You know what unifies almost everyone? We all hate having to go buy a car. Unless you have so much money it doesn’t matter how much you spend, the whole thing is incredibly nerve-wracking and annoying. Sure, you can do your research on what kind of car you want and where to find it online these days, so it’s a lot easier than it was twenty years ago. Yet, at the end of the day, you’re still going to the dealership to walk around the car, check it over, and then haggle with the salesperson, trying to skim a few thousand off the price or get an extra or two thrown in. You never know for sure if he’s being honest with you on the condition of the car or how much they can afford to cut the price.
Those last points in particular demonstrate that the typical car buying experience is anything but transparent. What if it was though? What if there was a simple price that you knew was the price it was actually going to be sold at, there wasn’t any haggling to do, no salesperson, and strong guarantees on the quality of the vehicle? What if you could do it all online and have the vehicle delivered right to your driveway? In short, what if buying a car was like buying something on Amazon?
That is the experience that Carvana set out to create. Using data the right way they managed to create a user experience that allows for buying a vehicle in as little as ten minutes while actually increasing their profits. They were already doing well before COVID hit, but as soon as it did, Carvana really took off with their stock price going from $29 to $280. How did they manage to do this?
One of the big things they did was create an online shopping experience that works for everyone. By foregoing the car lot, they avoid a lot of overhead as well as having salespeople. Not having salespeople does more than just save money by having one less person to pay. It takes the subjectivity out of the equation. Other than the obvious temptation on the part of the salesperson to oversell a vehicle or steer someone to a more expensive vehicle for the larger commission, there are personality issues. If the salesperson and the buyer have incompatible personalities, there is a high likelihood that the sale doesn’t happen, even if the car is actually exactly what the buyer wants. Carvana does away with that subjectivity and keeps the focus on helping the buyer find the car that will best suit his needs.
When asked about how they use data so well, the CEO had a great, TARTLEesque answer. He said it wasn’t really about having an AI and machine learning, it was about getting the right data and doing the right things with it. That is exactly what we’ve been saying, it isn’t about the quantity of the data but the quality of it and being able to use it effectively.
It isn’t that they don’t make use of AI and machine learning, it’s that they use them very intentionally. For example, they have programs that monitor used car auctions, looking for cars that are in demand in certain areas and waiting for them to get to the right price so they can turn a profit. When that happens, Carvana gets a notification from its AI and purchases the vehicle. Then any needed restoration work is done and it is put up online and if needed, shipped to the region where it is most likely to sell.
Carvana uses their algorithms and data so effectively because they understand that they are more than a car company. They grasp that they are really a tech and data company before they are a car company. That, plus the desire to help get people in the car that they want to be in, makes Carvana one of the best and most interesting companies in the digital age.
If they can use data to revolutionize something as mundane as selling a car, imagine what can be done by millions of people all sharing their own data through TARTLE.
What’s your data worth? Sign up and join the TARTLE Marketplace with this link here.
Carvana uses their algorithms and data so effectively because they understand that they are more than a car company. They grasp that they are really a tech and data company before they are a car company. That, plus the desire to help get people in the car that they want to be in, makes Carvana one of the best and most interesting companies in the digital age.
Speaker 1 (00:07):
Welcome to TARTLE Cast, with your hosts Alexander McCaig and Jason Rigby, where humanity steps into the future and source data defines the path.
Alexander McCaig (00:24):
Welcome back everyone to a fresh episode of TARTLE Cast.
Jason Rigby (00:29):
Do you like that noise?
Alexander McCaig (00:30):
Are you good over there with that thing?
Jason Rigby (00:32):
Dude it was like, I had droopy mic syndrome.
Alexander McCaig (00:35):
That's where we got those new arms. But Jason and I are intellectually incapable of doing electrical wiring. So, yep. You'll see those later. But you know what, everyone dislikes the car buying experience.
Jason Rigby (00:48):
Yes.
