26 Burst results for "Vijay"
A highlight from The Worlds She Sees with Godmother of AI, Fei-Fei Li
"That just kind of changed me to this day. Physics is still, you know, first love. Learning is organic, learning is messy, learning is big data, learning is reinforcement, you know, trial and error. It took me two years of agony. It's hard to resist Stanford and Silicon Valley when AI was taking off. Not a single university today in America can train a chat GPT model, not even probably GPT. Sweet. The quest for artificial intelligence has spanned for decades, with the field really kicking off in the 1950s. Each era was marked by unique breakthroughs, and despite the recent flourish of advancements, the foundational work has long been underway by a cast of characters dedicated to pushing this frontier. One notable figure, some even referring to her as the grandmother of AI, is Fei -Fei Li, a professor of the computer science department at Stanford University and co -director of Stanford's Human -Centered AI Institute. And in today's episode, we have the pleasure of her joining Bio and Health founding partner Vijay Pandey to discuss her journey through the years, from uprooting as a teenager from Chengdu, China to Persephone, New Jersey, and barely speaking English at the time, all the way to building ImageNet, an instrumental project taking computer vision projects from tens of thousands of images to tens of millions. Throughout the episode, you'll also hear many of Fei -Fei's very human stories, like running a dry cleaning shop while she was at Princeton to her mother's role in allowing her to pursue physics, all of which helps to shape her vision for the very technology that she helped bring to life. Fei -Fei also just released her new book, The Worlds I See, that dives even deeper into her history and relationship with technology. You can find the link to that book in our show notes, and I can tell you as a daughter of two immigrants, this story really resonated. I hope it does for you too. And this episode comes from our sister podcast, BioEats World, so make sure to go check that out too. Let's dive in. As a reminder, the content here is for informational purposes only, should not be taken as legal, business, tax, or investment advice, or be used to evaluate any investment or security, and is not directed at any investors or potential investors in any A16Z fund. Please note that A16Z and its affiliates may also maintain investments in the companies discussed in this podcast. For more details, including a link to our investments, please see a16z .com slash disclosures.
"vijay" Discussed on Simply Bitcoin
"I'm like, holy cow So what would your response to that be right? You have a lot of people in government that benefit from this tremendous Privilege of being able to create money for free that everyone else has to work for Obviously, they're not gonna be very happy if they lose that privilege and you know They've been making some moves to to kind of isolate the industry or try to kneecap it What would your response be to that? By the administration is in particular Pretty hostile to Bitcoin. They're not gonna be there forever. And I think that that will change in time I I think like there are certain industries which are just naturally hostile to Bitcoin like the banking sector as you mentioned I don't think that's gonna change but I think one of the biggest narratives that Causing the wider population to be skeptical about Bitcoin Is the environmental narrative and I think I honestly think that narrative is gonna flip and it's gonna flip big time in the next year I think black rock coming along and promoting Bitcoin and Being an ESG company and the recognition that bitcoins actually really good for the environment But the the effect it has on energy grids and load balancing and carbon capture It's one thing people don't really understand is that there are Bitcoin mining companies out there. There's a there's a small startup called Giga energy Which I think people should look up they're going out and they're capturing methane that would otherwise be fled and You know burnt into the atmosphere Methane's like 80 times more damaging to the to the atmosphere than carbon It's hugely impactful to capture that and then turn it into money So so they're the rate at which they're capturing is much much more efficient than if you flare that methane So I think people are gonna figure this out And I think with like coming like black rock coming in and getting an ETF approved which I think will happen eventually I Think that combination is gonna flip the narrative on we're gonna start seeing articles from mainstream media I think in the span of next year or so Whether like bitcoins good for the environment and people will be shocked. They'll be like, whoa, where did that come from? But mark my words that's gonna change and I think that's gonna change the the view of a lot of people in the wider population Yeah, 100% and and and you know you you touched upon that right the this idea of where is otherwise Wasted energy, right? It's you know, because that's what they do. They they flared out into the atmosphere now you could turn that into money right and and that not only applies to Flaring natural gas, but that also applies to this tremendous amount of excess electrical electrical Capacity that happens to be in stranded locations where that energy would go to waste You couldn't you can't transport over long distances. You can't store it efficiency efficiently So what are you what are you gonna do with it? and it reminds me of this article that came out in Forbes actually and the name of the article the headline was the kingdom of Bhutan has been secretly mining Bitcoin for years and if you look at Bhutan and has this tremendous amount of hydroelectric Hydroelectric Capacity right and and they were powering their entire nation, but they had too much of it So what did they realize one, you know, it led to the inevitable conclusion. Wait a second. We can make this into Satoshi's We actually have very cheap electricity. We can mine Bitcoin with this so yeah, it's extremely exciting and I think it's gonna present opportunities to otherwise Isolated communities that had no opportunities and all of a sudden because they have this stranded Stranded energy sources they could become the new mining towns of the West, you know We're like these mining towns would just pop up in like Colorado and Utah now They're ghost towns, but they would pop up because of the gold mining industry. There's this giant gold rush So so yeah, man, it's it's a very very exciting future Cory calls it the bright orange future and Yeah, I totally agree man, it's very exciting I Think it's really cool that idea that you're talking about. It's gonna provide the financial Incentive to develop these communities in ways that you could have societies Just spring out of nowhere in places that otherwise It would be very uneconomic to go there But because there's an energy source, then you can mine Bitcoin and you can create is like new Community of colonists essentially the colonized a new part of the world that otherwise would be like Well, we can't go there. It's too expensive to go there. We don't have Enough of a financial incentive to build up an infrastructure there but if you have like this supply of energy whether it's a volcano or it's geothermal or You have a hydroelectric dam or you have some source of energy then you could have these remote places turn into really vibrant societies 100% and it really kind of you know, it brings opportunity where before there there was none Anyways, Vijay, I want to be respectful of your time. We are getting to the top of the hour. I absolutely love this conversation Thank you so much for coming on simply Bitcoin era. I think you've been the first guest in a couple weeks So really we really really do appreciate it Why don't you tell everybody where they can find you online and any projects that you're working on these days? You can find me at Twitter real underscore Vijay on Twitter, um, I guess the project I'm working on is swan I am now a swan. I'm working as an engineer. I'm working on the vault team. We launched our product at Pacific Bitcoin, it's a multi-sig solution that helps people Custody their own Bitcoin, but we don't Dump you into the deep end. We kind of hold your hand through that whole process make it super easy and smooth To get a multi-sig solution And we keep one of the keys. There you go. There's the video And I think it's a really fantastic product. We're rolling it out slowly just to make sure there aren't any kinks in the UI the underlying Custody part is really solid but we want to make sure the UI is really easy to understand and beautiful So we're rolling it out slowly, but it should be available to all customers of swan Hopefully fairly shortly very very cool yeah, I remember we we have been working on that for quite a while and it's really nice to To have it rolled out and you to be part of the team and it's a superstar team. Holy cow Anyways, Vijay. Thank you so much for joining us on simply Bitcoin IRL guys. Thank you so much for tuning in We'll be back for the live show tomorrow 12 15 p.m Eastern Standard Time if you enjoyed the content smash that like button consider subscribing if you feel like we provided you value But we'll catch you on the next one.
"vijay" Discussed on Simply Bitcoin
"I'm like it is a game of survival It is like surviving, you know making over make surviving the grind making making it over the finish line Because you know if we're right about this thing and I think we all are you know as people that work at swans You know as Bitcoiners You know, we all believe that you know Bitcoin is gonna take over the world Bitcoin is the best money bitcoins gonna become the next global reserve currency I think we truly believe that in our hearts So, you know and if we are right about that there's definitely gonna be a whole lot more people that are gonna want Bitcoin only financial services or Bitcoin media like that's just a fact right, you know, whether that's 10x 100x but my question to you Vijay is so, you know the the the 10x right a 10x Bitcoin would put it at 250,000 right so a Last cycle, I think the 2017 cycle it went from I think it was like $300 and went all the way up to $20,000 right, so this is like Multitudes more than that 10x. How long is it gonna take for Bitcoin to 10x from this? $26,000 level or is that something that's you know, something that's achievable next cycle. Is that something that's achievable by 2030? What are your expectations? What do you what are you looking on the fries in that and I know that this is dubious speculation I know that we're speculating at the moment and I know maybe I'm pushing you into a corner, but just curious what your thoughts are Yeah, that's a good point. I I would say firstly that I do think it's possible that Bitcoin gets the 250,000 in the next cycle I'm not very good at predicting where the cycles go like the 2017 cycle when Bitcoin went from like You know, what what did you say around $300 or whatever it was $200 all the way up to 20,000 I Didn't I did not think that that was gonna happen at the time that blew me away I thought Bitcoin was going to get to maybe three four five thousand and when it got past that I was really shocked so Sometimes I'm too conservative, but then In the last cycle I was too optimistic I I did really believe that Bitcoin would get to a hundred thousand or more than a hundred thousand and I think because of the Perfect storm that we've talked about that was the reason it didn't get to a hundred thousand So I do think 250,000 possible. I don't like making predictions But one thing I do say to say to people is over the time span of about a decade I have a lot of confidence very high conviction that Bitcoin will surpass gold And gold is worth I think 12 trillion right now And Bitcoin is worth like maybe a half a trillion. So that's like 25 X from where we are now When that happens exactly I feel very confident that that's gonna happen over the next decade I don't know what the exact timing will be But it'll be one of those, you know like Parker Lewis says you had him on before gradually then suddenly it will surprise people when it happens because that S-part of the adoption code where it's really steep and really quick will just happen and people were like, whoa, where did that come from? Does that happen two years from now five years seven years? I don't know But I I believe if you have a long enough time horizon like ten years Bitcoin is still one of the best investments you could ever make Especially because I think the risk profile is so much lower today than it was You know four five six years ago Bitcoin's not gonna die. It's gotten to the point where its survival is essentially guaranteed it's just a question of When do people realize that when do people realize that this this is not going away and this is not It's like tamper resistant money. When will that realization occur to the rest of the world's population? It's impossible to tell but I think over a period of a decade is you can pretty safely say most people will figure it out Yeah, and then and I agree. I think that the the these these next ten years as fiat currencies continue to break You know and so I'm so bullish on the global south like countries like Argentina, Venezuela, Turkey, Nigeria African countries where they don't have the privilege to have stable fiat currencies. So what do they do? They start seeking alternatives right, and then what what's bad news for governments is that once they find the Alternative because there truly is really one. I know that I know a lot of them I know a lot of you know, developing countries are Really big into stable coins, but I think stable coins are just they provide a false sense of financial sovereignty They don't they don't offer what Bitcoin offers. So I think that's that's a stopgap. I think that's a foot in the door I think eventually all roads lead to Bitcoin. But uh, the point that I'm trying to make is that the I think people are slowly waking up to this to this reality because They don't have they don't have that like if you're in Argentina and you're dealing with more than a hundred percent inflation It's not why you know me or you like we're in the West and we're like, you know, yeah f the Fed You know, like you go down that rabbit hole you're like the money's broken, you know You can even say it's an ideological stance, right? But the reality is that if you truly wanted to get by even though it's not an ideal system We do have very well developed financial rails You can get by on dollars even though it sucks, right? But you can still live right if you're in Argentina and you're dealing with a hundred hundred percent plus inflation That does not work anymore like that is that you're you're not seek you're not seeking an alternative For ideological reasons or because you believe the money is broken You're seeking an alternative to survive and what bet what bigger incentive is there than survival, right? So and I think that's why you see such like crazy adoption rates in those countries So I do agree I think ten years is you know A lot of things could happen in ten years that famous saying right a lot of people, you know Overestimate what they can do in a year and then they underestimate what they can do in ten, right? So ten years is a very very long time My question to you Vijay's the hostility coming from the established players whether that's the IMF United Nations The current Biden administration had Caitlin long on the show and she told me these are her words Not mine out shocked when she told me this She said that the reason that her Bank custodia got denied a federal banking charter was because that order came directly from the Biden administration came directly from the White House So those are her words.
