back to indexE50: Crypto investing deep dive, Facebook's whistleblower fallout, Chappelle's new special & more
Chapters
0:0 Mercury is in retrograde & impacting the besties
2:1 Sacks on Solana, sophisticated crypto strategies, crypto deep dive
26:23 Building regulatory framework for utility tokens, institutional money in crypto
40:59 Facebook whistleblower, potential ramifications & regulation
57:10 Comparing potential Facebook regulation to Microsoft regulation in the 1990s
62:34 Is decentralization a solution for social media?
69:9 Chappelle's controversial new special, All-In summit & more
00:00:00.000 |
Our daughter's head has dropped because the, our doctor, she felt the head and she was 00:00:22.560 |
Because we're going to have to do a lot of stuff. 00:00:27.560 |
Our 50th episode is going to suck the because of this. 00:00:36.560 |
We open sourced it to the fans and they've just gone crazy with it. 00:00:41.560 |
The Facebook whistleblower hearings occurred and Facebook gave... 00:00:51.560 |
The Facebook whistleblower hearings occurred and Facebook gave... 00:01:01.560 |
Welcome to another episode of the All In Podcast. 00:01:08.560 |
We've made it and everybody is thrilled to be here with you and thank you for the support 00:01:18.440 |
Man, how great would it be to be canceled and never have to work again? 00:01:24.880 |
So, Frances Haugen revealed herself on Sunday night on 60 Minutes and then appeared before 00:01:33.120 |
Wait, don't we get our own personal intros or no? 00:01:43.120 |
Doesn't the audience know us by now after 50 episodes? 00:01:51.120 |
With us again this week is the Rain Man himself, David Sachs and the Queen of Kinwah. 00:01:57.520 |
Of course, the dictator Chamath Palihapitiya and I'm your boy J. Cal. 00:02:01.540 |
Sachs, I gotta say, I think your AUM is positively correlated with the bags under your eyes. 00:02:06.960 |
If you mean it's getting bigger, you're correct. 00:02:16.160 |
That's where you're hiding all that Solana, in your fucking... 00:02:25.200 |
He's trying to sell it to me on text message. 00:02:34.200 |
You think I buy hundreds of millions of dollars of anything without a discount? 00:02:43.920 |
Are you saying I got a billion dollars of Solana? 00:02:58.040 |
At what point is the appreciation in an asset that you've invested in early something you 00:03:02.680 |
need to at least clear a position of and lock in a win? 00:03:11.600 |
Well, I think you have to put things in a bucket of like, is it an investment or is 00:03:15.660 |
it something that represents an idea that you love so much? 00:03:22.080 |
If it's the former, yeah, you got to manage risk. 00:03:24.680 |
Or rather, you know, is it a trade or is it something you want to own? 00:03:28.520 |
By the way, let me just clean this up because Solana was not a direct investment for us. 00:03:33.660 |
What we did is we invested in a crypto venture firm called MultiCoin Capital. 00:03:42.940 |
We realized like crypto was becoming like a full time job for us. 00:03:47.640 |
And we were like, we don't have time to figure out this like 24/7 trading stuff. 00:03:51.320 |
But we met Kyle and Tushar, who were these two young guys. 00:03:55.100 |
We met them through Vinnie Lingham, actually. 00:03:58.640 |
And we actually invested, we gave them a million bucks at a 20 cap to help set up their firm. 00:04:04.240 |
And then we invested in their, they had a both a venture fund and a hedge fund. 00:04:08.360 |
And they were like the first money into Solana. 00:04:16.920 |
And so as a result of that, we are indirect beneficiaries of this huge venture. 00:04:22.900 |
It will end up being about, you know, a billion dollars of, I think, Solana for us in terms 00:04:30.160 |
But, but it's the MultiCoin guys determine the trading decisions on that. 00:04:35.300 |
And so people who don't know, Solana is a programmable, you know, Ethereum competitor, 00:04:41.020 |
I guess, and it's at $50 billion or so market cap. 00:04:43.920 |
It was trading at $1 not long ago, and now it's at $164. 00:04:48.460 |
It's an Ethereum competitor, basically for, you know, $1.5 billion. 00:04:52.820 |
And there's a lot of people, I'd say smart money in Silicon Valley who are betting on 00:04:57.540 |
