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    <title>Hunter Maximillion Monk</title>
    <description>This is the personal website for Hunter Maximillion Monk.</description>
    <link>http://huntermonk.com/</link>
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    <pubDate>Wed, 24 Jun 2026 21:53:49 -0700</pubDate>
    <lastBuildDate>Wed, 24 Jun 2026 21:53:49 -0700</lastBuildDate>
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        <title>Why I&apos;m building Laso Finance.</title>
        <description>&lt;p&gt;This past Monday, June 22nd, we announced the upcoming &lt;a href=&quot;https://x.com/LasoFinance/status/2069118136859656377&quot;&gt;Laso Finance ICO on MetaDAO&lt;/a&gt;.&lt;/p&gt;

&lt;p&gt;&lt;a href=&quot;https://laso.finance&quot;&gt;Laso Finance&lt;/a&gt; provides prepaid cards to crypto consumers through a privacy-enhanced process with no ID upload required. Similar to buying a Mastercard gift card at Target with cash.&lt;/p&gt;

&lt;p&gt;I started it in March 2023. Since then, Laso users have spent &lt;a href=&quot;https://laso.finance/stats&quot;&gt;over $21M in volume&lt;/a&gt; on the platform. Each day, hundreds of Laso cards are swiped or spent across the world.&lt;/p&gt;

&lt;p&gt;First, a quick history of Laso’s beginnings. Then, the &lt;em&gt;why&lt;/em&gt; I’m building Laso.&lt;/p&gt;

&lt;h2 id=&quot;history&quot;&gt;History&lt;/h2&gt;
&lt;p&gt;In 2021, there were very few crypto card options. &lt;a href=&quot;https://crypto.com/us&quot;&gt;Crypto.com&lt;/a&gt; had some traction. &lt;a href=&quot;https://www.coinbase.com/card&quot;&gt;Coinbase Card&lt;/a&gt;, &lt;a href=&quot;https://metamask.io/card&quot;&gt;MetaMask Card&lt;/a&gt; and others didn’t exist.&lt;/p&gt;

&lt;p&gt;Instead, we would send crypto assets to our exchange, wire or ACH to our bank account, and pay off our credit cards. It wasn’t an improvement on the banking system, or even equal to it. It was fiat banking with extra steps.&lt;/p&gt;

&lt;p&gt;That meant the process was higher friction, slower, and lost privacy. In addition, at that time, banks would &lt;a href=&quot;https://www.linkedin.com/posts/a16z_what-is-debanking-and-why-is-it-happening-activity-7274562040612937728-yU3c&quot;&gt;freeze accounts that received funds from exchanges&lt;/a&gt;, making the process dangerous.&lt;/p&gt;

&lt;p&gt;I set out to fix that. Enter Laso Finance’s predecessor, Two Squared.&lt;/p&gt;

&lt;p&gt;&lt;img src=&quot;/img/why-laso/two-squared-card.png&quot; alt=&quot;Picture of physical card from Two Squared&quot; /&gt;&lt;/p&gt;

&lt;p&gt;It was non-custodial, no ID upload required, and built on &lt;a href=&quot;https://lightning.network/&quot;&gt;Lightning&lt;/a&gt;. I launched it at &lt;a href=&quot;https://2021.b.tc/&quot;&gt;Bitcoin Miami 2021&lt;/a&gt;.&lt;/p&gt;

&lt;p&gt;By launch, I mean that I set up a table in the lobby of the hotel where the conference was hosted. I created a &lt;em&gt;beautiful&lt;/em&gt; iPad sign to attract new users.&lt;/p&gt;

&lt;p&gt;&lt;img src=&quot;/img/why-laso/ugly-ipad-sign.png&quot; alt=&quot;Hunter&apos;s ugly, scammy looking iPad sign&quot; /&gt;&lt;/p&gt;

&lt;p&gt;Surprisingly, attendees walking by were not entranced by the engaging, trustworthy signage. It’s hard to convey how little traction it got.&lt;/p&gt;

&lt;p&gt;However, the few attendees I did talk to &lt;em&gt;were interested&lt;/em&gt; in the frictionless, privacy-preserving signup process.&lt;/p&gt;

&lt;p&gt;The feedback was clear. Unfortunately, instead of doubling down on that, I let the pain of the failed “launch” win, and I just went back to work at Meta in the Virtual Reality Labs.&lt;/p&gt;

&lt;p&gt;Later in 2021, during my spare time at Meta, I started building small crypto projects. The market was strong. Exciting.&lt;/p&gt;

&lt;p&gt;&lt;img src=&quot;/img/why-laso/early-nov-price-chart.png&quot; alt=&quot;Pre-november 2021 price chart&quot; /&gt;&lt;/p&gt;

&lt;p&gt;Market strength continued. My excitement built. At the end of 2021, I left Meta to focus on crypto full-time. A truly impeccable example of market timing.&lt;/p&gt;

&lt;p&gt;&lt;img src=&quot;/img/why-laso/2021-price-chart.png&quot; alt=&quot;2021 price chart&quot; /&gt;&lt;/p&gt;

&lt;p&gt;Brutal.&lt;/p&gt;

&lt;p&gt;I did some contract work. Built some projects that went nowhere. Living was slim.&lt;/p&gt;

&lt;p&gt;At the end of 2022, a &lt;a href=&quot;https://www.linkedin.com/in/ericolszewski/&quot;&gt;long-time friend&lt;/a&gt; said, “Hey, you need to try the card thing again”. He was an ETH zealot, ran the Austin Ethereum Meetup, and he was right.&lt;/p&gt;

&lt;p&gt;Laso eventually launched to the public in March of 2023. There was a single card option, no withdrawals, and Apple Pay + Google Pay codes had to be delivered by asking for them on Telegram.&lt;/p&gt;

&lt;p&gt;Nonetheless, growth was rapid.&lt;/p&gt;

&lt;p&gt;&lt;img src=&quot;/img/why-laso/laso-start-cumulative.png&quot; alt=&quot;rapid growth in first few months&quot; /&gt;&lt;/p&gt;

&lt;p&gt;There were quite a few bumps along the way, but today, Laso Finance serves thousands of users across the world through &lt;a href=&quot;www.laso.finance&quot;&gt;prepaid cards&lt;/a&gt;, &lt;a href=&quot;www.laso.finance/gift-cards&quot;&gt;gift cards&lt;/a&gt;, and &lt;a href=&quot;www.laso.finance/push-to-card&quot;&gt;bank transfers to debit cards&lt;/a&gt;.&lt;/p&gt;

&lt;h2 id=&quot;but-why&quot;&gt;But, Why?&lt;/h2&gt;

&lt;h3 id=&quot;for-humans&quot;&gt;For Humans&lt;/h3&gt;

&lt;p&gt;This snippet from our &lt;a href=&quot;https://x.com/LasoFinance/status/2069118136859656377&quot;&gt;ICO Announcement X Article&lt;/a&gt; says it best:&lt;/p&gt;

&lt;blockquote&gt;
  &lt;p&gt;In a time of growing oversight and monitoring, we &lt;strong&gt;need&lt;/strong&gt; privacy at the point of spend.&lt;/p&gt;

