Alright, I was gonna warm up the space here.
We're jamming, jamming, and I hope you like jamming, too.
Someone get the peace pipe.
I and I will see you through.
Cause every day we pay the price, we'll never sacrifice.
We're jamming till the jam is through.
I and I will see you through.
Cause every day we pay the price, we'll never sacrifice.
Just see death in my eyes
We're just warming up the space here
Everybody type, let's grow in the comments
Tell your pets in the neighborhood
And Benko's card, I did see your song request
We will be playing that towards the end
I'm the lady from the void
GM Jimmy, just a mic check
We're just doing a mic check here too
This is Chris coming in from the Benko's card
You're gonna check yourself
You're gonna check it out
Alright, I'm loading up video too
We got video on this now?
Yeah, it's a double whammy
But yes, what we do is we take the audio feed
And we put the spaces into the video
And distribute that across platforms
You should have caught an email about it
But I can also DM you the link
All day shopping in the all day place
Just a man with a run and trace
He looks the king of cool disgrace
Keep your early tongues and praise
That is my fortune and my fame
And myself, just do my thing
I said this is to understand
We're getting to John Rock
Jump with the dogs and John Buck
Who grown up in a one buck
Jimmy, I'm not sure if I'm talking
Should I have like my mic on
Should I have like my mic on
On Twitter spaces or on the talk studio
Okay, so here's the setup, alright
I'm talking volume coming out of the computers
You want to turn that totally off
Because we're just doing video on spaces
Sorry, video on the computer
And audio on your phone spaces
Alright, we're not yet live on video
Sorry, I should have prepped you more on this
Yeah, send me that PM as well
So I can jump in there too
I don't think I've seen that yet
Bada bing, bada boom, give me a sec
You might have a message request
And that is the link to the video
Make sure you pull that up on your computer
I can't believe it's supposed to be out in three
But I don't like to get it
From all over my breakfast
I said I'd come on the video too
But I don't want you guys to come all over my breakfast
From all over your breakfast
You'll be from all over my breakfast
This show is about to start in a couple minutes here
If you type let's grow in the comments
I will be giving you a triple shout out
Alright, we're pinning it to the top
We're planting it in the garden as they say
And I will also be naming everyone
Okay, so make sure you type let's grow
Alright, Chris is in the building as well
Alright, so remember volume is off on your computators
And we're doing audio from spaces
Hey, look at that virtual background
Once upon a time, there were beings who wanted to create something
These beings carefully guarded an aspect of consciousness called light
At different times, these guardians of light met and worked together in the different realms of reality
And they designed a time when their plan would go into effect
And each of you knows in the deepest portions of your being that you have come here for a purpose
You are beginning to feel what may be coming
Hello and welcome everybody
This is the live spaceshow that is all about empowering you
The changemakers to maximize your positive impact in the world by leveraging the latest and the greatest technology
Okay, with me today is Chris and Lynx
Today we're going to be talking about Bankless Card
This is really the missing link to truly grow Bankless, right?
To pay for stuff and to do some pretty awesome things along the way
To fund communities you're a part of
You're helping people get on board into DOWs
And to, you know, to really have that Bankless life and be able to pay for things
And I think this is going to be a huge unlock for transparency as well
We can get out of that later as well
But we have a tradition here
Oh, too enthusiastic about our tradition
So our traditions always start with why
So I want to ask you, what is your why?
I'm talking about your personal why
What gets you specifically out of bed in the morning
And fuels you to burn the midnight oil
If you were to encapsulate it into one concise description
How would you describe the why of Chris
And then get over to Lynx
Thank you so much for reaching out and having us on here
My why is it's really about community
And it's about getting people involved
When I first started out with crypto
I dabbled with it years and years ago
Missed my opportunity like many of us here
I started trading chipcoins basically
And I was just playing around
Thinking the more tokens I have
The better and I had no idea why
There was this number go down
And I was trying to become a day trader
And it was all about the numbers
Until I actually received an airdrop
I received that original Bankless Dow airdrop
And that made me go out and get a Metamask wallet
It made me join a community
And it made me realize that
The tokens are a key to something bigger
They allow you to interact and participate
With people in a way that hasn't really been available before
People talk about our token securities
And then they talk about Beanie Babies
You can trade Pokemon cards
You can own Pokemon cards
But you're not really a part of the ecosystem
You can sell them and you can profit
But it doesn't really mean anything
Beyond the fact that you own that thing
When you have a token from a community
It allows you to interact in a way that is unique
It allows you to vote on propositions
It allows you to create your own proposals
It allows you to become available for certain future benefits
Rewards, loyalty, that type of thing
So for me it's about the unlock
What do tokens do that other unlocks haven't done for us in the past?
Yes, that is the great unlock
It's nice to hear about your journey and the bankless airdrop
I think that got a lot of people really intrigued as well
Cool, well let's get over to you, Lynx
What gets you out of bed in the morning?
What fuels you to do the amazing things that you do?
