Blockchain Technology - Restoring Humility and Human Flourishing to Capitalism

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Dolores: Welcome to Empowering Humility,
where we're on a mission to promote human
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flourishing by restoring humility as
a common denominator in society today.
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Let's dive in.
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Giancarlo Newsome: Well, good morning,
good afternoon, wherever you're at.
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Welcome to the Empowering
Humility Podcast.
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I'm John Carla Newsom and I'll
be your host for this podcast.
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Uh, for those who are new, we explore how
technology, especially AI and Web3, and
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today we're gonna talk about blockchain
technology, which is under Web3.
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It can be used to strengthen
virtue rather than vice.
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We believe the first virtue we
need to help restore to society is
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humility at empowering humility.
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We believe humility is the root
virtue for human flourishing,
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and frankly, everything good.
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Feel free to disagree with
us or also agree with us.
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Share with us how you feel humility,
empowering humility and embracing
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humility has made your life
better or at work, uh, in any way.
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So before I introduce today's guest,
I want our listeners to know that
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all our guests have a clear passion
and purpose greater than themselves.
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And it's just such an honor to
have guys like Wade Preston you'll
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meet today, because they truly,
in my opinion, are living in
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what some have called flow state.
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They, they kind of live in a state of,
of self-actualization as the, as Maslow
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talked about where, um, money, um.
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And pride, like they're,
they're way beyond that.
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They're, they just live in a state of
pain for goodness and selflessness.
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It doesn't mean that we don't, or
they don't have challenges, but it's
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just a wonderful place to be and they
truly embody empowering humility.
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And I also think, um, like especially
with Wade, when you meet Wade today,
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you'll hear what, when you live in that
state of empowering humility, the fun you
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can have, the way you see the world and
technology from a different perspective.
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And so with that, I am thrilled
to introduce to you Wade Preston.
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Um, he's coming from several
different sources of representation.
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Like a lot of entrepreneurs I know he
is the global outreach lead and correct
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me way where I go wrong here for the
North American Blockchain Association.
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He owns a coffee company.
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And if I understand correctly,
you also are, are, have a
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startup called Click Capital.
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Wade Preston: Yep.
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Um, have a couple of startups.
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Yeah.
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Um, uh, click capital.
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And then, uh, I'm co-founder of,
uh, the Drips Pay, the Drip payment
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app, uh, which is, uh, kind of part
and parcel to, uh, click capital.
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Uh, it's a stablecoin payment app
for, uh, in real life retailers.
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Um, I also, uh, work with Stand With
Crypto, uh, at State Chapter Outreach.
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So, uh, put mildly I am, uh,
just a glutton for punishment.
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Giancarlo Newsome: Well, I think
that's, uh, evidence of kind of living
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in flow state and we just, uh, tap
out, uh, our calling that I think
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our creator gives each of us when we
can live in that state of abundance.
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Um, so welcome to the
Empowering Humility Podcast.
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Um, go a little deeper.
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Tell us a little more about yourself.
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Tell, give us like a verbal bio,
a little bit of backstory, kind of
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thread the needle of, of, of how
you all these ventures and these
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representations that you've made.
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How, just tell us, take a moment.
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Tell us about.
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How Wade got to where Wade's at
and where Wade is going and why.
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Wade Preston: Um, yeah, I think, um, in,
in, I think from the outside looking in,
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it looks like I'm like kind of spread a
mile, widening an inch deep, and I have my
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hand in all these different cookie jars.
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Um, but for me, all of these
things are kind of related.
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Um, and they all serve towards the same.
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Kind of purpose, uh, in my life.
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And, um, that, um, probably began.
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I, I, when I was in undergrad, I
was, I was a little bit aimless and,
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um, I was pretty, pretty sharp kid,
like in, uh, high school and stuff.
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I didn't really have to study too much.
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And I think there was a lot of folks that
kind of are like me, they just sort of
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breeze through high school when they get
to college and they're like, oh, okay.
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I actually maybe have to pay
attention a little bit and actually
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think about what I want to do.
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Uh, and I just decided that I was
gonna study philosophy in, in college,
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um, for, for really knowing the
reason that it, it interest me, um,
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which is probably a little different
than most of my peers who are really
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trying to like, sort out a career.
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Um, and maybe if I could go back
and do it differently, I might, but
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I doubt it because, uh, philosophy
has really served me well.
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Um, I can remember this
like really seminal moment.
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Um.
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Sitting in, uh, you know, sophomore
level, like Logic 1 0 1 and just
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thinking like, oh my gosh, why
am I just now learning this?
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You know, like, why, like I went
to a National Blue Ribbon High
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School, I was a good student.
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Like I've learned, you know, took
two semesters of a foreign language,
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like, you know, a PUS history,
like, uh, you know, pre-calculus.
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Even though I wasn't that great
at math, I still made it to that.
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I was like, why, why?
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All this stuff that I learned, I'm not
just like, no one walked me through.
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Just like, how to rightly determine
the truth, value of ideas.
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Like that just seems like such a,
a a baseline thing to know in life.
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Um, and, uh, yeah, I, I kind of
carried that with me in just this
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kind of first principles, thinking
about how I approach things.
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So, um, uh, I, I kind of tend
to think of things more as like.
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How they fit into, you know, a,
a theme and a calling in my life.
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Um, you know, it's like, uh, Ocasio
Veritas, like, you know, the, the,
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you know, our, our true calling.
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Um, and, uh, I, to me, all these things
tie in in this way of like, I believe
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that, I believe that, um, human beings,
like our, our superpower as a species,
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um, isn't really our ability to reason.