a flippening where Solana could ultimately overtake Ethereum as the preferred platform. 00:05:04.500 |
But even if it doesn't overtake Ethereum, you know, it's the number eight cryptocurrency 00:05:09.480 |
You know, it could go, there's a lot of people betting it'll go to number three or, you know, 00:05:14.100 |
Additionally, it is a fraction of a penny for a transaction. 00:05:20.800 |
It's a fraction of a penny for a transaction. 00:05:22.800 |
It's a fraction of a penny for a transaction. 00:05:24.800 |
So it's a fraction of a penny for a transaction. 00:05:26.800 |
So it's a fraction of a penny for a transaction. 00:05:28.800 |
So it's a fraction of a penny for a transaction. 00:05:30.800 |
So it's a fraction of a penny for a transaction. 00:05:32.800 |
So it's a fraction of a penny for a transaction. 00:05:34.800 |
So it's a fraction of a penny for a transaction. 00:05:36.800 |
So it's a fraction of a penny for a transaction. 00:05:38.800 |
So it's a fraction of a penny for a transaction. 00:05:40.800 |
So it's a fraction of a penny for a transaction. 00:05:42.800 |
So it's a fraction of a penny for a transaction. 00:05:44.800 |
So it's a fraction of a penny for a transaction. 00:05:46.800 |
So it's a fraction of a penny for a transaction. 00:05:48.800 |
So it's a fraction of a penny for a transaction. 00:05:50.800 |
So it's a fraction of a penny for a transaction. 00:05:52.800 |
So it's a fraction of a penny for a transaction. 00:05:54.800 |
So it's a fraction of a penny for a transaction. 00:05:56.800 |
So it's a fraction of a penny for a transaction. 00:05:58.800 |
So it's a fraction of a penny for a transaction. 00:06:00.800 |
So it's a fraction of a penny for a transaction. 00:06:02.800 |
So it's a fraction of a penny for a transaction. 00:06:04.800 |
So it's a fraction of a penny for a transaction. 00:06:06.800 |
So it's a fraction of a penny for a transaction. 00:06:08.800 |
So it's a fraction of a penny for a transaction. 00:06:10.800 |
So it's a fraction of a penny for a transaction. 00:06:12.800 |
So it's a fraction of a penny for a transaction. 00:06:14.800 |
So it's a fraction of a penny for a transaction. 00:06:16.800 |
So it's a fraction of a penny for a transaction. 00:06:18.800 |
So it's a fraction of a penny for a transaction. 00:06:20.800 |
So it's a fraction of a penny for a transaction. 00:06:22.800 |
So it's a fraction of a penny for a transaction. 00:06:24.800 |
So it's a fraction of a penny for a transaction. 00:06:26.800 |
So it's a fraction of a penny for a transaction. 00:06:28.800 |
So it's a fraction of a penny for a transaction. 00:06:30.800 |
So it's a fraction of a penny for a transaction. 00:06:32.800 |
So it's a fraction of a penny for a transaction. 00:06:34.800 |
So it's a fraction of a penny for a transaction. 00:06:36.800 |
So it's a fraction of a penny for a transaction. 00:06:38.800 |
So it's a fraction of a penny for a transaction. 00:06:40.800 |
So it's a fraction of a penny for a transaction. 00:06:42.800 |
So it's a fraction of a penny for a transaction. 00:06:44.800 |
So it's a fraction of a penny for a transaction. 00:06:46.800 |
So it's a fraction of a penny for a transaction. 00:06:48.800 |
So it's a fraction of a penny for a transaction. 00:06:50.800 |
So it's a fraction of a penny for a transaction. 00:06:52.800 |
So it's a fraction of a penny for a transaction. 00:06:54.800 |
So it's a fraction of a penny for a transaction. 00:06:56.800 |
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So it's a fraction of a penny for a transaction. 00:07:14.800 |
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So it's a fraction of a penny for a transaction. 00:07:20.800 |
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So it's a fraction of a penny for a transaction. 00:07:24.800 |
So it's a fraction of a penny for a transaction. 00:07:26.800 |
So it's a fraction of a penny for a transaction. 00:07:28.800 |
So it's a fraction of a penny for a transaction. 00:07:30.800 |
So it's a fraction of a penny for a transaction. 00:07:32.800 |
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So it's a fraction of a penny for a transaction. 00:07:36.800 |