You've got to get to the core
Well, I mean, my life goal is to inspire and be inspired
And I think that the way that I want to do that
Is to create a next generation organization
That's really what I'm looking to do
I'm someone who's been in a lot of Web2 startups
And I've also had a bunch of jobs in the past that I've hated
I think everyone can kind of relate to that
I really feel like when I joined Web3 because of these tokens
Because of the way ownership is structured
There is a path forward in Web3 that doesn't necessarily exist in Web2
In a way that all stakeholders can be brought to the table
Similar to what Chris was saying
It's all about how can we use the tools of Web3
This technology that allows us to kind of share ownership in a different way
To make organizations that people want to be a part of
That people enjoy being a part of
That those organizations are the change that we want to see in the world
And so that's my why, is to build that next generation organization
Be the change that you want to see
There is so much impact that can be made with these organizations
We've already seen this to a huge extent
And it's relatively early innings
I'm super excited to see how they evolve
So tell us the story of Bankless Card and how this came to be
I know you said you got an airdrop, Chris
I probably got you more intrigued by the whole Bankless ecosystem
And everything that's growing on over there
So how did the idea for this come about?
I know there have been several crypto card attempts in the past
But I feel like you guys have an interesting spin on it
Yeah, we definitely do have a different spin on it
And the originator is actually Lynx
He was the one who came to me with his idea
And said we have this market, this untapped market
That's sitting there ready to pounce on
So Lynx, why don't you tell us a little bit about
What made you bring this to everybody
So I guess I mentioned before that I'm really into Web2 startups
I've been in the startup industry for 15 years
But as soon as I got into the Web3 space
All of a sudden, that feeling that you get
When you're part of a purpose driven organization
It is the same feeling that you get when you start and you start up
And it's only a couple, six people
But Bankless DOW when I joined was hundreds of people
And so all of a sudden that became really interesting to me
And I saw that there was some emotion here, there's some energy here
And so me being a product developer
I was like, okay, I'm going to put my product hat on
And I'm going to try to iterate through some different products
And to see what actually works
After a couple iterations, at least I think something like six
I kind of hit on this idea of Bankless Card
A card that funds your communities
And I was just using the Bankless DOW community
As a sounding board doing one on ones with people
And finally I got to this idea that could work
And so I brought that to Chris and I think her
And it's just kind of like, what do you think of this?
And the feedback that we got from our original team of six
It was just very positive
People wanted to work on this
We kind of put a forum post on the Bankless DOW forum on April 1
Everyone thought it was a joke, unfortunate timing I guess
But really kind of on brand for us
We are in some ways a contradiction, a Bankless Card
A card that allows you to take these kinds of hyper-capitalist
Web3 actions and direct them into this public goods funding
Towards your favorite community, towards your favorite cause
It all came from Bankless DOW
Boom, I love it. That's so cool
I love that you guys are really thinking about public goods
There's a lot of public goods maxis over here
And no, that's super cool
Alright, so that's how the idea was kind of put together
And yeah, so I love to understand about what's the intention of the card
I've come across one before but it was limited to one token or one chain for example
I think the one that I saw at first was the exchange
I forget which exchange, crypto exchange or something like that
But then you had, that's only if you held their coin
So is the intention to do this for a variety of tokens or a variety of chains
What's the roadmap there in terms of usage
And then we can get into all the amazing things that you're doing for public goods in addition to that
Yeah, I think that, I mean, it is not like your typical crypto card
It is not like a crypto.com card where you're getting your rewards in a CRO token
Or anything like that and it's really difficult to understand
How do I turn these rewards into actual rewards
They say that they're giving you 8% cash back but that depends on whether or not the token goes up or down
We at Bankus Card believe that the biggest barrier to adoption is bridging that UX gap
And we really wanted to bring new people into the ecosystem
So the way that Bankus Card works is basically you sign up
You can join any of the communities that are on there and get that reward token
You can claim that reward token for your spending
And the nice thing about Web3 is because they're set up in tokens
The way that we do this is we essentially take this interchange revenue every time you swipe a card
You're paying 1-2% that goes to a bank
While we're able to take some of that money and buy some of this token off of the market, off of the DEX
So essentially you're benefiting because you're getting more token
Your cause is benefiting because it increases their liquidity
Which means that all the tokens in their treasury are worth more
And in general, this kind of tokenomics allows people to have a win-win positive sum mindset
Which I don't think exists in any other card
Dude, I want this so bad for TreeGens and Let's Grow Dow actually
So we can... I've applied
I don't know, we'll get into when things are happening
You'll get in, you'll get in
Is it too soon? I was going to work out that
Yeah, is there a timeline worked out for this?
There are people in the United States who are using the card right now
Yeah, so we are in alpha testing
But I think we'll be in beta by next week
And I mean the answer to one card is like, imminently
We thought that we were going to release it in December
But our mantra is to continue to just make progress week after week
And that's what we're doing
So as soon as we can get it, we will get it to you
So beautiful for the tokenomics
You have some buy pressure there
You're buying it off the market
They normally get to use their crypto directly
Not have to do peer-to-peer and all these different steps before they can use it
So that's actually not going to be the case at launch
So it's going to be load fiat, spend fiat at launch
And this is what we had to do to kind of thread that regulatory needle
Eventually we're going to get to the point where we can do crypto spends
It's actually going to be easier for us to do that outside of the United States
Okay, so you have to go through all this regulation in America
That must be a huge task to undergo
So initially, this is a fiat token
You buy, spend fiat kind of thing
So we're working with a bank to make this happen
Yeah, so I haven't talked too much about the roadmap yet
But let's just say that that is a roadmap eventually
I was waiting for the regulation
In the States right now, you have to work with the bank
We're working with the bank
But the banks that we're working with
If you're not in the States, well, we're going to see
I mean, that's something that Chris is actually working on
Maybe you want to talk a little bit more about that
Well, you know, I also just want to say that
Anytime you're going to work with fiat, there's going to be a bank involved
So if you want to make fiat transactions, there's going to be a bank involved
Even if you look at some of the other newer cards that are coming out right now
That are crypto spend cards
Really what's happening is the money is going from your crypto account
From some crypto account, whether that's like a safe or some other account
And it's going through a bank and getting processed into that
The Visa or MasterCard network
So there's always going to be a bank involved
For the merchant, they need to receive that from the bank
Yes, if they're receiving fiat
If they're going to receive crypto, then that's a totally different thing
And there are certain economies being built around that
We were trying to launch a token for a Visa
The island of Ibiza and the Balearics in Mallorca last year
And we just hit too many roadblocks
One of the biggest problems is that
When you get somebody to spend crypto or get a merchant to receive crypto
What's keeping them from selling that the very next day?
