YouSaid · the spoken record

Michael Saylor

lines on the record: 260
first: 2022-04-14
most recent: 2022-04-14
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

“If I dropped you 500,000 years ago and I said figure out steel refining or figure out silicon chips fab reproduction or whatever it is. And so now we're here, and I guess the way you repay them is you fix everything in front of your face you can. And that means To someone like Elon, it means get us off the planet, right? To someone like me, it's like, I think, you know, fix the energy and the system.”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“There's something beautiful about making the world a better place for people that you love, your friends, your family, or yourself. You think about the entire arc of human existence and you roll the clock back 500,000 years and you think about every struggle of everyone that came before us and everything they had to overcome in order to put you here right now. You kind of. You got to admire that, right? You got to respect that.”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“To engineer is divine. Can make lots of arguments as why we're here. We're here to entertain ourselves or we're here to create something that's beautiful or something that's functional. I think if you're an engineer, you entertain yourself by creating something that's both beautiful and functional. So I think all three of those things, it's entertaining, but it's ethical. You got to admire the first person that built a bridge crossing a chasm or the first person to work out the problem of how to get running water to a village The first person to figure out how to dam up a river. Master to agriculture, or the guy that figured out how to grow fruit on trees or created orchards, you know, and maybe one day had like 10 fruit trees. He's pretty proud of himself.”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“I rather think that Thing that Satoshi taught us is you should do your part during some phase of the journey and then you should get out of the way. Think Steve Jobs said something similar to that effect in a very, very famous speech one day, which is, you know, death is a natural part of life and it makes way for the next generation And I think The goal is you upgrade the world, right? You leave it a better place, but you get out of the way. I think That breaks down. Bad things happen. I think nature cleanses itself. There's a cycle of life.”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“Not clear we're on the S curve of immortal life yet. Like, that's a biological question. And you asked that on some of your other interviews a lot. I think that we are on the threshold of immortal life for ideas or immortal life for certain institutions or computer programs. So if we can fix the money, then you can create a technically perfected endowment. And then The question really is what are your ideas? What do you want to leave behind? And so if it's a park, then you endow the park, right? If it's free education, you endow that. If it's some other... Ethical idea, right?”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“When I go all my assets, I'll flow into a foundation, and the foundation's mission is to make education free for everybody forever. And if I'm able to contribute to the creation of a more perfect monetary system, then maybe that foundation will go on forever.”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“Reward for authenticity more than offsets the specificity with which you pursue your mission. It's like. Another way to say it is like nobody wants to read advertising. Like if you were to spend a hundred million dollars advertising your thing, I probably wouldn't want to watch it. We see the death of that. And so the commercial shows are losing their audiences and the authentic specialist or the authentic artist are gaining their audience.”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“The world wants somebody they can trust that's consistent and reliable and they kind of want to know what they're getting into because, and this taken for granted maybe, but there's 10 million people vying for every hour of your time. And so the fact that anybody gives you any time at all is a huge problem.”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“You're the deep thinking podcaster, right? Or you're the podcaster that goes after the deep intellectual conversations. And once I get comfortable with you and I like you, then I start binge watching Lex. But if you changed your format. Through 16 different formats so that you can compete with 16 different other personalities on YouTube, you probably wouldn't beat any of them, right? You would probably just kind of sink into the, you're the number two or number three guy. You're not the number one guy in the format. And I think that the algorithm, the Twitter algorithm and the YouTube algorithms, they really reward the person that's focused on message consistent.”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“In the rubble. If you're going to give commentary on Shakespeare plays, I want you to basically do it for every Shakespeare play. Like I want you to be the Shakespeare dude because once I once, just like Lex. You're like.”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“The problem is back to that 500,000 algebra teacher type comment, the problem is if it is possible to be automated, then over time someone's probably going to automate it. And that squeezes the state space of everybody else. Like after the lockdowns, it used to be there are like all these local bands that played in bars and everybody went to the bar to see the local band. And then during the lockdown, you would have like the six super groups and they would all get 500,000 or a million followers and all these smaller local bands just got no attention. At all”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“If DiA maid over here is this, I'm a big fan of the Ajumator. I have to cut myself off, right? Because otherwise you'll watch the entire Paul Morphy saga for your weekend. But the point really is YouTube is full of experts who are specialists in something. And they rise to the top of their profession. And Twitter is too, and the internet is. So I would advocate that you figure out what your passionate about and what you're good at, and you do focus on it, especially if the thing that you're doing can be automated.”