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This episode of epicenter 
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Hi, welcome. 
The epicenter Bitcoin the show, 

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which talks about the 
Technologies, projects and 

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startups, driving 
decentralization, and the global

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cryptocurrency Revolution. 
My name is Sebastian with you. 

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And my name is Brian Friday and 
crane. 

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And we're here today, with Adam 
Draper, Adam is the founder of. 

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We see, probably many of you 
have heard of. 

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We see, it's been. 
It was the first accelerator 

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just focus on bitcoin startup 
and it has taken on an important

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role in the Bitcoin ecosystem. 
So thanks very much for joining 

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us today at Thanks for having 
me. 

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I'm really excited to be here. 
This is a really, really great 

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thing. 
You guys are doing. 

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Yeah, thanks. 
I mean, we've actually had some 

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people before on who were in the
accelerator. 

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Although maybe Flavia is the 
only one but I'm sure there's 

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going to be some more future 
anytime you want an intro. 

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Let me know. 
We have 47 others who could be a

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part of it. 
Actually, I know that before we 

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get into the topics, we had, we 
did the one, the lightning 

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episode, right? 
So there's the mirror, guys. 

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Oh, great. 
There were part of their trivia.

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So, Adam, well, tell us a bit 
about. 

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How did you get into a Bitcoin 
originally, and how did you end 

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up deciding to start an 
accelerator? 

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Yeah. 
So first, I'll just say hi. 

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I'm Adam Draper founder, and 
managing director of boost VC. 

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And our first boost VC. 
It's an accelerator. 

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It's a three-month program where
we provide housing office space 

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and we invest in startups that 
are focused around the Bitcoin 

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industry. 
And we've had that Focus for 

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about two and a half years. 
We've recently added an 

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additional focus of virtual 
reality this session and we 

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bring everyone to Silicon Valley
and we really just build a 

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network in a community of 
investors and entrepreneurs 

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around them. 
I'm over the course of three 

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months program builds toward to 
demo day on demo day. 

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They get to present in front of 
a large amount of investors 

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150-200 investors to ideally 
obtain funding. 

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So my story about Bitcoin is 
unique in a couple ways. 

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One is first time, ever heard 
about Bitcoin was actually from 

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the CEO of coinbase, three years
ago almost to the day. 

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Probably. 
It's like Zero would be in early

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August 3 years ago and I met 
with him at a coffee shop 

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because I had read this summary 
of what his company did and it 

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said digital currency 
Marketplace and that was like 

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how he was defining his company.
And and so I met up with him and

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he pitched this great story 
about how this digital currency 

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concept, which is called Bitcoin
is going to help revolutionize 

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the world and what I We pulled 
from. 

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That was the idea that there 
would be this meta currency or a

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currency that lies on top of all
other currencies. 

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So that you never have to 
transact. 

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You never need to cash out of a 
crunchy while you like travel 

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the world or and more than that.
What was really? 

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I like I like that concept like 
a Global Currency, but I also 

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loved the idea that who I loved 
was a strong word, but I really 

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I thought it was really cool. 
Cools, not the right word either

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interesting. 
That in 2011, Bitcoin had gone 

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from $30 to per Bitcoin, 20 
dollars per Bitcoin because of 

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that crash I found because at 
that at the time, I was speaking

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with Brian Armstrong at 
coinbase, the price of Bitcoin 

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was already about $15 per 
Bitcoin again, and that to me 

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made me feel that there was a 
passionate community of people 

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who really wanted this to exist.
And that that's a really great 

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indicator of some form of 
technological, Evolution or 

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revolution one or the other, and
so much. 

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So my early days of Bitcoin, so 
I ended up investing in Brian. 

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More than anything more. 
I wasn't even, I wasn't a crazy 

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expert on Bigfoot. 
Had just learned about Bitcoin 

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from Brian. 
I ended up investing because 

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Brian what is this three years 
ago. 

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He had just left. 
Airbnb. 

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He was one of the first 100 
employees at Airbnb which was 

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known to be a rocket ship 
company and he was leaving this 

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company. 
There's probably valued at about

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a billion dollars to join a 
market that in total was 200 

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million dollars, the entire 
Marketplace. 

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So he was trying to jump into a 
market and it's impossible to 

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own an entire market. 
And so I was thinking either 

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this guy is absolutely insane or
he knows something. 

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I don't and so I ended up really
being enthusiastic about Brian 

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and that was my first foray into
Bitcoin. 

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What ended up happening? 
Six months later was, well, 

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about two weeks later after I 
invested in him. 

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I found a boost. 
We were not focused on bitcoin 

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at that time. 
We did an entire session just to

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making sure that the wheels 
stayed on the ship. 

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Well, it was moving at a 
thousand miles per hour and 

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then, you know, our first 
session went really well. 

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Six of the seven companies raise
additional money. 

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It went great in between the 
first and the second session. 

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We were trying to figure out 
what technology, we really 

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wanted to throw our weight 
behind and Bitcoin kept coming 

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up. 
And we realized that there were 

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only five Bitcoin companies, two
and a half years ago that anyone

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could list on their hands. 
So, this was January, February, 

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2013. 
Wish someone like that. 

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Is that right? 
I think so. 

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Yeah, that's about right. 
Yeah. 

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So it was 2012 before 2013 08, 
for example got the time maybe 

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coinbase. 
Like one or two others had 

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gotten close. 
It was Mount gox, everyone knew 

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man cocks, if you were in the 
has everyone knew bitpay 

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coinbase bit for was one and 
then blockchain blockchain and 

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those were like the main five 
there's really probably six or 

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seven that anyone could Masters 
could list, but we were 

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thinking, okay. 
Well, let's write down all the 

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ideas that could exist from this
new technology and we wrote 

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down. 
Down 10 ideas immediately that 

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we were like, well, we might as 
well double the population, a 

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Bitcoin companies. 
Because I think that these are 

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all going to be different 
companies using this new 

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technology, and there was a 
resounding response immediately,

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but then also know you might 
remember six weeks after 

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February. 
So about late March early, April

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there was a huge run up from 
twenty dollars per Bitcoin to 

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$250 per Bitcoin and so all of a
sudden because we had proclaimed

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that big Was going to be a 
sector. 

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We look like experts because 
like there was a immediate 

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reaction in the marketplace and 
so on. 

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So like we got called by, you 
know, 150 different enthusiasts 

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investors and entrepreneurs in 
the space. 

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And we until we met I met with 
every single person I could I 

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probably became an expert over 
that time. 

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Just because I had finally met 
with as many people as I could. 

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And so that's really like the 
background of how we ended up 

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getting into Bitcoin. 
We have Now invested in about 

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47, Bitcoin companies. 
So we maintain the focus 

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throughout the last five tribes,
four tribes. 

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So we've done five tribes at 
Boost but for tribes would 

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Bitcoin focus. 
Our last session had about 22 

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Bitcoin startups. 
And yeah, and we've just really 

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enjoyed being such a big part of
the Bitcoin space. 

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We've had a lot of fun helping 
out the Bitcoin companies, get 

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off the ground and get funded. 
So when you when you have 

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Bitcoin startups applying in 
boost that so you mentioned 

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Brian Armstrong and you know, 
him being either crazy or he was

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onto something. 
Is that something that you still

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look for when when filtering 
applicants definitely? 

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So we so, I mean, I would say on
the sort of our, what we look at

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it. 
When we're reviewing an 

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application. 
We do normal stuff like Market 

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team idea. 
So, a lot of it, that's what 

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most investors will do. 
They'll go through. 

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What is the market, big enough 
and we're making the assumption 

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that the Bitcoin Market is going
to explode over. 

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The next X number of years. 
Is can the team do what they're 

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saying? 
They're going to do? 

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Is this the right team? 
Is this the team that's actually

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going to pull it off idea. 
Is this the right time for the 

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idea or is, is it possible that 
people will want this idea. 

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Is it useful to the world and 
Then we have a fourth category 

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that we go through, which is 
called scrappiness. 

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And so we basically the filter 
prescribing is, if this person 

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were, you know, out of money 
living in their parents 

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basement, would they still be 
building this product? 

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Because one of the things that I
think entrepreneurs don't 

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understand sometimes when 
they're starting a business 

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because it's sort of cool to 
start a business right now is 

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it's really really hard. 
And so You're not in it for the 

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reasons to be, if you're not 
passionate about the idea. 

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If you're not going to be doing 
it for no money, when the times 

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get tough, you will not continue
to do it. 

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Probably. 
And so we, we really want the 

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founders who are going to be 
fearless and really go after Big

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Ideas and be very passionate 
about them actually a patch. 

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I find it very difficult to say,
no to a Founder, who is both 

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very passionate, and very 
knowledgeable about their space.

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Because when they're 
knowledgeable about the space, 

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and they speak very We about it.
It's like they understand 

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everything about this space and 
you're sort of like here, take 

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my money. 
So, is there something different

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about Bitcoin entrepreneurs from
people starting business in 

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other areas? 
That is a it's an interesting 

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question because so I'd say 
there's been an evolution over 

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the last three years for Bitcoin
entrepreneurs. 

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There was I'd say it started out
as like philosophical idealists.

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Were the entrepreneurs that were
in the space and they've 

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gradually evolved into 
opportunistic. 

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Builders. 
And I think that that's one 

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thing that there has been a 
steady Evolution towards like 

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just the The entrepreneurs have 
just evolved and changed over 

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the last three years in the 
Bitcoin space. 

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Already, you have to be a little
crazy to be in the Bitcoin space

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because it's the market still, 
not huge. 

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The ideas still aren't flushed 
out the you know, it's becoming 

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more useful. 
So I would say entrepreneurs in 

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general, if you're entering the 
Bitcoin space. 

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Its you are passionate about the
technology still like there's no

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reason for you to be as insane 
as jumping into like the Bitcoin

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space if you're not passionate, 
so it's almost a filter for Is 

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that they're already vast like 
fascinated and passionate about 

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this space. 
And then I'd say some Bitcoin 

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entrepreneurs. 
This is something that we've run

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into a little bit, is some 
Bitcoin entrepreneurs. 

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Just love really the technology 
layer. 

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This happens with other 
entrepreneurs to we were there. 

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They just want they like want to
really change the way that the 

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technology works, but then you 
really need to be solving a 

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problem. 
Otherwise like The business side

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of it doesn't work. 
And so that's it. 

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We want to find where those two 
things Clash like where those 

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two things like mix because 
that's where great companies 

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come from. 
It's sort of like, I mean, the 

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best analogy is probably like, 
you know, Wozniak couldn't have 

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00:13:05,300 --> 00:13:08,200
done Apple without jobs and jobs
probably could have done with 

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that Wozniak and you sort of 
need like those two pieces to 

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make a really great foundation 
for a company. 

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Otherwise, you just have someone
who loves fiddling with the Vmn,

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someone who likes to just talk 
about things. 

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It's time for a word from our 
sponsors Ledger makers of The 

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00:13:29,500 --> 00:13:32,000
Ledger, Nano Hardware wallet. 
Now you may have heard of Cold 

222
00:13:32,000 --> 00:13:35,500
Storage before Ledger makes your
cold storage even colder. 

