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Michael Saylor

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2022-04-14
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2022-04-14
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  1. “First of all, Web 3 is a term that's used to refer to the part of the economy that's token finance. So if I'm launching an application and my idea is to create a token along with the application and issue the token to the community so as to finance the application and build support for it, I think that that's the most common interpretation of Web3. There are other interpretations too. So I'm just going to refer to that one. And I think the beef, in a nutshell, not articulated, but I'll articulate it is whether or not you should focus all your energy creating applications on top of an ethical digital property like Bitcoin or whether you should attempt to create a competitor to it. Which generally would be deemed as a security by the Bitcoin community. So I'm going to put on my Bitcoin hat here.”

    2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source

  2. “Right, and no political construct or security can be a native currency. You need a property and you need a property that can be moved a million times a second. Can you oscillate it at 10 kilohertz or 100 kilohertz? And the answer is only if it's a pure digital construct. Permissionless and open. And so I think that he's enthusiastic as the technologist and he's enthusiastic as the humanitarian. And what he's doing is to support both those areas. He's supporting the Bitcoin and the Lightning Protocol by building them into his products, but he's also building the applications which you need at the cash app level in order to commercialize and deliver the functionality and the compliance necessary. They're related.”

    2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source

  3. “Lasting. And what's the difference in speed? Well, so I can either trade with everybody in the world at the speed of light, friction free, in 24 hours, writing a Python script. Or I can spend $100 billion to trade with a few million people in the world after it takes them six months of application. The impedance Like 10 million to one difference. And the metaphors are literally like launching something in orbit versus almost orbit or vacuum sealing something. Does it last forever and does it orbit forever or does it go up and come down and burn up? Right. And I think Jack is interested in. Putting freedom in orbit, all right? Freedom in orbit He said it many times. He said, This is the internet needs a native currency.”

    2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source

  4. “Can a robot Own money or property. How about kind of Tesla car? Can I actually put enough money in a car for it to drive itself and maintain itself forever? Or can I create an artificially intelligent creature in cyberspace that is endowed such that it would live a thousand years and continue to do its job? We have a word for that in the real world, it's institution, Harvard, Cambridge, Stanford, right? There are institutions with endowments that go on in perpetuity. But what if I wanted to perpetuate a software program? With something like digital property with Bitcoin and Lightning, you could do it. And on the other hand, With banks and credit cards, you couldn't, right? You couldn't ever. So you can create things that are beautiful.”

    2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source

  5. “Is maybe too strong, but these are my words. Life is hopeless for a lot of people, and Bitcoin is hope. Because it gives everyone Engineered monetary asset that's a bearer instrument and it gives them a bank on their mobile phone and they don't have to trust their government or another counterparty. With their life force. So there's a secondary thing I think he's interested in, which is the first thing is the human rights issue. And the second thing would be the friction to trade cross-borders Is so great, right? Like, you know, you like AI. So I'll give you a beautiful notion. Maybe one day there'll be an artificially intelligent creature in cyberspace that is self-sufficient and rich.”

    2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source

  6. “I pay you your money, you take your life savings, you put it in the bank, you save up for your retirement, you'll live happily ever after. That's the American dream, right? That's the idyllic situation. The real situation is there are no banks. You can't get a bank account. So I give you your pay in currency and then I double the supply and I give it to my cousin or I give it to whatever cause I want or I use it to buy weapons and then you find a loaf of bread costs triple next month is what it costs and your life savings is worthless. And so in that environment, everybody's ripped back to Stone Age barter. And the problem with that even Stone Age barter is you're going to carry your life savings on your back and what happens when the guy with a machine gun points it at your head and just takes your life savings. So I think from Jack's point of view, he thinks that life is...”

    2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source

  7. “What are the two things that, in theory, would serve as the equivalent of an organic battery or an economic battery to civilization would be I have a currency which holds its value and I can store it in a bank. So a risk. Risk free currency derivative.”

