Business

  • Building A Better Business 101

    As conversations about AI and rapid technological change dominate headlines, it’s easy to forget something fundamental:

    To have a business, you actually have to build a business.

    Too often, entrepreneurs string together a series of short-lived promotions — chasing trends and pivoting from one idea to the next. They launch quickly, make a modest profit, and just as quickly move on. In their haste to stay “current”, they bypass critical business building steps like product management, developing infrastructure, and consistent execution.

    That approach works — until it doesn’t. Businesses built on trends are fragile. They rarely weather the shocks of a market crash, a platform crackdown, or a pandemic-sized disruption.

    Like most good lessons, this one’s fractal — you’ll see it everywhere once you start looking.

    Selling Picks and Shovels

    Most of us have heard the old adage about selling picks and shovels during the gold rush.

    During the gold rush, many people rushed to the goldfields in the hope of striking it rich by finding valuable gold nuggets. However, many participants in the gold rush did not find enough gold to become rich.

    Why mine for gold when you can sell picks and shovels?

    Often, the people who make the most money are the ones selling picks and shovels (goods and services) to the speculators. Said differently, profits often flow to people who provide the systems and infrastructure that enable others to dream of a bigger and better future. It’s why it’s easier to count on the blockchain being successful, rather than any specific cryptocurrency.

    It’s not sexy, but it’s reduced risk, consistent demand, and a long-term perspective. When the mine dries up, you move on to the next mine and patiently stack your gold nuggets. 

    And, there are plenty of opportunities that don’t involve selling picks and shovels. You can build temporary lodgings, open a bar, and, of course, you can’t forget the world’s oldest profession … trading. 

    Okay, But What About AI

    The AI boom feels a lot like the gold rush — a wave of excitement, hype, and promise. Both attract ambitious early movers chasing big wins. And both are marked by uncertainty: the fear of missing out, the fear of being left behind, and the fear of not knowing which way is up.

    That fear drives people to adopt every new app or feature that flashes across their feed — anything to stay afloat. But AI is the tool, not the goal.

    Chasing every shiny object is like panning for flakes of gold while ignoring the deeper veins underground. The real value lies in building something enduring: a business or system that leverages technology with purpose and focus. It’s about extending the edge you already have or finding a new one that supplements or complements your current business.

    And here’s the key difference: while the gold rush came and went, AI is reshaping industries, economies, and society itself. The winners won’t be those who chase tools … but those who build with them.

    In My Own Business

    As an entrepreneur, it’s easy to fall in love with technology and let the perfect get in the way of the good.

    In addition, it’s easy to get distracted chasing shiny new things. Jeff Bezos tells a story about how everybody asks him about “What’s new?”… but a better line of inquiry would seek to identify “What remains constant?” In a sense, there will always be a new market or a new technique that’s exciting and promising. However, your real business is the part that remains the same.

    Continuity and recurring revenue create the bandwidth for innovation and ideation. 

    Over the years, we’ve built fault-tolerant systems that have survived fires, floods, internet outages, bad data, and global chaos — from market crashes to “Snowpocalypse.” Every challenge strengthened the foundation we stand on.

    Yes, we’ve evolved. But our why hasn’t changed. New technologies, partnerships, and ventures are part of the journey — not distractions from it.

    When you’re exploring the Wild West, whether it’s in a gold rush, an AI boom, or in the world of e-commerce, your chances of success rise rapidly with a goal, a why, and a plan. 

    The goal is to be timeless … not timely.

    The next gold rush is always just around the corner. Real success isn’t measured by how many trends you chase, but by how resilient and anti-fragile your business becomes in the face of change. The foundation you build today determines the heights you’ll reach tomorrow.

    Hope that helps.

  • How to Adopt New Technologies: A Look at Innovation Activity Centers

    The future tends to scare people who’ve grown comfortable in the present. They hope tomorrow looks like yesterday — because if it does, they already have the answers.

    But that’s not how progress works.

    I often say, “Standing still is moving backward,” and “You’re either growing or dying.”

    So when I hear people resist new technologies, I can’t help but cringe a little. Smart people don’t avoid innovation and new technologies — they find ways to harness them.

    Think of it like surfing: it’s easier (and a lot more fun) to ride the wave than to fight it. A good surfer doesn’t chase every swell — they’re selective. Sometimes it’s better to skip a small wave and wait for the right one to build momentum. The same applies to technology adoption.

    Last week, while discussing OpenAI’s move toward an IPO, I reintroduced the Technology Adoption Model.

    Capability → Prototype → Product → Platform.

    It’s a simple way to understand how innovation matures — from what’s possible to what’s profitable — as each stage expands in capability, audience, and monetization.

    At the heart of adoption is human behavior. It’s not always the best technology that wins — it’s the one people actually use. Understanding what stays constant amid change is the real key to scaling innovation.