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So it's a fraction of a penny for a transaction. 00:08:18.800 |
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So it's a fraction of a penny for a transaction. 00:08:22.800 |
So it's a fraction of a penny for a transaction. 00:08:24.800 |
So it's a fraction of a penny for a transaction. 00:08:26.800 |
So it's a fraction of a penny for a transaction. 00:08:28.800 |
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So it's a fraction of a penny for a transaction. 00:08:32.800 |
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So it's a fraction of a penny for a transaction. 00:08:36.800 |
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So it's a fraction of a penny for a transaction. 00:09:16.800 |
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So it's a fraction of a penny for a transaction. 00:09:20.800 |
So it's a fraction of a penny for a transaction. 00:09:22.800 |
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So it's a fraction of a penny for a transaction. 00:09:32.800 |
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So it's a fraction of a penny for a transaction. 00:12:00.800 |
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So it's a fraction of a penny for a transaction. 00:12:26.800 |
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So it's a fraction of a penny for a transaction. 00:12:32.800 |
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So it's a fraction of a penny for a transaction. 00:12:36.800 |
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So it's a fraction of a penny for a transaction. 00:13:00.800 |
So it's a fraction of a penny for a transaction. 00:13:02.800 |
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So it's a fraction of a penny for a transaction. 00:13:10.800 |
So it's a fraction of a penny for a transaction. 00:13:12.800 |
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So it's a fraction of a penny for a transaction. 00:13:16.800 |
So it's a fraction of a penny for a transaction. 00:13:18.800 |
So it's a fraction of a penny for a transaction. 00:13:20.800 |
So it's a fraction of a penny for a transaction. 00:13:22.800 |
So it's a fraction of a penny for a transaction. 00:13:24.800 |
So it's a fraction of a penny for a transaction. 00:13:26.800 |
So it's a fraction of a penny for a transaction. 00:13:28.800 |
So it's a fraction of a penny for a transaction. 00:13:30.800 |
So it's a fraction of a penny for a transaction. 00:13:32.800 |
So it's a fraction of a penny for a transaction. 00:13:34.800 |
So it's a fraction of a penny for a transaction. 00:13:36.800 |
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So it's a fraction of a penny for a transaction. 00:13:44.800 |
So it's a fraction of a penny for a transaction. 00:13:46.800 |
So it's a fraction of a penny for a transaction. 00:13:48.800 |
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So it's a fraction of a penny for a transaction. 00:13:56.800 |
So it's a fraction of a penny for a transaction. 00:13:58.800 |
So it's a fraction of a penny for a transaction. 00:14:00.800 |
So it's a fraction of a penny for a transaction. 00:14:02.800 |
So it's a fraction of a penny for a transaction. 00:14:04.800 |
So it's a fraction of a penny for a transaction. 00:14:06.800 |
So it's a fraction of a penny for a transaction. 00:14:08.800 |
So it's a fraction of a penny for a transaction. 00:14:10.800 |
So it's a fraction of a penny for a transaction. 00:14:12.800 |
So it's a fraction of a penny for a transaction. 00:14:14.800 |
So it's a fraction of a penny for a transaction. 00:14:16.800 |
So it's a fraction of a penny for a transaction. 00:14:18.800 |
So it's a fraction of a penny for a transaction. 00:14:20.800 |
So it's a fraction of a penny for a transaction. 00:14:22.800 |
So it's a fraction of a penny for a transaction. 00:14:24.800 |
So it's a fraction of a penny for a transaction. 00:14:26.800 |
So it's a fraction of a penny for a transaction. 00:14:28.800 |
So it's a fraction of a penny for a transaction. 00:14:30.800 |
So it's a fraction of a penny for a transaction. 00:14:32.800 |
So it's a fraction of a penny for a transaction. 00:14:34.800 |
So it's a fraction of a penny for a transaction. 00:14:36.800 |