223
00:13:35,600 --> 00:13:36,900
That's right. 
Don't be the guy on red at 

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00:13:36,900 --> 00:13:40,500
that's complaining because he 
lost his money and some Heist or

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00:13:40,500 --> 00:13:43,400
someone stole his laptop or a 
mobile phone or something like 

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00:13:43,408 --> 00:13:45,400
that. 
Now you want to have a safe and 

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00:13:45,400 --> 00:13:47,800
secure solutions for storing 
your Bitcoin. 

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00:13:47,900 --> 00:13:49,600
That doesn't that isn't 
expensive. 

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00:13:49,800 --> 00:13:53,000
That is Affordable. 
And that doesn't require you 

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00:13:53,000 --> 00:13:56,300
installing Armory on six 
different machines spread across

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00:13:56,300 --> 00:13:57,400
different. 
Continents. 

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00:13:57,600 --> 00:14:00,400
Now, The Ledger is smart card 
security for your Bitcoins and 

233
00:14:00,400 --> 00:14:02,800
you can use it on any computer. 
Even if it's pest filled with 

234
00:14:02,800 --> 00:14:04,900
malware. 
Your Bitcoins will remain safe. 

235
00:14:04,900 --> 00:14:09,000
If I had a thousand Bitcoins, I 
wouldn't even hesitate to store 

236
00:14:09,000 --> 00:14:12,400
them on my ledger and keeping 
that thing in my in my pocket 

237
00:14:12,500 --> 00:14:15,200
all the time. 
I would be fully comfortable 

238
00:14:15,200 --> 00:14:16,900
with that. 
And in fact, what's great about 

239
00:14:16,900 --> 00:14:19,800
The Ledger is not only is it 
secure it's easy to use. 

240
00:14:19,900 --> 00:14:22,600
You know, I mentioned last time 
the Belgian police are using it.

241
00:14:22,600 --> 00:14:25,400
So if police officers can use 
it, I'd say it's pretty simple 

242
00:14:25,400 --> 00:14:27,900
to use. 
We have a special offer for you.

243
00:14:28,100 --> 00:14:31,800
If you go to Ledger wallet.com 
and use the offer code EV 09 at 

244
00:14:31,800 --> 00:14:35,800
checkout, you'll get 10% off 
your order and that off coats, 

245
00:14:35,800 --> 00:14:38,700
valid until September 30th, 
2015. 

246
00:14:39,000 --> 00:14:42,000
And when you sleep soundly at 
night, knowing your Bitcoins or 

247
00:14:42,000 --> 00:14:46,400
hole and secure, you'll thank us
Legend, a no smart card security

248
00:14:46,400 --> 00:14:48,500
for your Bitcoins. 
Give it a try. 

249
00:14:48,700 --> 00:14:51,200
We would like to thank Ledger 
for they supportive epicenter, 

250
00:14:51,200 --> 00:14:55,900
Bitcoin. 
You mentioned before you guys 

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are making the assumption that 
Bitcoins going to explode, 

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right? 
So otherwise this wouldn't make 

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much sense. 
Are there other aspects to your 

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investment thesis or other 
assumptions. 

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00:15:07,200 --> 00:15:15,000
You guys are making Yes, so so I
would say well, yeah, I mean the

256
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fact that we're in the Bitcoin 
space at all. 

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You know, we're probably the 
largest investors as far as 

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sheer number of companies in the
Bitcoin space. 

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It means that we are definitely 
making a couple of large 

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assumptions one. 
Is that the Bitcoin space is 

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going to go through a huge 
transformation and become this 

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huge huge technology that 
everyone uses my assumption is 

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That all payments will be 
running on Bitcoin in the next 

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00:15:43,200 --> 00:15:46,200
10 years. 
And so, if you assume that it 

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makes sense to back, basically, 
every Bitcoin company, you can 

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get your hands on. 
And my how I justify that to 

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myself is really, there are a 
couple ways, but one is mostly, 

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it's voice over IP. 
So originally everyone has been 

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making telephone calls for the 
last, you know, 70 years or 

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00:16:04,700 --> 00:16:08,000
whatever. 
Whenever Edison, created the 

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telephone. 
What's he doing? 

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Telephone, or was he the light 
bulb? 

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And I think it was Alexander 
Graham. 

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Alexander Graham Bell whenever 
he made when he made the 

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telephone, but it. 
But recently in the last 10 

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years, Skype zentrum, and the 
team had Skype. 

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They with Skype. 
You were still making calls. 

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It was still called to call 
because you're, you could hear 

279
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the other person over this 
mechanism, but the entire 

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00:16:38,100 --> 00:16:40,900
back-end had changed out. 
And suddenly, they were like 

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00:16:40,900 --> 00:16:43,900
decoding bits and then sending 
those bits across a wire and 

282
00:16:43,900 --> 00:16:46,300
then you re-encoding the bits so
that you could hear it. 

283
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Like we're using Google Hangouts
right now. 

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And so voice over IP was an 
entire shift for the entire 

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telephone industry that I'd say 
the end consumer didn't see as 

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00:16:58,100 --> 00:17:00,400
much because they were still 
just making calls. 

287
00:17:01,200 --> 00:17:04,400
And I think that that's that's 
very similar to bitcoin with 

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00:17:04,400 --> 00:17:08,200
payments where it's still going 
to be called a payment, but the 

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00:17:08,200 --> 00:17:09,599
entire back-end is about to 
shift. 

290
00:17:09,700 --> 00:17:12,200
Doubt and become an 
international payments Network. 

291
00:17:12,400 --> 00:17:15,700
And so I'm really excited about 
that and there's a lot of 

292
00:17:15,700 --> 00:17:17,800
opportunity in that that we're 
excited about. 

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00:17:17,800 --> 00:17:22,500
So that's what I think. 
But having said that, a lot of 

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00:17:22,508 --> 00:17:25,900
the companies in Bruges, we see,
haven't necessarily been doing 

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00:17:25,900 --> 00:17:27,599
payments. 
I mean, some have, I mean 

296
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there's been snap card and some 
others I believe. 

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00:17:30,200 --> 00:17:33,700
Yeah, but can you talk about, 
you know, what's the sort of 

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00:17:33,700 --> 00:17:36,300
thesis behind the other 
companies that you funded, like 

299
00:17:36,300 --> 00:17:40,700
zap chain, or yeah. 
So others that are not 

300
00:17:40,700 --> 00:17:44,300
necessarily in a transfer value 
or in the payment sector. 

301
00:17:44,500 --> 00:17:46,500
So I would say when you're 
looking at Bitcoin and the 

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00:17:46,500 --> 00:17:50,400
blockchain their first, I will 
break you like a breakdown. 

303
00:17:50,400 --> 00:17:55,800
Sort of Coin and I group them 
all together and I think that 

304
00:17:55,800 --> 00:18:00,000
they're all in the same sector, 
so don't really deviate too 

305
00:18:00,000 --> 00:18:02,800
much. 
But the so, the what we did is 

306
00:18:02,800 --> 00:18:06,200
we broke down what Bitcoin does 
better than cash, because that's

307
00:18:06,200 --> 00:18:09,400
where really usefulness comes in
and that's where opportunity is 

308
00:18:09,400 --> 00:18:12,800
for businesses. 
And the through, there are three

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00:18:12,800 --> 00:18:14,500
things that Bitcoin does better 
than cash. 

310
00:18:15,400 --> 00:18:17,800
It's store a value for emerging 
markets. 

311
00:18:18,500 --> 00:18:20,900
That really don't have a great 
currency. 

312
00:18:21,500 --> 00:18:23,500
Greasewood should probably adopt
Bitcoin. 

313
00:18:23,700 --> 00:18:27,300
That's I'm going to probably 
write a blog post about how 

314
00:18:27,300 --> 00:18:32,300
Greece you to die. 
Pickling the transfer of 

315
00:18:32,500 --> 00:18:36,000
cross-border for money using 
Bitcoin as the rails. 

316
00:18:36,100 --> 00:18:39,400
And then microtransactions 
something that is actually was 

317
00:18:39,400 --> 00:18:43,200
probably not possible before 
Bitcoin existed. 

318
00:18:43,300 --> 00:18:47,200
And so I'd say almost All of our
investments. 

319
00:18:47,200 --> 00:18:50,200
All 47 Bitcoin companies. 
We've invested in cover are 

320
00:18:50,200 --> 00:18:52,200
encompassed. 
The Bitcoin ones are encompassed

321
00:18:52,200 --> 00:18:57,100
in those three categories. 
And so we were trying to find, 

322
00:18:57,100 --> 00:19:00,900
you know, all each of those 
though even break down further 

323
00:19:00,900 --> 00:19:03,900
where, you know, I there are a 
lot of really great companies. 

324
00:19:03,900 --> 00:19:06,800
Doing microtransactions. 
Zap chain, I believe is one of 

325
00:19:06,800 --> 00:19:09,400
the best implementations of 
microtransactions in their 

326
00:19:09,400 --> 00:19:12,300
tipping. 
And so that was one of the 

327
00:19:12,308 --> 00:19:14,500
reasons that we were really 
excited about what they were 

328
00:19:14,700 --> 00:19:16,600
building. 
They just started out as sort of

329
00:19:16,600 --> 00:19:19,600
a social network for Bitcoin 
people and now, they built out 

330
00:19:19,600 --> 00:19:24,300
this great tipping system and 
people are actually, like, 

331
00:19:24,700 --> 00:19:28,900
making money off of this tipping
system, which is incredibly 

332
00:19:29,200 --> 00:19:34,400
powerful long-term. 
But when you, when we deviate to

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00:19:34,500 --> 00:19:37,600
the blockchain, I'd say the 
blockchain. 

334
00:19:38,100 --> 00:19:41,500
Everyone's very excited about 
blockchain 2.0 or Bitcoin 2.0 or

335
00:19:41,500 --> 00:19:43,000
whatever. 
Everyone's calling the next 

336
00:19:43,000 --> 00:19:48,900
generation of Bitcoin stuff. 
But really what it comes down to

337
00:19:48,900 --> 00:19:55,000
is it's digitizing assets, 
transferring assets and then a 

338
00:19:56,700 --> 00:20:00,900
smart contracts inside of those 
and those aren't even like 

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00:20:00,900 --> 00:20:02,200
categories. 
They all sort of grouped 

340
00:20:02,200 --> 00:20:04,300
together in a lot of ways 
because if I'm going to transfer

341
00:20:04,300 --> 00:20:07,500
like real estate, I'm going to 
need it to be a digital asset, 

342
00:20:07,500 --> 00:20:09,300
and I'm going to be able to 
transfer that asset. 

343
00:20:09,700 --> 00:20:13,300
So they're all sort of one thing
and you need smart contract to 

344
00:20:13,308 --> 00:20:15,100
be able to enable those two 
things to happen. 

