Jet lag affects me more, and if I get injured, it takes longer to recover. I think its great when people go through it, and even when it feels like shit, Im like, Congratulations, youve just made it to the next level.. In fact, its really harmful to your progress if you are listening to that stuff. I think the 21 million bitcoin hard cap is less compelling than I baby would have originally originally thought. So its emerging. So you know, you get really demoralized when you read a sentence and youre like five of those words, I have no idea what they do. And 23 and therefore, with less certainty, theres more risk. Rick Heitizmann from FirstMark after the break. And you know how public markets work. Theres no whatever. All the black swans are or. The film is a historical and critical look at slasher films, which includes dozens of clips, beginning with Halloween, Friday the 13th, and Prom Night.The films' directors, writers, producers, and special effects creators comment on the films' making and success. But yeah, in the early days building Coinbase, I mean, it was literally just like 12 hours a day, kind of try to write some code, talk to customers. So right now, Bitcoin addresses and Ethereum addresses, they look machine readable. I think it did influence my thinking in hindsight. And so we now offer the ability to store NFTs in the main Coinbase retail app, which is were storing it on your behalf, and you can do that in our, we call it our DAP wallet. I have some questions about the front page, but just to look at a few things that are seemingly popular. So he comes out and says hes willing to kind of proceed with the deal that he agreed upon in April pending receipt of debt financing proceeds. So people earning yield on their assets with things like staking, its people doing commerce with crypto, its people buying, selling, minting NFTs. Were continuing to deploy as we like to deploy through the cycle. [00:58:44][1.5], Dan Nathan: [00:58:45] Yeah, no, its really hard. You could now connect your bank account. And, you know, a lot of the things are going on. Yeah, and it did. I think thats also great. Its basically Even Google came out of basically a research project at Stanford with Larry and Sergey, right? Brian Armstrong: Most people who are entrepreneurs, theyre making something thats mostly based around marketing. They have smart teams of people. [01:04:36][2.5], Dan Nathan: [01:04:37] I didnt want to I didnt want to do that. Simply let your customers know how much you value their feedback and invite them to take just a moment to offer some thoughts. So the most valuable companies in the world are when we cross-pollinate a true scientific innovation with someone who can go commercialize it. .r ru u S Sk ky yp pe e: : a an nd dr re ey yb bb br rv v. Benjamin Graham and Peter Lynch listed criteria for screening stocks, which investors could use to identify undervalued stocks that would outperform the market. Even in Coinbase Prime for institutions, we will very soon be able to store NFTs there as well if you have a family office or some of these institutions that now increasingly want to be storing NFTs as well. And obviously these initial use cases around collectibles and art has been great in one sense, but I think the idea of NFTs is actually much bigger than that. And also why Argentina in the first place, of all the places you could go. Just one example would be, if youre going through something really difficult, you might start to get kind of down, youre like, Oh man, this sucks. But really, China is an issue here. I basically had to stand at dinner, man. Its kind of a scary thing. Theyre great managements. [00:58:32][56.5], Dan Nathan: [00:58:32] And its kind of a no win. This Friday, were taking a look at Microsoft and Sonys increasingly bitter feud over Call of Duty and whether U.K. regulators are leaning toward torpedoing the Activision Blizzard deal. Particularly when things were falling apart, I was like, Is this whole portfolio going to zero? Brian Armstrong: Well this is kind of how I sound when I try to speak Spanish, I sound like a five year old or whatever. And theyre looking around and theyre looking at a lot of their public comps that, again, some people dont give a crap about this. Is there a company that you would put on your shortlist for where you would work? And it even ties into what we talked about in the beginning with Ray Dalios book. Pivot the question to the one you wish was asked. Were also doing something where, this is whats cool about blockchains in general is that a lot of the other marketplaces out there, theyre all built on these open protocols. [01:07:48][9.4], Rick Heitzmann: [01:07:49] Interest rates are between five and six in in a bear case. I could do that. I want people to go create more companies in the world, so hopefully thatll happen. I could also use some basic groundwork, lest I get myself into trouble. They look like a giant password or something. Youve done that yourself, and Im just glad that there is new media out there, which I consider you to be part of that. Theres a replication crisis where a lot of times, people are publishing