DeFi By Design EP#54: Strong Vibes on Web 3 with Taylor Welch

Transcript

welcome to d5 by design where we talk all things blockchain and cryptocurrency while striving to educate empower and enrich it's your boy andy and welcome back to the defy slate youtube channel smash the like button on this video that really helps us out and sit back and enjoy the content thank you very much what's going on y'all welcome back to the d5 by design podcast episode 54 here after a long week in lisbon and i mean that was probably one of the best weeks of my life at the ethereum conference we met so many incredible builders um but the absolute scene of lisbon is just i mean rob's got a huge smile on his face like that was just absolutely epic fully just immersed in builders and culture of

um you know just everything that's happening in d5 and web3 it's almost like everyone that we spoke to had just raised some some sort of of series around or had just built this or had just launched this it was just absolutely amazing to see um and today we had the pleasure of also speaking with an amazing builder in the web 2 and web3 space taylor welch um so we're looking forward to talking about all things wealth creation web3 d5 and nfts coming off a portugal hangover i'll tell you there's not much like the portuguese hangover those things hit but we're alive and well and i'm passing over to rob how you doing rob yeah yeah man um i didn't quite have the portuguese hangover bug that i think you

might have caught but it was it was quite a time out there had an absolute blast um and and it i guess if i was to sum it up in one word it would be inspiring all i mean the city the people all the builders all of the applications coming together um seeing every everyone uh kind of in one place that you know we had talked to for quite a while getting everyone in one room the energy was just it was absolutely inspiring it was great um seeing you know it really came down to the people and talking to everyone that uh is building in the space and all these all these visionaries of of crypto and web 3. um really it made me quite optimistic about

the future here um but it also left a lot of open questions so i anticipate we're going to have a lot of conversations as a result of some of the questions that were raised uh from those conversations at lisbon and just just really excited for what the future has in store um i'm also super stoked to talk to taylor um and you know his history goes way back really a legend in the web 2 space and uh you know we're we're all paving the way here for web 3. um so taylor it's it's great to have you on man dude it's amazing to be on and i wish that i was in lisbon with you guys but i missed it i missed the opportunity but i'm sure there'll be another one yeah you're too busy uh

telling everybody to buy solana solana was a good buy it was a really good buy uh i'm buying more in fact i i don't know if you follow me on twitter but i retweeted these guys i forgot the name i'll have to look it up where they're doing payroll processing with solana have you seen that no but it sounds way way way better than anything that could happen on mainnet on ethereum so yeah well until until i guess hopefully q1 or q2 next year when we get yeah uh they wasn't sped up they had a huge panel about youth 2.0 um at lisbon they talked about the entire merge all of the uh all of what's coming i mean it's been coming for for some time

what did they say that they were on schedule for like q1 ish or did they not say ish yeah the uh there was an interoperability event almost like a hackathon where a lot of developers came together and they called that the merge which was these different builders coming together developers for the ethereum foundation and abroad merging their code together and making sure that it worked you know uh kind of these different branches after they came together so uh my understanding and uh kind of what we heard was that that was successful and we're we're we've now entered this kind of proof-of-stake phase where before it was just an idea but now it's really becoming a reality

yeah yeah yeah cool it may or may not come you know q1 q2 people had had hope for the end of this year but you know we'll see um so your entrance into d5 web 3 nfts um has been kind of gradual from a point of you know i would say an in an investor looking to take on some risk and kind of you know enter into a new asset class that is you know primarily the the future on kind of a longer term scale um you know i'd love to hear kind of what your thesis and and your mental model is on like um these investment classes so you know um gold and real estate and stocks and then you

know kind of what you're what brought you to the web 3 world and kind of what you your picture or thesis is on the web3 world yeah i've vacillated like back and forth like everybody else where it's like okay um you know whenever when you start learning what it is i think you it sounds you cannot learn what uh cryptocurrency is without really understanding like where we are in the world um you have to understand that gold is like the longest lasting form of currency that we've had and medals and you know being into real estate i think for a long time i was like yo bitcoin is a scam like just like most people who are

