YouSaid · the spoken record

Jesse Powell

lines on the record
19
first
2024-05-23
most recent
2024-05-23
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

  1. “Institutions had their own wave of skepticism at first, and then they realized this is actually over the last decade the best performing asset in the world. And once you realize that in your financial institution in the business of providing your clients assets that they can invest their money in, then you've come to the realization that you need to do something.”

    2024-05-23 · Masters in Business · Evolving Money: In Money We Trust (Sponsored Content) · IDENTIFIED FROM THE TRANSCRIPT · source

  2. “So, yes, you can do that right now if you and the person are on the same app. But let's say that your hairdresser would be on Cash App, then what do you do? Two apps in the US that you would frequently use for payments that cannot interoperate with one another.”

    2024-05-23 · Masters in Business · Evolving Money: In Money We Trust (Sponsored Content) · IDENTIFIED FROM THE TRANSCRIPT · source

  3. “So here comes lightning, which is layer two payments protocol on top of Bitcoin that enables real-time dirt cheap payments for Bitcoin, what we're working on at LightSpark is really using Bitcoin and Lightning as a net settlement network that's always on 24-7, always available, sort of open money grid. We're just starting. We're just at the start of that utility phase that I think will take Bitcoin to all different places in the next decade, but we're just at the beginning of that.”

    2024-05-23 · Masters in Business · Evolving Money: In Money We Trust (Sponsored Content) · IDENTIFIED FROM THE TRANSCRIPT · source

  4. “What stood in the way of Bitcoin being used as a peer to peer payment system, as described in the original Satoshi White Paper, has really been the underlying technology. It takes 10 minutes of block time for a block to be confirmed and added to the chain. So 10 minutes for a transaction to happen, which if you're standing in line for something, not the most pleasant experience.”

    2024-05-23 · Masters in Business · Evolving Money: In Money We Trust (Sponsored Content) · IDENTIFIED FROM THE TRANSCRIPT · source

  5. “Looking at this as the polar opposite of centralized payments company was really interesting because like everyone around me thought I was crazy to think that this thing was actually going to become something really huge.”

    2024-05-23 · Masters in Business · Evolving Money: In Money We Trust (Sponsored Content) · IDENTIFIED FROM THE TRANSCRIPT · source

  6. “The government of Argentina asked all banks and payment systems to impose currency controls and restrict movement of value from Argentina to other countries. And the same day this happened, the price of Bitcoin rose and you could see the demand from Argentinians really flowing into buying Bitcoin. In the markets, in the streets of Buenos Aires and across the country, people were showing up with Argentina Peso and they were basically buying Bitcoin to move value in a safer store of value and abroad. And the fact that it was so grassroots so early in countries that really needed an alternative, an escape valve to the system was a really important moment for me.”

    2024-05-23 · Masters in Business · Evolving Money: In Money We Trust (Sponsored Content) · IDENTIFIED FROM THE TRANSCRIPT · source

  7. “The first one was the first transaction from an unhosted wallet to another unhosted wallet. So basically really truly no intermediary to move digital value online from point A to point B. And so receiving this in one instance with no intermediary was really a naha moment for me, like the actual experience. It's the digital equivalent of giving people cash hand to hand. And so that's a pretty remarkable thing when you think about it.”

    2024-05-23 · Masters in Business · Evolving Money: In Money We Trust (Sponsored Content) · IDENTIFIED FROM THE TRANSCRIPT · source

  8. “So he pushed me to really look into it, saying this is going to change the world. And I went deep into the rabbit hole and never came out.”

    2024-05-23 · Masters in Business · Evolving Money: In Money We Trust (Sponsored Content) · IDENTIFIED FROM THE TRANSCRIPT · source

  9. “Something that has animated and motivated me for now many, many years. And I've been in the payments industry for a while and this thing has still not been fixed.”

    2024-05-23 · Masters in Business · Evolving Money: In Money We Trust (Sponsored Content) · IDENTIFIED FROM THE TRANSCRIPT · source

  10. “Actually, stumbled upon it in late 2009 and then dismissed it because I thought that even by my standards, which says a lot, it was too geeky.”

