YouSaid · the spoken record

Jason Williams

lines on the record: 85
first: 2021-06-30
most recent: 2021-06-30
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

“That's why I'm like, you know what? Get in the game, buy Bitcoin. It's the single best advice I can give you right now. Because buying Bitcoin is an investment in yourself. Like when you buy Bitcoin and you're a Bitcoiner in front of me, I know you have your crap together. Like I really start to think about you differently. Like I really don't have time for people who don't own Bitcoin. This point, like, I don't want to talk about anything else. So if you don't own Bitcoin or are interested in it, you're not going to be interested in me. And why would you talk to me? Because I look insane with my PID vipers and my natty light and all the rest of it, right?”
2021-06-30 · We Study Billionaires · BTC032: Bitcoin Mining & Entrepreneurship w/ Jason Williams (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Everything though is converging now. You're going to have these discussions this year on DeFi, CFI, Stablecoins, Central Bank digital currencies, Bitcoin, is it a currency? Is it property? Because of the pressure that El Salvador is putting on the world now? What if I go to El Salvador? Am I selling them property or am I using money? It's money there, right? So why isn't it money here? I'm confused.”
2021-06-30 · We Study Billionaires · BTC032: Bitcoin Mining & Entrepreneurship w/ Jason Williams (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“My concern is it's so nuanced, so complicated that it gets lumped into like Bitcoin. That's what kind of sucks. And I try to stay kind of neutral in my political perspectives when we do these interviews. But listening to Elizabeth Warren talk about like energy FUD, it scares me if then she turns her focus on CFI, DeFi Bitcoin. Her lack of understanding about the moralizing power thing that's going on right now, it's scary if you get in this complicated hot potato game of DeFi and the tax ramifications. The easiest thing to do is shut it down. Like, shut it down. Just say, look, this is an untracked, dark, cool of tax avoidance and money laundering.”
2021-06-30 · We Study Billionaires · BTC032: Bitcoin Mining & Entrepreneurship w/ Jason Williams (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I just think there's AML KYC issues everywhere when it comes to DeFi. You've got taxation black hole Going on. I mean, you've got people taking Ethereum, converting it into a rap BTC product, putting it on curve, putting it in rens. So now you've got a WBTC wrapped curve wren in a stake mechanism making 150% APY. You know, it's like, then you have to unwind it. There are all these fees associated with it getting back to ETH. No AML KYC. I mean, how are you allowing that to exist?”
2021-06-30 · We Study Billionaires · BTC032: Bitcoin Mining & Entrepreneurship w/ Jason Williams (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And then we didn't talk about DeFi, which is different than CFI. There's huge regulatory issues coming up for DeFi. I think Mike Novogratz made a comment today about it, and I've been concerned about it ever since. It's why Pomp and I avoided the ICOs.”
2021-06-30 · We Study Billionaires · BTC032: Bitcoin Mining & Entrepreneurship w/ Jason Williams (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“An investor in Avanti, too. I can geek out and smile because I'm a huge, huge fan. I agree with you 100%. It's a totally different iteration of what BlockFi and Celsius. Like this is a bank that's not going to rehypothecate. Like she's saying that that's the danger. That's an exploit.”
2021-06-30 · We Study Billionaires · BTC032: Bitcoin Mining & Entrepreneurship w/ Jason Williams (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“At any moment, I can pull it back. I really want your listeners to think about a fiat mining strategy where you take that three months or six months of like emergency money. You lose your job. This is what and put it in a stable coin mechanism and allow it to compound in Bitcoin. Very powerful opportunity.”
2021-06-30 · We Study Billionaires · BTC032: Bitcoin Mining & Entrepreneurship w/ Jason Williams (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I would love though to get some percentage of my Bitcoin back. That would be interesting. I just don't know how to do it. And I'm looking for some company to provide me some type of insurance policy that I can pay with the application of my Bitcoin into these environments. If I go into CFI, I want some type of insurance. I don't know why it doesn't exist and why Blockfi, Celsius, they don't offer it. I think Celsius may be working on something like that, but it's not something that is like a leading edge of their marketing campaign. That's what I would do. If I was the CEO of one of these companies, I would be offering an insurance program that's better than the next guys every day.”
