Adam Mastrelli 4:48
Yes, man, I’m great. Thanks, Dave. Thanks, Rolando. You know, coming from Long Island I’ve been and I’ve been to a ton of bar bought and Banai mitzvahs and I can death When I say that I would make an excellent MC and
Rolando Rosas 5:04
incredible I, you know, it’s been a while and especially with COVID You know, all that stuff was shut down. And who knows, they’re saying, you know, maybe by summertime, things will start getting a little bit more open up and then maybe you can get into the, into the emceeing scene. Again,
Adam Mastrelli 5:20
remote remote, emceeing is actually a thing we have a good group of colleagues actually do that, I mean, the event space, yeah, remote colleagues steady out Productions is the name of the company. And essentially what they’re doing is, so just to give a little context, so IBM has a massive sales conference every year called Fast Start. And so fast start is usually about 40 to 50,000, sellers across North America, Europe, and Asia, Asia Pacific, it’s always in person three times in the year. And what ends up happening is they couldn’t do that, in 2020 and 2021, this year, so they had me go to a studio in New Jersey. And then I we live streamed, and we recorded all this stuff, but we did it remotely to 40 to 50,000 people over the course of three weeks with like a, you know, a green screen in the background. And me walking to like, you know, press things on a screen very, very, like, you know, CNN kind of touching the screen type of stuff. And I think that’s going to take it to the next level, because people are have already hit ZOOM fatigue. So now you’re gonna have to have to make it so that everybody’s has their own little TV show. Everybody’s on their own little program, right. And that’s actually kind of basil, there’s a little bit of your NFT stuff, right, everybody has their own little program, everybody will have their own little digital version of themselves in the world that either gets shared or is then economically incented. To share some version of that.
Rolando Rosas 6:54
Well, it’s interesting, you say that I want to, and I know we’re going to talk a lot about crypto and NF T’s I want to just spin that back in one other way. Because what you’re saying something that I’m hearing from other folks in the Zoom fatigue factor, but a lot of it, it seems from just a lack of, there’s a production value to it, because nobody gets tired of watching Netflix, and I haven’t watched all the shows on Netflix. Right. And the other part is that a lot of folks, when you’re on so many zooms today, and in Microsoft team meeting, a lot of folks, the audio and video quality is just not there. And you don’t want to stare at a screen. That’s just a white black background with somebody’s face on it, as well as hear somebody you know, be on speakerphone, you know, they’re talking from over here, or their laptops down here, or you’re staring up at their nose. Right. Right. I think that all of that mean, you are visual people and we hear things and if that’s what you’re doing, if you’re doing all day, and that the if I were to say production value is very low and a lot of phone calls. Yeah. So you’re just like, do I have to stay through this?
Dave Kelly 8:00
And then that fatigue, that fatigue is coming when you’re you’re struggling to be interested with what’s in front of you, then you’re struggling to understand what you’re hearing? And then it just turns to boredom. Sometimes,
Adam Mastrelli 8:13
well, this this has real ramifications, right? There’s nothing worse than watching like terrible programming, right? And, and then you go back and you say there’s nothing worse than watching terrible PowerPoints. And right there’s only this very famous business school case about the Challenger disaster in 1984. Around, you know that that PowerPoint, the presentation of this was missed. There was a very clear miss on this. And it was because it was so tedious to go through that in these presentations that it was missed, basically, due to poor presentation. And so this has real world ramifications so you can see where that will be exceptional in the future.
Rolando Rosas 8:52
So if you’re watching this, and you need to upgrade your video or audio, we’d love to help you. Yes. And and if you need an emcee, Adam is always there to help you with that. All right, cool. Cool. So. So Adam, we want to jump into the meat. Yeah, let’s do it. Oh, so I’m going to play you a clip from CNBC. That talks a little bit about this sale of the Beatle NFT that went up for sale and then we’ll have some discussion around it on the other side.
Guest Speaker 1 9:25
Yeah. Oh, the Christie’s Auction for digital artists, people whose real name is Mike Winckelmann. coming to a close a few moments ago. The final bid David $69 million. Oh my god. As of six months ago, people had yet to sell any work. And most of America and the world are still trying to understand how NF T’s fit into overall asset valuations. But
Guest Speaker 2 9:52
Carl helped me Carl helped me understand you and Morgan to explain this to me. I can say non fund Ebola is a non fungible token, but that’s about where my understanding is. Yeah. All right. $69 million Winckelmann way to go Winckelmann make it happen. betas.
Guest Speaker 3 10:14
This is incredible, too. I mean, this is just this is the NFT situation has just kind of exploded onto the scene and the numbers behind it. I mean, just to see $69 million. I’ll tell you this. It’s it’s tied to the Ethereum blockchain. David, and if you take a look at ether, which is the cryptocurrency tied to that that’s higher again today, too. In fact, we have seen ether outperforming Bitcoin as of late because there’s some supply changes happening to that cryptocurrency but yeah, this is it’s like you Google NF T right now. And I know they’ve been covering it pretty intensely on squawk alley, Carl, but you, you Google right now. And there’s all kinds of explainers out there. And it’s still I have to say a little bit confusing.
Rolando Rosas 10:57
All right, there you have it. I love it million dollars.
Adam Mastrelli 11:01
I love it. It’s so reminiscent of I don’t know if you remember those, that old clip of like Bryant Gumbel and Katie Couric in like the early 90s. Talking about the internet, they’re like, and the World Wide Web, what is it? I don’t know what it is, let’s talk about it. So you’re able to communicate, and this is like similarly reminiscent of that. Because, you know, really what, you know, 16 million is makes, I think the third highest grossing living artists alive, right? Well, living living artist, I think he’s number three. Now. I saw it recently. And so basically just where the exciting part is, is that people are buying culture, this is no different than we can get into the technical aspects of it. But this is no different than think like in the, you know, 80s, when, you know, Jordan, sneakers were big, and you know, somebody wanted to own a piece of that you were you were a big sneaker head. Or you were buying vinyl, or you were buying art at that point. So in addition, we can talk about that it’s a staggering number. But I think the best way to look at it as this is a, this is a seminal moment in our in human history, really. And it’s a cultural moment that the market All be it, you know, inflated and high is, is willing to pay for that. And we’ll see if it’s a good or a bad bet over time. But I just think that to see this start to happen, is incredible.
Rolando Rosas 12:31
And so you’re what I hear you saying is something like it’s just a natural extension of, of just the progression of how we’re either using cultural icons are art, to sell items, right?
Adam Mastrelli 12:47
Without a doubt, and there’s a digital, there’s a digital component to this to that I just, I’m gonna back up a little bit. So if it’s really all about, like, how you transfer value, and who gets renumerated, like for that value. So for instance, for the for the Internet, right? If you had to call internationally, you would get a calling card, you would reload it, right? And you would then AT and T or whoever the your wireless provider, you would call up to that they would take their cut, and you would call up to that amount and it would say please insert or you know, right? And so, right, so this is all that was how international calling was done, then you fast forward, the internet comes along. Now. How do you? How do you call
Rolando Rosas 13:36
somebody, WhatsApp or Skype or whatever, right? And how much does that cost you? Nothing.
Adam Mastrelli 13:42
Right? So this is this is a massive shift in like telecommunications that happened with the advent of this technology that we know as the internet. So then you fast forward, fast forward now. We said Now let’s start sending emails. So that’s messaging. Okay, now we can message over the internet. So if I have a Gmail account, and Rolando, you have a Hotmail account, can I send you an email? Of course, right, and we don’t think twice about it. But if I have, and you could be anywhere you could be in Nigeria, you could be in Costa Rica, I guess, all around the world, truly global, right. And you could do the same with with Skype or with most of these other things on the platforms. It’s a little different. It’s kind of platform agnostic, but not agnostic, but with money with value. And this is what Bitcoin solves for is that if I have a Venmo account, and you are in, you know, Costa Rica and you don’t have Venmo, because Venmo is only you know, to be used in the United States, I can send you that. So for the first time ever, all bitcoin is saying and then we can get into where what NF T’s are saying as an extension, but all bitcoin is saying is for the first time ever I can send units of value anywhere in the world without a trusted third party that basically is on a shared ledger. Now fast forward that so we’ve done Telecom, we’ve now done there’s email with the internet. Now we’ve done value with Bitcoin. All NF T’s are saying, now I can tokenize any digital version of media art, right, a JPG, a meme, and have it be digitally native. And then send it anywhere in the world without a trusted third party or trusted intermediary. So if you don’t think that scares the heck out of music industry, and you can recreate or do it differently, like music rights are one of the most difficult things in the world to unbundle. So that is very transformational for our media, and how we, you know, sell value in that way.
Rolando Rosas 15:46
So we’re basically going into a new frontier. And before we go further into the new frontier, I think you’re teeing it up perfectly. So one of the things that we know that some folks are watching this or are very advanced, maybe advanced, but I would venture to say that a lot of folks are still trying to get their feet and their hands around this, this this topic. So what I want to do first before we really go into some of the nitty gritty is start with what you were starting to touch on what is an NF T for those that are shaman and so we’re going to play a little bit of sound and then come back and just make sure that we capture the right information on this so already go ahead roll that first video.
Guest Speaker 4 16:27
I’m going to describe what an NF t is in the most basic terms I can NF T stands for non fungible token. Fungible means something is able to be exchanged or substituted and will hold the same value. It’s interchangeable, like the dollar, gold casino chips, Bitcoin, Ethereum or frequent flyer loyalty points. If I lend you $10 cash and you return to me to $5 banknotes, I’m fine with that. Because even though they are different, they hold the same total value. They’re fungible.
Rolando Rosas 17:05
All right. So did we get the NFT fungible part before we got to the non fungible part?
Adam Mastrelli 17:10
You got what fungibility means everybody gets that it’s $1 for $1, albeit, you know, on a US dollar, right, there has a little you could technically say that there’s a little bit of a serial number that makes it a little bit different. But what trading $1 for $1? Everybody says, okay, $1 is $1 They are fungible, they are exchangeable. Correct? Okay,
Rolando Rosas 17:32
cool. Let’s go to the next. The next one, the fun the non fungible part.
Guest Speaker 4 17:40
Non fungible, obviously means it’s an asset that can’t be substituted. It has unique attributes that make it different from somebody else in the same asset class, like a painting, a theater ticket, a house, a video game skin, a trademark, or a crypto kitty, which was the first real use case to take off on the theory and blockchain in 2017. Some of these assets are physical and tangible. And others are digital and intangible. So NF T’s are non fungible tokens.
Rolando Rosas 18:18
All right, that part Did we get it? Right?
Adam Mastrelli 18:21
You gotta ride.
Rolando Rosas 18:23
Awesome, awesome. So non fungible, those could be tickets that are unique. I’ve heard of unique experiences where, you know, maybe you could create a lifetime front row seat and backstage access to like a major concert like a major, like 50 cent or, or bad bunny, or anybody have these can create an NFT based around the experience. Yeah. All right, beautiful. So then we’ll go to the third part, which is the last part of this, which is then the tokenization, which is what you were just talking about before we started this, so go ahead and roll that Ori
Guest Speaker 4 18:58
refers to a digital certificate stored on a secure distributed database called a blockchain. So NF T’s are digital assets, publicly verifiable intellectual property authenticated on a blockchain, a popular place to currently browse a variety of NF T’s is on open c.io It’s an exciting space, I believe, the NFT space will continue to grow in the coming years with some popular use cases being digital art, virtual land, gaming, collectibles, finance, and much more.
Rolando Rosas 19:37
There we go. And that’s where you left off and we could pick up the conversation again.
Adam Mastrelli 19:42
Yeah, I mean, that’s about right. I mean, it’s a great explanation. So you can see that you know, the dollar for $1 we get the non fungibility aspect we get you know, you can have something unique in the real world whether that’s physical Christie’s sir advise that somebody determines this actually a Picasso right that’s done now by people in the real world certifying and we’ve seen there have been fakes right now for TVs busts, potentially, as you know, all this stuff right around what’s, and there have been some high level fraud that goes on in this world. What he said about the token aspect is really interesting, right? So he’s saying it exists natively on a, this big decentralized ledger that proves its authenticity and variability. Right, right. verifiability, right. Yeah. So it proves that. So in that way, now, you say, Oh, this gets really interesting. What do I value in the digital world, this is really like Ready Player One type stuff, right? If you’re familiar with the book, in the movie, there are people buying up digital land in either, you know, you’re familiar with Second Life, but decentraland write other other type of virtual worlds like this, you can go buy land, right, and then have that lands be available for sale in the future and in a digital in the same way that you would buy real estate, in estimating in the real world. So a lot of those things just transferred and what the blockchain does, in this case, this decentralized ledger gives you authenticity and provability, that those assets are actually living there, and they’re open. The difference with that, that would be a really good example of this is trying to build something on a centralized server. The example that people usually give is, if you remember Farmville, yes, of course. Okay, so Farmville was a Zynga company, right? And it was built on Facebook, right? Centralized company, centralized server, they’re responsible for the platform, right? Can’t be voted on the community doesn’t have a say in what happens. Facebook changes their algorithm. And Farmville is basically, business evaporates overnight. Right? So there’s a big danger, right? Now, it’s centralized community, at least there will be votes on you. If something was changing, you would see it coming. As far as but there’s really no like algorithm to change a centralized place. It’s all open. So I think that comes like, can you send Can you censor this in the future? I don’t know. Can you send to the internet? And maybe some people might try to do that. But I think that’s essentially what’s going on.
Rolando Rosas 22:28
Wow, fascinating. I mean, it’s it’s it’s it can see why institutions and even certain people may find this a big threat. Because it from the decentralization aspect, it takes power away from those that are already probably invested a lot of power and a lot of money, resources and time to establish that power or control over rather events, right currency, policy, and just the distribution of goods.
