🏠 Snapchat Streaks Go Brrrr
Streaks > Friendships
Gm. Another day, another dollar. Let’s make this week count.
Last week’s poll had some wild answers.
“I’ve been using YouTube since 2005. Premium makes it feel like it’s 2005 again.” Ahhhh the nostalgia waves hit so hard.
“I watch youtube in the shower and need premium because my fingies are too wet to skip the ads” Savage. I do love LoFi beats in the bathtub as much as the next guy.
Ok onto today’s poll.
Should TikTok be banned in the US?
Hit me with your wildest theories, go.
Looking at three startups that just raised. Congrats!
If you want to get your company in front of 21,000+ founders, investors, and operators, let us know! Contact [email protected] with any questions
Silvergate Is Going Timberrrr
These days, it really seems like every crypto “success” story ends one way:
We saw it happen with Luna. We saw it happen with FTX. And now, we’re seeing it happen with Silvergate.
The Highest Highs, and The Lowest Lows
Silvergate is known as one of crypto’s greatest triumphs. Originally a small regional bank, Silvegate grew into a publicly traded behemoth after it began focusing on providing banking services for crypto companies.
At its peak, Silvergate had $12B in customer deposits and was trading at $219.
Let’s just say we’re not in Kansas anymore.
That customer deposit number now stands at a paltry $3.8B. Silvergate stock is sitting at a painful-to-look-at $5.77. The bank has laid off 40% of its staff. Some of its biggest clients, including Coinbase, Paxos, Circle, and Galaxy Digital, are cutting ties. And now, Silvergate is openly questioning its own survival.
Pain Now, Pain Later
If Silvergate does indeed go under, the crypto bros will be in a hell of a lot of pain.
The SEC is already on a crypto crusade. What do you think will happen if a traditional bank kicks the bucket because of crypto? It’ll be regulatory armageddon.
And, perhaps even more damagingly, crypto will be hard-pressed to find another traditional bank so friendly to the industry anytime soon. The crypto-friendly bank meeting a violent demise doesn’t exactly inspire imitation.
But hey, at least bitcoin is up 35% this year 🚀.
Snapchat Streaks Go Brrrr
This week, three social apps announced new features that would help teens.
Does this mean my Zoomer intern will stop calling me “bruh”? We’ll see. Let’s evaluate these new protective measures.
Instagram added expanded tests of an age verification feature that asks users to verify their age if they attempt to change to become 18 or older. They offer three separate ways to do this:
Get 3 mutual follows to verify for you
Lol this 3rd option was clearly designed by someone who never broke the rules or stayed out late in high school. How easy would it be to get 3 friends to verify you’re 18 or above?
As TechCrunch points out, “the teen is allowed to hand-select three users among their mutual followers.” It’s almost like they made it super simple to become 18 because Instagram can then show them ads.
But Instagram would never, would they?
TikTok just announced a 60-minute “limit” for teens meaning:
Under-13 users need a parents’ passcode to watch another 30 min
Over-13 users can just keep watching if they enter a passcode
Ah, this will solve everything!
Ok Snapchat’s is weird.
I knew my zoomer brother and sister liked to keep streaks with their friends, but I never realized that there’s been government intervention and proposed legislation surrounding Snapchat addiction.
So now Snapchat is letting users pay to extend their streaks.
I asked my brother his thoughts on the new Snapchat feature. He said, “It’s lit no cap fr, on God.” Thanks bro for the wise words.
Stat: 40%: The percentage of software engineers who will only work remotely. Times are a changing.
Story we're watching: A new study has found that China is kicking America’s ass in 37 out of 44 critical and emerging technologies. It’s hard to believe the American powers-to-be are comfortable with this state of affairs, and it’ll be interesting to see if the government does anything to boost the country’s technological prowess.
Rabbit hole: How OpenAI CTO Mira Murati Became One Of Tech’s Most Influential Innovators (Fast Company)
WHAT ELSE IS GOING ON
Samsung filed trademarks for an AR/VR headset.
You can now change Bing’s personality to be either entertaining or all-business. Personally, give me entertaining or give me death.
Men in Brazil have been getting robbed on Tinder dates.
The FDA denied Neuralink’s request to begin human trials of its brain implant. Excuse me, we must accelerate the future.
Mac Miller delivers a laidback set perfect for working. Miss ya Mac, RIP.
Notable layoffs this week
Airbnb: 27 people (0.4%)
Embark: 222 people (70%)
Loft: 340 people
The best resources we came across this weekend that will help you become a better founder, builder, or investor.
🎤 Erik Torenberg (OnDeck) and Dan Romero (Farcaster) chat about why studying history is so important for founders.
👾 “I don't understand the hate for the AI gold rush from entrepreneurs,” tweeted AI founder Danny Postma. “You're here to make money, no? Go capitalize on it!” Wise words.
🤝 Check out the LinkedIn Carousel Generator from Taplio. Time to upgrade your LinkedIn game.
If you're in NYC or LA, make sure to subscribe to our IRL events newsletters: