The 11-year-old wrote a book about bitcoin

According to foreign media reports, like most sixth grade students, Andrew – Curry (Andrew Courey) usually like to participate in various sports activities. I like to play iPhone in my spare time. However, unlike most other 11-year-olds, he is also a bitcoin expert.

He has just written a book called Early Bird Gets The Bitcoin: The Ultimate Guide To Everything About Bitcoin and published it in ebook form in January . The e-book, priced at $ 2.99, allows readers to read on the Amazon Kindle; its paper version was just released and costs $ 9.99.

As a technology investor kid, Curry loves math, likes to fiddle with mobile apps, and often comes up with a variety of business ideas. He was frustrated with the team’s foul play during a baseball game, so he proposed to establish a “Glassdoor-like referee website” for off-court daddy.

Last year, he had an ambitious plan to make 20 million U.S. dollars by the age of 14 and to start actively seeking investment opportunities. According to his agreement with his parents, the plan may make him drop out of school. Curry thought of bitcoin and started to read a lot of knowledge about videos on the YouTube site about miners and early investors who made big money in digital currencies.

After learning of his son’s search for “passive income” sources, Curry’s dad, Jeff Courey, advised him to write a book on bitcoin and blockchain, using more plain language to elaborate on the concept and then Sell this book.

“Anyone who wants to spend 70 to 80 hours studying cryptocurrencies knows a lot about it,” Curry said. He lives in Wellesley, Massachusetts now with his parents and their sister. “This book uses the simplest language and is easy to read and well understood.”

The book has 57 pages and includes chapters on bitcoin history, Bitcoin wallets, cryptocurrencies Ethereum and First Token Distribution (ICO), among others. The title of this book has a double meaning: first, the book serves as an early reference book for young readers; second, the sooner someone who accesses bitcoin earns money sooner.

The wallet is like a mailbox

One of Curry’s goals in writing this book is to make use of real-life analogies to elaborate Bitcoin and blockchain so newcomers (children) understand their complex concepts as well. For example, he compared the distributed accounting blockchain technology to a “Google Docs document that can be shared with anyone, editable only through the sale and purchase of bitcoin.”

In describing the Bitcoin wallet, Curry wrote that the wallet has two keys, a public key, that can be provided to anyone, and a private key that is available only to the owner. He does the analogy this way: “Imagine there’s a mailbox here, where postal mail can be sent to any mailbox, but only those who have a mailbox key can get the mail.”

Curry wrote “interesting facts” about the subject in each chapter of the book. For example, at the end of the bitcoin mining chapter, he writes that the power consumption of Bitcoin mining is “estimated to exceed the sum of the electricity consumption in 159 countries.”

Curry said he spent three months researching, writing and editing manuscripts with the help of his parents.

“During the holidays, he locked himself in the room and devoted himself to making things,” said his father. His father has been investing in stocks for 16 years and now works for a company in Waltham, Mass.

Curry said he now owns 0.00222 bitcoins (about $ 22.50). He bought before Christmas. The price was higher than it is now. He also bought some ether coins. However, he is not prepared to buy the encrypted currency, preferring to own the Amazon stock. At the end of the book, Curry claims he’s been reading Brad Stone’s book, “The Everything Store: Jeff Bezos and the age of Amazon, and it is from this book that he learned about Amazon’s own publishing platform, Kindle Direct Publishing.

However, there are other plans in Curry to help him meet the $ 20 million fortune goal, including a mathematical flashcards mobile app.

In the meantime, he is still in high school.

Dropbox IPO borrow Snap error, no longer issue new shares without voting

Dropbox, the cloud storage company, formally filed a prospectus with the Securities and Exchange Commission (SEC) on Friday to raise $ 500 million through an initial public offering. Dropbox learned lessons from the post-mortem scenario of long-term stock price breakouts following the Snap listing of Snapchat’s parent company, Dropbox averting some of the issues, but market investors are still concerned about the governance and financial problems of the company.

Dropbox was founded in 2007 and released to the public in 2008, when it quickly became a hit, thanks to its easy-to-use file synchronization feature. Although the simplicity of Dropbox is still hard to beat today, it has not expanded too much in the past decade. Almost no change was made to its core product, and although it later added a collaborative document editor, many of its competitors offered similar products.

Dropbox originally provided consumers with free photos, music and other large file sharing and storage services. The business has been gradually commercialized as Google, Microsoft and Amazon began offering storage services for free.

