My First Million
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?
00:27:57 · Sam Parr, Shaan Puri
[00:27:57] S0: And who got it? Like, a a... No. Obviously, no one knows, but it was it like one wallet? [00:28:02] S1: Last thing I read was North Korea took it, and the way they did it was they had a a woman who was in a romantic relationship with an engineer and just physically got his laptop. [00:28:12] S0: Nice. [00:28:13] S1: And they had they had two... They had enough in their hot wallet to be able to transfer out, like, you know, that amount. And so I think, like, you know, a certain amount is certain amount is gone. A certain amount got frozen. They they got the other protocols to, like, freeze it. They they don't let them withdraw. But it's like, you know, the thing with crypto is the ethos and the the premise of the whole thing is it's like gold bars or dollar bills. Like, once you have it in your possession, it's yours. [00:28:39] S0: But but it's it's trackable. So, like, it seems like someone who does a heist or, like, it's kind of hard to get that into actual money you could spend.
00:28:48 · Shaan Puri
[00:28:48] S1: Yeah. Yes and no. So there's all kinds of things. There's these, like, tornado cash, which lets you kinda, like, wash the money a little bit. There's, you know, there's like offense and defense. Right? So there's like ways that they can split it into a bunch of different wallets. Transfer, transfer, transfer. You don't know what's going on. Like, there's... One of the things they did is they immediately took the money, put it into like a DeFi protocol. So the way that DeFi works, which is kinda like a... DeFi, by way, is awesome. And I think people are completely overlooking this, and it's gonna come back with the vengeance in the same way that prediction markets were a very common thing in crypto that people were working on, and lots of money got raised, and smart people tried to go build prediction markets back in, like, I don't know, 2015, 2016, 2017. And it was called, like, Augur. And there there's a bunch of prediction markets that are now all dead, and you never heard of them. But then Polymarket and Kalshi broke out, you know, eight years later doing the exact same thing. I think the same things that happened with DeFi. But what they did with the... What you do with DeFi is, like, it's like a bank, but you don't... There's no physical bank you need to go to. It's like a permissionless thing. So you put money in just like you would a bank, and then you could borrow some percentage of that, not like five times more than you have. You can borrow, like, up to 50% of what you put in as collateral. And if the price of that thing ever dropped, it'll automatically, like, sell it so that you're, like, you know, you're you basically cover your... Whatever you borrowed. You can't, like... You you you... It it can, like, self sustain that way. So what this hacker did was they put the money, and right away, they took the money, put it in a protocol, and borrowed a stablecoin and got the stablecoins out and left it. So now even if that money's frozen, you know, cool. Take that. You could take my collateral. I got the I got the stablecoins out on my side, and I, you know, washed it. You know?
00:30:28 · Sam Parr, Shaan Puri
[00:30:28] S0: Dude, we gotta interview the guy and figure out if it was worth it. [00:30:31] S1: The North Korean guy? [00:30:32] S0: Yeah. What was she like? [00:30:34] S1: Yeah. Oh, oh, the engineer. Yeah. He needed a PickSafe account. [00:30:42] S0: Yeah. This did not go well. Alright. That's it. That's a pop. Alright, my friends. I have a new podcast for you guys to check out. It's called Content Is profit, and it's hosted by Luis and Fonzie Camayo. After years of building content teams and frameworks for companies like Red Bull and Orangetheory Fitness, Luis and Fonzie are on a mission to bridge the gap between content and revenue. In each episode, you're gonna hear from top entrepreneurs and creators, and you're gonna hear them share their secrets and strategies to turn their content into profit. So you can check out content is profit wherever you get your podcast.