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

“My Office 365 inbox is full of garbage millions of spam messages. I'm running four different email filters. Company spends million dollars a year to fight denial of service attacks and all sorts of other security things. There are denial of service attacks everywhere against everybody in cyberspace all the time. It's extreme. And we're all beset with hostility, right? You've been a victim of it in Twitter. You go on Twitter and people post stuff they would never say to your face. And then if you look, you find out that the account was created like three days ago. And it's not even a real person. So, you know, we're beset with phishing attacks and scams and spam bots and garbage. And why? And the answer is because the first generation of internet was digital information and there's no energy. There's no conservation of energy in cyberspace. The thing that makes the universe work is conservation of energy. Like if I went to a hotel room,”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“But there is something going on everywhere in the world to drive up the price of property and cyberspace if there's only one digital Manhattan. And so there's a dynamic there which is profound. Now let's go to the next extreme. I'm still giving you a fairly conventional idea, which is let's just loan the money fast on a global network and let's just rent the hotel room fast in cyberspace. But let's move to maybe a more innovative idea. The first generation of internet brought a lot of productivity, but there's also just a lot of flaws in it. For example, Twitter is full of garbage, Instagram DMs are full of garbage. Your Twitter DMs are full of garbage. YouTube is full of scams. Every 15 minutes, there's a Michael Saylor Bitcoin giveaway spun up on YouTube.”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“To rent during a festival, but I can send 10 blocks of Bitcoin to Singapore. So you've got a truly global market that's functioning in this asset. And is there second order asset? For example, maybe you're an American citizen and you own 10 Bitcoin and someone in Singapore will generate 27% yield in the Bitcoin. But legally, you can't send the money to them or the Bitcoin to them. It doesn't matter because the fact that that exists means that someone in Hong Kong will borrow the 10 Bitcoin from somebody in New York, and then they will put on the trade in Singapore, and that will create a demand for Bitcoin, which will drive up the price of Bitcoin, which will result in an effective tax-free yield for the person in the US that's not even in the jurisdiction. So there's nothing that's going on in Singapore to drive up the price of your land in LA.”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“Could be companies anywhere in the world. So if a company in Singapore comes up with a better offering. Then the capital is going to start to flow to Singapore. I can't send 10 city blocks of LA to Singapore.”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“I happen to think that won't be done by the crypto industry at all. I think that'll be done by centralized applications. I think it'll be, you know, the citadels of the world, the high-speed traders of the world, the New Yorkers. I think it'll be Binance FTX and Coinbase as a layer three exchange that will give you the yield and will give you the loan and the best terms. Because ultimately you have to jump these compliance hoops. It comes like Blockfi can give you yield, but they have to do it in compliant way with the United States jurisdiction. So ultimately, those applications to use that digital property and either generate a loan, give you a loan on it or give you yield on it are going to come from companies. But the difference, the fundamental difference is”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“I started monetizing at different frequencies. And of course, now I can mortgage it to anybody in the world, right? I mean, you're not going to be able to get a mortgage on a Turkish building from someone in South Africa. You have to have to find someone that's local to the culture you're in. So when you start to move from analog property to digital property, it's not just a little bit better. It's a lot better. And what I just described, Lex, is like the DeFi vision, right? It's the beauty of DeFi flash loans, money moving at high velocity. At some point, If the hotel is dematerialized, then what's the difference between renting a hotel room and loaning a block of stock? I'm just finding the highest best use of the thing.”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“But if it was a digital hotel, I could rent the room to people in Paris, London, and New York every night, and I can run it with robots. And as soon as I do that, I can rent it by the room hour, and I can rent it by the room minute. And so I start to chop my hotel up into a hundred thousand room hours that I sell to the highest bidder anywhere in the world. And you can see all of a sudden the yield, the rent, and the income of the property is dramatically increased. I can also see the maintenance cost of the property falls. I get on Moore's Law, and I'm operating in cyberspace. So I got rid of Newton's laws. I got rid of all the friction and all those problems. I tapped into the benefits of cyberspace. I created a global property.”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“We're across in the fountain blow here. Imagine the fountain blow is dematerialized. Problem with the physical hotel is I got to hire real people moving subject to the speed of sound and physics laws and Newton's laws and I can rent it to people in Miami Beach.”