YouSaid · the spoken record

Anthony Pompliano

lines on the record: 210
first: 2021-03-25
most recent: 2021-03-25
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“What I think you're talking about here is important because there's historical examples. You could invest in a patent in some situations. You could invest in an organization that has an idea, right? So these are super inefficient given kind of the vision that you're painting in terms of like investing directly in an idea in a super efficient automated fashion. But that's how the technology evolution works, right? Is it's really hard to do it first and then it slowly kind of becomes easier and easier as technology is more prevalent. The other thing that I think is interesting is this whole idea of investing in people. If you really think about the origination of that is I would hire somebody. I pay you money and then you're going to create production, but I take the lion's share and you don't”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“Right, there's, I saw somebody recently who they basically said, hey, I have created something, but it's not going to be released until everyone on almost like a GoFundMe type situation pays for it in combination, then it gets unlocked. And so when you start to think about this, it's not only innovation on the technology front, it's innovation around the way that we form capital. It's the way that we organize resources. It's the way that we build companies. It's the business models, right? It's the application of those technologies. All that stuff starts to change. And go back to 2007 is when the iPhone came out. Uber wasn't possible. You just go down the line. Like all these companies that weren't possible before when the digital technologies are kind of adopted on a global scale, I think that we all, myself included, drastically underestimate how fast and how big innovation can be.”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“And I think the most fascinating part of this entire industry is people who are trying to figure out now that we're going to have these digital technologies, how do we usher in that automated world faster? And so there's people who are building all kinds of incredible things, right? There's literally some technologies where you can stream for paying for consumption of content.”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“One of the most interesting things to me is I invested in a company called Bridget. And what they told me was they said $8 billion was paid to the top four banks last year on overdraft fees. So literally, they took $8 billion from people who didn't have money in their bank account. And so when you dig into why is that, a lot of times it's not that the people don't have the money. It's actually a mismatch of the payments. So what ends up happening is you get paid on the first and the 15th, but on the 12th, your Netflix bill hits. On the 13th, you went grocery shopping. And on the 14th, your car payments hit, you overdraft, and then on the 15th, you actually get the check, and then you're able to pay not only the overdraft, but for the expenses that you have. And so something as simple as just getting paid at the end of every day immediately would eliminate some big percentage of those $8 billion of value that flows to large institutions on overdraft fees.”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“It would solve incredible economic issues in our country and in countries around the world. But historically, businesses can't do this because the technology problem. They can't keep track of it all. How do they pay everyone every day? How do they pay everyone every hour? Like, you just can't do it.”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“It missed out on the ability to change headlines, to test, to put multimedia, to distribute it differently, to do all kinds of things that today we understand the internet really empowered. And so what I think we're about to watch happen is we're going to digitize the assets. We're going to put them all into these digital wallets. You're going to get automated technologies where machines can now transact with each other. And we're going to do simple things like why do we pay people once every two weeks? Don't we just pay them at the end of every day? Or why don't I literally stream payments to you on an hour by hour basis based on the work you do”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“But I think that the reason why that becomes really interesting is when you start to create these digital assets, now you open up the world of possibilities. So when new technology is created, you can do two things. You can either create new things the world's never seen before, or you can use it to improve the old world. Most people, because it's the easiest thing to think about, want to improve the old world. So an equivalent of this would be when the internet came along, a media company that had newspapers would say, hey, we should take a PDF of the newspaper and we should put it on a website. And now anyone in the world can go to this website and they can read the newspaper today. That was valuable.”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“So now, what you end up doing is you start to open up the possibility for machine-to-machine transactions. So today, if you and I write software code for two machines to transact with each other, They can't transact physical currency, and in many cases they can't actually transact the electronic QSIP currencies or assets either because there's too long of a settlement time. So you can't get true automation, right? So the whole idea of like the car is going to drive over a strip in the road and it's going to pay the toll. Right, well, that can't happen right now because literally the transaction won't go through. And so I always joke that like in an automated world, it's like a CD-ROM, but we're trying to take cassette tape player assets and put it in the CD-ROM. It's just incompatible technology.”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“When you go to a multi-currency world, it's not just about currency. It's now multi-asset world. Because not only is the currency digitized, but that same technology is used to digitize stocks, bonds, and commodities as well. And so today we live in a very fragmented financial world where basically I have a brokerage account, I have a bank account, I may have an alternative asset account, et cetera. When I can put all those assets in a single digital wallet and I can then go from asset to asset without having to go back to a single unit of account.”