345
00:20:15,200 --> 00:20:20,100
And I'd say it's still super 
early in the blockchain 

346
00:20:20,100 --> 00:20:23,600
development. 
I everyone is still creating 

347
00:20:23,600 --> 00:20:28,800
what that those three things 
look like and I'm really 

348
00:20:28,800 --> 00:20:32,600
excited. 
You know, we mentioned flavian 

349
00:20:32,600 --> 00:20:38,200
earlier who works whose founded 
coin prism, any really was one 

350
00:20:38,200 --> 00:20:41,900
of the core reasons that open 
assets is is fully fleshed out 

351
00:20:41,900 --> 00:20:47,300
as it is and the in which 
Probably the primary thing that 

352
00:20:47,300 --> 00:20:51,000
most companies are looking at in
order to digitize assets. 

353
00:20:51,400 --> 00:20:56,100
They're looking at that over 
etherium over other Technologies

354
00:20:56,100 --> 00:20:58,700
who are trying to do that. 
So I think that, that sort of 

355
00:20:58,700 --> 00:21:03,300
our investment thesis is going 
down, those two category 

356
00:21:03,300 --> 00:21:07,900
verticals, and then seeing who's
really solving big problems. 

357
00:21:08,100 --> 00:21:13,300
And then we try to invest in 
help where we can Has that 

358
00:21:13,300 --> 00:21:15,200
evolved since you started, we 
see? 

359
00:21:17,300 --> 00:21:23,100
So when we, when we started 
boost, everyone was expected 

360
00:21:23,100 --> 00:21:25,000
about the speculative nature of 
Bitcoin. 

361
00:21:25,000 --> 00:21:27,400
And the reason that it went up, 
so high was because Traders were

362
00:21:27,400 --> 00:21:30,700
like, hey, I could triple my 
money in a day. 

363
00:21:30,700 --> 00:21:32,700
That's awesome. 
They're huge. 

364
00:21:32,700 --> 00:21:35,200
Margins is where like 
speculators and Traders love to 

365
00:21:35,200 --> 00:21:38,400
play. 
And so a lot of people were 

366
00:21:38,400 --> 00:21:42,700
looking at it as like Bitcoin as
the currency and I'd say the 

367
00:21:42,700 --> 00:21:47,800
evolution has been away for has 
been a like We were on board 

368
00:21:47,800 --> 00:21:50,900
with that to what, you know, we 
back payment processors, we back

369
00:21:50,900 --> 00:21:53,500
and I still think some payment 
processor will probably end up 

370
00:21:53,500 --> 00:21:55,100
working. 
Especially if Greece adopts 

371
00:21:55,100 --> 00:21:59,900
Bitcoin, we backed Brokers, we 
packed about 10, brokers, in 

372
00:21:59,900 --> 00:22:04,400
different countries. 
It just would like Argentina, 

373
00:22:05,100 --> 00:22:12,300
Mexico, Brazil, South America, 
South Africa, just tons of 

374
00:22:12,300 --> 00:22:16,800
really great Europe. 
Lots of them. 

375
00:22:17,300 --> 00:22:23,400
The and the reason for that was 
I believe that my initial belief

376
00:22:23,400 --> 00:22:26,200
was cross-border transfer and I 
was thinking, hey, the fastest 

377
00:22:26,200 --> 00:22:29,500
way to get like a huge 
remittance network setup is to 

378
00:22:29,508 --> 00:22:33,100
have these brokers in every 
country so that you could send 

379
00:22:33,100 --> 00:22:37,100
Bitcoin in as long as the broker
handled the cash and cash out. 

380
00:22:38,000 --> 00:22:39,900
You'd have an entire remittance 
Network. 

381
00:22:39,900 --> 00:22:42,900
So, right now, technically, you 
could send money from Argentina 

382
00:22:42,900 --> 00:22:46,900
to Brazil, to Australia to 
Europe. 

383
00:22:47,100 --> 00:22:51,800
All on something like a Bitcoin 
companies, boost Bitcoin 

384
00:22:51,800 --> 00:22:55,000
companies rails, which is 
really, really cool. 

385
00:22:55,000 --> 00:22:57,900
And you can save a lot of money,
because that's what Bitcoin does

386
00:22:58,100 --> 00:23:02,400
cross-border. 
But I'd say the study Evolution 

387
00:23:02,400 --> 00:23:05,300
has been really about not 
sending Bitcoins specifically, 

388
00:23:05,300 --> 00:23:13,900
but sending money across Borders
or, and I'm, I mean, I'm I'm 

389
00:23:13,900 --> 00:23:16,900
also really excited. 
So I told you my two verticals, 

390
00:23:16,900 --> 00:23:18,500
but I'm also really excited 
about things. 

391
00:23:18,500 --> 00:23:21,900
I wasn't expecting to hear 
about. 

392
00:23:22,000 --> 00:23:26,200
So like we had a company in the 
last tribe that was called bit 

393
00:23:26,200 --> 00:23:30,400
mesh, and they they allow you to
resell your Wi-Fi. 

394
00:23:30,800 --> 00:23:32,900
And the reason that they're able
to do that. 

395
00:23:32,900 --> 00:23:34,800
You couldn't do that before 
Bitcoin. 

396
00:23:35,300 --> 00:23:37,900
The reason you're able to do 
that is because of Bitcoin, but 

397
00:23:37,900 --> 00:23:41,800
also because it micro payment 
channels because you only have 

398
00:23:41,800 --> 00:23:43,100
two, you can pay for what you 
use. 

399
00:23:43,300 --> 00:23:46,800
Use rather than like a monthly 
subscription or a hourly 

400
00:23:46,800 --> 00:23:48,700
subscription. 
It's like, literally what you 

401
00:23:48,700 --> 00:23:52,000
use you pay for, which is never 
been done before, and it was 

402
00:23:52,000 --> 00:23:53,900
theoretical. 
And now bit mesh has done it. 

403
00:23:53,900 --> 00:23:56,900
So it's awesome and they're 
going to be trying it in a code,

404
00:23:58,100 --> 00:24:01,700
couple places. 
But like, I love the crazy 

405
00:24:01,700 --> 00:24:04,000
things. 
Also that are like, even no one 

406
00:24:04,000 --> 00:24:06,100
was expecting that this would 
influence. 

407
00:24:07,300 --> 00:24:11,300
I think what Zach chain is, the 
beginning of is really replacing

408
00:24:11,300 --> 00:24:13,400
ads on the internet. 
Like There. 

409
00:24:13,400 --> 00:24:20,400
Now, there's a new way in which 
people Can get paid or be paid 

410
00:24:20,400 --> 00:24:23,200
for content on the internet, 
which is really, really exciting

411
00:24:23,800 --> 00:24:27,700
because before everyone's been 
sort of handcuffed to ads like 

412
00:24:27,700 --> 00:24:30,300
they've completely, you've 
needed to be using it. 

413
00:24:32,100 --> 00:24:35,200
Yeah. 
So I you asked about the 

414
00:24:35,200 --> 00:24:37,000
evolution. 
I'm went back to your last 

415
00:24:37,000 --> 00:24:37,700
question. 
Sorry. 

416
00:24:38,100 --> 00:24:41,300
The evolution has really been 
about it's really been about 

417
00:24:41,300 --> 00:24:46,300
Bitcoin transitioning to 
everyone saying the blockchain 

418
00:24:46,300 --> 00:24:48,800
but really yeah, I'd say right 
now. 

419
00:24:48,800 --> 00:24:54,500
We're in the state where it's 
Bitcoin as the rails for sending

420
00:24:54,500 --> 00:24:57,100
money, which is using the block 
and I guess technically. 

421
00:24:58,200 --> 00:25:02,700
And then the next stage is going
to be blockchain related and 

422
00:25:02,700 --> 00:25:05,800
it's going to be a transfer of 
assets, you know, nasdaq's doing

423
00:25:05,800 --> 00:25:08,000
tests with it. 
I get reached out to by 

424
00:25:08,000 --> 00:25:10,000
institutions. 
I think, I actually think the 

425
00:25:10,000 --> 00:25:17,100
next evolution in these stages. 
So startups have done a lot from

426
00:25:17,100 --> 00:25:19,800
the bottom up, building the 
technology getting users, 

427
00:25:19,800 --> 00:25:23,100
getting people excited about it.
But the marketing costs that it 

428
00:25:23,100 --> 00:25:26,200
would cost to get everyone on 
the earth to adopt. 

429
00:25:26,200 --> 00:25:29,400
This would be very, very 
capital-intensive. 

430
00:25:30,300 --> 00:25:32,700
So I actually think that the 
next step is going to be 

431
00:25:32,700 --> 00:25:36,800
institutional adoption from the 
top down, where institutions are

432
00:25:36,800 --> 00:25:40,500
starting to find that the 
technology is useful to them and

433
00:25:40,500 --> 00:25:43,600
they're trying to figure out how
they either save money or make 

434
00:25:43,600 --> 00:25:45,900
money. 
I'm using this new technology 

435
00:25:46,100 --> 00:25:49,300
and that's a very exciting 
Evolution that. 

436
00:25:49,300 --> 00:25:52,300
I'm not sure everyone's seeing 
yet, but it's going to be a 

437
00:25:52,300 --> 00:25:54,000
really big deal over the next 18
months. 

438
00:25:54,000 --> 00:25:57,800
I think you're going to see huge
institutions adopt aspects of 

439
00:25:57,800 --> 00:26:01,200
Bitcoin or the blockchain for 
actual products. 

440
00:26:01,400 --> 00:26:05,700
And I think people will end 
consumers will be using Bitcoin 

441
00:26:05,700 --> 00:26:08,300
and the blockchain without them 
knowing they're using Bitcoin 

442
00:26:08,300 --> 00:26:10,700
blockchain in the next 18 
months. 

443
00:26:10,700 --> 00:26:14,000
I think it's 18 months and you 
think those institutions 

444
00:26:14,200 --> 00:26:17,600
Primarily use the Bitcoin 
blockchain, maybe through some 

445
00:26:17,600 --> 00:26:22,700
projects, like side chains or 
open assets or things like that.

446
00:26:22,700 --> 00:26:28,100
Or do you think that they will 
use other types of blockchains, 

447
00:26:28,100 --> 00:26:31,900
maybe private blockchains or 
things like that? 

448
00:26:32,000 --> 00:26:34,800
So it's going to depend on what 
problem they're trying to solve 

449
00:26:34,800 --> 00:26:38,100
for themselves. 
So I think a lot of big 

450
00:26:38,100 --> 00:26:40,900
institutions have problems with 
cross-border payments. 

451
00:26:41,100 --> 00:26:43,500
And so I think that's actually 
going to be a big piece of it. 

452
00:26:43,500 --> 00:26:45,800
It's going to be I think a lot 
of people are going to trip try 

453
00:26:45,800 --> 00:26:49,300
this, start figuring out a way 
to do cross-border payments more

454
00:26:49,300 --> 00:26:52,900
efficiently using the 
blockchain, but then also, you 

455
00:26:52,900 --> 00:26:56,200
know, loyal great loyalty 
programs can be created using 

456
00:26:56,200 --> 00:26:58,600
the blockchain. 
The trick. 

