SPEAKER_00: okay everybody it is a full news show for you today i know you guys love when i do all of the news i'm going to talk about the elizabeth holmes trial and i have an insight that the prosecutors have totally screwed up her case i think she has a 20 chance of getting off even though i believe she's super guilty and the prosecutors missed calling this one set of witnesses that would have made this a slam dunk open and shut case and silicon valley colombo himself jason calacanis has cracked the elizabeth holmes case and i'll explain in detail then we also have a tether update and nike has acquired an nft company and i explain why that's so brilliant and why nfts plus fashion equals brilliant plus an uber eats delivery occurred in space go team uber and finally

SPEAKER_02: uh some insights over uh the hangover series and how equity participation made that team secure the bag in a major way and how that relates to your life stick with us it's going to be a great

SPEAKER_05: episode this week in startups is brought to you by vanta compliance and security shouldn't be a deal breaker for startups to win new business vanta makes it easy for companies to get a sock to report fast twist listeners can get one thousand dollars off for a limited time at vanta.com slash twist our crowd helps you invest early in pre-ipo companies alongside professional vcs if you're interested in investing you can join our crowd for free at o-u-r-c-r-o-w-d.com slash twist and fiver business is a modern workplace for the digital world their team of dedicated business success managers help match you with the best freelancers for your team right now you can sign up for fiver business free for the first year and save 10 on your purchase with promo code jason that's f-i-v-e-r-r.com slash business and use promo code jason all right everybody the elizabeth holmes

SPEAKER_08: trial is coming into the end game portion and i did an interview with a podcast about the theranos trial and i realized something that could be incredibly material and this all happened because the journalist from abc news who does a great job on this particular podcast um was asking me questions about oh my god what does this mean for silicon valley and oh silicon valley and the name of the podcast is the dropout it's an exceptionally good podcast so the dropout had me on and we did like an hour-long conversation it got a little confrontational because she kept saying like well what does this mean for silicon valley what does this mean and how is silicon valley responsible you know like that kind of line of questioning about theranos okay fine i understand and i said listen if we look at who got duped by elizabeth holmes a bunch of old generals and henry kissinger who by the way got i think five hundred thousand dollars in stock and 150k in cash per year to be on the board of a startup by the way that doesn't exist in real startup land so she paid them off apparently and then a bunch of like old non-traditional investors got duped right like rupert murdoch put 100 million in famously

SPEAKER_12: then some vc firm you never heard of i i think put money in a late stage a bunch of angel investors and who else got duped by elizabeth holmes well a bunch of walgreens executives apparently according to bad blood felt a lot of pressure that they were going to lose the deal and they didn't do their diligence who else did elizabeth holmes pull the wool over their eyes journalists they put her on the

SPEAKER_08: cover of magazines they made her the second coming now the same journalists are coming back and saying hey silicon valley failed here and i said excuse me for a second how did silicon valley fail he said well you know you created this crazy company and put people's lives at risk i said did we create that

SPEAKER_12: because the top 100 venture capital firms i know didn't put money into that top 500 venture capital firms did not put money into theranos they all laughed about it and they talked about tim draper obviously and i said tim draper's daughter was besties with elizabeth holmes according to what i read he was giving her character support but his venture firm did not invest he may have put a little

Chamath Palihapitiya: money in personally so anyway the trial began in early september it's a federal trial so my

SPEAKER_08: understanding is federal trials are not broadcast unfortunately so we had to sit through that

SPEAKER_03: rittenhouse trial which was just horrible to watch i'll be totally honest uh like just bad people doing bad things uh stupid people doing stupid things and then the trial i really want to watch and

SPEAKER_08: that we all want to watch is elizabeth holmes who is in all likelihood i think i'm gonna be careful

SPEAKER_22: saying this but i think that she is suffering from some mental issues around either being a pathological liar narcissistic personality disorder delusions of grandeur i don't know what would lead somebody to lead what i think based on the evidence is one of the greatest frauds since madoff it's like right up

SPEAKER_03: there with the madoff fraud in my mind so anyway it was a little cantankerous on the podcast there and she's like i thought this would be a friendly discussion i was like well i gotta stand up for the

SPEAKER_00: home team here in silicon valley because we didn't have any part in this but one thing that came up was i asked the interviewer did they did the prosecutors in the veranos case and i think this

SPEAKER_08: might be uh a very material thing that i stumbled upon here i said can i ask you a question because i've been reading about this and i can't find it they talked to people who invested in their notes did they talk to anybody who passed on investing in their notes and she said no i said are you sure she said absolutely we know we've been covering this 50 episodes in whatever they did not

