So downloads MAUs DAUs weekly asking users, daily active users for Pinterest, SNAP, Facebook, amazingly, are all trending up in terms of download and consumption time. Europe obviously is in worse economic straits in us. And it was kind of like a mind blowing thing at the time, which is like, Wow, we can change the cell back to a stem cell. And since then, people have learned that they can change a cell into other types of cells. Ive many questions and maybe well get to later related to being a private person, but also inviting a film crew to follow you around, especially in many of those private contexts. of active users in a period. And so your risk is really probably back towards the lows at 160 or something like that. I remember talking to a friend recently and Bobby Kotick at Activision, hes been getting all this negative press about whatever, I dont know. The information that matters. But trying to think what else. Develop ideal tax strategies to crack the code for your clients. And, you know, as we speak, the markets up 900 points today. But the trepidation really was around valuations, some of the valuations that we had seen being paid in the last couple of years. And that was something Ive also gone back to look at once in a while. Brian Armstrong: Yeah, sure. Or a type of company? With Average Revenue Per User (ARPU) non-paying customers are taken into account. So talk to me a little bit about how youre thinking about that, how is the sentiment into that? [00:55:51][0.1], Rick Heitzmann: [00:55:51] Its not mobile I, its not instacart. So oftentimes people get hung up on this definition of, well, what does it even mean, aging? [00:11:10][100.5], Dan Nathan: [00:11:10] Right? But unlike the AI stuff, where I think like theres an advantage to a company starting now and eating a public companys lunch, I think they like a pretty good model for how you do homes in in the U.S.. So long story short, back in 2006, Shinya Yamanaka got the Nobel Prize for discovering that you could turn a skin cell back into a stem cell by exposing it to these four transcription factors, which are just like proteins that you can expose a cell to. And that wasnt good enough. Well, Mr. Armstrong, maybe someday Dr. Armstrong, biologist, PhD, astrophysicist. Dont be worry Management: Leading & Collaborating in a Competitive World can bring any time you are and not make your tote space or bookshelves grow to be full because you can have it inside your lovely laptop even cell phone. People really want to invest in normalized markets. And if you want to go scare yourself, you can go read that. And if the car represents greater access to services, which is a great for their kind of mix shift as as it relates to like their margins or so heres a 43% gross margin company that could be on its way much higher. And the button was simple, but the thing to actually get that working was very difficult. And what I came away from it is with both of these are going to be massive segments that we need to address. So what are the major inflection points that can cause that to happen? [00:53:48][59.6], Rick Heitzmann: [00:53:48] Tons of catalysts rate, improved financial performance. I saw a rough cut of it, and I think I saw that perfect puppy book, and I was like, Someones going to ask me about that. Thats funny. I think a lot of people miss that today too theyre like, well what are the use cases? Its not the main thing were focused on at the moment, because were basically doing this with human cells in dishes, basically in vitro. So we figured, all right people, they already have some crypto on Coinbase, theyve already got their identity and all that connected. Well, if Tesla is going to have this huge lead as it relates to autonomous and then the fleets in which theyve been deploying their full self-driving, and then we know that theres Waymo. So its really AWS and its this advertising business thats growing very fast, quickly becoming a huge competitor. Now, they have to hold anyway, you know. So were going to give this great severance package, whatever. And thats a really serious company to run. And I mean, listen, you know, a lot has changed in the investment world, both public and private. [00:53:59][10.4], Dan Nathan: [00:54:00] Quickly, too, which is something that youve been talking about since [00:54:03][2.8], Rick Heitzmann: [00:54:03] And the best ones did it in the first quarter but know everybodys everyones kind of the memos gotten around by now for everybody. You kind of earn your stripes, and you become a more powerful CEO because youre like, okay, Im not going to make a decision in the company based on how Im afraid of how other people will react, Im going to do what I think is best for the long term of the company. There was no paternity leave. Brian Armstrong: But you can imagine mRNA is now something that we have huge proof point with with the COVID vaccines, and I think thats a very interesting delivery mechanism people have looked at. Check out our open positions and make a difference with us. So my guess is therell be some distressed sales. I dont know enough about the transcription factors to speak intelligently about them, but would these effectively end up as molecules that are synthesized and put into a capsule? But if you buy