The Nomics Update

The Nomics Update

By Clay Collins
This is the audio journal of Nomics.com CEO Clay Collins. The podcast tells stories from inside our cryptocurrency & bitcoin market data API company.

Topics include Nomics’ product roadmap; new partnerships; company outlook; important new ideas shaping the future of Nomics.com and Nomics crypto market data API; as well as business strategy, philosophy, crypto investing & fundraising.

Nomics.com launched in January of 2018 as an API-first company. The company was created in response to increasing demand for professional grade market data products & APIs for institutional investors.
Available on 12 platforms
Under Development - Open Source Apps for iOS, Android, WordPress etc. - (Ep. 0033)
Well, I'm having a pretty good day. My wife came over, and we watched [00:00:30] an episode of The Office which is something we've done. Not The Office, but we've had a show that we've tried to watch that gets our mind out of the day-to-day ever since our daughters were born. I have twin toddlers, two girls. They're amazing, and so's my wife actually. Anyway, she came over. We're on season two of The Office. Man, it's awkward. [00:01:00] Uh, uh, it's awkward and painful. There's no laugh tracks, so there's not a ton of comic relief. I hope it gets funnier. I think it's funny here and there, but it's also kind of sad. All right. Anyway, that's a habit that my wife and I kind of started after our daughters were born. The first thing we watched was The Golden Girls. We saw every episode of The Golden Girls. What a great show. Man, I love [00:01:30] that show. Maybe my favorite sitcom to date. Yeah, so we'd make an appointment to watch this after the kids went to bed, and sometimes we'd watch it, sometimes we wouldn't, but it was good to have an appointment to get together even if sometimes we didn't want to talk at all and just wanted to veg out and watch the show, or sometimes it was fun to just talk and just reconnect. So, she did that. It's nice to have flexibility as an entrepreneur. [00:02:00] Especially when you're working hard but even if you're not. It's nice to take advantage of that, so we spent a little bit of time together in the middle of the day.  Today's update is about some open source projects that we're kicking off. We have kicked off in various stages a WordPress plug-in, an IOS app, an Android app, [00:02:30] a Twitter Bot, and a Google Home skill thing. The WordPress plug-in is underway. That's going to be open sourced. Actually, all these are going to be open source because we want to provide really great example code around how to use our API. The WordPress plug-in is kicked off. For the IOS and Android app we've got a proposal from a team that we like, but if you know [00:03:00] anyone who's really fantastic at creating React Native apps that render to IOS and Android, please let us know. We'd love to look at a few different proposals, but we have one that we like, and then the Twitter Bot, the Alexa skill, and the Google Home, I don't even know what those are called, those are still in kind of product planning phases.  If you have any requests for these, please let me know. We've actually [00:03:30] gotten some really interesting requests around the WordPress plug-in and gotten some great product feedback. But if you've used these kinds of apps before or if you've used apps that are put out by other platforms that do similar things and you have any feature requests, please let me know. I think that there's a lot of room for innovation, and everyone is basically doing different versions of the same thing. [00:04:00] [transcript truncated due to character count restrictions] Website: https://nomics.com Crypto Market Data API: https://nomicsapi.com Personal Twitter: https://twitter.com/ClayCollins Company Twitter: https://twitter.com/NomicsFinance
05:30
January 22, 2019
Just Launched: Markets (Trading Pair) Analytics Page - (Ep. 0032)
Blog post link Hey, everyone, welcome to today's Nomics update. It is Martin Luther King Jr. Day and this is one of, in my opinion, one of the most important holidays of the year. I am really glad that at Nomics we take the day off and we observe it. I hope you're having a good day, a restful day for those of you in the United States who have the day off and spending [00:00:30] time with those you care about and reflecting on, hopefully, the importance of the day or at least spending some time with your family.  Today's update is around a new page that we've launched at nomics.com on the website. It is the Market's page which is currently in Beta, but the Market's page allows you to get data and intelligence [00:01:00] and metrics on specific trading pairs, which I think is important. Most of the time when people are looking at pricing data, at least when consumers are, they're considering the price of a specific asset. For example, they might look up the price of Bitcoin or the price of Ethereum or the price of Minero or Zcash or whatever they're interested in and [00:01:30] that's good to do. That's fine. I look at those prices as well. But it's important to realize that those prices are taken from the prices of trading pairs on given exchanges. I think I'd say nine times out of 10, maybe 10 times out of 10 when people ask us to add a currency to the website, what they generally say is like when I get an email request, it'll say, "Hey, I'm wondering if you can add [00:02:00] this token to nomics.com or to your API?" The truth is that we don't have tokens to our API. We add exchanges and those exchanges have market data that allow us to price all the assets that are listed on that exchange whether they're the base currency or the quote currency on that exchange. So first off, we don't really list tokens. We might de-list a token [00:02:30] if we think there's some shady activity happening, but at the end, of the day we don't really list tokens. We list exchanges. Once we add an exchange, we add all the trading pairs from that exchange. And I think most people know, at least in this space, if you're listening to this, you probably know what a trading pair is. An example of a trading pair is Ethereum to BTC. And [00:03:00] actually, I am going to get into this before I speak too much, before I say more about what's on our new markets page, so we had an exchange and then we add the trading pairs on that exchange. An example of a trading periods Ethereum to BTC.  Generally, when these trading pairs are listed, the base currency comes first and the quote currency comes next. I think most people vaguely [00:03:30] know what a base currency and a quote currency are. I don't know that the average person that comes to our website actually or websites like ours, know what a base currency and a quote currency are. But if you've gone to a cryptocurrency exchange or a Forex exchange, you generally see these trading pairs. The first currency, which is the base currency, it is the item that is being priced, right. So [00:04:00] let's take Ethereum into BTC. In this scenario, Ethereum is the base currency and it is being priced in the quote currency. So for example, if you see Ethereum to BTC is priced at .033 it means that the price [00:04:30] [transcript truncated due to character count restrictions] Website: https://nomics.com Crypto Market Data API: https://nomicsapi.com Personal Twitter: https://twitter.com/ClayCollins Company Twitter: https://twitter.com/NomicsFinance
09:57
January 21, 2019
[Minicourse + Podcast] (Almost) Everything I Know About Startup HR - (Ep. 0031, Formerly Episode 27)
Here's the full blog post with more details. Links Mentioned In This Episode Video link HR docs mentioned in this episode  Interview Questions Monthly Review Questions 15-Five Weekly Check-in Questions Company Dashboard Exit Interview All right, so this is going to be a mini course. The title of this is, almost everything I know about startup HR. I'd like to think though that I know a lot more than just what's in here, right? There's lots of nuance, but at the end of the day, the documents that I'm going to share really have the core of my belief system around this stuff. I'm going to spare you the philosophy upfront, [00:00:30] I think a lot of the philosophy is embedded or sort of the big concepts are driving ideas are embedded in these documents, and we can discuss them as we're reviewing the documents that I'm about to share in this mini course. It feels a little pretentious calling this a mini course, but I'm trying to speak to the value that I believe is being conveyed here.  So, I guess the only bit of philosophy I'll share with you [00:01:00] is that in my experience, almost all success in business is really due to what you're working on and who you're working on it with. And then, in last place is how hard you're working. But because you can control all those three, you know, all three of those things, you should probably work hard. That's not an excuse to not work hard, although, you know, be considerate [00:01:30] of your family and your priorities, right? So, I've got five documents here that I'm going to review that speak to our standard operating procedure at Nomics and these documents have been created as a result of some good lessons, but also some really hard lessons. I guess those things aren't mutually exclusive, but let's start with [00:02:00] this first document.  And again, I think I'll just say here, there's an additional side note that I think everyone thinks that startups or businesses is about having brilliant ideas, and working really hard against those ideas, but it's at the end of the day, it really just comes down to recruiting and that's what you're working on in your ability to recruit, and then after you've recruited the ability to be disciplined about [00:02:30] hiring and firing, and not having org chart debt, right? Everyone talks about tech debt, but I think org chart debt is also really important. And, yeah, there is an interview with a woman named Patty McCord who wrote a book called Powerful and she's an HR consultant, but she also used to run HR for [inaudible 00:02:56] [transcript truncated due to character count restrictions] Website: https://nomics.com Crypto Market Data API: https://nomicsapi.com Personal Twitter: https://twitter.com/ClayCollins Company Twitter: https://twitter.com/NomicsFinance
39:30
January 20, 2019
In B2B Fintech, 30%+ of Product Value (Or More) Is In The Contract - (Ep. 0030)
I've had this new experience since being in this world, this financial world, dealing with hedge funds and exchanges and other folks who are customers, and it's really around product and the commercial contract and the role that the commercial contract plays in [00:00:30] the product. In the past, so much of the product or a huge part of the product, most of the product, the vast majority of a product that was sold, almost all of it, almost all of it was about the software and what you see on the screen, and I'd never worked with a commercial contracts attorney, going [00:01:00] back and forth with red lines on the particulars of an engagement that a customer might have with us. I was in the MarTech space, vertical SaaS. People would come to the website, they'd find what they wanted to buy, they'd click the purchase button, and that was it. You'd have terms of service, and they'd either buy it and agree to the terms of service by buying, or they wouldn't. There wouldn't be all this back and forth with attorneys.  [00:01:30] A new experience that I'm having in the financial world is just how much of the product and what you're charging for is the contract itself, the legal arrangement that you have with the person on the other end of the line. Often, a business might come to you, or I'll just describe an experience I had.  A business came to me. They wanted [00:02:00] essentially a version of the product that we had posted on our website at nomics.com, but they wanted a bunch of stipulations in there around confidentiality, guarantees, SLAs, uptime, response time, indemnification, liability, etc., [00:02:30] and we had to charge a lot more for it, and one of the reasons why we had to charge a lot more for it is because we had to pay a damn attorney. Actually, I really like our commercial contracts attorney, but before this whole experience, I'd never even heard the term commercial contracts attorney. I didn't know that was ... I thought you just went to whoever your corporate attorney was, and they jimmied up a contract for you and things would mostly work, but now this is a thing that we do, [00:03:00] and you have to charge more because you have to pay an attorney, but also because you have to spend a whole bunch of your time going back and forth on the particulars of the agreement, and also because when you're doing B2B sales, especially in the financial world, it's just important to consider how much of the value of what you're providing comes through various guarantees and assumptions of liability, [00:03:30] etc.  It's hard to calculate sometimes what's being given and what's being taken, especially if you're not very experienced. It's really hard to find research on what the price points are associated with pretty niche deals where there isn't a lot of market information or means for price discovery out there around the cost.  When I think about an [00:04:00] offer in vertical SaaS where people just go to a website and buy something, I think about an offer consisting of price. How much does it cost? What are the guarantees? Do you have a 30-day money back guarantee or something like that? What is the timeframe? Is it a monthly plan? Is it a quarterly plan? Is it a yearly plan? Are there any bonuses that you're providing when someone purchases? Maybe [00:04:30]... [transcript truncated due to character count restrictions] Website: https://nomics.com Crypto Market Data API: https://nomicsapi.com Personal Twitter: https://twitter.com/ClayCollins Company Twitter: https://twitter.com/NomicsFinance