papers. Honestly, you should celebrate it. Its true. This will show a checkbox allowing users to subscribe to comments on your WordPress blog post. When you think about that on a two and a half trillion dollar market cap, how much a market cap that is and how defensive that stock had acted? But its great because right now its really small, kind of friendly community. Brian Armstrong: They teach you in the PR training. The lowest-paid workers at Walmart make less than $19,000 a year, while the highest-paid workers earn over $51,000. And how do you think about eth being where it is? [00:23:56][79.2], Dan Nathan: [00:23:57] Yeah, the funniest takeaway I had from that Atlantic piece and seeing some of those texts that guys like Elon dont really have friends, you know what I mean? And all of that is that we still are seeing some insanity. Thats the one that when I talk to institutional investors, they always bring that up. And thats whats true of 99% of people, they see some article, whatever, theres a million things that theyre thinking about, they actually dont care that much about whatever the thing is that feels so existential and awful to you. One final question related to the documentary, whats the story with Are they dinosaur pajamas? Lets pretend that youre at one of these dinners youre hosting and I said, Look, I know youre not a biologist. And thats it for the carnage in that portfolio. If youre just a normal person in which I am as well, youve gone about your life, youre not going to make everybody happy, but youre basically a good person, you try to do whatever. It was the second book in a stack of three. 90% of marketers using content marketing plan to continue investing the same amount in the channel in 2022. Theyve actually shown good relative strength or just correlations 1 to 1. First, you will want to apply the spray on an inconspicuous part of your shoes. And folks had said New York was dead and it was far, far from dead. Critical is fine, but if youre rude, well delete your stuff. So you probably own Apple also. So anyway, long way of saying, I think decentralized identity is a big piece of the ecosystem thatll come together. I think theres ways that he can obviously make the product better. I suspect that that was a trend as you started talking about it and quarters ago when interest rates were still really low, there was probably some really attractive deals to be had less so now and now its a really I guess the push and pull between how much runway do you need at what expense? Whats this? If you start deemphasizing some of these new hardware platforms that they wont be making, just providing software and services, I see that. And heres the thing. If the stock market bottoms, lets say the S&P down 30,35% or so and lets say Netflix, which has shown really good relative strength since it made that 52 week low back in May or June. Whats going on? And I wonder, do you miss that action? Theres a Bloomberg report that iPhone at least production for the 14 pro this new iPhone was going to be 6 million less than the 90 million that was projected or something. Ive many questions and maybe well get to later related to being a private person, but also inviting a film crew to follow you around, especially in many of those private contexts. And then another one that it was hard to get a full read of, but it was something like The Healing Brain or The Healing Mind, something along those lines. And I think the opposite will be true. People might have just bought into that euphoria and and kept going. I wanted to build a company that was meaningful, and most people would probably go do that first and then write the book. And so hopefully we can find with this platform to test this rapidly at a scale that hasnt really been done before, an industrial scale, to test this with different cell types, different tissues. And so anyway, it just changes your perspective entirely. So there are tons of people actually using it for real stuff already. I think even in the down market, theres just probably about ten-. If it was private, do you think were going to be talking about it a lot less. And somebody was like, I like your piece today, and to be honest, I havent liked your stuff as much in 2022 and then got, you know, positive feedback from that same person a couple of days ago. Netflixs share price has tumbled after it announced a net loss of 200,000 subscribers globally, and expects to lose a further two million over the next three months. [00:29:52][10.7], Dan Nathan: [00:29:53] Okay. What are the essential amino acids? But I think I wore it to a couple hackathons we had at the Coinbase office too. You know, we saw what just happened in the U.K. with the pound. And theres a lot of backstory there. But I dont know. And so I found the book convincing, I havent dug into the data myself. So you saw some redemptions a little bit over the last call it 3 to 4 quarters. And Ive sort of done that. Right. I think you were kind of coined your phraseology about it. We invite people. And so what weve done is weve actually aggregated the supply out there of basically wherever people are selling