Category: Uncategorized

  • 388. The Economics of Sports Gambling

    What happens when tens of millions of fantasy-sports players are suddenly able to bet real money on real games? We’re about to find out. A recent Supreme Court decision has cleared the way to bring an estimated $300 billion in black-market sports betting into the light. We sort out the winners and losers.

  • E37: Joe Wicks – Changing Millions Of Lives in 15 Seconds!

    Have you ever had that experience of meeting someone, and being so glad that they became successful? That’s what it was like meeting Joe. Joe Wicks, otherwise known as The Body Coach, is a health and fitness coach, author, investor and entrepreneur whos…

  • #11 – Clawing Back From $250K Debt at 20

    Aleks Svetski (@AleksSvetski) wanted to be a millionaire by 20… and he was on that path. He turned his $5K textbook money into more than $50,000 in the stock market! Until the 2008 global financial crisis hit… he didn’t just lose all his money, he was negative quarter of a million. This setback ignited his entrepreneurial spirit where he started a door knocking hustle to get out his debt and make that cool million. Again, until the government betrayed his business and he went back to square one becoming a hippie on a sabbatical… and now he’s back again with the lessons he’s learned with his newfound passion: Bitcoin. 

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  • #65 Shep Gordon: Trust, Compassion, and Shooting Friends from Cannons

    Legendary show-business manager, agent, and producer Shep Gordon talks sex, drugs, and rock and roll. He also shares the formula for manufacturing fame, and his unique philosophy on success, love and happiness.

     

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    Follow Shane on Twitter at: https://twitter.com/ShaneAParrish

     

  • #384: David Allen — The Art of Getting Things Done (GTD)

    “Your head’s for having ideas, not for holding them.” — David Allen

    David Allen (@gtdguy) is one of the world’s most influential thinkers on productivity, and his 35 years of experience as a management consultant and executive coach have earned him the titles of “personal productivity guru” by Fast Company, one of America’s top five executive coaches by Forbes, and among The American Management Association’s top 10 business leaders.

    David’s bestselling book, the groundbreaking Getting Things Done: The Art of Stress-Free Productivity, has been published in thirty languages, and the “GTD” methodology it describes has become a global phenomenon, being taught by training companies in 60 countries. David, his company, and his partners are dedicated to teaching people how to stay relaxed and productive in our fast-paced world.

    This podcast is brought to you by 99designs, the global creative platform that makes it easy for designers and clients to work together to create designs they love. Its creative process has become the go-to solution for businesses, agencies, and individuals, and I have used it for years to help with display advertising and illustrations and to rapid prototype the cover for The Tao of Seneca. Whether your business needs a logo, website design, business card, or anything you can imagine, check out 99designs.

    You can work with multiple designers at once to get a bunch of different ideas, or hire the perfect designer for your project based based on their style and industry specialization. It’s simple to review concepts and leave feedback so you’ll end up with a design that you’re happy with. Go to 99designs.com/tim and get $20 off plus a $99 upgrade.

    This episode is also brought to you by FreshBooks. I’ve been talking about FreshBooks — an all-in-one invoicing + payments + accounting solution — for years now. Many entrepreneurs, as well as the contractors and freelancers that I work with, use it all the time.

    FreshBooks makes it super easy to track things like expenses, project time, and client info, and then merge it all into great-looking invoices. FreshBooks can save users up to 200 hours a year on accounting and bookkeeping tasks. Right now FreshBooks is offering my listeners a free 30-day trial, and no credit card is required. Go to FreshBooks.com/tim and enter “Tim Ferriss” in the “How did you hear about us?” section!

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  • a16z Podcast: Making Culture, Making Influence — Dapper Dan!