SPEAKER_00: and i said do you realize what a dereliction of duty this is on the part of the prosecutors to not get the dozens there must be dozens of vc firms the top vc firms in the world must have met with elizabeth holmes multiple times over the years as her company got the walgreens client and she made these crazy claims and they were on the cover of magazines all that buzz will lead an investor to at least meet with the company even if they don't believe in it you have an obligation if a company is getting escape velocity in other words it's taking off and getting

SPEAKER_08: to a place where you don't think it's going to come back down it's your responsibility to meet with

SPEAKER_00: the person it is your responsibility to meet with the person and they never met with the people who

SPEAKER_29: turned her down and asked them on the stand hey andreason horowitz kleiner perkins sequoia whoever

SPEAKER_22: met with her i don't know who met with her but i'm just picking three top names

SPEAKER_32: did she when you met with her what did she say do you have any emails do you have any documents do you

SPEAKER_00: have the deck do you have any internal discussions that you documented about why you turned her down and can you tell me why in fact did you turn her down and they would all say the same thing which is the back channel i got and everybody knows which is and it's a key part of the case she is claiming

SPEAKER_03: that the technology the edison whatever this fakakum machine that didn't really exist or work

SPEAKER_00: or existed in as a concept or a mock-up essentially like a prototype she wouldn't show the technology to people because she said it was proprietary she said it was a trade secret this flies against everything

SPEAKER_29: that we know here in silicon valley and the press doesn't understand this and they're spitting this

SPEAKER_12: encircling the wagons because they put her on the cover of these magazines and honestly and elizabeth

SPEAKER_37: holmes defense gets a free pass because everybody knows in silicon valley is you you always show

SPEAKER_20: everything to a venture capitalist during due diligence that's how it works if you're a battery

SPEAKER_08: company if you're you go open kimono is the term for it you open up the kimono you get to see everything inside everybody does diligence and sees these things so she tried this on the world's best venture capitalists 100 and in fact bill maris was on the pod we'll pull up the bill maris quote in a moment but he kind of said something like he laughed her out of the room or something because she wouldn't show him the tech okay the prosecutors in the elizabeth holmes case did not put the most successful venture capitalists in the world on the stand to explain why this was so bizarre that she wouldn't let them diligence the company for money oh my lord oh my lord i may have just stumbled upon if she gets

SPEAKER_29: off what would have been the kill shot this would have been the absolute there is no way to defend

SPEAKER_12: yourself against this we've been covering this forever on the pod and the prosecutors uh have not called additional witnesses the government rested their case back on november 19th and then elizabeth

SPEAKER_02: holmes took the stands for i think seven days so like two weeks but vcs did not invest in this

SPEAKER_20: because they saw this happening jurors are expected to begin deliberating after closing arguments which

SPEAKER_08: are december 16th to 17th and today is the 14th tuesday so on thursday and friday uh and then the

SPEAKER_02: week of december 20th i'm gonna guess i'm just going out on a limb here i think she's guilty i think this was premeditated i think that she is as guilty as bernie made off based on the evidence

SPEAKER_20: i've seen and i have pretty good radar for this i don't know i'm not in the jury room i didn't see all the evidence so i will just tell you my guess i'm just guessing here i think there's a chance she

SPEAKER_08: gets off i think it's like a 20 chance i think she's so obviously guilty but you need but one juror in our system to object and okay the person gets off we know that is built into our system we

SPEAKER_12: would rather have people go free who are guilty than have an innocent person go to jail sock two

SPEAKER_43: compliance is critically important why if you don't have your sock too tight you can't close major customers vanta is going to give you one thousand dollars off your sock two right now vanta's compliant software makes it easier to get and renew your sock two because they continually test against technical and non-technical sock two requirements they partner with over two dozen audit firms who have been trained to file sock two reports directly within vanta saves a ton of time and on average vanta customers are sock two compliant in just two to four weeks compared to three to five months without vanta just take it from kitty hawk ceo john he grains who heard me read vanta's ad on this very program and then he emailed me and told me how much he loves vanta john told me vanta was essential in helping kitty hawk get sock two compliant so they can target larger customers which are the ones you want those lighthouse customers who pay on time and who pay a very large contract don't screw it up folks get that sock two compliance done with vanta and you're going to unlock bigger sales and give your employees time to work on more business critical assignments vanta's giving twist listeners i kid you're not a one thousand dollar discount on their subscription you just have to claim it at vanta v-a-n-t-a dot com slash twist that's vanta.com slash twist to get ten hundies thousand dollars waiting for you

SPEAKER_20: at vanta.com slash twist go get it and bill morris said this is the quote don't talk about it show me the thing like open up the machine if it smells too good to be true it's vaporware those are his quotes bill morris is on episode 1236 go back and watch that episode bill morris super talented guy and we have a clip that i'll play in a moment there are there must be 20 other bill morris's out there

SPEAKER_37: who met with elizabeth holmes and had the same exact reaction so again who did you pull the wool over