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So it's a fraction of a penny for a transaction. 00:14:40.800 |
So it's a fraction of a penny for a transaction. 00:14:42.800 |
So it's a fraction of a penny for a transaction. 00:14:44.800 |
So it's a fraction of a penny for a transaction. 00:14:46.800 |
So it's a fraction of a penny for a transaction. 00:14:48.800 |
So it's a fraction of a penny for a transaction. 00:14:50.800 |
So it's a fraction of a penny for a transaction. 00:14:52.800 |
So it's a fraction of a penny for a transaction. 00:14:54.800 |
So it's a fraction of a penny for a transaction. 00:14:56.800 |
So it's a fraction of a penny for a transaction. 00:14:58.800 |
So it's a fraction of a penny for a transaction. 00:15:00.800 |
So it's a fraction of a penny for a transaction. 00:15:02.800 |
So it's a fraction of a penny for a transaction. 00:15:04.800 |
So it's a fraction of a penny for a transaction. 00:15:06.800 |
So it's a fraction of a penny for a transaction. 00:15:08.800 |
So it's a fraction of a penny for a transaction. 00:15:10.800 |
So it's a fraction of a penny for a transaction. 00:15:12.800 |
So it's a fraction of a penny for a transaction. 00:15:14.800 |
So it's a fraction of a penny for a transaction. 00:15:16.800 |
So it's a fraction of a penny for a transaction. 00:15:18.800 |
So it's a fraction of a penny for a transaction. 00:15:20.800 |
So it's a fraction of a penny for a transaction. 00:15:22.800 |
So it's a fraction of a penny for a transaction. 00:15:24.800 |
So it's a fraction of a penny for a transaction. 00:15:26.800 |
So it's a fraction of a penny for a transaction. 00:15:28.800 |
So it's a fraction of a penny for a transaction. 00:15:30.800 |
So it's a fraction of a penny for a transaction. 00:15:32.800 |
So it's a fraction of a penny for a transaction. 00:15:34.800 |
So it's a fraction of a penny for a transaction. 00:15:36.800 |
So it's a fraction of a penny for a transaction. 00:15:38.800 |
So it's a fraction of a penny for a transaction. 00:15:40.800 |
So it's a fraction of a penny for a transaction. 00:15:42.800 |
So it's a fraction of a penny for a transaction. 00:15:44.800 |
So it's a fraction of a penny for a transaction. 00:15:46.800 |
So it's a fraction of a penny for a transaction. 00:15:48.800 |
So it's a fraction of a penny for a transaction. 00:15:50.800 |
So it's a fraction of a penny for a transaction. 00:15:52.800 |
So it's a fraction of a penny for a transaction. 00:15:54.800 |
So it's a fraction of a penny for a transaction. 00:15:56.800 |
So it's a fraction of a penny for a transaction. 00:15:58.800 |
So it's a fraction of a penny for a transaction. 00:16:00.800 |
So it's a fraction of a penny for a transaction. 00:16:02.800 |
So it's a fraction of a penny for a transaction. 00:16:04.800 |
So it's a fraction of a penny for a transaction. 00:16:06.800 |
So it's a fraction of a penny for a transaction. 00:16:08.800 |
So it's a fraction of a penny for a transaction. 00:16:10.800 |
So it's a fraction of a penny for a transaction. 00:16:12.800 |
So it's a fraction of a penny for a transaction. 00:16:14.800 |
So it's a fraction of a penny for a transaction. 00:16:16.800 |
So it's a fraction of a penny for a transaction. 00:16:18.800 |
So it's a fraction of a penny for a transaction. 00:16:20.800 |
So it's a fraction of a penny for a transaction. 00:16:22.800 |
So it's a fraction of a penny for a transaction. 00:16:24.800 |
So it's a fraction of a penny for a transaction. 00:16:26.800 |
So it's a fraction of a penny for a transaction. 00:16:28.800 |
So it's a fraction of a penny for a transaction. 00:16:30.800 |
So it's a fraction of a penny for a transaction. 00:16:32.800 |
So it's a fraction of a penny for a transaction. 00:16:34.800 |
So it's a fraction of a penny for a transaction. 00:16:36.800 |
So it's a fraction of a penny for a transaction. 00:16:38.800 |
So it's a fraction of a penny for a transaction. 00:16:40.800 |
So it's a fraction of a penny for a transaction. 00:16:42.800 |
So it's a fraction of a penny for a transaction. 00:16:44.800 |
So it's a fraction of a penny for a transaction. 00:16:46.800 |
So it's a fraction of a penny for a transaction. 00:16:48.800 |
