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 big cloud is so addictive and so much fun and so lucrative so far on paper that i just can’t i can’t talk about anything my wife wants to throw me out of the house right now like so the good news here guys is that i signed up for big clout but i pretty much only signed up because ryan just called me and said uh i want to talk to you about this sign up i i don’t really know what it is so you guys could talk about it and i’ll be the one asking the questions on behalf of the audience right like an idiot so let’s let’s take a stab because it’s kind of new and foreign and most almost i would say 99 of the people listen to this are not active on bitco yet um let’s each take a stab at it ryan and see if we can get to a simple explanation of what the heck it is so here’s my here’s my simple explanation sam big clout is basically like a stock market for people so me and you and ryan and anybody else uh we each have like a little coin a price where you could buy some of our stock let’s call it um and so people are going on there and they’re using bitcoin to buy our stock because they believe that we’re going to continue to get more popular and our reputations are going to grow and that owning a piece of our limited um coin uh the you know if i own ten percent of your your stock basically uh i feel good about that because i think in the next 10 years you’re gonna be getting even more popular right so it’s a way to bet on people and so that’s the which we which we’ve talked about a lot we love this we’ve we’ve looked at humanity like what we talked about before which is like is it for income sharing is it for x is it for y is it for z right now it’s literally for nothing and so the reason this is cool right now is because uh nobody knows who’s behind it they’re kind of like being stealthy about it people know but nobody has publicly outed who’s who’s behind it um i do know the name of the people behind it but i know people who know the person people i trust say they know who it is and they because i asked they they were like yo i’m buying your coin are you gonna are you gonna actually use big cloud or not i was like well i don’t know is this like a scam it kind of looks scammy to me and they were like yeah i thought so too because kind of the the secretive way that they’re going about it but actually i know the founders they’re like legit people from the tech scene they like kind of have a reputation in our circles um and a bunch of the big name tier one vcs are involved in it now that doesn’t mean it’s not gonna fail it doesn’t mean it’s not as like maybe something unethical is gonna happen or that’s gonna get hacked or who knows any any number of bad things can happen but it’s not random guy and you know not nigerian prince is kind of the the main thing that that i’ve heard now you you guys you’re forgetting a major part here which is if you go to big it’s bit clout c-l-o-u-t dot com you can’t actually do it you don’t have a password it’s all you need a password so you guys are forgetting it’s inviting only right now and you have to have this you know similar to clubhouse and superhuman like you know this is one of the techniques in silicon valley now to build hype and get early adopters to want to in is to not let them in and then make it so they can only get in if they have the secret secret codes so okay right that was my my attempt what would you change about it how would you describe it differently yeah i know i think you nailed it i mean it’s a social currency platform i think you put it more simply you can bet on people so like take sam so i called sam last night i’m like dude what the heck are you doing how are you not on big cloud yet you need to get on here you need to create your profile so he goes on he creates his profile i put in two thousand dollars into this at the same part on big cloud i then you know i i then watched it overnight and when i woke up this morning i had already made like five six thousand dollars what and so yeah so ryan let’s walk through me and sam’s coins so can you just pull up actually the site’s down which which is sort of problematic besides that so so that’s a that’s a bit of an issue it’ll come back up but it’s getting hammered with traffic i think so last ice last you saw ryan what was my coin trading for and do you remember my market cap i don’t i’d so it’s so annoying the sights down because i was hoping to have it ready but i want to say you you were pretty legit first off i just want to say like you’re you’re you were trading at a at a relatively high number relative to like your fame and like your twitter handle you were which which i what i’ve noticed is people who are known in the crypto world disproportionately are doing well on the platform so like like i bet yesterday on chuck norris and i’m because because part of my strategy is to buy people who are trading at a cheap number relative to like the following they have on twitter or instagram and like [ ] norris was trading at like 200 dollars but you know he’s got a huge like he’s a big following he’s obviously pretty famous even though he’s like you know a scene celebrity but i don’t get any of that you do so you can set whatever percentage you want to take of the of the coin that people invest in so the default is 10 so if i buy like a thousand dollars worth of sample i believe the way the math works is uh you’ll take ten percent of that in coin and so what’s cool about that is like as you become more famous as you build up a reputation and as you keep your reputation you know good in the public eye like in theory your big clout uh market cap will grow and you’ll take ten percent of that now what i’ve seen some people do who have money like you sam is they they set their percentage down at zero instead of ten percent which is the default because they don’t want to discourage people from buying their their coin and then they just buy their own coin and then they bet on themselves which is something oh my gosh as okay i saw this a few days ago and i saw oh wow some people have bought like i think somebody had bought thousand dollars worth my coin um and basically i was trading for almost two thousand dollars per coin and my my own holdings that they kind of like give you through your i don’t know if it’s like a founder reward or like a a ten percent vig you hit on every buy or something like that my own holdings if i claimed my account i had sixty thousand dollars worth of my coin ready for me so the the the genius of their model is this wait you had six months my own coin what i what they basically what i had gotten from the way that the site works if i if i verified my account so here’s how it works this is the genius the growth hack that they have which is very very smart and so what they do is they pre-made all of our accounts they took the top 15 000 twitter accounts i think and they made profiles for all of them they made coins for all of them immediately and then they let some people in with bitcoin to go buy up whoever they wanted so people start buying coins and of course every time you buy a coin the default is a 10 if i buy 100 coins of yours 10 of those coins go to you and 90 come to me so there’s like a like the brokerage fee goes to the creator themselves so what this did was you’re elon musk you’re naval you’re you’re you know on a smaller scale us um and you you go on the site and right now it basically says cool if you log in and verify that you are you you you are sean vp on twitter you get to claim your coins uh your coins are sitting there in this account so i have a 60 like last time i checked this was a few days ago but before several friends bought my coin so i might have more now but i had a 53 000 uh bounty just waiting for me all i had to do was connect it to my twitter account and tweet out hey i’m on bitcloud you know like uh come buy my coin or whatever if i did if i know i didn’t do that because at the time i didn’t know is this legit am i promoting a scam and so i went did some background checks i asked a few people who i knew were buying my coin i said what you know is this real or is this not like ryan you know and others and so um and so that’s how simple it is so so think about that mechanism right now i have cornered the sandpark market if you look at sampara i are his biggest holder um and and i plan to buy more sandpark as soon as the site comes back guys listen it wasn’t like it wasn’t i can’t tell you what’s like the red pill blue pill phrase what’s the what’s the what’s the pill that you take what your perception is completely changed it can’t go bad okay maybe i’m just like a blue pill guy here but like it wasn’t that long ago that i was so poor that i would put two pieces of pizza into one whole foods box and so i could just like only pay for one or where i would like eat half the food out of my container before i weighed it uh like it wasn’t that long ago that i was that poor where i where i was stealing food from the grocery store now we’re talking about sean just logging in and being like oh beep bop boop fifty thousand dollars in my account yeah does this stuff freak you out this kind of freaks me out no it does not freak me out at all i think it’s awesome that i could log in and get 50 000 i think that’s cool now okay here’s some of the criticisms right uh and this is where sam your [ ] detector is about to like you know fly around the room you’re about to raise your eyebrows all the way to the moon when you hear this which is that you could transfer money in and you could buy coins but there’s no withdrawals right now you cannot so i could go in and verify i could claim my fifty thousand dollars what i can’t do is put that in my bank account um that’s a feature that conveniently is not available and not built yet now they are going to do it um the the main thing for them is that um they say oh we’re building it it’s not ready yet in reality my theory is basically if you allowed people to immediately come in grab 100k grab if i can come and grab 50k withdraw it out of the system it’s going to kind of crash the network it’s not going to like the whole system kind of fails there’s this there’s a theory about sort of um you know like one of the reasons bitcoin is so valuable is because the central philosophy of the religious bitcoin holders is to hold the coin uh if you’re selling out of it the price drops and so what they want right now is for everybody to hold their hold coins so that the network can get big enough get enough strength and then it once it’s bigger and more popular you can add liquidity and people can trade it and now and it won’t just completely crash the system so do we just have so much money going around right now that we have to invest okay so here’s okay so let me explain to you because i also was like what the hell is this and then i was sent the one pager and i want to actually read to you guys the one pager pdf uh this might be a little boring a pdf but honestly when i read this so i talked to ryan i don’t know like 40 minutes ago on the phone before this podcast i was like yo okay we’re coming on i’m excited about big cloud i heard a little bit about it but i haven’t had time to look at it i just had a kid like i haven’t had a chance to go in and kick the tires and he was like dude this is like the most you’re right you said this right you’re this is the most addictive thing since for early facebook for you the craziest thing i’ve i’ve been i’m like all my friends have been up all night like one one’s in alaska heli skiing another one is in utah like we’re all texting all night hey who’s buying chuck norris has anyone figured out like oh i just 10xed on gwyneth paltrow like a number a number of my friends like guys who worked for me at summit who have like maybe 50 000 saved have put in like a quarter of their net worth and in the last like four or five days of five to 10x their money right like but they can’t get anything out they can’t get enough they get it out yet but i i contacted the founder of a pretty major um like crypto hedge fund and he assured me that they bet quite a lot on this and that he’s confident that they will there will be a way out plus the founder also said eventually there’ll be an exchange you know where you could sell it um it’s just the easiest thing i’ve seen let me give you both how do i make sampar the game style yeah yeah well first of all calling it game stock is perfect that’s all right you’re already memeing yourself stop yeah whatever so okay so here’s the okay because when we were talking on the phone ryan i was like so you’re buying my coin great what what’s the reason why would you want my coin what does that do for like i get that if i get more popular in theory my coin could get more popular but that assumes more people will want to buy it why would they want to buy it what are they getting out of this it’s like well then they think you’re going to get even more popular then the next person will want to buy it right so there is definitely like a greater full theory that underlies this whole thing which is that i’m buying it today because i think somebody else is going to come buy this tomorrow either because the creator i’m buying is going to get more popular or big cloud is going to get more popular in reality right now both are going to happen and um and so so i think it’s actually a good bet even if you know going in that this is greater fool theory this is i’m i’m looking to pass this to the next guy and make a lot of money before the music stops so i think that’s the skeptical way of looking at it now let me tell you the like why this actually might be a thing long term and i’m going to read to you from the pdf um what they say this is okay so sam i’m going to read read this to you and you just tell me paragraph by paragraph is your belief going up or down okay um where did you find this i just googled bit yeah i’ll send it to you it’s a white paper where are you guys getting this bro we’re connected on the inside not connected enough to know who’s actually doing this but connect enough to know the people who know the people um all right so big cloud is a new type of social network that lets you speculate on people and their posts with real money as built on a blockchain okay cool then it goes uh it’s a fully open source project um there’s no company behind it just coins and code so then it says um let me skip to the part about crater coins what are crater coins everyone has a coin every profile on the platform gets its own coin that you can buy and sell these are crater coins uh you get one you get you can have your own creator coins just by creating a profile and they already pre-created a whole bunch of profiles because you know i didn’t do it but my my creator coin exists okay then i had to make mine then it says you can buy your favorite person’s coin to buy someone else’s to buy someone’s coin you just go to their profile you click buy uh for the top 15 000 influencers on twitter it’s preloaded into the platform um okay cool so now uh then it says tweet to claim your profile the owner of a profile uh can claim their profile by tweeting out their public key um this will give them full access to their account as well as the percentage of their founder rewards which is that’s what i was talking about my 50k that’s sitting there for me that’s my founder reward for claiming my account now the genius of it is by me tweeting out like i have a big incentive to tweet this out right because i get access to my fifty thousand dollars so they’re basically kind of like paying me fifty thousand dollars to tweet out about big cloud and if enough of the and the bigger you are the bigger your reward and so they’re gonna get a lot of big people to tweet this thing out which is going to create this like enormous hype cycle um okay so then it what are creator coins useful for so this is where it starts to become interesting it goes there’s a new asset class that’s tied to the reputation of an individual for example let’s say elon musk succeeds in put being the first person to land uh land on mars put a person to mars his coin price should theoretically go up because he will be world renowned for it um and if in contrast he makes a racial slur during a press conference his coin price should go down because his reputation takes a hit his popularity uh goes down so you as a trader can make money by buying and selling the ups and downs of speculating on a person’s future popularity okay so then it says state what could you use the coins for um so today it’s just about buy and sell but in the future let’s say that you know right now for example i think craig clemens is my biggest coin holder he has like i don’t know ten fifteen thousand dollars in my coin ryan’s got a right how much of my coin you got worth um i think i bought like three four what can i do to reward the people who own my coins so that more people want to buy my coins so one is a stakeholder meeting so you could basically say okay i’m going to do an ama or a q a for anybody who owns over you know 100 of my coins at whatever so what do you tell them like hey everyone i wanted to give you an update on the next quarter i’m thinking that i’m not going to say anything just because you’re racist but i am going to do that i am going to film someone committing suicide which might make my think you’re like report about your own popularity you’re saying okay for my super fans who want access to me you want more access like let’s say you know like for example our friend andrew wilkinson has done a thing where he says cool buy this expensive thing for charity and you get to do a lunch with me or you get to join this ama’s q a exclusively with me and 25 people who pay the five grand to this all the proceeds go to charity it’s that same idea if people want to do a want to ask you a question or whatever so here’s a simpler version right that’s like you get to attend a private meeting for people who own x amount of my coin the other way is to say look i get a bunch of spam in my inbox every day people email me people dm me and literally this is true there’s so many of those that i don’t respond to 90 of them and unfortunately some of the good ones just get mixed up in all the random junk that people send me so here’s the thing i have an inbox the inbox is a has a contract that basically says anybody who um if you want to message me it costs you five coins um and my coin has a real price so you you you can do that by either having a huge amount of my coin or going and buying some in order to message me and i will respond to everybody who rep who sends me this paid message through this channel right so now i can have an inbox that has a price with it or i can prioritize it based on sort this by my biggest coin holders because those are my vips i want to talk to them first i want to give them replies first another another idea they have uh sponsored posts so i can have an inbox that basically says you can pay me you can you can buy a certain amount of my coin and i’ll retweet your thing um and so it’s just a simple like you don’t need an essential middleman agency to set up like these paid promotion deals it’s just i just set a price or people just bid a price and i just look at it and i say okay i’ll take 100 coins 100 of my own coin for posting this thing i don’t mind i actually like the thing you told me to post and then the last one like there’s an only fans version of this where cool if you have this man if you pay this much coin of my coin per month you get exclusive content the last one is what they call money likes so let’s say uh like let’s reimagine the like button so instead of just being able to smash like on everything let’s say that it costs a tiny amount of coin to like something so for me putting out a good post like let’s say that clubhouse thing i did that went viral today all i got was fame i didn’t make any money off the fact that seven million people saw that thing twitter made money but i didn’t make any money so in this case if i put out great content that goes viral like my my clubhouse thing then every person who’s hitting the like could be basically buying in order like they’re buying a micro amount of my own coin and so i earn for posting good content um in that way and by the by that person buying my coin by hitting like they’re actually sort of investing in in me right because they hit the like let’s say it costs one sean coin to do it they bought one sean coin they hit the like button because they like my content now let’s say i keep getting more popular they still own that coin so our both of us have an incentive to do that those are some of the ideas what do you where i am right now is like it’s there’s one of three things happening one either my iq is just low enough that i can’t keep up with you guys when you discuss this two um i’m just out of touch and like it’s happening where like when my wife started getting a job at facebook her dad was like why do you need it why do they need all these people it’s just a web it’s just a website like am i am i getting am i getting out of touch or three um this is [ ] and i’m right well can i can i give you a simpler use case well right now i’m uh you know i’ve been doing executive coaching i think as you guys know and i’ve been i’m coaching the the founder and ceo of morning brew and i think we should pick austin reef and alex lieberman a morning brew against the sam at the sam par on big cloud i’m i’m going to buy coin in all of them and let’s see who can become the bigger market cap in the next 30 days but i don’t want to do that like i’d wouldn’t it be better if i just spent time in like making money on [ ] that i own in the entirety of but these this is like the i thought these guys are like like your nemesis this is a newsletter war between the hustle and the morning the final i’ve cashed out dude i’ve won like i like like i i have everything i need i’ve i’ve i have i’ve won my game as far as i can tell austin is crushing you on big cloud in terms of his market gap right there he goes now now those competitive juices are starting to flow he’s like i don’t care but if you’re saying he’s crushing me at a game i don’t care about i start to care about the game a little bit no i have the game i care about is my bank account and what time i could wake up in the morning your popul no that’s not my big account what how many houses you’ll be able to cash scenario one these guys never build a way to cash out this whole thing is a scam all the smart people that are involved in it are wrong cool there is a percentage chance that that is true i don’t know what that percentage is might be one percent might be 50 let’s just take that off the table because if that’s true then yeah there’s no discussion it’s stupid and useless if if you’re buying if you can only buy in but never sell out like you know what is this you know robin hood like you can’t you can’t do that so here’s the the other side of it let’s say it is liquid where you can trade some of your coins for actual cash if you want it or bitcoin if you want it um but people are going to be betting on hey this podcast going gonna keep getting more popular sam’s gonna keep getting more popular he’s gonna keep doing more things i’ve seen his twitter account growing he posts awesome content i want to get on on the ground ground floor of sam and they start buying your coin because they want to hold a piece of the sampar popularity like clout score basically and they believe more people are gonna buy it so now more people do start buying it and um your stock goes up your stock goes up because you sold the hustle and then this podcast hits number one on the charts and more people hear about it and then we do some viral thing and then that goes viral you get more popular there now what but shaw do you actually want this do you actually want yes people betting i’ll say something i like about it is i’ve always kind of tried to be an early adopter of certain things right that i was excited and like naturally curious about and i would tell all my friends but i had no way of like riding the wave with the person i was popularizing i would go i’d be like yeah you really should check out this awesome musician and then they would just get really famous and like they would get way richer and in fact i often couldn’t even talk to them anymore because they became too big a deal to even you know return my calls and like i would have liked to have been like on the ride with them like financially that would be really sam i met you before you started the hustle right and i was like this guy’s the [ ] this guy’s you know totally switched on he’s dynamic dude okay if you could if i could have just bought stock in you and not bet on like for example i had the opportunity to invest in the hustle the media company i was like well i don’t know if this is gonna be like this humongous billion dollar company or what i don’t know if this fits my profile whatever i don’t know about media but i was bet i was believing in you the whole time and if i could if i could have just bought sam and owned sam for 25 years that’s something i want to do i think that you are going to become a hitter and you’re already on your way to becoming a hitter and if i could have done that from the beginning or like you know we’ve talked about the founders of calm i was buddies with them early on now calm is so big that i feel guilty even hitting them up to go hang out with them because i’m like ah they just everybody wants their time they’re busy with their you know huge company what am i gonna do i really wanna go hang with them now so you know i’m a fan from afar now but at the time if you said that you could buy alex too and you could buy michael actin smith you could buy their uh their their coins i would i would bet in all my friends coins right i and i do with my time but i don’t ever get to benefit financially from spotting future stars today i uh that was a good speech i think that i’m a little bit uh on board now dude i feel the exact same way there’s so many entrepreneurs including uh the guys at com that i met through summit early on and for whatever reason i didn’t persist in getting didn’t get the ability to invest in their company you know they it was mentioned i i didn’t i didn’t like you know i missed the email a friend of mine heard about it i wasn’t at the right event when they were raising i met him three months earlier whatever now i can actually bet on these people it’s it’s i don’t know well this is one there’s two there’s two huge problems is the fact that you’ve just put tens of thousand dollars on this website and you get you can’t get the damn thing to [ ] turn off right now for this entire podcast this podcast has been on for 45 minutes and it’s it says big big clout is under brief maintenance all funds are safe thank you for your support it’s a black screen with a red text yeah i remember when facebook first came to my college and i was like we were one of the first colleges and i remember like calling it was really fun that this is the first time i felt like that in a long time that’s why i wanted to come on the show and talk about it but there’s two major differences which is you didn’t have money on facebook and two you you knew a little bit about the background and who made it we’re looking at this anonymous thing that isn’t working and you have money on it that’s a little nerve-wracking and also you can’t even get your money back out if you want to by the way sam do you know how many of my like angel investments went to like i had no clue someone was like you should try like this guy said from this person then you should throw 50k and i was like what the least i could do could i do 10k okay cool here’s 10k and you know so over i think now 25 of those or so have gone to zero but a few of them pop so i i’m looking at this like an angel investment right like i’m looking at this as like one in ten but i get it i’ll do it i’ll do it but i’m not gonna like i think that people like youtube need someone to criticize you because like just everything on paper that we’re doing here it’s just like this sounds like a horrible total scam and i think you should be optimistic about it and i’ll definitely dabble in it so here’s the other thing right like let’s let’s say you said something earlier like facebook didn’t have money in it like i think you meant i think what you meant was you didn’t have to put in tons of money to bed and facebook you could just start using the thing and it’s kind of like you know the risk like brian just said that that his uh normal young friends had a quarter of their life savings uh you know yolo so so okay so so here’s the part that i think is exciting and a lot of people have talked about this this is the first attempt that it actually clicked with me and i’m like oh this might actually work so there’s a whole bunch of people that since crypto came out that were like oh my god we need to take the social networks and we need to convert them into crypto networks basically what we need is why don’t like why does facebook and twitter and instagram why do they make all the money and we do all the work we make the content we like each other we put our attention and our time into viewing the content viewing the ads and um advertisers spend all the money and they don’t you know they’re hoping to make a return on the other side but the users who do all the work to on these user-generated content platforms reap only social value no financial value and so a whole bunch of attempts were made people tried to make steemit which was like reddit but like instead of the karma being kind of funny money it was like real money you know type of thing but never took off and uh but the the fundamental always did make sense which was if you did get on a platform early and you were one of the people that helped make it big why don’t you ever get any reward for that if you were one of the first uber drivers first airbnb host first power users on instagram you know like what is it worth for those people that are on clubhouse today that are making content you know freaking 24 7 and trying to make clubhouse successful and they’re they’re not the investor in clubhouse it’s you know andreessen horowitz and like easy and kevin hart and [ ] and so um so easy he’s not an investor but well because he’s dead one thing i love about this that you’re saying is when i got into some of these you know awesome investments like uber i couldn’t share them with anybody i’d call my mom and be like you really um sorry but i i can’t even get you i couldn’t get you in you know and now it’s like i feel excited i wanted to come on the show and like share it with the listeners and like share it with trends because i was like [ ] everybody as soon as i get this password and as soon as the site’s back up like we can all actually we’re like as soon as the site works and as soon as they open it and as soon as withdrawals happen this is totally gonna be sweet but until those three primary fundamentals work this is garbage i say i was rightfully pointing out the obvious i feel like i can rule the world i travel never looking back