OpenAI's ChatGPT is an amazing AI-powered chatbot. It can write poetry, fiction, and marketing ideas. I was impressed how well ChatGPT followed the interview, albeit there were a few classics “I’m afraid I can’t do that”.

Full interview below.

Me: I'm your interviewer. We'll discuss crypto. Thanks for being interviewed. What do you think about cryptocurrency?

CGPT: Cryptocurrency is an innovative technology that could transform money and financial activities. It might boost the efficiency and security of financial institutions and let consumers deal directly without banks. Cryptocurrency is still a new and untested technology with many unknowns and hurdles before it can be broadly accepted.

Me: Over 22,000 cryptocurrencies exist, and many have little use. We need how much cryptocurrencies?

CGPT: The appropriate quantity will rely on a multitude of factors, including each cryptocurrency's use cases, adoption rate, and market rivalry. Only a few cryptocurrencies will likely receive widespread adoption and be successful. Many existing cryptocurrencies may not survive since they can't deliver new or valued solutions or compete with more established cryptocurrencies.

Me: Will cryptocurrencies grow? What's next for worldwide adoption?

CGPT: It's hard to forecast the future of cryptocurrencies because the acceptance of new technologies is unpredictable. I believe cryptocurrencies will expand and acquire popularity in the future years. Regulatory ambiguity, security concerns, and scalability issues must be overcome for this to happen. Cryptocurrency companies and organizations must engage together with governments and authorities to address these obstacles and establish a growth-friendly climate. Continued innovation and improvement of the technology, including public education and awareness, will drive acceptance.

Me: Do bear markets affect bitcoin adoption?

CGPT: On the one hand, a bear market might induce uncertainty and hesitation among potential consumers. Bear markets can present opportunities for long-term investors who can acquire cryptocurrencies at cheaper prices and are more likely to hang onto their assets. A bear market can also test the tenacity and power of the underlying technology and community, which can boost long-term confidence and adoption. A bear market might have profound and nuanced effects on bitcoin adoption.

Me: What are some likely outcomes if Bitcoin reaches $100,000 by next year?

CGPT: If Bitcoin saw rapid growth, it would undoubtedly have repercussions for the cryptocurrency market and economy. Possible scenarios include increased public interest and awareness of cryptocurrency, a surge in demand for Bitcoin and other cryptocurrencies, and a growth in the cryptocurrency industry's market value. By shifting their focus and cash to the cryptocurrency market, investors and traders may also affect other asset classes, such as traditional equities and commodities. Governments and financial organizations may focus more on the cryptocurrency sector as they try to grasp Bitcoin's rapid rise.

Me: Will other countries accept crypto as currency?

CGPT: It's hard to say if additional governments will adopt cryptocurrencies as legal tender. Some countries have recognized the promise of bitcoin and are exploring its use, while others are cautious. Adoption of bitcoin as legal cash may vary by country, based on financial infrastructure, rules, and political atmosphere. As cryptocurrency technology evolves and becomes more accepted, more governments may embrace it as legal tender.

Me: Final question: will the recent cryptocurrency hacks affect long term adoption?

CGPT: Hacks might tarnish cryptocurrency's reputation and public faith in its security, the technology underpinning it is continually improving. Many cryptocurrency projects have developed strong security mechanisms to prevent hacks and other dangers, and these safeguards will undoubtedly improve over time. The decentralized nature of cryptocurrency makes it more resistant to attacks. Hacks and other security breaches are a concern, but they may not affect cryptocurrency adoption.

I've worked in a People role at seven early-stage firms for over 15 years (I enjoy chasing a dream!). Few of the seven achieved profitability, including unicorn status or acquisition.

Did early-stage startups share anything? Was there a difference between winners and losers? YES.

I support founders and entrepreneurs building financially sustainable enterprises with a compelling cause. This isn't something everyone would do. A company's success demands more than guts. Founders drive startup success.

Six Qualities of Successful Startups

Successful startup founders either innately grasped the correlation between strong team engagement and a well-executed business model, or they knew how to ask and listen to others (executive coaches, other company leaders, the team itself) to learn about it.