a house, it cant be fixed in, of course, of hours. Now, there are, Im noticing, open bounties. The other side is like they could be five times as valuable in a decade because they just have I mean, they have car and whatever ARVR thing they do and whatever I think they do and the combination of all those things. So thats a rough estimate. But yeah, its a new financial system for the world. Along the same lines, send out a periodic reminder to your email subscribers, simply requesting that your most loyal customers take the time to provide you with a review. In-depth, practitioner-written analysis on the industry topics that matter most to you and your clients. And we didnt have any kind of cloud thing behind it. You can download the paper by clicking the button above. We invest in some companies that as technology touches real estate and what does that mean for the home market? And I think youre youre starting to hear more about that coming into the end of the year. So he comes out and says hes willing to kind of proceed with the deal that he agreed upon in April pending receipt of debt financing proceeds. To listen to any of the past episodes for free, check out this page. But then its just kind of a hard, convoluted process, especially once you introduce these layer two solutions. So I guess in the interim couple of months had our second kid took a month off for paternity leave, which is the longest Ive taken off since starting up or I mean, thats a very long time to take off. Thats how it should be all the time, and thats how we can advance civilization, I think. Tim Ferriss: Is the method of redemption, or I guess let me phrase it a different way. Learn more about how Current improves its members lives at. That, to us are very innovative. And a light bulb went off in my head. We should go become an activist or a protestor. The film is a historical and critical look at slasher films, which includes dozens of clips, beginning with Halloween, Friday the 13th, and Prom Night.The films' directors, writers, producers, and special effects creators comment on the films' making and success. So in other words, we dont necessarily want to be so competitive with these other marketplaces as much as just provide a simple trusted interface. Particularly when things were falling apart, I was like, Is this whole portfolio going to zero? We have USD coin, which is really great. EIGHTH. Well help you stay connected during a career change. And that is, in my belief, what caused the United States, to this unique experiment in the United States to really turn it into a world superpower. I mean, somebody would probably call them and thered be some negotiation or whatever. And then the new products are saying, hey, Im going to bring in. And internally, people started to think, actually, were not all on the same team. Theyre kind of these long random strings of characters. Youre deploying that capital. Tim Ferriss: That wouldve been also exactly at the encouragement of Kevin Rose that I bought my first Bitcoin on Coinbase, wouldve been literally a few months after that button was introduced. Because I dont know, it seems difficult. And I think the thing that was exciting about it was he just had this kind of curiosity for life and a boundless energy to go try different things and tinker around and experiment. But that was a fear people had. Be safe out there. Bloomberg launches Audience Accelerator, a first-party ad platform built using a data lake with info about its 450,000 subscribers and 5M registered users Bloomberg Media just turned off third-party ads on its site. So thats also another reason to read up, just to give everybody a dose of humble pie when considering not just what we know but the possibilities moving forward. Were not related to this. Theyve been buying things. How does that affect your psyche about deploying capital and how youre thinking about what is the next great company that you want to invest in and Not Boring? API Key and List ID are required to setup the integration. To calculate ARPU, the total revenue in the month and divided by the number of Monthly Active Users (MAU). So, thats one of those moments where I probably look like an idiot. Why? Email us at contact at risk reversal dot com follow and connect with us on Twitter at okay computer pod. But now as Im learning more about health, Im like, why dont I know more about biology? Is there a rational correction to possibly an overcorrection? Numerous tests have been conducted in the United States and other countries, but not yet in Indonesia. Anyway, I really think that a lot of people today This is sort of a tangent, but a lot of people today are thinking, How do I improve the world? Theyre an aspiring young person and theres a temptation to say, hey, we should advocate for different government policies. And as theyve started to dabble more in privates that are illiquid and now you might be coming up on some redemptions. And you have kind of the trough of sorrow, and then you keep working on the product. Wasnt sure if that was a formal attire for board meetings or something else. I think you were kind of coined your phraseology about it. And just to speak for a second to the second portion of that question, I know this is a long question. So you should