Ep. 70. Feelings Check in: PayPal launches a stablecoin, DAO community survey result and feelings on feedback

[00:00] OK, it would be rough layers in the front. [00:04] Like more choppy. [00:05] And then the streak. [00:07] The streak is obviously the big thing. That will be a double process. [00:10] Also, like... [00:12] I just can't have Caroline Polachek be my entire personality. [00:15] you know or maybe you can welcome to the feelings check-in a feelings first look at the news of the week takes no one asked for on topics everyone's talking about i'm natasha hoskins i'm dina burke and this is boys club wait is it just boys club it's just boys club the boys club podcast no no [00:36] Just boys club. [00:38] - Hi. - Welcome to the show. - Welcome to the show. I'm Natasha. [00:44] I'm Deena. And this is our podcast where we talk about lots of things in and around the new internet. For listeners who have been listening to this podcast for some time, [00:57] There's been evolutions of it. [00:59] majors and minors. We're doing a bit of an evolution today where we're going to do one story. [01:05] That Dina's going to explain. And then we're going to just go into some feelings. So we're cutting down. Cutting the news. The news. [01:11] And this is based off of some feedback that we got. [01:15] And then the feedback will be the subject of the feelings check-in. So it's really layered today. It's a meta podcast. And we're happy you're here. We're so happy you're here. [01:26] If you like this podcast, a really tangible thing you can do is like,

[01:31] and subscribe to this podcast. [01:33] rate it leave a review on wherever it is that you listen to your podcasts it makes a huge difference [01:40] And... [01:41] We so appreciate it. So appreciate it. [01:44] Today you're going to learn about PayPal, [01:47] stable coins [01:49] You're going to learn about Stablecoin Summer. [01:51] and... [01:52] You're also going to learn about our feelings on... [01:55] a [01:57] survey that we did recently. [01:59] And the results of the survey are in and we have some feelings about it. So people have some notes. [02:04] People have notes we're excited to share. [02:07] So stick around. Hey, Natasha, if someone wants to get into crypto or is looking for a better way to trade, where should they go? Oh, Dina, I'm so glad you asked. The place to be is Kraken. It's more than a crypto platform. Kraken is your bridge to the new world of finance. A simple, gorgeous place to trade with a redesigned trading interface that's so easy to use. From degen to day trader, first timer to full timer, make your trades in just a few clicks. [02:37] slash boys club sign up in just a few minutes and you can even get started with as little as ten dollars we love you kraken [02:44] Okay, so we are talking about the big story of the week, which of course is the PayPal stablecoin launch. [02:54] We are... [02:56] In the beginnings, or I suppose at the end of summer, at the end of stablecoin summer, but it's just heating up now.

[03:04] Okay, so... [03:06] PayPal's stablecoin. [03:08] PYUSD is the ticker symbol, PYUSD. [03:12] It has arrived this week in a very big splashy launch graphic with what my husband calls trailer trap music. I don't know if you watched. Did you watch the launch? I did not. It's like, like, it's like this whole thing. That's like, they went full send on the video. Anyway, it's a stable coin. [03:33] It's backed by what they call secure and highly liquid assets. As Pi USD rolls out, you'll be able to buy, sell, hold and transfer it on the PayPal app. [03:43] or in the Ethereum ecosystem in your wallet. - So why are they doing this? What is it for? [03:50] There's three main things. [03:51] The first thing is not that exciting. The second two things are very exciting. Okay. The first thing is that [03:56] you can in the app, in the PayPal ecosystem, if you're on PayPal.com or you're on the app, [04:01] you can send PiUSD [04:03] to [04:05] people in the U.S. [04:06] without fees. [04:07] This is not a big deal at all because we already have Venmo. We already have PayPal. We don't need to be sending it in app to other people, especially in the U.S., but that's the first main thing that they're talking about. [04:17] The second thing, which is much more exciting, is that you can send it externally to ETH, like enabled wallet addresses. Right. [04:24] And of course, that won't be free. We have network fees, we have gas fees, but it's a huge unlock, primarily because they brought wallet transfer into the app. [04:33] which is really this huge mainstream adoption bridge. Okay. So just to make sure I understand, you have...

