Episode of My First Million with Sam Parr and Shaan Puri.
Transcript
Note: This transcript was auto-generated from YouTube captions. It may contain errors and lacks speaker identification. A full Gemini audio transcript will replace this.
Kind: captions Language: en super quickly can you give the analogy of the icos because that’s basically what it is because just when it’s positioned this thing has been positioned so many different ways and that’s partially because it’s still kind of half baked and things are being worked out and and it may evolve into other things but at least as to like what it is today i thought what you said about it was so spot on in terms of what this really is at least so far yeah sure so on paper and again i i think one of the reasons that bitcloud has been so successful is because they are master marketers like i don’t approve of it but it’s kind of like when your kid gets in trouble and you’re like i don’t have a kid but like you gotta know when kids get involved with them right yeah yeah you’re like oh you’re in so much trouble but i get it as well like nice job buddy you know yeah i don’t so i don’t i don’t approve of what they did but they but it’s a smart growth hack the other thing is that they’re positioning this product in a very smart way where the reality of what it is has been abstracted away so what this what this is on paper is they’ve basically done 15 000 icos without the permission of the people who are backing those coins right by scraping twitter and creating an account for the top 15 000 people they’ve created they’ve done 15 000 icos and now they’re basically just trying to get people to buy into those icos and i think anybody who’s thinking of getting into this either as a creator or an investor should ask themselves you know one as a creator would i create an ico for myself if the answer is no you know think twice about just cause someone did it for you doesn’t mean you know all of a sudden it’s a good idea yeah and then similarly like as a as a backer would i buy so-and-so’s ico it starts to kind of break down because like when you think about this as betting on somebody’s reputation that’s one thing you’re like oh okay well you know somebody like kim kardashian or tim ferriss or steph smith these are all people that i think are doing interesting work and are probably going to become more popular on this platform so if i’m early i should buy in but you have to ask yourself the real question which is like if you know if i issued an ico tomorrow would you buy it probably not but what the platform’s done is aggregate thousands of icos and make it extremely easy to issue a new one which could be useful like there’s there’s potential there but let’s not let’s not mince words about what it is these are just icos that’s literally all they are