"vijay" Discussed on Simply Bitcoin
"They make money if people trade back and forth. They're not they're not doing it for the right reason So it's really exciting for me to now be in a period of time when we have companies that are committed To not doing that and to educating people about why Bitcoin is different why it's special Why it's a new thing in the world that can help the world and Now I can feel comfortable about if I write a new book like go to swan. You can buy a Bitcoin at swan They'll help you out. They'll give you material to educate you on why bitcoins important. They'll help you with custody even You know swan is working on this vault product So that's really exciting I don't feel like when I first started writing the article or the book I Really had anything that I could point people to and say I feel really good about you going to this place to get Bitcoin Yeah, no, it's true. Like the you're seeing this emphasis on Bitcoin only products like you So it's like swan and chained River right? It's like these these companies that have built themselves up Being Bitcoin only right and and that wasn't a thing. That was not a thing in 2017 It was the shit coin casinos is where like I like to call them is where you would find You know where you could buy bitcoins would be coin base. It would be you know finance Gemini Kraken right just to name a few You know that would offer these alt coins and what a lot of them do not all of them But what a lot of them do is that they they list Bitcoin like all the rest, right? So if you're new And you're downloading one of these, you know One of these apps or you go to one of these websites and you're signing up to one of these exchanges You're looking at it and you're like, oh like, you know, whatever coin is it's it they're just the same and I could buy more of this whatever coin because You know the if people have unit buys right and you know, they kind of equate the two And this is why you know why I love swan's approach where it's it's an education focus education first, right? They spend a lot of resources on just you know, creating content to educate the masses of you know, why Bitcoin is different I completely agree Very very different times. Where do you see it five years from now? Where do you see it five ten years from now? Like, you know clearly You know, we were very lucky to start simply Bitcoin in the beginning of Bitcoin media Really Bitcoin only media is around that time, you know, 2020 I know the og podcasters started in like 2017 2018 But it was around that time where Bitcoin only media really took off because if you look at you know, YouTube It's just inundated with you know, all pointers and you know, okay content creators You want to do what you want to do? But you know Bitcoin has really never had a voice, you know Until not not that long ago. Like this is a new thing. This is a new phenomenon So where do you see it five ten years from now? Do you see the Bitcoin industry the Bitcoin only industry continuing to blossom? Continuing to differentiate itself from the rest of the industry or do you see the rest of it? Do you see the altcoin industry growing with the Bitcoin industry as well? I Unfortunately, I don't think altcoins will go away because I think the human desire to gamble is That's just part of our species and that that's not going to go away. I do think in terms of I really I'm super excited about how successful swan has been in them on the media side of things and someone is crushing it It's absolutely crushing it like with the podcasts that are associated with swan like what you're doing. Stephen Lavera is doing but swan It's own like work that the swan specific media is doing really really well on YouTube and I think that's so cool because it's just It's double benefit of like helping the Bitcoin community But also being good for the company and bringing people into the company Recognizing that hey, I've learned about Bitcoin on this video. Who's the company? Oh, it's one Oh, they also provide a service for buying Bitcoin So I think I'm really excited that swan is doing that and has taken that approach I think Cory has been really mindful about doing that and building a Bitcoin brand by having a set of very strong values that Bitcoin is hardcore Bitcoin is You know, they associate with that and they believe in those values so that that has the benefit of attracting people to swan both in terms of like employees but also You know bringing customers in because the people who care about Bitcoin now have a place to recommend their friends and family go to In terms of the industry, I think Bitcoin Bitcoin's monetization is gonna it's gonna be the tide that right raises all boats so if you are doing something if you're employed in the Bitcoin space Bitcoin 10xing is gonna have a very big impact on your Life and career like your your podcast is gonna be like Joe Rogan level You know in five ten years from now because you were so early on And the number of people who care about Bitcoin is going to be like also 10x bigger So I think that's gonna be true for all the companies in this space, especially the Bitcoin only companies So I'm super excited for that as well just to be working in this space Not just to see the price rise but to see the industry as well rise with it yeah, a hundred percent and and you know that that's kind of been the theory of the case right which is The you know, whether it's Bitcoin media or Bitcoin only companies, you know It's we're still in the the very very first innings of Bitcoin adoption So it's like it's truly is kind of like a game and so I tell I tell this to Opti all the time was currently Backstage right now.
"vijay" Discussed on Simply Bitcoin
"So no, I mean I could put them in the balcony I don't know how my how my fiance would feel about that, but they're pretty pretty messy. This is a interesting fact I was surprised how many swans, you know, our fellow co-workers have chickens There's even like a slack channel just for people who own chickens It's a very kindly invited me to even though I only have two chickens it's it's a movement it's a movement You have to own the chicken. There's something about being a Bitcoin or that, you know, that's kind of part of the proof of work Yeah, so, I don't know I don't know how my building would feel or how my fiance would feel but maybe just one chicken to see how it how it goes and I Want one thing I would warn you if you're gonna get in get go down the chicken rabbit hole Which you're right Bitcoin is like going down the chicken rabbit hole We bought four chickens when they're baby chicks and two of them turned out to be roosters and that's kind That's kind of problematic because in the city and I'm sure this is true in Florida as well especially if you're in an apartment building they do not like roosters because they're very loud and Unfortunately, there's those two guys They had to go Wait, so did you so so did you did you crack the neck yourself? I did not we had a friend who was happy to take them and Turn them into dinner. Okay, that's that's a very nice way of putting it May they rest in peace the roosters and the roosters, okay, so Vijay back to bullish case for Bitcoin No, I mean I I've been doing this for so long that now I'm prepared to Be prepared for the unexpected when talking to Bitcoiners. So but it is a pleasant surprise It is a present surprise that the author of the bullish case for Bitcoin is also a chicken farmer. That's that's good news That's some good news The bullish case for chicken The bullish case for chicken the bullish case for chickens is Bitcoin takes all over the world takes over the world because then more Bitcoiners more Bitcoiners equals more chicken farmers. So You could say that you could say they're definitely correlated the two anyways, so Going back to the bullish case for Bitcoin If you were right it today, would you do would you do it differently? Hmm interesting I Know I don't think I would I I think when I wrote it I wrote it in a way that I thought would be timeless That the arguments I was making was not I was really actually pretty conscious about not saying anything specific about the period of time that I was writing it was more an article about Money why does money have value and why if money has value for certain attributes that we use it for Then why is Bitcoin superior to what we have already and I think those arguments are fairly timeless So I don't think I would I maybe there's extra topics I would like to cover If I do a new edition of the book that people might be interested in like, how do you how do you custody Bitcoin? How do you obtain Bitcoin those are questions a lot of people come to my book as beginners It's often used by people to give to beginners who don't know much about Bitcoin as an introduction And I think one thing Bitcoin is often want to know is like well, how do I actually get any Bitcoin? Now I can feel really excited about saying go to swan Which is actually I think that's a big deal it's maybe one thing we can talk about for a second I think in the early days people sent their friends and family to coinbase because it was the only option and I think for a lot of Bitcoin is of people who are really passionate about Bitcoin It's such an uncomfortable feeling to send friends and family to a place, you know, it's not gonna do the right thing by You know your friends and family that are gonna expose them to things that are gonna cause them financial harm and encourage gambling and And not really investment vehicles they're just complete garbage scams a lot of them is complete scams and the only reason that a company like coinbase offers it is because They make fees on it.
"vijay" Discussed on Simply Bitcoin
"It's kind of a tale of two different sectors Like the real estate market is in a deep deep recession like unprecedented recession But then the services sector is still booming a lot of that money That was printed and created during the pandemic Went into like it was like directly Helicopter dropped almost like these stimulus checks people got people had this extra cash But they were prevented from doing anything with it because we're all locked up for two years and so when that stopped people had this desperate desire to Like get out and do stuff to go to restaurants to go to Disneyland To travel and all of that money is being flushed into the services sector right now And so that sector is being propped up and has been propped up probably for a year or so, but now credit Credit card debt is increasing and people have spent that money that they got and they're going into debt Eventually that won't be sustainable and then the services sector will also go into recession It's just this sort of slow-moving train wreck where parts of it of the train that have been hit by the recession But the back end of the train is still moving forward and the the back end of the train is the services sector Which is you know all these restaurants? Keeping up with this massively elevated demand because of one the money that went directly to Consumers and to the pent-up demand from people wanting to live their lives That that's not gonna last forever Yeah, no eventually you know the what's the expression the roosters come home or something like that The chicken comes home to us, I guess Anyways, okay, I have chicken so I should know that you have chickens I need to get on that tip I Unfortunate I live I live in a I live in a I live in a I live in a nice box But I live in an apartment.