Adam Mastrelli 22:55
Yeah, and you’re right, and let me just back up a little bit on what does it mean to tokenize? Some, because you’ll hear a lot of like, well, my dollars, like, why do I need the tokenize $1? Why, what does that mean? What is this? What does a token mean? And so the difference is this, right? Your our dollars in a bank account are electronic versions of representations of money. They’re just like, basically the bank telling the Federal Reserve, hey, take this IOU back and forth, they’re not really just trading messages. It’s not a it’s not a bearer asset, right? It just lives on a server somewhere just these IOUs floating back and forth. So right what happens when you somebody your if your if your Wells Fargo account gets hacked or something like that they’re responsible for your money, FDIC insured? If what happens if your American Express you’re not responsible for fraudulent charges? So we’re kind of like used to this thing where if somebody gets our information or PII or personally identifiable information, it’s okay. It’s okay we change it change a password. The difference with when you tokenize something, what they’re essentially saying is that Bitcoin, NF, t’s etc. Work on a private and public key pair, cryptography world where the token is actually a bearer asset. So you can think about barons that my father did audit, he would have to follow a guy on a subway walking from bank to bank with $30 million of actual bearer bonds in a bag. And that means that the bearer of the bond, the person who holds the bond is the bond holder, right? And that’s what you’re only doing in the digital world. So that makes the private key very important. So if you hold the private key, you hold the bond you own, you own the Bitcoin. And in the same way here, NF T’s because they exist in the world of crypto and blockchain in this case, you They mentioned token standards. A lot of this is right now built. And the token standard for NF t’s on Aetherium is called the ERC. 721. There’s a few others, but that’s the main one. And then so basically, that means that once it’s tokenized, it is living on chain. And whoever holds the private key holds the access to that. Good, whether that’s Bitcoin in this case, or this digital good. Could be in this case being NFT. So it’s a right, it’s a, it’s a that could be lands could be a skin in fortnight, etc. Could be a music, you know, piece of music.
Dave Kelly 25:37
You know, it’s funny, when we were talking earlier, we were talking you were mentioning, you know, back in the late 80s, early 90s, the Internet was new, and they were talking about it like it’s this brand new thing they needed understanding and people would shed light on it. Right? This is this is so interesting to me, I’m sure within 10 years, this will be very mainstream, and everyone’s going to understand it, you know, but think about some of the applications for NF T It sounds kind of like a, like a better version of eBay. Yeah,
Adam Mastrelli 26:05
a little bit. I mean, and that’s for that’s for the example of open see, right, where you’re, there’s like a few different areas. So like digital collectibles is that area, right? That’s like collecting baseball cards, NBA Top Shot this like collectible area. There’s another really interesting area, they think of it like for gaming, which is not necessarily collectibles. But when you when when you play a game right now, or something, you’re buying a skin in that game, and you can’t transfer that outside of that game, right? They you’ve spent, parents have spent 1000s of dollars. Right, parents have spent 1000s of dollars to get their kids skins in a game that’s non transferable outside of that walled garden. So what’s really interesting is like, can that skin and they have this but it’s like a gray area. So can you open up the gray area, and have a skin that I purchased in a game be able to be traded on an open market outside of that game? So that my $3,000 that now? Maybe I get 1500? Back? Or maybe it’s worth more? Maybe it’s 4000? Now? I don’t know. Right?
Rolando Rosas 27:11
Well, it’s it’s it’s definitely a fascinating facet, I find that fascinating, actually feel a little bit reassured when you explain it because it’s doesn’t sound like you know, something that some some some guy in the lab designed and you know, a couple of his geek friends now like it. So it’s kind of a trend. It sounds like it well, it’s got cryptography behind it. It’s obviously a big, big people with money behind it. It’s a it’s a system that’s in place. It sounds like to me it’s picking not only is it picking up steam, but it’s it’s starting to become sticky and starting to get legs under it so that it becomes a just a modus operandi, and may not be the default mode. But it’s going in that direction.
Adam Mastrelli 27:55
Yeah, I mean, it’s basically like just an extension of, of the internet in a way, right. And now you’re getting to say we’re doing this with money, what we did with email, and now NF T’s in this world, you can say. So decentralized finance, right is a really good example of this that like nobody really understands. So, think about that. And then we’ll jump back to NF T’s Think about it this way. So John Wanamaker goes to Paris in the 1800s, and then comes back to the United States and says department stores, were doing them. Basically, before there was a lot of markets, it was very decentralized. So want to make your comes back and creates a centralized model of retail, right, bundles it all together. That’s good for about 100 years, then Amazon comes along, and Walmart becomes great by doing this to the enth degree on on price, right. Then Amazon comes along with the internet and says, By the way, all that stuff you just bundled for the last 100 years. We’re going to unbundle and so that’s if you look at it in retail, think about that for finance, right? Finance started very much like, Dave. I’m in the center of the town, you’re selling wine, he’s selling rice, you don’t want to be traveling to each other’s towns on Midway. So I say Leave, leave, leave your rice and your wine at my place. And all I ask is that you start to, you know, pay me a little cut, because I’m helping out. And so it starts to evolve, and over time it becomes more centralized. And what happens is Satoshi Nakamoto released as the Bitcoin white paper in 2008, around the financial crisis, and what happens is this like Cambrian explosion of unbundling, of a decentralization of finance, and then that’s what that’s what defy means. It’s kind of like an unbundling of all of like, your bank does the lending, does the mortgages does the, you know, the margin trading does the calls, does the options, all of this now, there’s not this disrupting this It’s almost like a separate system which will disrupt this. But it’s a separate system built on this what we know as blockchain technology.
Rolando Rosas 30:08
Well, you said something you said something, Adam, that that is teeing up, because I will also live to get your thoughts on, I’m sure you know who Scott Galloway is, he had a snippet on this with with another professor recently. And I’d like already to play that footage, because you’re saying it has the potential to threaten the financial system, really change it in the way we know it. So let’s play that. Alright. And then we’ll come back to Adam after that.
Guest Speaker 5 30:42
Through why the finance, traditional finance companies or insurance companies are under threat or at risk of disruption by the blockchain or crypto,
Guest Speaker 6 30:51
the whole intent of blockchains is to cut out the middleman, that if you buy a life insurance policy, there are many steps involved where somebody has to underwrite the policy, you may get a medical exam, all kinds of paperwork and proof of identity and so forth. And everybody collects a fee for performing those services. And the point of crypto is to go immediately from your wish to on the policy to the creation of the policy with minimal outside interference to you know, let a robot do all of this work.
