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

“Downsides and the risks of the asset. Can I literally not capital B lowercase B divide them, but quite literally technologically divide them? Because growing up working on Bitcoin and being really intimately familiar, I'm 27 now. I've been in Bitcoin for almost a decade. And a lot of the problems in the past of using Bitcoin and payments is people trying to access this monetary network and make use and benefit of the monetary network, but having to deal with the asset. First and foremost, no one's incentivized to spend Bitcoin. Why? Because if you hold it, you grow in purchasing power. It grows in value against the dollar over a long period of time. Second, in the United States, its tax is property, right? So it's a very onerous tax consequence to spend it and realize gains. Third, it's an accounting nightmare. Four, you have to be technically savvy enough to position yourself to actually use the Monterey Network and gain benefit. It has this laundry list of”
2021-07-14 · We Study Billionaires · BTC034: Bitcoin as Legal Tender & Near-Zero Exchange Fees w/ Jack Mallers (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Financial services and achieve things like settlement and clearance and cash finality. And when you look at it and you look at additive properties like the Lightning Network and layers on top, it's actually the most impressive monetary network in human history. And it's not particularly close. It's a monetary network that's cheaper. It's faster. It's global. It's the most inclusive monetary network of all time. It works for all 8 billion people inherently, assuming a low latency internet connection. Oh, and by the way, it's open, so you cannot compete with it ever. You can't gatekeep it. There's no central party that can control. And that is the most impressive monetary network of all time. And so one of the things, what strike was at the time when I first created the MVP, the very minimal product was, hey, can we use the network without succumbing to some of the”
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 think it's really important to conceptually understand one of the mental models I deploy at Strike and one of the core thesis of the business is that there needs to be a divide of Bitcoin between the asset and the network. And literally there is capital B, lower B. Conceptually, it's really important to understand, right? Bitcoin, the asset, you have this 21 million hard cap, you have this known issuance, you have this monetary policy that's praised, rightfully so. Bitcoin, the network, though, actually, achieves a tremendous amount, arguably even more, although it's not competition, but it's just as fascinating. And so what I want everyone to do that's listening is actually do away with the price of Bitcoin, do away with the fixed supply, do away with the block times of 10 minutes, what if they're 20 minutes, what if they're five minutes? Let's just like ignore that for a second and just focus on the monetary network that enables the money to perform.”
2021-07-14 · We Study Billionaires · BTC034: Bitcoin as Legal Tender & Near-Zero Exchange Fees w/ Jack Mallers (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Paying back debts or being rich. And anyway, I think they're just getting started, and they were very intentional too on projecting this to the entire world. They saw themselves as the brave first step and almost took on the responsibility as an onus. Like, we have to do this because the US can't and the EU can't. And we are uniquely positioned to be the brave first warrior.”
2021-07-14 · We Study Billionaires · BTC034: Bitcoin as Legal Tender & Near-Zero Exchange Fees w/ Jack Mallers (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Was like, sorry, not to cut you off, but I just want to harp on this. I want to give the government body credit where credits do. Because I rarely now have the time or I'm allowed to speak openly about this stuff. So I'm very excited to be here. I hopefully I don't rant too long. But I would sit down and I'd be like, wow, this is so cool. You know, we're talking about Bitcoin or the government. I wonder where this goes. And they would sit down and be like, aren't you so disenthed and unimpressed with the lack of art and creativity in the world today? And have you noticed that artistry is trending down? And I was like, when I first sat down, I was like, where am I? I'm El Salvador talking about crazy concepts. But it was a long-winded way of saying if we can fix the money and bring relative stability to human life and reinsure a high quality of life, we can retroject artistry, creativity, reinstill human freedoms and build a society where people are comfortable being themselves and life is about pursuing passions and not about.”
2021-07-14 · We Study Billionaires · BTC034: Bitcoin as Legal Tender & Near-Zero Exchange Fees w/ Jack Mallers (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Pure free market society. And they're very vocal about that. And so it starts somewhere, which is here where we are today.”