Alexander McCaig (00:48):
They just generally dislike it. You know when people walk into the dealership, they're just defensive.
Jason Rigby (00:52):
Mm-hmm (affirmative) And then you got the guy putting a cigarette out on his palm home, can't wait. He just studied a closing technique. [crosstalk 00:01:04]
Alexander McCaig (01:04):
Before the buyer goes in there are studying techniques to close the deal. They're also studying the car and they think they know literally everything before they walked out. And so they're coming in like intellectually pseudo loaded in their mind saying I got this in the bag.
Alexander McCaig (01:20):
And he can't look weak in front of his spouse or vice versa. It's like, I got to to do this for everybody. This is for the family. Give me that Toyota van for my tissue... I wanted a tissue price.
Jason Rigby (01:32):
Yeah plus that whole idea of being non-transparent. A dealership makes their most profit when they have somebody just sign on the dotted lines and not care or think, you know what I mean? So you have a problem with something called the internet that hit this industry is now everything is transparent.
Alexander McCaig (01:55):
It's becoming very transparent. And the key leader we've seen in this, especially in the data sense has been Carvana. You've seen the ads, it's the white tow truck essentially, with the flat bed and it's got the car on the back and Carvana's done an excellent job using these big data models to figure out how they can increase their margins and deliver a user experience that is transparent. And makes people feel good about the buying process.
Jason Rigby (02:26):
Yeah. It's less than 10 minutes. You can actually buy a vehicle, which is the second biggest purchase from a home in less than 10 minutes.
Alexander McCaig (02:33):
So when I went to go purchase my Subaru, the experience wasn't terrible. But it was just like a nightmare getting the insurance and these people together. And they have to make this call and fax this over and do this. And then I got to come back to the dealership, which is 55 minutes to an hour away to go pick up the car maybe two days later. I want to do this in 10 minutes and I want to sit in my house and have the car be dropped off. And if I don't like the car, come pick it up.
Jason Rigby (03:02):
Especially COVID made a big difference in this and their stock went from $29, that was back in March, and now it's $280. So imagine their valuation now.
Alexander McCaig (03:12):
Yeah. And COVID, it's a big driver because people are doing that home shopping. It's not like UPS is dropping your car off. They're doing that drop-off so there's a couple of interesting system dynamics that Carvana takes in that really makes their business successful. But the first thing that I want to focus on though, is not the buyer of the car, but the people selling the car to the buyer and what Carvana actually did to make themselves efficient in that process, they don't really have the human capital of having sales guys in a bunch of lots, salespeople. Be gender neutral here.
Alexander McCaig (03:51):
And when you look at that in the buying and selling experience, there's two personalities that are coming together. So to find a cohesive match between those that requires the... There has to be some intellectual aptitude and emotional intelligence of the seller itself, and they need to be trained on that if they don't necessarily have it. And you've got to hope that that training and that match comes together and can align with what the buyer wants. So Carvana is like, well, why don't we screw that? It's like it's much easier for us not to hire these people and train them, but rather go in and redesign a user experience online that works for everybody, regardless of personality, that naturally efficiency means that people are going to feel good about the car buying experience, because they don't have to mesh with the dude on the other side.
Jason Rigby (04:38):
Yeah. And some people may be thinking, well, I would never buy a used car online, but there are a percentage of the population that will, and since everyone owns a car, especially here in the United States, since everyone owns one, that percentage of the population, I mean, what were they saying? It was like 400 million cars are sold. Not Carvana has since sold that, but I think it's like total, it's 400 million used cars are sold a year and it's trillions of dollar industry.
Alexander McCaig (05:00):
We buy new cars, they have to get shipped over here. And then someone's got... It's held on the lot and you got to come in and then be like, hopefully someone can buy this thing. But most of the cars get purchased, but people aren't just throwing away every car, cars are being designed better. They're lasting longer. The used car market is only expanding. So what they figured is, and we know that in the used car market, there's higher margins for those sales. Those used car salesman, they [inaudible 00:05:24] it.
