YT YouTube2Text

YouTube2Text → Transcripts → FTX bankruptcy, spiciest takes, future of crypto VC, new Amazon Prime drones + OK Boomer | E1610

FTX bankruptcy, spiciest takes, future of crypto VC, new Amazon Prime drones + OK Boomer | E1610 — Transcript

by This Week in Startups · 14,912 words · 2,207 segments · language en · Watch on YouTube

Open in transcriber Summarize with AI Download SRT/VTT

Full transcript

0:00right everybody it's Friday we made it
0:01Molly we made it we made it
0:03that's week 44 in the books next week we
0:06start again on Sunday with week 45 but
0:08today
0:09the drama around SBF and FTX has reached
0:13a fever pitch he has filed for chapter
0:1611 bankruptcy bankruptcy this is an
0:19extraordinary five days in the life of
0:21crypto it really is it's been like
0:23watching it's just been like been
0:25watching uh what's the name of a short
0:27like a mini series
0:29it wrapped up on Friday just in time so
0:33we're going to tell you uh the exciting
0:34conclusion of this ministers yeah yeah
0:38and of course uh my favorite segment of
0:41the show we live in the future Amazon
0:43has got a new drone so we're going to
0:46talk a little bit about when drones are
0:48going to be flying over our heads
0:49delivering our coffee and packages I
0:51think it's coming soon and I got some
0:52Insider information that I'm going to
0:55share inside information coming
0:57and then of course we have Rachel
0:58reporting ending the show with another
1:00segment to keep us olds in the know okay
1:03Boomer gonna be a great episode stick
1:06with us this week in startups is brought
1:08to you by open phone as a startup
1:11founder a lot of mistakes are easy to
1:13roll back but using your personal cell
1:15phone number as your company number
1:17isn't one of them open phone makes it
1:19easy to get business phone numbers for
1:21you and your team right on top of your
1:23existing devices visit openphone.com
1:26twist to get 20 off your first six
1:29months ashore is the leading provider of
1:32special purpose vehicles and fund
1:34Administration with over 5 000 completed
1:37transactions and 2.5 billion dollars
1:40under Administration twist listeners can
1:42get 20 off their first SPV at assure dot
1:47Co slash twist that's
1:49ashore.co twist and the Microsoft for
1:54startups Founders Hub helps all founders
1:57build a better startup at a lower cost
1:59from day one open to anyone with an idea
2:03you'll get up to one hundred and fifty
2:05thousand dollars in Azure credits
2:07technical advisory access to mentors and
2:11experts free Dev tools and so much more
2:14there is no funding requirement and it
2:16only takes minutes to join sign up today
2:19at AKA dot Ms slash this week in
2:24startups alright everybody it is Friday
2:28it's like thank the Lord Friday I'm not
2:30100 sure it's Friday for both of us it's
2:33definitely Friday for me I'm wearing my
2:36banana sweatshirt as in this is all the
2:38ish
2:39it's proud of it we got one more day to
2:41go and then we get the weekend Sunday
2:43yeah
2:44then we get the weekend Sunday it's
2:46gonna be great uh nothing about this
2:48week has slowed down not even a tiny bit
2:50and I know that we previously thought
2:52that we were having busy news weeks but
2:53we were fun
2:55we were wrong we were wrong we apologize
2:58to the audience when we said you know
3:01this is as busy as it gets because FTX
3:05we another character has emerged
3:09to
3:10the
3:12varanos verse or whatever we're going to
3:14call this the wework verse the Adam
3:16Newman verse
3:17the cast of characters
3:20who have taken incredibly large
3:23companies with Incredible promise
3:25missions
3:27and drove them dramatically
3:31off the side of the bridge like so for
3:33us to watch
3:35them slowly plummet
3:37into the bag and Float past Alcatraz
3:40before sinking like a stone I don't I
3:43hate to create a visual here oh my God
3:45but the full formation FTX and Sam
3:48bankman freed SB app
3:51has been nothing short
3:53of mercurial
3:56I mean this is Joseph Campbell level
4:00drama Shakespearean yeah I interviewed
4:03the dude three weeks ago at this private
4:05conference he sat there with his leg
4:06bouncing up and down I thought okay
4:09you know I know a lot of people who have
4:10tics and uniqueness to them
4:13and was everybody in the room just like
4:15yeah we're about I mean because that's
4:16what's so remarkable right is the the
4:19shift from everybody being like yep
4:22we're all in on this guy there's no way
4:24any of this
4:26is anything but on the up and up and
4:28phenomenal and there are billions of
4:30dollars in this guy's bank account and
4:32it's and it and we can expect this to
4:35remain this way
4:37for all time and then literally three
4:39weeks later he is out the the breaking
4:43news that we thought we were actually
4:44done with this story but there seems to
4:45be at least for the moment a little bit
4:47of a wrap up for us to end the week on
4:49which is that FTX has filed for
4:52bankruptcy
4:53not particularly surprising news except
4:56that the speed
4:58is unbelievable and it tells you what I
5:00was gonna say yeah I mean we went from
5:02selling oopsie my bad
5:05to bankruptcy in the course of
5:09five days this started Sunday night
5:11right yeah
5:13wow 32 billion dollars to bankruptcy
5:18let's just pause for a second in a weird
5:20days in five days
5:22Monday he tweeted everything is fine
5:26yeah Tuesday
5:28there was a takeover attempt because
5:31everything was super duper not fine yeah
5:34Wednesday everything was going to be
5:36okay because of the Takeover and that
5:38was all in process by the end of
5:40Wednesday I believe
5:41the Takeover had fallen apart right
5:45Thursday the Takeover has fallen apart
5:47SBF is seeking
5:49Rescuers right trying to figure out if
5:53somebody might put in some money Hail
5:54Mary he's also reassuring people which
5:56we will come back to that everything
5:58with FTX us is fine
6:03by Friday he's declared bankruptcy and
6:06the bankruptcy includes the sister
6:08company Alameda research the 130 other
6:11Affiliated companies because he's been
6:13on such a big buying spree and FTX U.S
6:17is also verifiably not fine that has all
6:21happened in the span of five days that's
6:22crazy
6:25yeah I
6:27oh and he has stepped down by the way
6:29he has stepped down as the CEO not
6:32surprisingly of FTX he has been replaced
6:34this is just even more insane by John J
6:37Ray III a quote restructuring expert
6:42who is notably the guy that Enron
6:45brought on during its liquidation
6:47process and he did manage to help return
6:4920 billion dollars to Enron creditors oh
6:51my Lord now here's the thing that's
6:53that's a history book you want to be in
6:55I hate to say I Told You So to everybody
6:58but I told you so like there has to be
7:01a core amount of value
7:03in whatever asset you are trading
7:06if you are trading
7:08an asset worth nothing
7:11eventually
7:13it's going to evaporate because there's
7:16no there's no fundamental value there
7:18and you will run out of buyers for
7:19whatever the object is that's being
7:21traded the object's core value matters
7:24and I don't understand why this was so
7:26hard for people to understand
7:28if this was tulip Mania
7:31there was a core value at some point
7:33which was a tulip it was a freaking
7:35flower there was a flower a field of
7:36them even they were super pretty okay
7:39but tulips come from bulbs from the best
7:43of my understanding and my mom God lover
7:46would get a a bag of bulbs she would
7:49purchase them they had value to her
7:52and in front of the Brownstone in
7:53Brooklyn I'd watch my mom plant her
7:56bulbs and then they would Bloom and she
8:00got incredible Joy from them there was
8:02somebody
8:03in the world my mom who loved planting
8:06these bulbs to see these tulips rise and
8:09the Tulips created massive Joy now this
8:11is the simplest thing in the world a
8:13flower
8:14when we look at these tokens and we've
8:17had these people on the pot we had Terra
8:19Luna we ate doe Quan on the program and
8:21even another object a a hydrogen-powered
8:24truck to deliver beer we had um right
8:28Milton Milton Trevor Milton thank you so
8:32you you look at the core value of these
8:33things and in both cases a little
8:35suspect Hey where's the truck oh the
8:37truck is being pushed down the hill by
8:38gravity okay so when you look at the
8:40core object Molly yeah you go okay that
8:42core object doesn't work
8:44yeah oh the badger he's gonna make his
8:47own little truck to compete with the
8:49Cyber truck and the F-150 with the
8:51electric F-150 okay wow bold
8:53entrepreneur but it also does not exist
8:55it's just a prototype made in the lab
8:56it's it's it's a it's not a real object
8:59it's an idea that this object May future
9:01exist
9:03it's like somebody making like a tulip
9:04out of clay right this is what the Tulip
9:06is going to look like
9:07and so that's I think the underlying
9:09lesson here for everybody is at some
9:11point you have to look at what is the
9:12core asset here and the core asset here
9:14was
9:15the trading
9:17that never made sense to me and um
9:20yeah I'm just glad to see this all flush
9:22out I think if we can just erase this
9:24entire period of nonsense from the
9:27system
9:27get rid of the people who were investing
9:30in it
9:32get rid of the people who were you know
9:34trying to find bag holders get the bag
9:37holders Edge re-educated to like hey
9:39maybe buy some shares in a company
9:41of a product you use and love like okay
9:43you love Disney you love Amazon you love
9:46the Facebook go buy their shirts if you
9:48happen to be personal loves a headset go
9:50buy that
9:50because at least you can use that
9:53product to make some investment decision
9:54based on the product
9:56yeah
9:58I I wish that I could say that we will
10:02erase that you know it's interesting
10:04because we will erase parts of this
10:06episode no doubt we'll move on and there
10:08will be a show about it and everybody's
10:09already casting Skyline I mean first of
10:11all he is
10:12in some trouble I think we can probably
10:14quite do it okay yeah he's probably
10:17gonna I'll take the prediction based on
10:19my what do you want to do judgment this
10:21dude's going to jail but full stop what
10:24is remarkable is that
10:28this still encompasses the in no way is
10:31this contained to the crypto world or
10:34even these exchanges right Institutional
10:37Investor we will eventually find out the
10:39extent to which institutional investors
10:40have all been a part of this ecosystem
10:44without a doubt right they've done that
10:45like CNBC tours they've been pumping
10:48this up they've been saying because we
