Episode
#178 with Balaji - Balaji on How to Fix the Media, Cloud Communities & Crypto
2:39:49
Published: Wed May 05 2021
Description
Shaan (@ShaanVP) and Sam (@TheSamParr) host Balaji (@balajis) this episode. This is an amazing dive into Balaji's mind. He talks about the current issues with the media and how he's hoping to fix it with crypto and the blockchain. We also get a look at how he views the world, what motivates him, what he's been wrong about as well as the massive shifts he sees happening. --------- * Want to be featured in a future episode? Drop your question/comment/criticism/love here: https://www.mfmpod.com/p/hotline/ * Support the pod by spreading the word, become a referrer here: https://refer.fm/million * Have you joined our private Facebook group yet? Go to https://www.facebook.com/groups/ourfirstmillion and join thousands of other entrepreneurs and founders scheming up ideas. --------- Show notes: * (0:00) Intro * (2:30) Balaji's background * (7:33) Why Balaji started a newsletter: 1729 * (22:40) The media and its biases * (31:58) Balaji on memes and their importance * (37:45) What the future of media looks like and the role of crypto * (56:26) When did Balaji get into crypto? * (1:01:30) Sam asks Balaji what motivates him * (1:11:50) How the world is changing and becoming more Balaji-like * (1:19:39) What would 21 year-old Balaji work on? * (1:22:46) Why geographical proximity is no longer linked to cultural proximity * (1:26:25) How we can align incentives between tech and everyone else * (1:32:30) Balaji on crypto-social networks * (1:37:30) How Balaji operates day-to-day and "the idea maze" * (1:47:33) The importance of finding the right place to live * (1:57:30) What it's like to talk to Balaji * (2:02:08) What has Balaji been wrong about? * (2:11:00) Science vs. math: getting to the truth * (2:21:10) Balaji asks Sam for newsletter advice * (2:24:40) What are Balaji's guilty pleasures
Chapters
The hosts introduce their guest and discuss the benefits of using automation tools to streamline customer service, including automating tedious tasks and ensuring team access to important data.
00:00 - 01:44 (01:44)
Summary
The hosts introduce their guest and discuss the benefits of using automation tools to streamline customer service, including automating tedious tasks and ensuring team access to important data.
Episode#178 with Balaji - Balaji on How to Fix the Media, Cloud Communities & Crypto
PodcastMy First Million
Balaji is recognized for having a lot of ideas per minute, which is why this episode about generating ideas is set to be great.
01:44 - 05:18 (03:33)
Summary
Balaji is recognized for having a lot of ideas per minute, which is why this episode about generating ideas is set to be great.
Episode#178 with Balaji - Balaji on How to Fix the Media, Cloud Communities & Crypto
PodcastMy First Million
The podcast discusses the intersection of crypto with the main body of tech, highlighting the programming on top of blockchains and computing of genomes that are becoming more mainstream, affecting the daily life and quality of life of people.
05:18 - 08:59 (03:41)
Summary
The podcast discusses the intersection of crypto with the main body of tech, highlighting the programming on top of blockchains and computing of genomes that are becoming more mainstream, affecting the daily life and quality of life of people.
Episode#178 with Balaji - Balaji on How to Fix the Media, Cloud Communities & Crypto
PodcastMy First Million
The guest speaker discusses the different types of people who are attracted to either business or computer science and how they overlap in building successful companies, mentioning that one commonality is the desire to not waste time online.
08:59 - 18:58 (09:58)
Summary
The guest speaker discusses the different types of people who are attracted to either business or computer science and how they overlap in building successful companies, mentioning that one commonality is the desire to not waste time online.
Episode#178 with Balaji - Balaji on How to Fix the Media, Cloud Communities & Crypto
PodcastMy First Million
The science of reminding, also known as spaced repetition, can improve learning retention through repeated reminders over time.
18:58 - 22:31 (03:33)
Summary
The science of reminding, also known as spaced repetition, can improve learning retention through repeated reminders over time. This method contrasts with East Coast media, which prioritizes the writer over the content, resulting in a limited and insular perspective.