    This idea keeps resurfacing in my presentations and in the book I’m writing, Turning Thoughts Into Things. With that in mind, in this post, I will share two models to help you explore this process more deeply.

    Learning To Surf

    The first is a framework I developed based on how people tend to adopt new technologies. It’s an internal-facing model that consists of these 4 stages:

    1. Improve
    2. Innovate
    3. Redefine, and
    4. Transform.

    Here’s a video that explains the technology adoption framework and what to expect when applying it.

    It’s similar to Maslow’s Hierarchy of Needs; you have to deal with things like food and shelter before you can address higher-level issues like affiliation or self-actualization. 

    The Improve phase is crucial because if you don’t pass this stage, you don’t get to the stuff beyond it. Said simply, the first stage is about helping somebody do what they already do, just better. Doing this increases efficiency, effectiveness, or certainty … buying you time and space to focus on what comes next. It’s also a way to show that you’re making progress in the right direction, increasing capabilities, and building confidence (which is the fuel you need to continue making progress).

    Next, many try to jump straight to transformation, but that’s a mistake.

    Transform is the big, hairy, audacious goal that you want to make possible. It’s the mountain top you’re trying to climb. It’s helpful to know what that is. But when trying to climb the mountain, you still have to take the steps in front of you.

    The first step on the mountain is to Innovate. It’s about what you could do, and what you should do – instead of what you’re already doing.

    Redefine is where you start climbing the mountain and adding new capabilities to your arsenal. You’re now at a stage where you can imagine a bigger future and grow your vision to match your new capabilities. In a sense, you’re playing the same game, but at a different level and with different expectations.

    When you finally make it to Transform, you are playing a new game (often on a different playing field) and you’re likely influencing not just your company but other companies. At this point, it’s common for former competitors to approach you with ideas and resources, seeking to collaborate.

    Another distinction I make about transform is that it’s very different from change. Change is about bringing the past forward and hoping that minor adjustments yield desired outcomes. Transform is about committing to the outcome and accepting the fact that the process may change dramatically.

    Another key mistake entrepreneurs make is that they pivot to something completely new. When you’re charting a path up a new mountain, you will find unstable ground or insurmountable peaks. At that point, many people give up and look for something new. They start wandering in different directions. That’s a lot of wasted movement.

    My rule at Capitalogix is “This … or something better.” When we reach a roadblock, we’re allowed to go around it, but only if it’s an improvement on our current goals. 

    Riding The Waves

    Within the technology adoption model, there’s an underlying concept that I don’t talk about as much. Innovation Activity Centers are the underpinning of each stage. This framework identifies the different unique abilities and temperaments required to get from start to finish at each stage.

    It’s the framework within the framework that ensures you’re equipped to take decisive action and build momentum on your journey toward transformation. 

    Earlier, I mentioned you don’t have to ride every wave. You just have to skillfully ride the waves you choose. This concept is meant to help you do that. 

    While the stages and seasons of your business change, the activity centers and foci within your business don’t have to. That’s what allows you to stay steadfast in ever-changing currents.

    Each of these activity centers requires a different type of person working on it, different KPIs, and different timelines.

    I also shot a video going into more detail on these activity centers. There are many ideas worth considering in there. So, watch the video.

    Understanding these models helps you anticipate the capabilities, constraints, and milestones that define the path forward — no matter how the world changes. They’re one proven path toward technology adoption, though certainly not the only one.

    We’ve made significant progress refining these frameworks, and they continue to shape our plans for expanding the Amplified Intelligence Platform. I’m excited to keep improving them — and to share what we learn along the way.

    Ultimately, frameworks only matter if you use them. Imperfect action beats perfect planning. My hope is that these ideas help you clear the path as you walk it.

    If you have thoughts or questions about the model or how to apply i,— I’d love to hear from you.

    Onward.

  • A Look At OpenAI & Their Move Toward IPO

    As OpenAI shifts toward a platform-based model and prepares for a future IPO, it feels like we are at a transformative moment for both the company and the broader AI industry.

    At their recent DevDay 2025 event, OpenAI unveiled a range of new tools and upgrades, including:

    • Apps in ChatGPT – Developers can now build and integrate apps directly in ChatGPT using a new SDK
    • AgentKit – a new toolkit to build production-grade AI agents
    • New and Cheaper Models, and
    • Codex updates – their AI coding/developer assistant model is now out of preview and integrated with enterprise controls.

    These new tools signal more than incremental upgrades — they foreshadow OpenAI’s evolution into a technology platform with the capacity to shape industries well beyond artificial intelligence.

    If you‘ve paid attention, this is a big concept within my Technology Adoption Model. The four base stages of this framework are: Capability, Prototype, Product, and Platform. 

    While the stages of the Technology Adoption Model Framework are important, the key point is that you don’t need to predict what’s coming; you just need to understand how human nature responds to the capabilities in front of them.