10:50have financialized the entire American
10:52economy we are totally fine with
10:55products that do not exist other than as
10:58Financial tools the list of them is
11:01endless and he splashy cashied money
11:03around to all these various politicians
11:05like you had you know somebody made the
11:08point I think Matt stoller's been
11:09tweeting about this all day he made the
11:10point that like SPF the current SEC
11:13chair
11:14was appointed by a politician who took
11:16five million dollars from SBF all of
11:19these like the Republicans who were big
11:21crypto pushers took money from various
11:23crypto billionaires lots of democratic
11:25candidates took money from SPF like this
11:27this it's not a like it's not a thing
11:29you can put in a box and make go away
11:31it's like gonna have altered the
11:33landscape of the U.S kind of financial
11:36world
11:39all right everybody on the phone today
11:40is open phones founder darina kuya
11:43welcome to the program dorina thanks
11:45Jason good to be here now what mistakes
11:48do most Founders make with phone numbers
11:50in their startups great question first
11:52one is they use their personal phone
11:55number for their business and it's an
11:57easy mistake to make because you don't
11:58necessarily think about it much you know
12:00you incorporate your company you put
12:01your phone number there's all these
12:03forms you fill out it varies quickly
12:06goes from being your personal number to
12:08being the number for the company and
12:10when that happens there are all these
12:12data aggregators and all kinds of
12:14services that take your number and put
12:15it everywhere yeah suddenly now there is
12:18this uptick in spam text messages it's
12:21the worst yeah and people just wonder
12:22like how are others getting my number
12:25well let me tell you you put it in
12:27different places and it kind of
12:29snowballed from there so that's the
12:31first mistake yeah the second which is
12:33initially as a Founder you're the
12:35salesperson you're the only sales sales
12:37rep and then you hire a first sales rep
12:39and sometimes Founders let that person
12:42use their personal phone number oh no
12:44that number the data everything that
12:46happens is just fully belongs to the
12:49sales rep and if that person leaves you
12:51lose the entire history with your
12:52customers yeah and then what if that
12:55sales executive goes to a competitor
12:56exactly yeah okay everybody twist
12:58listeners can get 20 off any plan for
13:01their first six months that open phone
13:03just go to openphone.com twist if you
13:06got an existing number they'll put it
13:07right over for free head to o p e n p h
13:10o n e.com slash twist today for 20 off
13:13may I add a point to this Molly yes when
13:16we start talking about the obvious
13:18when people start doing stuff offshore
13:21well yeah I mean and they just happen to
13:25love living in
13:27place that is the most
13:31lenient in terms of
13:34Securities laws or whatever you know it
13:36could be
13:37that they like the weather
13:39possibly uh maybe
13:42but the weather in San Diego is I from
13:45what I understand is the best weather on
13:46the planet and all Los Angeles right
13:48behind it and you know norcals not not
13:50too not too shabby if you like a little
13:52bit of variability you have a little
13:54Mediterranean Clem it's delightful just
13:56open your eyes people one of the weird
13:58things that I am making a big note of
14:01every time we have one of these boom
14:02bust Cycles I take a little bit of notes
14:04for myself
14:05and purposefully deluding yourself not
14:09looking at the objective reality and the
14:12signs
14:13to me this is one of the most pernicious
14:16interesting assets of human nature
14:20the ability to look at a collection of
14:22facts and because you're making money on
14:24the way up and you have A J trade on if
14:27you will
14:28and you're saying you know what I made
14:30this trade I bought tsmc
14:34because the acquired FM guys talked me
14:36into it
14:37in the face of China saber routing that
14:40they're going to take over time on right
14:42and I'm like well I
14:44believed they're not going to and I am
14:46going to suspend disbelief and I I
14:48literally
14:49now that I am a tsmc the Taiwan Taiwan
14:53semiconductor shareholder it is
14:55impacting my thinking about what's going
14:57to happen in China does that place that
14:59bad right the people who place these
15:01bats like I'm just thinking I don't want
15:03to single out anybody but Chris Dixon
15:05you know made this his chosen bet
15:08and to watch Chris Dixon who's a very
15:10smart individual
15:12who I respect you know for for his body
15:15of work as an entrepreneur certainly
15:17um I mean he was number one on the Midas
15:19list I understand not that anybody cares
15:21about that but like what is Chris Dixon
15:22thinking in terms of hey I
15:25I raised billions of dollars and I'm
15:28deploying billions of dollars into this
15:30at some point you have to start rolling
15:32back that that thinking right and then
15:34the dissonance has to come in like well
15:35did I fund companies that set up in
15:37Panama and BVI and here and they never
15:41delivered a product and they didn't have
15:42Boards of directors and you know all
15:45this stuff
15:46is just shocking to me and that's why as
15:48we do our investment team meetings the
15:50itm twice a week in two hours
15:54I'm really doing my darndest to try to
15:56every time people get caught up
15:59and excited to then you know maybe show
16:02the other side of the argument and just
16:03say hey here are some heuristics for
16:05investing in companies right just some
16:07ideas for you
16:08um
16:09what what is real
16:11the other thing that's very real
16:13prism
16:15and uh good segue good Segway
16:19this is the greatest moment in the
16:22history of uh streaming on the internet
16:24here is Martin shkreli also known as
16:27farmer bro for those who are not
16:28listening on something called up only I
16:31guess this is like an online
16:33um bro show I think it's I don't know if
16:35it's for criminals or grifters but it's
16:38a bro show I don't know what the topic
16:39is but I think it's a streaming show on
16:41like a twitch kind of situation
16:42and uh top right Molly in center stage
16:45with you know people give me harder time
16:48about like my comb over you know
16:49whatever uh floppy-haired Martin
16:52shirelli with a crazy uh comb over
16:54looking kind of shout coming out of jail
16:57um next to dokwan in front of a
17:00Halloween pumpkin patch
17:02for your pleasure some in some advice
17:06perhaps unsolicited for Martin shkreli
17:08to do quantiful hey doe um I just wanted
17:12to let you know Jail's not that bad it's
17:14[Music]
17:14um
17:15it's not the worst thing you know so
17:18don't don't fret if that I hope it does
17:21happen but if it does happen it's not
17:23that bad jail is not that bad I'm gonna
17:26go ahead and say
17:28your mileage may vary
17:33because my
17:36prison is not based on Martin shkreli
17:38and what he says it's based on what I
17:40saw on the TV show Oz and uh based on
17:43that I'm gonna say not delightful so I
17:45don't think you should commit crime and
17:46then go to jail I mean listen yeah
17:52it tells you that you've been there no I
17:54said we haven't been there we don't I
17:56mean just saying he's he's boots on the
17:57ground here he's a he's an on the ground
17:59reporter holy I mean yeah clearly by the
18:03way that uh that consequence did not
18:05seem to matter I keep looking at this
18:08financialization though like that you
18:10know there are lots and lots of research
18:11pieces and articles being written about
18:13the financialization of the US economy
18:14that that the financial industry
18:16represents like 25
18:18of the American economy while employing
18:22only four percent of the people these
18:24are things that are in fact not they're
18:26just Services they don't produce any
18:29goods and they make tons and tons of
18:32money like it doesn't surprise me at all
18:33and I I'm so obsessed with this in part
18:35because for example
18:37I'm very interested in you know as an
18:40investor tools that incentivize climate
18:43Finance because one of the things that
18:44we need to get these Solutions out is a
18:46crap ton of money
18:48and this is all very lucrative the
18:51financial sector makes autonomous so it
18:53doesn't actually so when I put my kind
18:56of like Spock hat on I can really see
18:58how Chris Dixon yeah would think
19:02why wouldn't this be an incredibly
19:05investable space one Banker went to jail
19:07after 2008 but everybody made tons of
19:10money like financialization makes money
19:12and so if you looked at it through that
19:14lens if you didn't think oh this is all
19:16about creating a new currency be like no
19:19this is a new mechanism for creating
19:21Financial tools that will generate tons
19:23of value
19:24amen I'm all in
19:26yeah it also requires you to ignore the
19:29many many times over the years that the
19:31whole system has collapsed but you know
19:33here's the thing here's where yeah so I
19:37I think that's a good steel Manning of
19:38like Chris Dixon like being attracted to
19:40the space and other Venture capitalists
19:42who have got obsessed with it great
19:44right Financial products important these
19:46ones are better
19:47got paid twice I still think they got
19:50paid twice because they got token
19:51handouts yeah I think the token handouts
19:54the bag holding the selling of shares I
19:56think then you have to take all that
19:58enthusiasm and then put it on the
19:59Silicon Valley Playbook where we give
20:01people mild Zone based financing and we
20:03hold our shares for a decade and we play
20:05the long game and those are the two
20:07things where I think this got perverted
20:10this ability to create Shadow and Shadow
20:14security system outside of the sec's
20:16jurisdiction to be flipping coins and
20:19you know I don't know that Chris Dixon
20:20was flipping coins but I know coins were
20:21being flipped by many parties and that
20:24they invested in companies were coin
20:25flipping and securities laws were
20:28quite obviously you know missing
20:31flaunted maybe I guess is the most
20:33generous way they just decided their
20:35interpretation of Securities laws was we
20:37can create a security Gary against her
20:39saying no you can't they're saying yes
20:41we can right they they do the test they
20:43find a lawyer who you know yes mans them
20:46to death and okay we got some lawyer who
20:49says we're in the clear that we paid a
20:51million and a half dollars to to make
20:53some BS statement when you know a normal
