The latest episode of the Cryllionaire podcast dives into the evolving landscape of investments, particularly focusing on crypto and AI. Jeremy Britton and Kevin Wojton share invaluable advice on the importance of valuing time and setting effective processes to manage overwhelming schedules, emphasizing the shift to group calls for efficiency. They reminisce about their younger selves, reflecting on missed investment opportunities and the crucial lesson of dollar-cost averaging. The discussion also touches on the future of AI, highlighting the potential for open-source projects to disrupt established companies, and the role of personal discipline in achieving long-term financial goals. With humor and insight, they encourage listeners to embrace creativity and seek guidance from those who inspire them, while balancing ambition with mental well-being.

The latest episode of the Cryllionaire podcast sees hosts Jeremy Britton and Kevin Wojton diving deep into the world of cryptocurrency, investment strategies, and personal finance advice that resonates with both seasoned investors and novices alike. The conversation kicks off with a candid discussion about the challenges of scheduling and the slow start to the new year for many. As they reflect on the influx of emails and commitments that come with the January rush, they emphasize the importance of valuing time, a recurring theme that sets the stage for the episode's deeper insights into how one can optimize their professional engagements and personal productivity.

As the dialogue unfolds, Jeremy and Kevin share personal anecdotes about their experiences in the investment world, including the pitfalls of individual calls versus group meetings and how utilizing technology like Fathom can streamline communication and improve memory retention of past interactions. They stress the importance of establishing effective processes for tracking conversations and following up, which is crucial in a rapidly evolving landscape where details can easily slip through the cracks. This segment serves as a practical guide for listeners looking to enhance their own productivity and ensure they make the most of every meeting and opportunity.

Transitioning from personal anecdotes to broader financial wisdom, the hosts delve into the critical lesson of investing early and often. They both reflect on their younger selves, expressing regret over missed opportunities to invest and emphasizing the compounding power of time in the market. Jeremy shares insights from Benjamin Graham's principles, advocating for a balanced investment strategy that includes both stock market involvement and cash reserves. The episode culminates with a forward-looking discussion on the future of AI and crypto industries, predicting new trends and the potential for volatility in the markets as government policies shift and the economic landscape continues to evolve.

Takeaways:

• Investing early and consistently is crucial. Starting at 18 can lead to significant wealth later.
• Surround yourself with successful individuals to elevate your own goals and ambitions.
• Utilize technology and tools like Fathom for efficient communication and note-taking.
• Creating a reward system for positive financial habits can lead to better decisions.
• The future of AI will likely see a shift towards practical applications in everyday businesses.
• Understanding the market's volatility can help investors make informed decisions during economic changes.

Links referenced in this episode:

• fathom.ai
• raiz.com.au
• acorns.com
• netflix.com
• amazon.com
• google.com
• facebook.com
• openai.com
• nvidia.com
• kickstarter.com
• herbalife.com
• amway.com

Companies mentioned in this episode:

• Fathom
• Netflix
• Facebook
• Google
• Toyota
• Acorns
• RAIZ
• Amazon
• Bitcoin
• Mount Gox
• Nvidia
• Pebble
• OpenAI
• Anthropic
• Long Island Iced Tea Company
• Go High Level

Foreign. Welcome to the Cryllionaire podcast, hosted by Jeremy Britton with the co host, me, Kevin Voytan.

We are here chatting today in an open forum about prevailing trends in crypto, everything that you wanted to learn, everything that you need to know, and how to navigate the crypto landscape. Jeremy, welcome to the podcast.

Thanks, man. We did have a guest lined up today, but guest hasn't showed and that's okay.

Yeah, well, as we know, the it always comes twice as much in January than it was previous. Everyone's back at the market. I looked at my emails this morning and I was like, holy cow.

Everyone who was supposed to respond to my emails in the last two weeks just responded today. My calendar is like booked up today all the way until the end of the month already. And I was like, oh no, what have I got myself into? You know, so.

I got some really good advice from this guy. Like, my calendar was booked up solid a couple of weeks ago.

Oh, pretty well from end of end of October right through to like middle of middle of December. And I was having like 15, 16 Zoom calls a day.

And this guy said to me, why don't you have group zoom calls if they're all asking you the same questions? You know, you'd have like two calls a day and have like four or ten people on each call. I mean, that's brilliant advice.

And I did that and it's just changed my life. And I've shared that advice with several other professional speakers and friends of mine and they're going, oh my God, that's groundbreaking.

Was. Was that guy me?

It was, yes.

I was like, yeah, well, you know, I find that a lot with a lot of professionals is that if you don't value your time, you lose. Right. The most valuable resources are time. And I raised lots of money in my career.

And, you know, if you have calls from 9am to 5pm with individuals, you get aphasia. Like, you can't remember the calls, you don't know.

You try to write notes, you try to follow up, but, you know, it just really is impossible to keep up, you know, mentally, like if you have more than four calls in a day, yeah, your day's shot. You have no mental energy. You know, I used to do calls from 9am to 3pm When I was a founder, you know, raising money.

And it's just, you gotta take care of your mental health first because, you know, on those calls you can follow up and weed people out pretty quickly. Right?