    Desire fuels attention, talent, opportunities, and commerce. As money starts to flow, the path forward is relatively easy to imagine. As public interest and investment in advanced AI grow, opportunities for innovation and commercial breakthroughs become more accessible.

    This model is fractal. It works on many levels of magnification or iteration.

    What initially appears to be a Product is later revealed as a Prototype for something larger.

    Likewise, as a Product transforms into a Platform, it becomes almost like an industry of its own. Consequently, it becomes the seed for a new set of Capabilities, Prototypes, and Products.

    With OpenAI’s shift from product to platform, it’s unsurprising that both its infrastructure and corporate structure are evolving to meet new needs.

    OpenAI’s Eventual IPO

    On Tuesday, OpenAI announced the completion of a corporate restructuring that simplified its structure into a controlling non-profit entity and a reimagined for-profit subsidiary.

    The umbrella non-profit organization will be rebranded as the OpenAI Foundation, and the for-profit entity will be called the OpenAI Group. The goal is likely to IPO before 2027.

    The OpenAI Foundation organization will receive a 26% stake in the OpenAI Group, a share that would be worth $130 billion at the early-October valuation.

    For now, the for-profit’s board will consist solely of the non-profit’s board members. However, the shift will enable investors and partners to more easily generate returns from their investments, paving the way for a potential public offering.

    Sam Altman says they are committed to spending roughly $1.4 trillion on the chips and data centers needed to train and power their artificial intelligence systems.

    The Former Non-Profit

    When OpenAI launched in 2015, many were enamored with the non-profit status and its mission to ensure that artificial general intelligence (AGI) benefits all of humanity. That status was proof of a clear mission and a focus on helping humanity, rather than harming it in the pursuit of short-term profits.

    This shift from the original mission has some worried about a new potential mission, weakened oversight, and increased risk, especially considering how much more powerful AGI is today compared to 10 years ago.

    Like it or not, the hybrid model was the only “reasonable” path forward, since they decided to compete in this AGI race. If they fully abandoned their non-profit status, they would have had to buy their non-profit’s assets for “fair market value”, which likely would have meant a $500 billion price tag.

    Meanwhile, companies like  Google DeepMind, Microsoft, Amazon, Anthropic, and Mistral AI are already for-profit entities making massive strides (not to mention, Microsoft has invested billions into OpenAI, and will be receiving a 27% stake in the OpenAI Group).

    Where OpenAI is Today

    While it’s fun to think about the future – and what the restructuring will do for investment and innovation, it also helps to understand their current infrastructure.

    via visualcapitalist

    OpenAI has spawned a large, networked ecosystem comprising numerous major organizations, complex contracts, and substantial financial investments.

    The chart above shows three separate flows: compute, cash, and contracts.

    The biggest nodes in the diagram should look familiar. Microsoft not only provides compute through Azure, but also has invested capital and GPU credits back into OpenAI. Nvidia (now worth ~ $5 trillion) not only provides the mass majority of the GPUs to OpenAI, but accounts for around 16% of America’s current GDP,

    Nvidia continues to dominate the semiconductor industry, with a market valuation nearly three times higher than its closest U.S. competitor, even as OpenAI begins to partner more deeply with AMD.

    GPUs, Datacenters, and AGI, Oh My!

    While OpenAI’s leadership and strategic partnerships are crucial, their future progress relies heavily on access to an increasing amount of advanced GPUs (Graphics Processing Units) — arguably the most strategic resource in today’s AI landscape.

    But, GPUs are costly. Demand often outstrips supply, and their production depends on cutting-edge manufacturing. Consequently, the supply chain remains fragile due to limited materials, as well as geopolitical and logistical issues that could send shockwaves throughout the entire sector.

    Demand has grown so intense that businesses are reserving capacity months or even years in advance. In rare cases, some even use GPUs as collateral to secure financing, reinforcing their role as a new strategic commodity.

    Data centers — the facilities that house and power those GPUs — are also costly. They require substantial amounts of electricity, cooling, physical space, and high-speed networking to support AI workloads.

    Together, these costs make scaling AI models (like those from OpenAI) very expensive. Even if OpenAI can build smarter models, it’s limited by the number of GPUs and data centers it can access or afford, creating a bottleneck in growth and deployment.

    So, while some people are upset about this transition away from their non-profit status, I think it was inevitable and predictable.

    We’re at a turning point in artificial intelligence as a whole.

    OpenAI’s switch marks a clear swing in the pendulum. For users, businesses, and developers, it means faster innovation, better products, and a clearer path toward scaling powerful AI (we hope responsibly).

    That said, there are still real challenges ahead. Finding equilibrium between commercial interests and mission-driven goals is challenging. Likewise, even well-intentioned oversight can strain under market pressures. Massive infrastructure investments can create higher barriers to entry for smaller players, potentially concentrating power among a few large companies. And while OpenAI’s scale and resources set it up for breakthroughs, they don’t guarantee them—execution, safety, and responsible deployment remain critical.