2021-07-14 · We Study Billionaires · BTC034: Bitcoin as Legal Tender & Near-Zero Exchange Fees w/ Jack Mallers (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Even in the United States, by the time you're 18, you have six figures of debt to get an education and a degree in something that you're relatively unclear you even want. Now, by the time you graduate, you optimize your life around paying that back. Virtually all of my friends hate their life, right? The kids I went to high school with, they hate their job. Why don't you do something you like? Well, how am I supposed to pay back $200,000 to Syracuse or whatever? And then by the time you pay that back and you're like $4,500, $50, $55, $60, you subscribe to more debt in the form of a mortgage, in the form of a car note, in the form of health insurance. So you're constantly in debt. You're constantly optimizing your life around paying debt back, and you're never allowed to pursue your passion. Your life is constantly optimized around paying back your debtor instead of finding love, pursuing interest, right? And so they talked about if you can fix the money, you can fix the world. There's merit to that quote in that meme. And it would fix the monetary expansion of central banks. It would fix the financial inclusion problem. And then over the long term, in theory, enable a truly”
2021-07-14 · We Study Billionaires · BTC034: Bitcoin as Legal Tender & Near-Zero Exchange Fees w/ Jack Mallers (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Was the high level insight, and also why it was Bitcoin only, by the way. And we can get into why altcoins like this is a great example of why altcoins don't make any sense. They never have, but now we have a real time example of that. But that was, from the highest level of the conversations is how to solve the spillover effect of monetary expansion from central banks and how to build basic financial inclusion for a country that's relatively unbanked. And that in turn instills basic human freedoms. That in turn should in theory over a long enough time frame solve their immigration problem, solve the violence problem, improve the security of the country, improve the stability of the country, improve the quality of life. And then the last point I'll make is the government actually, they're more free market fans than they are Bitcoin. They obviously are Bitcoiners, but their ultimate goal was designing a pure society. And they were very vocal about this concept 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
“ACH network or the Visa network, you know what's crazy? Not as many as that's working on the Bitcoin network now. The network affects economies of scale that come with when you plug into the Bitcoin network, all the MIT professors that are working on cryptography now work for your country. All the developers in London working on a Bitcoin core now work for your country. The network effects that come inherent in an open system where they can just plug in allow open interoperability within their whole country remain interoperable with all of these innovative services, all of these ambitious entrepreneurs, all of these established universities, and subscribe to a monetary policy that their reserves can be reliant on that won't change where the issuance is known, the supply is fixed. And all of a sudden, you've kind of solved two of humanity's longest aided problems, but then specifically the highest priority problems of almost every country in the world right now.”
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 have a basic human freedom problem in the country. Citizens are born, and by the time they get old enough to strive for a high quality of life and have the ambition to live a high quality of life, they join a gang or they leave the country. It's a terrible place to live. And how do I fix that? What's my solution there? Ask the Federal Reserve to stop printing money or give us some of the stimulus. Not really plausible or reasonable or achievable. And then how do I develop financial inclusion in the country? What we discussed for a long time, the government body and I is, you know, El Salvador is also, and they know this, a very under-resourced country compared to the United States, right? So we talked about is what if you can plug into an open monetary network, a network where there is no gatekeeper, and a network that comes with inherent network effects and economies of scale that are unprecedented. Do you know how many people are working on the”
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 all the money printing is really doing an extreme disservice to his country. And so how do you solve for that? Well, subscribing to a monetary policy that has a fixed supply, a known issuance, and defended by a distributed network and can't be co-opted by any central bank or central government. And the other problem that he has is financial inclusion and that the banking system in El Salvador is tremendously broken. There actually isn't an established standard like the automated clearinghouse like ACH to send money from one bank to another. So they physically walk cash between banks. And 70% of the country doesn't have a bank account anyways. And so in my opinion, having access to basic financial services is a sound basic human freedom. And so the president was very vocal about, well, we have tremendous amount of unnecessary exposure to central banks, especially in this macro environment.”