Yeah, yeah. I was getting to the stage where I'd get an email from someone and they'd be confirming their deposit.

We've just put money in, blah, blah, blah, here we go. We want this, this, this, this. And I, like, I've got no recollection of their name. Like, the name didn't even look familiar to me.

And they, because yeah, we do, we do kyc, we do aml. And they'd send through their photo ID and I'd be looking at the photo ID and go, I swear to God, I've never seen that face before in my life.

But then I can go back and check through the calendar and the call records and go, oh, yeah, I totally had a meeting with those guys like four days ago.

Yeah.

Not remember it.

Yeah. You know what, what I think the best thing is doing is setting up a good process when you're talking to people.

My process is always every Friday I have no calls and I go through my calendar and I make sure that everyone I talk to, I put a notebook next to me. And every time I talk to someone, I write their name and then two bullet points of who they are and what the follow up is.

And on every Friday I will go through my notebook and say, okay, you know, here's 15 people that I talked to. I have no memory of any of it. Like, yeah, yeah, right. So that I reach out to them. But I got them because, you know, I was set up a good process.

You know, I mean, Fathom has been brilliant as far as like automatic call recording and note taking. So, yeah, I might have had a half hour call with this person and I can't remember it because I had 16 calls that day and 16 calls the previous day.

Yeah.

But I can go into Fathom and go, oh, talked about this, talk about this call. Cool. Now I understand. And in 90 seconds I can get the whole, the whole 30 minute dialogue. So it's perfect.

Does it do like an AI summary?

Yeah, yeah, so that's cool.

Like obviously you'd be aware of YouTube doing the transcriptions when you talk and occasionally it stuffs the words up, particularly when you're using jargon and crypto. And that sort of stuff.

But because Fathom does the gist of it, it summarizes it and can basically ignore the words that it's transcribed incorrectly and get it in the context and go, oh, they were talking about the weather or they're talking about the time zone or they were talking about previous investments they've had without actually being really specific about what they were. And then you go, oh, that, that actually triggers it for me. At least I know.

So, yeah, that makes a lot of sense.

I love Fathom. They're not, they're not a sponsor of the show, but we have invested into Fathom. Bought some, yeah, bought some stock in Fathom. It's fantastic.

If you haven't used it, try it out.

Yeah. So speaking of advice, what advice would you tell your 18 year old self.

Man? Yes, yes, yes. That's an interesting question. At 18, obviously I was young and dumb and full of hope for the future.

But mostly I was just chasing girls. I was also full of testosterone and I spent a lot of money on going out.

Spent a lot of money on, you know, having a fancy car with a fancy stereo because apparently girls like that. But you know, I, I saved nothing, invested nothing. And some of my friends had, some of my friends, you know, they brought up differently to me.

I mean, I'd never heard of stocks and shares when I was 18 and didn't learn that until after, after I left home.

But some of my friends had parents who had things like that and a couple of my mates, you know, when they were at university, they actually had investments and occasionally they'd cash out a little bit of their shares because they'd want to go and eat meat rather than eating two minute noodles or whatever.

So yeah, 18 year old self, I'd say invest in something, you know, whatever it is, something for the long haul because eventually after chasing all of these girls around, I was going to settle down with one of them and they want stability. You know, I want to be able to have a family and have a house and not be sort of renting a place and moving around every six months or whatever.

Yeah. My advice is exactly, exactly the same.

You know, there's a famous author called Benjamin Graham who wrote a book called Intelligent Investor and his whole thing, and it's what Warren Buffett swears by, you know, is that exact thing, is that it's not about picking the right stocks, it's about time and market.

So I wish when I was 18, I told myself, because he says put 50% of all your earnings into the stock market, kept 50% in cash, 50% of the stock market. So while I was working, I should have put $200 in every month.

You know, I think I saw something that, you know, if you put in $5,000 at the age of 18 every month and stop by the age of 25 versus starting at 25 and put five, you know, $500 in, it'll take you three times as long. By the end of 10, 15 years, you'll have more money, you know, in the, in the first case.

And so, you know, I remember reading Benjamin Graham's intelligent investor at 17 and being like, oh, this is a great idea, but I didn't do it, you know what I mean? I was like, oh, this makes, this makes like a lot of sense. This is a great book, you know what I mean?

And I was the idiot, you know, and, you know, I had the advice that I wish I told myself earlier when I was 18 is, is don't worry about stuff. You know what I mean?

I think when you're so young, you're trying to hustle and, you know, it's all about simplicity, calm, placid, creating a safe space for mental. I was always, you know, working jobs and trying to make money to pay for college and, you know, do all this other stuff.

And I was always broke and I was always stressed and I was always broke and I was stressed and it just created this awful cycle. And then when I got my first job in New York City working in investment banking, I started investing.

So, you know, lessons learned is, you know, I sold them for some profit or whatever. But if I just would have listened to that book, you know, it's just read that book, Intelligent Investor.

The big takeaway is put 50% of your earnings in stocks and always, you know, you always want to invest in high growth stocks and do low risk and diversify. You know, I remember I put in, you know, I was invested $5,000 in Netflix, $5,000 in Facebook, $5,000 in Google.