2021-06-30 · We Study Billionaires · BTC032: Bitcoin Mining & Entrepreneurship w/ Jason Williams (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Think you're on to something because those are the conversations that I've had internally, not with BlockFi, but with like my group of friends and people who I check things out with. And my concern is the upward volatility of Bitcoin as well. I've invested in unsuccessfully to date in a number of companies that are trying to provide insurance. What I want is a one-to-one Bitcoin insurance program so that in the event of a loss, not of my doing, but if I had my Bitcoin and a CFI product, I put 10 Bitcoin there and they screwed the pooch on it. I had an insurance product that gave me 10 Bitcoin back. I would pay, even if it was five Bitcoin, like you know what I'm saying? Like I don't want to necessarily be paid some fiat because I'm concerned about that.”
2021-06-30 · We Study Billionaires · BTC032: Bitcoin Mining & Entrepreneurship w/ Jason Williams (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Kind of situation where they own a key, you own a key, and then a third party. And I don't know who the trusted third party is that has a key, but that's a little interesting as well that can work. I think sovereign has developed a mechanism. But I'd love to hear your thoughts as well on this. I'm someone who tolerates extraordinary risk. Like that, that's where I get the rewards. And knock on wood, I've been lucky that it turned out okay for me. It could have turned out terribly.”
2021-06-30 · We Study Billionaires · BTC032: Bitcoin Mining & Entrepreneurship w/ Jason Williams (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Keep three months, six months of cash reserves, blah blah blah. I took it all. So I was like 99% digital currencies. And then I had my Bitcoin asset shoved in a significant amount of it in a strategy to earn interest as well. Not popular, right? I don't own my private keys. So from a Bitcoin maximalist situation, a Bitcoin risk assessment people just thought I had lost my mind. It's not popular. I didn't have any loss of my principal. Block, if I did an excellent job of protecting that asset. It was always available to me. And it paid a lot of yield. Is turning over your private keys to CFI the right mechanism? Probably not. It probably isn't the right way to go. And I think Unchain capital, they've developed a multi-sig.”
2021-06-30 · We Study Billionaires · BTC032: Bitcoin Mining & Entrepreneurship w/ Jason Williams (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Something like that, that's material. So in my mind, I'm like, okay, data point, I can fiat mine Bitcoin with cash. I don't have to buy mining equipment. I don't have to buy two and a half million dollars worth of mining equipment. I can buy this interest. There's some risk. You've got how is BlockFi paying me 8.6%? They have a whole world of mechanisms and rehypothecation strategies and lending mechanisms. They've done a pretty good job of that and I'm an investor through Morgan Creek Digital in that company. I took it to another level. I said, look, compounding is like one of the most powerful forces in the universe. Let's drive some yield on Bitcoin as well. So I had a stack of Bitcoin in there getting 6%, paying me in Bitcoin. So I had the cash. I started putting all of my cash and I don't know if”
2021-06-30 · We Study Billionaires · BTC032: Bitcoin Mining & Entrepreneurship w/ Jason Williams (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Mechanism to drive yield on it. Like, really, it's just a you buy the asset and you hold it. You get it off an exchange, you put it in cold storage, and that's that. BlockFi comes around and they have at the beginning, like they're paying 6% APY on Bitcoin, 8.6% on stablecoins, yada, yada, yada. And there's a number of companies out there, Voyager, Celsius, et cetera. So I'm not pumping. But I immediately said, look, let's test how stable this is. So I took two and a half million dollars cash, turned it into GUSD, which is Gemini USD. It's a stable coin that the Winkle Voss twins produced out of Gemini. And it was domiciled at BlockFine. They paid me 8.6% APY in Bitcoin. So it generated $215,000 of Bitcoin a year.”
