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The role of Bitcoins in the world monetary system – with Jason Hsu

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The role of Bitcoins in the world monetary system - with Jason Hsu

We have Jason Hsu, one of the leader expert on the Crypto worlds. Jason co-founded KryptoGO USA, a Saas provider for affordable and lightweight KYC/AML solutions. Attended multiple accelerator programs – notably Berkeley Blockchain Xcelerator, Draper University, Plug N Play Tech Center, etc. He run also Bincentive’s user based from the ground up. Bincentive is an advanced auto.trading platform that offers trading bots, lowered barrier to entry on the crypto hedge funds, fixed income products, and DeFI/CeFI services.

Jason, first to speak about Bitcoins, tell us something about you

I started doing web development in college, just to see if this could become something I’d like to continue doing as a job. After I graduated from USC with a degree in computer science and business administration, I got to meet a lot of other dreamers like me who had a very solid business foundation. Some of them wanted to recruit me for their businesses and ventures, but I had my own ideas and I wasn’t very confident that I could execute them.

So I started going my own way. I got ideas of the costs , tools to work with, marketing budgets etc that a Saas provider in Canada was facing that served almost all of the US customers including startups and tech sector.

Then I pounced on the latest blockchain projects of the moment, met with seniors, went to multiple conferences, and met with the cofounder.

Throughout the pitching and fundraising , I realized that the most important varabilie is people. I met with many of those who have knowledge that is esoteric to me. I enjoyed interfacing with them even if there was no idea or business together.

We went through five accelerator programs.  But I was spreading myself too thin by running 2 startups. I thought about joining the other side – joining venture capital or accelerator. At the time, I didn’t think about exchanges until BitMart reached out to me. Since then I’ve talked to several projects on a daily basis and provided the support they need to take their projects to the next stage.

Let’s start with the basics. If you had to define bitcoins, how would you explain them?

Bitcoins are an example of the invention of online scarcity. It’s something we don’t pay attention to in our everyday lives, even though scarcity is everywhere: if I have this table, you don’t. The online world doesn’t work like that. The online world doesn’t work like that: you own a file, but copies of that file can be produced at a negligible cost, and those copies can be owned by everyone. But this argument is not always profitable. Take for example the games, Risk or Monopoly, but also online platforms like Fortnite: these realities work only if they have limitations (only one territory, only one property, only one weapon), otherwise they are not fun. Creating online limitations is not easy, precisely because of the simplicity with which data can be replicated. Satoshi Nakamoto (the inventor of the cryptocurrency Bitcoin, ed.) did it though, and he did it by inventing scarcity.

How do you invent scarcity?

You get it by generating a registry that keeps track of who owns what (going back to the games, John has that sword, Mark that territory) and this registry, so far, has always been centralized. This solution works very well, and not for nothing is the same as the one used by banks, which must keep track of the passage of money between customers. The fact is that this system also poses problems.

Which ones?

Whoever owns the registry has enormous power, because he can modify its values, or is anyway subject to a high risk of attacks that can damage, delete or steal data. It was the same danger that Napster faced (file sharing program created by Shawn Fanning and Sean Parker and active from June 1999 until July 2001, ed) that, despite the distribution of information among users, had a unique registry that kept track of each path. Eventually, it was attacked, received a large fine and deflated like the phenomenon it was. Over the years, we’ve come to BitTorrent, a truly decentralized file sharing system. This can already teach us one thing: that centralized systems, when attacked, collapse, while decentralized ones survive.

So the more decentralization increases, the more security increases.

Exactly, there’s kind of a dialectic between decentralization and security. Decentralization protects information because of the fact that it can be copied, and therefore is not scarce.

How is this system related to the production of Bitcoin?

To explain it we have to take a step back: between 1990 and 2008 a series of experiments proliferated regarding the creation of a currency on the internet. Users felt the need to make online payments faster and more immediate, and banks (at first less, today more) could not meet this demand, given the long time it took even for a transfer. Many of these experiments have failed, others have been closed due to the intervention of central governments, since creating money is forbidden.

And how was it possible to produce a currency that could not be produced?

Because Satoshi Nakamoto invented and explained (in his White Paper) how to do it, and many people helped build this system. Think about that around 2009, Gavin Andreesen, chief programmer of Bitcoin, was invited to have a chat in the offices of the CIA. The agents had him explain how cryptocurrencies work, then asked him what would happen if they arrested him. And the answer was that basically nothing would happen. Andresen would remain in jail, but Bitcoins, which are open source software, would go on anyway.

Thanks to Jason, remember to follow him on Instagram

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Great Resignation: How to beat Great Resignation with Employee Experience

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Great Resignation: How to beat Great Resignation with Employee Experience

Great Resignation

The world was forever changed in late 2019 when the Coronavirus made its appearance. Countries shut down. Streets were empty. Companies held as best they could or were forced to close their doors. Many would believe that such an event would lead to employees wanting to hold on to their jobs. Typically, large numbers of resignations signify a good economy and abundant availability of jobs allowing people to follow passions instead of necessity.

Post-COVID employee experience is much different.

For two years, and some a bit more, people were forced to spend time alone, realigning the importance of human interaction, well-being, and happiness. This drive for more personal fulfilment, satisfaction, and growth stemmed The Great Resignation.