ignorant you know like they don't they don't understand it but then there was a point that happened with me where i was like yo we are we are ruining uh currency in the world you know we are we are undisciplined we have no breaks and so i started studying currencies you know because it had nothing to do with crypto i was just like i need to understand like where we're at in the history of currency here because um there's something wrong like there's something broken and so i got into like all of the old texts like all of you know from rhinestones to beads to bartering and trading to metals uh in the roman empire and then gold-backed currency and silver and

really what you come to is kind of a place of like oh the system is a is not sustainable and like a lot of people that this makes you dive deeper into the world of currency and so what is my thesis i mean my thesis is that fiat currency will continue to devalue um there's a precedent for that the speed at which it devalues is to be determined uh and it really depends on um like right now frankly depends on like can we even get our supply chain back like what's going on we're gonna have to keep creating money to take care of people who don't have jobs um but at the end of the day everything will continue i think reorienting itself around hard currencies

currency with utility there's no freaking utility in fiat man like what a waste what a waste of uh of technology even and so i've started getting deeper inside of what are the different currencies for you know bitcoin obviously is just digital goals it's like storing the value they're i think they're trying to start putting some utility into it with like the the update what's the update that just happened um a month or two ago with smart contracts and then you have like this weird mix of of web 3.0 and you know we have uh the rewriting of the internet and we have the return of people's that your community is being returned back to your stewardship and your ownership i think it's gonna be crazy man like i think there's a day and age

in the next couple of years where we don't pay for things anymore we are returning ourselves back to a form of bartering with smart contracts underneath everything so an example like right now you know let's say i pay for the wall street journal which is true i pay a subscription but what about a certain point in the future where um i don't pay the wall street journal for a service i buy their token and i own it i own a piece of the company as the company increases in value i i increase in net worth and all of a sudden you flip the flow of value up on its head right now we have one-way streets and i think we'll create two-way streets in the future it's like i pay money you pay value we'll fix that and money and value flow both ways via like

an economy of ownership we could go really really deep into that but my thesis is that bitcoin uh is like not going to go backwards it's probably going to be that this war between china and the rest of the world in terms of like do does bitcoin win or does china's uh digital currency win and then we have ethereum which is really not even a currency it's really just a a form of infrastructure because that'll go up and you've got solana is like um the fastest blockchain i think of all of them right now which will probably go after the new york stock exchange and like work on actually uh replacing that so we just pick one pick a lane and let's go into it because all of it to me is like

when you really get it it's like you can't sleep and you can't keep money in your bank account anymore i just met with my banker today and i'm supposed to keep ten percent of my annual income in the bank i'm just like dude it's trash i just hate it he's like where is it i'm like dude it's on a ledger yeah and it's on a legend yeah and and it's probably earning quite a bit of yield as well um you know which is something that's a really interesting you know concept to bring to banks into these traditional finances is the yield that we're seeing is obviously a subject of um sort of these ponzi-like games that are played in pool one and pool twos of being uh an lp in some farms and some positions but um you know when you

boil it down there's there are plenty of stable coin yields out there that are just outrageously high um you know and even the most basic ones on platforms like like a nexo or celsius are still outrageous um you know obviously yeah celsius is like eight percent on usdc yeah and on and on on next you get eight percent on like as well uh and not to mention you can borrow against your assets for tax purposes and then go ahead and take those those borrowed assets and do with that you know with as you please really um you don't have to go super dj long but you can you know you can do other things with that and i've seen multiple people use d5 to finance their first

their first home or their you know or three five homes right i mean you can borrow against your assets and do so much with you know with that what are your thoughts on dye yeah so i i take it you've seen some of the some of the uh oh it's backed by half usdc um stuff like that recently so rob honestly i i want to hear what what you have and i'll kind of tag along yeah um the the backing from usdc isn't isn't too encouraging um ultimately usdc we we wanted to believe that it was kind of backed one-to-one with you know real bank assets

