SPEAKER_00: Hey, everybody. Hey, everybody. It is Tuesday and the Warriors have one game five. My voice is a little raspy, but I'm going to get through the show and we got a lot to talk about Molly.

SPEAKER_02: We definitely do. We're going to kick it off and spend some time on Coinbase's thousand plus

SPEAKER_04: person layoffs. What that's going to mean, what the company is going to do going forward, how it's been handled, and then the EU's crypto regulation already in progress.

David Friedberg: Yeah. And then we'll talk about Netflix has reportedly engaged Roku and Comcast to talk

SPEAKER_08: about an ad supported tier. Very interesting news there.

SPEAKER_10: Yeah. When in trouble, get some help. I think we're going to talk about this may come as a surprise. Catholic prayer in the form of the meditation app, Halo, which is partnered with

SPEAKER_04: Mark Wahlberg to promote it.

SPEAKER_14: Oh, Mark Wahlberg. Get your prayers out.

David Friedberg: Speaking of praying, we're going to showcase a startup called Prey, P-R-E-Y, that helps you

SPEAKER_17: track lost laptops because producer Justin early Sunday morning found out that his laptop and his, my laptop, his corporate issue laptop have been stolen. And you're going to find out at the end of the show, how he tracked the culprits. And if he was ultimately able to recover thousands of dollars worth of laptops stolen in Bed-Stuy, do or die Brooklyn.

SPEAKER_18: It is going to be a great show. So stick with us.

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SPEAKER_23: first six months. All right. So before we get into the show, we've got something for founders

SPEAKER_24: looking to raise capital. Yes, we now have two spots left for our next remote demo day. It's on June 29th. And if you're an early stage startup and you've got a product in the market, that's important. You've got to have a little bit of traction. And you're looking to raise $500,000 or more. Apply today, remote demo day at remotedemoday.com. It's that simple. And then you get to pitch the 10,000 investors plus who are in the syndicate.com and yeah, we'll help you raise your round. You can be like Gigster, which runs an Airbnb like location marketplace for creators. I'm on the board of the company. And I had the co-founder Hank Lieber on episode 1196. They came on remote demo day and they raised millions of dollars. So maybe that'll be you as well. There is no charge to do this. We do this to help the community. And we're always taking applications. So if you're interested in going later, you can go to the same thing, remotedemoday.com. Check it out. All right,

SPEAKER_04: let's get into the news. This morning, Coinbase laid off 18% of its staff after obviously a pretty intense couple of weeks in the crypto space. Real quick note on Coinbase's stock performance going into these layoffs, which cannot have come as a surprise to anybody. The stock is down 78% from a year ago. It's down about 86% from its 2021 high of $357 a share in November. The market cap dropped from almost $80 billion in November, 2021 to 11.3 billion today. Coinbase looks like it's got as of Q1, at least $6.1 billion in cash, total revenue of 1.1 billion in Q1 and a total net loss

SPEAKER_24: in Q1 of $430 million. All right, it's very important to note. People get a little confused about this. Yeah, there's revenue, there's how much cash you have. And then there's the market capitalization. And now people will say, well, this company is was worth 100 billion. So that doesn't mean they have 100 billion in cash laying around. That's the value put on the company by the last share bought times the total number of shares. That's how the valuation is done, right? The last person to buy a share buys it for $100. And they have, you know, whatever a billion shares and it's

SPEAKER_33: worth 100 billion. So just keep that in mind when these layoffs happen, their cash position cash in the bank cash equivalents, they call it fancy term. That is 6 billion plus they got 6.1. I think that's different than their market cap. So just a common mistake people make because they're like, well, why would they if it's a 15 billion or $50 billion company? Why would they care if they have 1000 plus or minus? It's because the cash on hand is what they have in order to get more cash, they would need to sell more shares. And there might not be a market for people to buy shares in a crypto

SPEAKER_28: company on this day. Right. And $6 billion is a pretty good amount of cash. But not if your core

SPEAKER_04: business is declining rapidly. So let's break down the layoffs and exactly how many people were impacted. Coinbase CEO Brian Armstrong published the note that he shared with the team in which he said, we grew too fast, we over hired, we scaled too quickly, Coinbase has a little over 6000 employees right now, which is up from 1250 employees at the start of 2021. So in 18 months, they grew staff by almost 5x and brought over, you know, well over 4000 new team members. And now they're laying off 1100 people. So if they had done a layoff of this size in say, January 2021, that would have been 90% of the company. It's a massive, it's just, you know, we talked about, like a 25 point swing and the Warriors game, this is kind of like that. I mean, it's intense. In the post, he says, you know, three main reasons, right? Economic conditions have changed. Managing costs is critical and down market. And Coinbase grew too quickly. He said they have to manage expenses and increase efficiency. And that's why they're doing these apps.

SPEAKER_31: And they were pretty great to people, they're giving them 14 weeks of severance, which if you are in any of

SPEAKER_24: the lower rung, you know, starting out careers in the world, you look at these layoffs, man, and you're

SPEAKER_33: like, 14 weeks, plus two weeks for every year, like, people who work in factories, you know, people who drive, get fired. Yeah, I mean, you just get fired. It's like, good luck with unemployment. Um, these are

SPEAKER_24: incredibly generous. Anybody who's got these jobs, uh, will find another job after they take a long, delightful summer, uh, off. And so, as horrible as layoffs are, I always try to put these in context for people. These are high tech workers, who had 10 offers when they decided to go to Coinbase in all likelihood or 10 options, they probably have five options or three options right now that are amazing. Um, and they'll be fine. Their stock is worth probably very little or none on the way out. Because they are underwater, the stock price went down and they had a strike price. So if the stock is trading below that stock price or underwater, but they took that chance. But I read the letter, uh, this morning, I just, uh, you know, I always like to hear the tone. Um, my hot take, perfect note. They took responsibility. Uh, they defined reality, you know, hey, one, two, three, here's what's going on, uh, as candid as possible, gave a little pep talk. And then he explained the mechanics of the layoff for a remote company. I don't know if you noticed that, but there was that, uh, dip from, uh, that company who did everybody on the same zoom. If you're watching this zoom, you're fired. Oh my God. So what he said was, listen, um, I, I'm really sorry about how we're doing this, but there is no way to do this. We had to send an email to everybody. And in that email, it'll tell you if you're laid off or not. I know this seems very cold. We will have turned off your accounts. The reason we're doing that is to protect the customers because some people have customer access and to protect people who might make a rash decision at this time or something to that effect. It was like a very meta well thought out. Like I'm going to explain to you, there's no way to do layoffs properly, but this is the best we came up with. And here's why we did it that way. So you don't have that shock of like the, how you broke up with me. Some people don't like the, how, you know, they want you to break up in a classy way. And I think you did that. So, uh,