07:25
January 17, 2019
Odd: Lots of Listens, Not Much Feedback - (Ep. 0029)
Hey there. This is episode 29. Holy crap, this is a real thing. This podcast seems to be going pretty well. Every week or so, listens are roughly doubling so I know people are listening to this. But I haven't gotten a lot of feedback yet, really. Someone did send me a message the other day, let's see, let's [00:00:30] see what did they say here? "I'm trying to use fewer messaging apps, but your personal podcast is effing phenomenal. I listen to all of them and it's really helpful, helps me reflect on problems critically."  Yeah, so it was a really nice message and my mom told me that she listened to this and a few other people have told me that they listen to this podcast. People seem a little, it's really odd, folks seem a little reluctant to tell me that they listen to this, almost as if they're listening to this to [00:01:00] kind of spy on my personal life but they don't want to tell me. It's cool to tell me, I do this so you can listen. Anyway, I just wanted to ask for your feedback. It's kind of interesting, with the Flippening podcast, when it had roughly the same number of listeners, it actually wasn't growing as fast as this podcast but I got a ton of feedback. This podcast, not a ton of feedback but the listener base [00:01:30] is growing faster, so I don't know what that means. It's really interesting. I think sometimes you publish content and you just get different kinds of reactions. Some content you publish can get you a lot of sales, but then you don't get a lot of comments. Other times you publish a podcast or blog post or whatever, you release something in the world, and you get lots of comments or shares but no one buys. Sometimes you don't get [00:02:00] any interest at all and that's bad. Sometimes you'll get a lot of shares but not a lot of comments and it doesn't result in a lot of purchases or conversions against your funnel. It's really bizarre the way content works and the way people respond to different kinds of content. Not sure what's happening with this. I think, you know I don't know, I wonder if it's just that investors are listening to this and families listening to this and competitors [00:02:30] are listening to this and no one wants to tell me that they're listening. Or customers are ... Anyway, I've enjoyed making this content. It's fun. There's a lot of tedious stuff I do. I would curse but I don't want to do post-production. So there's a lot of tedious stuff I do, and this is a cool place to just share with you our progress and I know our team company listen, or some people on the team listen to this. I don't know that Nick does. [00:03:00] I don't know that my co-founder does.  If you do listen to this and some parts have been helpful and other parts haven't, I am desperate for feedback. Again, it's really this odd experience where the podcast just continues to grow and people are silent. So I guess I should just take that. Maybe I'll just look at the analytics. [00:03:30] Sometimes I'll post a post and there will be a ton of listens, and other ones there won't be a lot of listens and I can see when things get shared, so I'll just look at my metrics to get feedback from you. But that's not qualitative, come on. Anyway, if you do have feedback let me know. If not, I guess given the growth of this show or whatever we want to call it ... [transcript truncated due to character count restrictions] Website: https://nomics.com Crypto Market Data API: https://nomicsapi.com Personal Twitter: https://twitter.com/ClayCollins Company Twitter: https://twitter.com/NomicsFinance
05:06
January 15, 2019
Dear VCs - Please Don't Ask to "Learn More About Our Business" - (Ep. 0028)
So today's entry is a bit of a rant, and it's really around an email that I get pretty often. Especially when we do things that start getting a little bit of public attention. I often get an email from a VC, that essentially says, "Hey, I'm from such and such VC firm. I'd really like to hop on the phone [00:00:30] and learn a little bit more about your business." These emails really get me ... First off, yeah, it's great that they say something complimentary about the business, but they literally offer nothing in exchange for hopping on the phone and often, as I found the hard way, having to educate them on the industry, educate them on the business model. Then they start asking questions where they're [00:01:00] critiquing our business model, asking who our big customers are and in these situations, when I've taken these calls, and I've only taken them a couple of times and not in this business, not at Nomics, they're essentially just trying to pump you for information about your business because they want to make sure that they don't miss out on the opportunity to invest in a great company. And almost [00:01:30] never, almost never on these calls ... and again, take it into consideration that I've only done a couple of these, do they provide any value in exchange, right. They just want to hear you and I think this works potentially on some entrepreneurs. I mean like, it must work on some level, which is why they do it. But often it's ... on the other end of those phone calls, is just an analyst [00:02:00] who's filling out a spreadsheet about companies in your space. That's probably the most benign version. The most malicious version is that there's a VC that is considering investing in a company that's competitive with yours and they're trying to get as much information as they can about competitive companies before making the investment that they really want to make, which is in [00:02:30] your business enemy or whatever, at least a competitor. And so now, after they've invested in that competitor, they can tell the competitor all the information that they have about you. I can't tell you the number of times that someone has sent to me, a pitch deck from a competitive business that contains details about a business that's competing with mine. And that man, that is not cool, [00:03:00] in my opinion, that people are just sharing pitch decks left and right, in that fashion. I guess my advice here to VCs if you're listening to this ... so to VCs or analysts that are doing these calls, my advice is, really get to know the business and offer some kind of exchange of value. [00:03:30] Don't just say, "Hey, I'd love to learn more." Like why? Why should I tell you more about the business? So offer and consider why an entrepreneur, who doesn't have much time at all, why should they spend an hour with you, telling you about ... educating you on this space and giving you the inside track? Can you offer something in exchange? To entrepreneurs, I guess I have a few pieces of advice. The first is, in general, [00:04:00] don't do these calls with analysts or associates. Just never do these calls with analysts of associates, only do these with partners and you know when I've asked for that in the past. Someone will write in like, "Hey, we really love what you're doing, we'd love to learn more." Okay, I've asked to speak with a partner on the phone, I was like, "Okay, I'll do it with a partner." [transcript truncated due to character count restrictions] Website: https://nomics.com Crypto Market Data API: https://nomicsapi.com Personal Twitter: https://twitter.com/ClayCollins Company Twitter: https://twitter.com/NomicsFinance
06:37
January 14, 2019
(Almost) Everything I Know About Working With Recruiters - (Ep. 0027)
All right, this podcast episode is going to be called Almost Everything I Know About Working With Recruits. So I think in the past definitely, definitely one of the biggest mistakes I've made is not paying the best recruiter I can as much as we can afford for the state of the company [00:00:30] to make key hire, to help us with with key hires. It's been my, it's kind of the mythology of the startup space that you can hire everyone on your own and that you should not hire recruiters. So there's a couple instances where this is actually a bad idea and where folks are making a mistake by not hiring recruiters.  The first is when they just don't have a lot of time to do the quality of search that they need to do and the thoroughness [00:01:00] of the search that they need to do. When you have a startup, you have a lot of things on your plate and a good recruiting process can take just a ton of time over the course of sometimes six months or even longer for a very niche hire or for a very kind of critical hire that needs a multifaceted skillset.  So like I said in the past, I've just kind of put out the job offer, [00:01:30] hit up people in my network, tweeted something and left things to chance and I think that resulted in a couple things. One, when you do that, it can sometimes take a lot longer to make the hire than it should take and there's the opportunity cost associated with everything that a hire would've done, an employee would have done during the the extra three or six months when [00:02:00] you would have had them on board if you had gone with a recruiter. I think the second mistake is that when you don't go with a world class recruiter, at least a recruiter who's capable of hiring a world class person into your position, you can sometimes just not be dealing with the best possible candidate or candidate pool when you go to hire. And I've definitely done that in the past.  I think the biggest learning, probably [00:02:30] the biggest learning, certainly tied for top three of in life in startups, the biggest lesson has been learning what real excellence looks like in a given position. When you first get started, if someone just knows more than you do about a given area, that's awesome. And because they know more [00:03:00] than you, you kind of give them the benefit of the doubt on everything. But until you've worked with someone who's world class in a given role and in a given position, you just don't know what that looks like and you don't know what you're missing out on by not having that truly.  And especially for roles where people don't have huge personal brands. Accounting, engineering [00:03:30] and on and on and on. It's not obvious who the world class people are, right? It might be obvious who a world class CEO is or maybe a world class communications person, but when it comes to pretty obscure roles or highly technical roles where people in those positions generally don't want public profiles, it's just super hard to know what world class looks like. [00:04:00] And when you don't know what world class looks like, you end up getting really attached to external signals, right? [transcript truncated due to character count restrictions] Website: https://nomics.com Crypto Market Data API: https://nomicsapi.com Personal Twitter: https://twitter.com/ClayCollins Company Twitter: https://twitter.com/NomicsFinance
18:10
January 13, 2019
Part 2 - ShapeShift Layoffs & Lessons Learned (About Focus & Discipline) - (Ep. 0026)
So this is Part Two of my reflection on the Shape Shift layoffs. I think anytime we start observing rounds of layoffs from an industry, I think it's important for CEOs in the space, founders in the space, really anyone in the space whose key and vital to the success of a company to reflect on what's happening. What mistakes were made, what lessons [00:00:30] are in this for observers. It's great to learn from other people's mistakes, that's the best way to learn.  So I guess going back to Erik Voorhees original post about the reason for the layoffs, he alludes to the fact that it really came down to a lack of focus, that they had built Shape Shift, had [00:01:00] a great deal of success, then went out and created Coin Cap and Keep Key and Prism, and a variety of other projects that require engineers and leaders and visionaries and evangelists and communications people. I think there's a few additional lessons in this, beyond what I was talking about in the previous episode. [00:01:30] I think the first on is to realize that in any given company, I think probably the most precious resource is management bandwidth. There are only so many people that ultimately can take entire parts of the business and just handle them for you. The bigger you get, the harder it is to get those people. When you're hiring [00:02:00] founders, there's just all kinds of incentives, and I think connection to the origin story, and connection to the founding circumstances. There's a lot that I think empowers and inspires and enables these sort of early people to give a damn, and to take ownership over what happens.  Then each round of [00:02:30] hires after that inherits the culture that came right when they were hired. It's a different set of circumstances, it always is, even in extremely successful public companies where the founding CEO wasn't around anymore. It's just a very different set of circumstances, so people coming are... I think when you're at 100 plus people, they're there for a career. They [00:03:00] want to be paid well, and they are thinking about what's their next thing and what's their next thing. What will they really do if they had all the money in the world and didn't have to leave their house every day and go to work. So the first thing is that in any company there's a limited amount of management bandwidth and that is a very scare resource, I might just say ownership bandwidth. The second thing that is [00:03:30] pretty limited in companies is, I would call it vision bandwidth. Vision and conviction bandwidth, basically there's only so many big ideas that exist in any given time that are actually commercially viable, that you can recruit people around, and there just isn't an infinite amount [00:04:00] of that. For creating multiple companies and brands and stuff. I guess I've been thinking about the difference between my first company, when we did have layoffs. I do think we did get distracted, I won't go over all the things we started up there, but kind of the things that Eric is talking about in regard to creating Coin cap and Keep Key and Prism. [00:04:30] They were creating a market data website, and they had a hardware wallet and they had a build your own index fund thing. Made those mistakes before, how we're trying to avoid them at Nomics.  I think the first one is to realize the absolute huge amount of value that a good vendor or contractor can provide. [transcript truncated due to character count restrictions] Website: https://nomics.com Crypto Market Data API: https://nomicsapi.com Personal Twitter: https://twitter.com/ClayCollins Company Twitter: https://twitter.com/NomicsFinance