457
00:26:58,700 --> 00:27:02,100
I mean, NASDAQ is openly saying 
that they're doing, they're 

458
00:27:02,100 --> 00:27:06,800
running tests with open assets 
to do, transfer of stocks 

459
00:27:06,800 --> 00:27:11,600
Securities. 
And though I think on a per 

460
00:27:11,600 --> 00:27:15,000
institution basis, there is a 
different way to Use Bitcoin or 

461
00:27:15,000 --> 00:27:18,400
the blockchain and I think that 
it depends what they're trying 

462
00:27:18,400 --> 00:27:20,800
to solve for themselves. 
So this is actually a question 

463
00:27:20,800 --> 00:27:22,100
that we want to bring up with 
you is do. 

464
00:27:22,300 --> 00:27:25,100
There's the appears to be this 
sort of shift. 

465
00:27:25,300 --> 00:27:28,600
We've, I mean, I don't have any 
really concrete examples, but it

466
00:27:28,600 --> 00:27:32,700
seems like companies are 
starting to shift towards more 

467
00:27:32,700 --> 00:27:34,400
financial institution type 
Services. 

468
00:27:34,400 --> 00:27:36,700
I mean one example is chain. 
Now if you were to change 

469
00:27:36,700 --> 00:27:39,200
outcomes website, there's like 
not one place on the web site 

470
00:27:39,200 --> 00:27:42,900
that it mentions Bitcoin. 
All right, I think the even 

471
00:27:42,900 --> 00:27:44,900
bitpay mentioned Something like 
that. 

472
00:27:44,900 --> 00:27:47,900
Yeah. 
I mean, I think that the what's 

473
00:27:47,900 --> 00:27:51,400
probably happening was probably 
likely to be happening is all 

474
00:27:51,400 --> 00:27:55,800
this adoption that Bitcoin 
startups were expecting a year 

475
00:27:55,800 --> 00:28:00,100
ago when the price gone up to 
thousand dollars or whatever 

476
00:28:01,000 --> 00:28:03,300
didn't happen? 
And now they're running out of 

477
00:28:03,300 --> 00:28:05,900
money or perhaps are, you know, 
their investors are saying like,

478
00:28:05,900 --> 00:28:08,300
what's going on. 
And now they're sort of Shifting

479
00:28:08,700 --> 00:28:12,600
to where there might be some 
money, which is institutions and

480
00:28:12,600 --> 00:28:13,800
trying to sell them on the 
technology. 

481
00:28:13,800 --> 00:28:17,400
And Which is fine, right? 
I mean if it gets people using 

482
00:28:17,400 --> 00:28:22,900
Bitcoin one way or another 
whether that's through banks 

483
00:28:22,900 --> 00:28:29,900
using Bitcoin to like you said 
in the backend or financial 

484
00:28:30,500 --> 00:28:34,800
institutions now offering 
payments for consumers to use 

485
00:28:34,800 --> 00:28:37,800
but having Bitcoin the button 
the back end that you know, 

486
00:28:37,808 --> 00:28:39,700
that's fine. 
If it brings more adoption than 

487
00:28:39,900 --> 00:28:40,300
why. 
Not. 

488
00:28:40,300 --> 00:28:41,200
Right? 
Yeah. 

489
00:28:41,200 --> 00:28:44,500
And so I actually think that 
that's What? 

490
00:28:44,600 --> 00:28:48,300
That's sort of the way you're 
explaining is sort of how its 

491
00:28:48,900 --> 00:28:50,500
I'd say, it's sort of how it's 
happening. 

492
00:28:50,800 --> 00:28:53,500
A big piece of it is, you know, 
as a business you want to figure

493
00:28:53,500 --> 00:28:54,800
out how to make the business 
work. 

494
00:28:55,000 --> 00:28:58,700
And so and where you can solve 
big problems. 

495
00:28:58,700 --> 00:29:01,200
And if an institution is the way
that you get to solve a big 

496
00:29:01,200 --> 00:29:03,300
problem, startups will start 
working with the big 

497
00:29:03,300 --> 00:29:07,000
institutions, and institutions 
are a little unsure of how they 

498
00:29:07,000 --> 00:29:10,000
can use it. 
And so they need the startups 

499
00:29:10,300 --> 00:29:15,700
guidance a lot on this stuff. 
So it's Of a, it's a great. 

500
00:29:15,700 --> 00:29:18,200
It's a great thing that they 
that the institutions might 

501
00:29:18,200 --> 00:29:19,800
start working with all these 
different companies. 

502
00:29:20,400 --> 00:29:22,500
Right now. 
I'm curious what you think about

503
00:29:22,500 --> 00:29:27,500
this apparent shift. 
I I think of it like this, 

504
00:29:27,500 --> 00:29:30,600
right. 
So if you you might expect that 

505
00:29:30,700 --> 00:29:35,900
Bitcoin was going to be used 
widely and I think many of us, 

506
00:29:35,900 --> 00:29:38,800
like, I certainly believe that 
and especially I was going to be

507
00:29:38,800 --> 00:29:43,400
used by li like as a currency by
like normal people, adopted on a

508
00:29:43,400 --> 00:29:47,400
mass scale soon to pay like for 
the coffee for remittances and 

509
00:29:47,400 --> 00:29:49,600
whatever. 
So I think that was sort of a 

510
00:29:49,600 --> 00:29:55,900
common assumption we had in, you
know, 2013, when the It's going 

511
00:29:55,900 --> 00:29:59,000
up and and you know, adoption is
also increasing rapidly then. 

512
00:29:59,300 --> 00:30:03,600
And so I think a lot of startups
they built their business 

513
00:30:03,600 --> 00:30:07,700
models, you know using that some
right they say, oh, you know 

514
00:30:07,700 --> 00:30:10,000
going to execute grade and then 
they're all these users will be 

515
00:30:10,000 --> 00:30:13,400
there and maybe that's going to 
happen but it hasn't happened so

516
00:30:13,400 --> 00:30:18,700
far and I think I'm actually 
really curious about what your 

517
00:30:18,700 --> 00:30:21,700
point of view is there. 
Adam, but you know, one problem 

518
00:30:21,700 --> 00:30:25,300
is you raise money and then you 
you burn through them. 

519
00:30:25,500 --> 00:30:27,700
Money you spend it. 
They need to raise more money. 

520
00:30:28,000 --> 00:30:32,100
And then if if you don't if you 
aren't able to show like big 

521
00:30:32,100 --> 00:30:35,300
traction, then it's hard to 
raise more money. 

522
00:30:35,300 --> 00:30:39,100
And if the Bitcoin user base 
doesn't grow, it's really hard 

523
00:30:39,100 --> 00:30:41,100
to show traction and go to user 
base. 

524
00:30:41,100 --> 00:30:44,500
I mean, because the Bitcoin you 
space is so limited, maybe to 

525
00:30:44,500 --> 00:30:48,600
some extent, you can do it just 
with that, but then you soon you

526
00:30:48,600 --> 00:30:50,900
hit ceiling. 
I mean, coinbase is going to 

527
00:30:50,900 --> 00:30:53,500
have a really hard time going 
more users unless they can 

528
00:30:53,500 --> 00:30:56,800
convert. 
You know, new people to using 

529
00:30:56,800 --> 00:31:00,000
Bitcoin. 
Well, unless they sort of become

530
00:31:00,400 --> 00:31:03,300
a and I've no idea what their 
plans are. 

531
00:31:03,300 --> 00:31:09,000
But if they become International
repository for the unbanked, 

532
00:31:09,100 --> 00:31:11,700
like, technically, that would be
a use case, that would be really

533
00:31:11,700 --> 00:31:14,700
valuable to the world or the 
unbanked. 

534
00:31:14,700 --> 00:31:20,100
Anyway, I think the one of the 
reasons that Bitcoin itself 

535
00:31:20,100 --> 00:31:24,500
captivated me early on was how 
Global the world has become. 

536
00:31:24,700 --> 00:31:30,000
I'm like if one country gets hit
by economic crisis, the entire 

537
00:31:30,000 --> 00:31:32,100
world gets hit by economic 
crisis in some way. 

538
00:31:32,100 --> 00:31:35,400
And everything's connected. 
So closely mostly because of the

539
00:31:35,400 --> 00:31:38,900
internet because of how you can 
communicate, frictionlessly 

540
00:31:39,400 --> 00:31:45,600
through the internet. 
And I think that when you think 

541
00:31:45,600 --> 00:31:49,700
globally, every country still 
has different Financial issues 

542
00:31:49,700 --> 00:31:52,700
and problems, and those are all 
different ways in which Bitcoin 

543
00:31:52,700 --> 00:31:55,600
can help and improve the 
Situation. 

544
00:31:55,600 --> 00:32:00,100
And so, you know like one of our
companies zap go there in South 

545
00:32:00,100 --> 00:32:06,100
Africa turns out, it's the two 
percent credit card adoption and

546
00:32:06,200 --> 00:32:11,500
no one buys anything online just
because that's how it works. 

547
00:32:11,600 --> 00:32:14,900
And like in America. 
I don't know how I would live 

548
00:32:14,900 --> 00:32:16,600
without being able to buy 
anything online. 

549
00:32:17,000 --> 00:32:20,700
And so I it's just everyone's in
a different situation. 

550
00:32:20,700 --> 00:32:23,500
And so I think Bitcoin is the 
thing that will bring us all to 

551
00:32:23,500 --> 00:32:27,100
one level where we We 
effectively have the same 

552
00:32:27,100 --> 00:32:31,900
payment structure and rails and 
so I but everyone needs to solve

553
00:32:31,900 --> 00:32:34,100
their own problems inside of 
their own countries. 

554
00:32:34,100 --> 00:32:36,300
And so it's important that 
internationally Bitcoin 

555
00:32:36,300 --> 00:32:38,300
companies are building. 
Yeah. 

556
00:32:38,300 --> 00:32:39,400
I know. 
I mean, I agree. 

557
00:32:39,400 --> 00:32:41,800
I think that that Vision I 
totally share with you. 

558
00:32:41,800 --> 00:32:44,600
I think it's such an exciting 
thing and something that makes 

559
00:32:44,600 --> 00:32:46,900
so much sense. 
The idea that you have a Global 

560
00:32:46,900 --> 00:32:50,700
Currency that's like free from 
nation states, free from that. 

561
00:32:50,900 --> 00:32:54,200
I think that's just an idea that
kind of makes sense and it's 

562
00:32:54,200 --> 00:32:56,000
obviously It's super powerful 
idea. 

563
00:32:56,200 --> 00:33:02,900
Yeah, and so what what's your 
impression R is the rate at 

564
00:33:02,900 --> 00:33:06,300
which new Bitcoin startups are 
being created? 

565
00:33:06,300 --> 00:33:11,100
Now at the sort of, you know, 
maybe precede level but people 

566
00:33:11,100 --> 00:33:13,300
trying to build something trying
to raise money. 