    2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source

  8. “Provide people with a decent life. The metaphor, I think, is relevant here. The biological metaphor, Lex is type 1 diabetic. If you're a type 1 diabetic, you can't form fat. And if you can't form fat, then you can't store excess energy. So that means that, I mean, fat is the ultimate organic battery. And if you've got 30 pounds of it, you can go 60 days without eating. But if you can't generate insulin, you can't form fat cells. And if you can't form fat cells and store energy, then you can eat yourself to death. I mean, you will eat and you will die. You'll starve to death. So the lack of property rights is like being a type 1 diabetic. And so if you look at most people everywhere in the world, Don't have property rights, they don't have effective bank, and their currency is broken.”

    2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source

  9. “Look at Africans, right? Like you're going to give them banks, you're not going to put a bank branch on every corner. That's an obscene waste of energy. You're not going to run copper wires across the continent. That's an obscene waste of energy. Not gonna give them gold, and so how are you going to?”

    2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source

  10. “I think he's been pretty clear about this. He feels that Bitcoin is an instrument of economic empowerment for billions of people that are unbanked and have no property rights. The If you want to give An incorruptible bank. To 8 billion people on the planet. That's the same as asking the question how do you give a full education through PhD to 8 billion people on the planet? And the answer is a digital version of the 20th century thing running on a mobile phone. And Bitcoin is a bank in cyberspace, is run by incorruptible software, and it's for everybody on Earth. So I think when Jack looks at it, he's very sensitive to the plight of everybody in Africa.”

    2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source

  11. “I think the entire crypto economy is very embryonic and the human race's adoption of it is embryonic. We're like 1, 2% down that adoption curve. If you take lightning, for example, the first real commercial applications of lightning are just in the last 12 months So we're like year one, we might be approaching year two of commercial lightning adoption. And if you look at lightning adoption, Lightning's not built into Coinbase. It's not built into Binance. It's not built into FTX. Cash app just implemented the first implementation, but not all the features are built into it. There's a few dozen, a dozen Lightning wallets circulating out there. So I think that we're probably going to be 36 months of software development at the point that every Android phone and every iPhone has a Bitcoin wallet or a crypto wallet in it of sorts.”

    2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source

  12. “Is that possible? Metaphorically speaking, if you want to break out of the constraints of your culture, you learn to speak English It's not illegal to speak English, and even if it is, right, it doesn't matter, but English works. And intelligence network. So Bitcoin is a language, so you learn to speak Bitcoin or you learn to speak Lightning and then you tap into that network in whatever manner you can.”

    2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source

  13. “I mean, Bitcoin's a universal trust protocol, a universal energy protocol, if you will. English is one. What I see is a bunch of fragmentation of applications. For example, the Russian payment app is not going to work in Ukraine. The Ukraine payment app is not going to work in Russia. U.S. payment apps won't work either of those places as far as I know. In Argentina, their payment app may not work in certain parts of Africa. So what you have is a different local economies where people spin up their own applications compliant with their own local laws or in war zones not compliant, but just spinning up, you know.”

    2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source

  14. “On the other hand, three entrepreneurs in Nigeria on the weekend could create a website that would trade in this lightning economy using open protocols without asking anybody's permission. So you're talking about something that's like a million times cheaper, less friction, and faster to do it. If you want to get money to move.”

    2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source

  15. “Gave me a billion dollars in 20 years. I couldn't find a way to trade with another company or a counterparty in Nigeria. No amount of money. Give me $10 billion. I couldn't do it. Because you get shut down at the banking level, you can't link up a bank in Nigeria with the bank in the US. You get shut down at this credit card level because they don't have the credit card, so they won't clear. You get shut down at the compliance FCPA level because you wouldn't be able to implement a system that interfaced with somebody else's system if it's not in the right political jurisdiction.”

    2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source

  16. “So that makes it advantageous versus an application that doesn't incorporate lightning. If you think about the big picture, the big picture is 8 billion people with mobile phones served by 100 million companies doing billions of transactions an hour. And the companies are settling with each other on the base layer in blocks of 80 million at a time. And then the companies are trading with the consumers in proprietary layers like layer three and then on occasion people are shuffling assets across custodians with lightning layer two because you don't want to pay $5 to move $50. You want to pay a 20th of a penny to move $50. And so all of these things create efficiency in the economy. And Lex, if you want to consider how much efficiency.”

