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  • I worked in banking for 15 years.

    我在銀行業工作了15年。

  • I'll be honest Michael, I personally want to mow them down as well because I saw from the inside, the way they stopped innovation, they stop people having access and there's no need.

    我說實話,邁克爾,我個人也想把他們砍掉,因為我從內部看到,他們停止創新的方式,他們阻止人們的訪問,沒有必要。

  • 30 years ago I was doing some of the things that now the kids are doing on these D apps right now.

    30年前,我正在做一些現在孩子們在這些D類應用程序上正在做的事情。

  • Why did it take so long and why can't these people, you talk about these two billion people around the world have access to these complex instruments?

    為什麼要花這麼長時間,為什麼這些人,你說的全世界的這20億人不能獲得這些複雜的工具?

  • So I'm on this.

    所以我在這個問題上。

  • Maybe I'm a rebel anyways, maybe that's why you know fought against freedom of speech last year and ran for mayor this year in London but I want to wreck wreck it.

    也許無論如何我是一個叛逆者,也許這就是為什麼你知道去年反對言論自由,今年在倫敦競選市長,但我想破壞破壞它。

  • But I think your sense of the fact that that comes with it regulation issues and they're going to be real and defy is gonna have to go through those hurdles and meanwhile Bitcoin is a property might not and that's the way you see that, Is that correct?

    但我認為你的感覺是,這伴隨著監管問題,而且他們將是真實的,藐視將不得不通過這些障礙,同時比特幣是一個財產可能不會,這就是你看到的方式,是這樣嗎?

  • Yeah, I mean, I think that uh, innovation, like we're all in favor of innovation that the question of who can do what like Uber was illegal and half the jurisdictions that do business in, but I still like Uber, but you know, they fought, you know, Airbnb in Miami Beach Airbnb is illegal, but people are doing Airbnb and like, so if you ask me, how do I feel about that their most successful unicorns, they're making the world a better place, but the restriction, but I also can see the point of view of the taxi cab drivers have, you know, I bought a medallion in new york city and I paid hundreds of thousands of you bankrupted me, you know, by coming into my town like what about me?

    是的,我的意思是,我認為,呃,創新,像我們都贊成創新,誰可以做什麼的問題,如Uber是非法的,一半的司法管轄區的業務,但我仍然喜歡Uber,但你知道,他們打,你知道,Airbnb在邁阿密海灘Airbnb是非法的,但人們正在做Airbnb和喜歡,所以如果你問我。我覺得他們最成功的獨角獸,他們讓世界變得更好,但限制,但我也可以看到計程車司機的觀點,你知道,我在紐約市買了一個獎章,我付了幾十萬,你讓我破產了,你知道,通過進入我的城市,像我怎麼樣?

  • And maybe the guy that's got the apartment next to the party house that's got 100,000 parties going on.

    也許還有一個人,他的公寓就在有10萬個派對的派對屋旁邊。

  • Maybe that guy thinks I had I bought the apartment and the condo association rules already not supposed to do this.

    也許那個人認為我有我買的公寓,公寓協會的規則已經不應該這樣做。

  • And you know, Airbnb is making my life difficult.

    而且你知道,Airbnb讓我的生活變得困難。

  • This friction with innovation.

    這種摩擦與創新。

  • I think that just like the magic quadrant model is useful with crypto is like figure out what what you're investing in and then start to work through the competition issues and work through your ambition and work through the regulatory issues.

    我認為,就像魔法象限模型對加密貨幣很有用一樣,就是弄清楚你要投資什麼,然後開始解決競爭問題,解決你的野心,解決監管問題。

  • I think there's another quadrant or another segmentation, which is which is the investors segmentation.

    我認為還有另一個象限或另一個細分,也就是投資者的細分。

  • Are you a saver?

    你是一個儲蓄者嗎?

  • Are you an investor?

    你是一個投資者嗎?

  • Are you a traitor or are you a speculator?

    你是一個叛徒還是一個投機者?

  • And the way I think of it as a saver is someone that simply wants to keep their money for 100 years.

    而我認為的儲蓄者是指那些只想把錢保留100年的人。

  • You want to preserve your property, right brian?