    AI transcript
    0:00:07 Hi everyone, welcome to the A6NZ podcast. Today’s episode is hosted by A6NZ co-founder Ben Horowitz
    0:00:13 interviewing special guest Dapper Dan. Dapper Dan pioneered high-end streetwear in the early 1980s,
    0:00:19 remixing luxury brand logos into his own designs for gangsters, athletes, and musicians dressing
    0:00:25 cultural icons from Eric B and Rakeem to Jay-Z. He went on to define an era, and his work has been
    0:00:31 featured in exhibitions at the Museum of Modern Art, The Met, The Smithsonian, and more. But Daniel
    0:00:38 R. Day, aka Dapper Dan, began as a hungry fast learner in Harlem, who became a gambler, spent a
    0:00:43 brief stint in a foreign jail where he nourished himself with reading, and then studied the market
    0:00:49 to build his business, rising to the top, falling to the bottom, and rising again, reinventing himself
    0:00:54 over and over. The conversation is based on an event that we hosted for the launch of his memoir,
    0:01:00 Made in Harlem, where throughout, Dapper Dan shares inspiration for all kinds of makers
    0:01:04 from the struggle, especially when not given the privileges and opportunities that others have,
    0:01:09 to the power of studying the game and the power of listening to your customers, but not in a
    0:01:15 typical way. To what cultural influence and leadership really means, especially because, quote,
    0:01:22 “you cannot be in it and not be of it.” It is a story of the OG Hustler and spans 70 years,
    0:01:26 with the first 30 minutes of this episode focused on his growing up in Harlem,
    0:01:32 visiting Africa, and cultural influences at the time, and then 30 minutes in, going into his
    0:01:38 trendsetting and fashion, including the concepts of logomania and later influencer marketing.
    0:01:43 And finally, the story ends where it begins, with reopening his boutique and his partnership with
    0:01:48 Gucci, which involved the power of voice, including that of Black Twitter.
    0:01:54 So I’d like to thank everybody for coming out. And this is probably one of the most difficult
    0:01:58 introductions that I’ve ever had to do, because how do I explain Dapper Dan? That’s like almost
    0:02:05 impossible. And, you know, I didn’t know who Dapper Dan was really. I knew Dapper Dan, but I didn’t
    0:02:10 know until I read the book Dapper Dan Made in Harlem. And so I thought to introduce him,
    0:02:14 there were a couple of things that were sent to me leading up to the event that were like,
    0:02:22 right on point. We put like a tweet out, and this came tweeted back from David Doswell.
    0:02:27 Is David Doswell here? Oh, all right, what’s happening? Thanks for coming out. So he tweets,
    0:02:33 “Such a legend. When I was young, I thought his name was a term. I didn’t know he was a person.”
    0:02:42 And then the second one is from my business partner, Mark Andreessen. You guys know Mark?
    0:02:48 Software eats the world. He invented the browser, all that. So Mark’s from Wisconsin,
    0:02:53 and he didn’t really know anything about Dapper Dan until he read the book. And
    0:03:00 he sends me this. He says, “I read Dapper Dan’s book. I got a couple of reactions. One,
    0:03:08 he is an actual entrepreneur and an innovator, parentheses, tech twice over, once screen printing
    0:03:15 onto leather, the other using a hospital badge machines to fabricate credit cards. Number two,
    0:03:21 similarly, in another life, he’d have a major national global apparel brand by now worth
    0:03:27 billions of dollars. And I was like, yeah, that’s right. So that’s Dapper Dan. And without further
    0:03:47 ado, I welcome Dapper Dan. Thank you. All right. Well, let’s get into it. So the book starts
    0:03:53 with Harlem in the ’50s. And that was like a very different Harlem, the Harlem that you
    0:03:58 grew up in than the Harlem that came after it and for sure the Harlem of today. So what was that
    0:04:05 like? Well, the Harlem that I grew up in was a village. Now the Harlem you find today is like
    0:04:11 a little city. The difference between a village and a little city is like, I grew up, I’m the
    0:04:17 first generation of the great migration that came from the South. So when I, my family,
    0:04:24 my mom and my pop got to Harlem, they were still, and it sounds crazy, they were still
    0:04:30 horses and buggies in the street. Wow. So cars hadn’t quite gotten there. Yeah. It wasn’t many,
    0:04:35 but they were there. All the neighborhoods was comprised of mostly in Harlem, even though it
    0:04:40 was sectional. You see, like, this neighborhood here, everybody would be from a particular part
    0:04:45 of the South and the next neighborhood, a particular part. So people knew each other. So
    0:04:52 that a different kind of community. I think the most warming thoughts that I have a Harlem man
    0:04:56 is like 11 o’clock Sunday morning, 11 o’clock Sunday morning, you see everybody leaving out
    0:05:02 their houses, everybody converges on the church. My family went to the church. We had a little
    0:05:10 storefront church we used to go to. The congregation was like 23 people and 18 of us was in the same
    0:05:18 family. Right. And we called it “Hallelujah Sunday” because, you know, even though we was poor, I
    0:05:24 think nothing made me feel as good as, you know, leaving church on Sunday. You know, we was poor.
    0:05:30 So food wasn’t plentiful back then, but we used to, you know, after church, you get the meals. Oh,
    0:05:36 yeah. And today, that still goes on today. Like the big churches on Sundays, they still help,
    0:05:41 they serve meals. But you know what? The most significant thing about Harlem that you won’t
    0:05:50 see today in Harlem was that I grew up with the diversity. You know, I didn’t even realize how
    0:05:58 diverse Harlem was until I began to travel like places like Detroit, Chicago, and I always had
    0:06:06 different ethnic groups as friends of mine. And I think that cultural part, that like gumbo of
    0:06:12 culture was what made Harlem the way it is. So then, you know, your father came to Harlem
    0:06:19 when he was just 12 years old. You know, it’s like, it’s hard to imagine because we tend to think
    0:06:25 that, you know, slavery was a long time ago, but, you know, it’s been like maybe 153 years.
    0:06:35 And my father left home when he was 12 years old. My father was born in 1898. That’s 33 years after
    0:06:42 the Emancipation Proclamation. My father’s father was born a slave and later free. So when my father
    0:06:48 came here, this is the Reconstruction Era in 1910 when my father came to Harlem. He was 12 years old,
    0:06:54 but at 12 years old, and 10 and 12 years old, young blacks was leaving the South because they
    0:06:59 didn’t want to put up with that. And that’s what made Harlem so unique. In every aspect, what made
    0:07:05 Harlem unique is that we had the most revolutionary, spirited people that you could find. The ones who
    0:07:12 were not going to tolerate like the Jim Crow and the Haines and things that were that was taking
    0:07:17 place in the South at that time. And so do you think that’s one of the things that made Harlem
    0:07:22 such a center of culture was that the people who came out were the people of the strongest will,
    0:07:28 the people coming out to Harlem? Yeah, when you look at when you look at like the
    0:07:39 what happened to us with the slave trade, first you get captured. I read in liberal art and
    0:07:45 before the Mayflower, they talked about sharks used to pick up the slave ships on the coast of
    0:07:50 Africa and just follow them across the ocean. And that’s how many slaves were thrown off.
    0:07:56 So you had to survive that middle passage. Then your family had to survive 300 years of slavery.
    0:08:02 And then you had to tolerate the Jim Crowism. And so we had the most strongest blacks that
    0:08:07 were leaving the South to go north. So I’m a product of those powerful people. So when
    0:08:13 I got when the people who were in Harlem was the ones that stayed and put up with it,
    0:08:17 that wouldn’t go back. They were really the strongest of the strong.
    0:08:24 So I learned from the people who were the best hustlers and people like my fathers who were
    0:08:28 the best workers. Because my father worked 15 years straight
    0:08:37 for the city and he was never absent and he was late once and that was the great snowstorm of 47.
    0:08:44 Nobody was at work that day. And that’s because he walked to work and was snow was deep.
    0:08:53 Wow. And you and your father had an incident that changed your life in Ripley’s department store.
    0:09:01 Oh yeah. That was like growing up like even a well a neighbor down the street from me used to laugh
    0:09:07 at us a lot because they was just doing slightly better than us. And a lot of the times I had
    0:09:12 holes in my shoes man. So we used to put paper in our shoes to keep our feet from touching the
    0:09:19 ground. Then we got more innovative. We stopped using linoleum because it last one. But one day man
    0:09:25 my feet was hurting so bad because the borders of the shoe could not no longer hold linoleum in
    0:09:31 right. So I think I was like about eight and I come on and say mom my feet is killing me.
    0:09:36 Mom my feet is killing me man. And before my mother could say anything my brother was there.
    0:09:43 He said don’t worry mom. He said come on. I go with my brother and we walked four blocks.
    0:09:49 And I never forget we walked four blocks from one hundred and a half to one hundred and twenty
    0:09:54 four or four or five blocks. He turned the corner and it was a good wheel there. So we won the good
    0:10:00 wheel. And my brother said you see any shoes you like. I saw some nice mahogany split toes with
    0:10:08 the tassel. I said I like them right there. He said try them on. I said they feel good.
    0:10:16 He said okay pick your shoes up. I picked my shoes up. He said put them in the rack.
    0:10:27 I put them in the rack. He said let’s go. That probably wasn’t fair trade there.
    0:10:33 I’ll never I will never forget that. But you know as you know all our clothes was
    0:10:38 hand me down right. But my brother right over to me he always got the first pick.
    0:10:43 You know so he had the best clothes from Goodwill’s right. So I wanted to go to school man. I wanted
    0:10:48 to be fine. You know I really wanted to be sharp as I could stand up front of school with the girls
    0:10:54 and everything in front of the candy store. But my brother wouldn’t let me wear his clothes right.
    0:11:00 So I had to sneak him out. And he got to the point where he was sitting by the door where I had to
    0:11:08 go out so I couldn’t walk out with his clothes on. So what I did I had my two best friends but
    0:11:12 my two best friends heard their thirming. I told her their thirming wait outside the window.
    0:11:17 And I would take his clothes and I’d drop them outside the window.
    0:11:26 And I go in the hallway and change them right. But then by the time I’m 13 now right my father’s
    0:11:30 going to take me to get my first suit. I’ll never forget that. No no 13 I was already hustling
    0:11:36 about 11 years ago. So we’re going to Ripley Ripley department store. And my father’s going to buy
    0:11:45 me a suit on credit right. And I said wow I saw a charcoal brown suit with with pinstripes.
    0:11:51 I said daddy you want to get me. He said he’s going to pay on credit. But I had just learned
    0:11:55 mathematical equations to tell you know interest time rate and see how much he’s going to pay.
    0:11:59 And then when I read the contract I said daddy don’t buy this. Of course they’re going to charge
    0:12:05 you to and they have time with the suit board. So we’re coming down the steps from the store.
    0:12:10 And this is this is the moment that changed my life. And we’re coming down the steps from the
    0:12:16 store. And my father stopped me. And he looked in my eyes. I saw the tears well up in my father’s
    0:12:23 eyes. And he said boy don’t you know you could read. You could read boy. You could read. But I
    0:12:28 you know I’m saying I’m seeing how emotionally getting I’m seeing the tears well. But what
    0:12:33 what happened was my father only went to the third grade. And he had to teach himself how to read.
    0:12:38 Because you know during during times of slavery and back then you know it was against the law
    0:12:42 to teach the slaves how to read. And my father only got to go to the third grade. So he had to
    0:12:48 teach himself how to read. And from that point on I learned something. I said man no matter what
    0:12:54 happened or what kind of fix I get in I’m going to read my way out of it. And that ended up being the
    0:13:01 key to almost everything you did after that. So how did you get into hustling?
    0:13:12 Life is about life is about the tools that you get based on how you come up you know.
    0:13:21 It was seven of us. Me and six siblings. And my mom and dad. And three had three had three bedrooms
    0:13:29 you know. So my father in all the relationships like we have with people that’s auntie so and so
    0:13:36 but you know it’s just that it wasn’t our blood relationship but the communal relationship that
    0:13:42 you take on those titles right. But the ones that were in my neighborhood they were all hustlers.
    0:13:47 My father’s the only one wasn’t a hustler right. But my father used to have poker games what we
    0:13:56 call rent parties. A rent party is is a circle of people. This one week this one give a party have
    0:14:03 a poker game you know they have red rice chicken colored greens and they sell dinners you know
    0:14:10 like that. So when my father when they gave their poker game and I used to stay up every time my
    0:14:15 father went with a hand this is the first time I was exposed to gambling. Every time my father
    0:14:20 went a hand he’d take all the change and put it in my pocket and I’m just standing there. Couldn’t
    0:14:28 stand up no more and let it and take it away. So the first exposure I got to anything was like
    0:14:35 gambling. And I became a real proficient like that. But I had an uncle Eddie Henry is just him
    0:14:40 and my mother right. Eddie Henry had went had ran away when he was young and he joined he had
    0:14:45 joined the circus and was one of them guys yeah one of them guys join the circus. I mean this is
    0:14:51 yeah that era. I’ve heard that story but I never knew anybody. Yeah he was a handyman they had him
    0:15:00 doing like what in errands but he was he um hooked up with the um the the magician told him all these
    0:15:08 kind of tricks with the cards. So Eddie Henry taught me them tricks. So those tricks helped me
    0:15:15 out later on in life you all hear a lot about them tricks later. So anyway the Harlem that I
    0:15:21 grew up in we are I’m the last product of a generation that saw Harlem without a drug epidemic.
    0:15:27 I’m growing up in the 50s the drugs epidemic didn’t hit to the 60s. So the first part of Harlem
    0:15:33 you see was like numbers the number game policy that used to take place and everybody used to
    0:15:40 bet on numbers and then it was like they had people who was like on head maybe drinking problems
    0:15:48 but they were um functional right nowhere near like like the drugs were then in the 60s when
    0:15:52 the drugs hit and then we start seeing all the drug dealers with all this money all the shiny
    0:16:00 things that we wish we had yeah and then they we started drifting away drifting away and then a
    0:16:06 drug it went from a street game the street thing went from a number culture to a drug culture
    0:16:11 and that’s when Harlem changed right we never used to have to unlock our doors nobody locked
    0:16:16 their doors until the drug epidemic hit and that changed the whole complexion of Harlem
    0:16:26 and I got caught up in that um because of the uh the lore me and all my brothers my sisters never
    0:16:31 did nothing wrong but me and all my brothers got hooked up caught up in that and um I remember
