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 uh and so you know someone like saying basically i i know sam i say this guy and i see his videos i’m like oh these these are great videos he’s only getting you know a couple thousand views let’s say right now but basically what what this world would let me do is as an early believer i can bet on sam i could say i like this guy’s content i think this guy’s gonna blow up and i can kind of vote for his success i can give him some so i can buy his coin which gives him money to like make better content it gives him a little boost of morale to keep going um but it also lets me go on the ride with him because i think we’ve all been there before we discover a band early or a brand early or an influencer early and then you’re you’re you believe in them and you’re so you’re so right they actually do take off they never knew you they never had a real relationship with you and you didn’t benefit from the fact that you know kim carter if you knew kim kardashian back when she was just paris hilton’s closet organizer uh and you thought she was great you missed out on the ride and and so this lets your true fans go on the ride with you and it turns your fans into sort of shareholders with you and so oh bro i study this stuff you know kim kardashian where did this come from i have to know i must know and uh and sure enough there’s a story and so you know sam let’s say i would bet on sam sam would get that cash so sam could use that to make a cooler video and when sam makes that video and he gets more followers they have to buy in at a higher price point than i did because now sam’s more established so my stock is going up i’m earning instead of just following right i own instead of just following which is the way the world works today with twitter and instagram you just follow you don’t earn and then the you know furthermore sam could say hey you know what how do i make my coin really valuable to hold what if i kind of only fans it and i said i’m going to do some exclusive stuff with only my coin holders who hold over 100 of my coin so it’s up to him to decide if he wants to make his coin more juicy more more enticing to hold which again will make my stock go up if i know sam’s the kind of guy he connects with his fans he’s going to put in the effort that’s going to make these coins more valuable and so it takes this idea that’s been around for a long time the thousand true fans the thing that any artist knows that they need those real believers and it turns them into people who actually benefit from your rise and so that’s what i think that’s the good thing that i think will come of this aside from you know destroying facebook and all that good stuff i think the good thing that will come of this it’ll make being a taste maker and a curator like a job pretty much you can actually get paid for having good taste for following for believing in somebody early on which is the way that things should be i think yeah sean how are you better at explaining this than me also i i i’m kind of uh i’m not offended but uh that’s awesome well dude when i first shouted out big cloud yeah i got a lot of okay i got to come up with a reason that i like this besides i think this is going to make a lot of money for me uh so i started thinking about what what is the appeal here and i hate to defend myself and in doing something why does this yeah that’s true i did i i remember it uh but yeah sean just to add which is really interesting uh like you said there’s actually never been a way to actually invest in someone when they’re small and make money on their rise like in like this easily this efficiently uh and what’s really interesting is there’s actually yet another interesting kind of like layer on it which is once you invest in someone your bias is to be supportive your bias is actually to be hey i want this guy to succeed i want this person to to be something and you can align in a way that you can’t really on like you know without that mechanism like being able to buy into someone you know uh uh creates kind of an incentive that doesn’t exist and what’s crazy is that um even bitcoin you know bitcloud diamond all these apps uh they’re actually very positive discourse a lot of it um even though you know there’s not really any kind of you know there’s not like there’s less moderation than traditional social media right um and the reason i think is basically you’re investing in people right you’re going long uh and and when you give people the ability to to like move money around right people naturally go long and when they go long they actually uh uh get aligned and want to support you um and so weirdly enough like i love like when people say like money is like the root of all evil you know like money is bad and and i think that’s part of why people reacted weirdly to bitcloud because like oh money prices whatever but like if you just look past that for two seconds you’ll see that it’s actually being used as an alignment tool that’s making a lot of positive things happen that haven’t happened [Music] you