19 Burst results for "Michael Sailor"

"michael saylor" Discussed on Lex Fridman Podcast

Lex Fridman Podcast

03:27 min | Last week

"michael saylor" Discussed on Lex Fridman Podcast

"Service firm would probably say, well, we should be storing let's keep more of the custody with us because that's how we prove to the world that we're valuable or whatever. I don't really believe that. I think that actually we kind of want to encourage our users to move to self custody over time. For those who are ready and willing, and that technology needs to mature, I'm not trying to force anybody to do it, who doesn't want to do it. But to me, that's like the future of how we get billions of people using crypto. But doesn't that mean they can go somewhere else? Easier? Yeah, that's sort of the point. We're all using the same protocol, so there's low switching costs, which keeps all the companies accountable, right? Like if you, if you want to access the Visa network, there's only one company in the world you can go through to do that, like Visa. But if you want to access the Bitcoin network, there's dozens or hundreds of companies out there who can do that. So it's arguably you could argue it's worse for us as a company, but I think it's better for it's what makes Bitcoin interesting and cryptocurrency interesting is that nobody controls it. There is low switching costs for customers. It's better for customers. And that means that all the companies in the space are going to be held to a high standard because the minute you lose someone's trust, there's going to move their Bitcoin to some other service. And that's good for the world. Do you think of coinbase as there's this ideas of layer one layer two layer three technologies? Yeah. Do you think of coinbase as layer one, layer two, layer three. Now that that said, there's so many products that are under the coinbase umbrella that's hard to answer that question. But what do you think? Do you acknowledge the existence of layer three? So usually when people are using those terms later when they are. So they're referring to layer one would be the blockchain later on blockchain itself like a Bitcoin or Ethereum or something. Not like a centralized service like coinbase or even our decentralized self custodial wallet. So yeah, I wouldn't consider us to be like a layer one. These are the centralized protocols that we're integrating, but we are coinbase itself is not those. Yes. But layer two is the thing that was basically doing transactions without the settlement on the blockchain. And so you get to have some of the benefits of faster transactions without the security associated with the blockchain. And layer three is, I suppose, sort of apps built on top of that. So at least I think talking to Michael saylor, he considers coinbase a layer three technology. Interesting. I'm not really particularly familiar with this kind of distinction there three and two. I don't see them as fundamentally different. But some of the, okay, I mean, one way of asking that, is there some layer two like a magic happening in order to make transactions associated with blockchain happen. So that there are quick so that coinbase yeah. Is there some magic going on there? Because you're okay. We should say, how many cryptocurrencies are currently on coinbase? So it's more than two. Yeah. It's a lot more than two. Yeah. So you have to understand they have to incorporate all these technologies. So how do you make that magic of universal transactions happen across all of these different cryptocurrencies? There's our centralized products and decentralized products, right?

Michael saylor
"michael saylor" Discussed on What Bitcoin Did

What Bitcoin Did

04:53 min | 8 months ago

"michael saylor" Discussed on What Bitcoin Did

"Going to make an enemy of Joe Biden. I don't want to make any enemies. If I make an enemy of someone with millions of followers, they're not going to click like when I post anything. They're not going to support anything I say, they may actually push back harder and I'm not going to accomplish anything. So I have one simple agenda Peter, right? I want everyone that doesn't know about Bitcoin to discover Bitcoin and I want people that know about Bitcoin to understand it better and I want people to invest none of their portfolio and invest 5% and I want an invested 5% to invest 50% and I want to think that gold is good to realize that gold is not good and sell their gold and buy Bitcoin. And I want people to like goal to stop evangelizing gold anybody because that undermines the cause of sound money. And if you're a 100% invested, I want you to understand it well enough you think well maybe I really can take out a 3% 15 year loan and be 200% invested. Why not? And why not? Ultimately, do I have opinion about do I want to opine on Facebook versus Apple versus Twitter versus crypto this versus no like stay in your lane? There's a rash. If we come back to marketing theory, right? Basic marketing theory is stay on brand. Don't tarnish the brand, stay on brand, right? What's basic political theory? Stay on message. We had this exact same conversation yesterday. Interesting you should say that. Stay on brand. Stay on message. Okay, you want to utter an opinion? I'm not an expert and then the history of New Hampshire property taxes. You know, like, I'm not going to meddle in that, right? I'm going to focus on a very tight things. How do the regulators view Bitcoin? How do they view crypto assets? How does Bitcoin stand versus other crypto tokens? How does what is definition of digital property? I'm going to focus on on Bitcoin and institutional adoption and individual adoption and the technology and then the education..