    你想保護你的財產,對嗎,布萊恩?

  • If you if you would like to give your money to your grandchildren and you want to put away some bucket of money for your grandchildren and not think about it.

    如果你如果想把錢給你的孫子,你想為你的孫子放一些桶裝的錢,而不去想它。

  • The traditional technique is is I buy some gold and I bury it or I buy land or I or II by uh something which is stable like and I buy Bitcoin I swap a week asset for a strong asset If you live in Argentina and I told you the currency is going to go from one peso to the dollar to 155 pesos to the dollar.

    傳統的技術是,我買一些黃金,然後把它埋起來,或者我買土地或I或II,通過呃一些穩定的東西,比如我買比特幣,我用一個星期的資產換一個強大的資產,如果你住在阿根廷,我告訴你貨幣將從1比索兌1美元變成155比索兌1美元。

  • So what's your strategy?

    那麼你的策略是什麼?

  • Well I just sell pastries and buy dollars.

    好吧,我只是賣糕點和買美元。

  • Okay but what what what's your mix of real estate versus stock versus script to like now you're over thinking I just sell the pay so I buy the dollar Because that way I'll have 155 million pesos instead of one million pesos in 20 years.

    好吧,但是你的房地產與股票與劇本的組合是什麼,就像現在你在想我只是賣掉工資,所以我買了美元,因為這樣我就有1.55億比索而不是20年後的100萬比索。

  • That's the idea.

    這就是我們的想法。

  • Okay, that's a saving strategy by the strong asset, sell the weak asset.

    好吧,這就是強勢資產的儲蓄策略,出售弱勢資產。

  • That's 100 year timeframe, 10 Year time.

    那是100年的時間框架,10年的時間。

  • But I'm an investor.

    但我是一個投資者。

  • An investor is I buy Apple Amazon Facebook Google because I think it would go up by a factor of 10 and they may be cut in half.

    一個投資者是我買了蘋果亞馬遜臉書谷歌,因為我認為它會上漲10倍,他們可能會被削減一半。

  • If you show me a company that would go up by a factor of 10 where I might lose half my money, I would say if I believe in that company, that's an investment proposition, I can get behind that.

    如果你給我看一家公司,它將上漲10倍,我可能會損失一半的錢,我會說如果我相信這家公司,這是一個投資主張,我可以支持。

  • I'm buying a business.

    我正在購買一個企業。

  • It's much riskier than saving.

    這比儲蓄的風險要大得多。

  • See the thing about Bitcoin is Bitcoin is if I took Big Tech and I ripped off if I took away the product and the Ceo and the board of directors of the company and all the employees and I just left the big tech and it didn't ship anything and nobody worked for it.

    關於比特幣的事情是比特幣是如果我把大科技公司和我撕掉,如果我把產品和公司的首席執行官和董事會以及所有的員工都帶走,我只是離開大科技公司,它沒有發貨,沒有人為它工作。

  • Can you see how that is?

    你能明白這是怎麼回事嗎?

  • Less risky, less moving parts.

    風險較小,移動部件較少。

  • Then when I give it, when you give Apple amazon a million employees, you can unionize them And when you give Apple 10 products, they have to upgrade them and then when you give google headquarters while you can regulate them and you know, so when you give the company stuff people, you create more attack surfaces.

    然後當我給它,當你給蘋果亞馬遜一百萬員工時,你可以讓他們加入工會而當你給蘋果10個產品時,他們必須升級它們,然後當你給谷歌總部而你可以監管他們,你知道,所以當你給公司東西人,你創造更多的攻擊面。

  • So that's why With Bitcoin, I can imagine, I just, if I buy 100,000 Bitcoin and it is whatever 0.5% of the network, Maybe I'm holding out 1000 years.

    所以這就是為什麼對於比特幣,我可以想象,我只是,如果我買了10萬個比特幣,而它是網絡的0.5%,也許我在堅持1000年。

  • Well, mike what has to happen for that to be valuable in 1000 years.

    好吧,邁克,要想在1000年內有價值,必鬚髮生什麼事。

  • Nothing different than what's happening now.

    與現在的情況沒有什麼不同。

  • Right.