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“When the competition of technology is kind of innovated away, now I can get paid in dollars, these digital dollars. And with the click of a button, switch into any other currency in the world. And so what ultimately happens is value and liquidity is going to coalesce around the best monetary policy. And so you get in this very weird world where even if the United States says, hey, you're going to get paid in dollars, you have to pay your taxes in dollars, you're going to start to see people operate in a multi-currency environment where they say, okay, I got paid in my digital dollar, click a button, I save in Bitcoin, it stays there or tax or grows my purchasing power. Oh, I need to pay my taxes. Let me switch back into dollars with click a button and pay.”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“Don't have to worry about foreign currencies. I don't exchange anything. The only time I would ever think about another currency is if I'm going to another country in their single currency environment. And in order to change or exchange my currency, I go to the bank or I go get ripped off at the airport. Those are my two options. There's high friction to change between currencies”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“Private manner or something, but Bitcoin is kind of the only finite scarce digital sound money. And so when you then have that pretty big difference and that competition at the monetary policy layer, it's actually not going to matter where you get paid. And what I mean by that is like you and I both live in a single currency environment. I get paid in dollars. I historically have saved in dollars all of the assets in my life are denominated in dollars and I owe my debts in dollars whether it's taxes or in the private market.”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“You're also going to have private currencies like Facebook's attempt at DM, and there will be others that will try to do this. And so when you get everything digital, right, and I think that's the kind of the first step that everyone focuses on, the competition at the technology layer essentially goes away. You get some level of feature parity. And sure, there's bells and whistles on each kind of implementation of a digital currency. But at the end of the day, the technology is relatively the same. And ultimately, what it will do is it will facilitate the adoption of digital wallets. So you have to have a digital wallet regardless of what digital currency you have. Same with me, same with everybody else in the world. But what it does do is when you kind of push away and reduce the friction of competition at the technology layer, it moves the competition to the monetary policy layer. And so when you get to that layer, now all of a sudden it becomes interesting because all of the currencies are the same except for this one right now. Maybe there will be others in the future. But for sure, Bitcoin today and people may try to replicate in a”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“Now, what we're seeing is a transition from those electronic QSIPs to these digital assets. And so if you look at, again, just let's say money or currency, every currency in the world is going to be digital. You're going to have a digital dollar, a digital euro, yen, R&B. You're going to have decentralized kind of open source money like Bitcoin.”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“I use a different word that I think is kind of closer to your world, which is it's ultimately automation. And what I mean by that is, you know, before 1970 or 1980, all the assets were analog. And so when you have analog assets, physical stock certificates, physical bonds, right, physical deed to a home, you have to physically exchange them. When we wanted to increase transactions and increase kind of global finance and access, we took those physical assets and we created electronic QSIP assets. So now we have incentivized databases, kind of a file represents the asset that's sitting somewhere in custody. And you and I can transact them a little bit easier. But it's still centralized. There's still some bureaucracy. And maybe it takes two days to transact rather than actually mailing it across the world.”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“To have financial institutions started, now you're seeing corporations start to do it, right? Eventually there's going to be a central bank that does it. And so you kind of walk through that line. And what you understand is like, it's the same thing every time. It's just somebody new. That path, right? That Bitcoiner's journey, if you will. And I think that that is almost the beauty of it is if you short-circuit the journey, it's almost like somebody doesn't appreciate it, right? If you take, let's say, somebody who's a young kid and you just give them a bunch of money and they didn't have to work hard for it, they don't really appreciate it.”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“Why? Every other investor on Wall Street now can say to an investment committee, well, it's good enough for Paul Tudor-Jones. It's good enough for Stanley Druckenmiller. And so I think that it's very interesting because Ray doesn't just represent Wall Street. I think Ray in some weird way represents this like macroeconomic investor. And so some of those are in hedge funds and some of those people would be like CIOs at organizations. Some of them would be at corporations. And some of them are just kind of retail investors. And so you can see this kind of inflection point throughout the adoption of Bitcoin, right? There was infrastructure that got built. Okay, that kind of led to more adoption. There was certain individuals, right? Usually they were kind of technology oriented entrepreneurial billionaires. They would buy it and come out and say it, okay, that led to inflection points. You started to have some of these kind of Wall Street legends come out.”