Coinbase

The S&P 500 achieves a fresh record high for the eleventh time this year – this as U.S. consumer spending in January falls more than expected in what could be an early warning sign for the American economy. In Japan, the Nikkei moves close to levels not seen since 1989. Crypto exchange Coinbase sees shares surge more than 14 per cent in extended trade. CFO Alesia Haas told our colleagues Stateside that Bitcoin ETFs are behind the company’s first quarterly profit in 2 years. And we are live in Bavaria where U.S. Vice-President Kamala Harris ahead of the Munich Security Conference where she will work to assure European allies that Washington will honour its NATO commitments. 

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Le déchaînement de la SEC envers l'industrie crypto montre un pays plus proche de l'URSS que du libre-échange.

In this two-part show, TylerD is first joined by Peter Jennings and Deeze to talk macro. The crew starts with the 3 major crypto hearings of the day spanning Binance, Ripple and Coinbase, then they dive in to Uniswap v4 and what it means for DeFi, before ending with a quick chat on CPI. Then the team from the Buccaneers of the Blockchain* joins to talk their decision to bring philanthropy to the blockchain, choosing the Disabled American Veterans, how the project and game will work, what's coming next and more.

*This show was sponsored by Buccaneers of the Blockchain

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In this episode of "The Week Ahead," Tony Nash hosts guests Doomberg and Albert Marko to discuss two key topics: stagflation in 2024 and the ongoing clash between Binance and the SEC. 

Tony highlights the survey results showing significant concern among respondents regarding stagflation. Albert discusses the impact of economic and political policies on persistent inflation and believes that the stagflation argument may be more of a "stagflation light" scenario due to the resilience of the service industry and ongoing market rallies. Tony adds additional points, including the IBD economic optimism index remaining below expectations and signs of cracks in the middle-class economy. They acknowledge that inflationary pressures, rising prices, and elevated interest rates contribute to declining optimism and a challenging economic landscape. 

Doomberg provides insights into the counterintuitive inflationary effects of rapid interest rate hikes and discusses potential impacts on oil prices due to changes in the US shale industry and rising housing costs. He suggests that global stagflation in regions like China and Europe could have a spill-over effect on the US economy. 

The conversation also covers arguments against deflation, with Albert highlighting wage inflation as a factor preventing deflation. They discuss the challenges of US debt, the impact of inflation on household costs, and potential signs of deflation in the commercial real estate sector. 

Shifting to the energy sector, they discuss the potential impact of stagflation on energy, mentioning challenges faced by the oil industry if prices fall below $65. They highlight the tight supply of oil and gasoline, contradicting claims of low demand, and discuss the role of electric vehicles and the divergence between physical and paper markets. 

In the cryptocurrency industry segment, Tony and Doomberg address the legal issues surrounding Binance and Coinbase. They discuss accusations of unregistered securities and criminal activities by these platforms. They emphasize the potential consequences of disregarding rules in the cryptocurrency industry and the need for stronger regulatory action. 

The discussion concludes with a focus on the recent actions of the SEC in relation to the cryptocurrency market. They discuss the challenges of regulation, the susceptibility of the regulatory apparatus to corruption and political forces, and the erosion of trust in the SEC. They also highlight the need to address pump-and-dump schemes and the potential expansion of investigations into the venture capital space. 

Key themes: 

1. Stagflation in 2024 
2. Binance & the SEC 

This is the 68th episode of The Week Ahead, where experts talk about the week that just happened and what will most likely happen in the coming week. 

Follow The Week Ahead panel on Twitter: 

Tony: https://twitter.com/TonyNashNerd
Albert: https://twitter.com/amlivemon
Doomberg: https://twitter.com/DoombergT

Watch this episode on Youtube: https://youtu.be/LExqD5pkSUI

Brought to you by Miro—A collaborative visual platform where your best work comes to life | Mixpanel—Product analytics that everyone can trust, use, and afford | Lenny’s Job Board—Hire the best product people. Find the best product gigs

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Jeremy Henrickson is Rippling’s SVP of Product, responsible for scaling their product and design team across three continents. Previously, as Chief Product Officer at Coinbase, he oversaw 10x growth of the product and engineering organization and transformed a scrappy startup into a global cryptocurrency platform with tens of millions of users. He began his career at Apple in the 1990s and holds a BS and MS in computer science from Stanford. In today’s episode, we discuss:

