SYNAPSE STARTUP FAIL KILLS other STARTUPS – move fast and break society…

25 thoughts on “SYNAPSE STARTUP FAIL KILLS other STARTUPS – move fast and break society…”

• The thing is that people believe that it’s sufficient to write 3 lines of JavaScript to be called engineers. If they actually studied engineering, they would know that a rule of thumb is to rely at least on 3 suppliers for external services. They would also know that everything you source externally is a liability and passed the initial prototype phase it’s worth checking how to build the damn thing yourself. Most Silicon Valley yahoos idolise Apple and they do not understand that its main strength is vertical integration.

• If they filed for chapter 11 in April then most customers should have already left the platform. If you stayed then you're an idiot.

• The problem with these unicorn startups is that they're unicorns. They're not supposed to be profitable, they're supposed to be high-maintenance growth machines that you need to keep funding to survive until a point where they're too big they can win on their own. And investors love that. They prefer growth as opposed to monetary profit. When the company grows, the value of the company increases. This increase the value of the investor's assets, which means their networth increases. With an increase of networth, they can borrow more money to invest in another startup, which increase their networth even more, which allows them to borrow more and invest more.

  It is unsustainable, and they know it. But they were banking on certain companies being too big to fail so that the house of cards don't come falling down and drive them to the poorhouse. Once something crashes though, everything crash.

• It takes time to build relationships with banking service providers. What made Synapse attractive to many nascent fintechs is that they "only" needed to have a relationship with Synapse. In most other cases, for core banking services, you need to manage two vendor/partner relationships: one with API provider (example, Q2), and one with the bank behind it, the one with actual custody of your customers' money (example, nbkc). And for risk mitigation, you'd likely have multiple custodial banks. These are not things that can be built overnight or with the turn of a key. Anyone who believes it should be, in this current environment, is probably running shoddy KYC or doing other not-terrific things.

• This dumpster fire of a company has been acting like trash for YEARS. They did really dumb things with APIs that touch people's money. Their internal operations were a hot mess. Unfortunately, because they were an early player in the neo-bank / fintech space, they were widely used by many, many, startups, including the one I used to work at. They made mistakes that cost our customers money and they refused to properly make people whole or let us access their ledger so we could satisfy an audit. They will take some fintechs down with them, and regular people who used these fly-by-night banking and payment services will pay the price. Working at a fintech made me more of a luddite than ever when it comes to my money.

• There's a movie calles ANTI TRUST in 2001 and the antagonist of this movie was a computer program called SYNAPSE along with Tim Robbins. – James D Watkins artistic director of Phoenix Productions.

• Ironically, Meta is big on chaos engineering: plug some system out of operation and see if your whole system recovers from the situation. It would have survived Synapse kind of situation.

• I ignored your video despite google recommendation,
  because video icon seemed to be from Guantanamo prison

• great moment to close casino while everyone still playing, i would run away right now too on their place. Anthropic must release their models to save in history, closest Ai bankruptcy candidate.

• Is that CCNA written in toilet paper? Man, this is hilarious.

• Coders are not punctual and get their best work done during after hours when people are not bothering them. Of course there are going to be companies now who will leverage AI coding too much and this will wreak havoc. We will likely see many of these start ups getting hacked into oblivion as they try to cut corners everywhere.

• Please find a way to talk about sleepy jo in All of videos at least 3 times.

• 10 million consoomers, you mean. Fintech is not tech – it's just banking.

• Thank you for covering this. Mainvest closed their platform and then shortly after we were sent an email about the Synapse/Evolve situation.

• Can you do a vid on how broken Agile and Scrum is being implemented in the tech industry

• Thank you very much for calling BS on 'move fast and break things'. I have worked for people that constantly quoted this, and it has always annoyed me a lot, since I consider it to be stupid and harmful. I kept my mouth shut though, because they were in positions of power and everyone thought the sun shone out of their butts.

• I've never understood the widespread popularity of building entire businesses off other people's products. It's like building sand castles as the tide comes in.

• There is the supply chain risk assessment. However, most think it is only a spreadsheet to be filled.

• VR is like those steering wheel controllers for racing sims. Super awesome for a very small group of people, never going to be relevant for most of the population

• I put my pants on the same as any other man in the metaverse. When I have legs.

• 🍿 yes, chat

• Many people actually mock me because I insist on running bare metal servers. But as long as the isp keeps running and I do backups, I'm golden. I'm the only idiot in the room, so if I screw up, it's my fault and I know what went wrong. Is it more work, sure. But I never have the frustration of begging someone else to fix it. I only run two mail servers, several websites, and a database for various things. But I sleep well at night.

• Move fast, break things. Quietly escort your emotional support bull out of the China Shop before Biden comes in and confiscates everything.

• you should shut up. It is very easy to say things afterwards. It takes no effort to bullshit.

• Just learned about Corgibutt. Thanks YT

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