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“Kept an open mind about all of this, and more so than many of his peers has continued to do the work and come around to this idea. And now, I don't want to know if I wanted to say that he's a Bitcoin proponent as much as he believes it is one of a portion of assets that can be a solution. And so to me, when you start to convince those types of people, when it's Paul Tudor Jones, a Stanley Drucken-Miller, a Ray Dahlio, Howard Marks now even writing about it saying, hey, I was anti Bitcoin. I didn't put a ton of intellectual rigor into it, but thank God my son bought a bunch of our family, right? And kind of we've had exposure to it. I think what it does is more than anything, it's not going to convince somebody to go and take it seriously or go ahead and make an allocation. It reduces career risk. And so if all of a sudden when Paul Tudor Jones and Stanley Dreckenmiller come out and say, hey, I own Bitcoin and here's what.”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“Example, right? Warren Buffett is a good example, Radalio is a good example, et cetera. And so you have to give credit, I think, to Dalio in the sense of”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“I think Ray's actually the most fascinating though out of all of these kind of legends of Wall Street in that he understands debt cycles. He understands currencies. He for a while now has been all over and famously said cash is trash, investable assets. He kind of like just knew all of it. And for a long time, Bitcoiners have said, Ray, you understand that Bitcoin argument, you're just missing the last part, which is Bitcoin's the solution, right? And so he was gold and some other ideas. But I think that he's a perfect example of when you are part of the establishment, people view you in a very static way as the leader of a part of establishment. But whether it's Bill Gates, Ray Dalio, or somebody else, each one of these people were innovators and challengers to a system. They were upstarts at one point. And so it's kind of this idea that if you live long enough, you eventually become the man, right? And so, you know, Gates is a good example.”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“So, if we look at what I'll just consider the legends of Wall Street in general, right? There's no denying that they're incredibly intelligent. There's no denying that actually, especially in the hedge fund world, they're some of the most open-minded people in terms of their willing to change their mind when they get new information. There's no doubt that they are historians in the sense of having studied financial markets and cycles over time. And also one of the things that I really respect about all those guys is almost all of them are willing to put ideas out via various writings that they do and accept the public criticism, right? Whether it's Howard Marks Ray or others, they will put this stuff out in public. And sure, there's a lot of people who are supportive and kind of are part of a fan base, if you will. But there's a lot of people who also think that sometimes they say stupid things. And so putting that out takes kind of courage, right?”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“And it's just, you know, it's just again, part of a community. And I think it's a feature, not a bug. There's bad aspects to it at times, but I do think it's a net positive.”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“The one that you have to laugh at, right? Probably my favorite one out of all of it is I've seen on multiple occasions Mark Cuban a couple of years ago, Kevin O'Leary, whoever, you know, wealthy people, billionaires, et cetera.”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“Somehow has congressmen and senators who have done it. They're not trying to convince their colleagues in elected positions to become Bitcoiners. Speaking directly internally to the Bitcoin community. Yeah.”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“Right, which seems absolutely ridiculous elementary and frankly beneath anyone in any level of power or influence in the world.”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“The other thing I would say, too, is one of the elements that's always kind of funny to me is how much of the entertainment is love? So, when you start to think about how many of the memes that are posted, for example, are for outsiders versus insiders.”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“They do understand though is that these establishments are made up of humans. And what you can actually do, one of the best ways to pick apart an institution is to recruit from inside of them one by one. And so, what you're starting to see now is, I mean, I get the messages on Twitter and LinkedIn all the time, but I'm a Bitcoiner at heart, right? And so what you're doing is you're essentially infiltrating the organizations, not in physical population.”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“Have to lean into the advantage that you have. And so what ends up happening is you and I would absolutely lose it if we saw JP Morgan or Goldman Sachs or the Federal Reserve start tweeting memes. Right? The validation that would give to the medium and the even playing field that it would provide would pull these establishments down to the level of what is this upstart. But now, what you're starting to see is that the Bitcoin community, even though there's some level of toxicity at times, even though there's this visceral reaction, sometimes there's even what I would call bullying or kind of outward projection of things, right? Even though it may be a small percentage, it'll happen every once in a while.”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“And so you see this with kind of the just complete destruction of narratives with memes and just the visceral reaction and the use of things like Reddit and Twitter and YouTube podcast, just areas where I think a lot about if you are an upstart, right? And you are going to go challenge the most well-respected elite kind of establishment institutions in the world. If you walk in in a suit and tie and you say, I'm here to debate you with ideas, you're going to get your clock cleaned. Because they're going to try to trot out their lawyers, their regulators, their lobbyists, right? Like all this stuff.”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“Right. The truth probably is somewhere in between there, right? And again, the world's not black and white. There's this kind of more gray area that I think actually is where most people exist. The other thing that's at play here is I think the Bitcoin community understands the internet and internet culture and narratives better than almost anyone.”