SPEAKER_00: okay everybody we have a great show for you today video lingam joins me for a solo dolo uh crypto round table sunny's out sick but we chop up all the important news coinbase has been issued a wells notice by the sec that leads to a big and final debate about whether or not i should make my first j trade to short a stock should i start short coinbase we're going to find out at the end of the segment and then we dive into the news that cz and binance are being sued by the cftc and uh we have a crypto sociopath update sam bankman freed uh is facing over 100 years in jail because the uh indictments keep coming he has now been accused of bribing chinese officials wow shocking and then we wrap up with an amazing conversation about generative generative ai how vidi is building on top of open ai into his uh awesome startup weight room.com and then we talk about the balkanization of different pools and different territories of data who's going to win shopping in ai who's going to win consumer who's going to win the enterprise uh etc and um it's actually a pretty interesting discussion and i talk about who might buy reddit quora and stack overflow it's going to be a

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SPEAKER_09: today so feeling a little sick and under the weather but i got vinny lingham here and there's so much going on in crypto that the show must go on vinny of course vinny's the co-founder of civic

SPEAKER_10: startup that encrypts identity information on the blockchain and he started weight room which is a one-to-one video conferencing uh platform you can go check it out at weightroom.com

SPEAKER_12: sunny it's been a crazy couple of weeks huh i'm sorry just vinny you know my notes have sunny at the top vinny it's been a crazy couple of weeks here and i think we had a week off in between so yeah

SPEAKER_17: yeah yeah uh it's gonna be back a lot's happening yeah excited excited i guess in the crypto community

SPEAKER_20: the sec uh legal action impending legal action i guess would be the best way to say it against coinbase according to the wells notice that was issued last week is that the biggest news right now

SPEAKER_23: yeah i i think that i mean it's quite surprising for me for them to you know go after you know a u.s regulated you know uh compliant entity in this way but to be fair they're getting off to everyone so i

SPEAKER_26: don't think that you know i think coinbase probably felt left out if they didn't go off to coinbase

SPEAKER_29: all right so let's just tee up what happened here the sec uh security exchange commission sent coinbase uh which is obviously as um vinnie's correctly pointing out here one of the largest and notable

SPEAKER_20: and legit players in the space they sent a well's notice and that's typically a notice that precedes a lawsuit uh the notice was pretty unclear uh according to coinbase it mentioned coinbase earn prime its wallet and certain unnamed uh digital assets coinbase responded with a blog post detailing the

SPEAKER_09: u.s government's uneven enforcement and lack of guidance that's been a theme brian armstrong's been on for a while hey can i come in and talk to you and they're like yeah you can come in but the meeting never seems to happen uh so who's right who's wrong in this situation uh is it coinbase for innovating and taking risks and pushing the envelope or is it the sec for not

SPEAKER_20: being clear other than to say hey the rules exist follow the rules where are you coming down on this

SPEAKER_23: in 2023 look um my um my take my take on it it's pretty simple like i think that that they both have good arguments and good points i don't think i i wouldn't be able to side with either of them right now if i was a judge um i'd have to look at the facts i think that there's a lot of there's a lack of regularity clarity as brian correctly puts out you know points out like the acc's jurisdiction what they're going after and i do know that that coinbase did run a whole bunch of things through the sec and at some point someone in the organization you know greenlit listings etc so there's a lot of back and forth it's really hard i mean you need to look at the facts of the case and and yeah i mean i think it's actually a healthy thing that this is happening now that the sec puts together a lawsuit and goes yes goes to court and you know both sides fight it out and it takes a year or two to

SPEAKER_37: resolve whatever let's get this let's get this done let's get it put behind us right now got it and to

SPEAKER_09: be clear there's not a legal filed action yet no there is this imminency uh that this is coming any moment that both sides are sort of uh kind of saying and if you look at brian's uh tweet storm i

SPEAKER_23: don't know if you saw that vinny yeah i did i did yeah but my point is my point is this okay

SPEAKER_40: until there's actually a legal precedent that's been set by a judge at like the highest court level we can get to on this topic then you know like once that's resolved then it kind of gives us clarity so the the good the outcome here is we get clarity one way or another and at least it's a judge making the decision uh based upon the facts versus one agency saying we have jurisdiction this is wrong versus another agency of cftc is going off to binance like there's all these agencies involved who has jurisdiction what's the clarity and so i'm i'm you know i'm actually looking forward to and i know i know it's it's not great for coinbase in the short term um but i'm looking i'm looking forward to what the actual ruling is going to be and the substance of that ruling because that basically

SPEAKER_23: puts the other agents i mean if the sc loses this case it's going to be a really tough one for them to go after other uh other exchanges and yeah etc so and the xrp case is still ongoing and that's years

SPEAKER_09: in so now this is going to get resolved it looks like and mitigated through the courts uh and that will force some yeah clarity and if i guess the two possibilities are uh follow the existing rules in which case um crypto as we know it is kind of doa in america if they say hey just the existing rules are

SPEAKER_40: what you need to follow um again this this goes back to the previous point we had on previous talks recently on previous shows like what country in the world runs the global regulations for crypto there's nothing like everyone has their own rules and so you have to play by rules in each country the u.s has got a certain set of rules governed by the sec the cftc and whoever else and there's still no clarity there switzerland's been the most progressive because they've actually created a set of rules that that companies can abide by um i think it's it's a it's a very dangerous situation

SPEAKER_23: we have in the us where we're now not we're pushing entrepreneurs out especially in frontier so technologies and not just in you know in crypto but like you know even in banking right so why would

SPEAKER_47: you uh bank in in the us when you can't trust your funds if a bank goes under like we have those

SPEAKER_23: issues right we had that conversation so so so we have to be very careful america was founded on entrepreneurship it was that was it it was like people coming in for a better life i want to i want

SPEAKER_52: to create businesses in the early days of a startup you need to be focused on your product and your customers your customers and how they use your product but please don't forget about getting your accounting dialed in as an early stage investor i've seen so many accounting horror stories that have literally sunk a startup and these were startups with great founders great teams great products great customers but their accounting killed them why because they didn't know the difference between accrual based accounting and cash and if you don't know the difference between that that's okay you can learn it but i've also had uh different startups forget to do their tax returns uh maybe paying without a proper payroll system in place this is serious stuff that you have to get right you're going to get it right in the case that your startup is successful so you might as well get it right from the start i could literally go on for hours but when you're a founder you have to balance not forgetting to set up a proper accounting system while also not getting distracted by trying to hire a cfo all of these things right are on your mind and there's one simple solution for all of that it's pilot it's an amazing service provider they provide accounting cfo and tax services for startups they're really focused on startups and any problem you're going to have probably seen it a hundred times so let them handle your books when you start out and when you're big enough you can hire a cfo no problem and you can bring all your accounting in-house pilot is here to help you until you get to that point so twist listeners can get a 20 discount for the first six months at pilot.com slash twist p-i-l-o-t dot com

