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Episode 1 - Introduction
25 Plays2 months ago
Austin and Derek are 2 friends who thought that recording their conversations were interesting enough to share with others. Neither have "traditional" education in the topics they talk about but believe that we as a generation cannot be discounted just because of the lack of formal accolades. Listen to the introduction to 2171
Twitter Page is @2171Podcast
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Transcript
Introduction and Background
00:00:00
Austin
All right, sweet. Well, yeah, I don't know what to do with the intro.
00:00:04
Derek Farmer
Yeah, in in the future.
00:00:04
Austin
We just start talking.
00:00:06
Derek Farmer
Yeah, we should probably just start talking.
00:00:08
Austin
Yeah.
00:00:10
Derek Farmer
All right, well, go ahead. Nobody knows what this podcast is about. So I'll let you introduce yourself first, Austin. This is 2171.
00:00:19
Austin
Yeah. I'm Austin. This is the 2171 podcast, uh, with my buddy Derek. Uh, just to give a brief introduction for me, um,
00:00:30
Austin
So, or our relationship as well. So me and Derek first met each other in college. We both went to university together and we studied the same, um, same degree. And we knew each other a little bit at first and freshman year. And then we got closer as the years went on with our friend group. I'd say overall with where we started.
00:00:58
Austin
It started to get better once kind of COVID, when COVID happened.
COVID's Impact on Finance
00:01:02
Austin
al Our main background in this podcast really is to talk about the sort of, sort of like the monetary system investing and other topics related to that. And pretty much our relationship started to get better as we started to talk about those topics more because during COVID, it was a really weird time for, I mean, for everyone especially, but For us, you know, we had to go back from our college and pretty much just sit around and basically be disconnected from people. And pretty much all we could do was really just talk about what was interesting to us at the time and at the time.
00:01:43
Austin
I remember perfectly just looking at my phone, looking at the stock market and being like, why is it just crashing? like Why does this happen? Why does all of a sudden after a crisis, things like this happen and then it just pops right back up because that's essentially what happened. and I started getting into investing in a ah retirement account, started to get investing into brokerage and in a little bit of trading.
00:02:07
Austin
but That's kind of our background really in what we're trying to talk about here in this podcast on 21 seven. It relates to that, but also our goal is to talk about other things as well that interests us within the same community that we bring ourselves into. And, um, a little bit of background into me. Um, I mean, I'm a pilot and so is Derek and that's how we share our relationship with each other.
00:02:37
Austin
And that's how we got connected with each other, but more so, uh, with this podcast in itself, we want to talk about what we think on a daily basis outside of our job and have a space to where we can continuously talk about things that interest us. And those are some of the topics talk about, but, um, but yeah, I'm, I'm from Georgia. I grew up there my whole life. Um,
00:03:03
Austin
You know, went to elementary school, middle school, high school, and went to where we both went to college, um, out of my state. But, um, from there, I've always wanted to be a pilot my entire life. Uh, when I remember probably about about around middle school and that's what I pursued since then. And that's what I'm doing now. So, uh, what about you, Derek?
00:03:27
Derek Farmer
Yeah, thank you for sharing that. My name is Derek. As Austin alluded, we met in college, and I attribute our relationship growing substantially actually to COVID. um I remember staying home from spring break, this would have been our sophomore year, um to study for one of the big tests that we were both about to have, and and then COVID hit. And I remember being in the library, and everybody just got up and went home and I was like, I have no idea what's going on.
00:03:56
Austin
Yeah.
00:03:58
Derek Farmer
Like we got, we got the email then. Um, anyways, fast forward. We all got sent home from COVID. Uh, we came back, uh, to finish that test. The, the college gave us an upper one second.
00:04:12
Austin
No problem.
00:04:16
Derek Farmer
perhaps i'm so in here is they your We vans at one 30. but yeah thank you
00:04:27
Austin
Whoa.
00:04:28
Derek Farmer
love to edit that one out.
00:04:30
Austin
Yeah.
00:04:31
Derek Farmer
As anybody can tell I am in a hotel right now.