17:17
January 12, 2019
Thought on Layoffs at ShapeShift (+ Thoughts on Focus & Discipline) - (Ep. 0025)
I want to share a little bit about my thoughts on the ShapeShift layoffs. And a lot of empathy I'm having for Erik Voorhees right now. So first off, I think it's pretty cool that he was upfront about these layoffs. There are definitely things that companies can do to not let it leak out to the public that there have been layoffs. There's lot of techniques for doing that, [00:00:30] if you're into HR. And he didn't do it. He didn't do any of that, any obfuscation. He wrote a Medium post about it, and because he wrote a Medium post it was covered by almost all the crypto publications. CoinDesk. The Block, etcetera. So the headline is that they let 37 employees go. So, if you haven't heard of ShapeShift, which is unlikely if you're in the crypto space. It's a non-custodial [00:01:00] exchange. So, kind of think about exchanges as existing on this continuum between centralized exchanges on one extreme, and decentralized exchanges on another examples of centralized exchanges would be like, Coinbase or Binance. And then on the decentralized extreme, you would have decentralized exchanges like Radar Relay, Paradex, [00:01:30] etcetera. And then there's kind of hybrid decentralized exchanges like IDEX. And if you're interested in decentralized exchanges and the spectrum in general, check out the latest [inaudible 00:01:43] podcast we've done about this. It's a two part series about decentralized exchanges. It's a really deep dive. It's much more professional than this podcast.  So anyway, they let 37 employees go. And when I read his blog post about doing this, [00:02:00] the thing that stuck out to me was his statement that they made 1,000 mistakes. But the most thematic of them has been lack of focus. And I really can resonate with this. You know, I think this is something that, a mistake I made in the past, and at previous companies. I think if you're a product person, [00:02:30] and you love product, there's a certain joy that comes with launching a product. And, when you launch a product and it has immediate success, like ShapeShift did. I mean, they grew incredibly fast. I think they grew 3000% in 2017. But when you have that kind of immediate success, you think it's, or you can think it's pretty repeatable, right? That you just got, you got the "It" factor and you can do it again. And again, [00:03:00] and again. So, ShapeShift not only did ShapeShift, which was their core business and brought in almost all of the revenue. They created CoinCap, which is a Nomics competitor, I guess. A CoinMarketCap competitor, etcetera. And so, that was at coincap.io. They purchased KeepKey, which is a hardware wallet. They created a smart contract, [00:03:30] like index fund thing called Prism, which I used. It was really great, I actually liked it quite a bit.  But they did a bunch of things that weren't essential to their core business, probably 'cause they had a bunch of cashflow, and they could, right? It's fun to create products if you're a product person. And Eric Voorhees is. But I think [00:04:00] that's really hard to scale. I think the first thing that's hard to scale around creating multiple products is just the founding DNA. Like whatever confluence of circumstances and talents and people that led to your existing success, it's generally hard to reproduce. Like most startups fail. And whenever they work, it's a combination of skill and luck and timing and [00:04:30] a whole bunch of other factors, right? To try and do that over and over again with product after product, when you're still a startup, right? Like not when you're at Salesforce size, or Google size.  [transcript truncated due to character count restrictions] Website: https://nomics.com Crypto Market Data API: https://nomicsapi.com Personal Twitter: https://twitter.com/ClayCollins Company Twitter: https://twitter.com/NomicsFinance
12:03
January 11, 2019
Why We're Leaving Telegram (And Why That Might Be A Mistake) - (Ep. 0024)
I want to share with you why we shifted away from telegram for our community and for our market data API support. So, the impetus [00:00:30] for this really came when I received an email from an API user who wanted free support via email and we don't offer free support for our API via email. We do it through forums because if we're going to spend some time helping someone who's not paying for the API, we really want it to be documented and searchable and available to everyone else who might be interested in that same problem.  [00:01:00] Their complaint was that they had a bunch of chat apps and they just didn't want to install telegram. At first I was a little bit like, what do you want for free? The API is pretty dang good. I think the free version we're giving away more than CoinMarketCap is providing with their most expensive plan. I believe that to be true, and actually a lot more. But then I started thinking about [00:01:30] the mainstreaming of the cryptocurrency movement, and yeah, I think a lot of niche things with early adopters happen on telegram, but most people don't have telegram installed. My parents don't have telegram installed. Everyone I know, doesn't use telegram. It's a fairly niche thing. And it's hard to search. There's not threaded comments. So, [00:02:00] as part of our effort to, I guess, go mainstream or make things more accessible, that's another thing about telegram. It's not very good from a accessibility perspective for users with disabilities and such.  So anyway, we decided to move to forums. There at forums.nomics.com. It's kind of a ghost land right now. It took a while to get our telegram group going and I think folks in there are people [00:02:30] who are in a bunch of telegram groups and it's easy for them to just hop in a room and leave a comment or ask a question. So far, we've only announced these new forums in telegram, so there's not much happening on our forums.  So, I wanted to walk you through our thinking a bit to the, what are the pros of telegram? So, telegram is great for folks who are on telegram. They don't have to [00:03:00] log in every time they want to leave a comment or ask a question, it's always running if you're participating in a bunch of groups, and it has the feel of real time. I think that's kind of interesting and something that we've seen a lot recently when it comes to business communications is, the presence of some kind of chat widget on websites and because of that interface, we have this [00:03:30] illusion that we're going to hear back. But most of the time when we leave a message in those little chat apps on websites if it's not support for a product you're paying for, usually, they then ask you to leave your email address, and you got to fill in additional emails or information, and then they tell you that they usually answer within like, five hours or something. So, it's basically the same as email. Perhaps it's a little bit more accessible.  But anyway, telegram, I think, has the illusion of real time. People seem to think [00:04:00] that they're going to hear back sooner. I guess another pro is that, that we know that at least some people use it that it has a high adoption rate in the crypto community. So, those are the pros of going with telegram. I think another pro for using telegram is, it's just where some people are. I think when it comes to communities, there's a lot of wisdom behind saying, go to where people naturally [00:04:30] are. There in the martech space, which I was in, the marketing technology space with my last company Leadpages and also Drip, everyone's in Facebook group. [transcript truncated due to character count restrictions] Website: https://nomics.com Crypto Market Data API: https://nomicsapi.com Personal Twitter: https://twitter.com/ClayCollins Company Twitter: https://twitter.com/NomicsFinance
09:29
January 10, 2019
Why Our Developers Aren't Launching Anything This Year - (Ep. 0023)
Hey. So this one might be a little bit off topic. Maybe it's not. No, it definitely qualifies as how I define this podcast as my journal. So I want to talk about why in my humble opinion and after years of bad experiences why I think launching [00:00:30] should be a marketing event and not an engineering event. Like, of course, a launch is a marketing event. Everyone gets that. But I think the thing here that's most important is that launching should not be an engineering event. So I think engineering teams are notoriously bad for no fault of their own. But I'll just say not engineering [00:01:00] teams, engineering projects are notoriously difficult to predict in terms of when something's going to be done. And often I've seen startups and I have done this more times than I can count unfortunately, but oftentimes I've seen companies do things like plan a launch for a given day and maybe the engineering team is 25% done or 50% done or at least they think they are. [00:01:30] And everyone will come up with some date that's perhaps a little bit of a stretch but mostly doable in terms of when they're going to launch something to the market. And a marketing leader will sit down with an engineering leader, and the engineering leader is trying to do a good job. Maybe they just got hired, maybe they've been there for a while and they want to come off as a team player, and they're like, "Okay. We're going to launch this thing on this date." [00:02:00] And they proceed to coordinate around that.  So heading into kind of the time of thing is about to launch, marketing and engineering gets together, and they're like, "All right. We need to create marketing collateral around this launch. We need screenshots." Well, the screenshots are ... Engineering will come back with like the screenshots are mostly done, but we have some mock ups. So we can create a demo based on this beta version that's on [00:02:30] a developers computer or I don't know, a mock up of the UI in something like envision or whatever they're using. And they'll invest a whole bunch of time in creating a video or marketing collateral around this launch that's scheduled for this date, but the thing isn't quite ready. But you need to create the collateral ahead of time.  There's all this coordination cost that's incurred, right? Like weekly meetings. All right, is engineering on track? Is marketing on track? [00:03:00] Let's coordinate, and that eats up a bunch of time. All right. What features are we going to say exist in this when it launches? Here all are the features. Next thing you know a week before launch or two weeks before launch, it turns out that some of those features aren't there. Okay. We have to remove them from the video. We have to remove them from the copy or we need to rename this feature because it doesn't do exactly what we thought and it's going [00:03:30] to be out later or some aspect of the new thing is in beta but another aspect isn't that needs to be added to the graphic. There's just all this coordination stuff. And if you've ever been involved in this, I'm sure you can attest to the fact that it just slows down engineering teams because they have to spend so much time coordinating and educating and providing status updates to marketing around the launch. And if they just use that time [00:04:00] focused on building the thing, it probably would get done a lot faster.  So at Nomics, for the most part, we try not to use the word launch, right? So I like to say that we're not ... [transcript truncated due to character count restrictions] Website: https://nomics.com Crypto Market Data API: https://nomicsapi.com Personal Twitter: https://twitter.com/ClayCollins Company Twitter: https://twitter.com/NomicsFinance