um and then we kind of found out that wasn't completely accurate so when die you know you find out that diet is almost backed by usdc as well transitive property you know dye isn't back one to one by these uh bank reserves either um i listened to a podcast recently by uh it was bankless and it was zeus from olympus dial that was on there and described uh how you know even even our fiat money system the u.s dollar isn't backed one-to-one by anything it used to be the gold standard uh but no it's no longer and you know really what is backing this is the central bank your faith in the power

of the united states but it's the central banks own assets themselves so you know they own treasury bonds and and some different financial products as well um so at the end of the day it's almost like what is really the basis of um fiat or usdc and it's kind of a shared belief that this peg is going to hold and you can kind of translate that into i feel many different markets um crypto fiat and the like yeah i'm just kind of on top of that dye is it was is basically the first debt collateralized position that was you know a stable coin it was like the

first og algo stable we've seen so many experiments since then which have been i mean wild like in d5 summer 2020 like there was the most ridiculous stable coins like we were the central banks in like this one called zai like we were printing like i mean it was like locked for three days and stuff and there's all these little gimmicks but i mean dude like it was like 10 billion apy and like you were literally printing like stable coins like absurd so there's been a lot of experiments but basically dye is the closest thing currently that we have to a liquid stable coin that is decentralized and not it's basically can't be frozen by any entity so it's the best bet along with mim which is the the creator of

spell it's you basically lock up your spell and you can mint mim mim stands for magic internet money so in in lisbon the creator actually talked about that and it's huge it's kind of too big dude this we wonder why bankers aren't taking it seriously or it's like yo i'm going to pay you in magic internet money yeah that's hilarious yeah and it's right and it's kept its peg and it's decentralized and it doesn't rely on on maker or theme or usdc or anything yeah i i have to say that you guys should try please record this go out and record this and send it to me try sitting down with the with the banker an institutional banker at one of the big ones and explain to them

a genesis cyber conch just try yo do you guys want to have some of your yield farming and bananas i like bananas like the guy's like i was explaining it to him he's like it's a picture of a monkey i'm like no but it it it earns it earns a yield it's called bananas and it's like that's the point he lost like it's we can't even recover from it it's like and then i have now bears deluxe that pay you and honey it's like it's so it's such a game but it but i think it represents like this legitimate idea of life where like life is kind of a game too and but but nfcs are like a whole new

level of like yo we're going to gamble money yeah so i take it you kind of like the utility and financialization of nfts rather than just huge bro yeah love it so i i got into this world like you guys saw you probably saw it happen it was like maybe five months ago or four or five months ago super baby i'm a baby man like you talk to people like vaynerchuk and like these hedge fund guys like yo they've been studying this since 2012. um i'm a real estate guy and i don't have any time for crypto i don't have any time pictures of of a pixelated idiot with a cigarette like what are you

talking about like get out of my face like we're gonna move on and buy a apartment complex like just don't talk to me but when i got it i was like okay what we're buying with real estate is a token and then it was all over it was literally like yo life is like i've lived a lie my entire life it's like when you find out you're adopted like later you're like my whole life is a lie like okay so i've been buying i've been buying tokens without crypto like with no uh cryptographic signature which is why i've had to pay a broker and we have a title and there's mortgage fraud it's like yo i'm done like at some point

um nfts and all like everything inside of the crypto space is going to hit every single facet of life and it's going to make life better it's a value add on every level and so yeah i ended up buying like 200 000 worth of nfts didn't really know what i was doing um but luckily i got some good ones and so i'm we go swept some floors i'm sure i'm sure you had some smart people helping you out that's always helpful um yeah i have a little syndicate now that just tells me what to buy yeah that little telegram group is pretty fire you guys are like you know we're like a week or two ahead of you and defy slate but you guys are like you know you're on it no just kidding we're just trying to catch

up with you guys we're trying to catch up the only the only um back to the topic of like i actually just discovered celsius like 10 days ago as well so i just moved a bunch of stuff over there i'm telling you guys like i i have we have seven brands right now um i am i'm just so busy like i have all of this other stuff to do and so for me like crypto and nfcs and all this is like it's it's that thing that i want to lay in bed and read about at 10 o'clock at night when i'm not split i'm supposed to be sleeping uh but i'm refreshing to see what the cyber comics floor is or i'm like reading bankless or on bow tied and i'm i'm obsessed dude it's like this there's an energy to it that i think once once our traditional

institutional guys get it it's game over man because it freaking grabs you it's like it's the world as it always should have been you can't go in and manipulate it for personal gain unless you're elon right but you know what i mean like it's it's it's just a pure form of uh it's a pure form of exchanging capital without having to be subservient to a group of people in washington or ccp or wherever uh they're going to betray the public for a little personal gain and i think people latch on to that and they're like oh this is what it's supposed to be you can tell when you get it

yeah it's transparency into the existing system without any of the smoke and mirrors of the professionalism or the complexities you know it is a game and it's very upfront about that that they're these are almost ponzi games they're not ponzi schemes but just ponzi's in the sense that it's a shared belief um and you like you mentioned just it's belief across these different systems of value that um you know are starting to come together and and i think that's what's really entertaining and really captivating about crypto is there's no smoke and mirrors it is very upfront about what it

is this is a ponzi game it's a it's a decentralized system we all believe in it really at the end of the day it's a market it is a game similar to a lot of the other shared games that we play 100 yeah yeah i like the uh equal playing field unequal results uh of bowtie bull they they often have that um you know in their in their in their writings and i mean it's true i mean we were just in lisbon and you realize that every everything's global you know you realize that these these these folks in in germany have the same opportunity in the same playing field as you know as you do you have a computer you have a wi-fi you have a meta mask you know you're you're part of it um yeah it

really takes it to the next level and so there's prob there's probably like four main sectors of the game right now that are like popular and it's cool that you know coming from 2017 there was really like one main game it was like you're buying alt coins on like exchanges that were like low caps then basically pumping them through twitter like that was the primary game like there wasn't nfts there wasn't dows there wasn't social tokens there was nothing it was just very much so like pumps and you know you got in on pre-sales and that was kind of the game but now we're seeing dows nfts yield farming and d5 um like i said some of the social token stuff you got arbitrage you got all sorts of dexes and stuff so um yeah i'm curious what you are most interested in um as far as your you know

your brain works so i clearly you you're very into the the you know crunching the numbers of real estate taylor so is is the yield farming and kind of the apys and the aprs and you know is that extremely interesting to you or is it the nfts or the dows or is it all that you know kind of what is the most you know interesting for you i'm i'm super into like nft utility right now because i think that's going to change all of like what what i'm known for inside of like what i used to be known for in terms of tf and the consulting space like now now we're branching into like we've got real estate names and brands and things like

that but it's going to change consulting it's going to change information um it's going to change like i don't why sell a mastermind when you could sell an nfc yeah so how'd that go so what was the what was the max bid on that nft that you just dropped so i i explained to us yeah what it was yeah so i i've got a guy so we're doing this for market movers which is one of the political brands but it's like going to be an event pass and access to information i was like i told him i'm going to do a an nft and call it like a lifetime pass and everything that i ever uh create they're gonna get access to it forever

um and we'll sell it and then if they get tired of my products or tired of my brand or whatever they can sell to somebody different so we we ended up creating it i put it up on openc and i was like oh let me do this and then um we didn't have a way for we like we didn't have it built into the site to actually give them the utility like we had a metamask thing on there but dude none of the lms systems have like caught up yet so like none of them are have any util like they can't integrate with metamask or anything like this it's basically discord and you know i think that's it like i'm just using discord yeah just as cool it's just discord um so i was like i'm gonna pull it off right now so i actually ended it because

i was like i don't wanna i'm not gonna hire a staff person to just like go and like verify that someone you bought it and then add them to the products in kajabi or whatever uh so we pulled it off so nobody even like we had like a couple people bid but i didn't put a minimum so it was dumb it was like 20 grand or something um we'll do it again in the future and we'll see what happens but i'm thinking it could be pretty cool um market movers though is we're we're putting together an nft series there'll be a thousand of them where people can come to our events they can get access to all the premium like the master classes things like that so anyways i'm interested in nfts is that like a an access pass because i think that that has been done but it hasn't

