YouSaid · the spoken record

Jack Mallers

lines on the record: 67
first: 2021-07-14
most recent: 2021-07-14
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

“I'm so thankful for the community support in my work and all of the love and support I get in Strike Gets and just allowing me to be a part of this thing. I never take it for granted. So I just want to let everyone know that I love them and I'm appreciative of this journey that we're participating in together and hit me up at any time.”
2021-07-14 · We Study Billionaires · BTC034: Bitcoin as Legal Tender & Near-Zero Exchange Fees w/ Jack Mallers (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I'm less or concerned about me. You could go to strike.me is a company website. Download the app. And as I've hinted at, the current form of the application I'm tremendously proud of, but I think job not finished as Kobe Bryant would say. We have a lot of work to do, and I probably have half a dozen announcements over the next call 60 days that are tremendously exciting. So strike.me, we're L on Strike on Twitter, and then my full name is all my handles. I wasn't smart enough to come up with some anonymous profile back in the day. So I'm Jack Mellers on Twitter. I'm Jack Mauers everywhere. And I do end these with, you know, it was not too long ago. I was dropped out of college, really did not know what to do with myself. And Bitcoin has allowed me to be passionate, ambitious, and contribute and play a small role in something that I think will forever change the world.”
2021-07-14 · We Study Billionaires · BTC034: Bitcoin as Legal Tender & Near-Zero Exchange Fees w/ Jack Mallers (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“The punt team, and then even more so as a collegiate athlete, who knows what can happen? You can get injured, you can have a change of heart and passion, you want to pursue interests like being historian and being able to monetize yourself as an independent business and persistent store that wealth in something like Bitcoin is a fundamental human right in my opinion. And I'm just really passionate to help them out in enabling that.”
2021-07-14 · We Study Billionaires · BTC034: Bitcoin as Legal Tender & Near-Zero Exchange Fees w/ Jack Mallers (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Here's the deal this goes back to the Sequon, to the Russell Kuhn is that athletes operate as independent brands because they should. They're independent businesses. These guys treat them as such, these guys being the NFL, the NBA, these organizations. They prey on the bodies of these individuals. If Russ hears his ACL, they're never going to talk to him again. They price their contracts in dollars, right? Like the whole spiel. And same for collegiate athletes, but even more so. because they don't operate in such a lucrative market like the NFL. And so this is a huge opportunity for them to lean into the fact that they are independent businesses and they do build these big brands and these big followings and they get to monetize that. And Bitcoin should be a huge part of that persisting and storing wealth. The average NFL career is just over three years. Don't care what you do. That's not generational wealth no matter if you're Tom Brady or practice team player that's on.”
2021-07-14 · We Study Billionaires · BTC034: Bitcoin as Legal Tender & Near-Zero Exchange Fees w/ Jack Mallers (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Oh man, you're too smart for me. Putting me on the spot. Yeah, we may be working with an athlete or two and involved in what's happening because I think we should because I think it embodies who we are as a company, who I am as a man, and what's happening with the NCAA. And finally, this is a long, outdated rule change. And so I'm happy to see it. And I want to be involved and I want to be helpful. And so some folks have reached out. We've done some reaching out and definitely will be involved and want to continue to be involved and be helpful. So leave it at that.”
2021-07-14 · We Study Billionaires · BTC034: Bitcoin as Legal Tender & Near-Zero Exchange Fees w/ Jack Mallers (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“A big line was going to find them after the race. No, Russ is obviously the man in what he's done for Bitcoin alone is so impressive.”
2021-07-14 · We Study Billionaires · BTC034: Bitcoin as Legal Tender & Near-Zero Exchange Fees w/ Jack Mallers (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Running back for the New York Giants standing next to some suited up, nerdy banker and some Dweeb wearing a PNC bank suit. And so then Saquon, after that jetted back to New York to make practice. And so if that doesn't exemplify the true phenomenon that Bitcoin is, and it doesn't matter who you are, Bitcoin reminds us that we're much more similar than we are different. Saquon, yeah. Saquon probably lives in a big house probably dates awesome girls and drives nice cars. He cares about Bitcoin just like you and I. And that was so cool for me to experience. It was amazing. And so shout out to Ed Carpenter. And on the tail end of it, now we have seven figures to donate to open source development. And that's probably the most important takeaway. So it was awesome and proud to play the small role I did.”