    In short, OpenAI’s impending IPO and platform pivot mark a defining moment in AI history. While its scale and investment signal immense opportunities, they also invite crucial scrutiny. The road ahead will depend on how OpenAI manages the delicate balance between rapid innovation, financial pressures, and the broader public good. As this story unfolds, what happens next will shape the very fabric of our technological future.

    Onwards!

  • The Cloud Experiences Rain … Lessons from the “Great” Outages

    Cloud technology powers our daily lives — from workplace applications to smart beds. Just like AI, it‘s the underpinning for many technologies that are now largely unnoticed by the average consumer. Over the past two weeks, two major outages helped us realize how deeply connected — and vulnerable — our systems have become.

    First, on October 20, Amazon‘s AWS US-EAST-1 region went down, and it felt like the world stopped, in part, because AWS powers over 30% of the cloud market.

    via Al Jazeera

    Ironically, even 8Sleep users experienced outages. Why does a bed have a cloud dependency (and why does it send 16GB of data a month)? Because you can’t manage what you don’t measure. Part of that involves data, and another part involves updates and reporting. You can expect an increasing number of our household appliances to require cloud access.

    Then, barely a week later, on October 29, Microsoft Azure experienced its own outage, affecting Microsoft 365, Kroger, Alaska Airlines, and even the Scottish Parliament.

    A helpful reminder that when it rains, it pours, and even in the business of “uptime,” you should plan for downtime.

    So, what happened?

    Amazon AWS

    The outage in the US-EAST-1 region (Northern Virginia) originated from a malfunction in an internal subsystem that monitors the health of network load balancers (within the Amazon DynamoDB API domain). This triggered Domain Name System (DNS) resolution failures, making key services unreachable or very slow.

    AWS has 38 geographic regions (with plans to add 3 more). But US-EAST-1 was AWS’s first region, and is the largest, making it the default for documentation, new features, and cost-sensitive users. Additionally, some critical “global” AWS services have their control planes hosted in US-East-1, meaning an outage in this region can impact services in other regions too. 

    Microsoft Azure

    Microsoft’s outage was triggered by an “inadvertent CDN configuration change” affecting the Azure Front Door (a global content-delivery / routing service), which resulted in widespread DNS and routing problems.

    Both AWS and Azure experienced DNS issues, which anyone in tech should recognize as the most common point of failure in situations like this.

    via Statista

    But, since Amazon and Microsoft account for over 50% of cloud infrastructure, errors become especially noticeable.

    Is Centralization the Issue?

    To many, this seems like a call to break up these powers and spread responsibility.

    “If a company can break the entire internet, they are too big …”

    Not only is this not how the internet works, but it’s not how business works. Breaking up these providers would make it harder and more expensive for small businesses to compete. Access makes things cheaper.

    As we discuss these global “utility” providers, it is beneficial to have a few key vendors. You don’t want it to be one. Then you get into monopoly territory. But, scale lowers cost. Most people understand this.

    The reality is that, when compared to previous issues, Amazon has significantly improved its resiliency. They’ve also made efforts to lower the global dependence on US-EAST-1.

    Before I go forward, it’s worth reminding people that the cloud is ultimately just a computer that you don’t own. Granted, it’s a very large computer with incredible infrastructure. But it is still a glorified computer. It will never be invincible and 100% faultless.

    What Should I Learn From This Situation?

    I am reminded of a great image from Randall Munroe and XKCD. It has been adapted to fit the current situation.

    via XKCD

    The reality is every system is fallible. Any sufficiently complex system will create bottlenecks and failure points.

    The lesson isn’t decentralization, it’s redundancy.

    One of the lessons a mentor taught me was that planning for failure is an important part of hoping for success.

    It’s great to look toward the future and be proud of all that you’re doing things the right way. However, without a disaster recovery plan and redundancies for failures, you’ll eventually face consequences.

    Without a plan, downtime can result in lost revenue, damaged trust, and data exposure. A good recovery strategy ensures that when your primary systems fail, you have a clear path to restore operations quickly and minimize disruption and business impact.

    To be transparent, we were also affected by the AWS outage. AWS is one of our key providers. However, because we have systems on other platforms and strategies in place, we were able to navigate it without a significant impact on our business.

    Building safeguards starts with redundancy — distributing workloads across regions, providers, and availability zones so no single failure can take you down. It can even be as simple as moving your main AWS region away from US-EAST-1.

    Here are some other strategies to consider:

    • Combine automated backups with regular failover testing to ensure optimal system uptime.
    • Document your recovery playbook so your team isn’t scrambling in the dark.
    • Implement real-time monitoring, alerting, and security protocols that detect minor issues before they escalate into major problems.
    • Put expiration dates on decisions (especially automated ones) to make sure that it’s still the correct choice (long after you forget that you made the decision in the first place).