    對。

  • So, so savers have a view, they just want the land, the investors, they're taking a different risk proposition.

    所以,所以儲蓄者有一個觀點,他們只是想要土地,投資者,他們採取不同的風險主張。

  • Um, the traders, well, they're red betting on risk derivatives like to be right on Apple stock, you just have to hold it for a decade.

    嗯,交易員,嗯,他們是紅色賭注的風險衍生品,像在蘋果股票上是正確的,你只需要持有它十年。

  • But if you're a traitor and you're trying to guess whether the quarterly results will be well, so you can buy the call or sell the point.

    但如果你是個叛徒,你想猜測季度業績是否會好,那麼你可以買入看漲期權或賣出點。

  • You have to actually not only do you have to guess whether they print a good quarter in number, but you also have to guess whether the market is already assumed that they're going to print a good quarterly number and you have to trade against the sentiment of the market.

    實際上,你不僅要猜測他們是否會印出一個好的季度數字,而且還要猜測市場是否已經假定他們會印出一個好的季度數字,你必須針對市場的情緒進行交易。

  • So you're trading the shape of the yield curve and your trading dynamic, we risk derivatives, the first and the second derivative of risk.

    所以你在交易收益率曲線的形狀和你的交易動態,我們風險衍生品,風險的第一和第二衍生品。

  • If you're a good trader, you know, you are.

    如果你是一個好的交易員,你知道,你是。

  • And then the last thing is speculator, I, you know, I don't even know what Apple's gonna print, whatever he's talking about it.

    然後最後一件事是投機者,我,你知道,我甚至不知道蘋果會印什麼,不管他在說什麼。

  • So I just bought the stock to see if it will go up.

    所以我就買了這支股票,看看它是否會上漲。

  • Alright, I bought dog point before Ellen Moscow's onto saturday night live to see if it goes up.

    好吧,我在艾倫-莫斯科上週六晚間直播前買了狗點,看看它是否會上漲。

  • That's that's a different thing.

    那是那是不同的事情。

  • I think that if you have a bucket of money that you just want to save, low risk, you do a savings strategy and if you didn't like the coin, I would say by a stack of market basket of scarce assets that are going to hold their value in an inflationary monetary environment that nobody can screw up.

    我認為,如果你有一桶錢,你只是想儲蓄,風險低,你做一個儲蓄策略,如果你不喜歡硬幣,我會說由一疊市場上的一籃子稀缺資產,在通貨膨脹的貨幣環境中保持其價值,沒人能搞砸。

  • You know, you just want to, I'm just going to buy a trophy asset, I'm gonna buy beachfront property, I'm gonna live in the rest of my life, I'm going to buy something which you can't mess up.

    你知道,你只是想,我只是要買一個戰利品資產,我要買海濱房產,我要在那裡生活一輩子,我要買一些你不能搞砸的東西。

  • Very simple an investor, You have to you have to Cherry pick from 500 different stocks in the S&P 500 to pick the right one.

    非常簡單的一個投資者,你必須你必須從標準普爾500指數的500只不同的股票中挑選出正確的股票。

  • Okay?

    好嗎?

  • And then but then if you're Warren Buffett investor, you buy it, you hold it forever.

    然後但如果你是沃倫-巴菲特的投資者,你買下它,你永遠持有它。

  • He's still holding coca Cola 40 years later.

    40年後,他還在拿著可口可樂。

  • Okay, that's fine.

    好的,這很好。

  • The traders, you better have proprietary liquidity or proprietary algorithms or you better be in between two inefficient markets if you are, you know, you are and if you're if you don't know that you're the best in the world at this, you probably aren't, you should probably stay out of it.

    交易員,你最好有專有的流動性或專有的算法,或者你最好在兩個無效率的市場之間,如果你是,你知道,你是,如果你是如果你不知道你是世界上最好的,你可能不是,你可能應該遠離它。

  • And I don't begrudge anybody being a speculator.

    我並不責怪任何人是一個投機者。

  • That's you're right.

    這是你的權利。

  • I mean if you want to go to Vegas and bet money, go do it.

    我的意思是,如果你想去拉斯維加斯賭錢,就去做吧。

  • If you want to bet on yo yo coin, go do it right?