    0:16:43 it was June 19 1967 I got busted for selling drugs I got out three months later with probation
    0:16:50 September 27 1967 the one of the assassins alleged assassins from Malcolm X was in there
    0:16:57 Johnson 3x butler right and when I what I observed he was in lower A1 I was in upper A4 so it was
    0:17:05 tears and we had to pass by and um I saw all respect that this man used to get and the way
    0:17:12 they treated him and did he get respect for allegedly killing Malcolm X or was it it was a
    0:17:16 different it was a different town like Malcolm X today the Malcolm X these young people in here
    0:17:22 know today at the time was all there was a shism that was taking place in the nation in Islam right
    0:17:29 so to the bulk of people when Elijah Muhammad was still alive Malcolm X was considered a traitor
    0:17:37 Martin Luther King was considered an Uncle Tom so history has showed that that wasn’t true it’s just
    0:17:43 that these men chose a path that was the right path to choose they were all like idolized then
    0:17:48 because people didn’t really know what happened but anyway the story is like when I saw that respect
    0:17:54 he got I said I might go to jail again but I will never go to jail for doing anything like that to
    0:18:02 my people yeah and that and that’s what changed my life so that was like that was 1967 when I got out
    0:18:10 I went back to school I was 23 then now and I went back to school high school that was like murder
    0:18:16 being on the bus going from home oh yeah yeah oh man because I’m seeing the young kids that I’m going
    0:18:21 to high school with doing that making mistakes I’m making I’m coming out of it and I’m seeing
    0:18:27 them go into I said oh man it was hell so um and I started writing for a newspaper 40 acres in a
    0:18:34 mule a student newspaper and then I got real revolutionary and I said you know what I had
    0:18:42 from writing for 40 acres in a mule I was offered a scholarship over the summer of 68 as an intern
    0:18:48 at Columbia University either I take that or I can go to Africa and study in Africa with 40 acres
    0:18:54 in a mule scholarship to Columbia go to Africa but I wanted to go to Africa um Dr Henry Clark
    0:19:01 I want to find out what happened so Dr Henry Clark said one day he said at the paper right
    0:19:07 you know we tend to think of ourselves as victims all the time so one of uh me and one of the
    0:19:11 students we always have these conferences every week with a different scholar Dr Henry Clark
    0:19:16 Dr Ben Jockerman you know all kinds of scholars used to come through and so Dr Henry Clark he’s
    0:19:24 the one who minted Malcolm so he’s in at the paper one day and one of the students like myself
    0:19:29 on the editorial board asked Dr Henry Clark he said um if we are the first people on the planet
    0:19:34 and we had chosen people why are we going through what we’re going through today and Dr Henry Clark
    0:19:39 says that’s because of a transgression we made before your opinions came into our life
    0:19:45 he never elaborated on that so when I was going to Africa I wasn’t looking for what he was talking
    0:19:55 about you know what that took a little bit of the anger away you know and gave it gave me like a
    0:20:00 focus say I’m gonna find out what’s wrong because what was whatever this that’s wrong might be what’s
    0:20:08 wrong with me right and when I say me us so I had to figure out a way to get to that so when I
    0:20:15 went to Africa I traveled like it was fortunate for me I’m in Harlem Martin Luther King is alive
    0:20:22 Malcolm X is alive all that energy I go to Africa I’m in Ghana Kwame Nukuma with the pan-Africanism
    0:20:28 movement it’s just got disposed that right then I get to Tanzania Neary is in his governor
    0:20:35 is uh is the president and I get to Kenya Jomo Kenyatta’s ago so I got all this energy and we
    0:20:41 study in Africanism I stayed in Tanzania I stayed at Curuscini International School
    0:20:49 where they were training South Africans to fight in South Africa so we will um we were like a really
    0:20:58 radical group and even the um Urban League had gathered money had gotten pan-American airlines
    0:21:04 to donate the airfare for the seven countries we was going to visit in Africa to yeah to us and
    0:21:08 when we got to the airport they didn’t the state department meaning the United States government
    0:21:14 didn’t know how radical we were so when we got to the airport the state department put pressure
    0:21:20 on pan-American allies and they canceled our reservations oh wow they withdrew the reservation
    0:21:25 but then a black or philanthropist put up with the money at the last minute so that we can go on
    0:21:30 this trip to Africa you know that philanthropist was today no they I never found out who he was I guess
    0:21:39 he didn’t want the state department to know so when we get to the when we get to the first leg of
    0:21:47 the trip in Ghana a car our passports disappeared right and the passports turned up at the state
    0:21:53 department at the United States embassy so we go there picking up we didn’t find out to later on
    0:21:59 that it was a CIA agent following us around you know because this was a time 1968 well I mean
    0:22:08 young black radicals wasn’t going to Africa yeah yeah yeah not without a CIA escort if you go to
    0:22:15 the library and you read 40 acres in a mule and you can see that the Schoenberg library on microfilm
    0:22:21 and you see the things that we were talking about to give you an example I wrote an article in 1968
    0:22:25 when they was building the state building the state building in Harlem
    0:22:33 in 1968 I did a study on that state building and found out what this plan was about
    0:22:37 Constance Baker-Montley had mentioned that plan earlier but the state building was the first
    0:22:45 building they was going to put in Harlem to start gentrification taking place so I had got a prototype
    0:22:50 of that state building and I put it on the front page of 40 acres of the mule and I made it look like
    0:22:57 a Trojan horse you know to let people in know and Harlem know and this is 15 52 years ago
    0:23:01 to let people in Harlem know that gentrification is coming to Harlem and when you go to Harlem
    0:23:06 to date yeah you see gentrification don’t kick them so that’s how radical we were and how advanced
    0:23:13 we was and we were all young like all from the 18 to 23 but we had so much energy we had all these
    0:23:20 revolutionary and these Dr. Benjamin all these scholars coming in and um talking to us now when
    0:23:25 you were in Africa for the fight in Zaire which was later oh yeah that was really interesting
    0:23:30 now I went back to Africa on my own in 1968 because I went with a group and when we went
    0:23:35 with that group wasn’t no all hotel things we stayed with families we did live ins everything
    0:23:42 like that there you know so 1973 I went back and I because they had the Muhammad Ali and
    0:23:47 George Foreman the Rommel in the jungle yeah yeah yeah so my hustling skills kicked in wasn’t selling
    0:23:52 drugs but I was a professional gambler then so I go back to Africa for the fight George Foreman
    0:23:57 get busted in the head you know me and training and training that’s not what Ali busted in the
    0:24:02 head yeah Muhammad Ali why he’s training so I said man I gotta stay here a month and a half
    0:24:08 wait for him to get well yeah so I said you know what I might just travel around again so I stayed
    0:24:17 in um Zaire for a while then I went to um back to Lagos Nigeria and then from Lagos
    0:24:26 Nigeria I went to Liberia and so um and that’s in Monrobio Liberia I had uh a Fulani Taylor and um
    0:24:33 that’s where the whole concept for me um getting involved in fashion yeah you know I’m tell that
    0:24:43 story so come back I’m hustling again it’s like like as I mentioned earlier you get these tools
    0:24:49 when you grow up poor and you use these tools but as you move along you start learning things
    0:24:56 but um in 1968 when I came back from Africa I was in the Panther Party Nation Islam the Panther
    0:25:02 Party had got really radical you know we they had us like we would have to study the battle
    0:25:07 of Algiers where young people was kicked kicking the dope dealers down the steps and just cleaning
    0:25:15 up the city and at that time it was the uh drug dealers was considered the blood suckers of the
    0:25:21 poor those are the reasons that we were doing so bad so the people the Nation Islam was moving on
    0:25:28 the drug dealers Panther Party was moving on them then father the head of the uh five percent of
    0:25:33 all of them was zeroed in on the problem with drugs because that’s that’s what had the devastating
    0:25:40 effect the reason that they were doing that because everyone during this time knew what Harlem was
    0:25:46 like before drugs but the second generation that grew up with a drug culture don’t understand
    0:25:52 what we were like before that happened I refused to go back and get drawn into that
    0:26:01 so that’s when I um I got into what is called let me give you an idea what what what what you
    0:26:06 learn in Harlem in the streets you learn the paper game that’s credit cards and checks you learn how
    0:26:11 to do that illegally the paper the corn game that’s everybody know what that is everybody in here
    0:26:20 been calling some kind of way here no doubt yeah the corn game you know I mean and um so these are
    0:26:26 all the things out that we we learned from profession so I definitely wasn’t going to get
    0:26:30 involved with um anything that’s going to be detrimental to the community so I say you know
    0:26:39 what I’m gonna study this paper game yeah yeah the paper game so I divide credit cards yeah credit
    0:26:47 cards and everything so I divide this method by which um I create my own credit cards yes yeah so I
    0:26:54 was a bank official me and my friends all of us muslim but broke away from nation is not for the
    0:27:02 same reason I never accepted the concept of a biological devil so it wasn’t suitable for me
    0:27:08 in the nation islam I couldn’t accept that part so we come across this credit card scheme so I’m
    0:27:14 the one who initiated the scheme so now we we go in country uh hopping catch a plane here we go to
    0:27:23 we go to st. Thomas st. Croix aruba venezuela they’re spending these folks money like you’re
    0:27:32 blowing us yeah we leave barbados and we go to venezuela and we’re in venezuela and some soldiers
    0:27:36 pull the guns out on us right and I’m looking at colliding and this race is getting all excited I
    0:27:40 said damn what’s wrong I don’t even know what’s wrong I don’t I want to know why the soldiers
    0:27:44 was taking us into the bush anyway yeah they said man they was gonna kill us and rob us so I got
    0:27:48 we got back in the car we went back to the airport yeah that was the second warning
    0:27:56 now we get to aruba right then all of a sudden I’m trying to call my friend and I can’t get them
    0:28:02 and then I see these cop cars and then we we figured it out they’re looking for us
    0:28:08 they had already got one of the two friends so yeah I didn’t know where to go I’m on the island
    0:28:12 I didn’t know where to go so I started ripping up all the all the receipts and I’m on the beach
    0:28:20 ripping up the receipts next thing I know they pull up on us and I didn’t and I didn’t know I didn’t
    0:28:26 see freedom for nine months right man you do not want to get in trouble in a foreign country please
    0:28:34 please and so for nine months all I did was read read read because that was my out read read read
    0:28:39 when I got out of that there then I became more proficient at that more proficient at the paper
    0:28:46 game I got really proficient and I made a lot of money so and then the paper game ended up like
    0:28:52 weirdly leading you into the fashion game yeah I used to make everybody listen uh what was it
    0:28:56 know when to hold them know when to fold them know when to walk away and know when to run
    0:29:00 Kenny Rodgers never count your money while you’re sitting at the table there’d be plenty time for
    0:29:08 counting when the deal is done yeah that was my philosophy so uh after I made the money I told
    0:29:14 everybody who was down with me man quit that you are on the laws too though so you knew you
    0:29:20 were up you knew there was new legislation coming too that was going to make the paper game yeah
    0:29:26 more dangerous yeah the banking system had not figured it out yet yeah right so there was this
    0:29:31 loophole and even if you got caught you would get just 90 days but we never even got caught making
    0:29:34 credit cards so but when they changed the law I said I said I ain’t doing that no more and you
    0:29:38 never go back when you do something wrong but while all this is taking place I’m doing all this
    0:29:44 spiritual reading and so my mind is constantly changing my mind is constantly changing and I’m
    0:29:51 looking for a way to to to really fit into society you don’t want I just want to be I just want to
    0:29:58 be regular I just want to be normal I just want to be you know buying to this American idea but
    0:30:04 what’s also working behind my head is the only you know the fact that I didn’t have the privileges
    0:30:10 and opportunities that other people had right so after the paper game I buy me a brand new Mercedes
    0:30:18 Benz pay $42,000 cash you know with with paper from the paper game from from the paper game
    0:30:25 and um then I said um I’m gonna drive around for a while figure out what I want to do
    0:30:32 and then um I said you know what I’m gonna do I know all the gangsters I’m gonna open up a store
    0:30:39 and sell to them and with the gangsters you knew they had money and like clothes in a way you knew
    0:30:42 about that market where nobody else yeah I knew what every gangsta in Harlem I knew them because I
    0:30:48 used to break them yeah used to call me gambling Danny yeah yeah because I studied everything I
    0:30:52 learned from the best that was the best gamblers that was in Harlem and then I read all the books
    0:30:58 on gambling so that I can have even a better perspective and I read um John Scotty John Scotty
    0:31:04 was the world authority on gambling I read all his books yeah and when it came to hustling I read
    0:31:11 hustling and con men he studies the hustle game like people can study the computer science game
    0:31:17 look listen here if you want to get an inside look at what my mindset was and what my skills
    0:31:25 was watch the movie with um Robert Redford and Paul Newman the sting the sting yeah the movie
    0:31:32 you got ten academies war and if you can pick up on the move that they made in the sting then you
    0:31:40 gifted hustler it gives you a idea of what the hustlers who came out of the south was like
    0:31:46 right and it involves gambling and it involves the con game it’s the epitome of everything you
    0:31:51 want to know about the inner workings of the streets and how other things other than drugs
    0:31:56 how you can make money so in this thing right this is this is an older black guy
    0:32:04 so the black guy he dies he can never play he can never make the big sting yeah you know
    0:32:09 it was always his goal to make the big sting so when Robert Redford and Paul Newman come and say
    0:32:16 man you’re white y’all can make the big sting you know and one of the guys he con had killed him so
    0:32:21 Robert Redford is going to avenge that and then the whole plot emerges from them but the sting
    0:32:26 comes right out of the book hustlers and con men so you can get a really good view of that if you
    0:32:33 want to know what that but then that portion of that but then his life was like i’m a good guy
    0:32:40 it’s just that this is what happened to my life if you march backwards in my history is the this
    0:32:46 was what’s opening to me this is the advances i could make i took advantage of all the opportunities