567
00:33:13,800 --> 00:33:16,200
How is that develop? 
Has that been going down with 

568
00:33:16,200 --> 00:33:21,600
the decrease in price? 
So, I could probably say that 

569
00:33:21,600 --> 00:33:24,900
after or applications have come 
in and I could see like What the

570
00:33:24,900 --> 00:33:30,400
enthusiasm based off of number 
of applications we get in 

571
00:33:30,400 --> 00:33:34,900
general? 
I would say it's becoming a more

572
00:33:34,900 --> 00:33:38,300
legitimate currency and there's 
less speculation in it. 

573
00:33:38,300 --> 00:33:42,300
So it's It's more about 
business. 

574
00:33:42,300 --> 00:33:44,600
It's more about like what 
business you can build rather 

575
00:33:44,600 --> 00:33:46,700
than like what technology you 
can build, which is sort of an 

576
00:33:46,700 --> 00:33:48,900
interesting transition. 
As a technology. 

577
00:33:50,000 --> 00:33:56,400
It's sort of like TCP IP was 
just this weird thing for awhile

578
00:33:56,500 --> 00:33:59,500
for communication. 
And then, you know, people tried

579
00:33:59,500 --> 00:34:02,700
out web pages and then they were
like, oh this is sort of like 

580
00:34:02,700 --> 00:34:05,700
marketing and then they found a 
use case which was marketing for

581
00:34:05,700 --> 00:34:08,699
the web pages and then things 
were built on top of that, 

582
00:34:08,699 --> 00:34:11,500
communication AI I'm like all 
these different ways of 

583
00:34:11,900 --> 00:34:15,199
communicating. 
I think that we're in the stages

584
00:34:15,199 --> 00:34:19,400
of like, if you are starting a 
Bitcoin company, you do need to 

585
00:34:19,400 --> 00:34:21,900
find a use case, that's 
different than what other people

586
00:34:21,900 --> 00:34:27,699
are building right now. 
And that is It's, you have to be

587
00:34:27,699 --> 00:34:30,100
creative. 
I mean, you have to find the, 

588
00:34:32,100 --> 00:34:35,600
you know, create something where
robots are paying each other for

589
00:34:35,600 --> 00:34:42,600
something or get the, you know, 
found a new country. 

590
00:34:42,600 --> 00:34:45,500
That's founded, you know, 
currency first, like it's almost

591
00:34:45,500 --> 00:34:49,000
like everyone needs to start 
thinking a little bigger about 

592
00:34:49,100 --> 00:34:54,400
about the about their ideas 
because You know, I promised a 

593
00:34:54,400 --> 00:34:56,000
hundred Bitcoin companies to the
Bitcoin ecosystem. 

594
00:34:56,000 --> 00:34:59,300
We're at 47, and I plan on 
following through, on my 

595
00:34:59,300 --> 00:35:03,300
promise, which I'm definitely 
going to be doing and probably 

596
00:35:03,300 --> 00:35:05,500
continue to back more after 
that, because I think the 

597
00:35:05,500 --> 00:35:08,600
eventually it's just going to be
like I'm backing fintech 

598
00:35:08,600 --> 00:35:11,500
companies because everyone's 
using Bitcoin, I think that's 

599
00:35:11,500 --> 00:35:17,200
how it's going to work. 
But the like people need a, they

600
00:35:17,200 --> 00:35:21,400
need to be actually solving a 
problem and be it needs to be 

601
00:35:21,400 --> 00:35:23,900
different from the market, like 
I A lot of people saw a lot of 

602
00:35:23,900 --> 00:35:29,700
money flowing into brokerages 
like coinbase or, you know, or 

603
00:35:29,700 --> 00:35:33,600
payment processor, bitpay, 
blockchain got some wallets that

604
00:35:33,600 --> 00:35:37,400
sort of thing. 
But like, there were so many 

605
00:35:37,400 --> 00:35:41,000
like competitors that were 
created, just because that money

606
00:35:41,000 --> 00:35:44,200
flew to in that direction that 
now, it's sort of like, we need 

607
00:35:44,200 --> 00:35:46,500
to see the next generation of 
like Bitcoin and the blockchain 

608
00:35:46,500 --> 00:35:50,100
we need to see what really it's 
entrepreneurs job to really push

609
00:35:50,100 --> 00:35:52,400
the limits rather than play it 
safe and follow the money. 

610
00:35:52,400 --> 00:35:57,300
And I want to see the next level
of stuff and you know, we've 

611
00:35:57,300 --> 00:36:01,800
back 10 brokerages. 
I will for good entrepreneurs. 

612
00:36:01,800 --> 00:36:05,800
I'll probably continue to back 
brokerages but the it's just the

613
00:36:05,800 --> 00:36:09,400
competitive level and Landscape 
in every country has begotten, 

614
00:36:09,400 --> 00:36:13,100
pretty high. 
That you find a new opportunity.

615
00:36:13,900 --> 00:36:18,200
That's basically my suggestion 
and the as far as building 

616
00:36:18,300 --> 00:36:21,800
companies. 
I but I do continue to see stuff

617
00:36:21,800 --> 00:36:24,300
and it continues. 
You crazy weird stuff. 

618
00:36:24,300 --> 00:36:31,100
And so, I would say. 
The, in the speculative, 

619
00:36:31,100 --> 00:36:34,100
enthusiasm has definitely died 
down a little bit, but like, 

620
00:36:34,700 --> 00:36:39,100
people are still so curious. 
And I'd say on a institutional 

621
00:36:39,100 --> 00:36:41,700
level, they're curious now, and 
so, there's going to be a lot 

622
00:36:41,700 --> 00:36:45,100
more money pouring into the 
companies over the next 18 

623
00:36:45,100 --> 00:36:47,300
months, but it really needs to 
solve problems. 

624
00:36:47,300 --> 00:36:51,100
Big problems. 
And I think one of the funny 

625
00:36:51,100 --> 00:36:55,600
things was that when this is 
website, but with Bitcoins, do 

626
00:36:55,600 --> 00:36:58,600
you know it, what's it called? 
But with Bitcoins. 

627
00:36:58,900 --> 00:37:03,300
No, no, so it's sort of a joke, 
but it says like a Bitcoin 

628
00:37:03,300 --> 00:37:06,200
business generators. 
You can click like button and it

629
00:37:06,200 --> 00:37:09,500
comes up with something and then
boat with Bitcoins, right? 

630
00:37:10,600 --> 00:37:13,300
I felt like that was a little 
bit like that. 

631
00:37:13,700 --> 00:37:17,100
The think, you know, during the 
bubble bubble where it's just 

632
00:37:17,100 --> 00:37:21,300
everybody was like start Like 
some Bitcoin company and you 

633
00:37:21,300 --> 00:37:25,000
know, just doing that but both 
Bitcoins it's that's funny. 

634
00:37:25,000 --> 00:37:30,000
We used to have a sort of inside
joke at Boost was like anytime 

635
00:37:30,000 --> 00:37:34,700
we needed a solution that we 
didn't really have to a 

636
00:37:34,700 --> 00:37:37,800
question. 
We would say because Bitcoin 

637
00:37:38,800 --> 00:37:47,700
like so yeah the like I'd say 
it's a little less that way now 

638
00:37:47,700 --> 00:37:50,100
and it's more. 
Finding an actual business. 

639
00:37:53,000 --> 00:37:57,600
Today's magic word is tried TR 
IB e head over to. 

640
00:37:57,600 --> 00:38:01,100
Let's talk Bitcoin.com to sign 
in enter the magic word and 

641
00:38:01,100 --> 00:38:02,900
claim your part of the listener 
reward. 

642
00:38:10,600 --> 00:38:15,300
So moving on from startups to a 
recent event and in the u.s. at 

643
00:38:15,300 --> 00:38:18,300
least well, which affects us 
companies and specifically those

644
00:38:18,300 --> 00:38:20,500
in New York, but also might 
affect company. 

645
00:38:20,700 --> 00:38:23,200
Startups worldwide, is 
bitlicense. 

646
00:38:24,600 --> 00:38:28,400
I believe today. 
This day of recording is the day

647
00:38:28,400 --> 00:38:31,000
that actually comes into effect.
I might be wrong on that. 

648
00:38:31,000 --> 00:38:33,400
But oh really? 
Exactly. 

649
00:38:34,800 --> 00:38:37,900
And I think I saw it on Reddit 
this morning anyway, but so can 

650
00:38:37,900 --> 00:38:39,500
you tell us? 
What do you think about 

651
00:38:39,500 --> 00:38:42,100
bitlicense? 
Everything you read on Reddit is

652
00:38:42,100 --> 00:38:46,600
true. 
So so, so what are your thoughts

653
00:38:46,600 --> 00:38:52,100
about bit license? 
Okay, so my I actually released 

654
00:38:52,100 --> 00:38:54,000
a response about. 
I don't think they made the 

655
00:38:54,000 --> 00:38:56,700
changes that I sort of wanted to
be changed. 

656
00:38:56,700 --> 00:39:02,300
So I submitted a response. 
It was like a day or two after 

657
00:39:02,300 --> 00:39:05,700
the responses were allowed to be
do but it was because the first 

658
00:39:05,700 --> 00:39:09,200
time it was like very loud and 
like bitlicense came out and 

659
00:39:09,200 --> 00:39:12,700
everyone like, you know, crush 
the spirit of the thing and then

660
00:39:12,700 --> 00:39:15,400
they like silently released 
their second draft and I didn't 

661
00:39:15,400 --> 00:39:18,400
even know it was out there for 
until basically the end. 

662
00:39:18,500 --> 00:39:25,100
The response period. 
But the things I didn't, there 

663
00:39:25,100 --> 00:39:27,800
were only like two major. 
I actually think it's the 

664
00:39:27,800 --> 00:39:33,800
closest thing to what we'll get 
and and it's very it's pretty 

665
00:39:33,800 --> 00:39:36,100
well thought through it. 
Like I will say the first one 

666
00:39:36,100 --> 00:39:39,300
was like, hey, let's throw as 
many rules at the board as 

667
00:39:39,300 --> 00:39:41,900
possible. 
And do you want to rule like let

668
00:39:41,900 --> 00:39:46,300
that guy create like five rules 
and it was their attempt at the 

669
00:39:46,300 --> 00:39:48,300
aimed at the sun. 
Hoping to hit the Moon. 

670
00:39:48,400 --> 00:39:51,800
Une sort of thing. 
And I think that's exactly what 

671
00:39:51,800 --> 00:39:54,200
they got. 
They, and I think Testament, to 

672
00:39:54,200 --> 00:39:58,200
been laski for actually 
releasing it on Reddit to accept

673
00:39:58,200 --> 00:40:00,000
comments. 
And here responses. 

674
00:40:00,000 --> 00:40:02,500
I think that's a really big move
as far as the government's 

675
00:40:02,500 --> 00:40:09,200
concerned, the things I don't 
like, I don't like that New York

676
00:40:09,200 --> 00:40:17,600
State Regulators are duplicating
the I am L, KY C rules. 

677
00:40:18,300 --> 00:40:23,300
So federally you have to do a 
certain level of AML kyc. 

