Michael Saylor: Bitcoins & Domain Names as Foundation & Framework for the Future

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hey sherpa network welcome uh today we

are delighted

to host ceo and founder of micro

strategy

michael saylor most of you know him from

his 30 million dollar

sale of voice.com he was recently in the

news

making waves as the first public company

ceo to switch corporate dollars

from u.s treasury funds to bitcoin

uh this will be an interesting

conversation through his journey from

early days of software technology i

t domains all the way over to uh

recent news media options ceo andrew

rosner

will be conducting the interview and

will take it from here

welcome uh very very glad to have you

this

is uh i believe going to be a very

exciting

podcast for the domain industry um you

are somewhat of a celebrity whether you

know it or not

uh domain twitter is a bit smaller than

uh crypto twitter

and i i i know you've taken a recent

liking to crypto twitter and

you know reading it and uh the

commentary and there's some you know

just brilliant minds there

um but you're also famous in the domain

twitter world so

um i am excited to sort of dig in deeper

and and get inside your head and

understand the way you think about

domain names

because you know you've got a pretty

impressive portfolio of generic domain

names

uh that you've owned for a number of

years and you're clearly you know

visionary in in obtaining those

uh so i think our audience would love to

hear about uh

you know your mental model and the

framework and the way you thought about

these things over the years

what was your aha moment you know back

well first off uh you know is there

anything you want to add in in terms of

uh you know your intro and and your

background and

i mean you know i i sorry i i i keep

you know diverting but uh i i want to

give a little hat tip to uh

raoul paul and um and

uh pomp you know you did an amazing

interview with both of them

uh on real vision on a palm podcast

and so i take a lot for granted uh

from listening to both of those things

that i've already learned from you

and so i don't want to detract from my

listeners but i also don't want to you

know be too redundant

and so i highly encourage everybody to

go listen to those interviews on

realvision.com and the palm podcast you

can find that on youtube

and uh we will link to those in the show

notes but is there

you know anything else that we should

sort of shine a light on

you know i why don't i say things that i

didn't say on those podcasts that are

relevant to the domain

uh industry and uh

let me uh let me start with um one

observation

uh i was always a big science fiction

fan

from very early on from first grade

um and uh by the time i was uh

in third grade i i was a massive fan of

arthur c

clarke robert heinlein and uh

isaac asimov and so i read everything

they wrote

uh i eventually you know tripped into

more modern science fiction

and um i read uh

hold on a second i'm putting on my do

not disturb okay

uh then i read uh modern uh works by

like uh william gibson neuromancer

you know as he introduced the concept of

cyberspace

and that was fascinating to me and i

that led me to have an interest in uh

science and technology

and i ended up uh getting a degree in uh

astronautical engineering and i studied

spaceship design

at mit and there i met a lot of science

fiction

fans and i saw the the creation of the

internet i

my fraternity was like the first place

they wired for ethernet

and they i i watched them develop

kerberos

and and uh ethernet and the internet and

uh

and they put workstations in there and

we just thought this was magic stuff and

i

i was next to a lot of the computer

scientists that invented a lot of the

foundations of what is modern internet

um and that always had an impact on me

uh i think that with regard to domain

names

the aha moment for me was we first

started getting email and when we got

email i'd started a company

microstrategy

and uh we needed we needed an email

address right this is before the

internet

right yeah and the at the first use of

domains were

were for email they weren't websites

and so our we were gonna of course get

microstrategy.com

and uh so we got microstrategy.com and i

typed in

sailor at microstrategy.com

you know and um you know there's a great

uh quote by saying uh exuberant i guess

about design

uh when there's nothing left to take

away

it's a perfect design or something to

that effect right and

so i always loved elegance it just

i don't know i you ever see uh you ever

see a

a three-year-old that knows how to dance

just knows how to dance

i've seen three girls that know how to

dance it's genetically encoded in them

yeah and then i've seen 30 year olds

that took 22 years of dance lessons and

they still can't dance

yes and you know you you can't teach it

it's just in you and so

from a very early age i just appreciated

elegance

of design so when you start typing your

email address and you write

someone says your your email address is

going to be

michael saylor at

microstrategycorporation.com

i think no m sailor

at microstrategy corporate no sailor

at microstrategy corporation no

sailor at microstrategy.com

uh okay but then i said

is there any company named strategy.com

i'm like i think i'd like that one and

so i sent my

uh i sent my lawyers off hunting around

to see if if where was strategy.com

and obviously in the early days you

could get these things for like 13 bucks

and if you were smart you know you we

got some good ones for whatever the 13

bucks because

