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Hey Blooming Founders,
Surprise, surprise… our NEW newsletter is here!
This was meant to reach your inboxes about 10 days ago, but my account was put under review during the migration from Wix to Revue, because our mailing list was too large.
Then, I learnt that our old list contained a little too many invalid emails (from startups that sadly don’t exist anymore or people changed roles), which is not good for deliverability of the overall platform (fair enough), so I had to clean the list first.
I found a service called Neverbounce, which does it for a reasonable price, in case you are facing a similar issue at some point.
Anyway, good things take time they say… and I keep my fingers crossed that you are receiving this! 🤞

In case you are wondering why I’ve chosen Revue over other platforms, here are a few reasons:
  1. It’s free. I used to pay around £30/month for the privilege of sending emails on WIX and would need to pay over £60/month if I migrated to Mailchimp.
  2. The nature of this newsletter has turned more into a publication than it is intended for email marketing (for our previous events etc), so choosing a publishing platform over email marketing platforms made more sense.
  3. I will be able to integrate it with my Twitter profile, which is the social media platform I will be most active on moving forward.
  4. It has cool features like embedded Twitter posts, voting whether you liked this newsletter or not, and most importantly…. GIFs!
Apart from our usual content, there is also a new section called “Learning about web3” where I will share insights and news from the world of crypto, NFTs, DAOs etc.
I’ve decided to add this section because I’m finding myself spending more and more time learning about the space and explaining various things to my friends.
There is no doubt that web3 is starting to become more ‘mainstream’ in the tech world and I also think that this is the space where we will see the biggest growth in the next decade.
So overall, I think it’s better to get ahead of the game and learn about it than being left behind, but please note that nothing I’m writing about is meant to be financial advice of any sort. Everything is for educational and/or entertainment purposes only. 😉
I hope you’ll enjoy this new newsletter (please let me know by voting at the very end!).
The next one will come out this Friday in our usual cadence, but for today, don’t miss out on the community offer from Addition.
If you are looking for a finance partner or a bookkeeping service, their original Black Friday offer is now a Cyber Monday offer and still valid. 🙌
Until Friday, keep blooming!
Lu
Founder of Blooming Founders
Mantra of the Week
“Don’t be perfect, just keep getting better.”
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Interesting Reads
How a fundamentally flawed metric took over the startup world: Why MRR Is Misleading To Potential Investors
Designing virality and word of mouth marketing into your product: 9 Ways to Engineer Viral Products and Word of Mouth Marketing
Before you think about your marketing, think about your positioning. Learn more in: 95% of My Prospects Don’t Need “Better Marketing”, They Need Different Positioning
Slashing prices in half isn’t always a solution to long-term profitability: How to Set Prices That Boost Sales Without Discounts and Promotions
Loud marketing is cheap. Quiet marketing is an art form. Read more in Loud Marketing is Dead, Quiet Marketing Is More Alive Than Ever Before
Learning About Web3
A couple weeks back, a DAO (Decentralised Autonomous Organisation) called ConstitutionDAO tried to buy a copy of the US constitution, then got massively trolled by a hedge fund manager, but has now gained back their standing.
Starting from the beginning…
What is a DAO?
Theoretically, a DAO is an organisation with no central leadership, i.e. they are owned and managed by their community members.
They have built-in treasuries that are only accessible with the approval of their members. Decisions are made via proposals and group votes.
What is ConstitutionDAO about?
The mission of ConstitutionDAO was to purchase the copy the US constitution that was up for public auction at Sotheby’s on Nov 18.
For the first time in 33 years, one of 11 surviving copies of the “Official Edition of the Constitutional Convention” of the United States was publicly auctioned.
It is the only copy that was still owned by a private collector and ConstitutionDAO wanted to bring the ownership into the hands of ‘The People’, i.e. all the DAO members.
The idea spread like wildfire and within a week, the DAO had raised over $40 million from over 17,000 people.
Everyone was excited, but unfortunately, the mission did not succeed and they were outbid by someone else.
The initial disappointment turned quickly into anger, when the world found out a few days later that the winning bidder was in fact Ken Griffin.
Ken is the CEO of Citadel, the hedge fund that played a major role in GME stock short squeeze earlier this year, which caused many retail investors to lose money on their trades.
He and his fund are widely known in the industry for being cut throat capitalists, and he proved it again by intervening ConstitutionDAO’s mission.
What are potential drawbacks of a DAO?
  1. Transparency is a double-edged sword: When you are in a competitive situation such as an auction, it probably isn’t the best idea to share how much you have in your war chest. Because of ConstitutionDAO’s transparency, it was pretty easy for Ken Griffin to place a bid just over the amount that the DAO had available.
  2. Cost of blockchain transactions: After the failed auction, the DAO offered refunds to everyone, but then people realised that processing the refunds would be so expensive, that almost half of the members wouldn’t actually get any money back. This is because the DAO’s governance token ($PEOPLE) was set up on the Ethereum blockchain, where a transaction could cost between $100-200 to execute.
  3. Complexity of alignment: As one would probably imagine, it is very hard to manage and influence the opinions of over 17,000 people. The group broke into chaos and after a week of discussions, it was decided to close down the DAO because it was simply impossible to agree on a new direction. A few people then complained that ConstitutionDAO had in fact a central leadership team who made the final call (which goes against the principle of decentralised decision making), while others argued that it shows that a somewhat centralised leadership is needed for DAOs to function.
What happens now?
Here comes the next funny thing (in true web3 style): ConstitutionDAO is ending, but $PEOPLE is now trading as a meme token and has increased in value by almost 30x (!) at its high this past Saturday.
In other words, if you had contributed $300 to the DAO, then your $PEOPLE tokens would have been worth around $9000.
It looks like ‘The People’ are not done with this project yet and the new intention is to make $PEOPLE grow bigger in market cap than Ken Griffin’s net worth (around $20 billion). We shall see if that happens… you never know in the crypto world.
I hope you enjoyed this! Please let me know with a quick and simple vote here:
Did you enjoy this issue? Yes No
Lu Li
Lu Li @houseofli

Your weekly dose of insights on NFTs, web3 and startup growth.
Until next Sunday, keep blooming and wagmi! ✨

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