678
00:40:23,500 --> 00:40:28,800
And what New York is saying is 
that there's a like oh, that's 

679
00:40:28,800 --> 00:40:31,800
not enough. 
Like Federal Federal isn't doing

680
00:40:31,800 --> 00:40:35,000
enough. 
Like we need a duplicate of that

681
00:40:35,400 --> 00:40:39,700
also and doing it. 
It just UPS the cost for every 

682
00:40:39,700 --> 00:40:41,600
startup. 
I'd say bitlicense is something 

683
00:40:41,600 --> 00:40:43,400
that's going to affect my 
business, almost more than 

684
00:40:43,400 --> 00:40:46,400
anyone else's business. because 
we give, you know, smaller 

685
00:40:46,400 --> 00:40:51,800
checks to these companies and 
they And so and you know, our 

686
00:40:51,800 --> 00:40:54,400
check won't be able to get them 
through the bitlicense, at this 

687
00:40:54,400 --> 00:40:59,700
level for becoming a brokerage 
or becoming whatever they want 

688
00:40:59,700 --> 00:41:01,700
to do, as far as being a money 
transmitter. 

689
00:41:01,700 --> 00:41:06,900
And so, I would say I'm I 
understand the regulation 

690
00:41:06,900 --> 00:41:08,600
Necessities. 
I just wish that. 

691
00:41:08,600 --> 00:41:11,500
There were they allowed a little
more like, low-level 

692
00:41:11,500 --> 00:41:14,700
experimentation on like a 
hundred users so that you could 

693
00:41:14,700 --> 00:41:16,600
test out ideas. 
And that was something that I 

694
00:41:16,600 --> 00:41:19,000
requested. 
I think, you know, sandbox 

695
00:41:19,000 --> 00:41:22,900
environment for fintech would be
a really great idea for the 

696
00:41:22,900 --> 00:41:25,500
government to have. 
Because if I knew I was being 

697
00:41:25,500 --> 00:41:29,400
experimented on, I think I would
probably it. 

698
00:41:30,700 --> 00:41:33,500
I would be fine with it. 
Like as I knew that I was like 

699
00:41:33,500 --> 00:41:37,500
the guinea pig. 
So those are I mean, those are 

700
00:41:37,500 --> 00:41:40,900
like the main things there it's 
just become. 

701
00:41:40,900 --> 00:41:42,500
Now. 
It's going to be really, really 

702
00:41:42,500 --> 00:41:45,700
the barrier to entry to becoming
a Bitcoin company and I feel 

703
00:41:45,900 --> 00:41:48,200
what we were talking about. 
Last time was what's been the 

704
00:41:48,200 --> 00:41:52,200
transition of Bitcoin companies.
I would say the transition from 

705
00:41:52,600 --> 00:41:57,000
tribe for to tribe five was 
tribe. 

706
00:41:57,000 --> 00:41:59,900
Five felt more most of the 
conversations. 

707
00:41:59,900 --> 00:42:04,700
We were having Thing were very 
regulation oriented where before

708
00:42:04,700 --> 00:42:08,700
it was very much more gray area.
Now, everyone is very 

709
00:42:08,700 --> 00:42:14,700
formalizing on processes and 
really they're a little like 

710
00:42:14,700 --> 00:42:17,900
worried and scared and fear the 
government. 

711
00:42:18,300 --> 00:42:22,100
Even if the rules aren't 
completely hashed out officially

712
00:42:22,500 --> 00:42:25,500
and I mean, I completely 
understand why. 

713
00:42:25,500 --> 00:42:29,800
I and we really try to guide 
them towards, you know, doing 

714
00:42:30,400 --> 00:42:34,500
Create a ml K YC and doing the 
appropriate regulatory steps. 

715
00:42:34,600 --> 00:42:37,600
It's just it does become 
expensive and burdensome and 

716
00:42:37,600 --> 00:42:41,000
like two people who decided to 
start a company in their garage 

717
00:42:41,000 --> 00:42:44,000
and wanted to change the way 
banking works and zap now 

718
00:42:44,000 --> 00:42:46,500
needing something like 2 million
dollars just to get off the 

719
00:42:46,508 --> 00:42:49,400
ground. 
And so that that process is sort

720
00:42:49,400 --> 00:42:52,500
of tough. 
So so what does that mean for 

721
00:42:52,500 --> 00:42:54,000
you? 
How do you go about that now 

722
00:42:54,000 --> 00:42:59,000
that it's too expensive to start
a company, especially if you 

723
00:42:59,008 --> 00:43:02,500
have to go through bit license, 
With the funds, you guys are 

724
00:43:02,500 --> 00:43:04,900
able to provide. 
Does that mean you going to 

725
00:43:05,500 --> 00:43:09,500
specifically try to fund 
companies that don't require a 

726
00:43:09,500 --> 00:43:13,100
bit license? 
So that excuse, you know, we 

727
00:43:13,100 --> 00:43:15,900
won't exclusively do that. 
What we're really good for is, 

728
00:43:15,900 --> 00:43:20,500
sort of hooking early stage 
company into a network and that 

729
00:43:20,500 --> 00:43:23,800
Network includes investors, who 
might be able to get them to 

730
00:43:23,800 --> 00:43:27,900
that through that stage. 
And so that's really one of the 

731
00:43:28,000 --> 00:43:29,900
benefits of joining an 
accelerator. 

732
00:43:29,900 --> 00:43:32,300
Like ours, is that we Can you 
click them into? 

733
00:43:33,000 --> 00:43:35,000
You know, the biggest Bitcoin 
Network there is. 

734
00:43:37,000 --> 00:43:40,400
So we will continue to look at 
it because I don't want to be 

735
00:43:40,700 --> 00:43:45,200
afraid of the regulatory bodies 
that be I want to be able to 

736
00:43:46,600 --> 00:43:51,300
like help fintech be innovated 
on and not be stopped and 

737
00:43:51,300 --> 00:43:54,100
Innovation. 
It's just I do feel the general.

738
00:43:55,800 --> 00:43:59,100
Feel really in the environment 
is like when you're starting a 

739
00:43:59,107 --> 00:44:02,300
Bitcoin company, you need to be 
regulated. 

740
00:44:02,300 --> 00:44:06,000
Otherwise you go to jail like 
that is what they feel and it's 

741
00:44:06,000 --> 00:44:08,100
like that, that's like not a 
great space. 

742
00:44:08,100 --> 00:44:11,700
That's not a great feeling to 
have where like, they fear like 

743
00:44:12,000 --> 00:44:16,100
jail. 
It's that's a tough. 

744
00:44:16,100 --> 00:44:19,800
It's a tough spot to bait. 
So we're going to continue 

745
00:44:19,800 --> 00:44:24,100
backing everything like because 
I think Innovation comes from 

746
00:44:24,100 --> 00:44:28,100
the craziest of And you know, 
sometimes people will have to 

747
00:44:28,100 --> 00:44:30,500
innovate on themselves and 
figure out a way in which maybe 

748
00:44:30,500 --> 00:44:33,500
they're not transferring money, 
or maybe they're not 

749
00:44:33,500 --> 00:44:36,600
transferring assets. 
If they aren't if it's not 

750
00:44:36,600 --> 00:44:38,100
possible to raise the money at 
that time. 

751
00:44:38,100 --> 00:44:42,500
But yeah, I'm not going to stop 
doing that. 

752
00:44:42,800 --> 00:44:44,500
What? 
We're but we are looking more 

753
00:44:44,500 --> 00:44:49,100
towards the future and I would 
say that we will be It will be 

754
00:44:49,100 --> 00:44:52,600
difficult, more difficult for us
to be backing more and more 

755
00:44:52,600 --> 00:44:54,800
brokerages. 
Probably because it's just, 

756
00:44:54,800 --> 00:44:58,800
there are so many of them now. 
So one question I'm really 

757
00:44:58,800 --> 00:45:02,300
curious about. 
So you are based in California 

758
00:45:02,300 --> 00:45:05,700
and I presume most of the 
startups that join Boost VCR. 

759
00:45:05,700 --> 00:45:07,900
Not from New York. 
Now. 

760
00:45:07,900 --> 00:45:13,300
I know that interpretation of 
Foodies New York rules. 

761
00:45:13,300 --> 00:45:20,900
Apply to were pretty broad, but 
Does that mean if we sample, one

762
00:45:20,900 --> 00:45:24,300
of you startups, just blocks, 
New York, IP addresses or 

763
00:45:24,300 --> 00:45:27,100
something like that? 
Is that enough to avoid 

764
00:45:27,100 --> 00:45:29,600
bitlicense? 
Because I've heard from people 

765
00:45:29,600 --> 00:45:32,500
say that that's not an often. 
Some people have said that is 

766
00:45:32,500 --> 00:45:34,300
enough. 
So I'm really unsure. 

767
00:45:34,700 --> 00:45:38,200
So I think that's something 
that's still being debated and 

768
00:45:38,200 --> 00:45:41,600
there is no clear answer on. 
I think that that would be 

769
00:45:42,400 --> 00:45:46,900
enough for your you're making a 
statement that you're not 

770
00:45:46,900 --> 00:45:49,500
dealing with new. 
And you're not breaking New 

771
00:45:49,500 --> 00:45:52,800
York's rules. 
However, the problem is that, I 

772
00:45:52,800 --> 00:45:56,000
believe a lot of states will 
adopt whatever gets passed in 

773
00:45:56,000 --> 00:45:58,500
the bitlicense. 
So, because they would rather 

774
00:45:58,500 --> 00:46:01,600
like, oh, well, these people got
all the way to the Finish Line. 

775
00:46:01,800 --> 00:46:03,600
I think that we can probably 
either. 

776
00:46:03,900 --> 00:46:06,900
Actually, it turns out like, I 
think South Dakota has very 

777
00:46:06,900 --> 00:46:10,200
friendly Bitcoin rolls, 
something like that. 

778
00:46:10,200 --> 00:46:13,100
Like they're a couple and then 
California is just awful. 

779
00:46:13,100 --> 00:46:16,000
Like, they're trying to prove 
something bitlicense, at least 

780
00:46:16,000 --> 00:46:18,000
had good. 
Like it's a good name and 

781
00:46:18,100 --> 00:46:22,400
Marketing California, like they 
call it a be 126 or something. 

782
00:46:22,400 --> 00:46:25,200
It's not it's a number and 
letters. 

783
00:46:25,500 --> 00:46:28,800
It's a horrible concept and it 
has just a bunch of like 

784
00:46:28,800 --> 00:46:32,600
over-regulation I think and 
yeah, I don't know what they're 

785
00:46:32,600 --> 00:46:35,000
expecting out of it. 
I think they should probably go 

786
00:46:35,000 --> 00:46:38,100
talk to at what's this? 
What's the status on that? 

787
00:46:38,100 --> 00:46:43,700
It has that been passed and so 
it's they have created it and 

788
00:46:43,700 --> 00:46:48,000
it's I think it's out for 
responses right now is where 

789
00:46:48,200 --> 00:46:51,200
Believe me. 
I don't think they'd be 126 be 

790
00:46:51,200 --> 00:46:53,000
just type that in and that 
wasn't what popped up. 