So it's a fraction of a penny for a transaction. 00:16:50.800 |
So it's a fraction of a penny for a transaction. 00:16:52.800 |
So it's a fraction of a penny for a transaction. 00:16:54.800 |
So it's a fraction of a penny for a transaction. 00:16:56.800 |
So it's a fraction of a penny for a transaction. 00:16:58.800 |
So it's a fraction of a penny for a transaction. 00:17:00.800 |
So it's a fraction of a penny for a transaction. 00:17:02.800 |
So it's a fraction of a penny for a transaction. 00:17:04.800 |
So it's a fraction of a penny for a transaction. 00:17:06.800 |
So it's a fraction of a penny for a transaction. 00:17:08.800 |
So it's a fraction of a penny for a transaction. 00:17:10.800 |
So it's a fraction of a penny for a transaction. 00:17:12.800 |
So it's a fraction of a penny for a transaction. 00:17:14.800 |
So it's a fraction of a penny for a transaction. 00:17:16.800 |
So it's a fraction of a penny for a transaction. 00:17:18.800 |
So it's a fraction of a penny for a transaction. 00:17:20.800 |
So it's a fraction of a penny for a transaction. 00:17:22.800 |
So it's a fraction of a penny for a transaction. 00:17:24.800 |
So it's a fraction of a penny for a transaction. 00:17:26.800 |
So it's a fraction of a penny for a transaction. 00:17:28.800 |
So it's a fraction of a penny for a transaction. 00:17:30.800 |
So it's a fraction of a penny for a transaction. 00:17:32.800 |
So it's a fraction of a penny for a transaction. 00:17:34.800 |
So it's a fraction of a penny for a transaction. 00:17:36.800 |
So it's a fraction of a penny for a transaction. 00:17:38.800 |
So it's a fraction of a penny for a transaction. 00:17:40.800 |
So it's a fraction of a penny for a transaction. 00:17:42.800 |
So it's a fraction of a penny for a transaction. 00:17:44.800 |
So it's a fraction of a penny for a transaction. 00:17:46.800 |
So it's a fraction of a penny for a transaction. 00:17:48.800 |
So it's a fraction of a penny for a transaction. 00:17:50.800 |
So it's a fraction of a penny for a transaction. 00:17:52.800 |
So it's a fraction of a penny for a transaction. 00:17:54.800 |
So it's a fraction of a penny for a transaction. 00:17:56.800 |
So it's a fraction of a penny for a transaction. 00:17:58.800 |
So it's a fraction of a penny for a transaction. 00:18:00.800 |
So it's a fraction of a penny for a transaction. 00:18:02.800 |
So it's a fraction of a penny for a transaction. 00:18:04.800 |
So it's a fraction of a penny for a transaction. 00:18:06.800 |
So it's a fraction of a penny for a transaction. 00:18:08.800 |
So it's a fraction of a penny for a transaction. 00:18:10.800 |
So it's a fraction of a penny for a transaction. 00:18:12.800 |
So it's a fraction of a penny for a transaction. 00:18:14.800 |
So it's a fraction of a penny for a transaction. 00:18:16.800 |
So it's a fraction of a penny for a transaction. 00:18:18.800 |
So it's a fraction of a penny for a transaction. 00:18:20.800 |
So it's a fraction of a penny for a transaction. 00:18:22.800 |
So it's a fraction of a penny for a transaction. 00:18:24.800 |
So it's a fraction of a penny for a transaction. 00:18:26.800 |
So it's a fraction of a penny for a transaction. 00:18:28.800 |
So it's a fraction of a penny for a transaction. 00:18:30.800 |
So it's a fraction of a penny for a transaction. 00:18:32.800 |
So it's a fraction of a penny for a transaction. 00:18:34.800 |
So it's a fraction of a penny for a transaction. 00:18:36.800 |
So it's a fraction of a penny for a transaction. 00:18:38.800 |
So it's a fraction of a penny for a transaction. 00:18:40.800 |
So it's a fraction of a penny for a transaction. 00:18:42.800 |
So it's a fraction of a penny for a transaction. 00:18:44.800 |
So it's a fraction of a penny for a transaction. 00:18:46.800 |
So it's a fraction of a penny for a transaction. 00:18:48.800 |
So it's a fraction of a penny for a transaction. 00:18:50.800 |
So it's a fraction of a penny for a transaction. 00:18:52.800 |
So it's a fraction of a penny for a transaction. 00:18:54.800 |
So it's a fraction of a penny for a transaction. 00:18:56.800 |
So it's a fraction of a penny for a transaction. 00:18:58.800 |
So it's a fraction of a penny for a transaction. 00:19:00.800 |
So it's a fraction of a penny for a transaction. 00:19:02.800 |