Dropbox then turned business to business users. Dropbox is currently facing the question of whether the valuation is high. When it came to financing in 2014, it received a valuation of 10 billion U.S. dollars. Since the round of financing, more than one investor, both a public company and a private company, has written-off the value of its Dropbox shares.

At $ 10 billion, Dropbox will be the largest unicorn IPO since the Snap went public last year.

The dilemma encountered by Snap following its initial public offering was largely attributed to two previous decisions the co-founder of the company made: one to issue unfiltered shares to investors and the other to market to chief executives and Another co-founder awarded a large number of equity awards.

When companies go public, they have set up a multiple shareholding structure that aims to keep the success of listed companies in the hands of the founders; and awarding share-holding awards to senior management is not a new product in Silicon Valley. But Snap has done them the ultimate, and therefore paid the price.

Dropbox disclosed in the prospectus, the company adopted a three-tier equity structure. The company’s stock is divided into A-level, B-level and C-level three levels, this issue will be A-class stocks. Each Class A share has 1 Voting Right. Each Class B Class B shares 10 shares of Voting Rights and may be converted into Class A shares at any time. Class C shares have no voting rights.

Dropbox’s Class B shares are held primarily by the company’s founder, CEO Drew Houston, and venture capital firm Sequoia Capital, which collectively take up the company’s current 50% voting rights.

Santosh Rao, head of research at venture capital firm Manhattan Venture Partners, said: “Multinationals now have become the norm in technology companies and they want to take control of the business, strategically speaking, But in the case of Snap, the company did a bit too far because the founders of the company got 90% of the vote.

Dropbox’s prospectus also showed that during the company’s preparations for an initial public offering, the two co-founders paid about $ 156 million worth of stock rewards, compared with Snap CEO Ivan Spiegel Evan Spiegel) Earlier shareholding awards much less.

Among them, the CEO Houston received 109.6 million US dollars worth of corporate restricted stocks. Arash Ferdowsi, another co-founder of the company that co-founded Houston, received a restricted stock of $ 46.7 million, and the prospectus states that in the 10 years since listing, if Dropbox’s share price can break through a series of set price barriers in the $ 20 to $ 60 range and they will be able to cash out this portion of the restricted stock.

Although Dropbox’s corporate governance issues are much better than those of Snap, the market still expresses many concerns. Santos Rao currently fears Dropbox is facing fierce market competition and slowing revenue growth.

Dropbox reported revenue of $ 1,106.8 million last year, up 31% from $ 844.8 million in 2016 but at a slower pace than nearly 40% in 2016. The analyst also pointed out that Dropbox has too many free users compared to the number of paying users. “After so many years of development, of the 500 million Dropbox users, only 11 million are paying users, and the conversion rate is too low,” he emphasized.

Dropbox is currently facing challenges from rivals such as Google. The company also does not have the services of renting cloud service providers like Snap, thus avoiding excessive cloud computing costs. Dropbox has built its own storage infrastructure through a partnership agreement with HP. Hewlett-Packard has also become one of the company’s biggest customers as Meg-Whitman, HP’s former chief executive, joins Dropbox’s board of directors.

Dropbox may lose some potential investors because the company chose to go public after the high-growth era passed. This issue is also a long-term issue for market analysts and IPO experts in the past few years, as more and more unicorns choose longer private attributes. Although Dropbox’s revenue growth began to slow, as long as the current pace of development is maintained, the company will make a profit in the next few years.

When the market waiting for Uber, Airbnb and other unicorn giant IPO, the performance of Dropbox after the listing will provide them with some reference.

Softbank Vision Fund’s “small target”: reinvest 40-70 technology companies, the focus of Europe

The world’s most influential Mobile World Congress (MWC) kicked off this week in Barcelona, Spain. In addition to Huawei’s release of the world’s first 5G commercial chipset and terminal and the launch of a new generation of Samsung’s flagship Galaxy S9 series, the financing scale Nearly 100 billion U.S. dollars of Japan’s Softbank’s Vision Fund also attracted much attention.

Its CEO Rajeev Misra on Monday received a number of media interviews CNBC and Bloomberg, the remaining 2/3 of the fund can invest in the target company, heavily invested in the future development of Uber equity, the relationship with the investment circle The combination of ecosystem construction, Softbank mobile phone spin-off listing and other key topics to explain.

