James and Tim Solve the Student Loan Debt Crisis and Make a Billion Dollars

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[00:00:46] Okay.

[00:00:56] Tim Collins and I solved basically the main problems of the world on this episode with

[00:01:03] what I think is a great business idea, solves all the problems of student loan debt, solves

[00:01:09] really any kind of debt might solve inflation.

[00:01:12] I'd love to know what you think of it.

[00:01:15] And also we have a call for participants in this episode.

[00:01:21] So here we go.

[00:01:23] The ultimate business idea that solves every problem in the world.

[00:01:43] Tim, let me ask you a question.

[00:01:48] With these runes, Ben was saying they make, you can make a meme coin like Dogecoin with

[00:01:53] these I guess on the Bitcoin blockchain with these runes.

[00:01:57] Right now I can make a meme coin in seconds using Solana for instance.

[00:02:00] You could go to pump.fun and spin one up quickly and throw it out there and hope

[00:02:07] that you hit the bonding curve and you get funding and you hit the $70,000 market cap

[00:02:13] that you need to launch and go at it.

[00:02:15] Of course it might take you 15 or 20 or 30 tries to make that happen.

[00:02:21] And chances are it's going to be liquidated as quickly as you make it.

[00:02:25] So yeah, you can.

[00:02:26] What do you mean liquidated?

[00:02:29] Basically everybody that went in the bonding curve that gave you the money ends up

[00:02:33] selling their tokens as quickly as possible on any pump, if you will, or any push higher

[00:02:38] in value and look to get out.

[00:02:40] I mean, I follow that stuff every day and I just watch them in 15 minutes go up and

[00:02:45] down and straight back to zero.

[00:02:47] So like an example is Dogecoin is a meme coin.

[00:02:50] So it's a coin that really has no value, no utility.

[00:02:54] There's no use case for it.

[00:02:55] Oh, you can buy a Tesla with it remember?

[00:02:57] Right.

[00:02:58] Well, that's just it.

[00:02:59] Oh, like because Elon Musk has sort of blessed Dogecoin and ended up having value.

[00:03:03] Like did the founders of Dogecoin make like a billion dollars each?

[00:03:07] I have no idea how much they made, but usually on founders, you know, you're keeping some

[00:03:12] back for the team.

[00:03:14] You know, you're going to burn whatever you burn out of your, you're going to burn

[00:03:17] your LP or you're going to vest it.

[00:03:20] And most of the earlier guys, they vest it as opposed to burn, which is a much

[00:03:24] better way to go because then you can sell the future instead of just destroying.

[00:03:30] But with meme coins, I mean, meme coins, the same thing.

[00:03:34] All the value comes down to cultural value, you know,

[00:03:38] so that kind of social value,

[00:03:41] comedic value.

[00:03:42] Come on, you should understand that as a comedian.

[00:03:46] But with ruins, the difference is like BRC 20s aren't nearly as efficient

[00:03:51] and it becomes clunky.

[00:03:53] They take space, they're more expensive

[00:03:57] overall to be in existence.

[00:04:00] Ruins is is using the same UTXO.

[00:04:04] And again, this is a little bit about my technical knowledge, but

[00:04:07] it's using the same idea as what we saw on Ordinals, where there's this

[00:04:12] discovery of, hey, you can you can create tokens out of this.

[00:04:16] And not only can you create tokens in a single transaction,

[00:04:20] you can include multiple trends that you can include multiple tokens

[00:04:24] and you can define how many tokens of the James coin I want on this

[00:04:29] and the Tim coin and the J coin and the Ben coin.

[00:04:32] And I can put these all on there together or I can have them individualized

[00:04:36] and I can send a portion of the coins or I can send a lot.

[00:04:40] There is there's going to be a learning curve on this, though,

[00:04:42] because if you do do something wrong at the beginning, when you're setting

[00:04:46] it up, poof, it's just gone and there's no getting it back.

[00:04:50] Whereas with other coins, if when you're creating them, if you make a mistake,

[00:04:54] you get a failed transaction.

[00:04:56] In this case, your failed transaction means it just goes away.

[00:04:59] It's gone.

[00:04:59] And it's like, hey, thanks.

[00:05:00] Thanks for trying.

[00:05:01] But there's no coin now.

[00:05:03] Were you telling me I think it was you who was telling me about some

[00:05:06] investor that you had worked with on some project where it was

[00:05:10] basically a kid who had made $30 million on some meme coin.

[00:05:13] So yeah, there was it was actually a venture capitalist.

[00:05:18] And it was a teenager that that made it almost $35 million.

[00:05:23] And that was back during a little bit more during the ICO boom

[00:05:26] and into the meme coins.

[00:05:28] I mean, just recently, I've seen people that I know that I've met once

[00:05:33] or twice in real life that have been really good about posting

[00:05:36] their trades online.

[00:05:39] And it was the M4 coin that came out and that had been linked

[00:05:45] to a prior NFT project.

[00:05:48] And they actually did a really, really unique drop in that

[00:05:51] everybody that had been involved in NFT projects received some of the token.

[00:05:57] Well, the token took off and went from virtually, you know,

[00:05:59] starting at zero up to I want to say 18 or $20.