2021-06-30 · We Study Billionaires · BTC032: Bitcoin Mining & Entrepreneurship w/ Jason Williams (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“This is my opinion, and this is what I was doing for me. I want to be known as someone who was pioneering in trying to create yield on his Bitcoin and digital currencies. And when I say digital currencies, I'm talking about stable coins at first because I'm retired. And even though I'm building companies, I was building PRTI since 2014 after I left FastMed. I don't get a salary, right? I had an exit and I still have young kids and a wife who goes to the tennis courts and all the rest of the stuff. Like I still like watches and cars. So I want to continue to create more wealth, not tap into my principal and have a certain lifestyle. I got out of the stock market. I'm managing my own family trust and I'm looking at the fact that I have an increasing position in Bitcoin, but there's no”
2021-06-30 · We Study Billionaires · BTC032: Bitcoin Mining & Entrepreneurship w/ Jason Williams (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“That's the discussions I want to have with people. Like, what are the strategies in the future so that I don't have to sell my Bitcoin, but I can somehow monetize it, borrow against it safely, like really deal with multi-sig, like, is there a trusted third party that's an intermediary in this? But I still hold my keys. Those are the kind of discussions that we're going to have in the future because we're talking about owning New York real estate.”
2021-06-30 · We Study Billionaires · BTC032: Bitcoin Mining & Entrepreneurship w/ Jason Williams (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Best way to learn about Bitcoin is to buy Bitcoin. The best way to learn about Bitcoin is to custody Bitcoin, deal with an exchange, connect your bank account to an exchange, move some SATS from an exchange to some cold storage device. Think about how to protect your seed, right? That's how you learn. It's really through doing. This is a little scary right now. And I know if you bought Bitcoin at the top at 60 some odd thousand, 64,000. I just want you to know I did the same thing. I did the exact same thing. I bought the top of Bitcoin every time there's a top. And I do it with intention. So I'm right there with you. I don't ever want to be like a guy that like, oh, he's saying this, but doing that. I bought the top. I bought every top of Bitcoin. I'm not worried about it. Just hold this asset. Never sell it. The thing we are all thinking about is like, how do we live off of Bitcoin without ever selling our Bitcoin?”
2021-06-30 · We Study Billionaires · BTC032: Bitcoin Mining & Entrepreneurship w/ Jason Williams (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Is where I break from a lot of fundamental principles and get into some moral hazard where people will block me or think that I'm being irresponsible. I don't think you have to have a total comprehensive understanding of Bitcoin before you participate because it's really difficult. I'm saying buy a little bit of Bitcoin and learn along the way. Build this airplane while you're flying it. Because I've been around since like I first heard of Bitcoin in 2012. I really started learning and studying 2015. I still don't know at all. Like I'm learning every day. If I waited to buy Bitcoin until I understood it in totality, I'd never own it. Like I'd never own it.”
2021-06-30 · We Study Billionaires · BTC032: Bitcoin Mining & Entrepreneurship w/ Jason Williams (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Own some of this and owning some of it is critical. Like I just can't emphasize that enough. And like I could spend another hour talking about self-help and how to be motivated and going after life and all the rest of it just like you can. But I don't want to miss this point by Bitcoin, own Bitcoin, learn how to self-custody Bitcoin.”
2021-06-30 · We Study Billionaires · BTC032: Bitcoin Mining & Entrepreneurship w/ Jason Williams (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“We're at an amazing moment when I was in college, the internet was born. The internet was there. And I had no resources, but I realized it would be a big thing. So like you and I are sitting here, we're talking about something that I would expect, Preston, it's overwhelmed your life. Like it's everything to you. Like you're not thinking about, I need to go buy a mall. That's not like something that you're out like hunting for the next piece of real estate. Like I just can't imagine you're doing that. single best advice right now beyond believing in yourself and all those cliche things like it's really buy bitcoin this is an amazing moment right now and you're not priced out it seems expensive right now and soon like people will be i mean 35 000 bitcoin is probably an enormous hurdle for people bitcoin's divided into a hundred million satoshis you can”
2021-06-30 · We Study Billionaires · BTC032: Bitcoin Mining & Entrepreneurship w/ Jason Williams (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Puts weak sauce on his salad, which is something that you may not see, but they produce it at bar stool specifically for Dave. So that's what he uses. And they actually pour it for him because he drops it a lot.”
