Michael Seibel

Soon - Reimburse your spending w/ crypto gains, powered by OpenAI

Backed by Y Combinator, Soon uses OpenAI to reimburse your daily spending with crypto gains. Soon is simple, stress-free, and fully automates portfolio selection, money transfers, buying, selling, and taxes. Soon can produce strong returns in any market.

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Aaron Bylund
Hi, I'm Aaron, one of the founders of Soon. My co-founder @michael_shattuck and I built Soon to make investing in crypto simple, automated and stress free. Your daily spending is reimbursed by your crypto gains and Soon uses OpenAI to enhance that process. You don't have to spend hours in tedious research or speculate on the market, so there's no stress, and no emotional roller coaster. Just decide how much you want to invest each month and Soon takes care of the rest. Here’s what Soon can do for you: 🤑 12% average returns on investment positions liquidated last year (June - Dec 2022) 🏎️ 16 days - average time it took for individual investment positions to sell last year (June - Dec 2022) That means our users enjoyed strong returns in a down market, and their earnings came back to their bank accounts quickly. Soon automates the most important aspects of crypto investing: ₿ Portfolio selection 💸 Money transfers 💳 Buying 💰 Selling 🏛️ Taxes Soon is EASY and works great for anybody, regardless of your experience. Try Soon now! iOS: https://go.soon.app/a4Odsk Android: https://go.soon.app/PBIL5h
Dnyanesh Gangamwar
@michael_shattuck @abylund What makes Soon different from other automated crypto investing tools?
Aaron Bylund
@dnyanesh_gangamwar that's a great question. With other automated tools you usually still need to decide which assets to invest in. For new users that's a complicated, time-consuming process. Other tools also generally require significant manual configuration and ongoing maintenance. That is tedious and tends to draw people into speculative, emotional behaviors. With Soon, there is no need to configure your account, although we do have the option for users that want to try fine-tuning their experience. We've discovered that by making the entire process non-speculative and simple, our users tend to have a better experience and more consistent/more profitable returns.
Kevin Hammons
@dnyanesh_gangamwar IMO, Soon does a few unique things better than anyone else. • Automated Selling: Soon uses OpenAI + anonymized crowdsource spending activity to automate the amount of crypto to sell, how often to sell, and the times of day to sell • Personalized Automation: beyond simply setting required gain thresholds, Soon can use your own personal spending activity to fuel our Automated Selling, so your gains reimburse your costs; spend $10 on tacos, Soon will look to sell $10 of crypto at a profit • Curated Portfolio: many investors buy the cryptos they know, which are often highly correlated. On the other end are highly speculative, overly volatile cryptos that often lacking substance. Soon's portfolio is constructed with lower-correlation cryptos, helping facilitate a "good buy" & "good sell" on any given day • Tax Stash: Soon can set aside a portion of your gains for capital gains. It also can rebalance your portfolio via the Tax Stash by performing tax loss harvesting
Michael Shattuck
@abylund @dnyanesh_gangamwar That's an excellent question! Soon is focused on making investing as simple and passive as possible. Our platform automates all aspects of investing, such as picking a portfolio, buying the assets, selling the assets, re-investment, and setting aside for taxes.
Melad Javadi
Where do these returns come from? Is it purely from margins across buy and sell? Or is there any sort of staking of funds involved as well?
Aaron Bylund
@melad_j great question. This is purely buy/sell margin. Soon relies on short-term volatility. The bigger the swings in the shortest period of time, the better our algorithm does. Most people are spending 2-3 times a day with bills included, so that is 2-3 times per day we are checking the markets. If any gains are available, we take them aggressively...not trying to predict the future. We have talked about including staking in our product and may offer that in addition to our current offering but we don't currently offer that.
Michael Shattuck
@melad_j Love the question! We don't do any staking currently. The returns have been coming from selling investment positions that have increased in value. Soon uses dollar-cost averaging to purchase the assets at several different price points. We then use liquidation triggers, such as your spending activity, as a signal to check if any of those positions have available gains.
Kevin Hammons
@melad_j Soon works by helping users secure positive margins across buy and sell. Cryptos that have noticeable price fluctuations throughout the week, while maintaining general long term growth, work really well in this type of automated buy & sell scenario. Soon's crypto portfolio is intentionally crafted to have cryptos with varied levels of correlation, so not every crypto rises and falls at the same time/rate, giving you a better chance of having a good selling price & good buying price on crypto(s) on any given day.