Bitcoin Joe Biden Peter Apple Facebook Twitter New Hampshire
"michael saylor" Discussed on What Bitcoin Did

What Bitcoin Did

04:38 min | 8 months ago

"michael saylor" Discussed on What Bitcoin Did

"A Bitcoin mining rig. And a multi sig wallet. I don't think we're going to get his cooperation. I agree, right? And nor are we going to get the cooperation of anybody that works at JPMorgan. And if we go to JPMorgan and say, Bitcoin is disappearing or property to gold or another investment choice for all of your clients and your bank can triple its market cap and all your clients can double their net worth and your career will be enhanced in the world be a better place and you can handle it safely because it's just digital property technology. They're like, I guess we should be in that business. And now getting that business and they won't do the multi sig coal storage, hardware device, that's fine. But the people that do do this will be owning $10 million Bitcoin and they bought it when it was hundred bucks. And when you have $10 million Bitcoin and you are as rich as Jeff Bezos, you can go ahead and create your own anti bank or your own thing and you can change the world, but the fundamental thing is before you change the world, get the money. And maybe first fix the money to your point, if we fix the money we fix half the world, you will be able to go work on the other half. The other half is highly controversial. Yep. Nobody can agree. With anybody on anything else, it's highly controversial. It kind of makes sense now looking at thinking about your Twitter and what you talk about because you basically only talk about Bitcoin and you see other people comment on Bitcoin. Maybe aren't within.

JPMorgan Bitcoin Jeff Bezos Twitter
"michael saylor" Discussed on What Bitcoin Did

What Bitcoin Did

05:53 min | 8 months ago

"michael saylor" Discussed on What Bitcoin Did

"That's the one thing. We don't need to make any other enemies. We're not going to fix fill in the blank. How do you feel about this government's policy and that government's policy in this city and that tax edict and this we're not going to fix that, the one thing that we can do fix the money? Fix the money, but what if that's just, you know, what you want to do is you want to find everybody with money and you want them to buy Bitcoin. You don't need to change their political convictions. You don't need to change their religion. You don't need to change the food they eat. You don't need to change their views on medicine. Those are other battles. And there are other people that are signed up for those battles, but that's their conviction. But I feel like every one of those battles we get into is dilutive, right? Let's see what he's saying. It's a dilutive distraction. I have hundreds of opinions. Thousands of opinions. But the only opinion that I really think is worth uttering in public is Bitcoin is good. Bitcoin is good technology. I don't care who you are, where you're from, if you sell the other stuff and buy Bitcoin, you'll be better off, your country be better off, your religion will be better off, your ideology is better off. Your family is better off, your company is better off. And I think when we get drawn into these other these other debates, well, they suck up bandwidth. They suck up. They're all they're all just kind of religious fights over stuff, but let's take custody, right? Is multi sig self custody better than single sig better than having money on coal storage. It coinbase better than having it on the exchange better than having an ETF better. Is it better to do this or that? It's like their second order issues. Because only a $1 trillion is in the Bitcoin system. And 500 trillion is in the other system. Let's go get it. And so instead of us fighting amongst ourselves, all we really want to do is, when we're 500 times bigger, then we'll deal with that, right? Everybody should be able to have their views. And they've all got don't judge people, right? 83 year old dude wants to buy the Bitcoin futures ETF. And he's going to do it in 5 seconds with a phone call. And if it's Warren Buffett and a Warren Buffett wants to buy $50 billion worth of the beato ETF on the margin, it's better than if he bought gold, it's better than he bought land. It's better than if he bought Apple stock. And so we ought to just welcome everybody into the ecosystem by whichever route they take, and we should just be trying to channel everything constructively toward a laser like focus upon Bitcoin. I don't agree with your country, but I wish the treasure is one Bitcoin standard. See what I'm saying? And here's the other fundamental point. It's like we can fix half the world, but not the other half..