[04:41] the PayPal app on your phone. [04:42] you can purchase some of this pie USD PayPal's, [04:47] stablecoin and then you could send it to your family in brazil [04:53] and to their MetaMask wallet. [04:55] Oh, wow. Yeah. Cool. So it's, it enables external, [05:00] transfers, which is [05:01] - Big. - And you would just be paying gas, or would you be paying a PayPal fee on top of it? - Great question, I don't know. - Okay. - But you would definitely be paying gas. [05:07] And then the third thing, which is also huge, is [05:11] really about this idea of commerce and checkout. So PayPal has 29 million merchants that are onboarded into the ecosystem for many merchants. That's like their de facto way that you check out. [05:22] So it just brings this overnight volume into the stablecoin that is... [05:29] big, like huge. Yeah. I think overall the story here is about convenience and about a large user base. So there's 430 million people. [05:39] active PayPal accounts. Wow. [05:41] they, [05:42] have credit card integration, merchant integration, as I mentioned, PiOSD will be integrated into the app. [05:48] And... [05:49] So I think... [05:51] one of the things that I think makes this such a big story is that it's, [05:55] tapping into an existing user behavior and an existing user base. [06:00] and making what this huge group of people already do easier and cheaper. And so, [06:05] I know that this is kind of a thesis that we have between us, which is [06:09] How are we making the things that we already do easier or better with crypto? This is like nail in the head. So I think it's really exciting because it signals adoption at scale. It signals global cross-border.

[06:21] border payments at scale. If I was like a money gram or remittance company, I'd be shitting it because this, [06:27] potentially makes it like 10x easier and 10x cheaper. Also, like, aren't those [06:31] companies really predatory? Yeah, charge exorbitant fees. And they're charging that because of the convenience that they bring. But if you can build that into an experience elsewhere that [06:41] It disrupts that category completely. So this might be like a really stupid question, but like... Hit me. [06:46] This is like a... [06:48] A liquid token? [06:49] That's [06:50] That's pegged to the US dollar. Yes. Okay. [06:53] So, [06:54] the [06:55] big deal here is [06:57] PayPal is the largest [06:59] FinTech provider in the world. [07:02] for whatever you want to think about PayPal, it's deeply uncool, but it's seen as very secure and it's a very trusted brand. This is very legitimizing for the industry and instills like a huge amount of confidence into the market at a moment when... [07:16] Things are fine, but not amazing. So I think that's one big takeaway is just about [07:22] being blessed by the PayPal gods that like, hey... [07:25] You guys are legit and what you're doing here, there's use cases for real people here that aren't just DeFi DGens. [07:32] doing crazy stuff. I was talking to my dad the other day and he was like, yeah, [07:37] I was watching... [07:38] CNBC and I heard that the crypto markets and I'm like, [07:42] Dad, that's so cute that we got that news. And it was good news. But I think recently it's been not great news. And so I think for your general mainstream normie person...

[07:53] having this run through. [07:55] through on [07:56] your CNBC news segment, it's a positive signal. So that's the first thing. And the second thing is it's built on Ethereum. The Ethereum maxis are losing their mind. They're so happy. And I think it reinforces this thesis about ETH being the settlement layer of the internet. You're not transacting in ETH and you're not subject to the whims of the price action on ETH, but Ethereum is the settlement network for this stable coin that's built on top of it. [08:26] a general thesis that's being proven again through this institutional or enterprise layer adoption. And it's this idea of a fully decentralized, fully trustless sentiment network. So... [08:39] Cool. [08:40] Very exciting. Kiyol, what are some of the takes? What are some of the criticisms? Yeah, so there's takes... [08:48] As you can imagine, there's a lot of no way. The biggest one I'd say is that the issuer of PiUSD [08:55] has the ability to, quote, freeze and seize assets. [08:59] So... [09:00] This is consistent with other stablecoins. [09:03] issued by a centralized supplier so usdc busd usdt when a centralized entity [09:10] Issues the stablecoin. This is... [09:12] requirement that they're all adhering to which is that they are able to freeze funds and [09:18] in user accounts, [09:20] regardless of whether the like if you're on paypal