You know, pick, you know, put some money, 10 in risky assets, 90 in stable. And you know, it compounds, right? Warren Buffett's, he says the greatest miracle in the world is compounding interest. And I was laughing too.

Like, I read all this stuff and it wasn't until like five years ago that I like did the math and I was like, oh, wait you know, if you bought it 10 years ago and if it goes 5 up, 5% today, that's 40% a day on your original investment. You know what I mean?

Yes, yes.

Important lessons, time in the market, dollar cost averaging, as you say, you know, putting in 500amonth or even, you know, $10 a month or whatever, whatever you can afford. There's some apps out there that'll even let you put in like 50 cents a day.

So raise R A I Z and Acorns, I think are a couple of ones that I've used in the past which are quite good for saving. But whatever amount you can afford to set aside and let that grow. The other thing is investing where you spend. So I love Fathom. I use Fathom.

I think I'm going to continue to use it. So I invest in that and I tell other people about it because I think it's good.

And whether you like, if you drive a Toyota and you love your Toyota and you think that everybody should drive Toyotas because Toyota is fantastic or whatever it is, then maybe you should invest in that. There's some people out there who, they're still driving the same, same make of car, but five models later.

Like you've had a particular car for the last 10 years, but you just keep changing and you keep using the same brand.

If you love it, whether it's coffee, whether it's cars, whether it's razor blades, you know, whatever you love and whatever you, whatever you spend money on, you should be investing into that because you know it's good.

And if the quality drops off, obviously if they start using cheaper ingredients or cheap parts, then you'd probably stop using that and you'd pull your money back out. I was one of the, one of the first users of Netflix back in the day when Netflix would actually mail you a dvd.

Yeah, in the mail it was, it was mail order movies because I used to get the tight ass. Tuesdays on the way home from work, you'd pick up a new release video from Blockbuster and it was $2 instead of 7.95 or whatever it was.

But then if you didn't take it back the next day, you got a fine and you got to find the next day and you got to find the next day and my fine start to add up. And it was like $40 for one movie that I didn't take back because I kept forgetting.

And then Netflix, you know, there's literally a flyer in my mailbox came out and said, hey, no late fees ever again. I was like, oh my God, that's fantastic. Hit me at the right time.

And all I had to do is just type in on the Internet like two movies that I wanted to watch. They would mail them to me and then I wouldn't get the next two movies until I mailed back the mail back the disc.

I was spending money on Netflix, but I didn't follow my own advice. I didn't invest in Netflix.

Yeah, exactly. That's, that's the key, right? And the last advice I'd give to my 18 year old self is that you gotta trick your brain chemistry.

You gotta create incentive rewards around doing good things, right? Like, you know, if you go out and party and do all that stuff, you know, which is fine, you can do that.

But if that's your reward function, you know, you're, you're going to develop habits around those things, whether it's, you know, you have to create these reward functions of feeling good about putting money in the stock market, right? Feeling good about, you know, putting money away, right? Because when you're young, you're like, oh, I got five grand, I'm rich. Like heck.

Yeah, yeah, but you, you gotta, you gotta reverse that and you gotta hack your own brain. You gotta say, okay, brain, you know, I'm not gonna throw this into, you know, throwing it away.

I'm gonna make it so that I get those endorphins from investing from, and you gotta make it a habit, right? And then you gotta make your, you gotta say, okay, my hobby is stock, stock investing, right? And just, just really do that.

Because I know when you're, when you're younger, you know, that's the last thing on your mind is not having the money to spend. But you know, it's, it's addictive. I mean, consumer spending is very addictive.

And so is, you know, buying things on Amazon and you know, as Socrates once said is, you are what you do, right? So you know, if you buy a lot of stuff, you're going to be broke.

If you don't buy a lot of stuff and live underneath your means and you know, do good fundamentals, you'll be wealthy and you'll be able to retire and have a wife and kids and you know, it's like that's it.

And your wife, you know, your wife won't be very happy if you're, if you have a, you know, a bunch of stuff over or long term investments, that's for sure.

Garage full of collectible action figures or something. Yeah. But if you're going to be spending Money on Amazon. Hey, why not buy some stock in Amazon, you know, if that's your thing.

That's right, because it would have been good to buy some stock in Amazon back in the day, you know.

Well, I always try and predict the future by looking back at the past and you look at any new government coming in, new government doesn't want to come in on day one and say, hey, we're introducing new tactics, taxes and we're going to do this and we're going to have austerity measures. That's not a way to get very popular on day one. That's sure way to make sure you get voted out.

So usually when a new government comes in, they try to stimulate the economy, they print a bit of cash. And that means printing cash or lowering the interest rates make people feel like they've got more money.

And then people might go and spend more on consumer goods like Amazon or wherever they're spending and then Amazon stock will go up, which is great for all the stockholders, the people. The consumer economy is different to the investor economy. The top of the pyramid is very different.

Top of the top of the pyramid is very, very happy that the government's printing cash because their assets go up.

And if you look at the last few years since the, since the pandemic when the governments or the reserve banks started printing a lot of cash, real estate prices have gone ballistic, stock prices have gone ballistic, crypto prices gone ballist whilst the reserve banks were printing cash. And the normal consumer is like, hey, I can go out and buy a flat screen tv.