[00:06:05] And there were people that jumped in it when it first came out.

[00:06:09] And the market cap was virtually nothing in the market cap.

[00:06:11] I think peaked around 35 million at the time when it first came out.

[00:06:17] And they bought into it with the market cap was $50,000 or $20,000.

[00:06:21] You know, guys that turned $500 and $700 into hundreds of thousands

[00:06:27] of dollars in hours.

[00:06:31] And we've seen that happen.

[00:06:32] And I think you're going to see some of those opportunities again

[00:06:36] come up in ruins, especially the fact that this is going to be so new.

[00:06:41] One, I'm telling you, there's going to be mistakes.

[00:06:43] You're going to see hundreds of thousands of dollars

[00:06:46] and at some point just lost because somebody codes it wrong.

[00:06:51] I'm telling you, it's going to happen.

[00:06:53] Whether it makes public knowledge, I don't know, but it will make its way

[00:06:58] around the community at some point.

[00:06:59] And we actually saw that happen with an Ethereum contract on an NFT

[00:07:03] where they coded it wrong and locked up tens of millions of dollars.

[00:07:09] And it was locked in the contract.

[00:07:11] It was in an infinite loop and nobody's ever gotten that money.

[00:07:14] It's gone.

[00:07:16] You know, that's something like that's going to happen again in ruins.

[00:07:21] But ruins are going to make alt coins, mean coins, and yeah,

[00:07:25] the terminology shit coins great again on the Bitcoin blockchain.

[00:07:31] I mean, that one that had $35 million in value, was there any utility

[00:07:35] to it at all?

[00:07:36] Like, was there any use for it?

[00:07:38] No, there hasn't been anything specifically stated.

[00:07:41] It was linked to a very, very popular Twitter founder who goes by Satoshi on Twitter.

[00:07:52] And that community was, you know, it's a top 10.

[00:07:56] Some people argue top five community in terms of projects wise,

[00:08:03] you know, very, very vocal community, very supportive.

[00:08:06] The floor always stayed relatively stable.

[00:08:11] But yeah, you just, you had it's that same notion right now.

[00:08:14] Meme coins run based on the wow factor, the me factor.

[00:08:21] Marketing, I mean, it's all about it's an attention economy.

[00:08:26] So what was it two weeks ago?

[00:08:28] It's just cats.

[00:08:30] I keep thinking though that that eventually there's going to be use cases

[00:08:35] that are unforeseen.

[00:08:36] So for instance, every company could potentially have their own coin and like,

[00:08:43] you know, crest toothpaste could have crest coin.

[00:08:47] And the idea is, is as marketing is like frequent fire miles.

[00:08:51] But the problem with frequent fire miles, I can't trade American

[00:08:57] airlines, frequent fire miles for Delta, frequent fire miles or a Starbucks cup of coffee.

[00:09:03] But like when all these things, when these kind of marketing programs enter

[00:09:09] the crypto world, they're tradable and people are going to, once one company does it,

[00:09:14] every company in the industry is going to have to do it because those marketing

[00:09:17] miles or coins are going to be more valuable.

[00:09:20] And it's closer than you think because, you know, I get pitched a lot of deals

[00:09:25] and I hear a lot of deals and I can tell you that I'm hearing deals

[00:09:29] that are getting really, really close to this looking at the loyalty rewards

[00:09:35] program and ownership in it, transference in it.

[00:09:40] But it hasn't quite gotten across the line yet.

[00:09:42] And the reason being companies haven't bought into it.

[00:09:45] So while you have and I'm talking about the big companies,

[00:09:48] they haven't bought into the idea Delta doesn't want you trading their

[00:09:53] miles for American miles.

[00:09:54] Delta doesn't.

[00:09:55] But imagine, imagine Uber wants to make rewards points and they want.

[00:10:02] So they basically want people to buy Uber coin that they then use to,

[00:10:07] let's say, buy rides at a discount.

[00:10:09] And drivers are the miners of Uber coins.

[00:10:13] So they get paid the more people, the more rides that they give.

[00:10:18] Uber would love this because they want to incentivize their drivers to drive

[00:10:22] because Uber driver, Uber drivers are very unhappy people in general

[00:10:26] because of their pay and, you know, lift will, you know, and if Uber makes

[00:10:31] this tradeable for things like Bitcoin or Ethereum, that makes them even

[00:10:34] that makes them it real money.

[00:10:35] It makes it like, you know, because then Bitcoin is tradable for tether

[00:10:39] in the dollar.

[00:10:40] So so so it makes these things valuable in a way that frequent

[00:10:45] fire miles never were.

[00:10:46] And then once Uber does it, of course, lift has to immediately do

[00:10:49] it to compete and it creates.

[00:10:53] It actually is an interesting mechanism for, for lowering inflation.

[00:10:59] You have Uber eats as well.

[00:11:00] And so all of a sudden, all the restaurants that participate in Uber

[00:11:03] eats could take the Uber coin.

[00:11:05] And again, you get a small discount if you're using that.

[00:11:09] And yeah, you can create that kind of decentralized ecosystem

[00:11:12] if you do it that way.