  &lt;p&gt;Today, we earn and store assets onchain. Ideally, we spend them at businesses that accept crypto. That group of businesses is growing, but still &lt;a href=&quot;https://capitaloneshopping.com/research/retailers-that-accept-cryptocurrency&quot;&gt;very small&lt;/a&gt;.&lt;/p&gt;

  &lt;p&gt;Instead, we send assets to a bank-like entity (an exchange) and use a card they’ve issued. Or worse, sell those assets to USD, transfer to our bank account, and pay off a credit card.&lt;/p&gt;

  &lt;p&gt;It’s not a better system. It’s fiat banking with extra steps.&lt;/p&gt;

  &lt;p&gt;More importantly, we’ve lost a crucial part of the purpose for cryptocurrencies. The &lt;strong&gt;right to privacy&lt;/strong&gt;.&lt;/p&gt;

  &lt;p&gt;Private spending is essential to the success of our industry.&lt;/p&gt;
&lt;/blockquote&gt;

&lt;p&gt;The knee-jerk reaction for some is that privacy is only necessary for criminals, but that is not the case. Without privacy, your doxxed funds onchain are subject to the same risk of seizure or robbery as they are in a bank account.&lt;/p&gt;

&lt;p&gt;You can say that you &lt;a href=&quot;https://www.reddit.com/r/Bitcoin/comments/qj74ug/the_boating_accident_how_does_this_help_in_any/&quot;&gt;“lost your keys in a boating accident”&lt;/a&gt;, but once those funds move, the jig is up.&lt;/p&gt;

&lt;p&gt;Instead, Laso allows you to maintain that privacy onchain, the same that you get in the normal banking system.&lt;/p&gt;

&lt;p&gt;Imagine if everyone you know could see how much you were paying on your credit cards? Or could see when you stopped paying your bill. It’s inconceivable, but it’s how the crypto ecosystem works without Laso.&lt;/p&gt;

&lt;p&gt;It’s not just a theoretical, far away concern. Privacy through Laso has an immediate, important impact for our users. That shows through usage and through a committed, helpful community. When one of our most prolific supporters was asked in the public group discussion why he helps so often, he replied:&lt;/p&gt;

&lt;p&gt;&lt;img src=&quot;/img/why-laso/prolific-supporter.png&quot; alt=&quot;response from prolific community supporter&quot; /&gt;&lt;/p&gt;

&lt;p&gt;Privacy is needed, and we can deliver it.&lt;/p&gt;

&lt;p&gt;At a higher level, it’s akin to &lt;a href=&quot;https://medium.com/@VitalikButerin/the-meaning-of-decentralization-a0c92b76a274&quot;&gt;the importance of decentralization&lt;/a&gt;. The crypto industry could in a sense, operate without decentralization, but it introduces fragility. Prosecution of miners would significantly degrade the network. More importantly, that fragility introduces risk that prevents additional financial and labor resources from pouring into the ecosystem.&lt;/p&gt;

&lt;p&gt;Luckily, decentralization is largely solved, which has allowed the surge in value for the industry. Privacy is the next unlock.&lt;/p&gt;

&lt;p&gt;Private onchain-powered spending on fiat rails is a worthy goal for the future. Join us to build it.&lt;/p&gt;

&lt;h3 id=&quot;for-ai-agents&quot;&gt;For AI Agents&lt;/h3&gt;

&lt;p&gt;AI Agents like &lt;a href=&quot;https://openclaw.ai/&quot;&gt;OpenClaw&lt;/a&gt; or &lt;a href=&quot;https://hermes-agent.nousresearch.com/&quot;&gt;Hermes&lt;/a&gt; can get their own Laso card with a single prompt. They can get their own card, make their own purchases, and even their own bank transfers.&lt;/p&gt;

&lt;p&gt;The same low-friction human Laso users enjoy make it possible for AI agents to get financial tooling on Laso without a human in the loop.&lt;/p&gt;

&lt;p&gt;&lt;img src=&quot;/img/why-laso/agent-landing-page.png&quot; alt=&quot;screenshot of the Laso Finance agentic landing page at https://laso.finance/agent&quot; /&gt;&lt;/p&gt;

&lt;p&gt;Right now, agents can get all the same products humans do. Prepaid cards, gift cards, and bank transfers to debit cards. But to fully participate in the internet economy, agents will need:&lt;/p&gt;

&lt;ol&gt;
  &lt;li&gt;Agent-controlled bank accounts.&lt;/li&gt;
  &lt;li&gt;Reloadable cards with credit card BINs.&lt;/li&gt;
&lt;/ol&gt;

&lt;p&gt;Adding those tools gives agents the full suite of capabilities needed to fully participate in the internet economy; specifically &lt;strong&gt;agentic entrepreneurship&lt;/strong&gt;.&lt;/p&gt;

&lt;p&gt;&lt;img src=&quot;/img/why-laso/agentic-fiat-rails.jpeg&quot; alt=&quot;screenshot of the Laso Finance fiat rails configure dashboard https://laso.finance/agent/dashboard&quot; /&gt;&lt;/p&gt;

&lt;p&gt;When we hear “agentic commerce”, we jump to imagining an agent enhancing the execution of consumer consumption. Your agent buying your groceries for you or helping plan a logistically complicated vacation.&lt;/p&gt;

&lt;p&gt;They &lt;em&gt;are&lt;/em&gt; getting better at that, but in the majority of those cases, an agent executing those tasks is not any faster, easier, or cheaper than a human can.&lt;/p&gt;

&lt;p&gt;To be clear, we &lt;em&gt;do have&lt;/em&gt; users doing very fun examples of this. Yesterday, an agent bought its owner an &lt;a href=&quot;https://x.com/cryptomastery_/status/2069481273995804890&quot;&gt;anthropomorphizing coffee mug&lt;/a&gt;.&lt;/p&gt;

&lt;blockquote class=&quot;twitter-tweet&quot;&gt;&lt;p lang=&quot;en&quot; dir=&quot;ltr&quot;&gt;My Hermes Agent &lt;a href=&quot;https://x.com/DarkclawAI?ref_src=twsrc%5Etfw&quot;&gt;@DarkclawAI&lt;/a&gt; just purchased his own coffee mug and sent it to me so I will think of him...🤣☕️&lt;br /&gt;&lt;br /&gt;x402 wallet powered by &lt;a href=&quot;https://x.com/ampersend_ai?ref_src=twsrc%5Etfw&quot;&gt;@ampersend_ai&lt;/a&gt; &lt;br /&gt;Credit card purchased with &lt;a href=&quot;https://x.com/LasoFinance?ref_src=twsrc%5Etfw&quot;&gt;@LasoFinance&lt;/a&gt; &lt;br /&gt;Stored securely with &lt;a href=&quot;https://x.com/1clawAI?ref_src=twsrc%5Etfw&quot;&gt;@1clawAI&lt;/a&gt; &lt;br /&gt;Ordered directly with &lt;a href=&quot;https://x.com/Printful?ref_src=twsrc%5Etfw&quot;&gt;@Printful&lt;/a&gt; &lt;br /&gt;&lt;br /&gt;What a beautiful time we… &lt;a href=&quot;https://t.co/WHTCsnuWe2&quot;&gt;pic.twitter.com/WHTCsnuWe2&lt;/a&gt;&lt;/p&gt;&amp;mdash; Kevin Jones (@cryptomastery_) &lt;a href=&quot;https://x.com/cryptomastery_/status/2069481273995804890?ref_src=twsrc%5Etfw&quot;&gt;June 23, 2026&lt;/a&gt;&lt;/blockquote&gt;
&lt;script async=&quot;&quot; src=&quot;https://platform.x.com/widgets.js&quot; charset=&quot;utf-8&quot;&gt;&lt;/script&gt;