"vijay" Discussed on Simply Bitcoin
"It was like this like perfect storm That all kind of happened at once and I truly believe we were meant to hit 100k like I really do believe we were meant to we were meant to hit 100k last cycle and I think it was just all these the perfect storm of Things that needed to happen in order for Bitcoin not to hit 100k now. Maybe this is like a bit of hopium Maybe I'm like, you know too optimistic and whatnot But what I'm seeing this cycle is a lot of pessimism about the next cycle Actually people are like like they're like, oh, it's maybe it's gonna hit 80k. Maybe it's gonna hit 75k We'll be lucky if it hits that so it's kind of the exact opposite of the language and the excitement that I heard the last cycle and I think this cycle is gonna be really interesting because You have the blackrock spot ETF, right? The halving is ensuring, you know That the cell pressure from the miners is gonna get cut in half no matter what and at the end of the day There's only 21 million Bitcoin So if another billionaire or if another public company see sees what Michael Saylor is doing It's clearly working the strategy that he's that he's adopted and they wanted to do the same thing There's literally not enough Bitcoin to go around and I think people have a hard time really wrapping their heads around this absolute scarcity that Bitcoin has like If every company wanted to adopt the micro strategies the micro strategy I love how they have strategy in the name the micro strategy strategy They literally could not they it would it would make the price go parabolic it there would be not not enough Bitcoin to go around Right. So yeah, that's on that. Yeah, the price has to expand to make room for new entrance That's that's the way you can get more people into bitcoins that the price and the liquidity has to expand but you're right there's only Like a very small fraction of Bitcoin is actively traded and I think it was I saw this on I think it was on Twitter Unchained published a note about how we're at the all-time high for Long-term held Bitcoin the fraction of the total supply that's being held by people for more than two years is the highest It's ever been in the history of Bitcoin. The the previous all-time was 2016 which was the beginning of that full market into the end of 2017 As a really good sign that all of the Bitcoin that was held by paper hands in this last cycle has been Accumulated it's all being you know pulled off the market and now we have a bunch of diamond hands holding Bitcoin It's like it's almost like a dry forest and all you need is that match and things are gonna go crazy very very quickly And I the other comment you made I think it's really important about how sentiment is really negative and how People like other cycles not going to go very far and we'd be lucky if we just get above the all-time high. I think that's Fantastic. I love seeing sentiment like that coming into a new bull market, especially when the prices plateaued and You know continued negative News and sentiment can't push Bitcoin down that to me is a sign of a very very strong base and a very strong Set of hands holding Bitcoin. I think it certainly sets us up well for the next bull market One extra thing I wanted to say though one of the you know I think the most important was the Federal Reserve the Federal Reserve increased interest rates at the fastest pace in probably 40 years after a period of 15 years about 15 years of zero interest rates They switched direction So, you know this period of like free money for 15 years and then they flip the switch and they go basically parabolic on short-term interest rates I Shut the Bitcoin bull market down in in 2021 and if the halving Corresponds or you know roughly corresponds to the Fed pivoting at some point I think the Fed has to pivot because they're gonna break the economy If the halving and the Fed pivot Happen around the same time then I think this bull market could be much bigger than people think Yeah, and and I I agree with that. I agree with that statement completely It you know in it what blows my mind VJ is you know like They you know, they talk about how the u.s. Is this capitalistic society, you know? And it is like the the shining, you know economy on the hill and you could say that right? It's the most powerful economy by far in the u.s. I mean the world But it's you could make the case that it is essentially planned to cut in a way I know I know I'm gonna get ripped for that. But in a way, you know you have You have this guy in a suit that basically gets to dictate the direction of the u.s. Economy It's it's it's a form of central planning. I mean, they don't even hide it in a way They do call he does call himself chairman. So it's it's chairman Powell, you know Dictating and you know if you know a little bit about history and whatnot, right central planning doesn't doesn't have a good track record Especially when it comes to when it comes to everything really but uh, but you know What are your thoughts about that? Because it's absolutely insane and and Vijay just to kind of add to that give a little bit of context to our viewers I'm sure you guys know by now. I My career I went straight into Bitcoin so I had to learn the traditional financial system rather than what most people go through is They go from the traditional financial system and then they reach Bitcoin and then they have to go through this unlearning process I had to go through like I understood Bitcoin and then to like, you know Not sound like an idiot when I bring Greg Foss on the show I had to like Go back in time or like look back and like try to understand the traditional financial system and it just blows my mind I'm like, this is so archaic. What is this is absolutely insane. This is absolutely bonkers So what are your thoughts on that? Yeah, it's funny. You had to go and learn the Fiat standing because you were born with a big standard I think that I feel jealous actually when you say that it reminds me of when I hear people who homeschooled and I'm like, oh man, that sounds so nice like to not To not grow up in the Fiat system to not grow up with that mindset Like it's like being born outside the matrix, you know that movie from 1999 Which I think there's a lot of parallels you you're one of those people who are like Doesn't have the the holes in the back of his head Yeah, there's a hole in the back of your neck and you you understand like what the world is and what the truth is I think that's that's really cool Yeah, I think we can almost feel lucky that they don't call the chairman bizarre like the bizarre of money You're right. The interesting thing about the US economy is it's a mixed economy. It is capitalistic in many ways And the measure of whether an economy is capitalistic that was given by von Mises was whether there's a functioning stock market So I think we are capitalist in that sense but money is the most important economic good in any economy because it's half of every transaction and You're right. We have central planning. We have communism for money For the most important economic good and that can't help but have all sorts of unintended consequences And the problem is the Fed as much as they may have good intentions They really veer from one side to the other and it's just really whiplashes the economy Like with with the pandemic they just created so much helicopter money they were like trying to protect the economy of what what's what's the Consequence of that now we have inflation and it looks like that inflation is kind of sticky It's really hard to get rid of it because they pumped all this money into the economy And it's really hard to drain it out because it's painful. It's almost like Putting a lot of heroin into a heroin addict the process of withdrawal is not pleasant and That's what they're trying to do you trying to get the patient to go through withdrawal But you're also trying to make sure the patient doesn't die And that's possible as well if they push interest rates too high the patient could flatline and die certainly parts of the Economy have already died. Like if you look at the real estate market in the u.s. It's dead It is it in a state of stasis that has never been seen in the last century like the number of homes What do you mean by that though? Cuz I live in South Florida and it's it's absolutely bonkers down So like what do you mean by that? Prices are high that's true, but Inventories are incredibly low Like it's a kind of a fake market where like the prices that are being set Don't really reflect what a real market a real market would have a normal number of sales but because interest rates are so high and because prices haven't gone down is so Expensive to buy a house like to get a mortgage to buy a house is you know out of the realm of possibility for most people now and but on the other hand people who own a home don't want to sell it because it's like Well, I don't know if I can sell it maybe in Florida Maybe there are a few pockets in the country where you can sell a home But in most places if you look at the data the the number of home sales new home sales is the lowest it's been in a century This is essentially as close to a dead housing market as you can get So there are parts of the economy that have died and they've died because of the Fed the Fed is Heroin during the pandemic and now they've pulled out the heroin and parts of the the patient have died The real estate market is one the question is whether that you know Spreads to the core parts of the body like it is the heart of the economy gonna stop That's that's what I think would cause the the Fed to Change its course and pivot and reduce the interest rates again if we enter a recession as I think we will in 2024 I think the Fed will pivot and that's perfect timing for when the halving happens as well and Okay, so that's that's really interesting because and I've been talking Really privileged to have like Lawrence and you know the macro heavyweights like I like to call them lavish you know Lynn and Like my question to them is like we've we've been expecting this recession and it's just not it hasn't it hasn't come to fruition yet So you're what you're saying is you're expecting you're you know, you're expecting it to come in 2024 Why do you why do you think it's taken so long? Why is this been as such a drawn-out process? Well parts of the economy already in recession.
"vijay" Discussed on Simply Bitcoin
"It's only in hindsight that they're like Oh, I get it. You know, I got in early The one piece of advice I give people is that if you can accumulate Bitcoin during a bear market you will do well because it's and for two reasons one is that the the price is just like It's the optimal time to accumulate because the price has collapsed from an all-time high but also the mentality the mentality of people who come in at a bear market is I believe in this I'm investing slowly and accumulating because I have conviction in it and I realize that there's something fundamentally better about Bitcoin than its competitors and Those people it in my experience stay they realize bitcoins important and they stay for the long term They stay through the price swings it's the people who come in at the end of the bull market that Like they turn out to be paper hands and they have the worst experience because they buy near the top the price crashes They feel awful. They abandon Bitcoin. They sell it a lot of people sell it all like I Still remember stories of people selling all of their Bitcoin at $2 actually, I heard one from someone an old-time Bitcoiner at swan Who who had accumulated a bunch of Bitcoin and sold their Bitcoin at $2 because they thought oh man this thing is doomed It's never coming back and it dropped from $30 to $2 in the Mt. Gox crash And whenever and this was true for this person to whenever a person goes through that experience what I find is they don't come back to Bitcoin for at least another one or two cycles and it's so painful for them because they look back and they're like I had this opportunity To be part of this thing and to accumulate it when it was at such a great price But because they came in at the end of the bull market They were so affected by the the market psychology and the pain of losing money that they didn't want to think about Bitcoin for like a few cycles after that and then Because it survived for a few more cycles They're like, oh, maybe I should revisit Bitcoin and consider investing in it again when the price is like a hundred X higher than it was So, yeah, I think my advice is for your listeners is now is a perfect time to accumulate Bitcoin there's been so much negativity The price went below 20,000 and you know today we're learning why it went below 20,000 with the FTX Court case and how FTX was stealing literally stealing Bitcoins of their customers and selling those bitcoins to keep their hedge fund Alameda afloat So there's a huge crime that happened and one of the side effects of the crime is Bitcoin dipped Below 20,000 which most people including me did not expect like this is the foot just like you said Nico The this is the first cycle where Bitcoin has dropped below its previous all-time high and that was really surprising most most of us thought that's probably not going to happen that would be in a really extreme event and Now we know why that extreme event happened It happened because of a massive criminal enterprise which stole billions of dollars and for sold people's Bitcoin onto the market If it wasn't for that criminal enterprise and Bitcoin probably wouldn't have gone below its previous all-time high Yeah, yeah, and I agree and then also not to mention the fact that the the China ban happened I mean the and a lot of people don't realize this because I'm sure they weren't paying attention but essentially the Right that when the CCP banned Bitcoin mining again, I think it was like the 18th time They did it right in the middle of the last bull run and you see the hash rate drop and You see the path the price drop with it And that's essentially all that cell pressure from those miners that are selling their equipment selling their infrastructure selling Bitcoin To relocate to a friendlier jurisdiction and then you lump in the FTX stuff, right? You know selling that paper Bitcoin selling the investors Bitcoin.
"vijay" Discussed on Simply Bitcoin
"It's sticking around and I'm talking about, you know the vast majority of people that there is a pretty significant number of people out there who already believe this but there's still like You know the late late majority in terms of the adoption curve They still need to figure this out. This is like the Internet's not going away because the world needs it And it's gonna be so entrenched that everyone's gonna have some Bitcoin and keep keep savings in Bitcoin So it's really interesting what you said about the adoption on the adoption curve You think we're already at the early majority stage. Oh, no, no, no. No, I I should know we're before that We what's the one before the early majority innovators innovators? Yeah, I think we're somewhere in that innovators stage The early majority in the late majority those there's still like I don't know what it is in the world Probably 90 95 percent of the world still needs to figure this out because your mindset changes Right when you when you think okay bitcoins never going away It's never going to be tampered with So what's its value then? If if you combine those two things that it's never going away and people can't tamper with it. It's hugely valuable There you go Yeah, I would say we're still somewhere in the early adopters phase maybe like a quarter of the way through early adopters There's still a lot of people who who haven't figured Bitcoin out Literally billions of people haven't figured it out So what you're saying is that we're not late to Bitcoin What would you say to because this is one of the also the another narrative? VJ and I think a lot of people don't understand and my piece of advice is look guys Back in ten years ago and the price of Bitcoin was like $100 if I would have told you the price of Bitcoin would have Been $26,000. You would have laughed me out of the room, right? I think a lot of people feel like they've missed the boat a lot of people feel like they've missed the party And you know for the last five years a lot of people also believe that the the exponential gains are behind us and You know, the opportunity is gone. What would your response be to them, you know, because we have in a way You know This is the first cycle where? The price of Bitcoin went below the previous all-time highs and I think that unsettled a lot of people when we broke below 20k Well, or you know Are we still early is is there still opportunity in Bitcoin if people are looking to invest or keep their savings in there? What would your response to them be? I think one thing I like to point out to people is it? No matter when you buy a Bitcoin and this is true for absolutely everyone you feel like you're late And and that was true for me You know when I got my first Bitcoin when they were like ten dollars or something like that Because everyone just looks at the past and there's a term for this it's called path dependence your view about the the value of something That's path dependent is based on what the price was before and you look at it You're like, oh man, I bought Bitcoin for $10, but it was like just six months ago. It was like 50 cents So I'm buying the top People who bought it 100 felt the same way people who bought a thousand felt the same way people who bought it 10,000 felt the same way Just in terms of the adoption curve, we're clearly very very early one other observation I'll have is like you can look at say tech companies and One a feeling that even I had in 2000 Was it 2009 2008 sometime around there the tech companies were big companies Oh hunt worth hundreds of billions of dollars and I was like man How are how these companies gonna get any bigger than this they're like massive companies and over the next decade they 10x'd That like Google went from being like a 200 billion dollar company to a two trillion dollar company or ballpark two trillion dollars and There was still so much growth ahead And they they were much more late later stage than Bitcoin is I think Bitcoin still has a hundred X in it So I Still think we're incredibly early and if something has a hundred X you're still at the starting line Essentially you're still at that first 1% first step of the total value that's going to be captured It's just that's the the reason people feel like they're late is because of path dependence They see the prior history of the price and that's what helps that's what determines for them Like whether they're getting in early or late.
