Ryan Sean Adams (rsa.eth) pfp
Ryan Sean Adams (rsa.eth)
@rsa.eth
People are way too glum about lack of crypto adoption. We've actually come a long way in a short time. Let me share our story. We're a media company with a simple business model - subscriptions and sponsorships. We now run 70% of Bankless onchain and i actually love it. That's up from probably 20% when we started. THINGS WE DO IN CRYPTO Ethereum is our primary bank. Safe is our bank vault - access controls, limits. I can't understate how much safe has improved over the past few years - 10x better than any bank interface. Etherscan for bank statements - all our balances - all our transactions - I can't understate the value of etherscan - we've been DAUs since forever Metamask, Rabby, Uniswap wallet as our checkbooks - our finance ppl use these to sign transactions from our vault or make payments USDC for cash - we pay salaries, bills, and taxes in fiat so keep short-term treasury in stablecoins [Continued in thread]
12 replies
11 recasts
135 reactions
Ryan Sean Adams (rsa.eth) pfp
Ryan Sean Adams (rsa.eth)
@rsa.eth
sDAI from Maker for CDs/Treasuries - we use Cowswap for this - any cash that's medium-term treasury generates yield in DeFi ETH as our S&P500 index - we are long ethereum - why wouldn't we be...everything above is built on ethereum ETH is our store of value. RocketPool for ETH yield - if we're bullish ETH, why not stake it - sometimes Morpho for a lil extra juice. Cryptio as our quickbooks - it just beams in all our onchain transactions for our bookkeepers Uniswap for currency swaps - when we get paid in tokens and need to swap them for USDC or ETH CryptoTaxCalculator as our turbotax - @trustlessstate and I are partners in this biz and this just spits out our personal taxes. Kraken and Coinbase as our crypto banks - fiat onramps - these two have never failed us. [Continued in Thread]
3 replies
2 recasts
22 reactions
Apex777 pfp
Apex777
@apex777.eth
fasinating breakdown into a crypto first company. Thanks for sharing. This part REALLY surprises me... About 10% of our subscribers pay us using crypto Any idea why crypto payment adoption is so low?
1 reply
0 recast
2 reactions
dani pfp
dani
@smokingfrog.eth
i was just wondering if i should get a bankless subscription, this write up was terrific, thank you for taking the time!
0 reply
0 recast
3 reactions
FlexasaurusRex◨-◨Ⓜ️🎩 pfp
FlexasaurusRex◨-◨Ⓜ️🎩
@flexasaurusrex
great thread, thanks for sharing Ryan. As someone who has been here since the Silk Road I can say 10000% people who have been here short term or even mid term have no idea how fast the industry has grown and the pendulum swung towards adoption from the time of "everyone that uses crypto is a druggy or a criminal." Appreciate your insights.
0 reply
0 recast
2 reactions
Thomas Mattimore pfp
Thomas Mattimore
@mattimost.eth
Last real piece of the puzzle is credit cards that settle w/ stables.
0 reply
0 recast
1 reaction
Sabs260484 pfp
Sabs260484
@sabs260484
Nice story Learning from you Writers can also have a good chance TEAS Talks
0 reply
0 recast
1 reaction
Maretus pfp
Maretus
@maretus.eth
This is awesome dude! Thank you so much for the deep dive into your business. I am definitely bookmarking this one. I completely agree that the tools to go bankless are really good now. I am essentially without a bank already besides for direct deposits from work, which are immediately converted to crypto anyway. On top of this, we are starting to see a lot of onchain tools that regular people can use - such as /hypersub - which is helping me build an onchain business right now. When other creators find out that they can keep the majority of their subscription revenue and do so in a trustless way, I think we are going to see a wave of new creators adopting crypto as a tool.
0 reply
0 recast
1 reaction
X ↑ FINDER pfp
X ↑ FINDER
@sface179
you are amazing you are the greatest thank you
0 reply
0 recast
1 reaction
Nick Rishwain pfp
Nick Rishwain
@nickjrishwain
This is a really excellent example. Thanks for sharing this. 500 $degen
0 reply
0 recast
0 reaction
Peter Ogilvie pfp
Peter Ogilvie
@pogilvie
This is the single best post on the utility of crypto in general and eth in particular that I’ve seen
0 reply
0 recast
0 reaction
Omni Ventures pfp
Omni Ventures
@omniventures
So awesome!!!
0 reply
0 recast
0 reaction
Q🎩 pfp
Q🎩
@qsteak.eth
This is what has been missing imo. We need to start seeing how all the pieces fit together. Thank you for pathfinding. 420 $degen
0 reply
0 recast
0 reaction
ɃΞrn pfp
ɃΞrn
@b7
100 $DEGEN
0 reply
0 recast
0 reaction