&lt;p&gt;Agents also use Laso to &lt;a href=&quot;https://x.com/georgeofweb3_sf/status/2065537049659318456?s=20&quot;&gt;buy pizza for the NBA Finals&lt;/a&gt;.&lt;/p&gt;

&lt;blockquote class=&quot;twitter-tweet&quot;&gt;&lt;p lang=&quot;en&quot; dir=&quot;ltr&quot;&gt;Hey &lt;a href=&quot;https://x.com/nyknicks?ref_src=twsrc%5Etfw&quot;&gt;@nyknicks&lt;/a&gt;, my AI agent just sent a pizza to your front office. No human touched a card: USDC paid via &lt;a href=&quot;https://x.com/ampersend_ai?ref_src=twsrc%5Etfw&quot;&gt;@ampersend_ai&lt;/a&gt; over x402, turned into a Visa by &lt;a href=&quot;https://x.com/LasoFinance?ref_src=twsrc%5Etfw&quot;&gt;@LasoFinance&lt;/a&gt;. It paid a fake API on the way and still delivered. Love from SF. Win tomorrow and it buys full pies. 🍕🏀 &lt;a href=&quot;https://t.co/UFZMLkplR7&quot;&gt;pic.twitter.com/UFZMLkplR7&lt;/a&gt;&lt;/p&gt;&amp;mdash; george (@georgeofweb3_sf) &lt;a href=&quot;https://x.com/georgeofweb3_sf/status/2065537049659318456?ref_src=twsrc%5Etfw&quot;&gt;June 12, 2026&lt;/a&gt;&lt;/blockquote&gt;
&lt;script async=&quot;&quot; src=&quot;https://platform.x.com/widgets.js&quot; charset=&quot;utf-8&quot;&gt;&lt;/script&gt;

&lt;p&gt;They are fun, toy-like examples. &lt;a href=&quot;https://www.paulgraham.com/organic.html&quot;&gt;Toys can grow to something impactful&lt;/a&gt;, but the impact isn’t here quite yet.&lt;/p&gt;

&lt;p&gt;That’s because humanity has spent billions and billions of dollars, and many lifetimes of work of the world’s smartest people on making the web consumer consumption experience really great. If (or almost certainly, when) agents to get to a better consumption UX, it will of course be significant. It will increase GDP.&lt;/p&gt;

&lt;p&gt;However, it’s an incremental improvement.&lt;/p&gt;

&lt;p&gt;The impact is improving a checkout flow. More purchases will be made, but mostly the same purchases.&lt;/p&gt;

&lt;p&gt;A measurable improvement, but not a world-changing impact.&lt;/p&gt;

&lt;p&gt;What &lt;em&gt;will&lt;/em&gt; be impactful is &lt;strong&gt;agentic entrepreneurship&lt;/strong&gt;.&lt;/p&gt;

&lt;p&gt;The reason the Total Addressable Market (TAM) of agents are so large is because of their capability to be their own business center. Generating their own revenue, their own profit. That is why the space is so important.&lt;/p&gt;

&lt;p&gt;The TAM is in a certain sense, immeasurable. Similar to &lt;a href=&quot;https://youtu.be/_wux3uZotVg?si=EOckl6Sk3WgoUb0s&amp;amp;t=514&quot;&gt;Elon Musk’s statements that the TAM of Optimus robots exceeds the value of the global labor force&lt;/a&gt;, the TAM of agentic entrepreneurship exceeds the combined market cap of all internet companies.&lt;/p&gt;

&lt;p&gt;There is a whole unexplored dark universe of businesses that don’t exist, either because they did not seem promising enough for humans to explore, or because the required human labor made building it prohibitive. With each successive improvement in AI capability, that universe becomes brighter, clearer, and more accessible.&lt;/p&gt;

&lt;p&gt;In &lt;a href=&quot;https://www.metadao.fi/projects/laso-finance/fundraise&quot;&gt;my interview with the MetaDAO co-founder&lt;/a&gt;, he lays out a request for a startup to build the secondary market for the 2nd largest collectibles primary market in the U.S., Hot Wheels.&lt;/p&gt;

&lt;iframe width=&quot;560&quot; height=&quot;315&quot; src=&quot;https://www.youtube.com/embed/jmbYSpKpwR4?si=6FDY726CRKVh_MFN&quot; title=&quot;YouTube video player&quot; frameborder=&quot;0&quot; allow=&quot;accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share&quot; referrerpolicy=&quot;strict-origin-when-cross-origin&quot; allowfullscreen=&quot;&quot;&gt;&lt;/iframe&gt;

&lt;p&gt;Hot Wheels has a large primary market, but a subscale secondary market. Likely, a secondary market hasn’t been built because the market appears too small, fragmented, or inaccessible. But it’s a business that an agent can execute on today.&lt;/p&gt;

&lt;p&gt;Then what about the 3rd, 4th, all the way down to the 20th largest market? The agentic harness an entrepreneur uses to execute on the Hot Wheels secondary market can be horizontally scaled to build those as well, and in parallel.&lt;/p&gt;

&lt;p&gt;I digress. I’m overextrapolating from my known medium to the future. I’m in the same trap that made &lt;a href=&quot;https://www.academia.edu/3105183/Radio_with_Pictures_How_the_Ad_Industry_in_the_1940s_Debated_the_Transition_from_Radio_to_TV?utm_source=chatgpt.com&quot;&gt;the first ads on TV just videos of someone reading a radio ad&lt;/a&gt;.&lt;/p&gt;

&lt;p&gt;It’s not clear how agentic entrepreneurship will take its most impactful shape. It &lt;em&gt;is clear&lt;/em&gt; that it is world-changing.&lt;/p&gt;

&lt;p&gt;Laso Finance is building the tooling to do it, and I’m excited.&lt;/p&gt;
</description>
        <pubDate>Wed, 24 Jun 2026 11:00:00 -0700</pubDate>
        <link>http://huntermonk.com/2026/06/24/why-laso.html</link>
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        <title>The money bags problem. 💰</title>
        <description>&lt;p&gt;The &lt;em&gt;money bags problem&lt;/em&gt;. As in, “What color should the bags be that we put all this money in?”.&lt;/p&gt;

&lt;p&gt;I continually make this error, although I’ve gotten better. It’s the act of searching for and resolving issues too far in the future. Crucially, they require several positive events to occur before the problem is relevant.&lt;/p&gt;

&lt;p&gt;It happens to every new entrepreneur that I have seen. It’s not ego assuming that things will go perfect. It’s a lack of understanding of the problems that can arise.&lt;/p&gt;