08:12
January 8, 2019
Why We're Building a "Boring" Business - (Ep. 0022)
Man, I really love a boring business. I think boring businesses are really beautiful in a lot of ways for so many reasons. I first started thinking about boring businesses when this person I knew made an absolute killing back in the day. I don't even know if their company is around anymore, but they started what was essentially [00:00:30] Uber for construction type dumpsters in Europe. It was one of those things where it was an old industry. They didn't really use technology. There were no apps. Companies in the space didn't really have a website, and this guy came into the industry, made viral videos, had an app, [00:01:00] had a phone number you could call 24/7, had a website, and really made it easy for anyone to get ... You know those dumpsters you see in the street when they're doing demolish on a house or construction work and they just put everything in these huge dumpsters? That's what they did, right? Not sexy at all. It's not like blockchain. They weren't launching their own token or anything like that. But I [00:01:30] really enjoyed the way he put like this kind of cool wrapper around the space. Came in with really fun branding and brought innovation to this industry that hadn't seen it for a while. That's kind of what got me thinking about this. And then recently I was contemplating one of the products that I really like a lot, which is Rev, which does the transcribes for the [00:02:00] Flippening Podcast, my other podcast, and they do transcripts for this podcast too. And there's a lot of people that do transcription. If you go to UpWork or Craigslist or anywhere like it's like of a commodity, right? But Rev just kind of took it to the next level. They have over 100,000 paying customers. They've done ... Let's see. [00:02:30] I'm on their website right now. I forgot how many millions upon millions of minutes they've transcribed. But they took this thing that was arguably kind of boring and they just took it to the next level. They have an iOS app that you can just ... Or they have apps on Android. They have a bunch of apps that you can just talk into it and then they send you a transcript back. You can pay more for time stamping. They'll transcribe [00:03:00] it for you in a pretty automated fashion and get you ... Like if you want, you can get a transcript back immediately because they'll have their machine do it, then they'll have their AI do it, and then they'll come in and have a human go over it and make it perfect. They get so many little things right.  One of the reasons why this podcast is so fast for me to produce is because I record it and then I immediately [00:03:30] drop the audio file into a folder on my computer, like just on my desktop, not on Google Drive or anything. And I have a little automation that runs using their API that just sends the file to Rev and generates an order and has all these settings preselected and the folder just gets populated later with the transcription of the file. I don't even need to log into their website. I just drop it into a folder. [00:04:00] They'll do ... What is it called? They'll do the closed captioning on videos. They'll take any file format. You can just send them the URL of a video, and they'll transcribe it. It's pretty incredible.  When you're going to checkout, you can enter names of people. It's just incredibly well done. They've got an app that you can just install on your phone, and you can [00:04:30] place calls out of it and then it'll record and transcribe those phone calls for you. Like they just really thought of everything, and the accuracies amazing. One day I got a transcript back from them, and it was fine. [transcript truncated due to character count restrictions] Website: https://nomics.com Crypto Market Data API: https://nomicsapi.com Personal Twitter: https://twitter.com/ClayCollins Company Twitter: https://twitter.com/NomicsFinance
08:28
January 7, 2019
Why You Probably Should *Not* Partner With Us - (Ep. 0021)
I get a lot of emails almost I'd say one every 2-3 days from someone that basically says something like, "Hey, I love what you're doing. We should partner. Let's get on the phone to explore." Right? I [00:01:00] never ... it's hard to respond to those, right? At the very beginning when we were new and just wanted to talk to anyone to get feedback and learn about how other people saw us in the space. I would get on some of these calls and be like, "Okay, what ... how do you want to partner?" They'd say like, "I'm open to anything." Really? You're open to anything? So I [00:02:00] have to come up with the partnership idea. So you want to partner with me and now like I need to pitch you on the ... on what a partnership might look like? So now I just say to folks like, "Okay, cool. I'm open to it. Send me a one-page proposal with as many concretes as possible outlining what you would get, what we would get. Concretely what the exchange of value would be. Is it money? Is it traffic? Is [00:02:30] it visibility? If it is traffic or something like that, what would the form of that take?"  And almost nobody writes back with a one-page proposal. Even a one paragraph concrete proposal. I don't get this whole like, "Hey, we should do something. Let's hop on the phone." Like who has that much phone time? Who has [00:03:00] that much bandwidth for connections in real time? Probably people who aren't ... who don't have customers. I don't know. I used to have this theory that the Biz Dev career or industry, like basically the main role of folks in Biz Dev, was to tie up time with other people who are in Biz Dev. Like, "Hey, Biz Dev person A at company A is going to Biz Dev person [00:03:30] B at company B and they're just gonna eat up a bunch of each other's time so they can justify their roles." When you're exchanging money, something fungible or bitcoin or equity or something, when you're trading these things it's very clear how value is exchanged. But when there's a partnership it's like, "All right, what are the specifics? [00:05:00] How long is it gonna last? Is there confidentiality? Is there exclusivity?" Usually you need to get ... you have to have some kind of contract involved, right? So you need to pay, if you're gonna do it right, you have to pay a pretty good commercial contracts attorney and that takes time.  Usually [00:05:30] it takes hours of meetings, tens of hours and meetings in some cases. And then once it's done, you have to execute it, which means you need to get other people on your team involved and they have to be in alignment. There's so much involved in a really solid partnership. I think even Fortune 500 companies can count on two hands the number of really [00:06:00] important partners that exist for them. So yeah, I think it's just something that most people can consider ... I sent out a Tweet about this the other day and it got a lot of likes.  Thank you for everyone who liked it. And someone responded to the Tweet, who I used to work with, Kevin Raheja, who runs partnerships or ... [00:06:30] I don't know what his official title ... I think it's maybe director of partnerships at HubSpot. And he responded with a really clear directive, which was 1. Know the partner's business. 2. Have a plan. 3. Be short and clear. 4. Exchange value. And 5. Don't waste time. [transcript truncated due to character count restrictions] Website: https://nomics.com Crypto Market Data API: https://nomicsapi.com Personal Twitter: https://twitter.com/ClayCollins Company Twitter: https://twitter.com/NomicsFinance
07:25
January 6, 2019
This Keeps Me Going When I'm Frustrated At Work - (Ep. 0020)
I had some time off during Christmas, and the holidays, and the New Year, and stuff. My family went to California, spent some time in remote desert places, and some dive bars. My parents took the kids for a few days, and my wife and I went and [00:00:30] drove back roads around some of the areas where I grew up in rural Southern California. The deserts and the back roads of that area. I had a lot of fun.  When I got back, I had a couple days in the office where it was just me working. I think some other people were working as well, but we didn't have any meetings scheduled. [00:01:00] Man, I spent like a half a day ... I even spent a whole day on one of those "days off" just playing with software. Going through my computer, creating shortcuts, optimizing my environment, and I really enjoyed it. It really reminded me of when I was [00:01:30] younger, before the internet was a thing really in a big way, dialing into bulletin board services. I even created a bulletin board service with a friend. Downloading shareware. Playing with different types of utility apps for the computer.  I started downloading apps from the Mac App Store, and some of them are really good. [00:02:00] There's a program called Be Focused Pro which I was messing with. There's an app for ... I never thought I'd use this kind of thing, but I'm using it. There's an app for tracking your water consumption, and it syncs across all your devices.  I just had fun playing with software. And I realized, at the end of the day, I'm no longer a kid, but I think in my heart, or whatever, [00:02:30] spiritual, I'm just a kid that likes playing with computers and software. I think that's why I got into product in the first place. That's why I learned to develop, to write code, in the first place. It's not because I'm really in love with the hardcore aspects of software engineering, and infrastructure, and architecture, and all that, although, I'm intellectually [00:03:00] interested in that stuff. But, at the end of the day, I really, really, really love product. It delights me to no end. I love outdoors, and I love hiking and camping, but the part of me that's indoors, just loves just crewing around with software and seeing how different designers and developers solve different UX problems.  I remember [00:03:30] at my last company, which is still going strong, but I'm no longer there, lead pages. I remember hiring, or interviewing, people for product rolls, and one of my favorite questions to ask them was, "What are some of your favorite apps? What's some software that you just really love playing with?" These were career product people in software, and I was dumbfounded, I was absolutely dumbfounded, [00:04:00] by the number of people that couldn't answer that question. I would often hear that they liked the Mac OS, or super obvious stuff. They liked Google Docs.  It's just whatever they used at work. It was nothing beyond that. Slack. But often it would be hard for them to even come up with those. The question was, "What's software that really delights you? That you're really getting into these days?" [00:04:30] And almost no one interviewing for that role, could say anything other than they think their phone is well designed, or they like Google Docs, they like Slack.  Really? You like Slack? Okay.  I wasn't looking for a replica of me, but I was looking for someone who had this intellectual curiosity around [00:05:00] programs, and software, and how products should be done. They'd make reference to Product Time, sometimes. They'd be like, "Oh, I really like browsing Product Time." I'd be like, "Oh, reallY? What's something that really sticks out on Product Time that you enjoyed playing with?" And they'd be like, "I can't remember. I have a list somewhere." Okay.  [transcript truncated due to character count restrictions] Website: https://nomics.com
15:06
January 5, 2019
2019 Goals & Nikhil Kalghatgi's 9 Categories of Moonshots - (Ep. 0019)