Jason Rigby (05:24):
And Carvana, their margins are even higher than their biggest competitors CarMax, which CarMax doubled down on brick and mortar.
Alexander McCaig (05:32):
Yeah. They did double down on brick and mortar and Carvana's like, that's not the way to do it.
Jason Rigby (05:35):
No. No. And but what I thought was interesting is CEO's son and father, Garcias, they live in Arizona. They just made the Fortunae 500 world's richest people. So obviously, this is working, but they're disruptors, not only in the auto industry, but in understanding data science and then understanding... And one of the things that he said, he's like they always want to say like we have AI or we have machine learning or something. He's like, no, it's just a matter of getting the right data. CEO is talking about this. It's just a matter of getting the right data. And then having it be able to speak to us properly, how many times have we talked about that?
Alexander McCaig (06:15):
Dude, that's all we talk about. It's just obvious and I'm glad they woke up to it and you can see how successful the company can be when they acquire the right data. They have fantastic algorithms that go through and they analyze all these different data streams for wholesale auctions on cars, used cars. So like I gave the metaphor to you, it's a lot like, and this was off camera, honey. It's that online application where you can put in whatever product you want and it'll track it online. And when that price drops, it's going to send you a notification. Well, it's going to do the same thing in their system. They have like the honey for used auto sales. Oh, it got to the price that we're looking for, let's take on that price. Let's execute on it. And as that runs, and then on the background, they're like, okay, we have this, we have the value.
Alexander McCaig (06:59):
We brought it in. We know exactly how to sell it to people. We knew how to funnel them into it, what they're looking for, because we've analyzed all those habits. And on top of that, we can also sell them a financial product because I don't have to sit here and kind of minutiae with the person and say, "Oh, give me this information, give me that." We can collect more financial data points and underwrite that person on a car loan online much faster than a dude could sit there on the finance department and go through all the paperwork and say, "I have five different vendors. I think this one works best for you."
Jason Rigby (07:25):
Right. Exactly. And then that process of emailing back and forth and where they work with DocuSign and all these other... They have in-house financing that helps because a lot of people don't realize there's a lot of touch points, especially in the auto industry. When you purchase a car from an auction and then having your facility, whether you're at a dealership, whatever, there's a price that that service department... And I imagine Carvana has their own. But they can charge per that amount of how much it's going to cost because even after they buy the car from auction, they could put 1,000, $1,500 to make the car legit to sell, you know what I mean? They're not just taking them from the auctions.
Alexander McCaig (08:06):
No. Because Carvana has to say, okay, well we have to guarantee what we bought [crosstalk 00:08:10] so they need to go through all these different cars with whatever 16 point check or 100 point check, whatever it might be.
Jason Rigby (08:17):
But they know and they're purchasing cars from people directly now on Carvana. They've been asking people to put their information and try to purchase them directly and then pick the car up. But they know that that Cadillac Escalade that they purchase in Michigan, they can move it to Scottsdale or Miami and make eight grand more. Their algorithm's telling them that.
Alexander McCaig (08:35):
It tells them where can we get the highest price for this thing.
Jason Rigby (08:40):
Exactly. Yeah. So, but what I love is that they said that they're a tech company first, a data company, and then they sell cars. And we've talked about this.
Alexander McCaig (08:47):
All companies are tech companies and if you're not[crosstalk 00:08:50].
Jason Rigby (08:51):
And I want business is to understand this.
Alexander McCaig (08:51):
And if you're not, you're going to be lagging in the industry and you're going to phase yourself out.
Jason Rigby (08:55):
Yes, exactly. And this just shows what disruption can happen. And we've talked about decentralization. We've talked about, we're seeing right now instability in cryptocurrency, but it's figuring itself out.
