النص الكامل لحلقة Blockchain Technology - Restoring Humility and Human Flourishing to Capitalism

a lot of folks that kind of are like me, they just sort of 00:04:05.337 --> 00:04:08.127 breeze through high school when they get to college and they're like, oh, okay. 00:04:08.127 --> 00:04:10.917 I actually maybe have to pay attention a little bit and actually 00:04:10.917 --> 00:04:12.147 think about what I want to do. 00:04:12.927 --> 00:04:20.217 Uh, and I just decided that I was gonna study philosophy in, in college, 00:04:20.307 --> 00:04:25.047 um, for, for really knowing the reason that it, it interest me, um, 00:04:25.197 --> 00:04:28.167 which is probably a little different than most of my peers who are really 00:04:28.167 --> 00:04:30.417 trying to like, sort out a career. 00:04:30.477 --> 00:04:34.167 Um, and maybe if I could go back and do it differently, I might, but 00:04:34.167 --> 00:04:38.397 I doubt it because, uh, philosophy has really served me well. 00:04:38.517 --> 00:04:41.727 Um, I can remember this like really seminal moment. 00:04:41.997 --> 00:04:42.447 Um. 00:04:43.272 --> 00:04:48.492 Sitting in, uh, you know, sophomore level, like Logic 1 0 1 and just 00:04:48.492 --> 00:04:52.182 thinking like, oh my gosh, why am I just now learning this? 00:04:52.242 --> 00:04:55.512 You know, like, why, like I went to a National Blue Ribbon High 00:04:55.512 --> 00:04:57.042 School, I was a good student. 00:04:57.072 --> 00:05:00.162 Like I've learned, you know, took two semesters of a foreign language, 00:05:00.162 --> 00:05:04.602 like, you know, a PUS history, like, uh, you know, pre-calculus. 00:05:04.602 --> 00:05:06.642 Even though I wasn't that great at math, I still made it to that. 00:05:07.002 --> 00:05:07.902 I was like, why, why? 00:05:07.902 --> 00:05:13.062 All this stuff that I learned, I'm not just like, no one walked me through. 00:05:13.062 --> 00:05:17.352 Just like, how to rightly determine the truth, value of ideas. 00:05:17.352 --> 00:05:22.272 Like that just seems like such a, a a baseline thing to know in life. 00:05:22.392 --> 00:05:27.792 Um, and, uh, yeah, I, I kind of carried that with me in just this 00:05:27.792 --> 00:05:30.792 kind of first principles, thinking about how I approach things. 00:05:30.792 --> 00:05:35.172 So, um, uh, I, I kind of tend to think of things more as like. 00:05:35.682 --> 00:05:39.792 How they fit into, you know, a, a theme and a calling in my life. 00:05:39.852 --> 00:05:44.142 Um, you know, it's like, uh, Ocasio Veritas, like, you know, the, the, 00:05:44.202 --> 00:05:45.492 you know, our, our true calling. 00:05:46.002 --> 00:05:52.602 Um, and, uh, I, to me, all these things tie in in this way of like, I believe 00:05:52.602 --> 00:05:59.472 that, I believe that, um, human beings, like our, our superpower as a species, 00:05:59.562 --> 00:06:05.112 um, isn't really our ability to reason. 00:06:05.322 --> 00:06:09.432 Um, it's not like our supreme intellect compared to other species 00:06:09.432 --> 00:06:12.372 on this planet, although that, that, you know, that is true. 00:06:12.522 --> 00:06:12.912 Right? 00:06:12.972 --> 00:06:20.202 Um, uh, I think that the, you know, the real superpower of, um, 00:06:20.292 --> 00:06:24.162 humanity is, is our ability to flexibly coordinate with one another. 00:06:24.612 --> 00:06:29.952 Um, and, and we're social animals and we're, we're wired to. 00:06:30.522 --> 00:06:36.102 Um, to move about the world in a social context and, and to seek out one another. 00:06:36.552 --> 00:06:40.872 And, uh, we kind of have this innate draw, uh, towards that. 00:06:40.902 --> 00:06:46.572 Um, and so I, I got into to coffee and I, I believe, you know, I got into 00:06:46.572 --> 00:06:51.342 coffee because I was originally started a nonprofit world and I was, uh, you know, 00:06:51.342 --> 00:06:52.932 I was just wanted to save the world. 00:06:52.932 --> 00:06:56.142 I had my philosophy degree, you know, and what do you do with that? 00:06:56.142 --> 00:06:57.192 You go out and try to save the world. 00:06:57.192 --> 00:07:02.022 And I was working, uh, with a development nonprofit in West Africa, and, uh, 00:07:02.022 --> 00:07:05.742 we were doing micro lending and I saw these like entrepreneurs just on the 00:07:05.742 --> 00:07:10.422 ground and in rural West Africa and just was like, had this light bulb moment. 00:07:10.422 --> 00:07:11.142 It's like, oh no. 00:07:11.142 --> 00:07:16.182 Like it's, it's not charity that's really going to, you know, change the 00:07:16.182 --> 00:07:19.122 trajectory of, of places like this. 00:07:19.122 --> 00:07:24.072 It's, it's markets like, it's, you know, actual functioning, transparent. 00:07:24.492 --> 00:07:26.892 Equitable accessible markets. 00:07:26.922 --> 00:07:32.442 And, um, if you live in between the 20th parallels, you know, like you don't 00:07:32.442 --> 00:07:36.567 have access to the same, you know, kind of sophisticated financial tools that, 00:07:36.582 --> 00:07:38.472 that the, the developed world has. 00:07:38.472 --> 00:07:40.392 And that, that's a huge disadvantage. 00:07:40.872 --> 00:07:44.922 And most of these are producer economies that, you know, are, they're selling 00:07:44.922 --> 00:07:50.922 things like, uh, cacao or coffee or rubber to developed nations and they're, it 00:07:50.952 --> 00:07:52.572 is just not a very level playing field. 00:07:52.782 --> 00:07:54.942 Um, so that's, I wanted to get into coffee. 00:07:54.942 --> 00:07:56.382 I wanted to create, um. 00:07:57.102 --> 00:08:01.602 These like, uh, direct trade relationships to kind of even that balance out and 00:08:01.602 --> 00:08:05.442 kind of solve this, you know, 400 year old disaster of a supply chain. 00:08:05.712 --> 00:08:07.632 Um, that was the global coffee market. 00:08:08.202 --> 00:08:12.192 So that was kind of a, probably the first windmill I really took a tilt at. 00:08:12.282 --> 00:08:19.542 Um, and, uh, uh, and uh, as I got into that more and more, you know, kind of 00:08:19.542 --> 00:08:23.592 this idea of like, you know,

coffee as, as this like mechanism to bring people 00:08:23.592 --> 00:08:27.372 together was really strong for me. 00:08:27.402 --> 00:08:31.782 Like, um, there's this great line, um, in Goodwill Hunting, which is 00:08:31.782 --> 00:08:36.252 one of my favorite films where many drivers character, she's, she's 00:08:36.252 --> 00:08:39.582 kind of trying to ask the, the title character will out on a date. 00:08:39.672 --> 00:08:42.882 Um, Matt Damon's character, and she says, you know, why don't we get together 00:08:42.882 --> 00:08:46.872 and have a cup of coffee sometimes and, and Will just being who he is. 00:08:46.902 --> 00:08:49.302 So, you know, fires back and it's like real sardonic way. 00:08:49.302 --> 00:08:51.822 It is like, well, why don't we just get together and eat a bunch of 00:08:51.822 --> 00:08:54.402 caramels, you know, and, and she says. 00:08:55.272 --> 00:08:58.482 She looks at him funny and, and, uh, he says, you know, if you think 00:08:58.482 --> 00:09:00.132 about it, it's just as arbitrary. 00:09:00.372 --> 00:09:03.312 Um, and, uh, it's true, right? 00:09:03.312 --> 00:09:06.792 It's like coffee's just this arbitrary thing that, you know, as humans, we've 00:09:06.792 --> 00:09:08.952 decided is an excuse to get together. 00:09:09.372 --> 00:09:11.292 And I think because of that, it's awesome, you 00:09:11.292 --> 00:09:13.152 know, uh, what, what a great thing. 00:09:13.152 --> 00:09:17.772 Like we just, so, uh, I think, you know, coffee houses are this weird like, 00:09:18.042 --> 00:09:21.942 you know, decentralized infrastructure for the, the spread of ideas. 00:09:21.942 --> 00:09:24.822 They're this excuse for us to get together and look each other in the whites 00:09:24.822 --> 00:09:26.382 of our eyes and have a conversation. 00:09:26.382 --> 00:09:28.512 And I think that's an important thing. 00:09:28.512 --> 00:09:30.072 So that's what drew me into that. 00:09:30.072 --> 00:09:30.492 And then. 00:09:31.107 --> 00:09:36.237 In my, you know, kind of quicksodic, uh, journey of, you know, wanting 00:09:36.237 --> 00:09:38.367 to, to fix the global coffee market. 00:09:38.457 --> 00:09:43.077 I stumbled upon blockchain technology and this idea of like open, transparent 00:09:43.077 --> 00:09:48.087 ledgers that were borderless and, you know, that anybody could access, you know, 00:09:48.117 --> 00:09:51.117 um, you know, financial tools and capital. 00:09:51.537 --> 00:09:54.597 Um, and they didn't have to have, you know, the dumb luck of being 00:09:54.597 --> 00:09:58.827 born in a developed economy to do that, uh, I thought was amazing. 00:09:58.887 --> 00:10:03.507 And, uh, I just went deep down that rabbit hole and, um, and realized that like, 00:10:03.507 --> 00:10:10.107 hey, blockchains, uh, and blockchains are kind of, uh, you know, crypto is the, 00:10:10.167 --> 00:10:14.547 it's the intersection of the internet and money and, um, I think the internet 00:10:14.547 --> 00:10:19.647 and money are both,

they're tools for, um, flexible ho human coordination. 00:10:20.067 --> 00:10:23.787 Just like coffee is, and, and blockchains are, you know, they're 00:10:23.787 --> 00:10:25.617 the, uh, the intersection of those two. 00:10:25.617 --> 00:10:30.807 So blockchains are kind of this, they're really a super powerful tool for flexible 00:10:30.807 --> 00:10:32.727 human coordination and alignment. 00:10:32.727 --> 00:10:36.957 So, you know, I, I have this like crazy, like diverse set 00:10:36.957 --> 00:10:38.757 of things that I do day to day. 00:10:38.757 --> 00:10:40.557 I am kind of constantly code switching. 00:10:41.067 --> 00:10:44.757 You know, one day, one moment I might be like, underneath an espresso machine, 00:10:44.757 --> 00:10:48.447 fixing a plumbing line, and then like a, a a half hour later having a call 00:10:48.447 --> 00:10:50.337 with a senator about blockchain policy. 00:10:50.787 --> 00:10:55.137 Um, but to me it's, it all makes sense because it's all towards this 00:10:55.137 --> 00:10:59.967 idea of like, all these things bring people together to unleash the human 00:11:00.177 --> 00:11:02.847 superpower of flexible coordination. 00:11:02.937 --> 00:11:05.367 Um, so yeah, that's just what I'm about. 00:11:05.367 --> 00:11:08.937 So it just feels like one big job to me, rather than a million 00:11:08.937 --> 00:11:10.437 different disparate jobs. 00:11:10.437 --> 00:11:12.207 Like I think it probably looks from the outside. 00:11:12.207 --> 00:11:16.617 So, uh, sorry for the, uh, the, the, the, the long-winded response 00:11:16.617 --> 00:11:18.657 there, but, uh, yeah, that's, that's kind of how it all ties 00:11:18.657 --> 00:11:19.152 together in my mind. 00:11:19.827 --> 00:11:20.607 Giancarlo Newsome: I, I love it. 00:11:20.607 --> 00:11:24.447 I think, um, very inspiring and that's kind of the purpose of this podcast 00:11:24.447 --> 00:11:30.177 is hopefully others will go, you know what, um, listen deep to where your, 00:11:30.177 --> 00:11:33.207 your greatest pain and love intersects. 00:11:33.207 --> 00:11:38.877 Sunday had Lodge said that, and you know, I, um, you made a comment of like, just 00:11:38.877 --> 00:11:41.637 that, that humility of dumb luck, right. 00:11:41.667 --> 00:11:43.377 Of where we're born, right. 00:11:43.617 --> 00:11:48.327 That that's really most people listening to this podcast are on that 00:11:48.332 --> 00:11:50.307 side of the equation where like, okay. 00:11:51.027 --> 00:11:54.567 When you start just recognizing how blessed we were, we had 00:11:54.567 --> 00:11:55.947 nothing to do with getting here. 00:11:56.577 --> 00:12:04.977 And, um, I, I think it kind of, it should enable us to, um, kind of want to give 00:12:04.977 --> 00:12:09.057 back and, and I think anyone that's brought on this planet, frankly, has given 00:12:09.057 --> 00:12:11.787 a deck of cards for us to, to manage. 00:12:11.817 --> 00:12:15.657 And then, you know, we, we reveal these technologies to employ them.

00:12:15.657 --> 00:12:17.757 And I, it's just so, so cool the way I never. 00:12:18.132 --> 00:12:22.572 I never would've thought, you know, I, when you, when you coffee business 00:12:22.572 --> 00:12:26.982 until you, you brought together kind of the connection of people it creates 00:12:26.982 --> 00:12:30.912 and the decentralization, decentralized nature of coffee houses, it's now, okay, 00:12:31.212 --> 00:12:33.762 that's very much acquisitive blockchain. 00:12:33.762 --> 00:12:37.062 And, um, that, that was, uh, awesome. 00:12:37.062 --> 00:12:37.332 Loved it. 00:12:37.332 --> 00:12:41.502 A lot of, so we have a, our marketing team, they, they take extracts and I, 00:12:41.502 --> 00:12:44.712 I had a thought to myself, man, they're gonna have so many great little extracts 00:12:44.717 --> 00:12:49.662 of, of where you mentioned crypto is the intersection of the internet and money. 00:12:49.662 --> 00:12:53.802 You had a lot of other really good, I'm not gonna call 'em cliches, just summary 00:12:53.922 --> 00:12:56.382 soundbites that are very substantive. 00:12:56.742 --> 00:12:59.682 I also wanted to kind of reinforce how, 00:13:02.232 --> 00:13:10.782 you implicitly are, um, this, this concept of human connection, right? 00:13:10.812 --> 00:13:14.472 And that how, how that's like almost our, our greater superpower. 00:13:15.387 --> 00:13:20.067 You look at how society is struggling with depression and loneliness. 00:13:20.877 --> 00:13:28.257 You, you and, and in, in our theory and in our view, is that social media mainly 00:13:28.257 --> 00:13:35.817 as enemy number one, namely Facebook to reinforce our own worlds, to basically 00:13:35.817 --> 00:13:40.737 it shuts down that need and just makes us worship ourselves when, when we're called 00:13:40.737 --> 00:13:43.497 and designed to leverage that interaction. 00:13:44.037 --> 00:13:46.887 Um, the, uh, I don't know. 00:13:46.887 --> 00:13:47.427 You have any thoughts? 00:13:47.427 --> 00:13:48.087 I can tell you Got it. 00:13:48.267 --> 00:13:48.717 Wade Preston: Yeah. 00:13:48.722 --> 00:13:49.137 Yeah. 00:13:49.137 --> 00:13:49.587 I. 00:13:49.857 --> 00:13:53.247 I, I, think about this a lot, um, to be honest, because, 00:13:55.317 --> 00:13:58.077 you know, and I'll go back, this is probably a, an interesting 00:13:58.077 --> 00:14:00.837 anecdote and, and I promise I'm going somewhere with it, but we were 00:14:00.837 --> 00:14:05.547 talking about, you know, coffee houses as this, like, decentralized, um, 00:14:05.637 --> 00:14:07.857 infrastructure for the spread of ideas. 00:14:07.857 --> 00:14:12.867 Like that's, if you, if you talk to, you know, uh, kind of sociologists or 00:14:12.867 --> 00:14:16.707 like, you know, historical sociologists, though, a lot of 'em will pretty readily 00:14:16.707 --> 00:14:22.467 admit that one of the, the largest catalysts for the enlightenment was. 00:14:22.782 --> 00:14:26.832 The introduction to Coffee of Coffee to, uh, the European continent, 00:14:26.982 --> 00:14:32.712 and with it, the idea of coffee houses, um, because it, it marked 00:14:32.712 --> 00:14:34.752 this change in the European diet. 00:14:34.782 --> 00:14:40.362 You know, like the, uh, uh, the, the Arab world had been drinking hot beverages 00:14:40.362 --> 00:14:42.162 for a long time as part of the culture. 00:14:42.162 --> 00:14:45.042 They'd been acclimated to coffee for a while. 00:14:45.072 --> 00:14:49.182 Um, they were tee totaling culture, so they didn't, you know, while, while 00:14:49.182 --> 00:14:55.152 Europe needed to, to, to stay a off, um, disease with, you know, alcohol, right? 00:14:55.242 --> 00:15:00.582 Um, as their sterilization method, like, uh, Arabs were a little more, um, 00:15:00.732 --> 00:15:04.932 you know, uh, in, in their right mind more often because they were, they were 00:15:04.932 --> 00:15:07.902 using coffee, hot water, um, to do this. 00:15:07.902 --> 00:15:08.802 They were boiling water. 00:15:08.862 --> 00:15:10.692 Um, and then so when that hit. 00:15:11.742 --> 00:15:15.867 The, the European continent, people quickly switch from, you know, kind of 00:15:15.867 --> 00:15:17.457 barbiturates to amphetamines, right? 00:15:18.087 --> 00:15:21.747 They, it, it goes from like, you know, uh, beer for breakfast, you know, gin at lunch 00:15:21.747 --> 00:15:25.557 and wine at dinner, to now they're, you know, downing coffee in the coffee house. 00:15:25.617 --> 00:15:28.677 And so the flow of ideas and the productivity that comes 00:15:28.677 --> 00:15:31.437 around these things is like a totally different thing, right? 00:15:31.737 --> 00:15:34.347 And these coffee houses just start pop popping up everywhere. 00:15:34.467 --> 00:15:39.657 Um, and, um, and it, it, it created this, this whole infrastructure and like, this 00:15:39.657 --> 00:15:43.827 is where like a lot of like, um, uh, beat writers started showing up, right? 00:15:43.857 --> 00:15:46.647 Like writing, you know, it'd sit in the coffee house that was like, you 00:15:46.647 --> 00:15:50.337 know, outside of the Royal Academy and they would write on, you know, 00:15:50.367 --> 00:15:53.307 uh, what, what was being talked about in this coffee house, right? 00:15:53.307 --> 00:15:56.817 And that was kind of the, you know, the, the Scholastic beat, right? 00:15:56.817 --> 00:15:59.547 And then, you know, they would sit in at like the, uh. 00:16:00.252 --> 00:16:02.352 Coffee house, you know, um, by the port. 00:16:02.352 --> 00:16:04.992 And they would write about the shipping and commerce beat, right? 00:16:05.022 --> 00:16:07.002 Because that's where all the information was being shared. 00:16:07.302 --> 00:16:11.442 It's actually, sorry, there's another out frame that's actually, uh, um, a 00:16:11.442 --> 00:16:17.172 coffee house, you know, where sailors were coming back on leave, um, uh, and 00:16:17.172 --> 00:16:18.702 drinking, sitting around drinking coffee. 00:16:18.792 --> 00:16:24.972 Uh, they

started, um, uh, creating like a, a a a bedding table on, 00:16:25.062 --> 00:16:28.272 uh, you know, setting the odds on whether ships would return or not. 00:16:28.632 --> 00:16:31.092 And they were, they were placing bets on that in this coffee house. 00:16:31.092 --> 00:16:35.352 And, uh, it, it got really sophisticated as things do when people are, are 00:16:35.352 --> 00:16:38.112 exchanging money, like people like really wanna make sure everything's right. 00:16:38.592 --> 00:16:42.102 Uh, so it became this huge like blackboard with all these odds and, you know, 00:16:42.102 --> 00:16:44.172 handicaps on things and money moving. 00:16:44.172 --> 00:16:48.612 And, uh, and then ship owners realized that like, oh, this is like 00:16:48.612 --> 00:16:50.322 a great way to hedge my investment. 00:16:50.712 --> 00:16:53.202 I can like bet a little bit against my ship that way if it 00:16:53.202 --> 00:16:54.612 doesn't come in, I can collect. 00:16:55.122 --> 00:16:59.262 Uh, and, and eventually what they did was they created, um. 00:16:59.877 --> 00:17:00.867 um. 00:17:00.897 --> 00:17:04.797 they created insurance like, uh, and, and the name of this coffee 00:17:04.797 --> 00:17:06.177 house was Lloyd's of London. 00:17:06.237 --> 00:17:07.587 Like it's at, uh, 00:17:08.037 --> 00:17:08.727 Giancarlo Newsome: Are you serious? 00:17:09.087 --> 00:17:09.657 Wade Preston: yeah, yeah. 00:17:09.657 --> 00:17:10.887 This is, I mean, you can look up the history. 00:17:10.887 --> 00:17:13.167 Lloyd's 11 became as a, you know, began as a coffee 00:17:13.257 --> 00:17:14.217 Giancarlo Newsome: Wow. 00:17:14.307 --> 00:17:14.697 Wow. 00:17:14.727 --> 00:17:17.457 Wade Preston: so yeah, it's even like these financial primitives, right? 00:17:17.462 --> 00:17:21.387 Uh, like they come out of this, this idea of people coming together and, 00:17:21.807 --> 00:17:25.677 you know, like, uh, you know, in the same, you're in the same space and, 00:17:25.677 --> 00:17:30.207 and sharing ideas and this flexible ability to coordinate, um, happens. 00:17:30.567 --> 00:17:38.007 Uh, so yeah, I, I taken all that, like, we, we've like all the way to 00:17:38.007 --> 00:17:40.977 the internet, you know, it's kind of like the culmination of this, right? 00:17:40.977 --> 00:17:44.217 It's like the, the, the internet is the, like, when you take that 00:17:44.217 --> 00:17:48.447 coffee house, like flexibility and you just turn it to 11, right? 00:17:48.447 --> 00:17:49.377 Like the, um. 00:17:50.127 --> 00:17:52.437 Uh, the old, this is spinal tap meme, right? 00:17:52.497 --> 00:17:55.017 Like, it just, uh, which is great. 00:17:55.047 --> 00:17:56.187 It's awesome, right? 00:17:56.187 --> 00:17:58.317 Like, you, you and I can have this conversation. 00:17:58.317 --> 00:18:01.227 You're in Italy, I'm in Alabama, and we're having this conversation 00:18:01.227 --> 00:18:01.977 because of the internet. 00:18:02.217 --> 00:18:02.787 That's great. 00:18:02.787 --> 00:18:03.357 That's amazing. 00:18:03.357 --> 00:18:03.897 That's awesome. 00:18:04.617 --> 00:18:09.027 However, the downside of that is, it's a little bit like the difference 00:18:09.027 --> 00:18:13.137 between walking down a street with someone and driving on the interstate, 00:18:13.857 --> 00:18:14.247 right? 00:18:14.457 --> 00:18:18.627 Like if, if you and I are walking down the street, I, I live in Montgomery, Alabama. 00:18:18.627 --> 00:18:20.217 It's one of the most historic places on Earth. 00:18:20.697 --> 00:18:22.437 You just, you can walk down Dexter Avenue. 00:18:22.497 --> 00:18:23.487 So much history. 00:18:23.692 --> 00:18:26.727 You, you and I could walk, we could talk, I could tell you about, 00:18:27.027 --> 00:18:28.047 you know, I could point at Dr. 00:18:28.047 --> 00:18:30.897 King's church, the, the bus stop where Rosa Parks got on the bus. 00:18:30.897 --> 00:18:33.387 I could point at the winter building where the, the, the telegram to 00:18:33.387 --> 00:18:36.927 firearm, Fort Sumter was sent from, I, I could talk about the Lehman 00:18:36.927 --> 00:18:40.137 Brothers Bank starting just down the street as a cotton brokerage firm. 00:18:40.137 --> 00:18:42.867 Like we, we would have a blast walking down the street, right? 00:18:43.707 --> 00:18:45.272 Uh, if you and I are driving down the, in. 00:18:46.047 --> 00:18:46.977 Though, right? 00:18:47.097 --> 00:18:50.337 And, and we're, it's a much more efficient form of communi, 00:18:50.397 --> 00:18:53.607 uh, of, of, of, um, of travel. 00:18:53.817 --> 00:18:59.127 And, um, you know, and maybe I am, am driving down the interstate 00:18:59.127 --> 00:19:02.187 and I I I, I come into your lane a little too quick, right? 00:19:02.577 --> 00:19:05.217 Well now we're both surrounded by steel safety cages. 00:19:05.217 --> 00:19:07.017 We're moving 70 miles an hour. 00:19:07.617 --> 00:19:13.407 And you know, the interaction is not two people affably walking down the street. 00:19:13.407 --> 00:19:18.027 It's Oh, you son of a, you know, and like, you know, like even your grandmother, 00:19:18.027 --> 00:19:22.017 if they get cut off on the interstate is gonna like rage on somebody because we've 00:19:22.017 --> 00:19:28.407 created this, like the humanity has been, you know, um, abstracted away, right? 00:19:28.407 --> 00:19:31.587 Like we, it's hard to see a human when we just see the car 00:19:31.587 --> 00:19:33.057 come over in front of us, right? 00:19:33.507 --> 00:19:34.107 Um. 00:19:34.737 --> 00:19:36.567 and and we, we just rage about it. 00:19:36.567 --> 00:19:39.537 That same person, if they kick, if they kind of cut you off in the line 00:19:39.537 --> 00:19:42.927 at, at the bank or in the grocery store or something, like, you're just 00:19:42.927 --> 00:19:44.877 like, Hey, hey, the line's back there. 00:19:45.057 --> 00:19:46.587 Or you just, you don't even worry about it. 00:19:46.587 --> 00:19:47.367 You're like, yeah, whatever. 00:19:47.397 -->