[00:11:14] I in a way this would prevent or slow the inflation of the US

[00:11:19] dollar because you're creating new currencies.

[00:11:23] So so you're crowding out old currencies, you're creating new

[00:11:26] currencies for specific use cases like you and you can create.

[00:11:30] I mean, imagine this is an idea I had back when I wrote my

[00:11:33] article about New York City.

[00:11:35] But one thing that New York City could have done a couple years

[00:11:39] ago is create New York City coin to encourage tourism.

[00:11:43] Tourism. Come back to New York City.

[00:11:44] Like you could, you can basically mine New York City coin as

[00:11:48] either a store owner or a store customer in Times Square, say,

[00:11:53] and, and they're all, it's tradable on exchanges, but it's

[00:11:57] all redeemable to one New York City coin for $1 in five years.

[00:12:02] It's all redeemable.

[00:12:03] So you can make almost like a stable coin, but with a,

[00:12:07] it's not redeemable for five years.

[00:12:09] So people have five years to mine it and increase in taxes.

[00:12:16] You know what could be fun with the tourist thing is then, hey,

[00:12:19] you have the coin now, if you go visit the Statue of Liberty

[00:12:22] and you scan this QR code, it'll allow you to stake at the

[00:12:24] Statue of Liberty for so long.

[00:12:26] And now, you know, you have anything that charges money.

[00:12:29] Now, listen, if I stake there, I can get a little, a little

[00:12:32] reward for every time somebody goes there and uses the token

[00:12:36] and spends money there and you create almost a revenue.

[00:12:39] I mean, you could get really creative with this.

[00:12:42] I think what scares people away right now is regulation is still

[00:12:47] in the wild, wild west.

[00:12:49] And so without any rules behind this, like you see all these

[00:12:52] shitcoins launching.

[00:12:53] And if the SEC, I was, I was actually talking to a mutual

[00:12:58] friend about all these shitcoins.

[00:13:00] And he was asking me, how is this legal?

[00:13:03] And I said, well, if the SEC ever actually looks at this, it won't

[00:13:07] be because this is just, hey, I'm going to raise capital and,

[00:13:10] you know, I'm not giving you anything.

[00:13:11] And it might go to zero.

[00:13:13] It might not.

[00:13:14] And so right, there would have to be some difference between

[00:13:17] like a meme coin, like a shitcoin that has no value and

[00:13:20] like a marketing coin.

[00:13:21] Right.

[00:13:22] You need to because you're still, you are issuing a

[00:13:24] security that could buy something.

[00:13:26] It really is kind of a security.

[00:13:28] Correct.

[00:13:29] But really it's a commodity as opposed to a security.

[00:13:33] And therefore, because like, look, if I have oil, oil, a

[00:13:37] barrel of oil, it's considered a commodity, right?

[00:13:39] But I can exchange that.

[00:13:41] I can sell that for money.

[00:13:43] It's, it's one of those things is I would look at it more

[00:13:47] of more like gold, more like oil, as opposed to more

[00:13:52] like shares of Microsoft or Amazon.

[00:13:54] So I think it does represent ownership.

[00:13:56] Right.

[00:13:57] So I think it falls more in the CFTC, you know,

[00:13:59] commodities, future trading commission, as opposed to

[00:14:02] the SEC, which gives a lot more flexibility.

[00:14:06] I guess if I was tokenizing like, let's say, oh, I'm

[00:14:09] going to, I'm going to sell off 10% of my next 20 years of

[00:14:13] future income.

[00:14:14] And then I issue a million coins, a million James coins

[00:14:17] that can, that every year, if you own a James coin,

[00:14:21] you get literally airdropped 10% of my pro rata, 10%

[00:14:27] of my income depending on how much actually you would put

[00:14:30] that, you would put that 10% of your income into a

[00:14:32] liquidity pool.

[00:14:33] That way people could either sell or not.

[00:14:36] And what happens is when they sell, you would burn the

[00:14:39] coin and then that would reduce the number of coins

[00:14:42] going forward.

[00:14:43] And if you made more money the next year, not only does

[00:14:46] the value increase for those people, but there's less

[00:14:48] tokens.

[00:14:49] So it increases even more.

[00:14:51] And you create a gamification now of somebody making

[00:14:54] a judgment of is James going to make more or less

[00:14:57] next year?

[00:14:57] Did he cap out this year?

[00:14:59] Should I cash in or should I hold?

[00:15:01] And if I know half the people are going to cash in this

[00:15:03] year, well now if he makes more next year, I

[00:15:06] proportionately make more.

[00:15:08] You know, it becomes algorithmic more.

[00:15:11] See, I think that right there what you said, this

[00:15:14] is, this solves the student loan debt problem.

[00:15:17] It absolutely does.

[00:15:19] I've been arguing this for like two years now that

[00:15:23] this is how students should face it coming out and

[00:15:26] selling future income and gamifying it.

[00:15:29] It could be a, it would be a fucking blast.