20:55Law Firm would have charged fifteen
20:57thousand dollars for the same work okay
20:59put it all aside
21:01um you know why did these companies need
21:03so much money
21:05why did they need to get all this money
21:07before right they built the products and
21:10this is where VCS need to look take a
21:12deep look in the mirror that's where
21:13like a Chris Dixon needs to take a deep
21:14look in the mirror again I'm not
21:15singling him out but if you want to be
21:17the number one guy in the space you have
21:19a leadership position you Cho Chris
21:22Dixon chose to be the leader in the
21:23space by raising the most money by
21:24beating everybody else's term sheets
21:26okay if you want to be a Hotshot you
21:28want to place the hot bats you want to
21:30be number one on the list you know well
21:32you're gonna have to make sure that
21:34those companies behave in a certain
21:36fashion which is to ship product
21:38you can't give people 500 million
21:40dollars 300 million dollars when they
21:41don't have a product or the product's
21:43not launched you got to keep people on a
21:45milestone based
21:48um reward system here I'm referring to
21:51myself as well I don't want a two
21:52billion dollar fund right now I want to
21:54build my little 150 million dollar fund
21:56launch fund for Jason calacanus at lunch
21:59dot Co if you if you're a q paid you
22:00want to talk to me about the fund I want
22:02to earn trust in the community employ
22:04the capital intelligently I think we
22:06need to look at
22:07the VCS who made some of these bats and
22:09say what were you thinking let's do a
22:11post-mortem here how would you do better
22:13the next time I think the LPS
22:16are going to be infuriated after this I
22:18think LPS are going to look back on this
22:20and look at billions of dollars just
22:23incinerated and they're going to hold
22:24people accountable uh and they're gonna
22:26say
22:27take me through this take me through it
22:30just what what happened here or not
22:32maybe they just maybe they all got their
22:34they flip some bags and they're in good
22:37shape I don't know I mean I I think we
22:39have to I've been saying this for months
22:41now like I think we have to at some
22:44point take a hard look at the get paid
22:45twice Factor here
22:47if BC's also got tokens I said this on
22:51like with Derek Thompson I've said it on
22:53this show but they also got tokens even
22:55if they had a lock-up period at some
22:58point they were able to sell the tokens
23:00were liquid at some point ftt not so
23:03much but you could also see why a VC
23:06would be like Oh I'm totally going to
23:07invest in the exchange because the
23:10exchange itself is a product even if the
23:12underlying token
23:14is still kind of I know Vinnie took
23:16issue with my characterization of it as
23:17invented but it still was fundamentally
23:20invented
23:21manifested manifested that's a good way
23:24that's a good one we manifested it
23:28if you're an accredited investor you
23:30need to know about special purpose
23:32Vehicles what's an SPV it's an
23:33investment vehicle that allows 250
23:36accredited investors to invest up to 10
23:38million dollars via one entry on a
23:41startup's cap table so if you're an
23:43angel investor you got a bunch of rich
23:44friends maybe your poker buddies you can
23:46start your own Syndicate power through
23:47spvs just like me at the syndicate.com
23:51we are powered by our friends over at
23:53Shore my Syndicate has over 10 000
23:55members and almost 5 000 of them have
23:57already done a deal and I've done over
23:58250 deals thanks to my friends at ashore
24:02they do all this back end and fund
24:04Administration for me they're the
24:05leading provider of spvs and fund
24:07Administration in the world with over
24:092.5 billion dollars in AUA assets under
24:13Administration and they've completed
24:15wait for it over 5 000 transactions
24:19nobody's done more nobody's done it
24:21better they've developed their own
24:22Innovative software called glassboard to
24:24automate the entire investment
24:25experience from entity formation all the
24:27way to IPL and not only to invest of it
24:28but Founders love this process as well
24:30because it keeps their cap tables nice
24:32and clean and so you can trust them
24:34they're really hard working and they do
24:35a great job super responsive to get 20
24:37off your first special purpose vehicle
24:39visit ashore.com
24:43twist that's assured.co slash twist to
24:46get 20 off your first SPV and now we're
24:48just waiting for the other dominoes to
24:50fall like I think one of them tether
24:51maybe unpegged from the US dollar
24:54oh my God I I hate to like blackfy
24:58halted trading I hate to be excited
25:00about another person's demise but man I
25:02hope Tyler goes to zero yeah you do
25:04though you do only because like I really
25:06the fact that these guys are on the lab
25:08like they don't live in America they
25:10don't do interviews they refuse to do a
25:12proper audit like it's just all I find
25:15it and then they're going on CNBC and
25:17kind of like trying to like you know
25:20spin it to do to Debo I'm just like of
25:24course yeah yeah a little upset at me
25:26because she felt like I you know with
25:28the whole ligma Johnson thing uh the the
25:31fake things that I didn't have her back
25:33it up I I thought I did I don't know if
25:35you heard that all in episode where I
25:37said listen my contemporaries
25:40for uh my my uh compatriots were like oh
25:43journalism sucks blah blah blah blah
25:45they can't even get a story right I was
25:46like you know live journalism is a
25:48little different oh I did hear that yeah
25:50you know like when you're doing live
25:51journalism the public deserves to get
25:54live journalism
25:56and live journalism you could be punked
25:59in the moment we all understand that
26:01somebody can run up to a microphone and
26:03say Baba Booey and then you have to have
26:06your producers as you're doing live
26:08unravel that stuff in real time it's
26:10just the nature of it right but she
26:11didn't she did a great job with it like
26:13she yeah
26:14on Twitter she did the right thing I
26:17mean all right let's just let's just say
26:19I don't have any
26:21yeah being nice to say about their
26:23thoughts about journalism especially
26:24considering the sources well here's the
26:26thing I just say
26:28you if you do live journalism you're
26:31gonna get punked you don't judge people
26:33on the fact that other people are trying
26:35to decide if you judge them if you do
26:37investing if you do investing you can
26:40get pumped like don't talk to me about
26:42the journalists
26:44exactly I'm drawing that specific
26:46conclusion like you cannot say that
26:48somehow journalists are getting
26:49everything wrong when VCS keep pumping
26:51up SBF over and over and over correct
26:54like you know don't even we can all get
26:56punked we can all get punked we can all
26:59get punked now what matters is
27:01when you do get punked do you own it and
27:05Debo I just want to put it out there
27:06digital people owned it I just want to
27:08make sure I for a second time
27:11I'm going to defend her and all live
27:13news journalists we want live journalism
27:15to exist as a practice
27:18there was a terrible one where like they
27:20did they got the local and listen I get
27:23it it's funny like in a juvenile South
27:25Park or actually The Simpsons remember
27:27they would get people to say silly names
27:29when you sound them out on the overhead
27:30speaker like I get it it's juvenile I
27:32find it hilarious at times it's
27:34completely inappropriate at times
27:36there was like this um airplane
27:39crash or something at SFO and they read
27:42the names of the Asian pilots or
27:45passengers and they were all super
27:47racist stuff yeah yeah they these poor
27:50anchors who are reading live from a
27:53teleprompter oh that's the social
27:54contract that they're teleprompter
27:56readers the writer got punked the person
27:58who wrote them got punked the audience
28:00laughs
28:02the patrollers laugh then they have to
28:04apologize yeah it's part of life like
28:07people can trick other people deceptions
28:08per Life you Deirdre post it did the
28:10right thing
28:11she just owned it and she's you know
28:13what I'll tell you why I even respect
28:14her more she took a screenshot she took
28:16the Tweet down and said I gotta take the
28:18Tweet down because it's incorrect but
28:19I'm taking a screenshot of it and
28:22replying it to my apology and I'm making
28:24a video apology and I'm explaining you
28:26know what happened and and she like
28:27she's she super owned it so I just want
28:30to make sure yeah here's this clip a
28:33second time he defending as she should
28:35because I do not see
28:37yeah the same introspection about
28:40theranos or wework or
28:43yeah
28:45right they wrote that letter they did
28:47own it I would say Sequoia defended it
28:49and did a good job communicating with
28:51their LPS about the reality of the
28:53situation they put a lot of good math in
28:54there did Sequoia own getting punked by
28:56this guy no
28:58yeah okay so right like if we want VC to
29:01exist and BC can get fooled yeah
29:03Founders we want journalists to exist
29:05and journalists can get fooled by
29:07fast-moving information
29:09so everybody maybe needs to back the
29:11hell off each other yeah stand down for
29:13a second and just assess the situation
29:17well there are some lazy investors who
29:20don't do diligence journalists who will
29:22print whatever comes in from a Hotmail
29:24account exactly right those things do
29:26exist in the world and then there's
29:27other people who will be super diligent
29:29about it and I think we always figure
29:31this out when we see people's reaction
29:33to it speaking of reactions to it a
29:35friend of the Pod Logan Bartlett who is
29:37going to be on this podcast when uh
29:39Molly and I take a vacation I want to
29:41make a short list of like people to do
29:43to sit in I know like we get a vacation
29:45tell me more well ski season's coming up
29:48I would like to you know maybe do a
29:49couple I like to bag a couple of great
29:51founder interviews
29:52and also
29:54uh yeah although I don't know how that
29:56works with 16 hour days friend of the
29:58Pod Logan Bartlett I was on a couple
29:59weeks ago on his uh great podcast
30:01cartoon avatars and I like a person who
30:04this is if you really want
30:07to build a great relationship with me if
30:09you tell me you were inspired by me
30:12oh my God that to me that's like you're
30:16not you're like totally a bestie
30:18no the 20-minute VC guy and uh Logan