2021-07-14 · We Study Billionaires · BTC034: Bitcoin as Legal Tender & Near-Zero Exchange Fees w/ Jack Mallers (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Become tremendously close friend of mine, and he actually, so he jetted in that morning to make the National Anthem. And it was me, him and Russell Coon, and Russ is barking at the PNC bank car. And literally, it's like, how much Bitcoin do I have to give for you to take that dirty financial firm off your car? You guys are gross. You don't understand what you're representing. And they're like trying to shoe us away. Like securities, like trying to get this guy's six, eight, what, 300 something pounds? I mean, he's a monster. And so I got arguably the best running back in the NFL to my right, a Super Bowl winning cackle to my left. These guys collectively could bench a car. And they're yelling at the PNC Bank cars, say, Quan standing next to me for the national anthem. It's the Bitcoin car next to the PNC bank car. So you've got a hoodied up Bitcoin developer and an NFL.”
2021-07-14 · We Study Billionaires · BTC034: Bitcoin as Legal Tender & Near-Zero Exchange Fees w/ Jack Mallers (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“The message that Ed Carpenter and his team wanted to deliver, they wanted to race for more than potato chips and monster energy drink. And what does that mean from a high level? That means that they wanted to plug into this open system and this cultural phenomenon, although they aren't technologists, although they aren't a financial services firm, although they aren't an acquirer paying 3% to visa, they raise cars. But that doesn't mean that they can't plug in and be additive to an open system and to a movement that means tremendous amounts to humanity. And it was an overwhelming sense of emotion and purpose that I got to live through this team. I was just, I played the smallest role possible, which was, you know, like sketched a design in the car and ensured, you know, everything was put together and we can get it to open source devs. And it was one of the coolest things in the world, man. I can say I like to shout out like this is a great story for the listeners. Saquon Barkley. So shout out Saquon.”
2021-07-14 · We Study Billionaires · BTC034: Bitcoin as Legal Tender & Near-Zero Exchange Fees w/ Jack Mallers (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, so first and foremost, speaking to how busy I am and such, it also implies how busy we are as a company, which implies my team. And people should, their takeaway should be how tremendous group of individuals strike it really is. It's comprised of the best of the best, and they care more than anyone. I think that that is the key ingredient to developing and delivering on change is just caring enough to actually do it. And these people care more than anyone in the world. So shout out to them. Oh my God, it is an amazing experience, right? And I think what it says is, again, we're building an amazing consumer brand where whether you're a president, whether you're an indie car driver, whether you're an NFL player, whether you're a barista, whether you're a papooza salesman and El Salvador, you call Jack, you call strike. You don't call Brian Armstrong. He doesn't understand open source development and the Lightning Network. And so I think it was great. And I field all of these calls. And the best part to me was.”
2021-07-14 · We Study Billionaires · BTC034: Bitcoin as Legal Tender & Near-Zero Exchange Fees w/ Jack Mallers (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And they're like, oh, this is awesome, dude. This is sick because I went into the meeting like, oh man, am I going to go to jail because it wasn't really clear. So anyways, it's complicated, relatively unknown. Obviously, what we're doing is new in a first. But all that to say, I'm obviously tremendously committed and will stop at quite literally nothing to get it all done. So actively working on it and working through it, but not easy to say the least”
2021-07-14 · We Study Billionaires · BTC034: Bitcoin as Legal Tender & Near-Zero Exchange Fees w/ Jack Mallers (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“So, no, I mean, the answer to your question is it's obviously very difficult. One of the problems that has been birthed from the division of the world generally and the fact that we have borders in different countries and different jurisdictions and different regulatory bodies, but then also different financial infrastructure. We have SEPA, we have ACH, is that there's just different rule sets. There's different compliance. There's AMLD5. There's MSBMTLs. And applying to them, working with different regulators, getting approvals. It's a very complex thing. And then on top of that, once you do is integrating with the local financial system and ensuring a great experience is only additive to the difficulty. So the process is complicated, especially a place like El Salvador, it's extraordinarily unclear. In fact, I didn't even know really what I was doing if it was allowed until I met the government.”
2021-07-14 · We Study Billionaires · BTC034: Bitcoin as Legal Tender & Near-Zero Exchange Fees w/ Jack Mallers (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, are you being very polite in my ability to excuse myself of not being all over the planet? Because I did sift through the questions below your tweet and I did see when this country from probably all countries.”