    2024-05-23 · Masters in Business · Evolving Money: In Money We Trust (Sponsored Content) · IDENTIFIED FROM THE TRANSCRIPT · source

  11. “If I'm sending money to you on the Bitcoin layer one, that transaction will be forever recorded in that blockchain. Every new block is chained to the next block and permanently inscribed in a giant decentralized database”

    2024-05-23 · Masters in Business · Evolving Money: In Money We Trust (Sponsored Content) · IDENTIFIED FROM THE TRANSCRIPT · source

  12. “For them, it's not an expense. For them, it's a revenue because they are charging their customers for the services of moving money in a very inefficient way.”

    2024-05-23 · Masters in Business · Evolving Money: In Money We Trust (Sponsored Content) · IDENTIFIED FROM THE TRANSCRIPT · source

  13. “So, if I do this transfer anytime before cutoff time of international wires, it's over, on a Friday, then you would probably get your money next Tuesday or Wednesday. And I would pay $50. It's insane. I mean, it's like literally moving money. It moved in the 70s and we're in 2024. It's completely, completely absurd.”

    2024-05-23 · Masters in Business · Evolving Money: In Money We Trust (Sponsored Content) · IDENTIFIED FROM THE TRANSCRIPT · source

  14. “Clerk and walk out the door. Would take that paper and actually type the information in their computer terminal, which is probably really old software running it, and then it would move to the transfer department of the said bank and the SWIFT transfer department of the bank. That gets transferred to correspondent banks. Some others literally have okay now I have to retype this in a Swift terminal to communicate and let's assume for a moment that you're banking at a bank in the UK that doesn't have a direct relationship with my bank in the US, then it would have to go through a third party bank or maybe two third party banks before it settles.”

    2024-05-23 · Masters in Business · Evolving Money: In Money We Trust (Sponsored Content) · IDENTIFIED FROM THE TRANSCRIPT · source

  15. “If you're trying to move money from one domestic payment system to another domestic payment system denominated in a different currency in another country, in another time zone, the only way to effectively really move the money from point A to point B is using the correspondent banking system in SWIFT. For most customers, you would have to actually physically walk to a branch because international wires can't be done online, you know, still to this day. And so you would have to fill up a bunch of paperwork. And then the international wire through Swift and Correspondent Banking would be executed a few days later and cost you probably $50.”

    2024-05-23 · Masters in Business · Evolving Money: In Money We Trust (Sponsored Content) · IDENTIFIED FROM THE TRANSCRIPT · source

  16. “Amounts of The problem is that money doesn't travel on the internet natively and there's no standard for money to move natively digitally on the internet globally the way that it should.”

    2024-05-23 · Masters in Business · Evolving Money: In Money We Trust (Sponsored Content) · IDENTIFIED FROM THE TRANSCRIPT · source

  17. “Goldsmiths were these artisans who make things with gold, they have vaults in their shops. And when you take your coins to the goldsmith, they give you essentially a receipt, a note, claim check that says this piece of paper is, you know, good for whatever, 10 gold coins at Hirsch's goldsmith shop. And what happens is people realize, oh, what if I just go to the merchant I want to buy from and say, look, I have this piece of paper that says good for 10 gold coins at Hirsch's shop. I'll just give you this piece of paper. And it works.”

    2024-05-23 · Masters in Business · Evolving Money: In Money We Trust (Sponsored Content) · IDENTIFIED FROM THE TRANSCRIPT · source

  18. “When the monetary system faced all kinds of Core medium of exchange at that time was silver coins. That was the basic thing that people used for money.”

    2024-05-23 · Masters in Business · Evolving Money: In Money We Trust (Sponsored Content) · IDENTIFIED FROM THE TRANSCRIPT · source

  19. “Since you're a subscriber to this Bloomberg podcast, we thought you'd be interested in a new four-episode sponsored podcast called Evolving Money, produced by Coinbase and Bloomberg Media Studios. It explores some of the monetary system's biggest changes over the centuries, and today's companies that are making big bets that cryptocurrency could be money's next evolution. You can subscribe wherever you listen to your favorite podcasts. Here's a recent episode.”

    2024-05-23 · Masters in Business · Evolving Money: In Money We Trust (Sponsored Content) · IDENTIFIED FROM THE TRANSCRIPT · source