Rolando Rosas 31:25
There you go. It’s kind of what you were saying. Right? Yeah. Yeah. I
Adam Mastrelli 31:29
mean, here’s a really good practical example. Right? So when you send a million dollars on a wire transfer, and then you send $100 million, that they’re going to charge you based on the size of the of the money sent, right? The the fees involved. Crypto doesn’t work like that, if you’re sending Bitcoin, I mean, you you’ve seen stories where you can send, it actually could go in reverse, where you could send a million dollars, or 10 10 million to 100 million. And the transaction fees are like very similar, because it doesn’t work on sizing of sense of how much lifting it’s packaging on these things called the UTX O’s, which are unspent transaction outputs. So essentially, it’s like a different, it’s different technologically on how that works. So that becomes really interesting. Why am I paying all these fees to these middle people that are doing nothing? And I mean, it’s, look, I’m exaggerating this, right, nobody’s doing nothing, right? We built up a system to do this. But what what’s happening is from from what Bitcoin has achieved, you’ll start to see people doing things like lending insurance in a more peer to peer way with limited limited friction, lower fees over time. And more, what you’ll hear a lot of is this phrase of smart contracts. Right? And
Rolando Rosas 32:56
beautiful. So we’ve got one in there is that our next unset? Our next piece says the third one already. Okay, we’re gonna so we’re gonna we’re gonna get to smart contracts. Hold that thought you’re holding it says if we gave you the script for today,
Dave Kelly 33:15
Adam, Adam, if if if you’re able to cut out the middleman and lower fees, is that a benefit for the buyer and seller? Is the buyer getting more value? Are they able to maybe buy something that costs less? Or is the seller just making more money from them?
Adam Mastrelli 33:33
Yeah, I mean, I think it’s how, let’s we’ll cover it in smart contracts. But these are like dynamic agreements. So it could be that you set up an agreement in a smart contract that you always as a seller, and it could be dynamic that it changes or it could be static, and that’s your rate, right? And it takes a little bit of the negotiation away. And if you want to hold to this rate as a seller, and the buyer then has his or her pick of who they go to. So I think it’s really dynamic, my consultative answer on this as it depends, but I think what what ends up happening is you’ll see it starts to open up on cases that we haven’t haven’t thought of, and takes out a lot of even the paperwork thing he mentioned, right? A lot of this can be simplified. Not everything gets done overnight. But I tried signing I tried to sign up for a pool membership the other day and I had to fill out you know, 40 pieces of paperwork, it was like crazy. So the idea would be if your identity is on chain and some of this is done, you know, you could do it noncustodial which means you maybe want to be synonymous, but if you put your identity on chain, you can see the implications this has with health care and tracking for your you see New York start to do this with IBM on tracking for a digital health passport. You know, Try doing that with paperwork. No, it’s a nightmare.
Rolando Rosas 35:03
I hope that happens soon. So that they’re probably
Adam Mastrelli 35:06
they’re piloting it, they’re piloting it now. And that’s IBM with the state of New York doing this digital health passport. And we also have done stuff with Maderna, around the COVID. Tracking vaccine. And then we also have a thing called Rapid supplier Connect, which is basically if you are a supplier of you’ll love this in E commerce, right? Right, say, say you’re a supplier of coffee filters. And now you want to start producing surgical masks, right, there’s a lot just to do that. There’s a lot of suppliers won’t trust you, they don’t know who this is. So you have to pivot. So what what basically rapid supplier connect to saying when you need to add, you know, inform your identity of, of you as a trusted supplier to a network, you can do that relatively quickly, or much faster than you would be able to do in with all the standard paperwork. So you can, with smart contracts, you can automate a lot of that stuff, I can
Rolando Rosas 36:03
see how things can move so much quicker, right. You know, we’ve worked with suppliers around the world. And sometimes establishing those relationships and getting other lines of credit and, you know, lines of communication, we don’t know you you don’t i don’t know you who have you worked with that that dance can be can be cut down into a matter of days, rather than weeks or months. A great, a great, wow, terrific. So let Bori let’s tee up the next footage because this this is exactly what we’re talking about now.
Guest Speaker 6 36:37
Who and routine financial transactions can be automated in a way that makes it both safer and quicker. The easiest example is trading stock, we had that fiasco with the Robin Hood Gamestop trading halt that occurred a couple of weeks ago, what caused that was the fact that stock trades take two days to settle. And they require people to post collateral as guarantees that deals will close payments will be made and so forth. But crypto can make those transactions occur instantly. And all the intermediate steps and all the people who are being paid to keep track of things and check on things basically evaporate from the equation. And that’s really what the finance industry is vulnerable to there’s a lot of people in finance who just keep track of things.
Rolando Rosas 37:29
All right. So when when we’re talking about so automating types of transactions, I still find it crazy, that we’ve got two days of trying to settle transactions in a modern era when you think, you know, oh, this should just be instant just nanoseconds, you know, buy sell, buy, sell, buy, sell. And then you’ve got these bottlenecks that create essentially this Gamestop situation.
Adam Mastrelli 37:54
Yeah, yeah. I mean, I think he’s right on the on the aspect of like, being counting, right of people, myself included, my job could probably be, you know, automated away in the future,
Rolando Rosas 38:07
to be a bot. Right?
Adam Mastrelli 38:08
How could be a bar or something? Exactly. I’m in sales, so maybe not try to stay close to the client. But in that way, he’s right. I mean, the the settlement for so when you go to Starbucks to buy a coffee, it doesn’t settle instantly, right? It’s three days of risk, technically, which is, I mean, much better than it was I think it was up at six days. And so that the legacy system is getting better. But it’s still there’s a little bit of that float right, the three day risk period between visa Starbucks your bank, and that’s just what it is right now. What bitcoin is saying, if you’re settling or crypto in general, you can settle final settlement within I mean, on Bitcoin, I think it would be in within every block every 10 minutes. So yeah, there’s no there’s a trade off right? Now the trade off is that you can only do seven to 10 transactions a second. So that’s So Bitcoin is a layer one platform, you’ll hear this talked about a lot like layer one. And it’s a very platform, all it does is transfer value back and forth, seven to 10 transactions a second, blocked together. You if you were trying to take that global you couldn’t scale that that wouldn’t scale you would need you know, 1000s of 10s of 1000s of transactions a second Right? Right,
Rolando Rosas 39:29
especially large companies, large market marketplace or large company you need more than that.
Adam Mastrelli 39:34
Right. So now and so this is the trade off. So what that’s a layer one platform and there are people trying to solve that scaling problem for Bitcoin which is like lightning labs Lightning Network, all of this stuff, which will be basically like side chains or kind of, Can I Can I do a layer two solution that scales up Bitcoin and makes it run faster? So and that’s all just sending Bitcoin Going back and forth there, there’s the smart contract aspect, which is what Aetherium was solving, which is, what if we could not only send value, but what if we could make it programmable. So this is like then programmable money. And just clear and simple on what a smart contract is. It’s basically like a soda machine. So everybody’s familiar with a soda machine, you put $1 into the soda machine, you hit the Diet Coke button, and or whatever you’re doing, you hit the soda, and it returns 50 cents to you. Like the machine, that’s all a smart contract is, and you can see how exotic you can get with different smart contract platforms on what rules you would like to set up for the transfer of value. So that’s what Aetherium and other solutions try to solve.