2021-07-14 · We Study Billionaires · BTC034: Bitcoin as Legal Tender & Near-Zero Exchange Fees w/ Jack Mallers (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“They don't have a consumer app. It's just an API. And so think about if we expose that to the world, what we would enable the world to do. And the insight, it's actually a Mark Zuckerberg interview that I find fascinating is he said, you know, initially you think keep everything in house, hire all the smartest people and try and build everything you can. And what he realized is that's never achievable and actually acts against the best interest of innovation. What if you take the opposite approach is you're never going to be able to hire everyone that has an idea, right? What if you just open up the API and let the world build with you? And that's what I want. I want the world to be able to utilize what we've done internally and build whatever they'd like. And so, yeah, check out on a website, paywall tools, auto DCAN, and probably thousands of ideas that I can never come up with because I'm dumber than a lot of the world, right?”
2021-07-14 · We Study Billionaires · BTC034: Bitcoin as Legal Tender & Near-Zero Exchange Fees w/ Jack Mallers (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, exactly. Well, think of it this way the core innovation at strike is, again, allowing cash collateral to be interoperable with this open monetary network, this new novel innovation of monetary network. And what that then enables is the best financial experience in the planet. And so we've overinvested in that experience for the consumer, made a particular statement to go global because I think the fact that we are an open network company is one of the biggest upsides to the business is that we can service all 8 billion people and so we should be aggressive about it. But all that to say, what if you could get that tool set and do whatever you want? Like people are obsessed with DCA for appropriate reasons. You could build a tool that DCA is for you every second. You could build your own paywall tool. You could integrate with Shopify. You could build it into your own website. I mean, Stripe with a P, not Stripe, but Stripe with a P is a hundred billion plus dollar private company.”
2021-07-14 · We Study Billionaires · BTC034: Bitcoin as Legal Tender & Near-Zero Exchange Fees w/ Jack Mallers (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“It's live with select partners that will probably be announced relatively soon, but not open to the public just yet. If I had to guess in priority order, it would be something like direct deposit, the euro and Europe, the API, and which comes with like a slew of tools for the acquiring side.”
2021-07-14 · We Study Billionaires · BTC034: Bitcoin as Legal Tender & Near-Zero Exchange Fees w/ Jack Mallers (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Exposing our API publicly. I think that was a very big turning point in Facebook's lifespan is when they opened up the API and Mark Zuckerberg realized that he couldn't hire everyone on the planet to build everything that deserved to be built on the world's best social network. And I feel the same way in allowing people to build tooling on top of the infrastructure we have.”
2021-07-14 · We Study Billionaires · BTC034: Bitcoin as Legal Tender & Near-Zero Exchange Fees w/ Jack Mallers (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Know what's really funny is when I pitch the company in this whole idea, I closed the seed ground April 1st, 2020. So it's just over a year Singh had any funding and I was allowed to hire one person. So obviously a lot of growth has been experienced and it's been fast. But I'll never forget, I told who's now my COO, give me 18 months and I'll have achieved this vision, I promise. I know it sounds crazy, but I got the hardest working guy you've ever met him, soldier. Just trust me on this. And it hasn't been 18 months yet. And within that 18 months was achieving cross-border payments over Lightning, achieving a Visa card direct deposit and everything you're seeing today. So I would like to complete that roadmap. And that involves launching in Europe. That involves the direct deposit product here in the United States. That involves our Visa card. That also involves a”
2021-07-14 · We Study Billionaires · BTC034: Bitcoin as Legal Tender & Near-Zero Exchange Fees w/ Jack Mallers (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“It's super simple, right? I mean, you just line up your direct deposit to stripe just like you would to your traditional checking account that you do today. We give you an account and a routing number. The unique feature set that we believe to be important is you're allowed to then decide what percentage of that direct deposit gets auto-converted and deposited into Bitcoin on the application. Again, we're optimizing for the best financial experience, not the best Bitcoin wallet. not the best lightning wallet.”
2021-07-14 · We Study Billionaires · BTC034: Bitcoin as Legal Tender & Near-Zero Exchange Fees w/ Jack Mallers (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Say that. I'm not going to commit to anything, especially nowadays. I have to be very careful. I have a general counsel now that Always nervous when I go on podcasts and get fired up.”
2021-07-14 · We Study Billionaires · BTC034: Bitcoin as Legal Tender & Near-Zero Exchange Fees w/ Jack Mallers (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“We're actually not actively launched in any other country's actively beta testing shore. And our roadmap to launch, you know, for everyone listening, I do. I walk a dangerously fine line where I don't want to be too public for obvious reasons. But I also love those that are supportive of strike and everyone on Bitcoin, Twitter, and this whole community. And so I want to be very transparent and vocal about everything. No, I mean, I can say we plan to aggressively scale in the developing world more and more, like what we achieved in El Salvador, I think, was no mistake. It was very aligned with the company's vision and intention of enabling economic freedom. And then we also have very big plans in the developed world and what we've done in the United States. We have aggressive roadmap here in the US. We still have our Visa Card to launch. We have a direct deposit product where publish the blog post whenever I feel like it. And then we're going to do the same in Europe and the same in the UK.”