[09:25] They'll be able to do it if you're in the PayPal app, but they'll also be able to do it if the PiUSD is in your account. [09:31] madame ask wallet oh wow okay [09:34] Yeah. So the purists are obviously upset about this because it's, I think, in some ways antithetical to the idea of a money that you fully own. Totally. [09:45] So this is the big one. Now, this shouldn't have been a surprise to people because Circle has done this in the past where there's been USDC theft. They've frozen the assets that are in the wallet of the... [09:58] person who has stolen it. Kelly in our Discord said that how she is looking at this is that it's really just a call for credible, decentralized stablecoins as well. So I think that that is a fair criticism, but I also... [10:11] think that that's an appropriate cost given the scale of what's happening here. Any other takes from the internet? Yes. So... [10:20] Take by our very own Parker J. Pashriot. Oh, great. She said, in the future, I think there'll be two to four big four stable coins that all sit at different places on the spectrum and serve different use cases and needs. [10:33] Like one stablecoin for saving, another for remittances, another for yield bearing, etc. [10:38] Same way people have different bank accounts for different needs and purposes today. - She's so smart. [10:43] She's so smart. Or Parker. Totally checks out. Just the smartest. [10:47] so that's where we're at great great great great exciting bullish bullish yeah yeah that's great [10:54] Great job. I feel smarter. I feel I've been seeing this whirling around Twitter and honestly knew you were going to cover it. So I was like, don't got to pay attention.

[11:03] But... [11:06] Yeah, really exciting. I mean, I know this is not a surprising take for me, but I love a institution or a enterprise. [11:15] Jumping into... [11:17] 3-Bend. [11:18] We love an enterprise jumping into the deep end. [11:21] Could not love it more. Totally. Kraken is a crypto OG. They have more than 10 million clients around the world that trust them with their crypto needs. They're one of the largest crypto platforms out there with some of the highest security standards in the industry. So you can rest easy that your funds and your privacy are safe for the keeping. And if you need help along the way, as we all do sometimes, Kraken's award-winning client support team is available 24-7 every day of the year. This is a true story. [11:51] questions about our account and they were so nice and so patient. It just takes a few minutes to get started today at kraken.com backslash boys club. [11:59] Okay, so personal feelings. We have been really thinking about [12:07] for months, how to better serve. [12:10] our community. [12:11] where there are blind spots really in the, the Dow has been thinking about it a lot as well. [12:16] for members. And for us, we've been thinking a lot about it as well and how we continue to provide a environment that people feel is valuable to them. And it's, [12:31] The only way to know is to ask. [12:33] Yeah. So there's been a project in the DAO to do a survey to get feedback from members and then also send that out to...

[12:42] Audience as well. So included it in the newsletter to get some [12:46] hard data. [12:48] from people around what they like, what they don't like, what they want to see, what they don't want to see any more of. [12:55] And feedback is hard. [13:00] Feedback is hard. I'm going to pull it up so that we can sort of talk through it. And just want to give a shout out to... [13:07] Many people that are working very hard in the DAO, but specifically Anna and Angie, who really championed this project and spent a lot of time and energy thinking about how to take all the feedback and put it into something that was digestible. And they did that. And I'm really so excited. [13:24] thankful and very impressed with with the work. [13:29] Okay. [13:31] How should we approach this? [13:33] Thank you. [13:34] I think the top line takeaway is, [13:36] is that [13:37] the feedback was, [13:39] overwhelmingly positive. Mm-hmm. [13:42] It was hugely positive. Basically, 95% of people who took the survey... [13:49] said that they are very satisfied [13:52] or satisfied. [13:53] with Boys Club and similarly almost 90% [13:59] said that they would be devastated if boys club were to go away. [14:04] overwhelmingly. [14:05] positive feedback. Yeah, I think that we can talk about the specific feedback and I think that would be useful to pull out some quotes. But I also think there's a just a feeling that

[14:15] that [14:16] I think we're both struggling with that might be, [14:18] just as useful to talk about. [14:20] which is [14:22] that [14:24] It's really hard to get feedback. One, we asked and are so grateful for all the feedback that we got. I just want to like that is table stakes. So grateful and. [14:33] It's so useful. [14:35] That said, I'm personally having a really hard time not taking the feedback from [14:40] personally. The negative feedback personally. The positive feedback, I don't take personally at all. Totally. Which is like, I don't even see it. Because I'm just broken in that very specific way where like positive feedback, I'm like, I can't even... [14:56] It doesn't register in my brain. Totally. I'm like, this is someone else's. [14:58] to enjoy. The negative feedback, I... [15:04] I'm taking very personally. And I think that what that's a result of is having a really hard time [15:09] separating myself [15:11] from the work. [15:12] Because I am the work and it means so much to me. [15:17] And I put so much of my personal self into Boys Club. And so when we get feedback back that's negative, I'm like, oh. You hate me. You hate me. [15:27] You hate me and you think I'm annoying and then I suck. And like I, the part of my brain that's looking for that evidence. [15:35] is like, of course. Has found it. Has found it in the data. [15:39] So I think that it comes from a place of like caring about the work very deeply.