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“Let's just start with this idea that I've got a hotel worth a billion dollars worth of 1,000 rooms. It becomes a dematerialized hotel”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“Then it doesn't just replace property, then you're starting to replace bonds. It's 100 trillion in bonds. There's 50 to 100 trillion in other currency derivatives. And these are all conventional use cases, right? I think that there's 350 trillion to 500 trillion dollars worth of currency currency derivatives in the world. And when I say that, I mean things that are valued based upon fiat cash flows, any commercial real estate, any bond, any sovereign debt, any currency itself, any derivatives to those things, they're all derivatives and they're all defective and they're all defective because of this persistent 7 to 14% Which we call inflation or monetary expansion, can we switch? I'm just going to talk about the energy side of it, like the innovative piece”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I think it keeps going up forever. I mean, there's no reason we couldn't go to 10 million coin, right? Digital property isn't the highest form, right? Gold was that low frequency money. Property is a mid-frequency money. But when I start to program it faster, it starts to look like digital energy.”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“And the reason why is because I can rent it and generate a yield on it that's in excess of the maintenance cost. So if you consider digital property, that's 100 to 200 trillion dollar addressable market. So I would think it goes from 10 trillion to $100 trillion as people start to think of it as digital property.”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“Fast money is attracted by the volatility. The volatility has been decreasing year by year by year. I think that it's stabilizing. I don't think we'll see as much volatility in the future as we have in the past. I think that if we look at Bitcoin and model it as digital gold, you know, the market cap goes to between 10 and 20 trillion. Gold is remember gold is defective property. Gold is dead money. You have a billion dollars of gold assistant of vault for a decade. It's very hard to mortgage the gold. It's also very hard to rent the gold. You can't loan the gold. No one's going to.”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“They don't go up forever, right? I mean, I think the Bitcoin is going to climb in a serpentine fashion. It's going to advance and come back and it's going to keep climbing. I think that the volatility attracts all the capital into the marketplace. And so the volatility makes it the most interesting thing in the financial universe. It also generates massive yield and massive returns for traders. And that attracts capital. Like we're talking about the difference between 5% return and 500% return. So”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“And you can see that happening. Like, we've gone from 5 billion in stablecoins to 200 billion. In the last 24 months. So, I do think there's massive demand for crypto dollars in the form of a US dollar asset. And everybody in the world would say, yeah, I want that. Well, unless you're just an extreme patriot, but most people in the world would say, I want that. And then a lesser group of people would say, I think I want to be able to carry my property in the palm of my hand. So I have self-custody of it.”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“Self custody assets, it's like if I got my own hardware wallet and I've either got your highest form of self-custody would be Bitcoin on your own hardware wallet or Bitcoin in your own self-custody. And the other thing people think about is how do I get crypto dollars like Tether, like some stable coin? Like, I'd rather, if you had a choice, would you rather have your money in a bank, in a war zone, in dollars, or have your money in a stable coin on your mobile phone in dollars? I mean, you take the latter risk rather than the former risk.”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“Because if I had a billion dollar building in Moscow, who can I rent that to? But if I have a billion dollar digital building, I can rent it to anybody in any city in the world, anybody with money. And the maintenance cost is almost nothing. And I can hold it for 100 years. So it's an indestructible building. And then finally, I want to move from having my assets in a bank with a counterparty to self-custody assets. And this is not It's not just Ukraine, but this is like the story in Turkey, Lebanon, Syria, Afghanistan, Iraq, South America. You don't really want to be sitting with $10 million in a bank in Istanbul. The bank's going to freeze your money convert it to Lira, devalue the Lira, and then feed it back to you over 17 years, right?”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“I'm going to convert my weak currency to a strong currency. Like I'll convert my peso and Lira to the dollar. I'm going to convert my weak property to strong property. I'm going to sell my building downtown Moscow. And I'd rather own a building in New York City. I'd rather own in a powerful nation than be stuck with a building in Nigeria or a building in Argentina or whatever. So I'm going to sell my weak properties by strong properties. I'm going to convert my physical assets to digital assets. I'd rather own a digital building than own a physical building.”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“I think all three of them, and I think hyperinflation in the rest of the world is a fourth shock and then persistent in inflation, the U.S. is a fifth shock. So I think it's a perfect storm. And if you put all these events together, what do they signify? They signify the rational conclusion for any person thinking about this is I'm not sure if I can trust my property. I don't know if I have property rights. I don't know if I can trust the bank. And if I'm politically at odds with the leader of my own country, I'm going to lose my property. And if I'm politically at odds with the owner of another country, I'm still going to lose my property. And when push comes to shove, the banks will freeze my assets and seize them. And I think that that is playing out. In front of everybody in the world Such that your logical response would be”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“I think that Year 2022 is pretty catalytic for digital assets in general and for Bitcoin in particular. The Canadian trucker crisis, I think educated hundreds of millions of people and made them start questioning their property rights and their banks. I think the Ukraine war. A second shock, but I think that the Russian sanctions was a third shock.”