Pain, Power & The Game Nobody Wins | Chamath Palihapitiya x Nikhil Kamath | People by WTF

We spoke about pain . I wouldn't like to say a prerequisite to success in the capitalistic world , but it helps if you've been pained . What is your story ? Where did the hunger come from ? Well, the hunger and the pain are two different things . I've been fascinated with the idea of building a social media outfit out of India . Give me advice from your experience of building allin being at Facebook bank to adopt it. And there are two things that it lacks. You know, one is fungeability and two is privacy. And so, Bitcoin fails on those two dimensions. So, it can never be a structural holding of a central bank . And that simple thing will keep it in the realm of ETFs and humans. And does gold satisfy those conditions? Yeah. Funibility easily . Both. You have no idea how much the Bank of China owns. You don't know how many ounces they own . You don't know how many ounces I own. when there's a public ledger that says this address has this much and you can't really trade it because you know the history and the provenence of that exact token . It's been used to buy this. It was transacted over here . It went to this wallet . That lack of funibility and privacy is a huge deterrent for broad structural adoption . That's what you need to then add another 10x of market cap . Mhm. So, is there room for a different crypto asset that solves for the privacy and fungeability ? Yeah. And are there projects right now ? Yes. But they're very small scale