"vijay" Discussed on Simply Bitcoin
"It was like hundreds of people There's a line outside the swan dome it blows my mind because this is not my This is not my background. I'm not an author. I don't consider myself an author. I'm not an economist by training I'm an engineer by training and you know, pretty introverted engineer, so The attention it's got has been way beyond what I thought would happen Yeah, no and and well-deserved I might add, you know, that's an incredible piece it you know I remember when I read it for the first time it really really resonated with me and I remember that swan dome That was Bitcoin 2021. They set up the swan dome outside. That's when they threw the conference not on Miami Beach, but in Wynwood Yeah, and you know fast forward a couple years later. You could have never have imagined, you know myself included very similar story I might add right Kind of back and forth with quarry for a while And then one thing led to another now my question to you is vj. So you wrote this piece Things obviously things have obviously changed, right? I think things have changed for the better whether you know the change of the FASB accounting rules whether it's the black You know the BlackRock ETF where there's these large banks that are filing or applying for licenses to custody Bitcoin for their clients, right? You have this, you know, you kind of one of the narratives in 2017 What are the coping narratives right when the 2018 bear market hit was? The institutions are coming the institutions are coming, you know, and that was a bullshit back then You can't say that that isn't true anymore. There's clearly institutional interest Gary Gensler was absolutely grilled in Congress, you know, it's like Tom Emmer and a bunch of other Representatives and they absolutely massacred I felt bad for the guy. Oh, I almost felt bad for the guy better said and And yeah, so it's definitely been a long time a lot of things have happened since you've written the piece What has changed in your perspective? What are the some what are the did you think that this was this all of this? Would would have happened as soon as it happened That's a good question I think the market in general is just so much more mature than it was and I think you're right the institutional interest has definitely Appeared in like in real life And I think that's basically organic. I think it's not because the institutions recognize Hey We should be doing something with Bitcoin just on their own is because their clients were asking them that it was because they were getting so much Interest from their regular customers saying can you provide me with a Bitcoin product here? Because I want to invest in but how do I invest in Bitcoin? They didn't have anything. They didn't have any offerings So a lot of these banks and now black rocker are looking at that and saying Our clients want this we need to do something here so I think that came organically didn't come because they had had like this moment of Insight or reflection. So I also don't want to give those institutions too much credit I think also the big difference That I feel from between now and 2017 is I don't have any real worry about Bitcoin surviving 2017 was actually a really worrying year for me. You probably remember the block size Wars. It was a one time. I was like Bitcoin survival is at stake right now Because the biggest most powerful companies in the space are trying to change Bitcoin In a way that it would basically become what aetherium is it's just a piece of software that you can change and twiddle with and like It doesn't have that core property of immutability like this can't be tampered with The fact that it can't be tampered with is really what gives Bitcoin so much power Because it can't be bent It can't be manipulated the supply can't be changed and we've never really had in the history of humanity institution a monetary institution that can't be tampered with So I was worried in 2017 and that that concern after the block size Wars and the fact that the biggest companies in the space and the biggest minor and some of the biggest holders in the space couldn't change Bitcoin That gave me so much confidence and peace of mind that this is gonna this isn't gonna die for me I already believe that Bitcoin is a permanent Institution in the world in the same way that most people believe the Internet's opponent institution I just can't imagine a world where we don't have the Internet unless it's like, you know game over a Comet has hit the earth and we knocked back to like pre civilization I think the Internet's opponent institution in the world I think Bitcoin is too I think the rest of the world probably has another decade or so to catch up to that belief where People like yep bitcoins not going anywhere.
"vijay" Discussed on Simply Bitcoin
"You Yeah, welcome to another episode of simply Bitcoin IRL today we have a well first of all happy to be back We haven't done an IRL in a couple weeks. I think the last guest was Parker Lewis We have a very special guest lined up for you guys today the author of the bullish case for Bitcoin and also fellow Co-worker with me over at Swan Bitcoin. We have Vijay boyapati. I'm super excited for this episode Vijay We just we just crossed paths in California, man It was super awesome to see you and now it's super awesome to work with you as well. So, how you doing, man? Uh, yeah, I had a great time at Pacific Bitcoin and it was great doing a panel with you I guess it wasn't a panel. It was kind of a fun game Um but yeah, I'm super excited to be part of Swan and Honestly Pacific Bitcoin Mmm, I didn't say this but it just occurred to me the feeling I had when I was there was the same feeling I had At the first Bitcoin conference I went to which was almost exactly ten years ago. The first Bitcoin conference I went to was in 2013 In San Jose, it was just the Bitcoin conference which is called the Bitcoin conference There was there wasn't really any other conferences. There were no shit coin conferences. It's just the Bitcoin conference and I Just remember the the sense of excitement Just how cool this was like this people just discovering Bitcoin like this could potentially change the world I got that same kind of sense of excitement at Pacific Bitcoin and just the sense of fun as well, which is really awesome Yeah, yeah, it was I never forgot the Pacific Bitcoin and and I and I felt that energy too and I've heard that for multiple people and I never forgot last year where price of Bitcoin was sitting at like $16,000 and you have Michael Saylor sitting in front row watching every single panel This guy's down billions of dollars, right and he's just cool-headed Looking at the panel trying to have a good time talking to other Bitcoiners So that feeling that energy I don't know if it's the the airplane hangar or you know The way that Swan throws these events. They're very very special They're homey in a way and I think in and I love the Bitcoin conferences But maybe it's the size like the you know, the Bitcoin conference is thrown by Bitcoin magazine. Maybe it's the size I don't know what it is. Maybe it's that California feeling I don't know, but I know exactly what you're talking about when you say that it's it's a it's definitely a very very special event So, you know your presentation on stage was absolutely epic because you started to undress yourself And what I mean by that is you you know, you took off your sweater and you showed something It was a pretty epic introduction for you joining saw Swan So my question is why'd you join Swan in the first place? What what made you want to work here or work? Oh, that is a good question. Well The way it happened. I'll just tell a brief story I got an email from Cory obviously CEO of Swan I got an email from him out of the blue saying I want to chat with you and It was on a Friday and I said, you know, I'm taking the kids camping I can't do a call right now and he said okay Monday and I I took the call zoom call on Monday and I Thought he was gonna ask me about like Swan might be raising some money It's a great company or maybe he was gonna invite me to Pacific Bitcoin or something like that But when I got on the call, he was on the call with yarn as well which surprised me a little bit and I was like, huh, what's going on here and He asked me about how my job was going and he asked about a company that I didn't work for anymore Cuz I didn't keep LinkedIn updated. I didn't really use LinkedIn So I had like a job listed on there from like seven years ago And he was like, how's that going? You know, I was like, oh, you know, I don't really work there anymore and he said well we want to just take a shot and see if you want to work at Swan and I'm so blown away. I did not expect that at all I Had expected an invitation to Pacific Bitcoin to speak or something like that and And I I thought huh, that's interesting Let me find out about swine I knew Swan was Bitcoin only and I knew what the business generally was But I didn't know that much and I didn't know exactly who worked there And so I spent the next week or two just speaking with with people at Swan and I was honestly blown away like the team that Cory and Jan and Brady have put together is awesome and the philosophy of like this is a Bitcoin company We're all Bitcoiners. There's no non Bitcoiners, it's like he Cory told a funny story actually he was like we were interviewing this engineering candidate who's like pretty good and One of the questions he had was what's your favorite Stefan Lavera episode? And the person didn't know the podcast and Cory's like no, no, no, we're not we're not hiring him So it's like really hardcore. It's like this is a Bitcoin only company and I thought that was so cool because I've been interested in Bitcoin for a long time now since 2011 and I've always been supportive of the companies in this space but to be able to work at one and to be surrounded by Bitcoiners and people who love Bitcoin and you know To be able to hang out with you and and folks like you is just it's honestly a dream for me to be able to Join Swan. So that's that's how I ended up at Swan Yeah, man, that's so first of all that backstory is super interesting Yeah, it's it's a it's a company full of Bitcoiners complete on the mission It's a Bitcoin only company, right? So yeah, it's it's uh, you know, and it's it's what you said there's it's incredible group of extremely talented Bitcoiners hardcore Bitcoiners that uh That are totally on the mission. So it's it's super super happy to I'm super happy to have you like you know part of the fold part of the family and Yeah, man Upwards and onwards. Anyways, man, so you did a presentation on the bullish case for Bitcoin That's what that's you know, that's what you're known for, you know, I think it was Michael Saylor Please correct me if I'm wrong BJ that wrote the preface to this incredible article that eventually became a book Right, which is absolutely insane when you wrote that initially and it's been a while now since it was our first release Did you have any inclination? You know because sometimes I'll make a video so like I look like I love making content I love making videos and sometimes when I make a video or when I title something properly I have a like there's a little voice in the back of my head. That's like this is gonna pop off I'm very confident about that. You don't know to what extent but you're like, okay I'm pretty sure this one's gonna do really well that being said did you have any idea that? That article that medium article that then became a book was just gonna blow everyone's minds away Not at all not at all. And I mentioned this at the start of my talk at Pacific Bitcoin I said I and honestly thought that it would be read by a few friends and family members people who knew me and Knew that I was really into Bitcoin and probably getting annoyed at me talking about Bitcoin all the time I think I did have a little bit of hope that it would be Maybe read by a few people outside of my friends and family circle and I was hoping Like my big hope was maybe a few people on Wall Street will read this and it'll click for them and they'll be like, oh I get it. This isn't some like this isn't beanie babies or something like that. This is there's something fundamental here That's really important And and it would click for a few people. I had no idea what happened would happen none at all And it got it's been read over a million times It's been translated and not by me but by volunteers in the 20 different languages I think it hit on a nerve because people at the time were trying to understand like This was the I started writing it in the beginning of 2017 I'm a really slow writer and I only published at the end of a sorry the beginning of 2018 But I think at the time it hit a nerve because people really wanted to understand Bitcoin That was the first wave of like regular people coming to Bitcoin before that It was kind of like a libertarian Cypherpunk thing. It wasn't like regular people not that many regular people cared about Bitcoin I think 2017 was the first wave of regular people And there was just a lot of interest like what is this thing? Why is it becoming so valuable? And and so I think I Had been thinking about it since 2011 I have background in Austrian economics and I put a lot of thought into like Why does this have value to me? That's the most important question. Why does it have any value? Why is it? Why is it more than zero and And I think there's like a good economic argument for why it does and that's what I put into my article I think it hit a nerve because people were trying to answer that exact same question Like why does this thing have value and then it just got you know a momentum of its own and you got shared around a lot and You know was mentioned on in some media and podcasts and stuff like that and it kind of blew up and then people started Translating it and that's in 20 different languages. So yeah, it got a momentum of its own and the doing the book was an interesting thing because I was like people kept asking me to turn it into a book because they were Literally physically printing it out and giving it to people like hey, you know Bitcoin It's like to evangelize a little bit because they've discovered something important They want other people to know about it And so they're printing out my article and I can you just turn it into a book so I can give them a book It looks better if it's a book I was like, ah, I don't really want to do that because like I didn't know what I'd want to add to the article I don't want to just like type the article into a book and publish it but a few years later I a bunch of stuff had happened the pandemic had happened and the Federal Reserve had gone completely crazy and Created trillions of dollars in new money and I thought okay There's some new stuff that I want to revisit and I could add to the article and so the book is quite a bit expanded it's like It has like a bunch of stuff that's not in the article and I revisited that in 2021 And the funny thing is I when I started when I launched it and I started selling it I remember going to the swan dome at the Miami Bitcoin conference and I've had this relationship with swan for a while actually where like I really like this one people like hanging out with them and I remember basically launching my book in the swan dome when I was like 100 degrees out and inside the dome it was like probably 120 degrees and It was a madhouse in there.