SPEAKER_04: you should do that. You should, you should always break up in a classy way. Like, come on. What it's you, not me. Yeah. Uh, it's me, not you. What is some other interesting context in, as this is happening is that last week, and we sort of missed this, there seemed to be, I mean, it's just very, it's interesting. What's been going on there. There seemed to have been a little bit of maybe like a mini mutiny, like a post that could have been, you know, one person or many, we don't know called operation revive coin on this writing platform,

SPEAKER_10: mirror dot X, Y, Z. And they said, we, the employees at Coinbase believe the executive team has recently been making decisions that are not in the best interest of the company, its employees and its shareholders. And they specifically called out the COO, the CPO, and the chief people officer, not Brian Armstrong, which was interesting. And they listed these eight reasons why they thought these executives should be fired, including the like NFT platform over

SPEAKER_04: prioritizing certain products. And then one of the things they said was aggressive hiring for thousands of roles, despite the fact that it is an unsustainable planning, contrary to the wisdom of the crypto industry. And they also call that rescinding offers to new employees.

SPEAKER_50: Yeah, this is what happens when something comes apart, you know, the arrow start flying,

SPEAKER_24: the finger pointing happens, we're going to see a lot more of this. And CEO Brian Armstrong, who is, I think, emboldened to communicate, and it's a good communicator, apparently, like his ability to write is pretty good and communicate. So I think he is like a new breed of like, I'm not going to back down, I'm not going to go quiet, I'm not going to do PR speak, he basically said, this is really dumb on multiple levels, like, and he said in his second point, first of all, if you want to do a vote of no confidence, you should do it on me and not blame the exacts, who do you think is running the company, I was a little offended not to be included,

SPEAKER_33: smiley face. So he's, you know, been a little trolly. Number three, second, if you have no confidence in the exacts or CEO of the company, then why are you working at that company? Quit and find a company to work at that you believe in exclamation point, I think that was pretty good.

SPEAKER_24: Um, yeah, there's probably lots of can lots we can and then he just admits with probably lots we can do better. But if you're not, if you're at a place where you want to leak stuff externally, that it's time for you to go, you're hurting yourself and those around you. And he basically

SPEAKER_33: said, if we catch you, we're going to fire your ass as well. Um, so I, you know, this is going to be the rest of the summer and into the fall. And then for some of the legal cases, which is this

SPEAKER_24: one fall into, but you know, other crypto projects like Luna, you know, there was this thing going around over the weekend that Do Kwan had liquidated some billions of dollars of his Luna, uh, or Terra, uh, in that stable coin collapse, who knows if that's true, but, uh, there's going to be a lot of discovery, legal, you know, DOJ actions, um, you know, civil lawsuits, you

SPEAKER_52: know, it's going to, and, and blog posts and anonymous blog posts as crypto comes apart.

SPEAKER_02: Yeah. And I think you're going to see companies have these kinds of, uh, people are going to

SPEAKER_04: be upset, right? Like no matter how perfectly you handle it, there are going to be people who were going to be upset. It sounds like a big part of what was happening is that there were, there was some obvious telegraphing that layoffs are going to happen and employees probably thought the company scaled too fast. Like it's, it's interesting because it's this double, right? You can have leadership, but you can also have wisdom of the crowds where it's very possible. People internally were like, okay, but there are some warning signs that maybe, you know, this isn't the rocket doesn't always go up. Yeah. Maybe we shouldn't be hiring as many people. And obviously they didn't feel listened to. Um, but you know, I mean, it, but that's also like what happens when you work at a company, they set the agenda

SPEAKER_24: and you're either on board or you're not. Yeah. And I, I think there, if you're, I think Brian's point about like, if you're not happy, like doing these kinds of things, um, cause it a disturbance for the people who might be happy at the company and enjoying their time there. So the best thing to do is just move on in your life. Like it's the bitterness of like, uh, this kind of stuff I think is, um, it's just wasted energy. Just put, just go find another gig. Um, I think, you know, if Coinbase, uh, had their stock price high and it was above people's strike price, that never gets written. And if the company's growing and people are still trading crypto, but the bigger picture here is crypto market has actually collapsed. There are no more buyers. The buy side is gone. And as I said, the other day, when you lose the buy side, you know, everything just plummets to base value. I talked about it yesterday. I talked about it for the last month and the base value is going to be like, how much cash do you have? What's your revenue and earnings? Some multiple on that. And, you know, maybe the goodwill, we talked about goodwill, you know, like the IP, like does Coinbase mean anything to people. It does. It's the, you know, the, the most respected brand and crypto. So, uh, but really I think going over the monster Q2 of 2021 is the big one here because remember all the stimulus happened in the year, in the end of the year, one of the, um, there's a lot of stimulus that happened. I think in 20, end of 2020 and into 2021, people were getting unemployment and unemployment bonuses that were more money for a brief period of time, like six, 12 months in a lot of locations. They were getting more money to stay at home than to go to work. Uh, and people weren't able to spend money going out. So that's when you had the balance sheet flip massively. All of a sudden, everybody had massive savings and, um, they weren't spending. So this is just like this incredible moment of time. And then you have a bunch of cash sitting around, you get a little frisky and maybe you heard

SPEAKER_17: about some coins and you want to place a bet on Bitcoin or whatever, uh, or you want to buy a stock, uh, because you heard about AMC is going to the moon. Listen, Wealthfront is an investment platform that