David Friedberg: uh you guys passed on theranos you met elizabeth holmes uh you and i both called it if you have the technology you would show it what are the lessons we can learn there and what was it like

SPEAKER_51: meeting with her i mean there's so many right but that's a great example of the media just like deciding we like a story this will be a good story because the the parameters of it look nice it look good on the cover of a magazine but doing no research like not actually taking the test and then taking a quest or lab core test and comparing the results that's all i did that's

SPEAKER_53: all you needed to do and you literally asked her can i see the results and compare them

SPEAKER_51: i asked her intermediary i i didn't even take the meeting uh no the answer here are the lessons when a startup has in science or in love life sciences has a board full of government of former government officials no one experienced in the life sciences former generals great people they know nothing about what's going on when they've got armed guards at the uh at the entrance literally like armed guards when trapped they won't answer any questions like they were all of the science this was not this should not have been a surprise and it that's why there are no life science investors because those of us in the know know that like it's not just the technology there's regulatory issues there's all kinds of things and it's like if it smells too good to be true

SPEAKER_12: come on this is vaporware it's like so obvious to us and these prosecutors i mean they may have

SPEAKER_32: dropped the ball royally and i think it's a one in five pretty good at handicapping this is one in five she gets off because you know she's trying to spin this as like she had good intent and she would have gotten she would have succeeded at some point she was just doing what everybody does in silicon valley according to her which is like you know you fake it you make it or you hype it up and the rest of us

SPEAKER_20: it was completely obvious if you don't show us the technology you don't have the technology come on we're on board yesterday promising you're going to show us the technology to us next week if we invest

SPEAKER_58: in your company this week get out of here come on get out of here with that garbage such garbage all

SPEAKER_12: right listen in a totally non-related story nike just acquired an nft studio pronounced artifact it's

SPEAKER_08: spelt rtfkt but it's pronounced artifact the terms uh haven't been disclosed but in may the firm had raised eight million dollars in a seed round at a 33 million dollar valuation from

SPEAKER_02: injuries and horowitz they were behind the nft project clonex with famed japanese artist takashi murakami his most expensive piece sold for 13.5 million dollars in 2008 so here are the clonex nft avatars and

SPEAKER_03: uh compared to board apes and crypto punks crypto punks look like they were made by a computer and aren't finished they look terrible sorry board apes are kind of goofy and i would say these are you know pretty nice tech crunch call clonex one of the most popular nft drops the past few months

SPEAKER_08: and since it dropped three weeks ago the project has already seen 84 million in transaction volume

SPEAKER_02: according to crypto tractor crypto slam i don't know if you can trust any of this to be honest i think a lot of this stuff is people painting the tape and flipping these things and insider trading we've seen some evidence of that the average clone x nft is selling for around 4.7 e in december or eighteen

SPEAKER_03: thousand dollars for painting i guess of uh an individual so if you like art and you think this is

SPEAKER_20: worth eighteen thousand dollars there you go i don't know if in this case you get to own the ip of these ones i think that you know the intellectual property in other words you could make it into a tv character a comic book or a t-shirt but here's a chart from yahoo finance tracking the price and volume of clonex nfts over the past two days and when the news of the nike acquisition broke volume and price both spiked according to the tech crunch article artifact has collaborated with other crypto creators to design items like physical shoes that utilize imagery in other nft projects including crypto comps and board

SPEAKER_12: apes so i think you know what's happening here i think nike likes to be part of the avant-garde they

SPEAKER_03: like art this is a convergence of art and commerce and so i think what we'll see is when you buy your

SPEAKER_08: shoes and we talked about this before on other episodes the idea of pairing an nft with your physical object is kind of interesting it's almost like the label or the certificate that comes with it so let's say you bought some really cool pair of sneakers yeezys whatever or whatever the nike equivalent is and you got the nft with that well you could kind of trade the nft with the shoes or maybe uh the shoes are kept in storage somewhere if you're a collector of these shoes and then you have the nft if you trade the nft the shoe gets transferred to a person i think that's actually kind of interesting i know people in the wine space who collect wine you know we're investors in underground cellar people just leave their wine at underground cellar or other people who are in the wine market will buy in fractionally to a wine collection to a vintage two cases of wine and so if we all wanted to buy a

SPEAKER_03: million dollars in a certain vintage we each you know put in ten thousand dollars and a hundred of

SPEAKER_65: us do that we corner the market on that one but we don't want to take custodianship of it you want somebody else to be the custodian to be the responsible party so i could see that happening

SPEAKER_08: here and i think people will start because there's so much money in the world and there's so many affluent people they're not buying shoes anymore to walk places they're buying shoes as art as collectors as items of status as things that bring you joy aesthetically just like wine brings people

