AMA with Brian Armstrong
Welcome to @barmstrong, co-founder and CEO of Coinbase!
He’s kindly agreed to do an AMA. Reply with your questions. :)
- @barmstrong favorite italian spot in LA?Probably Giorgio Baldi and e. baldi? Contrarian take: The Italian food in LA and NY is far better than in Italy. Sorry, not sorry. Also thank you to you and @dwr.eth for building Farcaster!!!
Hey Brian! How optimistic/pessimistic are you on the US getting regulations right on us being able to unlock all of the use cases on crypto? If you were a starting a company today, how would navigate your business/product through this?I'm optimistic the U.S. will get it right - the U.S. always ends up in the right spot, but only after exhausting every other option. I think we may need to change out the current administration though. Gensler and Warren are actively trying to kill crypto, but they won't succeed.- how have @fehrsam and @dwr.eth changed since you met them? how are they the same?Both super sharp, hardworking, genuinely good humans, friends. We should be grateful they are on team crypto and team human. @fehrsam has mellowed a little bit in his "old" age (mid-thirties), but still hyper competitive and crushes everyone in first-person shooters :)
- Are you gray tribe? cc @balajis.eth @tldrDepends on your definition but short answer is emphatically yes. https://eriktorenberg.substack.com/p/what-does-the-gray-tribe-want
- what is the next milestone on Coinbase roadmap that excites you personally the most?I'll talk about the crypto industry and not Coinbase specifically here: the move to layer 2's as the default. Getting the average transaction in crypto to confirm in under 1 second for under 1 cent. It will unlock a next wave of utility. Like the internet moving from dialup to broadband.
- @barmstrong Do you think cryptocurrencies and blockchain technologies have a role to play in creating peace? Will these technologies have an influence in mediating, diffusing, and/or exacerbating tensions that seem to be rising?I don't think crypto is a panacea, but yes I do think it will help with this. Growth solves all problems (in companies, countries, etc). When countries stop growing, you see more internal division, and war with other countries.
- What are the most important things that need to get done in terms of US crypto regulation in the next year?Win our SEC case. Help grow https://standwithcrypto.org/. And get legislation passed.
- The cyclic nature of crypto makes it *incredibly* challenging as a founder given just how much volatility there is in usage/growth. @barmstrong how do you know when to maintain conviction on your original thesis/idea vs. making the choice to pivot due to a lack of signal/growth?Stick with it through at least once crypto cycle to make sure the external noise isn't clouding your thinking.
why i still can’t pay with usdc on stripe checkout?I should talk to Patrick and John about this - good point!
@barmstrong what's one piece of advice you'd give to 2012 you about being a great CEO?1. Stop coding and delegate sooner (held on to this too long) 2. Stop being conflict avoidant and accept you won't be liked by everyone - if you have conviction be clear with everyone up front. It's ok if some people don't like it. 3. Press is half fake - ignore it, or treat it like a game and work the system- You're over a decade into Coinbase—what keeps you motivated?In the beginning I had a chip on my shoulder and just wanted to do something other people thought was important - desire to be recognized. At some point it shifted, and my primary motivation is: 1. I'm a true believer in economic freedom, free markets, capitalism, sound money, etc - and crypto is best shot we have
- people often comment on your superhuman ability to remain calm under pressure. have you always been that way? or do you cultivate it through deliberate practice? suggestions for building that skill?I think it was partially innate for me, and a touch of aspergers helps. But I definitely feel quite stressed at times, and I think it's a muscle one can build. Basically, push yourself 20% outside your comfort zone (not 200%) on a regular basis, until that is your new normal...
switching things up with a longevity and healthspan question :). what were the defining moments or experiences that compelled you to co-found NewLimit? and what about NewLimit's early beginnings* remind you, if at all, of early Coinbase? *knowing you're a board member and not actively involved in the day-to-dayAfter the Coinbase IPO (direct listing) I had some liquidity and time to think on the next decade. I 100% wanted to keep building Coinbase, as I think we're just getting started on progress toward economic freedom (I want to see crypto being used daily by 1B+ people).- When Coinbase filed its S-1, I was simultaneously amused and mind-blown that the company put "Address Not Applicable" in there, as a remote company. Now two years in, I'm curious: - What do you like most about operating a remote company? - What do you like the least? Thx for doing this! 🙌🏼Thx for noticing that! We're remote-first (which means no one has to come in, but we try to make great in-office experiences for people who want to, and we try to get all remote employees to an in person event at least once a quarter). Remote-first has a been a win I think, and we're going to continue it.
What your top learnings navigating coinbase through this last market cycle?We over-hired in 2021 - it caused us to move slower not faster. In crypto it's never as good as it seems, and never as bad as it seems. In 2021, it was not as good as it seems, and right now it's nowhere near as bad as it seems. We're getting more done with 3,500 people than we were with 5,000. More focused.- What’s a movie that no one else likes all that much that you stan for?Waterworld with Kevin Costner got terrible reviews but I loved it as a kid and still think it's cool. I've been enjoying going back and watching favorites from the 80's and 90's when I was growing up. Interview with the Vampire is a "bad" movie that I also love. Last of the Mohicans, etc.
- Hey Brian, been a while since my days at CB so not sure if you remember me. I’m curious to hear what your feelings are towards privacy preserving coins that still work with KYC/Compliance? Any chance of ever listing those?Very open to it - I think we can and should see a greater % of transactions in crypto be private over time. Like the internet moving from HTTP to HTTPS. I suspect the more likely path to adoption is to add optional private transactions to ETH, rather than a privacy-only chain/coin (which attracts bad actors).
- @barmstrong Why did you choose to completely ignore the collection '1337 Brians' that was launched during onchain summer on Base? A collection dedicated to you, made by over 30 people, fully onchain & cc0, with endless traits and awesome art. I don't know how many people we brought over to your L2, but it was a lot!Hey @51991.eth thx for building this and apologies I somehow missed it in all the chaos of OnchainSummer. Awesome work! I tried minting some on mobile and ran into an issue - any thoughts?
