This is is a huge win for Larsen, Garlinghouse and the XRP community.
1. While the court rules that some of Ripple's "Institutional Sales" of XRP were investment contracts and thus, the sale of unregistered securities,
2. Ripple's sales of XRP to "Programmatic Buyers" through Exchanges to anonymous buyers were NOT investment contracts.
3. Ripple's other distributions of XRP to employees as compensation or to 3rd parties to develop applications for XRP or XRP Ledger are NOT investment contracts.
4. Larsen and Garlinghouse's sales of XRP are NOT investment contracts.
🚨🚨ORDER ISSUED ON @SEC v @Ripple:
JUST ADDED to our Document Library:
Judge Torres GRANTS Summary Judgment Motion to Ripple, @bgarlinghouse & @chrislarsensf on all XRP sales except Institutional Sales, for which she grants motion to @SECGov
LINK TO RULING: https://t.co/wzEzJzRckw
In 1998, Citibank and The Travelers Insurance Company merged.
They hired legendary designer Paula Scher to create a new logo.
In their first meeting, on a napkin, Scher drew what became the iconic Citi logo.
As Scher got up to leave the room, someone from the Citi team asked,
How can it be that it’s done in a second?
“It’s done in a second and 34 years," Scher replied. “It’s done in a second [and] every experience and everything that’s in my head.”
Takeaway 1:
As Scher has become a master of her craft, she's experienced an interesting problem.
"A lot of clients like to buy process," she explains. "they think they're not getting their money's worth [if] you solve the problem too fast."
This is known as the "Labor Perception Bias."
It's an interesting phenomenon: we are generally impatient, yet, we are skeptical if, for instance, we're at a fancy restaurant and the food comes out only minutes after we ordered.
One of famous examples of the Labor Perception Bias is the parable of the engineer and the hammer:
A factory owner hired an engineer to fix a broken-down engine. The engineer inspected the engine for one minute, took out his hammer, hammered the engine once, and then started the engine with no problem.
The engineer charged the factory owner $5000. The factory owner was shocked, protested that the engineer had worked for only one minute, and asked for an itemized bill. The engineer sent the factory owner an itemized bill:
Hammering the engine: $5
Knowing where to hammer the engine: $4,995
Takeaway 2:
On my desk, there is a notecard that says, “All success is a lagging indicator.”
The line comes from one of my favorite Ryan Holiday articles. “When a day’s writing goes well,” he writes, “it’s a lagging indicator of hours and hours spent researching and thinking… Receiving a promotion is a lagging indicator of a lot of quality work. Delivering a keynote with confidence is a lagging indicator of a lot of preparation.”
Knowing where to hammer the engine is a lagging indicator of the years and years working with hammers and on engines.
And Paula Scher’s ability to create an iconic logo in a second is a lagging indicator of 34 years spent honing her craft.
- - -
“When you sit down to create something...what you create is a culmination of everything you’ve seen and done previous to that point.” — Tinker Hatfield
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Shortly after Steve Jobs returned as the CEO of Apple in 1997, he met with Jony Ive, Apple’s Senior VP of industrial design.
Apple had 40 products on the market.
“Jony, how many things have you said no to?” Jobs asked.
Ive was confused.
“You have to understand,” Jobs said,
“There are measures of focus, and one of them is how often you say no.”
“What focus means,” Jobs taught Ive, “is saying no to something that you—with every bone in your body—think is a phenomenal idea, and you wake up thinking about it, but you say no to it because you're focusing on something else.”
Jobs walked up to a whiteboard and drew a 2 x 2 grid. On top, he wrote “Consumer” and “Professional.” Down the side, “Portable” and “Desktop.”
Four products—meet Apple’s new radically focused product line, Jobs said.
After that meeting, over the next two decades, Jobs and Ive—focused on making a few high-quality products while saying no to everything else—transformed a dying, near-bankrupt company into one of the most valuable companies in the world, worth over $2.9 trillion.
Takeaway 1:
The philosopher Marcus Aurelius pointed out that the focus of doing less “brings a double satisfaction.”
You get the satisfaction of having fewer things to do. And…you get the satisfaction of doing those fewer things at a higher level.
You get “to do less, better.”
During Steve Jobs’ first visit to Jony Ive’s design studio, he looked around, and then he said, “Fuck, you’ve not been very effective, have you?”
It was clear to Jobs that Ive was full of ideas and potential he wasn’t able to execute or fulfill under Apple’s previous leadership.
In the Jobs era of “doing less, better,” Ive was very effective.
Some products he designed include: iMac, iPod, iPhone, iPad, Apple Watch, and AirPods.
Takeaway 2:
Even though he slashed the product line down to four products, Jobs loved to have and hear ideas.
“Steve used to say to me,” Ive said, “and he used to say this a lot, ‘Hey, Jony, here’s a dopey idea.’ And sometimes they were: really dopey. Sometimes they were truly dreadful.
But sometimes they took the air from the room, and they left us both completely silent.”
It made me think of what Jerry Seinfeld identifies as the ultimate skill of the artist: “taste and discernment.”
“It’s one thing to create,” Seinfeld says. It’s one thing to have ideas.
“The other is you have to choose. ‘What are we going to do, and what are we not going to do?’” What are we going to add to the product line, and what are we not going to add?
“This is a gigantic aspect of [artistic] survival,” Seinfeld continues.
“It’s kind of unseen—what’s picked and what is discarded—but mastering that is how you stay alive.”
- - -
“Everything just got simpler. That’s been one of my mantras—focus and simplicity.” — Steve Jobs
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The #POOHCrew NFT treasury just increased!
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This morning, $PEPE, created on April 15th, rallied nearly 100% in a three day period.
Its market cap passed 700 million, being at $400 million at the start of the week.
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