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“I think there's a couple of trends that are all kind of coalescing here in these types of experiences. So, one is when you look at a community, there's always a spectrum, right, in terms of there's some people who over index on kindness and stupidity, right? And there's some people who over-index on intelligence and basically just being an asshole. And then you get everyone in between. And so naturally, as we know, the extremist ends of any community end up being the loudest usually, right? The second thing is there is from the outsider view, like at the beginning of the exploration of ideas, it's very much a learning process, right? I don't know if I understand this or not, but here's ideas A, B, and C. From the internal perspective, there's a trillion dollars of value at stake, and we must protect it with our lives”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“Bitcoin critics haven't done their homework in a lot of cases, so they show up, and sometimes it's super intellectual, lazy arguments, sometimes it's actually very well thought out arguments on the counter to the Bitcoin thesis. But ultimately what ends up happening is you're talking to somebody who's an expert. I've been thinking about this for five, seven, eight, ten years, right? They've gone through every simulation you possibly can. And they show up with data examples and responses. Now, they're not always right, but they've just done the work. And so what I actually like about folks like Eric and others is as they're kind of going through this journey, they're incredibly smart, right? And they provide or they apply a lot of intellectual rigor.”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“This technology that is this decentralized thing, which uses a financial incentive in order to elicit the buy-in, not from a financial perspective, but from a mental energy standpoint, has built one of the most rabid, powerful, and engaged communities on the internet. And what ends up happening is those people have thought more about these ideas and actually challenged those ideas more than anyone else in the world. And so I've got a lot of folks who will just say this guy Marty Bent who will talk all the time about.”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“And they all arrive at the same conclusion. And sometimes it takes a month. Sometimes it takes years. But they arrive at this Bitcoin thesis. And what's so interesting about it is it highlights something that many people view as a bug, but I think people in the Bitcoin community view as a feature, which is that community. And so what ends up happening is when you have something that is as ambitious as creating a global reserve currency doesn't mean it needs to unseat any of the existing ones, but become the global reserve currency of the internet, right? This digital economy. You need shepherds of it. And so just like a technology company wants to find those loyal fans that are willing to go out and market and word of mouth and kind of not only promote it, but also protect it.”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“Right? Because that's part of what they're doing is that they're eliciting, hey, I'm going to throw an idea into the arena. If it doesn't get attacked, they actually may be more nervous than if there is some level of, you know, kind of war of attrition, if you will. And so what I've seen with a number of the people who have done this, everyone from some of the best hedge fund managers and kind of money managers in the world all the way to what I'll consider some of the most intellectual people in the world is they play with these ideas and they play with the ideas and they play with them and they play with them.”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“And so to me, I put Eric and a whole host of other people kind of, if you look at like the intellectual dark web as kind of a label that's been used, they're actually some of the most important people in our society because they're the people who are willing to stand up against the mass kind of thought process. They're willing to talk about things that others may think are taboo, right? They're willing to change their mind, which all of a sudden has become a bad thing rather than a good thing. And so when I see the exploration of ideas in public, I actually think that those are the people who are most open to the kind of vehement blowback as well.”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“So, I don't know all of the details, but what I will say is I've listened to a number of his podcasts and him, and there's a whole bunch of people like him. I basically put them in the bucket of they're an independent thinker who are courageous enough to speak their truth, whatever that may be. They are courage to revisit their ideas and say, I got this right, I got this wrong, information changed, I'll change my mind. It's obviously a sign of intelligence to be able to do that type of stuff. And I actually think that one of the most scarce things in our society are those independent thinkers who are able to do all this, right?”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“And this transparency around it where everyone knows how much is there and where it's going. Now all of a sudden, you and I can transact back and forth that value, and it is a representation of time. Because what I can essentially do is if I gather or acquire more of that wealth, I then can apply leverage to my life. I can use machines, humans, or some other resources. And basically now free up my time.”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“And so I always kind of try to highlight for people the top 55% of Americans understand something that the bottom 45% don't. They invest, right? The bottom 45% consume, the top 55% invest. And that's why we have a wealth inequality gap and it continues to get wider and wider and wider is because the people who are holding the devaluing assets and saving are watching their wealth be devalued away. There's arguments and controversy over how fast that's happening, but it's happening. The people who are holding the assets that have any level of scarcity, right? Real estate may not be finite, but it's scarce. Art may not be finite, but it's scarce. Gold may not be finite, but it's scarce. Those assets continue to appreciate against the devaluing currency. And so when you then say, no, I have complete finite supply with proven.”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, if you look at infinite inflationary type currencies, you can't do that, right? Because it constantly is losing value. When you look at a finite asset, again, that has the provability of the actual finite element to it, ultimately the wealth is that marketplace.”