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Um, it's not like our supreme
intellect compared to other species
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on this planet, although that,
that, you know, that is true.
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Right?
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Um, uh, I think that the, you
know, the real superpower of, um,
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humanity is, is our ability to
flexibly coordinate with one another.
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Um, and, and we're social animals
and we're, we're wired to.
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Um, to move about the world in a social
context and, and to seek out one another.
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And, uh, we kind of have this
innate draw, uh, towards that.
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Um, and so I, I got into to coffee
and I, I believe, you know, I got into
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coffee because I was originally started a
nonprofit world and I was, uh, you know,
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I was just wanted to save the world.
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I had my philosophy degree, you
know, and what do you do with that?
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You go out and try to save the world.
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And I was working, uh, with a development
nonprofit in West Africa, and, uh,
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we were doing micro lending and I saw
these like entrepreneurs just on the
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ground and in rural West Africa and just
was like, had this light bulb moment.
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It's like, oh no.
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Like it's, it's not charity that's
really going to, you know, change the
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trajectory of, of places like this.
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It's, it's markets like, it's, you
know, actual functioning, transparent.
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Equitable accessible markets.
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And, um, if you live in between the
20th parallels, you know, like you don't
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have access to the same, you know, kind
of sophisticated financial tools that,
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that the, the developed world has.
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And that, that's a huge disadvantage.
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And most of these are producer economies
that, you know, are, they're selling
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things like, uh, cacao or coffee or rubber
to developed nations and they're, it
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is just not a very level playing field.
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Um, so that's, I wanted
to get into coffee.
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I wanted to create, um.
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These like, uh, direct trade relationships
to kind of even that balance out and
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kind of solve this, you know, 400
year old disaster of a supply chain.
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Um, that was the global coffee market.
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So that was kind of a, probably the
first windmill I really took a tilt at.
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Um, and, uh, uh, and uh, as I got into
that more and more, you know, kind of
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this idea of like, you know, coffee as,
as this like mechanism to bring people
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together was really strong for me.
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Like, um, there's this great line,
um, in Goodwill Hunting, which is
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one of my favorite films where many
drivers character, she's, she's
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kind of trying to ask the, the
title character will out on a date.
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Um, Matt Damon's character, and she
says, you know, why don't we get together
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and have a cup of coffee sometimes
and, and Will just being who he is.
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So, you know, fires back and
it's like real sardonic way.
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It is like, well, why don't we just
get together and eat a bunch of
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caramels, you know, and, and she says.
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She looks at him funny and, and,
uh, he says, you know, if you think
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about it, it's just as arbitrary.
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Um, and, uh, it's true, right?
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It's like coffee's just this arbitrary
thing that, you know, as humans, we've
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decided is an excuse to get together.
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And I think because of
that, it's awesome, you
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know, uh, what, what a great thing.
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Like we just, so, uh, I think, you
know, coffee houses are this weird like,
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you know, decentralized infrastructure
for the, the spread of ideas.
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They're this excuse for us to get
together and look each other in the whites
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of our eyes and have a conversation.
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And I think that's an important thing.
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So that's what drew me into that.
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And then.
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In my, you know, kind of quicksodic,
uh, journey of, you know, wanting
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to, to fix the global coffee market.
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I stumbled upon blockchain technology
and this idea of like open, transparent
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ledgers that were borderless and, you
know, that anybody could access, you know,
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um, you know, financial tools and capital.
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Um, and they didn't have to have,
you know, the dumb luck of being
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born in a developed economy to do
that, uh, I thought was amazing.
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And, uh, I just went deep down that rabbit
hole and, um, and realized that like,
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hey, blockchains, uh, and blockchains
are kind of, uh, you know, crypto is the,
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it's the intersection of the internet
and money and, um, I think the internet
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and money are both, they're tools for,
um, flexible ho human coordination.
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Just like coffee is, and, and
blockchains are, you know, they're
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the, uh, the intersection of those two.
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So blockchains are kind of this, they're
really a super powerful tool for flexible
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human coordination and alignment.
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So, you know, I, I have this
like crazy, like diverse set
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of things that I do day to day.
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I am kind of constantly code switching.
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You know, one day, one moment I might
be like, underneath an espresso machine,
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fixing a plumbing line, and then like
a, a a half hour later having a call
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with a senator about blockchain policy.
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Um, but to me it's, it all makes
sense because it's all towards this
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idea of like, all these things bring
people together to unleash the human
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superpower of flexible coordination.
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Um, so yeah, that's just what I'm about.
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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.
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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
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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.
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Sunday had Lodge said that, and you know,
I, um, you made a comment of like, just
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that, that humility of dumb luck, right.
00:11:41.667 --> 00:11:43.377
Of where we're born, right.
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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.
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And I, it's just so, so
cool the way I never.
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I never would've thought, you know,
I, when you, when you coffee business
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until you, you brought together kind
of the connection of people it creates
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and the decentralization, decentralized
nature of coffee houses, it's now, okay,
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that's very much acquisitive blockchain.
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And, um, that, that was, uh, awesome.
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Loved it.
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A lot of, so we have a, our marketing
team, they, they take extracts and I,
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I had a thought to myself, man, they're
gonna have so many great little extracts
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of, of where you mentioned crypto is the
intersection of the internet and money.
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You had a lot of other really good, I'm
not gonna call 'em cliches, just summary
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soundbites that are very substantive.
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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?
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And that how, how that's like
almost our, our greater superpower.
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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?
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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.
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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
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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.