So it's a fraction of a penny for a transaction. 00:19:04.800 |
So it's a fraction of a penny for a transaction. 00:19:06.800 |
So it's a fraction of a penny for a transaction. 00:19:08.800 |
So it's a fraction of a penny for a transaction. 00:19:10.800 |
So it's a fraction of a penny for a transaction. 00:19:12.800 |
So it's a fraction of a penny for a transaction. 00:19:14.800 |
So it's a fraction of a penny for a transaction. 00:19:16.800 |
So it's a fraction of a penny for a transaction. 00:19:18.800 |
So it's a fraction of a penny for a transaction. 00:19:20.800 |
So it's a fraction of a penny for a transaction. 00:19:22.800 |
So it's a fraction of a penny for a transaction. 00:19:24.800 |
So it's a fraction of a penny for a transaction. 00:19:26.800 |
So it's a fraction of a penny for a transaction. 00:19:28.800 |
So it's a fraction of a penny for a transaction. 00:19:30.800 |
So it's a fraction of a penny for a transaction. 00:19:32.800 |
So it's a fraction of a penny for a transaction. 00:19:34.800 |
So it's a fraction of a penny for a transaction. 00:19:36.800 |
So it's a fraction of a penny for a transaction. 00:19:38.800 |
So it's a fraction of a penny for a transaction. 00:19:40.800 |
So it's a fraction of a penny for a transaction. 00:19:42.800 |
So it's a fraction of a penny for a transaction. 00:19:44.800 |
So it's a fraction of a penny for a transaction. 00:19:46.800 |
So it's a fraction of a penny for a transaction. 00:19:48.800 |
So it's a fraction of a penny for a transaction. 00:19:50.800 |
So it's a fraction of a penny for a transaction. 00:19:52.800 |
So it's a fraction of a penny for a transaction. 00:19:54.800 |
So it's a fraction of a penny for a transaction. 00:19:56.800 |
So it's a fraction of a penny for a transaction. 00:19:58.800 |
So it's a fraction of a penny for a transaction. 00:20:00.800 |
So it's a fraction of a penny for a transaction. 00:20:02.800 |
So it's a fraction of a penny for a transaction. 00:20:04.800 |
So it's a fraction of a penny for a transaction. 00:20:06.800 |
So it's a fraction of a penny for a transaction. 00:20:08.800 |
So it's a fraction of a penny for a transaction. 00:20:10.800 |
So it's a fraction of a penny for a transaction. 00:20:12.800 |
So it's a fraction of a penny for a transaction. 00:20:14.800 |
So it's a fraction of a penny for a transaction. 00:20:16.800 |
So it's a fraction of a penny for a transaction. 00:20:18.800 |
So it's a fraction of a penny for a transaction. 00:20:20.800 |
So it's a fraction of a penny for a transaction. 00:20:22.800 |
So it's a fraction of a penny for a transaction. 00:20:24.800 |
So it's a fraction of a penny for a transaction. 00:20:26.800 |
So it's a fraction of a penny for a transaction. 00:20:28.800 |
So it's a fraction of a penny for a transaction. 00:20:30.800 |
So it's a fraction of a penny for a transaction. 00:20:32.800 |
So it's a fraction of a penny for a transaction. 00:20:34.800 |
So it's a fraction of a penny for a transaction. 00:20:36.800 |
So it's a fraction of a penny for a transaction. 00:20:38.800 |
So it's a fraction of a penny for a transaction. 00:20:40.800 |
So it's a fraction of a penny for a transaction. 00:20:42.800 |
So it's a fraction of a penny for a transaction. 00:20:44.800 |
So it's a fraction of a penny for a transaction. 00:20:46.800 |
So it's a fraction of a penny for a transaction. 00:20:48.800 |
So it's a fraction of a penny for a transaction. 00:20:50.800 |
So it's a fraction of a penny for a transaction. 00:20:52.800 |
So it's a fraction of a penny for a transaction. 00:20:54.800 |
So it's a fraction of a penny for a transaction. 00:20:56.800 |
So it's a fraction of a penny for a transaction. 00:20:58.800 |
So it's a fraction of a penny for a transaction. 00:21:00.800 |
So it's a fraction of a penny for a transaction. 00:21:02.800 |
So it's a fraction of a penny for a transaction. 00:21:04.800 |
So it's a fraction of a penny for a transaction. 00:21:06.800 |
So it's a fraction of a penny for a transaction. 00:21:08.800 |
So it's a fraction of a penny for a transaction. 00:21:10.800 |
So it's a fraction of a penny for a transaction. 00:21:12.800 |
So it's a fraction of a penny for a transaction. 00:21:14.800 |