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“And so the world wants people that do something well, and then it wants to stamp out 18 million copies of them. And so that argues in favor of focus. Now, I mean, the definition of a PhD is someone with enough of an education that they're capable of or have made. I guess to get a PhD, technically, you have to have done a dissertation where you made a seminal contribution to the body of human knowledge. And if you haven't done that, technically, you have a master's degree, but you're not a doctor. So if you're interested in any of the academic disciplines that a PhD would be granted for, then I can see that being a reasonable pursuit. But there are many people that are specialists. You know, you know, the adjimator?”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“It seems clear to me that the world wants more specialists and to focus on in one area. And it's punishing generalist jack of all trades, especially people that are generalists in the physical realm. Because if you're a specialist in the digital realm, you might very well, you're the person with 100,000 followers on Twitter and you show them how to tie knots or, you know, you're the banjo player with 1.8 million followers. And when everybody types banjo, it's you, right?”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“If they know what you're focused on, then you won't get. So many other things coming your way. If you If you do or if you flirt with 27 different things, then you're going to get approached by people in each of the 27 communities, right?”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I mean, I got a thousand opinions we could talk about, and I could pursue a thousand things, but I don't expect to be successful. And I'm not sure that my opinion in any of the 999 is any more valid than the leader of thought in that area How about if I just focus upon one thing and then deliver the best I can on the one thing? That's the laser I message. Rusk get you distracted.”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“I think most people suffer because they just don't focus. You got to figure out, I think the big risk in this world is there's too much of everything. Like, you can sit and watch Hundred dollars a week, and you'll never get through all the chess videos, right? There's too much of every possible thing, too much of every good thing. So figuring out what you want to do and then everything will suck up your time, right? There's a hundred streaming channels to binge wash on. So you got to guard your time and then train your body, train your mind and control who's around you. Control what surrounds you. So ultimately, in a world where there's too much of everything. Then your success”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“I was asked by somebody for quick advice for his young children. He had twins when they enter adulthood. He said, give me your advice for them in a letter. I'm going to give it to them when they turn 21 or something. So then he thought, I was at a party, and then he handed me this sheet of paper. I thought, oh, he wants me to write it down right now. So I sat down, I started writing, and I figured, well, what would you want to tell someone at age 21? I wrote it down and then I tweeted it, and it's sitting on Twitter, but I tell you what I said. I said. My advice if you're entering adul Focus your energy Your Train your mind Train your body Think for yourself Curate your friends. Curate your environment. Keep your promises. Stay cheerful and constructive. And upgrade the world That was the”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“So, I mean, I think he's free to do what he wants to do. And I think he's done a lot of good for Bitcoin and putting it on the balance sheet of Tesla and holding it. And I think that sent a very powerful message.”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“Look, I don't have a criticism of Elon Musk. He's free to do whatever he wishes to do. It's his life. In fact, Elon Musk is the second largest supporter of Bitcoin in the world. I think that the Bitcoin community tends to eat its own quite a bit. It tends to be very, very self critical. And instead of saying, Elon is more supportive of Bitcoin than the other 10,000 people in the world with serious amounts of money. They focus upon, you know.”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“The basic debate, I wouldn't say there is a debate. I would just say that to the extent that the Bitcoin community had any issue with Elon, it was just this environmental uncertainty that he fueled in a couple of his tweets, right? Which I think just is very distracting.”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“Is so, I'm a big fan of just educating people. If you're not going to commercialize it, then just educate people on what it is. So for example, Bitcoin's the most efficient. Use of energy in the world by far, right? Most people don't, they don't necessarily perceive that or realize that. But if you were to take any metric, energy intensity, Put like two billion dollars worth of electricity in the network every year, and it's worth $850 billion. There is no industry in the real world, right? That is that energy efficient. Not only that energy efficient, it's also the most sustainable industry. We do surveys. 