    如果你想賭喲喲幣,去做吧。

  • But but only about where you can afford to lose and call it you know, call it that's your that's your gambling entertainment bucket.

    但只是關於你能輸得起的地方,稱之為你知道的,稱之為你的那是你的賭博娛樂桶。

  • And maybe you make money and I mean people make money in Vegas that maybe maybe on the margin your odds might be better, you know in certain places, in other places, if I could just stand with 11 geographic metaphor.

    也許你賺錢,我的意思是人們在拉斯維加斯賺錢,也許也許在邊際上你的賠率可能更好,你知道在某些地方,在其他地方,如果我可以站在11個地理比喻。

  • Coming back to this new york analogy.

    再來看看這個紐約的比喻。

  • If Bitcoin is a block in new york city, then then the currency is a bunch of dollars in new york city.

    如果比特幣是紐約市的一個街區,那麼貨幣就是紐約市的一堆美元。

  • The platform is 100 story building.

    該平臺是100層建築。

  • The Rockefeller center in new york city.

    位於紐約市的洛克菲勒中心。

  • Right?

    對嗎?

  • And the applications are companies in the Rockefeller center, roll the clock back 100 years.

    而申請者是洛克菲勒中心的公司,把時鐘往回撥100年。

  • Do you would you rather own the land underneath Rockefeller center?

    你願意擁有洛克菲勒中心下面的土地嗎?

  • Would you rather own the Rockefeller center?

    你願意擁有洛克菲勒中心嗎?

  • Would you rather own the banks, the insurance companies, the restaurants, the disco text, the retailer is the condos and Rockefeller Center.

    你是否願意擁有銀行、保險公司、餐館、迪斯科文本、零售商是公寓和洛克菲勒中心。

  • Or whether it would you rather own a billion dollars worth of money in a bolt in Rockefeller Center and that's your four different things.

    還是你願意在洛克菲勒中心的一個栓子裡擁有價值10億美元的錢,這就是你的四種不同的東西。

  • Figure it out.

    弄清楚。

  • I would say you can make, you can make money in any of the four.

    我想說的是,你可以賺,你可以在這四個中的任何一箇中賺錢。

  • If you're gonna own the dollars, you better be a traitor because you can't hold him that long, you better be trading.

    如果你要擁有美元,你最好是個叛徒,因為你不能持有他那麼久,你最好是在交易。

  • If you're gonna own the platform, you're going to be a landlord and you're gonna have some tenants go bankrupt and other tenants hit it big and you know, figure it out.

    如果你要擁有這個平臺,你就會成為一個房東,你會有一些租戶破產,其他租戶大獲成功,你知道,想辦法。

  • I think that the, that the block in Manhattan is good for 1000 years.

    我認為,曼哈頓的街區是可以使用1000年的。

  • I think the building is good for one or 200 years before you have to rebuild it.

    我認為,在你不得不重建之前,這個建築可以使用一或兩百年。

  • That's okay.

    那也沒關係。

  • I mean, Rockefeller center still there.

    我的意思是,洛克菲勒中心仍然在那裡。

  • They put it up in 1930 something.

    他們在1930年左右把它掛了起來。

  • But you have to, you know, you got to renovate it.

    但你必須,你知道,你必須翻新它。

  • If you want to own the company.

    如果你想擁有公司。

  • Man companies, they can last Name A Company That's 100 Years Old.

    人的公司,他們可以持續地說出一個有100年曆史的公司。

  • They could last 10 years.

    它們可以持續10年。

  • They could last 20, they could last 30.

    他們可能持續20年,可能持續30年。

  • They could also last 30 months.

    他們也可以持續30個月。

  • Well on the other hand brian if I had infinite capital, if you have a billion dollars and you want to put the money to work in a brainless way, you buy the property.

    好吧,另一方面,布萊恩如果我有無限的資本,如果你有10億美元,你想把錢用在無腦的地方,你就買下房產。

  • But if you don't have a billion and you want to make a billion dollars, if you start with $1 million $5,000 furniture alone at age 24 in order to in order to create a multi billion dollar company with $5,000 of capital, you better start a company, you need to invent something.