&lt;p&gt;The classic example is:&lt;/p&gt;

&lt;blockquote&gt;
  &lt;p&gt;Okay, we’re starting this company to help businesses sell on the Internet.&lt;/p&gt;

  &lt;p&gt;All the businesses in this arena are decrepit, so they don’t have an API. Instead, when new customers sign up, we manually create their accounts for them at Seamless Chex.&lt;/p&gt;

  &lt;p&gt;This obviously &lt;a href=&quot;https://paulgraham.com/ds.html&quot;&gt;won’t scale&lt;/a&gt;. When we have a hundred users signing up in a day, there’s no possible way we can do that. Obviously.&lt;/p&gt;

  &lt;p&gt;Before we work on growth, let’s find a payment processor that has an API.”&lt;/p&gt;
&lt;/blockquote&gt;

&lt;p&gt;That team flails in the water until they die.&lt;/p&gt;

&lt;p&gt;Of course, the correct thing to do here is &lt;strong&gt;only handle the scale problem when it is the biggest problem right in front of your face&lt;/strong&gt;. You can manually do things for a long time and &lt;a href=&quot;https://www.youtube.com/watch?v=ZM9BFcr88o0&quot;&gt;still turn out pretty good&lt;/a&gt;.&lt;/p&gt;

&lt;p&gt;Building a business is harder than you think, and in different ways than you think. When you reach out into the future to solve that issue ahead of time, you are time travelling to create new problems for yourself. You don’t need to do that.&lt;/p&gt;

&lt;p&gt;For that semi-fictional example, the problem is that you aren’t earning enough money to survive. If you have a long-term vision, you won’t solve yourself into an unassailable local maxima by fixing that first.&lt;/p&gt;

&lt;p&gt;Nearly all the problems that new entrepreneurs try to solve in the future are problems that happen at a certain level of scale. It’s easy to think that the advice “don’t optimize for scale early” is about not using Kubernetes for your launch. But it also applies to your business development, product, marketing, and personnel choices.&lt;/p&gt;

&lt;p&gt;Solve the problems that you need to solve right now, immediately, to get to the next level. If the problem is only company killing at higher scale, wait till you’re at that scale. At that point, you’ll have more resources, more experience, and more latitude of options to handle it than you can right now.&lt;/p&gt;

&lt;p&gt;In addition, you need to conserve your energy and resources and focus on the things that matter at the moment. You don’t need to create new problems for yourself; solve the ones that are in front of your face.&lt;/p&gt;

&lt;p&gt;Do not worry about the color of your money bags. It will be a great problem to have. A thousand things may kill you first.&lt;/p&gt;
</description>
        <pubDate>Tue, 28 Oct 2025 14:10:00 -0700</pubDate>
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        <title>The power of &apos;no update&apos;.</title>
        <description>&lt;p&gt;An extremely underappreciated tool is the “no update”, update.&lt;/p&gt;

&lt;p&gt;An easy trap to fall into when someone is waiting on you to complete something, and it’s delayed, is to assume they are upset. And that they’re upset because it’s not getting completed fast enough.&lt;/p&gt;

&lt;p&gt;That’s true some of the time, but IMO 85% of the pain of the delays is not the delayed outcome. It’s not trusting that the task is actively being worked on. In addition, it’s the pain of having to use up brain space to keep thinking about it.&lt;/p&gt;

&lt;p&gt;Depending on the person, the latter cost can be even higher. If you’re working with an A player, as soon as you tell them it needs to be done, you can completely forget about it. It’s as good as done.&lt;/p&gt;

&lt;p&gt;For B players, you have to remember the task you assigned. Periodically, you have to check up.&lt;/p&gt;

&lt;p&gt;For C players, you have to remember the task you assigned. Periodically, you have to check up. Periodically, they get upset that you’re micromanaging them, so now you have two things to remember:&lt;/p&gt;

&lt;ol&gt;
  &lt;li&gt;I assigned Charlie task X. I need to follow up on that.&lt;/li&gt;
  &lt;li&gt;Charlie got mad and performed worse when I asked on consecutive days. Has it been enough days? How else can I check on this?&lt;/li&gt;
&lt;/ol&gt;

&lt;p&gt;A players are fire-and-forget. That doesn’t mean they will do it one shot and bring it back to you. It means you also trust them to give you timely updates when relevant.&lt;/p&gt;

&lt;p&gt;If someone is not an A player, your brain is taken up with:&lt;/p&gt;
&lt;ol&gt;
  &lt;li&gt;What are the tasks on my plate?&lt;/li&gt;
  &lt;li&gt;For the tasks that are delegated, who owns it?&lt;/li&gt;
  &lt;li&gt;If someone else owns it, is the ball in my court our theirs?&lt;/li&gt;
  &lt;li&gt;If in their court, what is the status?&lt;/li&gt;
  &lt;li&gt;If status is unclear, or update is expected at this point, when was the last time I requested an update?&lt;/li&gt;
  &lt;li&gt;Am I exceeding my social capital or adding to frustrating by asking again?&lt;/li&gt;
  &lt;li&gt;(if get to this point) cost of having to ask and/or explain why need to ask.&lt;/li&gt;
&lt;/ol&gt;

&lt;p&gt;All of this can be ameliorated by simply continually updating the task master on a regular basis. Crucially, that means updating them, even if you are messaging them to say “there is no update or change. will update again by 5PM EST tomorrow.”&lt;/p&gt;

&lt;p&gt;You will find that people are &lt;strong&gt;far&lt;/strong&gt; more receptive to those delays because they know:&lt;/p&gt;
&lt;ol&gt;
  &lt;li&gt;I do not have to keep brain space open to monitor this person.&lt;/li&gt;
  &lt;li&gt;Clearly, this person understands their responsibilities.&lt;/li&gt;
&lt;/ol&gt;

&lt;p&gt;Get over the fear of delivering a “no update” update. You and your counterparties will be much happier.&lt;/p&gt;
</description>
        <pubDate>Tue, 25 Mar 2025 14:10:00 -0700</pubDate>
        <link>http://huntermonk.com/2025/03/25/power-of-no-update.html</link>
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        <title>Working hard, back to back.</title>
        <description>&lt;h2 id=&quot;hours&quot;&gt;Hours&lt;/h2&gt;
&lt;p&gt;As mentioned in &lt;a href=&quot;https://huntermonk.com/2023/12/31/working-hard-success.html&quot;&gt;Working hard, success&lt;/a&gt;, I have continued my goals of working above 2800 focused hours a year. These hours are timed in 15-minute increments, and only count for focused work. The timer is stopped if the primary goal of what I’m doing at that moment isn’t a business growth outcome.&lt;/p&gt;

&lt;p&gt;Read that post for my thoughts on the superlinear impact of working the additional marginal hour.&lt;/p&gt;

&lt;p&gt;In 2023, I worked 3,260.68 hours:&lt;/p&gt;

&lt;p&gt;&lt;img src=&quot;/img/work-hard/2023.png&quot; alt=&quot;Final hour count for 2023&quot; /&gt;&lt;/p&gt;

&lt;p&gt;In 2024, I worked 3,386.16 hours:&lt;/p&gt;