Alexander McCaig (09:08):
Yeah, no, it's totally figuring itself out. And to touch on decentralization, I had sort of a philosophical thought on that. We can create all the decentralized technologies in the world, create them all. But unless an individual chooses to decentralize their life, which means they choose to take responsibility over things, that's when the system works. When people are like, I want to take responsibility over my finance. Well, that's when I adopt Bitcoin or blockchain cryptocurrency. That is the important part. You can create whatever you want online that is decentralized, but unless an individual decides to take self responsibility, rather than I'm going to offload my labor and my liability to someone else, it'll never work. It's a psychological change that has to happen in society for them to use a decentralized technology.
Jason Rigby (09:59):
So they would have to feel safe to take that responsibility.
Alexander McCaig (10:01):
They need to feel safe to take that responsibility. And it has to be so low labor for them to do so. So we can create all we want. But if it doesn't work with a human being, nothing will ever come of it.
Jason Rigby (10:14):
Yeah. So Dogecoin. [crosstalk 00:10:19].
Alexander McCaig (10:18):
Everybody likes their Shiba Inus, the Dogecoin.
Jason Rigby (10:22):
How can you make the experience simple?
Alexander McCaig (10:24):
What I want to know is what type of car would a Shiba Inu buy?
Jason Rigby (10:28):
What type of car? I think it would buy... Well, it's Japanese? Right?
Alexander McCaig (10:31):
Yeah. So it's a maybe a Subaru, maybe a Mazda.
Jason Rigby (10:35):
A Toyota Honda.
Alexander McCaig (10:37):
You know what? The Dogecoin, Toyota Supra.
Jason Rigby (10:39):
Yeah. Yeah. Oh yeah. [crosstalk 00:10:42] He could be driving-
Alexander McCaig (10:42):
Or a Honda Mugen 2000.
Jason Rigby (10:44):
I got to tweet them because I follow them on Twitter. So they're always posting stuff. Of course, here lately they've been posting about because Elon Musk, shoued them out so they've been posting about that.
Alexander McCaig (10:55):
Well, let me ask you something, all the money in the world, what type of car would you have?
Jason Rigby (10:59):
Me?
Alexander McCaig (11:00):
Yeah.
Jason Rigby (11:02):
So, okay. [crosstalk 00:11:06] So I worked for Mazda, so I love Mazda. They're great car for value. If you're looking at a car that has... And they're more luxurious than people think they are, but they're still got a great price. So that would be my practical. If I wasn't going practical, I would probably do a G Wagon AMG, fully loaded, 150, 180,000 because I love them. I mean they're off truly off-road even though they're fancy but
Alexander McCaig (11:33):
They have phenomenal all wheel drive system. Well, they are nice. If you want to be in your full haute couture, and then rip across the Sub-Saharan dune, you have your G Wagon.
Jason Rigby (11:43):
Yeah, plus I feel like I could put some big medallions on and then go to LA-
Alexander McCaig (11:49):
They got great headlight on G Wagon.
Jason Rigby (11:51):
Oh yeah. They're beautiful. I like that they have this matte flat gray color. It just looks awesome.
Alexander McCaig (11:57):
So that's your prime idea of transport? That's what it would be.
Jason Rigby (11:59):
Yeah, yours is, well, you're purchsing yours.
Alexander McCaig (12:05):
Yeah. No, I mean I'm saying if I had all the cash in the world.
Jason Rigby (12:11):
I'm not into Bugattis and super fast.
Alexander McCaig (12:15):
I don't want fast.
Jason Rigby (12:16):
I'm not into fast.
Alexander McCaig (12:17):
I like utilitarian. I like aerodynamics, but utilitarian.
Jason Rigby (12:21):
I would be concerned what would survive an apocalyptic.
Alexander McCaig (12:25):
I tell you right now what would. Something that gets you off the ground.
Jason Rigby (12:28):
Yeah. You would need something and have you seen those?
Alexander McCaig (12:30):
So what... Hold on, let me think. What is quick, aerodynamic, gets you off the ground and doesn't require fossil fuels, extra terrestrial craft. I know exactly what I would do if I had all the money in the world, I go find one of those things and I fly it around.