30:21Paul 20 minute VC was like Harry
30:23stabbings was like oh Jason got us on my
30:25podcast this week I want to let you know
30:27you inspired me when I was in elementary
30:29school and I started listening to this
30:31week in service I was like excuse me and
30:33cats when I was in eighth grade studying
30:35in London I used to listen to this we
30:37can start up and I started 20 movies and
30:38Logan Bartlett sat on his pod hey I saw
30:40the all in guys do this and I decided I
30:42saw a pod because I thought maybe I
30:43could do that too and
30:45what have I done he asked me for my
30:47advice I said don't
30:50um don't do a podcast I was like don't
30:53ask me well he was talking about doing
30:55it for uh Logan parlor worked at a fund
30:57called red point I believe he's asked
30:59red point and he's got a cartoon Avatar
31:01she can start short um and I was on a
31:02couple of weeks ago but he's like yeah I
31:04think it's like a good idea to like
31:05increase the off level I was like yeah
31:07be careful I don't know if it's a grease
31:10Sax's deal flow or not so just be
31:13careful what your spicy takes but he had
31:14a spicy take I want to say what you
31:17think of this one yeah Logan Bartley
31:19tweeted it's kind of hard not to think
31:22about how differently SPF would have
31:25been covered the last two years if he
31:26had been giving giving to Republican
31:29causes ooh making us speak intellectual
31:31artists what do you think spicy good
31:34take not for you
31:36spicy or not spicy
31:38I think it's spicy yeah okay and then
31:40Jenny left court responded and said
31:42imagine if SPF was a woman I haven't
31:44seen the is this the end of the boy boss
31:46articles
31:49I give that three jalapenos we have to
31:53have like a spicy scalp that's out of
31:55four
31:56spicy I give Logan one spicy one Chili
32:00Pepper I give Jenny two and a half Chili
32:02Peppers yeah I mean that is spicy so
32:05here's what I respond I wrote I wrote
32:07this in our signal chat super earlier
32:09this morning in response to this because
32:11like yeah absolutely big rich guy
32:13Democratic donor which is not something
32:15you hear about you don't usually hear
32:16about a lot of like new tech
32:17entrepreneurs for example coming in
32:20giving to Democrats so I am certain that
32:22that created a little bit of a like he's
32:25a good guy vibe
32:27um or the media wanting to see him as a
32:28good guy before there's got to be a four
32:31spicy moment come on there's got to be a
32:33spicier when this producer hold on hold
32:35on I'm gonna get there okay there were
32:37also lots of journalists out there
32:39making money on Twitter
32:41or on crypto sorry oh there were yeah
32:44I'm sure right like you you saw and I
32:48really do think and I wrote this in our
32:50signal that the constant King trolling
32:53on Twitter every time you set a single
32:55negative thing about crypto no matter
32:57what it was yeah that is like that ends
33:01up like playing the refs you get to the
33:03point where you're just like you know
33:04what it's not worth it for me to be
33:06skeptical of the rise of something that
33:09looks a lot like a Ponzi scheme because
33:10if I'm skeptical about this in public I
33:12will start to get like death threats
33:14from trolls
33:16this is the this is the brigad dunes
33:19Brigade brigad dating and we're
33:21debrigating you the brigad dunes and it
33:23works because you eventually my replies
33:25are it's not even just that it works on
33:28journalists all the journalists are on
33:30Twitter they're all getting yelled at if
33:32they ever say anything critical about
33:33crypto or like the other guy and at some
33:37point they stop saying it which is bad
33:39for news
33:41and they might even find themselves
33:44getting nudged in the opposite direction
33:45because if you have a message shouted at
33:46you enough times you start to think well
33:48maybe there's something to this hmm
33:52this is I'm starting a new segment which
33:54I know is not spicy enough for you but
33:56these were spicy
33:58but as far as I'm concerned I didn't
34:01need a glass of milk for either of these
34:03takes these were spicy takes
34:05but I could have I could have a second
34:07bite of the same spice he's going on
34:09looking for spicy on the way out like
34:11cic you want the 10th Wing in half one
34:14you feel the next day spicy you know
34:15what I'm saying I want the spiciest of
34:17spicy on these steaks I want
34:20I can't breathe spicy there there must
34:22be people
34:24I mean of course there are yeah
34:29um
34:30Matt solar had a good piece too about
34:32how all of the all of the times that
34:35that various members of the media like
34:38boosted this
34:40and I I really do think that the
34:43skepticism went away because of the
34:44trolls
34:45and the boosting happened as some sort
34:48of like
34:49like you said psyop situation I mean
34:51honestly we can I think all agree that
34:53the biggest chili pepper in the room
34:54right now is CZ
34:57yeah he's pretty spicy that dude's spicy
34:59he's like I'm gonna sell Mine by your
35:01firm no I'm not gonna buy your firm I'm
35:03gonna dance on Your Grave
35:06and then and then he's like I'm gonna
35:09issue some business lessons for you like
35:11your business lessons are like I would
35:14say if you um you should avoid
35:16businesses and exchanges and products
35:18that are not profitable or Survive by
35:20selling their own tokens or give High
35:22incentives for locking your tokens or
35:24have a large total Supply but only a
35:26small circulation Supply and involve
35:28loans
35:29and then he says that's FTX aside
35:32I mean that kid is ice cold he's ice
35:35skilled spiciest take of course comes
35:37from Rachel reporting
35:38oh as always look so this is like the
35:41SPF tweet uh we'll pull it up here I'm
35:44sorry that's the biggest thing
35:47and I should have done better and Rachel
35:50a retweet of this is
35:54this sounds like he's about to dump his
35:57college girlfriend because he wants to
35:58go on Spring Bank with no strings
35:59attached about playing Rachel you didn't
36:01even tweet that way yet
36:03from the twi startups account it's like
36:06the TWR startups account to be the
36:08spiciest of takes I'd like it to be
36:10three or four do not tweet Rachel unless
36:13you can get to that 304 caliber
36:15I need a glass of milk coughing filled
36:19the next day wake up
36:21yeah I want I want to you know when I
36:24know I've eaten so much spices before
36:25you know when you wake up at like 2 A.M
36:28from the spicy food and you're just like
36:30please God I'll yeah I'll never eat that
36:33dish again just make this end my stomach
36:36and my throat are on fire please make it
36:38end spicy are we ready for cool stuff
36:40are you still looking for spicy cake
36:41well
36:42yes I just don't even know if I want to
36:45talk about the communal living in oh the
36:49molecule
36:50I mean if they're all Polly I'm cool
36:53with it like great live your life but if
36:56they're probably running a Ponzi if it's
36:58a poly Ponzi it's a poly Ponzi if it's a
37:01poly Ponzi it's just a straight up I
37:04mean this story has everything I'm just
37:06I have two tabs open this story
37:09everything like the story has everything
37:14a CEO with an acronym for a name who
37:17lives in the Bahamas in a poly
37:18relationship with 10 people 10 people
37:22stop doing this one it's too much no
37:24telling nobody stop I can't take the
37:27stories
37:30I just want to congratulate Jonah Hill
37:32on his second Oscar for this one because
37:35he's definitely Jonah Hill Brenner but
37:38what about the guy from Parks and Rec
37:41John ralphio
37:42literally is ralphio he literally plays
37:46benchwartz I mean he's just it's
37:49incredible here's the best of John
37:51ralphio hmm
37:52he does look oh my God this spicy take I
37:56can't even I can't even read that one
37:57out loud this is all about random
37:59spiciest
38:00yeah I'm gonna I'm not willing to read
38:03this one out at the end of today's show
38:05notes if you if you content pack enough
38:07we're gonna link to four Chili Peppers
38:11when we have four Chili Peppers and the
38:13two of us are not comfortable reading it
38:14we'll just link to it in the bottom of
38:15the show notes last of the show notes
38:17look for the four Chili Peppers we're
38:18gonna link to this
38:21all right everybody I wanted to take a
38:22moment to thank our friends at Microsoft
38:24today we have lahini ARA nachulum uh
38:27with us she's a senior director of
38:29platform and growth at Microsoft and she
38:31actually created the Microsoft for
38:33startups found herself welcome to the
38:34show thanks Jason thanks for having me
38:36so tell us a little bit about the
38:37founders Hub why did you create it yeah
38:39so we built Founders Hub based on the
38:42feedback from hundreds of Founders we
38:44spoke to Founders at all stages of their
38:46Journey so ones that were just starting
38:47out with an idea to those that had
38:50actually built successful companies just
38:52to better understand what their
38:53challenges and pain points were as they
38:55were building their businesses and we
38:57found three challenges that kind of rang
38:59true regardless of where they were in
39:01their Journey the first one was that
39:03Founders need access to coaching and
39:05advice to get to that next Milestone the
39:08next is that they need to accelerate the
39:10time it takes to actually build an MVP
39:12or their second product or their next
39:14set of features and of course Founders
39:17need Capital to actually keep them
39:19afloat as they continue to build their
39:20comfort companies and so Microsoft for
39:23startups Founders Hub is a digital
39:24platform built to help founders with
39:27these challenges thanks so much lahini
39:29if you would like to check it out go to
39:30the Microsoft for startups Founders Hub
39:32and they have no fundraising
39:34requirements open to anybody if you're a
39:36Founder they want to they want to
39:37support you it takes five minutes to
39:39apply and startups can get up to six
39:41figures of benefits instantly sign up
39:43for the Microsoft for startups Founders
39:45Hub today at AKA dot Ms slash this week
39:49in startups my favorite section of this
39:52podcast
39:53I have a couple but I really love we
39:55live in the future Amazon is launching a
39:57new smaller more quiet delivery drone
40:00that could fly through light rain let's
40:02take a look they've spent almost a
40:04decade by the way Amazon you know we we
40:06keep seeing them work on drones here's
40:09your new design of a drone for delivery
40:14it looks slightly different than a
40:16regular drone oh it's a video of a 3D