2021-06-30 · We Study Billionaires · BTC032: Bitcoin Mining & Entrepreneurship w/ Jason Williams (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“It's done by intention. I just said those are the most ridiculous Randy Macho Man glasses ever. Like I want to get a pair. And so I do think sometimes just to decompress and like I like to have fun. I would wear them around and they were ridiculous. Like I'd be at the beach, you know. Drinking a naughty light. And I've got these sunglasses on. And people are just cracking up. But no, I will take credit for starting the PID vipers kind of the whole launch. Yeah, man. That's me. I definitely will take that one, Preston. I have pid vipers everywhere. Kids wear them. Everybody rocks the pit vipers.”
2021-06-30 · We Study Billionaires · BTC032: Bitcoin Mining & Entrepreneurship w/ Jason Williams (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, so I was not an investor, but I will say this to you, that I stumbled upon the website, which was like a 1980-esque video game kind of website.”
2021-06-30 · We Study Billionaires · BTC032: Bitcoin Mining & Entrepreneurship w/ Jason Williams (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And I just painted the picture for one megawatt, these mines that we're talking about. 500 megawatts Thousand megawatts, 3,000 megawatt mine. So take everything I said and just multiply it. It's simple math. This is a heartbreaking scenario for people who were like this was their escape from poverty. This was their holy grail moment and it's been taken from them because of a government's initiatives and intentions.”
2021-06-30 · We Study Billionaires · BTC032: Bitcoin Mining & Entrepreneurship w/ Jason Williams (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Paying somewhere between 80,000 and $100,000 a month in a power bill. So just again, just to do a megawatt, megawatt and a half of mining, you know, your megawatt, you'll be able to maybe stand up 200, 250 of those S19s because they take about 3,000 give or take watts to the wall. 200, 250 times $8,000. So there's your capital expense the machines, right? And the power supplies. Now you need some kind of racking system to set them all up, right? So that's going to be more infrastructure. You'd then commit all of that to this environment and then tie it to a mining pool, pay the mining pool 1%. And off you go. Now you're a miner. That's probably oversimplified.”
2021-06-30 · We Study Billionaires · BTC032: Bitcoin Mining & Entrepreneurship w/ Jason Williams (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“If you want to do it at scale, this is an expensive endeavor. And there are a lot of technological hurdles, infrastructure hurdles that you're going to have to overcome to do this, right? So if you want to hook up a few rigs at your house, you can do that. You have to get an electrician and you have to buy them from Amazon and you can do that. It'll cost you if you buy some S19s. They're about $8,000 each. So it's expensive. You'll make change every day. You know, you'll get dusted Bitcoin, right? But at scale, this is a big endeavor, right? And just to frame this, buying megawatts of power, if you went to a data center and you said, I want one and a half megawatts of power, they may charge you here in North America anywhere from six to 15 cents a kilowatt for that. So you're talking about”
2021-06-30 · We Study Billionaires · BTC032: Bitcoin Mining & Entrepreneurship w/ Jason Williams (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Anti Bitcoiners talk about the fact that you can't move money over the Bitcoin network, blah, blah, blah, blah, blah, blah, blah. But this is the beginning. And I think Bitcoin is the end as well. It's the beginning and the end.”
2021-06-30 · We Study Billionaires · BTC032: Bitcoin Mining & Entrepreneurship w/ Jason Williams (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I'm waiting for Walmart to say that they bought some Bitcoin and Jack drops that El Salvador has made Bitcoin legal tender and they're using it over You know, Zap and strike over the lightning network. It's amazing. And if anyone's ever used the Lightning Network, like if you run your own node and ever use, like I have, I have a node and I use the Zap wallet, but it is instant transfer. There's no 10 minute block time or 45 minute delay or anything. Instant transfer. It's pretty amazing. It's really fascinating. So I always bring that up because”
2021-06-30 · We Study Billionaires · BTC032: Bitcoin Mining & Entrepreneurship w/ Jason Williams (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And no fee. You can hold Bitcoin if you want at the end of that transaction, or you can just get your currency of choice. But that is absolutely fascinating, amazing. And it's so disruptive. It's so disruptive in so many ways that I understand his passion. I understand why everyone is so excited. And I'm so excited for him. And I'm so excited for the application. Like this test case of a nation state is crazy. Like, think about this. It doesn't make any sense.”