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SPEAKER_17: to start building your wealth today. But maybe you can walk us through Q2 of last year because

SPEAKER_04: the numbers they did were bonkers. Bonkers. And the reason we're bringing this up is because they are going to be compared against these numbers in presumably their next earnings report. If you look at Coinbase's strongest quarter to date ever as a public company, it was Q2 2021. And during Q2 of last year, the total top line revenue was $2.2 billion. That's compared to that 1.1 billion last quarter in Q1 that I mentioned. So half, right? Right. Q2 2021 net income or profit was 1.6 billion. That is compared to losing $430 million last quarter. The retail, the number of retail monthly transacting users in Q2 2021 were 8.8 million compared to 9.2 million last quarter. So actually not a big change there. Yeah. And they have added verified users overall. They also, it seems like really tried to court institutional clients. So in Q2 2021, they reported institutional 9,000 institutionals on the platform, which of course you want, right? Because they're less volatile. We don't know how many of those

SPEAKER_29: big whales are still on the platform, but we may find out on the institutionals. My understanding is

SPEAKER_24: they pay for custodial services. So you pay, I think it might be 1% or 1.5% for them to hold your crypto and make sure it's safe and, you know, cold storage type stuff. Um, and remember that came up because maybe it was three weeks ago. You and I talked Molly about the fact that the deposits of people on Coinbase were not secure. They could be used as collateral in the bankruptcy thing. And they'd put that in a filing. Yeah. These institutional clients are in a different category because they pay. And so my prediction, a little bit of a hot take here is that they may start charging you to keep your demolished, uh, crypto portfolio at Coinbase. So imagine they said to you, if you have, you had, you told me you had $1,500 that went down to 500 or something in that range. Now imagine they go to you and say, yeah, by the way, you gotta pay us five bucks a year to keep the $500 here. Um, you know, uh, or if you had 5,000, you gotta pay 50, would you take it out? Probably not. And now they've got a base of, you know, uh, and they, and that would, if for that, they would guarantee you that it was safe, you know, um, and it couldn't be taken into bankruptcy. So they have to architect their system

SPEAKER_73: to do that. So just something to a little mini prediction for me. Yeah, no, that's a good one.

SPEAKER_04: Well, and also, I mean, I think, uh, mini prediction from JP Morgan today, right? Vis-a-vis Coinbase. JP Morgan downgraded it after being like pretty bullish for a long time saying they're going to have a hard time turning a profit. And I do think, uh, you know, two things are going to happen. One Coinbase's next earnings call is going to be in comparison to this bananas STEMI quarter from Q2 2021. So in

SPEAKER_10: terms of a stock price effect, that is going to be terrible. And then second, as they have noted in previous filings, the majority of their revenue comes from these transaction fees. So if people are

SPEAKER_04: not trading, it's a big problem for revenue, right? It's like if somebody stopped, if people stopped buying iPhones and they don't, they haven't really shored up the AirPod pro business and the banking and finance side of things. So in terms of those future revenue models, if people just stop trading crypto, even if they're just holding, it's, it's somewhat in doubt. And the earnings report, like we just need to, there's, we can't say this enough times. It's going to look so horrible in

SPEAKER_17: comparison that it's almost going to be unfair. This is where subscription businesses are so in vogue. If they had been a subscription business all this time, and they had 9 million people paying a

SPEAKER_24: subscription of but $5 a month, that would be $45 million. $45 million, you know, across, you know, a year would be, you know, roughly 500 million and change of pure profit, pure profit, unadulterated, pure profit, and that's at but $5. Now, if it was $10, they have a billion dollars, a billion dollars. Now, if they lost 5% of the users every quarter, but they were making a billion dollars, it'd still be a better business. So it's basically going to turn into Netflix if, you know, they want to try to keep this business alive long term. Now they do have the $6 million billion. So if they're losing 500 million a quarter, what was the loss the last quarter? I think it was like 500 million or

SPEAKER_28: something. Yeah, just like 430. Okay, so let's say 500. I'm just gonna say 500,

SPEAKER_81: they got 6 billion in the bank, you know, they basically have dollars a year.

SPEAKER_17: Yeah, so they have basically three years of runway to figure this out. If this recession takes

SPEAKER_24: a year, I think it's a, you know, I said three, four quarters is what I thought it was going to be around the second. So that means sometime into next year, things start to go sideways and go back, you know, start to go back up, maybe modestly, I think they have plenty of runway to get there. It's like unlike the BuzzFeed or Peloton situation where you were like, whoa, cash crunch under

SPEAKER_17: no cash quarters. So this is what benefited Uber with their cash position, Airbnb cash position, double click back in web 1.0 had a huge cash position. So when the market's hot, cash yourself up. If you don't need the money, that's the best time to raise is the lesson for founders when you don't need money, best time to raise. And so they just get that little extra bit of cash cushion, then you get to deploy it when the market's down Molly. So he's actually in the capper seat. Now,

SPEAKER_24: I think the stock's gonna keep going down until they get through this quarter and into the next

SPEAKER_90: quarter. So I think it's going to be a really tough year. And they took the hard medicine of,

SPEAKER_32: you know, making the continue to write I mean, clearly, I think this is a, this is a CEO who

SPEAKER_04: will course correct what imagines and I think you're absolutely right, you'll start to see those subscription fees come in, like you'll start to probably see different revenue models.

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SPEAKER_04: this week in startups. It will also be interesting to watch whether new regulations in the European Union on the crypto market have an ongoing negative effect on crypto and thereby Coinbase and everybody else in this business. Or a positive effect, you know, you could argue both. Yeah. I think any regulatory certainty will ultimately be good for these businesses. 100% long term. Short term though, it might drive some sketchy crap out of business, which we're going to see anyway. Yep. EU regulators for the 27 member countries are set to meet today, June 14th. And then again, on June 30th, to talk about kind of harmonizing crypto regulations. They kicked off this effort in September of 2020. And basically, they want to try to like unify because there's fragmented regulations across the EU, unify those regulations, figure out what to do about the fact that crypto falls outside of these exist or existing consumer investment frameworks, like we've talked about,

SPEAKER_35: whether it's a security or not, how do you even protections FDIC? Yeah, all this stuff. Yeah,

SPEAKER_28: how do you find during stable coins? How do you define it? And then how does that impact markets globally? And stable coins, you have to define like, who's allowed to do this? I mean, who's allowed to

SPEAKER_24: build their own currency? And then compete against the country or the region's currency. In the case of the EU, it's not one country, it's many countries. And should you really allow somebody to create a digital version of your dollar? That's, you know, more efficient and controlled by a private company. And there's an argument that private companies shouldn't be allowed to do this. And this should only be the purview of governments. Now, a libertarian might say that's BS. But people who want to live in a more controlled society, I very much want stable coins to be either illegal or

David Friedberg: regulated. I would fall into not banning them, not letting them be freewheeling. I would be hyper regulating them, hyper regulating them, as in, you know, you have to get a license, you have to have

SPEAKER_24: a background check, you need to have everybody on the board has to be insured, bonded, background checked, you know, like serious, like getting a bank charter stuff, which is why getting a bank charter was like, the subject of an entire, an entire season of billions was about like, you know, how hard it is to get a bank charter, like you really want to make this hard for people, so that you don't have really weird people like the tether people or Luna, you know, and Tara versus tether to, you know, two different stable coins, you really don't want these people. But I got a hot take on all

SPEAKER_33: this. I think the regulators now have the high ground. Like Obi-Wan. Don't try it, Anakin. Now, anybody doing anything fugazi needs to understand the regulators have the high ground. And you've already lost one limb to Count Dooku. You got three left. I suggest you lean into the three, literally and figuratively. You do not want to take on the regulators at this point when

SPEAKER_24: Celsius is, you know, froze everything. Luna, the tether questions that are still out there. All of these shenanigans, people losing their NFTs to hacks. Um, XRPS, SEC lawsuit, uh, shout out to

SPEAKER_106: Brad was the Warriors game last night. That was super awkward. I've been so critical. He said, they should all go to jail. He's like, Hey, meet my kids. I was like, Oh my God. Oh, nice to see you,

SPEAKER_24: Brad. My God. Putting it aside. If you're a regulator right now, you're like, okay, let's see you argue against regulation. Yeah. When everybody's lost everything. And we all know that 98% of the projects are a scam and going to zero. There is no high ground. And you know who benefits? Coinbase, uh, circle, the companies that are, that took preemptive regulation and regulated themselves and maybe over-regulated themselves. And we're, you know, maybe, what sort of judicious on who they listed as a coin and really were thoughtful. Those people are now going to be the ones who

SPEAKER_112: benefit. Oh, yeah. Yeah. And also get swept up in regulation that they maybe didn't earn because they were trying to do the right thing. But yeah, the fact is like in a million different ways, one,

SPEAKER_04: we had, uh, if it walks like a bank and quacks like a bank, it's a bank, right? Like Celsius, your savings and loan. Sorry. Like if it walks and quacks like derivatives trading, it is Luna and Terra. Like you cannot, you know, you tried to sort of set up these parallel structures to get around existing regulations on institutions that you look exactly like. And then of course people got screwed and now everybody is going to get swept up in it. And.

SPEAKER_24: Had the same exact conversation with Bill Gurley last night at the Warriors game. We're just like, how is this crypto thing? Like they created this whole parallel universe to securities law.

SPEAKER_33: Right. And I think now the securities folks can say, okay, that was an interesting experience that failed. Yeah. And now we're going to take legal action because now that everything's collapsed, we have the proof. So it's kind of like, you know, somebody drives the getaway car, just packed with diamonds. And then they're speeding. They go through a speed trap. The cop didn't even know they robbed the bank, but this is what criminals do. They just don't stop. Right. Right. So the, the cop then starts chasing them and they kill three people, flip the car, they kill one of the passengers. Like everybody dies. The whole thing's a smoking pile of wreck. And then the judge gets it and he's like, so you stole the diamonds, you were speeding, you killed two pedestrians, you killed two people in your own car. You killed two people in the other car. Like you're going to jail for everything. It's over. Like there's, they give you no benefit of the doubt. The benefit of the doubt when consumers lose their money, Molly is gone. Yeah, it's gone. And it flips to you're guilty because people were hurt. Now that's not fair either because those people put their money in. They knew this was fugazi in a lot of cases.

SPEAKER_24: They were greedy. They were acting out of like, just no diligence on their part. So

SPEAKER_04: but you still do have to, I mean, and I know that you and I, I think differ a little bit in this, in this instance, like you think people need to learn how to gamble and they need to learn how to like, you know, but the fact is like people don't learn, right? Like that would be great if they were

SPEAKER_10: learning, but what they are doing is gambling. And they were in, they were a hundred percent incentivized by these exchanges to like, if you make money on exchanges on literal trades and

SPEAKER_04: transactions, then your job is going to be to get as many trades and transactions as possible. And that is always going to be distorting. That's always going to suck people in who don't need to be there

SPEAKER_33: and who are going to get hurt. Yeah. But here's the thing. The owner of Ramsey sports, when he starts playing in a poker game for boxes, a Zini that he can't afford. And then Tony Soprano now owns his

David Friedberg: sports store, Ramsey sports. And they just, you know, boost everything out of the place and light it on

SPEAKER_29: fire. Like this guy knew, like he understood Dave Davey. Remember to feel the same way about the, you know, mortgage backed security swaps. And yeah, I mean, you can, you, there's a,

SPEAKER_10: this is why regulation exists because it is a fine line. Like people get in a regulated environment.

SPEAKER_24: Your point is well taken in a regulated environment. You're saying, if I may summarize,

SPEAKER_43: people cheat. Now, if you cheat in an unregulated environment and you choose to, or you choose to

SPEAKER_17: participate in an unregulate, when you go play in an underground poker game, you are going to get screwed. Like it's an underground poker game. I know guys who are pros who will go to underground poker games, knowing that they're probably going to lose just to try to see if they can figure out how they're

SPEAKER_24: cheating. Uh, you can follow Bob Herala, Bob, uh, on, uh, you know, we used to work for the Dallas Mavericks and he talked about playing in a game where people were wearing contact lenses. And they have like marked cards, uh, where you put a little bit of, um, like a liquid on the card and in the cards, you can tell like, those are the aces. So they just, if you just know all the aces in the deck, I mean that the, just that alone as an advantage is huge. Because you're like, oh, okay, this guy has an ace. He's got an ace. This guy's got three aces. Boom. So shout out to Herala, Bob, but he was explaining this, like he played in one of these games. He had a feeling it was rigged. He had took a minor loss. The way he figured it out is they wanted him to play heads up. Cause I had somebody trying to get me to play heads up in my early in my poker career. Um, who I had beaten like three or four games in a row and, you know, one, like, you know, 10 or 20 grand. And they're like, we should play heads up for like a hundred K or something or 50 K like whatever, you know? And I was like, yeah, no, I don't play heads up. They really were trying to push me, but he did is he said, okay. Yeah. You guys want to play heads up versus that guy? Yeah. How much I'll let you stake me for 30 or 40%. In other words, you could buy into my action and they wouldn't take the action. And it was like, if you really actually were expert cheats, you would give me 25, take 25% of my action, play the long game, have me lose a million and you'd still be up, right? Cause you'd lose the 25%, but you gain the other 75, you know, there'd be, there'd be a, there'd be a formula here to actually back him. But when he, when they wouldn't back him in what they, and he's a really good player. Uh, he knew that it was crazy, but this is going to be a crazy six months. Be prepared for it. Um, and if you're in crypto, here's the good news. I meet a lot of crypto entrepreneurs who are very smart, um, who are actually building stuff, who are appalled by the grifting they see going on. And they say to me privately, I can't say, cause I'm in crypto. I don't want to seem like I'm going against the crypto revolution, but I am appalled that 90, 95%. I agree with you a hundred percent. Jake, 95% plus of this stuff is a scam, a grift and incompetence or some combination of those three. I can't say it, but I'm glad you're saying it because it's really hard to be part of the 5% that are actually building real stuff and who care about this and care about the core technologies and what they represent. Guess what? Those 5% just ship product and you'll be fine. Just ship

David Friedberg: product and delight users. Now is the time for builders and the charlatans and these like wackos who grifted into, you know, NFT projects, you know, try to scam people by creating some we bleep that out, but like cartoon characters and then sell them for, you know, ungodly amounts of money that peer pressure people into buying them by making them feel less if they

SPEAKER_24: didn't own one and then bringing them into the circle. If they did like, have you guys never like

SPEAKER_28: been, you know, went to high school and felt peer pressure? Like,

SPEAKER_10: Well, I was just going to say, yes, exactly. No, like we're living in an environment where a lot of people have not gotten scammed yet. They weren't old enough to get scammed in 2008 and they're getting scammed today. And like, it is true that now the real is going to rise to the top,

SPEAKER_04: but it's going to be a harder road for all of them. And they know it because of all of this banana pants.

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SPEAKER_04: Speaking of a hard road. Interesting scoop today from the information regarding the world of streaming. We are, by the way, saving all the news about cricket rights and whatnot, for when lawn is on on Thursday. But update on what's been happening with Netflix. Of course, you know, they've been in some trouble. There's a question about whether they're going to do an ad supported tier. Now, the information has a scoop saying that it's apparently reached out to competitors,

SPEAKER_09: like Roku and Comcast for help with ad sales. Oh, great. Great. Because they know how to do it? Like, what would this even look like? I wonder?

SPEAKER_17: Well, um, people have ad networks, they might want to extend them. So what they can say is,

SPEAKER_24: hey, we'll do a three year deal with you Comcast, or Roku. Um, you, we just put this code into the Netflix free app. And they'll have like a Netflix light. Um, or maybe it's the same Netflix app, because they want to move it up the rankings. But we'll see, they might want to make it a different app experience. And you can't force yourself ahead. And they say, Listen, we'll give you 20% of the revenue, you get to expand to 100,000 people, and it'll be a three year deal. And we'll all do better because you have this up and running already. So this would be, you know, a fine thing to do in the short term for them to learn. Remember, Yahoo, for people who don't remember are too young, Yahoo, licensed Google, and Google was the default search engine on Yahoo, and it had power by Google on the bottom. And then eventually people just started clicking power by Google. And they started going directly to Google. Um, and so there are there are business ideas like this out there where you can learn from a partner for some period of time, and it's destined to break up at some point. But you know, there's been this talk of Netflix buying Roku, I think I'd be like, I don't know if antitrust.

David Friedberg: It's weird to know what antitrust would do in a down market is really Biden, and the antitrust and Lena Kahn going to be like, you know what, we should really start attacking American companies

SPEAKER_24: that are, you know, already getting their asses kicked, that are just trying to survive and laying people off. It's a really bad look. This is where politics comes into play. You know,

SPEAKER_17: Lena Kahn got put in there when the market was at a top and everybody hated billionaires and Bernie

David Friedberg: folks and Elizabeth Warren, you know, pay your fair share. And it's like, well, you made the tax law. So change the tax law if you want people to pay differently. Oh, come on. Like people aren't

SPEAKER_152: gaming the tax law. Give me. But you do have to change the tax law. You can't say capital gains.

SPEAKER_153: If we want to change the capital gains country, Elizabeth Warren about that. Talk to Republicans about that. Well, yeah, so somewhere between the if we all politicians, if they want the tax law,

SPEAKER_35: there's a 70 like trillion dollar tax gap. Anyway, sorry. Okay, well, if there are a little

SPEAKER_156: fired up. No, no, but there is probably there are people cheating on their taxes. Obviously, we should

SPEAKER_10: 10x the number of companies or individuals like we collected all the taxes that are owed in this

SPEAKER_24: country. We have all the money we need fundamental not yet. So which would be great to just get people to pay their pay pay what they're supposed to pay. But if you want people to pay differently, it is not helpful to attack folks who are playing by the rules. If capital gains works differently, if you don't have income, you just have capital gains, you might have one, three years where you pay no taxes, and then two years where you set records and pay the biggest taxes in the history of the universe. Yeah. So if you want to change that, then you change capital gains. And if you want to change capital gains, be prepared that America is not going to be the leading economy in the world with the most resilient and, you know, the most vibrant. So, you know, in this case, like, um, you know, I, I think. So back to our original question is, would they get mad? Well, no, I mean, what do you think, Molly? Like, is Lina Khan going to be able to stop a deal between Roku and Netflix, two companies that have gotten

David Friedberg: completely demolished, completely beaten up? Would they have the high ground to do that? I think this might

SPEAKER_24: be an opportunity for some midsize, you know, uh, M and A to actually occur. Because if Peloton doesn't get bought by somebody, it could go out of business. And then do you want to be Lina Khan who's like, or Biden? Oh, yeah, we didn't let you do this merger. And then the company went out of

SPEAKER_04: business and laid more people off. Now, I don't think the company's objecting to midsize. Like, nobody's objecting to midsize mergers. There's going to be scrutiny, but I don't think Netflix and Roku, forget it. Those are neither of those are even approaching monopoly status. It is interesting, though, that the insider piece really pooh poohs those rumors, too. And is like, you know, this is really unlikely, because Netflix doesn't want to move into hardware. I mean, that's a tough, that seems like a sort of an overly simplistic reading that might have made more sense when the market was what it was, and Netflix was in the position that it was, but it might be a lot more interested in like, owning smart TVs now. I mean, if they do build an ad network,

SPEAKER_17: then they want as many customers as possible to feed those ads to. And so because once you have

David Friedberg: the relationship with McDonald's, or, you know, Marvel, and Marvel's advertising, you know, or the new Obi-Wan's getting advertised, they'll take as many viewers as you got. They want to get people over there. So, you know, it's a lot of people who you didn't expect to build large advertising businesses have, like, you know, Amazon and Apple, all of a sudden have very robust advertising businesses, because they have such a captured, well-heeled audience. And so, yeah, I just, I'm very interested to see what happened with M&A. I think people have not tried to do M&A, because they're so scared of wasting their time and then getting stopped at the finish line. But they haven't tried. So, like the high ground for regulators, now I think the high ground goes to companies that want to do M&A.

SPEAKER_24: And yeah, go ahead, Lina Khan, go ahead. You know, Biden, you, you want to, you know, attack American companies at this moment in time during a recession with layoffs? Okay, go for it. Let's see what the optics look like. So all this stuff is political.

SPEAKER_10: Um, yeah, it's gonna be interesting times, interesting times. All right. And then, uh, we have an amazing startup of the day. There is no good way to smoothly transition. This was evidently speaking of ad networks, uh, this was an ad that was served up

SPEAKER_112: to one of our producers, to producer Justin. So a little bit of a target.

SPEAKER_165: No, it's pretty much to me. I got this. It was right to you?

SPEAKER_17: Yeah, I tweeted this. I got this on Instagram. Yes, this is I, for some reason, Mark Wahlberg thinks this Catholic boy from Brooklyn needs to pray more. Oh, Catholic boy from Boston is our father,

SPEAKER_167: full of grace. So how do your mom for me, J Kyle? Hey, chicken.

SPEAKER_166: Hey, chicken. How's it hanging? Hey, chicken.

SPEAKER_167: Hey, chicken. Say hi to your mother for me. Say hi to your mother for me. All right.

SPEAKER_10: Say hi to your mother for me, J Kyle. Well, at this point, I think we should probably just, all right, I'm going to give you the headline and then we're going to run the video. Catholic prayer app, Halo has raised $52 million and has ads featuring Mark Wahlberg that are being targeted to

Jason Calacanis: J Kyle, among others, calm for Catholics. Let's get a little Mark Wahlberg fix today.

SPEAKER_172: Oh, man. Thank God. Thank Halo. I'm prayed up today. I'm prayed up. Ready? We're going to fight the fight right now, baby. God bless you.

SPEAKER_17: Yeah, that's it. You know, God loves the cannons. So I actually tweeted this. Maybe this happened to both Justin and I. Justin, do you, producer Justin, if you're on the line, did you actually?

SPEAKER_176: Yeah, I thought you got the ad too.

SPEAKER_17: Did you get the ad too, Justin? I tweeted a different ad this week and it went viral.

SPEAKER_00: I wonder, maybe a producer Justin's not here, but we'll, we'll get a check on a producer because

SPEAKER_177: producer Justin's got to come on and talk about the caper of his laptop. Exactly. He's gonna be

SPEAKER_178: ready for the caper. Uh, I got this one this weekend and said, wow, interesting, but amazing

SPEAKER_00: delivery. It's so great. He, you know, he, he, uh, prayed up is his new line. So you gotta stay prayed up. That's what he told me. Jacob, you gotta stay prayed up. And I'm like, okay,

SPEAKER_183: John Sheely, John Sheely says, do your rosary with me. Oh my God. He said, do the rosary with

SPEAKER_33: me. So you can do a virtual rosary. Like my grandmother, God rest her soul, would do the rosary. Anytime we did something bad or we got in trouble, she'd do a rosary for us. This is before you could play bejeweled, you know, like you're sitting at home and you had your grandmother. I know what's up.

