Airbnb solved payment and financial struggles by using their own product, realizing the potential for people to make extra money by listing their property.
Airbnb solved the problems of payment facilitation, charging hosts to list, and personal financial struggles by using their own product and realizing the potential for people to use their property to make extra money.
Brian Chesky, co-founder of Airbnb, shared the story of how forgetting to bring money for payment led to the realization that their site needed to allow people to pay, highlighting the importance of solving problems that seem obvious in hindsight.
Coinbase made buying and selling bitcoin easier, while the Mt. Gox hack led to the creation of a better product in portable online gold.
In 2011-2012, it was difficult to buy bitcoin and the process involved sending money orders to foreign countries, but Coinbase made it easier to buy and sell bitcoin.
Mt. Gox was the largest bitcoin exchange that got hacked and shut down, leading to people losing their money, but this historical context led to the creation of a 10x better product in the form of portable online gold.
Coinbase defied the odds and became a successful company by offering a simple way to buy Bitcoin with a debit card in the US.
Coinbase was not supposed to work due to the small market, negative reputation, difficulty in getting a bank deal, and regulatory challenges, but the simple promise of buying bitcoin in a non-sketchy way with a debit card in the US was enough to be the basis for a successful company.
Coinbase was a simple website where users could buy and sell Bitcoin without any additional features.
Starting a bank at 19 and competing with established companies seemed impossible, but the founders executed well and succeeded.
Starting a bank as a 19-year-old startup without any fraud, getting a bank deal, and competing with established companies like PayPal seemed like a suicide mission.
YC companies were once seen as third-rate knock-off versions of existing good ideas, but in reality, the founders had experience and saw an opportunity to make something 10x better, and had to be contrarian and execute well to succeed.