You create some loyalty rewards around it
But the next day they're going to be cashing out
Because they really want to get fiat so they can pay their bills off
And there was a competitor token in Ibiza who did actually launch
All the clubs were accepting it
So you could go into some club and get a discount if you were spending this token
And the very next day all the clubs were just selling that token off
There was huge sell pressure
And everybody who had liquidity basically got runt pulled
So it's a delicate situation when you're trying to create an economy around a crypto token
Because the natural tendency is for people to sell that into fiat
So I think one of the ways that we've been doing this kind of backwards
From a traditional crypto card is allowing those fiat spends
Allowing people to custody their own funds in their own bank account
And then they spend those as they would a traditional debit card
It takes away that need to take money out of the crypto ecosystem
So in terms of spreading worldwide
There are a few different options that are available
None of them are really perfect for what we need yet
There are a few potential partners out there for us
But what we really want to unlock is this interchange revenue
And that is when a merchant pays that small portion
That small fee to the network to be able to take that payment
A portion of that goes to us
And then that's the portion that gets shared out to the communities as well
Without that, it's kind of a non-starter at the minute
There are also other revenue models
So swaps doing fiat to crypto swaps and vice versa
Those are the things that we're looking to unlock in the future as well
Ultimately, we're taking this fee that normally goes to a bank
That everyone's paying every time you swipe a card
And we're taking that fee and directing it to your favorite cost
And so like that, people ask what makes us bankless
I think that's what makes us really bankless
Is that we're essentially taking from the banks and giving to Web3
That's what we're aiming to do
It's not that you're minting the token and giving it out
It's that you're using a transaction fee to buy it off the market
And then even if some percentage sell, you bought it anyway
So really, that would balance out even if 100% sold
So great for the tokenomics
So this comes back to then
For outside of America though
Can we have a crypto exchange for fiat in this bank
Because ideally that's the situation
People just want to hold their Ethereum
And just tap it and they get fiat
There are some providers who are going to allow us to do this
We built the app in a way that is going to allow us to use multiple providers
And so we are going to be using a different provider in Canada
There are multiple providers that we've talked to that are kind of like
All of Europe and some of Asia
And so when you issue a card
It really is like a country by country jurisdiction by jurisdiction battle that you're fighting
And so we're going to have to work with some partners
And the good news is some of those partners do help facilitate those kind of crypto transactions
Those partners are based in crypto-friendly jurisdictions
Our US users won't be able to use those kinds of providers
But in the US, we have a baseline solution at least
And that solution is more on the fiat side
But we're confident that in the future
The US is going to have to kind of change their laws
And when that happens, when the technology allows for us to do it
We're going to allow users to take that
Okay, my trusty co-host has been very patient with his hand raised
Let's give him a high five
And for a high five, better
So I have some experience working in the payment solution space
That became a primary focus for me when I first came into this space
So I've learned some time about all the nuances
And the intricacies of the system that you guys are creating
Because at that time, I was consulting for a company that was creating something very similar
We called it the Wall of the Wall because it allowed the flow
For the user experience to come from web 2 into web 3
And, you know, I understand everything you guys are going through right now
With all the hurdles and the hoops and the regulations
My question is more specific to
So basically, what does that flow look like for you guys
As far as bringing people into your ecosystem
I don't know about the technical perspective
I know about the technical perspective
But I think the question that you're asking really evokes to me back to our mission
We want to onboard more people to web 3
And we believe that UX is the biggest barrier right now
And so what we're really trying to do is make it easy for people to start experiencing these web 3 communities
I talked about how when I joined Bankless Dow
It was like the feeling of starting a new startup for me
But there were hundreds of people involved
It was an experience that was not restricted to just the people who get hired by the startup
It was an experience to anyone who believes in the mission
Anyone who believes in that purpose
And so for us onboarding more people to web 3
Really, our hypothesis is about connecting them easier
Making it an easier connection to those web 3 communities, those Dows
And I think that this card will make it an easy way
Let's say you're interested in Bankless Dow
But you don't want to go through the hassle of getting a web 3 wallet
And you don't want to go through the hassle of learning about seed phrases
And on-ramping funds and all these kinds of things
You can just get Bankless Card
You can start to use your swipes
And you can start accumulating bank
And then in the app we're going to have, first of all, lessons for you to learn a little bit more
About what these things mean, like what do these tokens, what do they do for you
And we're going to have ways for you to use those tokens right there in the app
So at the beginning we're going to have governance
You're going to be able to vote on Snapshot and things like that
To allow you to be part of that community
Hey, I am accumulating bank
I want my voice to be heard when we're having these governance proposals
And as we go we're going to be adding more things
There are communities that allow for staking and auctions and other kinds of things
We want to put that all in the app, making it really kind of dead easy
For anyone who is interested in the space but doesn't have time or the gumption
To kind of learn about the technical issues or the safety issues
It's really just like a fun, easy, safe way to interact with these DAO communities
And we think that by doing so that's going to attract more people into the space
And eventually they will get to the point where they're like
Okay, you know what, I think I do want my own wallet
You know what, I do think I want to join a little bit more into these communities and that kind of thing
Does that answer your question?