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“Every year Buy 500 billion over a decade and I probably pay $250 billion of inflation cost on the backs of my Citizens in a decade. So”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“Of its value a year, then your balance sheet is collapsing. Within five years. And if the Treasury Reserve asset is dollars and currency derivatives and U.S. Then you're getting your seven. Right now it's probably 15% or more monetary inflation. We're running double the historic average. You could argue triple, somewhere between double and triple, depending upon what your metric is. So, you know, do I think it'll happen? I think that they're conservative, but they have to be shocked. And I think there is a shock, the late Russian sanctions are a big shock when the West sees $300 billion worth of Russian gold and currency derivatives, I think you got the famous quote by Putin that, you know, we have to rethink our treasury strategies. And that pushes everybody toward a commodity strategy. What commodities do I want to hold? I think that's got a lot of people thinking. I think it's got the Chinese thinking. Everybody wants to be the reserve currency, right? So if I buy $50 billion worth of dollars,”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“And you could imagine that's like a trillion dollar opportunity. Like any government that wanted to adopt it as a Treasury Reserve asset would probably generate trillions of dollars, a trillion or more of value. And then the thing that people think about is, well, will oil ever be priced in Bitcoin or any other export commodity? I think there's like $1.8 trillion or more of export commodities in the world and right now they're all priced in dollars. I think that this is a colorful thing, but not really that relevant. Like you could sell all that stuff in dollars. The relevant decision that any institution makes, whether they're a nonprofit, a university, a corporation, or a government, is what's your Treasury Reserve asset? And if your Treasury Reserve asset is the peso, and if the pesos losing 20% or 30%”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“I think there are opportunities for governments that are much more profound, right? If a government started to adopt Bitcoin as a treasury reserve asset, that's much bigger than just an asset investment. That's 100x bigger.”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“Not essential for the success of the asset class, but I think it's inevitable in various degrees over time. But the most likely thing to happen next is large acquisitions by institutional investors of Bitcoin as a digital gold where they're just swapping out gold for digital gold and thinking of it like that. And the government entities most likely to be involved with that would be sovereign wealth funds. If you look at all the sovereign wealth funds that are holding a big tech stock equities, the Swiss, the Norwegians, the Middle Easterners, if you can hold big tech, then holding digital gold would be not far removed from that. That's a non-controversial adoption.”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“Decade two is a rotation for entrepreneurs institutions and is becoming institutionalized. So maybe decade one, you go from zero to a trillion, and in decade two you go from $1 trillion to $100 trillion.”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“Bitcoin, and we put that out on the wire, we were the first publicly traded company to actually buy Bitcoin. I don't think you could have found a $5 million purchase from a public company before we did that. So that was kind of like a gun going off. And then in the next 12 months Tesla bought Bitcoin bought Bitcoin. And I'd say now we're in year two of institutional adoption. And about 24, there should be 24 publicly traded Bitcoin miners by the end of this quarter. So you're looking at 36 publicly traded companies and you've got 50 In the range of $50 billion on the balance of Bitcoin on the balance sheet of publicly traded companies and hundreds of billions of dollars of market cap of Bitcoin exposed companies. So I would say the asset decade one was entrepreneurial experimental.”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“Every year, and it probably would have crushed it to death, right? So it could have been in any number of places banned by a government, but in fact it was legitimized as property. And then the caution is would it be hacked or would it be copied? Will it be something better than that? And it was copied 15,000 times. And you know the story of all those. And they either diverged to be something totally different and not comparable or someone trying to copy a non-sovereign bearer instrument store of value found that their networks crashed to be 1% of what Bitcoin is. So now we're sitting at a point where all those risks are out of the way. I would say that year one of institutional adoption is it started August 2020. That's when micro strategy bought $250 million worth of.”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“Thought it was going to be banned in 2014, the IRS designated it as property and gave it property tax treatment. They could have given it a tax treatment where you had to pay tax on the unrealized capital gains.”