&lt;p&gt;&lt;img src=&quot;/img/work-hard/2024.png&quot; alt=&quot;Final hour count for 2024&quot; /&gt;&lt;/p&gt;

&lt;p&gt;I’m proud of hitting these hours while still maintaining my health and my love, personal, and work relationships. I believe that my hours worked isn’t just 69.3% higher than the national average, because I believe that what I count as hours are much more focused than the typical bar.&lt;/p&gt;

&lt;p&gt;Of course, I recognize that I am biased to think that. We almost all think that about ourselves.&lt;/p&gt;

&lt;p&gt;This year I am starting to see some of the benefits of this focus. My business is growing consistently to the point that I’m finally earning more than I would have at Facebook, which I left 3 years ago.&lt;/p&gt;

&lt;p&gt;However, I have to admit that I’m a bit disappointed I only beat last year by 3.85%. That is not what I expected.&lt;/p&gt;

&lt;p&gt;I’m not sure why that is. I will say that my current pace feels more sustainable than it did last year. That means I probably have more room to increase the weight.&lt;/p&gt;

&lt;p&gt;There were four significant business and personal outcomes from this focus:&lt;/p&gt;

&lt;p&gt;&lt;em&gt;Business&lt;/em&gt;&lt;/p&gt;

&lt;ol&gt;
  &lt;li&gt;I sold my first business, which was cofounded with a long-time friend and partner. It was a nominal outcome, but positive.&lt;/li&gt;
  &lt;li&gt;This is the first time I am living solely off of my own business that can be fully productized. Previous businesses were either contracting (my time for money) or service-heavy.&lt;/li&gt;
&lt;/ol&gt;

&lt;p&gt;In addition, I have hit two milestones that are an integral part of a person’s journey for fulfillment. This blog is focused on work, but these are important.&lt;/p&gt;

&lt;p&gt;&lt;em&gt;Personal&lt;/em&gt;&lt;/p&gt;

&lt;ol start=&quot;3&quot;&gt;
  &lt;li&gt;I have purchased my first home. Getting the 30 year mortgage took seven months. It was the hardest thing I have ever done.&lt;/li&gt;
  &lt;li&gt;On a trip to Italy, I got engaged, to be married in 2025.&lt;/li&gt;
&lt;/ol&gt;

&lt;p&gt;Personal and work accomplishments and intertwined. Fulfillment from achieving excellence in your field builds confidence, which builds relationships, which refills you to further achieve your goals.&lt;/p&gt;

&lt;p&gt;They build on each other. Both in a natural sense (accomplishments in your field generally make you a more appealing mate) and in a more ethereal sense (gratification from relationships inspires you to accomplish more).&lt;/p&gt;

&lt;p&gt;A utopia implies no struggle, which is a life devoid of meaning. It is not possible, and even if it was, humans would not want it. The pain of personal and work accomplishment is what makes happiness sweet.&lt;/p&gt;

&lt;p&gt;Ultimately, our purpose on this Earth is to be happy. The only constant in this world is that human nature does not change. And for all of time, through all civilizations, the most important item on that list is #4.&lt;/p&gt;

</description>
        <pubDate>Tue, 31 Dec 2024 13:10:00 -0800</pubDate>
        <link>http://huntermonk.com/2024/12/31/working-hard-success-back-to-back.html</link>
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        <title>Working hard, success.</title>
        <description>&lt;h2 id=&quot;hours&quot;&gt;Hours&lt;/h2&gt;
&lt;p&gt;As mentioned in &lt;a href=&quot;https://huntermonk.com/2021/01/13/working-hard.html&quot;&gt;Working hard. ⏱&lt;/a&gt;, since 2021 I’ve had a goal of completing 2,800 hours of focused work in a year.&lt;/p&gt;

&lt;p&gt;In 2021, I worked 2,644.91 hours:&lt;/p&gt;

&lt;p&gt;&lt;img src=&quot;/img/work-hard/2021.png&quot; alt=&quot;Final hour count for 2021&quot; /&gt;&lt;/p&gt;

&lt;p&gt;In 2022, 2,673.71 hours:&lt;/p&gt;

&lt;p&gt;&lt;img src=&quot;/img/work-hard/2022.png&quot; alt=&quot;Final hour count for 2022&quot; /&gt;&lt;/p&gt;

&lt;p&gt;This year, I completed 3,260.68 hours:&lt;/p&gt;

&lt;p&gt;&lt;img src=&quot;/img/work-hard/2023.png&quot; alt=&quot;Final hour count for 2023&quot; /&gt;&lt;/p&gt;

&lt;p&gt;I’m really proud of this. It had a measurable impact on my business success.&lt;/p&gt;

&lt;h2 id=&quot;impact&quot;&gt;Impact&lt;/h2&gt;
&lt;p&gt;3,260.68 is only 21.9% more than 2,673.71. But the additional output is more than that.&lt;/p&gt;

&lt;p&gt;In an 8 hour workday, some amount of your work hours are reactive, or essentially maintaining your current position or status. It varies by profession and by day, but for example, it could be 3 of the 8 hours. The remaining 5 hours are what push you or your product forward.&lt;/p&gt;

&lt;p&gt;If you extend your workday from 8 to 13 hours, that’s a 62.5% increase. But your reactive hours are the same. The hours of work that truly push your station forward increased from 5 hours to 10.&lt;/p&gt;

&lt;p&gt;By working 62.5% more hours, you have doubled your true working time. Not all hours are equal.&lt;/p&gt;

</description>
        <pubDate>Sun, 31 Dec 2023 12:20:00 -0800</pubDate>
        <link>http://huntermonk.com/2023/12/31/working-hard-success.html</link>
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        <title>Arbitrage strategy: barely averted.</title>
        <description>&lt;p&gt;Previously, I wrote a three part series about &lt;a href=&quot;http://huntermonk.com/2021/02/11/why-so-high.html&quot;&gt;a plan for interest rate arbitrage&lt;/a&gt;.&lt;/p&gt;

&lt;p&gt;The goal was to get tradfi loans at the prevailing 3-4% rate, and lend it to crypto earn products earning 8-16%. Services like BlockFi, Celsius, Gemini and others.&lt;/p&gt;

&lt;p&gt;That was not a good idea. Earning 8-16% like I thought was not sustainable. Every one of those failed.&lt;/p&gt;

&lt;p&gt;&lt;em&gt;Every&lt;/em&gt;
&lt;img src=&quot;/img/arb-fail/blockfi.png&quot; alt=&quot;blockfi bankruptcy&quot; /&gt;&lt;/p&gt;

&lt;p&gt;&lt;em&gt;single&lt;/em&gt;
&lt;img src=&quot;/img/arb-fail/celsius.png&quot; alt=&quot;celsius bankruptcy&quot; /&gt;&lt;/p&gt;

&lt;p&gt;&lt;em&gt;one.&lt;/em&gt;
&lt;img src=&quot;/img/arb-fail/gemini.png&quot; alt=&quot;gemini fail&quot; /&gt;&lt;/p&gt;

&lt;p&gt;In what I thought was the final post of the series, I described how I thought those earn products generated revenue:&lt;/p&gt;