SPEAKER_12: enjoy so this is completely i think a legitimate purchase by nike to do something interesting uh and extend their brand into this new digital world i never really got people spending huge amounts of money on art i do understand that it has value to some people and i you know also with the wine thing like for me like some crazy expensive wine that doesn't do it for me but you know maybe a really

SPEAKER_03: expensive house or uh expensive steak does do it for me so i will spend money on a kobe or a miyazaki beef that's i seem like an idiot because i spent 200 on eight ounces of you know beef when i could have bought the whole cow you know or half a cow uh that wasn't from japan and massaged and fed milk

SPEAKER_12: and cream and whatever else to make them super fat so a very interesting purchase and related news earlier in december adidas announced a partnership with the board ape yacht club adidas purchased a board ape nft and will create a character around the nft the nft was purchased in september for 46

SPEAKER_08: eth just over 156k at the time and so you know you're gonna see nike create a thousand limited edition versions of the jordan one or air force one or other legendary shoes that you're not going to get your hands on that are too hard or maybe you know you buy the nfts and it gives you the ability to come to those drops they do in the physical real world so instead of people lining up

SPEAKER_03: you gotta have an nft in your wallet and you show that in your you take out some sort of wallet and

SPEAKER_68: qr code and they scan you and you get to go into the store right so the stores are open three days a week to one group of people four days a week to the public right and so this nft apparel thing seems

SPEAKER_08: reasonable to me i talked here about doing this with tickets so if nfts because they're one of one because they're traceable resellable and they have rule sets in them kind of the exciting part about this i think it's silly uh ridiculous when they start trading for tons of money and there's all this

SPEAKER_03: painting of the tape and all kinds of shenanigans that occur if one of my friends was advising me should i buy these things i would say only if you don't like money or don't care about losing money you'd be making a crazy lottery style bet to buy these board apes or crypto punks whatever i mean these this is like this is a new avant-garde i mean this isn't like taking something like a dolly or a picasso or a warhol or basquiat you know those have some decades or centuries of

SPEAKER_08: trading that you can look back on in fact masterworks io does that for a living if you're buying into this cohort of nfts realize you're buying in in the first year or two of this trend it could just as easily be beanie babies the board a yacht club could go down in history as like the stupidest beanie baby thing ever or it could be warhol right who knows and so buyer beware if you're doing this please

SPEAKER_12: be careful uh and uh only invest money you can afford to lose all around the world tech companies

SPEAKER_00: are innovating and driving returns for investors well our crowd analyzes many of these companies they search across the global private market then they select the ones with the greatest growth potential and finally they bring them to you from personalized medicine to cyber security to robotics

SPEAKER_43: one of my favorites and quantum computing and so much more whether it's in a state-of-the-art lab a startup garage or anywhere in between our crowd identifies innovators so you can invest when growth potential is greatest and we all know that's early our crowd's accredited investors have already

SPEAKER_00: invested over 1 billion dollars in growing tech companies and many of their members have benefited from 46 ipos or exits and now you can truly diversify your portfolio by investing early in innovative private market companies at our crowd join the fastest growing venture capital investment community at our crowd.com twist once again that's our crowd.com twist and you can sign up for free and start reading all those deal memos and you can read those deal memos and get super smart and then place a bet if

SPEAKER_12: you're so inclined all right nike is a massive company and they're able to make big bets they are a 261

SPEAKER_20: billion dollar company with uh 44 billion dollars in revenue and 5.7 billion dollars in income so this

SPEAKER_08: is a very big company that can make crazy bets and they do not want to be on the other side of somebody else taking these nfts this is what they're thinking inside nike when they make a purchase like this for

SPEAKER_12: i'm going to guess they had to purchase it for 10 times what indrescent paid so i'm going to guess it's 300 million dollar purchase perhaps um and that would be something that would get the founders to sell because the founders owned 60 70 of the company you know they sold it for 300

SPEAKER_08: million wow big payday or maybe more who knows but here's the thing nike's looking at this and saying hey you have this giant company this giant franchise what if the board ape yacht club decides to partner

SPEAKER_12: with a sneaker company like they have right adidas and start making board a yacht club sneakers and those sneakers become the dope thing that people want you just can't take that risk and so super defensive play so when you look at acquisitions sometimes people are making a defensive play and sometimes they have a thesis on how they're going to grow something 10x as but one example when i saw weblogs inc to aol and they bought it for 30 million dollars reportedly we had only 100 or 200k in previous revenue we had maybe 200 or 300 in you know contracts for future revenue we had basically no revenue and they paid 100 times revenue or something like that they looked like idiots at the time but what people didn't know was they were getting 50 per thousand views in revenue per page on aol because they were sold out of cars and gadgets and consumer electronics and we had a gadget and auto blog and joystick and video games they were getting 50 to 100 for their pages we were getting like five dollars because we were just starting our sales process so they looked at our inventory