Successful startups:

1. Co-founders agreed and got along personally.

Multi-founder startups are common. When co-founders agree on strategic decisions and are buddies, there's less friction and politics at work.

As a co-founder, ask your team if you're aligned. They'll explain.

I've seen C-level leaders harbor personal resentments over disagreements. A co-departure founder's caused volatile leadership and work disruptions that the team struggled to manage during and after.

2. Team stayed.

Successful startups have low turnover. Nobody is leaving. There may be a termination for performance, but other team members will have observed the issues and agreed with the decision.

You don't want organizational turnover of 30%+, with leaders citing performance issues but the team not believing them. This breeds suspicion.

Something is wrong if many employees leave voluntarily or involuntarily. You may hear about lack of empowerment, support, or toxic leadership in exit interviews and from the existing team. Intellectual capital loss and resource instability harm success.

3. Team momentum.

A successful startup's team is excited about its progress. Consistently achieving goals and having trackable performance metrics. Some describe this period of productivity as magical, with great talents joining the team and the right people in the right places. Increasing momentum.

I've also seen short-sighted decisions where only some departments, like sales and engineering, had goals. Lack of a unified goals system created silos and miscommunication. Some employees felt apathetic because they didn't know how they contributed to team goals.

4. Employees advanced in their careers.

Even if you haven't created career pathing or professional development programs, early-stage employees will grow and move into next-level roles. If you hire more experienced talent and leaders, expect them to mentor existing team members. Growing companies need good performers.

New talent shouldn't replace and discard existing talent. This creates animosity and makes existing employees feel unappreciated for their early contributions to the company.

5. The company lived its values.

Culture and identity are built on lived values. A company's values affect hiring, performance management, rewards, and other processes. Identify, practice, and believe in company values. Starting with team values instead of management or consultants helps achieve this. When a company's words and actions match, it builds trust.

When company values are beautifully displayed on a wall but few employees understand them, the opposite is true. If an employee can't name the company values, they're useless.

6. Communication was clear.

When necessary information is shared with the team, they feel included, trusted, and like owners. Transparency means employees have the needed information to do their jobs. Disclosure builds trust. The founders answer employees' questions honestly.

Information accessibility decreases office politics. Without transparency, even basic information is guarded and many decisions are made in secret. I've seen founders who don't share financial, board meeting, or compensation and equity information. The founders' lack of trust in the team wasn't surprising, so it was reciprocated.

The Choices

Finally. All six of the above traits (leadership alignment, minimal turnover, momentum, professional advancement, values, and transparency) were high in the profitable startups I've worked at, including unicorn status or acquisition.

I've seen these as the most common and constant signals of startup success or failure.

These characteristics are the product of founders' choices. These decisions lead to increased team engagement and business execution.

Here's something to consider for startup employees and want-to-bes. 90% of startups fail, despite the allure of building something new and gaining ownership. With the emotional and time investment in startup formation, look for startups with these traits to reduce your risk.

Both you and the startup will thrive in these workplaces.

Here’s why that’s baloney

Mark Cuban popularized entrepreneurship.

Shark Tank (which made Mark famous) made starting a business glamorous to attract more entrepreneurs. First off

This isn't an anti-billionaire rant.

Mark Cuban has done excellent. He's a smart, principled businessman. I enjoy his Web3 work. But Mark's work and productivity theories are absurd.

You don't need to outwork everyone in this recession to live well.

You won't be able to outwork me.

Yuck! Mark's words made me gag.

Why do boys think working is a football game where the winner wins a Super Bowl trophy? To outwork you.

Hard work doesn't equal intelligence.

Highly clever professionals spend 4 hours a day in a flow state, then go home to relax with family.

If you don't put forth the effort, someone else will.

- Mark.

He'll burn out. He's delusional and doesn't understand productivity. Boredom or disconnection spark our best thoughts.

TikTok outlaws boredom.

In a spare minute, we check our phones because we can't stand stillness.