Anil Matcha
Web3 + AI is awesome, congrats team
Michael Shattuck
@matcha_anil Thank you so much for your kind words! We're thrilled to bring the power of Web3 and AI together. We'd also love your feedback when you get a chance to try the app. We truly appreciate your support! 🚀🌐
Aaron Bylund
@matcha_anil it's been fun playing with it. We have a few features enabled right now but there is a lot more we can enhance in the future.
Kevin Hammons
@matcha_anil Thanks Anil! The possibilities are endless when you pair AI w/ Web3. We're really excited to see how much of more can be revolutionized in the space
Leo Wendler
@abylund I love this app. This is such a great use. Also love how you currently use OpenAI and your plans for the future @michael_shattuck
Aaron Bylund
Thanks @leo_wendler! We have spoken to many people who feel the same way and we're excited to help the next generation of crypto investors get involved.
Michael Shattuck
@abylund @leo_wendler Thank you for your positive feedback! Our goal is to continue enhancing the user experience and making investing more accessible. As you're using the app feel free to share any feedback with us!
Kevin Hammons
@leo_wendler the possibilities of OpenAI in our platform are endless! What a robust tool. We're very glad to have OpenAI with us on this, and we can't wait to roll out more ways for AI to augment investing
Mandy Stock
This looks really cool. How do you handle capital gains taxes?
Aaron Bylund
@mandy_stock thanks! That's a great question. We have a feature that we call "Tax Stash". Basically in the onboarding we'll ask a couple of questions to determine what your capital gains tax % is, then when you take any gains with Soon, we automatically set aside a portion of your earnings into your Tax Stash. It stays there until it's time to pay your taxes at the beginning of the year. We also provide you with the information you need to file your taxes. It's all automated!
Michael Shattuck
@mandy_stock This is something Soon automates as well. Soon automatically sets a portion of your gains aside in a separate account (called the Tax Stash). Those funds can then be used to help cover capital gains tax. During onboarding, you'll be able to configure how much to set aside.
Kevin Hammons
@mandy_stock Tax Stash works just like it sounds; for any gains you get, we set aside the portion we'd anticipate would go to Taxes, and Stash it for later. When tax day arrives, you've got a big pot of cash waiting for it
Jim Engine
Congrats on the launch, the fully automated crypto investing system is not only convenient but also takes away the stress and complicated setup that often comes with crypto investing. I love how Soon incorporates the principles of dollar-cost averaging, diversification, and non-prediction, providing a responsible and efficient investment approach. Just love it. Good luck 🙌
Aaron Bylund
@officialexaking you get it! I really appreciate your thoughtful comment. It's true, investing in crypto is really stressful! It's also really complicated and technical, which is why 80% of Americans have never invested in crypto. Our customers love that they don't need to decide what to buy, when to buy and when to sell. It's all super easy and non-emotional and our customers love it.
Michael Shattuck
@officialexaking I'm glad you like it! As you're using the app, we welcome any feedback.
Kevin Hammons
@officialexaking Thanks for the positive feedback! We've tried incorporating as many industry best-practices as possible. Hopefully we can help people avoid the big losses they see on other speculative platforms, and provide a responsible, intuitive means of producing sustained crypto gains
Emily Guenther
Congrats! I'm excited about this! What made you decide on the name "Soon"?
Michael Shattuck
@emily_guenther We're excited too! We chose "Soon" because it resonates with the personal and emotional connection people have with their finances. People often say things like, "I'll start saving soon" or "I'll go on that trip soon." Our mission is to build a platform that accelerates these goals and, hopefully, makes them more attainable. "Soon" embodies the idea of bringing financial aspirations closer to reality through our innovative approach to investing
Aaron Bylund
@emily_guenther great question! Soon is all about bringing value in the near-term. It's designed to put more money in your bank to give you more financial choice. Not 5, 10 or 30 years in the future, but more like...now. Everyone has things they want to do or buy, we are working to help you live your life the way you want Soon.