    0:32:51 that were available to me this is not an apology this is the so that you understand me
    0:33:00 anyway so fashion so i thought that i could go and open up a store i said you know what people
    0:33:07 with high aspirations they want everybody to know that they’re moving up the ladder yeah
    0:33:13 so hustlers and everybody like that especially hustling the main thing they used to like is furs
    0:33:18 diamonds and gold right right so i know i couldn’t mess with them diamonds and gold like because
    0:33:25 that’s a whole new study i got to go into there right so what i did was i started reading everything
    0:33:33 that i could find out about furs right so it just so happened i left the paper game but there’s two
    0:33:39 guys that’s still in the paper game right they use check uh certified check machines right and so when
    0:33:47 people like yourself want to sell your old fur you advertise in the paper they say yeah we’ll buy it
    0:33:51 and then you show up with your fur and you get one of the special main certified checks
    0:34:00 there you hear that you need to take bitcoin venmo something else don’t take that so all right
    0:34:07 so um i’m with these guys so they’re gonna sell me the furs all right so they head the fur they
    0:34:12 bring it to me to take them out of the line in right go down into the big check for yeah yeah
    0:34:17 so i go down the fur this week this is when i meet urban chakens my jewish friend so urban
    0:34:22 chakens takes the fur as well and i say hold up man maybe i need to be making these furs with you
    0:34:27 yeah instead of me buying hot furs so me and every check it’s hooked up i start reading everything
    0:34:33 and studying everything with the fur game and then what i did was i did my research and was
    0:34:38 only three black furriers in the in the country it was one called the he was the most popular black
    0:34:43 furrier uh in new york and it was two in chicago and i went to visit all of them see how they
    0:34:49 operation work and i come back and i started doing the furs but um what i thought was that i
    0:34:54 would be able to buy and replace other clothes when i want to do other clothes with all the
    0:35:00 manufacturers i went to that’s so luxury goods would not sell to me okay and why did they just
    0:35:05 went to sell to you because they wouldn’t they just like that you know i’m not gonna you know
    0:35:10 all i can say is that they sold to people who wasn’t my color so yeah that was the intention
    0:35:17 so anyway so that wasn’t working out for me but the furs was working out for me but furs
    0:35:25 is a seasonal item right so i’ll start going to this uh uh a furrier in new jersey called a fur
    0:35:29 factor and he was selling furs for me another jewish guy he’s selling furs to me and i was doing
    0:35:35 good off those furs right he said listen my son and his and my nephew are opening up this company
    0:35:40 and they’re going to be making leather jackets i said okay cool he said go see him his son and
    0:35:46 his nephew is andrew mark they’re cool they was almost like young black guys i said yo what’s up like
    0:35:54 that you know that’s cool right there so we um i’m i’m buying these leather jackets with the
    0:36:00 opossum lining from them right yeah so i’m paying four hundred dollars for the for the jackets
    0:36:06 and i’m selling them for eight my competition was the most popular store in holland called aj
    0:36:14 lessons a lay lessons is selling the same coat for 1200 so i’m smoking them right yeah one day
    0:36:21 a guy comes with his friend who had already bought one from aj lessons and he was proving to his friend
    0:36:26 these are the same coat so he came to me where he got this from right right he said i told you man
    0:36:33 that guy got so hot he went over to aj lessons and had a fit oh yeah aj lessons goes down so andrew
    0:36:38 mark and tell andrew mark if you sell the dappadam i’m not buying from you anymore i’ll
    0:36:43 say cut off the supply you know when i go down to re up down to andrew marks and i’m to get some
    0:36:49 more jackets they say dapp we got a problem man i can’t sell to you no more because aj lessons
    0:36:56 say if i sell you then they won’t buy from me no more they have six stores you only have one
    0:37:04 yeah i’ll say oh man i didn’t even you know i didn’t even debate the issue with them because they
    0:37:10 told me well we will let you continue to buy but you got to take the label out you know the label
    0:37:16 is everything yeah you can’t you know so i got mad i just left and i came uptown now when i left
    0:37:23 when i was on that trip in africa and i was in monrovia Liberia i went down to buy me some artifacts
    0:37:28 and when i was buying these artifacts right you gotta like the way i dressed and all because i was
    0:37:34 you know super fly yeah you say i like it still are yeah you say i like the way you
    0:37:38 you say i like what you got on i’ll say i like the artifacts i’ll say you want to trade you say
    0:37:44 yeah i want them got all my luggage i took every all the clothes that i took on the trip with me
    0:37:50 i came back down to the marketplace and i exchanged all my clothes for artifacts and
    0:37:58 for him to make me clothes you know with african style material with hollum style cuts yeah and
    0:38:02 that’s how i came back and that always stayed with me so when andrew mark and them did that i
    0:38:09 said you know what man hold up i’m gonna look i’m gonna figure out how to do this myself so i’m
    0:38:16 downtown in some uh Senegalese african selling uh from from senegal warlords and they sell
    0:38:20 some of this stuff on the street i gave him a card i said you know anybody so tell him come see me
    0:38:29 yeah right and so first i got one then i got two then i got four then eight right i was up to 23
    0:38:37 tailors all right from senegal yeah all from senegal i’ll never do that again so anyway so i had
    0:38:45 these Senegalese tailors and um i need something new right now i’m working with furs i’m working with
    0:38:51 11 and the guy comes into the store one day and he got a louis Vuitton pouch and was that that’s
    0:38:58 little man yeah little man this was a kingpin in hollum the guy was the guy was jack jackson jack
    0:39:04 and he was in hollum jack jackson is the one who told on john goddys brother gene goddys they got
    0:39:11 him there 50 years but the pouch is little man’s boss’s pouch yeah right and he got all this money
    0:39:16 he got a hundred dollar bill and i look at that pouch i say damn what is it about this pouch
    0:39:22 ain’t but six dollars worth of vinyl yeah you know this louis Vuitton pouch you know but everybody’s
    0:39:31 excited i say wow so it all it clicked in my head now you got furs diamonds and gold now here’s symbols
    0:39:36 yeah i say it’s the symbols that’s making that’s popular so i wouldn’t study all about the symbols
    0:39:42 and stuff and i figured out the science behind textile printing and all that yeah i say if i could
    0:39:49 take them symbols and make them look like that bag yeah and have them walking around looking like
    0:39:57 luggage and at that time at that time louis louis Vuitton Gucci they didn’t they didn’t use the
    0:40:02 symbols like that nobody louis Vuitton Gucci none of them and let me tell you all your future
    0:40:09 designers and stuff i never ever went to a runway show where you see people you know
    0:40:13 the models in it i never went to one until i did the deal with Gucci
    0:40:20 i didn’t want to know what it looked like when it’s finished i wanted to know how it was made
    0:40:28 so all i used to study is technology fashion technology fashion construction and i would go to
    0:40:36 all the trade shows associated with with garment construction so i began to teach myself everything
    0:40:44 about textile printing and then in addition to that what i used to do was like when the industry
    0:40:50 was moving from united states to china when everybody was going offshore right when the unions
    0:40:56 this listen this is very important when the unions tricked everybody into constantly
    0:41:02 asking for raises but they didn’t put pressure on the corporations that were producing the goods
    0:41:11 but the prices was rising they said look we can move our factories offshore which end up in china
    0:41:18 and then still get the same prices that we sell goods from here so all the industries was moving
    0:41:23 to china well this is the same time i opened up my store so now i’m going to auctions at all
    0:41:28 these businesses these factories just closing down right and i’m learning things i would get to
    0:41:32 the auction early and walk around like i knew something and listen to the auction you know
    0:41:38 listen to the people who buy the machines see what they be saying about machines and ask questions
    0:41:43 and i’d be the only like black guy in there i learned all about the different types of machines
    0:41:49 associated with the industry right and i bought them and and i put started bringing them to to the
    0:41:56 to my my location so i end up having a three-story building on 125th street and a 2000 square foot
    0:42:04 factory on 120th street all in hollow all run by me and my africans right yeah and you’re
    0:42:14 and your uh your design process was also very different in that that’s the most time with the
    0:42:19 the customers in a way that the guys in france never would have thought of yeah my approach to
    0:42:28 fashion is like you see designers they come from their ideas and that’s good they approach it like
    0:42:36 their painting a canvas and that’s good you know because that that’s an input but what i’ve always
    0:42:43 done was to embrace the culture and translate the culture and how i did this is like when my
    0:42:49 customers came in i asked them how they feel about themselves how do they want to look now i got all
    0:42:53 this fabric this your piano and i’m printing everything you know whatever design you want
    0:43:00 everything but now the creative process kicks in how do you want this to look on you and we
    0:43:07 sit down and we discuss how you want to look so now i got all this input from all these people
    0:43:15 coming out of my community and so this is the infusion of ideas that’s taking place between
    0:43:21 me and those who want to be transformed because clothes transform me and i know how it feels
    0:43:28 when they got them nice outfits on so what i did was i continued that process you hear that i just
    0:43:36 all these entrepreneurs you hear that okay good so it’s an important part in doing that i come up
    0:43:43 with all these different ideas with a person who designs for themselves if if they mess up if they
    0:43:48 make something wrong then they stuck with a collection now i got two pluses in my favor
    0:43:54 i got fabrics that i’m making and that fabric can be anything once you have a garment that’s all
    0:44:00 it is is that garment right so i got that working for me and i got the fact that i’m getting all this
    0:44:05 input from the people from my community who have these ideas but i had to remind them i know you
    0:44:16 got ideas but everything in your mind might not look good on your behind now i’m shifting there’s
    0:44:26 a shift now from the hustlers and then it’s the birth of hip hop perfect timing you know now i have
    0:44:38 my personal collection of influences all to me so i got this creative idea i got the knowledge of
    0:44:47 textile printing right i have upcoming influences yeah so i got all this working for me now what’s
    0:44:57 missing i needed a social vehicle your mtv wraps now you’re on television i got all the components
    0:45:03 that i need to be successful right but i ain’t have permission to use those labels
    0:45:10 right yeah so i’m making all this stuff and i’m under the radar i got all the wrappers and everything
    0:45:16 now then the uh athletes start coming got all the black athletes and stuff
    0:45:23 then mike tyson comes to the store he’s with me when we camber when she’s starting out
    0:45:28 now i’m getting all this attention on top of that mike tyson gets into a fight
    0:45:37 with mitch blood green in my store next thing it comes out uh monday night football
    0:45:43 and then you get up in the helicopter you know over the ganky state down there somewhere
    0:45:50 dapper dance 24 hour boutique ha ha ha you know it’s like they’re making a joke out of it but but
    0:45:57 now everybody everybody knows so the brands say who the hell is a dapper dan the next thing i know
    0:46:05 hip hop is moving on moving on the om tv is bursting out so all this all this attention i’m getting
    0:46:14 all this attention now and now there’s something very particular is happening with the major european
    0:46:24 brands the luxury houses right they are bankrupt for ideas yeah you know so you couple that with
    0:46:31 what i’m doing yep and then it becomes notice say wait a minute so what i did with these symbols
    0:46:40 is to create this new idea which they named after me which is called logo mania yeah today
    0:46:51 today you see the reason louis Vuitton gucci fendi every major brand is using the format that i use
    0:46:58 when you go to the store look around look at the artist they have logos all over and that’s
    0:47:05 what i gave birth to that idea so that was the infusion that the luxury brands use so now here’s
    0:47:19 the plan first part of the plan work like this cease and desist cease and desist next thing i
    0:47:27 know the brands is coming to my store yep with anything with their logo on it yeah giving me a
    0:47:33 letter to desist what you’re doing now they all started reading you all started reading that’s part
    0:47:38 that’s part one right kept reading every time they come they taking all my merchandise and everything
    0:47:47 so that’s cost of me money in addition to that right tommy hill figure starts going to the hip hop
    0:47:54 clubs and giving out tommy hill figure jackets uh yeah you know right right right right right
    0:47:58 i’m here for your jacket right figured out yeah the influencers were yeah he figured it out earlier
    0:48:06 you know right so um now that infusion is coming from outside the pressure is coming from this with
    0:48:13 the brands right the next thing they do yo m tv rep ted ted demmy was the producer of yo m tv rep me
    0:48:19 and him had a tight relationship ted demmy told me anytime you want you just call me i’m sending
    0:48:24 a film crew to here because this is the birth of two things this hip hop here fashion here this is
    0:48:30 other side of the coin that’s moving on right they go to ted demmy and tell ted demmy if you show
    0:48:36 anything that dapper dan wears we’re not advertising with you and that’s when you started seeing the
    0:48:42 blur yeah on what the rappers was wearing right so now they’re raiding me you know what i mean
    0:48:50 they blurring the next step is to give the contractors yeah so what the first door that
    0:48:56 opened was i remember when jam message j came to the store he said that man adidas just gave me a
    0:49:07 crazy deal you remember he came in with a big gold chain with a big gold adidas shoe oh yeah and that
    0:49:14 was the beginning that was beginning of a thing then ll cool j then fooboo comes about fooboo
    0:49:22 for us by us yeah who said that for us by them do your homework
    0:49:33 do your homework so fooboo steps it
    0:49:44 ll cool j wears a hat for a photo shoot that he was doing for um for the gap yeah
    0:49:51 bam takes off everybody see that fooboo starts clocking numbers yeah so now the next idea now
    0:49:56 listen to this next idea this was our opportunity right now i’m gonna go to that next i got 23 people
    0:50:02 working i got a three-story building on 125th street 2000 square foot factory on 120th street
    0:50:12 so this is all money that’s going out right so one day fendi comes to the store with the marshes
    0:50:20 season to sys order i got a jacket a three uh a full link coat look like an aqua school coat