SPEAKER_28: Lily take the rosary and each beat was a Hail Mary. I'm still feeling guilty about every single thing all the time. I want to get some Greek worry beats. There's a thing. Um, my grandfather got

SPEAKER_17: rest his soul, my Greek side. Um, he had this thing called worry beats. And, uh, I guess you would say a prayer for each one and pull up Greek worry beats. People don't know. It's kind of like

SPEAKER_112: the rosary. I think that those are in other cultures also, I believe, but yeah, really, I need

SPEAKER_08: to get into some worry beats, but you'll see like old Greek men walking around with their worry beads and

SPEAKER_17: they just pull like one of these little, you know, uh, beans on it, you know, little beads, uh, and that's it. So this is what I want to do. I want to make this week in startups worry beads this way in the recession. You have your Greek worry beads. Each one of them

David Friedberg: is going to give you a foundational, um, tenant of running a startup. So you'll get these and each one will be numbered or have an icon on it. Remember, uh, to understand your runway. Remember to update your investors and you just go through it. Maybe, um, start up. American boy and our

SPEAKER_02: noted gang says prayed up is common African American vernacular. Our grandparents say it,

SPEAKER_04: our parents say it. And so we say it too. Oh, and Mark Wahlberg. So anyway, but let's

SPEAKER_10: talk about this as a startup idea. Oh, it's brilliant. $52 million. Yeah, exactly. Catholic prayer and meditation app. It's like calm for Catholics. Like I said, the claims over a million

SPEAKER_04: downloads. It was founded in 2018 by Alex Jones. I'm assuming not that Alex Jones. Oh, please Lord, no. Alessandro DeSanto and Eric Karekis. Who started acting, asking priests and members of the church about the intersection of meditation and faith and found that there's a big crossover. They, uh, did $12 million in a Series A,

SPEAKER_10: have raised this $52 million overall and a $40 million Series B investors include Peter Thiel. Oh. Phrase Peter.

SPEAKER_78: Capital, Sousa Ventures and Scott Malpass. Okay. So it's an alt right. Far right. Uh,

SPEAKER_200: yeah. Ben, no Ben Shapiro. Uh, he hasn't started the Ben Shapiro deli wire fund yet. But is it that it's not that Alex Jones is it? No, I mean, I'm hoping it's not that Alex Jones.

SPEAKER_203: I mean, you're just Alex Jones secures the meditation bag. That's just, yeah, that's just unfair. Um,

SPEAKER_24: but you know, I'm always fascinated that, uh, in the top 50 podcasts is this, uh, Dr.

David Friedberg: Mike, uh, I'm sorry, father, Mike, uh, Schmitz. I don't know the Bible of the year by the Bible in a year. Uh, and he's always up there and I guess people like to listen to some podcasting stuff. So

SPEAKER_17: it's not that Alex Jones, it's this. Oh, thank goodness. Bless.

SPEAKER_35: It's this. Yeah. No path looking Alex Jones. Um, yeah, he really, right. I mean, yeah, what do you want from me? He's a redhead. We've got blue eyes. Like, couldn't look more. It looks

SPEAKER_52: like, uh, there was a young priest I knew who looked like him. Yeah. Um, I mean,

SPEAKER_35: it's leave it at that. You know, as we know, like product market fit

SPEAKER_04: really, really matters. And if you can find a super devoted, no pun intended audience, and then say, we know that there is a proven market for meditation, for mindfulness, for this, you know, a sense of achieving peace and, and having, uh, these moments throughout your day that get you grounded and centered and, and, you know, bring self love. And then you can just sort of say, let's do that. But specifically for Catholics and for the devout, it's like, seems like built in money.

SPEAKER_78: This is like the offertory or whatever that was called offertory. Uh, you know,

SPEAKER_24: basically when you went to church in Catholic church, they had a basket with a long handle on and my grandfather on my Irish side, uh, God rest his soul, he was an usher and they would

David Friedberg: put the basket in front of each person slowly. Some people had money to put in, some people didn't, some put a dollar, some put an envelope to, you know, have their donation not be known. And I always just thought, I wonder if I could put a dollar in there and pull one of those fives out. That was always my thought. It's like, is there a sleight of hand trick where I can go put a dollar in and grab the

SPEAKER_191: five out? Um, but yeah, so anyway, there it is folks. That's a very sweet story about your

SPEAKER_218: religious upbringing. Yes. I used to do 605 mass at yeah, in Barrage, Brooklyn. And, uh, I would do it every Saturday, every Sunday with my grandpa. Love it. There were like six people there. It was like the

David Friedberg: people who like, you know, these old people who wake up at 4am. It would be outside of church 20 minutes early and then they would go. Um, all right, there it is. All right. Well, we live in the future. Here we go. I love this app. We got to get Justin on because Justin, uh, had his laptop stolen from his apartment. Uh, Justin, you want to come on air and tell us what happened briefly. And then we'll talk about this. We live in the future slash startup of the day app. So Justin. All right. We were in the group chat. All of a sudden, all bedlam breaks loose. Your laptops are stolen and you go into full Columbo mode. What happens? Yes. Yeah. Laptops are stolen. Sometimes

SPEAKER_225: Sunday night, probably because my roommate didn't, uh, lock the door with the deadbolt.

SPEAKER_228: Mm hmm. So I discovered, I mean, former roommate, he's definitely still my,

SPEAKER_225: my roommate. Uh, I'd love him. He's great. Uh, but so once I find these are lost, I file the police report. Um, but quickly notice that this is Bed-Stuy. This is not a priority. It's a couple thousand dollars worth of laptops, which I think falls under grand larceny, but still it's not a homicide. It's not something else. So I realized I'm going to need to do some detective work myself. Mm hmm. And, uh, so I start pulling up my, find my devices. They're offline for a few hours. Eventually they come up on, uh, at a, at a house. So I kind of case that house, but realize I don't have a good approach. I try to go to the police again, say it's at this house. Um, they don't have a good approach. Like you couldn't take the shot is what you're saying. You don't know. Exactly.

SPEAKER_229: My girlfriend was on the phone with me and I said, I'm going to go and I'm going to ring on the doorbell of this house and she said, please do not do that. Um, so then next day I see them moving. I'm writing the launch ticker, which is our newsletter that we send out and I get a alert that it's the location's been found, which, um, and I see it's moving. This is through the software

SPEAKER_24: that this is through Apple software. Now you, for find my to work, you don't have an LTE

SPEAKER_174: connection on your laptop. And in order to join a wifi network, it would have to be one that you

SPEAKER_225: were already on a members of a couple of like those generic, like Comcast or, or like the, ah, the spectrum provider. So maybe that helped, but I think I know that the iPhone, Apple tag technology does reach out to other devices and that's one way that they found it. Um, so I, I wonder find my, has that same thing because it, these people never logged on to their own wifi network, as far as I can tell, because Apple lets you lock their device and the locks were never actually successfully pushed out. So they were just blocked by the password. They didn't get the message where