40:18rendering so
40:20so just to give you broad Strokes what
40:22Amazon has sort of been doing here this
40:24one's going to be for delivering
40:25packages less than five pounds in as
40:27little as 30 minutes uh after an order
40:29it goes in they've had lots of delays we
40:31know that uh they had that famous 60
40:33Minute piece this new drone is called MK
40:3630. start being used in 2024 it's going
40:38to replace the mk27 II model it's gonna
40:41make deliveries in Lockeford California
40:44and College Station Texas this year
40:47I want to get the populations of those
40:49two places because I have a feeling
40:51that these drones are going to work
40:53wonderfully as we've talked before
40:55in like the country slash burbs you know
40:59the suburbs when you're on a quarter
41:01acre and then there's like farmland and
41:03there's something in between I'm going
41:05to call it like you know when people
41:06have five ten acre lots like you see in
41:08Texas a lot yeah like sort of sparsely
41:10popular
41:12um not yeah sparse like sparsely pot
41:14it's not dense not dense so the suburbs
41:18are too dense row houses are too dense
41:20there's too many people per acre
41:22but when you get out to like you know
41:24hey there's a people have five ten acres
41:26each and exactly correct College Station
41:29120 000 pop
41:31uh Waco Texas 139 these are like I think
41:35the towns where this is gonna work
41:38um and five pounds is just perfect
41:41because I'm gonna guess that's like
41:43two-thirds of things order are gonna be
41:45in that range five pounds or less you
41:47get your coffee yeah three pound bag of
41:49coffee perfect for this
41:50and really I was talking to somebody
41:52who's deep in the delivery game I'm not
41:54going to say which company it is but one
41:56of the top five delivery companies I was
41:58talking to just last night
42:00and uh they are very very bullish on
42:03this
42:042025 2027 time frame like three four
42:07years from now and they're investing
42:09heavily in it and I wouldn't say who but
42:12the reason is
42:13because the capex it turns out cars for
42:17delivery
42:18the capex is really high because it's at
42:21R these drones are going to cost low
42:23thousands of dollars they're going to
42:25cost nothing to maintain and if they can
42:27keep them in the air which when's the
42:29last time oh so anyway and these are
42:32going to cost low thousand right so
42:33these are gonna cost
42:35one
42:36let's just put them at three or four
42:38grand each I'm gonna put my four grand a
42:40self-driving car is going to be 100
42:41these are going to be
42:43literally four percent of the cost yeah
42:45buy 25 of these for the cars these are
42:47gonna also they fly like a pro
42:52so they do direct line when's the last
42:55time you heard Molly
42:57a story of a drone falling from the sky
43:00and killing some
43:02I haven't heard that story in a long
43:04time or just a drawing falling from the
43:06sky yeah remember those stories 15 20
43:08years ago just or 50 or 15 years ago
43:12I don't know if it's ever killed anybody
43:14but there's been a lot of there was like
43:16drones falling from the sky
43:20United States I was looking at 2022 CEO
43:24Tom Walker by the way because remember
43:26we had him on I have a reminder in my
43:28phone to like check in with him after
43:30six months because it was so he was
43:32talking about air delivery and one of
43:33the things he told us on that episode
43:34was that it it is like 70 or 75 of
43:38packages or five pounds and under I mean
43:39it was like a massive number right of
43:42the actual packages
43:43these things are so safe when I was at
43:46Burning Man they were doing drone shows
43:49of like the Burning Man flying and they
43:51had them The Burning Man which is the
43:53the Wicker kind of wood man walk across
43:57the Playa in drones people feel so safe
43:59about these they are replacing firework
44:01displays with fleets of three or four
44:03hundred of them if you can put three or
44:05four hundred of them in the air Molly
44:06and have them dance around in close
44:08proximity to each other certainly they
44:10can deliver some coffee
44:12certainly they can get you some shaving
44:15cream you know or whatever yeah so I
44:17think it's time for us as a society
44:20to just say
44:22Society needs to be much cooler and we
44:24need to live in the future I want
44:26everybody to collectively say
44:28uh they should just do a vote in the
44:30town
44:31do we want to arrest somebody getting
44:32hit in the head with a drone to live in
44:34the future yeah
44:3675 say yes I want to live in the future
44:38just like
44:40you know gay marriage just like cannabis
44:42regulation let's just live in the future
44:43man come on we're all going to be gone
44:45soon now
44:48the FAA has been just Stone Cold
44:52standing in front of drone delivery and
44:54roll out and frankly like if they could
44:56just get out of the way it could get
44:57safer faster
44:59there's only I just found out actually
45:00that in North Dakota University of North
45:03Dakota in Grand Forks has a
45:06really well-known Aerospace program and
45:09it apparently has become quite a hub we
45:11should go on a field trip and watch some
45:12drones because it has Beyond line of
45:14sight testing because that's one of the
45:17FAA regulations right now is that you
45:18can't play a drone further than you can
45:20see it oh that's why they pick these
45:22towns right because we had the guy
45:24yeah Tom Walker
45:26by the way here's what these drone shows
45:28look like I'm not sure which drone show
45:30this is but I mean look at this Molly
45:32yeah they're amazing the A's have been
45:34doing them instead of fireworks nights
45:36yeah oh that I think this is the Burning
45:39Man one I think I saw this one I might
45:40have imagined it but I think I did see
45:42that's the mess
45:43okay
45:46um they're insane look at it rotating
45:48now oh my God and the eyes are starting
45:50now it's trippy yeah it looks like that
45:53big um it looks like the what's wrong
45:55with my brain you know the big blue man
45:57from the comics oh uh you're thinking of
46:00like other Manhattan yeah Mr Manhattan
46:03is that from uh yeah Mr Manhattan
46:06Watchman maybe yeah you could be
46:08thinking of Galactus no I'm thinking
46:09it's very large Europe science the big
46:12like his face would take up the whole
46:13Sky when he looks at Planet Earth so
46:16lots of nerds in here am I right anyway
46:18let's go on with you let's live in the
46:20future and then let's have Rachel tell
46:23us what the future actually looks like
46:26because she knows what the kids are
46:27doing these days
46:29yeah Rachel we got Rachel reporting okay
46:31Boomer coming up next
46:32all right enjoy everybody okay Boomer I
46:36understood the assignment thank you so
46:38much Owen Rowe for joining me today on
46:41this segment of ok Boomer Owen is one of
46:43my Twitter friends which feels like
46:45there's so many of them now
46:48um when I first got this job I feel like
46:50I increased like the amount that I was
46:52tweeting just because of how active
46:55um Jason and Molly are over on Twitter
46:57and our friendship was one of the
47:00results of that and I'm very very happy
47:01about it
47:03um Owen for those of you who don't know
47:06um it feels like everybody should know
47:07you because you're all over my Twitter
47:08page is a 19 year old product designer
47:11at stacked which is a watch to earn web
47:133 streaming platform so thank you Owen
47:17super happy to be here big fan of the
47:19show so yeah well it's nuts that you are
47:24a product designer at stack and you're
47:26only 19 but what's even crazier is the
47:29fact that this isn't like your first job
47:31um you are like a working professional
47:33when I was 19 I think I was working like
47:36at a boutique or I was a server in State
47:39College Pennsylvania
47:40um one of the two
47:42and both of them not as cool as being a
47:44product designer
47:45um at least to me and I know previously
47:47you were an art director which is so
47:49cool at an Esports Discovery platform
47:51called e-fuse
47:53um where you helped manage and
47:55really just deal with that creative unit
47:57and we're also a graphic designer at the
47:59Esports organization Evil Geniuses so
48:02I've seen a lot about the world of
48:04Esports lately my roommate got a steam
48:07deck and we've been loving it it's a big
48:09big apartment phase but it really got me
48:12thinking about the people that create
48:13these games and you were actually the
48:16one that brought to light how working in
48:18this industry is a little
48:21um it's a little spicy and ever since I
48:23read a piece you put out about why you
48:25left the Esports industry I've seen a
48:27ton of other people talk about their
48:30similar experiences and how they were
48:31treated and that's kind of what I want
48:33to cover today
48:34yeah
48:36um I mean I don't regret working in
48:38Esports by any means yeah um so I don't
48:40want to portray it like it's a it's a
48:43bad thing
48:44um but I think there are some
48:46complications
48:48that are unique to the Esports industry
48:51that most startups really don't deal
48:55with
48:56um
48:57because it's weird too like Esports
48:58teams a lot of people think of it as
49:00kind of like a niche
49:02like subculture kind of thing but I mean
49:05these companies are commanding Tech
49:06start evaluations
49:09um with a fundamentally like different
49:12approach because they're not making a
49:14product
49:15they're not banking on
49:18exponential growth really for
49:20like users or anything they're not it's
49:23just a totally different like business
49:24model
49:26um
49:27and it's also compared to traditional
49:29Sports a lot I think that's the most
49:31obvious uh analog that already exists
49:35but it's not really comparable to
49:38traditional Sports either
49:40because it's a lot harder to monetize an
49:42Esports fan obviously traditional sports
49:45are mostly in-person Esports isn't it's
49:48like a online native thing
49:51so
49:53there's kind of this weird ecosystem
49:54that arises where
49:56these games are put out by publishers
49:59the Publishers act as Gatekeepers for
50:01pretty much everything so
50:04it's a very uh fragile relationship I
50:08would say got you and what made you
50:11decide to get I guess your first role
50:14over at Evil Geniuses in this Esports uh
50:17world or even was that even like your
50:19first role I did some stalking and
50:21that's as far back as I could go
50:25um I mean I'd say it's my first like
50:26legit role uh because I'd been working
50:29in Esports working in Esports since I
50:32was like 13.
