Rich has learned that if things are supposed to happen, they happen relatively seamlessly – “If it’s a situation in which you feel you have to force things to move forward, it’s probably not the best repository of your energy anyway”
Rich approaches his conversations with no judgement, just curiosity
Both James’ and Rich’s podcasts are about improving your performance in different areas of life – How do you become the best in the world at something?
How does James prepare for his interviews?
“If I’m an improved person by the end of the podcast, so are the listeners”
He tries to read anything his guests have written and listen to other podcasts they’ve been on
James tries to get to the real story of the guest, which is often different from the story they write/tell
“There’s a good story, and there’s a real story”
How does he choose his guests?
He tries to choose people who have earned the right to tell their own story
He wants “doers” with a story
What has the podcasting journey meant for James?
He does 3 episodes a week, and loves doing it
“It’s almost like a scam that I get to do this. I get to call up anyone in the world to interview them.”
The hundred of hours researching and talking to peak performers is going to have an impact on your life, no matter which way you look at it
It’s had an effect on James’ thoughts on business, spirituality, nutrition, relationships, etc.
You pick up a lot of things subconsciously
But most importantly…
The quality of the people you surround yourself with makes or breaks you
“In general, I don’t think most 18 year olds should go to college”
James’ daughter however, did go
He offered to give her the tuition cash, as long as she watched a movie a day with him, and then they discussed it
James was one of the first people on CNBC to talk about Bitcoin, when he first published Choose Yourself, and he accepted Bitcoin payments for the book
“Don’t wait for the gatekeepers to choose you. Don’t wait for someone to allow you to do something magical.”
What is Bitcoin?
If you look at every single industry, say medicine, and you got sick, you would have (at one point) a “God-based” way of understanding your illness (theism)
We evolved into more of a humanism society, and looked to ourselves (or doctors) for the answers
Now, data/machines are better at diagnosing us (dataism)
Every fortune 500 company in America is being attacked constantly by various people
The electric grid of almost every Eastern European country is being attacked every day, because they were built on technology made before cyber security became important
Look at money – it’s only as good as you can trust it to store your wealth and serve as a medium for transactions
It says “In God we trust” – theism
It has George Washington on it – humanism
Now, we’re going to a dollar that’s more data based (Bitcoin)
This has a variety of positive effects – makes forgery more difficult, it also solves the problem of double spending, eliminates the middle man, get’s rid of differences in currency, adds animosity, and minimizes fees
“Every new generation of currency solves the problems of the previous generation”
Barter to gold to paper currency (paper solved the problem of how heavy gold was)
James thinks the speculation hype is too big
There is more demand than supply, the amount of Bitcoin is fixed
There are only around 16 million Bitcoins in circulation, and a large amount of those are already owned
“There are about 900 cryptocurrencies out there, and probably 890 of them are scams and will go to 0”
There are $200 billion worth of cryptocurrencies in total, which was more than the Internet was worth in 1999, so clearly this is not a fad
There’s $200 trillion worth of paper currencies
“Eventually the price will move up on the $200 billion to match the demand of $200 trilllion”
We’re in inning 1 of a very long term investment process
James advises playing the long game, and only investing what you can afford to lose
Bitcoin is probably going to be one of quite a few of many winning coins
Different cryptocurrencies solve different problems
There are certain currencies that are even more anonymous than Bitcoin – with Bitcoin you can see the size and time of the transaction, but not who is sending who what
Where can people learn more about how cryptocurrencies work?
James had a friend either throw out, give away, or sell all his possessions while he was away on a trip to California
This included photo albums, his comic book collection, art work, and his diploma
He had gone on his trip with a carry on bag, and when he came back, all he owned was just what was in the carry on (laptop, phone, kindle, two outfits, a toothbrush and toothpaste, kindle)
Why did he do this?
“Throughout life, we buy more and more things. We never throw things away.”
He decided to get rid of everything to make his life easier
James has never had a credit card, he always used debit – this made it hard to rent a place on his own. He doesn’t really technically have a “job” either. To make it easier, he decided to just Airbnb from place to place in NYC.
He had a rule, if he bought something new, he had to get rid of something he owned
He’s always love stand up comedy, but was always to nervous to actually do it himself. After doing a podcast above a comedy club, the owner noticed how funny James was, and asked him to go on stage for 5 minutes a week later, and things took off from there.
Stand-up comedy has improved James public speaking skills 10-fold
Humor is not the most important skill in stand up, there are 20-30 separate micro skills that take precedence (like likeability)
With public speaking, the crowd most likely already knows or likes you – not the case with stand up at a random comedy club
The most important thing is repetition
To hack the 10,000 hour rule, surround yourself with great comedians you can go to with question or for advice – this could be applied to any area in life
The greater the repetition, the better your questions become