we we just figured this is cool i mean

why wouldn't you but um

but we i mean we didn't get strategy.com

for 13 bucks

but i think probably back in the day for

like 25 or 50 thousand dollars

it used to be people thought twenty five

thousand dollars for domain name was a

lot of money a lot of money

yeah the engineers go yeah i got i got

whatever

hope.com and i sold it for 27

000 and i got myself a car i was one of

the guys on the other side

like i was not like mega businessman we

were like

we did four million dollars in business

in 1994. but four million dollars a year

was

enough that you could slurp up you know

a number of 25 000

assets so i i don't know the exact date

but between 94

and 2000 we started getting interested

and we got strategy.com

and i you know i still have the email

address sailor at strategy.com

and i thought that was kind of cool and

you know because i typed

by the way i just thought the tyranny of

the keyboard

was an issue so i didn't want to type

more characters than i needed to type

and it's pretty obvious to me that

strategy.com was better than

microstrategy.com

so then we went on and we thought well

doc i mean everybody was dot com back

then

we didn't think about dot i o or dot id

whatever i mean those came later dot d e

or dot you know fill in the blank i

thought well it's kind of obvious

everything's a dot-com behind it there's

a word in front of it

we're english i happen to be you know i

spoke english i didn't speak portuguese

i didn't speak chinese not i wouldn't

know how to buy up all the

portuguese german french translations if

i wanted to

by like fast forward 20 years english is

the most important language

in the world economy and over the next

20 years it emerged to be the 800 pound

gorilla of all languages

so english and dot com became the

dominant

logical domains for economic commerce

i got i was lucky if you want to be

global it was the only choice you want

to be global

there is no other choice i would say i

was lucky to be born an american

speaking english at and come of age

at the time i did like coming out of mit

when the internet was getting invented

and starting a company when email was

getting

commercialized just right place right to

enough money enough money to be able to

buy up some

stuff but uh you know not enough that i

was distracted chasing after

other macroeconomic issues so right

place right time

and uh you intuitively understood that

shorter was better you intuitively

understood

the function of these things what they

were going to represent

and that if you wanted to conduct

commerce online you needed a place for

people to find you and it needed to be

intuitive

it's it started with

give someone a memorable email address

like what what could be more memorable

than

michael strategy.com or sailor

michael's even better than sailor right

because

sailor there's multiple missed type

exactly oh so

well there were these hurdles can you

type it

that's the first hurdle oh that's a big

artwork a lot of people have domains and

they have complicated characters and you

couldn't type them

and the second hurdle is can you spell

it

and so a name like hope

or a name like mike or a name like like

uh wisdom it's likely you're not going

to misspell it

and then the third hurdle is

can you remember it because i want to

meet you in a business meeting

or whatever i want you to be able to

contact me

it's the principle that pre was the

precursor to this

is uh vanity license plates and vanity

phone numbers

it's like well mike what's your phone

number i'm like 703-444-4444

oh i get that yeah

or better yet four four four four four

four

four four four four right people paid

money

for a lot of money no a lot of money and

and you know it's interesting that you

bring that up because

uh i have a client that that is their

business there's vanity phone numbers

and

uh those things are still selling for

huge money

huge and you know people don't blink an

eyelash

you know it sort of just fits into the

premise that i believe you know we're

still

really in the infancy of this whole

internet thing and

you know we got hired by uh you you

probably remember hooked on phonics

remember hooked on phonics works for me

dia1800 abcdefg

so we got hired by you know they went

bankrupt they got sold to a pe firm

they stripped out the assets they hired

us to sell the hop.com domain name i

sold that to a french airline called hop

and then i had this this 1-800 number

they had a whole portfolio of 800

numbers

but the best one was the 1 800 abcdfg

and that was a lot of fun to try and

sell

and ultimately i sold it to a lawyer and

he said yeah i'm going to slap this

thing on a billboard

everyone that drives by at 65 miles an

hour they're going to remember 1 800 abc

efg yeah it's very easy to remember

you've only got 10 seconds

yeah like like for example you couldn't

market a phone number

9 7 3 1

nine four three

you know because people are watching

their car

so if you and by the way it's like a

high frequency thing i'm gonna give you

one second and i

you know i want you to remember this me

at home

you know yeah something like that are

you not gonna forget

in the early 90s um

these domains were handles to email

and so that was the first usage and we

didn't contemplate any other

but that was enough because we thought

email was going to replace surface mail

and

and uh we wanted to handle and then

around 94

people started working on this internet

thing and by 96 it was kind of

you know i'm i'm sitting in northern

virginia and

you know you you net was coming out of