Rolando Rosas 40:51
Awesome, well explained, Adam, you know, I, this is one of those things where you really have to be in the trenches, which you are, you’re in the trenches, so you have a very good grasp on this. And I think a lot of folks that are gonna be watching this, you’re gonna find this value, because there’s a, there’s a lot still to be learned, there’s a lot of things to uncover, by knowing the difference there between Bitcoin and Aetherium. How it’s all underpinning a tunnel underpinned by the blockchain. And that is some potential potential hazards, at least when it comes to transactions. Because if you’re really trying to scale and you’re trying to get, you know, hundreds of transactions occurring at the same time, there could be some, some some some actually some room for opportunities there.
Adam Mastrelli 41:41
Yeah, well, this is we go back to that. Remember, we said centralization versus decentralization, right, centralization, in this way, Visa processes, you know, 3000 transactions a second, and three to four, and they can go up, they say, they can go up to 60 70,000. Right. And that’s faster. It’s all on a centralized server. It’s on a database. And it’s, it’s kind of like, you know, easier to do if I told the three of us to do something quickly, and we were all in the same room, it would be easier. Now without technology. What if I’m in Florida, Rolando is in New York, Dave’s in Jersey, now we have to coordinate, it’s just slower, right? It would be maybe more secure, potentially. But so that’s what happens as you decentralize things. And so there’s this What’s this word I’m looking for? When you do like from decentralization, decentralization not a like,
Rolando Rosas 42:41
well, you’re essentially you’re coalescing, or you’re you’re kind of putting things all in one basket. Yeah. Amassing. You’re amassing.
Adam Mastrelli 42:50
I’m looking I’m looking for, you know, like a line when somebody says it’s a something I feel like I’m playing a game show now.
Guest Speaker 1 42:56
Charades? Sure is extrapolate.
Adam Mastrelli 42:59
know, when you’re saying on a scale on a not a scale, it’s a scale of centralized to decentralized. There’s always trade offs along that. That world.
Rolando Rosas 43:10
Interesting. Interesting. Dave, you think we want to go in straight into crypto? Or did we want to explore this topic a little further, I just
Dave Kelly 43:18
wanted to ask, so with the amount of transactions that you can do at one time in a second on the blockchain, if they could make that if they could do more. Do you think that would make it a little bit more mainstream for some of these larger institutions? Like visa, for example?
Adam Mastrelli 43:37
Yeah, well, this just had a yes. And visa had a great announcement with a stable coin called USDC. So a stable coin, as you can imagine, is exactly what it sounds like. It’s usually stable and or pegged to an asset, a real world asset. And this case, most stable coins are pegged to the US dollar. So as you know, other Kryptos are very volatile. So somebody might say, Well, why am I it’s going up and down, they don’t understand why am I putting value in this thing? It just dropped by 80%. Last year. What am I doing? So what visa is saying visa settles traditionally how they settle and then they partnered with us DC, which is basically to say, you can hold on your Visa card USDC this stable coin, you can purchase goods with it, and you can settle it on the USD C network, which basically is instant and final. So visa is like, well, just great. We still get to keep people in this network, but we don’t have to and the fees here are a lot lower. It’s faster, all those good things that come along with crypto, but not everybody has it so yeah,
Rolando Rosas 44:50
well that’s that’s that’s what I also wanted to touch on the the aspect of not everybody has it. So most a lot of obviously there’s a lot of large institutions jumping in into the game. But a lot of business occurs on the SMB side, the VT, like you’re talking about Visa, MasterCard, Amex. ecommerce transactions occur within those players. And there’s fees that are incurred. So if I’m, if I’m a seller selling goods online, if you can offer me something that gets my fees to go down from three, four, or 5%, which is what, you know, you’re paying, you know, these these cards to sell stuff down half a percent or less, why wouldn’t I want to do that?
Adam Mastrelli 45:31
Right. And that’s why visa will smartly try to keep it within their ecosystem, because they don’t want you leaving completely. Right. And Dave, to go back to your earlier point about transaction speeds, they’re sometimes with so there’s a basically a company called FTX, which is an exchange, they have an exchange in the US now. And they’re running on Solana. So Solana is essentially what they’re trying to do is go high on transactions. And so with that comes, there’s some trade off some of those, some of these exchanges and some of these non custodial exchanges are a little bit more lacks on the KYC AML, which is why they’re not available to us citizens, therefore, US banks. So in order to sell crypto to US citizens in this example, you have to achieve a very high hurdle rate that the SEC the CFTC sets for you FINRA kind of sets. So that’s why Coinbase there’s only a few right Coinbase Gemini, a few others that are able to do that. So you’ll see a lot of the lower standard for KYC AML, that that big banks just can’t deal with are a little bit outside of the US. Switzerland does a really good job of this, but it’s gonna start to come together. Right. But I think a lot of the regulatory hurdles will still remain because it’s it’s a nobody knows the answer.
Rolando Rosas 46:59
Well, I think I think I want to also piggyback a little bit on what you just said, and take just one step back on crypto to give folks that may not be as up on the crypto side. A little closer, we’re going to play some sound on what cryptocurrency is. Let folks digest that and we’ll come back on the other side, Adam, okay. All right.
Guest Speaker 7 47:22
In 2009, Bitcoin, the first cryptocurrency was born. Bitcoin is digital, meaning there’s no physical coin, you can touch or hold, but it is different from the digital money you spend shopping online. Bitcoin is what is known as a decentralized digital currency. That means there are no banks, government or other intermediaries overseeing these transactions.
Rolando Rosas 47:45
All right, so no governments. So no, no Federal Reserve, no FDIC, no. Wells Fargo, right. What happened? Did it? Does it all disappear? Or does the US sec and all the other regulatory agencies step in and say, Hey, no, you got to still run this stuff to us?
Adam Mastrelli 48:08
Look, this is this is the ultimate question, right? Can Can government stop Bitcoin? And right, like the video had it right. So basically, it starts from Satoshi Nakamoto sending value. It’s kind of like if Rolando and Dave started sending Dave coin 10 years ago, and now everybody uses Dave coin. And yet, the assumption here is that we trust it in the same way that really all we’re doing is trusting the US government and the IOUs. That so it’s still a trust assumption. There’s just a fundamental difference between and it’s going to come out, which is what is money? Is money. Right is right now, we think that money is a state that is done by the state. Right? So this is that it’s done by the state, it’s given given to people by the state and the state controls the money. Right? Right. Now, this is wasn’t always the case. Right? If you go back to like, like Austrian economics, and this guy, fa Hyack. He’s basically saying in the 70s, currencies, like anything else should compete and keep it open, and the best currency will win. Over time, the hardest currency, right? All of the properties of Bitcoin has with scarcity, right? Security, all of these things. transferability. Alright, it’s easier to carry on a plane in your phone than a massive gold bar, for instance. Right. And in this case, it is not it is outside of the it’s not muted. It is not facing through through the federal government through or through a government of any sport. So the question could be kind of government stopped this. You’ll see people trying to do this. So if you’re familiar what’s going on in India, they can ban certain aspects of it, right. So India is banned. banning Bitcoin, essentially, they’re banning crypto exchanges, the holding of it, right? The trading of it, all of this stuff. And they’re very nervous, because they don’t want, right? They worked really hard. If you remember a few years ago, when they made they criminalized, holding $10,000 rupee notes. So they said, Hey, everyone, you have like four weeks turn in, I mean, in a country of 1.2 3 billion people, turn in your notes and convert them to this other note. Right. So it was that was incredibly challenging, but what they’re trying to do there has to get more people into the tax system, because India is synonymous for having a lot of people that are existing outside of the tax or financial system. So good if they’re providing services bad if it’s just used to, you know, track, and so it’s always a trade off, but I don’t know, I think certain governments can say, like, we don’t, you can’t, if so here’s what they could say, if you are a a company, in our jurisdiction, and you have built your company, in association with our laws, we’re making it unlawful for you to accept cryptocurrencies or it’s in law, we will lock you by the force of guns. That is, that is totally possible. I don’t think it’s going in that direction, I think it’s that it’s going in the direction of openness. If that if it goes in that direction, we have other problems as a society. Other than that, I mean, that would be massive, clamping down on ingenuity and innovation. So we would have big, big problems.
