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RT @BlockworksNews: BREAKING: Tether enters US market with USAT, plans to tap Bo Hines as CEO

BREAKING: Tether enters US market with USAT, plans to tap Bo Hines as CEO

today is the opening ceremony of DrinknJump Living, a co-living space for young people, built by DrinknJump （跳海）, a community-oriented draft beer brand that has opened 50+ stores in mainland China, and has opened its store in Singapore, Hong Kong, and soon Tokyo ive been reading up some writings by @balajis and some others lately about how they want to long China, long its consumer, and long the engineering tech etc., I thought it was fascinating - even myself didn’t have such explosive interests - so i was inspired to share the following story it was late 2019, a 26-yo young guy who sold his company for some paper value realized that whatever equities he received from the acquisition don’t worth anything. He did not know what to do with his life, so he installed a home bar (with three taps) and started to host friends almost everyday (whoever comes pays a ticket and they can all-you-can-drink). His name is 2dogs (二狗） 2dogs knows good music and good wines / beers. gradually his friends started to tell him that you’re very good at curating crowds and gathering people. Why don’t you run this as a business? he didn’t think of it before, but thought maybe that was a good idea so he started his first store in another Beijing Hutong (the old lanes in central areas of Beijing) the store went surprisingly well, and within no time he had the second store (which is the Genesis store because the first one is gone now). People love it because they treat the bar as their public living room - they help themselves, tap their own drinks, play their own music, and show their own movies but very soon he realized the problem: he likes to go outdoors and travel around. He can’t just be in the store everyday to host people. Yet 90% of the guests came for him. as an “Internet entrepreneur” he immediately started to think how he can scale the model while keeping the value, vibes, and ethos of the store then he thought of the idea “open sourced bartending” - set certain basic rules, ask his friends to be the hosts of the store when he’s away, and share the additional revenue above the bottom-line income with the friends who are hosting (they may be able to bring additional revenue because they often bring a different crowd) this model went drastically well - 2dogs could leave when he needs to and “outsource” the whole operation to others. Friends who hosted on his behalf also brought new guests. People love the model because when their friends are hosting they get 10% off; when they are hosting themselves they get to curate the music list, the movie list, or even the event type more and more people started to get interested in this open sourced bartending model, because they get to enjoy the B-side of their life. Their A-sides are white collars in Bytedance, Xiaohongshu, or Alibaba, but they want to enjoy a different lifestyle without having to sacrifice their stability unlike cocktails or wines, for beer bartenders you just need to know how to wash the glasses and tap the beer. If you don’t want to talk to anymore you can apply to be a glass-washer for the night, and you simply get to enjoy the meditative night hours washing the glasses in the corner, surrounded by many humans DrinknJump’s beer has a 10-15% price premium compared to the others, and often it’s criticized by the pros for its tastes. However, 2dogs think that drinking is the most unimportant thing at DrinknJump. People paid the premium for the culture and for the community today this list of open-sourced bartenders has reached 20k+. It’s amazing how it was able to scale without losing much of its decentralized, free, and punk culture (it’s not much compared to many that have scaled to 10k stores). But the main reason I shared this story was because it was just one of the few brands in China that grew thanks to its community and brand I strongly believe that, good business models share the same merits, and it doesn’t matter what country you’re in

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