SPEAKER_229: when you, uh, have a device that's missing, you can put a little message and it puts it in a special locked mode that never took into effect. So I see these devices moving and I'm like, oh man, they're about to be lost forever shipped off to China or wherever else that, that they get fenced

SPEAKER_225: at. And so I put on my running shoes, start running, eventually find the, the laptop stop right in front of a, uh, electronic store. I run up, I probably get a foot away from the guys

SPEAKER_229: who have it. I see them holding my laptop, talking to each other about selling them. Uh, my girlfriend, um, was kind of in the back of my mind. And they don't notice you. They don't notice you. Well, they see me, I'm sweating, but I'm not paying too much attention. I kind of like try to open up the, the door of the electronic shop. And I realized that it's not open for another 10 minutes. So at that point I say I could confront them now, or I can wait and just kind of keep eyes on them a couple hundred meters away, call the cops. The cops arrive in 20 minutes. By that time, the, the gentleman who

SPEAKER_225: stole my laptop have turned it over into the electronic store either to sell or, or to see if they could get it jailbroken, but the cops, uh, helped me and I collected them there. So that's,

SPEAKER_04: that's my story. Hmm. So it's sort of like an, a magical, we live in the future in terms of the connection and the find my good job, not going full Batman. Hmm. I don't know. I kind of feel like the

SPEAKER_238: story would have been, I think for the show, it would have been better if there was a confrontation. So for ratings and for the show, I feel like you failed us, but you did get it.

SPEAKER_174: I was actually thinking about one of them was your laptop. One of them technically is my laptop.

SPEAKER_225: I got it back. You did get it. No insurance. And I was thinking of you the whole time because

SPEAKER_229: I know you liked the movie dread. Yeah. And I was like, I need judge dread to solve this for me.

SPEAKER_225: Yes. Guilty. Walk into that house. Guilty. The like little confirmation from headquarters and just such a deal of justice. So anyway, now you can talk about prey. Oh, well handled.

SPEAKER_247: And well, don't listen to this guy who's like, it could have been better content if you've gotten a giant. Oh, don't get into a conversation. My immediate text was like, I'm having a full on mom freak out right now. Like mom energy. What is happening?

SPEAKER_24: Um, we need to know somebody, I wonder if the noties know if somebody in the notie crew or producers can tell us how this actually works. Does it actually work? That you can find my, I need to know this. If you do find my laptop and you do find my laptop, does it, and you're not connected to wifi. Does it connect by Bluetooth or whatever to an iPhone? That's part of the find my network

SPEAKER_254: that then gives you the location. Yeah, I bet it works. They took that technology from tile.

SPEAKER_04: Yep. I bet it's using some kind of a mesh network situation. However, what we think, and this is that we live in the future and we could, this was irresistible today. We had to do Halo and we had to do this app because we had pray and pray. This one is P R E Y. Yes, that's right.

SPEAKER_10: I'm not sorry about that. I laughed at my own joke all day long. Prey is a software and online platform for mobile device tracking management and protection available for laptops, tablets, and mobiles.

SPEAKER_35: So I guess had this been installed, then he wouldn't even need the find my, although it does

SPEAKER_255: apparently, uh, yeah, this one's got different, create a little mesh network really interesting

SPEAKER_33: about prey is that it will turn on your camera and your microphone. So if you are in stolen mode

SPEAKER_24: and somebody steals it, you can then basically surveil people and you can track even better. So this is why I think laptops should have, um, LTE connections as a pot, you know, like as a built in feature, because I had a Chrome, the original Chromebook had Verizon LTE built into it. What a delight to open your laptop up and just have LTE working on it, like with Google five for an extra 10 bucks. Totally. Why do we not have Apple laptops? You know, they sell their iPads with the option of having a cellular connection. Why not put that in every Mac book? Wouldn't that be the greatest feature

SPEAKER_17: ever? Wouldn't you pay an extra 100 bucks for your laptop if you could have LTE based in it? And what if you could open it up and actually put your SIM card in, you know, you order an extra, all these places let you order an extra data SIM now. So yeah, that'd be amazing. That'd be amazing. Please do that. But, um, I, I've been obsessed with this practice. It also does it for Android phones and all your devices. Um, I haven't actually used it myself, but, um, the main feature is location tracking and with active monitoring of device management, the service has automatic reactions to location triggers that alert its security functions when detected remote security capabilities users can recover or wipe information lost or stolen devices. Um, so it's pretty groovy. I think

SPEAKER_29: people also use this to spy on people. So I'm reticent to, I know that's what I keep thinking. It too. I'm just like, if there's a backdoor in this app, like everyone can, well, I think if

SPEAKER_33: you install it, you know, you have prey installed. Like it's a, it's a system widget. I, you can't

SPEAKER_17: covertly do this and like spy on somebody. Um, like I know people do this to spy on their exes,

SPEAKER_28: like is a whole thing. Um, I'd sort of rather have, I'd sort of rather have the apple version.

SPEAKER_265: Well, um, yeah, I think if you, if you're a laptop super important, I think having one of

SPEAKER_17: these third party tools is kind of cool. Um, and then having it automatically connect to Wi-Fi networks. Like if you really don't want somebody to have it because, but you could also wipe this

SPEAKER_265: stuff and everything's in the cloud. So the ability to remote wipe and then just collect your insurance, I think is the easiest thing, but there you have it folks. Um, we live in the

David Friedberg: pray for prey, uh, pray, pray for your, for prey, uh, two very cool startups. Uh, thanks for tuning in today, everybody. If you want to get involved in the live taping of the show, you know what to do.

SPEAKER_17: You go to youtube.com slash this weekend and you hit the notification bell, go live around 10 AM every day, five days a week, soon to be seven days a week. It's our Saturday and Sunday show. Molly just fell out of her chair. Somebody help Molly up. Uh,

SPEAKER_275: What are you doing the Sunday show? What do you mean?

SPEAKER_276: Well, no, I'm talking about a live version. Oh, live version. Yeah, I did. On Sunday we can pray, Molly. We're going to do a prayer. That was me doing the road runner. Pew!