SPEAKER_08: and said we can 10x the inventory therefore we're paying one tenth of the price so that's what you don't see sometimes as the public when these purchases happen and they also said we can drive 10 times as much traffic to engage it and to joystick and to auto blog because we have this giant funnel

SPEAKER_12: of traffic so that's when an acquisition becomes what's called accretive it accretes it grows some incredible value um and so should every apparel company have nfts well certainly if it's a collectible

SPEAKER_08: type thing and we think that nfts become um the new bridge into a brand that's a really good idea i'll give you another example there are items inside of incredibly expensive stores where i might not be able to afford the tiffany diamond necklace but the tiffany charm bracelet right i could afford or i might not be able to afford at the ford showroom um gt for gt so there was this ford gta and i was like gonna buy a ford gt when i made a little bit of money after the weblog sync sale and i saw it and they that is like a showroom object of art that brings everybody in and then they wind up buying a ford taurus you know or a mustang or whatever is reasonable there are other things that work the other way around so instead of being super expensive and drawing you in to buy something low you can't afford to buy chanel stuff uh or you can't afford to buy an hermes bag for four thousand dollars but maybe you could buy the little wallet for 500 bucks right so they like to have items that kind of get you started on the brand in case you become rich later and let you participate in it so there are these items that are like the entry point for people uh and i think that nfts could be that so if you could not afford a bugatti you could buy a bugatti nft if you could not afford a chanel dress you could buy a chanel nft and put it on your you know avatar on your twitter

SPEAKER_20: page or share it somewhere as your avatar on instagram it's just a way for you to affiliate

SPEAKER_08: yourself with brands so yes i do think that these nfts serve that purpose in the same way i explain some of those entry-level items do or sometimes people will just have like a ferrari poster in their room

Chamath Palihapitiya: right or they'll have a ferrari keychain and by the way there's also this concept of burning nfts which is also kind of interesting and weird so the idea is you burn it to unlock an asset so imagine

SPEAKER_08: you bought these nfts and it was either a sweepstakes or 10 000 nfts equaled a pair of you know elite air jordan signed by michael jordan himself and you know they burn all the nfts but one and you keep it or you buy an nft that lets you get one pair of shoes from nike in the next 10 years when you burn it you get to pick from their collection right so there's all kinds of interesting things to do in the burning of nfts which are just different features in the smart contract smart contract

SPEAKER_12: just a rule set that's inside of the code of the nft and then another concept that i was talking to producer nick about was hey what if you bought a pair of these elite air jordans michael jordan had

SPEAKER_08: assigned them whatever uh and uh you own them but then every time you sell that nft and the ownership in it nike makes another 10 and hey maybe michael jordan makes 10 or whoever it is and 80 of the money you know you get back so i bought them for a thousand dollars and now worth 10 000 somebody buys them for 10 i get eight great i feel pretty good i'm 80 times my money and then michael jordan gets a

SPEAKER_12: thousand bucks that he doesn't need to play craps and nike gets a thousand bucks that they don't need to build the bigger headquarters or whatever it is then when it's burned the shoes are delivered so you

SPEAKER_08: might have something trade hands like an antique car or a case of wine like i explained earlier but at the burn point is when the object is delivered this is super interesting as a concept it could be done today obviously with contracts but legal contracts are hard work and the lawyers

SPEAKER_12: and the amount of money the lawyer would have to spend would be greater than the ability to do that what's interesting about this permissionless society and these contracts is that you can do this hopefully at a very low cost obviously the gas fees on ethereum are a disaster supposedly they're going to fix those and solana and other competitors are going to fix it once those gas fees get down to close to zero or very small numbers and de minimis it could be even more interesting so as i've said many times on the program store of value not very interesting to me bitcoin i get some why some

SPEAKER_32: people are into it if you're in some crazy country where you have runaway inflation like eight percent a month you know just theoretically speaking here i'm joking about america obviously but bitcoin it seems to be correlated with america and our futures when the stocks go down bitcoin is correlated so store of value not very interesting to me money transfer there's so many better ways to transfer money than crypto crypto is terrible at it just on like a first principles basis like the actual core technology

SPEAKER_08: sucks it's just too expensive it's great if you're trying to do it semi-anonymously or get out of a

SPEAKER_32: country so yeah on the margins if you were a dissident or a dictator or a terrorist yeah it's pretty phenomenal for money transfer but for legal people there's much better ways for like venmo or you know

SPEAKER_08: cash app or paypal or whatever third nfts kind of interesting right i've been saying that from the beginning there's something here this is kind of interesting and you got a lot of creativity going into it but like anything else when money's involved and anonymity there's going to be scammed so again beware just because i like nfts doesn't mean i think you should go crazy on them and then finally dow's everybody knows um i got the dow bug i've been talking to people about it the