2021-06-30 · We Study Billionaires · BTC032: Bitcoin Mining & Entrepreneurship w/ Jason Williams (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Someone can be agnostic to cryptocurrency. Like, there's no onboard. Like, you don't have to buy Bitcoin, understand Bitcoin or some other kind of denominated cryptocurrencies. None of that. You can use your dollars and send them anywhere in the world, and that person can receive whatever denomination of currency they want without the tax implications of buying and selling Bitcoin. It's looked at as a commodity or property here. So there's different tax laws, not looked at as a currency. You're not dealing with any of the volatility. There's no slippage associated with that transaction. And that company's resolved all of those issues, right? You can hold Bitcoin.”
2021-06-30 · We Study Billionaires · BTC032: Bitcoin Mining & Entrepreneurship w/ Jason Williams (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Such a great point. I think a really extraordinary example of what you're talking about in regards to cross-border remittance is Nigeria, what's going on there. As I understand it, billions of dollars go across traditional cross-border remittance rails historically. And what I think Nigeria saw was that fall off a cliff because people were using Bitcoin to do that. And then they, I think they made it or tried to make it illegal to use. And it's continued to persist. And I think it's not something that U.S. citizens are really dealing with, but it's a huge situation in second and third world applications. And I'm an investor in Lightning, Strike, Zap, Jack Mauler's stuff. I just want to preface this. The stuff he's doing is so mind-blowing and amazing. It's incredible. Like, think about what you said.”
2021-06-30 · We Study Billionaires · BTC032: Bitcoin Mining & Entrepreneurship w/ Jason Williams (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I think you've seen some of the kind of Central American countries and even some South American countries start to talk about it. I think Mexico is on the table as well. This is big. And again, I don't know if having a discussion here in the United States about Bitcoin being legal tender is the right one. I've got some views on that. I think we need to continue to clarify kind of how we tax it. And I'd love for it to be more accepted in regards to a currency. But the whole legal tender thing here in the United States probably is not the right direction to go right now.”
2021-06-30 · We Study Billionaires · BTC032: Bitcoin Mining & Entrepreneurship w/ Jason Williams (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“It's incredible. And I think the president of El Salvador said something really wonderful. I think it was like maybe 2001 that they adopted the US dollar. El Salvador, and I may be wrong about that. I hope it is correct, 2001. They did it because of banking. And he made the decision to make Bitcoin legal tender for the people. It hits right in the wheelhouse of what you're saying. But again, I can't ignore all of these events happening all at once. That to me is going to produce the kind of coiling event that produces the escape velocity to do this big move. Because people keep asking me like, what's going to change to get to a hundred thousand dollar Bitcoin, Jason, or $200,000 Bitcoin by the end of this year? Well, it's coming out of all this. It's the resolution of the Chinese mining situation. We come out of the fog of war and we're like, hey, we're alive. It's okay. And I think we're off to the races with.”
2021-06-30 · We Study Billionaires · BTC032: Bitcoin Mining & Entrepreneurship w/ Jason Williams (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Try to be very sober and realistic when Pomp and myself and Mark are looking at the market, managing our investments. And I know those guys do too, but I think you have to look at both sides of this thing. I don't want to just be here like, oh, everything's going to be fine. They're banning all mining in China. Oh, it's fine. It's not great.”
2021-06-30 · We Study Billionaires · BTC032: Bitcoin Mining & Entrepreneurship w/ Jason Williams (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Again, more bullish news. I'm not here pumping my bags, but it feels bullish to me. I have concerns. I'm worried about Maxine Waters at the end of this month talking this event and suggesting similar type kind of control mechanisms here in the United States. I don't know how that's going to all go down. We'll see. So I think there's still we're kind of a range bound. And I'm I think that we still have some kind of potential moves down coming off of that meeting. But I still am hugely bullish on a six-figure Bitcoin this year.”
2021-06-30 · We Study Billionaires · BTC032: Bitcoin Mining & Entrepreneurship w/ Jason Williams (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Constantly does this, but this is what's super interesting to me. This is a really important time. You have this El Salvador move to make Bitcoin legal tender. You've got the discussion in major developed nations around central bank digital currencies. And you have China trying to institute their digital currency right now as a premium control mechanism to surveil, extract, control, et cetera. Bitcoin threatens that, right? So obviously you have to take out Bitcoin and put in this thing.”