Yes, absolutely, and my follow-up question is
Are you guys going to have presence in the East Denver?
So Chris and I will be there
But what do you mean by presence?
We'll be there wearing t-shirts
But I don't think we're going to be, we don't have a booth or anything
I don't think we're going to be doing like a big campaign there
But we're going to be there speaking to the communities
Speaking to the people who could benefit from the card
We have, we've secured through my, through my business, Team Fitness Media
You probably see it down there in the audience
We've secured some podcasting
Space, we'd love for you guys to come through
It's going to be a lot of regen, refi, focused conversations I think
But we'd love for you guys to come through and create some special content with us
And get involved in some of the conversations
Yes, absolutely, that'd be great
Boom, I love this as onboarding
You say hey, it's a debit card, you're spending fiat, it's a bank, blah blah blah
No worries, you're tapping
But then you're earning crypto
That is the cool thing, right?
It's because like, now you're earning crypto for using this card
Like, dude, this would make so much sense for when we launch Mgro
Which is our tokenization of mangrove regeneration
Because like, imagine every time you tap your card
You're helping plant trees, right?
And that's what this represents
And so, yeah, that's super cool, man
Come wait for this to be community-centric
I love the fact that you're not just thinking about bankless
You're thinking about, you know, how to involve many communities in this
To use it on how this can benefit many tokenomics
About the greater web3 in addition to the bankless ecosystem
But since you guys are such a substantial down
You're talking about, okay, it's literally, as you said, a process for each country
Are you seeing, like, different members?
Because there's people all across the world
Like, if there's anything I can do from Thailand, let me know
I mean, I feel like, you know, if people all around the world
Can, like, kind of just help move the ball forward
If you have, like, a framework of how to help this get adopted
I'm sure many different people would help
I just want this to be a thing here
Yeah, we're figuring that out right now
Like, I guess we're kind of threading the needle
Between this kind of compliance and what's actually usable
And what's going to work for users, right?
And so that's, we're threading the needle right now
We don't have a playbook quite yet
But we're hoping that through this proof of concept in the United States
We're going to try to figure out a playbook
We're going to be able to get the attention and the proof that we need
To be able to get into lots of different jurisdictions in the next year
That's our strategy, that's our goal
And we're starting in the U.S. because it is the place where interchange revenue is the highest
I mean, it is the highest chance of success for us
And when you talk about even things like mGrove
Like, getting every time you swipe, you're planting trees in Thailand
I think that that is something that, it is a proven, tested concept that works in the United States
And it is the maximum impact we can get by getting United States users using the card
And they do care about these other kinds of causes
Even if they aren't United States-centric
So as we go, we're going to start with something small
We're going to start with something that we can achieve
And then from there, we think that we can start layering on more communities
We think that we can start layering on more countries
We think that we can start layering on more impact
And hopefully get to the place where we want to be
Which is where anyone in the world can swipe to support their favorite cause
No matter how big or small that cause is
No matter how global or how local that cause is
Whatever it is that you want to see in the world, you're able to contribute to that just by swiping
So simple, and sometimes the simple things are the most impactful
Okay, Jerry, what's going on, buddy?
I'm very happy to hear all that I'm hearing about the Bankless card
I'll also be in East Denver
And I would absolutely love to catch up with you and speak with you about things
Because I would really like to work with you, Vince, on how to get Bankless hard working in MICA
And what the regulations are behind that
And I have some pretty good connections with how that operates, how that works
Because I want to in-run kind of all of those regulations
And I would like everybody to become truly Bankless and to skid on crypto
But we're going to have to work in some ways inside the frameworks that have already been built
In order to get people onboarded and understand the infrastructure of it
So that they can get out of that broken system eventually
So that is something I would really like to speak with you about
If you're going to be available and you're going to be there, we've got to hook up, buddy
There's a lot more I can talk about, but I won't take up any more time here doing this
Yeah, let's connect at Ethanver
Let's connect after this meeting and we'll connect at Ethanver as well
Yeah, hey Jerry, send me a DM and then we can set something up
Yeah, there's Bankless hard or crispy, I'm in the audience
Awesome, yeah, Jerry and Will T, two amazing Let's Grow Dow members
And yeah, super cool that y'all are linking up
I'm jelly, I'm jelly, I hope I can get a bit of a long shot
I got a lot growing on right now with the Guinness World Record thing
Friends, if you have some questions, please don't be shy
All right, now is not the time to be shy
Top the mic in the bottom left
Let me get some shout outs real quick to all the people who were typing Let's Grow in the comments
It's up to all of us to grow the movement
All right, Kingfisher did the hashtag Let's Grow
All right, Fuji's a little sad because the card is not supported in Asia yet
It's a matter of time, it's a matter of time, we'll get it in Indo
All right, Bankless card, thank you for typing Let's Grow
Jerry, much love, thank you for doing the hashtag Let's Grow
Of course, the grow did it, Will T did the hashtag Let's Grow
Janet B's, wait, there's a Let's Grow meme
Okay, I don't know who the girls is, but I guess we're not the only ones using Let's Grow
Okay, great, much love to Janet and to Duroste for typing Let's Grow in the comments
Everybody else, let's grow, type it, let's make it happen
So that's the idea, that this can support doubt
So initially, people will be earning bank, right?
