The Ledger, every show

“The distributed training stuff, there's a whole bunch of people trying it. I, I'm pretty skeptical. I don't think any of it's going to work.”

“My assumption is he will be in jail before the election, so I don't know if you can.”

“Without question, tokens help distribute wealth.”

“Ethereum does not have a scaling plan seven years later. It still does not have one today. I do not think they will have one in the next 12 months.”

“Given both the explicit technical costs and then the softer, squishier social developer experience costs, I think gravity trends towards one chain.”

“There's no chance they can compete on cost, because just sending things to space, satellites, that's so, I mean, these GeoNet base stations are a few hundred bucks. Like, you're just not gonna compete on cost with GeoNet.”

“Modern blockchains like Solana can actually process now more than a billion transactions in a day at an average cost of less than a penny per transaction.”

“And in the next few months, we expect Congress is going to pass the Clarity Act, which is going to answer a number of open questions about how crypto market structure should be regulated.”

“Soon, you're going to be able to access crypto-native protocols, such as JITO, Drift, Kamino, and a lot of others, directly from these regulated financial super apps.”

“As this kind of a behavior proliferates, we expect that the nature of media itself is going to change because a lot of media is now going to be derived from the prediction markets.”

“There are today tens of thousands of streamers all over the world streaming content and trading with their fans and their audience members, and this is happening every day on Solana.”

“Just as software has eaten the world over the last 20 years, internet capital markets are going to absorb every function of capital formation, trading, settlement, and risk.”

“When we look back in 20 years, the year 20 25 is gonna be remembered as the year that the dam broke. It's gonna be akin to how the Telecommunications Act of 1996 unleashed the power of the Internet.”

“Hive Mapper has mapped over 10% of the world's roads in one year, and Hive Mapper is now, they have signed multiple customers who are buying this mapping data. They have not publicly disclosed who those customers are, but like, Hive Mapper has built a mapping …”

“There, we know now there were four people who knew. Sam, Caroline, Nishad, and Gary. No one else knew. When you keep the circle small, like, you can keep information hidden, and explicitly, in this case, the information was, go make arbitrary changes in the da…”

“And the goal of this model is, or what's great about this model is you physically remove 99% of the cost from the system. So labor cost goes to zero. Land cost goes to zero. Backhaul cost goes to zero. You just physically remove like all of the costs.”

“The fact that norms today around business are those parties typically have no equity ownership. I think we'll be looked upon, I think in 20 years we'll be looked back as a bug of capital markets regulation, not as a feature.”

“It doesn't for us and the reason it doesn't is we have some basic thresholds for making investments, and one of those thresholds is we will only make an investment if our intended hold horizon at the time of investment is forever. That doesn't mean we can't se…”

“No, they're much lower.”

“In terms of where the business at, the business just crossed about eleven million dollars in annualized run rate a few days ago. And it's growing more than three X year over year. I think it's gonna probably more than triple over the next 12 months.”

“So today the GeoNet network is taking, of that eleven million in revenue, roughly excuse me, 80% of it is being used to make open market purchases of Geo tokens. And this is all visible on the Solana blockchain. They have all the addresses are published and st…”

“DeFi payment rails are Objectively better than traditional rails. And you will see economic activity move off of traditional regulated rails to defy rails over time. That will take a while but it will happen.”

“I want everyone in the world to have a private key built into their phone that is secure and that they can use for arbitrary financial movements, whether those are payments or investments and that they can do so across any application. And I have a high degree…”

“The largest assets by market cap, notably Bitcoin, Ethereum, Solana, et cetera are assets that don't really have an obvious DCF.”

“Step one of our hiring process is write an essay better than what's on our blog. I actually, I don't read your name. I don't read your background. I don't read your resume. I don't care. I just start reading the first words of your document.”

“There's at a minimum two explicit costs and secondary and tertiary costs as well, but the two explicit costs are you are increasing the total amount of computation to be done because you're having to verify signatures on at least two chains or two places as op…”

“By betting on a game, it makes it way more entertaining and engaging, and putting finance as that second screen experience alongside the sports is gonna drive all new engagement in sports TV.”

“Millions of people actually already trade crypto assets using Telegram bots that are not too dissimilar from this illustrative example I'm showing here on the screen”

“Being able to chat with your friends and make bets on sports in a group chat is going to go viral.”

“I believe consensus is he will be less than 18 months.”

“If a Republican is elected, it's safe to assume that the new chair of the SEC that the president will appoint is much more likely to be closer to Chair Clayton in ethos than Chair Gensler.”

“Once, you know, we are talking about a new asset in investment committee, the subsequent six or seven minutes are silent. It's everyone having a bunch of Google doc comment conversations concurrently.”

“Arguably the hardest thing to do in the space over the last five years and probably over the next five is just general education.”

“If you look at capital markets in the last 10 years, excluding crypto, probably the most important Thing, or one of the most important things has been the private companies are staying private a lot longer before going public. And all of that wealth creation i…”

“Stuff in crypto Has over the last 10 years gone down 50 to 85%. It's happened many times. I think it will happen again.”

“Almost no one has launched a second token. The number of people who have already launched a single token and gone through that cycle is extremely low. And therefore the vast majority of people who launch tokens, it's their first time to launch one.”

“It's trading about a hundred and fifty million on a fully diluted basis.”

“And interestingly, most of these rules have come not from Congress, but from the administrative state.”

“Actually, no, I think it was the Gnosis ICO, which was in like May fifth or May 10th or something of 2017, but it was in early May. And that was at that point, probably a 10th legit ICO. At that point, I remember I was tagging with Tushar, and they brought twe…”