The Ledger, every show

“Everything will pass through a transformer model before it's consumed.”

“I think stablecoins are going to be a big part of a big part of the solution. I actually don't think that's going to supplant all the consumer-facing networks. I think we're going to see consumer-facing networks It's built upon and that, you know, substantiall…”

“We ran a survey of scientists back a couple of years ago of top scientists, and four out of five, like, 79% of them told us That if they could just spend money however they wanted, if they weren't kind of limited by, you know, what they're prescribed by these …”

“Card programs are not actually big profit pools for most of the major banks.”

“Various fraud metrics across the industry and the ecosystem are way up over the last couple of years. And Stripe's actually down by 80%”

“Yesterday, AHRQ released this new foundation model for biology. It's the largest biology ML model ever. It's actually, I think the largest open source AI model ever.”

“It's trained on nine trillion base pair gene tokens. So, you know ChatGBT, LLMs are normally trained on, on, you know, the, on, on human language. This is a language model, but it's trained on, on DNA, the language of life. And there's only one human genome in…”

“Well, it's interesting too, from a cultural standpoint, where Ireland has had very high rates of immigration, particularly post the expansion of the EU in 2004 a very large number of Eastern European immigrants moved to Ireland when those countries acceded to …”

“Tokyo has over the last couple of decades, been an improbable, well, not especially improbable, but has been such an enormous economic success story. And, you know, you had the boom and the bust and the supposed stagnation of Japan in the kind of early ninetie…”

“If you look at most companies, they're losing one, two, three percent of revenue to AP and AR.”

“Stripe Billing, which we actually just announced last week has passed, you know, half a billion in, in ARR.”

“Libra productivity in the US is up, like, 20% in the last 10 years, and so just like, again, you just look at the data, just the median person in the economy, or the average person, is is producing 20% on an inflation-adjusted basis, more than they were 10 yea…”

“As far as I can tell, the cuts proposed Over the next couple of years for the Defense Department are of approximately the same magnitude as the reduction in the defense budget that occurred between 2010 and today”

“I think federal spending fell by five points of GDP over the course of the Clinton presidency, which is really not a small amount, you know?”

“There's a certain amount you can probably derive sort of, you know, from first principles just by looking at genomes, but I think the really powerful models are going to need to do exactly what you say, and to feed in a lot of ancillary, phenotypic, and just k…”

“But Peter being such a, sort of, you know, an inveterate contrarian was quite sympathetic to this case, and decided on the spot to make, you know, a fairly material investment of 200,000 dollars.”

“I think advertising will remain not only a large, but even sort of an increasingly large industry. But in the scheme of things, it'll be a small fraction of the economy.”

“We worked with Lyft back a couple months ago to roll at Express Pay, where rather than just kind of sending money to their drivers via bank transfer, they can send it instantaneously to their drivers kind of directly over debit card rails, and now almost half …”

“And just how anachronistic is the whole notion of a single store going to look in, in 50 years? Maybe you go, maybe it already knows what you're going to Order. Maybe you have already ordered.”

“Part of what ended the Great Leap Forward in China, you know, it wasn't sort of a technological innovation. It was a change in the coordination model where people got to farm their own plots.”

“I don't think we ever actually just showed up. Although, you know, perhaps we should have, but no, we tried to be kind of at least semi invited.”

“And so, Jeff told us that we should hire Billy, and if it didn't work, Or for the first few months or whatever, that if it didn't work out, Jeff would sort of go back and pay his salary, so it was kind of a zero risk move for us.”

“So in the last 12 months more than 80% of American adults have bought something from a Stripe business. At least one thing from a Stripe business. Which is cool, and you know, it's not just the case in the US, like in Singapore, where it was last week, you kno…”

“One of the world's first special economic zones was created in Shannon, which was very close to, you know, maybe 10, 15 miles from where I was born. Deng Xiaoping visited it and found this quite inspiring, and so decided to set up special economic zones in Chi…”

“And the second reason is, ah, the Office of the Comptroller of the Currency, which is the entity that, ah, sort of issues federal banking charters, ah, had, had basically stopped issuing new banking charters post-financial crisis.”

“Coke Industries in that, you know, Charles is, of course, or Charles and David are most famous for their political activities, but if you just look at the company that has kind of compounded from twenty million in annual revenue to now, according to public est…”

“We have had commerce in the internet for decades at this point, but it's still like, 90 plus percent of Brazilian credit cards do not work online outside of Brazil.”

“San Francisco of today, recognizing that it is of approximately a third of the density of even just Greenwich Village in New York, right? We're not you know, the sort of, the other extreme is not Hong Kong. You can triple San Francisco and get to Greenwich.”

“The median clinical trial enrollee, it now costs 40,000 dollars.”

“The largest generic manufacturer in India, I forget its name paid a half a billion dollar fine in 2013. Yeah, for rampant fraud and falsification and abuse of the biosimilarity analyses and so forth”

“And so we wrote a bot that would just page one of us. If somebody asked a question, they didn't get a response after more than 30 seconds or something, and someone would kind of groggily, bleary-eyed wake up and, like, help them out and then go back to sleep.”

“Most investors said no, but the reason was much more, or reasons were much more because they just thought it was a bad idea rather than the kind of bad people to execute it.”

“We had lots of stories of people integrating payments in an afternoon or an evening, and then launching their business the next day. And that just worked consistently. That was a big break from what had prevailed before.”

“So in Lyft's case, for example, they wanted to not just charge their customers, but they wanted to pay their drivers and there was no product that enabled a really good driver payment experience, and so we've kind of co-evolved with them to enable the best End…”

“We got our first user, like first production user, just kind of three months in, ah, and then kind of every month we tried to add at least kind of a handful of users, ah, and so by the time we publicly launched, ah, we did have, You know, about a hundred users…”

“When we launched publicly in September of 2011 you know, we kind of rebuilt significant components of Stripe kind of multiple times in response to user feedback, like we're kind of on the third version of our dashboard, and the second or third account major ve…”

“On the day we launched, we handled sort of, 22 payments in the previous hour, which again sort of seemed huge to us back then.”

“Aaron Levy had Facebook messaged John and we'd never heard of him, and we hadn't heard of most people in Silicon Valley but he'd Facebook messaged us, like, very early on asking to invest in Stripe and I think John didn't know who's this random guy and so we n…”

“And actually a lot of cool things that we've subsequently gone on and done first came from that process Stripe Atlas you know, being one of them and also we sort of helped Stellar get off the ground this sort of cryptocurrency back a few years ago, and sort of…”

“And so, for example, the difference between a checking account and a savings account, which might seem sort of quite unfriendly from a consumer's standpoint, that's actually kind of essentially mandated by law, and so it's kind of not [1211] Patrick Collison: …”

“And when we thought about it and just like looked at the kind of macro figures, we saw that, you know, about at the time, two percent of all consumer spending in the world happened on the internet.”

“When he had the ship, the shipbuilding yards here, he went from zero to a 100,000 people in Richmond in one year.”

“Well, I didn't technically speaking drop out, although I sort of practically speaking did. But you know, given my lack of education credentials elsewhere, I do I should, for the sake of my parents insist that I do in fact, or did in fact formally speaking grad…”