TWiST News: Serve Robotics, High Skill Immigration, and the Trump Trade | E2042

Jason and Alex kick off the show (0s)

• The robots used in the video have the same kind of sensors as self-driving cars, including LIDAR and cameras, making them quite smart on their own (6s).
• The video shown was a test subject using Jason's brand new car (10s).
• This Week in Startups is brought to you by Beehive, which offers AI tools, referral programs, and ad network features all in one platform, with a 30-day free trial and 20% off the first three months at beehive.org (30s).
• Clouds.com is offering an unbeatable deal on hiring elite talent today (1m4s).
• Jason's co-host Alex Wilhelm hosted his parents for the weekend and didn't get much rest, but his soccer team won, and he's wearing his New York New Jersey Gotham shirt to celebrate (1m31s).
• Jason had a nice dinner with his friend Kimbal Musk at his new restaurant in Austin called The Kitchen, which is set to open in two weeks (1m57s).
• Jason recommends the tomahawk steak, pork chop, and duck at The Kitchen, and the cauliflower for vegans (2m20s).
• The food scene in Austin has been unbelievable, with a variety of options from fast tacos to taco trucks (2m51s).
• Jason has been doing rucking, a form of exercise that involves walking with a weighted vest, and has been using a 35-pound wolf tactical vest (3m49s).
• Jason is currently focused on three personal goals: sleep, exercise, and diet, and has been trying to eat more clean food and less processed food (4m11s).
• Rucking, a form of exercise involving walking with a weighted vest, is highly recommended for its benefits, especially for individuals over 40, as it helps with weight loss and overall physical fitness (4m22s).
• The weighted vest used for rucking can weigh between 25-35 pounds, and the exercise is great for building muscle and endurance (4m47s).
• A person who has lost 43 pounds and started using a weighted vest for rucking reports feeling exhausted but also experiencing great energy and improved sleep scores (4m52s).
• The use of a weighted vest for rucking is compared to other forms of exercise, such as Farmers carries, and is found to be beneficial for overall health and fitness (6m10s).
• A high-protein diet is also discussed as being beneficial for weight loss and overall health, but it can also lead to hunger and "food noise" (6m16s).
• A person who has been on a GLP (glycemic load protocol) diet reports reduced hunger and "food noise" after losing weight and changing their eating habits (6m50s).
• Plans are made to meet up in Austin and go on a Ruck walk together, followed by a visit to H Salt Lick and Terry Black's Barbecue (7m7s).

Serve Robotics' Ali Kashani joins to discuss Serve's latest developments (7m27s)

• Serve Robotics is a company that makes shopping-sized card robots for last-mile delivery, and their robots can be seen all over Los Angeles, with the company growing about 20% month-over-month in delivery volume for almost three years (8m39s).
• The robots are level four autonomous, meaning they can move around on their own in familiar environments but can call for remote assistance when needed, and are monitored (9m5s).
• Serve Robotics is the largest partner on the Uber Eats side in autonomy, and their robots are capable of delivering food, packages, and other items (8m51s).
• The robots have a spacious interior, capable of fitting two big shopping bags or four large pizzas (10m28s).
• Ali Kashani is the CEO and co-founder of Serve Robotics, which was originally the robotics division at Postmates, then purchased by Uber, and later spun out as a public company (7m58s).
• Kashani has two teenage daughters and is excited to be working on the project, which is close to hitting the mainstream (8m11s).

Beehiiv - Get 30 days free and 20% off your first 3 months (10m38s)

• Beehiiv is a service built for growth, particularly useful for email lists and podcasts, and has been utilized for the TWiST 500 newsletter, available at TWiST500.com (10m38s).
• Beehiiv was co-founded by one of the minds behind the popular newsletter Morning Brew, and offers access to the tools that helped Morning Brew grow to millions of readers (11m6s).
• The platform features an ad network, allowing users to drive revenue, and offers various tools such as an AI post builder and a referral program (11m20s).
• Beehiiv is super affordable at $39 per month, and a special deal is available, offering a 30-day free trial and 20% off the first 3 months when signing up at beehive.org/twist (11m43s).
• Beehiiv recently announced the purchase of another firm called Vibu, which is making a robot called the Autoc, designed to automate tasks such as preparing avocados for guacamole at restaurants like Chipotle (12m7s).

Expansion challenges and navigating regulations (12m37s)

• Serve Robotics aims to bring robots to real-life applications, with their delivery robots operating on sidewalks and public spaces, and they are working to meet restaurants where they are by offering a holistic solution to their problems, including automation and efficiency (12m40s).
• Serve Robotics had the opportunity to acquire viu, which offers a solution to help restaurants process avocado, and they are working on other projects under the viu umbrella (13m8s).
• The acquisition of viu will allow Serve Robotics to offer a more comprehensive solution to restaurants, helping them to solve their problems and increase efficiency (13m18s).
• The daily active robots for Serve Robotics are growing, with a 21% increase in the last quarter, and they expect the autocotos to have a similar growth trajectory (13m48s).
• Serve Robotics has a contract with Uber to deploy 2,000 delivery robots next year, which could make them the largest autonomous fleet in the country (14m15s).
• The delivery robots operate on sidewalks at a limited speed of around 5-6 miles per hour, and they have remote operators who can intervene if necessary (14m28s).
• The robots have the ability to stop and avoid obstacles, and they have about 3,000 times less kinetic energy than a car, making them much safer (14m59s).
• The human in the loop interventions are mostly related to avoiding obstacles such as garbage cans, and the robots are designed to be safe and efficient (15m22s).
• Serve Robotics' robots are designed with safety features, including sensors and cameras similar to those used in self-driving cars, to minimize the risk of accidents and injuries, such as bruises, and to ensure safe operation around humans (16m10s).
• The robots are equipped with advanced sensors and cameras, making them smart and capable of navigating through environments, and in case of uncertainty, they can be remotely controlled by a human operator (16m22s).
• The company has scaled up its manufacturing and plans to increase the number of robots in operation, with a goal of reaching 250 robots in Los Angeles by the first quarter of next year (17m11s).
• The company has raised around $80 million in capital, mostly after going public, which will be used to accelerate the scaling up of its operations (17m50s).
• The next two years are expected to see rapid growth in the number of robots, with the company planning to expand into new municipalities, including Texas (18m0s).
• Serve Robotics has found that there are no laws by default that make their robots illegal, and they have been able to operate in municipalities by engaging with local authorities ahead of time and collaborating with them (18m17s).
• The company has a 100% success rate in getting permission to operate in new municipalities, and they have found that it is easier to operate compared to other options, such as scooters (18m52s).
• Serve Robotics has adopted a strategy of asking for permission rather than begging for forgiveness, which has been successful in the startup space (19m11s).
• Companies such as Airbnb, Lyft, Uber, Tesla, and others have already started engaging with municipalities to discuss autonomy and ride-sharing, marking a different moment in time in the 2020s compared to the previous decade (19m26s).
• The current decade is characterized by people expecting advancements in technology, such as autonomy, to be more prevalent (19m56s).
• In the context of Serve Robotics' current test in Los Angeles, the focus is on measuring output in terms of delivery speed, timeliness, and safety, rather than tracking the number of interventions per hour (20m5s).
• The decision to intervene is left to the operators, rather than enforcing specific metrics, as the goal is to ensure safe and efficient operations (20m19s).
• There are certain situations, such as crossing intersections, where human involvement is always desired to ensure safety, not because the robots are unsafe, but because of the potential risks posed by other vehicles (20m29s).

Vanta - Get $1000 off your SOC 2 (20m42s)

• To sell to bigger customers, founders need to clear compliance checks, including having SOC 2 sorted out, which is a standard that ensures companies keep their customer data safe (20m58s).
• Not being SOC 2 compliant can result in missing out on big deals and not being able to operate at the highest end of the market (21m7s).
• Vanta makes it easy for companies to get and renew their SOC 2 compliance, with customers becoming compliant in just 2-4 weeks on average, and automating compliance for GDPR, HIPPA, and more (21m14s).
• Using Vanta can save companies hundreds of hours of work and up to 85% on compliance costs (21m32s).
• Vanta offers a $1,000 discount for SOC 2 compliance at v.com/twist (21m38s).
• The discussion touches on the idea of a company providing fleets to other businesses, such as Cloud kitchens, Grab, or other providers, rather than owning and operating them itself (21m52s).
• The question is raised whether it's better to create a nation state and compete with companies like DoorDash and Uber Eats, or to provide fleets to these players and let them brand them (22m10s).

Business model, future plans, and partnerships (22m19s)

• Serve Robotics aims to create robots that can navigate existing human environments, with food delivery being the first step, and they are currently partnered with Uber, 7-Eleven, and Shake Shack, among others (22m19s).
• The company's business model involves charging partners like Uber per delivery, and they also offer a shared Fleet that multiple partners can use, or an exclusive Fleet for larger partners like Walmart (22m42s).
• Serve Robotics has a partnership with Magna, a tier one automaker, which has licensed their Tech stack to build their own robots and is also assembling Serve Robotics' robots (23m25s).
• The company's ultimate vision is to open their platform for other people to build their own robots on top of their technology, with food delivery being the first "killer app" (23m17s).
• Serve Robotics' robots are currently cheaper for Uber to use than human drivers, and the company splits the savings with Uber, although the exact price is not disclosed (24m0s).
• Uber is a large shareholder in Serve Robotics, along with Nvidia, and the company believes that their partnership with Uber will help bootstrap their platform for other partners to use (24m44s).
• Serve Robotics has announced a partnership with a drone company, Wing, an Alphabet subsidiary, to use their robots to bring deliveries to a drone for last-mile delivery, and they are starting with a pilot to prove the concept (24m56s).
• A pilot program is set to start in Dallas, featuring robots that will handle last-mile deliveries, specifically focusing on short-distance deliveries of less than two and a half miles, which account for half of all deliveries in the US (25m32s).
• The robots will work in conjunction with drones to complete longer-distance deliveries, with the robot picking up the item and handing it off to the drone to finish the delivery (26m1s).
• The use of robots is necessary due to the difficulty drones face in navigating urban environments and reaching restaurants, which often lack dedicated real estate for drone or self-driving car access (26m7s).
• The robots can effectively navigate sidewalks and front doors without requiring infrastructure changes, allowing them to grab items and take them to a nearby loading area for drone pickup (26m25s).
• A potential partnership could enable the delivery of food from an Austin-based restaurant to a customer's house outside of Austin through the combined use of robots and drones (26m36s).
• There are currently people working on developing self-driving bicycles and motorcycles, but this technology is not yet being explored for use in last-mile deliveries due to limitations such as the lack of sidewalks in some areas (27m2s).
• The main issue with using bicycles or two-wheeled vehicles for autonomous deliveries is the risk of them falling over, which is not a problem for the current robot design (27m44s).
• The robots have a high success rate of completing deliveries, with a rate of 99.99% or 99.8%, compared to human carriers who have a success rate of around 98% (27m55s).
• Future developments may include new form factors, such as legged and wheeled robots, which could potentially be used for navigating stairs or other challenging environments (28m20s).
• There is potential for a future version of the serve robot that could be used in bike lanes, allowing users to sit and travel slowly through the city (28m44s).
• A new invention has been created that resembles a scooter but with additional features, such as a backrest, making it more like a mobile robot with a backrest (28m56s).
• The idea of a self-driving robot is fascinating, but it's not a new concept, as there are already self-driving technologies available (29m3s).
• Instead of reinventing the scooter, it would be more practical to use existing vehicles like trikes, three-wheel motorcycles, or four-wheel vehicles as a base for the new invention (29m7s).

