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  • But I think about like the great startups we've had in the last five years or startups like whether it's an Uber or facebook or whatever.

  • Those were all humans in situations where they had to put their life on the line.

  • They had to go raise capital.

  • They had to convince people and try what if there was an autonomous network that was just constantly testing experimenting and when the capital was there would just go in and and you know imagine the inefficiencies that would solve and it could be on one hand scary but in one hand just just a billion dollar corporation just popped up in the last four months.

  • No human ever would have thought about it.

  • But some ai piece that was locked into a crypto thing just did it and now it did this massive you know improve something maybe in health care maybe in charity or maybe in this and now it's just there.

  • Even the example you just gave and I'm just gonna diss a billion dollar company that just went on I.

  • P.

  • O.

  • But Uber, what exactly does Uber do Other than take 20%.

  • They use period of corporate, they write software.

  • Okay.

  • But so the reason I trust the driver is not because they've been vetted by Uber but because I look at the reputation score they have from other riders right?

  • And you can do vetting, you can outsource the vetting part.

  • That's not hard.

  • You could outsource that to another company and only accept users who have been vetted for that very you know there is room for some vetting when you have the opportunity for people to come into contact in that way that can be dangerous.

  • Um And they act as an intermediary for the payment which ensures that the driver will be paid and and that I won't pay more than I agree to.

  • Great we can do that with an escrow contract.

  • We don't need any Company to do that as an intermediary and certainly not at the cost of 20%.

  • They match riders to drivers.

  • Well, they do that, but they only do it if the driver is running that application and they do that in competition with five other companies.

  • As a result, they fragmented the market so there's not enough drivers or riders to compete with them and they create monopolies that are completely unnecessary.

  • Um, you know, they write great software like, well, honestly, we could do that open source at this point.

  • The idea was great.

  • But the execution has created this hierarchy where where does most of the money go?

  • Most of the money goes into debt servicing on, you know, on low interest, highly leveraged debts that they've been getting in order to expand their monopoly status.

  • And I'm not just picking on Newburgh, pick on any of these billion dollar unicorn technology companies and give me a good reason why they can't be replaced by a collaborative application that connects peer to peer without all of the intermediaries that costs a lot of money.

  • And so this is also from it.

  • And people here that like, ooh, that sounds a bit communist, right?

  • Actually the exact opposite.

  • We're talking about increasing efficiency by reducing waste and shortening the distance from production to consumption or from supply to demand, right?

  • Right.

  • Ultimately, the works being done by a driver and the values being provided by a customer.

  • And that applies to Airbnb, it applies to a ton of other things.

  • At some point, you realize that there's no need for a company.

  • Now in the internet era, we already realize that in terms of there's no need for a phone company if you can have a phone app and that's why Skype is free or any of these other messaging and video conferencing things are free is because there's no need for a company to take a percentage or value just to transmit communications, right?

  • We're going to see that happening.

  • This is going to drive the second big wave of disintermediation on the internet, which ironically, is going to dis intermediate.

  • Many of the first wave Unicorn billy felt that companies because you don't need them anymore interesting.

  • It's going to take awhile because at the moment there aren't enough customers who have Cryptocurrency.

  • You access to it, the software and the infrastructure isn't ready for all of that.

  • But the ideas are already stewing.

  • And so the sharing economy is actually much more interesting is for you envision it as a peer to peer sharing economy based on commonly agreed, decentralized autonomously operating Structures that provide trust, reputation and control the interaction so you can't cheat each other but otherwise don't make any money of this.

  • Or if they do make a bit of money, it's in order to fund more software development.

  • They do it in completely decentralized matter.

  • Yeah, it's fascinating.

  • I mean think about that market capitalization of 80 or 100 billion dollars just being distributed back to the network and then it being replaced by this peer to peer.

  • The drivers get paid for the customers paid less and you have one less unicorn company.

  • But who cares, Goldman Sachs will lose an important destination for their debt products.

  • Yeah.

  • Now the only thing that, that Uber needed to get started though was a massive capital investment which took belief by other humans to get it started right.

  • And that's something that would be hard to be done by an autonomous.

  • If only we had some kind of crowd funding mechanisms that open to in giant global pool of investors who otherwise didn't have good investment opportunities.

  • And they could simultaneously improve the future of their Children by taking a bit more risk.

  • And that's why I Ceos are not just a scam, they are now almost entirely, But they are also the future of crowdfunding, right?

  • Because we dis intermediates.

  • A lot of the it's really ironic because this this space got flooded by venture capitalists in 2014 and we'll call born out of it actually disrupted venture capital first before any other industry.

  • Yeah, it's crazy because the IMF.

  • is it's quite beautiful and the way it's laid out just wasn't used to the great means.

  • And it also kind of your right kind of made those initial venture investments well it takes them out of the loop, doesn't it?

  • You don't need them anymore, You don't, and also you bridge this enormous gap that exists between the early early early stage organic funding where you have a founder who's basically using a credit card or their savings or friends and family to invest in a tiny tiny startup.

  • And then you've got this gap, there's a bit of angel investment in between but that's mostly prevalent in the US and then you have to get pretty successful before you can go for V.

  • C.

  • And by that point the pipeline gets really really narrow.

  • So only a few companies make it that far and then from there to get to a public offering.

  • What if you can bridge that gap?

  • Of course there will be a lot of scams and a lot of these companies don't deserve to raise money.

  • But here's the interesting thing this round of investors now are not so fast to invest in I C E O S, the ones who got burned the previous round, they learned a very important lesson, right?

  • And you know, when you look at the history of investors in the United States versus developing countries, like you look at investors, let's say in India, right, The difference isn't better vetting.

  • The difference is 100 plus years of experience that that has been passed down through generations or four generations.

  • The reason american investors are harder to cheat With stupid investment schemes is because they've internalized a lot of the looks too good to be true, you know, um, 10% compound a month.

  • Uh, return on investment is probably a Ponzi scheme.

  • And so they see these things are immune to the obvious scams.

  • Um, there's a danger here because the scammers generally go for the least educated, the least informed and usually also seniors who are in a more vulnerable age or even have cognitive issues and don't remember what happened recently.

  • But you know, the way we, we build better investments and more security into the system is not by introducing the 19th or 20th century regulatory framework of institutional regulators.

  • It's by building a decentralized vetting and regulatory organization.

  • You could actually build within the programmable systems themselves, better mechanisms for trust, Like, for example, uh, putting the investments in escrow, where the people who are involved in founding the company or who are running things get a small percentage of the money.

  • The rest of it sits in a pool controlled by the shareholders.

  • They dole it out as needed based on repeated pitches and not just want to take it all run, um, where you have the, the owners and directors sharing control over what we call a multi signature wallet, where it takes three out of the five people to sign.

  • So the Ceo can't just dive into the bank account and head to Aruba, um, where you have reputation scoring and um, distributed research, like a distributed organization that pays people to do due diligence on investment and the people who are best that due diligence based on their history, get rewarded more by the very shareholders who want to invest in these things.

  • We can build mechanisms for the 21st century to solve the problems of the technology that we built in the 21st century.

  • We don't have to go back and say, you know, it'll be better if it was run by a king.

  • No, wow, not my words, wow, Stop.

  • Yeah, mm hmm.

But I think about like the great startups we've had in the last five years or startups like whether it's an Uber or facebook or whatever.

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B1 peer uber investment company decentralized driver

My thoughts on Uber - Where Does Most Of The Money Go? - Andreas Antonopoulos - London Real

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    林宜悉 posted on 2021/06/01
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