Like Airbnb did a great job and it worked out for everybody. The scientists dont like people who make money and they think its kind of low integrity, and the business people dont have any understanding of science whatsoever, and they basically get caught up in pseudoscience and all these things. [00:45:16][2.7], Dan Nathan: [00:45:17] Anything that wasnt bolted down. But if you just take some steps into the unknown, you might not be doing the right thing, but oftentimes by doing that action, youll realize what you should have been doing instead. And then I started asking, Well, what would need to happen, what social proof would be required for a sovereign wealth fund to then allocate a small sliver to crypto assets? And it just seemed, inevitable is a strong word, but highly likely that there would be a certain cascade of events. Last question or second to last question, and this may be a dead end. And so how are people going to be able to store like meaningful amounts of money or their life savings or whatever? So theyre going to basically keep the Instagram users engaged enough. And I thought that was a pretty good company. You made the mechanic better off. And I think youre youre starting to hear more about that coming into the end of the year. I mean, it just its a completely. Bloomberg Industry Group provides guidance, grows your business, and remains compliant with trusted resources that deliver results for legal, tax, compliance, government affairs, and government contracting professionals. Itd be nice to have a community come together, probably backed by a crypto coin that sort of helps. It was all really really live. Were able to see this in the first half of the year and decrease their burn. Otherwise, I mean youre just taking votes and consensus and doing what the larger group would do anyway. Right? And some of the dollars I mentioned now are that are flowing from that industry into these other areas are helping I think accelerate scientific research. And I remember I built this very simple app with a friend of mine, I think it was just called Bitcoin Wallet or something. 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. [00:53:48][59.6], Rick Heitzmann: [00:53:48] Tons of catalysts rate, improved financial performance. I mean, a lot of the companies that youve invested in and a lot of the founders that are in your ecosystem. People might have just bought into that euphoria and and kept going. Id gotten a couple hundred people to come sign up and check it out, and then nobody would come back. How would you make the case with data or anticipated shifts that havent yet happened? I remember you actually came on, I think, fast money that night. The only way to calm things down was to see bubbles burst. Tap Settings . Theyre trying to build their own status game in some virtue signaling thing. 3.1. I need to try something crazy, and just get adventure in my life. Gox. Theres always going to be something left over. And folks had said New York was dead and it was far, far from dead. You know, and so heres how I would say, to play all of these megatrends with these huge incumbents is that, you know, Apple, Amazon, Microsoft, Alphabet, Facebook, Tesla, they make up, you know, 50%. It took a little bit to unwind that and youre like, Well, how can SoftBank really affect the share price of the Faangs? Ive checked it out myself. Lets take out a tactical nuke in Europe. Like like were. About Our Coalition. It contains our financial statements, including the opinion of the independent external auditor. Those two in particular were not super memorable, but Im trying to think what else would be helpful right now. And so theres just these two very different kind of cycles that both of those would go through. I like that platform. Like if Bitcoin were the only crypto and it got widespread adoption and it got like all of these things, then the fact that theres only 21 million bitcoin might matter as an inflation hedge, but the fact that like crypto as a whole can inflate by popping up new projects every day, I think kind of hurts that use case in a pretty meaningful way. And I think theres a bunch of that kind of stuff coming out now. So for instance, you could turn a, I dont know, a skin cell into a neuron cell or a muscle cell or something like that by exposing it to different transcription factors. One final question related to the documentary, whats the story with Are they dinosaur pajamas? 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. And from talking to a couple of friends and mentors and whatnot, I basically realized theyve got to go. Below are four ways that businesses have used segmenting to improve their email response rates and, ultimately, sales. Were trying to help humans live much longer, not just a little bit longer. And other people were like, what? Whats this? Tim Ferriss: Well, sometimes its the things you throw against the wall that sort of in retrospect form the puzzle that helps you to do so many things. This is Tim Ferris. I think people are still thinking about could there be another step down? It seemed to be like a weird period this summer where the private markets were really stuck still while the public markets were really careening higher from June, you know, I mean, into late August and then careening lower. Remember that? But yeah, I remember watching some of the early hedge funds getting involved and taking crypto positions, and I was like okay, thats very interesting. Itd be great if Elon gets really wild with this this thing, but it will be interesting to see what he what he does with it. that offers or promotes your or anothers products or services. The very first version of it is out there, which nft.coinbase.com, were doing some work now to more deeply integrate it right into the actual main Coinbase app so that you dont really have to go to a separate website, you can just click buy right in there. So platforms that have a lot of still fundamental growth in it are now focusing on the bottom line for the first time in decades. Find API Key. There is a very, very popular product in the market. Can I hop on the phone with you? I think the 21 million bitcoin hard cap is less compelling than I baby would have originally originally thought. They bought MGM, they bought Whole Foods. I mean, this is another project. So its inherently evil. So the most valuable companies in the world are when we cross-pollinate a true scientific innovation with someone who can go commercialize it. We know that the main page is going away. And so value is not zero sum. I think thats really important for people to understand. And then you get dozens of stocks that are down 70 or 80% at the lows. So I was frankly shocked. But then its just kind of a hard, convoluted process, especially once you introduce these layer two solutions. That part seems pretty likely to me. And so people sometimes get stuck in those environments and they never take any action basically. This is quite cool. The stock sold off really 4% on that headline. Really