Week 7: LB x Top Builder Recap
2/17/25 - 2/23/25
Last updated
2/17/25 - 2/23/25
Last updated
This week tested builders under intense pressure as the Top Builder competition narrowed from 14 teams to just 5, with finalists set to pitch at PlebLab’s Startup Day in Austin. Amidst the high stakes, founders balanced critical workshops on Bitcoin’s most urgent challenges—from Joe Wood (Satoshi Pacioli) demystifying accounting pitfalls to Phil (21M Communications) refining PR strategies for Bitcoin’s no-bullshit ecosystem. For every team, the goal was clear: build products that survive Bitcoin’s volatility and outlast crypto’s noise.
Did Lightning Bounties secure a spot in the final round? We’ll share the results at the end.
Spoiler: Tears were shed. Sats were stacked. Let’s dive in.
Workshop Recap with Joe Wood (Satoshi Pacioli)
Bitcoin businesses face a minefield of accounting quirks—but Joe Wood’s workshop cut through the noise. Here’s what builders need to know:
Valuation: Bitcoin’s price swings hit your balance sheet. Unrealized gains/losses now get tracked, so monitor them like a hawk.
Taxes: Holding Bitcoin? No taxes until you sell/spend it. But every transaction (sending, receiving, swapping) triggers a taxable event. Track sats like your startup depends on it—because it does.
Price It in USD: When accepting Bitcoin for goods/services, record the USD value at receipt. Volatility isn’t an excuse for lazy bookkeeping.
Employees Love Sats: Paying team members in Bitcoin boosts morale (if you’re already holding). But warn them: selling = taxable income.
Risk Check: How much volatility can your startup stomach? If investors panic at -30% dips, maybe don’t put 80% of cash reserves in Bitcoin.
Investor Optics: Fundraising? Assume VCs will grill your Bitcoin treasury strategy. Prepare answers tighter than a 21M supply cap.
Speed Wins: Pay global contractors in minutes, not days. Traditional banks can’t compete.
Tools Matter: Use non-custodial processors like Zap to avoid third-party risk.
Zap: Track payments without handing keys to a custodian.
Clan Tech: Open-source accounting suite for Bitcoin-only businesses.
Banking: Mercury/Brex still work, but keep Bitcoin transactions separate.
Tax Surprises: That Lightning payment you sent? Taxable. That refund you received? Taxable. Assume everything’s taxable until proven otherwise.
Custody Risks: Mixing custodial/non-custodial wallets? Recipe for audit hell. Segregate funds like a cypherpunk monk.
Why This Matters for Builders Bitcoin accounting isn’t about compliance—it’s about survival. Messy books attract regulators. Sloppy tax reporting kills startups. Joe’s takeaway? “Run your Bitcoin business like a Fortune 500 company, but with better money.”
In a recent conversation, Phil, the founder and CEO of 21M Communications, shared his journey and insights into the Bitcoin space, particularly focusing on public relations (PR) and marketing for Bitcoin companies. His unique perspective stems from a rich background in media and a deep commitment to Bitcoin, which is fundamentally different from the broader crypto landscape. This summary encapsulates Phil's key points, emphasizing the importance of tailored PR strategies for Bitcoin startups, the nuances of marketing in this niche, and actionable advice for early-stage founders.
Phil's journey into the Bitcoin realm began with a solid foundation in media, having worked across various platforms, including print, digital, and podcasts. His experiences in traditional PR agencies led him to recognize a gap in the market for Bitcoin-focused PR services.
Key Motivations for Founding 21M Communications:
Focus on Bitcoin: Phil's disillusionment with the broader crypto space, particularly the prevalence of "shitcoins," drove him to concentrate solely on Bitcoin.
Community-Centric Approach: He aimed to create a PR agency "for Bitcoiners, by Bitcoiners," ensuring a deep understanding of the Bitcoin ethos.
Long-Term Vision: Phil emphasized the importance of aligning with companies that have a long-term vision, contrasting them with the high time preference often seen in the crypto space.
Phil articulated the distinctiveness of PR in the Bitcoin ecosystem compared to the broader crypto market.
High vs. Low Time Preference:
High Time Preference in Crypto: Many crypto companies focus on short-term gains, leading to a volatile and often unethical environment.
Low Time Preference in Bitcoin: Bitcoin companies tend to prioritize long-term goals, fostering a more stable and ethical business environment.
PR Strategies for Bitcoin Companies:
Authentic Storytelling: Phil highlighted the importance of crafting narratives that resonate with both the media and the Bitcoin community.
Understanding the Audience: He stressed the need for PR professionals to grasp the intricacies of Bitcoin to effectively communicate its value.
Phil shared his thoughts on the marketing landscape within the Bitcoin ecosystem, emphasizing the need for a strategic approach.
Seth Godin's Philosophy: Phil referenced Godin's quote, "Marketing is no longer about the stuff you make; it's about the stories you tell," underscoring the importance of narrative in marketing.
Technical vs. Accessible Communication: He noted that while Bitcoin products may be technically complex, the messaging should be simplified for broader understanding.
Phil provided practical advice for founders looking to establish their presence in the Bitcoin space.
Create a Document for Announcements:
Maintain a running list of potential announcements, product updates, and partnerships to keep the media informed.
Engage in Media Activity:
Social Listening: Monitor conversations in the Bitcoin space to identify trends and opportunities for engagement.
Trend Jacking: Leverage existing conversations to insert your brand into relevant discussions.
Content Creation:
Opinion Editorials: Write op-eds to establish thought leadership and address pressing issues within the Bitcoin ecosystem.
Utilize Newsletters: Engage with industry newsletters to share insights and gain visibility.
Phil discussed the evolving landscape of influencer marketing within the Bitcoin community.
Authenticity Matters: Phil emphasized that consumers are increasingly interested in the people behind the brands, making it essential for founders to be authentic and relatable.
Building Trust: By positioning themselves as thought leaders, founders can foster trust and credibility within the community.
Phil's insights into Bitcoin PR and marketing reveal a landscape that is both challenging and ripe with opportunity. His emphasis on authenticity, long-term vision, and community engagement provides a roadmap for Bitcoin startups looking to navigate the complexities of the media landscape. As the Bitcoin ecosystem continues to evolve, the strategies outlined by Phil will be crucial for founders aiming to make a meaningful impact.
Key takeaways from Phil:
Focus on Bitcoin: Prioritize long-term goals and ethical practices.
Craft Authentic Narratives: Engage with the media through compelling storytelling.
Leverage Community: Build relationships within the Bitcoin ecosystem to enhance visibility and credibility.
By following these principles, Bitcoin startups can effectively position themselves for success in a competitive and rapidly evolving environment.
We’re honored to share that Lightning Bounties has been selected as one of the Top 5 teams advancing to Pleb Lab’s Startup Day on March 13 in Austin, Texas, during SXSW. Standing alongside innovators like Jippi (gamifying Bitcoin education), Branta (securing Lightning transactions), Shopstr (uncensorable commerce), and Sats.gg (live streaming platform akin to twitch.tv) is both thrilling and humbling.
This season’s competition was fierce. With 243 applications reviewed, 35 projects submitted, and 17 teams onboarded, the talent pool was staggering.
To every builder who participated: your work inspired us. It really did. The creativity and grit we saw over these six weeks pushed boundaries and reminded us of the incredible potential within our community. Some of the projects I'm personally excited about include:
Club Bink's open-source toolkit, designed for Bitcoin evangelists to easily facilitate peer-to-peer DCA trades with friends & Family.
Cozy's gamified platform for AI agents to be created by non technical users.
BitcoinOnly Events: a platform dedicated to organizing, promoting, and supporting Bitcoin-focused meetups, conferences, and community events worldwide.
Inherit's self-custodial Bitcoin recovery solution, enabling users to time-lock their BTC to guard against wrench attacks and quantum threats.
and the list goes on.
These projects prove that Bitcoin’s ecosystem is stronger than ever. To those not advancing: keep building. This space needs you!
Pleb Lab’s stats say it all: 65+ Bitcoin projects launched since 2022, 280+ workshops held, and a community of 640+ learners. This isn’t just a competition—it’s a movement.
We’ve got two weeks to refine our pitch for Austin. No victory laps. Just gratitude for the push from peers, mentors, and the other founders in this trenches with us. Let’s show why Bitcoin collaboration matters!
To Austin, with purpose.
“Iron sharpens iron. Keep building.” — Car PlebLab CEO
