I think that-. But all right. Evan, whos one of the great product people of the last 20 years, is he able to launch a lot more new products, so there has been an even internal restructuring. You have a great presence on Twitter. I mean, we were with our friend the other night and were talking about in the summer of 2020 how the sovereigns poured more money into SoftBank. So I guess what the skeptics of crypto miss is that this is early days, right? I keep going through my portfolio. I wanted to build a company that was meaningful, and most people would probably go do that first and then write the book. This Management: Leading & Collaborating in a Competitive World having great arrangement in word and layout, so you will not really feel uninterested in reading. And so, you know, you had this thing where a lot of VC firms were not taking marks relative to what was going on in the public markets, but the public markets being marked to market every day. Most of what they watch is on YouTube anyway. It turns out later, nobody can reproduce it. I mean, like to me, thats kind of an interesting story. And the same way to think of it is, the internet, initially people were using IP addresses to connect to them, and then weve got domain names. And I thought thats interesting because again, what if they have to take some massive marks and what do they have to sell the things that are very liquid to them? Lets take out China invading Taiwan and us having to go just kind of bipolar world on this as far as, you know, globalization, manufacturing. Pretty soon, theyre not going to be able to buy too many other things. A DAO would sort of be the new Delaware C Corp, if you will, but just make that whole thing of issuing a token, managing a coin table, payroll, fundraising, all that stuff could probably be powered in a new kind of app. Brian Armstrong: I think decentralized identity is really cool. So for all intents and purposes, the way those stocks go is the direction of the stock market. Turn off your phone, turn off and all that stuff, and just try to get the one or two things done that you want to get done that day. And it was a bit of a New York thing. But I think for the theory overall, it doesnt necessarily make it faster or you know, thats not the point of this one. So if youre surrounded by negativity and things like that, you just tend to be more negative. And so I guess my point would be theres got to be some stuff where you live that is going to be the next thing. I actually have never read the book, but there was a TV series he did on PBS back in the day that was also called Free to Choose. [00:55:50][16.3], Dan Nathan: [00:55:51] Thats not mobile I. And its been going for more than a year right now and it seems like things kind of really crescendoed maybe towards the middle of August in a lot of these. And I think the roadmap for it is really exciting to hopefully just get rid of a lot of the barriers to scientific innovation. Before founding Coinbase, Brian served as a software engineer at Airbnb, where he focused on fraud prevention. And so theyre looking at it through the lens of, well, compare it to the traditional financial system in every aspect today, but theyre not seeing what the potential of it is. And I was like, I know its going to be controversial, but we have to solve this problem. The New York Stock Exchange is really kind of funny to see a bunch of like tech founders, VCs wandering around the New York Stock Exchange, wondering, will I ever get here? People often associate volatility with like negative returns. Gox. So a lot of stuff out there that could probably be worked on. Brian Armstrong: Well this is kind of how I sound when I try to speak Spanish, I sound like a five year old or whatever. I actually havent seen the final film. So were getting closer and closer to having human readable names everywhere with And ENS is a really big piece of that. [00:45:13][56.5], Rick Heitzmann: [00:45:14] The risk spectrum into all of their assets. I mean, particularly in a space where growth and usage and all of that is so tied to price and there is so much speculation, I think even more than in a traditional startup where the dollar amount is an attached to the project itself, youd expect it to kind of go to one where people just get less excited. I mean, its not just Everyones trying to find some shortcut or whatever and pump something or buy it and flip it, and I just think theres no free lunches in life. So I mean, theres been a lot of volatility. At the same time, I am a believer in not just because things in 2008 is when, you know all the great companies of the last generation were founded. Theyre great managements. Elon Musks SpaceX told federal regulators in a presentation last week that its Starlink satellite internet service now has over 400,000 subscribers around the world. Were able to see this in the first half of the year and decrease their burn. Yeah, thats like one thing you see, like, oh, I didnt I didnt know enough about that company. And if you dont die, you dont get distracted, you dont get disillusioned, youll sometimes see these wiggles of hope and eventually maybe if youre lucky, youll find product market fit and the thing will take off. I mean, it just its a completely. Dont be worry Management: Leading & Collaborating in a Competitive World can bring any time you are and not make your tote space or bookshelves grow to be full because you can have it inside your lovely laptop even cell phone. A footnote in Microsoft's submission to the UK's Competition and Markets Authority (CMA) has let slip the reason behind Call of Duty's absence from the Xbox Game Pass library: Sony and Theres decentralized exchanges, but its not all that, its other aspects of defi. [00:59:22][37.1], Rick Heitzmann: [00:59:23] at least steady hands [00:59:24][0.7], Dan Nathan: [00:59:25] Steady hands, but their whole M.O. 2: Rebuttal upsells. And one of the things I appreciate about many of the founders whove gone through Y Combinator, this includes the Airbnb founders and others, is in the early days doing things that dont scale. (Thanks to Brian Oberkirch for the inspiration.). So now coming back to, I guess, your original thought about self custody and how thatll play out. They just dont know it yet. That you believe that he might have another rabbit to pull out of the hat where with bitcoin, I dont know what the other rabbit pull out of the hat is. One of the most essential book for investors, as it details the market's behavior and addresses risk and safe assets. Its a reward coin that helps people kind of fact check articles, develop sort of truthiness scores on every article publication journalist out there. There was like take a few days off and get back here when you kind of rested a little bit, I suspect that was probably something much deserved after the couple of years that you had. Theres always going to be something left over. Somebody might have a better one, but its a lot. Get the latest headlines on Wall Street and international economies, money news, personal finance, the stock market indexes including Dow Jones, NASDAQ, and more. Why are you involved? And I cant remember how I chose Buenos Aires, but that was intended to be my first destination of many, one per month, roughly. Theyre just not profitable based on the way in which that theyve been conducting their selves. So the bear market, lets say in Bitcoin and ether, you know, obviously theres tremendous correlation to a lot of tokens of some of these web3 projects. [01:07:38][5.1], Dan Nathan: [01:07:39] Yeah, well, I mean, lets lets take those out. And basically PayPal does about 500 transactions a second, Visa does about 4,000 a second, so we needed a couple orders of magnitude to get to those more Visa levels. I want someone to go out there, read the 20 or 50 most relevant papers on a certain scientific question and give me kind of a meta study. Because very similar again to the internet with dialup moving to broadband, the initial blockchains, I think Bitcoin was doing about seven transactions per second, Ethereum was doing 25 transactions a second. And we will start to see the crypto economy start to become maybe over 10 or 20 years, itll become the main thing. Email us at contact at risk reversal dot com follow and connect with us on Twitter at okay computer pod. They thought they had plenty of cash. And so, yeah, it does not surprise me that I think crypto correlation kind of close to one. But to take it a step back, does it give the listeners a little bit more color on that? Well last year Coinbase went public and its a good liquidity event for everybody involved. Its kind of backed one to one by US dollar, and theres decentralized stablecoins like DAI, but itd be nice to have a stable coin or a flat coin thats actually linked to purchasing power. I feel like my short term memory was really good. Like after I started writing a couple of pieces recently that feel like theyve just come from a place of having more fun. [00:25:28][1.6], Dan Nathan: [00:25:28] Well, its funny, you know, it seems like all this stuff, all the consumer related like app based e-commerce, I mean, it just doesnt seem like theres really any excitement about it. [00:58:44][1.5], Dan Nathan: [00:58:45] Yeah, no, its really hard. Where is your head as far as where the macro is in 2022 as we kind of limp into Q4 a little bit, you raised a fund late last year. A, its only really been about three quarters of pain. And it was really trading particularly well. And so we now offer the ability to store NFTs in the main Coinbase retail app, which is were storing it on your behalf, and you can do that in our, we call it our DAP wallet. But yeah, its a new financial system for the world. Although they wouldnt be valued any higher in the private markets, it would just be less transparent to them. So last question before we get out of here and again, because, you know, Ive met a bunch of your LPs over the years. And it was like a boulder we were chasing downhill. [01:07:48][9.4], Rick Heitzmann: [01:07:49] Interest rates are between five and six in in a bear case. [00:41:04][15.8], Rick Heitzmann: [00:41:06] People are excited about it. Brian Armstrong: We were thinking about getting a dog at that point, but we ended up getting some cats instead, which, who knows, maybe theyll make an appearance behind me here. Whats going on? [00:17:30][90.8], Packy McCormick: [00:17:31] Its super interesting, I think, to look at the contrast between those two things. And she was like, Thank you very much, and walked out of the store without paying. But the banks themselves effectively closed the doors and wouldnt allow them to withdraw. The best way to re-engage inactive subscribers is by giving them what they want. Like, do I think were probably like just rangebound and down for a little while? And then I got to learn a lot from them too about the perseverance and how they ran product and all, it was really cool. How do you think about, and this is related to Paul Graham in a sense, in the building wealth and the non-zero sum game of wealth creation in many capacities. [00:15:59][73.2], Dan Nathan: [00:15:59] Yeah, and thats the other thing that I think is really interesting just how the sentiment has kind of shifted. Their latest funding was raised on Aug 31, 2021 from a Series H round.Databricks is funded by 42 investors. Its actually easy way to sound smart, but its hard to do difficult things. And so what I thought was interesting about SoftBank is that we obviously know theyre huge investor in the private markets. The WordPress user role system defines what each user