So we're actually launching with two communities initially
So there's two opportunities, you will then get either bank for Bankless Doubt
And so these are the two communities that we're starting with
Yeah, so it's pretty great for us to be working with Nouns Doubt
I mean, Chris was kind of instrumental in that
Do you want to explain our partnership with Nouns Doubt?
Because I think it is a big one
Oh, I can't hear you, Chris
Oh, yeah, you're still muted, buddy
Oh, I unmuted and muted, there's a double tap there
So initially, we were looking for some communities who wanted to get involved with us
that we were also aligned with and wanted to get involved with them
We still have a number of those on our list
So when reaching out to Nouns, shout out to Dom, aka DotNouns
That's his handle, DotNouns
When I told him about this, he literally jumped out of his seat
He was so excited for this
And he was like, take my money
They didn't throw us any cash
But they did say take our Noggles or our Noggs tokens
He was super excited because for them, for Nouns, it's all about brand proliferation
They want to get the Noggles out there everywhere
They want to get the DAO scene
Because that's a regenerative community
The more people invest into it, the more they can do with it
And so the best way to do that is to get it in everybody's eyeballs
With the Noggs tokens, what they're able to do with that is unlock
Like I was saying at the beginning, these unlocks that are created with these Web3 tokens
They're going to be able to measure the impact that people are having within the Nouns community
Depending on how they're earning their tokens, where they're quote-unquote cashing in their tokens
I don't think there's necessarily going to be a cashing in
But you'll get discounts for having Noggs tokens
As far as I know, Noggs are not going to be available for purchase on any liquid market
You have to earn them and you have to generate them for now anyway
And so what they really wanted to do was say to us
Hey, here's a lot of Noggs
Here's your bulk lot of Noggs per month
And we want you to distribute that to everybody
So what we'll be doing once we have the Nouns card live
Is we're going to be running, not necessarily competition
But it will come down to competition
Whoever spends the most earns the most Noggs
So it's really going to incentivize a lot of spending on the card
Which is fantastic because the more that every community spends on the card
The more we're going to be able to generate in fees
That we can share with all the communities
As we go up in our spending per month, we're going to be unlocking new levels of transaction fees
So this is another reason for more communities to get involved
And for all of us to support each other
Because as we all spend more, we all start to reach those unlocks together
Yeah, so Nouns has been fantastic to work with as well
They've been super patient
It's been a difficult process working with the traditional finance market
And they've been very understanding
And we are on the tip of presenting this now
They've already announced it in their recent proposal that they had through NNS
And yeah, really super excited for that one
Yeah, I think that one of the great things about Nouns
Is that they understand that Dows are brands
They are all about that proliferation
They're really about this kind of regenerative movement in that
If we spend this treasury, we are going to get more people coming back to the ecosystem
So they are kind of based upon this idea that
If you spread the love, the love will come back
You get what you give, right?
And I think that Nouns really understands this
And they're kind of a dream partner for us because of it
It reminds me of my favorite quote
In the end, the love you take is equal to the love you make
And yeah, it's cool that Nouns gets that
I'm personally a public Nouns member
And it would be cool if...
I don't know if public Nouns could get involved in this same way
Because they don't have necessarily a public Nouns token
The idea behind the NOGS token
Is that they're going to be plugging into any kind of Nounish action
So if you are a public Nouns, I assume that there's some sort of auction mechanism
If you bid on that auction, you'll be getting NOGS
If you win that auction, you'll be getting NOGS
And they're still working that out
But if public Nouns works with NNS, they can get that in sooner
They're trying to basically get any Nounish action
Across any Nounish DAO, you get rewarded in NOGS
And so that's kind of the vision of this NOGS token
With the Nouns naming service
So that's the goal for them
And then spending... making your interchange revenue
Basically to support the Nouns mission
That's another Nounish action
That's why we are being able to distribute the NOGS
Because that's the kind of base behind it
Is that it is another Nounish action that you're doing
Contributing your swipes to the broader Nouns purpose
Yeah, I mean, so it's not just the interchange
That fee that's being redirected to purchase the token
In some cases, communities can also say, okay, in addition to that
Let's also set this aside and reward with the transaction
And it sounds like with a variety of actions
That you guys are helping facilitate in some way
I mean, we're really just focused on the card side of things
NNS's vision is much broader, right?
