Product/Michael Fit — Vol. 4: Purpose and Identity, and a Crypto Product of the Week

Week 4: November 29, 2020

Purpose and Identity

Product of the Week

When I first thought about starting “Product/Michael Fit,” I wanted to write about a new product each week, then unpack my experience with it or thoughts about it, eventually claiming if it was a “fit” for me or not (like product/market fit, but for me — get it?).

BlockFi

Generate High-Yield Interest From Your Crypto and Stablecoins

Background

I decided to check out BlockFi after watching this video by personal finance YouTuber Andrei Jikh — My Next $100,000 Investment. BlockFi is a New York City startup building financial services for crypto assets. They offer super high-yield interest accounts for cryptocurrencies, which is the product that I’ve been using for the past week. Right now, you can earn ~5–6% yearly interest (APY) for cryptocurrencies: Bitcoin, Ethereum, and Litecoin. You can also earn 8.6% for a set of “stablecoins,” which mirror the US Dollar’s value, providing a less risky option (e.g., $1 = 1 USDC stablecoin).

Why This

I’m not a crypto expert by any means, I’ve held some Bitcoin and Ethereum since they became mainstream during the 2017 rush, occasionally adding a bit over time, and learning to accept random extreme volatility. I’m still disappointed that I didn’t ask my college dorm floormates any questions when they bought Bitcoin in 2013 (Random sports trivia: Jacoby Brissett was the Bitcoin Bowl MVP in 2014).

Looking Ahead

For startups and other companies providing relatively new services, I’m always super interested in hearing from the founders. From what I’ve seen, and the two interviews that I’ve shared below, I’m super impressed by co-founders Flori Marquez and Zac Prince. While I’ve thought of cryptocurrencies as an interesting technology and social experiment, their point-of-view really stood out to me. That as a new financial model gains market adoption, there are so many gaps to fill for all of the financial services that we’d expect, but do not yet exist for cryptocurrencies and digital assets. Thinking from my experience in ecommerce strategy, this makes me wonder what other general purpose consumer products or consumer needs could be explored? I’ll definitely be researching this angle, so stay tuned. Bat signal for @MSilb7 on Twitter.

Verdict

It fits.

Back to Black Friday for a bit, this was funny (10/10 execution):

Until Next Week!

Michael
@MSilb7

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Michael Silberling

Michael Silberling

@MSilb7 and msilb7.com | South Florida native | Interested in sports, tech, startups/vc | 🐊 UF Alum | Current: PM at Amazon