northern virginia and

you know and uh and all the domain

registries and so

some of the earlier more uh innovative

people are just social friends of my

friends and they come to my office

they're pitching me on this internet

this web thing yeah i started looking

and i realized oh well so now

microstrategy.com

can be our website and then i'm like

well i'd rather i got another reason to

type it and that was before google or

anything else right it's like

how do you find this thing so now

domains became a handle

to a website and i think that kind of

kicked me from low gear

to high gear i'm like okay okay

now i want to go by and then like

over the you know i sent guys off on a

um

on a hunt you know and i was like

find every english

name that i can put a business on so by

1995

it was very evident to me that these are

awesome assets so we went and we bought

angel

i mean angel like it's like god-like

right i mean i think

i couldn't believe god but i mean i

thought angel is better than god god's a

little bit presumptuous whereas

yeah and then we bought alarm

and then we bought alert and then we you

know we bought strategy we bought wisdom

and we bought

courage and we bought hope where

we bought we're and we bought glory so

we're buying

positive english words with a positive

with a connotation then we started

working on names and i

yo i thought go by michael i'm michael

sorry about michael and then i like and

then and they kind of they go

hey we actually found a dude that'll

sell us mike you know what

yeah i want that so

i'm lazy my you know four letter word

you know that michael michael and a lot

of people can't spell michael they could

spell mike

yeah and it's like three fewer

keystrokes

so he bought emma and william william is

my father's name

you know so i was buying my name i was

buying my father we bought

frank and uh then we bought

much to the chagrin of uh one of the

most iconic domain investors frank

schilling i'm sure uh

you know it's been much to his chagrin

that you've got break.com

i'm what i'm waiting for the right offer

maybe we'll go into business together

like creating cybernetic ai francs

and i think yeah then we picked up

speaker

i thought speaker was kind of cool

and uh you know and then they worked

those were all the primary ones

single words either one syllable or two

syllable positive connotation

names or or characteristics or

or ideas um and then we start picking up

like secondary things

you know like microstrategy in every

single

domain microstrategy.de microstrategy.f4

microsoft.it

and then we buy all these other things

that we and we bought i dream

we thought you know i was waiting for

apple

right to come and have an iphone i dream

i

yeah you know as you put other

qualifiers my wisdom my space

these become secondary and and you could

do some but i'm just not so enthusiastic

about

them they're they're just like oh my

voice we bought boys and i don't know we

must

we might have spent a hundred two

hundred thousand dollars i don't know

exactly but it was not

it was not enough money that by the time

i bought it did it even register

with me yeah like the sum total of all

of these domains

if we spent two million dollars on all

of them together

i don't think it was three million it

might have been two million divided into

15 or 20 awesome ones

so 100 grand for a piece for the awesome

ones and then

yeah picked up thousands of secondary

ones

primarily just to keep people from

squatting on cyber space

near us and then rerouting traffic

and so you know you spent

one two million bucks buying up the 20

you know

absolute lights out top-notch names tier

one right

uh you turn around you sell voice.com 30

million bucks

uh what is that 20 years later 20 years

later exactly

turn around yes

i bought it and and i huddled it i

held it in my treasury on the balance

sheet

and 20 years later i foundly found

i finally found someone motivated

but but our intent our intent was not

to sell these things that's not why we

bought them no click clearly right you

you built out angel.com you turned that

into a commercial business you sold that

to develop them as businesses and that's

what we did for the 20 years so for

example

if we roll the clock back we built a

business on strategy.com

we back in the late 90s

and it was personalized intelligence you

go and you subscribe

you give us your your interest in stocks

or whether

it was it was like we did

personalization before

google and apple 20 years before they

did

it's like i would say andrew where do

you live what stocks do you follow what

subjects

you're interested i'll generate personal

news personal finance personal weather

personal traffic

right we we had all those ideas

uh and uh and we launched a business

around it and we had

some interesting success with it

then we um back in like 98 99

i had uh i had a friend

uh and uh she told me the story

of someone breaking into her house and

she lived in arlington virginia and

she said someone broke into my house she

ran into a room she locked the door and

and she was like

hostage in her room for two hours um

you know and this is i'm trying to

remember did we have mobile phones

we didn't really have a lot of mobile

phones maybe she had a phone and she

called a friend

who eventually came two two hours later

and then the

the burglar or whatever left her home

but it was talking

horrific story and i started thinking

why can't we actually create home alarm

systems plug them into the internet

so that if she was actually in her house

she could have just put

a a motion detector would have gone off

by when you want a motion director to go

off and tell you why you're at the

office that someone's in your house

before you go

home and so i had this idea that there's

the internet thing

and then there's alarms and the alarms

are not on the internet

any you know and and okay this is not a

it's kind of a straightforward thing for

a techie to think put the alarm on the

internet

yeah that was the genesis of the idea

for alarm.com

i thought we're going to create a

company

that's going to uh that's going to allow

people uh

to to take all of their heat uh fire

detectors motion detectors glass

breakage detectors uh alarm systems plug

it in the internet

tire you use the ideas we had of like

alerts to a personal alert remember the

word alert by the way

it all ties in us to your phone if

someone goes in your house

based upon uh an alarm system

so we created alarm.com and we launched

a business

doing home automation and this is 1999

okay and you know you can read headlines

about amazon doing it

last week and google went last week

and apple doing it last week okay so

by the way this is a segway

just because you have the idea first

and you have 20 million dollars or 10 or

whatever to put behind

doesn't mean you're going to win the

market yeah

yeah being early is just about the same

as being wrong

it's you have to but the idea the

underlying theme here

that ties all this together is that you

know i i

i would argue you've been incredibly

visionary

across all of these fields that you've

sort of dabbled in

um and you know from what i understand

for some listening to some of the other

interviews at some point you just said

you know look

i focus is is my key uh

but you know what i want to dive into is

like

what was it that you know

what was the intuition that gave you

that vision

of of course we should be tying home

alarm systems to the internet

you know of course we should be creating

these you know personalized

you know call it ai call it service you

know

uh uh alert systems uh you know

what was it what why did you see that

stuff

and then you know i want to segue into

you know some of the more recent stuff

um i'm i was always a technologist first

right

by by first grade i was reading science

fiction

um when i went to mit i got another

degree while i was getting a degree in

aeronautics

and astronautics and the second degree

was in uh the history of science

and so i spent a lot of time reading

about how

science radiation antibiotics

aviation railroads transportation

networks communication networks oil

energy how all steel

gun guns germs and steel that's stuff

that

got that's all i thought about you know

from a very early age what's the impact

of all these things on civilization and

economics and like

so it was kind of it was baked into me

and of course

mit does stand for institute of

technology

i mean we all everybody i went to school

like we all

thought about how the world was going to

change based on technology so

so that on that on that point

you know i want to push back a little

bit because you know our business

media options we're domain brokerage

firm and what i do all day

long is uh and we really only focus on

let's say the top two percent of

dot com domain names and so by

definition

all day long every day i'm speaking with

the smartest

brightest most successful entrepreneurs

investors

executives worldwide everyone from you

know

amazon to you know a venture-backed

startup

and i gotta say you know a lot of these

guys they went to stanford they went to

mit they went to harvard they went to

yale

very few of them understand the

implications of some of these

technologies be it bitcoin be it

domain names you know be it any of these

sort of

uh regime changes in technology

uh paradigm shifts very few of them

actually grasp the implications and very

even less of them do anything about it

okay so andrew that that um

reminds me of something i forgot to say

while i was reading science fiction

i also stumbled across fantasy and the

most famous magazines were science

fiction and fantasy

magazine i think that a lot of people

are linear thinkers and engineering

thinkers and they just think about the

engineering

uh implications and they don't think

about the fantastical

implications so they don't the

creativity and uh

and i i illustrated this in my book the

mobile wave

you know and i wrote that in 2012 and i

wrote about

what happens when a product or service

dematerializes to software

and i think that if you're only a

science fiction fan and if you're only

an engineer

you're living in a newtonian universe

and it's

it's constraining okay but here

here's the idea you're not a

technologist

you toss a baseball

on a field it's subject to it's subject

to the universe you've grown up in the

there's friction there's gravity the

baseball falls to the turf

after about 100 to 300 feet

that's the conventional thinker now

i convert the baseball the entire

exercise

into software but i think with a

engineer's focus

called you know call that science

fiction

and i and i think well if i was tossing

that baseball in outer space

that would just keep going

that's going to go around the earth uh

forever

yeah right in a ballistic orbit you know

subject to all the

all the gravitational pull around it

okay

that's more interesting but

andrew if i read fantasy and if i read

i read uh all the fantastical things

written along with science fiction my

mind opens up a bit and i say

you know i'm gonna toss that baseball

and it's going to convert itself into a

dragon