2021-06-30 · We Study Billionaires · BTC032: Bitcoin Mining & Entrepreneurship w/ Jason Williams (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I mean, you know this world better than I, but it would be naive of me to not think that these miners hadn't short positions on Bitcoin going into this event as well. They denominate their treasury in Bitcoin. So there's huge sell pressure. They probably had short positions on as well, which continues it. You know, I call this kind of a black swan event, right? Because China,”
2021-06-30 · We Study Billionaires · BTC032: Bitcoin Mining & Entrepreneurship w/ Jason Williams (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, so mind blowing to me So massive opportunity for minors who have infrastructure in place right now, have technology, have systems that control OpEx and CapEx. They're going to be huge winners. The price is affected, China FUD. There's more draconian kind of messages coming out, right? That sort of Damocles is still hanging over Bitcoin's head right now, but Bitcoin will survive this. And I think it comes out better like this feels like bullish kind of news to me.”
2021-06-30 · We Study Billionaires · BTC032: Bitcoin Mining & Entrepreneurship w/ Jason Williams (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“900 Bitcoin a day that come out, go get it. There's the cool thing about it, regardless of the Bitcoin network losing China, Bitcoin Network really doesn't care. It's still going to put out its 900 Bitcoin a day, which is a fantastic thing when you think about the programmatic monetary policy of Bitcoin. And I hate using these kind of buzzwords, but it is a fantastic innovation. The supply cap and the difficulty to me are the things that are so”
2021-06-30 · We Study Billionaires · BTC032: Bitcoin Mining & Entrepreneurship w/ Jason Williams (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Kazakhstan, there has to be infrastructure in place for you to set these rigs up. You can't just You can't just take massive amounts of these power hungry miners. There has to be something to plug them in. And that could take 12 months, 18 months, or longer to set up. So if that's not there, then those guys go away, right? So there's going to be a segment of Chinese miners that go away. There's going to be a segment of really smart Chinese miners that have moved to favorable close proximity countries. And there's going to be some that are coming to the United States without a doubt. That's probably the migration. But we're seeing the difficulty drop. Hashing is dropping. So it allows for S9s, which are a prior generation of minor, to be profitable again. So that's when I said, look, if you've got a miner, plug it in right now because you're going to participate in capturing some of the mining reward.”
2021-06-30 · We Study Billionaires · BTC032: Bitcoin Mining & Entrepreneurship w/ Jason Williams (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Doesh kind of lead price or does price lead hash? I don't know. I was having this discussion with a number of people on Clubhouse recently, but all I know is that hash is falling off a cliff because those miners are shutting down. And there was a significant number of miners in China. I believe the difficulty adjustment, it happens about every two weeks, it can only adjust at maximum 25%. So it will only drop 25%. So the max is 25%, but we're coming close to a maximum difficulty adjustment down of 25%. So there's some real pain going on with the displacement of these Chinese miners. They're going to do a few things. They're going to move to friendly neighbors outside of China that allow for this. A lot of people are talking about a migration to Kazakhstan. But remember, if you go into”
2021-06-30 · We Study Billionaires · BTC032: Bitcoin Mining & Entrepreneurship w/ Jason Williams (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“This is sort of like 2017. The guys who are mining off of coal and stuff, there's a bit of a crackdown and a reorg going on, but people are moving to the providences that have hydro. So it's more of a shuffling of the deck inside China. My initial read was that, and I said, you know, the real indicator will be, are there thousands and thousands of used mining rigs coming online for sale? And I hadn't seen that yet. I totally misread it, Preston. Like, this is, I think, a real countrywide ban and they're even shutting down the hydroelectric plant stuff. Here it goes. We've lost significant hashing in the Bitcoin network.”
2021-06-30 · We Study Billionaires · BTC032: Bitcoin Mining & Entrepreneurship w/ Jason Williams (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I was running a number of kind of mental models. So if you'll allow me to be a bit kind of all over the place, because my initial read was wrong, but I have lots of contacts in China where we source our equipment. So I was reaching out to them and saying, you know, what's the story? Like, is this real? Like, is this China band real? And the initial stuff I was getting was.”