Bitcoin Warren Buffett Apple
"michael saylor" Discussed on What Bitcoin Did

What Bitcoin Did

05:28 min | 8 months ago

"michael saylor" Discussed on What Bitcoin Did

"Ever after? Like we have the phrase Bitcoin fixes this well, I think Bitcoin also fixes every company and every governmental institution. So it's better if when you're thinking this through, I think it's better if you ask the question is Bitcoin a solution to that institution. And the answer is yes. You get to send sometimes there are some people in the community that if Jerome Powell were to make a press release tomorrow is saying, you know, we've seen the light and the United States is going to buy a $100 billion of Bitcoin. They would be unhappy about that. I think they'll be conflicted. It was like, they don't want other people to get the secret. But of course, the point is, if Bitcoin is money for enemies, isn't the bigger idea of Bitcoin is technology to make the world a better place. And if everybody adopted Bitcoin, then maybe we wouldn't be enemies. At the point that a company, let's say JPMorgan, what's wrong, do I mind if JPMorgan starts cussing a $100 billion of Bitcoin? They'll pick up the phone, call all their clients, all their clients will start buying Bitcoin and the price of Bitcoin will go to the roof and it'll demonetize a $100 trillion of other assets and that means that the cost of food and housing and clothing and gold joy will go down and it means that society will get more rational and it means that the effective ability to pay deficits with inflation will be deteriorated. Over the long term, when you look out long-term meaning, when Bitcoin is $500 trillion of the economy, then the marginal ability of political systems to inflate the currency is going to deteriorate because it's a check and balance. Yeah, let me take a different tack at this. I do think Bitcoin is going to collapse currencies. But it won't be the U.S. dollar. It's going to be the hundred weak currencies. And I'd even probably take that back and say it a different way. I really feel like the next step in the economic evolution of the world is the United States dollar is going to collapse all 100 weak currencies. If it gets on a crypto rail. If we have stable coin, U.S. dollars, I think that every currency other than the top dozen is going to collapse and all those countries are going to.

Bitcoin Jerome Powell JPMorgan United States
"michael saylor" Discussed on What Bitcoin Did

What Bitcoin Did

01:53 min | 8 months ago

"michael saylor" Discussed on What Bitcoin Did

"And we are Thanksgiving dinner, and you say to your brother in law, you know if your bank starts custody and Bitcoin, your stock price will triple and all your employees will be delighted and you'll be successful in your job and your family will happily ever after. That might work. And if you start the conversation with, you know, Bitcoin is going to destroy your bank. You're a 20th century relic and we don't like banks or bankers and we just think you should just go ahead and cut your job. But before you quit your job, you should commence the board of directors to disband and liquidate the bank. Not likely to happen. Like no one's going to liquidate their country or liquidate their bank or liquidate their company or liquidate their family or liquidate their livelihood because of your ideology. And why should they have to? So the evolutionary approach is, look, Bitcoin is technology. Your Apple, this is beneficial to you, build any iPhone..

"michael saylor" Discussed on What Bitcoin Did

What Bitcoin Did

01:37 min | 8 months ago

"michael saylor" Discussed on What Bitcoin Did

"And it's also because it's digital property every country can use it as a treasury asset and they can back their currency with it. So I'm not asking for turkey to abandon their currency or United States or Europe or career or Japan or Singapore, Malaysia to abandon a currency. Instead of telling them they have to abandon their sovereignty and there's irony here, right? Like people that are in favor of sovereignty once someone else to abandon their sovereignty. Instead of telling the prime minister of Malaysia that I disagree with their currency and they should disband their police force and stop taxing people and disband their army, I could just say there's Bitcoin will make your country richer and better. So it's a lot easier just like I'm more likely to be able to introduce oil and steal an electricity into another nation than I am to be able to introduce my political system or my ideology. If you interpret Bitcoin as technology instead of ideology, then instead of taking the position that we don't want to have money in the bank, our position would be, we don't mind money in the bank as long as that money is Bitcoin and not gold. Or as long as Bitcoin and not S&P or as long as Bitcoin and not dollars. Change the money. Keep the bank. Maybe you don't trust the bank, but on the other hand, if your brother in law is the chairman of the.

Malaysia turkey Singapore Japan Europe United States S
"michael saylor" Discussed on What Bitcoin Did

What Bitcoin Did

04:02 min | 8 months ago

"michael saylor" Discussed on What Bitcoin Did

"There's a 100 million companies and every company has accounting systems that are wired for paying their employees and paying their vendors and selling their products in the Fiat currency in the country in question. So if you were to calculate the amount of money spent on those, the accounting system is the nervous system of all those companies. The nervous system of the companies is set up. So like Oracle and SAP are the only two companies in the world that compete really favorably against Microsoft. They only accounting systems of every big company in the world. And they're almost impregnable, like if you wanted to rip out the accounting system of Coca-Cola, and you spend a decade and you had $10 billion, you probably couldn't do it. And a decade for $10 billion. If I held a gun to your head, and I said, I'm going to kill you and shoot everybody in your finance staff. If you don't rip out the economy, then I'll be dead. The accounting system isn't changing. It's that inertia. It's lawyer like trying to rip out all of the veins and all of the nerves in your arm and keep the arm. It's a brain transplant. It's two integrated. So the economy of the world is wired to run on those currencies. And the only way that you get rid of the currencies is you arm wave away every government and every corporation. So if you could imagine a future where you don't need companies and you don't need governments, then you can probably not have the Fiat currency. But it's definitely not happening in this decade. Well, that's an interesting segue because we can talk about the revolution versus evolution because there's a certain cohort within Bitcoin of people who are consider themselves sovereign individuals or seek the sovereign individual lifestyle who are maybe more hardcore bitcoiners and our co capitalists who definitely would be in the cohort that are challenge you who would maybe consider your strategy is defending the dollar, whereas they want to they want to replace the fair and they want to bring down government and they want to end sovereign currencies, they want everything to be on a bit on in a Bitcoin standard..