All this work p*rn makes things worse. When is it okay to feel again? Because I can’t feel anything when I’m drowning in work and haven’t had a holiday in 2 years.

Your rivals are actively attempting to undermine you.

Ohhh please Mark…seriously.

This isn't a Tom Hanks war film. Relax. Not everyone is a rival. Only yourself is your competitor. To survive the recession, be better than a year ago.

If you get rich, great. If not, there's more to life than Lambos and angel investments.

Some want to relax and enjoy life. No competition. We witness people with lives trying to endure the recession and record-high prices.

This fictitious rival worsens life and work.

If you are truly talented, you will motivate others to work more diligently and effectively.

No Mark. Soz.

If you're a good leader, you won't brag about working hard and treating others like cogs. Treat them like humans. You'll have EQ.

Silly statements like this are caused by an out-of-control ego. No longer watch Shark Tank.

Ego over humanity.

Good leaders will urge people to keep together during the recession. Good leaders support those who are laid off and need a reference.

Not harder, quicker, better. That created my mental health problems 10 years ago.

Truth: we want to work less.

The promotion of entrepreneurship is ludicrous.

Marvel superheroes. Seriously, relax Max.

I used to write about entrepreneurship, then I quit. Many WeWork Adam Neumanns. Carelessness.

I now utilize the side hustle title when writing about online company or entrepreneurship. Humanizes.

Stop glorifying. Thinking we'll all be Elon Musks who send rockets to Mars is delusional. Most of us won't create companies employing hundreds.

OK.

The true epidemic is glorification. fewer selfies Little birdy needs less bank account screenshots. Less Uber talk.

We're exhausted.

Fun, ego-free business can transform the world. Take a relax pill.

Work as if someone were attempting to take everything from you.

I've seen people lose everything.

Myself included. My 20s startup failed. I was almost bankrupt. I thought I'd never recover. Nope.

Best thing ever.

Losing everything reveals your true self. Unintelligent entrepreneur egos perish instantly. Regaining humility revitalizes relationships.

Money's significance shifts. Stop chasing it like a puppy with a bone.

Fearing loss is unfounded.

Here is a more effective approach than outworking nobody.

(You'll thrive in the recession and become wealthy.)

Smarter work

Overworking is donkey work.

You don't want to be a career-long overworker. Instead than wasting time, write down what you do. List tasks and processes.

Keep doing/outsource the list. Step-by-step each task. Continuously systematize.

Then recruit a digital employee like Zapier or a virtual assistant in the same country.

Intelligent, not difficult.

If your big break could burn in hell, diversify like it will.

People err by focusing on one chance.

Chances can vanish. All-in risky. Instead of working like a Mark Cuban groupie, diversify your income.

If you're employed, your customer is your employer.

Sell the same abilities twice and add 2-3 contract clients. Reduce your hours at your main job and take on more clients.

Leave brand loyalty behind

Mark desires his employees' worship.

That's stupid. When times are bad, layoffs multiply. The problem is the false belief that companies care. No. A business maximizes profit and pays you the least.

To care or overpay is anti-capitalist (that run the world). Be honest.

I was a banker. Then the bat virus hit and jobs disappeared faster than I urinate after a night of drinking.

Start being disloyal now since your company will cheerfully replace you with a better applicant. Meet recruiters and hiring managers on LinkedIn. Whenever something goes wrong at work, act.

Loyalty to self and family. Nobody.

Outwork this instead

Mark doesn't suggest outworking inflation instead of people.

Inflation erodes your time on earth. If you ignore inflation, you'll work harder for less pay every minute.

Financial literacy beats inflation.

Get a side job and earn money online

So you can stop outworking everyone.

Internet leverages time. Same effort today yields exponential results later. There are still whole places not online.

Instead of working forever, generate money online.

Final Words

Overworking is stupid. Don't listen to wealthy football jocks.

Work isn't everything. Prioritize diversification, internet income streams, boredom, and financial knowledge throughout the recession.

That’s how to get wealthy rather than burnout-rich.