WEBVTT - Jack Dorsey Talks AI, Bitcoin & The Future of Decentralization

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<v Speaker 1>This episode is brought to you by P and C Bank.

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<v Speaker 2>What technologies do you think people are kind of sleeping

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<v Speaker 2>on right now that will potentially change the world in

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<v Speaker 2>the next five to ten years.

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<v Speaker 3>I don't know if they're sleeping on them, but I

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<v Speaker 3>think people are hesitant with AI back to the first

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<v Speaker 3>part of our conversation, like, I think people or hesitant

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<v Speaker 3>because they're afraid of it replacing their work or what

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<v Speaker 3>they're trying to build. And I think that mindset is

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<v Speaker 3>going to end up doing that in fact, and if

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<v Speaker 3>again if you instead see it as a foundation that

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<v Speaker 3>we can stand on and that it's something that enables

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<v Speaker 3>you to do even more with less and it gives

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<v Speaker 3>you time back, then it's a tool like anything else.

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<v Speaker 3>And I think that's I think that's the scary thing

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<v Speaker 3>right now, and I think people are letting the fear

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<v Speaker 3>keep them from experimenting with it and keep them from

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<v Speaker 3>just trying it and having more of a closed mind.

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<v Speaker 3>So I think it's really important with any new technology

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<v Speaker 3>to try it for yourself. Don't trust what you read

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<v Speaker 3>from others, don't trust other opinions on it, form your

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<v Speaker 3>own opinion on your experience, and you have to dive

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<v Speaker 3>into it and trust yourself to learn from that experience.

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<v Speaker 3>It might be challenging, it might be frustrating, Well who cares.

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<v Speaker 3>You're going to learn no matter what, and you could

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<v Speaker 3>you'll build that learning into into something else that will

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<v Speaker 3>be useful for yourself, for your business. There's a there's

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<v Speaker 3>a mantra within the bitcoin certcles which is don't trust verify,

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<v Speaker 3>And what that really means is like, let your experience

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<v Speaker 3>be the guide of everything. Make your own decisions, form

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<v Speaker 3>your own opinions, because you're going to get thousands of

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<v Speaker 3>other ones from other people, but the one true one

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<v Speaker 3>is what you what resonates with you after you experience

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<v Speaker 3>it yourself, and these tools are available to you, and

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<v Speaker 3>you know you'll be able to understand like if if

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<v Speaker 3>they actually enable you, or how they diminish you in

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<v Speaker 3>any way, and you can overcome them. It's a decision. Jack.

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<v Speaker 2>You've been an advocate obviously for bigcoin, but you've talked

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<v Speaker 2>around as to topic of decentralization, and over the past

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<v Speaker 2>ten years we've seen more institutions come into the space

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<v Speaker 2>more and more. I wonder, you know, a few years

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<v Speaker 2>ago Web three was the big talk.

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<v Speaker 1>What are your thoughts on.

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<v Speaker 2>Decentralization now and how far away are we or how

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<v Speaker 2>soon will we see it come to fruition from your

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<v Speaker 2>early talks.

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<v Speaker 3>Well, first, like with any of these technologies like Web three, AI, Bitcoin,

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<v Speaker 3>like all these things that we're talking about, Web two,

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<v Speaker 3>like whatever it was in the past, there's always going

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<v Speaker 3>to be this like massive hype cycle, and it's going

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<v Speaker 3>to be easy to get into that sect and into

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<v Speaker 3>that hype without really understanding the fundamentals. So again this

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<v Speaker 3>goes back to like touching ground and experiencing yourself, does

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<v Speaker 3>this actually bring value to you? Or is someone trying

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<v Speaker 3>to sell you something that's just repackaged but the same thing.

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<v Speaker 3>And I saw a lot of Web three ultimately as

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<v Speaker 3>repackaging of the same thing. And what I mean by

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<v Speaker 3>that is like I saw a lot of vcs who

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<v Speaker 3>were using it as a way to rebrand something that

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<v Speaker 3>already existed or was still somewhat centralized and wasn't really

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<v Speaker 3>solving the problem. And it was it was just frustrating. See,

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<v Speaker 3>but I realized that with every technology, technology, every new

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<v Speaker 3>technology that really comes up, always has a hype cycle.