    No system is immune to failure. That means that as exponential technologies power more of our world, mistakes and outages will happen (probably more often than they do now).

    You can’t prevent every outage, but you can dramatically increase the odds that it’s a manageable inconvenience, rather than a potential catastrophe.

    What safeguards are you putting in place today?

    Hope that helps.

  • I Want To Be In The Room Where It Happens ♫

    Behind the success of many thriving companies is a boardroom where decisions shape their future. But what really makes a corporate board effective — and who earns a seat at the table?

    Company boards come in many shapes and sizes … boards can be powerful, they can be councilors, and they can be a sign of stability to potential investors (by having the right people on the board). 

    Interestingly, about 80% of the 50 largest public companies are linked by at least one shared board member, illustrating the influence and network effect of seasoned executives in corporate governance. To see the full list of board members for a company (or to see which board members are on the most boards) I suggest corporationwiki.  However, even with significant overlap, 1,000 of the 1,100 board positions were held by unique individuals —indicating that direct duplication is relatively rare.. 

    Notably, as you look beyond the top 50 companies, the web of interconnected board members expands significantly.

    Fl4ixlc4bbc11via InterviewQs

     

    This raises a crucial question: How frequently does overlap among board members create conflicts of interest between competing companies?

    Ultimately, it seems likely that they share board members due to the expertise of those members. There’s a small pool of people with the know-how and acumen to advise a company that big. While companies strive to recruit top-tier board talent to enhance efficiencies, real-world outcomes can be mixed — underscoring the importance of thorough vetting and diversified expertise. 

    During my own experience serving on various boards, I often collaborated with individuals who also sat on multiple boards—sometimes even within competing firms. Building a board that is both diverse in perspective and rich in expertise significantly elevates your organization’s strategic insight and adaptability.

    From a small business standpoint, I think it’s important to surround yourself with a variety of viewpoints. Leaders often risk tunnel vision; actively seeking varied viewpoints helps break through these barriers and fosters innovative thinking. 

    While each leader is likely strong at their unique abilities, a hallmark of success is to create a unique abilities team that goes far beyond your strength.

    Internally, I’ve surrounded myself with detail-oriented and technical support to let me focus on the big picture. From an advisory standpoint, I’ve done my best to surround myself with people whose business successes I can learn from. 

    As AI evolves, its influence will increasingly extend beyond daily operations to the boardroom, reshaping the way high-level decisions are made and governance is exercised

    Ultimately, building the right board is not just about governance — it’s a strategic lever for long-term success. Whether launching a startup or steering a Fortune 500, prioritize assembling a team (both internal and external) that balances vision, expertise, and forward-thinking decision-making to drive sustainable success in an ever-evolving marketplace.

    Onwards!

     

  • Does A Larger Workforce Mean More Millionaires?

    Does the size of a country’s workforce determine its wealthiest citizens?

    Beyond Headcount—The Real Drivers of Wealth

    In a world shaped by rapid technological change and evolving labor dynamics, this post explores which nations lead in workforce size, where millionaires reside, and why capital concentration often defies population trends.

    Recent research by Visual Capitalist sheds light on both the world’s largest workforces and the distribution of wealth among its richest citizens.

    via visualcapitalist

    Unsurprisingly, Asia dominates the global workforce, with China and India accounting for over 1.3 billion workers.

    Although the U.S. trails far behind China and India in absolute workforce size, it maintains a strong position as the world’s third-largest labor force with 174 million workers.

    Africa’s workforce is rapidly expanding – with potential to double by 2050.

    Following the Wealth Flows

    As we know, workforce isn’t the only factor that influences where wealth flows. For example:

    • Global trade & resource distribution,
    • Financial & governmental policies,
    • Urbanization & tech Infrastructure,
    • And, access to opportunities

    Where Wealth Accumulates

    In 2025, we’ve surpassed 60 million millionaires worldwide.

    Together, this group holds over $226 trillion in wealth.

    via visualcapitalist

    America, China, and France top the list – holding over half the global total. If you were to imagine the list as 10 people, four would live in America, one would live in China, and the rest would be scattered across the globe.

    France, Germany, and the UK, are relatively small populations boasting outsized ratios of millionaires.

    Notably, almost 1/10 American adults are millionaires (Luxembourg and Switzerland top this ratio with 1/7). That surprises me.

    Also, while major cities like New York, Los Angeles, and San Francisco remain millionaire hubs, Scottsdale, Arizona, actually boasts the fastest millionaire growth over the last decade.

    Ultimately, I think it’s clear that a large labor force doesn’t necessarily translate into a large population of millionaires. Countries like India and Indonesia rank among the biggest contributors to the global workforce, yet their per capita wealth remains modest. Meanwhile, nations such as the United States, Japan, and Germany — home to far smaller workforces — consistently dominate global millionaire rankings.