Jason Rigby (12:46):
Or you can just go to [crosstalk 00:12:50] you can go to the Colorado base or [crosstalk 00:12:54].
Alexander McCaig (12:53):
I'm going to go to Dolcie up here, I'm going to go down-
Jason Rigby (12:56):
You'd probably walk in there and grab one.
Alexander McCaig (12:58):
Yeah. Guys, can I borrow this?
Jason Rigby (12:59):
I don't know if you're three fingers [crosstalk 00:13:01].
Alexander McCaig (13:00):
Let me tell you something. If they let me borrow that for one second, they'd never see it again. I tell you right now, guns out.
Jason Rigby (13:07):
Yeah, the magnetic pulse, distortions-
Alexander McCaig (13:10):
Just gone. And then the thing just lifts up. I'm out.
Jason Rigby (13:14):
Yeah. I always wondered about that because I was watching a whole documentary on what aliens would look like that aren't carbon-based.
Alexander McCaig (13:25):
This is fun. What would they look like?
Jason Rigby (13:28):
Yeah. But then it was showing a lot of biomechanical, they were integrated with machinery.
Alexander McCaig (13:34):
Like a cyborg state?
Jason Rigby (13:35):
Yeah. And so it was really interesting to see what the machine and how a machine because we don't really do much with machines and biology.
Alexander McCaig (13:46):
No. So yeah, you look at carbon based life. This is very interesting concept and we're totally side noting here, but I enjoy this. If say your artificial intelligence truly becomes an artificial intelligence and then it starts to assemble things in the strictly mechanical format, it's a non-carbon based life form at that point, it begins to think. And what if it begins to hatch things or grow things, maybe then it starts to blend in some function of organic material into it. Maybe it realizes that there's [inaudible 00:14:19] understanding the quantum state that's happening within DNA, which MIT has talked about, especially with their quantum computing, with the 420 rule, not that type of 420, but yeah, I think that's... What would it look like? How would it efficiently design itself?
Jason Rigby (14:35):
Well, I mean, and also when you think about it, DNA actually running through steel beams and then being able to communicate.
Alexander McCaig (14:45):
You're getting me so amped up right now.
Jason Rigby (14:47):
No, but I mean, we don't do. We separate biology from structures and things that we build.
Alexander McCaig (14:54):
No, why can't we fuse them?
Jason Rigby (14:56):
Yeah. Why couldn't we have a building that grows with the seasons?
Alexander McCaig (15:00):
That is so cool.
Jason Rigby (15:01):
You see what I'm saying?
Alexander McCaig (15:02):
That is so cool. That is awesome.
Jason Rigby (15:05):
I mean think about it. And we're going to be doing an episode on this with like you just mentioned algorithms which should be a few [crosstalk 00:15:12]
Alexander McCaig (15:12):
A quantum computing one at Bell Labs.
Jason Rigby (15:15):
Yeah, which was amazing.
Alexander McCaig (15:16):
What type of car would an extra terrestrial drive? Not a UFO. Do you think they... Assume that there was extra terrestrial and they're looking at us, you think we'd look funny? Why do they have four? They're like they keep redesigning these cars, but the thing that doesn't change is the tire. You have this almost rectangular tire. If you think about it, the structure looks rectangular and then all it is is friction on a surface. They're like, that is so dangerous.
Jason Rigby (15:43):
But we've tried. I mean, since Henry Ford, we've tried to redesign the automobile with hydrogen and all these different things. And we're still struggling with electric. We've tried with... What I think it's funny, this is a funny thing, the design. When was the last time someone's changed the way the toilet works? It's the same. No one's disrupted the toilet industry. What was happening in the 1800s... Think about how much has changed from the 1800s to now. It's the same design.
Alexander McCaig (16:10):
It's a pot with a pipe now.