SPEAKER_02: slash twist that's pilot.com slash twist for 20 off your first six months so with this yeah i mean we get

SPEAKER_55: to the overall point we want entrepreneurship and innovation to happen here but there are protections for

SPEAKER_09: consumers uh and a lot of crypto in terms of how fast it moves and you know sort of the entire point of it is that it's available to everybody that it could be trustless that it could be decentralized

SPEAKER_59: a lot of like just even the concept of decentralization that's rhetoric and narrative you know that like

SPEAKER_09: most of cryptos are grift right but i mean so it's just that central the idea that it needs to be centralized and it needs to follow securities law and it needs to be accredited investors and it needs to

SPEAKER_63: have we just wait periods we just need clarity we just need the we need the acc but on a practical

SPEAKER_09: basis then these crypto projects would move slower and they wouldn't be able to be distributed the way they are so you would take out a whole swath of decentralized no that's that's that's not true

SPEAKER_65: that's not true i i i don't believe that's true i i believe that that you could have a world where

SPEAKER_40: um based upon the set of circumstances like for example when when a coin is created what's the mission schedule for founders investors what's the minimum requirements um how is the coin mind what type of model you use burn and mid equilibrium what you know because i get you the issue is this okay you get these pump and dump groups from all over the world sending these telegram rooms they go oh today we're going to pick on coin xyz and we're going to pump that coin high and then we're going to we're going to dump it before our followers figure out we're doing this and they have the and or everyone else jumping on the train uh losers so it's like this is penny stocks by the way this is the 80s and 90s like you know even early 2000s this is the penny stock game and the sc sort of clamped down on it and got restricted with it we we probably need a situation where there are less coins listed in the u.s okay so the more legit coins would be here the less legitimate coins would be you know in on other exchanges binance whatever but but we need the we need the regular clarity like my my one criticism of coinbase you know i would say i don't have a lot of criticism on coinbase but the one i have is that

SPEAKER_23: they do have too many coins listed stuff that's just terrible and they have had issues with um with you know some employees who are doing sort of front running with their cousins and all that stuff so they've got a bit of tarnish there now every company at scale has problems they've got that

SPEAKER_40: problem i i think that like the u.s consumer when i look at these coins i wouldn't i wouldn't buy and i'm a sophisticated crypto guy i wouldn't touch 80 percent of coins just on coinbase the 20 percent

SPEAKER_69: that's there are really there's some really good stuff that you should buy and hold in your portfolio but why are these other 80 there i don't get it and i don't see why i think it was during the boom

SPEAKER_09: if you don't have a coin that's hot this week then and there's 10 000 people in that pump and dump room exactly they want to open an account and they want to trade it and they're going to just pick you know kraken or binance or some other exchange to and they'll sign up for that so it kind of put the gun to coinbase and said if you want you know people who want to trade on your platform they're going to want to trade speculative stuff and they're adults and i think brian's armstrong's a bit of a libertarian it's like i think he believes it's your money you can do what you want with it

SPEAKER_73: which many of us believe to a certain extent um no that's fair that's fair but i think that just the

SPEAKER_23: audience that they they tap into is not you know like it's not entirely like you know high-end sophisticated crypto people it's average man on the street that word keeps coming up is

SPEAKER_24: sophistication and i think you know that's at the core of all this is and maybe certain coins you

SPEAKER_50: have to have you have to have some sort of a license to trade them or something maybe like a series 7 equivalent for crypto like you do this simple course and therefore you can evaluate make

SPEAKER_23: your own decisions and then if you have that certification you trade whatever you want look the guys at coinbase there's some super smart people there they're very thoughtful about what they do but i i do think that you know the the the challenges that they have is they've got to compete with binance and other exchanges around the world and if you don't allow your customers to buy the coins there they email they complain then they go somewhere else and you potentially lose those customers i i get the business risk of not having them you i think you nailed it again

SPEAKER_80: you know it's obviously the the level of sophistication a person has matters in all of this

SPEAKER_09: and that is the clearest easiest most american path to resolving all the issues in crypto and in private market investing we could change the entire system to be instead of limited to be unthrottled for people who have certain education levels you can get a license for skydiving or you can get a license for scuba diving if somebody dies scuba diving and they have licensing you know what we say that's a tragedy but they knew what they were doing they knew the risks and they jumped out of a plane or they went 100 feet under the water with an air tank uh with no ability to get to the surface in time

SPEAKER_83: without the use of that tank or somebody else's and that really is the analogy here just make everybody sophisticated if you want to have a license for a gun skydiving scuba diving whatever it happens to be diving into crypto get yourself licensed and then you hold up your license listen i know that this is a coin i know that this is a speculative project and i don't even know who the

SPEAKER_84: founders of it are i want to i want to yolo it screw it i'm making a bad bet you know agreed i mean it's

SPEAKER_76: the same as casinos right or playing poker like no one stops you from going into the aria and slamming

SPEAKER_89: down a hundred grand and playing poker with phil helmut no no and he's going to get that money at some

SPEAKER_83: point uh so i was thinking this is uh the moment that crypto is crashing in america uh there was that operation choke point uh blog post 2.0 2.0 2.0 and then there's the um i guess katie hahn uh did an article uh that kind of was similar to the uh 2.0 article uh in the wall street journal so when we're looking at this choke point do you think it's going to be hard or very hard or impossible possibly for americans to buy bitcoin and other coins it's going to get harder and harder isn't it here in the u.s

SPEAKER_23: yeah this is this is the this is the whole like wrench in in in the spanner for belaji okay um wrench has been a span in the works for belaji it's like the problem you have is if bitcoin rises too quickly and becomes a threat to the u.s dollar hegemony they're going to kind of they're going to cut off the ramps it'll be something simple it's like any bank touching any exchange you're gonna like the price of bitcoin in the u.s rises and falls with the demand for selling and buying based upon u.s dollar to bitcoin conversion rates that's it and so if all of a sudden bitcoin rose to a hundred thousand two hundred thousand dollars but the banks cut you off it'll collapse because people will try and sell their dollars out now yes there's some hyperinflation sort of argument there but i'm not you know i think the 90 day period for for belaji was you know maybe a little bit too

SPEAKER_47: ambitious um i think he's gonna lose his two million bucks that he's put up well obviously

SPEAKER_38: yeah i mean we're we're i think i don't know how many days into the bet we are i'm sure somebody met him two weeks i think maybe you'll probably have this probably like apology loses two million