00:19:51.207 You know, like, um, and so we interact with people differently in these 00:19:51.207 --> 00:19:54.897 contexts, and I think the internet is, is really like, you know, it, 00:19:54.897 --> 00:19:56.757 it's abstract to the humanity away. 00:19:57.417 --> 00:20:00.057 Um, in the same way that, you know, someone cutting you off on the 00:20:00.057 --> 00:20:03.417 interstate, someone says something on the internet that you disagree with. 00:20:04.617 --> 00:20:07.377 don't take that breath, you don't look 'em in the whites of their eyes and 00:20:07.377 --> 00:20:10.647 say, well, that's interesting how, you know, what made you think that? 00:20:10.647 --> 00:20:12.297 How did you get to that conclusion? 00:20:12.417 --> 00:20:17.067 You hear something you disagree with and you go, oh, this son of a, like, I, yeah, 00:20:17.097 --> 00:20:17.937 this guy's wrong. 00:20:17.967 --> 00:20:20.427 I'm about to unleash on on this guy. 00:20:20.457 --> 00:20:23.097 'cause, 'cause because I believe something different. 00:20:23.217 --> 00:20:27.147 And, um, I need to make sure that all the other people, you know, we, 00:20:27.207 --> 00:20:30.297 we imagine that everybody, you know, is watching the, the, the debate. 00:20:30.327 --> 00:20:31.017 Nobody cares. 00:20:31.017 --> 00:20:31.347 Right. 00:20:31.767 --> 00:20:37.167 Um, you know, like, no, nobody's, uh, CNN is not reporting on your Facebook thread, 00:20:37.287 --> 00:20:37.617 you know? 00:20:38.007 --> 00:20:42.117 Um, but we just, we have this innate, you know, sense that like, oh, I'm 00:20:42.117 --> 00:20:45.207 gonna dunk on this guy because he has a bad idea and I have a good idea. 00:20:45.807 --> 00:20:46.407 Um, 00:20:46.557 --> 00:20:46.887 Giancarlo Newsome: And there's no 00:20:46.887 --> 00:20:47.277 Wade Preston: but 00:20:47.997 --> 00:20:48.877 Giancarlo Newsome: uh, via that. 00:20:48.877 --> 00:20:48.942 Yeah. 00:20:49.917 --> 00:20:51.657 Wade Preston: and we don't see him as a person, right? 00:20:51.657 --> 00:20:55.617 And we're not looking at them thinking like, well maybe they think this 00:20:55.617 --> 00:20:59.967 way because they were brought up differently and maybe they didn't have. 00:21:00.777 --> 00:21:02.247 The same perspective that I had. 00:21:02.247 --> 00:21:05.097 Maybe they didn't have access to the same education that I had. 00:21:05.097 --> 00:21:09.927 Maybe they grew up in a different kind of household with different, 00:21:10.527 --> 00:21:15.087 um, struggles or different, um, opportunities that I didn't have. 00:21:15.087 --> 00:21:18.087 And, and therefore they, they just see the thing from a different angle. 00:21:18.657 --> 00:21:20.937 Um, you know, I think it's easier to do that when you're 00:21:20.937 --> 00:21:22.587 looking at somebody face to face. 00:21:22.647 --> 00:21:27.057 Uh, it is kind of easier, like the old police song right? 00:21:27.057 --> 00:21:29.097 Had this line in it about like, even Russian mothers 00:21:29.097 --> 00:21:30.297 love their children, right? 00:21:30.357 --> 00:21:32.067 Like in the height of the Cold War, right? 00:21:32.067 --> 00:21:35.667 It's like, yeah, we, we, we, we all, we all love our moms. 00:21:35.667 --> 00:21:39.507 We all want best for our children and our neighbor and our, you know, friends and 00:21:39.927 --> 00:21:44.787 generally, you know, I mean, we really are a 90% agreement on a lot of things. 00:21:44.817 --> 00:21:48.837 Um, so, uh, I think you get that sense when you're face-to-face with 00:21:48.837 --> 00:21:53.247 somebody that the internet kind of, it abstracts it away too much. 00:21:53.307 --> 00:21:57.087 Um, and, uh, I think that, you know, the internet is, is 00:21:57.087 --> 00:21:58.867 amazing in the sense that like. 00:21:59.472 --> 00:21:59.802 It. 00:22:00.102 --> 00:22:04.842 We are, we are more connected than we've ever been in the history of the world 00:22:04.842 --> 00:22:09.342 because of the internet, but we're somehow less together because of the internet. 00:22:09.672 --> 00:22:10.452 You know, it's like 00:22:10.602 --> 00:22:13.932 Giancarlo Newsome: One, one of my favorite, have you heard of Darrell Davis? 00:22:14.862 --> 00:22:15.522 Wade Preston: I don't think so. 00:22:15.642 --> 00:22:20.742 Giancarlo Newsome: He's this RB um, African American guy who actively 00:22:21.342 --> 00:22:27.252 befriend former, well, I guess at the time, KU Klux Klan members, and he, he 00:22:27.252 --> 00:22:31.452 restores their, I, I think their humanity. 00:22:32.022 --> 00:22:34.782 And another favorite phrase, I mean, I don't remember where I 00:22:34.782 --> 00:22:37.932 heard it first, but, you know, listen long enough to understand. 00:22:38.832 --> 00:22:40.482 And it's a really great story. 00:22:40.482 --> 00:22:41.112 Darryl Davis. 00:22:41.112 --> 00:22:43.542 He's like, just a, i I love that guy. 00:22:43.572 --> 00:22:46.482 'cause he really, and you think of the tragedy that just happened with 00:22:46.482 --> 00:22:50.652 Charlie Kirk, you know, like, how on earth does a 22-year-old, you 00:22:50.652 --> 00:22:53.592 know, not like, it's just so sad. 00:22:53.592 --> 00:22:55.122 But unfortunately it is. 00:22:55.122 --> 00:22:56.082 It's it. 00:22:56.562 --> 00:23:04.842 This, um, let's, let's pivot a little to, I think Capitalism and Corporatism 00:23:05.712 --> 00:23:11.442 is suffering the same thing where, oh, by the way, for our listeners, we, in, 00:23:11.442 --> 00:23:16.782 in the EU Humility app, we've created a group called Unhealthy Convenience. 00:23:17.682 --> 00:23:19.452 And it talks about some of these things. 00:23:19.452 --> 00:23:24.312 And then the purpose of this group is to kind of document where have, where 00:23:24.312 --> 00:23:26.052 have we accepted conveniences like. 00:23:26.442 --> 00:23:32.262 The internet, the, the, uh, the highway, the interstate, right, 00:23:32.652 --> 00:23:39.912 um, to, and, and suffered from it where, and or 24 hour