No longer were employees basing staying with jobs out of need or comfortability. Now they look for work-homelife balance, greater satisfaction and better employee experiences, or they will leave. So how do companies face this? How do they increase employee retention and improve employee engagement?

The secret is in employee experience.

Holistic Employee Experience

There are, of course, no quick fixes for the Great Resignation, small wins can motivate and drive longer-term goals for your organization. The Great Resignation—and COVID by extension—taught many employees that life meant so much more. That the daily grind working in offices with long commutes, stress, lack of rest or relaxation, and the hustle of strenuous work weeks while normal was not conducive to happiness and mental well-being.

But this shift can be used as a blueprint for better employee experience!

Companies who work on being human-centric in ideals, strategies, and decision-making can improve greatly their chances of stemming mass exodus. Post-covid employee experience is now the new golden standard, and it looks at taking a more comprehensive and holistic view of experiences.

How can you be more holistic and how does it help?

  1. Think beyond probationary periods – Your employees are more important than the first 30, 60, or 90 days of employment, and yet many companies stop professional development and training after these dates. Normalize career growth, evaluations, employee 360 reports, and feedback loops to keep learning and advancement in the scope of your employees. While doing this, you’re also keeping your strategies and Key Performance Indicators—KPIs—fresh as you go.
  2. Communication is key – Talk to your employees about what they need, want, desire, and what their ambitions may be. Learn your people like you want them to learn your company. With transparent and open communication, you are engaging with your employees and creating an environment of consistency, openness, and inclusion—aspects employees’ desire.
  3. Employee-centric Corporate Culture – It may seem like the best idea is to center your company culture around the company’s values, vision, and strategies, but this is only half the battle. Integrating employee experience into the fabric of company culture ensures the company is as focused on their employees’ happiness as their own. It creates a bond to grow engagement, which has an effect on employee satisfaction and experience. As these rates increase, so to can employee retention numbers and customer experiences.
  4. Life and work-balance Erasure – Should your employees have to ask for more work-life balance? No, they shouldn’t. When built directly into work environments or expectations, it becomes something standard instead of something to be sought after. Examples of this could be:
    1. Flex hours
    1. Unlimited PTO
    1. Work-from-home or hybrid offerings
    1. Expanded benefits to include mental health and free resources
    1. Altered work hour schedules

Rise of Human Experience

Human Experience is a viewpoint that blends aspects of customer experience with employee experience, important in a post-COVID world. Instead of viewing them as separate entities entirely, companies can connect metrics and measurements of both to view a more comprehensive experience. Employees are customers—or potential ones—and as such, so too can customers become employees. With this view, it refocuses employee experiences in direct answer to the needs stemming The Great Resignation.

Ways you can use CX strategies within EX:

  1. Employee Journey Mapping – Like in customer experience, companies can work on mapping journeys for positions within the company overall, building in professional development and growth from the outset. They can then alter these journeys through personalization when an employee fills that role.
  2. Monitoring metrics – connect goals, milestones, and trajectories with metric directly linked to KPIs. Think employee net promoter score (eNPS), employee experience (EX), employee satisfaction (ESAT), and employee engagement (EE), for example, as they can correlate with operational success as well as customer success with your organization.
  3. View of employees – view your employees with the importance you view your customers. You cannot survive without either, and just as you court customer loyalty for more profitable relationships, so to can employee relations boost revenue, growth, and expansion.

Remote and Hybrid Work

One of the lasting effects of COVID was the desire to work from home or have the flexibility to. According to Gallup, nearly half of full-time working Americans—45%—are still working remotely.  White collar workers have even higher percentage, coming in at 70%. After the shutdown, many leaders were surprised to find employees still wanted to work remotely. The Pandemic exposed an internal need for conducive work environments and flexibility.

The office and all it entailed wasn’t as attractive as some leadership believed.

It was agile leadership who switched to maintaining remote or hybrid options who won out against competitors. Record job openings only further highlight how living is more important, and work can no longer be focused on only paying bills. Organizations who shift better with their employees retain talent better.

Remote work is not the only fix, but it does show how views of work’s place have vastly changed.

Act on Meaningful Feedback

Closing the loop between you and your employees is more important than ever before. Simply hearing them is not enough. Active, empathetic listening pair with actions on a consistent basis is the wining combination. Employees not only want to know they are heard but that their input is valued.

Regularly checking in with your employees, and not only attaching it to their performance, creates a culture of partnership.

Ways to gain meaningful feedback to inspire data-driven action:

  1. Employee 360 Review [LN1] [SP2] – not to be confused with an employee evaluation, the 360-degree review is a way for all employees to gain feedback from peers, subordinates, and managers to assist employee self-evaluation.
  2. Pulse checks – a powerful anonymous survey tool. Pulse checks are in between annual reviews and keep the feedback coming for HR initiatives, but it can also inform business strategies that are employee-focused as well.
  3. Surveys – From satisfaction to engagement, the best thing you can do is ask your employees. Working from assumptions can lead you down costly mistakes. By asking directly you can get their true opinions—think of using anonymity to influence candid responses.

Final Thoughts

The biggest takeaway from this is: employee experiences is an important part of operational success. The evolution of its importance and what it means cannot be discounted. Doing so can led to higher employee turnover rates and you won’t retain your best talent. As employee experience continues to change, the forward-thinking companies with innovative leadership will make it to the top.


 [LN1]Would it be okay to tag our template here?

Yes, we can [SP2]

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