Dave Kelly 51:41
You know, that raises some that’s an interesting part of the question that I had. And, you know, my question was around, you know, Bitcoin and crypto as it relates to small to medium businesses. So what you’re saying is, if we’ve built the business based on using a currency registered within the United States, yeah, I could see how they may kind of, they have the potential to make a rules to kibosh us being able to use something like crypto or Bitcoin,
Adam Mastrelli 52:11
or they’ll say, we’re gonna take our cut, right? I mean, or they’re gonna do some version one or fee. We want our feet and at a large scale, a massive government that has power, and the guns and the people and the IRS in this case can do that. And so they have to run a fine line between doing that and stamping out innovation. So they have their own little levers to pull on. How much do we tax and or invade in? Because they make it supremely unattractive? Right? The United States is not immune to this, if they make it supremely unattractive to have innovation here, and other somewhere else. And now it now it’s a competition, right? Another country will say Canada were super open, everybody come created over here, or Mexico or somewhere in the world, Switzerland. So we’re not immune to that. And I think our leaders would, hopefully, up segue,
Rolando Rosas 53:06
we’ll see. We’ll see. We’ll see about that. But I wanted to touch on something that you said about Mexico, because I heard recently that Amazon is playing in this field, and they are establishing a digital currency for Mexico. Have you heard anything about that? I haven’t heard
Adam Mastrelli 53:20
that. But it makes total sense. It’s kind of like what they might run into some regulatory hurdles. But that was the original Libra type of scenario, right? Like if you go to China, right? You go to China, and you go within WeChat you’re in there. That is you do everything from WeChat, your banking, your gardening, your whatever, you know, you’re hiring people, right and left, you’re sending money. So it’s all within that ecosystem. And that’s what and all they would have to do is have a digital version of a yuan, instead of whatever they’re using now, right? So Libra was attempting to do something similar to that. So I think you’ll see these ecosystems start to have their own currencies, potentially. Right? I mean, you could it then it starts to act as like, you know, Beyonce, right, Beyonce could have Beyonce coin. And then she has the first 5000 People that are super fans, sign up for get an NF T is super, super scarce. And you can only listen to the song once just making it up. And then you get you can only pay with these tokens that are acquired through doing things. And Beyonce is ecosystem. So you can see, while that makes sense for Amazon as well, the question becomes how does it go outside of that system?
Rolando Rosas 54:36
Yeah, well, and I think that Amazon also may be looking at it because what you’re saying the regulation hurdles, you’re saying Canada’s super open, come on down. And because Mexico may still want to that innovation they want they want to the development of infrastructure and heavy lifting to be done so that if some other company wants to pay for that and get that going, go ahead bring it to max Go where there’s a lot less entrenched interest and maybe here, you know, the financial system here is built on on a lot of investment banking and, and what have you to make the system go round? And
Adam Mastrelli 55:11
yeah, just just to add on to that one of the things that we going back to NF T’s, right? So when what NF T’s are going to completely disrupt is this, this basic premise, right? So, when so you’re doing this podcast, right, and we’re doing this podcast 10 years ago, somebody comes on, I want to do a video, YouTube says, You know what, Adam, we got you record a video, put it onto our platform, we’ll do everything else, and we will basically get it to your customer. What nobody really thought of at that point was that the Creator is beholden now to the platform to get their stuff out there. And they then have to compete against millions of other people, millions of views. And every time this grows, their their optionality for getting paid and how the algorithm works keeping up with it is insane. So, so, so what they what they’re going to do is now saying, hear, I’m a creator, are you a fan, come to my platform come to my ecosystem? And it will overtime, dilute face the Facebook’s the, at least in the media? I don’t know how Amazon works. It’s different in the physical goods world, but at least as far as creators in the digital economy?
Rolando Rosas 56:29
Well, I think, from the Amazon perspective, we play in that world pretty heavily. There’s, there’s goods there, but from at least from a digital currency perspective, if Amazon because I know in Mexico, and I’m sure other parts of the world when you’re talking about verifying funds, and you know, who’s got what and do you actually have that in your bank and trying to establish that transaction because of, of the actual currency manipulation or different things that are getting in the way, and you just have this just transparent way of saying, okay, yeah, you do have that Amazon account, you have digital Amazon Coins? And yeah, I’ll take that. And I’ll send you the good, you get rid of of the payment problem that you would have on an online marketplace. Yep. So fascinating. You’re gonna say something, Dave?
Dave Kelly 57:20
No, there’s so much information to digest. You know, when I think about Bitcoin, you know, I think about bringing my kids to the arcade, we used to be able to put quarters in the games. And now you either have to do either trade your US dollar for tokens, or they load it all up on a card. And it’s like they’re controlling, they’re controlling what kind of currency is being put into the machine?
Rolando Rosas 57:46
Yeah. Interesting. I want to go into this other area that we haven’t really touched on. We’ve kind of well, we’ve talked a lot about it is the blockchain itself, for folks that you’ve heard of blockchain, or may not understand what it is? I just want to play a little bit of footage. On the blockchain, we have that Ori.
Yeah, we could show the Reuters guide. So So Reuters had a little graphic there on the blockchain and what it is, and you can see, you can see this, it’s basically a lot of little bytes of information that all come together on a ledger, like you explained, and then it gets bundled up. In is lives on this ledger. So it’s transparent. Go ahead, scroll down, Ori. There’s a little bit more, there we go. There we go. It gets gets all put together and it becomes a record of custody, like you were talking about this accessible and visible and transparent, in both parties have been identified, or the thing or the asset or digital goods has been identified that lives and breathes on there. And so now, you don’t have the manipulation that you would have with a currency that you can have today, or the counterfeiting, which is another problem. Or you could talk more about this, like people, you know, breaking into visa and taking somebody’s account, like you were saying and maybe Amex or, or Wells Fargo, and now they have access to your account. So yeah, there’s a secure way of doing business.