SPEAKER_32: legal framework is still screwed i can't do anything anywhere near the gray area because i got lps and i don't want to go to jail and i care about my reputation and i would never do anything as a quick money grab i'm not saying people doing dow's is a quick money grab or nfts is a quick money grab it's a quick money grab uh in a lot of cases it's a quick money grab like i don't want to be associated with quick money grabs i want to be associated with slowly making large amounts of money off of non-consensus bets but first two not interested in next two super interested in here

SPEAKER_12: we go crypto in the second decade is getting very real but be careful out there folks

SPEAKER_00: if you're trying to nail an important project before the end of the year you might need some extra help right it's really hard to get people look no further and fiverr business that's f-i-v-e-r-r business fiber business puts a world of expert freelancers at your fingertips so you can get any project across the finish line and be proud of the work they have everything you need to seamlessly integrate your new team members into your workflow we love fiverr here at launch we've used it many times and i've told

SPEAKER_43: you this story before but i was going to another country australia i wanted to find all of the founders and investors and capital allocators and technologists and journalists there my team was like jacow we gotta book tickets and speakers and sponsorships we got a lot to do they went on fiverr they hired researchers easy peasy lemon squeezy now we've got thousands of names and in some cases emails that this researcher got for us man we started on third base we had a full house the whole time you know we probably wouldn't have gotten to it and the event would have been half the success it was so thanks fiverr stop wasting time searching for talent just leave it to fiverr business they have a team of dedicated business success managers that will help match you with the best talent for your team no more endlessly guessing and interviews plus you can save and share your favorite freelancers for

SPEAKER_105: future project like we did with the researcher we actually did use that researcher to research other uh podcasts and their advertisers so that we could come up with advertising targets so find the

SPEAKER_43: freelancers you need to give your next project the boost it needs to finish strong right now you can sign up for fiverr business absolutely free for the first year you can get that one year free and you can save 10 on your purchase of fiverr business with the promo code jason j-a-s-o-n just go to

SPEAKER_00: fiverr.com business and don't forget the promo code jason f-i-v-e-r-r.com slash business use the promo code

SPEAKER_12: jason okay quick update from tether uh hashtag tether investigation usdt is now the official currency for a shadow government in myanmar this is very complicated uh international stuff but basically what you need to know here is this isn't a good sign in may of 2020 the central bank uh they're decreed all digital currencies illegal and they have a national currency called the uh kiat and the government threatened to imprison anybody or find anybody who violated this rule they want to keep control of their currency totally reasonable uh you may not agree with it if you're in crypto but uh certainly a country that's in this kind of situation really does need um to have control over

SPEAKER_02: security and the financial system in february of 2021 myanmar's military overthrew the country's ruling party and after the military coup an opposition government of supporters formed and the opposition the opposition group calls themselves the nug national unity government so quoting the

SPEAKER_12: bloomberg article here while they don't control territory or hold positions of power in myanmar the group has declared war uh that has led to an escalation of battles between the military regime and local resistance groups obviously this is a messy complicated situations but the nug is now accepting tether as its legal currency for domestic use why uh they want to make transactions easy and speed things up is what they're saying who knows what their covert reasons are uh maybe they have um some funding coming this way maybe they have some sort of special deal no other details were

SPEAKER_03: given interestingly tether has minted 3 billion of new tokens over the past two weeks according to crypto slate again you know as much as there's open metrics inside of crypto for every aspect of the crypto ecosystem that is more open like a blockchain uh there are an equal number if not more shenanigans that can occur

SPEAKER_12: and uh opaqueness in other areas i.e who is actually making these trades is it one person with a thousand accounts is it a thousand people with one account is it 500 people with two accounts on average who knows tether's total market cap is now the fourth largest in crypto 76.5 billion here's a chart of tether's market cap over the past three months and you can check out the spike in growth since late november you know what could go wrong what could go right uh just another reason to be concerned uh about tether

SPEAKER_08: and there are some lawsuits that i see have been filed and they didn't show up for some of these hearings where people are trying to get a deeper our government's trying to get a deeper understanding of these stable coins stable coins are competing directly against the us dollar let's be

SPEAKER_03: honest and it's going to give a lot of power to the companies and the people that control it it is going to compete in a way and destabilize the dollar if these things get really big if it's easier to transact in tethers uh or ethereum or bitcoin or solana or you know even um circles usdc any of these

SPEAKER_12: things become easier and more stable right the other things fluctuate so people generally don't want to use them if they want to know how much money is going to get there by the time they send it and the transaction goes through these stable coins uh represent a challenge to the sovereignty of

SPEAKER_08: countries much to the cheering of independent free thinkers who want less government much to the chagrin of people who believe in the power of central authority the truth lies somewhere between the two

SPEAKER_12: people should be able to do what they want with their money and they should have privacy of course

