Financial System

“In my view, we should have a financial system that does not have fractional reserve as the foundation because it's not a secure foundation to build on, right?”

“If you survey Americans, something like 80, I think 83% of them say that the financial system is not currently working for them”

“Investor dominated companies really underperform. Precisely because we have this financial system that pull, has this gravitational force that pulls companies down into mediocrity or worse.”

“I think that's harder to do today in part because individuals don't have that much leverage in the system. So I'd like to think not, and I also think we have this extraordinary playbook, which we now know works to some degree.”

“I think the smart people understand that there's only really a few years before five. Right. I think five is generous before things are really bad in that regard. And so like people say, oh, we're in cycles. Like, I don't think we're in a cycle. I don't think …”

“Like, the financial system, although they probably don't want to talk about it, does have the ability to, like, effectively roll back, so if there was, like, some massive quantum hack, and, like, all the Morgan Stanley, or JP Morgan accounts, or Goldman Sachs …”

“Now, I think about fintech three point O as the opportunity to rewrite it all to basically start from the ground up and say, how do we make the financial system work better for everyone by building it on top of the programmable software platform that includes …”

“In financial systems we create, no, between subsidiaries, between group companies, we create all kinds of walls. We don't allow industries to own banks, for example. So we have to allow these kinds of walls. We have to create between different kinds of AI so t…”

“Crypto's gonna update the entire financial system globally, and, like, the majority of all payments will run on these crypto rails.”

“It felt like the sand in the gears of the economy was the fact that we've have a financial system that has prioritized, even celebrated Stability to the point of killing innovation.”

“We are now in this period of time when most systems in our world are literally collapsing around us, whether it be, I think, our healthcare system our social security system, how we care for the elderly our education system, our financial system, almost every …”

“Elizabeth Warren, who has taken a very totalitarian view of the financial system and is moving to consolidate everything in the hands of, you know, a very small number of banks and basically control who can participate and who cannot.”

“The entire financial system is going to pile capital into this space over time. Because of the supermassive black hole that it is when you've got all these network effects going on. And the fact that financial industry itself is going to pivot to blockchain te…”

“The nice thing in the private markets right now is you don't have as many critical players in terms of being in a position To take down the economy or threaten the liquidity of the whole financial system. As long as the banks are forced into a more conservativ…”

“There's roughly three billion people worldwide that are left out of the financial system.”

“If their identity is discovered, they will probably be executed. For upending the financial system.”

“I think most in general, what we envision, you know, over time is a much smaller financial system, actually, because many of the players in that in the financial ecosystem are there because they are helping to clear and settle, helping to Ensure there's no fra…”

“I also think there's going to be quite soon a big, in the next two or three years, a big disruption in our economy. I think in oh eight or worse is going to happen, and with each disruption, people will shift farther into online, and then it ratchets.”

“I think that crypto was not made for his generation. I think that those of us that are a bit younger understand that these assets are exciting, that they're going to change. The way that the financial system works, and whatever you think about their current va…”

“To me the biggest risk of the financial system is that gigantic macro unknown, and therefore it's an unknown, and we don't even know what it is, and so that is always what fools everybody, and it's that, that massive non-linear effect that takes place.”

“Things like you port and civic, but they're really rudimentary compared to the identity systems that exist in, in like regular financial systems. So I'd really like to see people work on that problem.”