&lt;blockquote&gt;
  &lt;ol&gt;
    &lt;li&gt;If you’re bullish on crypto, it’s better to get a collateralized loan against your crypto than to sell it. Lots of people want these loans.&lt;/li&gt;
    &lt;li&gt;When volatility is high, traders increase leverage to speculate, and are willing to pay more.&lt;/li&gt;
  &lt;/ol&gt;
&lt;/blockquote&gt;

&lt;p&gt;#1 is earning interest by issuing overcollateralized loans, and #2 is providing margin for traders.&lt;/p&gt;

&lt;p&gt;It turns out that even if earn products were doing some of that, that was not sufficient to produce adequate returns.&lt;/p&gt;

&lt;p&gt;Luckily, I was able to withdraw from all of these products, so I did not incur any losses from this strategy.&lt;/p&gt;

&lt;p&gt;I don’t have a moral of the story or new insight. I just am stating for public record that I was wrong in those posts.&lt;/p&gt;
</description>
        <pubDate>Thu, 05 Jan 2023 00:00:00 -0800</pubDate>
        <link>http://huntermonk.com/2023/01/05/rate-arbitrage-narrow-miss.html</link>
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        <title>Self-reinforcing cycles of risk taking.</title>
        <description>&lt;p&gt;Risk appetite is not a stomach that gets filled up. It is a muscle that gets stronger with use. Taking risks begets more risk in a self-reinforcing cycle.&lt;/p&gt;

&lt;h2 id=&quot;reinforcing-cycles-in-markets&quot;&gt;Reinforcing Cycles in Markets&lt;/h2&gt;
&lt;p&gt;In a bull market, a trader going long sees his profit and net worth increase. Two things happen:&lt;/p&gt;
&lt;ol&gt;
  &lt;li&gt;The trader is more confident in his ability. He takes more risk.&lt;/li&gt;
  &lt;li&gt;His account size has grown, so he has more money to take risks with.&lt;/li&gt;
&lt;/ol&gt;

&lt;p&gt;The result creates more wild boom and bust cycles than if a person’s risk appetite is constant. As the market continues up for the bull, risk increases, but the trader hardly notices.&lt;/p&gt;

&lt;p&gt;When Solana is mooning from $3 to $67, traders continue to add risk. The reduction of risk happens the same way on the way down.&lt;/p&gt;

&lt;p&gt;&lt;img src=&quot;/img/sol.png&quot; alt=&quot;Price of Solana from August 2021 to July 2022&quot; /&gt;
&lt;em&gt;Price of Solana from August 2021 to July 2022&lt;/em&gt;&lt;/p&gt;

&lt;h2 id=&quot;actionability&quot;&gt;Actionability&lt;/h2&gt;
&lt;p&gt;To get outlier results in life, you need to take risks. Intuitively, playing it safe will get you the middle of the bell curve.&lt;/p&gt;

&lt;p&gt;To strengthen your risk taking muscle, take risks. Unnecessary ones.&lt;/p&gt;

&lt;p&gt;In 1996, &lt;a href=&quot;https://en.wikipedia.org/wiki/Joe_Liemandt&quot;&gt;Joe Liemandt&lt;/a&gt; was the youngest member on the Forbes 400. He encouraged risk taking by offering to front $2,000 to any of their college recruits in Trilogy University. That money had to be used &lt;a href=&quot;http://shelf3.bookpark.ne.jp/pdf/view.asp?site_id=HBSP&amp;amp;pg=2&amp;amp;of=HBSP-9-699-034&amp;amp;nf=all&amp;amp;st=HBSP706&amp;amp;fs=8e151a78b21252fc72c7d921e4838505&quot;&gt;to bet on one number on a roulette wheel&lt;/a&gt;.&lt;/p&gt;

&lt;p&gt;From Joe:&lt;/p&gt;

&lt;blockquote&gt;
  &lt;p&gt;It’s enough to hurt if they lose, Liemandt reasoned, but not so much that it would wreck anyone. That was the level of risk taking he wanted them to adopt as Trilogy employees.&lt;/p&gt;
&lt;/blockquote&gt;

&lt;p&gt;Who is more likely to play $2,000 roulette: a professional motocross racer, or a doctor?&lt;/p&gt;

&lt;p&gt;Who’s life would you rather have?&lt;/p&gt;
</description>
        <pubDate>Thu, 21 Jul 2022 12:00:00 -0700</pubDate>
        <link>http://huntermonk.com/2022/07/21/risk-taking.html</link>
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        <title>The bear case for AirBnB. 🐻</title>
        <description>&lt;p&gt;&lt;em&gt;Update: I’ve added a video version of this post: https://rumble.com/v1n9sfq-the-bear-case-for-airbnb.html&lt;/em&gt;&lt;/p&gt;

&lt;p&gt;I believe that AirBnB is not a good business. It’s not due to the team, or the market. It’s due to the nature of the business &lt;em&gt;as a host&lt;/em&gt;.&lt;/p&gt;

&lt;p&gt;AirBnB is, at time of writing, at a &lt;a href=&quot;https://companiesmarketcap.com/airbnb/marketcap/&quot;&gt;106.22 B market cap&lt;/a&gt;. That makes it the largest hotel company in the world by a margin of 64.35%.&lt;/p&gt;

&lt;p&gt;&lt;a href=&quot;https://companiesmarketcap.com/hotels/largest-hotel-companies-by-market-cap/&quot;&gt;&lt;img src=&quot;/img/airbnb/market-cap.png&quot; alt=&quot;largest hotel companies&quot; /&gt;&lt;/a&gt;&lt;/p&gt;

&lt;p&gt;This essay is based on my experience as a professional AirBnB host from 2013 to 2015 in my first startup, M-Spaces.&lt;/p&gt;

&lt;p&gt;There are largely three types of hosts.&lt;/p&gt;

&lt;h2 id=&quot;three-host-types&quot;&gt;Three Host Types&lt;/h2&gt;
&lt;p&gt;The first type is the side-gig host. This is someone who is renting out their extra room, guest house, etc.&lt;/p&gt;

&lt;p&gt;The second is a host with a space for large groups. They host groups of 6+ in large homes; often near beaches etc. where large groups of friends travel. These hosts existed on VRBO before AirBnB.&lt;/p&gt;

&lt;p&gt;The third type is a professional host. They buy or rent locations for the sole purpose of hosting guests on AirBnB, VRBO, etc.&lt;/p&gt;

&lt;h3 id=&quot;side-gig-host&quot;&gt;Side-Gig Host&lt;/h3&gt;
&lt;p&gt;This is the majority of hosts. They are casually hosting.&lt;/p&gt;

&lt;p&gt;It’s profitable for this person to host because they will keep their rentable space even if they weren’t on AirBnB. For them, the cost of their lease, cost of capital, HOA fees, etc. should be “on their books” as $0.&lt;/p&gt;

&lt;p&gt;However, they are not professionals. The guest experience between hosts is wildly different. Hosts have different standards for:&lt;/p&gt;
&lt;ol&gt;
  &lt;li&gt;Cleanliness.&lt;/li&gt;
  &lt;li&gt;Furnishings.&lt;/li&gt;
  &lt;li&gt;What is and isn’t appropriate for a guest to do.&lt;/li&gt;
&lt;/ol&gt;

