Creating a Perfect Market

This episode is brought to you by:

Tegus. Tegus has built the most extensive primary information platform available for investors. With Tegus, you can learn everything you’d want to know about a company in an on-demand digital platform. Investors share their expert calls, allowing others to instantly access more than 20,000 calls on Affirm, Teladoc, Roblox, or almost any company of interest. All you have to do is log in. Visit tegus.co/patrick to learn more.

Hall Capital Partners. Hall Capital is always looking for exceptional investment talent at any stage and size, so if you are raising capital or looking for a career change in the San Francisco or New York areas, you should check them out at hallcapital.com or e-mail at invest@hallcapital.com. 

[00:03:57] - [First question] - What motivates him and what the true north of his vision is

[00:07:12] - Evaluating the impact of well-functioning markets and philanthropic spending

[00:11:55] - The key functions and building blocks of a perfect market

[00:14:59] - Who pays 50 million to have access to fiat market order books

[00:21:49] - What is valuable about having access to order book data

[00:25:41] - Assessing and understanding the state of fairness in crypto markets today

[00:31:51] - Can crypto only move as fast as the fiat system keeps up

[00:32:43] - The advantages and disadvantages of stablecoins and USDT

[00:34:46] - How much fiat inflow there is into crypto markets and exchanges today 

[00:37:36] - What it is about cryptocurrency exchanges that are so appealing to him 

[00:42:21] - Building in a dynamic world and deciding the sequence of problems to solve

[00:45:12] - Whether or not the US is on the wrong side of crypto and countries competing for healthy regulatory environments in this emerging asset class

[00:47:25] - Thoughts on centralization and what being decentralized unlocks

[00:50:22] - Why derivatives are such a key function of properly functioning markets

[00:52:38] - The competitive landscape between derivatives and exchanges

[00:54:35] - Spending marketing dollars and paid acquisitions for FTX

[00:57:30] - The growing trend of user-generated content becoming user-generated assets 

[01:02:24] - How many layer one blockchains we’ll need and the competition for dominance

[01:05:18] - Thoughts on Bitcoin as the pioneer of the space and how relevant it still is

[01:06:26] - Possibly reaching a state where everything happens on-chain

[01:08:23] - What he means when he says he has more RAM than hard drive space

[01:09:39] - Amassing wealth insanely fast and whether or not it affects him

[01:10:26] - Important things to consider in this rapidly growing space

[01:12:02] - A decision he made while respecting the power laws that govern us

[01:13:10] - The kindest thing anyone has ever done for him