A highlight from Vijay Boyapati | You Are Early to Bitcoin | Simply Bitcoin IRL
"You Yeah, welcome to another episode of simply Bitcoin IRL today we have a well first of all happy to be back We haven't done an IRL in a couple weeks. I think the last guest was Parker Lewis We have a very special guest lined up for you guys today the author of the bullish case for Bitcoin and also fellow Co -worker with me over at Swan Bitcoin. We have Vijay boyapati. I'm super excited for this episode Vijay We just we just crossed paths in California, man It was super awesome to see you and now it's super awesome to work with you as well. So, how you doing, man? Uh, yeah, I had a great time at Pacific Bitcoin and it was great doing a panel with you I guess it wasn't a panel. It was kind of a fun game Um but yeah, I'm super excited to be part of Swan and Honestly Pacific Bitcoin Mmm, I didn't say this but it just occurred to me the feeling I had when I was there was the same feeling I had At the first Bitcoin conference I went to which was almost exactly ten years ago. The first Bitcoin conference I went to was in 2013 In San Jose, it was just the Bitcoin conference which is called the Bitcoin conference There was there wasn't really any other conferences. There were no shit coin conferences. It's just the Bitcoin conference and I Just remember the the sense of excitement Just how cool this was like this people just discovering Bitcoin like this could potentially change the world I got that same kind of sense of excitement at Pacific Bitcoin and just the sense of fun as well, which is really awesome Yeah, yeah, it was I never forgot the Pacific Bitcoin and and I and I felt that energy too and I've heard that for multiple people and I never forgot last year where price of Bitcoin was sitting at like $16 ,000 and you have Michael Saylor sitting in front row watching every single panel This guy's down billions of dollars, right and he's just cool -headed Looking at the panel trying to have a good time talking to other Bitcoiners So that feeling that energy I don't know if it's the the airplane hangar or you know The way that Swan throws these events. They're very very special They're homey in a way and I think in and I love the Bitcoin conferences But maybe it's the size like the you know, the Bitcoin conference is thrown by Bitcoin magazine. Maybe it's the size I don't know what it is. Maybe it's that California feeling I don't know, but I know exactly what you're talking about when you say that it's it's a it's definitely a very very special event So, you know your presentation on stage was absolutely epic because you started to undress yourself And what I mean by that is you you know, you took off your sweater and you showed something It was a pretty epic introduction for you joining saw Swan So my question is why'd you join Swan in the first place? What what made you want to work here or work? Oh, that is a good question. Well The way it happened. I'll just tell a brief story I got an email from Cory obviously CEO of Swan I got an email from him out of the blue saying I want to chat with you and It was on a Friday and I said, you know, I'm taking the kids camping I can't do a call right now and he said okay Monday and I I took the call zoom call on Monday and I Thought he was gonna ask me about like Swan might be raising some money It's a great company or maybe he was gonna invite me to Pacific Bitcoin or something like that But when I got on the call, he was on the call with yarn as well which surprised me a little bit and I was like, huh, what's going on here and He asked me about how my job was going and he asked about a company that I didn't work for anymore Cuz I didn't keep LinkedIn updated. I didn't really use LinkedIn So I had like a job listed on there from like seven years ago And he was like, how's that going? You know, I was like, oh, you know, I don't really work there anymore and he said well we want to just take a shot and see if you want to work at Swan and I'm so blown away. I did not expect that at all I Had expected an invitation to Pacific Bitcoin to speak or something like that and And I I thought huh, that's interesting Let me find out about swine I knew Swan was Bitcoin only and I knew what the business generally was But I didn't know that much and I didn't know exactly who worked there And so I spent the next week or two just speaking with with people at Swan and I was honestly blown away like the team that Cory and Jan and Brady have put together is awesome and the philosophy of like this is a Bitcoin company We're all Bitcoiners. There's no non Bitcoiners, it's like he Cory told a funny story actually he was like we were interviewing this engineering candidate who's like pretty good and One of the questions he had was what's your favorite Stefan Lavera episode? And the person didn't know the podcast and Cory's like no, no, no, we're not we're not hiring him So it's like really hardcore. It's like this is a Bitcoin only company and I thought that was so cool because I've been interested in Bitcoin for a long time now since 2011 and I've always been supportive of the companies in this space but to be able to work at one and to be surrounded by Bitcoiners and people who love Bitcoin and you know To be able to hang out with you and and folks like you is just it's honestly a dream for me to be able to Join Swan. So that's that's how I ended up at Swan Yeah, man, that's so first of all that backstory is super interesting Yeah, it's it's a it's a company full of Bitcoiners complete on the mission It's a Bitcoin only company, right? So yeah, it's it's uh, you know, and it's it's what you said there's it's incredible group of extremely talented Bitcoiners hardcore Bitcoiners that uh That are totally on the mission. So it's it's super super happy to I'm super happy to have you like you know part of the fold part of the family and Yeah, man Upwards and onwards. Anyways, man, so you did a presentation on the bullish case for Bitcoin That's what that's you know, that's what you're known for, you know, I think it was Michael Saylor Please correct me if I'm wrong BJ that wrote the preface to this incredible article that eventually became a book Right, which is absolutely insane when you wrote that initially and it's been a while now since it was our first release Did you have any inclination? You know because sometimes I'll make a video so like I look like I love making content I love making videos and sometimes when I make a video or when I title something properly I have a like there's a little voice in the back of my head. That's like this is gonna pop off I'm very confident about that. You don't know to what extent but you're like, okay I'm pretty sure this one's gonna do really well that being said did you have any idea that? That article that medium article that then became a book was just gonna blow everyone's minds away Not at all not at all. And I mentioned this at the start of my talk at Pacific Bitcoin I said I and honestly thought that it would be read by a few friends and family members people who knew me and Knew that I was really into Bitcoin and probably getting annoyed at me talking about Bitcoin all the time I think I did have a little bit of hope that it would be Maybe read by a few people outside of my friends and family circle and I was hoping Like my big hope was maybe a few people on Wall Street will read this and it'll click for them and they'll be like, oh I get it. This isn't some like this isn't beanie babies or something like that. This is there's something fundamental here That's really important And and it would click for a few people. I had no idea what happened would happen none at all And it got it's been read over a million times It's been translated and not by me but by volunteers in the 20 different languages I think it hit on a nerve because people at the time were trying to understand like This was the I started writing it in the beginning of 2017 I'm a really slow writer and I only published at the end of a sorry the beginning of 2018 But I think at the time it hit a nerve because people really wanted to understand Bitcoin That was the first wave of like regular people coming to Bitcoin before that It was kind of like a libertarian Cypherpunk thing. It wasn't like regular people not that many regular people cared about Bitcoin I think 2017 was the first wave of regular people And there was just a lot of interest like what is this thing? Why is it becoming so valuable? And and so I think I Had been thinking about it since 2011 I have background in Austrian economics and I put a lot of thought into like Why does this have value to me? That's the most important question. Why does it have any value? Why is it? Why is it more than zero and And I think there's like a good economic argument for why it does and that's what I put into my article I think it hit a nerve because people were trying to answer that exact same question Like why does this thing have value and then it just got you know a momentum of its own and you got shared around a lot and You know was mentioned on in some media and podcasts and stuff like that and it kind of blew up and then people started Translating it and that's in 20 different languages. So yeah, it got a momentum of its own and the doing the book was an interesting thing because I was like people kept asking me to turn it into a book because they were Literally physically printing it out and giving it to people like hey, you know Bitcoin It's like to evangelize a little bit because they've discovered something important They want other people to know about it And so they're printing out my article and I can you just turn it into a book so I can give them a book It looks better if it's a book I was like, ah, I don't really want to do that because like I didn't know what I'd want to add to the article I don't want to just like type the article into a book and publish it but a few years later I a bunch of stuff had happened the pandemic had happened and the Federal Reserve had gone completely crazy and Created trillions of dollars in new money and I thought okay There's some new stuff that I want to revisit and I could add to the article and so the book is quite a bit expanded it's like It has like a bunch of stuff that's not in the article and I revisited that in 2021 And the funny thing is I when I started when I launched it and I started selling it I remember going to the swan dome at the Miami Bitcoin conference and I've had this relationship with swan for a while actually where like I really like this one people like hanging out with them and I remember basically launching my book in the swan dome when I was like 100 degrees out and inside the dome it was like probably 120 degrees and It was a madhouse in there.
A highlight from MONEY REIMAGINED: Decentralized Storage, AI, and Blockchain Convergence | Shawn Wilkinsons Insights on Industry Transformation
"This episode of Money Reimagined is sponsored by PayPal. You're listening to Coindesk's Money Reimagined with Michael Casey and Sheila Warren. Hello and welcome to Money Reimagined. I'm Sheila Warren. I got a solo show this week as Michael's away, but a reminder to listen to us weekly on the Coindesk podcast network or wherever you get your podcasts. We love to hear from you. You can tell us what you think by sending us an email at podcasts .coindesk .com, the subject line of Money Reimagined. Today we'll be talking a bit about blockchain and AI, crypto and AI, digital assets and AI, and how all of these things ultimately intersect. I'm joined today by Sean Wilkinson. He's the founder of Storj and of Protea. Storj is one of the biggest distributed storage platforms available today, and Protea is an AI company that uses decentralized processing on the backend. So decentralized processing, Sean, let's start there. Walk us through this entire model and how you're using a blockchain, if at all, or if not, what does decentralized mean to you? Sure, sure. So yeah, I guess it's worth going back a little bit to set a little context. So I've been in kind of the crypto web3 space for 10 years now. Started in 2012, just started a little project out of my dorm room that was... I was downloading a bunch of Twitter data, I guess we call it X now. Store and analyze it. And I was just adding up to too much data for me to store locally. And so I looked at all these cloud providers and try to find something that could store all this data. It was way too expensive. Amazon and Google and Microsoft, same offerings that we have now, still too expensive. So I was mining back then, I wish I hadn't turned it off, half Bitcoin a day. If I can rent out my CPU, why can't I rent out my hard drive space and maybe a little distributed network, I can store all this data for cheaper. So I went down that rabbit hole and never came back out. Found its storage, it allowed people to rent out their distributed... Rent out their extra hard drive space and then allow businesses and companies to store their data. So it started as a small little open source project. We're one of the very first ERC20 tokens, raised $30 million in a token sale. Grew that from basically four guys and a dog, 60 plus people. And now it's the largest distributed cloud storage company in the world and really just solving a lot of problems in terms of privacy and security and costs for companies. And so got started playing around with AI as ChatGPT came out. Everyone's just having so much fun. It's funny, I've actually been playing around with a lot of the tech GPT -3 since 2020, but no one seemed to care about it until ChatGPT came out. And I found the same problems that people are having with traditional cloud. You have these massive AI companies, and they're just giving all their money to AWS and Microsoft and Nvidia, and it is really difficult for them. And all their data. Yeah, well, so played the page out of my playbook, just used the experience that I had building distributed storage and built out a distributed GPU platform for AI. And funny enough, it uses a former GPUs, mining but AI is not in the ground. It's taken off, but the infrastructure is really difficult for people to run. And so at Proteo, we help with that. So you can see how the two meld together. Yeah. You make such a good point though about ChatGPT -3 wasn't around for years until ChatGPT, but it was the form factor that made it accessible to people because it's like a chatbot. You're just chatting, go to that, type some things in, things come back, haha, they're funny or not, whatever. And it's interesting because you can imagine if it were easier to get a private key back in the day, what that would have done for adoption of crypto. It was just so impossible to get your head around how to do it. I remember back in the day where if you wanted to use Bitcoin or any other cryptocurrency, go to the source code and compile it from scratch on your computer to use it. You can't help but wonder in an alternative, somewhere in the multiverse, that problem was solved early on. It was fun in a way that ChatGPT is fun. It was fun and easy and almost very familiar, the interface of engagement, what that might've looked like. And I do think a big reason people are always like, oh, adoption, adoption, this and that. And I'm like, well, the learning curve was really steep for a long time. And frankly, it's not necessarily super awesome even now. We can kind of acknowledge better. But when you start with like, you have a, I don't know, PhD in computer science to figure it out at all, it's kind of like, okay, now here's where we are. Speaking of, okay, so you're a computer science at Morehouse. And when you graduated, was Bitcoin a thing? Was crypto a thing? Or give us a sense of timing and how you came to these different kinds of things. I mean, certainly you