My First Million
00:21:02 · Sam Parr, Shaan Puri
[00:21:02] S0: No. But my wife is. [00:21:03] S1: The dumplings and the the squishies and the mystery boxes. Like, my daughter just loves to open these dumplings. Right? And, like, you'd have tried to get a rare dumpling. Right? It's like this crazy thing, but it's the mystery ball mechanic that gets you to spend way more. I actually have a friend who's in the toy business and showing me the data of before... When they're in Walmart or Target, they were just selling where you pick what you want. And, like, here's a shelf. Here's all the different things. You could pick what you want. And then they just took the same things and put it in a mystery box, and it was seven x the revenue. And literally, like, with... Which sounds like the opposite. Right? Like, well, the consumer gets less choice. They might get something crappy. And I heard him on the phone. He was talking to one of the major IP holders in the world. [00:21:46] S0: Wait. This guy just called you while he was negotiating?
00:21:48 · Shaan Puri
[00:21:48] S1: I was hanging out with him. He's like, just join. They're just like, listen in. Like, sit right next to me. It's fine. Like, no problem. They don't know who you are. It's... They'll just assume you work with me. And he's talking to them, and they were like, yeah. Well, like, our customers really like Choice. And he puts up on the screen. He's like, yeah. I know. Like, everybody thinks they like Choice, but here's what the data shows across category one, two, three, four, five. Like, over and over again, this overperforms. This this kinda gotcha mystery box mechanic. Today's podcast is brought to you by my friends at Mercury. They make the world's best banking product. I think you know this already. I use Mercury for all of my businesses. I think I have, like, maybe seven or eight businesses. We use Mercury as our business banking across all of them. And now they actually just launched a personal banking account. So I have my personal account there. I moved off of Wells Fargo and Chase. I'm just all in on Mercury. Why? I like products that are easy to use. I like products that get me and the problems that I have. So, like, very easy to make a joint account with my wife. Very easy to spin up virtual cards. One click, and I get savings yield. It just has all the stuff that I need in one place. So if you're looking for the best banking product on the market, it's definitely Mercury. I will fist fight anybody who disagrees with me on that. Go to mercury.com/personal and learn more. Mercury is a fintech, not an FDIC insured bank. Banking services are provided through Choice Financial Group in column NA, members FDIC.
00:23:04 · Sam Parr, Shaan Puri
[00:23:04] S0: Can I give you one quick app update before we move on from apps? Do you remember about three years ago, you and I, maybe you brought it up, I don't remember, talked about this thing called Private Photo Vault. It's basically where you hide photos. It's like... To put it bluntly, it's like where people hide, like, nude photos on their phone, and you have to, like, lock it. So Yeah. I think [00:23:25] S1: this is one of my drunk ideas. Right? Hiding behind a calculator. [00:23:28] S0: We talked... Either you brought it up and I said this is a thing or somehow it got brought up. Well, look at the reviews. Do you see how many ratings it has? A million. So it has a million. [00:23:40] S1: A million reviews? [00:23:41] S0: So it's called Private Photo Vault. Also, then it says, like, dash pick safe, like a safe for pictures. And I met the founder. He came to a Hampton event, and I started talking to him, and I was like, he's like, yeah, you guys talked about me like three or four years ago. And I was like, how's it going? And I can't... This is gonna be, like, such a tease. I'm sorry. I can't reveal the numbers, but he told me the numbers and how many people work there. It's a behemoth. [00:24:11] S1: This this private picture sending thing? [00:24:13] S0: Yes. Yes. It's a... It's not a picture sending thing. It's... All it is is storage. It just stores photos that you can delete off your photo roll and keep in this photo vault. Right. And So why do people want that? For nudes. [00:24:28] S1: But they're not sending them.
00:24:28 · Shaan Puri, Sam Parr
[00:24:28] S1: But they're not sending them. [00:24:30] S0: If you are sent to them and you wanna store them. Alright. Do I have to walk this guy through this? [00:24:34] S1: I'm just trying to understand [00:24:35] S0: the net... [00:24:35] S1: The bank it is up here. You receive one. You save it here. You delete it off your photo. That's it? Or you're taking it [00:24:41] S0: That's it. [00:24:42] S1: Saving it here? [00:24:42] S0: The first one. The first one. It's... All it is is a place like phone. [00:24:47] S1: I've never received a nude. I'm unfamiliar with your game. I've always been curious. Always wanted to. [00:24:56] S0: Yeah. You've always wanted participate. I don't think it's ever gonna happen unless I've got a rash. But this app has and is doing over revenue, and has been doing it that for a long time. [00:25:12] S1: That's impressive. Are they also Eastern Europe? I feel like these are all Eastern Europe. [00:25:15] S0: Nope. Just a guy. American? Just a nice guy. I'm proud [00:25:19] S1: to be an American, if that's an American doing that. This is normally the work of somebody in Czech Republic or something. [00:25:27] S0: Nope, just a guy, just a nice guy. He does live in Vegas, but he's a nerd. So he was raised there, he didn't move there. [00:25:33] S1: By the way, the Collector Crypt thing that I was talking about, I just pulled up the data, they do a 100,000,000 a month right now. And this is like a... It's like a blockchain thing, so you can see like the actual fees that are renovated out of this thing.
00:25:33 · Shaan Puri, Sam Parr
[00:25:33] S1: By the way, the Collector Crypt thing that I was talking about, I just pulled up the data, they do a 100,000,000 a month right now. And this is like a... It's like a blockchain thing, so you can see like the actual fees that are renovated out of this thing. [00:25:45] S0: Do you think the... Are the crypto guys, like, you, you know, you you you're formally known as, but you still are a little bit Folk. Are you are you people like the... Are you guys like emo now? Like, you're so pissed off at AI for taking your No. We're AI [00:25:58] S1: guys now. What are you talking about? It's it's [00:26:00] S0: the same guy you transitioned. You guys are trans? [00:26:03] S1: Seamless transition to becoming an AI guy. Don't worry. [00:26:07] S0: I would have thought that you would have been like, shut up. Everyone's just [00:26:11] S1: gonna left that are, like, true crypto only are the incredibly smart, high conviction diehards who deserve to get rich and the idiots who still think, like, the Vietnam War is still happening and nobody told them, like, hey, man. We all moved to AIs. We're gone. It's over. You know? We can can move on now. There's a new thing that to be excited about. So there's, like, the idiots and the geniuses that are still there. [00:26:33] S0: Are the are the meetups, like, empty now? [00:26:35] S1: I don't know. I I'm... I honestly... I... You know, I don't go to meetups, so I can't say for certain. But there's [00:26:41] S0: a lot
00:26:41 · Sam Parr, Shaan Puri
[00:26:41] S0: a lot [00:26:41] S1: of talk right now that that, you know, AI hacking slash quantum is gonna, like, basically break the encryption protocols. And so that's kinda scary because, you know, for Bitcoin, you know, it's like... Bitcoin started with, like, a 100 risks and is down to kinda, like, just a couple left. You know, if if Satoshi woke up and started moving the coins or we... Or, you know, or the actual encryption gets hacked, you know, it'll cause, like, extreme panic. Like, Binance got hacked for $5,000,000,000 last week. [00:27:10] S0: Yeah. I saw they said they're they're just gonna pay it. They're like, we're just gonna give you the money back. [00:27:14] S1: Well That's [00:27:14] S0: how much money they have, that they said [00:27:15] S1: They they're have a two... So so they had a hack in 2018. And after that... It was a smaller, much smaller hack, like maybe... I don't I don't know exactly how much, but nowhere near a billion dollars. And they created a fund called the the SAFU fund. I don't know what it stands for. Safety of funds for users or something like that. And they started taking 10% of all the trading fees that they were collecting and started putting it into this, like, kinda rainy day fund in case they ever needed it. And that was up to about 2,000,000,000, which was the 10% of the funds collected by the company since 2018. And this hack was for 5,000,000,000, and so they need to cover the spread. [00:27:57] S0: And who got it? Like, a a... No. Obviously, no one knows, but it was it like one wallet?