Latest / Earn Your Leisure / Jack Dorsey Talks AI, Bitcoin & The Future of Decentralization

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Jack Dorsey Talks AI, Bitcoin & The Future of Decentralization · Earn Your Leisure

• 0:01
  Speaker 1: This episode is brought to you by P and C Bank.
• 0:03
  Speaker 1: A lot of people think podcasts about work are boring,
• 0:06
  Speaker 1: and sure they definitely can be, but understanding a professionals
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  Speaker 1: decisions with your bank, but keeping your money boring is
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  Speaker 1: what helps you live or more happily fulfilled life. P
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  Speaker 1: and C Bank Brilliantly Boring since eighteen sixty five. Brilliantly
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  Speaker 1: the PNC Financial Service Group, Inc. P and C Bank
• 0:39
  Speaker 1: National Association Member FDIC.
• 0:43
  Speaker 2: What technologies do you think people are kind of sleeping
• 0:47
  Speaker 2: on right now that will potentially change the world in
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  Speaker 2: the next five to ten years.
• 0:53
  Speaker 3: I don't know if they're sleeping on them, but I
• 0:54
  Speaker 3: think people are hesitant with AI back to the first
• 0:58
  Speaker 3: part of our conversation, like, I think people or hesitant
• 1:00
  Speaker 3: because they're afraid of it replacing their work or what
• 1:08
  Speaker 3: they're trying to build. And I think that mindset is
• 1:13
  Speaker 3: going to end up doing that in fact, and if
• 1:17
  Speaker 3: again if you instead see it as a foundation that
• 1:20
  Speaker 3: we can stand on and that it's something that enables
• 1:24
  Speaker 3: you to do even more with less and it gives
• 1:27
  Speaker 3: you time back, then it's a tool like anything else.
• 1:32
  Speaker 3: And I think that's I think that's the scary thing
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  Speaker 3: right now, and I think people are letting the fear
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  Speaker 3: keep them from experimenting with it and keep them from
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  Speaker 3: just trying it and having more of a closed mind.
• 1:49
  Speaker 3: So I think it's really important with any new technology
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  Speaker 3: to try it for yourself. Don't trust what you read
• 1:56
  Speaker 3: from others, don't trust other opinions on it, form your
• 2:01
  Speaker 3: own opinion on your experience, and you have to dive
• 2:05
  Speaker 3: into it and trust yourself to learn from that experience.
• 2:08
  Speaker 3: It might be challenging, it might be frustrating, Well who cares.
• 2:11
  Speaker 3: You're going to learn no matter what, and you could
• 2:12
  Speaker 3: you'll build that learning into into something else that will
• 2:15
  Speaker 3: be useful for yourself, for your business. There's a there's
• 2:18
  Speaker 3: a mantra within the bitcoin certcles which is don't trust verify,
• 2:24
  Speaker 3: And what that really means is like, let your experience
• 2:27
  Speaker 3: be the guide of everything. Make your own decisions, form
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  Speaker 3: your own opinions, because you're going to get thousands of
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  Speaker 3: other ones from other people, but the one true one
• 2:35
  Speaker 3: is what you what resonates with you after you experience
• 2:38
  Speaker 3: it yourself, and these tools are available to you, and
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  Speaker 3: you know you'll be able to understand like if if
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  Speaker 3: they actually enable you, or how they diminish you in
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  Speaker 3: any way, and you can overcome them. It's a decision. Jack.
• 2:55
  Speaker 2: You've been an advocate obviously for bigcoin, but you've talked
• 2:59
  Speaker 2: around as to topic of decentralization, and over the past
• 3:03
  Speaker 2: ten years we've seen more institutions come into the space
• 3:06
  Speaker 2: more and more. I wonder, you know, a few years
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  Speaker 2: ago Web three was the big talk.
• 3:12
  Speaker 1: What are your thoughts on.
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  Speaker 2: Decentralization now and how far away are we or how
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  Speaker 2: soon will we see it come to fruition from your
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  Speaker 2: early talks.
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  Speaker 3: Well, first, like with any of these technologies like Web three, AI, Bitcoin,
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  Speaker 3: like all these things that we're talking about, Web two,
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  Speaker 3: like whatever it was in the past, there's always going
• 3:33
  Speaker 3: to be this like massive hype cycle, and it's going
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  Speaker 3: to be easy to get into that sect and into
• 3:39
  Speaker 3: that hype without really understanding the fundamentals. So again this
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  Speaker 3: goes back to like touching ground and experiencing yourself, does
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  Speaker 3: this actually bring value to you? Or is someone trying
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  Speaker 3: to sell you something that's just repackaged but the same thing.
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  Speaker 3: And I saw a lot of Web three ultimately as
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  Speaker 3: repackaging of the same thing. And what I mean by
• 4:00
  Speaker 3: that is like I saw a lot of vcs who
• 4:03
  Speaker 3: were using it as a way to rebrand something that
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  Speaker 3: already existed or was still somewhat centralized and wasn't really
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  Speaker 3: solving the problem. And it was it was just frustrating. See,
• 4:16
  Speaker 3: but I realized that with every technology, technology, every new
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  Speaker 3: technology that really comes up, always has a hype cycle.
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  Speaker 3: So it's really up to you all and to us
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  Speaker 3: to like understand, like again, does this actually give me
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  Speaker 3: time back? Does this actually add value to what I'm doing?