&lt;blockquote class=&quot;twitter-tweet&quot;&gt;&lt;p lang=&quot;en&quot; dir=&quot;ltr&quot;&gt;Uber ended up being a much better version of taxis and Airbnb ended up being a much worse version of hotels&lt;/p&gt;&amp;mdash; Daniel (@growing_daniel) &lt;a href=&quot;https://twitter.com/growing_daniel/status/1535489775875989504?ref_src=twsrc%5Etfw&quot;&gt;June 11, 2022&lt;/a&gt;&lt;/blockquote&gt;
&lt;script async=&quot;&quot; src=&quot;https://platform.twitter.com/widgets.js&quot; charset=&quot;utf-8&quot;&gt;&lt;/script&gt;

&lt;p&gt;If you have stayed with AirBnB three or more times, you have experienced a disappointment regarding one of those three items. The quality control is not there, and it is not possible to do AirBnB-wide.&lt;/p&gt;

&lt;p&gt;AirBnB will eventually stop hosts that create a truly terrible experience via reviews. But that takes many (~8+) stays. Part of the reason is that the reviews are dual-sided; guests are less likely to write a scathing review of a person than they are about a person.&lt;/p&gt;

&lt;p&gt;This form of hosting is profitable for the host, but creates wildly different experiences for each guest’s stay. &lt;strong&gt;It is not at all comparable to a hotel experience.&lt;/strong&gt;&lt;/p&gt;

&lt;h3 id=&quot;large-group-host&quot;&gt;Large Group Host&lt;/h3&gt;
&lt;p&gt;This type of host already existed on VRBO / HomeAway. They provide &lt;a href=&quot;https://www.vrbo.com/834746?unitId=1382685&amp;amp;noDates=true&quot;&gt;ski cabins for families&lt;/a&gt; and &lt;a href=&quot;https://www.vrbo.com/850255?noDates=true&amp;amp;unitId=1398194&quot;&gt;party houses for spring breakers&lt;/a&gt;. It could either be an investment property, lake house that’s rented when owner isn’t there, etc.&lt;/p&gt;

&lt;p&gt;Their revenue is not significantly changed by AirBnB. For this type of host, life continues as normal except that they now have a new advertising medium, AirBnB.&lt;/p&gt;

&lt;p&gt;However, from a guest’s standpoint, this represents a very small percentage of travel. This is almost always leisure trips that require coordinating groups. It represents &amp;lt;4% of travel. [1]&lt;/p&gt;

&lt;p&gt;Stays here are generally not easily replaceable by hotels. A business traveler won’t book a ski cabin.&lt;/p&gt;

&lt;h3 id=&quot;professional-host&quot;&gt;Professional Host&lt;/h3&gt;
&lt;p&gt;This host rents or buys single bedroom/studio houses/apartments for the sole purpose of hosting guests. From a guest standpoint, this creates the most hotel-like experience.&lt;/p&gt;

&lt;p&gt;This host has a professional cleaning service or cleaning employees that create a consistently strong experience.&lt;/p&gt;

&lt;p&gt;Because it’s not the host’s home, they dispassionately view the space an investor, and thus generally have less rules for guests. Because the host has reviews aggregrated over many locations, they have a higher number of reviews, which makes travelers feel the most safe.&lt;/p&gt;

&lt;p&gt;This is the best guest experience - it’s the most similar to a hotel. [2]&lt;/p&gt;

&lt;p&gt;However! It is the least profitable option of the three. Primarily due to cost of logistics, and unequal tax enforcement.&lt;/p&gt;

&lt;p&gt;To best explain those costs, I will walk you through my experience as a profitable host with M-Spaces.&lt;/p&gt;

&lt;h2 id=&quot;m-spaces&quot;&gt;M-Spaces&lt;/h2&gt;
&lt;p&gt;At M-Spaces we leased and furnished high-end apartments in Austin. It grew to a $1M run rate with 12 full-time employees across 24 apartments.&lt;/p&gt;

&lt;p&gt;&lt;img src=&quot;/img/airbnb/m-spaces.png&quot; alt=&quot;screenshot of old M-Spaces website&quot; /&gt;&lt;/p&gt;

&lt;p&gt;When I shut it down, we had 468 reviews, the largest number of reviews on AirBnB, and most likely the largest number of stays.&lt;/p&gt;

&lt;p&gt;&lt;img src=&quot;/img/airbnb/reviews.png&quot; alt=&quot;reviews&quot; /&gt;
&lt;em&gt;I use the same account, but have changed it to my personal name and picture.&lt;/em&gt;&lt;/p&gt;

&lt;p&gt;It was not profitable, though.&lt;/p&gt;

&lt;p&gt;Here is our profit and loss report from August 2014:
&lt;img src=&quot;/img/airbnb/pandl.png&quot; alt=&quot;profit and loss august 2014&quot; /&gt;
&lt;a href=&quot;https://docs.google.com/spreadsheets/d/1g3grBA87ogIQO2y7Wu2koi58ZPp3-EIbI-nrTDlrRMU/edit?ouid=114879676993903287114&amp;amp;usp=sheets_home&amp;amp;ths=true&quot;&gt;Viewable spreadsheet of our P&amp;amp;L&lt;/a&gt;&lt;/p&gt;

&lt;p&gt;It was an enjoyable business. Unfortunately, we had to shut it down because:&lt;/p&gt;
&lt;ol&gt;
  &lt;li&gt;Austin started requiring licenses for short-term-rentals (STR). They were hard to get from the large, nationwide landlords that we tended to lease from.&lt;/li&gt;
  &lt;li&gt;The new tax (15% of revenue) took away the margin.&lt;/li&gt;
&lt;/ol&gt;

&lt;p&gt;Our most profitable building was &lt;a href=&quot;https://whitleyaustin.com/&quot;&gt;The Whitley&lt;/a&gt;. It’s clearly a 4 star apartment building. We had 8 apartments there.&lt;/p&gt;

&lt;p&gt;A very comparable hotel is across the street. &lt;a href=&quot;https://www.omnihotels.com/hotels/austin-downtown&quot;&gt;The Omni&lt;/a&gt;. [3]&lt;/p&gt;

&lt;p&gt;We had different rates for different apartments and for different nights (weekend vs. weekday). Our mean average price was $164/night. That price allowed us to achieve +94% occupancy. We were not paying the tax.&lt;/p&gt;

&lt;p&gt;At that time, the Omni’s mean average rate was $190/night. If you add 15% to our rate, you get $188.60; almost exactly the same price as the Omni, and that isn’t a coincidence.&lt;/p&gt;

&lt;p&gt;An AirBnB is simply a hotel that has higher variable costs, and equivalent fixed costs. Your variable costs of cleaners are higher for each type of host:&lt;/p&gt;