read up just the amount of confidence that people have always had at different points in history with the most ludicrous coping mechanisms for just shoddy interventions and so on. And I recognize NFTs are not solely the domain of art or expensive JPGs, but I happen to be very interested in this world for a number of reasons. Lets say theres some weird supply demand dynamics because people are so happy about an IPO that they bid the thing up and then it crashes afterwards. Right. Every time you opened the app, it would say Syncing, and it would have to sync for three, four minutes or whatever to catch up with the latest blockchain blocks. [00:37:34][1.4], Dan Nathan: [00:37:34] All right. So looking at things from a lens of abundance rather than scarcity, but this brings me to the question of competition. And I think crypto probably has a big part to play in this future because we really are building a new economy, the crypto economy, its more global and decentralized. Just weathering that. But you dont feel bad if your house doesnt catch on fire and you have fire insurance, you feel pretty happy, especially when you get to a good outcome. What are the things that kept you up at night in 2020? Its just I, I like that one now. And they didnt really have much of a plan other than some cool Mark Zuckerberg avatars in these virtual spaces you know what I mean? Thanks for having me. You know? And so what led up to that? So its emerging. You know what I mean? And as a partner at Google Ventures, he invested in a bunch of biotech companies. I dont know. We also provide tools to help businesses grow, network and hire. And theyre like, well, its basically equality for people. But let me ask you this, though, as a power user and someone who youve been very honest about, the fact that you helped build a huge brand with Not Boring, you have, what, 140,000 subscribers to your newsletter. And therefore those got way out of control and now is a pendulum swung back. Brian Armstrong: They teach you in the PR training. You have a great presence on Twitter. Actually, though, I mean that sincerely, because is there a chance that the thing gets pushed out, that theres maybe this is just a delaying tactic one way or another? And its absolutely amazing to see the the difference of that. And so early on I think I was driven by just doing something meaningful in the world and making some wealth. Stuff like that gets me really excited. But it just made me realize like, wow, hes at the center of this hurricane and I hadnt even heard about it. And that gives you, again, the potential to do M&A, increased R&D. Flights Vacation Rentals. But I found it actually quite interesting just to get his view on the global macro environment and different countries and how they work. But really, China is an issue here. The value of ResearchCoin at the moment is one, social credibility, and two, with the ResearchCoin that you earn, you can then post your own bounties and make requests of the community. I understand that. Im just saying like that. And Im not asking you to bare your soul and tell me about all the things that have hurt your feelings. [00:44:16][50.4], Dan Nathan: [00:44:17] If you look at the stock market as a lens to do that, the S&P 500 in particular, and again, the S&P is made up of 500 stocks, but five megacap tech stocks make up nearly 25% of the weight of it. Id sort of loosely read a few things here and there about this, but I never really took it that seriously. And then to your point about sovereign wealth funds and these, a lot of, I think 90% of the wealth in the world is actually blocked up in institutions. But for him its like, well he was kind of at the center of this storm, and whatever, hes a great guy, hes going to pull through it. Tim Ferriss: I like the reframe. I went and talked to some of our employee resource groups and they told me, I asked them, whats the most important thing to you to want to work at this company? Ten years ago, it was people from people from the New York ecosystem, founders that we know, founders in the portfolio, co-investors, friends. And that should be protocol and all of that. Deliver expert counsel with smarter legal intelligence. You and I have talked on the pod a lot about valuations and really how they got a little out of whack. And I think a lot of institutions, they dont have any interest in self custody. Netflix might allow to be bought by some other big company or merge with somebody because these guys are so big and their moats are getting deeper and deeper. And then I think this is the wealth essay, which is How to Make Wealth from May, 2004, which originally came from his book Hackers and Painters. What advice would you give to someone who is in a company that is beginning to scale and theyre starting to get hit with the hundredth, then a thousand people, or maybe its just 10 opportunistic journalists who are really just smashing the rock against the head of this poor startup because it gets a lot of clicks. Tim Ferriss: No, it does. What context or direction did you give your tutor? Is that true? And so the idea that you say, oh, maybe Im going to get dunked on by a Bitcoin Maxy who gives a shit like seriously, I mean, these guys are like, you know, to me, Ive been in markets for 25 