    0:50:26 with tuxedo black mink color black plange leather with all the black on black f’s on it
    0:50:35 soda mayo anybody know who she is soda mayo she’s a supreme court justice yeah at this time
    0:50:39 she’s working for fendi as one of the lawyers for fendi’s she comes in the store with the team
    0:50:47 she’s saying that jacket that coat is so amazing he belong downtown they don’t take me downtown
    0:50:55 they take all my clothes downtown so that these raids kept raiding me broke and raiding me broke
    0:51:01 and i kept losing money on top of that the most critical thing is now you know i started out
    0:51:08 with the gangsters but now because of the drug culture it’s imploding because they’re fighting
    0:51:14 against each other right and when they couldn’t find each other to fight late at night they knew
    0:51:22 that but they was making money so 231 warning i’m sitting in my van and these drug dealers
    0:51:28 who were no longer making money was struggling attempted to kidnap me i fought them off and
    0:51:37 they shot me and today that’s why i have a bullet at the base of my neck so what happens is and
    0:51:45 that’s why you might hear me say you cannot be in it and not of it so after after that i had to
    0:51:51 figure out you know what i had to start all over again i went from a table and selling clothes
    0:51:58 out my car to a three-story building with 23 people sewing five family members working
    0:52:04 you know in a big factory where i’m doing the cars because i did cars everything anything you
    0:52:12 wanted with symbols on it i give you all the symbols you want anyway you want so i’m doing all
    0:52:18 that so all of that vanishes yeah because you know my payroll was 12 000 dollars a week back
    0:52:25 then that’s 48 000 a month i’m just with just with the workers 48 000 a month and then i had
    0:52:31 rent on the three-story building and rent on the on the factory so all i was adding up but my my
    0:52:41 passion for the for my work is because like we was like a family so even when i got shot i’m
    0:52:47 laid up for a month i’m still paying them so that’s one month is 50 000 so all is caved in on me the
    0:52:58 next thing i know i um back on the sidewalk with a little table like this yeah selling t-shirts
    0:53:08 but i said to myself you know what i’m gonna come back so i never i remember when um my daughter
    0:53:12 said dad what’s wrong with daddy she never saw me like that i laid up for like three months
    0:53:18 just wondering what i was going to do next and then um my wife said we got to do something
    0:53:24 so i made iron on chanel t-shirts and went on 125th street the table like that dear
    0:53:30 i’m counting tour buses i counted 144 tour buses that came through i ain’t said one t-shirt
    0:53:36 but i said you know what i’m gonna figure this out again at the time guests came out right yeah
    0:53:40 i started making these little outfits for girls these little guests with the little
    0:53:48 this little like uh little uh cheerleader skirt and and nice little tops with the guest symbol
    0:53:54 and skirt and the symbol match with that little guess what order yeah and and i started selling
    0:54:01 like 30 or 40 them a day straight for six months next thing i knew i had another 100 000 you know
    0:54:08 i’m calling call it africa right so now i got enough money and i’m building me up another little
    0:54:14 team so i still can’t go off the radar right so my nephew there i get my little nephew there me
    0:54:21 and him hit the road all right so because i knew all the gangsters i would drive from new york
    0:54:26 city to chicago hitting all the black cities ah let me tell you a trick that i can tell you about
    0:54:30 this one i had a friend work for fooboo so i knew what their distribution was so i went to every
    0:54:37 place they was at going west and i come back and did the same thing going south i struggle
    0:54:44 next thing i know i had all this money again yes and then i was stable and in addition to that
    0:54:49 something new took place with the rappers now the rappers got money they forgot all about me though
    0:54:55 right no i can’t say that jz didn’t forget you know because he came of age and what they would do
    0:55:00 is send this is this gay birth to what you call the stylist today all the artists are working
    0:55:05 with stylist now so the stylist was the mediator between me and them i didn’t like that but i worked
    0:55:12 with that anyway but um i think um by the time i’m getting ready to come out the underground
    0:55:18 we had this big gap right so from the time this is important from the time that they rated me
    0:55:25 to the time that i came back all these black brands these mundari brands emerge but what they
    0:55:31 did not do was study the game they didn’t do no reading no studying and so they took
    0:55:39 the luxury idea that i created for us and took it downstairs right right one thing you never
    0:55:46 see me do i never made no gang paraphernalia i never did anything associated with that try to keep it
    0:55:51 on a luxury level so they they made it so that anybody can have it anybody can do it and then
    0:55:56 it went down so between the time that i went underground and all these brands emerged they
    0:56:02 all collapsed but this time is giving all the brands besides beside tommy hillford because
    0:56:09 he’s the first to peep it yeah all the other brands start kicking in even raffle rent because
    0:56:16 that’s why raffle rent opened up raffle rent sport and got that black model tyson yeah all
    0:56:24 that was to the lure to bring us in so now we lose all of that time while these minority brands
    0:56:28 is the emerging but they don’t understand how this is supposed to be marketed and all of those
    0:56:36 crash that give the luxury brands that gave the luxury brands time out the step in and do exactly
    0:56:42 what i was doing but charge way more yes and so that’s what we have today but they made a mistake
    0:56:53 my partners and the best guys out there today gucci created this jacket that i created in the 80s
    0:56:59 for diane dixon ha the difference now and as opposed to when i first started
    0:57:06 is that now i have a voice and i didn’t know i had a voice but that voice was black twitter
    0:57:26 black twitter said uh uh that’s dapper dance you know no that’s dapper dance
    0:57:31 trap black twitter went in right yeah so the next thing i know my son is of age now
    0:57:40 my son said dad gucci want to talk to us first we got all these entertainers and
    0:57:45 all these big wigs calling us and man yo dad man gucci’s trying to get to you through us
    0:57:52 right my son say dad gucci want to talk to you no child and i don’t trust them i haven’t been
    0:57:58 rated like crazy what i’m gonna talk now but i said they want to rape me again hey they ain’t
    0:58:03 gonna find me don’t give him my number don’t you say nothing
    0:58:13 you say no dad they want to really talk i say oh yeah i say oh you sure something he said yeah
    0:58:19 man i say tell them come to hollam they came to hollam i say damn they serious
    0:58:24 they came to hollam we ironed out this deal they said we know
    0:58:30 that the world knows who you are yeah now he say and all these brands
    0:58:38 are paying you homage but they’re not paying you yeah you’re gonna change that
    0:58:48 so they came to me with this partnership deal let’s say this is what we’re gonna do
    0:58:53 we’re gonna allow you to open up a store in hollam beautiful store a telly air no more
    0:59:01 store a telly air y’all got that yeah they’re gonna allow you to open up the telly air in hollam
    0:59:06 and you’re going to be able to do what you’ve always done produce steel only thing is without
    0:59:11 fabrication and that’s going to be a partnership in addition to that we’re going to have a
    0:59:16 Dapper Dan line and we’re going to partnership on that and that’s going to be distributed
    0:59:25 around the world and you get a percentage of that and so and and that’s the deal i made right
    0:59:33 and it was working fine then there goes another boo boo but before we go to the boo boo
    0:59:42 let’s go back to Louis Vuitton soon as Gucci gives me this partnership Louis been number one for
    0:59:53 years all of a sudden Louis brings up Virgil right now you know that’s a reaction because
    1:00:00 Gucci put me in and we got a collection ready and we’re shooting it out Louis Vuitton reacts to
    1:00:04 that by going to get Virgil and they don’t have a collection so you know it wasn’t free plan
    1:00:11 but a reaction right and that’s good because we’re getting in these spaces which is where we
    1:00:18 need to be you know but before that two important things happen first there was Gucci ghost a great
    1:00:25 kid great idea and he was doing some of the things for Gucci that I did right but he wasn’t quite
    1:00:32 Dapper Dan and then Louis Vuitton went and got supreme because supreme is connected to the
    1:00:40 millennials so they go get supreme right but what the what the public did not know when supreme
    1:00:50 made the partnership with Louis Vuitton when they initiated the line and everybody attended the show
    1:00:56 was issued a letter stating and I want you all to hear this in the back stating that this whole
    1:01:04 collection is inspired by Dapper Dan so do your homework and find out so here it is everything
    1:01:10 has come out of Harlem this creative force associated with hip hop that’s circling the
    1:01:17 planet now we got two things we got one number one is our ideas of fashion has encircled the world
    1:01:27 right to our musical platform has encircled the world the only problem is hip hop has gotten their
    1:01:35 money through trials and tribulations but we are not making any impact in fashion yeah because of
    1:01:41 what we did from the time I closed down to the time I got this partnership we didn’t approach that
    1:01:48 right so now all the brands got the power but now it’s far it’s slipping away it’s slipping away
    1:01:53 because they’re making mistakes so when Gucci made a mistake it wasn’t intentional in my opinion
    1:02:00 they made a mistake and did the blackface that was another boo boo well now I got to represent
    1:02:04 who I am and where I come from so I had to tell Gucci I said listen man I’m a black man before I’m
    1:02:10 a brand how you gonna do something you got to come back to Harlem again and explain what you did
    1:02:18 so they came back to Harlem again and we sat down and what I did was I organized all the people
    1:02:28 that I could find in the corporate world those who were responsible for the for the mechanical way
    1:02:33 that corporations work and those responsible for cultural inclusivity so that they can come
    1:02:41 around and organize a plan by which we can have a presence in Gucci so that this doesn’t happen
    1:02:46 again and we represent it right if you want to read about it it’s called a change makers program
    1:02:53 by Gucci and with it so far they didn’t hire two vice presidents they got programs to recruit
    1:03:00 young black designers or minority designers and this huge program now if you look and see what’s
    1:03:06 happening the world is is becoming a community now people are flying who never flew before people
    1:03:11 have visited country normal so the world is getting smaller people are more familiar now with our
    1:03:17 culture than ever before so we have to be represented in them places what people have to
    1:03:24 realize here man you don’t have to do like I did and start from a table we need to be inside
    1:03:29 these corporations on a higher level so we can take advantage of the opportunity to see how they
    1:03:36 run yeah and how they work so that we can do these things for ourselves yeah so last question
    1:03:41 because this is such an important point that you made when you decided to work like you
    1:03:45 could have gone the other way they sued you put you out of business you could have said well like
    1:03:49 we’re going to get rid of Gucci we’re going to sue them into the ground
    1:03:56 but you kind of took a lesson from what you learned in Africa when you visited Kenya
    1:04:03 the very good and then Uganda with Idi Amin yeah very good point so we’re not everything I did
    1:04:10 nothing that I’ve done has been I act by accident it’s all been done through research so when I went
    1:04:19 to Africa 1968 I studied the how to they handle their government and their industry so when I was in
    1:04:27 Kenya I stayed with Chief Richard Karani and he was equivalent to like a borough president right
    1:04:32 and what he taught me was that like what Joe Mokinata did when he became president
    1:04:37 like all the colonial land and the colonial houses that they had he reappropriated the
    1:04:45 colonial house and what he did was he take this clone this uh uh uh colonial house and he give it
    1:04:51 it’s two major tribes in Kenya the kikuyu and the luau he said okay you’re kikuyu you live here
    1:04:57 this you take this out you a luau you live here so he split it up so that there’d be this unity
    1:05:02 the next thing he did and the most important thing he did which is what I implicate and I talk about
    1:05:11 in fashion is that Joe Mokinata told all because the the economy was dominated by people from
    1:05:17 outside basically in East Africa they’re Indians so Joe Mokinata told the Indians
    1:05:23 that uh in Kenya he said all y’all have to have an indigenous partner in your business or you
    1:05:32 cannot do business here yeah right so that’s that that’s that the framework for Africans indigenous
    1:05:38 Africans to learn how to run these businesses right and Neary did something similar to that
    1:05:45 but Idi Amin and Uganda did something that was devastated the economy so what he did he kicked
    1:05:51 all the Indians out and he and so you didn’t have nobody inside that could take over those
    1:05:57 in the economy collapsed so this is what I was thinking about when I approached the thing with
    1:06:05 Wiguchi if we are to move up and move forward we have to be in the rooms to see how these multinational
    1:06:13 corporations work before we can start building on our own so somebody tells you this is important
    1:06:17 now and somebody tells you oh man we can start our own business tell them go get a table
    1:06:24 and let me see you do it tell them go get a table let me see you do it now what’s so important about
    1:06:30 that now say they’re gonna say oh yeah then they get bigheaded and they go get a table right now
    1:06:37 you know every 20 or 30 something years we get a powerful cultural platform you know we’ve had jazz
    1:06:44 calypso rock and roll all these all these powerful platforms by which the whole world embraces our
    1:06:51 music that we could take advantage of but they don’t last forever hip hop will morph into something
    1:06:57 else you know but now what what’s happening with hip hop today with which I’ve seen happen with rock
    1:07:04 and roll is that other people learn how to empower themselves with our culture you know I’m saying
    1:07:09 and that’s nothing wrong and that’s going to happen whether you like it or not you know so
    1:07:14 what we can do is when we get these platforms that we can take advantage of our culture
    1:07:21 then we have to be able to utilize the vehicles that are get our culture around the world by
    1:07:27 which we can make money so while you’re sitting on that table gushy louis fendi and all of them
    1:07:35 are taking elements of the culture and moving it around the world by using by using influences
    1:07:42 that are representative of our culture so that’s how this works so we get a chance to work from
    1:07:48 now now as the culture moves it changes people adapt to it so you got to keep going back to the
    1:07:53 source from which the culture come from building on that and take advantage of that and if you
    1:08:08 don’t do that you’re not paying attention on that note thank the legend

