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Why I Chose Not to Work in Corporate America
When I came to Penn State University, I was determined to be a Supply Chain major. My reasoning was twofold: post-graduation job placement was virtually guaranteed and Penn State’s program was nationally ranked as one of the top Supply Chain programs in the country. I was brought up taught that I had to find a job that made a good salary and would guarantee me a good steady career. Supply chain is an increasingly important and growing industry that operates almost invisibly to most people, but, by last estimates, there are going to be 1.4 million new supply chain workers by 2018, so it seemed like a safe bet. With that, I started to map out my future by attending supply chain events on campus, and I even joined the Penn State chapter of the Council of Supply Chain Management Professionals (CSCMP), a student-run chapter of the global supply chain organization. Shortly thereafter, in the spring 2014, I took on the role of Director of Marketing for Penn State CSCMP and built their website and social media accounts, and designed a corporate sponsorship packet. As the semester was drawing to a close, I managed to secure a rotational internship as an analyst with a third-party logistics company managing inbound and outbound supply chain logistics for Johnson & Johnson and BASF. During my internship with both companies, there were a few things that I noticed. First, the burnout rate was high. At both offices, employees were pushed to the breaking point and a work/life balance was nonexistent. Employees either quit from exhaustion or were worked so hard that performance suffered to a point where it became more advantageous to let them go and bring on and train a new employee. Sometimes, if somebody left or was fired, management would simply assign the previous employee’s responsibilities to an existing employee, doubling their workload. Second, no matter how hard an employee worked and no matter how many hours they worked outside of normal office hours, there was no appreciation for their contributions. Not once did I hear a manager make an attempt to keep morale up by complimenting an employee or gauge employee happiness. Third, the politics were cutthroat. Employees were constantly complaining about managers and managers were complaining about employees; there was no trust. It was always a competition to be noticed by upper management to obtain that promotion or raise. Even though I was only an intern, I am sure I felt the exact same way as most of the employees there. Everyone was a cog in a large machine, simply going through the motions. The environment was akin to a Hobbesian State of Nature; there was no such thing as teamwork and everyone was left to fend for themselves. After my summer internship, I left conflicted. Did I really want to devote my whole career to that type of lifestyle and work culture? I turned to my father for advice. When I asked him if he enjoyed his job, he said, “No. It’s a job. You don’t have to enjoy it.” That stuck with me. I refused to believe I would have to dread the work that I would be doing. I knew there were other options out there. I began asking all of the people that I looked up to for career advice. I talked to career services on campus and attended Global Entrepreneurship Week where I met Zac Pappis, a Penn State alumnus who left his job in finance to work in startups and was the second employee of DuckDuckGo. I also turned to one of my mentors for advice, Arianna Simpson, a Penn State alumna who currently works in a bitcoin tech startup called BitGo. Halfway through the fall 2014 semester, after long thought and many sleepless nights, I made my decision. I was going to be a Marketing major with an IST minor. I wanted to go into tech, but from the business development and growth hacking side. I wanted to grow startups and make them successful. In reality, I did not know why I did not think of it before. I have always been interested in emerging and disruptive technologies and the way they shift industry norms. Further, I was always involved in the tech space in some shape or form. In early 2014, I started the Penn State University Bitcoin Club and helped start the College Cryptocurrency Network (CCN), where I am currently the Director of Mid-Atlantic Relations. I also sit on the advisory board for Bitcoin Shop, Inc. (ticker: BTCS), the only U.S. pure play public company focused on bitcoin. Most recently, I joined a tech startup called Lynxsy, a startup out of Techstars NYC ’14, as the Penn State Campus Ambassador. Lynxsy is a platform that places recent grads and students in non-technical roles (business development, marketing, operations, community, accounting/finance) in startups. I knew there were other students, like myself, out there who wanted to go into the startup space and take that non-traditional route, so I was eager to get on board. Soon after being on boarded, I put together a Lynxsy at Penn State Facebook page and started promoting the platform through various social media channels and with friends. About a week later, I was able to leverage my contacts within the business school and got a new “startups” category on the college’s career services page with Lynxsy as the first listing. My plan to work in tech startups was further solidified a few weeks after joining Lynxsy when I received an email from my community manager. In the email, he explained how I caught the attention of all of the co-founders and how they asked about the “amazing ambassadors” at Penn State. He went onto explain that I was the only one. I was blown away by the fact that they thought there was a group of ambassadors leading the Penn State initiative. I clearly remember sitting in front of my computer reading and rereading the email over and over again. It was the first time, in a professional setting, that my work was recognized and appreciated; my actions had a direct impact on Lynxsy. Even though I do not directly work with the Lynxsy team, it felt as if we were one team, all working together to make Lynxsy a success. It was a stark contrast compared to what I experienced in my past internships. From that moment on, I knew that tech startups were just what I was looking for. Are tech startups for everyone? Absolutely not. Are they more rewarding than your typical 9 to 5 corporate job? I believe so, but I suppose that depends on what you consider rewarding. Sure, the starting salary might be lower than if I were to go the standard Supply Chain or Finance route, but you are compensated by the experience. The opportunity to build and create something great and impactful while working with a great team of likeminded individuals is worth far more than anything I have seen or heard of. It takes a certain type of person to make the leap into the startup space. It is a lot riskier, but, while you are young, you can take those chances. When you are in college, do not pick a major because you find it “interesting,” or you think that it guarantees you job after you graduate with a high starting salary. For the longest time, I thought Supply Chain was for me because I kept telling myself that I found it “interesting”. Looking back, while it was only a semester ago, “interesting” was a code word for “it’s just a job”. Everyone is passionate about something and as the late Steve Jobs once said, (TL;DR) “The only way to do great work is to love what you do.” Reposted from my personal website and blog: http://www.patrickcines.com
Happy New Year: Presenting the long overdue Bitcoin Foundation 2014 financial results!
