Introduction

> It's crucial to navigate the challenges of working with regulators and governments in the cryptocurrency space. "Coinbase and I are working together with regulators and governments, which is a long and difficult road... Bureaucracies resist change for better and for worse."

> It's important to remember the core principles of decentralization in the face of regulatory scrutiny. "Decentralization is a hedge against the corrupting nature of centralized power. I hope in the end the interest of the individual wins."

Programming

> Programming has always felt like an adventure for me! My journey began in middle school, fumbling through a Java book during recess, and it was utterly confusing – "I was so frustrated, I didn’t understand anything!" But eventually, I found joy in PHP, which allowed me to quickly build things, and realized that Ruby remains my favorite language. It's all about making coding a delightful experience for humans, not just machines.

> Reflecting on the industry's evolution, it's striking how much of our digital landscape is still powered by legacy systems and languages like PHP and even COBOL. “Most of the web runs on PHP,” yet it remains a well-kept secret—part of the magic behind the curtain that keeps our world functioning. There's real beauty in that, a reminder of how foundational tools continue to shape our tech landscape, even as we chase the latest and greatest.

Coinbase

> Coinbase initially started as a hosted Bitcoin wallet, aimed at making Bitcoin secure and easy to use—“the Gmail for Bitcoin,” if you will. The turning point was integrating a “Buy Bitcoin” button, which significantly boosted user engagement and nudged us towards product-market fit.

> Building Coinbase was massively challenging, involving complex integrations with banks, blockchains, and robust cybersecurity measures to fend off hackers. We navigated a "giant bug bounty" environment, continuously refining our systems to remain secure and efficient.

> The process was not without dark moments; technical bugs, customer dissatisfaction, and even having my personal phone number leaked online tested our resilience. The stress was intense, often compounded by sleep deprivation and waves of criticism.

> Co-founder Fred Ehrsam was crucial for morale. In our toughest moments, his support mattered immensely—having a trusted partner in those crises made a significant difference.

> In leadership, navigating public perception and authenticity is essential. Balancing genuine communication while being savvy about public relations helps maintain trust. It’s a muscle—building tolerance against external negativity while ensuring one stays true to the core vision and mission.

Startup advice

> - Keep taking action and moving forward, as "action produces information." Startups are like sharks - if they stop moving, they die. It's essential to push through uncertainty and take steps, even if they lead to dead ends, as each action generates valuable insights for the next move.

> - Embrace the unknown and push past fear. Like climbing a fog-covered mountain, you can only see a few steps ahead, but by taking those steps, you reveal more of the path. Entrepreneurship involves navigating uncertainties, and comfort with risk tolerance is crucial for progress, as most people shy away from the unknown due to fear of failure.

> - Hiring is a critical aspect of building a company. Transitioning from being deeply involved in coding to focusing on hiring is essential for scaling. Finding the right talent involves not only assessing skills but also cultural fit, communication, problem-solving abilities, and humility. Hiring early on is tough, as it requires finding individuals willing to join a chaotic, unstructured startup journey.

Economic freedom

> The mission to "increase economic freedom in the world" is not just a lofty goal; it’s a transformative journey where "crypto acts as a secret hiding in plain sight" by empowering individuals globally. Having experienced environments like hyperinflation in Argentina, I truly believe that good financial infrastructure can spark optimism and drive positive changes in societies that lack it.

> Cryptocurrency, especially decentralized finance (DeFi), offers a revolutionary pathway to "create a new financial system that is more fair and more free." It's thrilling to witness how this technology bypasses traditional barriers, allowing anyone, regardless of where they are, to access financial services and opportunities that were previously out of reach.

Coinbase technology

> Coinbase plays a crucial role as a centralized exchange by helping fiat money flow into the crypto economy, but also fully supports and integrates decentralized finance (DeFi) solutions. "We're very proud of that, and I think we've helped a lot of that money flow in."

> Self-custodial wallets represent the future of crypto, allowing users to store their own assets securely without relying on a third party. This aligns with the fundamental ethos of crypto. We believe "in some ways they are the future because more and more people are going to want to store their own crypto."

> Encouraging users to move toward self-custody and decentralized solutions is essential for maintaining low switching costs and ultimately keeping companies accountable. This system benefits customers as "the minute you lose someone's trust, they're going to move their bitcoin to some other service, and that's good for the world."

Listing on Coinbase

> One key point I shared was about how we approach listing cryptocurrencies on Coinbase. We focus on legality, cybersecurity, compliance, and ultimately letting the market decide the value of each asset, similar to an Amazon star rating system.

> Another important insight I discussed is the challenge of adding privacy-preserving cryptocurrencies like Monero to centralized exchanges. While privacy coins are beneficial, regulatory requirements for monitoring suspicious activities pose difficulties. However, solutions like Zcash's view key can offer a balance between privacy and compliance, revealing a broader perspective on the importance of privacy in the crypto space.

Regulations

> The landscape of regulatory conversations around crypto has shifted dramatically. There's a growing recognition among regulators that "crypto has a lot of potential," and instead of limiting it, they're now asking how to preserve innovation while keeping bad actors at bay. It’s encouraging to see that “60% of people I meet in D.C. believe we should regulate crypto thoughtfully,” highlighting a significant change in perspective compared to just a few years ago.