[00:15:33] Overall, it creates a whole insurance industry around

[00:15:37] just ensuring what happens if something happens to

[00:15:40] this person, if they become disabled, if God forbid

[00:15:42] they pass away, if they move out of the country

[00:15:44] and you can no longer collect income from them, you

[00:15:46] have this whole little insurance pool that you

[00:15:49] could create, but you gamify it with a five

[00:15:51] year tenure, 20 year coin almost like bonds and

[00:15:54] then a redemption process of whenever they sell,

[00:15:58] you burn, but somebody can hold.

[00:16:01] And it's a totally great new asset class and you

[00:16:03] can figure out ways to hedge bear markets.

[00:16:06] For instance, I could invest in students who

[00:16:10] studied accounting for on IRS issues.

[00:16:13] And that's a good way to hedge against bear

[00:16:15] markets because those accountants income go up

[00:16:17] in bear markets, bankruptcy attorneys.

[00:16:20] I was going to say the bankruptcy attorneys,

[00:16:22] the life insurance agents, the crypto lawyers.

[00:16:26] That's who's going to be popular.

[00:16:27] But you think about it, that could be a

[00:16:29] phenomenal business opportunity.

[00:16:32] And then you can also link up with universities

[00:16:34] and schools and they could create some kind

[00:16:37] of partial scholarship that goes into your

[00:16:40] liquidity pool after you graduate to give

[00:16:43] you some support.

[00:16:43] And I mean, colleges have to get more

[00:16:46] creative than charging $90,000 a year for

[00:16:49] tuition and I think a college that makes a

[00:16:51] move for this first all of a sudden becomes

[00:16:53] more attractive to students.

[00:16:55] And okay, I'm willing to pay a little bit more.

[00:16:58] If I've got $10,000 that gets donated into my

[00:17:01] liquidity pool when I graduate because now

[00:17:03] all of a sudden I can sell tokens and I don't

[00:17:05] have student loan debt and it's based on

[00:17:07] my income.

[00:17:08] Now if you look at things now, if I take a

[00:17:10] loan now and I take an income-based

[00:17:13] proportion payback, it's like I'm paying

[00:17:15] the government back and they're getting

[00:17:17] the interest as opposed to I could be

[00:17:19] paying somebody else back and they could

[00:17:21] get interest in the upside instead of the

[00:17:23] government getting the interest.

[00:17:25] Exactly.

[00:17:26] And there's there's motivation, you know,

[00:17:27] you wake up trying to increase the value

[00:17:29] of your Tim token, James token, Jay token,

[00:17:32] whatever.

[00:17:33] Why?

[00:17:34] Why isn't anybody doing this as a business?

[00:17:35] It's a great idea.

[00:17:36] Let's do this.

[00:17:37] I look, I would be, I would actually

[00:17:40] as we're talking about it, I'm excited

[00:17:41] about it going, okay, this has some

[00:17:44] you'd have to basically set up a

[00:17:47] corporate, there's a legal issue.

[00:17:49] You have to set up a corporation and

[00:17:50] kind of sign a contract that all of your

[00:17:52] income or maybe you just say all of your

[00:17:54] income as a lawyer.

[00:17:56] Let's say you go to law school, you

[00:17:57] graduate, you set up a corporation, you

[00:17:58] say you have to agree that all of your

[00:18:00] income as a lawyer is going to go

[00:18:01] through this corporation then 10% of

[00:18:04] that corporation is essentially

[00:18:06] distributed to the holders of James

[00:18:08] coin or whatever.

[00:18:10] Some legal structure has to be set

[00:18:11] up with dumb contracts, unfortunately.

[00:18:13] So but here's the thing is if

[00:18:15] you're dealing with blockchain, I

[00:18:18] mean, you can, you could

[00:18:22] theoretically if you get paid in

[00:18:23] cryptocurrency, you have a contract

[00:18:26] that would automatically split the

[00:18:27] money for you.

[00:18:28] And 90% comes in as US DC and to

[00:18:31] you and then 10% goes directly into

[00:18:34] the liquidity pool for the token

[00:18:35] holders.

[00:18:36] Yeah.

[00:18:37] I mean, you could have it where

[00:18:39] the contract and that's not a

[00:18:40] complicated contract that comes in

[00:18:43] and it auto splits it for you.

[00:18:44] It's like it's like with holding

[00:18:45] social security tax, you know, I

[00:18:47] don't get to say it's not going to

[00:18:48] be taken out before it's taken out.

[00:18:51] I mean, unless I'm self-employed,

[00:18:53] but if I'm a W2 employee, think

[00:18:55] about it, your Medicare, your

[00:18:56] Medicaid, your social security, it

[00:18:58] all automatically comes out before

[00:18:59] the rest of the money goes into

[00:19:01] your bank account.

[00:19:01] It's no different than that,

[00:19:03] except this becomes visible and

[00:19:04] anybody can verify exactly what

[00:19:06] you made on chain and they can

[00:19:08] see it.

[00:19:10] And again, it's like an asset

[00:19:11] class like any other is going

[00:19:12] to be bad investments and good

[00:19:13] investments.

[00:19:14] Yeah.

[00:19:14] And the bad, the good

[00:19:16] investments are also people, you

[00:19:18] know, you have a reason to trust

[00:19:19] these people and so on.