I started thinking about moonshots after speaking with one of our investors Nikhil at CoVenture Crypto. He's a partner there. And I guess the back story on this is Nikhil Kalghatgi met with me and also Ateet from [00:02:30] CoVenture Crypto who runs their quant fund. We met for breakfast when I was in New York, and one of the questions that I like to ask investors is what's the best way to engage you. So Ateet had been helping us out with a bunch of pod related things. He's deep in data all day long. But this was the first time Nikhil and I had met in person, and I posed this question to him. And [00:03:00] he was pretty thoughtful and he responded that he likes to help out portfolio companies with moonshots, right? And so I was reflecting on that and I emailed Nikhil a little bit later, and said, "Hey, I'd really like to take you up on this offer of helping us define moonshots [00:04:00] as a company." And he sent me back this really thoughtful email to help me prepare for this meeting that we were setting up, and in that email, he outlined nine types of moonshots. So these are ... This is his IP. Thanks, Nikhil. So the first type of moonshot that he describes, the first category are [00:04:30] moonshots that are obviously impossible, right? He put obviously in quotes. These are things that you would like to do but are just obviously something that you can't do. And I think that kind of framing pushes you to think bigger. So that's category number one or type one.  Type two, moonshot type two are imaginary dream partners. So when you're going [00:05:00] through this exercise and you get to number two, the objective here is to think about a dream partner that doesn't exist and just sort of define what the partnership would be, right? And the objective there is after you've defined them, you actually start looking for real world examples of these imaginary dream partners.  The third type of moonshot is the brand elevation. So [00:05:30] think huge media partnerships. For us, for Nomics, this might be a partnership with the largest financial publication in the world, right? Providing data to them. Other companies might envision a Super Bowl ad, although that's almost never a good use of ad dollars. But what are some things that you can do that would immediately catapult your brand to the forefront of the space?  [00:06:00] The fourth type of moonshot is distribution channels or partners, right? So if you're a consumer package good company, this might be getting Walmart or Target or whoever the biggest retailer is in your space to get your product in front of a lot of shoppers. The fifth category or type is [00:06:30] unique individuals in other sectors who might come and work for you. And I think often there's very fruitful like cross pollination that can be very beneficial to a company when they hire someone who's a leader in a tangential space that comes in and then runs their playbook in your company. That can be really great. I think there's some of the, actually arguably the biggest, [00:07:00] some of the biggest crypto companies are operating not solely in this sort of crypto-native capacity, right? They have connections in banking and Wall Street and stuff like that.  The sixth type of moonshot is geographical growth. So do you want to expand to Europe or South America, China, whatever. What that might look like hypothetically.  [00:07:30] The seventh category are partnerships that we talked about. Distributions channels and imaginary dream partners. This would be sort of like actual concrete partnerships.  The eight category are what might it look... [transcript truncated due to character count restrictions] Website: https://nomics.com Crypto Market Data API: https://nomicsapi.com Personal Twitter: https://twitter.com/ClayCollins Company Twitter: https://twitter.com/NomicsFinance
11:11
January 4, 2019
Bear Market Update: Equity is Sexy Again - (Ep. 0018)
It's me reporting you live from the depths of the bear market in the space, and I've been talking to a bunch of investors recently, I mean, I guess that's what I do all day for the most part. But, I am reflecting on the kinds of companies that are getting funded here recently, like companies that are getting funded [00:00:30] not token projects. Although, I haven't seen a lot of token projects getting funded recently, and it seems like the pendulum has swung so in 2017 investing in crypto assets like folks were doing that Andreessen Horowitz was doing it, Union Square Ventures was doing it, other folks were doing it that are not as notable to the media but might be so interesting investors and funds and stuff. [00:01:00] But what I'm seeing getting funded as of late are companies again, and I'm even seeing examples where funds that were created to invest in crypto assets are now in some cases preferring investing in equity and I think there's a few pieces to this. The first is that equity is sexy again, [00:01:30] equity comes with control or at least voting rights in some cases, it comes with you know if you're a lead investor and you can negotiate the deal, it comes with board seats, and all kinds of things.  So I think the first thing that I'm seeing is that equity is back, if the company ever sells you can get a piece of that. I think the second thing I'm seeing is that investing in companies with [00:02:00] or projects with live products is back. We've seen a lot of companies raise a lot of money and ship nothing, and we've seen examples of, like basis returning funds back to their customers, I think we're gonna see a lot more, a lot more of that, token projects or at least projects with tokens returning funds back to investors because of [00:02:30] regulatory friction and they can't launch what they thought they were going to launch in a whole bunch of stuff along those lines. I saw a report yesterday, I won't get into that.  So anyway I think investing in companies with live products that people can use and see, I think that's back. I think the third thing is that investing in companies with revenue, with actual revenue holy crap. [00:03:00] That's back in revenue from delivering a products, not from holding a token in a treasury that's investors have bought because around the promise of the future delivery of something of value, but investing companies with their products is back.  Finally, investing in teams with real experience is back. I [00:03:30] can't tell you the number of crypto projects I see where the list of team members and it looks really fancy on the surface. So you might see that a bunch of the team members or ex-Coinbase, ex-Google, ex-Airbnb, something similar to that and then you dig into it a little bit more and find out that the Coinbase thing was an internship, and the Google thing maybe they were a project manager [00:04:00] on some experimental team for nine months, and the Airbnb they were I don't know, they were in product. And maybe that was one and half years but certainly never shipped a production line of code, never was responsible for generating bottom line sales. So there's a whole bunch of people that looked like that, that were on teams of maybe you know founding teams of five or six that were getting [00:04:30] funded. From my vantage point those folks aren't getting funded anymore, which is not surprising and probably how it should be. But there's lots of things . . . [transcript truncated due to character count restrictions] Website: https://nomics.com Crypto Market Data API: https://nomicsapi.com Personal Twitter: https://twitter.com/ClayCollins Company Twitter: https://twitter.com/NomicsFinance
06:14
December 31, 2018
Some (Difficult) Lessons Learned During Long Sales Cycles - (Ep. 0017)
Recently, I've been contemplating the gift of learning patience from longer sales cycles. In a previous life, I come from kind of prosumer, B2B, SaaS world, where a lot of sales were driven by scarcity marketing or incentivizing customers to purchase because [00:00:30] there was perhaps a discount available with a promotion that's going away. Or some bonuses that came if people buy the product by a certain time, and that went away. It has many of the sales characteristics as Groupon, right? There's an offer and then it goes away and if you don't buy it before a deadline, then you don't get the thing. And when you do that, you can predictably drive sales in [00:01:00] markets that have consumer-like properties.  But in more B2B sales cycles, I've found that a lot of the buying behavior is driven by the customer. And that's how it should be, right? And I've had a few experiences recently that I'm actually kind of grateful for that have taught me that longer sales cycles can indeed end up fairly [00:01:30] fruitful. So I guess the first example that I want to run through is around us raising VC money. One of the VCs we approached told us up front that they were in the process of raising their fund and it would be a while until we heard back from them. And I at first thought this was code for, "We just want to hear your pitch. Maybe get intelligence from the space. But there's [00:02:00] no way on earth that we're going to invest in you."  So I a little bit begrudgingly gave the pitch, even though I trusted these folks. And after walking them through our business and what we were doing, I didn't hear back from them for a long time. And frankly, I didn't expect to hear back from them. I thought it was a done deal and that it would never happen. And then low and behold, maybe a month and a half [00:02:30] later, I heard back from them and they said, "We're in." I was taken aback. I thought they were going to get on the phone to just provide a rejection but that wasn't the case. And then a little bit later, they actually told me that they wanted to up their investment which I was happy about, because I really liked them. And there wasn't exactly room around but we wanted [00:03:00] to make some for them because we really, really liked them.  And it was just a really positive experience that proved me wrong about my skepticism. And I think a lot of entrepreneurs tend to be impatient and skeptical. We're used to hearing a lot of rejection, right? I think if you have ambitious goals, you tend to hear more rejections than acceptances I guess. So that's the first example I wanted [00:03:30] to lay out.  The second example is around our biggest customer to date and they had approached us really before we even officially had our API out of beta and they'd approached us about purchasing our product. And that deal didn't go through. But then a few months later, conversations resumed and [00:04:00] again, things seemed to be really kind of dragging along. And I was patient. I waited and we tried to respond to them as quickly as we could. And three to four months later, that deal closed even though again they initially said they couldn't. That they had gone in another direction. They came back and then something happened. And that was another really positive experience for me. [00:04:30] Again, I'm an impatient person. I'm used to rejection and I think sometimes I can be a little bit skeptical. But again, that resulted in our largest sale to date.  The third example is around a company that I led the acquisition of at my prior business, Leadpages. We acquired a company called Drip... [transcript truncated due to character count restrictions] Website: https://nomics.com Crypto Market Data API: https://nomicsapi.com Personal Twitter: https://twitter.com/ClayCollins Company Twitter: https://twitter.com/NomicsFinance
08:15
December 21, 2018
Why We're Not Celebrating Our Series A - (Ep. 0016)
Man oh, man am I'm nervous. Man, am I'm nervous. Had trouble sleeping last night and all of that. So tomorrow, I'm recording this ahead of time. So tomorrow, but you probably have already heard of it by now or at least we've told other people, you might not have heard yourself. Tomorrow we are announcing our Series A fundraise. It's a pretty cool event, you can read [00:00:30] about it. Arthur Ventures led the round with Coinbase Ventures, and Digital Currency Group, and Davenport, and Polymath, and CoVenture Crypto, and CityBlock Capital and others participating. We're announcing that tomorrow, but I'm going to publish this the day after we announce so hopefully heard about it yesterday. Yeah, I'm just nervous about announcing this and it's [00:01:00] really due to, I think, past lessons learned, past experiences. But, all this announcement makes me nervous. In a past life at my last company raised $38 million in venture capital. I think when you raise money, especially when you raise a lot of money, which we didn't here. But I think the public perception of what is happening can become [00:01:30] very much out of sync with what's really happening, and incentives can get really misaligned. If you look at the crypto currency space, there's a lot of large figures attached to projects with really huge brand names; that haven't shipped much of anything and are providing much value to the space. We've seen recently Consensus lay off a bunch of people. We've seen Basis return money, [00:02:00] funds, where they raise close to $100 million, if not more, to investors or at least they're going to. I think there's going to be a lot more of these projects coming. These projects, like Basis for example, has a gorgeous website. They did have, a PR machine hired a bunch of people. It's really easy to believe the marketing hype [00:02:30] about a company, or a team or a project; it's really easy for people at those institutions to start believing the public hype about what they're doing. Instead of listing the market, and actually having, head to the ground, around the pulse of the value that's being created. I [00:03:00] think there was a part of me that considered not even announcing that we had done a fundraiser. We didn't need to file paperwork with the SEC, we didn't need to publicly disclose how much we had raised or who we had raised funds from. We just didn't need to do that. So, why are we doing this? Why are we doing this? [00:03:30] I think for a few reasons. One, we want our customers to know that we're here to stay, that there are luminaries in the space or people with influence who believe in us and what we're doing. I think that lends credibility to our project. I think it's important for people to know that we're here, that we exist, that we're serious and all of that. That's [00:04:00] part of the reason why we're doing it. I'm also glad that, this is just kind of a good excuse to develop relationships with journalists, and the media, and the press and to kind of come out for the very first time to the space in a way. I don't know if it's in a big way, but to come out to the space. That's part of the reason why we're doing it. I think there are definitely upsides to this. The downsides of course are that [00:04:30] it's possible to build a huge brand in the cryptocurrency space, without delivering much value at all. To have a team that's speaking at conferences, that's putting out podcasts, that is coming across as being hugely influential, and just not having any profit [00:05:00] or any sustainable value that comes with that. All of this said, I think the reason why we did get funded in a bear market is that, we have . . . [transcript truncated due to character count restrictions] Website: https://nomics.com Crypto Market Data API: https://nomicsapi.com Personal Twitter: https://twitter.com/ClayCollins Company Twitter: https://twitter.com/NomicsFinance
08:23
December 19, 2018
Announcing Nomics' Series A VC Financing - (Ep. 0015)
Hey, this is Clay and I am pleased to announce that Nomics has raised a Series A round venture capital financing. Leading the round is Arthur Ventures, and also participating are Coinbase Ventures, Digital Currency Group, TokenSoft, Ben Davenport, who is the co-founder and former CTO of BitGo, CoVenture Crypto, CityBlock Capital, [00:00:30] King Capital, and some other friends and family, who participated in the round. We're excited to partner with all of them. I can tell you a little bit about how this came together. A few months ago, I started looking at companies that I really, really respected, in terms of the products that they had created, but also [00:01:00] how lean the companies ran. A few companies in that category include Zapier, Clearbit, SendGrid, folks like that. I looked at the size of their series A funding. Zapier and Clearbit, I believe, had only done one round of VC financing and or seed rounds, and never had to raise [00:01:30] money again. I believe that's true of Clearbit. I know that's true of Zapier. SendGrid, of course, went on to become public. I think they're being sold to [Tulio 00:01:40] right now, but I looked at the average series A size. I saw a lot of constraint, and pragmaticism around the raise. I think we were aiming for that as well. At my last company, we raised 38 million in ventures capital. [00:02:00] So I've done the thing where we raise a lot. Over time, I'm becoming a bigger and bigger fan of constraints, and just really being reasonable about these things, especially after the euphoria of the 2017 bull market and crypto. We're excited about this. I think I was saying this earlier. [00:02:30] How this got started was I approached Patrick Meenan at Arthur Ventures. Again, they're our lead investor. I told him we were going to raise, and that I wanted to pitch him first before we went to anyone else, really. I went to Patrick and pitched him. Basically said, essentially, "Here's what we're thinking, in terms of valuation. I'd like to have you specifically [00:03:00] on the board. I'd like Arthur Ventures specifically to be the lead investor, if you guys are down for this. If you're not, no problem. We'll go to the coast or maybe we'll look here internally, but we really, really want this to be you." The backstory there is I served on the board of Leadpages, and I'm still on board of Leadpages with Patrick for around five years. I knew that we were aligned. [00:03:30] The philosophy here is that I've seen a lot of VCs claim to do value-added things. I think in some cases it's possible, and it can happen, but that narrative has really been blown up around VCs doing intros, and helping you hire, and doing marketing stuff for you or in some cases, building software. I just, I think it's really [00:04:00] hard to actually realize that value in a lot of cases. I heard it was a famous Israeli VC talking about how when he first got started in crypto, he tried to do everything to help his portfolio companies. What he realized over time was that the companies that were going to make it, and that did make it, and that offered the biggest return or provided the biggest return didn't really need his help at all. [00:04:30] It was the companies that probably where the investment would go to zero or something similar, that ate up all his time. He got to the point where when he made an investment, he would just give the founder or whoever was leading the raise his card, and say, "Here's my number. You can call it. I probably won't answer, but just think of this as a money-only arrangement." [00:05:00] I actually think there's a lot of value in that. [transcript truncated due to character count restrictions] Website: https://nomics.com Crypto Market Data API: https://nomicsapi.com Personal Twitter: https://twitter.com/ClayCollins Company Twitter: https://twitter.com/NomicsFinance
11:38
December 18, 2018
No, We (Unfortunately) Can't Tell You Who Our Customers Are - (Ep. 0014)
When I first got started [00:01:00] in the cryptocurrency space, I started looking at websites like CoinMarketCap, and there was no about page. There was really no phone number. People wouldn't tell you who they are. People were using pseudonyms. Everyone was like cryptopeeweeherman on Twitter. For the most part, that trend has continued. We do have a few competitors here and there [00:01:30] that will say who they are at least on the consumer side, but for the most part, nobody tell you who they are. It's kind of sketchy. It's kind of fishy is the new, you have this new kind of little website that's popped up recently that I think is actually using our data, using our API, and they won't say who they are. All the domains are hidden. It's not, I'm not creeping on these people, but it's just, my mind is [00:02:00] just absolutely just blown by all of this. I guess what's surprising is how far this mindset has seeped into so many, so many aspects of the space, even on the enterprise side. I've been doing a lot of talking to reporters recently around something we're going to announce that I'm [00:02:30] excited to announce, and one question they ask is, "Who are some of your customers?" The big ones, I'm not able to say, because they're all, we're all wrapped up under NDAs. I guess that's something I've kind of been surprised about, especially [00:03:00] coming from the marketing technology space, from vertical SaaS, where people are giving each other testimonials, where you can use logos on people's homepage, where people list their customers sometimes without even permission. That's not cool, like I wouldn't do that at my past company, but it's really incredible. [transcript truncated due to character count restrictions] Website: https://nomics.com Crypto Market Data API: https://nomicsapi.com Personal Twitter: https://twitter.com/ClayCollins Company Twitter: https://twitter.com/NomicsFinance
06:43
December 17, 2018
Winter is Coming For Crypto Startups (& Why Org Chart Debt Sucks) - (Ep. 0013)
So I'm pretty tired today. We decided when we first started Nomics that we just weren't going to build a marketing time and we weren't going to hire admins or directors of operations and it's for a bunch of reasons, but I see a lot of really bloated organizations, especially in the block chain space. I see organizations that have a COO and a finance person [00:00:30] and this person and that person and they'll have like a bunch of analysts, a marketing person, a PR firm. It will be like a 15 or 20 person organization and there will be like three or four developers or engineers. Man, I just think that's a lot of bloat especially considering that winter is coming or arguably it is here. For all the talk that I hear [00:01:00] in product organizations about tech debt, I think something that's often not discussed enough is org chart debt. Org chart debt is when you start prematurely building our your org prior to having real revenue or product market fit and you end up with this org and that has its own momentum and starts holding you back and makes it really hard to pivot. So at Nomics, [00:01:30] there's me, there's ... and I'm only non-technical person, I'm somewhat technical, I was a developer in a past life, but there's myself, our CTO and my co-founder, there's a designer/developer, essentially designer who operates at the design layer of our app and can re-theme the app essentially without having to touch other parts of the code, so definitely deploys to get hub and stuff like that. [00:02:00] We have a friend and engineer, we have someone who works in the middle end, essentially on our API and our API gateway, and we're hiring ... plug for that, we're hiring, a distributed data systems engineer who works with [Kofka 00:02:19] and Cassandra and stuff like that. So, if you know anyone whose interested in that position, please let them know. But, man, I've just seen so many orgs where [00:02:30] the org chart is more mature than the business and they end up creating all this momentum around the people they've hired and the projects that the people they've hired have developed and they end up in a place that they just can't crawl back from. Particularly, I think in our space given how active crypto Twitter is and the lure that that has, [00:03:00] and I think the lure that content marketing has in our space, I think a lot of maybe competitive organizations end up hiring marketers, blog writers, analysts, and they end up in a place where it's like, what are they, are they immediate company, are they a software company? All those people really ... [00:03:30] it's hard to measure. I think this is the biggest thing, it's hard to measure the effectiveness of what those people are doing if you don't have a product to sell, right? When you have a product to sell, then you can measure the efficacy of all your marketing efforts, all those medium posts, all those tweets, all those talks that are given, all those podcast appearances, all those podcasts that are created. You can measure those against whether or not they're moving the needle [00:04:00] the paid product. When you don't you end up in a situation where you end up having to spend a lot of time managing people and empowering, often incredibly talented people who kind of lack in a north star, in a sense that they have no idea how the contributions that they provide affect the bottom line. [transcript truncated due to character count restrictions] Website: https://nomics.com Crypto Market Data API: http://nomicsapi.com Personal Twitter: https://twitter.com/ClayCollins Company Twitter: https://twitter.com/NomicsFinance
17:06
December 6, 2018
Ask Me Anything - (Ep. 0012)
Quick update today. If you go to: asknomics.com, it'll send you a page where you can record audio question. If it's a good question and relevant to what we do and all that, we will answer it live on this podcast, which is the Nomics update. Anyway, I look forward to hearing your questions. I'm happy to talk about future product roadmap, points of differentiation verus competitive products, our API, [00:00:30] the future of the API, how our company is set up, funding, any of that stuff. So, again, if you have any questions, go to: asknomics.com and if you can use a good headset or whatever because it's going to produce audio that I can then play on this podcast for everyone to hear and then I can respond with my answers and thoughts. So post a question if you want to. It should [00:01:00] be fun. I'll be sure to link to you in the show notes, link to your Twitter handle and LinkedIn profile and even company website if you want to. So it's a good way to get a little bit of exposure around your project, whatever you're doing, especially if you have a good intelligent question. Alright. Take care. Bye. Website: https://nomics.com Crypto Market Data API: http://nomicsapi.com Personal Twitter: https://twitter.com/ClayCollins Company Twitter: https://twitter.com/NomicsFinance
01:25
December 4, 2018
How Adderall, Meditation & Therapy Changed My Life - (Ep. 0011)
I want to talk for a bit about how Adderall, the drug, meditation, and therapy have changed my life. I realize this is a diversion from what we normally cover, and I think it's questionable whether or not I should even be talking about these issues in this podcast, right. It's called the Nomics Update, it's about the company, but I think in a lot of other ways this is kind of inside our journey building this start up. So, [00:00:30] there might be a chance that i never do this kind of update ever again. Please let me know if it's helpful to you. Certainly, let's start off with the first one. So, the first one, Adderall. Certainly, the plight of people with attention deficit disorder is nowhere near on the same level of the plights of people dealing with other kinds of things. So, if you have a mental illness or depression, this is not in that same kind [00:01:00] of category. This isn't in the same category as people who have dealt with being repressed or people who have experienced racism or other kinds of isms because they're members of marginalized groups, but I think it's worth speaking to. The reason I'm bringing this up is because back in the day I saw a social media post from someone who I really respected saying that he was taking some kind of medication for [00:01:30] ADD and he was better for it. He was more present for his family, he was more present to his coworkers. He was a nicer person. He was no longer depressed because he wasn't struggling with a lot of the things that come with ADD. So I think it's worth noting. If just to normalize some of this. So, starting this year I began taking Adderall. I got a prescription and I don't know what to say here [00:02:00] other than my entire life i never really felt like I had complete access to my brain. And I never felt like my brain really worked. I went in, I saw a doctor, there were some tests, and I got a prescription. And from day one of taking this, my life has changed. I'm able to execute on things that my family needs me to execute on. That my business needs me to execute on, that our customers need us to execute on, [00:02:30] and I've never felt that all of me was available to me until now, right. Cognitively. So, it's really, it's really really really made a difference. And so I want to normalize this and I don't know, do my small part to destigmatize attention deficit disorder and ADD. I will say that I'm glad I didn't take any of these medications as a child. Adderall is an amphetamine and [00:03:00] it's real. I do think that this was something, a decision I needed to make as an adult and I'm glad my parents were against this when I was a child. So that's really all I have to say about that. If you are an entrepreneur or involved in finance, there's a decent chance that you have something like this. A very high percentage of entrepreneurs I found have attention deficit disorder. [00:03:30] I think it used to be called ADHD. It either used to be called ADHD and now it's called ADD, or it's ADD and now it's called ADHD. But there used to be two types of ADD, one was a kind that came with hyperactivity, and then there was a kind that did not. And I have the kind that does not come with hyperactivity, I'm a huge ... Although, you know, I like podcasting and speaking from the stage, I'm a huge introvert. Although, someone I know [00:04:00] has pointed out that speaking on stage and doing a podcast for the most part is not an extroverted activity when you're on stage, it's really just you. And yes, you're interacting with the audience and reading them, but it's very different than being in a group with five people. So, anyway, moving on to the next thing. Meditation. [transcript truncated due to character count restrictions] Website: https://nomics.com Crypto Market Data API: http://nomicsapi.com Personal Twitter: https://twitter.com/ClayCollins Company Twitter: https://twitter.com/NomicsFinance
08:24
December 3, 2018
Why I Turn Down 95% Flippening Guest Pitches - (Ep. 0010)
Each day, almost every day, I get pitched by a company or a person that would like to be on the Nomics ... on the Flippening podcast, our most popular podcast, the one that is reliably getting over 25,000 downloads per episode. Often it's over 50,000 downloads per episode. Sometimes it's a PR firm that reaches out and I never really entertain those requests. I [00:00:30] only talk to folks who are looking to book themselves on the podcast, but actually, there's only been one attempt so far from someone who's approached me about being on the podcast that ... where that has converted into an actual interview. I wanted to share my thinking on this. Rule number one, or guideline number one that I take into consideration is the person [00:01:00] who would be interviewed, are they the ones reaching out? If so, that's good and we can proceed. It's not someone on their PR team. It's not someone in marketing who's looking to book their CEO who may or may not have any desire to be on the podcast or who may or may not have ever heard of it. I think another thing that we take into consideration is have we done an episode recently on the topic that they would want [00:01:30] to talk about? This often can trip up the process because very frequently people reach out right after we interviewed a competitor. We'll interview a competitor. We'll get them on the show, and then a bunch of other people in the same industry will wanna reach out. It's like I don't wanna do a bunch of podcasts on this one topic. Our audience doesn't wanna hear it. There's not gonna be a lot of net new information. The next thing that we take into consideration is [00:02:00] does this project, or company, or whoever's reaching out, do they have a product that's live and usable by the public? There's so much speculative activity in this space. There's a lot of people building new things, who have been building new things for a long time and we're not looking to have conversations with projects that don't have something tangible that's available for the product to consume. [00:02:30] If they're a crypto hedge fund, they have to be a hedge fund that's live and taking limited partners. If it's a product, a fintech product, it has to be a product that is available to the public, even if it's just public data. It has to be at least at that stage in order to move forward. The next thing is that we are unwilling to be part of people's launch plans. [00:03:00] If you're gearing up for a big launch ... Usually if you're gearing up for a big launch, the thing that you're launching doesn't exist yet. It isn't available to the public at large. In those cases, we just don't wanna be part of someone's launch event campaign or planning, unless they wanna be a sponsor. In which case, we're ... that's something we're open to talk to you, but in terms of content on the podcast itself, [00:03:30] it has ... you have ... the dust has to have settled on the launch of whatever you're doing because again, we're not here to be part of people's marketing agendas. We're here to educate the space. If you wanna do marketing with us, that's what our paid sponsorships are for. Once we've gotten past that, all of these hurdles, I'm hearing from the person themselves, they ... it's not about a topic [00:04:00] that we recently covered, the dust has settled on a product launch and the product is publicly available and consumable by the general public or at least some subsection of the general public, maybe it's just accredited investors, but once we're past that, the questions I ask myself are, "Does having this person on the podcast ... [transcript truncated due to character count restrictions] Website: https://nomics.com Crypto Market Data API: http://nomicsapi.com Personal Twitter: https://twitter.com/ClayCollins Company Twitter: https://twitter.com/NomicsFinance
09:16
November 28, 2018
"I Found A Bug - Nomics.com (or Your API) is Reporting Different Values Than CoinMarketCap"
Hey, this is Clay. Welcome to The Nomics Update for today, and today I want to talk about something that's come up a few times here in the last month. We actually get a few bug logs, bug alerts from our community that essentially come in and say the following, "CoinMarketCap is showing this number, and you're showing a different number. You have a bug," and so this might be related to the all-time high [00:00:30] of a crypto asset. They might be telling us that the volume numbers that we're reporting for a given exchange are different than what CoinMarketCap is reporting, or even in some cases different from what the website itself is reporting, and usually they're slight variations. But I just find it so interesting that CoinMarketCap has gotten to a position in the industry where literally [00:01:00] if there's a discrepancy between our numbers or someone else's numbers and their numbers, that it's considered to be a bug, and I want to stay open-minded about this. Sometimes when this kind of thing is brought to our attention, there is something notable to explore there. Maybe we should reconsider our pricing methodologies, but for the most part we've been extremely open about our pricing methodologies, [00:01:30] and other sites, including CoinMarketCap, has not. For example, we have an entire article on our blog written about how we price crypto assets, and it's not just a line or two explaining the methodology. It's an entire article with math and tables. I think it's about 750 words on we explore different use cases and how we might calculate the price of a crypto asset in those cases. The same with all-time high. We have an article, [00:02:00] a long form article written about we calculate all-time high. When this kind of request comes in from one of our API customers, one of my paying API customers, I essentially tell them here's how we calculate the methodology. Here's the data behind it. Do you agree with the data? If the answer's yes, do you think this is good data? If you agree with our methodology, then [00:02:30] this number should serve you well, and also let those customers know, or anyone else who's using our data, know that if they want to use alternative methodologies for calculating these things, they absolutely can because we give everyone all the raw data that they need to calculate these things themselves. We have for the most part every single trade, on every single trading pair, on every exchange going back to the very beginning [00:03:00] of those trading pairs on those exchanges. Yeah, so I just think it's really interesting. I think it's worth noting though there's a lot different ways to calculate all-time high. There's a lot of different ways to calculate candles. I'll give you an example with Binance. One of our customers, really astute person, came to us, and they weren't reporting this as a bug, but they essentially said, "Hey, CoinMarketCap is showing this volume [00:03:30] number for Binance, and you're showing a different number. Why is that?" It essentially came down to the fact that we price Tether, TUSD is the ticker symbol, we price Tether differently than CoinmarketCap prices Tether. There's slight variations in the price of Tether to the U.S. dollar. Because Binance is the largest exchange and because all of Binance's [00:04:00] largest markets, at least as of the recording today, are priced in Tether, if there's a slight variation in the price of Tether between us and Binance ... and Binance is doing hundreds of millions of dollars per day, sometimes billions, then we're absolutely going to be showing different volume numbers. But I think it's really time for us as a community to [00:04:30] just stop accepting calculations in this space. [transcript truncated due to character count restrictions] Website: https://nomics.com Crypto Market Data API: http://nomicsapi.com Personal Twitter: https://twitter.com/ClayCollins Company Twitter: https://twitter.com/NomicsFinance
08:40
November 27, 2018
Our Two Cyber Monday Deals ... Or Make Us Your Best Offer - (Ep. 0008)
Hey, it's me, your trusty market-data API, CEO here at Nomics. This is usually my audio journal, but today I'm going use this opportunity to shill. First off, how was your Thanksgiving? I hope it was good. I hope you avoided fights with the in-laws or whatever, having to explain why everyone invested in Bitcoin and lost money. [00:00:30] I had a good time. I did see a little bit of fighting. I did not participate in any family infighting but the stress is over and we're back to business. I got inspired by all the Black Friday pitches I saw in my inbox today and man, my inner marketer just couldn't resist. It's too late to do a Black Friday deal, so we're going to do a Cyber Monday offering. [00:01:00] It's pretty simple. There's basically two things. The first thing is if you sign up for the paid version of our API and do an onboarding call with us, we will waive the $100 setup fee. Usually, when you sign up for the commercial-grade version of our API that doesn't require attribution and comes with redistribution rights and stuff like that, [00:01:30] there's a $100 setup fee. If you do an onboarding call with us, we'll waive that. By the way, the reason why we added the $100 setup fee for the commercial version of our API is because we had people signing up for the seven-day trial, which everyone gets a seven-day trial, so if you sign up, we waive the $100 setup fee. Then, you're essentially just into a free seven-day trial, no strings attached. We had people signing up for [00:02:00] that using it for seven days, not talking to us in any way, shape, or form, making a billion calls, and then quitting and they wouldn't respond to any of our emails. As a product organization, we need to talk to new customers. It seemed like a bunch of these folks that were signing up for the seven-day trial of our commercial API, all the signs pointed to [00:02:30] the fact that they had every intent to just sign up, hit as much as they could, 'cause we don't have rate limits, but hit it as hard as they could and then quit. Yeah, they wouldn't even respond to an email like I said. Simply by adding this $100 setup fee, we filtered out those folks. Again, that's thing number one. Sign up for the commercial version of our API. We will refund [00:03:00] the $100 setup fee. Of course, like I said before, you have to meet with us. Thing number two is pitch us, give us your best offer for a week-long takeover of the website in terms of advertising. So, you'll get full coverage on every page of the website. You'll be on the homepage. You'll be on every cryptocurrency page for an individual currency. You'll be on the pages for every exchange and [00:03:30] exchange index page. You'll be on every page on our website and, in addition to that, you'll get a reading at the beginning and the end of the podcast of the Flippening Podcast for the week. Generally speaking, episodes of the Flippening Podcast get over 30,000 downloads per episode, so, not only do you get to be everywhere on the website for a week, but you get a reading at [00:04:00] the beginning and end of the podcast. You'd be the only advertiser during the week for the podcast. So, give us your best offer on that and if we're good with your offer, then we'll get you all set up. In general, though, I think the spirit of this is, this is a special time and we're open to making deals. If you have something you want to pitch us, make a specific proposal with a [00:04:30] dollar amount attached to it and we will absolutely entertain it. All right, again, if you're interested, email me at contact@nomics.com and we promise to respond to everyone by the end of the day on Wednesday but possibly much, much sooner than that. [transcript truncated due to character count restrictions] Website: https://nomics.com Crypto Market Data API: http://nomicsapi.com Personal Twitter: https://twitter.com/ClayCollins Company Twitter: https://twitter.com/NomicsFinance
