The Ledger, every show

“I think within five years, the internet is going to be the largest holder of US treasuries.”

“I don't know if the industry would have survived another four years of the Gensler regime.”

“We should migrate Bitcoin to a quantum resistance signature scheme.”

“I think there is just a set of users that are kind of heavy users, and that might be a limited, that's not going to be eight billion people. I don't know how big that set is, but it could be like A hundred million. Right now, that sounds like a small fraction …”

“Ethereum being world settlement layer, Solana is the world's execution layer.”

“Execution is where all the money's made, so I think we're on the right track, and a fast execution engine can also do settlement.”

“We raised a seed in A-Round. It was about fourteen million bucks, which is amazing. It was, you know, like, outright crazy success for a new, a first-time founder. I had to spend two million of that on lawyer fees. Which is a more than 10% of my runway to figu…”

“Honest answer, I feel like fifty-fifty within five years there is a quantum breakthrough, and part of that is because of how fast they are.”

“I think Bitcoin is resilient to these entities collapsing. Now, it's not going to be without painful risk that in terms of like people that own Bitcoin, but the thing is, it'll survive that, and all the properties of Bitcoin that people value will remain throu…”

“My, like contrary opinion is that I think Visa and MasterCard are more technology companies, and if you look at their, like, profit margin on the gross payment volume, it's like 10 basis points. It's like vapor. I think the issuer and receiver bank, those are …”

“If they could remove the banks out of the loop and just do stable cone transfers behind the scenes, I think they become a lot more successful and they can do a lot more for, you know, a lot less.”

“Like the world is so big that if this, everybody wants us dollars and if the programmable us dollar is tether or circle or whatever, they'll use it. And then us has no choice but to accept them because the economy is so big right now. The global economy is so …”

“And normal people are not going to switch from credit cards because it's just kind of entrenched. But the way Visa deals with like banks, I think it's going to change because they don't have to care about banks as much anymore. They can actually just do everyt…”

“It's weird if it actually ends up being like a, you know, part of somebody's like hedge strategy, like gold. I think that is, if that happens, then this whole crypto experiment is effectively won, whatever, whatever you want to call it.”

“I think at some point the, We're, we'll see that accelerated event. It's hard for me to predict whether it's the next two years or some other two years short in the near future, but you'll see this massive kind of growth mode for crypto where we see a trillion…”

“I think that what sucks is the only innovation in this over the last like decade is like basically a centralized closed source algorithm that feeds you a specific set of information and then you don't have user engagement. That's kind of a very sad outcome. Li…”

“I think we actually have the best financial system in the world. It's the most trusted, the most robust, the best regulatory environment for what it's worth as well.”

“If we succeed, if the protocol is awesome and globally synchronous and super fast, Nasdaq would make more money by just running a Solana node and integrating with it more directly.”

“We're never going to build an exchange that is onboarding U.S. Institutionals and serving U.S. Customers. We want NASDAQ to do that and to run it on Solana, and that would be great.”

“So I think even the weird experiments with NFTs being a way to create a community of artists to build a movie or story and create true new IP, all that will happen just five years from now or 10 years once We had critical maps.”

“I personally think that you could build a competitive product to TikTok with crypto if the magic, you caught that kind of lightning in a bottle, because the monetization mechanism with crypto is so different than the ad-based one.”

“If everything that is in crypto, all this innovation around risk management in real time between, you know, borrowers and lenders, it's useless because if everything's a meme coin, everything's correlated, it'll all crash at the same time.”

“For the general public, quantum computing is such a massive unlock in terms of how much we can process that it's going to be as big of a wealth creator if we pull it off as AI.”

“AI is more of a product, honestly, and less of a movement.”

“I think you see the punks do it first, and then kind of the hoodies built a bunch of stuff and commercialize it. And then the final stage is when the suits take over. And we're kind of seeing that awkward transition right now, I think, as the hoodies are makin…”

“Well, you can't use Bitcoin. You can just hold it.”

“At this point, most, but I think Ethereum has probably the most valuable ones, but by sheer number of launches per day, I think it's like, was peak over a 100,000 per day. I think it may be like 20 to 50,000 right now.”

“With crypto, you can't produce another loot box. There's only one, you know, CryptoPunk NFT. There's only one Bordet. So, You are selling it for 10,000 dollars. You cannot add a 20% fee inside the Apple store on that digital item. It would be absurd, right? A …”

“No, I mean, we've seen very little demand for even just euros. Like it's just been a slog trying to get anyone to want them.”

“I think it's USD and maybe like Chinese R&D. Yuan, yeah. But that, that's gonna be, like, muscled in. I don't know how much, like, adoption we'll have organically.”

“When I had my kind of eureka moment and I did the back of the envelope calculation for design, I'm like, oh, this is a thousand times faster than ETH.”

“It turns out that is a much harder legal and regulation problem than it is an engineering problem.”

“So I think as stable coins proliferate to the back office, In a lot of companies, people will figure out, oh, the secret key is actually really important. I need hardware, I need PKI, I need trusted displays, all, all of the security stuff, and they will build…”

“Because they're competing with a data center that is all co-located, that is funded with traditional finance and those things, like, and yeah, you can put those assets on chain, and that, that's a lot of ways how I think things are going to integrate.”

“The coolest piece of software written in the last 20 years is, I would say, the Bitcoin, like, Nakamoto implementation.”

“You know, if you leave, if you read the Intelligent Investor, or you actually try to think things from first principles, there's no way to put a discount cash flow model on Bitcoin, or gold for that matter.”

“Seeker, the device, we got 150,000 pre-orders and it's shipping August.”

“For them to pass a bill, right, it just took six months. For that to take effect is going to be the next two to four years.”

“I think these are kind of growing pains for AI systems that have public access. Like it's just Sam has built systems that have untrusted user inputs. As soon as you build one of these, people will do the worst possible thing just, you know, for fun, for whatev…”

“The other thing about Solana is it's very, very energy efficient. So single Solana transaction is about like two or three Google searches. So if you think of it as using a web service, this is a network that, you know, takes as much energy as a regular web ser…”

“So bear markets are hard for like mid-stage companies because they see their like revenues and everything else shrink, but I think they're actually great for seed level companies that are just Small teams of engineers with, you know, running and ramen that hav…”

“It costs like 20 cents to like create a meme coin because it is just sending a message, right?”