[00:19:21] And they would start getting a

[00:19:22] ranking based on schools of, you

[00:19:24] know, who's what majors are

[00:19:26] making the most amount of money.

[00:19:27] I mean, you create a whole new

[00:19:28] market of what majors are making

[00:19:31] the most amount of money, you

[00:19:32] know, is the Northeast, the

[00:19:34] Northwest, like fantasy sports

[00:19:36] for careers.

[00:19:37] That's exactly what that's

[00:19:38] exactly what's going through my

[00:19:39] mind is all of a sudden you're

[00:19:41] creating, you know, this token

[00:19:43] is going to be worth more if

[00:19:44] this person's graduating from,

[00:19:45] you know, University of

[00:19:47] Michigan and they were in this

[00:19:48] degree that has a higher

[00:19:50] likelihood of success.

[00:19:51] I'm willing to pay a little bit

[00:19:53] more for that.

[00:19:54] I mean, it's almost kind of like

[00:19:55] what prosper kind of did, but

[00:19:57] you're really taking it to a

[00:19:58] decentralized level and you're

[00:20:00] taking away a reliance on

[00:20:02] government loans.

[00:20:03] Yes.

[00:20:03] Again, like let's say, let's

[00:20:05] say I invest in Timcoin

[00:20:08] and for whatever reason I'm

[00:20:10] tired of it or I want to now

[00:20:12] invest in Jcoin instead,

[00:20:16] because I know Jay and most of

[00:20:17] other people don't know Jay and

[00:20:19] I think he has more upside than

[00:20:20] Tim.

[00:20:21] He does.

[00:20:21] I'm dramatically I could

[00:20:24] it's fungible.

[00:20:25] I could sell on any DeFi

[00:20:27] exchange.

[00:20:27] Yes.

[00:20:28] So I mean the big thing would

[00:20:29] be that's the difference with

[00:20:30] prosper.

[00:20:31] Yeah, you can't once you're in

[00:20:33] the loan if it looks like it's

[00:20:34] going bad, you can't cut your

[00:20:35] losses or if you know, all

[00:20:37] of a sudden Jay gets a big

[00:20:38] promotion.

[00:20:39] You got a bunch of Jcoin.

[00:20:40] You may say I'm going to go

[00:20:42] ahead and roll out now.

[00:20:44] And you know, I also know that

[00:20:46] Jay's been hitting the bottle.

[00:20:47] So yeah, I'm going to roll

[00:20:49] out.

[00:20:49] But no, if he gets a big

[00:20:50] promotion and all of a sudden

[00:20:51] his income is going up, it's

[00:20:53] going to start trading at a

[00:20:54] premium.

[00:20:55] And you're going to go ahead and

[00:20:56] say, All right, well, maybe

[00:20:58] I don't want to wait for all

[00:20:59] the upside.

[00:20:59] I'll go ahead and get out now

[00:21:00] and take part of the upside

[00:21:02] and somebody else is going to

[00:21:03] look at it and say, Well, I

[00:21:04] can buy Jcoin from James a

[00:21:06] little bit cheaper than, you

[00:21:07] know, anywhere else in the

[00:21:08] market.

[00:21:08] I'm going to go ahead and

[00:21:09] jump in there because I think

[00:21:11] his path is even better.

[00:21:12] Or I know it's a slightly below

[00:21:14] market value.

[00:21:16] No, there's a whole and

[00:21:18] imagine the data that you would

[00:21:19] pull from that.

[00:21:20] And the data that you would

[00:21:21] pull from that would be

[00:21:23] incredibly valuable as well.

[00:21:25] If you're, you know, if you're

[00:21:26] a company in that space.

[00:21:28] Entire industries will

[00:21:30] spawn out of this to just

[00:21:32] managing the data.

[00:21:32] Like you said, which colleges

[00:21:34] are get the best returns?

[00:21:37] Which professions and so on?

[00:21:39] I mean, if I'm an employer, I'm

[00:21:41] going to be looking at that too.

[00:21:42] Where's the most value?

[00:21:43] Because that person clearly has

[00:21:45] value that type of person.

[00:21:46] So all of a sudden I can

[00:21:49] look at things.

[00:21:50] I mean, it becomes a recruitment

[00:21:51] tool as well.

[00:21:52] If I'm a company, I'm going to

[00:21:53] look at Jcoin going way up in

[00:21:55] value and going, Well, he

[00:21:56] actually works in the

[00:21:58] industry that I run a company.

[00:22:01] I need to give this guy a

[00:22:02] call and see what the hell

[00:22:03] is going on because his token

[00:22:05] value keeps going up.

[00:22:07] I hate to say that you could

[00:22:09] push indeed.com out of

[00:22:11] out of, you know, or the ladders

[00:22:13] or anything out of business, but

[00:22:14] you theoretically could because

[00:22:15] now I just have to go to this

[00:22:17] marketplace and see whose

[00:22:18] value is going up to say, I

[00:22:20] want to solicit them to see if

[00:22:22] they want to come work for me.

[00:22:23] Now, yeah, you've got to watch

[00:22:24] for manipulation, obviously, but

[00:22:26] if it's a large enough coin,

[00:22:28] it's going to be very hard to

[00:22:29] do and you're going to learn

[00:22:30] very quickly who's

[00:22:31] made.

[00:22:32] Who's not?

[00:22:37] Take a quick break.

[00:22:39] If you like this episode, I

[00:22:40] really, really appreciate it.

[00:22:41] What means so much to me.

[00:22:43] Please share it with your friends

[00:22:44] and subscribe to the

[00:22:45] podcast.

[00:22:46] Email me at Altatradgemail.com

[00:22:48] and tell me why you

[00:22:49] subscribed.

[00:22:50] Thanks.

[00:23:00] The Honda you want is here.

[00:23:01] So drive in the moment with

[00:23:03] the versatile Honda CR-V or

[00:23:04] Accord all from the

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[00:23:10] time, well qualified buyers can

[00:23:12] get a 3.9% APR on the 2024 Honda

[00:23:14] Accord and a 2.9% APR on a 2024

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[00:23:23] See dealer for financing

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[00:23:25] image wars from Kelly Bluebook

[00:23:26] visit KBB.com for more

[00:23:27] information.

[00:23:30] We all have that friend who

[00:23:31] wakes up early to go get

[00:23:32] everyone McDonald's breakfast

[00:23:34] for the rest of us sleep

[00:23:35] in.

[00:23:36] This is your sign to thank

[00:23:38] them.

[00:23:39] And if you're that friend,

[00:23:41] this is us saying thank you.

[00:23:43] Just a friendly reminder that

[00:23:45] right now get any size iced

[00:23:47] coffee before 11 a.m.

[00:23:48] for just 99 cents and a

[00:23:50] satisfying sausage McMuffin

[00:23:52] with egg is just $2.79.

[00:23:54] Price and participation may

[00:23:55] vary cannot be combined with

[00:23:56] any other offer or combo meal.

[00:24:03] So I kind of think we have

[00:24:04] to do this business.

[00:24:06] So here's the way I would do

[00:24:07] this business.

[00:24:08] I would find one person

[00:24:11] or two people who want to

[00:24:13] tokenize 10% of their income.

[00:24:15] You need to find a

[00:24:16] fashion. Eight is the lucky

[00:24:17] number. Finding all right, we'll

[00:24:18] find eight people to tokenize

[00:24:21] some parts of their future

[00:24:22] income like like take a lawyer

[00:24:24] who wants to tokenize 10%

[00:24:27] of his future income as a

[00:24:28] lawyer over the next 10 years.

[00:24:30] And we've got to just do it

[00:24:32] and then create the coins and

[00:24:33] just have somebody buy them

[00:24:35] and just do it. So this way we

[00:24:36] grease the wheels. We know how

[00:24:37] the whole process works.

[00:24:39] So anybody listening to this

[00:24:41] podcast, sending sending

[00:24:43] your pitch as to why you should

[00:24:44] be one of the first eight

[00:24:46] to go. Yeah, absolutely.

[00:24:47] This pilot project tweet us out.

[00:24:49] J. Altacher on Twitter.

[00:24:51] Tim, what's your retro wall

[00:24:55] ST it's short for retro

[00:24:57] Wall Street R E T R O W A L L

[00:25:00] ST.

[00:25:01] All right. Your retro wall

[00:25:03] ST that's how we met, right?

[00:25:04] It's because I was doing every

[00:25:07] day the blogs of the day

[00:25:10] that you had the blog post of

[00:25:11] the day blog watch.

[00:25:12] I called it.

[00:25:12] We met because I worked at the

[00:25:14] street and you worked at the

[00:25:16] street. No, no, but I was there.

[00:25:18] I think I linked to your your

[00:25:19] blog. You had a blog.

[00:25:21] Yes. Yeah.

[00:25:22] And that's how I knew you.

[00:25:24] Yeah. And then also through Bob

[00:25:26] or yeah. Or yeah.

[00:25:27] Then I really know you.

[00:25:29] Yeah. That's where we really

[00:25:30] got to know each other.

[00:25:32] Yeah. This would actually I

[00:25:33] think this would be I mean, it's

[00:25:35] a unique use case for it.

[00:25:37] It's it's and it's really

[00:25:39] interesting. Yes.

[00:25:40] And we know the student

[00:25:41] loan system is broken.

[00:25:43] We know the student loan

[00:25:43] system is broken.

[00:25:45] But like like this would

[00:25:46] motivate people to get jobs

[00:25:48] that would pay for their

[00:25:49] student loans and then they

[00:25:51] could rate they could borrow

[00:25:52] from the future income of those

[00:25:53] jobs to pay down the student

[00:25:55] loans instantly and because you

[00:25:57] know not have to be burdened

[00:25:59] by that. And then they're in

[00:26:01] the game.

[00:26:02] I mean it's it's

[00:26:05] there are some fine tuning here

[00:26:07] but I think there's a lot of

[00:26:08] potential in doing this.

[00:26:10] And then you can kind of pick

[00:26:11] the chain. Where do you want to

[00:26:12] be. Do you want to be on you

[00:26:13] know a Bitcoin rune.

[00:26:14] Do you want to be on Solana.