Adam Mastrelli 59:35
Without a doubt. It again, always has trade offs, right. There’s a reason but you can look at it. So let’s start with the security right. So if if in a in. In a bank, the bank usually has a server farms like a database. Basically, a big group of servers like somewhere right? Or they have like two different places, right? They’ll have one and they’ll have Second one, you know, 100 miles from there. And why do they do that? They’re saying, hey, if there’s a hurricane or a tornado or something, if this, if this database center gets wrecked, this data center gets wrecked, we need a backup data center. Right? So in that same way, that’s like a honeypot for hackers, the hackers know exactly where the stuff is. And you do is here’s, here’s the server, and you did it security usually acts as this, here’s the stuff and dig a moat. And this is very familiar to how we, you know, protect in our, in our fairy tales right here, the princess or the prince is up in the castle, dig a moat, and like they didn’t think of dragons that could like fly. But But I mean, that was the idea, right? Keep the crown jewels in the center, and then basically protect the center. And that extends into IT security today. What, what and what Bitcoin is saying for the security aspect is it’s going to exist on, like, everywhere. So it sounds counterintuitive. It’s like, well, if it’s existing everywhere, what are you going to hack, but you would basically in this world? Say there’s block one, do you see that role? Yep, here’s block one. If you needed to get to transaction one, and you’re at transaction 100, you would have to hack into an incredibly difficult algorithm, at what number 199 9897 96? Right. And so you without the full story, you wouldn’t, it wouldn’t make any sense to you.
Rolando Rosas 1:01:39
So it’s very difficult, because what you’re what you’re saying is that you’ve built a multiple layer of multiple layers of security. Whereas you know, something that is standalone, it’s not a standalone. Number one is bundled in with all of these other other bits, right? One through 100, like you’re saying, so you’d have to take them all apart to eventually get to one, some some version of that. Yeah, it’s so difficult to do. And that it’s decentralized. It’s everywhere. So you’d have to take everything out
Adam Mastrelli 1:02:12
some version of that. Yeah. So from a security perspective, it’s it’s much, much better. That’s right.
Rolando Rosas 1:02:18
Yeah, much better. Cool. So go ahead, you’re going
Adam Mastrelli 1:02:22
Oh, and you were saying so the other property was around transparency, right. So and so the best way to put that is think of it think of the like lose bitcoin is is an example. Right? So the big Bitcoin network has never been hacked stuff that has been built on Bitcoin has been hacked, but the Bitcoin network itself has not been hacked. In order to do that, you would have to have 51, control of 51% of the validators that’s called the 51% attack. And as Bitcoin gets stronger, it becomes cost prohibitive to hack the network, you would you’re talking, the only way at this point, it could is that it would happen as if, like, the United States, like every government in the world agreed to get on board but and try to hack it financially. Yeah, but knowing governments, I don’t think they’re fully on board and would have the skill set to do that. So that’s from that. And as far as like the transfer transparency, the transactions think of job, it’s now not held by a single bank. And this is what happens, right? Clients like Enron can cook the books, and they have their books, and they’re just providing them right, what you would end up doing is basically doing like a shared ledger that acts almost like a big Excel spreadsheet that everybody has access to, or like a big Sunday crossword that everybody has access to. And if you make a change, so if it’s a three letter house animal, and you write cat, but they really want a dog, everybody would see you write cat, let’s see you cross out cat and right dog at the same time. So this is, you know, basically, Chris Giancarlo, the former chairman of the CFTC was saying, if we had this in 2008, the financial crisis would not be as big as it would have been, because we would have seen this coming and going and been able to track and trace it. There’s another component that you’ll hear, often associated with, like, the web growth and nefarious activity, it actually becomes more easy to track things digital, right? This is what China is. So on board with this. And the negative side is like, right that China wants everything on chain, they want to be able to track everything. And so in this, they’re huge, right? And this case, cash is the biggest money laundering currency in the world. Right, right. But if it’s on chain, you can do more like forensic discovery on chain. So I’ll pause there.
Rolando Rosas 1:04:47
Right and I can I can’t I can’t understand why the US government from that standpoint wouldn’t want to get on board simply because the US dollar is one of the most benefited currencies out there. I think I Take that out of the equation that
Adam Mastrelli 1:05:02
Well, I think I know I think I know why. So one of my great friends is like one of the top defy lawyers. And so I think it’s some version of a had, and I am not the expert here, but I think it’s some version of there’s this massive global pact on sharing information for like identifiable information for companies. And who’s the one country that does that? The United States. So basically, you can set up a shell company in Delaware, that you don’t really know who runs that shell company. So in a lot of ways, the the money laundering aspect that we think of as think of like something out of the Bourne Supremacy or something, or Narcos, right, exactly, or Ozark, but it’s really, the large ones are being able to set up massive companies that nobody knows who owns. And that is really only possible in the United States. So we’re actually we’re a big proponent of this. So we all have, because all of that revenue from these companies comes over, we’re able to right, tax it on some level, we just don’t want anybody to know who’s who it is.
Rolando Rosas 1:06:08
So it’s about being anonymous, then. It’s,
Adam Mastrelli 1:06:11
there’s a lot of luck, the anonymity of money. And this is not to be understated. I mean, that is one of the massive, massive things, and that’s another reason. So it’s peered and people are a little, a little scared of the anonymity. But bitcoin is not completely anonymous. It’s pseudonymous. So you could find out who is connected to that private key. But you’ll hear protocols like Manero or Z cash or dash that are privacy coins. These are usually very, these are truly private, and people will get very scared about those.
Rolando Rosas 1:06:48
Wow, fascinating, fascinated,
Adam Mastrelli 1:06:51
it’s great stuff. It’s come on down the rabbit hole two days from now you’ll be an expert.
Rolando Rosas 1:06:56
I love it. You know, we may have to bring you on again. Because there’s there’s so much more I want to touch on. And yeah, we could spend maybe four hours talking about this and make it a webinar and all that stuff. It’s awesome. But I think I think we have enough to start. Okay, conversation for folks that engage and leave enough out there still enough room for like a part two or three and four, like make it a series.
Adam Mastrelli 1:07:21
There’s a there’s plenty of room. You know, great, great resources are like Andreessen Horowitz is crypto cannon. They have a crypto startup school. That’s great. And Andreessen Horowitz multicoin capital is fantastic. For their candidly full disclosure, I’m an LP multicoin. So they’re a crypto only hedge funds. And they are incredible. They have some really great thought pieces. That explains this stuff really, really well. And the internet is your friend.
Rolando Rosas 1:07:52
All right. Well, let’s talk about friendly stuff. Now. Let’s go into this rapid fire questions. These are friendly, friendly questions about what about Adam? So that okay, come away from this and say, Oh, I get what he what makes him tick. So, Adam, what’s your favorite musician or musical group right now? Are all Beatles. Oh, there you go. No question. No question. Final answer. Final answer. All right. Awesome. The Beatles. It is in that a good group. Dave?