So it's a fraction of a penny for a transaction. 00:21:16.800 |
So it's a fraction of a penny for a transaction. 00:21:18.800 |
So it's a fraction of a penny for a transaction. 00:21:20.800 |
So it's a fraction of a penny for a transaction. 00:21:22.800 |
So it's a fraction of a penny for a transaction. 00:21:24.800 |
So it's a fraction of a penny for a transaction. 00:21:26.800 |
So it's a fraction of a penny for a transaction. 00:21:28.800 |
So it's a fraction of a penny for a transaction. 00:21:30.800 |
So it's a fraction of a penny for a transaction. 00:21:32.800 |
So it's a fraction of a penny for a transaction. 00:21:34.800 |
So it's a fraction of a penny for a transaction. 00:21:36.800 |
So it's a fraction of a penny for a transaction. 00:21:38.800 |
So it's a fraction of a penny for a transaction. 00:21:40.800 |
So it's a fraction of a penny for a transaction. 00:21:42.800 |
So it's a fraction of a penny for a transaction. 00:21:44.800 |
So it's a fraction of a penny for a transaction. 00:21:46.800 |
So it's a fraction of a penny for a transaction. 00:21:48.800 |
So it's a fraction of a penny for a transaction. 00:21:50.800 |
So it's a fraction of a penny for a transaction. 00:21:52.800 |
So it's a fraction of a penny for a transaction. 00:21:54.800 |
So it's a fraction of a penny for a transaction. 00:21:56.800 |
So it's a fraction of a penny for a transaction. 00:21:58.800 |
So it's a fraction of a penny for a transaction. 00:22:00.800 |
So it's a fraction of a penny for a transaction. 00:22:02.800 |
So it's a fraction of a penny for a transaction. 00:22:04.800 |
So it's a fraction of a penny for a transaction. 00:22:06.800 |
So it's a fraction of a penny for a transaction. 00:22:08.800 |
So if you own the token and you run this project as publicly traded and the public 00:22:13.240 |
can buy it, you should really probably have to disclose your sales. 00:22:17.360 |
And maybe, you know, it's very strange because they're running foundations and I had a crypto 00:22:22.620 |
person on from a music crypto project and he said they had like three or 400 million 00:22:35.180 |
I was like, "Well, anybody who's on a public board has to be public." 00:22:38.740 |
But of course, people who are on the board of GE or IBM or Amazon, they have security 00:22:45.100 |
That doesn't mean they don't disclose who they are. 00:22:46.100 |
He's like, "Yeah, I'm not comfortable saying who they are." 00:22:48.100 |
And it's like, "Okay, well, they sold three or 400 million." 00:22:50.300 |
I was like, "How do they give that money out?" 00:22:54.980 |
There's some organization in Panama that's... 00:23:01.220 |
The one thing that I'll say positively about these crypto founders is that they will never 00:23:08.680 |
A single venture investor to clog up their cap table, number one. 00:23:12.100 |
They do a great job of creating these large, broad syndicates of participation when they 00:23:17.700 |
And then a lot of it goes into treasury where then they issue coins as needed. 00:23:21.360 |
And I think that that strategy actually is very pro-employee and pro-ecosystem. 00:23:27.480 |
When we see these projects, all these companies tend to raise three, four, five million bucks. 00:23:33.160 |
It all tends to be at like 30 million pre, and it all tends to be distributed. 00:23:38.620 |
So it's us, Andrese, and Sequoia, and it's like we put in 200 grand each or 400 grand 00:23:45.480 |
That's why you're forced then go into the market if you believe in a project and then 00:23:48.940 |
spend hundreds of millions of dollars to buy into it after the fact. 00:23:54.120 |
It's a really important dynamic that if it comes back to a traditional venture, it could 00:24:01.880 |
Well, could you imagine a SaaS founder that basically all of a sudden says, "All right, 00:24:15.480 |
And then you raise 6 million bucks that way, and you never allow anybody to have more than 00:24:20.660 |
call it, you know, a few percent of a company. 00:24:23.660 |
So the fact that it's like a mini IPO, it's like a private IPO on Sand Hill Road. 00:24:29.180 |
And then your board construction looks entirely different. 00:24:30.800 |
And then as a result, you know, founder protections probably go way up. 00:24:39.420 |
I actually think what will happen is you're less likely in a round like that to be okay 00:24:42.640 |
with some dork dingleberry joining your fucking board. 00:24:46.080 |
You're going to actually point to some industry expert and say, "This person is joining my 00:24:51.820 |
She does XYZ job at such and such a startup." 00:24:54.520 |
And then the investors say, "Wow, well, that's a pretty great advocate for the business. 00:24:59.680 |
Another thing I learned about this whole token space was when I talked to Anatoly from Solana, 00:25:05.360 |
when they sold their three or 400 million tokens to fund. 00:25:08.360 |
And the company, because they consider them utility tokens, not shares, they paid taxes 00:25:14.980 |
So the IRS is getting massive amounts of tax revenue. 00:25:25.660 |
That is showing, I think, some wisdom because there's a lot of founders who want to have 00:25:29.820 |
their cake and eat it too, which is to say they want to say that these are utility tokens 00:25:37.360 |
And when they later get traded, they want to say that they're not securities. 00:25:42.280 |
I think it's really smart to pay the tax upfront to establish that this is a corporate sale. 00:25:47.420 |
They're basically paying the corporate tax, right? 00:25:50.980 |
Because this is the problem is if you wait until they're traded publicly and then say, 00:25:57.980 |
They're utility tokens, not security tokens," the government's going to ask you, "Well, 00:26:00.860 |
why didn't you pay corporate income tax when you sold them?" 00:26:05.980 |
So that is actually showing some perspicacity, I think. 00:26:15.640 |
It's so great that you have the two producers on either side of you right now feeding you 00:26:27.460 |
If the majority of people, Sachs, just put your legal hat on for a second. 00:26:31.640 |
If the majority of people who bought a token in a project, we'll call it the, you know, 00:26:39.200 |
If they're buying them and they have absolutely no interest in using them for the utility, 00:26:45.340 |
and they say, "I bought these as a speculative device," and the founder says they're utility 00:26:50.040 |
tokens, but let's say 70% of the people who bought them said, "I didn't buy them for that 00:26:55.780 |
They just came out and said, 'I bought this to speculate on the price.'" 00:27:00.500 |
Should they deem them a security or should they deem them a utility token? 00:27:05.420 |
I think that's a complicated question, but I think that there should be an opportunity 00:27:09.460 |
for these cryptocurrencies to establish themselves as utility tokens because they are, they do 00:27:16.880 |
They are designed to be part of a system, right? 00:27:22.680 |
And by the way, even if they were, we don't treat baseball cards as, you know, as sort 00:27:29.040 |
So it wouldn't necessarily make them a security just because they're speculated on. 00:27:32.980 |
They actually do serve a function and a design. 00:27:37.640 |
So I think what's important here is that there's a safe harbor where these crypto companies 00:27:43.100 |
And if they can basically meet the criteria, such as by paying corporate income tax when 00:27:49.620 |
they sell the tokens and other things like that, that they won't later be deemed to be 00:27:56.340 |
I think the important thing is just that entrepreneurs, founders know what the rules are so they can 00:28:08.280 |
But with basically, you know, because they are building something legitimate here, you 00:28:13.440 |
But it would seem to the sniff test if the people buying the tokens have no idea, have 00:28:19.800 |
never written a line of code, have no use for them. 00:28:25.980 |
Well, because they're profiting off of them as if their shares and unlike baseball cards, 00:28:30.700 |
which you can't sell 1000 baseball cards for an increasingly. 00:28:34.580 |
You know, in a very instantaneous way, you would have to put them in an auction. 00:28:43.640 |
Like, yeah, free bird, what do you think if the majority of people buying a token are 00:28:51.080 |
Can the founder say it's a utility token, and then those people who are trading it like 00:28:54.700 |
either baseball cards, minted coins, whatever analogy shares you want to use are in it for