2021-07-14 · We Study Billionaires · BTC034: Bitcoin as Legal Tender & Near-Zero Exchange Fees w/ Jack Mallers (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“A lot are interested. I mean, listen, if you're a sitting president, what problems are you trying to solve? Probably monetary expansion, the macro environment, your position relative to the dollar, and the quality of life of the people living within your country.”
2021-07-14 · We Study Billionaires · BTC034: Bitcoin as Legal Tender & Near-Zero Exchange Fees w/ Jack Mallers (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Also, an open monetary network. And so I would like to think that they reach out because Strike offers one of the more competitive experiences on top of the world's first open monetary network and can do some of the most impressive financial services in human history. I would like to think as a company, we've reached that level. But so we're going to try and service customers just like a papusa lady, just like a president, just like Russell O'Cung and the NFL, just like Saquon Barkley, just like a lot of musicians, just like any, just like my stepmom, just like anyone. And open and entertaining all conversations.”
2021-07-14 · We Study Billionaires · BTC034: Bitcoin as Legal Tender & Near-Zero Exchange Fees w/ Jack Mallers (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, here's my response to this one. Obviously, tricky and sensitive question, I assume, people can assume what, but I want to be clear, again, I don't have a commercial relationship with the country. It's very important that the country doesn't favor me or strike in any way, not only because there's implied legal risk there, but more importantly for the free market. myself, the president in the world should want El Salvador to support a free market environment where everyone's invited to compete and there's no favorite, right? And so I want to make that very, very clear, is that this is a free market. El Salvador is allowed to use our API just like anyone in the world is allowed to use our API. So now with that being said, yeah, no, I mean, other countries have reached out and because it's a really valuable problem set to solve. I'm not going to mention any by name.”
2021-07-14 · We Study Billionaires · BTC034: Bitcoin as Legal Tender & Near-Zero Exchange Fees w/ Jack Mallers (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“On the trend because there are people that don't understand that but want to be involved. And there's an arbitrage opportunity there and that I can create pink wood flag coin and tell you why it's important in a blog post because you don't understand these concepts and you're willing to buy it. But the ability to create pink flag coin was much easier 10 years ago than it is today. It'll be much harder 10 years from now than it is today. And eventually won't be possible because markets are efficient and that arbitrage opportunity will close. But all we're living in is an inefficient market where there's an arbitrage opportunity where there's unprecedented interest because the federal reserve has perverted risk tolerance against all assets. So how much is a Dogecoin worth? I don't know. I got to get rid of my dollars. Do I understand what it does? No. So am I willing to pay $100 for one? Maybe 10 years ago am I willing to pay $1 for one? Maybe today. How about in 10 years from now? No, that gap's going to close. And then you're going to be left with Bitcoin and the core problems that has solved for human.”
2021-07-14 · We Study Billionaires · BTC034: Bitcoin as Legal Tender & Near-Zero Exchange Fees w/ Jack Mallers (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“What I'm getting at is Bitcoin, the asset, solves one of humanity's longest stated problems, which is hard money. It's just savings technology, which is a monetary policy that cannot be construed by a central individual party, government, bank, anyone. And then what I'm getting at is Bitcoin, the network, solves instant physical bear instrument finality at virtually no cost that's open global, ultimately inclusive to all, and cannot be competed with because it's an open network that comes with economies of scale network effects that are just unprecedented. And those are the two things that Bitcoin is forever changing the world for centuries to come. My great, great, great, great, great, great grandkid is going to benefit from. And altcoins act against the best interest. And if altcoins are truly to exist forever, then those things aren't solved and we actually are at ground zero. And so inherently, if you have one brain cell, you understand that altcoins don't make any sense and they never have. And they're an arbitrage.”