2021-06-30 · We Study Billionaires · BTC032: Bitcoin Mining & Entrepreneurship w/ Jason Williams (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And so I think they just went breakfast together. And then that relationship evolved and Pomps like, you got to meet Mark. And then I roll up big beard, reflective vest, like Mark's like, who is this maniac”
2021-06-30 · We Study Billionaires · BTC032: Bitcoin Mining & Entrepreneurship w/ Jason Williams (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I've been continuously mining nonstop through COVID, everything. We just haven't stopped. So the cool thing that happened once we got through the application of the mine, getting it to scale, proving that we can understand control and navigate this kind of complex regulatory environment that continues today, that's when we were like, let's raise some money. Let's put a $25 million fund together and just focus it all on blockchain technologies and cryptocurrency. And that's what Mark Yusko contacted Pomp. Mark's in Chapel Hill. Like it was just like crazy. And I really just came out of Twitter. Like I think. Mark was like following Pomp and Pomp was following Mark and Mark the story goes was like reading Pomp's tweets and being like hey that's pretty smart that's something I would say”
2021-06-30 · We Study Billionaires · BTC032: Bitcoin Mining & Entrepreneurship w/ Jason Williams (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And so it's different. It's just different levels, right? And then you have polyniax and you've got the birth of Gemini and like we're there for everything.”
2021-06-30 · We Study Billionaires · BTC032: Bitcoin Mining & Entrepreneurship w/ Jason Williams (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“He's like unbelievable savage. Like he just In and never comes back. And I'm chasing him as fast as I can. So the two of us are just going absolute crazy. And I have a little bit of money and I've got this crazy science experiment that we can plug all this stuff in. When people are doing things in a crate, Preston, I'm doing things on acres.”
2021-06-30 · We Study Billionaires · BTC032: Bitcoin Mining & Entrepreneurship w/ Jason Williams (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Right. So, just like we trade the solid fuels and liquid fuels, we do the same thing with our crypto. That was like the whole adventure, right? So Pomp and I returned from Charlotte. We get the McDonald's, turn it into a coin laundry mat. And then we start building this cryptocurrency mine and learn about custody and taxation and what's Ethereum and what's proof of work mining and what's Bitcoin and Satoshi's white paper and oh my goodness this Bitcoin thing has this programmatic monetary policy and oh it's got a supply cap of 21 you know we go through the whole thing and him and I are just like going crazy in pumps capacity for work is like off the”
2021-06-30 · We Study Billionaires · BTC032: Bitcoin Mining & Entrepreneurship w/ Jason Williams (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“After I made the CapEx investment right now, just to give you a sense, I think we mine Ethereum still. It cost me about $285 And so let's call 1 tenth the cost. I'm not going to tell people the Bitcoin one, but I'll tell you the Ethereum.”
2021-06-30 · We Study Billionaires · BTC032: Bitcoin Mining & Entrepreneurship w/ Jason Williams (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, so I could have been paid three cents a kilowatt hour, but they're paying me a certain amount of money per pound for the tires as a waste stream on the front end of the business. And that is material. It's a waste management business on the front end. They're paying me for the fuel. I have some op-ex in the middle, but the waste stream of the demanufacturing process are all of these rich fuels. So when I started mining, so pump myself, JP Barrack, we all built the first mine and you see it, there was an article that was in Decrypt, I think, and it was like OG Bitcoiners show their initial mines. It shows Pomp and I's first mine at PRTI there. We were mining like Ethereum at like 40 bucks, 45 bucks, that that was the price of it. And it was nearly free for me to mine it.”
2021-06-30 · We Study Billionaires · BTC032: Bitcoin Mining & Entrepreneurship w/ Jason Williams (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I'm trying to drive the best economics I possibly can on this business as the startup. So Palm's like, well, why don't you mind cryptocurrency at PRTI?”
2021-06-30 · We Study Billionaires · BTC032: Bitcoin Mining & Entrepreneurship w/ Jason Williams (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT