00:13:01 · Molly O'Shea
[00:13:01] S1: Yeah. It was actually, like, it was so funny talking to Dave Mazzuki about this because, like, a little bit controversial, but, yeah, most of Roblox's users are very they're young. They're 25. But guess what? Everybody who makes a game on Roblox and the games that they play, and they've seen this over and over again, when you're building out a new game and, I don't know, the biggest use cases, they all come back to capitalism. It's like these kids are building and playing these games of being an entrepreneur. Mhmm. And they don't realize that, and then they're protesting, and then they're supporting socialism, which I think is the biggest paradox. But not to beat on that too much, I just, like, am always really surprised because it's like like, there's so much to do with, like, social media and everything, but then in the reality, it's like, no. They're they're actually just part of the economy, and it all comes back to capitalism. Mhmm. But in terms of Argentina, what are your plans? Mean, thank God Teal's blessing.
00:14:05 · Brian Armstrong
[00:14:05] S0: Well, okay, so Coinbase is expanding to different countries all over the world, and actually the Base app, which is our self custodial wallet, has an easier time spreading You can launch that in hundreds of countries around the world, because if you're not taking possession of customer funds, it's not treated as a regulated financial service business. So the base app is our way to get to all these countries around the world, and then we have 10 markets or so where we go really deep with our custodial regulated financial service But, yeah, a couple mean, maybe some interesting stories from Argentina. You know, I remember that people would, like, try to ride the bus, and they I guess the buses would only take these coins. Right? And because there was so much hyperinflation, you'd have to come with a fistful of these coins. And, actually, coins became in almost rare it was rare to get coins. So if you went to go spend with paper money and they owed you some coins and change, they'd be like, ah, I'll just give you an extra peso back or something because they didn't didn't wanna give up their coins. Right? I maybe, like, the more pernicious example is that I'd say in Argentine culture, like, this was at least my impression as an outsider coming in, I'd say people were quite pessimistic about the future. Peter Thiel had this great two by two diagram about, are you optimistic or pessimistic? Are you deterministic or nondeterministic about the future? People in Argentina of feel like it could all be gone tomorrow. The future is going to be worse. So just live every day like it's your last. Have great food and wine. Sell you know, spend your whole paycheck. You know, have have a nice dinner with your family, because that's been the history of the country is, like, periodically just their money gets eroded and taken away. And so what is the consequence of that? It's like everybody in society kind of just they don't plan long term to try to build something for the future because it could all be gone tomorrow. Right? So to do a ten, twenty year exercise to go build a world changing company like Coinbase or, you know, what Elon did with SpaceX, That's just not gonna happen in Argentina because, I don't know, maybe the next election, the government will just seize seize all of your assets. And, like, what was the point of even starting that project?
00:16:15 · Brian Armstrong, Molly O'Shea
You're gonna go build it in another country. So it's a it has, like you know, I'd say high inflation actually really harms the poorest people in society the most too. Right? Because they're the ones who are holding all their wealth in cash. The wealthiest people in Argentina, they can they can get a brokerage account open in in, you know, in The US somehow and hold real estate or these inflation Bitcoin, these are inflation resistant assets. So, yeah, it's it really changes the entire fabric of society to have high inflation and low economic freedom in a negative way. [00:16:47] S1: Sorcery is brought to you by Brex, the financial stack trusted by more than 30,000 companies, including one in three venture backed startups in The US. Nearly 40% of startups fail because they run out of cash. REX is literally built to help founders avoid that. Unlike traditional banks that let your money sit idle, chipping away at it with fees, REX is designed to help you spend smarter and move faster. Their all in one solution combines checking, treasury, and FDIC protection into one powerful account. You can send and receive money globally at lightning speeds, get 20 times the standard FDIC coverage through their partner banks, and even high yield from day one. With same day and even same hour liquidity, access your funds anytime. Companies like Scale AI, DoorDash, Service Titan, HIMS, Anthropic, Flexport, Robinhood and Plaid trust and use Brex.
00:16:47 · Molly O'Shea, S2
[00:16:47] S1: Sorcery is brought to you by Brex, the financial stack trusted by more than 30,000 companies, including one in three venture backed startups in The US. Nearly 40% of startups fail because they run out of cash. REX is literally built to help founders avoid that. Unlike traditional banks that let your money sit idle, chipping away at it with fees, REX is designed to help you spend smarter and move faster. Their all in one solution combines checking, treasury, and FDIC protection into one powerful account. You can send and receive money globally at lightning speeds, get 20 times the standard FDIC coverage through their partner banks, and even high yield from day one. With same day and even same hour liquidity, access your funds anytime. Companies like Scale AI, DoorDash, Service Titan, HIMS, Anthropic, Flexport, Robinhood and Plaid trust and use Brex. [00:17:41] S2: Start today at brex.com/sorcery. That's brex.com/sorcery. Turing is training the next generation of AI with tasks that require real expertise and real world judgment. That's why companies like NVIDIA, Anthropic, Salesforce and Gemini partner with Turing. Turing builds realistic reinforcement learning environments and data systems based on real operational traces, the kind of infrastructure frontier labs need to train super intelligence. Visit turing.com/sourcery.
00:17:41 · S2, Molly O'Shea
[00:17:41] S2: Start today at brex.com/sorcery. That's brex.com/sorcery. Turing is training the next generation of AI with tasks that require real expertise and real world judgment. That's why companies like NVIDIA, Anthropic, Salesforce and Gemini partner with Turing. Turing builds realistic reinforcement learning environments and data systems based on real operational traces, the kind of infrastructure frontier labs need to train super intelligence. Visit turing.com/sourcery. [00:18:18] S1: So how is crypto changing financial infrastructure? I recently had Jackie Reese's on and maybe we could talk about the evolution of it. But with Jackie Reese's, she was at Square. She helped stand up Square Capital and banking and that kind of thing. Now she's forming this bank. She said, before going to a bank, you'd sit there for thirty minutes, they'd give you a whole spiel, and then they'd offer you a free toaster. Now, with like, being able to build on rails, she can spin up a million accounts in like two seconds. So I'm curious for your point on that, and like how you've seen crypto evolve over time to today and like where the clarity act is.
00:18:59 · Brian Armstrong
[00:18:59] S0: Yeah. So that's, you know, there's a great couple of examples of just how crypto is updating the financial system. Right? I mentioned one of them earlier, which is now anybody can get an account on a smartphone with an Internet connection, especially if it's a self custodial wallet, do it anywhere in the world. Right? So that's that's pretty unique. Like, they they basically, anybody with a smartphone and Internet can store their wealth in a way that it can't be taken away from them. That sound people would call this basic property rights, right, in economics. That's something that, just most people in the world don't have. We take it for granted here in The US. The second one is payments. Right? You know, with crypto rails, you can now send money instantly, less than a second, anywhere in the world for less than a cent. And you can do that on the base network with USDC, for instance, and that's democratizing payments, right. And just bringing, lowering the friction in the economy for all transactions of value. And then we're getting tokenization of all these asset classes, right? Stocks and bonds and real estate. And so, that makes it easier for everybody around the world to, to participate. So it just, that's the yeah. That's the summary. Mean, the crypto is updating every aspect of the financial system, and you mentioned the Clarity Act. I mean, this this would be another landmark piece of legislation that I think is a massive TAM expansion opportunity for Coinbase and for all of crypto to have more of this built in The United States with clear rules.