[15:46] And being so all into what's happening here that I can't see myself as separate from this feedback or from the work and therefore from the feedback. But... [15:56] And I'm not going to play the woman card, but I am. And that I've seen our peers who are men who are in similar positions when they get feedback. [16:07] That's negative. It could not roll off their back. [16:11] in a more seamless way. It's like oil and water. [16:15] And... [16:16] they don't internalize it. At least the three guys that I'm thinking of in my head right now, like they're not internalizing it in the way that I think both of us are right now. And so I do want to, [16:25] interrogate [16:27] why we're taking it so personally and like maybe there's a little bit of a thick skinned thing that we can [16:33] I don't know, that we can learn in this moment. Yeah. Yeah, I find myself getting really defensive. [16:39] And... [16:41] That's only because I'm taking it personally. [16:42] And it's only because exactly as you said, boys club, [16:47] is... [16:49] an expression of myself. [16:51] in the world. [16:52] And... [16:55] We had this conversation while we were at Fest about... [16:58] the brand and about Boys Club and the opportunities and [17:03] who the archetype of... [17:06] Boys Club is... [17:08] And it would go through sort of the brand positioning of boys club and the persona of boys club. And it was like I was in a therapy session. I was like, this person is describing me.

[17:18] It's really hard to get feedback around yourself. Like, it's just hard to get feedback around yourself. It's just, it is. Angie from the community put an incredible deck together with all the high notes of... [17:32] not just the positive, but all of the feedback [17:35] into a deck that was like super digestible. And then of course I went right in after the meeting to the hard data and just scrolled for every negative comment I could find and read it and internalized it to my bones. And I was just, this is so fucked. Um, and yeah, [17:52] I'm not joking. There's like five or six like truly negative, negative experience comments out of hundreds of people who, [17:58] who submitted. And I was struck later when I was debriefing you on the meeting, um, [18:04] How... [18:06] The feedback that's useful for us to internalize and really think about is people who are [18:12] are happy and like Boys Club and are excited to be here and have notes. And that was not... [18:20] the way that I was approaching the data. I was going to the most unhappy people, reading through what they had to say about us and [18:30] Take it personally. [18:32] Yeah. And that... [18:34] Is... [18:36] There's something useful in that feedback and there's... [18:39] something to learn from people who truly don't like what you're doing. [18:43] But... [18:45] the people who really like what you're doing and have some thoughts about it is where...

[18:49] there's going to be the most... [18:51] Utility. [18:52] in those comments totally totally and also will be better for us addressing those notes from those people who love boys club or like boys club and want to love it more [19:04] and have some notes for how to improve it and that's delivered in a constructive way. Yeah, you're right. Those are the people that we need to be in service of and that I think that we both truly and the Dow I know really wants to be in service of. Yeah. And so I think that [19:18] That's a good... [19:20] That's a good tool. [19:23] Should I end on a positive note? [19:25] Let's end on a positive note. Okay. [19:28] Boys Club has woven its way into just about every part of my life. I listen to the podcast while I walk around the neighborhood, catch up on the latest web through happenings in Discord, have attended the in-person events, and wear the necklace almost daily. From IRL to URL, visual... [19:42] to audio and everything in between. [19:45] There's a lot of love for the memes too, which... [19:48] I deeply appreciate it. [19:49] Okay. Oh my gosh. [19:51] All right. [19:52] Until next week. Until next week. Talk to you later. [19:59] Dina, where are we going to be in September? We are going to be at Permissionless in Austin, Texas. Permissionless too. It's happening. And we're curating the culture track for the conference. So if you're into the stuff we talk about here, you should come and have a good time with us. So email your boss, tell them that you need to go and buy your ticket now. They will never be as cheap as they are today.

[20:22] promo code in our discord for boys club members come hang in austin friends [20:29] This is where we make an ask. We're in our call to action era. It's CTA times. Rate and review this podcast. Subscribe to our newsletter. And if you're feeling extra generous, [20:42] Send it to one friend. [20:44] Thank you for listening. We love you. Bye.