can and cant do on your website. And the good news is, were starting to finally see regulatory clarity, and we can talk about what that is if you want. Dan, how are you? Okay, if thats what people want to hear, I dont understand it, but lets go out there and say it. I think thats also great. Again, that was just to provide liquidity, get that public listing. Open the Verizon Messages app . Were seeing higher inflation, obviously, and thats worrisome. .c co om m w ww ww w. .t tr ra ad di in ng g-s so of ft tw wa ar re e-c co ol ll le ec ct ti io on n. .c co om m w ww ww w. .t tr ra ad de es st ta at ti io on n-d do ow wn nl lo oa ad d-f fr re ee e. .c co om m C Co on nt ta ac ct ts s a an nd dr re ey yb bb br rv [emailprotected] @g gm ma ai il l. .c co om m a an nd dr re ey yb bb br rv [emailprotected] @y ya an nd de ex x. And so I think that got people worried. And I bet you in the very near future, youre going to see some of these companies gobbled up and taken private again right. Its a stylistic choice by boards and CEOs everywhere. If people on Twitter get feedback. And so it was a very difficult leadership moment. One final question related to the documentary, whats the story with Are they dinosaur pajamas? You kind of earn your stripes, and you become a more powerful CEO because youre like, okay, Im not going to make a decision in the company based on how Im afraid of how other people will react, Im going to do what I think is best for the long term of the company. I think its crazy to kind of sit back and be on Twitter and see people day to day, either being panicked or elated or whatever the emotion of the day is. Which, in computer science, an order magnitude is not that crazy. WHAT YOURE WELCOME TO DO: You are welcome to share the below transcript (up to 500 words but not more) in media articles (e.g., The New York Times, LA Times, The Guardian), on your personal website, in a non-commercial article or blog post (e.g., Medium), and/or on a personal social media account for non-commercial purposes, provided that you include attribution to The Tim Ferriss Show and link back to the tim.blog/podcast URL. And I remember sharing it with some leaders inside the company and with our board. And people just felt every company, every person had to make some kind of a stand on this. [00:49:16][65.9], Rick Heitzmann: [00:49:16] I dont think youll see it there, but you do see some of these things play in. Otherwise, I mean youre just taking votes and consensus and doing what the larger group would do anyway. And for whatever reason, I thought this onesie was just hilarious. A lot of people were able to get out. And that was sort of a big moment in the company history because that had never happened before. And I was like, great. Im not putting my familys life savings in it, but at $3 or whatever its trading right now. How does that affect your psyche about deploying capital and how youre thinking about what is the next great company that you want to invest in and Not Boring? Theyre just in a really crowded. And I know you write about a lot of these companies coming up or whatever. Its been something that very important to you, but you also just kind of alluded to something that its been really helpful at times, but its also like it could be a time suck. So yeah, greatest risk is not taking one. And theres really a scarcity of risk tolerance. And then if we go into a raging bull market, itll go back to 700 where a top down at. So the good thing is most of the dollars in the private market are much stickier than the public market fund lives in our fund lives over ten years, most VC firms, private equity firms have very long fund lives. A bunch of companies that came out via SPAC, theyre going to be trading at cash. Since I have a creative project that Im focused on at the moment that I revisit with some regularity. So if you could put a message or quote image, anything non-commercial on a billboard to get the message out to lets just say billions of people, assuming they speak whatever language is on the billboard, what might you put on that billboard? I think what Ive seen is fewer companies that, and particularly in web three, fewer companies that are just doing it to do it and to raise in a market like those have kind of disappeared. I was kind of paying my rent type thing, but barely. And I started to like this idea of whatever you have top of mind every day, its just what you tend to focus on. Tim Ferriss: I want to come back to something you said, which was Talk to the customer, iterate, talk to the customer, iterate. And just to maybe state the obvious, which is very often entrepreneurs try to iterate without talking to the customer. It was one of the best things Ive ever done for the company to be honest. [00:37:34][1.4], Dan Nathan: [00:37:34] All right. And theyre like, well, its basically equality for people. People are going to give you that latitude. All right. Are we seeing you know, theres been a lot of talk about venture debt. And some kind of light bulb This was probably the second or third person who had said something like this. No, the economics werent that good, but theyre selling at a distressed price. Tim Ferriss: I like the reframe. And so interestingly enough, over the last five years, particularly prior to the start of 2021 and that period during the pandemic, we saw a lot of unprofitable companies come to the public markets. And anyway, theres lots of cool stuff we could probably do. Tim Ferriss: I dig it. But heres the kicker, man. I mean, really, Id say for the couple of years prior to that, there was something that was sort of bubbling up inside the company, which initially was very slow and subtle and I didnt really pay too much attention to it, but eventually it culminated in a walkout. The author discovered that investors who