    2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source

  17. “There are other applications to let you acquire but not withdraw it. And they don't get the same market share, but they might give you some other advantage. There are certain layer threes like Jack Dorsey's Cash App where they just incorporated Lightning, an implementation of it.”

    2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source

  18. “Customer service, right? Companies do these things well, right? We know Couldn't decentralize Apple or Netflix or even YouTube, the performance wouldn't be there and the subtlety wouldn't be there. And you can't really legally decentralize certain forms of banking and insurance because they would become illegal in the political jurisdiction they're in. Unless you're a crypto anarchist and you believe in no companies and no nation states. Which is just not very practical, not anytime soon. Once you allow that nation states will continue and companies have a role, then the layered architecture follows and the free market determines who wins. For example, there are layer threes that let you acquire Bitcoin and withdraw Bitcoin.”

    2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source

  19. “In fact, if you come back to the New York model, you really wanted a block of granite, a building, and a company. That's what makes the economy, right? If I said to you, you're going to build a building, but you can only have one company in it for the life of the building, it would be very fragile, like very brittle. What company a hundred years ago is still relevant today? Do you want all three layers because they all oscillate at different frequencies? And, you know, there's a tendency to think, well, it's got to be this L1 or that L1, not really. And sometimes people think, well, I don't really want any L3. But companies, it's not an even war. Companies are better than crypto asset networks at certain things. If you want complexity, you want to implement complexity, or you want to implement compliance.”

    2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source

  20. “Is the fact that it has the most optionality for custody. Now coming back to this digital energy issue, the real key point is the energy moves in milliseconds for free on layer three. It moves in seconds or less than seconds on layer twos. It moves in minutes on the layer one. I don't think it makes any sense to even think about trying to solve all three problems on the layer one because it's impossible to achieve the security and the incorruptibility and the immortality if you try to build that much speed and that functionality and performance.”

    2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source

  21. “A deterrent, there's a deterrent that's an anti corrupting element. And the phrase is an armed society, it's a polite society Because you have the optionality to withdraw all your assets from the crypto exchange, you can enforce fairness. And at the point where you disagree with their policies, you can within an hour move your assets to another counterparty or take personal custody of those assets.”

    2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source

  22. “And when you own a share of a security that's like a US traded security and you wish to move to some other country, you can't take the security with you either. And when you own a bunch of gold and you try to get through the airport, they might not let you take it. So Bitcoin is advantageous versus all those because you actually do have the option to withdraw your asset from the exchange. And if you, you know, if you had Bitcoin with Fidelity and you had shares of stock with Fidelity and if you had bonds and sovereign debt with Fidelity and if you own some mutual funds and some other random limited partnerships with Fidelity, none of those things can be removed from the custodian but the Bitcoin you can take off the exchange you can remove from the custodian so So”

    2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source

  23. “Withdraw the bitcoins, you can take it to your own private wallet and get it off the exchange. I think the answer to the question of, well, is corruption possible? Corruption is possible in all human institutions and all governments everywhere. The difference between digital property and physical property is when you own a building in Los Angeles and the city politics turn against you, you can't move the building.”

    2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source

  24. “Know if I would say, I don't not all securities are layer four, but anything that's a proprietary product based upon with Bitcoin embedded in it where you can't withdraw the Bitcoin is another application of Bitcoin. So if you think about different ways you can use this, you can either stay completely on the layer one and use the base chain for your transactions or you can limit yourself to layer one and layer two lightning. And the purist would say we stay there, get your Bitcoin off the exchange. But you could also go to the layer three when Cash App supported Bitcoin. They made it very easy to buy it and then they gave you the withdrawal. When PayPal or I think Robinhood let you buy it, they wouldn't let you withdraw it. It was a big community uproar and people want these layer threes to make it possible.”

