifetime.
What this all means is that, in the most literal sense--and I know this sounds silly--we're just getting started. We still have half the world to open up into. We still have some of our most exciting products to launch. And this leads to our next guiding principle in our tokenomics.
- Liquid tokens should exclusively go to users, fueling growth triggered by key product milestones.
Every time we open up a new region, every time we launch a new product, that's an opportunity to grow. Open up EU => grow. Open up Japan => grow. Open up the USA => grow. Open up predictions => grow. Open up stocks => grow. Open up card => grow. Like gasoline onto a fire, the token serves to continuously kickstart new markets in the same way points kickstarted Seasons 1-4.
With every growth lever we pull, tokens unlock in a predictable way to users, bringing in a new wave of token holders, growing the community, and allowing the product to soar to new heights. The objective constraint for this to work is precise: the value of added growth created by new token unlocks must always be greater than the dilution of those unlocks. As long as that condition holds, we can continue to unlock tokens direct to our most active users, growing along the way.
Last but not least is the question:
Ok so if all the liquid tokens are going to users, then what about the team? How exactly do you remain incentive aligned while ensuring the team cannot unlock, dump on retail, and become enormously wealthy without building something great?
And the answer is simple: not a single founder, executive, team member, or venture investor has been given a direct token allocation.
The entire "team allocation" sits in a "corporate treasury", i.e. on the balance sheet of the Backpack company--locked until at least one year post IPO. The team owns equity in the company, and the company owns a large percent of the token supply. It's not until the company goes public (or has some other type of equity exit event), that the team can earn any wealth from the project. It's not until the company has access to the largest, most liquid capital markets in the world by going public--and it's not until the company has done all the hard work to earn access to those markets--that the team can reap the rewards of the value created by the Backpack community from now until then.
We either go big, or we go home.
The average Nigerian life exists in a state of decline, not bloom. The Alhaji, whom I once bought vintage glasses from at Lagos Island, went from selling in a library of glasses to trading a small stock in a portable show-glass and later, an old briefcase.
He couldn't afford the shop. He couldn't afford the merchandise. After a while, he left the spot entirely.
Some of those Ebonyi boys in Lagos have gone crazy with hustle. They go from selling phone accessories to socks and handkerchiefs to getting bread from supermarkets like Shoprite and Bokku and selling them on the street.
Nigerians get permanent deformities from small accidents because of a lifestyle, circumstance, and a system that prioritize staying alive over living. They survived—it's all that matters.
When I was in the bank, I discussed Hugh Mcculloch's ‘Advice for Bankers’ with one of the senior employees. Mr. Hugh Mcculloch was the Comptroller Of Currency, U.S Treasury, in 1863, when he laid out an Advice for Bankers, which would later become a set of principles for Modern Banking.
I told them that by those principles, a banker must be paid well and not get into petty loans—constantly. To prevent the likelihood of financial irresponsibility.
They mocked me lightly and said I should focus on meeting my weekly targets rather than talking like a professor. "All your generation talk about is money." "Hardwork and experience, first. The money will come." Yet, a senior staff projected that at least 60 per cent of Junior staff in the same Bank were debtors or microfinance banks and loan sharks. (He'd done an audit of such nature not long before I got employed.) He wasn't wrong.
There were stories of people, including my own friends, who got robbed of their laptops, tablets, and phones when they were either coming to work or going back home. The Company wouldn't compensate them. When they did, it was not sufficient. Yet, they came to work as early as 6am and sometimes left very late at night. Some still came to the office during the weekend.
One lady was in the middle of a professional exam, which she could barely afford when she was robbed. I remember she had once protested to her bosses for how inconsistent they were at providing hotel accommodation for their late night work. After she got robbed, some people blamed her for not being alert and careful. She was depressed but showed up as if all was well, so she wouldn't be the centre of attention.
Another one got into an accident but still came to work even as she had a bleeding scalp. She had a lot of hair, yet the bleeding was obvious. I asked why she didn't go straight to the hospital. She said “If I don't come to the office, they'll say I'm lying, and I can't risk it because of staff appraisal.”
When you ask these people to “Dare to dream," what are your expectations? Are they practical? Beyond the occasional moments of hope inspired by the worship songs they sing religiously, they have almost nothing. They just try to look presentable enough to show up daily—sleep deprived and desperate.
Their wages are divided between Loan App repayments, savings—which would later be consumed by bills—and expenses exhausted by social expectations that matter to them, such as outward adornment and career development. Life is terribly harsh and uncertain.
We must understand that people just want to work, pay their bills, and have enough time and vitality to tend to other things outside work. It's this simple. Can't regular people live a healthy life?
This is one of the most important truths almost no one talks about.
There is a threshold of wealth beyond which u stop interacting with reality as it exists and begin interacting with a version of it that bends to your whims.