and that dragon's gonna burn down my

enemy and it's going to

flip into a million white doves

fly circles around me they're going to

land and they're going to sing

a beautiful symphony by mozart while i

bask in the glow of fabulous

okay that's fantasy okay yeah it's the

magic baseball

it's not constrained by the by

the laws of time and space and anything

so when you think about everything as

dematerializing the software

first you say what can i what can i do

from an engineering point of view

then you say what it was a magic

baseball and uh

and so i guess most people that are

conventional thinkers

well they can't imagine throwing the

baseball through a vacuum

and if they can if they're just an

engineer and if they didn't study the

liberal arts and they didn't

they didn't you know read the works of

tolkien and think about elves and

dwarves and

and the like they can't really

conceptualize the rest and by the way

there's a very important uh there's an

important idea in the world of fantasy

okay and it's very relevant to domains

and you and you

you caused me to think about it you

triggered it it's

in the world of fantasy there's the

concept of demons

and you know and a demon will come and

it'll kill you

burn your town down take everything you

have make your life living hell

and the most important thing is

don't mention its name

what's the name of the devil right

every demon's got a name you summon the

demon with the name

they're always listening if you know the

name of the demon

you can summon it if you don't know the

you can never summons it and it will be

listening but

but lord help you if you mention that

name and so

what's in a name right we're back to

this idea

and this becomes really important in the

modern world of

of of high cardinality search and i'll

give you the example like

on alexa you know if i you know we

started with

a domain name as a handle for email

you're going to type it and you're

looking at a business card

and then it became a handle for a

website and you're going to type it into

a web browser

what happens when i have no hands and i

tell alexa

alexa google

google domain name blank google

microstrategy google michael saylor

right i have no hands i'm speaking

okay so speech is is a as a tech well

you eliminate the need for google

if you have a name that's recognizable

right you you don't you just

cut google out and say siri take me to

apple.com siri take me to strategy.com

siri take me to glory.com or hope.com

right i think this the the

semantically meaningful and very easy to

say

uh very difficult to confuse uh

these types of domain names become

critically important to

to verbal search i use the phrase

there's a word for that yeah right

there's a word for that

learn your words and um

if you're talking to an ai you could say

how many words in the english language

there's a lot the english language has

more words than any other language in

the history of the world and we keep

adding words

is that true that is true that is true

you can you can google that

there's no english lang there's no

language with more words in the english

language

the english language became the language

of science

because we invented so many words and

you need some

specialized words to describe yeah and

and it's a it's a very important reason

why the english language is

if i had to guess 80 percent of all the

economic value on earth

flows through the english language and

that's meaningful for domains

we come back to that in a second i i

could talk for hours about english

and the like but but the more important

point is i'm talking to alexa and

there's 500 000

words okay which of the

i have to remember the word there are

companies that have uh

names and their names are misspellings

yes

they try to get cute they try to get

cute and they think that they're saving

themselves money but over time they're

just

costing themselves you know in a

reputable

you know it's an irreparable leak in the

dam you know

let's take lyft right yeah is lift

l-i-f-t or is lift l y

f t and if you're talking to alexa

and you say you know i'm interested in

lift

or i'm interested you know i want to

lift it's like it created an

ambiguity and and then now you have to

spell it now imagine

creating a hurdle because this huge

hurdle but this is lost

on so many people they don't understand

that that you know you say

hey alexa take me to lyft.com that isn't

going to take you to l-y-f-t

it's going to take you to l-i-ft.com

right

and now andrew let's go back let's go

back to a basic principle

how many people on the earth today

studied english in school

because it's got at least a billion

right yeah

okay and if you're you're there's

probably a billion people that speak

english fluently

and then if you're anybody else right

seven billion people on earth

if you're anybody else that wants money

you've got to learn english okay one of

the basic principles is

english is the ultimate it's probably

more than a billion people if you think

about all of the people in the

philippines

and india in china those three countries

alone

uh never mind africa where you know

i i i don't know what the percentages

are but it's got to be a very high

percentage

that are there that learn english in

order to engage with this global economy

yeah and i've traveled everywhere in the

world and i do business just about

everywhere in the world where there's

money

right i mean lots of money you know i

don't don't sell

cheap software it's expensive but but

you know where where people can afford

to buy it we do business

