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1Password Has Raised $620M

blog.1password.com

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Re: 1Password Has Raised $620M

#511

Post by hn_throwaway_99 »

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…

It's still hard for me to fathom this valuation. For example, all the major clouds (AWS, GCP, Azure) have a Secrets Manager as simply one feature. I looked into 1Password secrets when they announced it but couldn't find any reason to use it over a cloud Secrets Manager.

Re: 1Password Has Raised $620M

#512

Post by pantulis »

ilrwbwrkhv wrote: post #499
eric-hu wrote: post #348

Earlier quoted context omitted.

Migrate to Bitwarden. I owned a 1 password 6 license and hung onto it for dear life until last year. I technically had a 1 password subscription from work, and when that ended last year, my password experience hit a brick wall. I couldn’t add passwords from Windows. My Mac client refused to work, I had to uninstall multiple times and delete a data directory to erase any sign that 1 password subscription was on the sy…

Same made the switch to bitwarden this year.

I went to Strongbox and never looked back.

I have fond memories of 1Password and wish them luck. But I have felt forced by them to move to a subscription model and I cannot justify that.

Re: 1Password Has Raised $620M

#513

Post by jiveturkey »

fxtentacle wrote: post #50

"1Password Has Raised $620M" Ah fuck. They now need to grow at any cost to earn all that money back. And they'll throw their users under the bus, if they have to, because it's either grow like a unicorn or go bust. Also, I sincerely have no clue how a password manager could be so expensive. Last time I checked, the excellent KeePassXC was still free open source and developed by volunteers in their free time. How come…

> They now need to grow at any cost

Dude, that ship sailed at their last (and first) raise. It took a little while for the shoe to drop, which was about 6 months ago.

Re: 1Password Has Raised $620M

#514

Post by pantulis »

rekoil wrote: post #488
kitsunesoba wrote: post #485

Earlier quoted context omitted.

Similar here, I don’t mind the subscription fee and even like that I can effortlessly pull my passwords from whichever device I need to at the moment. The new electron app is a mess though, even if its data layer is done in Rust. It feels like a cheap imitation of the old one with so many little details being wrong, along with the general sluggishness that comes with a “modern” web stack. I’m not really happy with an…

Right!? The hard part is integrating nicely with the OS, which is just not something that's in Electrons bag. The thing Electron "improves" for them is portability for the one thing that users really want to avoid interacting with. It's just such a confusing business decision in my eyes, and to be completely honest, part of the reason I'm looking at switching is literally that they are making a decision like this unp…

In Apple land you have Strongbox or Keepassium. Both are fine projects based on Keepass technology so you are basically safe and the developers are even in cool terms with themselves.

Re: 1Password Has Raised $620M

#515

Post by neon_electro »

moises_silva wrote: post #352
gen220 wrote: post #267

Earlier quoted context omitted.

I don't think the problem is with capital writ large, but rather the perverse influence of capital incentives as applied to a personal security product. The value one gains from a personal security product (data portability, availability, accessibility) is often at odds with the interests of capital, which lean towards moat construction and rent-seeking. Over time, in a for-profit company, capital will always "win".…

> For an adjacent example, LastPass never took a dime of VC money (afaict), but their structure as a for-profit company pushed them to lock down their product and charge rents, where they had not previously. If they had taken VC money or went public instead, it may have delayed the inevitable, but it only would have been a delay, not a solution. I do not understand. It's a business. Why would anyone expect important…

1Password has been a paid product since its inception.

Re: 1Password Has Raised $620M

#516

Post by Matl »

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 the latest 1Password so I wrote my own little utility to do it[1].

I think we need more competition to VC backed products in general, just imagine what would happen if the building blocks of say a GNU/Linux system we take for granted today would've been built with the mindset that investors are going to want a return on their investment.

I am not saying there's anything wrong with that in principle, but am not sure I want to surrender my passwords to these kinds of incentives.

1 - https://github.com/MatejLach/1password-linux-to-bitwarden

Re: 1Password Has Raised $620M

#517

Post by vram22 »

wlesieutre wrote: post #483
koboll wrote: post #360

Earlier quoted context omitted.

Pretty typical for people here to be zoomed-in on the b2c side of a business because that's what they use, and fail to see the b2b side, the underwater mass of the iceberg.

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.

Tangentially, I had read somewhere some years ago, that the Dropbox GUI clients on some or all of Linux, Windows and macOS were written in Python and wxPython. The one that you activate from the system tray, in the case of Windows, at least.

This may have overlapped with when Guido was working there, though they may have built those clients before he joined, of course.

Re: 1Password Has Raised $620M

#518

Post by Groxx »

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…

This is exactly why I've switched from strongly recommending them, to strongly recommending against them. Plus their cloud security UX is horrendously confusing for everyone I've showed it to.

Whoever is driving their cloud push has probably made the most profitable business decision, but has absolutely no idea how to make a sane product.

Re: 1Password Has Raised $620M

#520

Post by slenk »

Groxx wrote: post #518
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…

This is exactly why I've switched from strongly recommending them, to strongly recommending against them. Plus their cloud security UX is horrendously confusing for everyone I've showed it to. Whoever is driving their cloud push has probably made the most profitable business decision, but has absolutely no idea how to make a sane product.

Yeah I have been slowly trying to push away from 1pass as our corporate secrets overlord. 1pass is marketing towards business but screwing over their original community
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