[00:26:16] Do you want to be on Avax.

[00:26:18] I mean you kind of go through

[00:26:20] and look at the different

[00:26:22] chains. Now the nice thing

[00:26:23] with Bitcoin with runes

[00:26:25] coming up is that is on chain

[00:26:27] and if you know it's not

[00:26:29] going away.

[00:26:30] Not that I think Solana is

[00:26:31] going to fail but obviously you

[00:26:32] get network congestion on

[00:26:34] Solana the last week there.

[00:26:35] There were a ton of failed

[00:26:36] transactions because of all

[00:26:38] these coins have been launching

[00:26:39] and it got you know the system

[00:26:41] in volumes not going to be that

[00:26:43] no.

[00:26:43] You're not worried about the

[00:26:45] ball. You're not worried about

[00:26:47] the volume of these

[00:26:48] individual things.

[00:26:49] You're worried about the

[00:26:50] volume on the entire network.

[00:26:51] So the Solana network got a

[00:26:53] little over 50 million students

[00:26:54] do this then.

[00:26:55] But just other things that

[00:26:57] happen on the network.

[00:26:58] So unless you're building your

[00:26:59] own network for this

[00:27:00] specifically you're going to be

[00:27:01] running on an L2

[00:27:04] or something like Bitcoin that

[00:27:05] that already exists.

[00:27:07] There are other things that

[00:27:08] happened on that network

[00:27:10] and so that network can get

[00:27:11] congested from those other

[00:27:12] things. What happened with

[00:27:13] Solana was it got congested

[00:27:16] from all the shit coins that

[00:27:17] were being launched.

[00:27:18] I mean there were I would

[00:27:20] be watching and there would be

[00:27:22] times where there were 20 new

[00:27:23] coins launched in one minute.

[00:27:24] I mean when OJ passed away

[00:27:27] there were there were a dozen

[00:27:28] new coins launched within

[00:27:30] minutes of his announcement

[00:27:32] of his passing.

[00:27:33] OJ Simpson died this morning.

[00:27:35] Yes he did.

[00:27:37] I had no idea.

[00:27:39] That's incredible.

[00:27:40] Yes OJ Simpson passed away.

[00:27:42] I think it was 76 years old.

[00:27:43] The family said it was from

[00:27:45] cancer.

[00:27:46] So what was funny story is

[00:27:49] over.

[00:27:49] Yeah that's well what I want

[00:27:51] to know is is the truth

[00:27:52] going to come out now.

[00:27:53] Yeah you know as somebody

[00:27:55] that knows something going to

[00:27:55] come out.

[00:27:57] But what was funny was not

[00:27:58] funny but when you look at how

[00:28:00] people frame things there were

[00:28:02] some people when they announced

[00:28:04] his passing the picture that

[00:28:06] went up was himming

[00:28:09] Buffalo Bill's uniform

[00:28:10] whereas other ones it was at

[00:28:12] his trial and it was kind of

[00:28:13] you know you look at how

[00:28:15] the media frame thing did it

[00:28:16] frames it.

[00:28:17] Do you want to put a picture

[00:28:18] of him on trial or do you

[00:28:20] want to put a picture of him

[00:28:22] playing football like what is

[00:28:25] he actually known for more.

[00:28:26] And I think that depends on

[00:28:27] your age a little bit as to

[00:28:29] you know him as a football

[00:28:30] player is to do you know him

[00:28:32] as it's also what do you want

[00:28:33] to honor him for like I know

[00:28:35] him as a Buffalo Bill's

[00:28:38] record-breaking running back.

[00:28:40] I also know him as a murderer.

[00:28:42] Yeah.

[00:28:43] Accused.

[00:28:45] Accused.

[00:28:46] All right.

[00:28:46] I don't know.

[00:28:47] I mean the court said he was

[00:28:49] innocent so who am I to say.

[00:28:50] So I shouldn't be.

[00:28:51] I'm not an expert.

[00:28:52] So I don't want to say

[00:28:54] guilty or innocent because I

[00:28:56] don't know.

[00:28:56] I mean it was not that I was

[00:28:58] young at the time but I had.

[00:29:00] No I was I followed that trial

[00:29:02] it was 1994 I followed it.

[00:29:03] You're the same age as me you

[00:29:04] followed it.

[00:29:05] I was in college at that time

[00:29:07] I was drinking.

[00:29:08] I was a young kid.

[00:29:11] I was busy being a kid.

[00:29:13] I yeah you followed it but

[00:29:14] I followed it from a distance

[00:29:15] and she's 94 so we were

[00:29:17] tooling around on AOL on the

[00:29:19] Internet.

[00:29:20] You know it was paying

[00:29:22] $9.99 an hour when she went

[00:29:24] over your limit or whatever it

[00:29:26] was.

[00:29:26] You had to have a modem.

[00:29:28] Yeah yeah the robots died

[00:29:30] every time you went online

[00:29:32] with that sound.

[00:29:33] Yeah.

[00:29:34] Anyways back to back to the

[00:29:36] conversation at hand.

[00:29:37] No a lot of the things that

[00:29:38] we see coming down.