SPEAKER_101: dot com counter or stat io counter yeah um but somebody made it's it's sideways basically i think

SPEAKER_102: he made the bet at 26 is 28 so he's got a long way to go he's he's gonna lose the two million i

SPEAKER_76: don't see it jason i don't see how the government is going to allow bitcoin to sort to a million dollars

SPEAKER_98: right and so the u.s government has been shutting down or not just the u.s government hold on not

SPEAKER_40: just the u.s government so let me tell you what happens the the bankers and so so basically there's a correspondent network of banks across the world you have swift codes you have iban numbers whatever if the u.s decides to ban bitcoin and you have a bank in whatever portugal europe somewhere that touches bitcoin or the bitcoin transactions they catch you off from the correspondent banking network so then you'll you will be isolated you won't be able to send wires to u.s bank accounts you're able to move money around and so the u.s is a very powerful in the banking world obviously and so they can cut off they can cut off the on rams and off rams like do you believe this is already

SPEAKER_09: started do you believe the actions by the sec yeah is because the u.s specifically does not want consumers especially in a panicked jittery market like this uh during a recession rising interest rates bank runs of certain flavors going on do you think the u.s government actually now is saying let's not have an off ramp let's let's you know uh put a let's not let people off the off ramp let's

SPEAKER_24: start to unwind the off ramps because that's part of biology's argument is like the clock's ticking and

SPEAKER_09: you have a certain amount of time to get to singapore or wherever like uh is the most uh the

SPEAKER_04: zug or whatever yeah no it kind of reinforces what he's saying okay running a startup it's like being a small market baseball team right you're trying to compete against the yankees or the dodgers and if you want to compete you need to be efficient you got to play money ball right you've all seen the movie well read the book well one thing that startups haven't really had access to until now is detailed scenario planning and you can do this so easily with workspace it's people software basically for software people it lets you create plans for deploying your capital intelligently and then adjusting your headcount based on different scenarios that will occur in the future right because you can make a plan but why not make multiple plans right and if you're watching this video you can see an incredible demo here in the background what if you raise a 10 million dollar series a what if you can't raise it all what if you only raise five seven three okay what if you pivot to generative ai how do you redistribute your talent do you need as many people do you need more people do you need different types of people are you doing this kind of granular planning are you being this thoughtful well you should be okay you can plan for everything from the hyper growth that we're all trying for or regrettably the rifts that sometimes we have to do and anything in between and here's the best part twist listeners can get two thousand dollars in credits on org spaces pro plans with a 30-day free trial at org space.io twist that's o-r-g-s-e-a-c-e.io twist go try it out prepare your company and just be sophisticated because when you want to go raise money or you want to hire great people they're going to appreciate that you've done this try org space.io twist today

SPEAKER_23: and get two thousand dollars in credits there's a lot of convexity in this in this whole process like you don't have a situation where it's going to run up to a million dollars because everyone's trying

SPEAKER_40: the ramps are cut off i mean the argument would be that there's extreme hyperinflation in the u.s

SPEAKER_117: dollar so if bitcoin's up 50x gold should be up you know some number multiple in that as well um

SPEAKER_119: maybe gold is 50 percent month over month he's expecting that's insane we oh year over year was

SPEAKER_120: single digits right at the peak i think actually i think hyperinflation is 10 percent i think i think it's

SPEAKER_122: the definition i saw online uh well what is balaji's definition of hyperinflation

SPEAKER_09: i mean if you're if you're betting you're going to a million dollars from 26 000 40x in 90 days

SPEAKER_29: it's like 300 a month it's pretty it's pretty um but uh yeah the here it is hyperinflation simple

SPEAKER_124: definition from world economic forum it refers to a situation where the price of goods and services rise uncontrollably over a defined period of time in general the term is used when the rate of inflation

SPEAKER_40: increases more than 50 percent a month okay so even if it did that belaji's bet would be good because the price of bitcoin would increase disproportionately the rate of inflation so what he's saying is a

SPEAKER_68: hyperinflation would trigger a run on bitcoin well we could do this right now 26 000 hyperinflation 50

SPEAKER_23: no no no no no no 50 would be increasing the money supply in the u.s by of the dollar by 50 which is i think 80 trillion dollars worldwide so that would be like 120 so you go from you know but that's i think that's m2 money supply even if you look at a smaller measure of money supply um a 50 increase could easily push bitcoin from 500 billion to a couple of trillion dollars do i think

SPEAKER_40: it'll go up 50x to 10 but belaji is basically saying bitcoin goes from 500 billion to 10 trillion dollars which is gold which is gold not the price market cap market cap yes no no but that means the

SPEAKER_130: price has gone up 20x as well of course yeah you're saying the market cap of 500 billion 40x 40x yeah

SPEAKER_132: 500 billion to be 40 i mean so he said but then but then you have to believe when he goals get gold is

SPEAKER_40: going to run at the same rate first of all this the money printed needs to come from somewhere we've got a whole bunch of debt we've got a whole bunch of free-flowing money out there we've got high interest rates right now they would have to turn on the money print so but i just bet if i understand this correctly it's this he's basically saying the government is going to have to turn on the money printers in an absolute emergency crisis and bail out trillions of dollars in the banking system in the u.s and globally which would contribute to 50 plus inflation in a given month which would then basically push the price of bitcoin up to a million here we go you'd have to be able to it's an

SPEAKER_136: intelligent and plausible argument is it realistic i'm not sure i love the fact that he actually makes an

SPEAKER_09: argument and that he makes a detailed argument and he makes a bet it's got us all talking about it

SPEAKER_39: um it's just if the money printers go br are you gonna he's he's not wrong it's a stupid it's a

SPEAKER_140: stupid bet if you want to look at it because you can always hedge it right you can buy a couple of

SPEAKER_40: bitcoins so it's a dumb bet here's what i did i bought some bitcoin call options for end of june i'm like look if bilaji is right by the end of june a 50k strike price will be nothing so i bought 50k strikes it cost me i think three hundred dollars per bitcoin option if bitcoin goes to a hundred thousand my three hundred dollars becomes my three hundred dollars becomes fifty thousand bucks because i have my strikes fifty so like that's a way better payoff than anything else i you know i bought a couple of those i'm like okay let's sell these for one see what happens was it three hundred

SPEAKER_145: dollars per bitcoin yeah so for three hundred dollars you have the option to buy a bitcoin for 50k yes uh at the end of june at the end of his bed exactly if it's over if it's 51k you buy it you

SPEAKER_129: make a thousand i make three i make three three extra money if it's if he's right and it's a million dollars it's insane okay but even if he's wrong and it's a hundred thousand i'm still making 50k on a 300 300 which is now that's how i play the market well i mean it is long odds this is gonna happen