SPEAKER_08: and they should have sovereignty over their wealth and then on the other side you really don't want people to be able to anonymously fund terrorist activities or not pay their taxes or otherwise not contribute to society so there this is a very nuanced discussion basic long story short if you're going to be creating your own currency you better have a lot of safeguards in place and tether doesn't

SPEAKER_03: usdc does i don't have a horse in the race i own neither of them i have no financial interest but i do think that the stable coins should be absolutely regulated to the health and when i say to the held i mean seriously regulated like people are going to go to jail if they screw it up audits making sure there's dollar for dollar money in the bank that there's insurance and that there's a limited number of people who can create them i know that sounds like i'm being an okay boomer but you know some things are very powerful and there should be a process of getting them i kind of feel that way about guns i know some people different opinions on this i don't i believe in sensible gun control like maybe you can buy a certain number of guns with a certain capacity and after that you have to have insurance for guns like everybody could have two guns and have no insurance for you know rifles pistols whatever 10 rounds or less but then once you get over that and you have more than three guns or whatever maybe you have to have insurance right seems reasonable to me or maybe

SPEAKER_12: you have to take a really thorough test so this falls into the regulation uh that i think they

Chamath Palihapitiya: should have so be careful my producers uh had a really good insight the other day they found out

SPEAKER_12: that director todd phillips made a massive amount of money on the hangover movies and they brought this to me uh that he made 75 million according to reports on the first hangover movie and 150 million overall on the trilogy and the people who were involved in the film got the biggest paydays of their lives apparently and all because of equity this is funny because i've played uh cards with and

SPEAKER_03: i have mutual friends uh in the la scene uh with todd phillips and he's a really fun sweet guy super talented i thought the film he did the joker uh with joaquin phoenix one of my favorite actors was a masterpiece i know some people didn't vibe with it for me it was just chef's kiss perfection and style and substance in what it had to say about society and the media and psychology and weird people i thought it was a unique vision that built on cinema from the 70s that i love like taxi driver um and scorsese and you know king of comedy and just any number of great callbacks wonderful film just tremendous and the hangover was hilarious as well so uh according to an article that they found on the internet from celebrity networth which has got to be like the most wrong site in the world based on what i read about myself uh and other people on it i think they kind of just pick a number um the first hangover film uh made 470 million worldwide became the highest grossing r-rated comedy of all time and it started the three film franchise uh that grossed 1.4 billion but in 2007 uh what eventually became the hangover was originally a script called what happens in vegas according to the story and multiple studies passed on the script because of r-rated comedies don't have a great track record at the box office obviously todd had a different vision here he thought that adult fare would work at the box

SPEAKER_02: office so the highest grossing r-rated comedy was beverly hills cop i didn't actually realize beverly

SPEAKER_12: hills cop was r-rated but i did have some choice language and that did 316 million but that was back in 1984 at the height of eddie murphy's popularity they were also a little worried uh that would be hard to license uh that title from las vegas eventually phillips got the script loved and decided to pursue it at all costs he had to deal with warner brothers and convinced the studio to greenlight the hangover with a 35 million dollar budget really tiny he pitched the studio the trio of bradley cooper zach galifianakis my greek brother and ed helms to start in the leading roles all three actors were

SPEAKER_08: relatively unknown at that point and the studio wound up paying the three actors under 1 million combined

SPEAKER_02: for the movie what warner brothers was still hesitant to give an r-rated comedy with no-name actors essentially a 35 million dollar budget so philips made them an offer he would forego a 6.5 million dollar salary his salary in exchange for 16 percent of the film's gross their top line the movie was

SPEAKER_03: released in june of 2009 it was a huge hit hilarious phillips wound up making around 75 million off the first hangover according to this source who knows if it's true and 150 in total for the trilogy one less thing lead actors also got taken care of eventually cooper helms and galifianakis all signed five million dollar salaries and four percent of the gross each of the next two movies according to this back of the envelope who knows if it's true each took home close to 30 million dollars 28.4 million from just a second hangover movie and this really goes to show you what ownership uh does very proud to announce that uh a number of members of my team uh who've been with me are going to be getting carry

SPEAKER_02: and everybody who is on the podcasting team and who works for me at launch in the swing startups is also included in our carry pool and we just sold some shares in a company i can't say which and uh i last night from my former chief of staff and now managing director ashley sent me the waterfall and so not only am i getting my carry as i do as a gp my entire team is going to get a little tasty

SPEAKER_03: poo they're going to get their beaks wet and the great part about that i was talking to a friend of mine was who is concerned that i work too hard he said to me you work so hard jacal let other people do some work and uh you know get back some of your time and being able to have upside equity participation really makes people feel uh appreciated and nothing is going to make me feel better than having uh this great funnel of my carry flowing in not just to me but to the rest of the team so they all get a little taste and hopefully i get to buy everybody on my team eventually a condo or a house