791
00:46:53,000 --> 00:46:58,800
But it's a be something numbers.
And the fact that I can't 

792
00:46:58,800 --> 00:47:02,000
remember it and I can remember 
bit licenses to not probably 

793
00:47:02,000 --> 00:47:07,300
problematic for a lot of people 
and so, I mean, yeah, it's a 

794
00:47:08,000 --> 00:47:11,700
it's there's still definitely 
gray area out there, but it's 

795
00:47:11,700 --> 00:47:15,600
becoming more formalized, which 
is actually a good thing for the

796
00:47:15,600 --> 00:47:19,400
industry as a whole. 
The When the government 

797
00:47:19,400 --> 00:47:23,900
recognizes something as real and
has spent enough time on it the 

798
00:47:23,900 --> 00:47:29,100
masses then think, oh, well, 
it's not just for like criminals

799
00:47:29,100 --> 00:47:32,400
and drugs and like it changes 
the dialogue of what Bitcoin 

800
00:47:32,400 --> 00:47:34,900
will be ripped. 
How big, when we represented. 

801
00:47:35,200 --> 00:47:38,000
The problem is more from the 
startup side where you do need 

802
00:47:38,000 --> 00:47:40,600
to go through appropriate, 
protocols and processes before 

803
00:47:40,600 --> 00:47:44,900
you really break the mold and be
a Bitcoin company. 

804
00:47:44,900 --> 00:47:47,400
If you're transferring money, if
you're not transferring money, 

805
00:47:47,600 --> 00:47:49,600
I'd say. 
That's a general reason that a 

806
00:47:49,607 --> 00:47:52,700
lot more people are moving 
towards, the blockchain is 

807
00:47:52,700 --> 00:47:56,200
because it makes more sense from
a cost standpoint. 

808
00:47:56,500 --> 00:48:00,500
Like it's just cheaper to start 
a blockchain company, then a 

809
00:48:00,700 --> 00:48:05,500
Bitcoin related company. 
So let's move on to another 

810
00:48:05,500 --> 00:48:08,000
topic recently. 
You announced that you'd have 

811
00:48:08,000 --> 00:48:11,800
50% of the, the company's coming
at the booster ECB in the VR 

812
00:48:11,800 --> 00:48:13,400
space. 
What gets you? 

813
00:48:13,400 --> 00:48:14,900
So excited about this 
technology. 

814
00:48:15,000 --> 00:48:18,100
Okay. 
So actually, the reason that we 

815
00:48:18,100 --> 00:48:22,800
picked VR was because there are 
a lot of analogous things to VR 

816
00:48:22,800 --> 00:48:27,500
and Bitcoin. 
As I say scientist VR virtual 

817
00:48:27,500 --> 00:48:30,900
reality for people who are 
surprised by this turn. 

818
00:48:32,700 --> 00:48:36,200
Yeah. 
So we're doing a VR AR and 

819
00:48:36,200 --> 00:48:41,000
Bitcoin and the, the switch is 
we feel there's a lot of 

820
00:48:41,000 --> 00:48:44,700
knowledge for the state that the
VRA are spaces in. 

821
00:48:44,700 --> 00:48:48,400
It's very similar to what 
Bitcoin was in three years ago 

822
00:48:48,800 --> 00:48:53,500
where the infrastructure layer 
of the technology had really 

823
00:48:53,500 --> 00:48:56,800
been laid. 
So mining equipment was sort of 

824
00:48:56,800 --> 00:49:01,300
the infrastructure layer, which 
means and so for VR, it's the 

825
00:49:01,500 --> 00:49:05,700
the goggles, so it's Oculus. 
It's you know, magic leaps 

826
00:49:05,700 --> 00:49:08,800
building them. 
But Samsung, all these other 

827
00:49:08,900 --> 00:49:11,700
companies who are really laying 
the groundwork for the 

828
00:49:11,700 --> 00:49:14,000
development of the Next 
Generation, which is where we're

829
00:49:14,000 --> 00:49:16,300
very good, which is sort of 
infrastructure, infrastructure, 

830
00:49:16,300 --> 00:49:20,900
software and infrastructure and 
apps built for the first 

831
00:49:20,900 --> 00:49:23,200
generation. 
And that's where we were really 

832
00:49:23,200 --> 00:49:26,500
good for Bitcoin and the 
blockchain and I believe that 

833
00:49:26,500 --> 00:49:29,800
that will be where we're really 
great for virtual reality and 

834
00:49:29,800 --> 00:49:33,000
augmented reality. 
It's it's more. 

835
00:49:33,200 --> 00:49:36,900
And what we do really well and 
what we found with Bitcoin, and 

836
00:49:36,900 --> 00:49:39,300
the like, we have a lot of 
thanks to the community of 

837
00:49:39,300 --> 00:49:42,800
Bitcoin for this, is that we're 
very good at building early 

838
00:49:42,800 --> 00:49:47,500
technology communities around an
early stage technology sector, 

839
00:49:47,500 --> 00:49:53,500
which is inclusive of investors,
entrepreneurs, enthusiasts and 

840
00:49:53,500 --> 00:49:55,600
press. 
And like lots of things in that 

841
00:49:55,600 --> 00:49:59,800
space where we are able to build
up and package this this thing 

842
00:50:00,000 --> 00:50:03,000
and then sort of help our 
companies plug into it. 

843
00:50:03,200 --> 00:50:05,500
It. 
And so that's what we're, that's

844
00:50:05,500 --> 00:50:07,800
our value add. 
And I think that we, it doesn't 

845
00:50:07,800 --> 00:50:11,100
only need to relate to bitcoin. 
It can also relate to VR. 

846
00:50:11,300 --> 00:50:12,800
Obviously. 
We're going to continue 

847
00:50:13,000 --> 00:50:14,600
supporting the Bitcoin 
ecosystem. 

848
00:50:15,500 --> 00:50:22,700
That's the plan indefinitely. 
But the I think that we if 

849
00:50:22,700 --> 00:50:25,200
you've tried VR, also one of the
things. 

850
00:50:25,200 --> 00:50:28,000
It's like, VR is really cool. 
I don't know if you've tried it.

851
00:50:28,300 --> 00:50:31,900
It's pretty awesome. 
I've tried it. 

852
00:50:32,000 --> 00:50:35,300
I've tried quick. 
At some conference. 

853
00:50:35,300 --> 00:50:39,300
But I mean, I thought it was I 
thought it was interesting. 

854
00:50:40,100 --> 00:50:42,000
It's definitely one of those 
things were like, oh, I want to 

855
00:50:42,000 --> 00:50:43,500
try this thing. 
At least. 

856
00:50:43,500 --> 00:50:45,200
That's the way I felt like, I 
want to try this thing. 

857
00:50:45,200 --> 00:50:47,200
I've seen it on TV or on the 
Internet, whatever. 

858
00:50:47,800 --> 00:50:51,200
But was it like totally Blown 
Away by it, but I then again, 

859
00:50:51,200 --> 00:50:54,400
you know, it's early stages, 
like we're still using. 

860
00:50:54,700 --> 00:50:57,900
It's it's early one technology. 
It's sort of the perfect time 

861
00:50:57,900 --> 00:51:02,100
for us to help supporting the 
ecosystem and help build our 

862
00:51:02,100 --> 00:51:04,900
Network to help. 
Help sort of are the companies 

863
00:51:04,900 --> 00:51:07,100
we back become thought leaders 
in the space. 

864
00:51:08,000 --> 00:51:09,500
And that's that's what we did 
with the question. 

865
00:51:09,500 --> 00:51:10,800
We're going to continue doing 
that. 

866
00:51:10,800 --> 00:51:13,700
We're with Bitcoin. 
I really agree with this other. 

867
00:51:13,700 --> 00:51:16,900
There are there's that seemed to
be like a lot of people really 

868
00:51:16,900 --> 00:51:20,400
really really excited about VR 
just as just as in Bitcoin, 

869
00:51:20,400 --> 00:51:22,400
there's like a lot of really 
enthusiastic people. 

870
00:51:22,400 --> 00:51:25,800
There seems to be like this 
whole other planet of people 

871
00:51:25,800 --> 00:51:30,900
that are just all all into VR. 
And yeah, it's there's very 

872
00:51:30,900 --> 00:51:33,600
little overlap in the 
communities that One thing that 

873
00:51:33,600 --> 00:51:41,100
we definitely recognized and 
the, but yeah, well, one of the 

874
00:51:41,100 --> 00:51:44,100
reasons that we also chose it 
was because small passionate 

875
00:51:44,100 --> 00:51:47,100
communities like when they start
with small passionate 

876
00:51:47,100 --> 00:51:49,800
technological communities, its 
General. 

877
00:51:49,800 --> 00:51:52,500
It means it generally means it's
probably happening. 

878
00:51:53,200 --> 00:51:57,300
Yeah. 
Yeah, so one question Do you see

879
00:51:57,300 --> 00:52:00,900
any intersection there are 
synergies between VR and 

880
00:52:00,900 --> 00:52:02,600
cryptocurrencies being used 
together? 

881
00:52:02,600 --> 00:52:06,600
I've heard some people mentioned
that I really haven't. 

882
00:52:07,700 --> 00:52:09,000
I think it's going to be a big 
deal. 

883
00:52:09,000 --> 00:52:14,300
I actually think so, you know 
people joke and say that Bitcoin

884
00:52:14,300 --> 00:52:18,300
is going to be the currency of 
the metaverse metal versus like 

885
00:52:18,300 --> 00:52:24,300
the virtual reality space, but I
actually think the blockchain is

886
00:52:24,300 --> 00:52:26,400
going to be really really 
important too. 

887
00:52:26,800 --> 00:52:30,600
The metaverse or the virtual 
reality world, because what if 

888
00:52:30,600 --> 00:52:35,900
you only want to sell like 100 
virtual reality chairs, like 

889
00:52:35,900 --> 00:52:41,500
being able to put a cap on the 
number of real virtual, Goods is

890
00:52:41,500 --> 00:52:43,900
only possible through something 
like the blockchain. 

891
00:52:44,200 --> 00:52:46,400
And so I actually think that 
there's going to be a lot of 

892
00:52:46,400 --> 00:52:48,900
overlap with these two 
technologies. 

893
00:52:49,500 --> 00:52:53,500
Given I think that those 
overlaps will happen in X number

894
00:52:53,500 --> 00:52:55,000
of years. 
I don't think they're happening 

895
00:52:55,000 --> 00:52:58,500
in the next. 18 months at all. 
Like they're just going to. 

896
00:52:58,500 --> 00:53:02,700
That's, that's interesting. 
Are you aware of a scribe? 

897
00:53:03,600 --> 00:53:06,400
What is it? 
Describe the company ascribe? 

898
00:53:06,400 --> 00:53:08,200
I've heard of a scrub. 
Yeah. 

