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SALT is a lending program that makes credit scores unnecessary

(BUSINESS NEWS) A new cryptocurrency lending program has entered the room and it will shake up traditional lending in the best ways.

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New blockchain lending

In my ongoing campaign to be your one-stop shop for millennial stereotypes, allow me to present a few of my generation’s favorite things: cryptocurrency and debt!

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In short, here’s SALT. No relation. It stands for Secured Automated Lending Technology (mine stands for Sleepy Author Languorously Typing Expert Ruminations) and it’s a straight-up new way of lending money based on digital cryptocurrencies. Bitcoin and the like.

Interest piqued

As the self-proclaimed in-house blockchain guy here at AG, I’m naturally intrigued, but seriously, if you’re interested in the making and moving of money, you should be too.

The TL;DR is this: traditionally, bitcoin or any other digital cryptocurrency has two big selling points.

First, SALT is peer-to-peer. No banks, no governments, just an encrypted record of who has what, and buyers and sellers determining how much they’re willing to buy and sell stuff for. Second, it’s secure.

Even cryptocurrency users who aren’t opposed to banks and governments on principle are concerned about the security of their financial information, and let’s be real: that’s pretty valid. Tech security, including financial security, is, to say the least, imperfect.

Fixing the flaw

For a while now, however, there’s been a major flaw in the cryptocurrency model: for a lot of folks, it’s not real money. At present, most of the people who sell houses and sandwiches and salad spinners favor dead presidents over the mysteries of blockchain.

Banks in particular tend to assign roughly as much value to cryptocurrency as they do to my fat stacks of septims in Skyrim.

You cannot trade those for goods and services. I asked.

SALT foresees an opening, a potential third benefit to digital cryptocurrency. Given a pool of investors willing to lend, cryptocurrency goes beyond buying and selling to the magical land of credit.

Obviously, loans in cryptocurrency have always been an option: you can do whatever you want with the stuff as long as buyer and seller, or lessor and lessee, agree. That’s sort of the point.

SALT Collateral

What SALT is offering is one step beyond: liquid cash for crypto collateral. The difference is simple and huge: banks don’t recognize bitcoin and its kindred as valuable – SALT does.

That’s the new part, a new community of borrowers and lenders in both cryptocurrency and liquid cash, accepting cryptocurrency as collateral in exchange for “real” money or to guarantee other assets. No credit history, no legal limitations, because per the institutions that exist now, what is being accepted or disbursed is worthless.

This could be huge

That’s sort of huge. The word “disruptive” gets thrown around lots these days. I should know. Frankly, it’s starting to mean “pay us to make this cheaper and worse.” SALT, if it works, and if people buy in, means more. It constitutes a new way of lending people money, based on a kind of money that didn’t exist ten years ago.

That’s disruptive.

#SALT

Matt Salter is a writer and former fundraising and communications officer for nonprofit organizations, including Volunteers of America and PICO National Network. He’s excited to put his knowledge of fundraising, marketing, and all things digital to work for your reading enjoyment. When not writing about himself in the third person, Matt enjoys horror movies and tabletop gaming, and can usually be found somewhere in the DFW Metroplex with WiFi and a good all-day breakfast.

Business News

Skilled workers can live in any city they wish and still get work [study]

(BUSINESS NEWS) A 2018 study reveals that remote work is on the rise, and the ultra skilled workers can work from any city they wish.

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skilled workers

A 2018 study that surveyed 1,005 hiring decision makers commissioned by Upwork sheds some interesting insights on the attitudes around remote workers and the challenges hiring managers are experiencing finding talent. The remote workforce is the future after all and this study offers both insight into challenges and solutions.

It was noted that talent is becoming harder and harder to find (up to three times more difficult than in past years). Meanwhile, remote work is on the rise, according to 55 percent of managers.

The overarching attitude toward offices becoming temporary anchor points is increasing, indicating that commutes are becoming less common (albeit slightly). Companies are increasingly embracing remote work, and according to 38 percent of those surveyed, it will become the predominant workforce.

A major challenge remains that company policies aren’t caught up to remote work – they are lagging behind or non-existent according to 57 percent of organizations.

Over half of all companies surveyed are using more temporary, contract, or freelance workers and the majority of hiring managers believe agile teams will become the norm in the near future.

Perhaps the juiciest tidbit, the fact that skills are viewed as more important than location suggests that at the end of the day…

remote workforce

If you have the skills, you can live basically anywhere. Remote and freelance work offers a variety of opportunities and means you don’t have to be synchronously local to a team to get work done. This means that you don’t need to be in a big city like New York or Los Angeles to get the big work and have access to opportunity.

