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Conversations with Tyler / episode intelligence

Brian Armstrong on the Crypto Economy

10 Feb 2021 32 published claims 2 attributable people
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Speakers in the public record

Brian ArmstrongTyler Cowen

Claim mix

belief 21evaluation 5prediction 3uncertainty 1recommendation 1preference 1

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Every row below preserves an exact excerpt. Identified speakers are linked; unresolved voices are labeled and excluded from people counts.

Claim ledger

The useful parts, with receipts.

32 published records

03 / belief

One thing I think is that, as crypto keeps getting bigger and bigger, there’s going to be more and more scrutiny and attention on us from a government relations–policy point of view.

“One thing I think is that, as crypto keeps getting bigger and bigger, there’s going to be more and more scrutiny and attention on us from a government relations–policy point of view.”
Speaker
Brian Armstrong
Publisher
Conversations with Tyler

07 / belief

I wouldn’t presume to look back 30 years, but I would say just in the last 10 years or so in Silicon Valley, it does feel like there’s more focus on activism at companies, and so, that was a change that I was noticing.

“I wouldn’t presume to look back 30 years, but I would say just in the last 10 years or so in Silicon Valley, it does feel like there’s more focus on activism at companies, and so, that was a change that I was noticing.”
Speaker
Brian Armstrong
Publisher
Conversations with Tyler

08 / belief

Look, I think of bitcoin as being like digital gold, so it may turn out that it’s not going to be the medium of exchange unless those layer 2 solutions start to really work.

“Look, I think of bitcoin as being like digital gold, so it may turn out that it’s not going to be the medium of exchange unless those layer 2 solutions start to really work.”
Speaker
Brian Armstrong
Publisher
Conversations with Tyler

10 / belief

I don’t think there’s anybody who’s sitting around saying, “God, I wish I could make more microtransactions,” I agree with that, but I think whenever you give developers and entrepreneurs new tools, they tend to create new apps, and they try to take advantage of that medium and do something new.

“I don’t think there’s anybody who’s sitting around saying, “God, I wish I could make more microtransactions,” I agree with that, but I think whenever you give developers and entrepreneurs new tools, they tend to create new apps, and they try to take advantage of that medium and do something new.”
Speaker
Brian Armstrong
Publisher
Conversations with Tyler

11 / belief

If we know the net mining fees are going up, shouldn’t our prediction for the long-term equilibrium be one of very low velocity, and in some ways, the uses of bitcoin will be more restricted than now, and it will be quite inert.

“If we know the net mining fees are going up, shouldn’t our prediction for the long-term equilibrium be one of very low velocity, and in some ways, the uses of bitcoin will be more restricted than now, and it will be quite inert.”
Speaker
Tyler Cowen
Publisher
Conversations with Tyler

13 / belief

One thought I’ve had, though, is that if there are more people who generate a lot of wealth with crypto — which I think is already happening, and it will probably keep happening.

“One thought I’ve had, though, is that if there are more people who generate a lot of wealth with crypto — which I think is already happening, and it will probably keep happening.”
Speaker
Brian Armstrong
Publisher
Conversations with Tyler

14 / belief

Again, I would say that’s probably a cultural thing that came from the very early days of Coinbase, and we’ve had to reinforce it and persist at every opportunity that we’ve gotten.

“Again, I would say that’s probably a cultural thing that came from the very early days of Coinbase, and we’ve had to reinforce it and persist at every opportunity that we’ve gotten.”
Speaker
Brian Armstrong
Publisher
Conversations with Tyler

16 / belief

I think one of the biggest obstacles, of course, is that all the land is claimed by a sovereign, so it’s hard to get one that’s truly independent of the legal system around it, although I know there are people trying that.

“I think one of the biggest obstacles, of course, is that all the land is claimed by a sovereign, so it’s hard to get one that’s truly independent of the legal system around it, although I know there are people trying that.”
Speaker
Brian Armstrong
Publisher
Conversations with Tyler

17 / belief

I think, longer term, the more interesting thing are those decentralized crypto assets for people to really start to participate in a more global, more free, more fair economy.

“I think, longer term, the more interesting thing are those decentralized crypto assets for people to really start to participate in a more global, more free, more fair economy.”
Speaker
Brian Armstrong
Publisher
Conversations with Tyler

22 / belief

In our case, my view is that the mission, which was to create an open financial system for the world — that might involve interacting with governments in the sense of if we need to go lobby for cryptocurrency policy or something like that, but it didn’t involve necessarily trying to solve every problem out there in the world.