05:41
November 26, 2018
Now Providing Crypto Order Book Data At 100ms Intervals (Nobody Else Can Do This) - (Ep. 0007)
Hey, welcome to my journal, for whatever day it is. Okay, so, have some exciting news. I'm pleased to announce that we can now provide order book data at 100 millisecond intervals. So you might notice that, at the middle tier of our API plan, we're able to provide order book data, roughly at 15-minute snapshots. There's a lot of quantum physics and stuff going into [00:00:30] exactly how that plays out across great limits on a whole bunch of different exchanges. But if you are a enterprise customer, and/or, like your quant fund, then you need super high frequency order book data, we can now get it to you at 100 milliseconds. There's a bunch of crazy stuff we had to do in the background, to make this work, but we can make this happen, and we can make this happen across a whole bunch of different exchanges, not just the exchanges that we officially [00:01:00] support. This is not for everyone. This is probably not something that the vast majority of users of our API are interested in, but there's a few quant funds with specific strategies here and there, that could benefit from this, and yeah, I'm excited that we can accomplish this, thanks to my CTO, Nick, who put this solution together, for one of our customers. It works really well, works really, really well. So, [00:01:30] blatant pitch here. If you're interested in this kind of thing, please let us know this would come in a custom offering plan, thing, but if you'd like to talk about this more, let me know. You can find us at nomics.com. There's a contact form there, to talk to us, or if you go to our API landing page, there is a Chat widget, where you can shoot us a message. So let me know if you're interested in this. Regardless, I'm proud of the accomplishments. No one else that I know of [00:02:00] provides data at this fidelity. All right. Take care. Bye. Website: https://nomics.com Crypto Market Data API: http://nomicsapi.com Personal Twitter: https://twitter.com/ClayCollins Company Twitter: https://twitter.com/NomicsFinance
02:06
November 23, 2018
Nomics.com Is Now Much Faster, And Why Site Speed Matters (Thank You Google) - (Ep. 0006)
Hey, welcome to my audio journal for today. Today I want to talk a little bit about site speed. Back in the day, Google did everyone a huge favor by saying that, all things being equal, faster sites will outrank slower sites. Right? They essentially said that site speed would be a ranking factor. Along with this, they provided a number of tools for evaluating how fast one's website is. [00:00:30] This really made the web a lot faster because everyone wants to rank. Companies that produce websites or host websites and a bunch of other things made moves to help their customers make faster websites. It became a point of differentiation for hosting companies in this space and a whole bunch of stuff. So Google cares tremendously about site speed, especially as they start optimizing [00:01:00] more and more for mobile devices. This brings us to nomics.com. The nomics.com website, although it isn't large in terms of file size, is ... It's been a little bit slower than we've liked. Actually, I'll just be honest. It's been a lot slower than we'd like. It's pretty fast, actually, if you've loaded the website in the past few days and have a version of the website cached. But if you're [00:01:30] doing a fresh load of the website it's just definitely not as fast as we wanted it to be. I think there were a few ways that this was affecting us. One, Google wasn't crawling our title tags and our meta tags so when you searched for ... Actually, today, because Googlebot hasn't updated our listing yet, if you searched for Nomics you don't see our full title tag. You don't see our description tags. I was perplexed by this for a bit [00:02:00] because, again, the actual file size of the page isn't ... It isn't large. It's not large from a file size perspective. But the amount of text that a browser has to read in order to render the page is ... It's a lot of text. We were putting SVG images in there. We were putting all kinds of data points on the page itself that the front-end would render. [00:02:30] It was just taking a lot longer than we'd like. Google has a website evaluation tool called web.dev. We put Nomics in there and one day we saw a 6 out of 100. It wasn't great. This is a problem we can easily solve. We have the tech team to get this done. We had just been prioritizing other things around our API and around generating new pages. [00:03:00] We believe here in the next few months we're actually going to have millions of pages on nomics.com. We had prioritized other things until Google started dropping our title tags. I'm pleased to report that sort of the first iteration of this effort to make the website faster has been completed. The home page is now one-tenth of the size it used to be. It loads almost 10 times faster, [00:03:30] which is great. We're going to be making updates to the exchanges pages, pages for individual currency pages and a whole bunch of other pages. So, happy that this has happening. I do think that this is work that needed to become ... That this is work that needed to come before other feature requests. So shout out to Tyler on our front-end team who's making everything faster. I've worked with Tyler in [00:04:00] the past. He's just incredible. Before coming to Nomics, he was on the front-end e-commerce team at Target, which had just done a ton of optimization work. You're going to see things get faster and faster and faster over time. Yeah. The updates keep on coming. By the way, just as a product person, [00:04:30] and if you're listening to this or if you think much about product, I think whenever you can't think of the next feature to make, you just can't go wrong making something faster. [transcript truncated due to character count restrictions] Website: https://nomics.com Crypto Market Data API: http://nomicsapi.com Personal Twitter: https://twitter.com/ClayCollins Company Twitter: https://twitter.com/NomicsFinance
05:21
November 21, 2018
Color Scheme Capitulation (We Get It, You Hate The Nomics.com Colors) - (Ep. 0005)
Hey, this is Clay. Welcome to another episode of The Nomics Update. Today I'm going to talk about color capitulation. So for some time now, we've really been proud of our branding. When we first started, we hired a fancy branding agency, and they're called Fuzzco. They've worked with MailChimp and other folks, pretty fancy team, and we developed this dynamic brand together, [00:00:30] and the way the brand works, I'm sure you've seen on the website, is that the colors change on the website based on the state of the market. So if the market's way down, the accent color across our homepage is red. If it's way up, then it's green, but when you traverse the spectrum from -2 percent down to +2 [00:01:00] percent up or greater, you are traversing this color continuum from red to green or from green to red. So if the market's in the middle, if there's virtually no change on a given day, then essentially, the website is purple, because that's roughly the middle point between red and green. So a lot of people don't like purple. It's kind of weird, it's becoming a more trendy [00:01:30] startup color, but the main thing that the people don't like is seeing a bunch of currencies in purple. People tend to really like these binary signals. So if it's up, even if it's up by only .01 percent, they want it green, and if it's down, even if it's down by .05 percent, they want it red. So I fought this for a while. I thought our branding scheme was cool. But [00:02:00] over and over again, I heard people say like, "Why is it when I change from the month view to the year view, the color scheme changes?" Well, the reason why the color scheme changes when you go from the month view to, let's say, a year view is because the market's up over the last year. Well, it was as of a few days ago. But the market's down if you take the month view. [00:02:30] Oh no, it's actually up six percent. Anyway, all kinds of people telling us they didn't like the colors. And the thing about a good product company, I think, is that you just don't fight with your customers. If you hear something enough, you just have to do it. So we're capitulating, we thought we were so smart and so clever with this design, but we're not. [00:03:00] We're not smarter than you, we're not smarter than our customers. So we are going to essentially make everything either green or red, which essentially means we're just tightening the band. So basically, the color spectrum from red to green is going to dynamically update from .2., from .2.5 [00:03:30] percent to point, I'm sorry, from .2.5, my God, I can't say this right. From .25 percent to -.25 percent, it's gonna traverse. So anyway, almost everything is going to be basic red or green. And if we have to tighten that color, that band as well, we will, and then almost everything will be red and green, which will be kind of sad, but we'll understand. [00:04:00] Anyway, thanks to everyone who so passionately argued for this. Eric Meltzer hated our colors for a while there. Ben Davenport, ex-CTO of BitGo and founder of that company and a really cool guy, someone who we like to learn from, sent in this feedback as well. And then just a whole slew of other people I won't name drop here, but [00:04:30] suffice to say, we heard the message loud and clear. We're going to do it. You hate the colors. Okay. Thanks for the feedback. Bye. Website: https://nomics.com Crypto Market Data API: http://nomicsapi.com Personal Twitter: https://twitter.com/ClayCollins Company Twitter: https://twitter.com/NomicsFinance
04:42
November 21, 2018
Current Thoughts On Pricing The Nomics Crypto Market Data API (Ep. 0004)
Hey! This is Clay. Welcome to the next episode of the Nomics Update. I'm coming at you live from New York late at night. Man, I just want to get in the habit of putting these updates out every day so I'm doing this even though I'm pretty tired. I guess I wanted to talk a little bit about our pricing plan for the API. I think you're going to find that things are going to [00:00:30] change here pretty quickly. You're kind of in an awkward place with pricing for the API where on one hand, you have a free plan and then on the other hand, you've got this $500 a month plan. What we found is that almost everyone purchasing the $500 a month plan is a developer CTO. Because they're a developer, [00:01:00] they could investigate the API, use it, they know that it's good and because they're a C level person in their company, they have clearance to make the purchase, right, at that price point. Really, we need something in between. I think you're probably going to see us deprecate some of the things in the free plan where we're going above and beyond everyone in terms of what we're giving away for free [00:01:30] and you're probably going to see some of the things available at the $500 a month plan available at lower price points. Just a heads up that that's coming. Hopefully, we won't get too much hate mail around this. I think we're going to do this in a cool way that ultimately is kind of mindful of all the dependencies that exist and I think it's better to do this [00:02:00] earlier in the development of the company rather than later. Anyway, just know that we want to make a lot of those paid features available to more folks going forward. All right, hope you've enjoyed this podcast. I'll see you tomorrow for the next Nomics Update. Bye. Website: https://nomics.com Crypto Market Data API: http://nomicsapi.com Personal Twitter: https://twitter.com/ClayCollins Company Twitter: https://twitter.com/NomicsFinance
02:34
November 21, 2018
[Nomics.com] New Crypto Exchange Analytics Pages Available at Nomics.com (Update #0001)
Nomics.com now provides pages with analytics on individual cryptocurrency exchanges (like Binance, Poloniex, Coinbase Pro, etc.). See here for an example: https://nomics.com/exchanges/binance
04:01
November 21, 2018
New Exchange Index Page Launched (Ep. 0003)
We just launched a new index page that features total crypto market volume over time, # of trades executed across various exchanges, and much more. See: https://nomics.com/exchanges
02:16
November 1, 2018
Marketing & Growth Tactics for Cryptocurrency Exchanges (Ep. 0002)
Clay discusses marketing tactics & go to market strategies for cryptocurrency exchange growth. He also discusses an upcoming audio documentary about cryptoasset exchanges. Please contact Clay if you're an exchange operator willing to talk on the record about tactics you've used to grow your exchange and the results they've produced.
07:55
October 25, 2018
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