    Why Efficiency Beats Size

    Countries like the United States demonstrate how access to markets and capital, combined with robust innovation ecosystems, drive wealth far beyond population scale.

    The difference lies less in the number of workers and more in the structure of opportunity: productivity, access to capital, innovation, and financial markets create wealth far faster than population alone. In short, a big workforce builds economies — but efficient systems and upward mobility build millionaires.

    Economic opportunity grows when connections (between people, ideas, and markets) multiply — think of a telephone network: one phone is useless, but as more connect, the system’s value rises exponentially.

    Disruptive innovation often happens in small, focused markets before scaling. Early adoption, not just raw numbers, signals where outsized returns will come.

    As AI continues to shift productivity from in-person humans to digital agents, the very nature of value, employment, and opportunity will likely undergo a profound transformation. It will also change what we believe is possible.

    For example, I expect to see a one-person Unicorn as artificial agent technologies become more capable, scalable, and adaptive.

    Conclusion: Building Pathways to Prosperity

    In summary, a large labor force may grow economies, but upward mobility and innovation are the true engines of millionaire creation. For leaders aiming to foster national prosperity, the goal should be cultivating efficient, inclusive systems — not merely expanding the workforce.

    We live in interesting times!

  • The Rise of Stablecoins

    A few months ago, I wrote about how cryptocurrency was entering the mainstream.

    To recap that piece: I’ve historically been skeptical and resistant about crypto on several fronts. Still, I’ve recognized that blockchain and decentralized finance are here to stay.

    One of my biggest arguments against crypto is that governments have fiercely protected their right to print money and tax it. Now, even governments are warming up to crypto. Additionally, regulators are getting on board. Big banks and established industries are creating infrastructure. As the momentum builds, the push toward crypto seems unavoidable.

    New giants were — and are —forming. Coinbase recently joined the S&P 500. Circle just had a wildly successful IPO. The performance of stocks like these also hints at a growing market appetite for crypto-focused businesses.

    Some of this momentum has been fueled by policy shifts during the Trump presidency and his administration’s openness to the space. Yet even with that tailwind, I believe there are still significant barriers to the adoption of most cryptocurrencies—barriers that stablecoins, in particular, are designed to address.

    The Stablecoin Surge

    Since that article, tremendous growth continues. And if you haven’t paid attention to stablecoins yet, it’s time to start paying attention.

    What is a Stablecoin?

    Stablecoins are cryptocurrencies designed to maintain a stable value, typically pegged to a traditional currency like the US dollar (e.g., 1 stablecoin = $1 USD). Unlike Bitcoin or Ethereum, which can swing wildly in price, stablecoins aim for predictability.

    Think of stablecoins as the digital equivalent of cash — useful for transactions, storing value, and moving money across borders without the volatility of traditional cryptocurrencies.

    via visualcapitalist

    The stablecoin market has seen a 10X increase in just five years. In fact, their transfer volume is now more than both Visa and Mastercard.

    They’ve quickly grown from a niche asset to one of the fastest-growing market segments.

    Citi projects that the market will grow 6.7X to 14.2X in the next 5 years. Their justification is based on three main pillars.

    • the reallocation of US cash and deposits into digital tokens,
    • the substitution of international short-term liquidity tools with stablecoins,
    • and the growing role of stablecoins as the backbone of cryptocurrency adoption (in a growing ecosystem)

    It’s also worth noting that stablecoins have become a kind of “parking spot” for capital moving in and out of crypto trades. As smart contracts have enabled holders to earn yield by lending, providing liquidity, or farming rewards, stablecoins’ appeal has only grown.

    A Glimpse of Crypto’s Future

    It’s easy to imagine a future of money built on digital tokens. Stablecoins appear to be the first step toward that future.

    Just like everything else … it’s happening faster than you think.

    A few weeks ago, we took a look at the state of the US dollar.

    This week, visualcapitalist released a graphic looking the value of stablecoins in relation to US cash in circulation.

    via visualcapitalist

    Comparing the market value of stablecoins to the amount of U.S. currency in circulation (bills and coins) shows that stablecoins now make up about 11% of that total. That’s a remarkable jump in just five years.

    The industry keeps innovating, and stablecoins are increasingly becoming part of traditional finance. I expect this trend to grow faster soon.

    What’s your opinion on how quickly stablecoins might transform the monetary landscape?

  • Revisiting One of my Favorite Parables: “The Nail in the Fence”

    Have you ever said something in anger that you later regretted — only to find that your apology couldn’t erase the damage? In today’s high-pressure world, emotional wounds are more common than we realize.

    We are living in a period of heightened sensitivity to hurt feelings. Whether it’s politics, kids in school, or even in business … it’s clear that emotions and detection sensors are high.

    What do you think it means? Has something fundamental changed, or is it just the natural result of stress, and high expectations?