were starting with a very interesting use case focused on the monopoly, I would say, or the oligopoly of these... Well, I probably shouldn't say that, but that probably is legal ramifications for those companies. But the idea that you really can't run a website, you can't really run a retail -facing business unless you're using one of these cloud storage providers, or you couldn't for a long time. And that is problematic. So we started with that observation twice. But I'm curious, technically speaking, kind of what was the thing everyone was buzzing about when you came out of school? Yeah, so I mean, I graduated a little bit ago, 2014. I think people can kind of guess, you know, the 2014 crypto was still very kind of new. And I think people were very idealistic about, you know, oh, these distributed systems will take over the world. But I think one of the things that people really gravitated towards is these kind of distributed systems. You know, it's hard to build, you know, let's say a decentralized Uber, right? Or a Lyft, right? Because there's so many people and physical touchpoints to that. But I think a lot of people get the idea of like, oh, you already have like a digital service, like storage or compute, right? It's a lot easier for you to imagine, oh, I have these excess resources on my computer, I can sell them, I can rent it out. So it was a very exciting idea. And you see, you know, from that time here, a lot of projects like storage, Filecoin, other attempts at distributed storage or compute or all these other resources, people were excited about it. But back to what we were just saying before, I mean, the interfaces are very important. Again, I was playing around with -3 GPT in 2020, pretty much the same technology. But until people put it in OpenAI, put it in a chat format, nobody cared because that's super accessible. Until it was helping you with menu planning, no one was interested, right? Make me a grocery list. Not a lot of at this time, like 2014, a lot of early attempts, but like the interface, you know, wasn't there, wasn't easy to use. You had to go compile things from scratch to be able to use it. So I think that's a big difference between, you know, back then and now is everyone's so excited about these systems, but there's been some maturity in making them easier to use. You can go to Coinbase and buy and sell. Yeah. Well, you know, I came out of college. I graduated college a long time before you did, my friend. But even at that time, I was running study at home, right? And then, I mean, I know like my younger sibling, you know, and some of my cousins, they were running folding at home, you know, Vijay Panday's thing. And so, so this concept of using your extra compute, like for a service that wasn't monetized, you know, in those cases, right? But the idea that you could be useful, quote unquote, you know, in your, use these productive assets that weren't being deployed for something productive that was oriented in the academic and scientific community is really powerful. And what I think is really interesting about seeing how things like Filecoin, Arbiben storage, you know, have developed is there is some of that, but there's also this idea that, whoa, like as the cloud, because the cloud was not a thing when I came out, there was no cloud, that was not, no one, no concept of the cloud even really existed, right? But as the cloud became this dominant modality of engagement around storage, I think people were like, oh, to your point, like, this is something you can combine this sort of, I don't know, like socially oriented, you know, mentality around using this extra compute in a way that's really interesting. So I'm curious how you thought about tokens from the beginning of this, right? And the token economics around the project. And then I want to go back to your AI project, but let's just stay with this for a minute on storage and the token model you had there. And your tokens, I suppose, too. Yeah. How you thought about all that? Yeah. It's not a very particular view on tokens that, you know, color storage, but also Protean and kind of other projects is there has been, like you just said, there's SETI at home and Folding at home. There's been a lot of these projects out there. And there's been other attempts at distributed storage and distributed compute that go back, you know, a couple of decades, but those were always kind of idealistic, you know, contribute volunteer kind of work. And so you're going to get some people who understand that technology are really excited, but you're not going to be able to scale it beyond a certain point. And once you start to get any kind of network, a distributed network where you want a lot of resources, right? Let's say you want 10 ,000 people, right? They're selling compute or storage or whatever. The most difficult part is paying them. You might have 10 ,000 people in, you know, similar to 10 ,000 people in 80 plus countries. How are you going to pay them? What are you going to send them? Send them each a check in the mail, you know. Good old -fashioned postal service. Good little wire transfer and ACH, you know, 80 different currencies. Yeah, you're pitching. Yeah, totally. Yeah. So what tokens really allow is solve that missing piece of incentivization, because you can build, you know, a distributed compute or storage network, but without the incentive for those people to run it, you really can't scale it. And until crypto came around, you really couldn't do that in a highly automated, highly transparent and quick fashion without a lot of fees. And so really the token, if anything else, really serves as that rails where people can buy distributed compute, distributed storage in a way that's economically feasible that just really didn't exist before. And so that's why you've had the emergence of these technologies that have been around for years, but they've really were missing that incentivization piece to be able to grow into the size and scale that they're at now. And this is something I think is really missed in a lot of discussion around regulation that's happening right now is the idea that this is fundamentally about an incentive structure and system to encourage and incentivize, to use the word, to overuse the word, to incentivize engagement with the system in a way that, to your point, Folding at Home and Steady at Home relied on like the what's in it for me is like, you're helping scientific progress of mankind, blah, blah, blah. I mean, that only appeals to a certain subset of nerds, me among them, but to be fair, but it's not a proposition that makes a lot of people jump up and down and get really excited unless they're already convinced of the project's value. Whereas here, you don't necessarily have to even, like there's some people who go in and use centralized storage providers because they actively are like, I don't want to use AWS, blah, blah, blah. There are others who are like, hey, I mean, it's easy for me to do. This asset is sitting here. I can deploy and I can make a little bit of value on the side, right? And that as an incentive, I don't think is something we should sneeze at because I do think if we're going to be more honest about creating more equity in these systems and not allowing big, giant, preexisting legacy corporates to capture the market on these things, whether monopolistically, oligopolistically, it doesn't really matter, if we're not going to open that aperture and recognize that the reality is that it's really tough, if not impossible, to compete with those existing players, unless you're doing something that to your point is going to deploy 10 ,000 people or 100 ,000 people all over the world to take a very minimally an action that doesn't require a lot of engagement from them and is largely passive, but they're incentivized to do that. So how do you think about that in the future? I think the thing that you start out with these technologies that are very idealistic, right? Very technical oriented. And then you build them into the systems to say, hey, no, this is a system you can participate in and you can get incentivized for it. But at the end of the day, you have to look at the other side of that, like what is driving that incentive? And what is driving that incentive, what needs to drive that incentive is really the demand. So you if come in and say on the store side, hey, look, we can reduce your AWS cloud bill by 50%. Businesses go, what? Especially with inflation and all those other things going on in the world. It's a very real fixed cost, right? That people don't understand. And so on your expense side, I mean, those are significant costs. And as somebody who works at a social enterprise, it's not a huge budget as an organization. That's huge. The ability to say, first of all, I do think as an element, I can support this project and this more decentralized system. I do think that matters to an awful lot of people, especially those who are in the technical space. I do think that matters. But even if it doesn't, the idea that you can just significantly reduce costs and provide something that is as secure, as robust, is really powerful because there's not really a thing that they're going to be doing. You're really doing is you're just, again, it's just like the difference between Hyatt and Airbnb, right? They have to go invest in a big hotel and build that whole building. But if you have an extra bedroom or an extra room, you can rent that out and really monetize that resource and it ends up being a lot cheaper. But it goes to the same thing when you look at just like this explosion of AI right now. And I think a lot of people who are just using these tools, using ChatGPT, don't understand the huge difference in cost of some of these systems, right? How much do you think it costs for a Facebook like to make a post on X? No idea. Fractions like a small amount of money, right? But every time you type a query into ChatGPT, that's a couple cents. You multiply that times hundreds of interactions by millions of users, so much money is going out the door. And so using these same systems where a lot of people have mining GPUs or anything selling around, you can say, hey, I'll pay you a good amount of money to utilize that resource. It ends up being significantly cheaper than the cloud. And then those same AI companies that are really struggling to scale can save 50 to 90%. We find the difference between them being economically viable or not.
A highlight from When AI and Genomics Collide
"We built a language model for biology. The big problem in biology is that biology is hard. Biology is really hard. Biology is very hard. So why are you doing it? What is the big win? I mean, all of it is an AI -enabled architecture. Every part of our technology stack is intrinsically AI -enabled. Where do you think this confluence between AI and life sciences goes from here? There's so very few people who actually have the language of both disciplines and are able to bring them together. If you are a listener to this podcast, you're probably familiar with Moore's Law, where the number of transistors on an integrated circuit has doubled every two years. But what you might not know is the cost of sequencing the genome has fallen even faster. Since the Human Genome Project in 2003, the cost has fallen from about $1 billion to less than $1 ,000 today. And now, in 2023, these two trends meet, and one of the people at this fascinating intersection is Daphne Koller. Daphne, longtime professor in computer science at Stanford and co -founder of Coursera, has decided to step back into the arena with her company, In -Sitro, right at this intersection of computation and biology. In fact, the name is even a nod to this intersection, as a blend of in silico and in vitro. And in today's episode, you'll get to hear A16Z Bio and Health general partner Vijay Pandey speak with Daphne about the why now, but also how machine learning is fundamentally changing our ability to understand genetics. Without machine learning, without AI, the space would be so complex and so high dimensional that you couldn't even make sense of it, far less bridge between those two different worlds. So what can this unlock? We can now finally, for the first time, measure biology at scale. And this is like a truly engineered approach to discovery. Listen in to get a glimpse into what may be a new era of digital biology, and how this AI wave is really not just a moment of opportunity in bits, but also atoms. The next frontier of the impact that AI can have is when AI starts to touch the physical world. I think this convergence is a moment in time for us to make a really big difference using tools that exist today that did not exist even five years ago. This episode also continues our coverage of A16Z's exclusive AI Revolution event from just a few weeks ago, which housed some of the most influential builders across the ecosystem, including the founders of OpenAI, Anthropic, Character AI, Roblox, and more. So be sure to check out the full package, including all of the talks in full, at a16z .com slash AI Revolution. As a reminder, the content here is for informational purposes only, should not be taken as legal, business, tax, or investment advice, or be used to evaluate any investment or security, and is not directed at any investors or potential investors in any A16Z fund. Please note that A16Z and its affiliates may also maintain investments in the companies discussed in this podcast. For more details, including a link to our investments, please see a16z .com slash disclosures.
"vijay" Discussed on Open Third Eye Germany
"An academical. Outcome. Imagine the other leader on those people. So I mentioned, as opposed to and has volume dependent on social enterprise. Spirituality is niche globally for thousands on a spirituality skills to game on Vijay Gibson. And the spiritual element of this invited. The modernist spirituality, the slider with this Internet observer comb. And I have to release the YouTube platform. The problem. I wanted to be involved in the podcast I was born in the middle of your HTTP. Just when it got. Blinded, while AI service from London behind me. Comment I was trying to put a lot of below this on in the order of an inch. So if in the constructive critique is ever good when I add on to my other audio quality, but my best. To speak with others. Welcome. So that's the fact. That always does feel a comedy podcast existing. Commercial true crime podcast was niche on its blue ticket for progression. Yeah. That's not my damn it often missing updates on the same videos on this channel. That can be a few left. Good, and good. And chimneys and podcasts. We are seeing a lot of people. When you message to bring on and it's not going to work because it's a natural. Event. We were seeing just the motivators and just. Mentioned that we felt strong guys. Yeah. It's so hard. That's the best of the whole thing. That's what we are doing. In the best design, it's not true. The ones that clean time gave me loyalty is not bad. And then there's one another, as opposed to a message, a message that also brings us with nothing to us. We won't know the specifies when we want to share events on these social homes as Angie. On the best way you can connect on your best at this. I'm also a writer on that. Now, this thing is a skip position. The outside, hey, this will in these are where it was put into being that's a very susha. Organization of this little play doesn't seem less than it does on the sea and also using an unalloyed business speech slash that it owned a survival skip commercial, and. They had missing of these algorithm reading records on this thing. They corrected it. And you would get nothing more or did you contact an Auschwitz? That's probably an obsession sometimes. Yeah. This is just a discussion.