taking a manual approach to interacting with customers. Shop for Beautiful by Drew Barrymore in Home. So, you know, now theres a lot less certainty of whos going out. [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. Some of that by the way is trading. Many Git commands accept both tag and branch names, so creating this branch may cause unexpected behavior. Any favorite essays or other Paul Graham-isms that come to mind? And if they were the ones who put out the smart contract for that, and thats where the customers are listing it, so be it. It takes a long time to publish a paper. Why? And I was like, Well, I want to continue to be the CEO of Coinbase. The best way to re-engage inactive subscribers is by giving them what they want. And lets say they start getting a couple of things right. So if youre surrounded by negativity and things like that, you just tend to be more negative. Ive written a bunch of times that I think its like the most under monetized property in the whole entire world, particularly relative to the importance that it has and hopefully figure that out way ways to both monetize it and make it a little bit less of a cesspool like all those things I hope are true. I thought I wanted to be an entrepreneur. And it wasnt really growing. Youre talking about all this cash on the sidelines in private markets. Tim Ferriss: So Im going to ask you about NewLimit. Yeah, we covered a lot of ground. Tim Ferriss: That wouldve been also exactly at the encouragement of Kevin Rose that I bought my first Bitcoin on Coinbase, wouldve been literally a few months after that button was introduced. So a lot of like crazy macro things happening that many of us are really left scratching our heads because we stare at the stock market all day long. Were the most trusted. And there was a lot of things going on last year that kind of with interest rates as low as they were. Ill take the blame if it is, but I like to ask this one. Theres no whatever. be cool. Theyre not just like, I dont know, whatever Elon will do. And I remember walking around in 2004 and still there was graffiti all over the banks, which, some of which still had chains locking the doors shut from when people were prevented from withdrawing their cash savings in panic mode because of hyperinflation. What are the things that kept you up at night in 2020? And people are talking about the European banks, Deutsche Bank, Credit Suisse, and theyre keep showing charts that their CDSs, their credit default swaps ticking up at levels they havent seen since 2008 during the financial crisis. However, investors who implemented a combination of three of Graham's criteria did not earn positive risk-adjusted returns consistently during the research period. [00:28:54][72.1], Packy McCormick: [00:28:55] I still dont know what to get. So if people are interested in that, I would encourage them to go check out the website and apply for a role if theyre interested in the space. And some people told me things like, an underrepresented person will never work at this company again. Are we seeing you know, theres been a lot of talk about venture debt. Brian Armstrong: I think decentralized identity is really cool. And it, just for clarity, hopefully you dont feel Im asking this question to make you squirm. 30,000 13- to 24-month buyers * $50 = $1,500,000. [00:55:50][16.3], Dan Nathan: [00:55:51] Thats not mobile I. We didnt take all of our medicine. And I think a lot of people were thinking in this current macro environment when we saw high inflation, hey, maybe people will now go to Bitcoin as the reserve currency, or not the currency, but the digital gold equivalent. Green Bay Ventures and Race Capital are the most recent investors. And I think the roadmap for it is really exciting to hopefully just get rid of a lot of the barriers to scientific innovation. about his takeaways from FirstMarks recent founders summit (39:34), if the market overcorrected from the surge in interest rates & the U.S. dollar (41:15), the potential fallout from redemptions in the private markets (45:35), Apples strength in the U.S. versus overseas (48:50), when the IPO market may finally reopen (53:15), venture debt changing the landscape for startups (58:55), and how much longer capital may be sitting on the sidelines in private markets (1:05:50). And as a partner at Google Ventures, he invested in a bunch of biotech companies. LinkedIn is the #1 channel B2B marketers use to distribute content at 94%. I went on options, actions and talked about finance. And so thats the kinds of technology thats being developed, and Coinbase is sort of building a lot of that into our Coinbase wallet product over time. Aggregate that information. And were sort of building the tools for people to do that as well. Insights from Dr. Matthew Walker, Adam Grant/Atul Gawande, Diana Chapman, and Rich Roll/David Goggins (#630), #627: Brian Armstrong, CEO of Coinbase The Art of Relentless Focus, Preparing for Full-Contact Entrepreneurship, Critical Forks in the Path, Handling Haters, The Wisdom of Paul Graham, Epigenetic Reprogramming, and Much More, The Tim Ferriss Show Transcripts: Insights from Tara Brach, Ryan Holiday, Maria Popova, and Cal Newport(#626), All transcripts from The Tim Ferriss Show, written about books that have had an impact on you, this blog post that Coinbase was going to become a mission-focused company. And again, that flies in the face of that track listing trend that we saw over the last few years. [00:01:13][17.5], Dan Nathan: [00:01:14] Yeah, well congrats on Mya thats an amazing addition and congrats to your wife and you have a son Devin his second birthday today, so youve just been in it for a couple of years, huh? Founded in 2012, Coinbase is building the crypto economy, a more fair, accessible, efficient, and transparent financial system enabled by crypto. So people are starting to talk again. 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. So were seeing a lot of really good focus now happening on scalability of the blockchain. It has been selected for "Best of Apple Podcasts" three times, it is often the #1 interview podcast across all of Apple Podcasts, and it's been ranked #1 out of 400,000+ podcasts on many occasions. Hes one guy. And when youre so dependent on brand, I think all of that stuff matters. And we will start to see the crypto economy start to become maybe over 10 or 20 years, itll become the main thing. But are there some that have surprised you that that be based on kind of the strength of the project? But unlike the AI stuff, where I think like theres an advantage to a company starting now and eating a public companys lunch, I think they like a pretty good model for how you do homes in in the U.S.. Is there a rational correction to possibly an overcorrection? But I think in any good moonshot company, you want to have intermediate milestones along the way. And I think And I respect a lot of people in this camp, theres not your keys, not your crypto folks. 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