LF
Jack Dorsey: Square, Cryptocurrency, and Artificial Intelligence | Lex Fridman Podcast #91
@ Lex Fridman
04/25/20
Takeaways
JD
Jack Dorsey
04/25/20
@ Lex Fridman
To enable more people to access the financial system, we need to lower the barriers for checking if someone is a legitimate vendor.
JD
Jack Dorsey
04/25/20
@ Lex Fridman
The fundamental challenge in increasing access to the economy is to lower the barriers for legitimate vendors to enter the system.
JD
Jack Dorsey
04/25/20
@ Lex Fridman
We shifted our mindset from distrust to trust, verifying the integrity of transactions rather than assuming everyone is bad.
JD
Jack Dorsey
04/25/20
@ Lex Fridman
When we started, only about 30-40% of people who applied to accept credit cards were approved; we increased that to 99% by reframing the problem and building credible models.
JD
Jack Dorsey
04/25/20
@ Lex Fridman
Machine learning plays a crucial role in verifying transactions and ensuring the integrity of our system.
JD
Jack Dorsey
04/25/20
@ Lex Fridman
We built a strong data science discipline within the first year of the company to responsibly bring more people into the system without compromising security.
JD
Jack Dorsey
04/25/20
@ Lex Fridman
I believe that the currency we use is a huge part of the answer to increasing access to the economy.
JD
Jack Dorsey
04/25/20
@ Lex Fridman
The Internet deserves and requires a native currency, which is why I'm a huge believer in Bitcoin.
JD
Jack Dorsey
04/25/20
@ Lex Fridman
Our biggest problem as a company is that we cannot act like an Internet company when opening a new market; we have to partner with local banks and navigate different regulatory environments.
JD
Jack Dorsey
04/25/20
@ Lex Fridman
A digital currency like Bitcoin can simplify our operations, allowing us to potentially launch a product in every market around the world using the same currency.
JD
Jack Dorsey
04/25/20
@ Lex Fridman
The internet must remain accessible to everyone, and having a universal currency will drive innovation and speed in building new solutions.
JD
Jack Dorsey
04/25/20
@ Lex Fridman
The beauty of Bitcoin lies in its decentralized nature; no single person controls it, making it organic and principled in its design.
JD
Jack Dorsey
04/25/20
@ Lex Fridman
The Bitcoin white paper is one of the most significant works in computer science, showcasing a beautiful technology often overshadowed by financial hype.
JD
Jack Dorsey
04/25/20
@ Lex Fridman
The timing of Bitcoin's release was an activist move, pushing the world forward and allowing everyone to participate in its narrative.
JD
Jack Dorsey
04/25/20
@ Lex Fridman
In the next 10 to 20 years, the future of digital currency is uncertain, but it can evolve through contributions from developers and users alike.
JD
Jack Dorsey
04/25/20
@ Lex Fridman
Payments are a critical issue in Africa, affecting entrepreneurs' ability to start and grow businesses due to difficulties in transferring money.
JD
Jack Dorsey
04/25/20
@ Lex Fridman
The anonymous launch of Bitcoin serves as a profound philosophical statement, emphasizing the importance of identity and the human element behind technology.
JD
Jack Dorsey
04/25/20
@ Lex Fridman
I would still pursue my projects without my name attached, as the impact of doing something good is more fulfilling than personal recognition.
JD
Jack Dorsey
04/25/20
@ Lex Fridman
The challenge of artificial intelligence is to explain the reasoning behind decisions, which is essential for trust in its applications.
JD
Jack Dorsey
04/25/20
@ Lex Fridman
The technology to create AI is advancing faster than the technology to detect it, posing risks in various domains, including finance.
JD
Jack Dorsey
04/25/20
@ Lex Fridman
As technology evolves, we risk losing self-awareness because our preferences and decisions may increasingly be directed by algorithms. Meditation helps build self-awareness and focus on the reasons behind our decisions and reactions.
JD
Jack Dorsey
04/25/20
@ Lex Fridman
Awareness is crucial when offloading decisions to algorithms, as it allows us to understand the complexity of their operations.
JD
Jack Dorsey
04/25/20
@ Lex Fridman
Recommender systems can guide us in learning new ideas, but we must be aware of how we invite them into our decision-making process.
JD
Jack Dorsey
04/25/20
@ Lex Fridman
The displacement of jobs due to automation is a significant concern, as seen in industries like trucking and cashiering.
JD
Jack Dorsey
04/25/20
@ Lex Fridman
Universal Basic Income (UBI) is essential as we transition to new careers, providing a financial floor for survival during this shift.
JD
Jack Dorsey
04/25/20
@ Lex Fridman
The velocity and centralization of data and algorithms in AI pose challenges that require better regulatory answers.
JD
Jack Dorsey
04/25/20
@ Lex Fridman
Contemplating mortality helps prioritize what truly matters in life, reminding us to focus on meaningful experiences and relationships.
JD
Jack Dorsey
04/25/20
@ Lex Fridman
Life's preciousness is highlighted by the daily reminders of mortality, urging us to reflect on our priorities and connections.
JD
Jack Dorsey
04/25/20
@ Lex Fridman
The importance of connection and feeling part of something bigger than ourselves is a key aspect of finding meaning in life.
JD
Jack Dorsey
04/25/20
@ Lex Fridman
If we don't recognize our interconnectedness, we risk missing out on deeper connections and understanding across different experiences.