MFM: What is Bitclout?

Ryan Begelman

Bigcloud 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, I'm just...

Sam Parr

So, the good news here, guys, is that I signed up for Bitcloud. But I pretty much only signed up because Ryan just called me and said, "I want to talk to you about this sign up." 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... like an idiot.

Shaan Puri

So, let's take a stab at this because it's kind of new and foreign. Most, almost, I would say 99% of the people listening to this are not active on BitClout yet. 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. Here's my simple explanation: **BitClout** is basically like a stock market for people. So, you, me, Ryan, and anybody else each have a little coin, a price where you could buy some of our stock, let's call it. 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 reputation is going to grow. Owning a piece of our limited coin... if I own 10% of your stock, basically, I feel good about that because I think in the next 10 years you're going to be getting even more popular. So, it's a way to bet on people. And that's the...

Sam Parr

which we which we've talked about a lot we love this we've we've we've looked at human

Shaan Puri

Ipos is a bit like what we talked about before, which is: is it for income sharing? Is it for X? Is it for Y? Is it for Z? Right now, it's literally for nothing. The reason this is cool right now is because nobody knows who's behind it. They're kind of being stealthy about it. People know, but nobody has publicly outed who's behind it. I don't know the names of the people behind it, but I know people who know the person. People I trust say they know who it is. Because I asked, they were like, "Yo, I'm buying your coin. Are you going to actually use Bitcoin or not?" I was like, "Well, I don't know. Is this like a scam? It kind of looks scammy to me." They were like, "Yeah, I thought so too because of the secretive way that they're going about it." But actually, I know the founders. They're legit people from the tech scene. They have a reputation in our circles, and a bunch of the big-name tier 1 VCs are involved in it. Now, that doesn't mean it's not going to fail. It doesn't mean something unethical isn't going to happen or that it's going to...

Sam Parr

get hacked

Shaan Puri

Or who knows? Any number of bad things can happen, but it's not a random guy. You know, it's not a Nigerian prince. That's kind of the main thing that I've heard.

Sam Parr

Now, you guys, you're forgetting a major part here, which is if you go to BitClout, it's bitclout.com. You can't actually do it.

Shaan Puri

don't have

Sam Parr

a password it's all you need a password so you guys are forgetting

Shaan Puri

What's the major right now? You have to have this, you know, similar to Clubhouse and Superhuman. This is one of the techniques in Silicon Valley now to build hype and get early adopters to want in: to not let them in and then make it so they can only get in if they have the secret codes. So, okay Ryan, that was my attempt. What would you change about it? How would you describe it differently?

Ryan Begelman

Yeah, no, 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. I called Sam last night and I'm like, "Dude, what the heck are you doing? How are you not on Big Cloud yet? You need to get on here and create your profile." So he goes on, creates his profile, and I put in $2,000 into this app, the Sanpar on Big Cloud. I then watched it overnight, and when I woke up this morning, I had already made like $5,000 or $6,000 off of it.

Shaan Puri

What? And so, yeah. I see. So, Sam, here's the way it works. So, let's, Ryan, let's walk through me and Sam's coin. Can you just pull up... actually, the site's down, which is sort of problematic.

Sam Parr

the site's down

Shaan Puri

So, that's a bit of an issue. It'll come back up, but it's getting hammered with traffic. I think... So, last I saw Ryan, what was my coin trading for? Do you remember my market cap?

Ryan Begelman

I don't... it's so annoying that the site's down because I was hoping to have it ready. But I want to say, you were pretty legit. First off, I just want to say that you were trading at a relatively high number relative to your fame and your Twitter handle. What I've noticed is that people who are known in the crypto world disproportionately are doing well on the platform. For example, I bet yesterday on Chuck Norris because part of my strategy is to buy people who are trading at a cheap number relative to the following they have on Twitter or Instagram. Chuck Norris was trading at around $200, but you know he has a huge following. He's obviously pretty famous, even though he's like a C-list celebrity.

Sam Parr

I don't get any of that

Shaan Puri

well you do

Ryan Begelman

No, so you can set whatever percentage you want to take of the coin that people invest in. The default is 10%. So if I buy like $1,000 worth of Sanpar, I believe the way the math works is you'll take 10% of that in coin. What's cool about that is, as you become more famous, as you build up a reputation, and as you keep your reputation good in the public eye, in theory, your Big Cloud market cap will grow and you'll take 10% of that. Now, what I've seen some people do, who have money like you, Sam, is they set their percentage down to 0 instead of 10%, which is the default. They do this because they don't want to discourage people from buying their coin. Then, they just buy their own coin and bet on themselves, which is something...

Shaan Puri

That’s okay. I saw this a few days ago and I thought, "Oh wow, some people have bought..." like I think somebody had bought $10,000 worth of my coin. Basically, I was trading for almost $2,000 per coin. 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 10% vig you get on every buy or something like that. If I claimed my account, I had $60,000 worth of my coin ready for me. So, the genius of their model is this.

Sam Parr

wait you had 6

Shaan Puri

Different points on my own coin. What I basically got from the way that the site works is this: if I verify my account, here's how it works. This is the genius, the growth half that they have, which is very, very smart. 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 created 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 at 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 brokerage fee that goes to the creator themselves. What this did was, if you're Elon Musk, you're Naval, or on a smaller scale, us, you go on the site and right now it basically says, "Cool, if you log in and verify that you are Sean VP on Twitter, you get to claim your coins." Your coins are sitting there in the account. Last time I checked, this was a few days ago, but before several friends bought my coin, I might have more now. I had a $53,000 bounty just waiting for me. All I had to do was connect it to my Twitter account and tweet out, "Hey, I'm on Big Cloud, you know, come buy my coin," or whatever. If I did, I know I did because at the time I didn't know, "Is this legit? Am I promoting a scam?" So, I went and 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, that's how simple it is. So, think about that mechanism, right?

Ryan Begelman

Now, I have cornered the **Sampar** market. If you look at **Sampar**, I am by far his biggest holder, and I plan to buy more **Sampar** as soon as the site comes back.

Sam Parr

Guys, listen. It wasn't like... I can't tell you what's the red pill, blue pill phrase. What's the pill that you take where your perception is completely changed and you can't go back? Okay, maybe I'm just like a blue pill guy here, but it wasn't that long ago that I was so poor that I would put two pieces of pizza in one Whole Foods box so I could just pay for one. Or I would eat half the food out of my container before I weighed it. It wasn't that long ago that I was that poor, 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, $50,000 in my account." Yeah, does this stuff freak you out? This kind of freaks me out.

Shaan Puri

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 are some of the criticisms. This is where, Sam, your bullshit detector is about to fly around the room. You're about to raise your eyebrows all the way to the moon when you hear this: you could transfer money in and buy coins, but there are no withdrawals right now. You cannot withdraw. So, I can go in and verify; I could claim my $50,000, but I can't put that in my bank account. That's a feature that conveniently is not available and not built yet. Now, they are going to do it. The main thing for them is that they say, "Oh, we're building it. It's not ready yet." In reality, my theory is basically this: if you allow people to immediately come in, grab $100,000, or grab $50,000, if I can come and grab $50,000 and withdraw it out of the system, it's going to kind of crash the network. The whole system kind of fails. There's this theory about one of the reasons Bitcoin is so valuable. The central philosophy of the religious Bitcoin holders is to hold the coin. If you're selling out of it, the price drops. So, what they want right now is for everybody to hold their coins so that the network can get big enough, gain enough strength, and then, once it's bigger and more popular, you can add liquidity and people can trade it. Then it won't just completely crash the system.

Sam Parr

do we just have so much money going around right now that we have to invent

Shaan Puri

Okay, so here's the thing. Let me explain to you because I was also like, "What the hell is this?" Then I was sent the one-pager, and I want to actually read to you guys the one-pager PDF. This might be a little boring to read 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 Bitcloud. I heard a little bit about it, but I haven't had time to look at it. I just had a kid, so I haven't had a chance to go and kick the tires." He was like, "Dude, this is like the most... you, Ryan, you said this right? This is the most addictive thing since early Facebook for you."

Ryan Begelman

The craziest thing is that I've been... all my friends have been up all night. One's in Alaska heli-skiing, another one is in Utah. We're all texting all night, "Hey, who's buying Chuck Norris? Has anyone figured it out?" Like, "Oh, I just 10x'd on Gwyneth Paltrow." A number of my friends, guys who worked for me at Summit, who have maybe $50,000 saved, have put in like a quarter of their net worth. In the last 4 or 5 days, they've 5 to 10x'd their monthly...

Sam Parr

but they can't get anything out

Ryan Begelman

They can't get it out yet, but I contacted the founder of a pretty major crypto hedge fund. He assured me that they bet quite a lot on this and that he's confident there will be a way out. The founder also said that eventually, there will be an exchange where you could sell it. It's just the easiest thing I've...

Shaan Puri

seen to let me give you both

Sam Parr

how do I make sampar the gamestop

Shaan Puri

Yeah, yeah. Well, first of all, Clanget, GameStop is perfect. That's all. You're already memeing yourself, GameStop.

Sam Parr

yeah whatever so

Shaan Puri

Okay, so here's the thing. When we were talking on the phone, Ryan, I was like, "So you're buying my coin? Great! What's the reason? Why would you want my coin? What does that do for you?" 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 would think you're going to get even more popular than the next person who wants to buy it, right? So there's definitely a greater fool theory that underlies this whole thing. The idea 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 from is going to get more popular or BitClout is going to get more popular in reality. Right now, both are going to happen. So I think it's actually a good bet, even if you know going in that this is greater fool theory. 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 why this actually might be a thing long term, and I'm going to read to you from the PDF what they say.

Sam Parr

okay

Shaan Puri

So he says, "Sam, I'm going to read this to you, and you just tell me paragraph by paragraph, is your belief going up or down?"

Sam Parr

where did you find this I just googled bit bitcloud yeah I'll send it to you it's a white paper going

Shaan Puri

where are

Sam Parr

you guys getting this shit

Shaan Puri

Bro, we're connected on the inside. Not connected enough to know who's actually doing this, but connected enough to know the people who know the people. Alright, so Big Cloud is a new type of social network that lets you speculate on people and their posts with real money. It's built on a blockchain. Okay, cool. Then it goes...

Ryan Begelman

it's a

Shaan Puri

Fully open source project. There's no company behind it, just coins and code. So then it says, "Let me skip to the part about creator coins." What are creator coins? Everyone has a coin. Every profile on the platform gets its own coin that you can buy and sell. These are creator coins. You get one; you can have your own creator coins just by creating a profile. They already pre-created a whole bunch of profiles because, you know, I didn't do it, but my creator coin exists. Okay then.

Sam Parr

I had to make mine

Shaan Puri

Then it says you can buy your favorite person's coin to buy someone else's coin. You just go to their profile and click "buy" for the top 15,000 influencers on Twitter. It's preloaded into the platform. Okay, cool. So now, it says "tweet to claim your profile." The owner of a profile can claim their profile by tweeting out their public key. This will give them full access to their account as well as the percentage of their founder rewards. That's what I was talking about—my $50,000 that's sitting there for me. That's my founder reward for claiming my account. Now, the genius of it is that by me tweeting out, I have a big incentive to tweet this out, right? Because I get access to my $50,000. So they're basically kind of like paying me $50,000 to tweet out about Bitcoin. If enough of the bigger influencers tweet this thing out, it’s going to create this enormous hype cycle. Okay, so then it says, "What are creator coins useful for?" This is where it starts to become interesting because there's a new asset class that's tied to the reputation of an individual. For example, let's say Elon Musk succeeds in being the first person to land a person on Mars. His coin price should theoretically go up because he will be world-renowned for it. In contrast, if he makes a racial slur during a press conference, his coin price should go down because his reputation takes a hit and his popularity 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, "What could you use the coins for?" So today, it's just about buying and selling. 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, $10,000 to $15,000 of my coin. Ryan, how much of my coin do you have? What?

Ryan Begelman

I think I bought like 3 $4,000 right

Shaan Puri

$4,000. So, what can I do to reward the people who own my coins so that more people want to buy my coins? One idea is a stakeholder meeting. You could basically say, "Okay, I'm going to do an AMA (Ask Me Anything) or a Q&A for anybody who owns over, you know, 100 of my coins."

Sam Parr

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

Shaan Puri

gonna say

Ryan Begelman

anything of sex is a racist

Sam Parr

but I am gonna do the I am gonna film someone committing suicide which might make my thing

Shaan Puri

like logan paul shit 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 it's q and a exclusively with me and 25 people who pay the $5 today so 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 if you wanna message me it costs you 5 coins and my coin has a real price so you you you can do that by either having a huge amount of coin or going and buying some in order to message me and I will respond to everybody who 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 wanna talk to them first I wanna give them replies first another another idea they have sponsored posts so I can have an inbox that basically says you can pay me you could you could buy a certain amount of my coin and I'll retweet your thing and so it's it's just a simple like you don't need an a central a 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 I'll take a 100 coins a 100 of my own coin for posting this thing I don't mind I actually like the thing you you told me to post and then the last one like there's an onlyfans version of this where cool if you have this 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 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 7,000,000 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 to like they're buying a micro amount of my own coin and so I earn for posting good content 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 1 sean coin to do it they bought 1 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 are both of us have a incentive to do that those are some of the ideas what do you think

Sam Parr

Where I am right now is like... there are one of three things happening. 1. Either my IQ is just low enough that I can't keep up with you guys when you discuss this. 2. I'm just out of touch, and 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." 3. Or this is bullshit, and I'm right.

Ryan Begelman

Well, can I give you a simpler use case? Right now, I've been doing executive coaching, as you guys know. I'm coaching the founder and CEO of Morning Brew. I think we should pit Austin Reif and Alex Lieberman of Morning Brew against each other at the same time on Big Cloud. I am going to buy coin in all of them, and let's see who can become the bigger market cap in the next 30 days.

Sam Parr

But I don't want to do that. Like, wouldn't it be better if I just spent time making money on things that I own in their entirety?

Ryan Begelman

But these... this is like, I thought these guys were like your nemeses. This is a newsletter war between The Hustle and The Morning. This is the final.

Sam Parr

I've cashed out, dude. I've won! Like, I have everything I need. I've won my game.

Ryan Begelman

As far as I could tell, Austin is crushing you on Big Cloud in terms of his market cap. There you go! I love to see that.

Shaan Puri

Now, now, now this competitive juice is 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.

Sam Parr

no I the game I care about is my bank account and what time

Ryan Begelman

I could wake up in the morning and what

Sam Parr

I could do is my day

Shaan Puri

your pop

Sam Parr

no that's not my bank account what how many houses

Shaan Puri

do you have by 1 your coin right

Sam Parr

yeah you're gonna will I alright listen will I be able to catch this up

Shaan Puri

Say there's scenario one: these guys never build a way to cash out. This whole thing is a scam, and 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; it might be 1%, it 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 you can only buy in but never sell out, like, you know, what is this? You know, Robinhood? You can't do that. So here's 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. But people are going to be betting on, "Hey, this podcast is going to keep getting more popular. Sam's going to keep getting more popular. He's going to keep doing more things." I've seen his Twitter account growing; he posts awesome content. I want to get in on the ground floor of Sam, and they start buying your coin because they want to hold a piece of the Sampar popularity—like a clout score, basically. They believe more people are going to buy it, so now more people do start buying it, and your stock goes up. Your stock goes up because you sold the hustle, and then this podcast hits number one in the charts. More people hear about it, and then we do some viral thing, and then that goes viral. You get more popular. There. Now what?

Sam Parr

ashad do you actually want this yes do you actually want

Shaan Puri

these people betting in here want

Ryan Begelman

No, no. I'll tell you something I like about it. I've always kind of tried to be an early adopter of certain things, right? Things that I was excited and naturally curious about. I would tell all my friends, but I had no way of riding the wave with the person I was popularizing. I would go and say, "Hey, you really should check out this awesome musician." Then they would just get really famous and become way richer. In fact, I often couldn't even talk to them anymore because they became too big a deal to even return my calls. I would have liked to have been on the ride with them financially. That would be really exciting.

Shaan Puri

Sam, I met you before you started The Hustle, right? I was like, "This guy's the shit! This guy's totally switched on. He's a dynamic dude." Okay, 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 $1,000,000,000 company or what. I don't know if this fits my profile or whatever. I don't know about media." But I was believing in you the whole time. If I could have just bought Sam and owned Sam for 25 years, that's something I want to do. I think you are going to become a hitter, and you're already on your way to becoming a hitter. If I could have done that from the beginning... 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, "Oh, they just... everybody wants their time. They're busy with their huge company. What am I gonna do? Do I really want to 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 Acton Smith, you could buy their coins, I would bet on all my friends' coins, right? I do with my time, but I don't ever get to benefit financially from spotting future stars today.

Sam Parr

I think that was a good speech. I'm a little bit on board now.

Ryan Begelman

Dude, I feel the exact same way. There are so many entrepreneurs, including the guys at Calm, that I met through Summit early on. For whatever reason, I didn't persist and didn't get the ability to invest in their company. You know, it was mentioned, but I missed the email. A friend of mine heard about it, and I wasn't at the right event when they were raising. I met them three months earlier, whatever. Now I can actually bet on these people. It's... I don't know. Well, this is why I'm...

Sam Parr

There are two huge problems. The fact that you've just put tens of thousands of dollars on this website, and you can't get the damn thing to turn on. Right now, this entire podcast has been on for 45 minutes, and it says "Big Clout is under brief maintenance. All funds are safe."

Shaan Puri

Thank you for your support. The screen has red text that looks like Arial, size 14 font.

Sam Parr

yes it looks like a terrorist or or kidnapping

Ryan Begelman

I remember when Facebook first came to my college. We were one of the first colleges to have it. I remember calling you, and it was really fun. This is the first time I've felt like that in a long time. That's why I wanted to come on the show and talk about it.

Sam Parr

But there are two major differences. First, you didn't have money on Facebook. Second, 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. Also, you can't even get your money back out if you wanted to.

Ryan Begelman

Sam, do you know how many of my angel investments I've made? I had no clue. Someone was like, "You should try this." This guy said from this person that I should throw $50,000 into this thing. I was like, "What's the least I could do? Could I do $10,000?" Okay, cool, here's $10,000. So, over time, I think now about 25 of those have gone to zero, but a few of them have popped. I'm looking at this like an angel investment, right? I'm viewing it as like 1 in 10, but I get it.

Sam Parr

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 just sounds like a horrible total scam. I think you should be optimistic about it, and I'll definitely dabble in it.

Shaan Puri

So, okay, here's the other thing. Right? Like, let's say you said something earlier, like "Facebook didn't have money in it." I think what you meant was you didn't have to put in tons of money to bet on Facebook. You could just start using the thing, and it's kind of like, you know, low risk.

Sam Parr

Like Brian just said, his normal young friends have a quarter of their life savings.

Shaan Puri

but you know yolo so

Ryan Begelman

I yolo

Shaan Puri

So, okay, here’s the part that I think is exciting. A lot of people have talked about this, and this is the first attempt that actually clicked with me. I'm like, "Oh, this might actually work." There are a whole bunch of people who, since crypto came out, have been saying, "Oh my God, we need to take the social networks and convert them into crypto networks." Basically, what we need is to ask: why do Facebook, Twitter, and Instagram make all the money while we do all the work? We create the content, we engage with each other, and we put our attention and time into viewing the content and the ads. Advertisers spend all the money, hoping to make a return on the other side. But the users, who do all the work on these user-generated content platforms, reap only social value, not financial value. A whole bunch of attempts were made. People tried to create Steemit, which was like Reddit, but instead of karma being kind of funny money, it was real money. However, it never took off. The fundamental idea always made sense: if you got on a platform early and helped make it big, why don’t you ever get any reward for that? If you were one of the first Uber drivers, the first Airbnb host, or the first power users on Instagram, what is it worth for those people who are on Clubhouse today, making content 24/7 and trying to make Clubhouse successful? They’re not the investors in Clubhouse; it’s people like Andreessen Horowitz, Eazy-E, and Kevin Hart.

Sam Parr

eazy e is not an investor but we'll we'll e4 cross sell

Ryan Begelman

by the way yeah I I

Sam Parr

because he's because he's dead

Ryan Begelman

One thing I love about what you're saying is that when I got into some of these awesome investments, like Uber, I couldn't share them with anybody. I'd call my mom and be like, "You were... oh man, sorry! I mean, I can't even get you in." Now, it's like I feel excited. I wanted to come on the show and share it with the listeners and share it with trends because I was like, "Shit! As soon as I get this password and as soon as the site's back up, we can all actually..." We're like, as...

Shaan Puri

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, as Sam is rightfully pointing out the obvious.