been done really well for democratizing information we're still on like stripe kajabi integration days um i think the yield is definitely cool it's not like my main i'm not obsessed with it though because like for a guy like me it's like man we'll sit down with blackrock and like we'll talk about building developments it's like there's yield everywhere everything has yield in it i i think what i'm pretty stoked about is um being able to like put my crypto inside of like a bank account and have it just like celsius to me is really cool because it's not really yields for me it's just passing along the benefits that your typical

bank of america would collect back to the user you know so if i'm gonna hold cash why not just hold usdc and get paid eight percent on it versus two percent in my bank account you know um and then i would say like one of the other things that i'm really really really excited about is seeing what solana does specifically solana to the financial system in in the country because i think solana's going after 65 000 transactions per second it's like it's 30 times faster than visa mastercard it's like a bazillion times faster than ethereum as it is right now and solana to me like that's their big thing is like

can we build a financial infrastructure that can bring speed utility great infrastructure and transparency uh to the world of finance which is gonna be a game like this they're going to have to work hard to do that because nobody necessarily wants it right now and we need a phantom mobile wallet like for christ's sake we need somebody to go build something i don't understand yeah it's not it's can't be that hard yeah actually with their with their co-founder tomorrow so um we'll give him a tap on the shoulder for you tell him listen taylor wants to be able to buy monkeys on his iphone and he can't right now because he's got to use

a crumb yeah i'm going to say this nft noob is really pissed off and um yeah he needs to keep going i'll tweet about it man i'll tweet about it yeah it's good stuff the the alignment between the games you know we have different sectors of the game but the game as a whole is is really interesting and you have you hit on kind of both aspects of it um mention how you know the yield in celsius is uh bringing kind of the the value that was previously captured by central banks or commercial banks back to the end user and then how you know the entertainment value with nfts is uh really kind of pushing adoption but also

there's a lot there's a lot of applications to kind of this token gated access and i think there is an intersection there where there's different games kind of these different universes of games and each of them have a different economy uh within each of these game universes so whether that's an nft universe or if it's more like a multi-player game each of those segmented universes have an economy of their own each with their own currency and that is where i see potentially a lot of interlocking value between the yield farming aspects of smart contracts and cryptocurrencies and the entertainment value of these

different nfts um and to me that that's almost a picture of the metaverse or one of the potential pictures of the metabours and i'm curious if you see something similar something different or maybe something to add i just think it's i think it's honestly just it's almost fractionalizing um access that has been reserved for your people at the very top like man i i think if you think about like web 2.0 you think about mark zuckerberg you think about um you know you think about facebook you think about google and it's like basically people are investing all of this data

and all of this genuine expertise like they're putting their expertise online like they're they're putting their soul online and they're rewarded with like here's a little cookie like a dopamine cookie it's like yo what is this the roman empire like bread and circus man like if you give people enough bread and then put on a circus they'll just sit there like dumb animals it's like yo we're growing out of that and i think that what we're seeing right now is like we have outgrown it probably a while ago but it's taken technology a while to like make that possible so now it's like okay i'm gonna put something that's uh that i've worked really hard for i'm gonna put something that represents my best i'm gonna put something online but

instead of you taking my data selling it and capitalizing on the spread in the middle i'm gonna get rewarded for that and and it by by the way like it's not just it's not just things that are excellent that we're rewarded for it's also things that like have really no utility to society like you remember those games where it's like you build a zoo or you build a neighborhood and it's just this game and well they're they're basically doing the same thing that like i do but they're using a computer screen and i'm like using brick and mortar and now we have that level of game of like it's a game but it's brought into your living room where it's like yo you can play a game and you can be really good at that game

and there's monetary value that is reciprocated for your investment into that game and i think it's so funny that people think that that's stupid they're like yeah but it's just a game it's like what do you think your life is you went to college and you don't think that that's a game you don't think that this is a game like you you play the game of business and life and you you are rewarded if you play it well and you are penalized if you play it wrong and to me it's like it represents a shift of the narrative like the consciousness of humanity like as a whole is becoming it's becoming wider we're getting more exposure what to me what that represents is like if you have the ability to look at