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“With a billion dollars, it's not as interesting a target as it is with $100 billion. And when it gets to be worth a trillion, then it's a bigger target. So the risk has been bleeding off over time as the network monetized. I think the second question is, will it be banned? You couldn't know. It literally could have been banned at any times early on, in fact, in 2013 I tweeted on the subject. I thought it would be banned. I made a very famous, infamous tweet.”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“We're 13 years into this entire activity. I think the risk has never been lower. If you look at all the risks, right, the risks in the early years is the engineering protocol proper, like one megabyte block size, 10 minute clock frequency cryptography is, first, will it be hacked or will it crash? 730,000 blocks and it hasn't crashed. Will it be hacked? Hasn't been hacked. It's a lendy thing, right? You wait 13 years to see if it'll be hacked. But on the other hand,”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“What we've got is really a beautiful thing. We've got a chain reaction in cyberspace or an ideology spreading virally in the world. That has seasoned in a fair Ethical fashion. Sometimes it's a very violent, brutal fashion with all the volatility, right? And there's been a lot of sound and fury along the way.”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“In fact, at this point, we've paid $4 billion of real cash to buy it. If I was sitting on the same position and I had it for free, then there's always this question of did I pay, you know, or I bought it for a nickel, a coin, or a penny a coin. The question is, was it fair? And that's a very hard question to answer, right? Did you acquire the Bitcoin that you own fairly? And if you roll the coin. When the risk was greater, the cost was lower. And then over time, the risk became lower and the cost became greater. And the real critical thing was to allow the marketplace absent any powerful interested actor. It's almost like if Satoshi had held a million coins and then stayed engaged for 10 more years tweaking things in the background, there'd still be that question.”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“People tried it for they tried 40 of them, right? I mean, I think there's a history of attempting to create something like this, and it was tried many, many times, and they failed for different reasons. And I think that it's like Prometheus tried to start a fire 47 times and maybe the 48th time it sparked. And that's how I see this. This is the first one that sparked. And it sets a roadmap for us. And I think. You're looking for any one word that characterized it's fair, right? The whole point of the network is it's a fair launch, a fair distribution. I have Bitcoin, but I bought it.”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“Was one person, maybe in conjunction with a bunch of others. I mean, it might have been a group of people that were working together, but certainly there's asyatosia.”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“Up to common property. They're all indicia indicators of a digital property as opposed to security. If there was a Satoshi sitting around sitting on top of $50 billion worth of Bitcoin, I don't think it would. Cripple Bitcoin as property, but I think it would undermine It's digital property. And if I wanted to undermine a crypto asset network, I would do the opposite of all those things. I would launch one myself. I would sell 25% or 50% of the general public. I would keep some of the, I would pre-mine some stuff or early mine it would keep an influence on it. Those are all the opposite of what you would do in order to create common property. And so I see the entire story is Satoshi giving a gift of digital property to the human race and disappearing.”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“I'm certain I'm not. Actually, I think the provenance is really important. And if I were to look at the highlighted points, I think having a founder that was anonymous or pseudonymous is important. I think the founder disappearing is also important. I think that the fact that the Satoshi coins never moved is also important. I think the lack of an initial coin offering is also important. I think the lack of a corporate sponsor is important. I think the fact that it traded for 15 months with no commercial value. Was also important. And I think that The simplicity of the protocol is very important. And I think that the outcome of the block size wars is very important. And all of those things”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“So, what you really want is a very, very simple idea. The simplest idea, I'm just going to keep track of who owns $21 million of energy. And when someone proposes big functional upgrades, you don't really want that development to go on the base layer. You want that development to go on the layer threes Now, Cash App has a proprietary set of functionality and it's a security. And if you're going to promote the use of this thing, you're not going to promote the layer three security because that's an edge to a given entity and you're trusting the counterparty, you're going to promote the layer one or most the layer two.”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“Look, I think the real fundamental issue is you just never want it to change. If you really want something decentralized, you want genetic template that substantially is not going to change for a thousand years. So I think Satoshi said it at one point. He said the nature of the software is such that by version 0.1, it's genetic code was set. If there was any development team that's continually changing it on a routine basis, it becomes harder and harder to maintain its decentralization because now there's the issue of who's influencing the changes.”