Dave Kelly 1:08:25
One of the best, you know, my 15 year old is getting into Beatles. And he’s been playing all this music that I really like instead of me saying turn that off. And he says, Does this song does this remind you of your childhood? I’m like, it reminds me of my childhood. It also reminds my father, your grandfather of his childhood. So it goes goes way back. But
Adam Mastrelli 1:08:45
Dave, Dave, I’ll add a little bit here because the Beatles is like my aspirational answer. And in a way, my real answer is a genre of music that I like called yacht rock, which is basically every every 1970s Slow Jam from like ambrosia and Kenny Loggins.
Rolando Rosas 1:09:04
Well, if you’d like Pandora, they have a yacht rock station. Oh, I’m on it. All right. What’s your favorite app on your phone right now?
Adam Mastrelli 1:09:15
I mean, look at my phone. I’ll tell you. That’s a good question. I think my favorite app is that is my helium app. I’m there’s a crypto helium, and I’ve bought a hotspot and that means you can kind of you know, basically mine tokens. So I’m mining Yeah, a little bit. So I like I like helium
Rolando Rosas 1:09:40
to bring you I love to bring you back just to talk about mining tokens. Oh, God, I thought about that. I didn’t know enough to even talk about it.
Adam Mastrelli 1:09:48
Yeah, the quick thing with mining is basically I’ll give you what mining is on Bitcoin right in two seconds. So all mining is on Bitcoin is an economic incentive for people to keep the the security of the network. What does that mean? That means Rolando and Dave are going to try to guess at a massive math problem that only a computer can solve. Right? So you’ll just it’s an arms race for computing power and if you win that you get the right to publish a transaction and you get a reward or block reward. So the what is mining mean so I’m thinking of a number between one and 100 Rolando gives you to die to die stave, I give you one die who’s got a better chance of guessing my number? Rondo? Correct. That’s all mining is it’s just computing power thrown at a lot and whoever’s got more power can guess more times to get the right answer to then get this reward in which would be coins. In that case it’s Bitcoin Yeah. And that’s called all that’s called proof of work.
Rolando Rosas 1:10:49
And so the reward is Bitcoin and the value of Bitcoin keeps rising so a Bitcoin can be having bitcoins can be very valuable as the value obviously keeps escalating.
Adam Mastrelli 1:10:58
Correct. Correct. And it could go down but yeah, it’s on the it’s on the up and up right now.
Rolando Rosas 1:11:02
It’s on the up and up. Awesome. Okay, now mining, I’m informed about mining now. Favorite food? Sushi? No. Oh, sushi.
Dave Kelly 1:11:13
Good stuff. We finally we finally got a seafood answer. I’ve been waiting every single time I’m here. It’s like Mexican. I’m like someone’s gonna say seafood position. Yes,
Adam Mastrelli 1:11:22
seafood and sushi is top i It’s really just a conduit to get wasabi ginger and soy sauce into my body.
Rolando Rosas 1:11:30
Like to torture. That’s what I hate. I love it. I love it. All right. All right. And then the last one here, what’s your preferred? It’s a multiple choice. What’s your preferred method of communication? email, text, phone call instant board. Direct Message,
Adam Mastrelli 1:11:47
I’d say it’s like either a text telegram or signal I would even prefer signal or telegram. You like talking? I just I just prefer it depends, right? So preferred method of communication for actual communication. I would say like a phone call. But for Ace in and things like that in planning, I would say text signal or or telegram.
Rolando Rosas 1:12:13
All right, gotcha. Gotcha. Gotcha. Well, now we know a lot more about Adam than we knew before. That’s true, then. Absolutely. And I want to thank Adam for coming on and be a wonderful guest. And but before we we close this down,
Adam Mastrelli 1:12:29
you’re gonna you’re paying me in Bitcoin. Is that right? Yeah, I’m mining right now as we talk exactly.
Rolando Rosas 1:12:36
So we can get to some bitcoin. Before we wrap, we do have a trivia question. Oh, wait, we have before we got a trivia question. If people want to follow you, Adam, where can they go and follow you and keep tracking what you’re doing and turn what you’re putting out? Where? Where should people go?
Adam Mastrelli 1:12:52
Sure. Just Adam is really on LinkedIn. And then Twitter is at @adammastrelli. Pretty, pretty straightforward.
Rolando Rosas 1:12:57
Okay, awesome. Awesome. And so, let’s go to the trivia I’ve been talking about the trivia let’s go to that. And before we hit the other stuff for me,
Adam Mastrelli 1:13:05
I don’t know if I know the answer, though. There we go.
Rolando Rosas 1:13:07
Adam Mastrelli on LinkedIn. Adam. Awesome. There you go. He’s got quick he’s quick on the on the draw there. Always love early on. So he’s great. All right, Dave. Thanks.
Dave Kelly 1:13:20
So Adam, we’re gonna throw this over to you. You know, we were talking about the artwork that people sold for 60 some odd million on NF t. So for this famous painting by Leonardo da Vinci How much do you think this paint this masterpiece? Sorry, yeah,
Adam Mastrelli 1:13:38
I’m gonna take I’m gonna take a guess on this and say see 235 million but it could very well be 450
Dave Kelly 1:13:48
All right, so throw up the answer or
Adam Mastrelli 1:13:51
no, oh my God. Wow. Wow, that’s wild.
Rolando Rosas 1:13:57
I don’t know how many Bitcoin that is. But you know, that same coin for
Adam Mastrelli 1:14:01
some coin that is some coin like Crown Prince from Prince of Saudi Arabia. Wow. Yeah.
Dave Kelly 1:14:07
Yeah. So this does have money so you know, they’re talking about this being widely publicized just like the artwork from people I’m sure that people will be something that we’ll all be talking about for the rest of the history.
Adam Mastrelli 1:14:19
Totally. Absolutely.
Rolando Rosas 1:14:20
For sure. So if you happen to like what we talked about today you like Adam and what he had to share in this content, I want to invite you to like share and subscribe get notification hit all the bells and whistles all that destroyed that like button destroy Yes, Hit him Hit him all. And you will get nuggets that we push out regularly that are not on our regular Tuesday podcast. So go ahead and get that and you’ll be notified when we we may release a little something extra overtime with with Adam and other guests that you’ll only see when you get that Notify. Keishon jets, do we have any final parting words or anything else that you want to say before we wrap up?
Dave Kelly 1:15:05
Adam, thank you so much. You know what you really shed some light on a lot of topics and things that I will have to go back and do some additional research on. But it’s very helpful, very informative.
Adam Mastrelli 1:15:15
Thank you. Well, we’ll look when we’re all still learning. So when you have questions there, I’m going to not know the answer. So we’ll I’ll keep going. These are great. Duo here. Great, great show great hosts, and from one MC to to to others. It’s been
Rolando Rosas 1:15:30
no, it’s been awesome. Awesome. Adam, I’m glad you came on educated us divided some value add to our audience, and we will bid you farewell and we’ll see you next time. See you next time.
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