> Clarifying the categories of crypto is essential for effective regulation. The reality is that "crypto is many different things"—from commodities like Bitcoin and Ethereum to NFTs and stablecoins. A simple legal test distinguishing these types would greatly enhance the clarity needed for regulation, allowing innovation to thrive while ensuring protection against fraud.

> Achieving mass adoption, potentially reaching a billion users, hinges on improved scalability and clearer regulations. As more people recognize the utility of crypto and the costs of transactions decrease, we're bound to see an uptick in adoption. Ultimately, “a lot of smart young people” are building crypto startups, and with continued growth, we are likely to witness the emergence of "killer dApps" that everyone will rely on.

Crypto dominance

> I'm convinced that Bitcoin could become the reserve currency of the world. Reflecting on Ray Dalio's insights, historical patterns, and the rise and fall of empires, it seems plausible that younger, tech-savvy generations who view crypto as central to their financial lives will lead this change as they gain influence.

> This shift towards a decentralized financial system, especially in response to more authoritarian regimes, could foster a more open, fair, and global financial landscape. Bitcoin might become the gold standard of the crypto economy, and while this transition may be driven by the younger generation's increasing adoption, it highlights the need for innovative thinking in financial systems.

Employee activism

> Employee activism can distract companies from their core mission: "Great companies have an important mission, and unfortunately, they're getting distracted by employee activism, causing internal division and a shift away from the main purpose."

> Focusing on solving real problems over virtue signaling: "Optimizing for virtue signaling leads to shallow solutions and division within the company. We should care about actual problems, not just appearances or what makes us look good."

> Maintaining focus despite distractions and external pressures: "The key is to stay focused on the core mission of the company, avoiding unnecessary division and external pressures. It's about doing good work and maximizing the impact on the world through the company's main values."

Leadership

> One of the key insights I've gathered on leadership is that “there are lots of different kinds of leaders.” I’ve realized I’m not a natural-born leader in the traditional sense—like those confident generals barking orders. Instead, I embrace a more reflective approach, taking time to consider input from my team and avoiding rash decisions, especially in high-emotion situations.

> Building confidence comes from stepping outside my comfort zone. Each time I've faced something intimidating, like making tough calls at Coinbase, I've found that “if you do enough scary things, you'll build the confidence.” That continuous push into the unknown has been essential for my growth, and I see it as a journey that never really ends—there’s always another mountain to climb.

ResearchHub

> First, there's this idea of making scientific research more like open-source software. The existing system of journals is seen as antiquated and filled with hurdles that slow down innovation, like paywalls and inefficient peer review processes. ResearchHub aims to be a more modern and collaborative platform akin to Reddit for science. "We want people to be able to share the code and data sets associated with their research papers, so it's a living document rather than a static PDF."

> Second, the goal is to align the scientific world with market forces to spur innovation more effectively. There's a huge gap between researchers and entrepreneurs, but when these worlds merge, you get groundbreaking companies like SpaceX or Google. "We should make it so that if you discover something like CRISPR, you should be a billionaire," emphasizing how bridging the gap can lead to impactful creations. ResearchHub integrates incentives through mechanisms like the ResearchCoin, creating a community-driven model to measure and reward contributions, ultimately aiming to change the culture and prestige structure within scientific publishing.

NewLimit

> I'm really passionate about scientific innovation because I believe it leads to better products and economic growth. I've been exploring the field of cell reprogramming and funding a team to work on a platform that can rejuvenate different types of cells and tissues to extend human health span. The ultimate goal is to develop therapies that can rejuvenate tissue throughout the body, potentially even the brain, to combat age-related issues like cognitive decline.

> I'm inspired by high-impact, hard tech problems like those pursued by Elon Musk. I believe it's crucial for those who have succeeded in software to tackle challenging problems in biotech and physical sciences. Even though the bio field is complex and risky, with stringent safety and efficacy requirements, I see immense potential in pushing the boundaries of science and technology to benefit humanity.

Advice for young people

> - It's essential to recognize that "everybody has probably more power than they realize," and rather than just criticizing the status quo, we should strive to be "the person in the arena" who actively works on solutions. Whether it's joining a mission-driven company or starting something ourselves, we can truly contribute and make a meaningful impact in the world.

> - Technology plays a pivotal role in driving change and improvement across various challenges we face, from climate change to education. I believe that while nothing is perfect and there are risks involved, the overall net benefit of technological advancements is significant, as "most people in the world are good." Embracing this mindset encourages optimism and action, allowing us to leverage our unique abilities to bring about the change we seek.

Meaning of life

> Life might not have a defined purpose, but that doesn’t mean we can't enjoy the journey and contribute positively. By focusing on increasing economic freedom and potentially extending human life through technology, we create a richer, more interesting “movie” for everyone to watch and participate in.

> Dreaming big and setting audacious goals, even if they seem outlandish at first, can lead to remarkable achievements. Writing down what you want to achieve daily keeps these goals on your radar, allowing you to see opportunities and make incremental progress toward them. This approach turned my "crazy idea" of starting a billion-dollar tech company into a reality with Coinbase, and it can work for any ambition you have.