their NFTs, itll all be exposed in Coinbase NFT, and if you click buy, itll transact and that marketplace will get their fee. Can I hop on the phone with you? Yeah. So you got to think a lot of this has come from both Europe and Asia and probably China. And that is, in my belief, what caused the United States, to this unique experiment in the United States to really turn it into a world superpower. The Tim Ferriss Show Transcripts: Dr. Andrew Huberman A Neurobiologist on Optimizing Sleep, Performance, and Testosterone (#521), The Tim Ferriss Show Transcripts: Dr. Andrew Weil The 4-7-8 Breath Method, Cannabis, The Uses of Coca Leaf, Rehabilitating Demonized Plants, Kava for Anxiety, Lessons from Wade Davis, The Psychedelic Renaissance, How to Emerge from Depression, Tales from 50+ Visits to Japan, Matcha Benefits, and More (#615). But I somehow got it backwards and was like, You know what? And were trying to get data sets and the code to be published alongside the papers so its not just reading some static pdf. And its easy to be a critic. So Im trying to make sure that I can have really high motivation and energy for hopefully many decades to come and keep building more and more cool stuff. So its definitely not something that I think its a skill people can learn and develop and its a muscle that gets stronger and stronger. A lot of people out in the market with this right now, both the LPs as well as companies of can you provide that insurance as convertible debt. 8: Personalize Communication for Every Stage of the Trial Period. You made the mechanic better off. And then they sort of hacked that to do our bidding and some. Now, there are, Im noticing, open bounties. And the button was simple, but the thing to actually get that working was very difficult. And so the intermediate milestones are more like, could we get a specific type of cell to be rejuvenated and be younger? Again, Elon is kind of working on that with Tesla and solar panels and electric vehicles, as are Rivian and all these other companies. But Im excited about kind of like the actual usability of the products that Im seeing now. I would strongly encourage everyone to read more on the history of science. I was like, at first I was just so surprised. So you should read up just the amount of confidence that people have always had at different points in history with the most ludicrous coping mechanisms for just shoddy interventions and so on. Were trying to help humans live much longer, not just a little bit longer. They bought one medical. I saw a rough cut of it, and I think I saw that perfect puppy book, and I was like, Someones going to ask me about that. Thats funny. You can store NFTs there. And we covered a lot of ground here. I actually think the job has gotten more fun and the percentage of companies that I talked to that Im really excited about and I get excited easily, obviously. I remember you wrote that thing with Chris Dixon and that was picked up by The Economist. Shop for Beautiful by Drew Barrymore in Home. Insights from Dr. Matthew Walker, Adam Grant/Atul Gawande, Diana Chapman, and Rich Roll/David Goggins (#630), #627: Brian Armstrong, CEO of Coinbase The Art of Relentless Focus, Preparing for Full-Contact Entrepreneurship, Critical Forks in the Path, Handling Haters, The Wisdom of Paul Graham, Epigenetic Reprogramming, and Much More, The Tim Ferriss Show Transcripts: Insights from Tara Brach, Ryan Holiday, Maria Popova, and Cal Newport(#626), All transcripts from The Tim Ferriss Show, written about books that have had an impact on you, this blog post that Coinbase was going to become a mission-focused company. A, its only really been about three quarters of pain. Theyre basically writing it. We didnt take all of our medicine. But are there some that have surprised you that that be based on kind of the strength of the project? There was, I think it was Seven Days to the Perfect Puppy on the top. Where is your head as far as where the macro is in 2022 as we kind of limp into Q4 a little bit, you raised a fund late last year. So were getting closer and closer to having human readable names everywhere with And ENS is a really big piece of that. Very nicely designed. Thats what Im good at. And theres still a bunch of providers. It was it was not pretty, but it was a great event. And until theres a working IPO market, I think youre still going to see a lot of these negative things pop up. You know, theres still people love to talk about the negatives. Well, it happened and eth got killed into it. Anyway, long story short, we got all that working, and we launched a simple Buy button. So I think the public markets, Im not sure where we are today. So basically after a couple months of deliberating, and this is where you were asking about my thought process, I was really torn about this because basically this is where I sat down to write. And were trying to help with things like fundraising for science in the future. Like so its truly astounding. In fact, I think you put out a great framework a while back about imagining what is really the worst thing thats going to happen, and could you actually live with