2021-07-14 · We Study Billionaires · BTC034: Bitcoin as Legal Tender & Near-Zero Exchange Fees w/ Jack Mallers (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Anyone in the world can create a coin and imply inflation to your balance sheet, assuming that there's a world where they're all valuable, which is what Coinbase is thinking and what all coiners think. That is a flawed mental model. Now, the other, we need an open monetary network where there's one universal open standard that anyone can subscribe to. And by plugging into it and complying with the specification that lives on GitHub, you are natively interoperable with everyone in the world and you get all the properties of cache finality, of instant clearance, of open network effects and economies of scale out of the gate. That solves your financial inclusion problem that all of a sudden, quote unquote, banks the unbanked.”
2021-07-14 · We Study Billionaires · BTC034: Bitcoin as Legal Tender & Near-Zero Exchange Fees w/ Jack Mallers (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“You take this in a lot of directions. Let's go to El Salvador. Why didn't El Salvador implement DeFi? I'll tell you exactly why. One, let's revisit the monetary expansion problem that they tried to solve with central banks and the inherent rapid inflation that they experience and decreasing and purchasing power that's outside of their control. It's a huge problem. How do they fix that? They subscribe to a hard money monetary policy, distribute it and defended by an open network, right? That's Bitcoin. Now, what if they also added Ethereum? What if they also added algorithm coin? What if they also added left sock coin? What if I go to bed and realize, man, a cold pillow is better than a warm pillow and tomorrow invent cold pillow coin? That is unintended spillover levels of inflation, which we have today. That does not solve the problem of subscribing to a hard money monetary policy.”
2021-07-14 · We Study Billionaires · BTC034: Bitcoin as Legal Tender & Near-Zero Exchange Fees w/ Jack Mallers (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“300 with Visa. I know it's a race to the bottom to buy and acquire open source money. And so why not charge zero now? I know all this stuff. I'm playing 4D chess with this guy and he's playing bingo.”
2021-07-14 · We Study Billionaires · BTC034: Bitcoin as Legal Tender & Near-Zero Exchange Fees w/ Jack Mallers (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Trying to say, everyone may be able to buy and sell Bitcoin on cash out, but no one's listing Algorand coin or left sock coin that uses the blockchain to make putting on my left sock in the morning more efficient somehow. No one can do that because they didn't talk to this regulator. He's trying to recreate that environment. He just whiffed. He totally missed the point. And so what he's also ended up doing is created a leverage long position on a world in which there's a coin for everything. And if that concept fails and it turns out altcoins are just an arbitrage on the trend and they have a lifespan that isn't much longer than today, then he's lost. What am I doing? The opposite. I'm building a long position proxied on Bitcoin being the core nucleus of the best financial experience in the world and your revenues and your profits and your innovation comes in an acquirer being able to achieve financial clearance for 10 basis points and not”
2021-07-14 · We Study Billionaires · BTC034: Bitcoin as Legal Tender & Near-Zero Exchange Fees w/ Jack Mallers (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“It's a huge problem, so it's a burden, it's a drag on the exchange, it's a drag on the engineering team. It's a huge liability. But you have to understand from a high level what he's made a mistake. And I'm sorry, Brian, although not really, but for whoever's made the mistake, right? It's a fundamental misunderstanding of why Bitcoin's important. It's a fundamental misunderstanding of how Bitcoin scales, of why the monetary network is so valuable, and how what happened in equities market and it's a race to the bottom, misunderstood all of that completely. He's trying to do is he's trying to recreate the equities market and recreate the regulatory mode that exists within it and that it's really hard to compete with a lot of the existing exchanges because of the licensing, because of the backdoor deals, because the insider trading with Stevie Cohen and all these guys are protective over what they've created over the last 30 years. She's trying to do the same thing. You see headlines, he's meeting with whatever institution, he's Coinbase spending hundreds of millions of dollars on lawyers, and who knows what they're doing behind closed doors.”
2021-07-14 · We Study Billionaires · BTC034: Bitcoin as Legal Tender & Near-Zero Exchange Fees w/ Jack Mallers (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“The best financial experience on the planet evolving is that you have to align your best interest with your users, Bitcoin allows that very unique opportunity while allowing us to still retain a target audience of all 8 billion people on the planet. And so I'm trying to margin call Coinbase and all of the like that built the core fundamentals and basis of their business the wrong way. And I want a margin column and say, okay, I'm expediting this market to zero. You thought you were going to have five years for the race to the bottom to complete and you'd come up with a business model? No, you got five days. I found a flaw. It's like the big short. I'm calling your bluff. Let's go. So check up. Come play in my court. And I think it's too late. So end brand.”