supermarkets. 00:23:39.912 --> 00:23:43.302 And, and so that we can at least just create some humility, some self-awareness. 00:23:43.302 --> 00:23:45.612 Say, you know what, maybe it's better to go next door and ask 00:23:45.612 --> 00:23:49.242 for that cup of sugar than to go get in the car, that convenience. 00:23:49.662 --> 00:23:52.842 Um, so I just wanna throw that out to the, to the audience. 00:23:52.842 --> 00:23:56.022 It's a fun, it's kind of done with some satire, I think if you have any 00:23:56.022 --> 00:23:57.552 suggestions, you know, throw it in there. 00:23:57.552 --> 00:24:05.317 But I, you know, when we spoke, um, you, I, I just loved, one of the things I, 00:24:05.322 --> 00:24:10.962 I, I think I shared with you was, um, here in Italy where I'm at, I was gonna 00:24:10.962 --> 00:24:14.712 throw out some stories because I'd like some of our listeners, especially who are 00:24:14.712 --> 00:24:21.672 in America, you know, you to recognize what we've lost in the past week. 00:24:22.137 --> 00:24:26.457 I was so thrilled to go to my hardware store, not a big Home Depot. 00:24:26.667 --> 00:24:32.397 It's owned by two brothers and I'm buying the sandpaper, uh, for a project. 00:24:32.427 --> 00:24:35.277 And uh, Johnny goes, what's it for? 00:24:35.697 --> 00:24:37.977 I'm like, well, I gotta put it in my sander. 00:24:37.977 --> 00:24:40.017 He goes, that won't last. 00:24:40.377 --> 00:24:43.077 And I, at Home Depot, I would've never had that. 00:24:43.257 --> 00:24:46.467 I mean, every time I go in, we have a discussion. 00:24:46.467 --> 00:24:49.647 And that human interaction is amazing with Luigi and Johnny. 00:24:50.127 --> 00:24:53.457 Um, Julia was just here with his wife. 00:24:53.457 --> 00:24:58.137 There are architects who actually do like the interior, like installation. 00:24:58.617 --> 00:25:04.617 And um, I remember meeting his father-in-law, um, which 00:25:04.617 --> 00:25:07.317 is Easy's, uh, uh, father. 00:25:07.797 --> 00:25:11.577 And when you listen to like how they've transferred from family member 00:25:11.577 --> 00:25:17.667 to family member, artisan trades that are beyond like the technology, 00:25:17.667 --> 00:25:20.727 beyond that, that benefit, um. 00:25:21.012 --> 00:25:24.762 I, I, I look so forward to every Saturday morning. 00:25:24.762 --> 00:25:30.372 We have a market here and, uh, Felipo and Marco are my two main guys at 00:25:30.372 --> 00:25:31.902 that market and who sell fruit. 00:25:32.442 --> 00:25:34.722 And we have a conversation. 00:25:34.722 --> 00:25:36.642 I, I've never had so many amazing peaches. 00:25:36.762 --> 00:25:40.602 I mean, like, there's that personal touch that a corporate buyer just can't have. 00:25:40.662 --> 00:25:42.582 I, I'm sure he call 'em, Hey, gimme the best peaches. 00:25:42.582 --> 00:25:47.562 But that interaction, um, Elisa Beta and Ivan are two different florists. 00:25:48.042 --> 00:25:54.072 Um, it's, these are things I, I'll bet money most Americans don't enjoy anymore. 00:25:54.252 --> 00:25:58.062 They, and, and when you walk into a major supermarket in the US or any 00:25:58.062 --> 00:26:03.822 major department store, it's, I, I get flashbacks to what I was taught. 00:26:03.822 --> 00:26:08.502 Communism is, and you know, where you have a central planner, they're 00:26:08.502 --> 00:26:10.152 gonna get, here are your options. 00:26:10.452 --> 00:26:11.502 We're gonna buy for you. 00:26:11.502 --> 00:26:13.572 We know what's best for you, for your options. 00:26:14.262 --> 00:26:18.792 And, and then everyone's just a number, just an employee. 00:26:18.792 --> 00:26:19.962 And, and, um. 00:26:20.757 --> 00:26:26.547 The, uh, uh, I now in Italy, the artisans, the small businesses, 00:26:26.547 --> 00:26:27.657 they're going extinct too. 00:26:27.657 --> 00:26:31.857 Like, I watched a big corporate, uh, pharmacy buy out this beautiful 00:26:31.857 --> 00:26:34.047 family owned, um, pharmacy. 00:26:34.317 --> 00:26:36.717 If you, if you walked up to this pharmacy, you would've 00:26:36.717 --> 00:26:38.457 thought, is this Beverly Hills? 00:26:38.487 --> 00:26:43.887 I mean the, the, the, the glass and the display case was so obviously 00:26:43.887 --> 00:26:48.447 done with heart and passion that you probably couldn't justify at, at a profit 00:26:48.447 --> 00:26:50.637 level or, or another hardware store. 00:26:50.637 --> 00:26:53.517 I loved, I walked in and you, you immediately see three generations 00:26:53.517 --> 00:26:55.047 working in there together. 00:26:55.587 --> 00:26:59.847 You know, grandma sitting in back, um, the young daughter, I mean like, 00:27:00.507 --> 00:27:04.797 like I, we, we we're suffering a lot. 00:27:04.797 --> 00:27:10.947 And when we spoke Wade, you had told me about taking Token Safe harbor 00:27:10.947 --> 00:27:13.107 to Main Street a, a policy brief. 00:27:13.887 --> 00:27:14.457 Um. 00:27:15.042 --> 00:27:17.442 What's your thoughts about corporatism? 00:27:17.472 --> 00:27:22.692 How capital's been hijacked, and how do you think blockchain technology can, 00:27:23.742 --> 00:27:30.102 um, help us restore this empowering humility to America and small business 00:27:30.102 --> 00:27:32.952 and just the business and the, and the and and the, i, I believe the 00:27:32.952 --> 00:27:34.872 original intention of capitalism, right? 00:27:34.872 --> 00:27:39.072 Where the free market really, we've been stripped of our power as consumers. 00:27:39.222 --> 00:27:43.062 They, the, the, and again, I've been part of corporate America and I, and I 00:27:43.062 --> 00:27:49.332 remember that we were making decisions that the employee or the client would 00:27:49.332 --> 00:27:50.982 not recognize in their lifetime. 00:27:51.672 --> 00:27:55.812 Or another fun statistic for the audience here, I was talking to, uh, to a dear 00:27:55.812 --> 00:28:00.267 friend, a boss in my, in my army role, and he's a big, he's, he's amazing. 00:28:01.572 --> 00:28:04.722

Just a brain on bicycles and bicycle history. 00:28:05.592 --> 00:28:08.952 He had, he had come to work today with, uh, what I thought, 00:28:08.952 --> 00:28:10.212 is that a single gear bike? 00:28:10.212 --> 00:28:12.582 He says, no, it's, it's two gears and internal gear. 00:28:12.582 --> 00:28:13.242 I'm like, whoa. 00:28:13.272 --> 00:28:16.932 And as he started talking about this, he mentioned, yeah, at the start 00:28:16.932 --> 00:28:19.692 of the century in the 19th century, there were like over a thousand 00:28:19.872 --> 00:28:24.732 bicycle manufacturers, and now we know it's reduced to like eight or nine. 00:28:25.542 --> 00:28:31.572 So you go, you know, there's more creativity out there, but how do, can 00:28:31.572 --> 00:28:35.952 blockchain technology kind of unleash that again, you know, when you, when you talk 00:28:35.952 --> 00:28:39.642 to 'em about this token safe harbor for Main Street, tell us about kind of your 00:28:39.642 --> 00:28:45.282 vision there, your hopes there, and, and, um, what, what's, tell us about that. 00:28:45.827 --> 00:28:50.027 Wade Preston: Yeah, I, um, I think the problem that, that you're, 00:28:50.567 --> 00:28:56.717 you're hinting at here, putting out there is one of, I think there's, 00:28:56.717 --> 00:29:00.917 there's two two kind of dialectical. 00:29:02.457 --> 00:29:07.227 One is, is the idea of the, the transcendent versus the transactional, 00:29:07.737 --> 00:29:08.067 right. 00:29:08.757 --> 00:29:12.477 Um, 'cause what you're describing are like, they're, it's commerce, 00:29:12.477 --> 00:29:14.187 but it's, it's in a transcendent way. 00:29:14.487 --> 00:29:19.107 You know, you go into the hardware store, you see Johnny and Luigi and they know 00:29:19.107 --> 00:29:23.247 you and they know they're interested in what your, your, your project is. 00:29:23.247 --> 00:29:29.727 They're, they, they want to help you, um, in in a transcendent way, not just 00:29:29.727 --> 00:29:35.217 because they see you as a customer and they need to, um, you know, give you some 00:29:35.217 --> 00:29:39.717 value so that you'll transact with them and give them some value in return, right? 00:29:40.197 --> 00:29:49.017 Um, they, they're, they're, they get value, um, out of, um, knowing that 00:29:49.017 --> 00:29:53.787 they helped you and that you're gonna go back to your home and you're gonna be 00:29:53.787 --> 00:29:56.127 able to do your project well, because. 00:29:56.472 --> 00:29:58.242 They gave you that added value, right? 00:29:58.272 --> 00:30:00.192 They, they, they take something from that. 00:30:00.432 --> 00:30:05.592 And that's the other dialectic that I would say is the, the, the, the 00:30:05.592 --> 00:30:08.712 tension between qualitative value and quantitative value, right? 00:30:08.742 --> 00:30:11.892 These things are, so you kind of have on one side the transcendent 00:30:11.892 --> 00:30:15.222 experience that creates qualitative value, and then on the other side, 00:30:15.222 --> 00:30:18.702 you have the transactional experience that creates, uh, quantitative value. 00:30:18.912 --> 00:30:19.272 Right? 00:30:19.362 --> 00:30:21.672 Um, and I think that you're, you're correct. 00:30:21.702 --> 00:30:26.622 I think that our, our form of capitalism has way over indexed for, 00:30:26.652 --> 00:30:31.722 um, you know, the, the quantitative value and the transactional churn. 00:30:32.532 --> 00:30:36.132 Um, because that, that, is the thing that, you know, that's this 00:30:36.132 --> 00:30:38.622 very like Freedman esque idea. 00:30:38.682 --> 00:30:41.892 And I think Milton Friedman was a complete, like, gig of 00:30:41.892 --> 00:30:43.692 genius, like super smart guy. 00:30:44.442 --> 00:30:50.472 Um, but you know, the Freedman model, I, I think he, he thought a 00:30:50.472 --> 00:30:55.272 lot about it and I think it's very thoughtfully crafted in this idea that. 00:30:55.827 --> 00:31:00.867 Hey, the, the moral imperative of any business is to maximize 00:31:00.867 --> 00:31:02.757 profit for the shareholder. 00:31:03.177 --> 00:31:07.677 You know, even if the shareholder is just a single, you know, 00:31:08.067 --> 00:31:09.327 one person, entrepreneur. 00:31:09.537 --> 00:31:15.357 Um, and because if you're maximizing profit for the shareholder, then 00:31:15.387 --> 00:31:22.167 you must necessarily be delivering the best value for all stakeholders. 00:31:22.467 --> 00:31:26.367 You know, the, the, um, you know, the employee, the customer, 00:31:26.397 --> 00:31:27.657 your community, all that. 00:31:27.657 --> 00:31:30.537 Like, if, if you weren't delivering maximum value, you 00:31:30.537 --> 00:31:33.237 wouldn't have the highest profit. 00:31:33.447 --> 00:31:41.037 Um, uh, and I think maybe in earlier iterations of the market, that 00:31:41.577 --> 00:31:44.787 probably held true a bit, but. 00:31:45.327 --> 00:31:50.967 As we started to see a gap, like, and, and we started to see like kind of the 00:31:51.027 --> 00:31:56.217 concentrated coercive power, do what it does and, and really bloat at the top. 00:31:56.907 --> 00:32:01.137 Um, I think it that, that, that model of capitalism really 00:32:01.137 --> 00:32:02.787 started to show its flaws. 00:32:03.057 --> 00:32:07.107 Um, and you have something like, I mean, think about McDonald's, right? 00:32:07.107 --> 00:32:11.727 Like McDonald's is a publicly traded company. 00:32:11.847 --> 00:32:17.757 You know, think about the, you know, top 10 shareholders of a McDonald's, right? 00:32:17.937 --> 00:32:21.237 Like, uh, this, these are probably, you know, think about the person 00:32:21.237 --> 00:32:23.367 that they, that, that embodies this's, probably the CEO of an 00:32:23.367 --> 00:32:24.657 investment bank or something, right? 00:32:25.257 --> 00:32:28.947 And, and think about these people and ask yourself like, okay, does this 00:32:28.947 --> 00:32:31.617 person regularly eat at a McDonald's? 00:32:32.022 --> 00:32:35.412 You know, do