    ”You cannot be IN it… and not be OF it.”

    Dapper Dan a.k.a. Daniel Day shares his remarkable history and story of defining an era of fashion and cultural influence in this special episode of the a16z Podcast — based on his conversation in San Francisco (also available as video here) with a16z co-founder Ben Horowitz around his memoir, Made in Harlem.

    Dapper Dan pioneered high-end streetwear in the early 1980s, remixing luxury brand logos into his own designs for gangsters, athletes, and musicians — dressing cultural icons from Salt-N-Pepa and Eric B. & Rakim to Beyoncé and Jay-Z along the way. Going on to define an era, Dapper Dan’s work has been featured in exhibitions at the Museum of Modern Art, the Met, The Smithsonian, and more. But he began as a hungry, fast learner in Harlem who became a gambler; spent a brief stint in a foreign jail where he nourished himself with reading; and then studied the market to build his fashion business, trendsetting the concepts of logomania and later, influencer marketing. Today, Dapper Dan has a unique partnership with Gucci and reopened his boutique in 2017.

    From “the struggle” when not given the privileges and opportunities that others have to the struggle of building and then losing and then reinventing oneself again and again, this special episode offers inspiration for all kinds of makers — including the power of “studying the game”; the power of listening to your customers (not in the cliché way!); and the power of cultural influence… and voice.

    photo credits: Alain McLaughlin

  • a16z Podcast: From the Internet’s Past to the Future of Crypto

    AI transcript
    0:00:03 Hello, and welcome to the A16Z podcast.
    0:00:07 This episode is based on a fireside chat between Katie Hawn, Crypto General Partner,
    0:00:13 and Mark Andreessen, co-founder of the firm, during our recent inaugural Crypto Regulatory
    0:00:14 Summit.
    0:00:18 Katie asked Mark to trace some of the possible parallels between the early days of the internet
    0:00:22 and the current state of crypto, including how the browser went mainstream and its initial
    0:00:28 usability gaps, the impact of regulators and policymakers in the early days, the beginnings
    0:00:34 of commerce and the story of the world’s first online bookstore, hint it’s not named Amazon,
    0:00:37 and the original sin, as Mark calls it, of the internet, and how crypto could revisit
    0:00:42 that original sin and help create new economic models to drive the internet and the broader
    0:00:43 economy forward.
    0:00:49 Mark, you had a front row seat when the internet was kind of being developed, right, at least
    0:00:50 for consumers.
    0:00:56 How did the internet go from being this kind of weird thing that academics used, and by
    0:01:01 the way, the government, to a mainstream growth engine for the economy?
    0:01:05 Yeah, so to start with, I should say, to clarify, it wasn’t actually a front row seat.
    0:01:06 It was the little kid’s seat.
    0:01:10 It was the booster seat, whether you still use regular shoulder shop in the back of
    0:01:12 the internet van at the time.
    0:01:14 I was very young.
    0:01:18 So the evolution of the internet over time has so many echoes and comparisons to what
    0:01:19 we’re seeing.
    0:01:22 What I’m seeing now with cryptocurrency and blockchain is really quite remarkable.
    0:01:25 And so, you know, maybe the best way to think about that is kind of by actually telling the
    0:01:29 story about how the internet actually first became useful as a commercial medium.
    0:01:30 Yeah, that’d be great.
    0:01:35 And by the way, for those who don’t know, I’m sure many know, but Mark, you co-founded
    0:01:39 Netscape and brought the first kind of internet browser to mainstream.
    0:01:43 And then even before that, a team of us at the University of Illinois created Mosaic,
    0:01:45 which was kind of the prototype for what became Netscape.
    0:01:46 And so that was in 1993.
    0:01:48 And it actually turned out in 1993 was the pivotal year.
    0:01:50 And so the internet has a very interesting backstory.
    0:01:53 So first of all, you know, the origins of the internet kind of go back even decades
    0:01:56 before the nineties, you know, they go back to the fifties or sixties.
    0:02:00 And so there was academic research happening over multiple decades of the form of basically
    0:02:02 how to develop a decentralized network.
    0:02:05 And right, actually, decentralization was actually key to the internet early on because
    0:02:08 the original motivation for it was to have a network that could actually survive a nuclear
    0:02:09 attack.
    0:02:13 So it was sort of, it was born out of the present dangers of the Cold War.
    0:02:16 And as this, you know, revolutionary concept, you have this decentralized network with no
    0:02:17 central hub.
    0:02:20 At the time, there were data networks, but all data networks ran through centralized
    0:02:24 switches run by companies like AT&T and true to form the senior executives in many of the
    0:02:27 top scientists at AT&T always maintained the internet was impossible, right?
    0:02:28 It could never exist.
    0:02:29 It could never happen.
    0:02:30 It could never work.
    0:02:31 It could never scale.
    0:02:32 It could never be secure.
    0:02:33 So there’s one parallel right there.
    0:02:35 Well, there’s there’s a parallel right now we could talk more about, but it did actually
    0:02:36 start to emerge.
    0:02:42 And then it started to go mainstream in academic circles in particular in the 1980s.
    0:02:44 And it was actually at the time funded by the National Science Foundation.
    0:02:47 So it was called the NSF net was like the precursor to the modern internet.
    0:02:50 The thing that people forget today, because everybody now today you shop online and you
    0:02:53 do all the stuff online by airplane tickets and all seems so natural.
    0:02:57 It was actually illegal to use the internet for commercial activity or commercial transactions
    0:02:58 until 1993.
    0:03:01 And I want to stop you there because I remember when you told me that I thought, what?
    0:03:07 I’ve never heard that it was illegal to use the internet for commercial transactions until
    0:03:08 1993.
    0:03:09 Yeah.
    0:03:10 So it’s a different circumstance.
    0:03:12 So the illegality or sort of prohibition, let’s say, I don’t know if they could have
    0:03:14 sent you to jail, but they definitely could kick you off the network, which is kind of the
    0:03:17 same thing at least in modern life.
    0:03:20 So it was funded by the government is funded by the taxpayer.
    0:03:24 And so the government got to set the policy and the policy was called the acceptable use
    0:03:26 policy or AUP, that’s on Wikipedia.
    0:03:27 You can pull this up.
    0:03:32 And it’s basically the acceptable use policy is you can use the internet for academic non-profit
    0:03:33 individual use.
    0:03:37 If you can figure out a way to connect to it, you’re free to kind of play and explore and
    0:03:41 kind of do experimental things, but you specifically can’t engage in commercial activity and commercial
    0:03:42 transactions.
    0:03:45 For example, companies were actually connecting to the internet prior to 1993, like a lot
    0:03:48 of defense contractors were on early, a lot of tech companies were on early, but they
    0:03:51 literally technically could not sell something to somebody.
    0:03:53 And it was literally just taxpayer money.
    0:03:57 So then there was this kind of turning point moment in around ’92, ’93, ’94 that I was kind
    0:04:00 of sitting in the middle of at the time, which is sort of internet traffic was starting to
    0:04:01 really kind of take off.
    0:04:03 People kind of decided they liked this thing.
    0:04:07 And then there was sort of growing latent demand for actual commercial activity, but
    0:04:08 the government was kind of holding firm.
    0:04:11 And then basically what happened was a set of, I would say, enlightened regulators and
    0:04:15 policymakers decided basically two things at the same time.
    0:04:20 Number one is they decided to legalize, basically revise the UP to legalize commercial activity,
    0:04:25 but in parallel, they decided to hand off the internet backbone to the telecom companies
    0:04:28 at the time, AT&T, Sprint and MCI.
    0:04:30 And then that solved the economic problem, which is we’ll get companies to pay for this,
    0:04:32 so it doesn’t have to be the government.
    0:04:36 But it was a very enlightened and forward-thinking move to make this change because it wasn’t
    0:04:38 consistent with internet culture at the time.
    0:04:40 It wasn’t consistent with how this thing had gotten funded.
    0:04:42 It wasn’t consistent with any of the governance mechanisms.
    0:04:45 But there were a set of people in Washington who said, this would be a good idea.
    0:04:49 And furthermore, be good idea for internet to exist, be good idea for it to engage in
    0:04:50 commercial activity.
    0:04:54 And in fact, in crazy upside scenarios, it might be a driver of economic growth.
    0:04:59 And for those of you who are older like me, you’ll remember 1989 to 1993 in the U.S. was
    0:05:03 a severe recession, and it was grim economic times.
    0:05:07 It’s kind of forgotten a little bit because it happened a while ago, but it was pretty
    0:05:09 dark and pretty bad.
    0:05:12 And it turned out, I think, you can trace a direct line to the economic boom of 1994
    0:05:16 to 2000 from basically legalizing commercial use of the internet.
    0:05:19 I just heard you call the regulators enlightened.
    0:05:20 Enlightened regulators.
    0:05:24 My friend, Al Gore, gets a tremendous amount of teasing for having claimed to invent the
    0:05:25 internet.
    0:05:26 I will defend Al Gore’s honor.
    0:05:27 Al Gore never said he invented the internet.
    0:05:30 He said he helped to create the internet, and that actually is true.
    0:05:34 He didn’t write the code, but what he did do was he set many of the original policies
    0:05:37 for the funding of the NSF net, which led to the creation of the internet, and then he
    0:05:41 was involved in this process of basically privatization and having it become an engine
    0:05:42 for economic growth.
    0:05:45 And so he was integral, and a whole bunch of other people in Washington as well on both
    0:05:47 sides of the aisle, but he was in the middle of that whole thing.
    0:05:50 And that AUP changed then in 1993?
    0:05:52 So in 1993, the policy changed.
    0:05:54 So now it was legal to do commercial activity online.
    0:05:58 And so people started to have all these really crazy wacky ideas like, “What if you could
    0:05:59 buy things online?”
    0:06:01 And there was immediate backlash, right?
    0:06:04 Response basically was, “Okay, it’s not illegal, but it will still never work.”
    0:06:05 Because it’s not secure.
    0:06:06 Right?
    0:06:07 And so that won’t possibly work.
    0:06:10 And then the other thing, of course, that was immediately obvious was it’ll never
    0:06:12 work because big companies aren’t hooked up to it yet.
    0:06:14 And so, right, it’s all going to be these fly-by-night operations.
    0:06:16 And so that’s another parallel that you’re seeing in the crypto space?
    0:06:17 Yeah.
    0:06:19 So one of the things you talked about with crypto today is it’s like, “Okay, it’s like
    0:06:21 sort of where are the use cases?
    0:06:24 Yeah, I understand that there are these potential use cases, and yeah, there are specific examples
    0:06:28 of these use cases today, but like where’s the amazon.com of crypto, right, or where’s
    0:06:29 the Google of crypto?”
    0:06:32 And it’s like, “Okay, well, let’s think about actually where amazon.com came from.
    0:06:34 This is another kind of great analogy.”
    0:06:38 So the first internet store was a bookstore.
    0:06:39 It was not Amazon.
    0:06:44 It was a cult little tiny science fiction and fantasy bookstore on El Camino Real in Palo
    0:06:46 Alto called Future Fantasy Books.
    0:06:49 And it was kind of this legend, and if you like science fiction at the time, it was
    0:06:52 like the place in the Bay Area you’d go to buy science fiction books.
    0:06:54 I mean, it was run by a guy who’d been running the store for whatever, 30 years in the same
    0:06:55 location.
    0:06:57 And it was just like a store.
    0:07:01 And so actually another friend of mine, I got him, Brian Reed, I believe is his name,
    0:07:05 got a research lab in Palo Alto, unconnected to this bookstore as a company called DEC
    0:07:06 at the time.
    0:07:08 And he was in the research department.
    0:07:09 He said, “Boy, I really like this bookstore.
    0:07:12 It might be fun to be able to buy science fiction books over the internet.”
    0:07:13 Right?
    0:07:14 This was a new idea at the time.
    0:07:15 So he went to the owner of the store.
    0:07:16 This is in ’93.
    0:07:18 He went to the owner of the store right as this policy change happened.
    0:07:19 And he said, “You know, let’s put your inventory.
    0:07:20 You got all these books.
    0:07:24 Let’s put your inventory online so that anybody in the world can buy books from you on the
    0:07:25 internet.”
    0:07:27 And the guy’s first question was like, “What’s online?”
    0:07:28 Right?
    0:07:30 Because that’s just like a weird and unusual concept.
    0:07:32 And so then, Brian explained, you know, my friend explained like, “Okay, here’s what
    0:07:33 this means.”
    0:07:34 And then the guy’s like, “Okay, that sounds great.
    0:07:36 I would love to get orders from all over the world.
    0:07:37 I don’t own a computer.”
    0:07:39 And so Brian said, “Not a problem.
    0:07:41 I work for a big computer company.”
    0:07:43 He’s like, “You know, if you don’t have a computer, what do you have?”
    0:07:45 And the guy’s like, “Well, I have a fax machine.”
    0:07:48 So my friend basically set up in the research lab in Palo Alto.
    0:07:51 He set up the online web store, the site for the bookstore.
    0:07:54 And then you would order a book on the website.
    0:07:56 And then my friend set up a fax gateway.
    0:07:58 So the order would get sent to the store in a fax.
    0:08:00 And then the guy in the store would package up the book and sell it.
    0:08:04 In the first two weeks of that store going on the internet, that guy’s business doubled.
    0:08:05 Wow.
    0:08:09 And, you know, it’s small absolute numbers, but a huge relative boost.
    0:08:10 And that’s what it turned out.
    0:08:12 It turned out there were like science fiction readers all over the world, in particular
    0:08:15 Germany and Japan, that couldn’t get a lot of the English books in their domestic market
    0:08:17 since they immediately started to do mail order.
    0:08:19 I hope he then got a computer.
    0:08:20 He did buy a computer.
    0:08:23 Unfortunately, then Amazon came along and he went under.
    0:08:27 It’s not a totally happy story.
    0:08:29 That’s, however, the whole phenomenon worked.
    0:08:33 And that actually, you know, people who were experimenting like that kind of paved the way
    0:08:34 for what became e-commerce.
    0:08:37 But I hope that gives you a sense of how, like it was not obvious.
    0:08:40 It was not obvious that these things, it was going to make sense to these online businesses.
    0:08:43 It was not obvious that the use cases were going to have consumer demand.
    0:08:45 It was not obvious that you were going to be able to secure it.
    0:08:47 It was not obvious that there’d ever be a business model behind it.
    0:08:49 Like, all that actually had to get invented.
    0:08:52 Well, you just mentioned secure it, and I think that’s an important point.
    0:08:56 So the government, with the help of the enlightened regulators, turns this thing over kind of to
    0:08:59 the private sector, right, the internet thing.
    0:09:01 And then you have SSL.
    0:09:06 And then for those who don’t know in the audience what SSL is, it’s basically very strong encryption.
    0:09:09 Did the government then kind of discourage SSL?
    0:09:10 Yes.
    0:09:11 So what’s about that?
    0:09:12 Yes.
    0:09:13 So then they turned around and tried to ban that.
    0:09:15 You did have a front row seat there.
    0:09:16 We did have a front row seat for this, yes.
    0:09:19 So we drove encryption into kind of public use really for the first time in volume at
    0:09:20 Netscape.
    0:09:21 So basically what happened.
    0:09:23 So now the internet’s available for commercial use.
    0:09:24 Consumers are starting to log on.
    0:09:25 The whole thing’s starting to work.
    0:09:27 So then the whole problem was, okay, all the connections were unsecured.
    0:09:31 So it’s just plain text data, right, traveling back and forth over the network, including
    0:09:33 passwords and credit card numbers and everything else.
    0:09:37 And so, right, the immediate logical conclusion is this is an unsafe place to do business.
    0:09:40 No consumer, you know, the newspapers at the time were just filled with stories.
    0:09:43 Consumer guide the stories basically saying whatever you do, never, ever, ever put your
    0:09:46 credit card number on the internet, right, because it will instantly get stolen by hackers
    0:09:48 and your entire net worth will be wiped out.
    0:09:51 Now that wasn’t technically true, but that was the level of fear and anxiety.
    0:09:53 And, you know, true enough, like it wasn’t encrypted.
    0:09:55 So it was a bad thing.
    0:09:58 And so we did what we thought was the logical thing, which was we built SSL basically as
    0:10:01 the secure protocol to be able to have, you know, a client and a server connect to each
    0:10:05 other, a web browser and a web server connect, and be able to exchange information securely
    0:10:07 without hackers being able to penetrate.
    0:10:08 What did the government say about that?
    0:10:10 Well, we thought this was a really good idea.
    0:10:11 And so we brought it to market, you know, we were about ready to launch it.
    0:10:15 And then we discovered a regulatory regime that we were previously unaware of called
    0:10:19 ITAR, which some of you may know about.
    0:10:23 It’s like international trade and arms and something, something, something, bad stuff.
    0:10:25 And so it’s the regulatory structure, I don’t know if it’s still current, but at least
    0:10:28 the time it regulated Tomahawk missiles, right?
    0:10:30 And like napalm and all kinds of fun things.
    0:10:31 Export controls.
    0:10:32 Export controls.
    0:10:36 And so it basically governed what U.S. weapons manufacturers effectively could export overseas,
    0:10:41 by the way, which, fair enough, I’m in favor of regulating Tomahawk missiles.
    0:10:43 It turned out encryption was on that list, strong encryption was on that list.
    0:10:48 And so the basic deal was at the time in the U.S., you were allowed to, we could build
    0:10:51 strong encryption into the browser, strong encryption being encryption that was either
    0:10:53 hard or impossible, depending on your point of view to break.
    0:10:57 There’s a big debate about hard versus impossible, but fundamentally difficult to break.
    0:10:59 And therefore safe for consumer use, let’s say.
    0:11:02 So we were allowed to do that in the U.S., but we were not allowed to export it.
    0:11:05 And so that led to this very lovely compromise we came up with, which is there were two versions
    0:11:06 of an escape navigator.
    0:11:08 And it was the same product, but there were two different boxes.
    0:11:14 The sticker on one box said strong encryption, the sticker on the other box said weak encryption,
    0:11:15 which is true.
    0:11:16 So the export —
    0:11:17 What’s sold better?
    0:11:18 What’s that?
    0:11:19 What’s sold better?
    0:11:20 Yeah, well, it’s funny.
    0:11:21 Funny, the market demand would line up maybe the way that you think it would.
    0:11:22 And so, yeah, right.
    0:11:23 Here’s the soft drink that tastes terrible.
    0:11:24 Right?
    0:11:26 Let’s see if people want to drink that.
    0:11:29 So we were allowed to sell the browser overseas, but it was deliberately weakened now.
    0:11:33 We were — and by the way, by weak, I mean like it was trivial — it was weak.
    0:11:36 We had to degrade the encryption to the point where basically anybody could crack it.
    0:11:39 Anybody with a computer and any level of software skills would be able to crack the encryption.
    0:11:40 So basically useless.
    0:11:44 The good news is all the other American companies were under the same restrictions we were.
    0:11:48 So it’s not like any of our American competitors kind of outfox us by launching globally.
    0:11:52 The problem was — I’ve heard rumors, America is not the only country in the world.
    0:11:55 And so it turns out there are a bunch of other countries, and it turns out they have sharp
    0:11:56 software people also.
    0:12:00 And so then we immediately started to see this kind of cascade of international competitors.
    0:12:03 It’s the most obvious way to compete with American software companies.
    0:12:06 We’ll do the thing that they literally are not legally allowed to do.
    0:12:08 So then it became a rush of foreign competition.
    0:12:12 Well, speaking of parallels between crypto and the internet, one of the things that
    0:12:16 I hear a lot — I know you hear this too — is, well, crypto is so hard to use.
    0:12:20 Like, mainstream consumers can’t possibly figure this out.
    0:12:21 It’s all janky.
    0:12:25 But I know you’ve talked to me about it, and I’d love to hear your take on, you know,
    0:12:28 just how easy was it to get on the internet in the early days?
    0:12:29 Yeah, super easy.
    0:12:30 You just pressed a button.
    0:12:32 No, that’s not true at all.
    0:12:33 So I’m a consumer.
    0:12:34 I’m just a normal consumer.
    0:12:36 And let’s say I’m totally comfortable with computers.
    0:12:37 And so I know how to use computers.
    0:12:38 I own a computer.
    0:12:39 I’m perfectly happy with computers.
    0:12:43 And it’s 1992, 1993, and I read about this internet thing.
    0:12:44 I want to go on the internet.
    0:12:46 So I go on my computer, and I look for the internet button.
    0:12:47 There’s no internet button.
    0:12:51 None of the computers in 1992, 1993, the consumers had had any internet awareness at all.
    0:12:53 They didn’t have the software for access on the internet.
    0:12:55 They didn’t have any of that stuff.
    0:12:59 And so basically what you would do is — this is literally true — what you would do is,
    0:13:02 if you knew to do this, you would go to a bookstore.
    0:13:06 They used to have these physical places read by books.
    0:13:10 And you would buy a book, and the book would be how to use the internet.
    0:13:12 And there was a point when it seemed like all the bookstores were just going to be taken
    0:13:16 over by literally just internet books, because this was how you got online.
    0:13:19 So you’d bring the book home, and you’d read the book, and you’d tell you all these great
    0:13:22 things about the internet, and then there would be a floppy disk, if you remember those,
    0:13:23 in the back of the book.
    0:13:26 And the floppy disk had the software that you had to load on your PC in order to get
    0:13:27 on the internet.
    0:13:31 If you’re technical in the room, it’s the TCP/IP stack and all the other kind of networking
    0:13:32 coders on that disk.
    0:13:36 And so you then had to go through a 38-step process, if you took you through this in the
    0:13:37 book, of sticking the floppy.
    0:13:40 And you basically had to rebuild — essentially rebuild your operating system on the fly as
    0:13:42 an end user to add the internet support.
    0:13:44 It’s a very complicated process.
    0:13:46 By the way, you need to be very careful doing this, because if you made a mistake, you would
    0:13:48 probably break your computer forever.
    0:13:52 It would probably totally stop working, because you were mucking around in the operating system.
    0:13:54 And so you wanted to be very careful kind of through that part.