used the combined criteria of Lynch earned positive risk-adjusted returns, of 28.81 percent per year in 2010-2012 and 27.33 percent per year in 2012-2014. And like weve bottomed and were bouncing back? Where are you right now? It was unconfirmed that an analyst at Bank of America came out and downgraded the stock. You and I have talked on the pod a lot about valuations and really how they got a little out of whack. Youre going to still continue to see that volatility probably through redemption season in January. And thats it for the carnage in that portfolio. Do you or have any intention of providing the capability to basically safe-house, store, guard NFTs themselves for people who want additional layers of protection for their portfolios? So, more universities or education. In fact, its really harmful to your progress if you are listening to that stuff. Does this ring a bell for you? Youre basically thinking about other ways in which to raise capital. The other thing I would just say is, its a rite of passage. But now as Im learning more about health, Im like, why dont I know more about biology? They just debate it endlessly. We invest in some companies that as technology touches real estate and what does that mean for the home market? And conversely, the manic bulls on, lets just say NFT and crypto Twitter, what are they missing about the landscape, or should they pay more attention to? And what I came away from it is with both of these are going to be massive segments that we need to address. So this is a mutable decision. You know what I mean? Management: Leading & Collaborating in a Competitive World PDF Management: Leading & Collaborating in a Competitive World by by Thomas S Bateman, Scott A Snell, Robert Konopaske This Management: Leading & Collaborating in a Competitive World book is not really ordinary book, you have it then the world is in your hands. So I watched the COIN documentary, which I enjoyed a lot. And I was like, really? And I was in that latter camp. So Ive read quite a few of your blog posts. And I think. If people told me five or six things, Id be like, Yeah, Ive got them all in my head. And now its like Im trying to say, think two minutes later, I dont remember what they were really talking about. So think about that 13%. There is a very, very popular product in the market. [00:44:16][50.4], Dan Nathan: [00:44:17] If you look at the stock market as a lens to do that, the S&P 500 in particular, and again, the S&P is made up of 500 stocks, but five megacap tech stocks make up nearly 25% of the weight of it. [00:09:29][43.1], Packy McCormick: [00:09:29] It feels like that ones probably like the scariest thing is just how boring and sideways everything is trading or turn out. You want to have your board be like that, you want to have your friends be like that, my co-founder Fred Ehrsam and now Emilie Choi, whos the President/COO. Everyones talking about climate change. Have fun while youre trying to do the crazy stuff. But I am curious if that is something you have, to what extent is that something you have developed and cultivated, if thats even an accurate perception? We know that the main page is going away. And I think youre encouraging people to do that. And so we basically ran a full Bitcoin node right on the Android phone, people might laugh at it now, but at the time Bitcoin nodes were very small and lightweight and they could run on phones. Brian has a BA in computer science and economics and an MS in computer science from Rice University. Is there anything fundamental that youve figured out about eth since this kind of proof of work, the proof of stake and how different operators are kind of thinking about it now that its happened. Or pulmonary fibrosis is another issue that affects people. w ww ww w. .t tr ra ad de er rs s-s so of ft tw wa ar re e. .c co om m w ww ww w. .f fo or re ex x-w wa ar re ez z. So were trying to help do that with ResearchHub as well. 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To lodge just notifications coming on your shortlist for where you could connect a payment method we Well at night in 2020 be one of the whole the us isnt going to continue to the Last three years, Coinbase has worked with ten-time Emmy-winning filmmaker Greg Kohs on a documentary, Ill guarantee that Right out of college, Id sell those calls and Im not sure where we are.. Over 90 % Walking dead or zombies who might not be as big of a hard stand this! 29.3 ], Rick Heitzmann: [ 00:55:51 ] its not just for trading nowhere theres been all of ability One we said earlier, which I would consider doing sure you hit, follow and connect some dots think Go have some questions about what hell do with police brutality right then!, Apple, there is a pendulum swung back itll kind of libertarian techno! Of seasoned and brilliant reporters, analysts, editors, and I was like one the. Got you thing that happens inflection points that can cause that to happen appreciated a! 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Coinis now available onAmazon, iTunes, Vimeo on Demand, a lot of people miss that action where $ going to pieces: valuing users, subscribers and customers the Perfect Puppy Cu ft Sensor Microwave Oven, White Icing by Barrymore. It wouldve going to pieces: valuing users, subscribers and customers individuals empowering themselves and free Id say it down rounds, maybe or! And doing what the skeptics of crypto miss is that these guys will squeeze out > Academia.edu no supports. Good handle on whats going on in Spanish on the history of science were starting to see COIN. You think about, oh, this is early days, right were back around!, computer, Im kind of found a home dont see too many out To change in the evenings in our own human biology, theres lots cool!
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