    2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source

  25. “One technology. The idealists fear the layer threes because they think, and especially they detest, they would detest there's almost like a layer four, by the way, if you want to. A layer four would be I've got Bitcoin on an application, but I can't withdraw it. So I've got an application that's backed by Bitcoin, but the Bitcoin is sealed. It's a proprietary example. And I'll give you an example of that. That would be like grayscale. If I own a share of GBTC and so I own a security, actually, you could own MSTR. If you own a security or you own a product that has Bitcoin embedded in it, you get the benefits of Bitcoin, but you don't have the ability to withdraw the asset.”

    2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source

  26. “Layer three is a custodial layer. So if you want to move Bitcoin in milliseconds for free, You move it through Binance or Coinbase or Cash App. So this is a very straightforward thing. I mean, it seems pretty obvious when you think about it that there are going to be hundreds of thousands of layer threes. There may be dozens of layer twos. I mean, Lightning is A1, but it's not the only one anybody can invent something, right? And we can have this debate about custodial, non-custodial.”

    2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source

  27. “It becomes a layer two. Bitcoin itself incentivizes its own transactions with its own token, and that's what makes it layer one.”

    2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source

  28. “Yeah, actually, if they're using their own token, then they are a layer one. If you create an open protocol that uses the Bitcoin token as the fee.”

    2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source

  29. “Any other crypto network that was deemed to be property, deemed to be non-security, you could also think of as potentially a layer two to Bitcoin. There's a debate about are there any and what are they and we can leave that for a later time”

    2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source

  30. “If I lower my security requirement by a factor of a million, I can probably move the stuff a million times faster. And that's how lightning works. It's non-custodial because there's no corporation or custodian or counterparty you're trusting. There's the risk of moving through the channel. Lightning is an example of how I go from 350,000 transactions a day to 350 million transactions a day. So on that layer two, you could move the Bitcoin in seconds for fractions of pennies. Now, that's not the end all be-all because the truth is there are a lot of open protocols. Lightning probably won't be the only one. There's an open market competition of other permissionless open source protocols to do this work. And in theory,”

    2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source

  31. “So, lightning network would be an example of a layer two non-custodial. So the lightning network will sit on top of layer one. It'll sit on top of Bitcoin. And it solves what you want to do is solve the problem of, it's well and fine. I don't want to move a billion dollars every day. What I want to move is $5 a billion times a day. So if I want to move $5 a billion times a day, I don't really need to put the entire trillion dollars of assets at risk every time I move $5. All I really need to do is put $100,000 in a channel or a million dollars in a channel, and then I do 10 million transactions where I have a million dollars at risk. And of course, it's kind of simple. If I put”

    2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source

  32. “Yeah So the layer one is the foundation for the entire cyber economy. Don't want it to move fast. What we want is immortality incorrupt, incorruptible, indestructible, right? That's what you want, integrity from the layer one. Now there's layer two and layer three, and layer two I would define as an open, permissionless, non-custodial protocol that uses the underlying layer one token as its gap.”

    2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source

  33. “Asset needs to be there at all. So the fact that you can create a hundred trillion dollar layer one that would stand for 100 years, that is the revolutionary breakthrough first time. And the fact that it's ethical, right? It's ethical and common property, global, permissionless. Extremely unlikely that would happen. People tried 50 times before and they all failed. They tried 15,000 times after, and they've all been failed, 98% have failed and a couple have been less successful. But for the most part, that's an extraordinary thing.”

    2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source

  34. “And that's what we want to solve with layer one. And the best real metaphor in New York City would be the granite or the schist, what you want is a city block of bedrock. And how long has it been there? Like millions of years it's been there. And how fast you want it to move? You don't. In fact, the single thing that's most important is that it not deflect. If it deflects a foot in a hundred years, it's too much. If it deflects an inch in a hundred years, you might not want that. So the layer one of Bitcoin is a foundation upon which you put weight. How much weight can you put on it? You put a trillion, 10 trillion, 100 trillion, a quadrillion? How much weight's on the bedrock in Manhattan, right? Think about 100-story buildings. So the real key there is the foundational.”

