The Ledger, every show

“In general, I think the net IQ of the world is about to go up like 50 points. Like we're surrounded by people, not in Silicon Valley, of course, To quote the Big Lebowski, not a nom, of course. Right. The average IQ is still a hundred. I think the average IQ w…”

“So we are the only company in the industry really, there's plenty of competitors who are trying and some degree of success, but mostly not really, who will go into longer term loans. And by longer, I don't mean mortgage or, you know, 15 plus years, but like th…”

“This notion of sort of the best user interface ever created is the credit card. This may actually be finally up for renegotiation because agents are in fact smarter than pieces of plastic and even pieces of plastic with rewritable chips.”

“I think companies that have built software orally and just sell that software are very vulnerable. Like the bar for quality of software is going up rapidly... If you really hate some piece of software that you're using, And it's just software doesn't have some…”

“The willingness to put up with random obnoxious things like low quality or crappy terms or products that pretend to be something they're not, like all of that is just gonna get flushed out very quickly. And companies that have business models that are buried i…”

“Agree. But I don't think we are going to stay with LLMs forever. I think we're going to expand the systems that use LLMs.”

“There's definitely going to be several probably winners that take the spot in your brain that belongs to Wells Fargo for your parents, the sort of a place where your money goes into a direct deposit account of some sort that takes care of your billing mostly a…”

“And if you're late, we're not going to charge you a late fee because that's our fault. We didn't remind you correctly. And when we made the underwriting decision, we made the choice to take you on as a risk and that that's, we're going to have to stick with.”

“One of the things that happens for a brand new launched credit card Done right, you lose about 50% of the dollar volume in the first several months, which is terrifying because it's half the money, literally.”

“As we were interviewing, certainly the early team and even the later team, We kept on selecting for entrepreneurs. We would ask, like, one of the stock questions I would ask was, so what are you going to do after PayPal? And the answer that I welcomed the most…”

“I think the adoption curve is probably going to be fairly slow, and these things are always sort of easy to predict to be very slow, and sort of the usual adage as well, slowly at first, not always once.”

“Maybe soon enough we'll spend zero time learning the exact minutia of syntactic Decisions of each programming language, but the conversation with the machine around what you as a software sculptor would consider to be elegant, I think will remain.”

“I never looked in a little while, but majority of American banks derive a disproportionate percentage of their income from late fees”

“I tend to believe in the former just because I'm being an American by choice. You sort of better be a patriot. Otherwise, what exactly were you thinking? And I am. So I tend to think that we will probably end up with just a Amplification of our advantage.”

“Every single person I talked to had said, hey, I get it. This happened. We grew too fast. We overhired. I understand.”

“I think they announced that they grew 32% last quarter. I think we announced that we grew 35%.”

“For the last several quarters, from estimates, so we have been taking share in the market against all competitors, not, not just them.”

“Reid was one of the more prescient Grains who was sort of like, hey, you can secure other things. Maybe you can like secure invoices or secure IOUs or, you know, secure something that kind of is valuable in and of itself. And that kind of pushed us close enou…”

“One of the interesting accusations that sometimes is leveled against the early PayPal crew is that it was this idea of a frat culture. It's actually quite the opposite. You know, if anything, we were screening against this idea of sort of a self-righteous, pri…”

“We see about a 30% increase in sales for most of these merchants.”

“So I actually think banks in a few years will probably not exist the way they are today.”

“In the process, we realized that the old FICO score actually works fairly well for people that have had a fairly long financial history. And so if you are a well-established baby boomer, aged, my parents' age sort of person, then the FICO score probably serves…”

“Bitcoin is kind of one on the very outer edges of stuff That will create some really interesting value and simplification and efficiency”

“And the only difference that Beautylish Did as they implemented Expedite, I think by then it may have already, I think it was named the firm by then, was that they told their shoppers up funnel basically as they were selecting their shampoos and perfumes that …”

“They just signed his giant deal with us, like, all right, so we have 1200 employees, 800,000 merchants, I'm just going to give everyone 700 and something merchants to review manually. And so for like a week with no sleep, people are just like manually reviewin…”

“So forms of shopping that are pure entertainment are never going to go entirely robotic.”

“There's things like price discovery. There's things like Deal hunting and all of that sort of fairly easy to imagine if you're, whenever you caught yourself thinking, I wish I had an assistant to do this for me. You will now like that. That's where it's all go…”

“Half the country revolves on their credit cards, which means that they're paying interest over and above what they could pay back to their credit card issuer that month.”

“Going public, most people will tell you it's this long protracted affair and it's so hard and it's actually not like we decided to go public in September. We were basically ready with everything by November in December of 20, 20”

“We have a whole culture of postmortems at a firm where we record every decision we make”

“PayPal was this unbelievably combative Kind of a truth-seeking, by any means necessary, almost, culture.”

“He was a board member of ours, and he was running this company called Social Net, I think it was called, and it was failing.”

“And so by mid June, I think I was starting to sort of become aware of the fact that we're probably losing tens of millions of dollars to these fraudulent activities per quarter.”

“Right as we filed to go public, they came in and said, Hey we'll we'll buy you. Don't go public. And we said no.”

“All the different decisions by even the most sophisticated lenders and banks are largely driven through this magical number called the FICO score. Which was invented in the eighties or even late seventies and has really not changed that much. Certainly has not…”

“In the Millennial Disruption Index study, which was a giant survey, they, I think for fun, basically said, you know, list your top 10 most despised brands, top four wound up being banks.”

“I can see that being permanently deconstructed into this extremely efficient, very thin, once transactional service, and then you're done, and you feel very good about sort of satisfying your need.”

“So when we looked at our loss rates in the summer of 2000, we were basically Bleeding out millions of dollars in fraud related losses per week. We were basically running out of money, even though we had sixty million dollars in the bank, which was very strange…”

“Visa and MasterCard have a hard two and a half second limit on interaction between the network issuing bank and the merchant and the acquiring bank.”

“We've transacted with roughly 50 plus million Americans alone, and we're now live in four countries and growing pretty quickly.”

“We'll do north of 47, forty eight billion dollars of loans this fiscal year alone.”

“We had to do a layoff in about two years ago and that was morale lowest point for me and I think everyone around me”

“If you are a careful student of my shareholder letters, of which I have now written on the order of, it cannot possibly be 16, but I think it's 16 or 15 you will see that every single one of them contains a reference to the movie Big Lebowski.”

“By the time of the IPO, yes, but in the moment it was much more since there was really nothing.”

“That's right. I remember noticing that we were something like the seventh largest property on the web.”

“At PayPal, we had access to all this amazing purchasing data. We never once tried to use it for credit scoring.”

“She had to bribe a Soviet official to give her a new birth certificate. And suddenly we found ourselves on a plane to New York.”

“He asked me how much money I thought I needed to get this off the ground. And I said, I think I need about a half a million dollars. It's a great, I'll invest 300,000.”