SPEAKER_136: and i did it because of bilaji he called covert he's smarter than most people i've ever met you know

SPEAKER_152: and he's smarter than me in my opinion as well so he's like i think there is something for people

SPEAKER_09: who are super smart that they can see the improbable event and then highlighting an improbable event is a great way to get a massive amount of attention now i'm not saying this is his intent oh sure but the cynical person would say hey if you took the long bet that like hey there's aliens and you say there's

David Friedberg: aliens and you're right and area 51 has aliens at it and it comes out or the cia killed you know

SPEAKER_09: kennedy and you know it was the russians and the cia whatever and you turn out to be right wow it's a big payoff the non which is the non-consensus bet you bet on uber or airbnb or coinbase as an angel

SPEAKER_29: investor you get the non-consensus returns so i get that and uh i i didn't like the part about his bet where he didn't disclose his percentage net worth exposure because i have a feeling he has so

SPEAKER_153: much exposure to bitcoin that if it goes up you know 10 it covers his bet that's possible i don't

SPEAKER_23: think that's i mean knowing bilaji and i know him i like i don't think that way he would i don't think

SPEAKER_09: he would do it for that i don't think he would do it for that but it would be a nice way to have the bet be meaningless potentially yeah i mean net out that just like if i was taking the bet with him i would buy three bitcoin yeah so if it does hit a million everyone everybody can everyone can

SPEAKER_40: participate in the belaji side of the bet yeah yeah like i did i'm like i you know for an insignificant amount of money per bitcoin i can basically write on what belaji is telling me and if i if i lose if he's

SPEAKER_163: wrong and it doesn't even go over if it doesn't even break you know there you go would you short

SPEAKER_164: coinbase right now just their revenue dropped okay i wouldn't i wouldn't i i'd like at these levels i

SPEAKER_23: think it's come down enough i think brian armstrong's extremely talented smart guy i think the guy

SPEAKER_40: there's a lot of people coinbase who are really smart and and and i i i would rather not invest at these rates than short i mean when they came out i had bankers calling me from you know goldman sachs everything else do you want coinbase shares at least i'm at 200 and something but i'm like no and i say to them i'd rather buy bitcoin at those prices because i feel it's a safer sort of risk adjusted bet because if coinbase goes up it's because bitcoin's rising everything's going crazy and i'll make money there but if it tanks bitcoin will still have some value and a bitcoin outperform coinbase

SPEAKER_169: since ipo yeah but i mean if you look at the company's got 3.4 billion dollars in long-term debt they have 5 billion in cash i believe or 4.5 billion in cash again again if belaji's right

SPEAKER_40: the goes through the like it basically goes crazy right right and everyone starts going to coinbase and trading and buying bitcoin and stuff and the next thing you know coinbase market cap is up 5x

SPEAKER_169: so i wouldn't take the short on this ah well then but if you look their transaction revenue down 85

SPEAKER_136: year over year so the revenue is massively down in a bear market and these bear markets turn you 12 months away from bitcoin having okay but bitcoin having is in 12 months if you look at the historical

SPEAKER_40: numbers 12 months before having bitcoin basically doubles in price almost every single time and then reading up to the having it keeps moving and then after having it goes to the roof so on a 12 month view i i think you're going to see renewed interest in bitcoin at the very least maybe other

SPEAKER_09: cryptos as well but bitcoin interesting you think people will be there'll be a renaissance for

SPEAKER_40: crypto in the next year people are buying have you looked at have you looked at like um jmbullion.com

SPEAKER_129: recently no okay so jmbullion.com basically is a place you can go to buy gold silver platinum

SPEAKER_40: physically okay and you and and you can you can basically you know you can stock up on this stuff go try buying some 10 ounce gold bars which are you know reasonably expensive 22 000 dollars

SPEAKER_117: um and go go and look at the yeah we can go they go to the the gold uh gold box there you go there

SPEAKER_47: you go yeah they're sold out pretty much so you can click on take on the 10 ounce gold bars then

SPEAKER_152: yeah yeah okay they got these ones in stock it's like varied ones pre-sale pre-sale out of stock out of stock out of stock like literally you can't get this stuff so people after the runs of the bank just

SPEAKER_09: decide you know what i need to have a hundred grand of gold in my safe or my safety deposit box and i don't care that it's you know not going to earn interest you know it's if it rises it rises but yeah i mean people are scared yeah and they are this always resets people's brains to say what's my backup to the dollar what's the backup to my bank account you know do i have gasoline you know it's like it basically this triggers the prepper in everybody and the prepper mindset is i think an archetype that's been like put into our brains because of pop popular media popular culture and also history so there have been times when societies have collapsed and whatever you could put in a backpack that's what you got out right if you owned if you owned a real estate and you were fleeing your real estates were at zero but if you had bought some diamonds and you could swallow them you

SPEAKER_153: can at least have those this is what's happened people are in this crazy you know um catastrophizing

SPEAKER_186: well yeah and hollywood glamorizes as well we watched last of us and you're like all of a sudden

SPEAKER_187: you watch the show it's great right yeah it's fantastic yeah but get some guns yeah get some

SPEAKER_40: guys get some gold like you know things to trade with but you know it probably won't probably won't matter much but here's the other thing by the way i think that the more likelihood is not bitcoin i think it's actually gold and i'm a crypto bitcoin guy like i you know i'm i think that gold becomes uh if the us dollar goes through some sort of hyperinflationary period or something happens any part of the world governments are going to start having to buy gold to back the currencies because if the america sneezes the rest of the world catches a cold like it does and so you can imagine

SPEAKER_39: if other currencies are starting to collapse and the the global debt to gdp ratio is 350 plus 350

SPEAKER_09: i want to answer this question though about coinbase they are also burning net loss of uh in the lat in

SPEAKER_29: q4 net loss 557 q3 545 million so their cash position was down almost 40 year over year from the end of 2021. they've got some debt a lot of debt and they have a 4.5 billion in cash so this seems to me like there could be a cash crunch here they do own hold uh 861 million in usdc as well uh so you don't think shorting it's a good idea because of the jockey because of how good brian armstrong is and because bitcoin having and because it's already been beaten down so much that's your

SPEAKER_23: anti-desis if i could summarize it back to you i i think i mean it's got the brand it's got the distribution they can cut costs pretty easily they just need to kill some of the projects they're working on they're trying to do too much they would just focus on being a uh a bitcoin crypto buying service uh and yeah and maybe a couple of others but you don't think the aws stuff like building a

SPEAKER_45: platform for people to build crypto on top of is a good idea for them i think i think they've got

SPEAKER_159: too much r d costs in in a market that doesn't have enough adoption so interesting the money money

SPEAKER_141: they're spending on engineers and stuff and and all you know coinbase coinbase doesn't seem to want to

SPEAKER_23: partner with other companies as much to do stuff they want to build it all themselves they're very apple-esque in a way and they're burning cash and like i i if i were if i was if i was a coinbase i'd be like look just go down back to basics first of all you can't time these bear markets you don't

SPEAKER_40: know when they end but when they do end they end violently and there's a lot of revenue coming to the system but you can also argue that they just want to invest for the future but the problem with that is when the sentiment's down adoption is low and adoption is low it's hard to build products because if people aren't using your products how do you get in how do you actually build great products so you got it it's a very fine line i would i would probably cut um if i was a coinbase and we and things were getting tough i would cut some percentage of them of the workforce 20 30 40 a lot of it from r d and just focus on basics focus on customer experience focuses on on on the core business and wait wait for the market to turn and when the market turns you can argue while it's too late i'm like not really if you're if you're lean and nimble as an organizer and by the way i'd be pulling in ai everywhere into coinbase ai could save them so much money on contract auditing smart contract auditing like open ai is fantastic and yeah maybe it's not perfect but you can actually

SPEAKER_76: reduce the workforce i i think because they've got such a high burn in terms of labor they're actually

SPEAKER_201: in a good position to preserve themselves all right nick uh i'm gonna bring producer nick on here because i was talking to him with him about it uh yesterday you can just do auto if you want producer

SPEAKER_153: nick but you've heard uh my floating the idea because i've been seeing so many people talking about it should you short coinbase as operation chokepoint becomes like acute uh or not you heard

SPEAKER_29: vinnie maybe not a good idea what do you think nick you're looking at this do you think it's got there's some short strategy here or do you think brian armstrong is just so transcendent as an

SPEAKER_03: entrepreneur i think brian's incredible what where i would see the biggest risk factor is with them is you know if you just want to be an exchange vinnie i'm curious what you think about about this but transaction-based revenue is low quality revenue it's completely spiky it's totally dependent on what the market sentiment is at current time and just like robin hood since robin hood went public they've basically been trying to diversify away from transaction-based revenue away from payment for order flow obviously coinbase doesn't have that kind of revenue but don't you think that they need to find somewhere else like i thought the coinbase cloud idea was a good upsell to investors like hey we're trying to do something better here that can be a little bit more lasting long term it can be a little bit more um resilient in the downturn vinnie i mean right now literally

SPEAKER_23: my entire thesis is based upon the fact that we're on the verge of a crypto melt up melt up yeah i mean

SPEAKER_22: this is the thing biology is not wrong okay we're peaking at the end of the interest rate cycle

SPEAKER_40: there's not much more up how much more they're going to raise 25 max okay the so the the rate cycles peaked the quantitative tightening is not working clearly okay banks are under strain the money print is probably going to go on again at some point probably soon whether it will get us to a million dollar bitcoins remains to be seen but any movement by the fed in the next month or two to loosen monetary conditions even not through interest rate drops just through you know quantitative

SPEAKER_212: easing on some on some level is going to push the price of of crypto up absolutely but in a melt up

SPEAKER_03: what's the incentive to buy coinbase if you know that they have no downside protection against people stopping people getting uninterested in crypto again like where where does an

SPEAKER_214: institutional investor i go back to i go back to bitcoin and and and fewer coins i i think fewer

SPEAKER_216: coins and coinbase lists would be would improve liquidity it would improve um and give some

SPEAKER_141: downside protection for exactly yeah exactly because like i i honestly i don't think they make much money on all the other coins anyway i don't think it's like i think if we do the math they probably

SPEAKER_40: don't make as much like bitcoin they trade 500 million dollars a day in bitcoin on coinbase um let's say they're taking one percent of that they're making five million bucks a day on on just bitcoin trades right now now that could easy become i mean but just for comparison finance does four billion a day

SPEAKER_216: yeah now you know so so my view would be like how do you get more bitcoin training going how do you get more ethereum training going all right how do you get you know like how do you get people to focus on the stuff that's actually going to have some long-term value i i guess this is like instead of

SPEAKER_223: shorting you just buy some puts nick uh for 90 days or 100 days out from here i don't want to show

SPEAKER_225: point base by the way that was your thesis that's not my thesis no no i know but if you were you just

SPEAKER_85: you could buy a series of puts 90 days 120 days like look the market cap right now looks like it's

SPEAKER_218: like 14 billion yeah you you may have downside to it may drop to like let's say below 10 7 exactly so

SPEAKER_40: call it 7 to 10 million but on the other end of it this thing can get squeezed up it can go double and go back to 120 bucks 150 bucks 200 bucks a share you know i don't know i don't like the risk asymmetry i i will short something where i think it's got 80 to 90 percent to drop i won't short

SPEAKER_50: something where it's maybe 30 to 50 percent it's just a the asymmetric risk doesn't make sense to

SPEAKER_106: me generally right if you see this is the thing if you have a qualified ceo this has been a good

SPEAKER_153: discussion if you have a qualified ceo they're going to figure something out that's the problem you know in the shorting if you short somebody who's a qualified ceo who got the company to here and they're good like he'll figure something out so i think uh the shorts off

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SPEAKER_02: week in startups and our mission here to inspire innovation and to support founders all right

SPEAKER_237: speaking of binance they were sued by the cftc commodity futures trading commission so this is on

SPEAKER_20: monday so now we have two of the major exchanges both having legal action taken against them or a saber rattling with the wells notice i guess would be a better way to say it so the cftc filed the

SPEAKER_237: lawsuit against binance seeking a permanent ban on binance and its ceo cz uh famously on the twitter

SPEAKER_20: from u.s markets this is important because binance is the largest crypto company in the world even bigger than coinbase itself finance trades four billion dollars worth of bitcoin per day coinbase does

SPEAKER_242: around 500 million so it is significantly larger uh so that would be about eight times right uh just

SPEAKER_240: that one currency alone so who knows if that's representative of the whole business but it's probably indicative of that quote binance has instructed its employees and customers to circumvent

SPEAKER_245: compliance controls in order to maximize corporate profits according to the allegation specifically

SPEAKER_124: the suit claims binance instructed its usvip customers on the best methods for evading compliance

SPEAKER_153: controls and then they claim binance covered it up how by communicating with customers through quote a messaging application that was set to automatically delete delete written communication signal probably

SPEAKER_124: according to the complaint the reason binance used that communication method was to avoid leaving any evidence of their efforts to retain us-based customers there were other allegations including not requiring customers to provide any identity verification verifying information before allowing them