Episode#178 with Balaji - Balaji on How to Fix the Media, Cloud Communities & Crypto
PodcastMy First Million
Tech and media essentially ignored each other for a generation, but with the decline of print media and the rise of Google and Facebook, there has been a shift in the industry.
22:31 - 27:52 (05:21)
Summary
Tech and media essentially ignored each other for a generation, but with the decline of print media and the rise of Google and Facebook, there has been a shift in the industry. The Newmark Foundation has provided grants for journalism like datajournalism.com, which includes a surveillance handbook for journalists.
Episode#178 with Balaji - Balaji on How to Fix the Media, Cloud Communities & Crypto
PodcastMy First Million
The tech industry experienced a period of negative media coverage after being simultaneously denounced by Slate publications and criticised by journalists and academics looking for ways to damage and take down tech companies.
27:52 - 33:43 (05:50)
Summary
The tech industry experienced a period of negative media coverage after being simultaneously denounced by Slate publications and criticised by journalists and academics looking for ways to damage and take down tech companies.
Episode#178 with Balaji - Balaji on How to Fix the Media, Cloud Communities & Crypto
PodcastMy First Million
The concept of expressing abstract concepts within neural networks preceded molecular genetics, which was first studied through phenotypic experiments such as those conducted by Mendel with pea plants.
33:44 - 37:12 (03:28)
Summary
The concept of expressing abstract concepts within neural networks preceded molecular genetics, which was first studied through phenotypic experiments such as those conducted by Mendel with pea plants. This type of information can also be conveyed through visual aids such as cartoons and stock market graphs.
Episode#178 with Balaji - Balaji on How to Fix the Media, Cloud Communities & Crypto
PodcastMy First Million
Tech companies are more diverse than media corporations which are often owned by nepotists.
37:13 - 41:31 (04:18)
Summary
Tech companies are more diverse than media corporations which are often owned by nepotists. While tech companies are not without their flaws, they are transparent in areas such as Bitcoin ownership.
Episode#178 with Balaji - Balaji on How to Fix the Media, Cloud Communities & Crypto
PodcastMy First Million
The implementation of smart contracts requires access to data about the outside world, beyond purely financial information, which is made possible through the business model of companies such as Climate Corporation, and increasingly for crime statistics.
41:31 - 44:59 (03:27)
Summary
The implementation of smart contracts requires access to data about the outside world, beyond purely financial information, which is made possible through the business model of companies such as Climate Corporation, and increasingly for crime statistics. The potential of robotics is also considered in this context.
Episode#178 with Balaji - Balaji on How to Fix the Media, Cloud Communities & Crypto
PodcastMy First Million
The concept of crypto oracles entails the use of microeconomic incentives to reward trustworthy journalists or media companies for providing accurate and truthful data stored on digital chains.
44:59 - 50:56 (05:56)
Summary
The concept of crypto oracles entails the use of microeconomic incentives to reward trustworthy journalists or media companies for providing accurate and truthful data stored on digital chains. The vision is to use cryptography to displace corporate media corporations as the source of truth in the future world of digital assets, contracts, and news reporting.
Episode#178 with Balaji - Balaji on How to Fix the Media, Cloud Communities & Crypto
PodcastMy First Million
The speaker discusses the importance of diversifying the conversation in the startup world and supporting underrepresented voices.
50:56 - 56:59 (06:03)
Summary
The speaker discusses the importance of diversifying the conversation in the startup world and supporting underrepresented voices. They provide examples of how they are personally taking action, such as tweeting for COVID relief in India and choosing portfolios with diverse perspective.
Episode#178 with Balaji - Balaji on How to Fix the Media, Cloud Communities & Crypto
PodcastMy First Million
The speaker's friend introduced them to Bitcoin, and the speaker has been considering how energy is the true definition of money.
56:59 - 1:01:34 (04:34)
Summary
The speaker's friend introduced them to Bitcoin, and the speaker has been considering how energy is the true definition of money. Having transactions public may seem like a feature that would be difficult to give up.
Episode#178 with Balaji - Balaji on How to Fix the Media, Cloud Communities & Crypto
PodcastMy First Million
The importance of providing instant benefit to customers and how that translates to long-term success in the business world from traditional building companies to early crypto investment.