• Strategies for sustaining focus and momentum at scale

• The case against MVPs

• The problem with frameworks

• “Compound startups” and how this influences Rippling’s product development process

• Advice for founders wanting to move faster

• Why you don’t understand your product unless you’re “in the weeds”

• Hiring practices at Rippling and how young PMs can build fruitful careers

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Find the transcript at: https://www.lennyspodcast.com/moving-fast-and-navigating-uncertainty-jeremy-henrickson-rippling-coinbase/#transcript

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Where to find Jeremy Henrickson:

• Twitter: https://twitter.com/jeremyhenricks

• LinkedIn: https://www.linkedin.com/in/jeremyhenrickson/

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Where to find Lenny:

• Newsletter: https://www.lennysnewsletter.com

• Twitter: https://twitter.com/lennysan

• LinkedIn: https://www.linkedin.com/in/lennyrachitsky/

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In this episode, we cover:

(00:00) Jeremy’s background

(03:24) What it was like leading product teams at Coinbase during the crypto boom

(05:25) How Jeremy kept teams focused and the biggest challenges he faced at Coinbase

(07:35) Advice for going through intense periods at work

(08:52) Maintaining velocity at scale

(12:07) An example of small teams with clear missions

(14:29) A model for building products

(18:03) Jeremy’s thoughts on MVPs (minimum viable products)

(22:26) Designing for the most complex use case first

(23:17) What a compound startup is and how it works at Rippling

(27:09) Rippling’s unique culture of fast decision-making

(28:14) Rippling’s leadership values

(32:13) Advice for cultivating fast-decision-making teams

(33:44) How deep-level thinking and working on the ground helped Rippling expand to other countries

(38:42) Why product leaders need to be right

(40:42) How Rippling decided where to expand to first

(42:29) The case for expanding internationally before you think you’re ready

(45:32) Why Jeremy isn’t a huge fan of frameworks

(48:08) The differences between building product at Rippling and Coinbase

(52:49) How Jeremy hires PMs at Rippling

(58:29) Advice for junior PMs

(1:00:19) Lessons from working with a founder who has strong opinions about what the product should be

(1:02:15) Lightning round

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Referenced:

• Coinbase: https://www.coinbase.com/

• Ethereum: https://ethereum.org/en/

• Parker Conrad on Twitter: https://twitter.com/parkerconrad

• Rippling: https://www.rippling.com/

• Excellent Advice for Living: Wisdom I Wish I’d Known Earlier: https://www.amazon.com/Excellent-Advice-Living-Wisdom-Earlier/dp/0593654528

• Matt MacInnis on Twitter: https://twitter.com/stanine

• Rippling’s leadership principles: https://www.rippling.com/life

• Airbnb cereal story: https://www.cnbc.com/2023/04/18/airbnb-ceo-says-he-wooed-first-investors-with-boxes-of-cereal.html

• Guidewire: https://www.guidewire.com/

• Jira: https://www.atlassian.com/software/jira

• Kyle Boston on Twitter: https://twitter.com/KyleB

• Quicksilver (book one of the Baroque Cycle series:) https://www.amazon.com/Quicksilver-Baroque-Cycle-Vol-1/dp/0060593083/r

• Consider Phlebas (book 1 of The Culture series): https://www.amazon.com/Consider-Phlebas-Culture-Iain-Banks/dp/031600538X/

• The Last of Us on HBO: https://www.hbo.com/the-last-of-us

• The Game on Paramount+: https://www.paramountplus.com/shows/the-game-2021/

• Tenet: https://www.imdb.com/title/tt6723592/

• Corsair H60 CPU cooler: https://www.amazon.com/CORSAIR-Hydro-Liquid-Cooler-Radiator/dp/B00A0HZMGA

• Focal Bathys headphones: https://www.amazon.com/Focal-Over-Ear-Bluetooth-Headphones-Cancelation/dp/B0B93YKQT3

• Pandemic: https://www.amazon.com/Z-Man-Games-ZM7101-Pandemic/dp/B00A2HD40E

• Gloomhaven: https://www.amazon.com/Cephalofair-Games-CPH0201-Gloomhaven/dp/B01LZXVN4P

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Production and marketing by https://penname.co/. For inquiries about sponsoring the podcast, email podcast@lennyrachitsky.com.

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Lenny may be an investor in the companies discussed.