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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

The one customer service mistake all businesses should avoid

(BUSINESS) Customer service is paramount for every business, but this one mistake handicaps so many and can be fixed so easily.

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car dealership business customer service

As both an entrepreneur and business coach, I’m cursed with the proclivity to recognize areas for improvement in any businesses that I visit – even as just a customer. I wait in lines, stay on hold and watch mistakes happen, all the while dreaming of how I’d create a better customer service experience.

Case in point: I recently accompanied my girlfriend, Pam, on a trip to a car dealership – and what should have been a simple transaction turned into a nightmare, all because of customer experience.

Throughout the entire experience, I witnessed from the sidelines numerous small mistakes that, if resolved, could widely improve the processes of that car dealership and grow its business. But it wasn’t these small mistakes that did the most damage. Because of just one critical error, they will never know what they did wrong.

With over 180,000 miles on her current car, Pam knew that the time had come to replace her trusty and reliable vehicle of many years. She liked her current car, so she decided to simply replace it with a new version of the same model and brand. The only change would be a new color. To make the transaction even easier, she sold her old car to a friend and she didn’t need financing, opting to use her local bank for financing or pay cash.

Based on the above, I assumed that the car shopping experience would be extremely quick and painless. We contacted several dealers in the area and gave them the exact specifications of her new car and asked them to respond with their best price. Simple, right?

After receiving responses from three dealers in the area, Pam made the decision to go with the dealer closest to her house. They had the exact vehicle she wanted, although it was at another location, so it would take a few days to receive. And their price was almost identical to the lowest price received. They even said they would match a 0% interest financing offer that another dealer had offered to attract her business. Her next step was to head to the dealership and fill out the paperwork. We decided to do it on the way out of town for the weekend, because it was going to be so easy.

Upon arrival, she was told that she had to meet with the financing person and there was one customer in front of her. She was reassured, “It will be a short wait…” It turns out their definition of a “short” wait was several hours.

Multiple times, she asked what could be done to shorten the wait. Surprisingly, even if she decided to pay cash, their process required that she visit with the finance person. As she later found out, that was because the finance person’s goal was to upgrade her on insurance, financing, warranties and other add-ons – despite the fact that she clearly told her salesperson upon arrival that she did not want any of those add-ons.

Her only request was a quick experience, which they failed to deliver.

Upon finishing her paperwork with the finance person, my girlfriend was approached one last time by the salesperson as she headed out the door. He said it was “really important” that he go over one last detail of the transaction in his office. He proceeded to review the survey that she would receive from the manufacturer about her car-buying experience. He handed her a pre-filled out version of the survey with certain areas highlighted with the exact score he wanted her to provide so he could get his “full commission.”

He explained in great detail that his pay was directly related to the score on the survey. He even bribed her with some all-weather floor mats she noticed earlier in the day but decided were too expensive. He said the mats would “magically” be in her car when it was delivered – a small token of his appreciation for filling out the survey per his instructions.

All in all, the customer service experience was less than satisfactory and was riddled with mistakes. But, it was the salesperson’s mistake that most seriously hurt the business. Can you spot it?

As I watched the conversation about the floor mats unfold, that desire to help businesses improve struck me, and I realized that the incentive structure put in place by the dealership was going to prevent them from getting the real information – the true survey results – they needed to improve their business. (Which is too bad, because they really need to improve.)

A lesson that I always share with the businesses and leaders I work with day to day is: Incentives are a powerful tool to motivate team members, but if they get in the way of honest feedback or inspire teams to chase “rewards” instead of true business success, they can also have unintended consequences which put the brakes on the growth of organizations.

After a few additional hiccups in the process, my girlfriend finally received her new car… with the all-weather floor mats. She’s very happy with the car, but disappointed with the car-buying experience.

And unfortunately, because of the dealership’s decision to connect pay incentives to the survey, the dealership and manufacturer will never know the truth.

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Business News

Beware: The biohacking obsession is attracting scammers

(NEWS) Biohacking is finding ways to gain a competitive advantage, while excluding the medical world. It’s great to increase your output, but be cautious when picking your poison…

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Wanna live better or longer? [Insert biohack here] will solve all those pesky problems. In all fairness, it’s human nature to seek improvement, especially in our jobs or academics — you know, the things that demand a constant, high performance.

Of course our ears will prick up at the slightest mention of attaining that elusive edge. Remember Aderall in college?