58% of Bitcoin mining energy is sustainable. So there's a very good story. In fact, every other industry, planes, trains, automobiles, construction, food, medicine, everything else. It's less clean, less efficient. So”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“Marketing campaigns that are being financed and fueled by other crypto entrepreneurs because they have an interest in doing so. So if I look at the constructive path forward, First, I think it'd be very constructive for corporations to embrace Bitcoin and build applications on top of it. You don't need to fix it. There's nothing wrong with it, right? Like when you put it on a layer two and a layer three, it moves a billion times a second at the speed of light. So every beautiful coal DeFi application, every crypto application, everything you could imagine you might want to do, you can do with a legitimate company and a legitimate website or mobile application sitting on top of Bitcoin or Lightning if you want to. So I think that to the extent that people do that, that's going to be better for the world. If you consider what holds people back, I think it's just misperceptions about what Bitcoin”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“I believe that Bitcoin is a massive breakthrough for the human race that will cure half the problems in the world and generate hundreds of trillions of dollars of economic value to the civilization. And I believe that it's an early stage where many people don't understand it and they're afraid of it and there's FUD and there's uncertainty, there's doubt and there's fear and there's a very noisy crypto world and there's 15,000 other cryptos that are seeking relevance. And I think most of the FUD is actually fueled by the other crypto entrepreneurs. So the environmental FUD and the other types of uncertainty that surround Bitcoin generally they're not coming from legitimate environmentalists. They don't come from legitimate critics. They actually are”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“I mean, Shib was created as the coin such that it had so many zeros after the decimal point that when you looked at it on the exchanges, it always showed zero zero zero zero. And it wasn't until like six months after it got popular that they started expanding the display so you could see whether the price had changed.”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“It. It's not an institutional asset. In fact, where I leave it, right, is Bitcoin is clearly digital, which makes it an institutional grade investable asset for a public company, a public figure, a public investor, or anybody that's risk-adverse. Think that the other top 100 other cryptos are like venture capital investments. And if you're a VC and if you're a qualified technical investor and you have a pool of capital and you can take that kind of risk, then you can parse through that and form opinions. It's just orders of magnitude more risky because of competition, because of ambition, and because of regulation. If you take the meme coins, it's like, you know, when some rapper comes out with a meme coin, it's like maybe it'll peak when I hear about it, right? It's”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“You said, what should I trade? Well, I'm trading as like a proprietary thing. Like I don't have any special insight into that. If you're a good trader, you know you are. If you said to me, what should you speculate in? Talk about meme stocks and meme coins. And it's kind of sits up there. It sits right in the same space with what horse should you bet on and what sports team should you gamble on and should you bet on black six times in a row and double down each time. I mean, it's fun, but at the end of the day, it's a speculation, right? You can't build a civilization.”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“I do, but there are meme stocks, it doesn't absolve you of your ethical and securities liabilities if you're promoting it. So I don't have a problem with people buying a stock. It's just the way I divide the world is, right, there's investment, there's saving, and there's speculation and there's trading. So Bitcoin is an asset for saving. If you want to save money for 100 years, you don't really want to take on execution risk or the like. So you're just buying something to hold forever. For you to actually endorse something as a property, like if you said to me, Mike, what should I buy for the next hundred years? I say, well, some amount of real estate, some amount of scarce collectibles, some amount of Bitcoin, right? You can run your company, right? But running your company is an investment. So the savings are properties. If you said, what should I invest in? I'd say, well, here's a list of good companies, private companies. You could start your own company. That's an investment, right?”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“The debate is going to be whether it's property or security, and there's a debate whether it's decentralized enough. So let's assume it was decentralized. It's increasing it not quite 5% a year inflation rate, but it's not 5% exponentially. It's like a plus 5% something captain is less, I forget the exact number, but it's an inflationary property. It's got a lower inflation rate than the US dollar. And it's got a much lower inflation rate than many other fiat currencies. So I think you could say that.”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“I would classify it as crypto property because the US dollar is a currency. So, unless your crypto asset is pegged algorithmically or stably to the value the dollar is not a currency, it's a property or it's an asset”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“And then I think that all bets are off if the regulators get more heavy handed with this. And I think you could have the same discussion with crypto properties. Like the DeFi exchanges and the crypto exchanges, the SEC would like to regulate the crypto exchanges. They like to regulate the DeFi exchanges. That means they may regulate the crypto platforms. And at what rate and in what fashion? And so I think that I could give you an opinion if it was limited to competition and the current regulatory regime. But I think that the regulations are so fast moving and it's so uncertain that you can't make a decision without considering the potential actions of the regulators.”