Fiat Coca SAP Cola Oracle Microsoft
"michael saylor" Discussed on What Bitcoin Did

What Bitcoin Did

04:35 min | 8 months ago

"michael saylor" Discussed on What Bitcoin Did

"Strategy strategy in some ways, which wasn't a company which surprised a lot of people, which is El Salvador. I kind of refer them very early on. It's like the micro strategy countries because actually you were the first to do this. There can only be one first company can't do it like this. And they're going to say the biggest risk in some ways, but see the most benefits as other companies sought to adopt the same strategy. You get the compound benefits. I kind of feel like the same for El Salvador. I feel like as the first country to do it, they have taken the biggest risk. In some ways, in some ways, I'd say buggies taking a bigger risk than you, but we can argue about that separately. But again, as other countries come on, they'll see the compound benefits of other countries coming on board. What have you made of the El Salvador story and? You know, the reason we haven't write taken that much of a risk because if you read the bright line rules that govern publicly traded companies, it's very clear that a publicly traded company can hold property. I didn't mean that kind of risk. Yeah. And so yeah, so our primary risk is our shareholder relations, right? And just communicating. Communicating to our employees, our customers, our shareholders, our vendors, what we're doing. That's our primary risk. I guess their risk is the same in a way, right? They're communicating to their citizens. They've just got more, right? They're citizens, the businesses, and the country, and then all the other nations that they integrate with. And so they've got a massive communications effort as well. Our primary focus was balance sheet. And their primary focus seems to be more like currency, you know, the P and L side. For example. If you're a country, the easy thing to do would be just to buy billions of dollars of Bitcoin..

El Salvador
"michael saylor" Discussed on What Bitcoin Did

What Bitcoin Did

03:38 min | 8 months ago

"michael saylor" Discussed on What Bitcoin Did

"The next two, three years and a 150 than a 120 than a hundred, then 80 then 60 then 40, then 30. That's not bad, right? That's good. I use the metaphor before the shockwave, we design one airplane that can go faster than the speed of sound, like in 1965, the Concorde. And you know the story of the Concorde. And we flew it for a while, and it was a struggle and it was never profitable and then eventually crashed and burned and then we didn't do it again. So the Concorde was difficult. Just about every commercial aircraft. And even all the military aircraft, they fly less than the speed of sound. And the reason why is the speed of sound is the rate at which air communicates to itself. The airfoil is moving through the air, and if it's moving faster than the speed of sound, the air can't get the fluid can't get out of the way, which means you create a shockwave, which massive turbulence, which is massive dissipation of energy, massive friction. This is like breaking the speed limit that nature gave you. It was like the speed of light on an important speed limit. Nature's got these speed limits. And a hydrodynamic situation, we call it the whole speed. And it's the rate at which a ship can move through the water. And it's determined by Reynolds number and it's the aspect ratio of the hall. So if you have a long haul with a narrow point, it goes fast, like a crew owing shell. And if you have a very wide hall, it moves slower. When you try to break nature speed limits, you get shockwaves, you get friction, things explode. The cost of going faster than the whole speed of a ship is the cube of the velocity. You want to go twice as fast, it's like 8 times as expensive..