that, right? Id gotten a couple hundred people to come sign up and check it out, and then nobody would come back. If I have to come in every day and be put in front of the hot mic and have to answer all these crazy things that I dont have an answer to, thats not what I signed up for. Tim Ferriss: I might have to pick up on this biology tutoring idea. But let me ask you specifically, what did you learn from the launch of your NFT marketplace? [00:48:10][58.6], Dan Nathan: [00:48:10] I feel like thats going to be a story. And I think what I was doing was whenever I want to try to learn something or figure it out, I try to write it down. [00:11:28][0.6], Dan Nathan: [00:11:29] Which is probably what you would have expected, correct? I hadnt really found a company that I wanted to work at. Were able to see this in the first half of the year and decrease their burn. Its been a few months and youve had some exciting things going on in your life. I understand that. If its one word every couple sentences, I can maybe hack through it, but five words in the first sentence, youre in trouble. And then thats how societies prosper. Any favorite essays or other Paul Graham-isms that come to mind? 2022 Bloomberg Industry Group, Inc. All Rights Reserved. Before founding Coinbase, Brian served as a software engineer at Airbnb, where he focused on fraud prevention. There are several common types of loyalty programs: Point-based. But if you think about a lot of the most valuable companies in the whole world, Genentech, SpaceX, even Coinbase, which was based on a research paper, the Bitcoin research paper, right? It has been selected for "Best of Apple Podcasts" three times, it is often the #1 interview podcast across all of Apple Podcasts, and it's been ranked #1 out of 400,000+ podcasts on many occasions. So my question is, you might see some M&A allowed. Yeah, exactly. But my guess is that thats going to change in the next five years or 10 years, something like that. But the degree of apathy was jarring almost. Well, that basically there was a lot of COVID happened, people were at home, they probably had less of a sense of belonging and cohesion as, hey, were all one company, were one group of people, were all trying to do good stuff in the world. The one thing thats a little bit different is as a private markets have ripped a lot of public market, investors started to dabble more in privates. And crypto is a really important solution to that, which is basically a science and technology breakthrough, right? And if hes going to buy this company for $44 billion, hes likely overpaying by at least 20, maybe $25 billion. This is from talking with lots of random people. What was StartBreakingFree.com? Im very curious because I think there are many ways to spin apocalyptic scenarios that are not all together likely. I mean, the biggest one I think in my mind is regulatory clarity. The root of a lot of progress is basically education, which leads to science and technology innovation, which leads to unique products, which leads to economic growth. 3.1. Okay. You kind of earn your stripes, and you become a more powerful CEO because youre like, okay, Im not going to make a decision in the company based on how Im afraid of how other people will react, Im going to do what I think is best for the long term of the company. Password requirements: 6 to 30 characters long; ASCII characters only (characters found on a standard US keyboard); must contain at least 4 different symbols; I dont know what our point of view is on that. Tap Account . Thanks. And there was a great story that kind of went along with this where the early days at Coinbase, actually before it was even called Coinbase, I was just tinkering on some stuff nights and weekends while I was at Airbnb. So reversing lets just say cell aging, is that a primary objective? It helps people find our show and we want to hear from you. Tim Ferriss: No Seven Days to the Perfect Puppy. And basically PayPal does about 500 transactions a second, Visa does about 4,000 a second, so we needed a couple orders of magnitude to get to those more Visa levels. Tim Ferriss: Yeah, it goes from pushing the boulder uphill to chasing it downhill. Dan Nathan: [00:00:36] Current Ad. But that was a good example of just taking action produced information, which made the next step a little bit more clear. You asked about other books too. [00:09:29][43.1], Packy McCormick: [00:09:29] It feels like that ones probably like the scariest thing is just how boring and sideways everything is trading or turn out. We should go become an activist or a protestor. I mean, the U.S. dollar appreciated in a little more than like a couple of months, 10% versus these major currencies. Its just not going to be there. Nasdaq was down at its lows on Friday, hit a new 52 week low, I think a little more than 32%. Dan, how are you? A footnote in Microsoft's submission to the UK's Competition and Markets Authority (CMA) has let slip the reason behind Call of Duty's absence from the Xbox Game Pass library: Sony and I suppose I have spooked myself. So whether youre getting ready to go public, you know, not to end, sometimes