2021-07-14 · We Study Billionaires · BTC034: Bitcoin as Legal Tender & Near-Zero Exchange Fees w/ Jack Mallers (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And he saw the innovation as creating like a casino of a bunch of coins in the same way that the Nasdaq lists a bunch of equities. And now all of a sudden, Coinbase is a terrible brand. They act against the best interest of their users. They act against the best interest of Bitcoin Core of the Bitcoin community and the very people that helped build his wealth in the first place. And he's found himself in the same problem that Jack Dorsey has that Mark Zuckerberg has. And it's a shame. And so what I'm doing very flagrantly in taking the time to explain all of this is I'm offering it for free. Why am I offering it? Oh, Jack, why you charge 10 basis points? No. Because I want to make a point that I'm doing this the right way. I'm acting in the best interest of my users. I'm taking advantage that I can build the best brand in the world. I'm taking advantage that my users can be my friends. And it's a huge strategic point on what strike is about and how I see the long-term viability of my company and how I see.”
2021-07-14 · We Study Billionaires · BTC034: Bitcoin as Legal Tender & Near-Zero Exchange Fees w/ Jack Mallers (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“These companies are trying to backdoor and patch this together. Now, Coinbase messed this up. Brian Armstrong whiffed. And so when I call him out, I'm doing it. Obviously public. He achieved great things. He built a lot of wealth. And so kudos to him. But I'm saying this because I'm very confident. I'm not saying this to get a headline or I'm not overmarketing. He whiffed. And so what he somehow did is he missed this. He missed this. It showed a very fundamental misunderstanding of why Bitcoin is important misunderstanding of Bitcoin, the monetary network, and why it's going to change the world. Instead, he recreated an equity brokerage, but for Bitcoin.”
2021-07-14 · We Study Billionaires · BTC034: Bitcoin as Legal Tender & Near-Zero Exchange Fees w/ Jack Mallers (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Powerful consumer brands of all time, akin to an apple, akin to a Nike, because of these inherent DNA properties. It's what Bitcoin enables and allows us to do. It's because of Bitcoin. It's because of my team, right? It's because of our investors. It's because of our partners. But ultimately, it's because of Bitcoin. Now, long rant. I say all that to say. Coinbase whiffed on this big time. Twitter, for example, you're seeing that they're trying to solve this in real time. You know, if Jack Dorsey's listening to this, I hope I'm not revealing. I've never talked to him about this or anything just to be clear. But Twitter is now migrating away.”
2021-07-14 · We Study Billionaires · BTC034: Bitcoin as Legal Tender & Near-Zero Exchange Fees w/ Jack Mallers (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Is also an open network company. We plan on servicing all 8 billion people on the planet. Our open network is Bitcoin. But we're a financial services firm. We know how we're going to make money. And it is in the best interest of our users. If the biggest retailers in the world start processing and achieving finality as an acquirer on the Lightning Network and they're paying 10 basis points instead of 2.9 with Visa, we're making money. They're making money. The consumer now has the optionality of a free market in scanning an open network interoperable QR code. Everyone wins. We don't have to compromise against our user. And so in turn, I say all this to say Strike has a very unique opportunity to be the biggest company in the world. It's in our DNA. We're an open network business that has a known business model and can act in the best interest of our user. And it also allows us to do amazing things like I think Strike will end up being one of the most”
2021-07-14 · We Study Billionaires · BTC034: Bitcoin as Legal Tender & Near-Zero Exchange Fees w/ Jack Mallers (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Like these companies have the target customer of everyone on the planet. Now, someone like Facebook, their problem is they don't have an inherent business model. And so their business model becomes acting against the best interest of their user, their customers, their user. Zuckerberg appears in front of Congress two times a quarter. He surfs with an American flag on the 4th of July. He's the most hated man on the planet. He has to tarnish his brand. Facebook has a terrible brand. Jack Dorsey on Twitter, unfortunately, I think Jack Dorsey is a good guy. I'd like to believe he's a good guy. Has a terrible brand. Why? They have to compromise against their user, infringe on their privacy, sell their data behind their back. And so they are this open network business, which allows them to be as big as they are, but they're kind of capped and they tarnish their brand, tarnish their reputation, and have a huge problem of achieving more than what they are because they don't have an inherent business model. Strike actually”
2021-07-14 · We Study Billionaires · BTC034: Bitcoin as Legal Tender & Near-Zero Exchange Fees w/ Jack Mallers (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“To come in, offer the same service for a little bit cheaper. Coinbase was at 2.9%, cash up and Venmo came in relative 2.2% to 2.5%. And then the Swan Bitcoins come in or the river financials come in below that with also different value propositions, but the pricing and it continued to go down. Now, for me, it was a no-brainer for Strike to do this and offer it for zero outside of the market spread. And instead of go, oh, well, we'll do it for 0.9%. No, we'll go straight to zero. Now here's why it's really important. The biggest companies in the world are open network companies, okay? Facebook, Twitter, Google. What I mean by that is they operate on the internet. That's their open network. And their target audience is everyone on the planet. That's what allows them to be as big as they are. It's one of the inherent properties that allows a company to be that big, Amazon.”
