Lily Liu,CoFounder Earn.com #blockchainwomen
Summary
TLDRLilly, a co-founder and former CFO of Earn.com, discusses the evolution and challenges of the company, which started as a mining venture and pivoted to paid email services, eventually being acquired by Coinbase. She reflects on the volatility and public perception of cryptocurrency, sharing her experiences from early involvement in the industry and her belief in its long-term potential. Despite facing skepticism and market fluctuations, Lilly remains optimistic about the future of blockchain technology and its transformative impact on society.
Takeaways
- 👋 Introduction: Lilly, the speaker, was the CFO of 21 (now Earn.com) which was sold to Coinbase earlier this year.
- 🔄 Company Evolution: 21 started as a mining company in a rough spot and pivoted to a paid email profile business model to combat spam.
- 💡 Innovation: The company implemented a novel idea to tax spam within its ecosystem, which eventually became a successful business model.
- 📈 Business Growth: The company experienced significant growth and was eventually sold to Coinbase, indicating a successful outcome.
- 📱 Personal Experience: Lilly uses Nomorobo to combat spam calls and texts, highlighting the ongoing issue of unwanted communications.
- 🚀 Cryptocurrency Experience: Lilly entered the cryptocurrency space around 2013-2014, witnessing its highs and lows.
- 📊 Market Volatility: The speaker discusses the volatility of the cryptocurrency market and the personal challenges of navigating it.
- 🤔 Self-Reflection: Lilly questioned the use of her time during the low points of the cryptocurrency market, reflecting on her career choices.
- 🏢 Industry Perception: Lilly contrasts the outside perception of cryptocurrency as 'dark web money' with her belief in its transformative potential.
- 🌐 Blockchain Belief: Despite challenges, Lilly maintains a strong belief in the long-term vision and transformative power of blockchain technology.
- 🔑 Future Outlook: She sees the current state of the industry as a correction rather than a downturn, maintaining an optimistic view of its future.
Q & A
What company did Lilly co-found and sell to Coinbase?
-Lilly co-founded Earn.com, which was sold to Coinbase earlier this year.
What was the original name of Earn.com?
-The original name of Earn.com was 21.
What was 21's initial business focus before becoming Earn.com?
-21 was initially a mining company before it transformed into Earn.com.
What was the primary idea behind Earn.com?
-The primary idea behind Earn.com was paid email and pay profiles, aiming to create a system to tax spam in the ecosystem.
How long did Lilly work with the company before it was sold?
-Lilly worked with the company for about three years before it was sold to Coinbase.
What were some challenges Lilly faced in the cryptocurrency industry?
-Lilly faced challenges such as the volatility of cryptocurrency prices and skepticism from colleagues about the legitimacy of the industry.
How did the price of Bitcoin fluctuate during Lilly's early involvement in cryptocurrency?
-The price of Bitcoin saw a dramatic rise to around $1300, followed by a significant drop to around $170-580, which created uncertainty about the industry's future.
What were some of the misconceptions about cryptocurrency according to Lilly?
-Some misconceptions included the belief that cryptocurrency was primarily used for illegal activities and was viewed as 'drug money' or 'dirty money.'
What does Lilly believe about the long-term potential of cryptocurrency and blockchain technology?
-Lilly believes in the transformative potential of cryptocurrency and blockchain technology and is excited about their long-term vision and impact.
How does Lilly view the current state of the cryptocurrency market?
-Lilly sees the current state as a correction from the previous parabolic rise but believes that the industry is still on an upward trend with ongoing innovation and investment.
Outlines
🚀 Transitioning from Earn.com to Coinbase
Lilly shares her journey as the CFO and co-founder of Earn.com, which was sold to Coinbase. Initially, Earn.com started as a mining company and evolved into a paid email and pay profiles business. Despite the challenges, the team turned it into a successful venture. Lilly reflects on the early struggles and eventual success, including the volatile nature of cryptocurrency, which tested their resolve. She mentions her previous experience at McKinsey and KKR, highlighting the skepticism from former colleagues about her involvement in the blockchain world. Lilly emphasizes the transformative potential of cryptocurrency and blockchain, despite the industry's ups and downs.
🌟 The Future of Blockchain Technology
Lilly discusses the pioneering nature of blockchain technology and its transformative impact on society. She highlights the passion and interest in the industry, noting the diversity of opinions and the non-consensus environment despite the significant attention it receives. Lilly believes in the long-term vision of cryptocurrency and blockchain, stressing that the current challenges are part of the industry's overall growth and development. She remains optimistic about the future, recognizing the ongoing work and potential for innovative ideas in the space.
Mindmap
Keywords
💡CFO
💡Earn.com
💡Coinbase
💡Mining company
💡Paid email
💡Cryptocurrency
💡Blockchain
💡Volatility
💡Bear market
💡McKinsey and KKR
Highlights
Lilly was the CFO and co-founder of Earn.com, which was sold to Coinbase earlier this year.
Earn.com started as 21, a mining company that was in a rough spot before pivoting to a paid email and pay profiles concept.