something that's different than what you understand and want to learn about it rather than instantly wanting to judge it you belong in the new expansion new society we have a lot of people who are like yo what you're buying pictures of monkey what are you dumb like that's a game it's like and you're going to be those people are going to be penalized because they lack the exposure in their perspective and so i just think it's a it's a it's gonna be fun to watch your guys on wall street who are making more money playing video games at night than they are at their day job and then what happens to the macro picture from economics as a whole like we're basically at ubi

at that point that's a different conversation but that's what i think is coming i think we're headed that direction yeah the the there's a concept of depth and breadth of this perspective where like you said there's an expansion kind of horizontally of you know capturing a lot more of of what is possible what is kind of we're bringing to the table and like you mentioned kind of these digital ecosystems and and digital environments are now being brought to light is potentially useful whereas in the past it was kind of like you bring this thing maybe it's nice and it's cool to you but it's not composable with anyone else's perspective and therefore there's

no value that's created for anyone else now we're all becoming part of this shared digital reality and we can kind of all take part in going deeper in each of these branches and share value with one another whereas before it was only locked in in us as individuals 100 one other thing to add one other thing to add that look at the supply and demand uh curve of the worlds let's hop into real estate let's hop into big tech everything runs off of supply and demand and we're noticing that right now like why is real estate so expensive supply and demand you know there is inherent value of

course like there's inherent value but inherent value as we've already discussed it comes from things that we don't we don't even care about well what's the most like in demand and low supply good or service or ingredient in in what i feel like is the history of humanity it's fun fun yeah yeah he's like what what's what's in like the most demands for humans i want to have fun yeah i want to be happy like i want to i want to enjoy my life yo you you get to the end of your life and i can tell you this because i've had my own crisis my own narrative crisis because i got really really rich really really fast which tends to break your belief system i can tell you this

man like money's not the goal here like if you get to the end of your life and you didn't have fun you freaking lost you lost so that's another reason why this is happening is because if you go on open c and you get a deal it is fun dude it is like dude it is dopamine to the nines and then you get in discord and you're like playing games i'm like i'm staking mooses or moose or however you know and i'm getting paid on them bro i've never had so much fun in my entire life i'm like boys are just winning with you like everyone's hitting this and everyone's winning everyone's winning so bro it's not lumber it's not commodities it's not it's it's none of these things that we're taught in school or even

coming from the world of business it's like yo the supply is really low and so the demand is going up man the ability to have fun is the most in demand asset class in the history of humanity and what we're seeing now is you can bro you can monetize that it's over like it's game over if if people don't believe in it now five years and like that's what we're seeing is the collateralization of fun period and i think even like web 2 content creators kind of really started that trend like even some of the stuff that you know personal brands even did whether it's a person who cooks or does music online or teaches you how to make money or teaches you how to get into shape like things

like that kind of took us to the stepping stone of like oh wait like i can do something that i thoroughly enjoy online and just get absolutely paid for it and now you know the question becomes you know why get a job at x y and z when you can go on axe infinity and and start playing games and making money or you know doing nfts and making money now again we are in the fabled golden bull market right now of the world so our perspectives perhaps are slightly tainted as to what is work and what is play and what is really value being created however in the in in the time being um there is that shift that is happening with nfts with d5 with the internet web 3 culture that working in

web 3 and being in this niche of twitter and being in lisbon with all these people like the vibes and the fun is just i mean it is omniscient it's everywhere it is it is it is it um so you know enjoying it while it lasts and there's always going to be pockets of opportunity to make money and to get rich so those will always be there but yeah truly it's about the community and the vibes and you know having having that ability to have fun like like i mean i'm sure the real estate stuff that you've done has been absolutely amazing like it's it's it's gotta have been fun as well um you know and i look to grow a real estate portfolio and have fun doing it you know being a landlord being a rent seeker it may not be as fun as