50:34um I was doing a lot of like unpaid work
50:36for relatively big orgs I guess not as
50:39big as EG
50:41but I kind of worked my way up over the
50:42years I just built my resume Built My
50:44following
50:46um that eventually coalesce into my role
50:48at EG
50:50yeah
50:51got you and how did your experience at
50:55EG prepare you for your role at if used
50:58like was your experience at both
51:00companies
51:01um like the same like do you think a lot
51:04of people in Esports experience the same
51:07thing that you did or do you think that
51:09that's something that's really like
51:10company to company
51:12oh man uh I mean it's hard to say
51:15I think
51:17they're certainly uh
51:19some teams are better than others in
51:21terms of I mean I guess just the culture
51:24compensation all that stuff
51:27they all basically act like
51:30they go with the pace of tech startups
51:33so you're not going to get like a comfy
51:35like Fang kind of thing going on where
51:37you kind of just like relax all day that
51:39does not happen in Esports uh the issue
51:41is that
51:43in Esports you're also not getting
51:46there's a lot of practices that uh I
51:49don't know I don't want to say are like
51:50predatory because at the end of the day
51:52it's like on the individual to figure it
51:54out and take deals that are
51:56um beneficial for them
51:58um but you might get locked in a
52:00position where there's like a Perpetual
52:02contractor type of situation where
52:03you're
52:04you're kind of an employee but you're in
52:06like limbo so you don't get benefits or
52:09anything like that that's super common I
52:11think that's way more common than people
52:12realize even yeah
52:17[Music]
52:18The Washington Post actually had this
52:21like whole investigative uh piece that
52:24they did exposing TSM for having
52:26permanent contractors
52:28um which basically means you don't have
52:29any benefits and the financial
52:31incentives are pretty poor
52:35um but I highly recommend anybody that
52:36is really interested in diving into how
52:39people that are behind the games that
52:40you really like or Esports competitions
52:42dive into that question Post article
52:45because that was crazy to me that was I
52:47think I actually found that article
52:49though even from your
52:51um your Wii where you screenshotted a
52:54longer post that you had so thank you
52:55for bringing that to my attention
52:57um can you kind of describe what
53:00permanent contractors are and why these
53:03companies decide to hire on these
53:04permanent contractors
53:06yeah so I'll use a
53:08I guess an example I'm familiar with so
53:12if I was doing work for EG for example
53:15EGU is not one of these orgs I can say
53:18that for sure if I wasn't in high school
53:20at the time I would have worked for them
53:21full time
53:23but I had to settle for contract work
53:26let's say they weren't that way let's
53:28say they were a little more predatory
53:30they don't want to pay me benefits or
53:32anything basically what they would do is
53:36they would kind of string you along and
53:39tell you okay just like three more
53:40months two more months then we'll start
53:42to talk about it okay and that just
53:44keeps on going indefinitely
53:46so there's no real end in sight
53:49they have relatively High churn because
53:51it's like okay if you need a designer
53:53like if they're not a very team oriented
53:55company they can just burn through
53:57Freelancers over and over and over
53:58people are just kind of content with
54:00that it's a very like passion driven
54:02space
54:04so it's kind of like a big opportunity
54:06to make two grand a month working for
54:08whatever Esports and so people are
54:10willing to put up with a little more
54:13but yeah basically just
54:15a Perpetual path to full-time employment
54:18that really doesn't lead the full-time
54:19employment yeah if you're going to give
54:22advice for somebody that was really
54:23interested and passionate about the
54:25Esports space and wanted to work in it
54:26then what advice do you have on finding
54:29a job that isn't a permanent contract
54:31share and permit contractors these are
54:33people that are doing like engineering
54:35work too right not just people that are
54:38doing I don't know like one of the
54:40people that are playing in the
54:41competitions like these are these are
54:43the people behind the scenes right yeah
54:45it's mostly people behind the scenes I
54:47would say and how do how do people get
54:49jobs that aren't as permanent
54:51contractors in Esports
54:53I think it's really important to um
54:56I guess identify a company with
54:59the kind of culture you're looking for
55:01that can be hard in Esports because it's
55:03not like Tech where there's like tons
55:05and tons of different places you can
55:07look at there's maybe like 20 top level
55:10Esports teams so everyone kind of knows
55:12each other
55:14and that's also the thing too like you
55:16want to build connections I know that's
55:17very like basic advice that's like okay
55:19just build connections
55:21but really it is like a pretty small
55:23community so you got to get familiar
55:25with everyone you gotta you gotta do
55:28your research your due diligence
55:31God should that make sense and why did
55:34you decide to make that pivot a way to
55:36watch to earn web3 streaming
55:38um web three being I feel like another
55:40industry that it seems like similar to
55:42Esports where it's just like blowing up
55:44but it's fairly new to work in it and
55:46it's kind of a lot of my friends even
55:48that work in web 3 to be honest are
55:50contractors
55:52um and it's great because they're a lot
55:54of my friends that work and Webster are
55:55nomadic
55:56um they do make a ton of freaking money
55:58at least they were a year ago when I met
56:01a bunch of them when I was at Miami hack
56:02week because that's honestly where I
56:04know most people
56:05um were working in web screen like my
56:07network
56:08um why did you decide to go from Esports
56:11which feels like a new a new category
56:13um if not new at least growing to web
56:17three another new kind of growing
56:19category
56:21yeah so I guess when I was looking
56:25at what I would do next following ethus
56:29there was one thing I was really sure on
56:30and that was that I wasn't going to work
56:32in Esports anymore uh as much as I love
56:34it I just wanted to be in Tech I grew up
56:36super into sci-fi and everything like I
56:38technology to me is like vitally
56:40important it's it's especially as a
56:42Zoomer as a gen Z kid like this has
56:44defined my life I just need to be there
56:46I need to be on the ground floor yeah
56:49and so I wasn't even really attracted to
56:51web3 in particular there are elements of
56:53web 3 that I really really love
56:55but there's also a lot of work to be
56:57done yeah and
56:59when Alex came to me to join stacked it
57:01was just like it regardless of the web 3
57:03label
57:05um it was the most compelling business
57:07that I could be a part of
57:08so yeah just really
57:11good fundamentals good team and that's
57:13what was most appealing to me
57:15do you find it difficult
57:17um to navigate like this world of
57:19working at companies where there's not
57:20super there's not like a a glass door
57:22for Tech startups oftentimes you know
57:24what I mean I mean I'm sure there's not
57:26a glass door that's really giving a lot
57:28of information on Esports you're only 19
57:32you're fresh in your career and even
57:34younger than most people who are even
57:35doing a career in chat
57:38what are some problems that you faced
57:40that you think are unique to being
57:42extremely young in this career
57:45oh man that's a really good question
57:48so not many people know this but I
57:50actually hid my age for like six years
57:52on the internet wow okay yeah wow that's
57:56crazy
57:57yeah even my friends like I literally
57:59people that I would call and Discord
58:01with every day they had no idea how old
58:02I was it wasn't that easy or did you
58:05just okay so they just didn't ask
58:07yeah I I was selectively telling them
58:10certain details yeah yeah yeah and I
58:13wouldn't even tell them like I was very
58:16very careful about this I wouldn't tweet
58:17about things that implied I was in a
58:20certain grade in School like um if I
58:23tweeted about a pre-algebra test or
58:25something it'd be like oh dude dude we
58:28figured it out like we know your age and
58:29I think that was just paranoia on my
58:31part but the reason why I did that is
58:33because I mean obviously like if you're
58:36like 15 people are less inclined to take
58:40you seriously I don't blame them either
58:42I'm not gonna say that's like some
58:45cognitive bias that's wrong on their
58:47part because it makes sense but yeah
58:49really just kind of keeping it on the
58:52low uh flying under the radar a little
58:55bit
58:56contributing here and there yeah yeah I
58:59totally get that and um it's so crazy
59:02that you were able to hide it for six
59:04years
59:05super interesting
59:07mostly because I feel like a lot of
59:09people at least in the tech space when
59:12they are young and they are like
59:13absolutely killing it and they know they
59:14are that feels like almost like a badge
59:16of honor like when did you decide that
59:18you know what maybe like showing my age
59:20might be more beneficial to me in my
59:22career than hiding it
59:24that is also a really good question and
59:26that's interesting too because for me
59:28that's such a foreign idea like I see 14
59:30year olds that are founders now and I'm
59:32like oh my God like oh my God yeah
59:36that's coming from a 19 year old yeah
59:38yeah I guess I'm already ahead of the
59:40game but like to them it's like oh man
59:4314 I can't even imagine like going on
59:45Twitter and
59:47founding a company like that's crazy to
59:49me but
59:50I guess in that sense um
59:54probably when I was like 16 17. it was
59:56like relatively late in the high school
59:58which I started really owning okay yeah
1:00:01felt like I was in like the clear at
1:00:03that point and how did you get to being
1:00:06paid in the Esports world where were you
1:00:08like a professional gamer at one point
1:00:10or um did you just like message like a
1:00:12bunch of companies on Twitter like find
1:00:14them on Discord or Reddit or something
1:00:15like where where's this path
1:00:17it was a very uh slow and steady
1:00:20progression I would say
1:00:23because I started in like June of 2016
1:00:25kind of I was in like the Call of Duty
1:00:27space which led into Esports yeah
1:00:31and
1:00:32I didn't get a you know like a full-time
1:00:36wage I guess until probably like 2019
1:00:39so it was like a three-year process of
1:00:41just building my resume and kind of
1:00:44building a network within the space
1:00:46and eventually it kind of just coalesced
1:00:50how do you build your resume I guess
1:00:52like in this space
1:00:54yeah
1:00:55I mean I think Twitter is like the most
1:00:58powerful tool for doing this kind of
1:01:00thing
1:01:00because it's one thing to be good at a
1:01:04particular like skill set in my case
1:01:06designing but that'll only gets you so
1:01:09far like raw talent is only one part of
1:01:11the equation the other half is
1:01:15people need to know you exist yep and no
1:01:18matter how skilled you are if they don't
1:01:20know you exist you're not going to go
1:01:21anywhere and Twitter is
1:01:25pretty much the ideal solution uh I
1:01:28think for that problem even better than
1:01:29LinkedIn by far my personal opinion uh
1:01:33some people disagree with me I think
1:01:36Twitter is ideal I think so I think a
1:01:38lot of people are realizing I got
1:01:40um I got this job I know that I think
1:01:42about it off of Twitter
1:01:44um Jason posted that he was hiring and