years and any time theres ever this kind of religious fervor about an investment or an asset class or something like that, it just never pans out. Although they wouldnt be valued any higher in the private markets, it would just be less transparent to them. Coinbase serves over 103 million verified users, 14,500 institutions, and 245,000 ecosystem partners in more than 100 countries. In April, 2021, Coinbase listed publicly on the NASDAQ as COIN. And then two days later, it completely reverses course. They bought one medical. We know that WhatsApp has an amazing user base that they really havent monetized yet. And SoftBank tried to get long very quickly and distorted the option. And if bitcoin isnt accepted everywhere in use by everyone, same kind of things. So if you could put a message or quote image, anything non-commercial on a billboard to get the message out to lets just say billions of people, assuming they speak whatever language is on the billboard, what might you put on that billboard? There is a very, very popular product in the market. And once in a while I go back and read his essay, I think its called Haters. Whenever Im feeling down. And so, you know, you had this thing where a lot of VC firms were not taking marks relative to what was going on in the public markets, but the public markets being marked to market every day. And you can see all the different challenges that are out there in the scientific research space today. The Bitcoin emoji on the Twitter is not nearly as prevalent as it was a few months ago, and in some ways its like where all these guys gone with their 100, $200,000 price targets. And so what weve done is weve actually aggregated the supply out there of basically wherever people are selling their NFTs, itll all be exposed in Coinbase NFT, and if you click buy, itll transact and that marketplace will get their fee. And basically PayPal does about 500 transactions a second, Visa does about 4,000 a second, so we needed a couple orders of magnitude to get to those more Visa levels. Lets hop to present day. Brian Armstrong: Thats impressive you found that. Anything that youre focused on learning at the moment or would like to learn in the next six to 12 months? COINthat is the name of the documentaryis now available on Amazon, iTunes, Vimeo on Demand, and other platforms. And thats it for the carnage in that portfolio. Thats improving their reputation on the site. But at the time I was like, I really wanted to be an entrepreneur. Now, heres the interesting thing. If people told me five or six things, Id be like, Yeah, Ive got them all in my head. And now its like Im trying to say, think two minutes later, I dont remember what they were really talking about. I mean, these are names Mobileye, obviously in the autonomous space. Brian Armstrong: In the broader economy? And COIN can be found on Amazon, iTunes, Vimeo On Demand, and other platforms. Its sort in the way that e-commerce back 20 years ago was sort of a sideshow, but now its kind of the main thing. I need to try something crazy, and just get adventure in my life. If theres even a whiff of that, okay, the stock will be up 30% before a deal is even announced. Where are you right now? What is: Subscriber. So just getting all the creative stuff going is a huge thing in itself, but its actually going to be even bigger beyond that then. Ive gotten a lot more into being healthy and even started a longevity company. And it was strange because it felt like such a vocal, it felt like maybe it was 50% of the company or something. If the stock market bottoms, lets say the S&P down 30,35% or so and lets say Netflix, which has shown really good relative strength since it made that 52 week low back in May or June. Another thought Ive had is theres kind of two very different worlds. Multisig was what kind of what people called it originally. There should probably be a stripe atlas for crypto in the sense that a lot of people are And some people are doing this, theyre trying to make it easier for people to create a company. I think we might have talked about this before, that a lot of the products that actually got to market that were founded in 2021 and then also got to market in 2021 were almost like definitionally not going to be the best products that were ever built. Before founding Coinbase, Brian served as a software engineer at Airbnb, where he focused on fraud prevention. So we dont hold the keys, the customer holds the keys. And I think theyre going to be able to do it basically with multi-party computation or something. Yeah, and it did. So on the continuum, to your question of public market securities, if you make a bad decision thats fixable in a couple of seconds in the private markets, it takes years to correct that decision and therefore, people are waiting longer before dipping into that illiquid. Now, I just do blog posts. I forget exactly which day it was, but it was like one of the days where big news broke. Wallet, which seemed like an idiot this kind of a new financial system for the carnage in timeframe. Turn on your balance sheet you havent made anybody else Im aware of both retail Out what I took away from it is a pendulum swung back why are you most interested in about. 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