The initial idea was to tax spam in the ecosystem, which eventually turned into a successful business model.
Lilly and her team worked hard to turn the company around and build a new product and business by the end of 2016.
One of the challenges in the cryptocurrency industry is dealing with its volatility, which can be difficult to get used to.
Lilly entered the cryptocurrency space around 2013-2014 when Bitcoin saw its first significant price spike and subsequent drop.
There was a period when Bitcoin's value dropped to as low as $170-$580, making it unclear what the industry's future would be.
Working in the cryptocurrency space during the mid-2010s was challenging due to skepticism from peers and the industry's association with the dark web and illicit activities.
Despite these challenges, Lilly believes in the long-term vision and transformative potential of cryptocurrency and blockchain technology.
She reflects on the industry's development, noting that higher highs and higher lows indicate an overall upward trend.
Lilly mentions that many people are still raising funds for interesting ideas in the cryptocurrency space, indicating ongoing innovation.
She acknowledges the current bear market but remains optimistic about the industry's long-term prospects.
Lilly finds the cryptocurrency industry exciting due to its transformative technology and the diversity of opinions and perspectives within it.
The non-consensus nature of the industry, despite the attention it receives, highlights the pioneering work being done in applying this new technology to society.
Lilly used to work at prestigious institutions like McKinsey and KKR before joining the cryptocurrency industry, which added to the initial skepticism from her colleagues.
Transcripts
sure my name is Lilly view up until
recently I was CFO when with co-founders
of earn calm which we sold to coinbase
earlier this year about half a year ago
and so I was there at was originally 21
turned to earn for about three years at
the beginning when I when I joined 21
was a mining company that you know had
found itself in a little bit of rough
spot and so we spent we spent some time
figuring that out and then came upon the
idea of initially sort of paid email pay
profiles which is its you know gonna
concepts people then thinking about and
thinking about for a while which is what
if you could tax spam in the ecosystem
we found a way of implementing that and
eventually got it to be a pretty good
business and then sold his home base
earlier this year well I get several
every day as well as several spam text
messages every day so I use something
called nomorobo you know earlier this
year I'd say that was a success for the
company and so you know when we started
three years ago with his company was 21
at the time it wasn't clear what the
perspective on that was going to be I
said we work pretty hard to you know get
it back into shape and then to you know
that was for about the first year and a
half and then the end of 2016 we had to
come up with basically entire new
product entirely new business and we
were able to build something some
traction and so that was that was pretty
great certainly and I would say one of
the challenges has been certainly you
know it's no secret there's a lot of
volatility and cryptocurrency and and
you know personally when you're riding
that wave it can really take a lot of
getting used to right so I got a new
cryptocurrency and kind of 1314
timeframe when it was really hot right
you saw the first hockey stick and then
it you know dropped to the depths of
despair for really a couple of years
actually
right
it went up to 1300 dropped down at its
lowest to about 170 580 dollars at that
point when it was just a Bitcoin world
and it was very unclear what the
perspective on this as an industry would
be so you know personally was even
challenging you're sitting and thinking
is this really the best use of my time
right and I remember also you know
having worked in larger companies and
working at Mackenzie and then KKR
previously which are you know very
respectable institutions filled with
really really smart people I remember
talking some of my colleagues back then
in kind of the 15 16 even into 17
timeframe and just getting a look of you
know oh look of you know Lilly what
happened to you a little bit sorry for
you even for being stuck in this you
know weird corner of the tech world I
was playing with you know funny sort of
you know dark web type of money is the
way people outside of the blockchain
world really saw it that's right it's
drug money or something right that it's
drug money and sort of dirty money
somehow right when you know in reality
you know the suitcases of cash are
actually used more to perpetuate those
activities than really anything else but
so that was personally challenging even
for a couple of years right thinking is
this really you know I'm excited about
the long-term vision I do believe in the
long term vision of what can be
accomplished through cryptocurrency
through blockchain and how
transformative it is as a technology but
you know a couple of years in there
where you sat down sometimes looked in
the mirror and thought a little bit
right and so that's I think a good
reminder even now because people think
that in comparison to you know the price
of Bitcoin December 17th or something
like that
it looks pretty pretty you know dark
times right now you know bear market so
to speak but in my mind you know over
the longer arc of development of this
industry you know we're still seeing
higher highs and higher lows and there's
still plenty people who are able to
raise money to fund some really
interesting ideas and so to me you know
it might be a bit of a correction from
this parabolic rise at the end of last
year and that comes with some pain
points and and and other things like
that but I think generally we're still
on an upward trend and you know it's
it's gonna be it's gonna be alright
quite possibly quite possibly you know
this is still to me one of the most
exciting industries out there
transformative technology there's so
many different perspectives and opinions
it's a very non consensus area which is
unusual given how much attention is on
the industry right for there to be such
a diversity of opinions I think we'll it
just shows how how much kind of work we
have ahead of us
how much kind of passion and interest
there is and how we really are I think
pioneering and you a new technology in
this application to to to society really
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