2021-07-14 · We Study Billionaires · BTC034: Bitcoin as Legal Tender & Near-Zero Exchange Fees w/ Jack Mallers (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And so there's a lot to unpack here. And so you pause me if I'm a rancher, I lose you, but there's a lot to unpack. So there's a few really important points. One, we're not making any money or revenue at all, very intentionally. Bitcoin and selling open source money, it's a race to the bottom. That's not a defensible business. And you even saw that in the equities market. Like now Robinhood allows you commission free trade. You cannot defend against that. And when Coinbase went public, that was the very big criticism is how are they going to defend their business model? Coinbase with $1.8 billion of revenue in Q1, 94% of that was fees to acquire digital assets. And almost all of that was Bitcoin. And so how were they going to survive knowing that this market's going to drive itself to zero? And we already began to see that Cash App, Venmo, Robin Hood, they started.”
2021-07-14 · We Study Billionaires · BTC034: Bitcoin as Legal Tender & Near-Zero Exchange Fees w/ Jack Mallers (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Right, and you know, in a dream world, our revenues are killing it and other facets of the business, and I'd love to subsidize a truly free experience of buying Bitcoin. But there is a cost to acquire Bitcoin at market. And that is any asset in any market is you have to buffer in a market spread to ensure that you're covered on execution. And so the market spread that we get charged to execute your order, we pass that cost on to the consumer. But right now, that'll never exceed 0.3% and probably by the end of July, that will never exceed 0.1%, hopefully.”
2021-07-14 · We Study Billionaires · BTC034: Bitcoin as Legal Tender & Near-Zero Exchange Fees w/ Jack Mallers (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And the media and stuff. But I think acquiring Bitcoin should be free. I think it's a race to the bottom. You can't build a protective business selling open source money. And I expedited that race to zero rather quickly with purposeful intent.”
2021-07-14 · We Study Billionaires · BTC034: Bitcoin as Legal Tender & Near-Zero Exchange Fees w/ Jack Mallers (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I try my best. So at Strike, we announced the Bitcoin tab, which carries actual like long tail vision, but in the immediate, we're going to allow people to buy Bitcoin for no cost outside of the market spread. So what that means is we get charged a market spread to execute purchase at market, and we're just passing that cost on to the consumer. So right now it's below 30 basis points, so 0.3%. And as volume grows and hits a threshold, which we probably will exceed even with our beta whitelist, it'll be below 10 basis points. So 0.1%. And that's explosive and amazing because relative to existing services like Coinbase, which can exceed 4%, it really is the shot heard around the world in retail purchasing of Bitcoin. And actually, this carries much more depth than what my blog post.”
2021-07-14 · We Study Billionaires · BTC034: Bitcoin as Legal Tender & Near-Zero Exchange Fees w/ Jack Mallers (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Correct. Yeah. So the strike product today, you can make any Bitcoin or Lightning network payment with dollars. You can receive any Bitcoin or Lightning Network payment as dollars, right? So you have cash that's natively interoperable with this monetary network. And then if you combine the two, what you have is two parties that are separate from each other that can initiate a payment with dollars and then receive the payment as dollars and use this bare instrument that's able to achieve cash.”
2021-07-14 · We Study Billionaires · BTC034: Bitcoin as Legal Tender & Near-Zero Exchange Fees w/ Jack Mallers (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yes, everyone has a Facebook account, not only in El Salvador, in the world, right? Facebook on Android devices, there's over 5 billion installs. They've almost got the entire planet on the thing. So everyone has a smartphone. Everyone has an internet connection. And now we have a digital asset and an open digital monetary network, which is, yeah, a whole other topic.”
2021-07-14 · We Study Billionaires · BTC034: Bitcoin as Legal Tender & Near-Zero Exchange Fees w/ Jack Mallers (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Better, more global, inclusive, and open. And when you compare it to the Visa Network, you compare it to the ACH network, you compare it to the Western Union network, it's better in every sense. And it's even better. And if I were to walk into a dunk and donuts here in the United States, but it's way better than what was in El Salvador, which is nothing.”
