Steven

But also in the history of technology, what you would see is that 99% of the new players, the new companies, the new products won't exist in 10 years. And a couple of them will turn into Ford or Microsoft or whatever it might be. That's always been the case. So you can't envision a world in 20 years in which crypto is not having a big part of the global economy.

But also in the history of technology, what you would see is that 99% of the new players, the new companies, the new products won't exist in 10 years. And a couple of them will turn into Ford or Microsoft or whatever it might be. That's always been the case. So you can't envision a world in 20 years in which crypto is not having a big part of the global economy.

And I also think you cannot envision a world in which in 20 years, 99% of what exists today doesn't exist anymore.

And I also think you cannot envision a world in which in 20 years, 99% of what exists today doesn't exist anymore.

It's not contradictory in history to say that this new technology will change the world forever. And at the same time, you're probably not going to make that much money on it. The best example of that were the railroads, which was probably the most transformational new industry in U.S. history.

It's not contradictory in history to say that this new technology will change the world forever. And at the same time, you're probably not going to make that much money on it. The best example of that were the railroads, which was probably the most transformational new industry in U.S. history.

Like to have a railroad going from the East Coast to the West Coast, that changed everything in such a profound way. And the vast majority of railroad investors lost all their money. So you could get it right. This is going to change the world forever. It does not mean that you're going to make that much money on it. And that's not to say that most crypto investors –

Like to have a railroad going from the East Coast to the West Coast, that changed everything in such a profound way. And the vast majority of railroad investors lost all their money. So you could get it right. This is going to change the world forever. It does not mean that you're going to make that much money on it. And that's not to say that most crypto investors –

No, actually, I would say it's almost certain that most crypto investors will not make that much money. That's pretty standard historical. The other thing is in cars, in the early 1900s, there were 2,000 car companies in America. And 1,997 of them went bankrupt. You ended up with GM, Ford, and Chrysler. The rest virtually disappeared.

No, actually, I would say it's almost certain that most crypto investors will not make that much money. That's pretty standard historical. The other thing is in cars, in the early 1900s, there were 2,000 car companies in America. And 1,997 of them went bankrupt. You ended up with GM, Ford, and Chrysler. The rest virtually disappeared.

So it's always the case that in a new technology that changes in the world, there's a big gap between this is going to change the world and everyone's going to get rich on this.

So it's always the case that in a new technology that changes in the world, there's a big gap between this is going to change the world and everyone's going to get rich on this.

Or in theory in the future. I've talked to people about this, that like you can't believe in crypto and quantum at the same time. People who are much smarter than me say that's not the case, that you can augment the system. I don't really understand it. But people who are much smarter than me say they're not worried about it.

Or in theory in the future. I've talked to people about this, that like you can't believe in crypto and quantum at the same time. People who are much smarter than me say that's not the case, that you can augment the system. I don't really understand it. But people who are much smarter than me say they're not worried about it.

Yes. But that's – I mean of course that could be the case. I mean gold, which has been a store of value for thousands of years, has gone through periods where it surged and then fell 90% and sat there for 20 years kind of thing.

Yes. But that's – I mean of course that could be the case. I mean gold, which has been a store of value for thousands of years, has gone through periods where it surged and then fell 90% and sat there for 20 years kind of thing.

So even when you have something that is a historic like very objective store of value, that doesn't mean that you know what the price is going to do next month or next year or even the next 10 years. That's a totally different thing.

So even when you have something that is a historic like very objective store of value, that doesn't mean that you know what the price is going to do next month or next year or even the next 10 years. That's a totally different thing.

I think if there's one big one that is applicable to ordinary people, you know, you can come up with like different marketing things, but like, that's not gonna apply to me or you. One thing that sticks out, that is a common denominator that virtually everyone listening to this could learn from is they were way more patient and had way more endurance and kept it going for longer than anyone else.

I think if there's one big one that is applicable to ordinary people, you know, you can come up with like different marketing things, but like, that's not gonna apply to me or you. One thing that sticks out, that is a common denominator that virtually everyone listening to this could learn from is they were way more patient and had way more endurance and kept it going for longer than anyone else.