[00:29:40] This is serious.

[00:29:41] Yeah so I'm literally anybody

[00:29:43] who wants to be part of this

[00:29:46] the first eight people who are

[00:29:48] part of this will give a small

[00:29:50] piece of the company if we

[00:29:52] decided there we they should

[00:29:54] be the first trial.

[00:29:56] I don't know what you call them

[00:29:57] not subjects but people who

[00:29:59] tokenize their future income.

[00:30:01] And yeah we need to come up

[00:30:03] with a catchy name for that.

[00:30:06] I got a marketing hat on for

[00:30:08] that one.

[00:30:09] All right Tim but thank you

[00:30:11] so much for coming on this

[00:30:13] podcast.

[00:30:14] So short notice I really got

[00:30:15] obsessed with learning more

[00:30:16] about inscriptions and

[00:30:17] ordinals and now Runes is

[00:30:19] added to this and now of

[00:30:21] course we just as a side

[00:30:22] effect we solved the whole

[00:30:24] student loan debt crisis and

[00:30:25] we probably solved inflation

[00:30:26] along with it.

[00:30:27] We can call it the human

[00:30:30] the human token fund to take

[00:30:31] a take a page from Seinfeld

[00:30:33] make a donation to the human

[00:30:35] fund you know.

[00:30:36] Well George maybe human coin

[00:30:38] basically buying and selling

[00:30:41] humans I hate to use that

[00:30:42] kind of terminology.

[00:30:43] No we gotta come up with

[00:30:46] a better name than that.

[00:30:47] You only you could only sell

[00:30:48] 10% of your income there

[00:30:50] has to be a max of course

[00:30:51] then the little competition

[00:30:53] that companies will say you

[00:30:54] can sell a company you can

[00:30:56] sell 100% but there's

[00:30:58] probably some right number

[00:30:59] there.

[00:31:00] But yeah if you get to 100%

[00:31:03] that put yourself way too at

[00:31:05] put yourself way too at risk

[00:31:06] there because then you need

[00:31:08] to make enough money to live

[00:31:09] off of.

[00:31:10] It's like what do you want?

[00:31:11] It reminds me of the Laffer

[00:31:12] Curve where what is it

[00:31:15] 0% unemployment is no good

[00:31:17] and 100% unemployment is no

[00:31:18] good.

[00:31:18] I forgot what the Laffer Curve

[00:31:19] is something like that.

[00:31:20] There's probably almost a point

[00:31:22] of diminishing returns here

[00:31:24] where there's yeah there's that

[00:31:25] curve where it's optimal in

[00:31:27] terms of what you

[00:31:29] sell and what you keep

[00:31:31] versus if you go too far

[00:31:32] it becomes a diminishing

[00:31:33] return and if you don't do

[00:31:34] enough it's not helpful.

[00:31:37] We can just let the market

[00:31:38] decide investors will be

[00:31:39] smarter than us like people

[00:31:41] who are investing in these for

[00:31:42] a living in this asset class

[00:31:44] will know more than us

[00:31:46] what the right mix is

[00:31:48] for a person.

[00:31:49] That's true over time

[00:31:50] you'll get demand to move

[00:31:52] up to eight or move down to eight

[00:31:54] or move up to 18 or 12.

[00:31:56] Yeah, like if there's a lot of

[00:31:58] frauds at 30 it'll move down

[00:32:00] to 15 or whatever.

[00:32:02] All right Tim well thanks so

[00:32:02] much for coming on the podcast

[00:32:04] always happy to talk

[00:32:05] and learn.

[00:32:07] I always learn from you.

[00:32:09] Next time come on

[00:32:11] and talk about Star Trek.

[00:32:13] Yes, yeah we'll do that

[00:32:14] on the next go round.

[00:32:22] From the pets in your home to

[00:32:27] endangered wildlife around the

[00:32:29] world.

[00:32:30] Millions of animals die each

[00:32:31] year from diseases or illness

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[00:32:34] prevented.

[00:32:35] Animal health remains

[00:32:36] critically underfunded.

[00:32:37] A donation to Morris Animal

[00:32:39] Foundation gets us closer to

[00:32:40] the scientific breakthroughs

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[00:32:46] Saving animals starts with

[00:32:47] science at more than

[00:32:49] animalfoundation.org.

[00:32:51] We all have that friend who

[00:32:53] wakes up early to go get

[00:32:55] everyone McDonald's breakfast

[00:32:57] for the rest of us.

[00:32:58] Sleep in this is your sign

[00:33:00] to thank them and if you're

[00:33:02] that friend this is us saying

[00:33:05] thank you.

[00:33:06] Just a friendly reminder that

[00:33:08] right now get any size

[00:33:09] iced coffee before 11am for

[00:33:11] just 99 cents and a

[00:33:13] second for the rest of us

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[00:33:16] food.

[00:33:17] And if you're not a dog

[00:33:19] you can get a little bit of

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[00:33:22] and a satisfying sausage

[00:33:24] McMuffin with egg is just

[00:33:26] $2.79.

[00:33:27] Price and participation may

[00:33:28] vary cannot be combined with

[00:33:29] any other offer or combo meal.