Reynolds
"michael saylor" Discussed on What Bitcoin Did

What Bitcoin Did

05:31 min | 8 months ago

"michael saylor" Discussed on What Bitcoin Did

"And I think. Will we ever get in those businesses? I don't know. That would be an election to take on new types of risk. And that's a long way out. So I don't really much worry about it because the opportunity for digital energy is just so extreme. It's so early. I think that's the point you're making is like once everyone has Bitcoin, if it's based on true productivity, it's 4% gain, whereas right now, if you're going to be on an 170% a year, you might as well buy as much as this as you can. The protection world but increase your wealth. But you're buying a lot. Micro strategy controls a lot now, but there's no limit to how much you would buy. If you have, if you have a publicly traded company as an operating company, you can hold up to 40% of your assets in a security on your balance sheet. So like if you're Berkshire Hathaway and you're buying Apple stock. At some point, there's a limit to how much Apple stock or how much other securities they buy because they bump up against this 40% limit. That's why Berkshire Hathaway will buy a railroad. That's why they own an entire businesses because otherwise they become a financial investment company per the SEC 40 act. If you're an investment company, well, then you can own an entire portfolio of securities, but you lose all your other rights that an operating company has. So micro strategy is an operating company. And Bitcoin is property. If we started buying securities like ETFs and Bitcoin, it would become a security that wouldn't be property. And then we would start to bump up against all sorts of limits. But you could think of us as like maybe the world's first digital property development company. Like if I said to you, I'm going to have a public company and we're going to build Vegas or we're going to build skyscrapers in New York City. Well, is there a limit to how much of New York City you want to build? And the answer is,.

Berkshire Hathaway Apple Bitcoin SEC New York City Vegas
"michael saylor" Discussed on What Bitcoin Did

What Bitcoin Did

03:01 min | 8 months ago

"michael saylor" Discussed on What Bitcoin Did

"And the beauty and the digital world is you have no fixed assets, and you have no fixed cost. And so on one side, your risk collapses. On the other side, though, your yield, your rental opportunity explodes. So if you ask the question, what's more valuable, physical property or digital property, the obvious answer is digital property because you can sell it to anybody on earth. You can rent it to anybody on earth. You can rent it at any frequency at any time scale, and in any form, and you can do it faster. And you can, in a hotel, you have to hire human beings to work in the hotel, right? Yep. What if I hypothetically created a robot that moved a million times faster than a human being that worked for free on a fusion reaction? You quit that hotel. Would your hotel not be easier to run and more valuable? You're running the hotel, your costs go to zero. If all your labor is infinitely productive and free, your costs go to zero. You can't do it in the real world because you have to use real people and real mass. But in what you'll call the metaverse, right? And your cyber world, all your work can be done by software. It doesn't need to be done by people. So when you digitally transform something from the analog version to the digital version, you can upgrade it with software. And we see this. For example, digital maps, it's not people doing the work for Google. It's software during the work for Google. Digital music. It's not people playing the music. It's software applying the music. I can upgrade the music. It's still a people input and a maintenance. The people put the stuff in, but you scale it up with software. You don't scale it up with people. You scale it up with software running on computer chips. And both of them are getting faster and faster. And the marginal cost is the cost of the electricity. It's not the cost of energy. For example, look at the library around here. If you want to give this library to a billion people, you have to manufacture a lot of books and chomp down a lot of trees. If Google wants to give this library to a billion people, it costs them marginally, nothing. A billion times less, at least a million times less. Because it's digital library, not a physical library. So I think my point here is digital property is pretty obviously more valuable than physical property because you can develop digital property with computer chips and software. And you can develop physical property with bulldozers and steel and glass and people. But when you get in there, is that all investment now in physical property is an opportunity cost of buying Bitcoin. Yeah. I would say that we're still going to need someone to do that. We're going to need some hotels..

Google
"michael saylor" Discussed on What Bitcoin Did

What Bitcoin Did

04:36 min | 8 months ago

"michael saylor" Discussed on What Bitcoin Did

"But now it's still a thousand rooms. I want to rent out the rooms. What's the equivalent of running out a room? Well, it's like if I loan you, if I have a $1 million, and I loan it to you, that's like running the room to you, right? Hold on hold on. We in the metaverse here. No. Like how am I staying in the digital manner verse? This is real. This is only metaverse if I do this in Second Life or Fortnite. How do I stand a digital hotel? Oh, you're not saying a digital hotel. It's a metaphor. Yeah. You've got a $1 billion, and you can buy a hotel with a thousand rooms. And that's a hotel, or you can buy a $1 billion of Bitcoin. Yeah..

