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One of Estonia's first "e-residents" explains what it means

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Re: One of Estonia's first "e-residents" explains what it means

#101
post #17
post #9

Earlier quoted context omitted.

> in a meritocratic world, what happens to the dumb and/or lazy? They don't get to run things? Put another way: assuming you're going to have some sort of hierarchy, and you will, how would you want to organize that hierarchy? Merit seems like the least bad way to do so.

"Merit" is not a quantifiable characteristic. All your plan would do is give the power to the people who define "merit." It's like you're advocating for correctpersonocracy. Put another way, literally every government that has ever existed would call itself a meritocracy. The actual word 'meritocracy' comes from a book that warned about the dangers of creating easily-gamed draconian systems that needlessly exclude pe…

> "Merit" is not a quantifiable characteristic.

It's not? What are SAT scores, school grades, entrance exams for the civil service, election results, income etc.?

I would say that these are all ways for society to quantify merit.

Did you mean perfectly accurately?

> literally every government that has ever existed would call itself a meritocracy.

Nope. Most governments used to call themselves monarchies and would have bristled at the idea that they'd have to somehow demonstrate merit to justify their power. Their power was justified by heredity, and in fact, I'd think that if you suggested that they needed to do demonstrate their merit, you might end up short a head.

> The book

Yep. Have to admit I didn't read it, but I did read what the author wrote:

"It is good sense to appoint individual people to jobs on their merit."

What he objects to is the following:

"It is the opposite [of good] when those who are judged to have merit of a particular kind harden into a new social class without room in it for others."

So merit-based selection: good. Ossified class system: bad. I think Trump, May and Johnson are ample evidence that we leave plenty of room for the incompetent to get a chance at the reins, even if we generally try to organize ourselves by merit.

And so exactly the fact that we can't quantify merit with perfect accuracy, and have multiple domains, helps us avoid the problems Young mentions, though here as elsewhere we aren't at all perfect.

Re: One of Estonia's first "e-residents" explains what it means

#102

I'm still unclear of the benefits. Could anyone shed some light: What can we do with it that we can't do now? Let's say that I'm a solo entrepreneur or small SaaS owner from a developing country (e.g from Asia, Africa or LatAm) -- basically, typical HNer who's not from Europe/US.

e-residents also have access to Estonia's "estcoin" once it's released: https://medium.com/e-residency-blog/were-planning-to-launch-...

I wish they would first translate all the necessary documents to run a business in Estonia to english, and after succeeding in that, then jump into creating new financial instrument for the new brave digital world.

Re: One of Estonia's first "e-residents" explains what it means

#103
post #70

I incorporated in Estonia few years ago because of what their promo materials say. It’s a total shitshow unfortunately and while it’s true that you can do everything online, it’s not what you think. All user interfaces are straight from the 90s, only the most basic forms are in english and they want to know everything about your business while setting ridiculous limits. For example, you need to have half of your capi…

Thanks for touching on some of the things I was expecting to read in the article. > you need to have half of your capital available always What does this mean, in a bank account?

No. Basic bookkeeping. Equity = Assets - Liabilities. Assets can be "cash in a bank account", tangible stuff you buy to your company, intangible things (product you are building, ip, patents, etc). The "below 2500" rule kicks in as a safeguard when your equity (assets-liabilities) have dropped below 2500, to avoid approaching 0 "soon".

Re: One of Estonia's first "e-residents" explains what it means

#104
post #70

I incorporated in Estonia few years ago because of what their promo materials say. It’s a total shitshow unfortunately and while it’s true that you can do everything online, it’s not what you think. All user interfaces are straight from the 90s, only the most basic forms are in english and they want to know everything about your business while setting ridiculous limits. For example, you need to have half of your capi…

Just having a legal address for your legal entity now costs EUR 300-500 a year for e-Resident, depending on whom you ask. They have added ridiculous "official local contact person" requirement this year, and consulting firms have immediately jumped on the bandwagon with additional 100-300 EUR row in the price list.

My bank account I have opened by traveling to Estonia, in Swedbank, was closed "due to inactivity" after two years, despite I was paying 5 or 10 EUR a month for the account. Yes, my account was inactive, waiting for a chance to receive money when suitable, so what???

Re: One of Estonia's first "e-residents" explains what it means

#105
post #77

The article claims that Japanese PM Shinzo Abe and French PM Emmanuel Macron are Estonian “e-residents”. Has anyone seen any non-Estonian reports which support this claim?