    但是,如果你沒有一個億,而你想賺一個億,如果你在24歲時僅用100萬美元5000美元的傢俱開始,為了為了用5000美元的資本創造一個數十億美元的公司,你最好開一個公司,你需要發明一些東西。

  • So if you don't have any capital, but you have, if you have intellect and passion, ambition, you start on the application area and then you move backwards.

    是以,如果你沒有任何資本,但你有,如果你有智力和激情,有野心,你就從應用領域開始,然後向後退。

  • If you have a decent amount of capital, maybe you can have a building a platform and your heads in the middle.

    如果你有相當數量的資本,也許你可以有一個建築的平臺,你的頭在中間。

  • And if you have a lot of capital, you buy property.

    而如果你有大量的資本,你就會購買房產。

  • And I think they all appeal to different pools of capital and and and they all there's a there's the marketplace will sort it all out.

    我認為他們都吸引了不同的資本池,而且他們都有一個市場,市場會把這一切理清。

  • But it's important to keep in mind that There's a lot of uh $400 trillion C5.

    但重要的是要記住,有很多呃400萬億美元的C5。

  • It's traditional finance.

    這是傳統的金融。

  • And so if you want to see this thing really explode, what you want is for the insurance companies.

    是以,如果你想看到這件事真正爆炸,你想要的是保險公司。

  • The mass mutuals, the new york lives the eggs.

    大規模的互助會,紐約人生活的雞蛋。

  • You want them to rotate $100 billion portfolio.

    你想讓他們輪換1000億美元的投資組合。

  • That's all bonds into 30 or 40 or 50 or $100 billion of Bitcoin.

    這都是債券變成了300或400或500或1000億美元的比特幣。

  • And then is that as they rotate their traditional bond assets into digital property, the entire ecosystem will expand and then you can start to use that digital property as collateral for the next thing and the next thing, right?

    然後就是隨著他們把傳統的債券資產輪換成數字財產,整個生態系統將擴大,然後你可以開始用這些數字財產作為下一件事和下一件事的抵押品,對嗎?

  • Well there's a place for for both, right?

    兩者都有一個位置,對嗎?

  • And some people think the only innovation is in the defi apps.

    而有些人認為唯一的創新是在defi應用程序中。

  • Well I mean there is you need to do defy acts to bring innovation to certain parts of the economy.

    我的意思是,你需要做違約行為,為經濟的某些部分帶來創新。

  • Like if you want to bring, when we wanted to bring stable coin to el Salvador, you needed lightning on Bitcoin.

    就像如果你想把,當我們想把穩定的硬幣帶到薩爾瓦多時,你需要在比特幣上的閃電。

  • and it was defying you couldn't do a Visa.

    而它是藐視你不能做一個簽證。

  • But on the other hand, there's also massive opportunities for Apple pay and google pay.

    但另一方面,蘋果支付和谷歌支付也有大量機會。

  • You can, you know, you can also convert Apple into the world's biggest bank.

    你可以,你知道,你也可以把蘋果變成世界上最大的銀行。

  • Right.

    對。

  • Right.

    對。

  • I mean, Bitcoin means that Apple could become a bank with $10 trillion 36 months or 60 months.

    我的意思是,比特幣意味著蘋果可以在36個月或60個月內成為一家擁有10萬億美元的銀行。

  • Okay, that's a different thing.

    好吧,這是一個不同的事情。

  • But it's also possible you could have a defi network that spends up with hundreds of billions.

    但也有可能你會有一個花了幾千億的defi網絡。

  • I think it's more likely that you'll see mega capital flows as the big tech players like facebook and Apple and google come in because they have incredible, incredible leverage they can bring to bear if they start to embrace even a piece of the crypto ecosystem.

    我認為更有可能的是,隨著Facebook、蘋果和谷歌等大型科技公司的加入,你會看到巨大的資本流動,因為他們有令人難以置信的、令人難以置信的槓桿作用,如果他們開始接受哪怕是加密貨幣生態系統的一部分,他們就可以帶來好處。

  • Mhm.

    嗯。

I worked in banking for 15 years.

我在銀行業工作了15年。

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