Vision fund investment company goal is 70-100, has cast 30

According to the report released by Japan Softbank two weeks ago, the Vision Fund, the world’s largest technology vision fund, has been established for less than a year and has invested more than 35 billion U.S. dollars, accounting for the total fund-raising amount of May last year (93 billion U.S. dollars ), A total investment of more than 30 start-ups, mainly in the United States, India and other Asian countries.

In an interview with CNBC, Misra said that while Vision Fund invests more in the field of shared travel and e-commerce, it is not about thematic investment, but rather about building an “ecosystem,” focusing on bringing efficiency to different industries or Subversive company.

In addition to financial technology and financial services, Vision Fund also invests in cutting-edge insurance technology Lemonade, mortgage and home sales Compass, construction industry Katerra, Europe used car Auto1 platform, Indian low-star hotel online platform Oyo Rooms, office WeWork, a space-sharing company, achieved a wide range of cross-industry investments.

Misra expects the vision fund to target 70-100 investment companies after the first round of fundraising, with the usual investment in industries that have disruptive leading companies such as Uber, which invests in Uber in the United States and invests in China , Ola in India and Grab in Southeast Asia. These companies may have some business overlap with Uber, but usually do not invest in competing companies.

It will build the ecosystem of the companies it cast and promote the internal cooperation within the portfolio

Earlier, Bloomberg quoted people familiar with the matter as saying that after Uber’s $ 9 billion stake in Uber, Softbank has asked Uber to withdraw from individual Asian markets, saving the local leaders the cost of price competition and gaining market share, as well as improving Uber’s Uber is also discussing with Grab and Ola about possible cooperation before the IPO IPO in 2019.

However, in an interview with CNBC, Misra denied that the Vision Fund was “directing” Uber management’s actions, stressing that he was very satisfied with the new Uber management many times, that Uber would maintain its position as a global company, the IPO process in 2019 Steadily moving forward In his opinion, Uber’s future is not limited to the shipping industry. It also includes such auxiliary businesses as food distribution, insurance and car rental. It truly becomes a multinational platform and maintains its leading market share in Europe, the United States, Latin America and Australia.

Misra emphasized that Vision Fund has built an ecosystem in less than a year of investment and will have an indexing effect on the companies it casts to help them develop their global businesses. Funds also help companies that cross-sell, such as Auto1 selling used cars to Uber drivers or WeWork employees, and Lemonade selling health insurance to shared-economy employees.

In fact, the ecosystem has become one of the industry’s attractive forces for vision funds, and they are patient, long-term investors and strongly support entrepreneurs’ creativity and ambition to achieve hyper growth. The companies they invest in the next five years, “any time” can apply for adequate capital, and get more support from Softbank. Therefore, “a lot of start-up companies with a huge amount of financing, the first call always hit the vision fund.”

And the wind circle “a high degree of habitat”, is “seriously consider” mobile phone business IPO

Quite a few foreign media also asked about the relationship between the Vision Fund and the venture capital circle. Previously, venture capitalists questioned the high level of investment made by Softbank, which in turn caused the startups to overvalued or they were willing to delay listing in the privatization stage for a long time Etc., the valuation is too high also makes it difficult for other venture capital investment. For example, Softbank invested $ 4.4 billion in WeWork in 2017 to make it valued at up to $ 20 billion. However, when WeWork wanted to win Softbank’s investment in early 2015, the stock index “only” had $ 5 billion.

In response, Misra said that the Vision Fund and the Venture Capital Circle are highly co-located relations, rather than hostile. The Vision Fund also really benefited many early venture capital agencies. In addition to investing in the early stages of technology start-ups, Softbank will also invest in the high-speed development stage of 3-4 years after the first round of financing, which will provide liquidity to VCs that want to withdraw early. For example, when the Vision Fund invests in Uber, some VCs get an exit price that is 100 times the original investment.

Misra did not make any comment on the news first disclosed by Nikkei in January that Softbank plans to spin-off its mobile handset division, one of its core businesses, and invest a further $ 18bn in financing into its vision fund to boost investment in science and technology More explanation, but that the relevant plan is still in its early stages, but “Softbank seriously consider this option.”

According to Bloomberg News, Vision Fund has a huge potential for investment in Europe with only $ 563 million being invested in Germany’s online used car dealership, Auto1, and a planned $ 502 million investment in London-based virtual reality startup Improbable Worlds. Misra also said in an interview that he was looking for European investment targets and hoped that the companies in the same industry could finally share the fruits of R & D.