899
00:53:08,200 --> 00:53:11,600
So, so day they use the 
blockchain exactly for that to 

900
00:53:11,600 --> 00:53:14,700
track digital property and they 
have like, addition and limited 

901
00:53:14,700 --> 00:53:18,100
edition and loaning things. 
So that seems like it would be a

902
00:53:18,100 --> 00:53:23,000
perfect fit and they do focus on
that digital art Market, but at 

903
00:53:23,000 --> 00:53:26,500
the at the moment, but it seems 
like that would be sort of 

904
00:53:26,600 --> 00:53:30,500
Natural way to develop into. 
I think that there's been a 

905
00:53:30,500 --> 00:53:34,200
huge. 
I mean, like, I think a lot of 

906
00:53:34,200 --> 00:53:38,900
this, you know, a lot of Art and
photos and stuff will still be 

907
00:53:38,900 --> 00:53:41,500
free like a lot of them. 
You'll still be able to search 

908
00:53:41,500 --> 00:53:44,100
through Google images and grab 
Google images and stuff. 

909
00:53:44,200 --> 00:53:47,300
But some artists will just be 
like, hey, I only want there to 

910
00:53:47,300 --> 00:53:50,900
be a hundred of these out there 
and it's like, okay, that's 

911
00:53:50,900 --> 00:53:53,700
that's now possible, that was 
not possible in the internet was

912
00:53:53,700 --> 00:53:55,800
created. 
Internet was just this open 

913
00:53:55,800 --> 00:53:58,300
portal 2. 
Like share everything and so 

914
00:53:58,300 --> 00:53:59,900
business models were created as 
such. 

915
00:53:59,900 --> 00:54:02,700
And now there's another way 
where you can restrict the 

916
00:54:02,700 --> 00:54:06,400
number of goods and create a 
certain amount of demand for 

917
00:54:06,400 --> 00:54:10,400
that good, which is awesome. 
So, just before I wrap up here, 

918
00:54:10,800 --> 00:54:14,600
so you're, you're from a lineage
of venture capitalists your 

919
00:54:14,607 --> 00:54:19,300
dad's, of course, Tim Draper. 
The who invested in some of the 

920
00:54:19,300 --> 00:54:24,200
early internet companies like 
Hotmail Skype and others and I 

921
00:54:24,200 --> 00:54:26,200
read your grandfather's book at 
one point. 

922
00:54:26,200 --> 00:54:29,900
Like Years ago though. 
The startup game. 

923
00:54:30,100 --> 00:54:31,800
Well, yeah, that one. 
Yes. 

924
00:54:32,100 --> 00:54:33,100
Yeah. 
It's a great book. 

925
00:54:33,100 --> 00:54:38,100
I actually really recommend it. 
It's if it's his You can hear 

926
00:54:38,100 --> 00:54:40,800
him when he when it's being when
you're reading it. 

927
00:54:40,800 --> 00:54:43,100
Like that is his tone. 
That is his voice. 

928
00:54:43,100 --> 00:54:47,600
It's very yeah. 
So my question was, you know, 

929
00:54:47,600 --> 00:54:53,000
what what has your dad been able
to to pass on to your teach you 

930
00:54:53,300 --> 00:54:57,400
regarding investing in such 
disruptive Technologies as he 

931
00:54:57,400 --> 00:55:03,700
did back in the 90s? 
he was actually one of the ones 

932
00:55:03,700 --> 00:55:09,500
who helped us make the decision 
to focus on bitcoin because we 

933
00:55:09,500 --> 00:55:13,300
were, I was sort of deciding I 
was going to focus on something 

934
00:55:13,700 --> 00:55:17,900
and I was talking to him and I 
said, you know, I think that 

935
00:55:17,900 --> 00:55:19,900
there are a lot of different 
ideas in the Bitcoin space in 

936
00:55:19,900 --> 00:55:22,500
his analogy. 
To me was, you know, one of the 

937
00:55:22,508 --> 00:55:27,300
best decisions we ever made at 
dfj was we, everyone thought we 

938
00:55:27,300 --> 00:55:29,900
were crazy, but we said we're 
only going to be backing 

939
00:55:29,900 --> 00:55:33,800
internet startups. 
Which sounds like bogus because 

940
00:55:33,800 --> 00:55:36,700
there's so many interests, 
internet startups now, but like 

941
00:55:36,700 --> 00:55:39,900
he got the pick of the litter at
the beginning, for internet 

942
00:55:39,900 --> 00:55:42,100
startups, which got him, you 
know, Hotmail and like a bunch 

943
00:55:42,100 --> 00:55:43,700
of other ones stuck in that 
space. 

944
00:55:44,000 --> 00:55:47,700
And so he said that ended up 
being a really Great thing and 

945
00:55:47,700 --> 00:55:50,300
so I was like, well, that's the 
you know, it's a no-brainer that

946
00:55:50,300 --> 00:55:54,700
we should pick an industry. 
Now, we as a team ended up 

947
00:55:54,700 --> 00:55:57,900
evolving into the Bitcoin space,
but I love I really. 

948
00:55:58,800 --> 00:56:02,400
That was one major thing that he
liked, helped us focus on 

949
00:56:04,100 --> 00:56:07,900
General stuff. 
It's it's difficult to say like 

950
00:56:09,100 --> 00:56:12,800
I'm really close to my dad and 
like I would say his advice has 

951
00:56:12,800 --> 00:56:15,400
been invaluable. 
What's really, really great is 

952
00:56:15,400 --> 00:56:21,700
the you know, I'm running a fund
that invests in companies and my

953
00:56:21,700 --> 00:56:24,500
dad's done it for 30 years. 
My grandpa has done it for 40 

954
00:56:24,500 --> 00:56:27,700
years. 
And so, like if I run into a 

955
00:56:27,700 --> 00:56:30,800
situation where I don't know 
what the answer is, they've 

956
00:56:30,800 --> 00:56:33,000
probably gone through the 
situation. 

957
00:56:33,200 --> 00:56:38,700
And so I like that has been an 
incredible information. 

958
00:56:38,900 --> 00:56:43,400
Is for me. 
Other than that, you know, he's 

959
00:56:43,400 --> 00:56:45,800
definitely helped me figure out 
what type of Founders we like to

960
00:56:45,800 --> 00:56:48,000
back. 
He's definitely helped. 

961
00:56:49,300 --> 00:56:52,700
It's, it's really difficult to 
Define everything because it's 

962
00:56:52,700 --> 00:56:56,200
like, you know, crazy ideas. 
Often are the ones that work. 

963
00:56:56,900 --> 00:57:01,400
Like, there's like little, you 
know, idioms that he says that 

964
00:57:01,400 --> 00:57:04,300
have sort of stuck with my, a 
whole thesis throughout the 

965
00:57:04,800 --> 00:57:07,900
time. 
I've been in investor and he's 

966
00:57:08,200 --> 00:57:10,200
super smart. 
Art, he's way smarter than me. 

967
00:57:10,200 --> 00:57:15,600
So also, that's cool. 
Yeah, so I don't know, it's 

968
00:57:15,600 --> 00:57:19,700
those are all broad things but 
it's just been, it's sort of 

969
00:57:19,700 --> 00:57:24,600
fun, having someone who I can 
bother and just be like, hey, 

970
00:57:25,300 --> 00:57:27,600
I'm going through this thing 
right now. 

971
00:57:27,700 --> 00:57:31,000
What is your answer to it? 
And then I take his answer and I

972
00:57:31,008 --> 00:57:34,800
change it, but I did, like, it's
great to have his like feedback 

973
00:57:34,800 --> 00:57:37,600
on like, hey, this is how it 
worked for me and then he sort 

974
00:57:37,600 --> 00:57:40,200
of recommends, what he would do.
And I'm like, well, you know, I 

975
00:57:40,207 --> 00:57:42,200
need to position a little 
better, but that's a really good

976
00:57:42,200 --> 00:57:44,200
thesis. 
He's creative. 

977
00:57:44,300 --> 00:57:46,900
Be creative is probably the 
other thing like think 

978
00:57:46,900 --> 00:57:49,900
differently than everyone else 
because that is generally the 

979
00:57:49,900 --> 00:57:53,000
way that the world to going. 
Yeah. 

980
00:57:53,000 --> 00:57:55,600
Absolutely. 
Well, I think we're at the end 

981
00:57:55,600 --> 00:57:57,700
of our show. 
So you mentioned it beginning. 

982
00:57:57,700 --> 00:58:02,800
I don't know that the Boost VC 
application is due on. 

983
00:58:02,900 --> 00:58:06,700
That's is that Wednesday? 
So next Wednesday boost VC 

984
00:58:06,700 --> 00:58:10,500
application is due so that when 
July 1st. 

985
00:58:10,700 --> 00:58:14,000
Yeah, so yeah. 
And today's yeah. 

986
00:58:14,600 --> 00:58:17,300
And then the program starts. 
August 3rd, that's all I was 

987
00:58:17,300 --> 00:58:18,700
gonna say. 
Okay, perfect. 

988
00:58:18,700 --> 00:58:21,100
Yeah, so we'll put that link in 
the show notes. 

989
00:58:21,100 --> 00:58:25,800
So anyone who's listening to 
that you have about 48 hours or 

990
00:58:25,800 --> 00:58:28,600
perhaps less to finish you 
applications. 

991
00:58:28,600 --> 00:58:31,800
So you may have to do some 
caffeine infused all-nighters, 

992
00:58:32,200 --> 00:58:35,600
but but do so and hopefully 
hopefully some of you will end 

993
00:58:35,600 --> 00:58:38,700
up at least we see. 
We hope to see you all in. 

994
00:58:38,900 --> 00:58:42,400
On Valley at some point. 
So yeah, please apply to boost. 

995
00:58:42,400 --> 00:58:45,100
We're really excited about the 
next chapter and it's going to 

996
00:58:45,107 --> 00:58:46,700
be really, really fun tribe. 
Six. 

997
00:58:47,300 --> 00:58:49,300
Talk to you guys later. 
Yeah. 

998
00:58:49,300 --> 00:58:50,400
Well, thanks so much for 
joining. 

999
00:58:50,400 --> 00:58:53,000
So and thanks to our listeners 
for listening. 

1000
00:58:53,000 --> 00:58:55,000
So we put out new episodes of 
xn. 

1001
00:58:55,000 --> 00:58:57,500
VidCon every Monday. 
You can subscribe to the show on

1002
00:58:57,500 --> 00:59:00,200
iTunes SoundCloud or your 
podcast app. 

1003
00:59:00,200 --> 00:59:03,300
You can also get the video on 
YouTube. 

1004
00:59:03,300 --> 00:59:07,900
We're at youtube.com slash 
extended BBC and if you like the

1005
00:59:07,900 --> 00:59:13,000
show, please do us a favor and 
leave us an iTunes review that 

1006
00:59:13,000 --> 00:59:15,800
helps new people find the show. 
We have mentioned that in a 

1007
00:59:15,808 --> 00:59:19,700
while, but let's let's mention 
it again because and share it 

1008
00:59:20,400 --> 00:59:21,300
and share. 
Yes! 

1009
00:59:21,300 --> 00:59:23,600
Share because few people do. 
So. 

1010
00:59:23,600 --> 00:59:24,600
Yeah. 
Thanks so much. 

1011
00:59:24,600 --> 00:59:27,000
And of course, you can also send
us a tip in the address. 

1012
00:59:27,000 --> 00:59:29,000
So thanks. 
And until next time.