2021-07-14 · We Study Billionaires · BTC034: Bitcoin as Legal Tender & Near-Zero Exchange Fees w/ Jack Mallers (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Bitcoin is a physical bare instrument. It's natively digital. So there's no sense of credit in this monetary network is that you're achieving physical cash finality. And the reason that that's important is then it's a bare instrument that could be exchanged back into dollars, right? And so to complete the user story, which is strike remittance or strike in commerce and what's happening in El Salvador, is you can take cash collateral, so a checking account or a dollar balance or whatever credit card points, something that a user likes to store and hold value in. They can issue a payment. It gets live converted into Bitcoin, uses this monetary network Rails, which achieves instant virtually free cash finality globally. And then as soon as it reaches its destination physically as a bare instrument, you can convert it back into dollars, euros, whatever cash collateral that the destination would like. And you're now just using a more novel monetary network to escrow value cheaper fast.”
2021-07-14 · We Study Billionaires · BTC034: Bitcoin as Legal Tender & Near-Zero Exchange Fees w/ Jack Mallers (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Strike would debit $5 for my Chase account live converts into Bitcoin and then executes the payment for me under the hood, unbenounced to me. And we achieve final clearance and settlement with no concept of MDR, interchange, or anything, and the Poose Lady gets her five dollars worth of Bitcoin that she requested. And so my US dollars that were sitting in Chicago here at Chase Bank were interoperable and used to execute and achieve a consumer merchant payment in El Salvador. Now the amazing thing is there were like 10 different wallets that were being used in this town. Any of them could have scanned and paid it. And then, oh, by the way, Bitcoin is a bare instrument that's natively digital. And so it achieves physical settlement. No sense of credit on these monetary networks. It's physical. And so then the other key insight into this is that”
2021-07-14 · We Study Billionaires · BTC034: Bitcoin as Legal Tender & Near-Zero Exchange Fees w/ Jack Mallers (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“So i bank at chase my chase checking account is my preferred cash collateral on strike now all that fanciness means is like everyone links their bank account to Venmo link your bank account to strike and so I have a US dollar balance on strike that's associated to my bank account I went up to Papusa lady in El Salvador and I wanted a cheese papusa The lady showed me an open network interoperable QR code which was a lightning network in voice. It was a Bitcoin QR code that any app that implemented the same payment standard could scan. There's probably hundreds of thousands of them out there. Probably tens of thousands known, probably thousands work, whatever. And they're a million, right? And Strike allowed me to scan it. Although I was holding dollars. And what would happen is I scan it and let's say it was a $5 papoose, I hit pay.”
2021-07-14 · We Study Billionaires · BTC034: Bitcoin as Legal Tender & Near-Zero Exchange Fees w/ Jack Mallers (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Strike and then just like pitched it to his country, which is great, but it's the concept that you can gain benefit from an open monetary network that's cheaper, faster, better, baseline, inclusive, gives you the free market competition and optionality that every consumer would dream of and enables a society of choice. You choose how private you want to be, choose the color of the app, choose what fee structure you want. You have unlimited optionality, right? You aren't exposed to the volatility of the asset. You aren't exposed to realizing any capital gains. You aren't exposed to having a custody, it having to be technically savvy enough, having to sacrifice on potential upside of your savings by having to spend it on coffee. So you get all the benefits of the best monetary network in human history while retaining the benefits of the asset or not having to be exposed to some of the downsides of using it in payments. And hopefully that made sense.”
2021-07-14 · We Study Billionaires · BTC034: Bitcoin as Legal Tender & Near-Zero Exchange Fees w/ Jack Mallers (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Reasons where that'll just use my visa card. So the insight that we had at strike was what if we removed Bitcoin the asset from the basic level experience? What if I made your chase checking account or your visa debit card or any form of cash collateral interoperable with this monetary network? So you get the benefits of global instant cash finality that's cheaper, faster. There's no concept of MDR. There's no concept of interchange as an acquirer. Oh, and it's open. So our app would get better every single day, whether I wrote a line of code or not, because the network is constantly improving at an exponential rate. What if I was able to achieve that? That would be one of the more fascinating financial experiences and ultimately over a long period of time, the best financial experience ever. And so that's what strike is and what the president of El Salvador did and more or less words is understanding.”
2021-07-14 · We Study Billionaires · BTC034: Bitcoin as Legal Tender & Near-Zero Exchange Fees w/ Jack Mallers (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT