Justin Sun addresses market crash rumors, talks collecting & creating in crypto
UpOnly: Chats with Crypto Experts
Cryptocurrency and Warren Buffet
Masons obyyo asks about warren buffet. He's called bit coin, rat poison and all this stuff. Auction to lunch. Invited some other crypto folks. Was he nice in person? Was he a good listener? Did he give you some age advice on life? What did you learn?
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Show Notes
Beeple NFT Auction
– Justin bought Jack’s first ever tweet, was second highest bidder on Beeple’s huge auction
– Justin’s a traditional art collector
– Also believes in 10 years all of our collections will be on the internet
– The gvt doesn’t get it… the younger generations were raised on some of these games, this stuff is worth more to them than physical art
– Justin: “A % of my net worth is in NFTs, and I’m buying more”
– Jack’s tweet purchase? More of a souvenir
– Justin: “I think in the future there will be an internet museum with all the old relics… the tweet can go in there”
Market Macros
– Justin: “July and August will be much much better for market”
– Cobie: “so 1 month consolidation then we resume Up Only” lol
DeFi vs NFTs
– Insiders like DeFi, public likes NFTs
– Justin: “DeFi will be much larger”
– DeFi market cap will be much bigger, but NFTs will grab headlines and stay in the news
– Which crypto product is worth most? The one everyone uses
– Which NFT is worth most? The one everyone has seen
Crypto History
– Joined in 2012
– Studying Eastern Asian Studies at UPenn, wanted to join law long term
– Saw NYT article on internet money
– Justin: “I bought lots of XRP in the early days at like centralized decentralized exchanges”
– Justin: “Early days I felt like Poloniex was a scam”
– Ledge: “Now you own it” LOL
Tether on Tron
– The vision is to send money like email, in 2 seconds you can guarantee you got the money
– Everyone in crypto needs a settlement solution – stablecoin
– Ledge: “Ripple’s big mistake was taking crypto and going straight to legacy banks – tether was good because they got crypto native buy in then they you start to bleed into more innovative banks
Crypto on Pornhub
– Cobie: “So you mentioned Pornhub as your example use case for these payments… do you use crypto or do you just use your credit cards?”
– Justin: “I am a Pornhub subscriber”
– Crypto has brought revenue to this industry – people like the hidden aspect
Other L1s
– TRX is still focused mainly on usage and ecosystem adoption
– ETH killer competition is important to push ETH development
– BSC is leading through Binance popularity, doesn’t think they took users from e.g. Uniswap
– Helps the DeFi narrative to show adoption of average retail
ETH
– Does not believe that ETH should move to POS
– Thinks it should stay POW
– They will lose their competitive advantage as a POW settlement layer – there are already POS settlement solutions that scale better than ETH
National Adoption
– Everyone will get into crypto eventually
– Governments who don’t adopt or ban, lose a lot of opportunity and value just like the internet
– More small countries will follow El Salvador with adoption
– Countries banning crypto will run into problems in future as adoption increases
*Paid $4.5M for a meal with Warren Buffet in January 2020* sheeeesh
Bad Investments
– Most stupid thing he has spent money on was stock in an early mining company by Friedcat
– Around ~1000BTC worth stock went to zero in around 9 months
– Friedcat vanished in 2015
– Didn’t go into Titan, too risky – be cautious using new DeFi products
– Cobie agrees, exit scams are happening as the market goes down, review your permissions and approvals, revoke where needed
Learning Crypto
– If anyone asks about crypto, Justin tells them to buy first then ask questions later
– Someone will be interested in their investment and become an expert later by following news
– His mother is now very involved after doing this and is sending Justin news now
Justin’s Mom
– Sends him crypto news after she bought in
– Tries to downplay any influence, especially the wife thing
UpOnly
– Will Justin buy UpOnly for $200M?
– He just wants to make NFTs
– Cobie: “Just pay Ledger $200M for the podcast and you can make as many NFTs as you want” lol
Final Alpha
– The world is more focused on the result, but you yourself need to focus on the process
– Everyone else in the world is focused on how much money you make in crypto, but just focus on people who are building here and putting effort into growing this space
Notes by @cmsintern
Music by GiovanniPickle
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