2021-07-14 · We Study Billionaires · BTC034: Bitcoin as Legal Tender & Near-Zero Exchange Fees w/ Jack Mallers (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Well, to be clear, I'm under the impression that they're using both, which I think is the most powerful statement that Bitcoin can't author itself because it's not an established entity, but that has been co-authored and that has been used, Bitcoin has been used by. And so what I mean by that is that one, you have two problems if you're El Salvador, but also if you're like the entire world, every country is that the unintended spillover, and I use unintended with air quotes, the monetary expansion of central banks causes significant issues to every country, right? It has this inflation problem. How many stimulus checks my high school friends are out buying vacations to Hawaii and expensive Manhattan's at the bar with their $1,200 stimulus checks? How many stimulus checks do you think landed in El Salvador? Zero. And the president was very vocal about that, is that monetary”
2021-07-14 · We Study Billionaires · BTC034: Bitcoin as Legal Tender & Near-Zero Exchange Fees w/ Jack Mallers (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“As just a premium experience, and by ways of that, I got contacted by the president who saw strike as a glimmer of hope almost in the country. And that president then kind of outlined to me, and to be clear, I have no commercial relationship. It's purely an advisor and just spoke my mind. There's no material benefit.”
2021-07-14 · We Study Billionaires · BTC034: Bitcoin as Legal Tender & Near-Zero Exchange Fees w/ Jack Mallers (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Literally improve the GDP of a country and really reinstill basic human freedom and bring a tremendous amount of financial inclusivity to a country that has 70% of its citizens that don't have a bank account. And it was a pilot for us as a company, but it was really just like a mission for me as a human being. And so I went there just to launch an MVP, launch a pilot. We were hoping to get a couple hundred users and learn from the data gathered and try and get a better understanding of, hey, this idea that I have carry any legs. And then through being there, we started, we got a couple users a day. It was 10 users a day, 100 users a day, a thousand users a day, 20,000 users a day. And the thing took on a life of its own. And it really validated a lot of the assumptions that the unbanked have a terrible financial experience and really are preyed upon by the existing financial system. And they saw this.”
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 failed to establish that own nascent state currency, so they operate on the US dollar. They have a tremendous immigration problem, and it actually stems from the lack of financial stability and opportunity in the country. And you either, for more or less, I don't want to oversimplify, but it's pretty close. You either result to violence and join a gang, or you immigrate to the United States and remit money home. And so yes, we want to launch in Europe. Yes, we want to launch in all these countries, but I figured it was a really great place to start because on top of all of that, there was this Bitcoin beach project, which had really cultivated a culture of caring about financial inclusion and solving it with this world's first open monetary network. And so I figured, hey, if we can launch our product there, reinvent cross-border payments, remove the variable cost that really prices out small remittance and fix this from the ground up, we can 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
“My name is Jack, and I'm the founder and CEO of a company called Strike. And what we do from a very high level is we aim to provide the best experience on top of the world's first open monetary network, which is Bitcoin. And we can delve into why I think that that's going to grow into the biggest company in the world and why I'm very passionate about what we're doing. To make a tremendously long story short, we launched a product in the United States, saw a great amount of success. And one of the early ambitions when I first started the company was attempting to reinvent cross-border payments. I think they're tremendously inefficient. And I think they really showcased the inefficiencies in the legacy financial system and what a tremendous amount of intermediaries, cost of capital, balance sheet flow, all of these things can do to a financial experience and end up harming an entire country like El Salvador. So El Salvador, over 20% of the country's GDP is in remittance.”
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, that was fun. Your name's Liz. To her credit, and I don't know if I'm going to get in trouble for saying this, but I've done a few of those now and they send you questions beforehand. And we get on a few minutes before to do the prep and make sure my lighting. And I'm an absolute wild card. I'm willing to admit that. And so they usually have me come on early to make sure I'm not like in a join and a speedo or something. And I've got my hoodie. You sure you want to wear that? Yeah, I'm actually way more than sure I'm going to wear this. We review the questions and she goes, hey, just a heads up. They actually don't want me to ask any of this. They really want me to press you on the IMF and the World Bank. And I told her, I said, okay, just be careful what you wish for. And she said, okay, I don't know what that means, but we're going live. And then we went live. And that is what happened. And so I know afterwards she actually enjoyed the response as well. She's a very sweet lady. So no harm, no foul.”
2021-07-14 · We Study Billionaires · BTC034: Bitcoin as Legal Tender & Near-Zero Exchange Fees w/ Jack Mallers (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT