Jack Mallers

speaker

1,138 appearances 1 recordings 1 series first heard Jul 2026 last heard 30 Jul

Jack Mallers’s voice in public audio — every appearance, attributed to the second.

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Recordings per month over the last 12 months — 1 in all, peaking in Jul 2026 with 1.

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What Bitcoin Did · Jack Mallers: Why I Left Twenty One · 30 Jul 2026 podcast

And I'm back.

I would assume, to me it's very simple.

Why does anyone borrow money in the first place?

Well, you're pulling forward your future.

That's what borrowing money and incurring debt is, is you're taking future productivity and you're spending it today.

So you're taking future time, energy, effort, labor, all of the money things I go on about.

and you're spending it now, and you're doing so because you think you can actually arrive at that future state with more than if you didn't.

So you have to pay that debt back.

You have to produce profits.

And you have all these companies that have borrowed a tremendous amount of money with no seemingly obvious way of paying it back.

And so you keep seeing the can being kicked from, well, we're going to borrow from your classic venture capitalists like SoftBank, and then we're going to borrow from Oracle, and then

Now Oracle's creditworthiness looks awful, and so they've now kicked it to Nvidia, which happened this week.

I don't know if you and Luke had an opportunity to talk about that.

I mean, Nvidia backstopping $250 billion of an open AI build-out in Ohio is outrageous.

That's 135% of their retained earnings.

I mean, that's an astronomically high number, and their stock got hit for that, and then you would assume that this is going to continually get kicked up to,

Ultimately, who's paying for financing something that may not be productive enough to make everyone whole for it?

And the part that I assume you talked about, Luke, with China is, well, if OpenAI, for example, they're the most, it's the economics around OpenAI, the amount they've borrowed, the lack of their path to profitability is like the cleanest target to talk about.

It's for all of, I mean, anthropic as well.

But if you borrow a billion dollars, assuming you're going to have X amount market share, be able to charge X amount, and then China comes out and it's, you know, a hundred times cheaper and about as good, well then...

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