Hi, Today we continue our coverage of the glorious Bitcoin Foundation by assisting them with their own transparency goals. Just like any tax-exempt non-profit the Foundation has to file Form 990 annually, and so they did on 2015-07-23. The website with transparency goals actually previously stated "2014 will become available once filed in the spring of 2015". Par for the course Bruce 'FENTON!' Fenton figured he may as well hide it after realizing the return may reflect poorly on the Foundation. Luckily our shills over at the Foundation Center are kind enough to provide us with a copy. Bear in mind this is the fiscal year dated 01-01-2014 ending 12-31-2014, the year Bitcoin took a massive hit. For context; the Bitcoin Foundation has one primary asset: BTC-coins. At the beginning of the year BTC-coins were still worth quite a bit (some $800), while shortly into the year they traded slightly closer to fair-value (ending the year at $316). Perhaps you would expect the Foundation to curb expenses, however that goes against the libertarian school of thought (fuck you, got mine!). Now on to the good stuff, here's how our favorite group of libertarians spent the majority of donated funbux in one year, knowing the Foundation's assets were depleting rapidly. As Reddit is known for bullshit doxxing rules we'll stick to what is written on the return, which is very much open to public inspection. Now, without further ado; As we discovered in 2013 the Foundation's primary goal is rewarding their board of directors & officers, as we all know they work very hard:
Gavin Andresen: $147k. Head scientist. Salary down from $209k (salary was higher in 2013 as it was pegged to BTCUSD)
Jodie Brady: $141k. COO of the Foundation, while also serving as CFO at CoinLab (Peter Vessenes' chop shop). Two full time jobs?
Jon Matonis: Still hiding his pay nicely under VII Section A, regardless he did pull $137.5k through "THE HOLE OF ROY LLC". Salary up from $31k. Jon acted as CEO up to October 2014.
Patrick Murck: $115k. CEO of the Foundation (as of November 2014). Salary up from $57k.
And there are some contractors:
"LOCAL PRODUCER" was paid $790k to host Bitcoin 2014 in Amsterdam. This for-profit 'company' is owned by a person who at the time had a board seat at the Dutch "Bitcoin Stichting" (non-profit advocate group).
Apple Fundraising Consultants were also paid $123k for activities related to the aforementioned conference.
THEPOLICYCOUNCILCOM INC is in fact the Foundation's 'Global Policy Counsel', paid $114k for about 9 months of work in 2014. In a press release from the Foundation on the 15th of December you'll read that (Global Policy Counsel) has bailed, Bobby Lee adds "(Global Policy Counsel) and Olivier served as volunteers and we appreciate their time and work". Odd way of volunteering.
And the breakdown of the functional expenses, oh, so many expenses:
Office Expenses: $39k up from $8k in 2013.
Information Technology: $158k up from $67k (?!).
Travel: $159k up from $69k (?!).
Occupancy: $18k up from $7k.
Accounting: $50.5k up from $9.1k. Really, for preparing a 990?
Legal fees: $220k up from $161k.
Other: $653k, consisting of:
Professional services: $307k
Public relations: $93k
Executive Directory Compensation: $137.5k (this probably is Matonis as mentioned above)
Professional event expenses: $115k
Other salaries and wages: $471k up from $72k (this includes coders, assistants, Mark Karpeles' cat, etc.)
The revenues improved a lot of course, as you would expect with the increased expenses:
Membership dues: $335k down from $358k
Conference revenue: $584k up from $337k
At the end of 2014 not much was left: $366k. Of course some membership fees were coming in early 2015 which allowed the board to continue their rampage a little longer. In the board meeting minutes of 7-21 you can read that the party is over ($59k left) and expenses have been cut to $14k/month. Meeting minutes of October show "Brock says that it looks like things were going well from a revenue standpoint until February and we've lost the remaining cash since then" (LOL). Desperation strikes near the end of the meeting with Bruce 'FENTON!' Fenton asking all participants to individually raise $10k before the next board meeting. Olivier Janssens doubts this is possible, and also states he isn't happy that financials haven't been published yet. Well now they are. In fairness to the Foundation there have been some roster changes and most (if not all) people mentioned above are no longer involved. Which may or may not have something to do with that fact they could no longer get paid by the Foundation (kidding, of course it has everything to do with that). tl;dr Libertarians are bad at managing finances.
The Bitcoin price continues to rise as a result of FOMO and the Bitcoin purchase by other institutional investors.Bit Digital Inc is another NASDAQ-listed compa BTCS Inc. , formerly known as Bitcoin Shop, Inc., a blockchain technology focused company which secures the blockchain through its transaction verification services business, recently filed to ... Charles W Allen is Chairman/CEO/CFO at Btcs Inc. See Charles W Allen's compensation, career history, education, & memberships. BTCS Inc. individual insider activity by MarketWatch. View the latest news on BTCS company insiders for their impact on company performance. BTCS Inc., formerly Bitcoin Shop, Inc., is engaged in the business of hosting an online e-commerce marketplace where consumers can purchase merchandise using digital currencies, including bitcoin and with operations in the bl ockchain and digital currency ecosystems. The Company operates a beta e-commerce marketplace, which accepts a range of digital currencies, have designed a beta secure ...
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