SPEAKER_12: and my god what a great legacy that'll be when i retire if i bought all their houses that is my intent so for everybody on my team i do appreciate the hard work and you make me look real good every day and uh this todd phillips story uh is also heartwarming because he took a bunch of actors

SPEAKER_03: who are making a million less than a million combined and then they got to get a 30 million dollar leonardo dicaprio level payday that's george clooney money or zach galifianakis life-changing money

SPEAKER_02: so if you're not getting equity or upside uh in the company you're at you don't have equity participation if we learned everything over the last couple years equity participation changes you from being a wage slave maybe a little bit of charge language there but if you're just getting a wage you're can pretty

SPEAKER_03: much define your trajectory six percent raises you're making 20 bucks an hour in your first job and just six percent a year for 20 years figure out where that puts you an hour and then at some point it caps off i'm writing about that in my new book actually as i talk about equity as the path to

SPEAKER_00: uh being self-reliant so fight for equity get equity and earn the equity right so understand equity

SPEAKER_02: fight for equity and then earn your goddamn equity put in the work do the work and make your boss really incentivized to give you equity i am absolutely thrilled give equity to my teams because it keeps them around longer and it's vested over time so what happened here with the hangover was

SPEAKER_03: if they did not get paid well and didn't have this equity participation the studio would not have got

SPEAKER_02: hangover two and three and had that money printing machine what they did was they ensured the band would stay together and the band in fact stayed together that trio did all three movies you can't

SPEAKER_03: say that for jaws or other films right it's really hard to keep the band together sometimes and so one of the great things about venture capital firms is everybody gets their carryover investing schedule so you can't just pop in hit a winner and then bounce you gotta stick around for a couple years i think most gps their agreements are seven years or ten years basically the life of the fun you leave early you lose that percentage if you stay for seven of the ten years you get seventy percent say for five out of ten years you get fifty percent uh so you gotta stick around and that's good sticking around if

SPEAKER_02: you're appreciated and you got equity participation really smart move for people in their careers because now you've moved from being just you know a person who has to make a wage and the only way to

SPEAKER_12: really be to make it as uh somebody getting a wage is to be what i call a virtuoso if you hit that virtuoso category steph curry lebron james todd phillips as a director uh steven spielberg as a director uh and george 20. the virtuosos do get paid incredibly well we would all agree uh but that's the top two percent of any field the other 98 it just goes downhill from there and then once you get

SPEAKER_03: past the top 30 percent if you're in the bottom two thirds you're fungible in other words they can the the seventh actor in the film probably doesn't make or break the film they could put anybody in there that's why they can pay them whatever the day rate is if you catch my drift so you you either

SPEAKER_12: have to be a virtuoso you got to have equity participation so just let that sit in your mind

SPEAKER_08: as you uh work on your career all right uber eats was advertised in space go uber uber eats is awesome uber one membership if you don't have it i'm i'm talking my book here folks i still got a

SPEAKER_12: lot of uber shares uh uber one is like amazon prime i ordered from walgreens the other day it came in

SPEAKER_03: under an hour it was unbelievable i needed soap for a load of laundry and i ran out of soap and i ordered it and i had the soap before the next load went in and i had it on i did have it on and you know heavy duty cycle it was like a 64 minute cycle or something but point being i got the soap before the

SPEAKER_24: next load i do my own laundry sometimes yes um i like doing laundry actually i find it like cathartic

SPEAKER_12: for some reason um this japanese e-commerce billionaire yusaku uh maizawa yusaku maizawa also known as mz um he's a fashion you know internet uh billionaire out of japan he just went

SPEAKER_20: to the international space station and delivered an uber eats order let's play the 25 second clip

SPEAKER_142: and i'll see you on the other side and uber eats all right there you go congratulations to the uber

SPEAKER_32: eats um mz is also uh gonna be doing uh a ride on spacex uh i think he's doing the ride around the moon which is like a big big deal um and i don't think that you know it's different than the one they

SPEAKER_12: did the four day one i think he's gonna be uh he bought all nine available passenger seats on the first spacex starship light around the moon uh and he opened up a public application process to give away eight seats for free in a project called dear moon that flight depends on uh when starship is done uh and we know elon's hard at working out in bokeh so if you want to keep up with mz and his space

SPEAKER_03: adventures you can follow him on twitter you suck mz i kid you not mz is uh his title is you suck mz so

SPEAKER_00: congratulations to him okay everybody thanks for watching do me a favor and subscribe to our youtube

SPEAKER_08: channel youtube.com such this weekend and write a review and then take a screenshot and share it on

SPEAKER_03: social media and at jason me you can write that great review on the itunes apple podcasting app or wherever else you can write reviews thanks so much we'll see you tomorrow bye bye