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  Speaker 3: Does it add value to my customers or not? And
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  Speaker 3: if it doesn't, it's okay to ignore it because it'll
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  Speaker 3: go away or it'll settle into something that does. I
• 4:43
  Speaker 3: would say that the early Internet, for those of you
• 4:46
  Speaker 3: who were on it, it was amazing. It was like
• 4:49
  Speaker 3: you know, this wild wild West of like frontier of
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  Speaker 3: like everything was new and everything was decentralized. There was Usenet,
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  Speaker 3: there was IRC, there was go, there was a web,
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  Speaker 3: there were no centralizing forces, and then all of that
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  Speaker 3: disappeared in like five years because of a few companies
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  Speaker 3: building something that was convenient to people, which was like,
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  Speaker 3: how do I find things on the Internet? And you
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  Speaker 3: had Alta Vista and you had Deja News, and you
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  Speaker 3: had Google, and you had Facebook and you had Twitter.
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  Speaker 3: These centralized the discovery mechanism of the Internet, so you
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  Speaker 3: went to one place to find all this incredible content.
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  Speaker 3: But the problem was the content lived on the services
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  Speaker 3: as well, so you had the discovery and the creation
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  Speaker 3: and also the API all owned by one company, and
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  Speaker 3: that to me is wrong. It's wrong for the company
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  Speaker 3: because it puts a ton of pressure on them and
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  Speaker 3: it's wrong for the customer because the company actually owned
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  Speaker 3: your data and they owned your identity. And you've all
• 6:01
  Speaker 3: experienced this if you're trying to move your data to
• 6:03
  Speaker 3: another thing or you have to resign up or whatnot.
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  Speaker 3: That's not how things should exist. So now we find
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  Speaker 3: we finally have technology to enable data portability and moving
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  Speaker 3: your identity around with it without a company owning it.
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  Speaker 3: But it's not accessible right now, it's not well designed,
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  Speaker 3: but it's just work and it's an opportunity for some
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  Speaker 3: businesses as well for those of you who are still
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  Speaker 3: looking for some opportunities. It's a way to you know,
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  Speaker 3: it's something that needs to be figured out more so
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  Speaker 3: I'd say we're still pretty early with it, but at
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  Speaker 3: the same time, there's never been more energy around it.
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  Speaker 3: And the thing that worries me the most is the
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  Speaker 3: most centralized of these services that we become more dependent
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  Speaker 3: upon is AI. We have five or six companies that
• 6:50
  Speaker 3: are building very centralized services that are you go to,
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  Speaker 3: you sign up to, you pay for, and the CEOs
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  Speaker 3: that these companies can change the intelligences, they can change
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  Speaker 3: the algorithms, they can literally decide based on a question
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  Speaker 3: you have, how it's going to answer. And you've seen
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  Speaker 3: this play out obviously in oppress. Thankfully we have open
• 7:14
  Speaker 3: source models, and thankfully we have people who are pushing
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  Speaker 3: that more and more, and like we have again a
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  Speaker 3: third horse in the race, which is completely open and
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  Speaker 3: owned by the people. But we need to desire it,
• 7:31
  Speaker 3: we need to want it, and we need to ultimately
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  Speaker 3: use it to not become dependent upon five companies or
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  Speaker 3: just one company for this really important technology, which is
• 7:41
  Speaker 3: effectively intelligence. We've seen it with social media, We've seen
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  Speaker 3: it with intelligence, We've seen it with with a number
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  Speaker 3: of other things on the internet discovery. Now we need
• 7:54
  Speaker 3: to make sure that, like all these things can be
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  Speaker 3: open source and they can be decentralized and and really
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  Speaker 3: usable by any business earners.
• 8:02
  Speaker 1: What's up?
• 8:03
  Speaker 2: You ever walk into a small business and everything just
• 8:05
  Speaker 2: works like the checkout is fast, their seats are digital,
• 8:09
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• 8:12
  Speaker 2: the line even builds odds are they're using Square. We
• 8:17
  Speaker 2: love supporting businesses that run on Square because it just
• 8:19
  Speaker 2: feels seamless. Whether it's a local coffee shop, a vendor
• 8:22
  Speaker 2: at a pop up market, or even one.
• 8:24
  Speaker 1: Of our merch partners. Square makes it easy for them
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  Speaker 1: to take payments, manage inventory, and run their business with confidence,
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  Speaker 1: all from one simple system. One of the things we
• 8:35
  Speaker 1: love most is seeing neighborhood businesses level up.
• 8:38
  Speaker 2: Business West Indian spired writing our community that started with
• 8:41
  Speaker 2: a small takeout counter.
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  Speaker 1: Now with Square they've been able to expand into a
• 8:45
  Speaker 1: full sit down restaurant and even started catering events across
• 8:49
  Speaker 1: the city.
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  Speaker 2: That's the kind of growth that inspires us, and it's
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  Speaker 2: powered by Square.
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  Speaker 1: Square is built for all types of businesses, from the
• 8:57
  Speaker 1: corner bagel shop that turned into a local chain, to
• 9:00
  Speaker 1: the specialty market with thousands of unique items, to the
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  Speaker 1: stylist who's been holding you down for years.
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• 9:09
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• 9:22
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