1:01:46another person commented my name and
1:01:50that is like how I found out about the
1:01:52job that's how I found they're like oh
1:01:53this like position reminds me of Rachel
1:01:55and he like added me and this is like I
1:01:57said I didn't really use Twitter
1:01:59um before I got this job and it was like
1:02:02one of those one-off things where I
1:02:04think I had like 20 or 30 followers on
1:02:06Twitter at the time and I barely checked
1:02:08the app I liked it for
1:02:10um I think I mostly used it for news
1:02:12because I graduated around the uh
1:02:16election I graduated in 2020. and so it
1:02:18was like a really interesting place like
1:02:20obviously like seeing on Twitter at all
1:02:21the politicians like flocked over there
1:02:24um I'm sorry I remember I was like
1:02:26checking it mostly for that and when I
1:02:28got that job
1:02:30um I think it's so interesting
1:02:32afterwards like how my perspective of
1:02:34Twitter changed like I used to almost
1:02:35treat it like I'm like oh like I don't
1:02:37want to spend that much time on
1:02:38Instagram
1:02:39um I don't see like much of a benefit
1:02:40and now I'm like dang like the community
1:02:42building on Twitter is a much different
1:02:43thing it's cool to see that the e-sports
1:02:46world
1:02:47um sees that too I think a lot of
1:02:48different worlds kind of connect over on
1:02:50Twitter as a platform and it's really
1:02:51unique in that way unlike LinkedIn where
1:02:54people aren't necessarily connecting on
1:02:55LinkedIn and it's you you know what I
1:02:57mean like I'm not you get LinkedIn
1:02:59connections but I'm not um out here like
1:03:01cold messaging people I don't really
1:03:03even check my LinkedIn that much
1:03:05honestly I mostly check my Twitter
1:03:08um and it's funny you mention Modern
1:03:10Warfare because I know Modern Warfare
1:03:12has been blowing up as of recently in
1:03:15particular Call of Duty Modern Warfare 2
1:03:18I saw just surpassed like one billion
1:03:21dollars in Revenue
1:03:22like that that is insane where do you
1:03:26see the future of Esports going like I
1:03:28had I had no idea there was this much
1:03:30money this quickly in Esports
1:03:33um and by the way this is like it had
1:03:35one billion dollars so for people that
1:03:37aren't nerds this game was released on
1:03:39right before Halloween like October 29th
1:03:42or October 28th so it has been like it
1:03:45was like the first 10 days where it
1:03:47surpassed one billion dollars in Revenue
1:03:49like that's crazy what's the future of
1:03:51Esports considering there's this much
1:03:53money in it
1:03:55yeah it's really interesting because
1:03:57um there's so much money in gaming and I
1:04:00think that kind of goes without saying
1:04:01it's just such a cultural
1:04:04Cornerstone I know like I was in high
1:04:08school when fortnite was really blowing
1:04:09up and that was just like that was a
1:04:12whole different era right you had people
1:04:14posting on their Snapchat stories like
1:04:16their fortnite wins people go to school
1:04:18and talk about like ninja
1:04:21um so that was crazy as an Esports team
1:04:23though
1:04:25you're kind of at the bottom of the
1:04:28trickle down of all that cash uh it's
1:04:31really hard to monetize like an Esports
1:04:34viewer
1:04:35um because there's only a handful of
1:04:36ways you can really do it it's like
1:04:38merch sponsorships uh that's pretty much
1:04:42it like Partnerships just random other
1:04:44stuff
1:04:46um I think this might actually be a
1:04:47place where nfts come in handy okay I
1:04:50mean it kind of combines like the merch
1:04:52aspect like you can represent a team you
1:04:54can provide utility in the sense that
1:04:56you can give like tickets or discounts
1:04:59on uh certain events or whatever right
1:05:01uh like it almost acts like a premium
1:05:04membership kind of thing
1:05:06um
1:05:06so
1:05:08it's hard to say I think a lot of
1:05:10Esports teams are even gonna maybe leave
1:05:13like competitive Esports and move
1:05:17towards content creation instead like
1:05:19going all in on YouTubers and streamers
1:05:21I'm not even that into gaming and the
1:05:23only reason I know about um Call of Duty
1:05:25Modern Warfare 2 isn't even because like
1:05:27I I don't play it I've never played Call
1:05:29of Duty anything but they um are
1:05:32advertising like nuts so not only do I
1:05:35see them in buses in on New York with
1:05:37literally wrapped but I kept getting
1:05:38YouTube video
1:05:40um ads for Modern Warfare and I was like
1:05:42this is how much money do these people
1:05:44have like this is this is insane like
1:05:46their ad budget must be it's hitting
1:05:47with like the only other person where I
1:05:49think that is like athletic greens has
1:05:51so many ads in the same way where I'm
1:05:53like where what the heck like am I
1:05:54missing something and that's how I
1:05:56looked into it and I do see a lot on
1:05:59like my Tick Tock um for you page and
1:06:02recommend it to me on YouTube I do see a
1:06:04lot of people that are gaming and
1:06:06watching and my roommates will put it up
1:06:07on our TV V and I couldn't walk around
1:06:09the house and do dishes or whatever but
1:06:11we never put up like tournaments like
1:06:14live streams of tournaments or streams
1:06:16of tournaments and I know those are a
1:06:17thing and I know they're really big my
1:06:19brothers who are uh four years younger
1:06:21than me and two years younger than me
1:06:23are still in college and love like
1:06:25watching them and they're because
1:06:27they're in college like sometimes people
1:06:29like even have like events that they can
1:06:30go to but those just aren't being
1:06:33watched um I feel like as much as
1:06:35streamers
1:06:37yeah uh I think I think streamers have
1:06:41like better margins like as a as a
1:06:44business it just makes more sense to
1:06:45invest in content creators rather than
1:06:47like a pro Esports team
1:06:50um I know like
1:06:52obviously I don't know numbers
1:06:54um but what I do know is that players in
1:06:57these Esports teams get paid
1:07:00a disproportionate amount a yeah a lot
1:07:04of money
1:07:06it just makes more sense I think I think
1:07:09streamers and content creators are
1:07:10suffer a more tangible return in general
1:07:12and they're more accessible it's just
1:07:14you don't need to know context to
1:07:16understand someone is funny on the TV
1:07:18like it's it's going to be fun to watch
1:07:20regardless
1:07:21I don't remember who this person was but
1:07:23I remember I watched them a lot I want
1:07:25to say his name is donkey that I used to
1:07:27watch as a streamer and he was just one
1:07:29of those people that's funny when you
1:07:30like listen to it in the background so I
1:07:32used to have it on a lot and
1:07:34um I was like this is so interesting
1:07:36because like you're watching this person
1:07:37play and like you said you weren't
1:07:39watching tournaments and to me it almost
1:07:41felt like if you were a professional
1:07:44soccer player and you were juggling like
1:07:46a soccer ball and just talking about
1:07:48soccer that would make you more money
1:07:51than if you went and played at a soccer
1:07:53game you know what I mean and maybe
1:07:55that's not a great comparison but I
1:07:57remember when I was watching his videos
1:07:58I was like this guy isn't even doing
1:08:01this in like a super competitive like
1:08:04setting or he's just making I don't even
1:08:05know because I wasn't even watching I
1:08:07was just listening to him being funny
1:08:09um I don't even know if he was good I
1:08:10have no idea he was just like a funny
1:08:11person and I'm like this is it's weird
1:08:13because um it's a sport so it is
1:08:15entertainment but it's almost at a
1:08:18different level of entertainment
1:08:21um or at a totally different category
1:08:22than regular Sports and I almost wish
1:08:24the term Sports would be like dropped
1:08:26because a lot of the people that I watch
1:08:28as streamers as someone who doesn't game
1:08:30so they already have to be insanely
1:08:32popular
1:08:33um are comedians so that is my I don't
1:08:35know if it's a hot take but I want the
1:08:38sports people that are streamers to be
1:08:40in a category of Comedy rather than like
1:08:42sport yeah no I actually think that's a
1:08:45great point and I don't really think
1:08:47that's a hot take I think it was Misfits
1:08:49gaming group they they own like free
1:08:51franchises and like Call of Duty League
1:08:53OverWatch league and I think LCS it
1:08:56might have dropped their LCS spot
1:08:57something like that and I think the
1:08:59reason why they they drop their spot
1:09:02they're actually pulling out of all
1:09:03these franchises they're very very
1:09:05expensive to get in it's like 30 million
1:09:07dollars just to compete that's not even
1:09:08the field of team or whatever that's
1:09:10like each by the way so that's probably
1:09:12like 100 million dollars Justin
1:09:14franchise spots
1:09:16and that's that's like literally zero
1:09:18other business expenses that's just the
1:09:20ability to compete and they're pulling
1:09:21out of that
1:09:23and the reason why is like okay so it's
1:09:26just not profitable
1:09:28um it makes more sense to go in on
1:09:30content creators
1:09:31um and like you said content creators
1:09:33are like if you have a funny person
1:09:37you don't need to understand how to play
1:09:39League of Legends because if they're
1:09:41funny it doesn't matter yeah
1:09:44and so I don't know just bigger audience
1:09:47bigger appeal I know like dream really
1:09:49blew up in the last couple years when
1:09:52dream oh my gosh another internet Rabbit
1:09:55Hole to get into if you're
1:09:57interested in all this stuff dream was
1:09:59in the news recently like a few months
1:10:01ago so that is a great Rabbit Hole
1:10:03basically nobody knew what dream looked
1:10:05like and now people know what dream
1:10:06looks like and the reason dream showed
1:10:09what they looked like was because they
1:10:10had like a friend visiting and he never
1:10:12like met a friend in person right like
1:10:14it was something crazy like that
1:10:16um really interesting seeing Esports and
1:10:18like an anonymity and um even like you
1:10:21said like you hit your age so they think
1:10:23it's a I don't know if that's very
1:10:24unique to Esports or just having a life
1:10:26on the internet because there's
1:10:27obviously a bunch of like Anon accounts
1:10:28on different platforms but
1:10:30I think the people that do it very very
1:10:32well are in Esports and another one of
1:10:34our producers actually just told me some
1:10:36stats that I think are pretty nuts from
1:10:39Syracuse back in 2018 so in the NBA
1:10:4363 million people view games for the MLB
1:10:48that number is 79 million and for
1:10:50Esports that number is 84 million so a
1:10:54ton of people watch it and then the
1:10:56number one spot for people watching
1:10:58sports would be the NFL that would be
1:11:00141 million so blown everybody out of
1:11:03the park but it's crazy that Esports has
1:11:06more views than the MLB the NBA the NHL
1:11:09MLS like that's that's intense
1:11:15yeah I'm gonna be honest I don't even
1:11:16know how to play like football like I
1:11:18literally have no idea like Esports to
1:11:21me like I grew up with this stuff this
1:11:23to me is my my sports
1:11:25I think that's still pretty unusual like
1:11:27even for Gen Z kids I think it's
1:11:30becoming more and more like mainstream
1:11:32it's almost unanimous now
1:11:35um but it's not really at the point
1:11:36where like
1:11:37you know it's not like the whole family
1:11:39gathers around to watch The League of
1:11:41Legends World Championships not yet at
1:11:43least I think we're probably on the way
1:11:44there yeah but yeah that is so
1:11:47interesting like seeing like 10 years