"michael saylor" Discussed on What Bitcoin Did

What Bitcoin Did

05:36 min | 8 months ago

"michael saylor" Discussed on What Bitcoin Did

"Advanced engineering metal, a materials in it, or advanced engineering, math, in it, and so if you have that background, if you're an engineer, that's helpful. If you have a background history of science, that's helpful. And so one of my degrees at MIT, Peter was aeronautical engineering. And spaceship design. But the other degree was history of science. Okay. So starting age 18, I was studying radiation. History of cancer cures. What happens when you introduce a railroad into a culture? What happens to the horse and buggy, you know, and the railroad comes along. Impact of steel impact of manufacturing impact of oil impact of Maxwell's equations. And so I think that's useful now it's always very fascinated by that. And I wrote the book the mobile wave. In 2012, which is really a history of science, but applied to what I look back a few thousand years. And we look at all sorts of interesting things like why did the English language and the Roman alphabet rise to dominance over the Chinese alphabet and pictographic languages? And why did the United States take control of the computer science error versus the Chinese and the Japanese? Why did we dominate digital and why were they dominant in analog? And those are all things on my mind. What's the impact of software when it goes from a solid state to a liquid state to a vapor state? So thinking about that. I mean, what solid state software? What is that? That's when you run your software on a mainframe in the back office. That was like the first generation. What's liquid state software? That's when you can put it on a laptop, that laptop and carry it around with you. You brought it to your meeting. Right. What's vapor state? Vapor state is when it's running on your watch or on your phone and it's in your pocket. What's the difference? Well, you're sleeping with the phone. You're not sleeping with the mainframe. Therefore, a piece of software can wring you and wake you up in the morning when you're sleeping with it, but mainframe software couldn't. Therefore, when software went to vapor state, you morphed.

MIT Maxwell Peter cancer United States
"michael saylor" Discussed on Business Casual

Business Casual

03:51 min | 1 year ago

"michael saylor" Discussed on Business Casual

"Highest quality property you can find. I would designate. Bitcoin is extremely high quality long duration property. There's another bucket of money that people like to invest I want to buy peleton or zoom or apple or google or facebook. Maybe want to invest in some stock or stock like instrument or application. But you you know with an investment thing. You normally wanna have something where you might make ten x your money or lose half your money like that's a very simple algorithm yup right amazon loss like a percent or more value. Many many many times and the richest man in the world held the stock throughout the entire time because that because he had conviction and his view was one day retail will be digital. So if if you wanna be rich. Then you're going to have to have conviction on facebook on amazon or an apple or google and if you don't have convection then you definitely not going to be rich you could. You could argue. The bitcoin qualifies as that right now too. I mean you could make ten extra money. You could lose half your money right if if if you've got that risk tolerance than you could also put that in bitcoin and then the third bucket is i make investments. If i see an idea that i think is undervalued. That may go up by a factor of ten and i've got conviction on it. Maybe i invest in it. But i know that it's risky. That's managing a portfolio brisk and in the fourth is savings and the savings ideas. Find the apex property. What is the thing that you think. One day every affluent intelligent educated person's gonna want to own. And so. That's how. I think that i think he's got gonna allocate their portion of their portfolio. And i think that what the typical individual when i would say. Is you really care about this stuff. Once you spend one hundred hours studying. Bitcoin go on dot com or go. Take bitcoin for everybody. Course or take some of the other courses if you really care if you wanna be rich or make money thousand hours studying thousand hours right. I mean like what the heck else do you have to do with your time right. I mean if you really if you want to be successful if you're spending one to ten hours you're just gambling. Okay but i. I i respect it like you wanna go gamble on a basketball game. You wanna go gamble on a random stock you just place in a different bucket then okay. It's okay it's like you want to go to vegas and gamble. It's fun okay. go go have at it. hey listeners. Let's see a show of hands of everyone who's been burned on exchange rates at some point in their lives right. That's like everybody. When you exchange money around the world that exchange rate you typically see is pretty inflated in other words you're getting dinged by big banks who had spread on top of the real exchange rate. It's kind of infuriating right. So let me tell you about wise wise always gives you the real rate so you or your business can send spend and receive money internationally. Without any of the fillers you only pay a low transparent conversion fee and that saves you money over ten million people and businesses are already on board see what fairness in international finance feels like try wise for free at wise dot com slash business that's wise dot com slash business data..

amazon google apple facebook ten hours one hundred hours thousand hours third bucket ten x dot com over ten million people peleton a percent fourth ten extra money one ten wise dot com one day half your money
"michael saylor" Discussed on Business Casual