00:04:35
Austin
Yeah.
00:04:35
Derek Farmer
um Anyways, um so we were given the opportunity to come back early. And during that, that is Austin actually moved in with me for the summer. um And we shared a living space and that's when he talked about that retirement account that he kind of walked me through and that really got the seed started for for all this stuff. and and And one thing he didn't mention, we're both in Gen Z um and we...
00:05:04
Derek Farmer
That time, like you said, the market crashed, but also right after the market crash, you had things like Tesla and GameStop and AMC and Bitcoin and all these these things that we had never knew that we had access to just exploded and making people our age millionaires.
Podcast Goals and Free Speech
00:05:21
Derek Farmer
um So it really is a testament to to what the capabilities are out there, especially in this information. age um that's in my opinion super exciting I mean I'm not a finance major nor is Austin I'm not a doctor nor is Austin we're just pilots like he said um so we're not necessarily quote unquote you know traditional experts but that doesn't mean that we have to you know go be sheep we can still be shepherds out and in this field and and go learn in this information age. But um obviously well that's what this podcast is about. So we'll talk about that stuff later. But a little bit more about me. I am born and raised in Indiana and went to an Indiana school. um I travel for work. I'm a pilot. So um there's that.
00:06:10
Austin
Yeah. Yeah. And getting getting back to the goal with the podcast, like you mentioned, I think with the idea that we do something separately, you know, being in our industry as a pilot, as pilots, we do something completely separate from what we're talking about. Right. And I think that's kind of the world that we're getting into now is that, you know, experts can have their opinions on things and they're, you know, it's good to listen to them and to take their, their account of their opinions, but ah We're getting into a world now where the the internet's allowing people to speak for themselves, think for themselves and question things and kind of go against the grain on some things because you never really know. like you know the Back then in the topic of COVID, you know I think around that time, this was a big deal where people were concerned about like fake news and stuff like that. right you know You have all these ah institutions now with media where they can pretty much
00:07:08
Austin
say and say, say something and people will go with it without people fact checking things. Right. So, um, which, but it's a format like for us right now, we're doing as a form of free speech pretty much. So, um, you know, with free speech and the internet, it's kind of like back then with the printing press where anyone could get information, print a book and then release it to people to the masses. And you know, basically.
00:07:39
Austin
how I view it is the more people that buy books or the more people that listen to podcasts, that's probably like kind of like a scoring system almost, right? Like if whoever sells the most books probably has the best opinion or probably knows what they're talking about, right? So I kind of view it like this podcast with that, right? It's a, it's a network of people just emitting information and the better score you get, you know, in the terms of like views or book sales,
00:08:07
Austin
means that you're winning or you know, you're probably right. So I don't know, it gives us an opportunity to tell us how we think about these topics. Maybe it's something that's controversial to some, it may be different, or you're just, we're introducing topics and mindset in our mindset to where people just never heard of it, right? So I can think of things um that we'll talk about in the future where I definitely go against the grain. I'm sure you definitely would have those opinions as well, maybe something different. I also think with this podcast too, that we, while we do think the same, in a sense, we still have different beliefs, which will also make this podcast very, very interesting, right? Because we can't just have a place to where we always agree with each other all the time. and And it's just like, yeah, bro. Yeah, bro. I agree with you. And then there's no conversation we had about that. So with the goal of the podcast, really, it's really just to have
00:09:06
Austin
ah conversation because i I like talking to you. We text a lot all the time. And, you know, we live in different places, but this allows us to really be connected more, have conversations, improve conversational skills personally for me. Because I, as you know, before I made a podcast with another friend before and I've definitely learned a lot from that experience.
00:09:34
Austin
and how to make this better, how to speak better. So um yeah, i ah overall I think this is a good platform for us to just share our opinions really and what we think. um We're not asking people to believe exactly everything we say or else we think that they're wrong or they have a bad opinion. It's more so of just us exercising free speech, really, and just our opinions of what
Personal Growth and Gen Z Perspectives
00:10:03
Austin
we think at the time. Maybe what we say now is correct. Maybe it's wrong in the future, right? We're getting older. We're pretty young, you know, we're in our mid 20s. So like Derek mentioned, we're Gen Z. So um we're probably going to have our opinions change over time. And this is a way to kind of record that and look back upon and
00:10:27
Austin
See what how how much we've grown, right? it's It's like you taking pictures as you grow up and seeing how much you've grown since then, how things since, has changed since then on a visual basis, but on this one, it's more of a audio um thought basis, right? So, because if you think about it really, like, you can kind of remember how you used to think when you were younger, but you can't recall every single thing, right? So,
00:10:58
Austin
I can tell you how I used to think, but it wasn't in writing, it wasn't in recording, and I think that will help us with that. so
00:11:07
Derek Farmer
Well, and one thing, speaking about like thinking in the past versus thinking now, I always kind of ask myself, it's like, what I'm doing right now, would senior year high school 18 year old Derek, would it make him proud or would it make him upset? Or would it even be in his possibility of like his realm of possibilities, you know, what I'm doing right now? Would Derek be like, holy cow, like you're awesome, dude, or Yeah, that's right on track of where I thought it was going to be or below that, you know, so I kind of Matthew McConaughey has a thing he's like, his hero is him in 10 years, you know what I mean? And then in 10 years, his hero is him in 10 more years, it's like, you're always striving to be better. But it's like, that's what you have to use as a benchmark. um In the past, like, yeah, there are other benchmarks, like,
00:11:55
Derek Farmer
um like you said, book sales, podcast, listens, whatever that may be. But there also is, you know, personal benchmarks that you have, that you have to meet. But um we'll We'll get on about that later. So what's what's the name 2171 mean?
00:12:13
Austin
Yeah. So with 2171, the idea of it, of this podcast overall, drum roll, you know, it's about Bitcoin really, like Bitcoin kind of, I mean, kind of led us to us having these, having the opinions that we have now, having the willingness to be able to do a podcast, at least for me. I think a lot of people in the Bitcoin space like to, you know, basically promote or not promote, but kind of talk about information regarding Bitcoin and that's kind of the background and the name, right? So we kind of wanted to make it a bit discreet. So with the name 2171, it kind of has a meaning towards the the thought of hard money, the thought of Bitcoin and what it solves. so
00:13:01
Austin
21 refers to, is kind of the solution to the problem, right? So 21 is the the amount of unit, ah the unit of Bitcoin, right? So 21 million coins and it's a fixed supply, right? It's a fixed money. Whereas comparing to our current monetary system, it's not fixed. It's essentially unlimited. They refer to that as fiat currency. So 21 refers to the fixed Bitcoin supply at 21 million.
00:13:31
Austin
um And 71 is where the problem originates. You can date it back to other years too, but this is where the fiat debt system really started to kick off in full swing. ah That 71 refers to the year where essentially the US cut itself off from the gold standard, right? So 1971, completely cut off from the gold standard.
00:13:55
Austin
The money isn't backed by any fixed amount of gold anymore. um It's just simply debt, continuous debt being issued and printed essentially over and over and over again. So um yeah, that's the that's the background of the podcast. It's it's a mainly Bitcoin oriented podcast referring to 21 and 71. So the 2171 podcast. but Like I mentioned before and how we want this podcast to be, I don't want it to just simply be about Bitcoin and only Bitcoin. I think it's awesome talking about Bitcoin all the time. I could do it every day, all day, every minute of my life, really. But ah yeah, I think what when most people get into Bitcoin, it's like, oh my gosh, like I just figured this out. like This is crazy. I need to tell everyone.
00:14:45
Austin
And you'll often find out like most people won't even really want to hear what you have to say um to begin with. So um I think it's what what's good about it is that Bitcoin teaches us a lot more other than just the money. Right. Like we want to talk about.