Biohacking isn’t a new topic. The term refers to a wide range of activities to affect the body’s biological systems.

The objective is to optimize health, well-being, and focus. If we are able to effectively manage what we put into our body, our output can increase. It’s not inherently evil.

But social media influencers are key in promoting the latest products/diets/supplements/oils, often doing so for money, not to improve others’ lives. And, there’s a darker side of drug use, both prescription and illegal, leading to potentially dangerous and abusive situations.

The misleading aspect of biohacking is that every body is different.

Regardless of social media promises, people should be wary of ingesting additional products.

Despite the fancy names one can give it, biohacking has the same objective of medicine, but product development typically excludes medical practitioners.

Legitimate medical practices take huge amounts of funding and research to figure out and insure safety, and they’re heavily regulated by the federal government.

A random word of mouth promise about some obscure herbal supplement is not the same thing.

There are no shortcuts to improving one’s health.

And biohacking doesn’t necessarily mean making life more complex. It’s important to start with the basics before jumping to elaborate diet regimens, powders, pills, etc. Simple steps like routine exercise, 7-8 hours of sleep, and healthier meal choices may help get you on track.

It’s amazing to realize what you can change about yourself before joining some random Thought Cult you found on Instagram. And in the case that your health needs a modern, helping hand, do the proper research before falling into the dark internet hole.

Or better yet, consult your doctor.

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Business News

Did Ohio *really* just accidentally legalize marijuana?

(BUSINESS NEWS) Should cannabusiness investors rush to Ohio, or are the headlines about legalized marijuana in the state misleading? The situation is pretty complex.

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hemp marijuana

Hemp growers and pot smokers alike may benefit from a recently passed Ohio law intended to legalize hemp, but which has also made prosecuting marijuana charges significantly more difficult, if not impossible.

Although many news sources are blasting the headline that Ohio has “accidentally legalized weed,” the truth is slightly more complicated.

On July 30, Ohio legislators signed into law a bill that legalizes the growth and sale of hemp, but not marijuana. Hemp and marijuana are the same species of plant, but while hemp is mostly used for its super strong fibers, marijuana is cultivated to contain high levels of the psychoactive compound THC.

It’s not easy to detect the difference between hemp and marijuana with the naked eye. Connoisseurs might argue that if the bud looks dry, green, and hairless, it’s probably hemp.

But there’s no way to prove it definitively during a police stop or search. Sure, an officer could take a toke and see if it makes him feel funny, but that would hardly be appropriate; the typical protocol is to test the plant material in a lab to determine the percentage of THC.

Green with less than 0.3 percent THC is considered hemp; more than that is considered marijuana.

The problem is that none of Ohio’s city or state level crime labs have the technology to make this determination. The current lab equipment available can detect the presence of THC but can’t tell the amount.

Louis Tobin, the executive director for Ohio’s Prosecuting Attorney Association, calls this recent law “the de facto legalization of marijuana,” not because the bill explicitly make marijuana legal, but because “there’s no way for law enforcement to tell what’s legal and what’s not legal.”

Apparently Tobin and other prosecutors had raised this concern while the bill was being debated, to no avail.

Now police officers and prosecutors are getting mixed signals about how to proceed.

Says Tobin, “There are statues on the books that say you should enforce marijuana possession but another law takes away your tools to do it.”

Ohio’s Attorney General, Dave Yost, sent a letter to prosecutors encouraging them to postpone marijuana indictments. The Office of the Attorney General in Ohio’s capitol city of Columbus announced that they will temporarily cease prosecuting marijuana misdemeanors and will drop all pending cases.

Meanwhile, in Hamilton County, prosecutor Joe Deter is encouraging police officers to go ahead and investigate marijuana-related crimes, and to confiscate anything that looks like it could be either hemp or marijuana. The state Bureau of Criminal Investigation has already been allotted funds to purchase and set up the testing equipment needed to measure percentages of THC. Prosecutors who wish to follow up on marijuana crime cases will just have to cross their fingers and hope that the equipment becomes available before the statute of limitations kicks in.

Even when the right testing equipment gets set up, some suspect that the recent legal change could have a long-lasting effect on how the city prosecutes marijuana misdemeanors. It may prove to be inefficient and costly to prosecute small-time dealers and individuals possessing small amounts of the drug.

Nonetheless, it’s probably too soon for cannabusiness to start investing heavily in Ohio – but it’s a state worth keeping an eye on.

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