    Happy people tend to find reasons or ways to be happy. Frustrated people are good at finding the things that frustrate them. Meanwhile, people are naturally inclined to notice and avoid things that hurt them.

    Of course, a little conflict is normal (or even beneficial).  But, perhaps, the pendulum has swung too far?

    Let’s be clear, some people intend to hurt others. However, it doesn’t take “intent” to hurt someone’s feelings (or to have your feelings hurt).  Hurt feelings can arise from a simple disagreement, a fixed perspective, a careless remark, or even a look.

    Effective strategies can sometimes trigger conflict, too. Why? Because people generally prefer winning to losing. It reminds me of angry kids on a playground. As a result, minor outbursts are often dismissed or explained with excuses like, ‘I was angry,’ ‘I’m only human,’ or, ‘There’s no room for emotion in business.’ Nevertheless, it’s important to remember that we should strive to be better.

    Lessons From the Nail In The Fence Parable

    To drive the point home further, here is the story of “The Nail in a Fence.”  I share it every few years, but as we look to finish the year strong, and begin the new year even stronger, I think it’s worth revisiting.

    Nail In The Fence

    There once was a little boy who had a bad temper. His Father gave him a bag of nails and told him that every time he lost his temper, he must hammer a nail into the back of the fence.

    The first day the boy had driven 37 nails into the fence. Over the next few weeks, as he learned to control his anger, the number of nails hammered daily gradually dwindled down.

    He discovered it was easier to hold his temper than to drive those nails into the fence.

    Finally, the day came when the boy didn’t lose his temper at all. He told his father about it; and the father suggested that the boy now pull out one nail for each day that he was able to hold his temper.

    The days passed and the young boy was finally able to tell his father that all the nails were gone.

    The father took his son by the hand and led him to the fence. He said, “You have done well, my son, but look at the holes in the fence. The fence will never be the same. When you say things in anger, they leave a scar just like this one. You can put a knife in a man and draw it out. It won’t matter how many times you say I’m sorry, the wound is still there.”

    A verbal wound is as bad as a physical one.

    This story is a reminder to be mindful of cause and intent.  Hope it helps.

    How Technology Can Amplify (Not Replace) Our Humanity

    As a technology entrepreneur focused on amplified intelligence (which means making better decisions, taking smarter actions, and continually improving performance), I recognize that we’re not using technology to replace humans.  Instead, we’re automating activities that humans used to do – so that humans can focus on things more important and more in line with their unique abilities and tendencies.

    On the other hand, one of the main reasons for automation is to avoid certain tendencies that are baked into human nature – like these little outbursts.  I say that because, as much as the world has changed in the last several thousand years, human nature has remained stubbornly the same. 

    Making Best Practice Common Practice

    It’s hard enough to change yourself … so, it’s unrealistic to expect to radically change others.  Instead, if you want to increase the likelihood of certain actions, it makes sense to rely on technologies that are simple, reputable, consistent, and scalable to make your best intentions and best practices more common.  This is why I say that amplified intelligence has an automatic advantage … because it eliminates the fear, greed, and discretionary mistakes that humans naturally bring to a process.

    The Power (And Limits) of Forgiveness

    Inflicting pain on others is harmful — but holding on to anger can be just as damaging to ourselves.

    Feeling and stoking anger is like taking poison and hoping the other person suffers.  It isn’t efficient or practical.

    So, what about “Forgiving”? It doesn’t have to be synonymous with forgetting.

    Forgiving removes the valence (or charge) from a situation or memory. It serves you even more than it serves the person you’re forgiving.

    It only takes a moment to create an emotional trigger (think about how you felt when you saw a high school bully in the hallway).  It is simple, evolution and natural selection favored species that remembered and avoided danger.  It is in our DNA.  But avoidance isn’t always a great strategy … especially when it is blocking the attainment of something beneficial.

    Forgiveness is a way to disable or mute the emotional trigger (this is called “collapsing an anchor” in NLP). It’s also a choice to move forward.

    Forgiveness is also a release of “claim”.  When we are wronged, we expect an apology, retribution, restitution, or recognition.  And until we get it, we are stuck, waiting for it.  In a sense, forgiveness releases the stuck energy and makes it available for something else (hopefully, something better).

    Forgiveness changes the route and allows you to move forward.

    And I’ve found that good things happen more often when you are in motion.

    As you look ahead, ask yourself:Who or what do you need to forgive?

    Onwards!

  • The History of Government Shutdowns

    Introduction: The October 2025 Shutdown

    When Congress failed to agree on a last-minute deal on October 1, 2025, the United States faced its eleventh federal government shutdown — forcing hundreds of thousands of workers into furlough, halting essential services, and sending shockwaves through the nation.

    Though often discussed in the abstract, government shutdowns have tangible consequences — missed paychecks, shuttered programs, and an atmosphere of uncertainty for millions of Americans.

    What led to this impasse, and how does it compare to shutdowns of the past?