“In our case, my view is that the mission, which was to create an open financial system for the world — that might involve interacting with governments in the sense of if we need to go lobby for cryptocurrency policy or something like that, but it didn’t involve necessarily trying to solve every problem out there in the world.”
Speaker
Brian Armstrong
Publisher
Conversations with Tyler

23 / evaluation

Something new of value has been created, which is that we now have a global, decentralized value — and with other cryptocurrencies, of course, because it’s not just about bitcoin now.

“Something new of value has been created, which is that we now have a global, decentralized value — and with other cryptocurrencies, of course, because it’s not just about bitcoin now.”
Speaker
Brian Armstrong
Publisher
Conversations with Tyler

24 / recommendation

One of the organizations that I like that has a good demo of this — it’s called Oregon, and they’ve allowed anybody to come in, create one of these smart contracts in a very simple interface, and you can set up the voting structure, the governance, how rewards might happen, how funds could be allocated.

“One of the organizations that I like that has a good demo of this — it’s called Oregon, and they’ve allowed anybody to come in, create one of these smart contracts in a very simple interface, and you can set up the voting structure, the governance, how rewards might happen, how funds could be allocated.”
Speaker
Brian Armstrong
Publisher
Conversations with Tyler

25 / prediction

I think one factor that might play a role there is that Silicon Valley had so much fierce competition over talent that really companies were bending over backwards to provide the most accommodation to people in any way they could.

“I think one factor that might play a role there is that Silicon Valley had so much fierce competition over talent that really companies were bending over backwards to provide the most accommodation to people in any way they could.”
Speaker
Brian Armstrong
Publisher
Conversations with Tyler

26 / preference

You want to make sure that people are coming into the company for the right reasons because, as you hire more and more people, you can’t interview each of them yourself as the founder, so you have to put certain structure in place to make sure the people who are joining are all aligned towards some common vision of the world that you all want to create, and it creates that healthy culture and that selection of great people into the company, along with the motivation.

“You want to make sure that people are coming into the company for the right reasons because, as you hire more and more people, you can’t interview each of them yourself as the founder, so you have to put certain structure in place to make sure the people who are joining are all aligned towards some common vision of the world that you all want to create, and it creates that healthy culture and that selection of great people into the company, along with the motivation.”
Speaker
Brian Armstrong
Publisher
Conversations with Tyler

28 / prediction

For instance, if you’re creating what’s called a self-hosted wallet, which means you, the company, never take possession of customer funds, but you’re just enabling people to store their own crypto and use it — those, I think, will be regulated more like software companies, which allows them to move quicker and launch in every country on day one, and a lot of benefits like that.

“For instance, if you’re creating what’s called a self-hosted wallet, which means you, the company, never take possession of customer funds, but you’re just enabling people to store their own crypto and use it — those, I think, will be regulated more like software companies, which allows them to move quicker and launch in every country on day one, and a lot of benefits like that.”
Speaker
Brian Armstrong
Publisher
Conversations with Tyler

29 / prediction

I think there are many different types of cryptocurrency that’ll fill different roles in the crypto economy. That’s why, by the way, I like using that word, the crypto economy, because it really is almost like a new alternative economy that’s being built, where people are not just trading bitcoin.

“I think there are many different types of cryptocurrency that’ll fill different roles in the crypto economy. That’s why, by the way, I like using that word, the crypto economy, because it really is almost like a new alternative economy that’s being built, where people are not just trading bitcoin.”
Speaker
Brian Armstrong
Publisher
Conversations with Tyler

31 / evaluation

On the one hand, it’s a great endorsement of this technology that central banks are starting to look at it, and they are showing that there’re things that they want to go build with it.

“On the one hand, it’s a great endorsement of this technology that central banks are starting to look at it, and they are showing that there’re things that they want to go build with it.”
Speaker
Brian Armstrong
Publisher
Conversations with Tyler

32 / evaluation

In terms of what governance system they would live under, I think there are some really interesting ideas about how to make the next version of democracy because democracy was such a breakthrough, but it has some issues that are cropping up here and there that people are thinking about how to improve on it.

“In terms of what governance system they would live under, I think there are some really interesting ideas about how to make the next version of democracy because democracy was such a breakthrough, but it has some issues that are cropping up here and there that people are thinking about how to improve on it.”
Speaker
Brian Armstrong
Publisher
Conversations with Tyler
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