1:11:48from now how kids will be with sports
1:11:51because out of I have two roommates one
1:11:53of them watches like football on TV and
1:11:55stuff like that and the other one the
1:11:57one that got the steam death
1:11:58omelette cook stuff is steamed at like
1:12:00play his video games and that's like his
1:12:01thing and it is really really
1:12:03interesting and we are all me and my
1:12:06roommates are almost 25. and so I guess
1:12:08we're definitely still undocumented into
1:12:10like traditional Sports is like what you
1:12:12do with your free time whereas like
1:12:14there's people dribbled here and there
1:12:17um who do focus on Esports like my other
1:12:19roommate
1:12:20that will be crazy like imagine going to
1:12:23a bar for example and seeing Esports
1:12:25happen rather than you know just the
1:12:28one-off like I think at in State College
1:12:30Pennsylvania
1:12:32um I went to one
1:12:33viewing that they had for sports and it
1:12:36was like something super silly I don't
1:12:38remember what it was it was like Mario
1:12:39Kart or something like that but it was
1:12:41like a giant tournament and so it was
1:12:43like streamed but it was one time in
1:12:44college and then another time they the
1:12:47same bar went and they said like
1:12:48everybody bring your own devices and
1:12:50that was like a little networking thing
1:12:51for people that were really interested
1:12:53in like gaming
1:12:55and outside of like those two times I
1:12:57actually can't name any other time in
1:13:00college that a company
1:13:03or any other organization like really
1:13:05really did support The Gaming Community
1:13:07which is interesting because
1:13:10um obviously it needs a lot more work in
1:13:12the field with employees and I'm
1:13:15wondering if more people learn about the
1:13:17industry
1:13:18um earlier on and like spoke to more
1:13:20people if people that worked there would
1:13:23be more
1:13:24equally treated I think compared to
1:13:26other Industries within Tech
1:13:28how do you think we can make the change
1:13:30of getting people out of those permanent
1:13:32contractor roles
1:13:35that's a really good question that I've
1:13:37honestly thought about a lot over the
1:13:40last few years
1:13:42I'm not really sure there's a good
1:13:44solution
1:13:45outside of just you know Esports is just
1:13:49growing up basically
1:13:51it started as
1:13:53a purely
1:13:55passion industry and I use the word
1:13:57industry pretty Loosely because it was
1:13:58like uh you know it's like YouTube
1:14:00videos and just random random people
1:14:05kind of just making it work and it's
1:14:06it's grown up a lot and even in the last
1:14:09like few years I think it's gotten a lot
1:14:10better
1:14:12like when I started in Esports in 2016
1:14:14uh it was pretty much unfathomable that
1:14:18I would be able to work in Esports at
1:14:20all like full time as a graphic designer
1:14:22uh but it just steadily kind of
1:14:25progressed I think there's a lot of
1:14:27investor money flowing into the space
1:14:28and it's kind of
1:14:30I don't want to say evened it out
1:14:32because it hasn't at all it's
1:14:34disproportionately affected the the pro
1:14:36players they reap all the rewards
1:14:39um but that's not to say it's it's all
1:14:41bad you know it's like
1:14:43I made 300 a month in 2017 I made three
1:14:46thousand dollars a month in 2019. yeah
1:14:49working for an Esports scene like it it
1:14:52clearly has improved yeah
1:14:54so I think it's just a matter of one
1:14:57it's a natural cycle Esports is just
1:14:59maturing as time goes on
1:15:02two just more awareness surrounding it
1:15:05in general I think
1:15:07the primary driver of
1:15:10the Esports employee employer conflict
1:15:14uh is really just the fact that a lot of
1:15:17the people that are working in Esports
1:15:18got in when they were super young like
1:15:20including me
1:15:22and so this is basically what they grew
1:15:24up with like they don't know
1:15:26they are completely oblivious to how it
1:15:29Compares uh to the rest attack for
1:15:32example
1:15:33they they don't have the concept of a
1:15:38high paying Fang job in their head they
1:15:41don't see that even startups startups
1:15:44are
1:15:46much they're they're much more
1:15:48preferable to work in uh in terms of
1:15:51compensation
1:15:53the amount of responsibility you take on
1:15:55all that stuff uh compared to your
1:15:58average startup Esports team
1:16:01so I think it's really just
1:16:04as the community grows more cognizant
1:16:07that'll start to change
1:16:09gotcha that's gonna be exciting it makes
1:16:12me happy to hear that you said and it
1:16:14can acknowledge like yeah things have
1:16:15gotten much better because that's always
1:16:17a good sign and let's just hope
1:16:19things continue to go up because I feel
1:16:21like in 2020 in particular during
1:16:24lockdowns and things like that when
1:16:26people had a lot more time to game
1:16:28they did and I can see a lot more people
1:16:31going into this industry and shining the
1:16:34light on um what permanent contractors
1:16:36are and that you don't want to be a
1:16:38permanent contractor I think is really
1:16:40important because like you said kind of
1:16:42like you don't know what you don't know
1:16:43so excited to see what this industry
1:16:45does in the future and oh and if people
1:16:47wanted to connect with you where could
1:16:49they find you
1:16:50follow me on Twitter Owen underscore row
1:16:54and that is Roe row I would link
1:16:57something else too but to be honest
1:16:59Twitter is all I really use it's all you
1:17:01really need so follow me there amazing
1:17:04thank you so much Ellen
1:17:05thanks so much for having me on
1:17:08all right thanks for listening everybody
1:17:09and happy weekend you did it and shout
1:17:13out to all the veterans out there it is
1:17:15Veterans Day oh thank you sir all that
1:17:18you have done thank you for your service
1:17:19I know that sounds trite but oh it's
1:17:21sincere in a week when I think we feel
1:17:24like democracy Rose to the occasion yeah
1:17:27sure it's because of the work that you
1:17:28have done so thanks everybody you know
1:17:30yeah we have to fight the good fight
1:17:31here in America
1:17:33um and everybody here has to do their
1:17:34part and then keeping the world safe and
1:17:36we live with the illusion
1:17:39uh here as Americans for decades at a
1:17:42time that our safety is just insured and
1:17:44then things like 9 11 happen other
1:17:46terrorist attack Wars other countries
1:17:49being evaded partners of ours and all of
1:17:51that is because we have service men and
1:17:54women around the world ensuring that
1:17:57democracy and freedom and the freedom of
1:17:59human beings and the human Spirit
1:18:01Humanity itself is insured by these
1:18:04people who volunteer they opt in to
1:18:07protecting us and I take it uh
1:18:10incredibly seriously that I get to do
1:18:12what I do only because those people have
1:18:15opted in in another lifetime we would
1:18:18have to do our tours it would be us yeah
1:18:20and it's members of my family it's but
1:18:22you know it's really we talk a lot and
1:18:24Rizal and I would talk about this a lot
1:18:26the divide the civilian military divide
1:18:28most people don't have anyone in their
1:18:30family in the military most you know I
1:18:32mean it's just a remarkable divide and
1:18:34so I think it's easy for us to become
1:18:37aware right but like I have a cousin in
1:18:40the Navy who I'm worried about all the
1:18:42time it's terrible yeah and I'm grateful
1:18:44that he's doing what he's doing right
1:18:46and you know I've uh uh family members
1:18:48who are in you know agencies uh you know
1:18:51military related agencies and they
1:18:54disappear for periods of time and come
1:18:56back can't talk about what they're doing
1:18:58uh but we know what they're doing is
1:19:00dangerous yeah a deadly serious and my
1:19:03Lord what an incredible track record we
1:19:06have we always feel safe
1:19:09because of the dexterity and the effort
1:19:11of these individuals it's that's the
1:19:12other thing we don't we not only have
1:19:14an incredible military we have the
1:19:16greatest military and we have the most
1:19:18peaceful uh you know uh record going on
1:19:22here for a couple of years of
1:19:23maintaining order and if we didn't
1:19:25maintain this order on the planet
1:19:27there's a lot of dictators and despots
1:19:29we'll be running amok it's not always
1:19:31perfect the the leaders uh you know who
1:19:34who command uh our military uh they
1:19:37don't make perfect decisions but I think
1:19:39overall you know as imperfect as our
1:19:41leaders can be at times
1:19:44the people who are actually executing uh
1:19:46out there on the front lines that that's
1:19:48that's as close to Perfection as you're
1:19:50going to get I mean I have a friend of
1:19:52mine uh John McEwen we went to high
1:19:54school together and
1:19:56but what they what they do on the front
1:19:58lines the stories he's told me
1:20:01incredible incredible the the dexterity
1:20:04the Excellence the just the pure raw
1:20:07Excellence of these individuals is just
1:20:10next level
1:20:11and it really is great that we can feel
1:20:13this level of safety because they're out
1:20:15there doing it shift after shift
1:20:17anonymously quietly humbly but with that
1:20:21like extreme ability I am just always in
1:20:25awe and I see what they can do and they
1:20:27do it fast and effective I mean it's
1:20:29just
1:20:30it's inspiring it really is inspiring so
1:20:32thank you from the bottom of our hearts
1:20:34and you know we don't take it for
1:20:36granted that we get to you know live
1:20:38this cushy life because you're out there
1:20:40protecting the herd right yeah they're
1:20:42out there in the herd we're all the
1:20:44Sheep here we get to graze here in the
1:20:46United States and enjoy this incredible
1:20:48safety
1:20:49they're out there protecting us from the
1:20:52Wolves thank you
1:20:53thank you seriously seriously and and we
1:20:57will be back at our cushy jobs on Sunday
1:20:59with another episode of BC Sunday school
1:21:02a really interesting beefy conversation
1:21:03about corporate Venture and this should
1:21:06we take that money or not to take that
1:21:08money or not and what should I think if
1:21:10you already took that money it's a good
1:21:11yeah it's a good conversation yeah and
1:21:13of course we gotta this week in climate
1:21:16startups segment that I think you're
1:21:17gonna love so I will see you on Sunday
1:21:19everybody enjoy your restful Saturday
1:21:21catch up on some episodes this week if
1:21:23you need to rest up we're sprinting
1:21:25towards the end of the year we're really
1:21:26coming soon
1:21:27all right all right bye

About this transcript

This page contains the full transcript of FTX bankruptcy, spiciest takes, future of crypto VC, new Amazon Prime drones + OK Boomer | E1610 by This Week in Startups, generated from the public captions YouTube serves with the video. The transcript has 14,912 words across 2,207 segments, with the original timestamps preserved so you can click any line to jump to that moment in the embedded player.

What you can do with it

Use the transcript to take notes, quote the speaker, build a study guide, generate a summary with ChatGPT or Claude via the YouTube Summary tool, or export it as a timed subtitle file with YouTube to SRT. You can also re-open it in the transcriber to choose a caption track available on the video.

Free YouTube transcript tool

YouTube2Text is a free YouTube transcript generator — no signup, no daily limit. Paste any YouTube link and get the full transcript instantly, with timestamps, click-to-jump, caption language selection, AI prompts for ChatGPT, Claude, and Gemini, and exports to TXT, SRT, VTT, or Markdown.