I did find a German news article from 2016 saying that Angela Merkel is an Estonian e-resident - presented to her by the Prime Minister of Estonia. So it seems plausible, but that it's something presented to them as a symbolic PR stunt. "On Thursday, Prime Minister Roivas will present Merkel with an e-residency card - allowing the chancellor to become a digital resident and try out Estonia's digital solutions firstha…

But she didn’t “sign up” for residency, they “presented” it to her which is a whole different scenario.

Re: One of Estonia's first "e-residents" explains what it means

#106

- Are there any good (easy to use) payment processors available in Estonia (like Stripe) ? - Is your startup governed by specific laws for data privacy etc. - What about legal disputes, arbitration. How does that work for startups based out of Estonia ?

1. There is EveryPay https://every-pay.com/ . You need to open an account in the LHV bank first before receiving payments. (disclaimer: me and our dev team built their tech platform) 2. All the EU data laws apply. 3. I guess it depends on how you specify it in your contracts, you could do the disputes/arbitration wherever you want. There is an overview of dispute options here: https://www.eesti.ee/en/entrepreneur/leg…

LHV is for the merchant account, it's needed for EveryPay.

Their price structure is not fully pay as you go:

- there're no setup fees; but

- there's a fixed monthly fee—a so called terminal fee of 20EUR; and

- then there're the transaction fees—about 2.2% which is much less (!) competitive than Stripe's fees in the EU—1.4%.

Although I like what I've seen so far, as an app-developer, the fixed monthly fee wasn't acceptable. Plus, interaction with LHV was kind of painful (in this particular case, english was an issue).

Re: One of Estonia's first "e-residents" explains what it means

#107

- Are there any good (easy to use) payment processors available in Estonia (like Stripe) ? - Is your startup governed by specific laws for data privacy etc. - What about legal disputes, arbitration. How does that work for startups based out of Estonia ?

We're successfully using Braintree for about 4 years now and I know several other Estonian startups who do as well. https://www.braintreepayments.com

+1

A bit of back and forth for the KYC process, but the onboarding process and the team are quite good and to the point.

Re: One of Estonia's first "e-residents" explains what it means

#108
post #70

I incorporated in Estonia few years ago because of what their promo materials say. It’s a total shitshow unfortunately and while it’s true that you can do everything online, it’s not what you think. All user interfaces are straight from the 90s, only the most basic forms are in english and they want to know everything about your business while setting ridiculous limits. For example, you need to have half of your capi…

Great comment. That capital requirement sounds like a way to give the local banks capital from rich foreigners to make loans and get tax revenue. I know India restricts how much Indians can spend abroad and Mexico has complained about capital flight.

Not sure if there are additional requirements for e-residents, but for the standard end of the year accounting requirements you don't need to have cash. There's a general net worth requirement, which can pretty easily be filled with company owned equipment like a laptop and smartphone.

Re: One of Estonia's first "e-residents" explains what it means

#109
post #72

Earlier quoted context omitted.

The root cause of childhood hunger is more often than not either criminal neglect or parental/financial incompetence than actual cost. I personally grew up in a single minimum wage income household, which supported 2 adults and 3 children. I'm very familiar with dubious food. That said, it is quite reasonable to meet the caloric needs of a grade school-age child in the United States with little regard for taste or va…

> canned fish and canned string beans Careful your sodium intake, rinsing the beans can reduce it by 40%, outta luck for the fish. (good comment btw)

There is actually little evidence that sodium is bad for you, and the advice to avoid it comes from people like the AHA who are basically just trying to sell you breakfast cereal.

https://www.healthline.com/nutrition/how-much-sodium-per-day

Re: One of Estonia's first "e-residents" explains what it means

#110
post #17

Earlier quoted context omitted.

"Merit" is not a quantifiable characteristic. All your plan would do is give the power to the people who define "merit." It's like you're advocating for correctpersonocracy. Put another way, literally every government that has ever existed would call itself a meritocracy. The actual word 'meritocracy' comes from a book that warned about the dangers of creating easily-gamed draconian systems that needlessly exclude pe…

I haven't read it (yet) but it was described and exerted in a recent BBC podcast on voting patterns in Brexit/Trump elections: https://www.bbc.co.uk/programmes/b09tcvp4 Some interesting people interviewed and points raised.

> exerted

"exhorted", perhaps?

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