SPEAKER_83: to trade and facilitating derivatives transactions without registering with the cftc binance argues it made efforts to operate legal in us by setting up binance.us an affiliate that offers fewer crypto products for american users to collide regulators this is similar to ftx set up ftx.us for

SPEAKER_20: separate uh as a separate us focused entity all right post lawsuit unconfirmed reports of upwards of two billion dollars in outflows from binance we're checking that but that's the back channel so what do you think about this one

SPEAKER_253: this is another one where i think you know i i actually like the fact that the regulators are getting involved and taking this to court and let's see how it plays out the reality is that um if they've got evidence that there was wrongdoing they have a right to prosecute and you know the courts will look at it like i'm a big fan of like letting that let the process take you know like let the process run itself out you can make accusations all day but if you have proof and you have testimonies yeah it looks like

SPEAKER_153: they have proof and so just looking at let's assume they wouldn't take this on if they didn't have what they thought was a 90 plus chance like usually these folks do not take these things on whether it's the southern district of new york or any of these places they don't take it on unless they have a slam dunk case because they have so many cases they could take on they start with the slam

SPEAKER_09: dunks and then they work backwards so this is probably like a 99 98 i would put it as like they

SPEAKER_83: have the goods here on them because they're even talking about how they in the in this complaint there's they're basically explaining how they did this communication to get us customers to circumvent you know who knows if that's vpns or offshore accounts but if they did do that that's exactly what the u.s government is trying to avoid is people circumventing kyc circumventing the rules so this would be disastrous this could result in a ban if you're trying to explicitly break the rules and then cover it up cover up worse than the crime that means the government will assume you're a bad actor and that you're actually trying to circumvent the law because you tried to cover it up and they have you trying to do it it wasn't like a one-off thing it was a conspiracy in other words

SPEAKER_259: so how could this affect where do you think where do you think all the bad traders from ftx went

SPEAKER_85: and we say bad traders do you mean not good at their job traders or bad actor traders bad bad

SPEAKER_263: actor traders they went to all the other exchanges outside the us they didn't go to coinbase and so

SPEAKER_83: they didn't go to coinbase they uh went to binance and binance i guess is fast and loose with these things so we're back to the f around find out kind of moment is that what's happening i don't want to

SPEAKER_263: make any accusations to binance or anyone else i'm just saying well if this was true this feels like

SPEAKER_259: yeah i mean it's a really stupid thing to do no one condones the no no one condones criminal

SPEAKER_268: activity encryption like no one like no one who's like legit condones it right so i think that all

SPEAKER_83: criminal activity should be prosecuted to the full extent of the law and uh just so um to pick up you know like the outflows a little bit of web research basically lawsuit made public monday uh and by monday night there have been around 2 billion plus in outflows uh just on the ethereum blockchain uh according to the wall street journal and it says 63 billion and the exchange is probably disclosed wallets so not a de minimis amount of money here a couple i mean i think binance and

SPEAKER_216: tether kind of exist outside the u.s uh you know per view and so they can do whatever they want and until the u.s actually steps up to go after them they're going to continue to operate so you know

SPEAKER_186: i've seen this what happened with tether for nearly a decade now and so i'm just used to the idea that the u.s has got limited uh range in terms of what it can do jurisdiction yeah jurisdictionly and therefore you know it's just it's the world we live in now if obviously that changes then you know great but we

SPEAKER_277: gotta be i'm just trying to be practical i also just i've just kind of lost patience and a lot of

SPEAKER_237: things and just saying it would be great to just get all this behind us so i kind of like your

SPEAKER_153: approach of like let's take the medicine anybody doing anything wrong let's figure out what's wrong and then let's set the standard speaking of jurisdictions uh sam bank run fraud received a

SPEAKER_282: favorite indictment this is my favorite segment this week in sam bank run frauds frauds he received a third indictment and that they call these superseding indictments uh you know that comes after the original one this time for allegedly bribing chinese officials it just really there was a crime

SPEAKER_284: come on come on a guy of his his really moral and ethical compass he would literally drop the bag and kick it across the floor uh yeah he put the bag on the lazy susan and spin it around in the chinese

SPEAKER_286: banquet table with the gun under the table i mean oh this guy's like a bond villain it's like it's indiana

SPEAKER_291: jones you know in the temple he tries to act so innocent the whole time i've never seen a guy put on such a like it's a fuss it's like the whole effective altruism thing yeah i heard that effective

David Friedberg: altruism thing where like is it better to stop the suffering of a billion worms versus one human and if we could have less birds eating worms and we could make hawks into vegans they wouldn't eat our puppies and chipmunks i was just like this effective altruism seems like such a load of bull for dorky guys to

SPEAKER_282: try to be impressive and i i was just like and i'm sure they have good intent i'm sure that it started effective altruism in some good way but when someone like someone as conniving and as lex luther a

SPEAKER_251: sam bank run sociopathic i mean the guy is when the sociopath gets their hands on something like

SPEAKER_282: effective altruism it's like hannibal lecter getting his hands on like i don't know a cooking school and

SPEAKER_302: it's like oh yeah it's like cooking school and eat my fellow you know christian bale from american

SPEAKER_306: psycho it's like it's literally like getting him a high five stereo he's like oh this could be fun for a year so anyway it reads okay crazy here's what happened prosecutors accused accusing him of

SPEAKER_246: conspiracy to bribe chinese government officials i'm shocked that chinese government officials could

David Friedberg: be braved to regain access to a hundred to a billion dollars in frozen crypto uh so he kept trying to

SPEAKER_153: release this crypto according to the accounts um and uh he authorized alameda employees to pay the bribes in two installments uh to free up their accounts in addition to this charge and the fraud charges from before he's also under suspicion of violating u.s campaign finance laws uh yeah that's not good either um in total he faces 13 charges so i guess this will be like his 15th and 16th life

SPEAKER_29: sentence i've been saying it from the beginning this kid's getting life period full stop people tell me that i'm crazy but he is going to be the he's the he's the crypto jesus now he's going to uh yeah

SPEAKER_315: he's crucified it's over for him i mean like i said like this yeah i guess in the chat with you

SPEAKER_186: how many like how many more life sentences can this guy possibly serve i mean he's gonna go to prison for a long time people thought he was gonna get off i don't i i like for me the biggest like travesty is he's sitting chilling out in his parents home in piloto it seems so unfair but okay and he had a 250

SPEAKER_268: million dollar bail which no one actually posted i don't get it you know this is one of the great

SPEAKER_153: things about uh you know when we have a high profile case like this or theranos it can stress test our faith in the justice system and i was delighted delighted to see what happened to elizabeth holmes and balwani because they thought they could just run amok move fast and break things and take like this philosophy of speed matters and you know like listen if your app crashes it's no big deal and then they could apply that to blood tests and this guy thought he could apply it to people's 401ks this is deranged sociopathic behavior you're taking a product testing experimentation phase for you know non-critical apps and you're applying it to the most critical things in people's lives they're