Kevin Hammons
@emily_guenther @michael_shattuck one additional motivation behind the name is that our investment strategy produces returns over a shorter timeframe, instead of holding & hoping your crypto goes to the moon e.g. you get gains "soon"
Benjamin R
I've been using the app for a little over a month now, and I really like it, it seriously does 95% of the work for me. I love the reinvestment % option! There are some cryptos that aren't on your platform tho, are there reasons you don't include some cryptos? Are you adding any in the future?
Kevin Hammons
@ben_rawlings Thanks! We always love to hear positive feedback and ways we can improve! Yes, we exclude several cryptos for a variety of reasons. Those reasons may include; • Limited adoption: If it's not widely accepted/accessible, or used in most platforms, it limits who we can sell your crypto to • Lack of liquidity: Cryptos that aren't widely traded (e.g. everyone's HODLing) aren't conducive to quick trading timeframes • Lack of utility: If there's no clear use cases, or one we don't believe will be sustained for years to come. Soon prefers a clear purpose behind its cryptos and a general demand for them beyond merely speculation • High inter-day volatility: Cryptos are known for their volatility, but some are more stable than others. The type of volatility we prize is within the week or month • Poor performance: If a crypto has a history of poor performance, or lack of consistent quarterly growth • Lack of value: If there are more innovative competing cryptos or mismanagement by the dev team • Lack of trust: If for some reason we don't trust a particular crypto. It could be due to concerns about security, transparency, or the credibility of the team behind the project, or just simply that it gives us the heebie jeebies We will be adding more cryptos in the future. We value having a diversified crypto portfolio, made up of cryptos that aren't overly correlated with one another.
Benjamin R
@kevinhammons Cool, I look forward to it! Is there a way to suggest cryptos for Soon to consider offering?
Kevin Hammons
@ben_rawlings Yes! If you're in the app, just shake your phone! It'll pop up a hidden feedback window where you can hit the "Request a feature" button. It'll send a private message to our product team instantly. We get really excited by the excellent ideas & suggestions we receive from our community!
Benjamin R
@kevinhammons That's super cool! Just sent em. I might start using this feedback feature a lot, hope you don't regret telling me about it 😅
Michael Shattuck
@kevinhammons @ben_rawlings Ha! Yeah, we love it. It makes it very easy for people to submit feedback. Thank you for the support!
Inna Zaluzhna
Really easy to use!)
Aaron Bylund
Thanks @inna_zaluzhna! It honestly really is. Soon purchases around 150 individual investment positions per month, and tracks each one of them for you. You'd have to be a full-time day trader to do the work Soon is managing for you!
Michael Shattuck
@inna_zaluzhna That was the goal, and we're excited that it's working! We wanted to make it as simple and easy to use as possible.
Kevin Hammons
@inna_zaluzhna Thanks for the positive feedback! Hopefully we can make it easy enough that the least tech-savvy retail investor can build wealth without devoting 40+ hours a week to it
Diego Castillo
I've been following this app for a while now, congratulations on the launch!!! How do you guys determine which cryptocurrencies to invest users' funds in?
Kevin Hammons
@diegowq2 We crafted a portfolio of complimentary cryptos. We have some "name brand" cryptos, as well as other mid-market-cap cryptos with lower correlation to the big name cryptos. As such, on any given day, it's likely one of our cryptos is worth selling, and something else is at a great price to buy
Michael Shattuck
@diegowq2 Thank you for the support! Soon currently offers a standard portfolio of 5 different assets. We specifically look for assets that have a low correlation with each other. Less correlated assets are more likely to experience gains or losses at different times, enabling Soon to take advantage of each asset's unique movement. We also looked for assets with high short-term volatility, which allows our platform to capitalize on frequent upswings and maximize gains. As our usage grows, we'll continue to monitor how different assets perform and may add more portfolio options or adjust the standard portfolio.
Brandon Christensen
I'm very very new to investing, let alone crypto. What is the minimum investment I would need as an individual app user?
Kevin Hammons
@brandon_christensen1 Great question. We recommend $50+/mo to make it beneficial. Your monthly deposit will be split into equal amounts for every day of the month, so you wanna have at least $1.50/day to be spread across the portfolio of cryptos
Michael Shattuck
@brandon_christensen1 Thank you for jumping in! Right now, the minimum investment is $50.
Jake Casas
Congrats on the launch, Aaron! Super cool to see you're YC backed. The best part of this product is the 12% average returns on investment positions ... in a down market! I was DOWN 15% in '22 lol. Great product and good luck with the launch.