Jason Rigby (16:12):
Yeah. It may look differently, a pig with lipstick on it. But the fundamentals are still... There's still a chain with the flapper in it and we're at what? And we've invented Facebook-
Alexander McCaig (16:26):
And all this other stuff but disposing of human waste is just such a rudimentary-
Jason Rigby (16:30):
Yeah. You would think Dyson or somebody would come in and-
Alexander McCaig (16:33):
You know what, I'm going to start buying data on toilets and how people use the toilet.
Jason Rigby (16:39):
Right. I know we don't use it here in the United States. I mean, I have one but I mean you can get them for less than 100 bucks.
Alexander McCaig (16:45):
[inaudible 00:16:45].
Jason Rigby (16:45):
Yeah.
Alexander McCaig (16:45):
They're a fantastic.
Jason Rigby (16:46):
They're fantastic. And I don't understand why more people here in the United States doesn't use them. And I know our global population they're saying [crosstalk 00:16:53]
Alexander McCaig (16:52):
We in the US we had just like a social thing against it. They think it's weird, even gross. And it's only a European thing.
Jason Rigby (17:01):
But I heard in Japan, they have amazing people like-
Alexander McCaig (17:04):
One of the huge clickers and stuff?
Jason Rigby (17:06):
Yeah. Yeah. There's like probably all kinds of technology geared towards it, but what if that was biological? You know what I mean? I mean, obviously we're getting rid of human waste.
Alexander McCaig (17:14):
Are you saying what if I went to the bathroom in like a Venus fly trap?
Jason Rigby (17:19):
Yeah. And then it consumed it. That's what I'm saying. Yeah, and then we looked at... I know right now we're seeing... Like where I'm from in Washington state, there's an actual park that is made out of gray water and human waste and there's fish in the water and it's all super clean, but they made the park instead of just having this big concrete... And we're going way off topic here, instead of having this big concrete pond, they decided to make the pond more natural and then plant trees where you could walk around it.
Alexander McCaig (17:49):
That's cool.
Jason Rigby (17:49):
But there's no... They said you could almost drink the water because it's just been filtered so good. Yeah.
Alexander McCaig (17:57):
Yeah. But no, honestly, that's what it is. And that's what we got to look at. I mean, they have composting toilets now.
Jason Rigby (18:01):
Yeah. And we're going to do an episode on how they design cities. And that should be interesting, but we're just so removed. We feel like we have to overpower nature, we're [crosstalk 00:18:13].
Alexander McCaig (18:12):
Dude, you're pulling in my heartstrings.
Jason Rigby (18:14):
I know. From the Industrial Revolution on from the early 1900s on, we've been trying to fight nature-
Alexander McCaig (18:23):
All the time.
Jason Rigby (18:24):
And at TARTLE... We'll close this episode with this. At TARTLE, we want to do what?
Alexander McCaig (18:30):
We want to work with nature. We don't want to design around it or force it to move around us. We want to move with its flow.
Jason Rigby (18:38):
Because you're going to lose. You're going to lose your time. Yeah. You could invent Clorox then where does that Clorox go?
Alexander McCaig (18:45):
Yeah. What happens after it's been used and you've poured it into your washing machine or down your toilet or your sink [crosstalk 00:18:51].
Jason Rigby (18:50):
And they found that enzyme cleaners work a hell of a lot better than Clorox bleach.
Alexander McCaig (18:55):
Yeah, why are you doing these things that harm nature? And we've designed something for one of the most natural things around human beings.
Jason Rigby (19:03):
Yes. So to close it out Alex, and maybe you can speak to this with TARTLE on a serious note. TARTLE has took the responsibility to when... We know data is the new gold, and it's going to be the new way that the world will create its value from is the data that we're all creating because there's 9 billion of us creating this. How can we ask TARTLE users and what does it mean for TARTLE when we look at these biggest issues in the world. Whether it be climate change, whether it be employment, whether it be birth rates, whatever it may be. How does TARTLE in and of itself, look at these issues and then turn around and say, we're here, we're going to take this responsibility, and we're going to help mankind.