their kids work a summer job at McDonald's? 00:32:35.982 --> 00:32:39.522 Uh, do they, do they live in the kind of tertiary market where the 00:32:39.582 --> 00:32:44.682 presence or absence of a McDonald's has some, you know, outsize influence 00:32:44.682 --> 00:32:46.782 on the local economy, right? 00:32:46.782 --> 00:32:48.312 Like, no, no, and no. 00:32:48.462 --> 00:32:49.392 You know, they, they have no, 00:32:49.452 --> 00:32:54.672 there's no skin in the game for them other than maximizing transactional 00:32:54.672 --> 00:33:00.072 churn and pushing cost of goods as low as they can and price as high as they can. 00:33:00.072 --> 00:33:03.822 So they have the biggest spread and they have the most people, and, and yeah, they 00:33:03.822 --> 00:33:08.502 do have to be mindful of, you know, okay. 00:33:08.502 --> 00:33:13.002 You know, can do, do I have an a, a, a place where people are gonna show up and 00:33:13.002 --> 00:33:17.112 work, and do I have a good enough product where people are gonna show up and buy it? 00:33:17.142 --> 00:33:21.732 But like, those are, they're just trying to cross a minimum threshold there, right? 00:33:21.792 --> 00:33:22.752 They're not concerned 00:33:22.767 --> 00:33:24.207 Giancarlo Newsome: race to the bottom really. 00:33:24.567 --> 00:33:27.297 And, and one of my, one of my favorite statistics that 00:33:27.297 --> 00:33:29.487 I think I'll pay forward, Dr. 00:33:29.487 --> 00:33:32.367 Nathan Fur, uh, when he was with Brigham Young. 00:33:33.117 --> 00:33:38.007 He, 75% of the Fortune 500 will not be there in 50 years. 00:33:38.037 --> 00:33:39.477 In other words, they're all in decline. 00:33:39.627 --> 00:33:43.437 Squeezing the, like, the free market will correct itself. 00:33:43.437 --> 00:33:47.217 But the issue is kinda like we're seeing, I was listening yesterday with 00:33:47.217 --> 00:33:52.377 the, with the, you heard government study after government study that raised 00:33:52.382 --> 00:33:54.687 concerns about the mercury in vaccines. 00:33:54.687 --> 00:33:57.117 I'm not sure if you saw this, there was one of the recent announcements 00:33:57.117 --> 00:34:02.097 by, uh, uh, secretary Kennedy, and it took 30 years for us to correct it. 00:34:02.457 --> 00:34:06.447 The government even I, I mean like, like the free market, just. 00:34:07.852 --> 00:34:10.797 Wade Preston: I, I could do, we could do a whole episode on, um, 00:34:10.887 --> 00:34:16.212 you know, the, the medical, I, I unfortunately got a deep dive into the. 00:34:17.097 --> 00:34:21.327 All of the, the kind of stakeholders within our medical infrastructure 00:34:21.327 --> 00:34:24.747 and all the misaligned incentives that lead to these crazy things. 00:34:24.777 --> 00:34:28.617 Um, my, my, my, my sister and my wife were both diagnosed with cancer 00:34:28.617 --> 00:34:30.027 six months apart from each other. 00:34:30.357 --> 00:34:34.737 So I went through this like, yeah, this like, uh, you know, couple of years 00:34:34.737 --> 00:34:39.417 where it was just like this eye-opening thing about how a lot of this stuff 00:34:39.417 --> 00:34:43.617 worked and, uh, particularly with cancer care and like, you know, you kind of 00:34:43.617 --> 00:34:50.007 realize that like, uh, it, it's not that, you know, one particular group 00:34:50.067 --> 00:34:54.267 is sitting there, you know, or one particular person is like, you know, 00:34:54.357 --> 00:34:55.797 sitting in a dark room, you know, 00:34:55.797 --> 00:35:00.657 twisting his mustache, trying to like, it's just several different, you know, 00:35:00.657 --> 00:35:04.677 it's like a mullock trap, like all these different, um, you know, just. 00:35:05.337 --> 00:35:10.107 Slight misalignments of incentives that that lead to this broken 00:35:10.107 --> 00:35:15.897 system that just creates these outcomes that are, are not optimal. 00:35:16.047 --> 00:35:16.437 Right. 00:35:16.527 --> 00:35:21.177 And, and, um, it, it's, it's really fascinating how those things can work 00:35:21.177 --> 00:35:24.777 and, and just how systems that we, you know, even when we're trying to create 00:35:24.777 --> 00:35:30.267 systems as human beings, like, uh, you know, I think, uh, you know, this is 00:35:30.267 --> 00:35:36.237 probably an unpopular thing to say, um, maybe, um, but like GK Chesterton, 00:35:36.447 --> 00:35:40.617 um, you know, he said sin is a fact that's practical as potatoes, right? 00:35:40.887 --> 00:35:45.477 Like, um, I, I, I, I think that's like why even if you're not a particularly 00:35:45.477 --> 00:35:49.467 religious person, I think that's wise to live by is like understanding. 00:35:49.467 --> 00:35:53.257 Like people are, are kind of going to, uh, they, we. 00:35:53.907 --> 00:35:57.057 You know, human beings, we, we, we, you know, we have a, a devil 00:35:57.057 --> 00:35:58.317 and an angel on our shoulder. 00:35:58.527 --> 00:35:59.367 And, um, 00:35:59.907 --> 00:36:03.567 we have, we have an, we have an appetite for things and like, we're like, like 00:36:03.567 --> 00:36:09.057 people will lean towards, you know, greed and, and taking the, the, you know, 00:36:09.897 --> 00:36:11.667 looking out for number one, so to speak. 00:36:11.667 --> 00:36:15.867 And, and sometimes that's not even like a, a particularly unvirtuous 00:36:15.867 --> 00:36:19.467 thing to do, like in, in the example of the medical establishment, right? 00:36:19.467 --> 00:36:23.547 Like, you might have a doctor that like really has some misgivings 00:36:23.547 --> 00:36:25.047 about some things, right? 00:36:25.077 --> 00:36:30.957 But like, they're gonna keep their mouth shut because they have two kids 00:36:30.957 --> 00:36:34.317 at home and they've got a mortgage and they gotta show up and they, and they 00:36:34.317 --> 00:36:36.897 really just want to help their patients as best they can and like, that's 00:36:36.897 --> 00:36:38.367 just not a hill they're gonna die on. 00:36:38.517 --> 00:36:38.907 Right?

00:36:38.937 --> 00:36:41.397 Like, they're, they're so, um, 00:36:41.457 --> 00:36:43.167 Giancarlo Newsome: And those hills add up, right? 00:36:43.167 --> 00:36:46.827 So if he, maybe it's not a, maybe it's a in, it's on its own. 00:36:46.827 --> 00:36:49.677 It's a small, this is something I notice in like big institutions like 00:36:49.677 --> 00:36:56.067 the military is you, you, you have legitimate, plausible deniability, right? 00:36:56.397 --> 00:36:59.457 There's, there's so many chains in that effect. 00:36:59.457 --> 00:37:03.297 But, and that's kind of the essence of empowering humility is like, as 00:37:03.297 --> 00:37:07.257 a culture, if we can all double down and there's something else that, 00:37:07.257 --> 00:37:09.927 that, that kind of hit me this week. 00:37:09.957 --> 00:37:14.517 Um, I was, I was getting, um, in the military we have like 00:37:14.517 --> 00:37:18.477 these annual trainings for sexual harassment, suicide prevention, 00:37:18.537 --> 00:37:21.717 and it's like ask care and escort. 00:37:22.287 --> 00:37:26.367 But it was very interesting, the whole, um, I have a little, little handout I 00:37:26.367 --> 00:37:29.307 have here for active listening, you know. 00:37:29.757 --> 00:37:34.017 Um, but what's really interesting way and kind of what, what's 00:37:34.017 --> 00:37:39.327 you're highlighting is there was no discussion about virtue or vices. 00:37:39.717 --> 00:37:42.087 Like, there's no why. 00:37:42.452 --> 00:37:46.887 And, and I kind of wonder how have we removed from, I know we're going a little 00:37:46.887 --> 00:37:52.467 off topic here, but it really hit me in our pop culture, in the media, you never 00:37:52.467 --> 00:37:57.327 hear people talking about some of these sins, like you said, the potatoes of sin, 00:37:57.867 --> 00:38:03.297 of envy, and, and even, and, and some, most of these sins beside the, like, 00:38:03.387 --> 00:38:08.307 besides like lust, they're really, they're really between us and, and our creator 00:38:08.307 --> 00:38:10.137 or us and whatever we believe, right? 00:38:10.612 --> 00:38:12.657 It is hard to catch someone who's being envious. 00:38:12.657 --> 00:38:15.207 It's hard to catch someone being a little bit greedy, right? 00:38:15.507 --> 00:38:18.297 It's hard to catch someone who's even feeling inadequate, right? 00:38:18.507 --> 00:38:19.917 Or insecure or fear. 00:38:19.917 --> 00:38:23.877 Like there, there's all these, and, and I, I used to be kind of a proponent, 00:38:23.907 --> 00:38:27.507 oh, you know, this guy's falling, we're becoming narcissistic, but maybe 00:38:27.507 --> 00:38:33.837 nihilism where we, that may be the bigger, the bigger umbrella sin is, 00:38:33.837 --> 00:38:39.087 is I don't, I don't really believe, I think most of us recognize that. 00:38:39.762 --> 00:38:46.482 Narcissism is a really, um, that, that's not, that people aren't, but 00:38:46.482 --> 00:38:51.552 I, I wonder if if it just, we just end up kind of existing, you know, and, 00:38:52.042 --> 00:38:56.997 Wade Preston: I, I, I think that I, I, I've kind of come to this conclusion that, 00:38:57.087 --> 00:39:01.467 um, most of this is like guided by shame. 00:39:02.007 --> 00:39:07.677 Like I think that when, uh, yeah, you know, to chesterton's quote, like, sin 00:39:07.677 --> 00:39:09.387 is a fact as practical as potatoes. 00:39:09.387 --> 00:39:10.977 Like we, we all kind of deal with that. 00:39:10.977 --> 00:39:13.377 But then like, I think, you know, to. 00:39:13.782 --> 00:39:18.912 To the discredit of institutionalized religion, I think institutionalized 00:39:18.912 --> 00:39:23.082 religion and, and, and, and the, the sinful souls within it have have 00:39:23.082 --> 00:39:27.552 realized that shame is like a really great lever to, to move people in 00:39:27.552 --> 00:39:29.172 a direction that you want them to. 00:39:29.172 --> 00:39:33.672 And that's been abused, um, and institutionalized religion for a long 00:39:33.672 --> 00:39:38.172 time because when people feel a certain sense of shame, they're going to 00:39:38.172 --> 00:39:40.572 react in particular ways to avoid it. 00:39:40.572 --> 00:39:44.322 And I think nihilism is a way to avoid the, the sense, any sense of shame. 00:39:44.382 --> 00:39:46.962 I think narcissism is a way to avoid a sense of shame. 00:39:46.962 --> 00:39:48.492 It's a, it's a shield, right? 00:39:49.092 --> 00:39:56.712 Um, and I think, I think humility is, is a way to, to, to, like disarm shame, right? 00:39:56.892 --> 00:40:01.632 Like if, if shame is the, you know, kind of the, the, the dagger heading at our 00:40:01.632 --> 00:40:04.332 heart, like humility blunts it, right? 00:40:04.332 --> 00:40:05.172 Because it says, yeah. 00:40:05.262 --> 00:40:05.747 Like I'm, I'm. 00:40:07.062 --> 00:40:07.962 I'm kind of messed up. 00:40:07.962 --> 00:40:11.442 Like I'm not quite right, you know, but so are all my other 00:40:11.442 --> 00:40:14.382 fellow travelers along with me, and, and we're gonna be all right. 00:40:14.442 --> 00:40:17.052 You know, like, uh, we're gonna, we're gonna get through this together. 00:40:17.532 --> 00:40:20.862 Um, and I, I think that's a powerful thing and I think that, you know, 00:40:20.862 --> 00:40:23.232 to kind of take it full circle, that's why it's important for 00:40:23.232 --> 00:40:25.782 us to be in, in spaces together. 00:40:25.782 --> 00:40:30.222 That's why it's important for us to not lose, uh, these transactional 00:40:30.222 --> 00:40:32.142 experiences and, and trade them in. 00:40:32.352 --> 00:40:35.502 I mean, while we shouldn't lose these transcendent experiences rather, 00:40:35.802 --> 00:40:39.762 and trade them in for transactional experiences and why we need to be aware 00:40:39.762 --> 00:40:41.892 of like, the qualitative value of things. 00:40:42.012 --> 00:40:46.632 Um, and yeah, I mean to, I mean, actually kind of, you know, 00:40:46.632 --> 00:40:47.862 put a bow on the whole thing. 00:40:47.862