    This standoff is marked by familiar accusations of brinkmanship from both parties — Republicans advocating a ‘clean’ funding extension, while Democrats insist on safeguarding healthcare subsidies and advancing key priorities before any agreement is reached.

    The fallout and costs reach far beyond furloughed government workers. It also affects broader economic stability. and millions of Americans who rely on federal services.

    A Brief History of Federal Shutdowns

    This is the 11th shutdown in our history. However, before the 1980s, funding gaps typically did not affect government operations, as agencies assumed funding would eventually be approved.

    The most recent prior shutdown, in 2019, centered on funding for President Trump’s border wall with Mexico and dragged on for 34 days — setting the record for the longest shutdown in American history.

    While the duration of this shutdown remains uncertain, historical shutdowns offer important perspective.

    via voronoi

    Obviously, the duration of this one is unclear. It is likely it will end via a “continuing resolution” which has ended every shutdown since the 90s.

    As a whole, funding gaps have grown longer in recent shutdowns, so many are assuming this one will continue that trend.

    Although we hope that cooler heads will prevail, today’s sharply divided political climate makes a swift end to the shutdown unlikely.

    Is It Different This Time?

    According to The Hill, GOP senators thought they were close on Thursday to a bipartisan agreement that would have led to the end of the shutdown. On Friday, Senate Democratic Leader Chuck Schumer urged his colleagues to resist the House-passed funding measure until Republicans made significant concessions on extending the health premium tax credits.

    It’s entirely possible that Trump will use this shutdown as further justification to cut agencies and fire federal employees. It’s also a potential tool to put pressure on Democrats to vote for the funding bill to pass.

    Regardless, as of today, Democrats are holding firm in their opposition, with Schumer arguing that 70% of Americans support the ACA premium tax credit.

    What’s at Stake?

    It’s an interesting time to be an American. Last week, we talked about the potential need to reimagine the American Dream: Although buying a home and raising a family has become more challenging, we simultaneously live in an era of unprecedented prosperity and opportunity.

    Despite these advantages, rates of unhappiness, loneliness, and distrust in institutions have been rising. This tension between abundance and discontent now defines the American experience. It’s a sobering reminder that material progress does not guarantee unity, shared purpose, or collective well-being.

    As Americans await a resolution, this stalemate serves as a reflection of deeper divisions within our society. Beyond deadlines and dollars, the shutdown raises a pressing question:

    What will it take for our leaders (and our nation) to move beyond gridlock and toward lasting unity?

    Onwards!

  • A Look at the American Dollar Compared to Global Currencies

    In 2025, the U.S. Dollar has experienced its biggest decline in over twenty years. A drop of more than 10% in a primary global currency is always significant — and this decrease is sending shockwaves through markets, policy discussions, and consumers’ budgets. But what’s truly driving this change, and what does it mean for you?

    While substantial, the Dollar’s decline is just one of several significant moves among major currencies. For a broader perspective, here is a chart highlighting key global currency trends this year.

    via voronoi

    The Brazilian Real is up 15.4% YTD, while the Swiss Franc, the Euro, and the Mexican Peso have each gained more than 10% this year.

    Nevertheless, the U.S. Dollar continues to assert its dominance as the world’s primary reserve currency, a status it has maintained since the 1944 Bretton Woods Agreement. This means it is the main currency held by central banks to support international transactions and reduce exchange rate risk. Additionally, it remains the global benchmark against which other currencies are measured.

    So, why is the U.S. Dollar down, and why does it matter?

    View Full Image via visualcapitalist

    A strong currency benefits consumers by making imports more affordable and helping to keep inflation under control. A weaker currency, on the other hand, can be a tailwind for exporters by lowering the global price of their goods, but it also drives up import costs and can stoke inflationary pressures.

    The Dollar’s movement reflects not only U.S. conditions but also global ones. As the world’s reserve currency, it responds more directly to worldwide economic forces than most others. This year, soft U.S. GDP projections, high inflation, and the Fed’s shift toward lower interest rates have all contributed to downward pressure on the dollar. But that’s not the whole story. 

    Of course, no single factor explains the market. The Dollar’s decline isn’t a death knell, just as a surge wouldn’t be proof of perfect health. It’s one signal among many in a complex economic picture.

    When discussing negative indicators, it’s just as important to highlight the positive ones — including America’s historical resiliency. While headlines often focus on the dollar’s decline, history shows it has weathered many challenges and thus remains the world’s dominant reserve currency.

    For investors and consumers, the lesson is: stay informed, understand the broader economic context, and avoid overreacting to short-term swings. Currency markets move in cycles, and the dollar’s influence won’t disappear overnight.

    ‘Intentional patience’ often outperforms impulsive action, in trading and in business. By tracking market trends, understanding the underlying factors, and recognizing how currency shifts impact trade, prices, and investments, you can respond strategically rather than reactively to the news cycle.