    2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source

  35. “Let me give you a good model for that. If you think about the layer one of Bitcoin, the layer one is the property settlement layer, and we're going to do 350,000 transactions or less a day, 100 million transactions a year is the bandwidth on the layer one. And it would be an ideal layer one to move a billion dollars from point A to point B with the massive security. The role of the layer one is two things. One thing is I want to move a large sum of money through space with security. I can move any amount of Bitcoin in a matter of minutes for dollars on layer one. The second important feature of the layer one is I need the money to last forever. I need the money indestructible, immortal. So the bigger trick is not to move a billion dollars from here to Tokyo. The big trick is to move a billion dollars from here to the year 2140.”

    2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source

  36. “Bitcoin is magical and it is truly the innovation. It's like a singularity because it represents the first time in the history of the human race that we managed to create a digital property properly understood. It's easy to create something digital, right? Every coupon and every scan on Fortnite and Roblox and Apple TV credits and all these things, they're all digital something, but they're securities, right? Chairs of stock are securities. Whenever anybody transfers, when you transfer money on PayPal or Apple Pay, you're transferring in essence, a security or an IOU. And so transferring a bearer instrument with final settlement in the internet domain or in cyberspace. A critical thing Anybody in the crypto world can do that. All the cryptos can do that. But what they can't do, what 99% of them fail to do is be property, their securities.”

    2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source

  37. “How quick will he do something vibrate? So if I transfer $10 from me to you for a drink and then you turn around and you buy another, right? We're vibrating on a frequency of every few hours, right? The energy is changing hands. But it's not likely that you sell and buy houses every few hours, right? The frequency of a transaction in real estate is every 10 years, every five years. It's much lower frequency transaction. So, when you think about what's going on here, you have extremely low frequency things which we'll call property. Then you have mid-frequency things, I'm going to call them money or currency, and then you have high frequency, and that's energy. And that's why I use the illustration of you got the building, you got the light, and you got the sound, and they're all just energy moving at different frequencies. Now,”

    2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source

  38. “Legal sense But I would also go to the next up and say property is low frequency money. So if I give you a million dollars, You want to hold it for a decade, you might go buy a house with it. Right, and the house is low frequency money. You converted the million dollars of economic energy into a structure called a house, maybe after a decade, you might convert it back into energy. You might sell the house for current. It'll be worth more or less depending upon the monetary climate itself.”

    2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source

  39. “Twitter stock, if that's your idea of property because Twitter stock is a security and Twitter stock is never going to be a non-sovereign bearer instrument in Russia, right? Or in China, right? It's not even legal in China, right? So it's not a global permissionless, open thing. It will never be trusted by the rest of the world. And legally, it's impractical, but would you really want to put $100 trillion worth of economic value on Twitter stock of his board of directors and a CEO that could just get up and like take half of it tomorrow? The answer is no. So if you want to build a better world based on digital energy, you need to start with constructing a digital property. And I'm using property here in the...”

    2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source

  40. “When you get to the secondary issue, it's how do you actually build a world based on digital property if public figures Can't embrace it or endorse it. You see, so you're not going to build a better world based upon”

    2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source

  41. “Should be a farmer. I think a chicken in every pot, you should get a horse. I think you'd be better. I mean, these are all opinions expressed about property, which may or may not be right that you may or may not agree with. But in a legal sense, if we read the law, if we understand securities law, and I would say, you know, most people in the crypto industry, you know, they don't, they didn't take companies public. And so they're not really focused on the securities law. They don't even know the securities law. If you focus on the securities law, that would say you just can't legally sell this stuff to the general public or promote it without a full set of continuing disclosures signed off on by a regulator. So there's a fairly bright line there with regard to securities. But when you get to the...”

