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1Password Has Raised $620M

blog.1password.com

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Re: 1Password Has Raised $620M

#531

Post by mdaniel »

MAGZine wrote: post #230
casenjo wrote: post #126

Earlier quoted context omitted.

Unfortunately yes. You'll still be able to use your license but once that version becomes incompatible with your OS you won't have a choice but to upgrade. I'm disappointed I won't be able to keep the Dropbox sync in 1Password 8. They did have this survey to gauge interest in self hosting it: https://survey.1password.com/self-host/

The Dropbox integration to me became worthless after Dropbox limited the number of devices it would sync to on the free plan. If I can't have my passwords everywhere, then the value delivered drops off a cliff

I don't have the old version installed anymore in order to check, but I thought that 1P only required that you authenticate to Dropbox (since the app just uses the Dropbox API for polling and to pull down changes), not that you turn on syncing. I mean, it's possible Dropbox is so sick they count a signin as a new device, but that would be a grave disappointment

Re: 1Password Has Raised $620M

#532

Post by borski »

wutwutwutwut wrote: post #509
toyg wrote: post #400

Earlier quoted context omitted.

"Crippled" is a big word. It does everything that KeePass would do, for example; it only falls short when it comes to sharing passwords among a group or family (you can send a secret via BW Send, but you cannot have a shared store unless you pay for Premium). Yubikey and its likes are advanced features that the overwhelming majority of regular users will never need.

It is? I thouht it was the proper word to use to describe software which has limited features in free version so they can sell commercial licenses.

“Limited” is better. “Crippled” has a negative connotation when it comes to software.

Re: 1Password Has Raised $620M

#533

Post by 2muchcoffeeman »

Matl wrote: post #516
btown wrote: post #295

People thinking this is an absurd amount of money are sleeping on how 1Password is quietly positioning itself to become the ground truth storage solution for corporate secret management, across devops and non-technical groups alike. Given Hashicorp's market cap of 11B, and 1Password's narrative on how to become even more central to corporate use cases by being the storage layer for Vault deployments, it's a very reas…

They have been doing some pretty unfriendly moves towards their long-term customers, like making sure the new 1Password cannot be used without 'the cloud' like the old one could be. I have no doubt raising more VC money will only accelerate such trends. In fact I've decided to move off of 1Password to BitWarden, since at least one can realistically self-host it. That being said, it's not exactly easy to migrate from…

Yeah I don’t know how to feel about this. I still have a license that allows me to use it with a local vault.

But I really want to get the family subscription. The Premium BitWarden plan is much cheaper than 1Password but the the Family plan doesn’t get you as much of a discount and my parents are on iPhones.

Edit: Dave Teare, the 1Password guy claims that when they were still offering standalone licences in 2018, people picked subscriptions over perpetual licences at more than a 30:1 ratio. Of course, they only showed the monthly price vs the perpetual price. But I’d hope people understand what subscription means.

Re: 1Password Has Raised $620M

#534

Post by jeffrallen »

samgranieri wrote: post #76

I really wish they weren't doing away with 1password classic and the native mac app. I like the fact I bought a license, that I can store the data on dropbox or icloud, and it works just fine. Yes, this is old news and sour grapes on my part. I just don't yet feel like migrating to bitwarden. I've been using 1password for 12 years since I saw it on a tutorial on peepcode.com. I actually taught my mother how to use it…

They should take 20 million, endow a foundation, and have the foundation hire a couple of their original devs to make a clean room, open-source equivalent to 1Password 6. Then those of us who actually just want a self hosted password manager, not a massive whacky cloud secret factory, can use that.

Sigh, what a stupid world we live in, where greed destroys everything good.

Re: 1Password Has Raised $620M

#535

Post by hodgesrm »

bananapub wrote: post #487
hodgesrm wrote: post #200

Earlier quoted context omitted.

Alternative view: I'm glad to see 1Password obtain abundant financial backing. I use 1Password personally and at my employer. It's really good. I won't switch as long as they keep it that way. Seems as if they have enough money to do that regardless of what happens in the market. p.s., How is this really different from going public? I'm sure they considered that option. Either way you are answerable to investors.

yikes, this is a terrible take - $620m of capital means they are expected to become enormous and make huge returns, or go bust trying.

Not necessarily. Let's say you want to build aggressively to $1B revenues with a $1B annual run rate. Let's further say you pretty much keep expenses and revenue directly in line, so you don't lose money but you don't gain either while building. So, your cash reserves remain the same. As your revenue grows, the cushion you have to deal with a market downturn or seize unexpected opportunities declines. Having a cash cushion up front solves this problem.

I don't have any special insight into 1Password's strategy. But I run a company that is essentially bootstrapped and what I described is exactly how we think of cash reserves. In the bootstrapped case, there's a basic math problem that to maintain a constant runway while growing rapidly you must be cash flow positive by an increasing percentage as time goes on. Perhaps 1Password is just looking to protect a long runway that will get them to IPO.