Business Casual

03:00 min | 1 year ago

"michael saylor" Discussed on Business Casual

"You can take custody of three hundred ninety seven dollars a bitcoin or billion of bitcoin and so eight billion people can be self custody in their own asset. And when you self custody you rip it off the exchange or out of the bank which means you're not held hostage by the counterparty if you own gold at the end of the day. The mayor the governor the bank and the country all hold you hostage bitcoin. You can actually move a billion dollars. Bitcoin and i use the word billion just illustrate you. Can you move large amounts of it but the same is true for a thousand dollars. Bitcoin you can move it to any of one hundred thousand counterparties and if you don't trust anybody on earth you can trust yourself and if you don't trust yourself you can set a multi signature arrangement with yourself and your wife and your dad. Yeah and there is no property on earth. The gives you. Though it's dot kind of custodial rights and the natural consequences of that are you're enforcing a degree of integrity and virtue in the economy at the political level and at the corporate level. That no other form of property can enforce so basically the two biggest things that you've illustrated is that first of all gold is by nature inflationary. Bitcoin is deflationary. Twenty one million never going to be more created and the other part is you don't have to trust that a party will do what they say they do overtime. Which given the history that you've illustrated. There is good reason to not necessarily trust counterparties like government or corporations to do what they say they were going to do. There's a third reason. Yeah it's better. It's strong or money and you have better property rights but it also has better technical properties. The future of the world is eight billion people with the mobile phone doing billions of transactions. An hour with each other at the speed of light with computers that think a billion times a second. You can't give eight billion people thousand dollars of gold and move at the speed of light. Say you've got rural property in kansas. You ever try to borrow against that. How many banks will make you alone against rural property in kansas. Is that like one or two. Maybe what if you want to rent the property out to someone how many people are going to offer to operate or farm that land in kansas. Three there's no liquidity okay. So what if i said. Why don't you take that property. And put it on a network and i'll give you one million bids and our okay. Well it turns out that the person gives you. The highest bid is a russian trading through a singapore exchange. And he'll give you a forty seven percent return on your money or.

forty seven percent kansas Twenty one million one two three hundred ninety seven dol eight billion people billion Three An hour one million bids third reason russian one hundred thousand counterpa earth first two biggest things billion times a second billion dollars billions of transactions
"michael saylor" Discussed on Business Casual

Business Casual

02:06 min | 1 year ago

"michael saylor" Discussed on Business Casual

"Let's talk about the difference between your basic non alcoholic beer and the alcohol. Free beer heineken. Zero zero the big difference taste..

If You Sell Your Bitcoin, Michael Saylor and Jack Dorsey WILL Buy It

The Breakdown with NLW

04:37 min | 1 year ago

If You Sell Your Bitcoin, Michael Saylor and Jack Dorsey WILL Buy It

"Before powell spoke investors had started to get nervous in the us around the potential for an early unwinding of the fed's extremely aggressive approach to keeping rates low and stimulus etc. Because of this the market was getting out of stocks and into treasuries driving the yield of treasuries down and by the way if that sounded like greek to you. We're actually going to do a macro one show. And a bond specific show as part of that new kiddo show set as well either way powell gave testimony to the us senate banking committee on tuesday and said that the economic recovery remains uneven and far from complete and the path ahead is highly uncertain the bloomberg headline this morning about it said powell reiterates view that labor market has a long way to go. Pow pointed out that there are ten million fewer people employed. And that's a long way to go to maximum employment and this is really important the mandate the fed is actually two parts market stability. But it's also full employment the tools however that they have to achieve that full employment are limited and what we've seen is that asset prices tend to benefit before full employment is reached over the course of this year. We're likely to shift from the market stability part of that equation to the full employment part of that equation but it still promises a pretty aggressive approach from the fed powell also mentioned digital currencies saying it's a priority and that they'll be reaching out to congress about it in twenty twenty one so we'll have to come back to that soon next up on the brief today trouble in arc land i have discussed kathy would and arc pretty frequently here most recently in the episode last week i find it interesting. How a lot of the macro dynamics that are potentially interacting with bitcoin might be interacting with arc funds as well arc has seen a stratospheric rise over the last year but has been hammered. The past few days in fact it started a couple weeks ago as people started to get nervous about how concentrated arcs of some of their companies were remember. Our funds have specific feces around innovation. So there are frankly. Only so many companies they can buy if their fund owns to high percentage of those companies. The fear goes it could create risk in both directions that an issue in one company could create broader risk for arc or vice versa that arc could create new exhaustiveness risk for the companies themselves over the past few days however the concern has been less about that and more about this rise in treasury yields the innovation. Etf which is their flagship. Fell three sessions in a row. It had its worst today. Drops in september and again basically these yields were reflective as we just discussed of investors thinking that there was going to be pressure for rates to rise and for fed support on wind earlier than expected because of that they were moving out of the pricier parts of the market. I e tak. Now for her part. Kathy would said she wasn't worried said that she welcomed the correction and to be fair. She's gone from three billion assets under management in january twenty twenty two more than thirty in january twenty twenty one to more than sixty billion last week still. I think this is worth watching as a reflection of the bleeding edge of the markets. I don't think. Bitcoin is so correllated that you can watch these things move in tandem. But i do believe that. There's some proxy for how traditional investors might think about bitcoin at any given time based on the macro context lasts up on the today. Let's talk about the latest out of india. India as we've discussed has been very aggressive. Vis-a-vis crypto currencies with that seeming to only heightening right now a couple updates from the last few days rakesh ginger who's likened to an indian warren buffett. The billionaire investor he told. Cnbc never buy bitcoin that. Regulators should step in and ban cryptos in india and called bitcoin speculation of the highest order. So pretty much that. Warren buffett description is accurate at least when it comes to opinions on bitcoin at the same time however he also stated that india should focus on the creation of an official digital rupee. This was echoed by comments of reserve bank of india governor who reiterated that. The rbi has major concerns around cryptos but that they are working aggressively on a digital rupee. I wanted to point this out. Because i think it shows just how much india is going to really draw. This contrast between killing cryptos private cryptos and network cryptos while simultaneously trying to harness that momentum for an official central bank digital currency is that paradigm. That one can't survive while the other one does or are there different ways to look at