its at a time of crisis. But at the time I was like, I really wanted to be an entrepreneur. I figured out how to use an ATM, got a local cell phone. It has to be something with AI machine learning, you know, like all this and then putting those tools in the hands. Brian Armstrong: Yeah, well, one thing I always remember is that if you go talk to other CEOs, theyre all going through the same thing, but you havent read any of their other articles. [01:03:41][36.1], Dan Nathan: [01:03:41] Right. Tim Ferriss: Sure, yeah. What about Amazon? And so we coded this thing up and we launched it. I havent read that GitHub repository, but just from a lot of names you would recognize just chatting with people who are deeply involved with this space. What are you most excited about in the world of science? They have an incredible team but are finally like, All right, cool, we can build out ethereum our customers arent going to kill us. So if you under deploy for a quarter or two or even three or four, but youre really waiting for the best companies that youre willing to take a risk on or to be able to deploy in a normal market environment. But from an optimism about the future point of view, it could not have been more different. Find API Key. A lot of people were able to get out. I really appreciate it. And its been going for more than a year right now and it seems like things kind of really crescendoed maybe towards the middle of August in a lot of these. And then I think this is the wealth essay, which is How to Make Wealth from May, 2004, which originally came from his book Hackers and Painters. Thats the way of these markets, you know what I mean? The information that matters. Tim Ferriss: He makes a cameo on the doc as well, which he may or may not know, but Im sure hell be pleased with. And the fundamental underlying technology is something thats inherently more global and can be more efficient and fair and free. And I think the thing that finally pushed me over the line to do it, because Im kind of a conflict diverse person by nature. Pandemic hits. Brian Armstrong: I think decentralized identity is really cool. I mean, its not just Everyones trying to find some shortcut or whatever and pump something or buy it and flip it, and I just think theres no free lunches in life. So I encourage people to check that out. It started to grow organically every week after that. Po Me in, Yongin: See unbiased reviews of Po Me in, rated 5 of 5 on Tripadvisor and ranked #357 of 1,547 restaurants in Yongin. Tim Ferriss: Well, thanks for the kind words, man. If you look at why dont we have better economic financial infrastructure in all the countries of the world and why do we have big inflation problems, and why does it cost 2% every time you swipe your credit card? So thanks for that. Like, who knows? So long story short, back in 2006, Shinya Yamanaka got the Nobel Prize for discovering that you could turn a skin cell back into a stem cell by exposing it to these four transcription factors, which are just like proteins that you can expose a cell to. What is the background there? Lets talk a little bit about this, because right now I think were all sick of a lot of these stocks that are down 50, 60, 70, 80%. But how does that flow through that sort of volatility where its upper left, bottom right, though, the trend, how does that flow into like public markets? I mean, he has got so many good essays, but The Top Idea In Your Mind, not that you should be familiar with that one, but thats one. Obviously the inflation hedge thing hasnt held up, obviously its been correlated with traditional growth assets. So so what would you say other than maybe some high profile companies, you know, closing down, what would you say would be lets lets take out worst case scenarios. And like all these things kind of happening, I felt actually like I wasnt doing as good a job at kind of like anything that I should have been doing, particularly on the writing side. Deliver expert counsel with smarter legal intelligence. The S&P topped out in early January of this year. And so theres how to even just get things done efficiently. Therefore, they want it more immediately. From breaking the latest scoop to providing thoughtful clarity on emerging challenges and beyond, what we do every day matters to our clients. And then the flip side, the ones that are probably a little bit more herky jerky are the employees who dont have a whole heck of a lot of experience getting a large part of their compensation incentives in stock. Please hit us with any comments at contact@riskreversal.com, and follow us at@OkayComputerPod. Itd be great if Elon gets really wild with this this thing, but it will be interesting to see what he what he does with it. [00:11:31][2.1], Packy McCormick: [00:11:31] Well, yeah. And then he finally literally is bowing at the altar of Elon, you know, back in the spring. First of all, I subsequently learned that BLM supported other things like around defunding the police and all these things which I was like, all right, we shouldnt be getting involved in those issues.
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