1:01:34 - 1:09:53 (08:19)
Summary
The importance of providing instant benefit to customers and how that translates to long-term success in the business world from traditional building companies to early crypto investment.
Episode#178 with Balaji - Balaji on How to Fix the Media, Cloud Communities & Crypto
PodcastMy First Million
The peak of centralization, homogeneity, and structure in the mid 20th century was practical for those who wanted routine, but now is the time for change and trying new things as the world is becoming more biology-like.
1:09:53 - 1:14:53 (05:00)
Summary
The peak of centralization, homogeneity, and structure in the mid 20th century was practical for those who wanted routine, but now is the time for change and trying new things as the world is becoming more biology-like.
Episode#178 with Balaji - Balaji on How to Fix the Media, Cloud Communities & Crypto
PodcastMy First Million
In this episode, Eric Weinstein discusses topics ranging from status quo to disruption bias, the power of ideas, and the rise of conformity in the age of WOKE and CCP.
1:14:53 - 1:20:13 (05:20)
Summary
In this episode, Eric Weinstein discusses topics ranging from status quo to disruption bias, the power of ideas, and the rise of conformity in the age of WOKE and CCP.
Episode#178 with Balaji - Balaji on How to Fix the Media, Cloud Communities & Crypto
PodcastMy First Million
The virtual world is becoming more important as we interact with it on our screens, and cryptocurrency is a perfect example.
1:20:13 - 1:27:13 (07:00)
Summary
The virtual world is becoming more important as we interact with it on our screens, and cryptocurrency is a perfect example. If you're looking for a domain to become skilled in, find something you're passionate about and interested in learning more about.
Episode#178 with Balaji - Balaji on How to Fix the Media, Cloud Communities & Crypto
PodcastMy First Million
The speaker emphasizes the importance of harnessing the power of technology to work together across borders towards a better future, citing the current state of societal division in the West compared to the potential for global collaboration through user interfaces.
1:27:13 - 1:32:09 (04:55)
Summary
The speaker emphasizes the importance of harnessing the power of technology to work together across borders towards a better future, citing the current state of societal division in the West compared to the potential for global collaboration through user interfaces.
Episode#178 with Balaji - Balaji on How to Fix the Media, Cloud Communities & Crypto
PodcastMy First Million
The founders and directors of crypto networks are like the heads of central banks, and crypto is not just the next Wall Street.
1:32:09 - 1:41:26 (09:17)
Summary
The founders and directors of crypto networks are like the heads of central banks, and crypto is not just the next Wall Street. The guest and the host discuss the future of social crypto networks and their role in shaping the crypto world.
Episode#178 with Balaji - Balaji on How to Fix the Media, Cloud Communities & Crypto
PodcastMy First Million
The speaker discusses how they use Feynman's concept of having active problems and matching solutions in order to solve problems, and applies it to various areas including decentralized social networks.
1:41:26 - 1:45:27 (04:01)
Summary
The speaker discusses how they use Feynman's concept of having active problems and matching solutions in order to solve problems, and applies it to various areas including decentralized social networks.
Episode#178 with Balaji - Balaji on How to Fix the Media, Cloud Communities & Crypto
PodcastMy First Million
Substack's success can be attributed to the features of monetization and newsletter, turning it into a platform able to handle mobile content distribution, as well as becoming a one-stop-shop for creators and their respective audience.
1:45:27 - 1:51:30 (06:02)
Summary
Substack's success can be attributed to the features of monetization and newsletter, turning it into a platform able to handle mobile content distribution, as well as becoming a one-stop-shop for creators and their respective audience.
Episode#178 with Balaji - Balaji on How to Fix the Media, Cloud Communities & Crypto
PodcastMy First Million
The concept of constraint optimization is explained using examples of identifying good and bad places using a heat map and optimizing the amount of time in package delivery with rule sets.
1:51:30 - 1:55:41 (04:11)
Summary
The concept of constraint optimization is explained using examples of identifying good and bad places using a heat map and optimizing the amount of time in package delivery with rule sets. The theory of digital nomadism being valuable for relocation was predicted almost a decade ago.