Re: 1Password Has Raised $620M

#536

Post by Spivak »

cactusmatt wrote: post #217
nathanganser wrote: post #177

Earlier quoted context omitted.

What was the electron pushback? Link?

With 1Password 8, they shared news that they were moving from native (mac) apps to an Electron UI/frontend with a Rust backend. They did an AMA on Reddit, but didn't show up for a while and got hammered by their users. Their refrain, until Dave Teare showed up, was "but it will be on Rust and the backend will be faster" and didn't acknowledge why users might be upset with the move from Native to Electron apps. https:…

I think it was a mistake to even involve the online community. Of course nerds want you to build a high-quality native experience on every platform because they are heavily invested in their platform of choice. Listening to these kinds of users at all will drive your business to ruin.

Honestly building on "tech stack power users hate" is probably the easiest way to fire all your worst, most needy, users.

Re: 1Password Has Raised $620M

#537

Post by wlesieutre »

yccs27 wrote: post #492
wlesieutre wrote: post #483

Earlier quoted context omitted.

I think people can see that this is targeting businesses, but they're not happy about that because they're non-business customers. It doesn't bode well for the future direction of what has up to now been a good consumer-focused product. Like how Dropbox has gone from "a folder that synchronizes your files" to "an electron app for having discussion threads about files" because that's what business customers want.

Hopefully the consumer marketshare has some influence on business decisions, which might make it worthwile for them to keep non-business customers. This kind of strategy certainly works for some professional software, which is often even free for students.

I suspect 1Password sees features like iCloud Keychain coming and is trying to grow into other markets because a "good enough" built-in password manager will significantly decrease their value proposition in the consumer space.

Not great if you like their product as a consumer, but 1Password's biggest feature differentiator right now is better family sharing than iOS provides. That could easily change in a future iOS version, and then it's suddenly a lot harder for 1Password to grow by selling a $60/year password manager subscription.

Enterprise features on the other hand, that's not something that OS vendors are likely to ship.

While I don't like the newer versions of Dropbox as much as the old ones, I can understand how pressure from iCloud and OneDrive pushed them toward enterprise features over consumer users.

Re: 1Password Has Raised $620M

#538

Post by Fiahil »

theptip wrote: post #343
btown wrote: post #295

People thinking this is an absurd amount of money are sleeping on how 1Password is quietly positioning itself to become the ground truth storage solution for corporate secret management, across devops and non-technical groups alike. Given Hashicorp's market cap of 11B, and 1Password's narrative on how to become even more central to corporate use cases by being the storage layer for Vault deployments, it's a very reas…

I think you are on the money here. I hadn’t spotted this but they have a k8s plugin for example: https://github.com/1Password/onepassword-operator This solves the “restart pods when my secret is updated” issue which suggests to me that they are not just paying lip service with these integrations.

They probably should merge with https://github.com/external-secrets/kubernetes-external-secr...

Re: 1Password Has Raised $620M

#539

Post by clairity »

2muchcoffeeman wrote: post #533
Matl wrote: post #516

Earlier quoted context omitted.

They have been doing some pretty unfriendly moves towards their long-term customers, like making sure the new 1Password cannot be used without 'the cloud' like the old one could be. I have no doubt raising more VC money will only accelerate such trends. In fact I've decided to move off of 1Password to BitWarden, since at least one can realistically self-host it. That being said, it's not exactly easy to migrate from…

Yeah I don’t know how to feel about this. I still have a license that allows me to use it with a local vault. But I really want to get the family subscription. The Premium BitWarden plan is much cheaper than 1Password but the the Family plan doesn’t get you as much of a discount and my parents are on iPhones. Edit: Dave Teare, the 1Password guy claims that when they were still offering standalone licences in 2018, pe…

does anyone know definitively which is the last 1password version that doesn't require cloud? some folks are saying it's v6 but i have 7.8.7, and everything seems to be working fine, as far as i can tell. i still use local vaults and dropbox syncing to my ios devices without issue.

Re: 1Password Has Raised $620M

#540

Post by Kwpolska »

jeffrallen wrote: post #534
samgranieri wrote: post #76

I really wish they weren't doing away with 1password classic and the native mac app. I like the fact I bought a license, that I can store the data on dropbox or icloud, and it works just fine. Yes, this is old news and sour grapes on my part. I just don't yet feel like migrating to bitwarden. I've been using 1password for 12 years since I saw it on a tutorial on peepcode.com. I actually taught my mother how to use it…

They should take 20 million, endow a foundation, and have the foundation hire a couple of their original devs to make a clean room, open-source equivalent to 1Password 6. Then those of us who actually just want a self hosted password manager, not a massive whacky cloud secret factory, can use that. Sigh, what a stupid world we live in, where greed destroys everything good.

Have you tried KeePassXC? It has a reasonable UI and mental model, and does zero cloudy things.
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