&lt;ul&gt;
  &lt;li&gt;&lt;strong&gt;Type 1&lt;/strong&gt;: You either clean it yourself, earning a cleaner’s wage, or you have a cleaner drive to your place for a one-off clean. They are not maximizing their time cleaning.&lt;/li&gt;
  &lt;li&gt;&lt;strong&gt;Type 2&lt;/strong&gt;: Same problems as #1.&lt;/li&gt;
  &lt;li&gt;&lt;strong&gt;Type 3&lt;/strong&gt;: The best of the three solutions, but requires driving across the city to each unit. Forgetting a fitted sheet is fatal. [4]&lt;/li&gt;
&lt;/ul&gt;

&lt;h2 id=&quot;but-airbnb-is-part-of-the-new-sharing-economy&quot;&gt;But AirBnB is part of the new sharing economy!&lt;/h2&gt;
&lt;p&gt;There is one other argument I hear: “AirBnB is Uber for extra space. Uber turns underutilized assets (consumer cars) and creates higher utilization. AirBnB takes unused space, and utilizes it to a higher degree.”&lt;/p&gt;

&lt;p&gt;The problem with this comparison is two-fold:&lt;/p&gt;
&lt;ol&gt;
  &lt;li&gt;
    &lt;p&gt;It’s much easier to create a taxi-like (or better) experience than it is to create a hotel-like (or better) experience.&lt;/p&gt;
  &lt;/li&gt;
  &lt;li&gt;
    &lt;p&gt;The cheapness, ease of booking and tracking via Uber created an increase in demand. Taxi usage + Uber usage is MUCH higher than taxi usage was before Uber. &lt;em&gt;People take Uber trips when they wouldn’t have taken a taxi.&lt;/em&gt; Any trip someone takes with an AirBnB they previously would’ve used HomeAway or a hotel; it doesn’t create new demand. [5]&lt;/p&gt;
  &lt;/li&gt;
&lt;/ol&gt;

&lt;h2 id=&quot;the-current-state&quot;&gt;The Current State&lt;/h2&gt;
&lt;p&gt;Now, the hosts are realizing their AirBnBs are not worth it! People add crazy cleaning fees to cover the taxes and general costs of running it.&lt;/p&gt;

&lt;p&gt;&lt;img src=&quot;/img/airbnb/tweet.png&quot; alt=&quot;tweet&quot; /&gt;&lt;/p&gt;

&lt;p&gt;Eventually, AirBnB prices will rise to match hotel prices. Hosts will be left to compete solely on creating a more special experience than you can get at a hotel.&lt;/p&gt;

&lt;p&gt;Can you make a better experience than Four Seasons? Maybe.&lt;/p&gt;

&lt;p&gt;Will it be profitable? No.&lt;/p&gt;

&lt;hr /&gt;

&lt;p&gt;[1] This is my best guess. I don’t have a source, but this should be pretty intuitive. It’s not more than 7%, and could be 1% or less.&lt;/p&gt;

&lt;p&gt;[2] AirBnB markets themselves as a way to be more connected to the location you’re visiting because you’re there with a local host. In practice, I’ve found that very few guests care about that. In 2014, we conducted a multi-thousand respondent phone poll, and the overwhelming majority of guests care about price above all other factors. A local host was low on cared-about-factors.&lt;/p&gt;

&lt;p&gt;[3] As part of my ongoing experimentation with pricing on rooms, I was able to get a call with the man in charge of Omni rate-setting to learn from him. In 2014, he had no idea what AirBnB was.&lt;/p&gt;

&lt;p&gt;[4] “Well why don’t you just put ALL your units in one building?” Yeah, now you’ve re-created a weird hotel. Just go buy a hotel then.&lt;/p&gt;

&lt;p&gt;[5] Thanks to Jake Bailey for sparking a reminder to add this point.&lt;/p&gt;
</description>
        <pubDate>Sat, 11 Jun 2022 12:00:00 -0700</pubDate>
        <link>http://huntermonk.com/2022/06/11/bear-airbnb.html</link>
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        <title>Working hard, final part.</title>
        <description>&lt;p&gt;In March of 2021, I was on track for my goal of working 2,800 hours in 2021 as described in &lt;a href=&quot;https://huntermonk.com/2021/03/19/working-hard-pt-3.html&quot;&gt;part 3&lt;/a&gt;.&lt;/p&gt;

&lt;p&gt;Unfortunately, I ended short of my goal.&lt;/p&gt;

&lt;p&gt;&lt;img src=&quot;/img/work-hard/final.png&quot; alt=&quot;Final hour count for 2021&quot; /&gt;&lt;/p&gt;

&lt;p&gt;It was a fairly aggressive goal. I stop my timer if I take a phone call, make food, get mail, or anything not work related. Given that fairly strict definition of work, it is still a solid performance.&lt;/p&gt;

&lt;p&gt;I will make my goal next year.&lt;/p&gt;

&lt;p&gt;&lt;em&gt;Edit: The output in the picture doesn’t quite make sense because I ran it on 1/2/2022 instead of during 2021. I worked 2,644.91 hours in 2021 - 155.09 hours short.&lt;/em&gt;&lt;/p&gt;
</description>
        <pubDate>Sun, 02 Jan 2022 10:15:00 -0800</pubDate>
        <link>http://huntermonk.com/2022/01/02/working-hard-final.html</link>
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        <title>CryptoPunkPool. 🏊🏻‍♂️</title>
        <description>&lt;p&gt;Currently, my friends &lt;a href=&quot;https://www.linkedin.com/in/jakebaileyentrepreneur/&quot;&gt;Jake Bailey&lt;/a&gt;) and colleagues at FB are pooling together money to buy a &lt;a href=&quot;https://www.larvalabs.com/cryptopunks&quot;&gt;CryptoPunk&lt;/a&gt;. They are the most highly valued set of NFTs.&lt;/p&gt;

&lt;p&gt;We are targeting mid-tier punks, which are valued at around 150Ξ ($450,000). Currently, we have pooled together around $300k.&lt;/p&gt;

&lt;p&gt;I created a landing page, &lt;a href=&quot;http://www.cryptopunkpool.com&quot;&gt;CryptoPunkPool.com&lt;/a&gt; for others to join. Feel free to contribute.&lt;/p&gt;

&lt;p&gt;&lt;a href=&quot;http://www.cryptopunkpool.com&quot;&gt;&lt;img src=&quot;/img/cpp.png&quot; alt=&quot;CryptoPunkPool landing page&quot; /&gt;&lt;/a&gt;&lt;/p&gt;

&lt;p&gt;To learn more, here is &lt;a href=&quot;https://docs.google.com/document/d/1clOEoLMtdEnygWwa4n5_h4_d1ei6X0hoB7nFthCH4Hc/&quot;&gt;our coordination doc&lt;/a&gt;. You can also &lt;a href=&quot;https://join.slack.com/t/cryptopunkpool/shared_invite/zt-wfa5vlbk-09~xgIK3VoVNvRvfvfZcmw&quot;&gt;join our Slack&lt;/a&gt; for live updates.
&lt;em&gt;Slack link expires, please email me at hunter.monk@gmail.com if it’s expired.&lt;/em&gt;&lt;/p&gt;
</description>
        <pubDate>Fri, 24 Sep 2021 11:15:00 -0700</pubDate>
        <link>http://huntermonk.com/2021/09/24/cryptopunkpool.html</link>
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