Powell FED Us Senate Banking Committee Bloomberg Kathy India Congress Rakesh Ginger Warren Buffett Treasury Bitcoin United States Reserve Bank Of India Cnbc
Cryptocurrency and Domains: Real Estate in Cyber Space

Bitcoin Radio

04:54 min | 1 year ago

Cryptocurrency and Domains: Real Estate in Cyber Space

"Was listening. Talk about domain. That how you view them as as real estate in cyberspace almost as well as a fixed asset like you find correlations. They're not to get to deviated from cutting your story but like when you look at bitcoin you see any parallels domains or about digital scarcity only one person can own the word voice on the dot com network so the dot com is like the main chain dot. Edu a secondary chain dot io or or dot org. These are all secondary change but the dot com was the primary domain chain. Only one person own voice. One person can own strategy or wisdom or mike or michael and early on. I was very obvious to me that if you owned domain that people understood that they could spell that they could type. That was a much better idea than having the company which is hard to spell and hard to type like imagine. Misspelling a word today as the name of your company it used to be marketing. Guys would say misspell the word. So it's unique but if you try to type a misspelled word into your browser. The spell checker corrects it. So you gotta like a won't correct voice won't correct mike and it won't correct strategy but it will correct strategy with two is and so you can't name. Your company's strategy with two is a why because you can't type it into the browser. It was very obvious to me back. Then that only one person could own the word wisdom on the dot com work. I and they were dirt cheap so i thought i mean not. I couldn't buy from nineteen bucks. But i could buy it for one hundred thousand dollars and if you had one hundred thousand dollars lying around you could buy the word wisdom well. How many people know demeans couple of billion how many people have been taught for eighteen years to the meaning of wisdom and how to spell with them. So you're talking about there must be two three four billion people on the planet that actually know how to find you. If you're sitting on the wisdom domain so so that was the idea behind domain scarcity relates to bitcoin because bitcoin is about digital scarcity all crypto so bitcoin is the main chain dominant chain. I mean there's a theory and then there's car donna and there's llosa and everything else that falls off it's not unlike dot com is the dot. Edu is dot io is the dot. Tv walk clearly. You want to be on the main chain if you can and you want to own scarcity and so i got excited about it back then. Here's what i thought like. If you have the word voice for the next thousand years voices going to mean voice in the english language and if there's ten billion human beings to learn how to speak english even if they spread all the way across the stars voice is going to be voice. And what's what's great about a brand well if you name your company or your product that thing and if a billion people can hear it in one second remember it spell it type it find it valuable. I mean that's worth a billion dollars to own tone a fundamental word on the main chain. So that's why. I bought them and held them. And eventually i sold voice for thirty million dollars last year. I didn't want to but it's the highest quality ears right. Yeah i did. It's the highest price. Anybody ever paid for naked domain. And i kind of wanted just to create a comp and the market so people would realize these things are valuable so the next one goes for one hundred million and the next one goes for five hundred million and the next goes for a billion. But you're talking about owning the english language. What's that worth just like. Bitcoin is about owning one. Twenty one millionth of everything. There's ever going to be like what's that worth right. If more than twenty one million millionaires. Everyone can own a bitcoin right. The only issue is is is dot com the main chain and is bitcoin. The main blockchain right. And what makes it the main one. Well at the fact that everybody uses it. What makes it the main one. And so of a billion people go there first and if they end their conditioned goes to google dot com amazon dot com apple dot com facebookcom numbers going to facebook dot tv so so once you get hundreds of billions or trillions of interactions on a main chain it becomes dominant and that becomes a dominant network. And so i got into that.

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