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“Assets, all of these assets are down compared to Bitcoin, right? Now, some of that's just in the early days of kind of the pricing of an asset. You go from very small to something much larger. But now what you start to look at is, well, if you have a finite supply of something, what ends up happening is people begin to value it more. And so in a world where dollars are infinite and other fiat currencies are infinite, Bitcoin becomes very, very interesting, very special, and something that is very aspirational. And so I think that's where you're starting to see people say, wait a second, this is something where that finite, secure store of value is essential to wealth generation and preservation over a long period of time.”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“But dollars are being devalued. And so a million dollars doesn't get you what it used to get, right? It's kind of an old adage. And so what you're doing is you're pursuing something that ends up losing value. And so it's the constant rat race. It's how do I constantly try to get more? How do I get more dollars? How do I get more dollars? Because even if I say to myself, you know, I'm going to retire when I get $100,000. When I get the $100,000, the $100,000 five years from now doesn't buy me what I thought it did. So now I need $500,000 or $200,000 or a million or whatever the number is. And so ultimately what ends up occurring is that the Bitcoin community and many people in kind of this idea of sound money is you want to be able to acquire an asset that not only will hold the value, right? The store of value over time, but it will actually appreciate over time. And so when you look at something like Bitcoin against the dollar, against other types of...”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, and if you start to pull on this a little bit and say, okay, a young person today, let's say somebody in their 20s has about 2 billion seconds left in their life, right? Kind of 60 years, give or take, based on life expectancy. usually until they start to understand this concept, think of wealth in dollar terms.”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“Some people would say, sure, that would be their initial reaction. But you got to have to be 92 years old. Is the money worth the lack of time? Most people would say no, right? And there's this guy, Graham Duncan, who really articulated this well. And ultimately, what ends up happening is you realize time is more valuable than the money. But you acquire the money to gain more time.”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“Because wealth is time. And so that movie is, you know, it's got a ton of kind of things that you can pull out of it, but to me is the perfect epitome of money is time. And so when you start to think about the acquisition of money, right? It goes to this whole idea of time billionaire. And I know that there's probably a lot of people who have heard about this already. If you think of a million seconds, it's about 11 days. A billion seconds is 31 years. And so if I said to somebody, you have to switch lives with Warren Buffett, would you do it?”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“Rich people have time, poor people do not have time. And so in it, Justin Timberblake, the main character, at one point essentially acquires a bunch of time and he's able to go to one of the higher levels. And now he's attending all these gallas and poker nights and all that stuff. And one of the first things that he learns is that in the lower end of society, everyone is running everywhere at all times in the movie because time is so finite and it is so scarce. And so therefore, why would I walk down the street? I must run down the street. In the highest level of society, no one runs anywhere. And in fact, if you run, you are seen as lower class.”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“And so if you go to work, you basically put your arm underneath when you leave. And there's time that's deposited into your clock. And if your clock ever hits all zeros, you're dead. You die on the spot. And so there's a number of scenes where people are basically running to get to you. And I give you a little bit more time so that you can get to work on Monday and then you work to acquire time. And so basically time becomes this currency. But what becomes very fascinating about it is there are sections in society where literally there's physical places. If you only have, let's say, 72 hours or less, you're allowed to go to section one. Section five, though, is because you have years and years and years on your clock. And in this movie, everyone at the age of 25 freezes from a biological aging standpoint. So everyone stays the same, but you may have lived for a thousand years. And so it becomes so fascinating about it is that”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“I think they're actually more interconnected than you're giving it credit for, right? Which is what is money? Money is time ultimately, right? The pursuit of the acquisition of money, right, of whether it's a currency or true money is because that should give you more time. And so one of my favorite movies ever is, and it's funny because Justin Timberlake is in it, is this movie In Time. You lost me. I lose most people at that part. In time? In time. And basically the premise of the movie is that everyone has a clock that's embedded into their arm.”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“Think scarcity just has this very high correlation to value across all assets, not just money, right? Money happens to be the unit of account that we use in terms of daily commerce, but whether it is, as we're seeing now, sneakers, art, whatever it is, scarcity ultimately is that signal of value, I think. And that's just been the way that humans derive value for literally thousands and thousands of years.”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“If you line up the gold community and the Bitcoin community next to each other, they'll agree on all the problems that they see in the world, right? They'll actually agree on the solution that sound money is the solution, where they differentiate, is the gold community believes that it's the analog application of sound money, right? The physical gold, that is the solution. The Bitcoin community believes the digital application of sound money.”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source