Companies are struggling to find talent, and despite a lack of policy support, are opening up to remote work. Adding to this challenge is that more and more Americans are less mobile, due to concerns about cost of living (or other things in our lives), hiring managers are having a harder time finding the right talent to fill their own vacancy.

Skilled workers (those who have the abilities that are in demand and desired by their industry) have the ability to pick and choose where they want to live and it looks like now and the future, companies are coming to meet them. This is good news, and offers more and more opportunities, as well as flexibility for hiring managers.

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Business News

Indeed and Glassdoor are now owned by one Japanese company – what’s next?

(TECHNOLOGY) Now that Glassdoor and Indeed are owned by an international brand, how will their main competitors (and search engines) react?

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This year, Glassdoor, one of the most popular job and recruiting sites, has been acquired by Recruit Holdings Co. Ltd. (RCRRF), a Tokyo-based firm in a $1.2 billion cash transaction to become part of Recruit’s growing Human Resources Technology segment.

Recruit Holdings operates Three areas of business: HR Technology, Media & Solutions, and Staffing. In 2012, they acquired CT-based Indeed, which continues to be the number one job site in the world. Glassdoor will continue to operate independently as a part of Recruit Holdings, which holds companies in North America, Europe, and Asia, but it is noteworthy that a Japanese company owns two of the biggest players in the job search game.

The possibilities from this merger are not yet clear, but given that Recruit holds both Indeed and Glassdoor, the opportunity for integration and grouped pricing could eventually be useful for recruiters and HR/Hiring professionals. Although the company has not formally announced that integration is a possibility, considering the stiff competition from LinkedIn Jobs – it would be a great way to gain some competitive advantage.

The acquisition could help Recruit take on Microsoft (who owns LinkedIn) and Google to keep the two from dominating the online job boards, to which are essential for job seekers and talent seekers.

Of course, nothing is set in stone, but the possibilities are there. Recruiters should consider the possibilities for pricing and plan for how they will use the platforms (and how they will integrate Google for Jobs) to best collect the candidates they need.

Job seekers be prepared for more logins and more search sites for jobs and recognize that the possibility of Google no longer indexing Glassdoor (just as Indeed is not indexing on Google jobs).

The conflict between Indeed/Glassdoor, Microsoft, Google, and maybe even Facebook (look at Facebook.com/Jobs) is going to be an interesting battle to watch. JobBoardDoctor described the conflict of Indeed vs. Google as an old-west shoot out at high noon.

I suspect that with all four players in – it’s going to be a cold war in the recruiting world. Sit tight folks. Let’s see whats next!

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Business News

This fake company weeds out crappy clients

(BUSINESS) The former CEO of Highrise used a fake website to weed out toxic clients. How can you keep problematic customers out of your business?

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weeding out toxic clients

Sorting through your client list to weed out potentially toxic customers isn’t a process which garners the same attention as a company removing problematic employees, but it’s every bit as important — and, in many cases, twice as tricky to accomplish. One innovative journalist’s solution to this problem was to set up a fake website to act as a buffer between unwanted clients and his inbox.

If you’re anything like Nathan Kontny, your inbox is probably brimming with unread emails, product pitches, and pleas from people with whom you’ve never met in person or collaborated; unfortunately, many of these “people” are simply automated bots geared toward generating more press for their services.

Nathan’s response to this phenomenon was to create a website called “Trick a Journalist” in order to see which potential clients would sign up for the service.

Hilariously enough, the trap worked exactly as planned. Anyone signing up for Trick a Journalist was blacklisted and prevented from signing up for Nathan’s CRM software, with Nathan’s justification being that the CRM software in question should never be used for something so egregiously predatory as Trick a Journalist.

By creating a product which sets apart unwanted clients from the rest of the pack, Nathan succeeded in both attracting and quarantining present and future threats to the integrity of his business.

While this model may not be practicable at face value, there’s an important lesson here: determining the lengths to which your clients will go to gain the upper hand BEFORE working for them is an important task, as your clients’ actions will reflect upon your product or services either way.

Ruthlessness in business isn’t unheard of, but you should be aware of your customers’ tendencies well in advance of signing off on their behavior.

Of course, one minor issue with Nathan’s model of operation is that, invariably, someone will connect Trick a Journalist to his brand and miss the joke entirely.

There are less risky routes to weeding out potentially problematic clients than blacklisting them via a satirical website — though one might argue such routes are less fun — but the end result is essentially the same: keeping unsavory clients out of your inbox and off of your product list.

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