SPEAKER_321: their money and their health go to gel forever um i guess he can't use um his parents devices anymore and he can only use his phone without internet access and i think uh i mean and he was deleting

SPEAKER_129: signal messages as well like i mean like after he like a few weeks ago like the guy is incorrigible like he he's moral he's moral fiber it's like it's like some combination of lex luther plus the joker

SPEAKER_153: like you just literally have to think of him as a sociopath and then it frees your mind from trying to understand what he's doing there's no rhyme or reason to this it's just how much you know crazy can i do in reaction to what happens in the world and you know so i'm going to solve the problems by any means necessary uh speaking of sociopathic criminals on the lam uh do kwan was arrested in montenegro as well i mean who's left are there is it just tether left of the it's just tether that's left that we have

SPEAKER_29: a question about now we don't know that tether has done anything untethered uh no i mean my take on

SPEAKER_268: tether has been very there's very like i've been very frank about it for years they were insolvent at one point they were illiquid they probably not anymore because they keyed up the act and

SPEAKER_331: bitcoin went through the roof and they were holding some bitcoin so it's like one of those things where you know they played with house money they nearly lost it all but they made it back and but you know

SPEAKER_153: they went on a good run yeah that's our thesis that's our theory is that the tether guys went on a good run they were just out in the news um talking about how they you know because they're just holding dollar for dollar whatever they make on the money they get to sweep and supposedly they said they made like a hundreds of millions of dollars last quarter which is you know it's completely plausible if you're betting with it's it's kind of like silicon valley bank taking people's money and

SPEAKER_83: then going buying t-bells or whatever they get whatever spread on top of it um and tether i guess

SPEAKER_29: claims they had a good quarter we'll see with these attestations but man um yeah congrats to them

SPEAKER_321: uh they they how many people are investigating them right now you think tether how many open

SPEAKER_210: investments i mean it's the southern district of new york plus a whole bunch of others i i look just

SPEAKER_277: it's really clear that the government's trying to clamp down on crypto i mean yeah is you have to ask yourself why now why now well china did it already right china years ago years ago but look at signature

SPEAKER_268: bank being taken out right they weren't illiquid they weren't insolvent and and the fdic is basically

SPEAKER_186: covering the losses because they can't touch the crypto business someone i think nick carter posted a good tweet yesterday saying you know it's the responsibility of the ftse to minimize losses to shareholders and taxpayers taxpayers are losing money because the banking system doesn't want them

SPEAKER_277: to sell or ftse doesn't want them to sell the crypto banking side of the business so taxpayers

SPEAKER_350: defut the bill now i mean that's just like we saw silicon valley bank where bridge bank was

SPEAKER_153: sold like all the loans were sold you're saying the crypto part of signature yeah has not been

SPEAKER_285: sold it can't be sold it can't be sold because they they didn't allow the the buyers to buy it

SPEAKER_153: yeah so there might be a buyer for it and they're just going to eat the losses on it that's fascinating

SPEAKER_268: because they don't want to they don't want it to be banked in the u.s right now and so at the same

SPEAKER_153: time that there has why the question is why well the theory that you're alluding to is uh trying to stop crypto they're trying to try to start crypto but at this time is your question yes and this is a time when crypto could be seen as attractive by a large populace of people who are looking at a banking system that they don't have faith in the fractional one and saying well

SPEAKER_361: fractional is fragile what's anti-fragile yeah bitcoin shout out to nasim taleb from this psychotic

SPEAKER_252: i don't know what he called me psychotic something social uh interesting yeah i mean it's kind of i'm

SPEAKER_153: not i don't think it's a conspiracy theory to think the u.s is saying we have to clean up our own

SPEAKER_83: systems and make sure they're anti-fragile and they're you know solid and we have to make sure that people don't run and we have a bank run to bitcoin so they're blocking biology's bet i mean do you think the fdic and the fed and all of these organizations are watching the biology bet and listening to these podcasts talk about it and thinking probably not probably not you think they're not aware of it

SPEAKER_253: huh they may have been flagged they're not taking it seriously denser you think denser's

SPEAKER_262: listened to the pods with uh you know maybe i don't know people talking i don't think he's listening to

SPEAKER_83: us right now uh you've been playing with open ai uh since i have i have uh yeah you see i i had everybody on my team expense a gpt4 account just so i'm like you know all 20 of you go spend 20 bucks each spend the 400 bucks a month playing with chat gpt and then take screenshots and put it back in our

SPEAKER_153: slack and then we're going to connect each person this is my plan is to have each person in the organization have like json gpt and then connect it zapier into a slack room and then everybody in the company can watch each other's gpt instances and watch us use it to get inspired by the things we do with it that's pretty cool which would be pretty cool right so i like i want to have a multiplayer chat gpt for my organization i would pay a hundred dollars per person i would pay two thousand a month twenty four thousand a year so if open ai or microsoft are listening to just put that all in slack or if it was in teams natively or if somebody can build this for me i want to watch my team do these things and then have the ai aware of what each other are doing to inform them of it so i could do a a slack message and say hey who would be great guests to have on our crypto roundtable to talk about these topics and then nick producer nick could see producer brian could see it the sales team could see and say hey maybe we should do a series on this and get a sponsor specifically for it

SPEAKER_345: whatever so what are you doing with it um so with weight room which is my company we actually has launched on monday and product hunt we got third place for a new product thank you um we we've

SPEAKER_186: decided to we've been using gpt3 for about a year now a year and a half actually to do transcriptions summaries of meetings etc and uh thanks and then you click on the uh weight array so we basically i wouldn't call it a full pivot but we basically move the entire video conferencing platform into it's effectively an ai-based assistant so if you go to um uh you know so we have the basic conferencing you can chat you know person on person but imagine you've got this assistant in the background and and you scroll down a bit more yep and so now you're getting like bite-sized chunks clips automatic note-taking ai-generated titles summaries tasks so the system's always listening to you so you can say hey um we should set up a follow-up meeting next week wednesday and it automatically has access to your calendar it sets it up and make sure both people are available these sorts of things um you can do um you know summaries you catch up is a good feature we're busy building when you go late into a team meeting where you're like the 10th person joining as we go over 10 minutes

SPEAKER_382: before you jump in like this is what you know jason said this when he said this nick said this i love

SPEAKER_186: and you can go in and then we we email you all the meeting updates the afterwards the summary of the

SPEAKER_384: meetings that there are clips that you can share wait room for business or for like business we're