And the people at the top of the pyramid are going, all my house has gone up by 40% in value, my stock portfolio has gone up by 40% in value.

So I think we're going to see that at least for the first 12 months, where they want to stimulate the economy and make it look like you made a good decision voting us in. You made a good decision.

The other thing is, of course the new government says, hey, we're going to be pro crypto because there were a lot of companies, you know, some of our peers who were leaving the US and choosing to domicile in Asia in, you know, Dubai or in Singapore, in Hong Kong, because of what was going on with the SEC and Gary Gensler. So now that there's a pro crypto movement across the us, I can see a lot more companies Starting up and saying, hey, you know, now it's beneficial.

So that's going to help the economy as well.

That's going to lift the market because there'll be new, new companies coming in, new ideas, saying it's okay for us now to do business in this country.

You know, if you look at PE ratios, they're higher than they were during the dot com bubble. Right. And not that they're going to go down. I think we're still going to have a bull market. Like you said, there's going to be cash infusions.

People are very happy, you know, but I think you're going to see a lot of volatility. So the VIX index, you know, is going to be a very interesting play.

You'll see crypto bitcoin pop up down from 100k to 90,000, 93,000, you know, over the next like three, four months for sure.

You know, I don't think the bull run is over, but holy cow, the last two years, you know, my stuff, my portfolio has gone up 30, 40% and I wasn't even trying. So, you know, any pullback as long as you, again, as long as you're in the market, you know, you're gonna be doing pretty good.

So, you know, we'll see how the future holds. I don't think. I think the AI hype train has really revolutionized the way businesses can scale. And so like we saw the Internet bubble scale it up.

There's probably a little bit of overhype.

Yeah.

But I do think there's long term efficiencies at a company level that are reducing costs and increasing price to earnings ratios, you know, permanently based on, you know, long term holdings. Right.

Yeah, I mean the dot com bubble for those kids who weren't around to enjoy that was a lot of hype.

There was companies changing their name and just putting.com on the end of it to pretend they were an Internet company and that saw their shares go up. I think Google Stock rose from $10 to about $140 within a matter of a couple of months. It was crazy.

And because it was fluff and hype, 80% of those companies, 80% of those companies aren't around anymore. But it did give us some really good companies. It was possibly the resurrection of Apple. Apple had gone down by about 80% prior to that.

Obviously we did get Amazon, which an online bookstore who's going to buy that. But it also gave us YouTube and Facebook and a few other companies that actually did survive. And like, if.

If you'd thrown 100 bucks at a hundred different companies back then, 90% of that money you would have lost. But out of the four, four or five, you know, the FAANG stocks now that are so famous, you would have, well, made your money back.

I think there's a lot of companies out there who are saying, oh, we've got AI to do this. And I've actually used some of them.

And turns out when you look behind the scenes, it wasn't AI and AI was actually Indians, because this guy who said, oh, we're using AI to send out marketing messages and that sort of stuff, it was being copied and pasted by some. Some guys in India, like, he was literally outsourcing it for five bucks.

Are humans artificial intelligence?

No, they're actual intelligence, but they.

I don't know. I mean. I mean, it's just a collection of synapses and electrical nodes that are running in parallel. You know what I mean?

Rather than artificial.

We got rocks. We got rocks to think to become computers. So I don't think getting neurons to think to become intelligence. I don't know. You know what I mean?

The Long Island Iced Tea Company in the US changed their name from Long Island Ist to Long Island Blockchain, and their shares, like, went up about 600% until ESCC went, hey, look, you can't do that. They hadn't changed the nature of their business. They hadn't changed how they were doing anything. They just changed their name on the hype bandwagon.

So there's going to be a lot of fallout. Yes, I think there'll be a lot of companies that disappear because it's just fluff. But Ben Graham was always saying, buy quality at a discount.

Right, you know?

Exactly. Yeah, right. Exactly. Right. Find companies with large economic moats. Right.

And I think companies like OpenAI, you're going to see a commoditization of LLMs, you know, anthropic. And Claude, in my opinion, is way better than OpenAI at this point.

You know, when they first came out, you know, Sam Altman was like, oh, we're going to be the top AI company. Now you got seven, you know, next year you're gonna have 14.

And then after, you know, you're the first mover, usually is in a good position for a while. But if your only edge is not. They don't have any economic mode, you know, their edge was, was talent mode or processing Mode.

And as GPUs came out at scale, you know, now the newest Nvidia, like that was the myth, right? Nvidia, right.

So, you know, as those processing moats decrease, you know, you're not going to have as much competitive advantage as a, you know, as you would. So I, I always laugh like what you said. You know, I've talked to so many people. They're like, oh, we're a blockchain company.

And they're like, we're a blockchain for video games. We're a blockchain for banking. And I'm like, bro, no bank would ever, ever want to use blockchain for, for that.

Like, if you understand the actual technology, you know, it's like nobody wants their information public. Nobody wants to see where all their money's going publicly.

You know, it's like the only ones applications I think are great for blockchain, and correct me if I'm wrong, one would be something like voting, you know, currencies. You know, I don't really think there's a ton of applications.

I've seen a million video game blockchain startups come out and they're like, check out this video game. It's all blockchain. It's like, yeah, but blockchain is just a database, right? It's just, just a way to store data.

Like, why wouldn't you just use a postgres database that's centrally ran? They're like, oh, because that can be hacked. And it's like, well, you know, banks been using Postgres.

You know, they've been using centralized databasing and they, you know, they want to have their control over their data, right? Because that's what most companies want. That's what you pay them for, right?

So having exposed data is never like, there's not a profit motivation like Bitcoin, for an example. You know, you don't make money off of owning the protocol, right? You own money, make money off of holding the asset.

Which is, which is an interesting piece. I saw the blockchain hype die pretty strong.

But now all those people who were running blockchain startups are now running pseudo AI companies, you know, chasing after the.

Next big Thing and I'm sure we've all got that relative or that friend from high school who used to be in Amway and then they went to Herbalife and then they went to nutriboost and then they like, they're always chasing the next big thing.

Yeah.

In multi level marketing and like you just need. You got to appreciate the hustle wheel.

You got to appreciate. Yeah, exactly.

If you're working hard, banging your head against the same brick wall a thousand times. Like after a while you just start to realize maybe you're not so smart. But I probably disagree with you a little bit there, mate.

Saying that the traditional banks may like to use blockchain because obviously if you transfer $5 to me from your account on Friday morning, I might not get that until Tuesday because of the banking business hours. And also the cost to transfer internationally is probably more than the amount that you're actually sending.

Whereas obviously the blockchain can do it instantly, irreversibly tracked at both ends. Not instantly, but maybe within, within 10 minutes.

As for privacy, I mean this, this was something we thought about a while back with the, with the digital licenses.

Because you carry your driver's license and say you're a pretty young thing who's going into a nightclub and you have to show your driver's license to prove that you're, you're old enough to go into the nightclub and you hand over your license. The creepy bouncer now knows your name and your date of birth and your home address. Right. They didn't really need to know all of that stuff.

They just needed to know that you're old enough to get into the nightclub. So with the digital licenses, there's different permissions on there.

And say if you need to Prove you're over 21, you click this button and you just show the person, yes, I'm over 21. If you're pulled over by the police, you need to show this. But you know, you could actually show different sections.

So I'm thinking with the banks they might be able to implement a semi private transaction where it can be traced. So I know that I've sent money to you, but maybe you know the amount and I know the amount, but no one else knows the amount. I'm not a coder.

I feel like that's more of a currency application than a banking application. You know what I mean?

Which draw the distinction.

I would say that like, you know, banks as a institution, they have many different functions.

The main thing banks don't do, you know, is they, I mean you can transfer money from your account to someone else's, but that's still a currency application, right?

So you know, someone takes $5 and I send it to you, that's not going through the banks, that's going through a wire transfer, an ach, which has nothing to do with banks.

How many people are aware of that?

I don't know. Not that many.

How many people know about Postgres?

Hopefully after this podcast you're going to.

Get 10 phone calls after this thing. Can you explain it to me? Can you make a little video and run through that?

So yeah, and I would say that, you know, relative to new technologies, you should definitely try to embrace them and be open minded. Like what you just said is really important. The biggest problem of being young or being intelligent is thinking you're smart. Right?

The other advice I'd give my 18 year old self is ask for advice, make a board, find five people that love you and ask for their advice and follow it. Right.

I think my biggest problem when I was young, I was, oh, I got this job in banking right out of college, best job working in New York City, I know what I'm doing, blah blah blah. And I stopped asking for advice and I thought I was smart. And you know, I made so many mistakes.

You know, I went through a breakup and then I moved to China. I spent too much money and you know, I got a job living in Hong Kong.

But looking back, I was like, shit, I should just marry that girl and invest that money. Like what was I doing? You know what I mean? So, and you know, I think the reality is that once you think you're smart, you're done.

You're absolutely done. You're, you're, you're, you're going down a path of value destruction rather than value creation.

If you think you're stupid, you're on, you're on the right track. Like that's, you're going the right way.

So I heard mine the other day because obviously you know, by the time you're 18, 21, you think you know everything. And there's 40 year olds who are going, you don't know shit. And you're like, you're old fashioned. You don't know.

I grew up in a new generation, blah, blah, blah.

But someone said to me the other day, like, life would be pretty freaking boring if you had all the answers by the time you were 40 or 50 because there'd be nothing new to learn, there'd be no point living beyond that age. And I just went, wow, that's some old school wisdom. I mean, Warren Buffett's 94 freaking years old. I'm sure he's still learning new things.

Yeah, for sure, for sure.

And I also read a really interesting quote from Donald Trump, of all people, which was, you know, he said something really interesting that was like someone asked him, what was the smartest thing you've ever done? He said, I never smoked a cigarette. I never drank any alcohol, I never smoked weed. I never did any of that.

And they were like, why was that the smartest thing you ever done? He's like, your brain is so important that if you cloud your judgment.

If you go through life and you know, make your drink three times a week, four heavily, like, you're going to lose your ability to make critical decisions if you smoke weed. Like, you're going to end up, you know, it impairs your judgment. You don't think long term. You know, it's, it really impacts you in a way that.

And like, to each their own. Right. Moderation is key.

But even as you're saying that, I'm thinking the Beatles smoked a lot of weed. You know, Steve Jobs took a lot of acid and became visionary, you know. Sure. Each to their own. Yeah.

Yeah. Well, okay, so if you're a musician or whatever, like, maybe that's a little different. But the Beatles also had dedication.

You know, they were there working in clubs in Germany 15 hours a day for five years. You know, they, they weren't there. You know, they surrounded themselves with really smart people. They didn't. The Beatles weren't the band.

The Beatles was, you know, the manager who did weed. You know what I mean? Like, there was someone there making some really good decisions for them. Steve Jobs, you know, you know, definitely.

You know, again, you know, he, he definitely. I think it's important to have good experiences, but, you know, you gotta, you gotta be mindful that your brain, you know, it degrades over time.

You know, most people, they, if there. I read a quote the other day that every genius made their discovery in their early 20s.

All right, okay.

Yeah. Like Albert Einstein published his three golden papers when he was 22, 23, 21.

You know, Steve Jobs did his thing when he was 19, you know, and I think your brain is so, so special that you just have to protect it. Right. And you know, to each their own. I'm not telling anyone what to do. Of course.

I think it's important, what you said about the daily discipline though, because Steve Jobs was often under fire for working 19 hour days and sleeping under his desk and he'd go for days without showering. His co workers would complain about him, but he was just so focused on the goal. And as you say, the Beatles definitely did their 10,000 hours.

So yeah, the daily discipline, which goes back to the daily discipline of putting money away, you know, that's that saving discipline.

Even if you only do it for five years and then leave it for 10 years, and particularly if you're young, if there's anyone in their teens or twenties listening, do it for the years while you don't have kids, while you don't have a mortgage, while you don't have big responsibilities because it's harder to do past 30. Obviously you're on a bigger wage, but you've got more responsibilities after that usually. So save as much as you can for as long as you can.

And then if you need to take a break, that's okay while you're building your other assets such as your children or your house. You know, your children hopefully will look after you when you're older or hopefully they'll go out and get really good jobs and buy you nice things.

Maybe that's a long term investment.

But just before you wind up, I want to go back to the AI because you said like there's, there's like seven companies who are doing well and maybe out of that we'll see this kind of consolidation. Like there used to be Netflix, not Netflix, Netscape Navigator. There used to be Internet Explorer.

There used to be a few different browser options that you could have. There used to be a few different software options and now it's all seemed to consolidate over time.

Like I think Google Chrome's got 92% of the market share and a while back it was Internet explorer had about 80% of the market share. So I'm wondering what do you think is going to happen with the top seven AI companies? Are they going to consolidate?

Are they going to cannibalize each other and is there room for a kind of peer to peer artificial intelligence dao, perhaps?

That's a loaded question. I guess I can't answer that fully, but I believe that AI will become more of a commodity.

You know, Nvidia recently released their newest server racks, which are about, I don't remember the exact number. I think it's like each one is like ten times more powerful than the one two years ago.

And so each of them are competing on compute power, not, you know, applications.

So, you know, I think as we go into this decentralized world, we're going to Be moving into the next wave of AI, which you'll see a lot of it kind of be transforming legacy companies into AI enabled companies. And so it's not really going to be about the fundamental technology, but rather the application of those technologies.

Law firms, you know, electricians, whatever it is.

You know, if I, if I wanted to start a new business today, I would just pick up the phone and I'd call, I'd go to Google and find all the electricians out there, all the people who are not utilizing AI and be that bridge and say like, hey, there's this thing called go high level. Hey, how are you doing outreach? Hey, oh, you don't have a website, Let me make a website for you.

You know, I think that transition of fundamental technology into the hands of the legacy users. You just now seeing these Fortune 500 companies using multi agent platforms, Crew AI.

I was just talking to the founder, they grew in one year from a concept to $300 million a year in revenue. I believe that was the number.

And you know, all they did was they went to enterprise companies and were like, are you using multi agent AIs to help manage your workloads? And they're like, no. And they're like, all right, well it's already been built, so let's integrate it. You know what I mean?

So, you know, I think how much.

Money could this save me? Or how much money could this make me?

Yeah, exactly. So it's not, I think AI is going to continue to be exciting.

On our last podcast we discussed briefly about the wall and how there's a diminishing return on value outcomes for AI. You know, it's like in five years you may not see AI that's 50 times better.

It might be five times better just because we've hit the limit of Moore's law, which limits the capacity of AI. But you know, with quantum computing, that's going to be the next revolution.

I think you're going to see stronger prevailing trends in biomedical engineering, quantum computing. A lot of these applications, robotics, like human AI or figure they just rolled out their first sold units.

And so now you're going to start seeing humanoids walking around the world delivering packages. You're going to see them in warehouses and all this stuff in the next 10 years.

I think that's where you're going to see the application of AI is the these, you know, legacy applications. Right?

Yeah, yeah.

It's not so much the self driving vehicles, it's the self walking robots who got to navigate going in, opening a gate Walking downstairs, avoiding the dog and the child's bicycle that's left on the driveway and that sort of stuff. That'll be interesting.

You know, when I was 22, I, I just like tinkering with. I actually have one of my Raspberry PIs right here that I'm just working on. I invented the world's first smartwatch.

Before Apple did it, I made it in my bedroom. I sold about 200 of them for about 80 bucks each and was like, oh, this is a fun hobby, you know, And I didn't think about it.

And at the same time, I created a robot that would put my dishes away, put it from this. Because my, my partner at the time, we always get in these arguments about putting the dishes away.

And so I made this robot that use very rudimentary AI, but you know, AI nonetheless. And I was able to put away dishes. I taught it to fold clothes.

And I was like, oh, this is a fun hobby, you know, I was like, oh, this is just something fun.

I was working investment banking at the time on Wall street, working 80 hours a week, you know, and I was like, oh, you know, these are just hobby projects. I'm never, I'm not going to make a business out of them.

Two years later, pebble launches their smartwatch on Kickstarter and make raised $200 million. You know, this figured out AI.

They've raised over $2 billion, you know, and I think what the reality is that it's not about creating fun things, it's about execution, right? And you know, I, I remember just doing that stuff. My partner at the time, she's like, you're crazy.

Like I was making, I was not crazy, but like, you know, like you, you know, like, it's like, yeah, it's like on our part, I'm like, I don't want a full clothing, like I'm just gonna make a robot do it.

And she's like, you know, you know, she was like, I was dipping and making my own copper circuit boards by printing on an inkjet paper and then dissolving the paper and then dissolving the copper and the super toxic chemicals that I had a party and someone knocked it over and it burnt through the wood floor like the puddle. And she was like, you gotta, you gotta stop doing this stuff. You know, I was like, all right, whatever.

But I think the lesson to be learned is, you know, go experiment. I think, you know, find problems in your life and, you know, invest in those problems. Like what you said, right?

If you're using Netflix Go invest in it. If you wanna spend time, you know, if you want a smartwatch, you know, go invest in Apple. Right.

I'm thinking, because I know you like to tinker and there's people who are working on these projects like the Dows and things like that, where they're not technically getting paid for improving Bitcoin's code, but if you own enough Bitcoin, you'll do it because you love the project. And if the project gets better, then obviously the rising tide floats all boats.

So I guess that was what I was thinking of because there's a lot of coders and people who could work together on AI.

And rather than making Sam Altman another billion dollars, what if we got a whole bunch of people who are like, you could create your AI that you've made and then someone else comes in and goes, I can make it a little bit better. And someone else comes in and goes, I can make it a little bit better.

And then having this community run thing, that's going to be the alternative to the seven dominant companies.

Yeah, there's a ton of open source AI platforms already out there. You know, there's like a competing one called Llama Llama, you can download it. There's actually Nvidia just released.

I don't have it, but it's the same size as this thing is called the Jetson Nano. And you can run fully fledged AI on a little piece like that that can run just crazy, crazy AI. Right?

So embedded AI, put AI on drones and cars, you know, all that stuff. But yeah, there's amazing open source and yeah, we should definitely collaborate on building those applications because I don't.

My personal thing is that building AI from scratch is so difficult because you have to train it and you need like a PhD. You know, I've like, I've like built AIs for video games and stuff and you can use Tensorflows, a lot of things you can do.

But there's so many open source things you can do out there that would be better for, you know, start out with. But yeah, the new Jetson Nano Nvidia development kit is incredible. I can't wait. They're like 250 bucks.

It runs off like 12 volt of power, you know, it's got like, you know, a million cores or something. Crazy. You know what I mean? So it's like, you know, the future is here. It's just about the applications.

What apart from putting away the dishes and folding the clothes, what other applications can we look forward to?

What do you mean?

Well, if someone buys One of these $250 things, what can I actually do with it? Apart from like ChatGPT?

Yeah, I mean, it's just the application of it, right? Like, if you put it on a drone, it could be autonomous.

Now if you put it in a car, it can, you know, use visual AI to tell you, you know, whose houses you're passing, what their names are. You can look them up online, do visual recognition of faces, you know, optimize space, optimize coding. You know, there's just any.

Any unstructured data, you know, real world data, it can follow migratory patterns. You know, you can hook it up to really anything. I think that's the hard part, right, is like, how do you create something that does.

Creates value, right?

Yeah, yeah, yeah. Very cool. I think I sent you some pictures yesterday that I took on the Meta glasses, so. The Meta glasses?

Oh, yeah, I saw those.

The Apple virtual reality headset looks like a giant snorkel mask.

You know, it's really bloody obvious that you're wearing something that's unnatural, whereas these are just like a pair of Ray Bans or headliners or whatever. And it's got a little camera built in so you can take snapshots while you're out and about. And for me, I've got a little granddaughter, right?

And if you pull out your phone, like you're going to take a picture of it, she strikes a pose, like trying to be cute rather than just being natural and candid. But you can take a couple of pictures on your glasses. And she doesn't really realize that she's having a photo taken so she doesn't act unnaturally.

It's good to be able to take pictures while I'm riding a motorbike and while I'm driving in the car, particularly if someone cuts me off. You better believe it. I'm going to take a picture of your license plate if you cut me off. Able to do that hands free.

But that was just the fun part for me is being able to take pictures all the time without having to pull my phone out of my pocket and put it in front of my face for privacy concerns. It does have a little light that tells people when you're recording or taking pictures. And you can't cover that up. If you cover.

If you try and cover up the light, it just won't work. So there's no creepy guy in the gym who's taking pictures of girls while they're exercising or anything like that? That can't be done.

But the AI inside of those things, like, I've tried to capture a couple of pictures and it thinks that I want it to tell me what I'm looking at. And I can say, you know, what bird is that? And it'll go, oh, you're looking at a swallow.

And behind it is a table and there's some artificial grass and there's some trees. And the other day I said, what am I looking at?

And I was looking at a particular sign that was written in Japanese and I wanted it to translate for me, but it said, oh, you're looking at a walkway and it seems like you're in a coastal area. And I was like a block from the beach. I was like, how the hell did it know? It was very, very interesting. Artificial intelligence in these things.

And I've got a friend who's blind. So obviously not only translation, but what am I looking at, where am I facing, directional navigation, that sort of stuff.

So there's a lot of applications out there for people who have got disabilities. AI could be brilliant, but there's so many applications that I haven't thought of. Like, what's beyond the beyond?

I think we had this conversation a couple weeks ago.

Yeah.

And, you know, my last thought is, I saw this other company who literally just used an open source AI where it would take on their phone, they built an app that you could take it and show your. What you're eating.

Yeah.

And then it would tell you the calories.

Oh, my God.

And they literally did. They did no work. They literally just use open source AI on it.

It would look up a picture, it would tell you what the food is and it would just look up how much calories that is.

Yeah.

And they sold that within a year and a half for like half a billion dollars.

That's incredible because it's handy.

They're just silly things like that.

Yeah, yeah.

People want to know silly things like that. And the founder, I.

It was a friend of mine, I worked with him in New York for a little bit and he was going off and building this app and I was like, yeah, man, that seems like a cool idea. I don't know anyone that would use that, but like, cool, whatever, you know. But yeah, he got it out there and, you know, he didn't.

I don't think he really raised much money. Like, he just built it in like two weeks and launched it. And then it took him, like, he did it on the side for like six or eight months.

Like, he wasn't really promoting it or anything. But you Know, as soon as he, he got, you know, it out there, it was trending.

And, you know, he put, I think his big growth hack was he would post on Reddit every day about it.

Right, okay, interesting. I mean, this. When I was a little, little kid, there was no such thing as the Internet. If you wanted to start a business, forget about it.

You know, you have to go to business school and you have to get this and you have to register a business and you have to do this and get patents and whatnot. Nowadays you just open a Shopify store or open an Amazon store or jump on ebay and you automatically.

Any kid with A smartphone, a $50 smartphone, doesn't need to be a good one anywhere in the world. In a third world country, you can be automatically selling your idea to a global audience.

And I think like you, you had a couple of great ideas when you're in your 20s that you didn't carry to the market. And I'm sure there's everybody out there is going, oh, I invented this and I did this and I had an idea for that.

And then a few years later it came out and it was everywhere. You know, so there's those things about the discipline, but also being in the right place at the right time.

Right? Yeah, exactly.

I remember doing all that stuff and, and yeah, because I surrounded myself with non creatives, you know, they were like, oh, this is weird, this is odd. Like, why are you doing this? Right?

And now I'm surrounding myself with founders and other people starting businesses and they were like, yeah, dude, if I was around, I would have definitely jumped in and gone all in with you. And I was like, oh, shit, you know, so you really gotta not only be disciplined, but surround yourself with the right people.

I think there's an adage that you become the five people you spend most time with.

Yeah, yeah.

And so if you hang out with people who are lazy and not go getters, well, man, I hate to break it to you, that's what you're going to become. Right?

You said before, Kevin.

Yeah. Anyway, this was a great podcast, you know, really great stuff.

Yeah, I was just going to hit you on something you said before. Find five people that love you and get advice from them. But what if those five people are lazy and they're not go getters, so.

Well, maybe don't ask them for business advice.

Yeah, well, find someone who's, who's got what they want and ask them how to get it.

But I'd put one caveat on that because there's Some people who work 160 hours a week and they've got lots of toys or lots of money, but they don't spend any time with their family. They've got a trail of failed relationships, and their children don't speak to them.

So before you say to the person, I want to have what you're having, check out to see how happy they are first, because there's plenty of monks with no money who are a lot happier than the billionaire who's got a billion toys and no family. So, yeah, choose your mentor.

Yeah. And life is short. Be bold. Go out, do the thing, you know, like, don't sit around, watch YouTube. Go do fun things. Be a creator.

And good things always happen.

I think that's great life advice. Thank you. Right, look forward to having the next. The next couple of guests on Hive Mapper. I'm not sure what the other one is.

After that, we might try and see if we can get someone to talk about BitTensor Nvidia AI. It seems to be a recurring theme. And, yeah, we'll see what we can do.

All right, great. Well, thank you for your time today, Jeremy.

Thank you.