--> 00:40:52.122 Like, that's what I want to do with, you know, with blockchains and with this, 00:40:52.152 --> 00:40:57.582 this click project is like create some avenues to where we can take those things 00:40:57.582 --> 00:40:59.232 that, that are hard to value right now. 00:40:59.922 --> 00:41:03.432 That's something I really noticed about like blockchain technology 00:41:03.432 --> 00:41:07.152 that I wasn't even looking for, is that it's actually a really efficient 00:41:07.242 --> 00:41:13.242 rail for taking qualitative value and putting a quantitative metric to it. 00:41:13.482 --> 00:41:17.082 Uh, and, and it's, I, and I think probably the absolute 00:41:17.082 --> 00:41:18.582 most efficient rail to do that. 00:41:18.702 --> 00:41:24.162 Um, uh, because you can bootstrap liquidity, uh, on chain and 00:41:24.162 --> 00:41:27.162 you can do interesting things and you can just try things. 00:41:27.162 --> 00:41:30.432 Like there's no, you know, there's no like arbiter that's like, you know, 00:41:30.432 --> 00:41:31.962 telling you what you can and can't do. 00:41:31.962 --> 00:41:33.042 It's all permissionless. 00:41:33.072 --> 00:41:36.762 So, you know, if you think that the picture of the dog with the hat 00:41:36.822 --> 00:41:41.142 is funny and you think that that humor has some value to it, you can 00:41:41.742 --> 00:41:43.722 speculate on the value of that humor. 00:41:43.752 --> 00:41:45.462 It's a totally qualitative thing. 00:41:45.912 --> 00:41:49.482 Um, you know, is that a, is that a good use of capital? 00:41:49.992 --> 00:41:54.582 Probably not, but it's an interesting experiment in this idea of, uh, 00:41:54.612 --> 00:41:57.942 qualitative value and finding a, a quantitative metric for it. 00:41:58.002 --> 00:42:00.552 And, and with Qlik, that's what we're trying to do. 00:42:00.582 --> 00:42:02.892 Qlik stands for Community led Investment Capital. 00:42:03.312 --> 00:42:07.302 And the idea that I'd noticed in being a small business owner, 00:42:07.332 --> 00:42:10.482 especially like a community business, like I, I run a coffee shop, right? 00:42:10.572 --> 00:42:17.652 And, um, I, um, as I'm running this coffee shop, I, I, it's a sit 00:42:17.652 --> 00:42:22.542 down, you know, nice get together, community coffee shop, right? 00:42:22.602 --> 00:42:24.342 Um, there's no drive through. 00:42:24.402 --> 00:42:26.532 Like, it's not, you know, sitting by the interstate, in 00:42:26.532 --> 00:42:27.762 and out, anything like that. 00:42:27.762 --> 00:42:30.492 It's not even like on like a busy, or not even on like super 00:42:30.492 --> 00:42:33.042 busy, pedestrian thorough affairs. 00:42:33.102 --> 00:42:37.242 Um, uh, it, it's a place for people to get together. 00:42:37.392 --> 00:42:40.152 Um, and there's a lot of value in that, I believe. 00:42:40.152 --> 00:42:43.392 I think other people agree, but I definitely believe in the value of 00:42:43.392 --> 00:42:48.162 people having a space to be, um, and, and for like the authentic and diverse 00:42:48.162 --> 00:42:49.602 community that comes out of just. 00:42:50.022 --> 00:42:51.552 Opening a space for people to be. 00:42:52.122 --> 00:42:54.012 Um, now here's the deal. 00:42:54.042 --> 00:42:55.632 There's a lot of qualitative value in that. 00:42:55.992 --> 00:43:00.042 The quantitative value takes a huge hit when you decide to do that because 00:43:00.042 --> 00:43:02.472 the Starbucks that's out by the interstate that has the drive through, 00:43:03.372 --> 00:43:10.512 you know, on a, on just an on idle Tuesday, they're doing twice as much 00:43:10.512 --> 00:43:13.782 business as my busiest day of the year. 00:43:14.592 --> 00:43:18.492 You know, I mean, they're, they, they've just got the transactional churn. 00:43:18.492 --> 00:43:20.742 It's not just Starbucks, you know, it's Dunking Donuts, it's 00:43:20.742 --> 00:43:23.892 what, whatever, you know, any, any kind of drive through coffee joint, like, 00:43:24.282 --> 00:43:26.052 um, that's, that's well positioned. 00:43:26.172 --> 00:43:31.752 Like, you know, they're gonna do seven, 10, maybe $15,000 on a Saturday. 00:43:31.752 --> 00:43:37.302 And like on my greatest days in my busiest cafes, we're doing maybe $3,500, right? 00:43:37.872 --> 00:43:44.802 Um, and, and, uh, but I'm delivering more value to my community than they are. 00:43:45.192 --> 00:43:48.282 Um, so how do we take that qualitative value that we're 00:43:48.282 --> 00:43:49.482 delivering, that we're creating? 00:43:49.482 --> 00:43:51.942 And it's not just my, my business, you know, coffee shops are easy to 00:43:51.942 --> 00:43:53.232 extrapolate, but the same thing. 00:43:53.232 --> 00:43:55.602 I just think even in the states, right? 00:43:55.602 --> 00:43:58.782 Like we still have these touch and feel community businesses that 00:43:58.782 --> 00:44:02.202 people like to be a part of, but they're, you know, they're record 00:44:02.202 --> 00:44:04.002 stores, they're comic book shops. 00:44:04.002 --> 00:44:06.552 They're, they're, they're bicycle repair shops. 00:44:06.552 --> 00:44:12.522 They're, you know, small bakeries, um, uh, their pubs, you know, um, 00:44:13.182 --> 00:44:16.512 you know, these types of places that people just, yeah, barbershops man. 00:44:16.512 --> 00:44:19.692 Like, just places where people just want to be and they wanna be seen and they 00:44:19.692 --> 00:44:21.612 want to, to interact with other people. 00:44:21.972 --> 00:44:26.922 Uh, but they don't, they don't, have the mechanism for, um, actualizing the 00:44:26.922 --> 00:44:29.652 value that they're creating because the value they're creating kind of 00:44:29.652 --> 00:44:31.572 has this like, qualitative value lock, 00:44:31.752 --> 00:44:32.142 right? 00:44:32.772 --> 00:44:36.822 So, um, you know, the idea is that like we take with Qlik, 00:44:36.822 --> 00:44:38.772 we take essentially take like. 00:44:39.642 --> 00:44:43.302 You know, customer loyalty programs, like all

the, the perks that you would get 00:44:43.302 --> 00:44:48.492 from a customer loyalty program, and maybe like, emphasize those even more, make 00:44:48.492 --> 00:44:50.052 'em, make them bigger, make them better. 00:44:50.532 --> 00:44:53.022 Um, and we tokenize those, right? 00:44:53.022 --> 00:45:00.732 So it's, you know, if you, uh, and, and we create, um, a capital 00:45:00.732 --> 00:45:02.412 formation rail for small businesses. 00:45:02.472 --> 00:45:06.792 So small businesses can, you know, in an initial offering, they can, they can 00:45:06.792 --> 00:45:11.982 sell this tokenized, these tokenized loyalty points essentially, you know, 00:45:11.982 --> 00:45:17.292 that are actually like real, you know, crypto tokens on a chain, um, to, um, 00:45:17.802 --> 00:45:21.072 uh, to their supporters, right, to their friends, their family, their, 00:45:21.072 --> 00:45:22.782 their loyal customers, their community. 00:45:23.172 --> 00:45:27.867 Um, and those people, they can exchange them for, you know. 00:45:28.662 --> 00:45:34.002 The, the real world, you know, upside of, of those tokens, whether it's, you 00:45:34.002 --> 00:45:37.212 know, just like getting a cup of coffee with them, or maybe if they, you know, 00:45:37.212 --> 00:45:41.412 hold a certain number of them they're eligible to go on a trip to Guatemala 00:45:41.412 --> 00:45:44.712 and see the farm or, or whatever, you know, the business wants to do with 00:45:44.712 --> 00:45:49.512 those tokens to reward the, the people in their community they can do with them, 00:45:49.692 --> 00:45:55.242 or, you know, they can, um, they can sit on those tokens as, as an asset, right? 00:45:55.302 --> 00:45:58.602 And if they believe in the brand and they believe the brand's expanding and that 00:45:58.602 --> 00:46:01.782 there's gonna be more demand for these tokens that are wrapped up in this brand. 00:46:02.352 --> 00:46:05.322 Uh, and people see, you know, other people are gonna see the qualitative 00:46:05.322 --> 00:46:08.982 value of, of a, a small community brand and want to invest in it, then 00:46:08.982 --> 00:46:11.712 they hold onto 'em and they're, you know, they're an appreciating asset, 00:46:11.862 --> 00:46:13.512 uh, if that comes to fruition, right? 00:46:13.782 --> 00:46:18.312 But they always have the backstop of being able to, uh, utilize those tokens, 00:46:18.432 --> 00:46:22.212 uh, you know, for the purpose of, uh, you know, using them in the, in the 00:46:22.212 --> 00:46:23.772 business that they already know and love. 00:46:23.772 --> 00:46:27.372 So it's kind of a win-win, you know, the customer gets, um. 00:46:28.182 --> 00:46:32.082 They get to invest in the business, but they also get like good liquidity to 00:46:32.082 --> 00:46:33.942 be able to exchange the, the tokens. 00:46:34.272 --> 00:46:38.052 And the tokens, you know, can be exchanged for cash value equivalents. 00:46:38.052 --> 00:46:40.752 You know, they can be exchanged for other crypto or like stable 00:46:40.752 --> 00:46:41.922 coins or anything like that. 00:46:42.432 --> 00:46:45.252 Uh, or they can be exchanged for, uh, you know, goods or 00:46:45.252 --> 00:46:47.232 services within the, the business. 00:46:47.682 --> 00:46:51.462 Um, so they get that liquidity that they couldn't get if they invested in, in the 00:46:51.462 --> 00:46:53.772 business as like a K one type investor. 00:46:54.162 --> 00:46:57.072 Um, and they'd really have to like lock up liquidity for a long time. 00:46:57.072 --> 00:47:00.312 You know, uh, you're able to take, you kind of crowdsource 00:47:00.312 --> 00:47:01.332 things a little better. 00:47:01.362 --> 00:47:05.232 You know, like Reg CF type crowdfunding right now has like pretty much 00:47:05.232 --> 00:47:06.522 no liquidity attached to it. 00:47:06.522 --> 00:47:09.762 So if somebody believes in a business and they throw $500 00:47:09.762 --> 00:47:11.622 at it, uh, and then, you know. 00:47:11.932 --> 00:47:14.722 A kid falls and breaks their arm and you know, you got a medical bill 00:47:14.722 --> 00:47:17.512 and you need 500 bucks, like, you know, tough luck if you're in like 00:47:17.512 --> 00:47:20.152 a red CF or K one type environment. 00:47:20.152 --> 00:47:24.052 But if you have liquid tokens that have a, uh, a liquidity pool 00:47:24.052 --> 00:47:27.022 attached to 'em that, you know, will always allow them to be traded. 00:47:27.202 --> 00:47:30.592 Like you can, you can take your, your investment out, uh, if you need 00:47:30.787 --> 00:47:31.077 Giancarlo Newsome: Well, 00:47:31.252 --> 00:47:32.302 Wade Preston: So, yeah. 00:47:32.742 --> 00:47:34.182 Giancarlo Newsome: Could you have multiple? 00:47:34.182 --> 00:47:38.982 So what I also love, um, getting to know some of the polka dot people is you could 00:47:38.982 --> 00:47:40.902 have multiple layers of tokens, right? 00:47:40.902 --> 00:47:45.102 You could have like, maybe a city could create, Hey, if you invest 00:47:45.102 --> 00:47:51.762 your money to kind of like, I know similar to Bexar County, like they 00:47:51.762 --> 00:47:54.372 are matching Siber awards, right? 00:47:54.822 --> 00:47:59.892 Why couldn't a county or a city match with their own token? 00:47:59.892 --> 00:48:04.332 Hey, look, if you invest X amount of money, we can see this token on chain. 00:48:04.332 --> 00:48:07.422 We have our own token that we're gonna match, right? 00:48:07.722 --> 00:48:10.692 That can be exchangeable and kind of create several layers of tokens. 00:48:10.692 --> 00:48:11.802 The interoperability between 00:48:11.967 --> 00:48:15.027 Wade Preston: Yeah, and you can do, uh, index tokens too. 00:48:15.027 --> 00:48:18.267 Like, you know, people could, uh, you know, they could buy an index token 00:48:18.267 --> 00:48:22.317 for, that's a basket of tokens for a whole neighborhood commerce district, 00:48:22.317 --> 00:48:27.027 or, you know, an index token that's the top 10, you know, specialty coffee shops 00:48:27.027