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“And then finally, you have UST and DAI, which are algorithmic stablecoins that are even more innovative further outside the compliance framework. So if you ask who's going to win, the question is really, I don't know, will the market decide or will the regulators decide if the regulators get out of the way and the market fought out? Well, then it's an interesting discussion.”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“Would like only US FDIC insured banks to issue cryptocurrencies. They want JP Morgan to issue a crypto dollar backed one-to-one. But then in the U.S. right now, we have Circle and we have other companies that are licensed entities that are backed by cash and cash equivalents, but they're not FDIC insured banks. There's also a debate in Congress about whether state chartered banks should be able to issue these things. And then we have Tether and others that are outside of the US jurisdiction. They're probably not backed by cash and cash equivalents. They're backed by stuff. And we don't know what stuff.”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“If I'm looking at them, I mean, the first question is, what's the regulatory risk? How likely is it to be deemed a property versus security? And the second is, what's the competitive risk? And the third is what's the speed and the performance. And all those things lead to the question of what's the security risk? How likely is it to crash and burn and how stable or unstable is it? And then there's the marketing risk. I mean, there are different teams behind each of these things and communities behind them. I think that the big cloud looming over the crypto industry is regulatory treatment of cryptocurrencies and regulatory treatment of crypto securities and crypto platforms. And I think that won't be determined until the end of the first Biden administration. For example, there are people that...”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“A stable dollar because I feel like the market. Opportunity. It's not clear that there'll be one that will win the class of stable dollars is probably a 1 to 10 trillion dollar market easily. Think that in the crypto platform space, Ethereum will compete with Solana and Binance Smartchain and the like.”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“So that means has to be a stable dollar or a stable euro or a stable yen, a stable coin. So I think that cryptocurrencies, Tether, Circle most famous, I think you've got crypto platforms and Ethereum is the most famous of the crypto platforms, the platform upon which with smart contract functionality, et cetera. And then I think you've got just crypto securities. It's just like my favorite whatever meme coin, and I love it because I love it and it's attached to my game or my company or my persona or my whatever. I think if you pushed me and said, what's the second best? I would say the world wants two things. It wants crypto property as a savings account and it wants cryptocurrency as a checking account. And that means that the most popular thing really is going to be a stablecoin dollar. Maybe a fight right now might be Tether, right?”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“Think if you decompose or segment the crypto market, you've got crypto property, Bitcoin is the king of that and other Bitcoin forks that wanted to be a bearer instrument store of value would be a property, a Bitcoin cash or Litecoin, something like that. Then you've got crypto currencies. I don't think Bitcoin's a currency because a currency I define in nation states sense A currency is a digital asset that you can transfer as a, you know, in a transaction without incurring a taxable obligation.”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“I think you need two things. You need an idea like a digital asset like Bitcoin that's a bearer instrument for final settlement. And then you need a high speed transaction network like Lightning, where the transaction cost might be a 20th of a penny or less. And if you roll the clock back 24 months. I don't think you had the lightning network in a stable point. It's really just the past 12 months. It's an idea you could think about this year. And I think you need to be aware of Bitcoin as something other than like a scary speculative asset. So I really think we're just the beginning.”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“And what you want every time you cross a domain, you need to be able to in a split second. That you've got some asset. And now when you cross back, when you exit domain, you want to fetch your asset back. So how do I in a friction-free fashion browse through dozens or hundreds of websites post a security deposit for safe passage and then get it back? You couldn't afford to pay a credit card fee each time. When you think about two and a half percent as a transaction fee, it means you trade the money forty times and it's gone”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“Okay, now how do I deal with that? Well, I can lock you out and I can make it a zero trust website and then you have to be coming at me through a trusted firewall or with a trusted credential, but that's a pretty draconian thing. Or I could put it behind a lightning wall. A lightning wall would be, you know, I just challenge you, Lex. You want to browse my website? You have to show me your 100,000 Satoshis. Do you have 100,000 Satoshis? Click. Okay. Now you click away a hundred times or a thousand times. And after a thousand times, you know, I'm like, well, now Lex, you're getting offensive, I'm going to take a Satoshi from you or 10 Satoshis, a microtransaction. You want to hit me a million times? I'm taking all your Satoshis and locking you out. What you want to do is you want to go through 200 websites a day.”