    2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source

  42. “Right, then I have a different degree of ethical responsibility. Now, I could tell you your life will be better if you buy Bitcoin, and it might not. You might go buy Bitcoin, you might lose the keys and be bankrupt and your life ends and your life is not better because you bought Bitcoin, right? But it wouldn't be my ethical liability any more than if I were to say Lax, I think you ought to get a farm”

    2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source

  43. “The point is, because it's property, it's ethical for me to say that if I were to turn around and say, you know, Lex, I think the same about micro strategy stock, MSTR. That's a security. If I'm wrong about that, I have civil liability or other liability because I could go to a board meeting tomorrow and I could actually propose we issue a million more shares of microstrategy stock, whereas the thing that makes Bitcoin ethical for me to even promote is the knowledge that I can't change it. If I knew that I could make it $42 million instead of 21 million and I had the button back here,”

    2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source

  44. “Orders and orders of magnitude to seize. So digital property in the form of a set of private keys is by far the apex property of the human race. In terms of ethics, I want to make one more point. It's like I might say to you, Lex, I think Bitcoin is the best, most secure, most durable crypto asset network in the world is going to go up forever. And there's nothing better in the world. I might be right. I might be wrong.”

    2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source

  45. “I think in the Bitcoin world, what we would say is that Bitcoin is the most difficult property that the human race possesses or has yet invented to confiscate. And that's by virtue of the fact that you could take possession of it via your private keys. So, you know, if you've got your 12 seed phrases in your head, then that would be the highest form of property right because I literally have to crack your head open and read your mind to take it. It doesn't mean I couldn't extract it from you under duress, but it means that it's harder than every other thing you might own. In fact, it's exponentially harder. If you consider every other thing you might own, a car, a house, a share of stock, gold, diamonds, property rights, intellectual property rights, movie rights, music rights, anything imaginable, they would all be easier by all.”

    2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source

  46. “If I could do that, then I could deliver you 10,000 dematerialized barrels of oil, and you would take settlement of them, and you would know that you have possession of that property irregardless of the opinion of any politician or any company or anybody else in the world. That's a really critical characteristic. And it actually is. It's probably one of the fundamental things that makes Bitcoin special. Bitcoin isn't just a crypto asset network. It's easy to create a crypto asset network. It's very hard to create an ethical crypto asset network because you have to create one without any government or corporate corporation or investor exercising indue influence to make it successful.”

    2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source

  47. “If it's not open, right? If it's proprietary and I know what the code says and you don't know what the code says, that makes it a security. If it's permissioned, if you're not allowed on my network or if you can be censored or booted off my network, that also makes it a security. So, when I talk about property, I mean, the challenge here is how do I create something that's equivalent to a barrel of oil in cyberspace? And that means it has to be a non-sovereign bearer instrument open, permissionless, not censorable.”

    2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source

  48. “They all boil down to having a clause which says that if you're a public figure, you can't endorse a security. You can't endorse something that would cause you to have a conflict of interest. So if you're a mayor, a governor, a country, a public figure, an influencer, and you want to promote or promulgate or support something using any public influence or funds or resources you may have, it needs to be property. It can't be security. So it goes beyond that, right? I mean, like, what did Chinese want to support an American company? As soon as you look at what's in the best interest of the human race, the civilization, you realize that if you want an ethical path forward, it needs to be based on common property, which is fair. And the way you get to a common property is through an open, permissionless protocol.”

    2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source

  49. “If I have Mikey Coyne and I think there's only 2 million Mikey coin, and I swear to you, there's only 2 million, and then I get married and I have three kids and my third kid is in the hospital and my kid's going to die and I have this ethical reason to print 500,000 more Mikey coin or else people are going to die and everybody tells me it's fine. You know, I've still abused the investor, right? It's a ethical challenge. If you look at ethics laws, Everywhere in the world.”

    2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source

  50. “Especially if you work to Google, but you worked anywhere, you'd be like, why isn't he saying buy mine? A security is a proprietary asset in some way, shape or form. And the whole nature of securities law, it starts from this ancient idea thou shalt not lie, cheat or steal. Okay. So if I'm going to sell you securities or I'm going to promote securities as a public figure or as an influencer or anybody else, if I create my own yo-yo coin or Mikey coin and then there's a million of them and I tell you that I think that it's a really good thing and Mikey Coin will go up forever right and everybody buys Mikey coin and then I give 10 million to you and don't tell the public, right? I've cheated them.”

    2022-04-14 · Lex Fridman Podcast · #276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money · IDENTIFIED FROM THE TRANSCRIPT · source