being an nft flipper but you know you got it you got to be able to put some assets there some here some here right um it is but it it is fun because you get to take care of other humans you know at the end of the day that's what it all comes back down to this is you don't want to be a slum lord so when you build your portfolio don't be a slumlord just come you know build great things for great people and that's what it's all about man like can you become known as somebody who built something that people got to use yeah that's that's all we want so you're very bullish on residential real estate still just as a concept hundred percent my thesis my thesis with uh with bitcoin for instance is that um people need a place to store value

outside of the manipulation of the federal reserve my thesis on real estate is that people will like not sleeping in the rain in 30 years so both of these would be correct yeah like they're they're both great asset classes and i have a bed of real estate so some people i do see some people do it backwards it was like you guys are probably like this there's no no hate here it's just you know they go into crypto first and they don't have any sort of backing or basis of something that's not volatile i don't love that like i i obviously love crypto but i do want something that's a little bit less volatile than than the current state of crypto for like long-term asset classes

whole life insurance would be an example of that real estate would be an example of that um but when you get into the nature of businesses businesses are just as volatile as bitcoin so it's not you know yeah especially when you run a business on that in crypto like us it's like even compounded like i said hey guys i'm going to leave like one minute got one minute left then you're gonna roll sorry cool cool yeah no yeah it's been absolutely one lesson yeah yeah one one last thing to mention you mentioned kind of like the manipulative of the fed um and how you know people are dedicating their time there um kind of pairing that with the collateralization of fun we're seeing like you know people are collateralizing

their time in a certain sense if you dedicate your time your collateralization in a sense um so you know you can't quite lock your vibes in a smart contract but what would you say about kind of like capital efficiency of time um and how you know now that people are kind of putting that towards web 3 rather than a manipulative uh central bank or central fed um market and i mean like you mean like um you mean how to like use your time wisely or do you mean like what do you mean when you say efficiencies of time the value that's unlocked through web three five people when people start to

dedicate their time there rather than other destinations that are manipulative um okay so we're talking about um we're mostly talking about like infrastructure of the internet right now correct yeah sure okay you just gotta point me in the right direction and i'll just start running um or dancing depending on what you need uh dude i mean everything gets easier everything gets faster everything gets safer um really i just saw this yesterday like facebook and apple had a had a run in like several years ago because the platform was being used for like uh slavery of human beings other places in the in the world and it's like yo there's that's there's something seriously wrong with

like all of us being okay with that and i know none of us are okay with that but we still use facebook and it's like the web 3.0 will change the structure of how data is collected and stored we don't need these big warehouses anymore where it's like your data my data his data is stored up and then like put for sale to the highest bidder um there's gonna obviously be utility in just your collections you know like we can collect and create net worth at the same time um it's it's hard to this is the problem that i tell people is like okay it's hard to wrap your brain around and talk

about something that doesn't have any edges there's no edges to web 3. um it's it hits everything it it touches every space i was like there are two types of geniuses in the world and then i'll let you guys go the first genius is the person who invents the thing satoshi thomas edison henry ford you're like that's the first kind of genius where it's like they invented the thing like they invented the telephone but then the second kind of genius is what i call a use case genius and they get to come in and they get to say here's how this invention applies to this area of life in that area of life and dude when it comes to use case i'll explain this to people i was just in california a few weeks ago and i was explaining about nfts these are like really rich businessmen and

you should see their eyes like the minute they it take it took me 30 minutes just to explain to them so they so they understood it but when you get it it's like it's oh my god like what in the world like how how does this not change your life and then you have to go into the second arduous grunt work of identifying use case what is the application of this man like what's the application of not having brokers anymore for anything no middleman they're all gone we don't need them anymore i be how do you explain that to somebody who especially somebody who is who is a middleman so it's like it's the best indian question for an interview it's also the hardest any question where it's like what are the implications any time i see hear

someone say what are the implications of this i'm like oh here we go like worms but that would be my answer awesome thanks taylor we we really appreciate you coming on and keen to unpack that even further and the rest of the topics we covered yeah man sounds good thank you guys