"vijay" Discussed on The Points League
"So I was happy to just unload that whole clip in there because at the time, I also, that was only what. That was like week three maybe? Yeah. May 4th. But I was like, yeah, I don't know. We'll see how this goes. Let me get Bobby whitten, you know, write out this year. And so I was doing that, but I ended up also then kind of competing, which heard in a few series where I really wish I had some fab to bid on a guy, but I would do that ten times out of ten. Yeah, you max. That's the retired janitor season in a nutshell. Indeed. Yeah, you maxed out or 99. I put in 51 Vijay put in 31 and Mandy put in one, so quite a few offers. On Bobby witt junior and he basically turned it around. I felt like right after you picked him up, I mean, he did start out pretty cold and then had a really, really good rookie season, probably not going to win rookie of the year. It was a really good rookie class. I think that'll go to Julio Rodriguez or adley rushman, but he's definitely going to be a perennial all star. So a good pickup for the future at a cheap price. To tell me about what your thoughts on rob were during the summer because rob is probably the most vocal whiny, most needing of affirmation owner in the league. Yeah. And rob is the king of fucking bias. And every possible version of it. Yeah. Whether it's recency because he just won. Whether it's like something else, like he will take it and just he spins it into his own thing, and that's how he rocks himself to sleep at night. So. You know, I was willing to acknowledge some receipts for me in the VJ, but and I've talked about this with Johnny a lot, too. Like, the fucking wins matter. And it took me having some really rough weeks there in late July and August, where I was, I was struggling to get the fucking two 70, two 75. Where he was able to catch up on points and ultimately pass. And it was still down to the last week and then the last like 20 point difference between him and I in that last week. So he was still very fucking close to also not making it. Even though that. So yeah, he was right. Water kind of found its level, but there's plenty of scenarios where it would not have found his love for him and he would have finished in 5th or 6th. Hell even 6 the way Matt's team was really playing there towards the end. You know, it's fine. Rob think fancies himself like one of the best managers.
"vijay" Discussed on Jeff Goodman Basketball Podcast
"That and bob gibbons or two that I always want to play in, but we were like you didn't. So that in his heyday was a killer on the recruiting show. Now, they had a ton of good players in the area too in Ohio when he was at Ohio State that helped. From Indiana. I mean, yeah, in the Midwest, I'm sorry. But they were all koopas, coasters, Ohio. Right. So they had some dudes too. William buford, Ohio, the Uber, Ohio. Who is the big dude? The Vijay Mullins. Yeah. They had some guys. We were playing them by sophomore year. And I was behind, I was chasing John diebler and I was not great at chasing. I was like, I was just playing the four that you guys do that. And they would go small, so I would guard either John or David lighty. I'm chasing diebler and I was late and I was like, you know what? I'm just gonna run into BJ as her as I can. And I do, and they give us an a moving screen off of file and became Mullins looks to me and goes, if you ever do that again, I think kill you. Just like. I was like, okay, that is a little intense. Settle down. Settle down be dead. Whenever I think of BJ mo one, that's fine. And absolute now. All I'm saying is, so Thad old not old fat because young fat was a killer. Nobody wanted to see him in the recruiting trial. But at the end of it, remember he had surgery, he had back surgery. It resulted in drop foot. And he just didn't have anything left in him. I saw him. I saw him. Indiana played at Minnesota when we did the game. And he looked great. He does. Yes, yes. I remember seeing him. You remember we saw him last year at hinkle..
"vijay" Discussed on Cloud Security Podcast by Google
"Can cause customer harm, whether it's online or on the physical side of things as well too. The other thing to consider when threat modeling an AI system, I think, is that threat vectors are a tax against AI and machine learning systems, and they're require different set of mitigations oftentimes too. And a layered approach is extremely important too. When it comes to defenses. And so adversarial examples and those types of the talks or an attacker's stealthy modifying input to get a desired output or a decision from a deployed model from a data poisoning standpoint. So if I'm trying to summarize some of the thread modeling discussion, I kind of sense maybe two thirds of threat modeling would be quite alien to somebody who is used to doing it for a big complex app. And one third would be kind of matching the traditional threats against the complex enterprise data intensive applications. Is this a random guess or is this close to the reality? Two thirds would be quite alien as a law. Sure. Really, I think it depends on the type of system, whether it's a classifier or whether it's some other type of system. Your threat model will vary, the application itself will cause you to think about different types of scenarios from an attacker standpoint as an example. That may change that percentage a little bit. But roughly, I would say sure, why not? Yeah. So Vijay, I want to ask a kind of sideways question here and I'm curious about your thoughts. Is it easier or harder to defend AI systems compared to traditional systems? So they're more layers of defense involved, fewer, more attack surface, less attack surface, or is it just different than defending a normal system? I think in summary, I would say that they're different. I definitely don't think that there are easier. I think that depending on what the underlying machine learning system is doing. And the types of attacks that you'll see against it will vary. I think it just really depends on the application of what it is that has been deployed to really understand the types of things that you may see against it. So this could be the difference between a web application that sits online that's accessible by the general public versus maybe an API endpoint that is tightly protected in some way shape or form, but could still see some exposure from an attack surface standpoint. Actually, that does make sense to me. And I guess to me, I would summarize it, it's different and sort of easier in some areas and probably harder in other areas. We're not going to see a self defending AI for a good number of years. I'm guessing, but I can see how some of the challenges some of the lessons we learned, the will in fact apply to secure an AI. Yeah, yeah, I think there's a lot of thought that goes into a lot of the lessons learned that we have had over the past several years when it.
"vijay" Discussed on Bloomberg Radio New York
"Price can be for example One more VJ if I may we're about to get an infrastructure package signed by the president just a short time from that right now I'm sure you've taken a look at it Is it going to make a difference in your world It is It is David Yeah look I'm actually really grateful that it's a bipartisan bill and to the various members of Congress that put it in place I think it's a great thing Thank you for doing it There's aspects of that bill David that are going to be positive to montrose The water infrastructure emphasis the remediation capital that's allocated to cleaning groundwater and soil the dollars allocated to the removal of the pfas chemicals as simple examples all benefit montrose And then anytime you build a road or a bridge you need to do environmental assessments and understand what the environmental impact is and that for advisory consulting business is also a positive So I think it's good for the country It's good for mantras And so we're kind of throwing across the board One more software How fast is your business growing right now given all the emphasis on climate It's growing fast David And it's both the beauty and of what we're doing but also one of the challenges as a leadership team and the results belong to the folks that work in mantras You can see you can see how fast we're growing And you can see how you throw our stock price chart It's always fun but also scary when you're going at this pace But look we're trying to make a difference in the world and try to make a difference for the environment We're doing so So that part of the problem Well it's really fascinating having you with us Thank you for joining us That's montrose environmental CEO Vijay Montreal pagada Coming up the geopolitics of Biden she summit this evening with Bloomberg national security reporter Bill ferries This is balance.
"vijay" Discussed on The Drill Down
The inventor of the cellphone says wireless spectrum auctions are flawed
"You talk a little bit about the carriers attitude and you talked about spectrum and it's good timing sense. The sec's in the middle of wrapping up another option right now especially action and as you noted in the book spectrum. It's not exactly the sexiest topic. It's not a topic that that people really care about that much until their their phone calls. Drop but i'm curious to get because i am that kind of wonky spectrum nerd. I'm curious to get your thoughts on spectrum. And so they add to that really the company the industry even regulators all sort of stress. That spectrum is this Limited resource it's limited resources. That's why we that's why we can't connect everyone. There are spectrum We need more spectrum always spectrum that has been so the mantra of industry and really In this whole universe The expect for longtime curious to get your thoughts on that because you do have this law. Cooper's law law spectrum scarcity about the ability to be able to to make more use of spectrum over time similar to moore's law in the chip world and so i'd like to perspective on that and this notion that that these carries just bets the answer to all. The problems is getting more game your hands on more spectrum. That is a almost a fraud. 'cause think about it that we've been radio was invented or as commercialized around. Nineteen hundred hundred twenty years ago of amount of information that you could travel to move over radio channel as increased by trillions of times. Getting spectrum was scarce well Their jobs that technology is always stayed ahead of the man anytime. Anybody came up with a an application radio somebody out how to have multiple people talking on the radio channels and they're always more radio channels than than people want would want to have shame television so we addenda television. They set up so many tv channels. That both of our ended up on us so we have the capacity of the spectrum. The amount of information you can transfer to the spectrum as always need ahead of the demand the exact opposite of scarcity they're plentiful spectrum when the other hand we have people. That's one of the reasons that i don't think that auctions every day somebody that spate of billion dollars budget radio channels would not appreciate having. Clinical spectrum prefer to do is to have the spectrum. Re- sharply wrong. I the whole concept of auctions is wrong spectra want to go to those that can provide the services to take care of you than needs. That's the reason. The only reason why people should be assigned spectrum the idea of of exclusivity doesn't make any sense and getting back to what you call covers live. Really what i call the law spectrum capacity it says that every two and a half years for the past twenty years we have doubled the size of the spectrum. Type that we could put twice as much information through this. You do that for one. Hundred twenty years guests went that's town trillion times the capacity and we used all the technological tools yet. We can predict that we can do this dollar fifty or sixty years so there's no reason to have a scarcity of spectrum there is enough spectrum. You should be able to do all of the things that we do do all these things. We've been talking about it in our conversation. L. education But most of all collaboration another topic. I wanna hit his five. Jaded vijay a favorite topic of mine. And i know you're in the working groups on that topics just sort of generally love to get your thoughts on its promise and what it brings to set to this world that say older technologies could not or is it really just sort of you know a an incremental change to the overall philosophy of where mobile's going From where you lived outgrow roger. You're exactly right. Five g is incremental change. It has improvements in a number a number of areas. Emily advantages of five. G will serve applications like factories robotics things of that nature if the infrastructure for the things of five g will support as yet to be constructed. We don't have a ton of cars. We don't have factories abuse the cellular systems. So the provinces vibe judy and high in a really is is lau white. We're going to have enormous bandwidth gigabits per second it. We're going to eliminate latency it. We are going to have slicing while i ask you. Roger well was the last time you had a latency problem with your cell phone. Your niece slicing turns out the the the focus of five gene is the internet of things at my position is yes. I think that we ought to be working on that. We ought to build that capability so that we could do these things in the future but we haven't finished the our people yet job applications on the internet of things and then saying what people want is super high speeds low latency and Slicing those guys things. That's almost fraudulent that don't you think we don't diesel asleep What we need are better coverage or close.
"vijay" Discussed on Radio Fajri 99.3FM
"It goes a way. So how about getting by in india young sudan comey a maroon. Can that press. But i to be slamet took a nampa manon. Young don't the episode nam tangled web blue. John gotti january ibu sarah dj jacket tusla than baptist latin on the openly my up and were blessed plans to ski and skin skin. Good word that you did. Drama gabu numb do lebanon's millan lima dig up below. Now take polity skins against gin in get the get. Sick noriega any dakota. About who one north lebron's nam but love bundy gun galley muskie and scans again when the woman. The price deep is of do to you. Yeah i'm an episode. Jerry in the al. We has meriva. Es descending on the book notes. Lapan de la bandages to numb to against can scan young kgalema humble allah dayton around hamas long. No love. anima- lebron. Did you were and gets again dan that i hear the would one toy idealistic idea because norweb only mud were up and was mantica. Skins can scan their radio. Vijay study gender candy. Who meet him lobby. what's up. What dayang bloomberg don't gentlemen because you're not they lie. Nia can coming under the again end of follow smith. Radio d. e. edifice boob. You get you get at the idea of some of the moon. Jaren will be better equipped near m comb. La clairon oracle harvey combe sponsor by ms area. That leggit again mobile alabama. Bet they hear sippy. Mr area so will be the shadow alive. Halen lakers talamante comoro.