and here is what i observe have observed

if i go to

a non-english speaking country

those people that speak english fluent

if you're a cab driver

and you speak english fluently you get

paid triple

i'll hire you for triple what the in

with the cab driver that

that speaks the local language page if

if you're

uh any kind of white-collar worker and

you speak english

you're you know in china the

differential between

someone that knows how to code software

and speaks english and someone that

knows how to code software and doesn't

speak english

is easily a factor of two maybe you know

so if

every kid in america just to i mean

my assistant makes three times what the

average wage would be

for her you know uh demographic

uh simply because she speaks english

well

and otherwise you know she's gonna do

the same job somebody else it doesn't

require an english speaker and she's

gonna earn

a third i mean we could i i don't know

the exact number but i think that the

uplift is somewhere between

2x and 3x on average

everywhere on earth in some places it

could be 5x to 10

if you're if you're in difficulty and so

imagine if we told every kid in america

that if you spoke spanish we would

double your

wages at age 22. what if i told you i

was going to triple

your salary at age 22 if you spoke

spanish

yeah i think happens next right a lot of

people speak spanish

by the way i i live in miami beach and

there's an economic benefit

to speaking spanish in miami beach

because you can

you can manage and acquire uh labor

and products uh services products in

england and spain

you can hire people to speak spanish and

they'll work for you yeah or you can

sell to people

so on both sides of the transaction you

speak spanish and that's

there's a lot of americanos that grew up

speaking english and they make spanish

their second language because they have

an activity

so so english becomes that incredibly

powerful thing now i

there's got to be a billion but maybe

there's billions of people that have

taken it

but here's another one uh i have a

a sailor dot org free education for the

world uh that's

much if you go to sailor.org we give

away education we're trying to give away

a college degree to the entire earth for

free

we've got uh we have 500 000 students

so far have come wow 70 000 students a

quarter

and what do you think's the single most

popular course we offer andrew english

is a second language

english esl english is a second language

you nailed it

the most popular course in the world

across everywhere everybody wants to

learn

english as a second language because

they want

the money right the economic benefit

and i could boil it down to if you sell

anything in english

you're going to get paid more if you're

purchasing anything in english

you're going to buy it for less english

is the most liquid

market now just to highlight that very

clearly with domain names yeah i want to

give an example then i want to come back

to one of the first principles that we

were discussing so you know spanish

spanish word right so spanish

second largest uh or even it might even

be most spoken language in the world

uh but certainly not the greatest

economic benefit but you know a spanish

domain name

you can have uh uh you know we owned

veda.com v-i-d-a

vita.com life in spanish very powerful

good if you understand you're

really good right sold that for a lot of

money

but at at best a tenth

or it could have been a hundredth of

what the value of

life.com is even ignoring

the ip that's been created by life

magazine and and the media enterprise

but you know it just is what it is the

the economic benefit of life.com

is at a minimum 10x and potentially 100x

greater than the economic benefit of the

same exact word

in spanish both have four letters you

know very easy to spell

the you know consonant vowel consonant

vowel you know all the same attributes

other than one in spanish and one is

english yes i want to come back to this

idea of vaporization of everything

because i believe fundamentally my my

thesis on the value of domain names is

that domain names

are the proxy for commercial real estate

on the internet

and i you know you said something about

how you take everything

and and basically you take it from its

physical form

vaporize it turn it into software and

you're creating

you know you're unlocking just

tremendous amounts of value in

attributes that didn't previously exist

and so i think you know we're witnessing

this implosion of commercial real estate

um and i believe

whether you agree or not that that value

that's being

you know uh displaced from commercial

real estate

is being replaced in the digital real

estate

and in the digital economy

what do you think do you think that that

same logic that you're using

from um uh you know physical economy to

you know software economy does that

apply to domain names is it

the physical real estate being vaporized

into

digital real estate okay andrew

i i would use the word dematerialize

because it's because i like it when my

superheroes dematerialize and they walk

through walls yes

when they vaporize it makes me a bit

nervous yeah

negative connotation but uh but i think

that the

the theme for the last you know

30 years but certainly for the past 10

years

is the dematerialization of everything

and so apple can be explained as the

dematerialization

dematerialization of every mobile device

your camera

your phone yes you know your

your uh your video recorder your

television they're all just demon your

books they're all demons

your magazines they're dematerializing

onto an apple device