    0:13:56 So then you’d get all the way to the end of that process, and be like, “Great, I’m ready
    0:13:57 to go on the internet.”
    0:14:00 And then it’s sort of step 38, you know, the end, okay, congratulations.
    0:14:02 Now you’re ready to go buy a modem.
    0:14:03 Right?
    0:14:04 And so then you’re like, “Okay, so what’s a modem?”
    0:14:05 All right.
    0:14:08 And so then it’s like, “Okay, now I have to go find a computer store, and I have to
    0:14:12 pay whatever 300 bucks to buy a modem, which used to be the thing that connected the computer
    0:14:13 to the network.”
    0:14:14 And then you bring that home.
    0:14:17 You had to plug the modem into the computer, and then you had to configure the computer
    0:14:19 and the modem to actually work with each other.
    0:14:22 And that was like another 38-step process that you had to do very carefully.
    0:14:24 And it was another process you didn’t want to screw up, because you were mucking around
    0:14:26 in your operating system.
    0:14:28 So then you get all the way through that and say, “Okay, got a modem, we’re ready to go
    0:14:29 on the internet.”
    0:14:31 And then I would say, “Now you need to sign up for an ISP.”
    0:14:32 And then that began the process.
    0:14:33 What’s an ISP?
    0:14:34 Internet Service Provider.
    0:14:37 Okay, that’s who your modem is going to call to go on the internet.
    0:14:41 And so then that began the process of like, “Okay, what’s an ISP, who’s an ISP?”
    0:14:45 And these are in the days where most people who were using networks at home were using
    0:14:49 AOL, which was sort of a proprietary version of all this, but it was not a full ISP at
    0:14:50 the time.
    0:14:51 So you’d have to go track down.
    0:14:54 A lot of these are like these little local ISPs, these little local neighborhood companies,
    0:14:58 almost like the old neighborhood cable company, remember those days.
    0:14:59 So then you’d have to call the ISP.
    0:15:02 Remember, you’re not on the internet, so you can’t search for the ISP on the internet.
    0:15:06 You got to go in the yellow pages, you find your local ISP, you call their phone number
    0:15:11 and you sign up and you tell them your credit card number, and they give you the code.
    0:15:14 And so basically, you know, this is like four weeks later, right, that you’re going through
    0:15:15 all this.
    0:15:17 And then of course hit dial, then you get the busy signal.
    0:15:19 That’s how straightforward it was.
    0:15:20 And so, and there was a good…
    0:15:21 It makes crypto seem easy.
    0:15:22 It does.
    0:15:23 It does.
    0:15:24 Crypto is easier.
    0:15:25 Crypto is easier.
    0:15:28 Now, I would say the good news is, in the earliest internet, you could argue like it applied
    0:15:32 a high bar to the people who got on the internet, like you had to really want to use this thing.
    0:15:37 And so, you know, the people who were on the internet early on were like incredibly enthusiastic
    0:15:39 and like just absolutely thrilled to be there because, you know, it was like joining the
    0:15:41 Marine Corps, like it was effort, right?
    0:15:43 And so, you know, that was the good news.
    0:15:44 The bad news is it was obvious.
    0:15:45 I mean, this was just…
    0:15:46 This was absurd.
    0:15:47 Like this was just absolutely patently absurd.
    0:15:48 And so then a whole…
    0:15:51 You know, there were then several years of work by us and others to kind of streamline
    0:15:53 this thing to the point where you all have today and your views just come…
    0:15:54 Well, thank you.
    0:15:55 Because I…
    0:15:58 Thank you for letting me just develop products so I can now push a button.
    0:16:00 But you did talk about it with the internet.
    0:16:04 Now, we can get on the internet easily, but we’ve called something before.
    0:16:08 I think I’ve heard you call it the original sin of the internet.
    0:16:09 What is that?
    0:16:10 Oh, okay.
    0:16:14 So then you go on the internet and then you see something that you might want to buy or
    0:16:15 pay for.
    0:16:18 Like let’s say hypothetically that you wanted to have like an online newspaper or something.
    0:16:20 And let’s say hypothetically you wanted to like read an article in that paper and you
    0:16:23 know, maybe you wanted to have an economic relationship where you were like paying for
    0:16:26 the information you’re getting because then you know there’s like alignment of interest
    0:16:29 between the person writing information and what you’re reading.
    0:16:32 So you might think their logical thing to do might be there must have been a button
    0:16:34 in the browser that was like a buy button, right?
    0:16:35 It’s like you actually kind of have…
    0:16:38 You finally kind of have this in the form of like the Apple App Store with like the…
    0:16:40 You know, the one click buy and then the…
    0:16:41 Amazon.
    0:16:43 The in that payments or one click buy on Amazon.
    0:16:46 But like one would think like it was the most obvious thing to do would be building the
    0:16:48 browser like the ability to actually spend money, right?
    0:16:52 And so you’ll basically notice like that didn’t happen.
    0:16:54 And in a lot of ways it’s like we don’t even think it’s unusual that that didn’t happen
    0:16:56 because maybe that shouldn’t have happened.
    0:16:59 But if you think about it, there isn’t a call to the original sin and I’ll explain why.
    0:17:03 But because we were unable to build payments into the browser and I just like flat out say
    0:17:04 we’re unable to do it at the time.
    0:17:05 I want to hear why.
    0:17:06 Yeah.
    0:17:07 Well, I’ll explain why.
    0:17:10 But as a consequence of being unable to do it, that is why the internet today at least
    0:17:14 in the West and in the U.S. is predominantly based on advertising, right?
    0:17:15 And so…
    0:17:17 And by the way, kind of downstream from advertising is kind of everything else that people are
    0:17:19 like anxious and worked up about online, right?
    0:17:24 All this privacy, user data collection, user data targeting, all these third-party ad networks
    0:17:27 that collect all this harvest, all this data, the data brokers.
    0:17:30 And then kind of the misalignment of incentives, you know, is the news site that you’re reading.
    0:17:33 Do they have the incentive to actually tell you the truth or are they actually getting
    0:17:34 their money from the advertiser?
    0:17:36 And so they’re just trying to get you all hyped up on something so that you’ll click
    0:17:39 on more stories so they can generate more ad revenue.
    0:17:43 And so I think the original sin was we couldn’t actually build economics, which is to say
    0:17:44 money to the core of the internet.
    0:17:46 And so therefore, advertising became the primary business model.
    0:17:48 Did you try to build?
    0:17:50 We tried very hard to build payments into the browser.
    0:17:51 It was not possible.
    0:17:52 Why?
    0:17:53 Well, we made a huge mistake.
    0:17:56 We tried to work with the banks and we tried to work with the credit card companies.
    0:17:59 Let me start by saying those organizations have come a long way.
    0:18:02 And so I’m not talking about the banks and the credit card companies today.
    0:18:04 I’m talking about them in 1993.
    0:18:08 And so we went to — actually, it’s funny, so we got embroiled early on in this kind
    0:18:09 of big fight with Microsoft.
    0:18:11 And so we ended up aligned with MasterCard.
    0:18:15 The basic thing was to get into the credit card switch to be able to do transactions,
    0:18:17 particularly microtransactions, like small transactions.
    0:18:21 So we allied with MasterCard, Microsoft allied with Visa, and I bring up the Microsoft part
    0:18:25 because it’s not — because you might say, “Okay, Mark, you try to do this, but you and
    0:18:27 Netscape’s a little company, and maybe you guys just screwed it up.”
    0:18:31 And it’s like, “Well, Microsoft also — Microsoft and Bill Gates also couldn’t make it work
    0:18:32 with Visa.”
    0:18:35 So both of us ended up frustrating by the same thing.
    0:18:38 And so, you know, then we went — so we approached the credit card companies.
    0:18:43 We sat down with our first meeting with MasterCard in 1994, you know, they said they wanted
    0:18:44 to work with us to put money in the browser.
    0:18:47 So they said, “Well, who at MasterCard should we meet with?”
    0:18:49 And they said, “We’ve got this guy,” and I’ve long since forgotten his name.
    0:18:51 “We’ve got this guy, Joe, who’s like our technology visionary.
    0:18:52 And so he’s the guy.
    0:18:54 If anybody in the organization is going to understand this stuff, it’s going to be
    0:18:55 great.
    0:18:58 And so we had Joe over to our office and sat down with Joe, and sat Joe — we’re going
    0:18:59 to demo.
    0:19:02 He hadn’t seen any of this, so we sat Joe down in front of a PC hooked up to the Internet
    0:19:03 with the browser, and we kind of said, “Okay.”
    0:19:05 And I kind of just said, “Okay, here’s the browser.”
    0:19:08 I said, “Okay, click on — click on this link.”
    0:19:09 Right?
    0:19:10 And so, you know, he does the logical thing.
    0:19:16 He takes his finger, presses it on the screen, completely ignoring the mouse that’s sitting
    0:19:17 on the side of the thing.
    0:19:18 And I was like, “No, no, use the mouse.”
    0:19:19 Right?
    0:19:24 And he’s like — and I was like, “Okay, it’s 1994, it’s nine years since Apple invented
    0:19:26 the Macintosh.
    0:19:27 He has never seen a mouse.”
    0:19:28 But he was the visionary.
    0:19:31 He was the technology visionary at MasterCard, and I was like, “Oh, God, we’re just completely
    0:19:32 hosed.”
    0:19:34 Like, there’s just no way on Earth —
    0:19:35 And so you were hosed.
    0:19:36 You didn’t get it, but then —
    0:19:37 We were completely hosed.
    0:19:38 We were completely hosed.
    0:19:40 And so we went through the entire thing, and he stared at us, like, you know, we had three
    0:19:41 eyes.
    0:19:43 Microsoft went through the same thing with Visa at the time, like, it was just a completely
    0:19:46 incomprehensible concept, and then the banks could not have been less interested.
    0:19:50 And so basically, it was, you know, it was sort of the classic kind of single point of
    0:19:53 failure bottleneck, or at least in this case, two points of failure with Visa MasterCard essentially
    0:19:54 had a duopoly at the time.
    0:19:57 And so they were just literally — you know, they just — if they did not want you to be
    0:20:00 in the switch, they did not want you to be able to do transactions, you just simply weren’t
    0:20:01 going to do it.
    0:20:03 If you had had crypto then, how would that have changed the calculus?
    0:20:07 Yeah, so this is the what-if, and so, you know, so the modern — what we’re all here to talk
    0:20:10 about today, like modern Bitcoin blockchain, you know, sort of a new sense — effectively
    0:20:11 since 2009.
    0:20:14 So, you know, we were kind of, what, 15, 20 years too early.
    0:20:17 If we had had it, we would have been able to have a parallel transaction system, like
    0:20:21 completely parallel transaction system that would not have been reliant on the centralized
    0:20:22 gatekeepers, right?
    0:20:23 Hypothetically, it would not have mattered.
    0:20:26 You know, if Visa MasterCard had wanted to cooperate, this is the time that would have
    0:20:27 been great.
    0:20:28 We would have done it.
    0:20:30 But had they not, we still would have had a route to actually be able to build a transaction
    0:20:31 network that wasn’t dependent on them.
    0:20:33 And so that to me is the great what-if.
    0:20:36 And had we done that, the internet today, like I was just like, I don’t know, 80 percent
    0:20:39 of the things that people hate about the internet today would not be problems.
    0:20:42 And then the other kind of what-if, and this is a big part of why we’re excited about crypto
    0:20:45 and blockchain now, the other part of the what-if is it’s like, okay, what if you could
    0:20:49 actually align economics, right, with user behavior and with company behavior?
    0:20:52 Like what if you could actually have, I mean, it’s kind of the way the real world works.
    0:20:54 The real world works is how do I know that something is valuable, if somebody is willing
    0:20:55 to pay for it?
    0:20:56 Well, how valuable is it?
    0:20:57 Well, how much are they willing to pay for it?
    0:21:01 And then by the way, any individual provider of any product or service, if they’re not
    0:21:05 doing a good enough job, somebody else offers it, and then you write the consumer votes with
    0:21:08 their wallet, and they go buy from somebody else, and so you have market discipline on
    0:21:09 all the players.
    0:21:13 And so the big what-if is like what business models could have existed this entire time,
    0:21:14 right?
    0:21:16 What drivers of economic, because look, the internet generated a lot of economic growth
    0:21:18 just for the advertising model, right?
    0:21:22 And so like what if you had had kind of the turbocharge of a real economic model based
    0:21:25 on money kind of integrated into the thing from the very beginning?
    0:21:27 What kinds of services would entrepreneurs have come up with that we haven’t even thought
    0:21:28 of yet?
    0:21:29 Or what might they come up with still?
    0:21:31 What might they come up with now?
    0:21:34 And so one of the reasons why we’re so excited about crypto and blockchain is it’s basically,
    0:21:38 it’s the first chance I’ve seen, it’s the chance to kind of revisit the original sin.
    0:21:41 And you know, it’s different now because it’s like, you know, the internet cats out
    0:21:45 of the bag and like the browsers are proliferated and it’s a different game now.
    0:21:49 So it’s much more already fixed and established on the other hand is it, you know, huge scale.
    0:21:52 And so you don’t need that many people experimenting with something to get critical mass on a new
    0:21:53 thing these days.
    0:21:57 And so this is a chance to kind of reexamine that original sin and kind of envision, you
    0:22:00 know, for the first time in a long time be able to say, okay, what if we could build a
    0:22:04 different kind of system, you know, for example, a system in which, for example, advertising
    0:22:05 was not the central model?
    0:22:08 And how might that be an improvement, either an improvement on what we have or just something
    0:22:11 completely different and, you know, better and potentially, you know, much bigger than
    0:22:12 what we have today.
    0:22:15 And so I think I think that, you know, this is, as we see every day, this is the wave
    0:22:18 of entrepreneurship that we’re seeing now at our firm, which is entrepreneurs kind of
    0:22:19 thinking in these terms.
    0:22:20 Absolutely.
    0:22:21 Well, where are we in this crypto journey?
    0:22:26 I mean, having seen a technology like the internet go from something technical and obscure
    0:22:31 to now a technology used by billions of people, where do you think we are in the crypto journey?
    0:22:34 So my personal view, so it’s like, you know, what are the possible points?
    0:22:38 It’s like, okay, it’s like the possible points are like, it’s like, I don’t know, 1965 or
    0:22:43 something, and Vint Cerf and Bob Conner are coming up with the original idea for TCP/IP.
    0:22:48 It’s like 1989 when it’s present on university campuses, but like no normal person would
    0:22:53 use the stuff, 1992 when it’s like a fringe activity, but it’s not quite mainstream yet
    0:22:55 and it’s still kind of too hard to use.
    0:22:57 And then kind of 1994 where it kind of goes mainstream.
    0:23:01 I mean, it feels to me, it’s sort of 1992, like 1992, 1993 somewhere in there.
    0:23:05 Like it clearly, like they’re like, the usability gap still has a ways to close, although it’s
    0:23:06 getting closer.
    0:23:08 You know, the use cases, they now, you know, several big use cases exist.
    0:23:11 They have to be, they have to be kind of more productized and provided to more people, but
    0:23:13 like it’s starting to feel really, really close.
    0:23:16 And by close, I mean really, really close to like mainstream, the kind of knee and the
    0:23:17 curve.
    0:23:20 By the way, it’s also worth saying like it was not, I think I made the point in kind
    0:23:24 of macro ways, but I made the larger mac or microwaves, I made the larger macro point.
    0:23:27 It was not clear in 1984, the internet was going to hit the knee and the curve.
    0:23:31 Like that was not, if you just like read the press coverage of the internet in 1994, it
    0:23:33 was like, this thing is a joke, it’s a toy, it’s not serious.
    0:23:36 Hey, at least it didn’t have a real time price feed, like crypto.
    0:23:37 That is true.
    0:23:38 Yeah.
    0:23:39 It’s a real time price.
    0:23:40 That would have been extremely depressing.
    0:23:41 Yeah.
    0:23:43 Well, is that a feature or a bug?
    0:23:44 It’s both.
    0:23:47 It’s a feature just in the sense of like it, it just shows the fact you can get, you know,
    0:23:51 the system is kind of alive and running, which was, the internet was kind of an open question
    0:23:53 that a lot of people didn’t think the thing was even going to laugh.
    0:23:57 And so it’s sort of a marker of like, let’s say existence, like it’s a pulse.
    0:23:59 So it’s good to have a pulse.
    0:24:02 It’s bad because you see this in the stock market right all the time, which is just,
    0:24:06 there’s actually, this is a long established theory in behavioral finance with stock prices,
    0:24:09 which is the more often you can measure something’s price, the more manic depressive the behavior
    0:24:11 comes around that price.
    0:24:14 And so there’s actually, you know, there are markets in which transactions happen, you
    0:24:18 know, venture capitals like this, transactions happen every year or two or three.
    0:24:21 And so there’s only price kind of measures is only kind of core samples of price every
    0:24:23 year or two or three.
    0:24:27 And so, you know, 364 days out of the year, nobody’s paying attention to the price.
    0:24:28 Nobody’s talking about it.
    0:24:29 It doesn’t matter.
    0:24:30 You’re just working on the underlying thing.
    0:24:33 You know, once you go public, it’s this radical change where now the stock, you know,
    0:24:37 if you want, you can now see a real time stock ticker, you know, you can, you can see the
    0:24:40 price every five seconds and you can get all excited when it goes up and you can get all
    0:24:41 depression it goes down.
    0:24:45 And so you definitely have this psychological manic depressive overlay that we didn’t have.
    0:24:46 Yeah.
    0:24:47 Absolutely.
    0:24:48 Well, we have time for one more question.
    0:24:52 I think I’m just under the wire and that’s a question I think with all the regulators
    0:24:55 here in the room and also all the crypto builders in the room.
    0:24:59 Are you, and I know you’re very bullish on Silicon Valley and keeping companies here.
    0:25:04 Are you optimistic that the U.S. can be a center for emerging financial technologies
    0:25:07 like crypto given the regulatory environment here?
    0:25:08 Yeah.
    0:25:11 So I think this is quite, this is very, this again is very analogous to the Internet because
    0:25:12 this could have gone the other way.
    0:25:17 Like had the AUP not been updated by the, by the, by the government 93, you know, we
    0:25:18 could have definitely strangled it.
    0:25:21 We had two, we had two chances to strangle the Internet and its crib here in the U.S.
    0:25:24 And we, we missed both of those chances, which I think, I think is really good.
    0:25:30 And I think we got, you know, tremendous national payoff and many, many fronts, including economic
    0:25:32 growth coming out the other side of that.
    0:25:33 I’m very optimistic.
    0:25:35 Like we, we’re in kind of the same position.
    0:25:36 We have the raw materials.
    0:25:37 Like we’re in the best position.
    0:25:39 We have the critical mass of talent.
    0:25:41 You know, we’ve got, we’ve got the entrepreneurship community.
    0:25:42 We’ve got the venture capital.
    0:25:45 We’ve got the research universities where a lot of this work is happening.
    0:25:47 A lot of it’s happening in the U.S.
    0:25:49 We’ve got, you know, this risk taking culture.
    0:25:51 You know, we just, we have a huge domestic market.
    0:25:54 We have experience building multinational technology companies that can operate all over
    0:25:55 the world.
    0:25:58 And so we’ve got like all the raw materials to have this be a major engine for economic
    0:25:59 growth.
    0:26:02 However, much like the Internet and also like encryption, like the, the cat is well and
    0:26:03 truly out of the bag.
    0:26:05 Like there are crypto startups all over the world, right?
    0:26:08 This is happening today and new kinds of fintech startups all over the world.
    0:26:12 And so it, it is going to be a race, I think for sure.
    0:26:15 And I think there’s a major, by the way, I think there’s a major economic argument that
    0:26:16 we should want this to happen in the U.S.
    0:26:19 And that we want the U.S. to be kind of the foundation for the global, you know, financial
    0:26:20 services industry.
    0:26:24 And for the global R and D in this area, I think there’s actually also national security
    0:26:28 reason we should want that, which is, you know, same reason it’s good for national security
    0:26:29 standpoint for the U.S.
    0:26:31 Internet companies to be the winning companies, because like we want those to be American
    0:26:35 assets that gets good from a national security standpoint for the global financial system
    0:26:36 to be centered in the U.S.
    0:26:40 And so again, I think there’s the opportunity here for enlightened policy, you know, that
    0:26:43 helps set the right guidelines and the right guardrails, but fundamentally enables American
    0:26:45 businesses to win these markets.
    0:26:48 And I think that would be better for us than most of the alternatives.
    0:26:52 Well, enlightened policy, enlightened regulators, and on that note, I think we’re out of time.
    0:26:53 And thank you very much.
    0:26:54 Good, good.
    0:26:54 Thanks, everybody.
    0:26:55 [applause]
    0:26:55 [end of transcript]
    0:26:57 (applause)
    0:27:00 (audience applauding)

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