Discover more from Money Minutes
Don't call Apple the "M Word"
Apple lost, but they actually won
Yo, welcome to my 3rd newsletter. My bad for not sending one out last week. It was Labor Day and I decided to chill. But I’m back. This newsletter is 720 words and it took me about 2.5 hours to write. Hopefully, it doesn’t suck.
😎 Facebook Copying Snapchat again
🍎 Apple vs Epic: Win-Win
🤨 Coinbase vs SEC: Sketchy
🤑 Rich Guy Of the Week: Marc Lore
Facebook Releasing Some Sus Sunglasses
What Happened: Facebook loves to copy Snapchat’s ideas. Even the shitty ones. Facebook just announced $300 RayBan sunglasses that have a camera on them. Not joking.
My Take: We’ve seen this before. Snapchat released Snapchat Spectacles back in 2016 and they flopped hard (I hate to admit it, but I bought one back in the day and returned in 3 days later). Having a camera on your face is just bad vibes. Combine that with Facebook not having the best reputation on privacy, I don’t think these sunglasses are going to do big numbers.
Only people that I could see buying these glasses are creeps and OnlyFans creators….
Apple lost, but not really
What Happened: Apple vs Epic finally got a verdict anddd….*cue dramatic music* Apple has to allow other forms of in-app purchases.
BUT. The judge said Apple wasn’t breaking any monopoly laws.
My Take: After I read the headlines when this news broke, my initial reaction was “Apple about to lose billions! All the developers are gonna go around Apple’s 30% cut” and then I dived in a bit more.
Apple lowkey won this case. Not being called a monopoly is a major victory here. I’m pretty sure a tech company would rather be called “Greedy Motherfucker” than be called a “monopoly”
And sure, developers can now offer links to in-app purchases but that will be a MUCH slower process than going through Apple and paying the extra 30%.
Ultimately, I think we users won here. We will soon have the option to get cheaper in-app purchases if we take the extra, more inconvenient step of buying an in-app purchase through an external link (my cheap-ass is 100% going to be taking this route).
Apple might lose out on like a $1 or $2 Billy (they make $20B, so they’ll be fine).
• Why Did Epic sue Apple in the first place? They didn’t want to pay the 30% Apple Tax for in-app purchases. Here is a more detailed breakdown.
“The SEC is sketchy” - Coinbase CEO
What Happened: The CEO of Coinbase, Brian Armstrong, started talking mad shit to the SEC on Twitter last week. My man was straight venting. But why?
Coinbase is getting ready to release a new product called “Lend” that will allow people to earn interest by lending out their crypto. Coinbase went to the SEC to give them a heads-up this was coming and the SEC hit them with the “lol, you can’t do that. We’re gonna sue you if you move forward”
My Take: Respect to Brian for having the balls to call out the SEC for this bullshit. That is like going in front of your class and calling your teacher dumb.
Now I’ll be honest, I don’t fully understand the SEC’s role in this whole thing. I guess if this new “Lend” product that Coinbase is about to offer is considered a “security” then the SEC can regulate it. What’s crazy is, there have been many companies that allow you to lend crypto and earn interest. But now the SEC might not allow it anymore…? The SEC needs to do a better job of giving better guidance to crypto companies. Coinbase is ready to fight. Mark Cuban is also cheering them on.
Get your popcorn ready.
Rich Guy of the Week: Marc Lore
Marc Lore made billions creating eCommerce companies like Diapers.com (acquired by Amazon in 2010) and Jet.com (acquired by Walmart in 2016), and now he’s the owner of the Minnesota Timberwolves.
He’s also ready to play SimCity in real life. This dude wants to buy a shit ton of land in the desert and build a brand new futuristic City called Telosa. I don’t love the name but respect the ambition.
Best of luck Marc! This is the kind of “rich guy shit” I would be doing if I ever become a billionaire.