Episode#178 with Balaji - Balaji on How to Fix the Media, Cloud Communities & Crypto
PodcastMy First Million
Miami is becoming the go-to location for business deals among Latin American nationals due to its reputation as the Singapore of Latin America.
1:55:41 - 1:59:25 (03:44)
Summary
Miami is becoming the go-to location for business deals among Latin American nationals due to its reputation as the Singapore of Latin America. This is expected to continue, assuming there are no new variants that can escape the current vaccines.
Episode#178 with Balaji - Balaji on How to Fix the Media, Cloud Communities & Crypto
PodcastMy First Million
The speaker talks about playing tennis with brilliant individuals who inspire him, and the practice of learning from every interview by taking away a valuable lesson.
1:59:25 - 2:03:40 (04:15)
Summary
The speaker talks about playing tennis with brilliant individuals who inspire him, and the practice of learning from every interview by taking away a valuable lesson.
Episode#178 with Balaji - Balaji on How to Fix the Media, Cloud Communities & Crypto
PodcastMy First Million
The speaker recounts their personal experience of understanding the power of social networks after a friend live-tweeted a genomics conference.
2:03:41 - 2:07:16 (03:35)
Summary
The speaker recounts their personal experience of understanding the power of social networks after a friend live-tweeted a genomics conference. They also mentioned their previous work before writing publicly in 2013.
Episode#178 with Balaji - Balaji on How to Fix the Media, Cloud Communities & Crypto
PodcastMy First Million
The speaker discusses their previous overestimation of the potential of genomics technology and how people are now catching up to its benefits due to recent COVID-19 restrictions.
2:07:17 - 2:14:24 (07:07)
Summary
The speaker discusses their previous overestimation of the potential of genomics technology and how people are now catching up to its benefits due to recent COVID-19 restrictions. They also talk about Microsoft's history and change in leadership.
Episode#178 with Balaji - Balaji on How to Fix the Media, Cloud Communities & Crypto
PodcastMy First Million
The success of scientific publications should be measured based on the number of independent replications, rather than the number of citations they receive, according to the speaker.
2:14:25 - 2:20:06 (05:41)
Summary
The success of scientific publications should be measured based on the number of independent replications, rather than the number of citations they receive, according to the speaker. They compare the way open AI operates to the scientific community, as both use their underlying datasets to provide interactive webpages.
Episode#178 with Balaji - Balaji on How to Fix the Media, Cloud Communities & Crypto
PodcastMy First Million
The speaker discusses how cryptocurrency unifies addresses while newsletters provide a steady income source, and expresses his knowledge and skillset in the field of newsletters.
2:20:06 - 2:24:30 (04:23)
Summary
The speaker discusses how cryptocurrency unifies addresses while newsletters provide a steady income source, and expresses his knowledge and skillset in the field of newsletters.
Episode#178 with Balaji - Balaji on How to Fix the Media, Cloud Communities & Crypto
PodcastMy First Million
The speaker jumps from discussing alleged fake hits and entrapment to the topic of biology and preferences before randomly mentioning their dad's opinion on Bitcoin.
2:24:30 - 2:28:21 (03:50)
Summary
The speaker jumps from discussing alleged fake hits and entrapment to the topic of biology and preferences before randomly mentioning their dad's opinion on Bitcoin.
Episode#178 with Balaji - Balaji on How to Fix the Media, Cloud Communities & Crypto
PodcastMy First Million
The speaker suggests that hiring practices should change from prioritizing graduates of "Woke schools" to finding candidates who may have a different set of values and are more motivated to work.
2:28:21 - 2:35:12 (06:51)
Summary
The speaker suggests that hiring practices should change from prioritizing graduates of "Woke schools" to finding candidates who may have a different set of values and are more motivated to work.
Episode#178 with Balaji - Balaji on How to Fix the Media, Cloud Communities & Crypto
PodcastMy First Million
The speaker suggests experimenting with early domain registration, as it was valuable in the early nineties.
2:35:13 - 2:38:33 (03:20)
Summary
The speaker suggests experimenting with early domain registration, as it was valuable in the early nineties. He also discusses the idea of having a feed of tasks for startups.