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<v Speaker 3>So it's really up to you all and to us

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<v Speaker 3>to like understand, like again, does this actually give me

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<v Speaker 3>time back? Does this actually add value to what I'm doing?

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<v Speaker 3>Does it add value to my customers or not? And

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<v Speaker 3>if it doesn't, it's okay to ignore it because it'll

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<v Speaker 3>go away or it'll settle into something that does. I

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<v Speaker 3>would say that the early Internet, for those of you

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<v Speaker 3>who were on it, it was amazing. It was like

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<v Speaker 3>you know, this wild wild West of like frontier of

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<v Speaker 3>like everything was new and everything was decentralized. There was Usenet,

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<v Speaker 3>there was IRC, there was go, there was a web,

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<v Speaker 3>there were no centralizing forces, and then all of that

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<v Speaker 3>disappeared in like five years because of a few companies

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<v Speaker 3>building something that was convenient to people, which was like,

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<v Speaker 3>how do I find things on the Internet? And you

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<v Speaker 3>had Alta Vista and you had Deja News, and you

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<v Speaker 3>had Google, and you had Facebook and you had Twitter.

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<v Speaker 3>These centralized the discovery mechanism of the Internet, so you

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<v Speaker 3>went to one place to find all this incredible content.

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<v Speaker 3>But the problem was the content lived on the services

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<v Speaker 3>as well, so you had the discovery and the creation

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<v Speaker 3>and also the API all owned by one company, and

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<v Speaker 3>that to me is wrong. It's wrong for the company

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<v Speaker 3>because it puts a ton of pressure on them and

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<v Speaker 3>it's wrong for the customer because the company actually owned

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<v Speaker 3>your data and they owned your identity. And you've all

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<v Speaker 3>experienced this if you're trying to move your data to

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<v Speaker 3>another thing or you have to resign up or whatnot.

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<v Speaker 3>That's not how things should exist. So now we find

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<v Speaker 3>we finally have technology to enable data portability and moving

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<v Speaker 3>your identity around with it without a company owning it.

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<v Speaker 3>But it's not accessible right now, it's not well designed,

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<v Speaker 3>but it's just work and it's an opportunity for some

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<v Speaker 3>businesses as well for those of you who are still

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<v Speaker 3>looking for some opportunities. It's a way to you know,

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<v Speaker 3>it's something that needs to be figured out more so

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<v Speaker 3>I'd say we're still pretty early with it, but at

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<v Speaker 3>the same time, there's never been more energy around it.

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<v Speaker 3>And the thing that worries me the most is the

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<v Speaker 3>most centralized of these services that we become more dependent

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<v Speaker 3>upon is AI. We have five or six companies that

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<v Speaker 3>are building very centralized services that are you go to,

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<v Speaker 3>you sign up to, you pay for, and the CEOs

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<v Speaker 3>that these companies can change the intelligences, they can change

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<v Speaker 3>the algorithms, they can literally decide based on a question

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<v Speaker 3>you have, how it's going to answer. And you've seen

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<v Speaker 3>this play out obviously in oppress. Thankfully we have open

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<v Speaker 3>source models, and thankfully we have people who are pushing

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<v Speaker 3>that more and more, and like we have again a

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<v Speaker 3>third horse in the race, which is completely open and

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<v Speaker 3>owned by the people. But we need to desire it,

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<v Speaker 3>we need to want it, and we need to ultimately

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<v Speaker 3>use it to not become dependent upon five companies or

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<v Speaker 3>just one company for this really important technology, which is

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<v Speaker 3>effectively intelligence. We've seen it with social media, We've seen

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<v Speaker 3>it with intelligence, We've seen it with with a number

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<v Speaker 3>of other things on the internet discovery. Now we need

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<v Speaker 3>to make sure that, like all these things can be

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<v Speaker 3>open source and they can be decentralized and and really

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<v Speaker 3>usable by any business earners.

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