And so every community has their own kind of tokenomics model
And all we're doing is we're trying to inject capital into their ecosystem
Because that's honestly what most communities need, especially starting out
Yeah, and so this made me think as we were talking about
Okay, Public Downs doesn't necessarily have a token, though
It could tie into the NOGS
But then also like now there's this thing
I don't know what you guys think about ERC 404
Where it's like they're turning NFTs into fractionalized tokens
So yeah, ERC 404 is getting quite a bit of, I guess, traction now
Some people call it, I'm sure there are rugs
As with whenever something gets a lot of eyeballs
But basically, yeah, it's like if you pay the full price
You get the token, the NFT
But you could also pay a fraction and you don't necessarily get the NFT
But if you buy that big amount, you get both the token and the thing
So yeah, maybe NFTs could also fractionalize through ERC 404
And then still be able to reward in a fungible way
I don't know what you guys' thoughts are on that
I definitely think that it's something that we want to do
Every community, as I said, they have their own kind of vibe
We want to, in our ideal state, be able to kind of meet the community where they are
I mean, that goes back to our purpose, to bridge the UX gap between Web3 and the real world
We want to kind of smooth all of those rough edges
So if ERC 404, if there's a community that's using it
And we're able to kind of reward people in this kind of like fungible, non-fungible token
We will absolutely take that
And there are some communities that, you know, they don't even have a token at all
On-chain revenue, that's fine too, right?
I think ultimately it's up to each community how they want to operate
Each community has their own vibe
And we are just trying to kind of multiply those vibes in some ways
We're just trying to add, we're not trying to get any community to go a certain way
We want to be that way for the other communities
Yeah, it's really just that
Oh no, I'm just a commentator here
I'm just basically echoing what you're saying about multiplying vibes
You should check out proof of vibes
Yeah, I was just trying to, you know, pare a little bit about what Lynx was saying there
We want to enable communities
So whatever it is they're doing, whatever reward systems they come up with
We want to be hot-swappable, pluggable
We want people to be able to come to us
And, you know, you also have to consider the fact that
A lot of the people who are in the DAO space belong to multiple DAOs
And so we don't want to limit what they can do
We don't want to just lock them into a certain rewards program
We want these rewards to be composable
I love what you were saying about the ERC 404 tokens
That's a super interesting new dynamic that we're adding into the mix
I don't fully understand it, but yet I haven't really looked into it that much
But in terms of fractionalization of tokens
And emissions and setting up, you know, sort of token emissions, that type of thing
That all that stuff is, you know, it's right up our street
And what we really need to do first is get over that hurdle of breaking down the barrier
Between traditional finance and decentralized finance
And once those two worlds collide, it's really an explosion of possibilities
Yeah, so you were saying before about the regulatory challenges with this
But there have been other examples
Like, I don't know if, of course, you guys are doing it in a more impactful way
And it's super cool, you're a model
But like, have you been, like, how did the, you know, the crypto exchange pull out
I thought they were in America too, right? Like, there must be a way to have
Were they just out of America for that?
Are you talking about crypto.com, Jimmy?
They're based out of Hong Kong
Okay, were they operating in America with their card, or?
Yeah, because they partnered with the US Bank for that
Okay, so it's a partnership kind of thing
I think, like, when, in the last bear market, when the SEC started, like, sharpening its fangs
A lot of banks at that point, we were in discussion with a lot of banks then
And they said, basically, we're going to grandfather in anyone who currently has a card
And anyone new? No, right? So it is a rapidly changing space, I would say
And I would say, like, specifically for those crypto.coms and that kind of thing
They go to great lengths to show that their tokens are not securities
I think that that is the big thing that banks are really worried about
They don't want to run afoul of the SEC in any way
It's hard to get a bank charter in the States nowadays
And so they are, let's just say, very risk averse
I think now is a good time as well to mention the difference between
What we're trying to build with our reward systems
Compared to what crypto.com is
I like to refer to crypto.com as a Ponzi token card
The way that their rewards are so high is because they get people to stake
The more you stake, the higher your rewards get
But it becomes, your rewards diminish over time
Because the value of the CRO token continues to decrease
And therefore, even though you're making, say, 10% quote-unquote cashback
It's not cashback, you're getting CRO back
And so what's 10% of something that continues to diminish in value
It becomes less and less and less
And on top of that, they have sequentially been reducing their percentages
That they're giving people over time as well
You can see over the past five years, those percentages have gone down
And you really need, it's a house of cards
You have to put in more for it to sustain itself
And it's, long term, I can't really speak to the viability of it
But over the past five years, it has become, it seems to me that's become a bit of a money sink
And beyond earning a CRO token, which you can then either stake more of or sell
There isn't anything that you can do with it
Whereas what we're trying to do is reward people with community tokens, social tokens, meme tokens
These tokens that have some sort of intrinsic value
Which is supplied by the community
And so it all comes back to, this is a community card
This is a card for you and your group of friends to set something up at zero to limited cost
And all reward each other and be able to spread the word and proliferate your brand out there
Yeah, it's for a lot of these centralized cards
These a lot of these centralized crypto cards
There's a lot of fine print that you aren't reading
There's some that will say, we're giving you 2% cashback
But they charge you 2.5% on the crypto conversion
So they're basically taking your money and giving you some of the back
And being like, we're giving you 2% cashback
So it's a bit of a racket
The reason why crypto.com released a card wasn't really to make money in any way
It wasn't a product, it was a loss leader to secure their Chronos chain with stakers
That's what they were trying to do is they were trying to get more people to stake
And this is the way that they were doing it
All of these cards, any of these centralized cards that are geared towards personal rewards, individual rewards
They're somehow making their cut off you
It's like the casino where the house always wins
And I think that the difference between Bankless Card and these other cards
Is that we're really focused on community rewards
It's not a lot when you swipe a card to get a little percentage back
But you put all of those together for people in your community
And that can turn into enough to bootstrap your community
Into something much bigger
And so it's not about individual rewards for us
It is about working together as a community to be that change that you want to see in the world
Yeah, it really does add up
And then as we were saying before about nouns
The community can also choose to add to the rewards in addition to from the fees
So Crypto.com didn't really see this as much of a business as a loss leader to help their token
One to two percent, is that the only business model for you guys?