--> 00:48:31.977 in America, you know, and, uh, yeah, I mean, I think that, that when you get 00:48:31.977 --> 00:48:37.647 into the programmability of, of money that crypto allows it, it's so crazy. 00:48:37.647 --> 00:48:40.947 Like, it's like, you know, uh, uh, it's really just comes down to a 00:48:40.947 --> 00:48:44.367 matter of your imagination and, and working out the details of it all. 00:48:44.802 --> 00:48:48.222 Giancarlo Newsome: Do you think that can I, I don't, I don't know really 00:48:48.732 --> 00:48:51.462 anyone who truly loves Starbucks. 00:48:51.822 --> 00:48:56.442 Everyone I talk to understands the transcendental value of the local 00:48:56.442 --> 00:49:00.492 community coffee shop, but it, and I also, I don't really know too 00:49:00.492 --> 00:49:02.952 many people who are anti chains. 00:49:02.952 --> 00:49:03.312 Right? 00:49:03.312 --> 00:49:06.102 You know, there's just those who've done a really good job like Chick-fil-A 00:49:06.102 --> 00:49:09.072 and um, but I do think that. 00:49:09.402 --> 00:49:13.662 Tokenization blockchain technology can re-empower the consumer with more 00:49:13.662 --> 00:49:15.162 flexibility like you're highlighting. 00:49:15.282 --> 00:49:15.642 Right? 00:49:15.642 --> 00:49:22.662 And, and maybe, and maybe, you know, one of my hopes is to see, and maybe 00:49:22.662 --> 00:49:26.902 you might, um, you know, share your thoughts on, on, on this thought, but 00:49:26.902 --> 00:49:30.552 also, uh, pivot a little bit to Bitcoin. 00:49:30.582 --> 00:49:34.422 If bit, most people that are in the stock market that are backstopping, 00:49:34.422 --> 00:49:39.702 the, the big companies that we know are not healthy, frankly for us, they're 00:49:39.702 --> 00:49:42.402 doing it as a store of value, right? 00:49:42.402 --> 00:49:48.582 So if it, if Bitcoin can be a better store of value, can, can this put 00:49:48.582 --> 00:49:51.582 pressure on the corporate change to say, Hey, like I would love to 00:49:51.582 --> 00:49:53.022 see Starbucks say, you know what? 00:49:53.442 --> 00:49:57.072 We've got so much pressure about we're losing. 00:49:57.072 --> 00:50:00.732 Like, I'd love to see and say so many people are moving from Starbucks stock to 00:50:00.732 --> 00:50:06.042 Bitcoin, that we wanna start tokenizing Warrior employees to take more ownership. 00:50:06.042 --> 00:50:09.282 In other words, use Bitcoin blockchain technology. 00:50:09.867 --> 00:50:17.577 To help break down and decentralize, um, that, uh, de let's decentralize this 00:50:17.577 --> 00:50:19.452 transcendental value you're talking about. 00:50:19.802 --> 00:50:20.332 What do you think? 00:50:20.997 --> 00:50:21.387 Wade Preston: Yeah. 00:50:21.387 --> 00:50:25.287 I mean, I think it, I think you're, you're, you're right on both points and, 00:50:25.347 --> 00:50:26.577 and you know, to the first one about. 00:50:29.322 --> 00:50:36.042 Yeah, I mean, I, I, I, you know, sharing, you know, how I feel and the way I view 00:50:36.042 --> 00:50:39.702 the world, you know, throughout our conversation, like, you know, the reality 00:50:39.702 --> 00:50:44.802 is is I, I have like a, a favorite pizza place, you know, here in my hometown. 00:50:44.802 --> 00:50:49.482 And like I know the guy that runs that pizza place and he makes amazing pizza, 00:50:49.542 --> 00:50:51.522 and I dearly love him as a human being. 00:50:52.152 --> 00:50:54.012 It's also downtown. 00:50:54.432 --> 00:50:59.262 It's like, you know, probably 30 to 40 minutes round trip for me to get to him. 00:50:59.472 --> 00:51:05.232 Um, uh, pizza's gonna be, um, you know, I'm, I'm, I'm, I'm in for 00:51:05.232 --> 00:51:07.122 like 30, 40 bucks a pie, right? 00:51:07.152 --> 00:51:09.882 Like, it's, you know, 'cause it's good, good pizza, right? 00:51:09.912 --> 00:51:12.462 And he, he's, he's an artisan. 00:51:12.492 --> 00:51:15.492 He's, he's using all sorts of different ingredients and things like that. 00:51:15.672 --> 00:51:18.432 There's stuff that, like my 8-year-old daughter is probably 00:51:18.432 --> 00:51:21.102 just not, uh, you know, we're, we're gonna have a fight about. 00:51:21.222 --> 00:51:21.642 Right? 00:51:22.182 --> 00:51:25.507 Um, so what happens when, um, uh. 00:51:26.637 --> 00:51:29.817 Friday night comes around and in my house Friday night is family movie night. 00:51:29.817 --> 00:51:32.337 And we're gonna, we're gonna eat pizza and we're gonna eat popcorn and 00:51:32.337 --> 00:51:33.477 we're gonna watch a movie together. 00:51:34.167 --> 00:51:36.927 Um, I'm gonna go to the Domino's, it's 00:51:36.927 --> 00:51:39.027 like half a mile from my house and I can 00:51:39.027 --> 00:51:41.727 get two medium pizzas that are like super lame. 00:51:42.147 --> 00:51:43.737 I can get 'em for like eight bucks a pop. 00:51:43.797 --> 00:51:46.857 I, I, I like touch my phone in just the right places and I can pick 00:51:46.857 --> 00:51:51.507 'em up in, you know, you know, 10, 15 minutes and like, it's easy. 00:51:51.567 --> 00:51:51.957 Right. 00:51:52.647 --> 00:51:55.677 and and I think that's the same case with like my, my coffee shop, right? 00:51:55.677 --> 00:51:59.397 There are plenty of people in my town that would say that Prevail 00:51:59.397 --> 00:52:01.917 Coffee is their favorite coffee shop. 00:52:02.037 --> 00:52:04.077 They love that coffee shop, right? 00:52:04.257 --> 00:52:08.097 And they probably come into that coffee shop three to four times a month. 00:52:08.517 --> 00:52:10.887 And they probably eat, they probably drink at a Starbucks, you 00:52:10.887 --> 00:52:12.117 know, three to four times a week 00:52:12.642 --> 00:52:13.002 Giancarlo Newsome: Right, 00:52:13.017 --> 00:52:15.447 Wade Preston: because of the fact that like the Starbucks is like on 00:52:15.447 --> 00:52:19.347 their way to work or like on their way to the school drop off or whatever. 00:52:19.347 --> 00:52:19.677 Right? 00:52:20.307 --> 00:52:23.547 And here's the difference

though, is if the Starbucks. 00:52:25.047 --> 00:52:28.287 You know, nearest them went out of business, they would be 00:52:28.287 --> 00:52:32.097 inconvenienced, but if we went out of business, they would be heartbroken. 00:52:32.697 --> 00:52:37.347 You know, and, and the same thing, like if, if my friend's pizza, uh, spot went 00:52:37.347 --> 00:52:39.267 out of business, I would be devastated. 00:52:40.017 --> 00:52:43.377 Um, if the Domino's went out, I would be like, eh, there's a Papa Johns It's 00:52:43.377 --> 00:52:44.877 like a little bit further down the road. 00:52:44.877 --> 00:52:46.677 I'll just go to that on family movie night. 00:52:46.677 --> 00:52:47.037 Right? 00:52:47.367 --> 00:52:52.407 Um, and so I think that there's an appetite for people to be able to 00:52:52.407 --> 00:52:56.907 support a local small business that they, they love and they believe in, 00:52:56.907 --> 00:53:02.067 they, they see the qualitative value without having to like constantly, you 00:53:02.067 --> 00:53:07.587 know, be in this spot of, you know, oh, like I, I must, if I care about 00:53:07.587 --> 00:53:13.737 this thing, then I, I must necessarily, um, you know, support it all the time. 00:53:13.797 --> 00:53:14.487 Always. 00:53:14.547 --> 00:53:14.967 Right? 00:53:15.357 --> 00:53:18.267 Um, it's like, okay, yeah, you can, convenience is fine. 00:53:18.387 --> 00:53:18.717 You know? 00:53:18.717 --> 00:53:20.937 It's, it's, yeah, it, it's not. 00:53:21.282 --> 00:53:24.702 It's not like the pinnacle of, of, of how we want to exist as human beings. 00:53:24.702 --> 00:53:28.752 But like, also, you know what, I wouldn't be able to do family movie 00:53:28.752 --> 00:53:32.232 night with my kids every single Friday night like clockwork if I didn't 00:53:32.232 --> 00:53:33.912 have some convenient way to do that. 00:53:33.972 --> 00:53:34.302 Right. 00:53:34.362 --> 00:53:37.542 Maybe I'll find some other thing to do, but like, you know, we, we can do that and 00:53:37.542 --> 00:53:41.712 I can create family rituals and there's, there's qualitative value to that as well. 00:53:42.072 --> 00:53:46.332 So it's just like, can we make a mechanism to where we can actually like, actualize 00:53:46.392 --> 00:53:52.002 what our, our personal values are, um, you know, uh, in, in, in this way. 00:53:52.092 --> 00:53:56.082 So, uh, you know, I, I want people to be able to, to have an avenue to do that. 00:53:56.082 --> 00:54:00.522 I mean, I tell people all the time, like, uh, here in the States, right, and the, 00:54:00.582 --> 00:54:05.292 the, in July we have, you know, Robinhood has prediction markets, you know, and 00:54:05.292 --> 00:54:09.162 and like retail investors are hungry for a place to put their money, right? 00:54:09.582 --> 00:54:14.292 Um, and, uh, it can be in stocks and bonds and options and, and prediction markets. 00:54:14.652 --> 00:54:19.602 And in July, on the 4th of July, um, you could actually like. 00:54:19.962 --> 00:54:23.562 Make a prediction, market investment in who is gonna win the 00:54:23.562 --> 00:54:25.362 Nathan's hotdog eating contest. 00:54:25.692 --> 00:54:26.052 Right? 00:54:26.832 --> 00:54:27.042 Giancarlo Newsome: Yeah, 00:54:27.102 --> 00:54:30.072 Wade Preston: And I'm sitting there looking at that going, how do we live in 00:54:30.072 --> 00:54:36.912 a place where someone can, can make an investment in a guy eating hot dogs in New 00:54:36.912 --> 00:54:41.202 Jersey, but they can't invest in a local, small business that they know and love, 00:54:41.682 --> 00:54:42.312 Giancarlo Newsome: absolutely. 00:54:42.462 --> 00:54:42.762 Yep. 00:54:43.032 --> 00:54:44.262 Wade Preston: broken with that system? 00:54:44.742 --> 00:54:47.322 Giancarlo Newsome: But, but, and you know, for any corporate friends listening, 00:54:47.682 --> 00:54:51.462 why not create the same incentives between, so let's say you have a chain 00:54:51.462 --> 00:54:57.252 of supermarkets, you have people bet and invest in your local butchers, right? 00:54:57.252 --> 00:54:59.502 Restore that, that transcendental value. 00:54:59.532 --> 00:55:00.252 'cause it's there. 00:55:01.017 --> 00:55:04.347 And, and in some, and in some isolated places, and in some of the chains, you 00:55:04.347 --> 00:55:09.117 can, you can find those, those employees who've made personal ownership of their, 00:55:09.117 --> 00:55:11.157 of their, of their corporate chain. 00:55:11.157 --> 00:55:11.427 Right. 00:55:11.427 --> 00:55:16.077 I, I, that's where I think the, you know, I hope from this conversation, 00:55:16.107 --> 00:55:19.647 our, our listeners will, will really lean into blockchain technology 00:55:19.647 --> 00:55:22.437 and how this en can enable that. 00:55:22.587 --> 00:55:28.257 How, maybe, um, to wrap up here, Wade, what does the postcard of the future 00:55:28.257 --> 00:55:34.947 look like, uh, for you and how, how do you recommend what's like if, uh, ifs, 00:55:35.217 --> 00:55:41.637 um, uh, I, I, a veterinarian, uh, friend who was in the workshop, we were, uh, 00:55:41.637 --> 00:55:46.077 we were both in recently, she said, I'd never even heard of, I've heard of 00:55:46.077 --> 00:55:47.757 blockchain, but I didn't know about it. 00:55:48.357 --> 00:55:53.307 What, how do, and I know we're, we're kind of at the start of the internet. 00:55:53.622 --> 00:55:54.012 Right. 00:55:54.012 --> 00:55:58.122 So this is kind of like dial up, you know, hear the noise of blockchain. 00:55:58.122 --> 00:56:03.192 Well, how do we accelerate getting plus, you know, that dial tone and, and how 00:56:03.192 --> 00:56:05.382 can people help make kind of the vision? 00:56:05.382 --> 00:56:06.702 You've talked about a reality. 00:56:06.702 --> 00:56:09.852 What's the postcard of the future and what's the best way for someone 00:56:09.852 --> 00:56:11.352 to get started in your opinion, 00:56:12.232 --> 00:56:12.452 Wade Preston: Um. 00:56:12.492 --> 00:56:15.432 Giancarlo Newsome:

and, and attribute to this, to this, to this 00:56:15.432 --> 00:56:17.412 movement, this blockchain movement? 00:56:18.267 --> 00:56:20.727 Wade Preston: Yeah, I think, I think the first thing is curiosity. 00:56:20.817 --> 00:56:24.477 I think curiosity, uh, you know, just to stay on theme here, curiosity 00:56:24.477 --> 00:56:25.977 is a form of humility, right? 00:56:26.007 --> 00:56:29.547 Curiosity begins with this idea of like, I don't, I don't know, but that's 00:56:29.547 --> 00:56:30.537 interesting, right? 00:56:31.137 --> 00:56:37.377 Um, so, um, I, I worry, you know, a little bit about, you know, or, 00:56:37.377 --> 00:56:41.187 or is our, you know, education system kind of squelching curiosity. 00:56:41.337 --> 00:56:41.877 Um, 00:56:41.967 --> 00:56:45.717 um, but, uh, so I think that's probably the first place to begin. 00:56:45.717 --> 00:56:54.447 And then, uh, two, just like I think, you know, maybe in, in, in tandem with that 00:56:54.447 --> 00:57:01.647 is like, just like being able to use your imagination and, and consider that things 00:57:01.647 --> 00:57:06.087 may be good enough right now for you. 00:57:06.087 --> 00:57:10.377 Especially if we live in like these, like western democracies and we have like. 00:57:10.992 --> 00:57:16.962 I mean, to be honest, like a lot of the things that like I think crypto solves for 00:57:17.052 --> 00:57:23.202 a Western democracy are not like, really, they're not really solving problems. 00:57:23.262 --> 00:57:27.072 It's not really solving a problem, it's just, it's, it's making, uh, 00:57:27.072 --> 00:57:28.662 it more efficient, more transparent. 00:57:28.692 --> 00:57:29.712 It's making it a little bit better. 00:57:29.712 --> 00:57:34.932 It's a, you know, it's maybe a 10, 20%, you know, upgrade of the 00:57:34.932 --> 00:57:35.352 system. 00:57:35.352 --> 00:57:37.992 And, and sometimes that just seems like, that just 00:57:37.992 --> 00:57:38.232 seems 00:57:38.277 --> 00:57:38.637 Giancarlo Newsome: worth the 00:57:39.012 --> 00:57:40.692 Wade Preston: a heavy lift, right? 00:57:40.782 --> 00:57:45.042 Um, but when you, when you zoom out a little bit and you really understand 00:57:45.042 --> 00:57:48.402 what that means, you understand what that means for the world, for people that, 00:57:48.402 --> 00:57:53.082 like we can plug an entire world into sophisticated financial tools, right? 00:57:53.922 --> 00:57:57.972 Uh, that like, you know, a guy growing coffee in Guatemala can have access to, to 00:57:58.002 --> 00:58:02.772 on chain crop insurance and like capital formation tools that you would never have 00:58:02.772 --> 00:58:05.382 otherwise, it becomes a worthy cause. 00:58:05.802 --> 00:58:09.792 Um, and then also when you just think about it, when you understand like, okay, 00:58:09.792 --> 00:58:14.802 maybe right now it's just that 10 to 20% boost for like this huge, huge lift. 00:58:15.252 --> 00:58:19.032 But, you know, that was kind of like how we thought about the internet early on. 00:58:19.092 --> 00:58:20.232 We were like, uh, yeah. 00:58:20.232 --> 00:58:24.192 I mean, I guess it would be kind of cool to like, order books online and 00:58:24.192 --> 00:58:27.852 have 'em delivered to my door, but like, also like my bookstore and I'll 00:58:27.852 --> 00:58:30.852 go down there and like, you know, and like, you know, we kind of didn't really 00:58:30.852 --> 00:58:33.252 understand like the end game of Amazon, 00:58:33.252 --> 00:58:33.582 Right. 00:58:33.582 --> 00:58:38.322 We're like, uh, this is like a, I guess this is, you know, novel and cool. 00:58:38.772 --> 00:58:41.562 We had no idea that like Amazon would become what it 00:58:41.562 --> 00:58:43.032 is for better or worse, right? 00:58:43.092 --> 00:58:46.962 Like, we couldn't, we could, you couldn't go to 1996 and be like, 00:58:46.992 --> 00:58:49.242 Hey, um, because of the internet. 00:58:49.422 --> 00:58:53.292 Um, if you, if you touch your phone in just the right place. 00:58:53.712 --> 00:58:58.302 Um, a stranger will, will show up and ring your doorbell and drop off whatever 00:58:58.302 --> 00:59:00.132 food from whatever restaurant you want. 00:59:00.702 --> 00:59:01.542 It'll just be there. 00:59:01.752 --> 00:59:02.172 Right? 00:59:02.652 --> 00:59:05.742 Oh, and, and, and also, when you get done eating that food, if you touch your phone 00:59:05.742 --> 00:59:10.512 again in different places, um, another stranger will pick you up in a car. 00:59:10.512 --> 00:59:13.602 It'll be nice and clean and you won't, it'll be safe. 00:59:13.722 --> 00:59:16.752 And, um, you know, they'll take you to wherever you want to go. 00:59:17.352 --> 00:59:17.712 Right. 00:59:17.712 --> 00:59:18.612 Because of the internet. 00:59:18.612 --> 00:59:21.282 Like, there's no way you could've like, told someone that in 00:59:21.282 --> 00:59:23.742 1996 and they believed you. 00:59:23.832 --> 00:59:24.222 Right. 00:59:24.492 --> 00:59:28.002 So I think just this idea of, you know, be curious, figure out what 00:59:28.002 --> 00:59:30.132 it is right now, dive into it. 00:59:30.282 --> 00:59:33.792 I think that curiosity pays off, but really like, just try to have an 00:59:33.792 --> 00:59:35.442 imagination about where things are going. 00:59:35.442 --> 00:59:38.982 And I think, you know, extrapolating it on top of the idea of like where the internet 00:59:38.982 --> 00:59:41.232 was in the late nineties is great. 00:59:41.442 --> 00:59:44.622 Like, I just think that's a, it's a good, it's a great analogy in my. 00:59:44.682 --> 00:59:48.882 In my opinion, um, smart contracts, blockchains, you know, 00:59:48.882 --> 00:59:52.032 programmable blockchains have only really been around for 10 years. 00:59:52.062 --> 00:59:53.832 You know, Ethereum just turned 10 years old. 00:59:54.162 --> 00:59:57.372 So when we talk about kind of the internet of money, you know, 00:59:57.372 --> 00:59:58.452 that's what we're talking about. 00:59:58.452 -->

01:00:02.142 And like, so you put that on, like, you know, you compare that to like 01:00:02.142 --> 01:00:05.532 home internet, you know, like you really aren't talking about like 01:00:06.012 --> 01:00:08.412 late nineties, 19 98, 19 99 maybe. 01:00:08.922 --> 01:00:12.942 Uh, so, um, there are plenty of pets dot coms out there, you know, 01:00:13.842 --> 01:00:17.532 500 million valuation, 2 million in revenue, vaporware, right? 01:00:17.712 --> 01:00:21.912 Um, but that doesn't mean that they're, they're bad ideas, right? 01:00:21.912 --> 01:00:22.842 Like Chewy is. 01:00:23.652 --> 01:00:25.962 You know, billion dollar company, right? 01:00:25.962 --> 01:00:27.132 A multi-billion dollar company. 01:00:27.132 --> 01:00:28.992 I think Chewy is pets.com. 01:00:28.992 --> 01:00:32.322 Pets com was just, the infrastructure wasn't quite there yet. 01:00:32.352 --> 01:00:32.682 Right? 01:00:32.682 --> 01:00:37.602 So, uh, you know, just because there's financial speculation and hits and misses 01:00:37.602 --> 01:00:42.042 and all this crazy stuff doesn't mean that it's, you know, just a, a scam space. 01:00:42.042 --> 01:00:44.562 And, you know, it's all about financial nihilism. 01:00:44.772 --> 01:00:48.642 It just means that it, it it's early iterations and, and be curious 01:00:48.642 --> 01:00:51.912 and be, you know, uh, critical when you need to be critical. 01:00:52.302 --> 01:00:56.352 And, uh, but, but also like with, with every, you know, helping 01:00:56.352 --> 01:00:58.212 of, of, of critical thinking. 01:00:58.212 --> 01:00:59.952 Also have a helping of imagination. 01:01:00.627 --> 01:01:01.107 Giancarlo Newsome: I love it. 01:01:01.107 --> 01:01:02.307 E excellent wrap up. 01:01:02.307 --> 01:01:02.757 I think. 01:01:03.087 --> 01:01:07.407 Um, so the North American I'll, I'll throw out, you know, join 01:01:07.407 --> 01:01:08.487 one of these associations. 01:01:08.487 --> 01:01:11.757 I had a friend of mine who helped found the Texas Blockchain Council. 01:01:11.757 --> 01:01:12.807 That's where I met Wade. 01:01:13.377 --> 01:01:18.717 Um, and have loved participating, going deeper and deeper, uh, learning about it. 01:01:18.717 --> 01:01:21.477 So I loved, uh, I loved your comic. 01:01:21.477 --> 01:01:25.347 Curiosity is, um, is a form of humility. 01:01:25.347 --> 01:01:26.277 That's, that's awesome. 01:01:26.277 --> 01:01:29.007 Well, wait, thanks so much for sharing your insight. 01:01:29.007 --> 01:01:29.937 God bless you. 01:01:30.297 --> 01:01:33.267 And I hope it's been, it's, it's been fun as always. 01:01:33.267 --> 01:01:35.967 And, uh, have a great rest of your day. 01:01:36.567 --> 01:01:36.957 Wade Preston: Awesome. 01:01:36.957 --> 01:01:37.677 Thank you so much. 01:01:37.677 --> 01:01:39.267 It's been such a, such an awesome time. 01:01:39.267 --> 01:01:40.587 So, uh, have a good one, man. 01:01:40.962 --> 01:01:41.172 Giancarlo Newsome: All right. 01:01:41.172 --> 01:01:41.712 Thanks, Mike. 01:01:41.922 --> 01:01:42.132 All right. 01:01:42.132 --> 01:01:42.252 Take 01:01:42.327 --> 01:01:42.507 Wade Preston: See you.