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“It's like it's 10% as good if you did it with conventional payment rails. But what you can't do is the next idea, which is I want the orange badge to be used to give me safe passage through cyberspace, tripping across every platform. So how do I solve the denial of service attacks against a website? I publish a website, you hit it with a million requests.”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, let's follow up on that idea a bit more. If you did do it with the dollar, then the question is how does six billion people deposit the dollars? Because what you're doing is, could you do it with a credit card? Like, how do you send dollars? You have to dox yourself. It's not easy. So you're talking about inputting a credit card transaction, doxing yourself, and now you've just eliminated the two billion people that don't have credit cards or don't have banks. Also, got a problem with everybody that wants to remain anonymous, but you've also got this other problem, which is credit cards are expensive transactions, low frequency, slow settlement. So do you really want to pay two and a half percent every time you actually show a $20 deposit? And maybe you could do a clergy version of this for a subset of people.”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“There's no friction, there's no nothing on this earth, right? I mean, you can't walk across the room without friction, right? So friction is not bad, right? So, in this particular case, you're introducing conservation of energy, and in essence, you're introducing the concept of consequence or truth. Into cyberspace. And that means if you do want to spin up 10 million fake less freedmen, It's going to cost you $100 million. To spin up 10 million fake Lexus.”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“Right now you sit and you go report, report, report, report, report, report. And if you spend an hour, you get through half of them. You waste an hour of your life. And they just spend up another 97 gazillion because they've got a Python script spanning it up. So it's hopeless. But on the other hand, if you report them and they really are a bot, Twitter's got a method to actually delete the account. They know that they're bots. The problem is not they don't know how to delete the account. The problem is there are no consequences when they delete the account. So if there are consequences, Twitter could give they could just seize the $10 or seize the $20 because it's a bot. It's a malicious criminal act or whatever is a violation of the platform rules.”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“Basically post a security deposit for your safe passage through cyberspace. So the way it would work is if you've got $10 once in your life. You can basically show that your credit worthy. And that's your pledge to me that you're going to act responsibly. So you put the 10 or the $20 into the lightning wallet. You get an orange check. Then Twitter just gives you a setting where I can say the only people that could DM me are orange checks, the only people that can post on my tweets or orange checks. So instead of locking out the public and just letting your followers, you know, comment, you lock out all the unverified, and that means people that don't want to post $10 security deposit can't comment. Once you've done those two things, then you're in a position to monetize malice, right? Monetize motion or malice for that matter. But let's just say, for the sake of argument, you post something and 9700 bots spin up and pitch their whatever scam.”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“You say But the question is why isn't everybody verified And there's a couple of threads on that. One is some people don't want to be doxxed, they want to be anonymous. But there are even anonymous people that should be verified. Because otherwise you're subjecting their entire following to fishing attacks and scams and hostility. But the other...”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“You got to apply and wait six months, and you have to post, you know, like three articles in the public mainstream media that illustrates you're a person of interest”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“I let everybody on Twitter post a thousand or ten thousand Satoshis via lightning wallet, a lightning badge. Give me an orange check. If you put up 20 bucks once in your life, you could give $300 million people an orange check. Right now, you don't have a blue check, Lex. You're a famous person. I don't know why you don't have a blue check. Have you ever applied for a blue check? Are 360,000 people on Twitter with a blue check, there are 300 million people on Twitter. So the conventional way to verify accounts is elitist, archaic.”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“The thing that makes the universe work is friction, speed of sound, speed of light, and the fact that it's ultimately its conservative, you're either energy or your matter, but once you've used the energy, it's gone. And you can't do infinite everything. That's missing in cyberspace right now. And if you look at all of the moral hazards and all of the product defects that we have in all of these products, Most of them, 99% of them could be cured if we introduced conservation of energy into cyberspace. And that's what you can do with high-speed digital property, high-speed Bitcoin. And by high speed, I mean, not 20 transactions a day. I mean 20,000 transactions a day. So, how do you do that? Well,”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“I'd have to post a credit card. And then if I smash the place up, there'd be economic consequences. Maybe there'd be criminal consequences. There might be reputational consequences. You know, a lamp might fall on me. But in the worst case, I can only smash up one hotel room. Now imagine I could actually write a Python script to send myself to every hotel room in the world every minute, not post a credit card, and smash them all up anonymously.”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source