Because if you're giving that out, how do you sustain and make sure that this is
You've got to cover your bases
I'm sure you have tons of legal fees and things like this to set up everything
Would there be a fixed fee for the community that gets onboarded
Or how do you make sure this engine runs
Or is it more like there's grants out there and nouns and things like this that would fund it
Right now, we are really just focused on can we get a kind of proof of concept working
The whole team is kind of working on this as a community, as a DAO
It's not our full-time jobs at the moment
To get to the place where we could do it
Essentially, we are sharing those interchange fees
So we're taking some of those to run our operations
I think at the baseline, at the outside, it's going to be 50-50
So whatever we bring in, half of it will immediately go to the community
And we'll keep half to try to, let's say, keep the wheels running
Eventually, I think we'll be able to do other things as well
There's lots of other potential revenue strategies that we could do to eventually get to the point
Where we might be able to push even more and more towards communities
If we can empower communities, we feel like there's going to be a way to sustain ourselves as an organization
This 1-2% doesn't seem like a lot
But right now, it's a $2 trillion industry worldwide
And so it is, when you put it together enough
And according to our financials, our latest financials, we could get something like 30,000 users
And run our operations in a sustainable way
Not everyone would be working full-time, but we would have enough
That we could get kind of like a bare-bones team going with 30-50,000 users
And that is very small for a software-based startup
In a lot of the kinds of software-based startups
You're looking at, you need millions of users to support your massive team of hundreds of software developers to do this
We're really looking at how can we empower communities
And through that, we can hopefully sustain as an organization
There is a principle called obliquity, which says that your best way to go after your end goal is to do it indirectly
If we were to just say, hey, we want to make money, well, we wouldn't even make a community card
Like we would do what Crypto.com is doing or what these other companies are doing
And that's not what we want
We want to be a net positive in the world
And through that, we think that we can eventually get to a sustainable point
Yes, I love that. That's a great intention
And there are so many public goods funding mechanisms now
From retroactive PGF, optimism, to Gitcoin, to Octin, to Giveit, to all these different things
It's cool because usually that's the pivotal question
It's like, well, this has to be a sustainable business
But really, if you're making an impact, there are so many different ways in Web3
To make sure that you can keep the boat afloat
And it's a beautiful thing
I think it's rare compared to other industries for sure
And I'm grateful to be a part of it
So you were saying before about how you had to partner with banks
As you expand around the world
Are you doing that on behalf of Bankless Dow?
Because that's got to be a tough conversation
We're bankless and then like, can we partner though?
Are you trying to get rid of banks?
Is there not that tension between partnership companies?
Yes, and one of the things I should mention is that we're kind of in the process of a slow rebrand to B Card instead of Bankless Card
So our legal entities are all called B Card
And we really love that Bankless brand
It's a thing that brought us together
But as well, I don't know if you've been seeing this kind of recent brand issues that we've been dealing with at Bankless Dow
It just doesn't make sense for us to continue to use that Bankless name right now
Doing the things that we want to do
So we're kind of like rebranding to B Card right now to help us have more impact
I think that we still have that bankless ethos in our hearts
We're taking from the banks and giving to Web3, giving to these bankless tools
And eventually we want to be a tool that is kind of funneling people and capital into the Web3 ecosystem
But to do that, we're going to have to probably shed that bankless name
And we're in the process of doing it right now
So you will know us as B Card going forward
But I think we all, at least everyone in this space knows that it did come from Bankless
Don't let the banks know Web3
Well, friends, we're getting close to the top of the hour here
And it's about time for our final segment of Words of Wisdom
So this is where all of you guys will get a chance to share some wisdom
Some nuggets of knowledge, if you will
Okay, so the question is this
If you could have one message proliferated across the world on billboards
Or maybe you want to talk to your children or your great-grandchildren someday
What kind of useful or impactful knowledge do you think should really get proliferated?
Like what's one, some wisdom that you can impart us with before we conclude this space
So I usually end with my guest
So let's start with Jerry
What's some wisdom you can share with us today?
I just wanted to share with you today
My dad, you know, he tried to instill a lot of bits of wisdom
Throughout the many years we had him with us
And we put together a little list
I almost want to just read out the whole list, but I won't take all of your time
I'll go with the number one thing that he said that all of the kids kind of came up with
And that says, if it ain't broke, don't fix it
One of the things I love about the D-card now is we do have a broken system
So if it is broke, what's the inverse of that?
Do something to fix it, right?
So those are the words of wisdom I've got for today
So I always want to respect the guest time in case they've got to dip out of the top of the hour
But dude, if you want to go through that list, I would love to hear it
Today or another day, whatever you feel comfortable with
Hit us with your words of wisdom, brother
Let's see, what do I have for you today?