Aaron Bylund
@jakecasas thanks! We made Soon for guys like you so hopefully you can get some growth even if the market is dropping. Please share your feedback with us when you get a chance to try the app!
Michael Shattuck
@jakecasas Thank you for the support! We're excited to bring this to the market!
Kevin Hammons
@jakecasas It is funny how that works; the same price can be a loss for some, while for others it's a great day to buy! Soon's strategy of consistently purchasing small amounts, while consistently taking the gains when they're available (e.g. not waiting for that one, big 'perfect' cash out day) is crafted to avoid the pain and heartache of those down market losses
Usama Ejaz
Congrats on the launch of Soon! Can't wait to see the amazing crypto returns it produces for users. #SoonAI #YCombinator
Aaron Bylund
@usamaejaz thank you so much! We are also excited to help people grow their wealth and make a contribution to improving their lifestyle in the near-term.
Michael Shattuck
@usamaejaz Thank you! This is something we're passionate about, and we're excited to announce the launch!
Kevin Hammons
@usamaejaz Thanks! We love seeing it too! Especially when we hear the stories of what people gains are going toward. It's really fun hearing we're helping people pay for college, go on a 2nd honeymoon, or upgrade their gaming PC!
Muhammad Sarmad Hafeez
Congratulations on the launch of Soon! I'm excited to see how it changes how we use crypto gains to reimburse our daily spending.
Bruno Jacobs
Congrats team! Love how easy you're making it for folks to enter the crypto space.
Aaron Bylund
@bruno_jacobs1 thank you, that's our goal! Investing in crypto should be approachable to anyone, no matter their financial background or experience.
Michael Shattuck
@bruno_jacobs1 We appreciate the support! Thank you!
Kevin Hammons
@bruno_jacobs1 Most people don't have wealth managers and endless hours to focus on their investments. But with Soon, people who've never bought crypto can benefit from Soon's best-practices investment automation Additionally, experienced investors can establish a responsible crypto strategy to compliment their other investment activities. Those that've been around the block a few times will recognize many of our foundational strategies as sound investment practices for sustained gains
Artem Fedoskin
How do you use AI here?
Michael Shattuck
@fedoskin Thank you for the question! Currently, we're using AI to create a tailored liquidation trigger plan based on your deposit amount and spending habits. This helps us determine the optimal times and frequency to check for investment gains, and when gains are available, we'll liquidate up to the planned amount, making the proceeds accessible to you as cash. We're also exploring additional ways to leverage AI, such as delivering personalized financial education, goal setting/tracking, and further personalization of the investment portfolio. Our aim is to harness the power of AI to make investing simpler and more effective for our users.
Kevin Hammons
@fedoskin Soon uses OpenAI, combined with anonymized crowdsource spending activity, to determine the following: • how much crypto to sell at a time • when to attempt to sell • how often to attempt to sell Soon can also personalize the AI by training it on your personal spending activity OpenAI has been used in other areas, and will continue to be offered as options in more areas of our app
Ghost Kitty
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Aaron Bylund
@ira_m_cassidy_ira it's been a long journey so we are very happy to be serving customers.
Michael Shattuck
@ira_m_cassidy_ira We appreciate the support! Thank you!
Kevin Hammons
@ira_m_cassidy_ira Thanks! We always welcome the feedback, especially when it's positive!
HUSSAIN AHMED
Congrats on the launch!
Aaron Bylund
@hussain_ahmed3 thank you!!!
Michael Shattuck
@hussain_ahmed3 Thank you for the support!
Kevin Hammons
@hussain_ahmed3 Thank you! It's been very encouraging to receive all the support!
ranjeet ks
good
Aaron Bylund
@ranjeet_ks2 thanks!
Michael Shattuck
@ranjeet_ks2 Thank you for the support!
Kevin Hammons
@ranjeet_ks2 We appreciate the positive feedback
Jenny Dinh
Looks as very useful tool. Congrats on the launch!
Aaron Bylund
@thatjenster thank you!
Michael Shattuck
@thatjenster Much appreciated!
Kevin Hammons
@thatjenster It is! Our goal was to make it easy enough for the least tech-savvy person to use, and automate the best practices of the most experienced investors, to make it accessible to everyone! We'd love to hear more feedback from you as you dive further into it!