Cloud Devs - Visit for an unbeatable offer on hiring elite Latam talent today. (29m14s)

• Cloud Devs is a platform that offers an unbeatable deal on hiring senior talent from Latin America, a market with millions of developers (29m14s).
• The platform has the largest pool of Latin American talent, with over 10,000 senior engineers who are rigorously vetted for communication and problem-solving skills (29m31s).
• Cloud Devs can fill both technical and non-technical roles, including accounting and graphic design, with elite Latin American talent (29m40s).
• Companies like Coinbase are choosing Cloud Devs because its talent is matched with the client's time zone and is up to 80% cheaper than a local hire with the same Silicon Valley standards (29m50s).
• Cloud Devs is offering TWiST listeners an exclusive "Pay What's Fair" deal, where clients only pay what they feel the talent is worth, for a limited time only (30m4s).
• To take advantage of this offer, listeners can go to clouds.com/twist to pay what's fair for their next hire (30m14s).

Coopetition in the robotics and delivery space (30m41s)

• The robotics and delivery space is a dynamic and worth-studying market for entrepreneurs, characterized by coopetition, where companies collaborate and compete simultaneously (30m42s).
• In this space, companies like Serve Robotics build robots, while others, like Cloud Kitchens, provide infrastructure, and restaurants may have direct relationships with multiple delivery services, creating overlap and conflicts of interest (31m13s).
• Some restaurants are driving customers to their websites to use white-labeled versions of delivery services, eliminating service fees, making the space interesting and conflicted (31m30s).
• The thesis is to find gaps in the market and play in that space, making everyone a partner, rather than competing directly with established companies like Uber (31m44s).
• Serve Robotics focuses on the "white space" of delivery, solving problems like average delivery time and distance, which are currently around 18 minutes and over a mile, respectively (32m21s).
• The company believes that ubiquitous brands like McDonald's and Starbucks could become hubs for housing and recharging robots, creating a network of locations for the robots to operate (32m36s).
• A potential partnership with Cloud Kitchens, Starbucks, and McDonald's could blanket the country with robot-friendly locations, providing a place for cleaning, charging, and maintaining robots (32m52s).
• The concept of a "robot shepherd" has emerged, highlighting the need for maintenance and care of robots, especially at night when they are not in use (33m10s).
• Repurposing commercial real estate, such as malls, into drone depots and linking them to nearby stores could be a viable solution for the decline of malls and underutilized storefronts (33m34s).
• The estimation is that by the end of this decade, people will be deeply familiar with autonomous delivery technology, and it will become fairly ubiquitous, with Uber and other companies leading the charge (34m26s).
• The majority of Americans and deliveries may be done autonomously by the end of the decade, with urban areas like New York, San Francisco, and Santa Monica potentially reaching majority adoption within five years (35m9s).

Autonomous deliveries forecast for 2030 (35m16s)

• A discussion is held about the potential for automated food deliveries, with a prediction that the majority of deliveries will be automated by January 1, 2030, and a friendly bet is proposed with a limit of $100 per person (35m21s).
• The benefits of automated deliveries are highlighted, including freeing up people to spend more time with their families, increasing safety, and reducing the risk of accidents caused by human error (36m3s).
• Serve Robotics is mentioned as a company working on automated deliveries, and they are hiring for various positions, including robotics software engineering, hardware engineering, and operations (36m42s).
• The concept of "coopertition" is discussed, where companies like Uber and Serve Robotics work together despite being competitors, and how this can lead to strange partnerships in the pursuit of winning (37m6s).
• The idea is floated that it may be better for companies like Uber to focus on their core business and not try to replicate self-driving technology, instead partnering with companies that specialize in it (38m21s).
• The competitive dynamic between companies is seen as beneficial for consumers, driving innovation and progress in the industry (38m48s).
• The discussion revolves around self-driving cars and their potential impact on transportation, with a focus on the benefits of having such vehicles in rural or less accessible areas, where wait times for traditional ride-hailing services can be longer (38m54s).
• The typical wait time for an Uber in a relatively accessible part of town is around 3 to 5 minutes, but this can be significantly longer in more rural areas, such as the Hill Country in Texas, where it can take up to 20 minutes to get an Uber (39m2s).
• Self-driving cars, or "robo-taxis," could be deployed in these areas, providing a more convenient and accessible transportation option for people who may not have experienced ride-hailing services before (40m8s).
• The adoption of self-driving cars is expected to follow a bell curve, with early adopters and the early majority leading the way, followed by the late majority and laggards (40m36s).
• The technology adoption curve is a common pattern seen in the adoption of new technologies, with different technologies moving up and down the curve at different speeds (41m12s).
• Self-driving cars may take some time to gain widespread adoption, but they have the potential to open up new opportunities for transportation and mobility, particularly in areas where traditional ride-hailing services are not readily available (41m32s).
• The possibility of parking self-driving cars in areas with low demand raises interesting questions about the types of vehicles that could be used, such as four-wheel drive vehicles or luxury cars, and the potential for specialized fleets of vehicles (41m37s).
• The idea of having a luxury self-driving car service, such as a Rolls-Royce or Bentley, is also discussed, with the potential for such services to be offered in certain areas (42m0s).
• Two significant personnel appointments in the Trump Administration have been made, with Steven Miller returning as Deputy Chief of Policy, and Tim Homan as the new Border Czar, indicating a conservative stance on immigration (42m27s).
• The appointments suggest that immigration laws will be enforced, and the southern border will be closed, with 80% of Americans in favor of people entering the country legally (43m29s).
• The focus will be on deporting criminals and recruiting high-skilled immigrants, such as financiers, doctors, and nurses, who are needed in the United States (44m30s).
• A middle group of undocumented immigrants, including those in frontline jobs such as dishwashers, nannies, and housekeepers, may face deportation, potentially leading to chaos (44m55s).
• The issue of immigration is expected to be highly contentious, with the potential for conflict between the 72 million people who voted for Kamala and the 75 million Americans who voted for Trump (45m0s).
• There are concerns about the potential for brutality and chaos if large-scale deportations occur, with families being separated and people being dragged from their homes (45m21s).
• The hope is to avoid chaos and find a solution that balances the need for immigration enforcement with compassion and understanding for those who are already in the country (46m3s).
• A proposed immigration plan involves closing the border, allowing high-skilled immigrants, and deporting criminals, while showing compassion and thoughtfulness to those who broke the law but have the potential to be great citizens (46m17s).
• The plan acknowledges that some Americans feel immigrants are taking their jobs, while others feel that immigrants who waited in line were unfairly passed over, and that both perspectives are factually correct and logical (46m50s).
• A potential solution, referred to as the "Tony Shay idea," would allow undocumented immigrants to report in, be processed, and receive a payment of $5,000 or $10,000 to return to their country and re-enter the immigration process (47m34s).
• This approach could result in significant cost savings, as the estimated cost of deportation is between $50,000 and $150,000 per person, making the payment a potential 95% savings (48m5s).
• The idea is inspired by the concept of compassionate conservatism, which was previously advocated for by George W. Bush, and aims to balance empathy and compassion with the need for a functional immigration system (49m4s).

High skilled immigration and global talent competition (49m17s)

• There is concern about potential changes to high-skilled immigration policies under the Trump administration, with reports suggesting a possible decrease in the number of green cards given to technology workers (49m17s).
• The Trump administration's closest advisers, including Steve Bannon and Steven Miller, are working on ways to limit high-skilled immigration, which could impact the ability of founders to get green cards and build companies in the US (49m28s).
• Limiting high-skilled immigration could benefit other countries, such as Canada and Mexico, which could attract entrepreneurs and talent that might otherwise come to the US (51m12s).
• Canada has been actively trying to attract entrepreneurs and talent, with government officials expressing interest in welcoming people who cannot get into the US (51m31s).
• The Canadian government has even offered to help facilitate visas for entrepreneurs who want to start companies in Canada (51m47s).
• Other countries, such as Abu Dhabi, Dubai, Saudi Arabia, London, and Berlin, could also benefit from the US's potential loss of talent and entrepreneurs (52m20s).
• A recent investment by General Catalyst and Bain Capital in a Saudi Arabian startup highlights the global competition for talent and startup capital (52m40s).
• The investment in the Saudi Arabian company, called Technologies, was a series B worth $67.5 million and marks the first investment by both General Catalyst and Bain Capital in Saudi Arabia (52m55s).
• There is a need for the US to keep its doors open to entrepreneurs and talent from around the world, and one possible solution could be to offer green cards to entrepreneurs who receive significant funding for their startups (53m10s).
• The idea of stapling a green card to a term sheet for over $1 million has been suggested as a way to attract and retain top talent in the US (53m25s).

Leadership styles and labor market shifts (54m19s)

• Concerns are raised about the potential chaos and division that could occur if Trump's first term is replicated in a second term, and the desire to see progress on issues that people agree on, rather than arguing over minor details (54m19s).
• The idea of an advisory role is discussed, with the possibility of pushing forward a favorite Green Card policy, and the option of writing a blog post and sending it to an email list to advocate for high-skill immigration (55m2s).
• There is worry about news reports suggesting extreme interpretations of Trump's policies, including deporting large numbers of people, and the challenge of determining whether Trump's statements should be taken literally or seriously (55m46s).
• The potential consequences of Trump's policies are discussed, including the possibility of 15 million people being removed from the country, and the impact on the workforce, labor prices, and inflation (56m21s).
• The idea is raised that if many white-collar Americans lose their jobs due to AI, they may be incentivized to work in industries such as manufacturing, and that this could be a positive outcome (57m26s).
• The importance of advocating for high-skill immigration and finding a solution to the potential workforce challenges posed by Trump's policies is emphasized (55m39s).
• A theory is proposed that the US could close its borders to immigrants and give Americans a chance at jobs that are currently being filled by immigrants, such as plumbing, electrician, and construction jobs, which are referred to as "Frontline jobs" (58m4s).
• These jobs would need to pay higher wages to attract Americans, potentially up to $35 an hour, as seen in some restaurants in San Francisco where dishwashers are paid $40 an hour plus overtime (59m28s).
• The shift in labor demands could lead to industries having to accept paying double or triple what they currently pay for labor, which could be challenging (1h0m1s).
• Automation could reduce the need for both white-collar and blue-collar jobs, making it harder to solve the issue of needing fewer humans to do the work (1h0m15s).
• The example of an automated guacamole machine is given, which can perform most of the tasks involved in making guacamole, leaving only a few tasks for humans (1h0m34s).
• The rise of automation could lead to a decrease in manual labor, potentially resulting in countries becoming more xenophobic and nationalistic, with some countries already having a more closed-off approach to immigration (1h1m6s).
• Countries such as Japan, New Zealand, and Australia have been mentioned as examples of nations that prefer to keep their culture and assimilate a small number of people, whereas the US has a more open-minded and expansive view of immigration (1h1m15s).
• Other countries, such as Finland and Sweden, are also starting to adopt a more closed-off approach to immigration, requiring people to learn the language and assimilate into their culture (1h1m37s).
• The concept of assimilation and language proficiency is discussed, with some countries requiring immigrants to learn the native language and prove their commitment to the country, unlike the US which has a more open and welcoming approach (1h1m54s).
• The idea of American identity is explored, with the notion that being an American is not just about being born in the US, but also about embracing the country's values and culture, which is different from how other countries view nationality (1h2m10s).
• The importance of maintaining the US's openness and welcoming nature is emphasized, even in the face of labor concerns, as it is seen as a key aspect of American dynamism and a potential source of growth and innovation (1h2m45s).
• A goal is proposed to increase the US population to 500 million people through high-skilled immigration, with the idea of building new cities and revitalizing existing ones to accommodate the growth (1h2m58s).
• The current state of the stock market is discussed, with the NASDAQ, Dow Jones, and S&P reaching new highs, and fintech stocks, including companies like Coinbase and Robinhood, experiencing rapid appreciation (1h4m28s).
• The appreciation of Tesla's stock and the rise of Bitcoin are also mentioned, with the speaker noting that they have not sold any of their Robinhood shares and have even bought more (1h4m42s).
• Coinbase has continued to release great products despite regulatory distractions and internal culture wars, thanks to Rus being a good product guy, and this is notable because even with all the challenges, the company has not stopped innovating (1h5m9s).
• PayPal is also making a comeback, and this trend of financial companies coming back is attributed to the expectation of lower regulation under the current administration (1h5m30s).
• The Biden Administration has implemented consumer-friendly policies such as capping interest rates and eliminating junk fees, which are not beneficial for businesses that rely on these income streams (1h5m44s).
• Companies like a firm and Robin Hood are expected to benefit from the potential relaxation of regulations, allowing them to charge higher rates and be more aggressive in their business practices (1h6m5s).
• The cryptocurrency market is also experiencing a surge, with Bitcoin up 24% and Ethereum up 35% in the last week, contributing to the overall optimism in the financial sector (1h6m21s).
• Jason still owns some Bitcoin and has made public statements about the cryptocurrency, including a blog post calling it the "world's most dangerous open source project" and predicting that Bitcoin's value could drop to zero (1h6m28s).
• Jason's skepticism about Bitcoin is based on his understanding of governments and their tendency to accumulate power through control of currency, making it unlikely that they would allow an anonymous project like Bitcoin to succeed (1h6m56s).

Government's stance on cryptocurrency (1h7m16s)

• A nation state's power is determined by its currency and military, and it is unlikely that a nation state would allow a cryptocurrency to replace its currency, but the United States has allowed people to buy Bitcoin and other tokens (1h7m22s).
• The likelihood of Bitcoin being shut down, also known as "Bitcoin zero," has decreased from 60-70% to under 10% or even under 5% due to governments embracing it, making it "too big to fail" (1h8m14s).
• The US government's acceptance of Bitcoin could be disruptive if they continue to print money, and it is uncertain if the government can stop runaway spending (1h8m28s).
• The crypto industry has been advocating for its interests, with a lot of money being invested in the sector, and some politicians, such as Senator Lummis, are in favor of building a national Bitcoin Reserve (1h9m18s).
• Trump's stance on crypto has changed, with "Trump one" being anti-crypto and "Trump two" being theoretically in favor of it, and it is unclear how far his support will go (1h9m32s).
• If the US government were to embrace Bitcoin at the federal level, it could have significant implications for startups and VCs in the sector (1h9m42s).
• Governments may be willing to own some Bitcoin to maintain control, but they are unlikely to create their own national crypto project, instead preferring to keep third-party companies like Circle regulated but not directly controlled by the federal government (1h10m36s).
• A possible outcome is that governments will buy US government debt with their reserves, which is a different approach from Bitcoin, which is non-regulated and distinct (1h10m46s).
• A 10% tariff on cryptocurrency could put it at a 20% disadvantage to the dollar, as users would pay 10% when buying and 10% when selling, in addition to existing transaction fees and potential capital gains tax (1h10m57s).
• The government could impose a federal tax on cryptocurrency, potentially removing capital gains and treating it as ordinary income, although this is not being advocated for (1h11m20s).
• Donating 20% of Bitcoin to support Trump's election could have resulted in a 30-40% return, making it a potentially good trade (1h11m42s).
• The intersection of big money and politics may lead to people making strategic trades by supporting certain candidates, as seen with Jeff Bezos, Elon Musk, and others who supported Trump (1h11m55s).
• The Democratic party's anti-capitalism, anti-crypto, and anti-innovation stance may have contributed to their loss, and this stance may be reevaluated in the future (1h12m17s).
• The anti-crypto stance may be dying, as it may not be feasible for a future Democratic president to undo four years of pro-crypto policy (1h12m47s).
• The SEC's classification of cryptocurrencies, such as Bitcoin and Ethereum as not being securities, while Ripple is still considered a security due to its centralized nature, is an important development (1h12m58s).
• Andreessen Horowitz's crypto team has written a post stating that entrepreneurs should feel empowered to explore blockchain-enabled products and services, including tokens (1h13m11s).

Blockchain innovation and tokenizing venture capital (1h13m25s)

• A $45 million early-stage venture capital fund called Launch Fund 4 was created to invest in companies from universities, accelerators, and personal networks, with the goal of potentially tokenizing it to allow any American to buy in (1h13m34s).
• Tokenizing the fund could allow for a larger pool of investors, with the possibility of raising $100 million without needing to pitch to limited partners, and would also enable investors to trade their tokens as they wish (1h13m55s).
• The Trump campaign's crypto positivity and the proposed Tim Scott bill in the Senate, which aims to make it easier for people to invest in private companies, could potentially create a world where tokenized funds are completely open to anyone with a phone (1h14m49s).
• The idea of a tokenized fund, where people could buy tokens that represent equity in startups and trade them, is an attractive concept, but it would require significant investment and add a substantial amount of expense to the starting of a fund (1h15m12s).
• The estimated cost of managing a tokenized fund would be around $4-5 million over 10-15 years, which could be prohibitively expensive, but might be feasible for larger funds (1h15m49s).
• The concept of a tokenized fund is not new, with the idea of "Crunch Coin" being jokingly introduced in 2014 as a native currency for TechCrunch employees, but it may become a reality in the future (1h16m15s).
• The Trump Administration's potential efforts to make crypto safe for retail investors by implementing regulations such as requiring product launchers to have their names on them, insurance, and a board of directors, could be a positive development for the industry (1h16m47s).
• A proposed idea suggests allowing individuals to invest up to 10% of their yearly income in any securities they want, with the understanding that they could lose that amount, but it would be a personal choice and a calculated risk (1h17m4s).
• This approach treats people like adults and provides a sense of personal responsibility, with the possibility of significant gains or losses (1h17m42s).
• Warren Buffett's Berkshire Hathaway is currently sitting on a record amount of cash, estimated to be around $300-400 billion, which has led to speculation about his investment strategy (1h18m39s).
• The "Buffett indicator," which measures the market capitalization of US-based companies divided by GDP, is currently at an all-time high, suggesting that the market may be overvalued (1h18m55s).
• This has led to concerns that the enthusiasm for stocks and the hope for deal-making and IPOs may be dashed if the market corrects itself due to fundamentals (1h19m30s).
• Buffett's strategy is to buy companies at a discount, and he may be waiting for companies like Apple or Meta to decrease in value before making a purchase (1h19m42s).
• The government's spending and the amount of money in the system have driven investors towards equities, as other investment options, such as 10-year bonds, offer relatively low returns (1h20m30s).
• The current economic situation is causing people to put their money in equities and cash, as the interest rates are high, making it close to a 5% return on cash in bank accounts (1h20m43s).
• There is a prediction that big tech companies like Meta, Apple, and Tesla will not take a significant nose dive, but may correct 20% or 30%, which could be an opportunity for investors like Warren Buffett to make a move (1h21m3s).
• The idea of a 30% drop in the stock market is seen as a potential buying opportunity, with some investors planning to increase their investments in such a scenario (1h21m16s).
• The host shares their personal experience of buying Meta at $91 and seeing a significant return on investment, with their portfolio nearly doubling in two years (1h21m29s).
• The show's schedule is discussed, with the hosts mentioning that they usually go live on Monday, Wednesday, and Friday, but will be taping on Thursday instead of Friday this week due to a scheduling conflict with the "All In" tape (1h21m44s).
• The hosts, Jason and Alex, invite listeners to sign up for their news service and support their work by contributing financially (1h22m26s).