SPEAKER_186: focusing on business we're focusing on business now we we start we start we started off on consumer a year ago or like nine months ago and then we realized it just wasn't we actually a lot of people coming to us wanting to use of a business so we've been pivoting towards the business space and

SPEAKER_126: now i like this idea of doing the office hours because i want to start doing this so i'll try that and then we do daily stand-ups right now with huddles oh yeah you should use this and we have

SPEAKER_186: slack integration as well so you can share the clips back to the huddles into slack you should really try using this internally jay i think it's a it's a great product the ai stuff is it's in the next 30 days we'll have more and more stuff out we just launched we're adding more and more all the

SPEAKER_268: time but basically we want to be an all-in-one ai-assisted meeting tool so that's powerful because

SPEAKER_186: the existing meeting problems out there zoom everyone else you have to go to a marketplace you have to find the right app to plug in we're building everything in natively it's going to know you and your life

SPEAKER_388: inside out and all your meetings that you have it's amazing yeah i'm going to sign up right now

SPEAKER_169: so everybody go to weightroom.com and check that out really cool uh so easy to sign up one click with

SPEAKER_223: your google your apple and uh i'm going to do a um you know i want to uh i want to do this office hours

SPEAKER_240: thing and so i'll just do it in here and see how it works and i'll make it public and people can just

SPEAKER_393: ask me questions we had an investment in a company doing something like that yeah yeah gbt4 is a huge

SPEAKER_129: step up i mean we started on gbt3 like 18 months ago yeah it was good it wasn't like you know

SPEAKER_236: amazing gbt4 is incredible what would you say is the the best part of it just better results i mean

SPEAKER_129: noticeably better i think the um the thing about gbt so like if you go through gbt3 um 0.5 um the

SPEAKER_268: reasoning wasn't as good now it's insane it is slower and gbt4 is way more concise so you know we've been doing stuff like real time um translation now so we you know you can i can be speaking japanese to you you can speak english and we'll subtitle real time the conversation so you can actually have calls there on any language as long as you read the subtitles you can handle it in the future we'll build a lot more but i think i think the world's moving quickly to um using ai as ai for everything so like sex has been going on about this as well uh on on twitter i i like i agree that the plugins this open ai is going to change the world in so many ways what do you think of

SPEAKER_242: the plugin architecture and how quickly that's sort of forming i i have mixed feelings on plugins

SPEAKER_186: i'll tell you why because i think that native integrations um work really well so maybe the

SPEAKER_268: term plugins a bad word um if companies are taking open ai and they're building uh natively like we are at weight room on it i think it's gonna be amazing um if you're building like and i've seen this already like plug in marketplaces and download this app and that app you you know i mean it's

SPEAKER_216: always been a struggle even the biggest companies have struggled to get adoption and marketplaces for for apps and extensions and plugins and stuff because compatibility so but i think that the the

SPEAKER_129: the the plugin nature like what microsoft's doing with open ai is is game changing right it's clippy on

SPEAKER_153: steroids yeah i mean it's literally what we thought siri would be able to do or alexa and you could ask it to weave things together and you know hey take this meeting that i just had and send the summary

SPEAKER_00: to this person and then ask them for their feedback on the discussion uh and come up with five questions to ask them and then vet that email from me first before you send it and then i would see the email

SPEAKER_61: with the five bullet points in it exactly get to know who you are you know you can even get to a point where you could run the you know for example you get a meeting in person and just run like a

SPEAKER_186: wait room app on your phone to record the meeting face to face with someone send you guys both a

SPEAKER_268: a summary of what happened action items follow-up items everything else like yeah we're gonna get to a point where what siri was supposed to be doing is going to be done to open ai and third-party applications now never write off apple i'm pretty sure apple's gonna be coming in with some ai assisted something siri whatever else pretty sure they've got their own ai internally i'm sure

SPEAKER_216: but i think siri is going to be getting ai boost at some point it's pretty clear that this is going

SPEAKER_00: to be you know a situation where there's five or six of these um chat gpt competitors and you know chat gpt is the first and they're racing out ahead but i don't know that they've run away with it you know it could be like lotus one two three versus excel you know who knows no but the resources that

SPEAKER_268: microsoft's given these guys and pretty great yes and the 100 million users they've got and the revenue

SPEAKER_222: curve they're not saying they're not off to a great start but i was playing with google bard

SPEAKER_153: and it gave me chat gpt 3.5 vibes as opposed to four and then google has a lot more data uh than chat gpt so i'm super interested to see like what the data advantage like just having youtube

SPEAKER_83: only available in google bard and making it not available in chat gpt just think about the corpus of data there where i could ask it to make video clips or pull any videos that mention dire straits you know and the finger picking style of mark knoffler what makes it unique and write me write me a video essay about that and it gave me a video essay of mark knoffler's style right and it could pull all of that data just from youtube then it did the play store and then anybody who's in the play store and you know it's just it feels to me like this is going to be such a great competition then amazon the same thing with all their data on products and if chat gpt and google can't use that product data now you

SPEAKER_186: have amazon and you're going to be like right this is going to this is going to split up into different segments so let's go let's talk about the segment let's talk about the segments right now who's going

SPEAKER_268: to own business to business i think it's open ap open ai and microsoft i don't think the business

SPEAKER_382: like enterprise enterprise plugins select you know wait room all those applications it would seem like

SPEAKER_268: microsoft would be number one microsoft is gonna win that in my opinion who's gonna own consumer probably google yeah google would be google maybe facebook did something maybe there's more data

SPEAKER_410: there but i mean facebook would be amazing because if you think about news and you think about trends

SPEAKER_382: and you think about fashion shopping amazon's gonna own shopping amazon they sure they they win so you're right it's gonna split up into different balkanization balkanization balkanize it and then

SPEAKER_153: you're going to need to have some glue between them to say hit the bard api i need youtube data yep i need i think core has got a chance to be a big business to business if i'm microsoft i'm buying core right now if i'm google i'm buying core for a billion dollars right now that if if i could buy core stock right now on the secondary market i don't i might actually buy it i don't know what their valuation revenue is it's very close to the best company but i think cora's data set and stack overflows data sets those two data sets are suddenly gonna if i'm microsoft i'm buying those two companies if i'm google i'm buying those two companies and i'm blocking any competitor from indexing them and then reddit needs to get taken out so if you're microsoft google if you're facebook

SPEAKER_321: how do you not buy reddit right now you buy reddit and you just have all that data and you block everybody else from having it in their ai models no brainer you can buy some you can probably get some

SPEAKER_422: core stock on ford maybe all right listen it's been an amazing episode vinnie thanks for coming in

SPEAKER_00: sunny feel better and we'll see you all next time bye bye thanks jason cheers