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“Might think he's kind of wacky, like maybe that's kind of a waste of time and a distraction. But to the extent that canoeing is not a security, not a problem unless you, you know, ultimately the issue of decentralization is really a critical”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“Let's come back to let me give you some maybe easier examples. If you were the head of the Marine Corps, Someone came to you and said, I created Marine Coin and the twist on marine coin is I want you to tell every Marine that they'll get an extra marine coin when they get their next stripe. And then I'm going to give you marine coin now. And then after you buy Marine Coin, I want you to promote it to them. At some point, if you start to have a disproportional influence on it or if you're in a conversation with people with disproportionate influence becomes conflict of interest, and it would make you profoundly uncomfortable, I think. The head of the Marine Corps started promoting anything that looked like a security. Now, if the Heather Marine Corps started promoting canoeing,”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“You could have a Twitter account where you promote oil or you promote camping or you promote family values or promote a carnivore diet or promote the Iron Man, right?”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“Would say no, there's an interest. I think that you can promote a property or an idea to the extent that you don't control it. I think that the point at which you start to have a conflict of interest is when you're promoting a proprietary product or a proprietary security, a security in general is a proprietary asset. So for example, if you look at my Twitter, you will find that I make lots of statements about Bitcoin. You won't ever see me making a statement that, say, micro strategy stock will go up forever. I'm not promoting a security MSTR because at the end of the day, MSTR is a security. It is proprietary. I have proprietary interest in it. I have a disproportionate amount of control and influence. On the direction.”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“Think that the frustration of a lot of people in the Bitcoin community, and I share this with Jack, is we could create a hundred trillion dollars of value in the real world simply by building applications on top of Bitcoin as a foundation. And so continually trying to reinvent the wheel and create competitive things is a massive waste of time and its diversion of human creativity. It's like we have an ethical good thing. And now we're going to try to create a third or a fourth one.”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“And by the way, you know, the conventional view of maximalists is they think there's only one and everything else isn't. That's not the point I'm going to make. I would say we know that there is at least one digital property, and that is Bitcoin. You can create a truly decentralized non custodial bearer instrument that is not under the control of any organization that is fairly distributed, then you might create another or multiple. And there may be others out there.”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“Don't lie cheat or steal. So if I'm going to sell something to you, I need to fully disclose what I'm selling to you, right? And that's a matter of great debate right now. And so I think that that's part of the debate. But the other part of the debate is... Whether or not we need more than one token. Like how We need at least one digital property because zero means there is no digital economy.”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“You roll Cock back 20 years Right, all the boiler room pump and dump schemes were all about someone pitching a penny stock, you know, selling swampland in Florida. And if you roll the clock back forward 20 years and I create my own company and I represent it as the same thing and I don't make the disclosures, right? You're just one step removed from the boiler room scheme. And that's what's distasteful about it. There are ways to sell securities to the public, but there are expectations. Maybe we could forget about whether the security laws are ethical or not, right? I will leave that alone. We'll just start with the biblical definition of ethics.”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“Not that creating securities is unethical. I created security. I took a company public. That's not the unethical part. It's completely ethical to create securities. You know, block is a security. All companies are securities. The unethical part is the representative as property when it's a security and to promote it or trade it as such.”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“Any kind of protocol where there is a group of engineers that have influence over it, then to a securities lawyer or to most Bitcoiners and definitely to anybody that's steeped in securities law, you look at it and say, well, that passes the Howey test. It looks like a security. It should be sold to the public pursuant to disclosures and regulations and you're just ducking the IPO process. And so now we get back to the ethical issue. Well, the ethical issue is if you're trading it as a commodity and representing it as a commodity, while truthfully it's a security, you know, then it's a violation of ethics rules and it's probably illegal.”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source
“All the tokens that are being, if it's driven by a venture capitalist, well, it's a security. If there's a CEO and a CTO, it's a security. All these projects, their companies, foundations are companies, right? If you call them a project or a foundation, it doesn't make it not a security. They're all in essence collections of individuals that are issuing equity in the form of a token. And if there's a pre-mine, an IPO, an ICO, a foundation, or any kind of...”
2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source