NRDC's Dr. Vijay Limaye Discusses Measuring the Health-Related Costs of the Climate Crisis
"To the healthcare policy. Podcast i'm the host. David intra cosso with me today to discuss the climate crisis related health. Costs is dr. vj lemay climate and health scientists at the national resources. Defense council center. Dr lemay welcome to the program. Thank you dr maze by is of course posted on the podcast website on background. Twenty twenty set another global warming record this past year tight twenty sixteen as the hottest record year and strikingly warmer than twenty nineteen. For example average temperatures in some parts of the arctic last year were more than six degrees celsius higher than the twenty one thousand nine hundred eighty one to two thousand ten baseline average per no at twenty twenty seven. Us record with twenty two one billion dollar plus climate disasters. The previous record was sixteen and twenty seventeen toiling in some ninety. Five billion dollars in damages are more than double the forty one year average of forty five billion seventy events were linked to hurricanes and tropical storms concerning wildfires california suffered over ten million acres burned more than double the previous record set in twenty eighteen at four million acres adverse health effects caused by climate crisis. Events are on bounce well known for example in two thousand sixteen. The government published the impacts of climate change on human health in the us. And i recently cited lance and twenty twenty countdown on health report that concluded in part quote the world has already warned by one point. Two degrees celsius resulting in profound immediate and worsening health effects close quote nevertheless response. By thorough policymakers. Along with the health care industry remains far beyond inadequate. The best the recent congress recently concluded congress can do as produce a five hundred fifty page climate crisis report that drew no connection between the climate crisis and related effects. Imposed on medicare medicaid beneficiaries. Do likely in part to the fact. That neither med pack or mac. Pack independent gresham commissions given broad authority to address issues affecting. These programs has never addressed much less mentioned the climate crisis with me again to discuss climate crisis related. Health costs is the national resource. Defense counsels dr. vj lemay so at that As background vj. Let me begin by asking. If you can briefly describe the nrdc signed centers work shirt and. Thank you david for the invitation to speak with you and your listeners. I work at nbc. The natural resources defense council we are a profit organization working really to stay guard the earth. it's people plants animals and the natural systems on which we all rely. We combine the power of more than three million at rdc members across the country with the expertise of about seven hundred staffers that scientists like me but also lawyers policy advocates who are working together to protect clean air clean water and the natural systems on which we all depend so i work in the science center at entity see and science release the foundation of our work to protect people in the environment. We worked to understand environmental and human health problems working in interdisciplinary spaces in some of the work that we'll talk about today. In terms of connecting the dots between climate change in house is really the focus of my work. And i just have to say you know this period unprecedented on the scientific enterprise. It's more important than ever that we recognize the value that science brings to society and helping us to confront respond to some of these. Really urgent threats thank you. I appreciate that last point As we are well aware. Let me go to you recently. Published an article To your credit in health affairs Last month last month december issue was a theme issue on the climate crisis. I should say a health affairs polishes. Nineteen eighty-three had never previously addressed. Or excuse me. Nineteen one had never previously addressed this subject So again a -gratulations. Your article with your colleagues was titled estimating the cost of action and the economic benefits of addressing. The health harms of climate. Change But i wanna ask you specifically about that because you wrote in this essay quote unquote. There is currently a knowledge gap that must be addressed for more complete understanding of climate change related exposure response relationship. So explain to me what this knowledge gap is. Sure you know in your setup remarks. You mentioned the huge toll that climate and weather disasters inflicted on the united states last year. About ninety five billion dollars by the federal governments fresh estimate and well that's a staggering number as a health scientist. I'm an epidemiologist. I look at that figure and i wonder what's not included and the truth is that when our federal government is tracking the damage the climate change in reports like the billion dollar disaster list. It's actually not accounting for tremendous profound and sometimes irreversible damage to human house so there is a huge missing component. We think about the continuing and mounting costs of inaction on the climate crisis
Why the OnePlus 8 is its most expensive flagship yet
"Talking about the one plus one plus eight pro itself. You talked about these base or the the best phones out. There had to talk about the price though at seven hundred dollars. This is twice as much as that original one possible which drove people crazy because it was phenomenal value and interestingly enough the same price as the iphone eleven the one plus a pros even pricier at eight. Ninety you've had a reputation as a company that's put up products with you know. High End specs the best of the specs with aggressive pricing. But talk a little bit about what went into the decision to make these phones. What the Price Tag. Because they're more expensive than previous versions And you know the time when you know folks are trying to get more competitive pricing and I think You know one. Plus consumers do have very fond memories of kind of our early products and they were disrupted from a pricing standpoint. Definitely I think that hasn't actually changed when he's kind of step back and look to it. Our goal always along was to make the best devices best user experience best performance and now in the last year and a half. We've emerged as a leader in terms of introducing new technologies that are better on first market before everybody else. I would say that even though the eight pro is as you mentioned eight ninety nine when you look that device when you look at the fact that it's five G. When you look at the fact that everything that's on his you can't get anywhere else and then you look and you look at what it's competing against. It's still a pretty strong. I think price comparison to the desk phone. That's out there from from from Samsung and so us same day so even though prices in this category have gotten higher. The technologies made huge leaps and bounds. I think consumers are getting ready to make the jump to five G. These are things that they're going to own for the next two to three years as you make that jump and get a chance to experience. Vijay. They're gonNA with us. They're going to be experiencing a hundred twenty hertz. Ninety Hurts Displays for the first time are charging technologies better than everybody else are. Software is better than ever anything else. That's out there so you're getting the best and when you compare it to the best. It's still I think represents disrupted price point compared to everything else. That's out there wireless charging aspect which I believe is only available night. The one plus eight pro because this is. This is a topic that I think I was ham. Repeat on just a year ago. Like why? Is it wireless charging in your phones? It's the flagship phone. This is this has become a flagship. Feature the Warp Chart version of wireless charging though talk a little bit about that and how stands apart from some of the other competitors? Peter you you know you know. I'm going to take credit for that for sure you can. You can't I mean don't get me wrong. I mean this has been a conversation you know. In the times we've had conversations over the last couple of years. It's something that's come up and I think what our philosophy has always been this kind of best performance fast and smooth meeting. We want everything to happen. Seamlessly instantaneously and charging technology is has been quicker than everybody else's and when we talk to users and we get user research that's always been the thing that's most important and Ozzy wireless has been introducing the last year and a half. It's a convenience factor that's important but we did want introduce wireless until it was. We can deliver a speed experienced that we felt was matched that so we didn't WanNa compromise our primary flossy on fast and now have debuted it on the approach to give people a choice in a chance to experience that and the the breakdown of going back to the break down these products as well. Plus a Pro. And one eight the carriers the obviously. Us carriers are only selling the one plus eight. I'm just curious what the decision was behind that.
Facebook had hired a Washington firm to discredit its critics, reports New York Times
"Bombshell investigation by the New York Times revealing that Facebook executives, including CEO, Mark Zuckerberg and chief operating officer, Sheryl Sandberg or aware of a Russian misinformation campaign on social media network and took a series of extrordinary private actions to preserve Facebook's reputation launching an aggressive lobbying campaign to combat critics and spread misinformation. The New York Times investigation reveals that Facebook hired the Republican position research firm definers public affairs to discredit critics of Facebook linking them to the billionaire liberal donor. George syrups Facebook also allegedly lobby to Jewish civil rights group to condemn criticism of. The company scientists semitic since the publication of the investigation face because announced it will cut to is with the Finers during Thursday's press. Call Zuckerberg dismiss claims Facebook ignored Russia's election meddling or undermined investigations. Many times before that we were to slow to spot Russian interference to stand it into slow to get on top of it. And we certainly stumbled along the way. Suggest that we weren't interested in knowing the truth or that we wanted to hide what we knew or that we try to prevent investigations is simply untrue. Zac, lemberg dodge questions about anyone being fired in light of the New York Times revelations. He said Facebook plans to institute an independent oversight board for more. We go to Washington DC where we're joined by Rashad Robinson, president of color of change one of the organizations targeted by definers, public affairs. The PR company Facebook, employed and endure New Hampshire. We're joined by C Vijay Nahthen, the author of antisocial media, how Facebook disconnects us and undermines democracy. He's a professor of media studies and director of the center for media and citizenship at the university of Virginia. His new article for slate is headline Facebook is a normal sleazy company. Now, we welcome. You voted mockery. Now, Seeven let's begin with you, can you summarize the New York Times investigation, and what most surprised and. Turned you about what it revealed about Facebook. Yeah. Sure. The look this time investigation took more than six months it required. The work of more than five reporters and a team of researchers it delved, very deeply into former Facebook employees and current Facebook employs and their testimony about what went on inside the company and just as importantly in Washington DC over the past two years now over the past two years, we have had this barrage. Revelations about Facebook. The the big picture is Facebook is impossible to govern impossible to control and Facebook had explicitly encouraged, for instance, all of our personal data to go out to third parties and fourth parties parties like Cambridge Analytica. We can't even know we're all this data win that was one scandal. The other scandalous Facebook is the -ceptable beyond susceptible Facebook amplifies, all sorts of misinformation propaganda disinformation much of which came from Russia trying to mess with American democracy. But a lot of it comes dmed. Soclean to domesticate groups comes from political operatives who seem a bit more mainstream within all of this right Facebook. We know has been scrambling to make sense of it has been declaring itself innocent and ignorant for for months and for years. Mark Zuckerberg has seemed stunned by this sort of cognitive dissonance that that his this this thing he created that was was to unify the world and make us all treat each other better his turned out to do just the opposite. What the times report showed is first of all that. In fact, Mark Zuckerberg has been checked out for more than two years. He's just not on top of the daily operations. He has let other people handle the reactions to these revelations and those other people include his chief operating officer Sheryl Sandberg. But but there's a whole team of people, including a number of lobbyists who either worked directly for Facebook or have been contracting from Facebook, and they have been and this what's really mind blowing they have been distributing the same kinds of propaganda that have been. Undermining faith in American institutions and American democracy. The same kinds of propaganda that have been distracting us, the same kinds of propaganda that have generated violence and other parts of the world, the same kinds of propaganda that link crew predicts to George Soros, they Facebook is basically employed a company to engage in the very sorts of of propaganda anti semitic and otherwise against its critics its critics
Europe recalling some valsartan meds on safety fears
"It and i had a lot of success with divan divan act but novartis loses the patent as you eventually do and then generics can pick up the drug start manufacturing and a variety of companies can do that and when that happened well the formulation could change a little bit and this recall involves two generic versions of the drugs that were manufactured in china that's just from dick sell pharma an accord healthcare formerly known as an activist group are currently the only ones being recalled now for those of you who global what the hell do i have i doubt those companies made american generic there's a lot of generic companies that make val certain but you could double check with your pharmacy if you're you're thou certain is part of the recall or not joris stanford the chief physician at the danish medicines agency told the dr nighter there is no acute health threat to patients but we know from trials with animals that it could cause cancer we don't know if it has the same effect on humans we just know it's a substance that should not be in the medicine so what are we talking about well according to reuter's the medicines and healthcare products regulatory agency in the uk that is a watchdog over these generic medications said that the appearance of the impurity nitro ceo di methyl amine andy m a came after a change in the process for making val certain at one facility owned vijay zhang who pharmaceuticals that's a company in lynn high china now in animals and ema is known to cause liver cancer lung cancer in humans it's carcinogenic risk is unknown however according to the cdc site instead it may cause liver function of pyramid and psoriasis which is liver scarring so this is a great medication and like i said most likely you're fine the american the american generic companies are fine but it's something to take no and realize that are generics can come from a variety of locations and it does they do have scrutiny maybe not as much scrutiny as a pharmaceutical companies everybody's all up into the pharmaceutical companies colon but things like this happen and good for this european agency now coin for european recall one eight seven seven dhakadelhi one eight seven seven so researchers.