Nothing's really coming to my face
What I will say, just as a word of encouragement to everybody
Is, if you don't understand something, don't be afraid to ask questions
I guess that's my word to listen to today
If you don't understand something, don't be afraid to ask questions
So many people are in meetings just pretending like they know what's up
Really, everyone's better off if you just ask
And I love how you're very focused on education
Okay, let's get to Al, aka Lynx
What is some words of wisdom that you can leave us with before we conclude this space, brother?
Mm-hmm, I think it goes back to what Trizians was saying
Don't wait for other people to fix your problems
Don't wait for other people to fix the problems that we're facing in society
There is no one coming to save us
And that thought is somehow scary and freeing at the same time
It is empowering, and that is what web3 is all about
Yes, thank you for sharing
It's us, that's the responsibility
What are some wise words that you can leave us with before we conclude this space?
And this applies to so many areas in life
You know, we all have different opinions about how the pandemic was handled
How the politics are handled, how wars are handled, how finances are handled
There's so much misinformation out there
And a lot of it is controlled by the people who have the power, right?
There is a constant voice telling you what to do and what to think
Don't let other people tell you what to think
Do your own research, think for yourself
Take the power back, one might say
Which is a great segment of the song we're doing as the ad show
Bam, okay, well, Jerry, what do you think?
You want to go through some more wisdom from your very wise father?
I unfortunately have to drop myself, but I would love to hear that wisdom in the recording later
But thank you for having us, appreciate you, Jimmy, appreciate you, tree gens
Chris, thanks, yeah, thank you so much for coming through
Much love, guys, appreciate you
Take back the power, love it, let's grow a bank list
Okay, wait, I got your outro song here
Take the power back, rage against the machine
What do you think, Jerry?
It's alright, give me a bit of time
We'll do that one, we'll do that one
Yeah, of course, yeah, it's almost like we do this every day
Almost, there's another chance tomorrow, is there?
There's so many more opportunities, brother
You're just never going to run out of words of wisdom from now on in our segment
Because you got many in the bank, love it, man
No, thank you for coming through and sharing that
This is happening, alright, let me re-plug in
And by the way, fix the sound issue before the music was not playing
I'm pretty sure the intro was, right?
Yeah, yeah, we heard it through music
You heard intro music, nailed it
Just in time for episode 420, yeah, that was in the sound settings
Everything was fine in the RODECaster, I got this hardware
And I was like, what could it be?
All the settings, it's the sound settings in the computer
And bada-boom, back in the fancy mic
Alright, let's take the power back, friends
If you guys don't know how to get down and dance in spaces
You just tap one of these emojis
This is the heart with the plus
Just to the left of the comment section there
And any other, okay, Pavel also said hashtag let's grow
Pinned you, retweeted you, much love to Pavel
Hey, it's also Valentine's Day today, guys
Let me just spread some love here real quick
Hey, Corrupted, I love ya
Pound, dollar, dollar, zero, trademark, I love ya
Chris B, love ya Pavel, love ya
Let's grow, love you, Jerry, love you
And of course, Crypto Card, Chris
If you come to these kind of spaces
It means that you have a great potential
You got something inside of you to make a positive impact
And it's part of my life's mission
To empower others to go through that transformation
Towards tapping into the energy that's required
Towards making a scalable impact
And that's why I do Max Impact
And yeah, Lumina Envision, welcome, welcome
Much love to everyone who comes through here
I really strongly recommend all of you guys
Follow everyone in the space
Because you are our people
You are great human beings
Alright, so left, right, up, down, all around
Make sure that you are taking some time
To follow them, maybe even comment
A little thing or two there, alright
Like DM them, networking, right
It's like, imagine you're at a crypto event, alright
And, you know, these are awesome people right here
So, chat with them, alright, here we grow
Rage against machine, take the power back
Now you do what they told ya
As you slap in the bass, man
Open shit, motion with mass ability
The life, life, study, chops inside
With a system that gives up
Teachers have to read the rights
They want you to elect your pleasure
Bow down into their guard
Not the culture, the culture lost
Sport our minds here two times
Yo, we gotta take the power back
Motherfucker, those Sams get back
Stuck the ear from the stomach
Where is the reason that lyrics stay fair
We need to move it with a quickness
You are the witness of change as I counteract
We gotta take the power back
We gotta take the power back
We gotta take the power back
Eurocentric, every last one of them
See right through the red, white, and blue, the sky
Let your up, puncture the structure of life
Stole in our minds, you're determined to hold us back
We've got to take it back
Pulsing the spirit, causing tears and fears
One-sided stories for years and years and years
Our inferior, whose inferior
Yeah, didn't even check the interior of the system
Who cares about only one culture and that
We gotta take the power back
We gotta take the power back
Hell check, we're gonna have to break it, break it, break it down
Ah, ah, ah, ah, ah, ah, ah, ah, ah, ah, ah
The teacher stands in front of the class, but the lesson planning can't recall.
The student's eyes don't recede the lies, now she gon' never fucking wall.
The teacher is well-kept, I guess he is playing the fool.
The place that student's sick, and listen to that bullshit that he learned at school.
The teacher stands in front of the class, but the lesson planning can't recall.
We got to take the power back Come on, come on We got to take the power back
Take it back, take it back, take it back, y'all
Come on, take it back, y'all
Take it back, yo! Take it back, yo! Take it back, yo!
Until next time, friends, thank you for suggesting that, Chris.
Let's take the power back from the banks and go grow bankless.
Alright, Marcelo, everybody.
Until next time, keep doing what you love, keep spreading love, and making impact.