People that were in the business that were using the phone, living on it, breathing on. It could see the potential and as the potential of the iphone was to replace the tape recorder, and the video camera, and the photograph, rebuild our relationships. Potentially, topple small governments change the way you think about everything, change health care but someone that studied the iphone for like two hours would say.
It looks like an expensive phone but eventually it’ll get manufactured and commoditized.The price is going to go towards zero, so the people that were outsiders that had spent a couple of hours playing with. It didn’t really think about the implications. They would model. It is based upon something else and a lot of times. They’re just very dismissive and the point that I was making there was not necessarily right.
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If it’s an industrial piece of equipment and the functionality is fixed. It may very well commoditize. But, if it becomes a fashion item and a personal item and you sleep with it. You use it in your social life, your business life. It keeps changing then there’s no reason it would ever necessarily commoditize. It’ll either hold its price. The example of holding its price is like a very nice Birkin Bag or a Gucci bag. They’re held their price for 5 000 years. But, of course comparing an iphone to a handbag you would think it ought to be able to do at least as well as a handbag right. I mean in theory with technology. We’re going to get in a Tesla car and one day it’ll be strong enough to levitate, hover and fly 500 miles an hour. So, deciding that it’s getting commoditized is a presumption that there’s no technology involved and it doesn’t.
It doesn’t matter personally to us, so I think in general you see that with all new technology right. People are dismissive of it. How many people spent a thousand hours thinking about the applications of the iphone? Well, I mean I did. I wrote a book about it. But, I lived it right and I’m in the business. But, a lot of people didn’t and they would dismiss it. But, I think the same thing is true of Google maps search. How many people underestimated the potential of a youtube type thing right. I mean most people. Most people when google bought youtube everybody thought they overpaid. They paid something like a billion dollars for a company with no revenue or something today you got the same thing right which is if the average person spending an hour and two hours says bitcoin this crypto stuff. It’s all just speculation but and and even when I say this is digital energy. I don’t know two-thirds of the people in the crypto industry for the last decade. They don’t understand what I’m saying.
So, there are people that have been in the crypto industry for a decade that have master’s degrees in computer science. They think that they’re very informed and they don’t even understand what I’m saying and they’ve got such a strong bias toward their point of view that they’re unwilling to accept a new idea and even stop and think about it for a bit. So, I don’t think it’s limited to non-technologists. I think non-technologists would look and you would say okay well what is bitcoin bitcoin is digital money what is money you. Remember, you said through 20 hours of my lectures or what is money. I’m going to tell you a secret. I didn’t know what money was when Robert Breedlove asked me to go and do the podcast. He said come on my show called What is money. I said: “Well, gosh, I guess I’d better think about what money is before I get on the show. Then I ended up writing out a 10-page outline and it became 30 hours of discussions.
But, I got to the year 2020 without thinking about what money is. Most of the people in the world don’t know what money is. So, if you say it’s digital money that doesn’t click and then you say: “it’s digital property. Most people don’t know what property is. They haven’t thought about the definition of property or property rights. What is that really right? Do you own your own stuff if you live in North Korea? Do you own anything right? I mean what does it mean to own anything? Then, of course if you call it digital energy most people don’t well they they’re like oh no it’s not energy you can’t run a car on it but then they haven’t thought about what is a digital map or digital music or digital communications or digital relationship and I had the advantage a little bit of that because if you read the mobile wave the mobile wave is about what happens when you have digital maps digital relationships and the only difference is all that digital information is non-conservative and the whole point of money is money is energy economic energy and therefore i.e conservative
so when satoshi invented something that allowed you to transfer value from two parties without an intermediary not only did satoshi invent the ability to transfer energy in cyberspace satoshi invented the ability to manifest energy in cyberspace something conservative well people that are computer scientists don’t understand conservation of energy that if i’m criticizing the computer science geeks right this is not at mit they make you study physics and thermodynamics right and and mechanical engineering as well as computer science but if all you did was study computer science and you never studied physics and thermodynamics and mechanical and aeronautical engineering then you’re lulled into this fault sense of security where you think you can just make any rule and do anything because there’s no conservation of energy.
The reason that aeronautical engineering is a really good grounding to understand what money is or what crypto should be or what bitcoin should be is aerodyn aeronautical engineering is like the ultimate systems engineering discipline. You have to master computer science computer engineering mechanical engineering metallic metal metallurgy. You have to master chemical engineering electronic electrical engineering control systems. You have to master ocean engineering, fluid dynamics, and propulsion. All of these things which are highly inconvenient for a computer scientist. So, I guess what I’d say is I think most people that grew up in the crypto industry. They only know enough to hurt themselves. I think most people that aren’t technologists. They only know enough to hurt themselves.
If the people that really understand the thing like if you go into Google. You find the person that worked on google maps for five years. If they understood engineering and computer science and they stood stereo, they’re probably understanding the thing right. The people that spend the most time and have the most invested in it. They typically understand the thing. Generally, the conclusion is they invest 100x more than you would. They value it much more than the guys at Google paid a billion dollars for something. If you had asked 1 000 investors on Wall Street what Youtube worth the high bidder was probably Google. There were probably five out of a thousand that would have said it’s worth a lot and 99 of them would have said are you out of your mind – it’s worth nothing.
I think that. If you’re looking for a big idea or a grand idea. It is that you really have to focus upon a small area. Then if you focus on something, you spend thousands and thousands of hours. 10 000 hours focused on that thing and if you have an open mind maybe you can maybe your opinion matters and then like i’m not going to give you my opinions on the 99 of the stuff in the world. That’s really important because I haven’t focused on it like asking myself about vaccines, biomed and gene splicing and even the latest propulsion technology. I haven’t spent thousands of hours thinking about rocket propulsion technology breakthroughs in the last decade. I think that the lesson you learn is probably better to stay in your lane. But, if you’re going to invest money, your reputation or your life savings. You probably ought to really focus on that and you shouldn’t be cavalier or nonchalant because it’s really easy to make mistakes today.
This article is a transcription of a video made by Jamie Tree
Original video: https://youtu.be/EI8zcLuAi4Q