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Bolt announces layoffs

bolt.com

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Re: Bolt announces layoffs

#421

Post by 2143 »

koreth1 wrote: post #398
PragmaticPulp wrote: post #392

Earlier quoted context omitted.

The idea is that a central 1-click checkout provider will store your payment information, shipping address, and other details after the first time you use a site with their checkout. The next time you checkout on any website that uses the same 1-click checkout provider, they already have your information for “1-click” checkout. The investment thesis is that if 1-click checkout were to take off, it would become a winn…

> The investment thesis is that if 1-click checkout were to take off, it would become a winner-take-all market where every shop wants to use the 1-click provider with the largest customer base. Not saying you're wrong about that being the thesis, but the thesis makes no sense to me. It assumes that consumers are selecting shopping sites based on which payment service the sites use rather than on, say, price or select…

It's just, people like me simply don't want to enter their payment information to an additional thing.

Re: Bolt announces layoffs

#423

Post by Sateeshm »

puranjay wrote: post #211
thinkindie wrote: post #140

just to understand: is this company product similar to Fast.com? Is it also the case of an inflated valuation for a very low turnaround?

Doesn’t Stripe have a similar product already? And iirc Shopify also has single sign on now across all its stores? Surprising that I’ve never heard of either Fast or Bolt

Stripe funded Fast

Re: Bolt announces layoffs

#424

Post by jrockway »

PragmaticPulp wrote: post #392
sparrc wrote: post #368

I'm a bit naive on this space so forgive if this is an ignorant question; Can anyone explain how any of these companies (Bolt, Fast, 1o) are doing anything different than "checkout with paypal"? What exactly is wrong with paypal that would make a merchant want to use Bolt instead?

The idea is that a central 1-click checkout provider will store your payment information, shipping address, and other details after the first time you use a site with their checkout. The next time you checkout on any website that uses the same 1-click checkout provider, they already have your information for “1-click” checkout. The investment thesis is that if 1-click checkout were to take off, it would become a winn…

That's interesting. I feel like the way to really get this business off the ground would be for someone like 1password or Chrome to replace the credit card number they store with one they own, and then when you use it to fill in a form with your credit card information, the merchant charges them and they charge you a 1% service fee or something. Overnight, you are taking 1% of all Internet shopping revenue.

The ethics are, of course, terrible. I made myself a little sad just writing this!

Re: Bolt announces layoffs

#425

Post by sgustard »

deanCommie wrote: post #416
PragmaticPulp wrote: post #392

Earlier quoted context omitted.

The idea is that a central 1-click checkout provider will store your payment information, shipping address, and other details after the first time you use a site with their checkout. The next time you checkout on any website that uses the same 1-click checkout provider, they already have your information for “1-click” checkout. The investment thesis is that if 1-click checkout were to take off, it would become a winn…

> I kind of suspect few people actually want 1-click checkout to begin with. This. I trust Amazon almost implicitly. I know that they have all my information, and that I use the same shipping and payment method every single time. There should be no reason for 1-click checkout to not work perfectly every time. And even there, I don't use it. I dunno. Is it really that much more effort to look at one more screen and ge…

I've ordered things from not-Amazon and had them arrive weeks late, or they ship the wrong or damaged items, or returns are a hassle, etc. One-click checkout is not the solution to any of that.

Re: Bolt announces layoffs

#426

Post by dralley »

DantesKite wrote: post #326
bartread wrote: post #248

> This is one of the hardest messages I’ve ever had to send. Layoffs are something of a fact of life but, seriously, executives need to stop saying things like this when they announce them. Nobody gives a damn how company leaders feel in these situations, least of all the people receiving the message - nor should they.

I remember reading a blog post about how to do lay offs once. I can’t find it anymore but it was essentially don’t make it about yourself. It leaves a bitter taste in their mouth. Wish I could find it.

https://a16z.com/2020/03/31/planning-and-managing-layoffs/

Re: Bolt announces layoffs

#427

Post by vishnugupta »

aeyes wrote: post #379
sparrc wrote: post #368

I'm a bit naive on this space so forgive if this is an ignorant question; Can anyone explain how any of these companies (Bolt, Fast, 1o) are doing anything different than "checkout with paypal"? What exactly is wrong with paypal that would make a merchant want to use Bolt instead?

And since Amazon now also came out with such a payment button, how are they going to compete against a company which already has an enormous user base with their credit card data on file? That they were able to raise 1B$ is a true dotcom era déjà vu.

Amazon's multiple attempts to foray into payments as a service have been failures. For multiple reasons. I know this because I worked on one of their largest payment services; it was meant to be part of AWS offering but disbanded since. Since then they have attempted checkout button; payment button; square like device and what not.

Re: Bolt announces layoffs

#428

Post by sgustard »

bartread wrote: post #248

> This is one of the hardest messages I’ve ever had to send. Layoffs are something of a fact of life but, seriously, executives need to stop saying things like this when they announce them. Nobody gives a damn how company leaders feel in these situations, least of all the people receiving the message - nor should they.

In March 2020 when the pandemic lockdowns hit, my CEO literally cried as he told us on Zoom we had to furlough our friends and take a pay cut. He did not hide it in an email or call attention to how it made him feel. What he did do was bust his ass to bring back every one of those employees a few months later. The actions of truly caring people are so much greater than the empty posturing of failing amateurs running toy businesses.

Re: Bolt announces layoffs

#429

Post by rconti »

upupandup wrote: post #18
Lapz wrote: post #2

The founder also encouraged employees to take on what was effectively personal debt at an ~11B valuation when they only did $5.2M in Q1…

> There IS risk to the employee; they now have a real loan outstanding and 100% personal recourse, so if the common stock becomes less than exercise price, their personal assets are on the hook https://twitter.com/theryanking/status/1493390184897032201 HOLY CRAP. How is this even legal???

I did the same thing once; early exercising my options in a couple batches as I had the money to do so, and filing an 89b election. Ultimately I had to borrow some money on a personal loan in order to exercise the last of my options as the value was starting to ramp fast leading up to the IPO.

Re: Bolt announces layoffs

#430

Post by shepherdjerred »

aabhay wrote: post #404
PragmaticPulp wrote: post #392

Earlier quoted context omitted.

The idea is that a central 1-click checkout provider will store your payment information, shipping address, and other details after the first time you use a site with their checkout. The next time you checkout on any website that uses the same 1-click checkout provider, they already have your information for “1-click” checkout. The investment thesis is that if 1-click checkout were to take off, it would become a winn…

PayPal has had this for a very, very long time. I use it all the time, and it works great. So what am I missing? I also have Apple Pay enabled. It works great as well. The use of hardware verification vs a browser redirect gives it some nice advantages. So what exactly is the differentiated experience I’m getting with Bolt?

PayPay has pretty terrible UX IMO
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