Alexander McCaig (19:52):
Okay, yeah. We touched on self-responsibility earlier. All of these major issues that we're facing were caused by what?
Jason Rigby (20:04):
Man.
Alexander McCaig (20:04):
Us. We are our own worst enemy, most of the time. And a majority of our problems unless an asteroid strikes this Earth. So we, as the progenitor of our crises can also be the people, the collective that solve it. But that's a matter of us all coming together to focus on these major things that are facing us, as a species. Because over 99% of the species that have touched this planet, have gone extinct. Over 99% of one that shows up disappears, gone, bye, see you later. Are we special? I don't think so. But if we want to preserve the longevity of us as a species on this, this wonderful globe, we need to focus on what those things are. And TARTLE will allow us as a collective to focus on that thing and deliver information towards solving those problems that we caused in the first place.
Alexander McCaig (21:01):
That is something that is elevating all of us. That is something that is evolutive to our own nature. We need to evolve. We need to evolve out of these problems. And that requires focus, self-responsibility, and sharing of information so that we can know this is how we're going to manage it. And this is how we're going to manage ourselves so that we don't run into the same problems again. And that can be done with our tool. That's the point of TARTLE. And again, TARTLE didn't solve the issue. It's humanity coming together using the tool to solve the issue together. We're not the winner, you're the winner. And we're just gearing everybody up to win against these things that are currently making us the losers.
Jason Rigby (21:42):
And when we look at TARTLE and we see 9 billion people signed up. Let's pretend that every single person has signed up.
Alexander McCaig (21:50):
It gets me amped up.
Jason Rigby (21:51):
I know. Yeah. And then we look at this data being exchanged, buyer or seller, and we look at the amount of capital we have available to be able to help humanity. What does that look like?
Alexander McCaig (22:07):
At that point the system... See, we had always designed it from the beginning so the system is not here to make the largest profit in the world. It's not to be the richest system. What it is is it's supposed to create a cashflow that can be given back. It can pay back towards that system that we can help with technologies, design, research, donations into these causes that are truly important. We can help give back to these people. Maybe in the future if this thing is really ripping and rolling, there are 9 billion people, we can issue a stimulus payment just through TARTLE. Wouldn't that be cool? We can elevate the entire world economy where everybody every single month gets 100 bucks.
Jason Rigby (22:52):
Yeah. And I know your vision has been to do micro loans and help small business all across the globe, to get maybe a single mom that may be in Indonesia to have a stand or maybe she's selling online and creating these objects and being able to get her off the ground, and then we see the power of these micro loans and what it can happen to elevate employment.
Alexander McCaig (23:15):
Yeah. And if you don't need to issue things on interest because the cashflow, it already covers the risk anyway, don't do it. If you can really truly give to people, if you can create economic gain for them, if you can show them the power of the information they create and we can all reflect on it efficiently, what really more is there to do in that point. Because now we're learning from ourselves, we're acting upon that learning. And then as a race, human race, we become extremely wise and really finance is second to that. It may be one of those incentives to start now, like here's a key driver blah, blah, blah, blah, blah. My incentive is to solve these global problems by unlocking the power that we all have as a collective that has frankly been ignored. That's what I'm looking at. But you may, as a person coming in like, well, I'd like the financial incentive. Well, whether you like that or you don't, it all ends up to the end of saying, well, this information is going to be used to solve greater problems. If your focus is on money, great. You're still having a larger systemic effect, regardless.
Jason Rigby (24:22):
Regardless it's helping.
Alexander McCaig (24:24):
Yeah. Regardless it helps, whatever your personal ambition is using the tool.
Jason Rigby (24:29):
I love that. Well, let's close on that. I think that's awesome.
Alexander McCaig (24:31):
Yeah. Thank you.
Speaker 1 (24:31):
Thank you for listening to TARTLE Cast with your hosts Alexander McCaig and Jason Rigby, when humanity steps into the future and the source data dwfines the path. What's your data worth?