00:15:01
Austin
finance in general, talk about markets, talk about, you know, can get into politics, won't get too deep, but it it affects politics, whether you like it or not, whether what your political opinion is. And then also, you know, how does it affect my personal life? How does it affect my health, ah my wealth, my ah future, ah and my decisions in the future because Bitcoin changes all of these things. It's crazy. So we can get more into that, obviously into our other episodes, get into like the mean potatoes and really explain it to people.
00:15:35
Austin
um and that
00:15:37
Derek Farmer
here's the thing with that. Here's the thing with that is that Bitcoin doesn't necessarily change those things. It it does, but it's not the Bitcoin.
00:15:46
Austin
Yeah.
00:15:47
Derek Farmer
It's the fact that Everything kind of changed after 1971. Things that are not even related to money in a sense of divorce rates started to increase in 1971.
00:15:52
Austin
yeah
00:15:57
Derek Farmer
There was a steady amount of them. Boom, 1971, it started to exponentially grow. Consumer debt exponentially started to come. you know Even things like obesity um started to rise significantly after we got off of the gold standard.
00:16:07
Austin
Yeah.
00:16:11
Derek Farmer
so Yes, like Bitcoin fixes it but it's not necessarily that it has to be Bitcoin It's just that this was the hard money asset that we have given our specific tech technology technological advances of the time, you know back obviously we'll talk about it more but back in the day they use seashells or different stones or Even like in the Roman times they traded gold and silver, you know um so it's it's just whatever technology you have at the time being the hard as in right now and
00:16:40
Derek Farmer
It's Bitcoin. But yeah, so 2171, 2121 alluding to the $21,071 alluding to 1971 when realistically things started to kind of take a turn. As Austin said, there's plenty of reasons for why that is, but that's not to say that the gold standard is not one of them, which obviously we both believe is one of the contributing factors to that. Do you have anything else to add on that, Austin?
00:17:10
Austin
Yeah, so yeah, exactly what you were saying before. um Obviously, it's centered. The cause of all these things is
Bitcoin and Community Building
00:17:20
Austin
centered in money. the A lot of the things that we want to talk about other than just that is the the social implications, like you mentioned, a lot of things have changed since then. And honestly, at this time at that time, we're kind of in an experiment really, like this has never been done before.
00:17:38
Austin
It started in 1971 and it's only been what, like 53 years since then, which is a pretty short time and the relevance of history goes, but like you said, um,
00:17:52
Austin
things that were used in the past and obviously we'll get more into that, into a deeper conversation in a different episode. But um yeah, depending on what the money is and how hard it is, right now the hardest money is Bitcoin. But societies in the past have used gold, they've used seashells, they've used glass beads because that's what their hardest to create money was. right And if you have easy to create money, you're going to have hard problems from it.
00:18:21
Austin
So, uh, later on, right? So ah again, we'll get into all that, but that kind of refers to the basis of the topics that we're going to get into, right? Is okay. So we have the money. We have the hard money. We have the problems. What does this fix later on? And what, what does this, um, effect in people's lives? Right. Uh, so it won't only just be talking about money. We'll be talking about other things, societal, political, um,
00:18:50
Derek Farmer
mental.
00:18:51
Austin
mental, ah physical, stuff like that, right? Like we want it to be a very well-rounded podcast. We want to be able to reach as many people and resonate with as many people as we want. um But yeah, the goals of this podcast for me, and you know, we can kind of delve into what you think and what you want to see this be, but and I kind of mentioned some things earlier, but what I want this podcast to be is to be able to connect with the communities that are related to what we talk about. right so I have a lot of people in mind that I eventually want to get connected to, um especially in the Bitcoin community. you know We have guys like that we both know and listen to a lot like Mark Moss. I think he's one of the the best people to listen to and to like he teaches a lot of information that we would learn on early on back in you know back when COVID happened. That was one of our
00:19:49
Austin
ah YouTubers and podcasters that we listen to all the time, right? And I think being able Yeah, I still do a lot too.
00:19:54
Derek Farmer
I still do a lot.
00:19:57
Austin
Yeah, it's like it's he was kind of the start of it really and then you get into like other people that he knows and he talks to Which is really awesome. So but I ah my like what I'm trying to get to is I'd like to be able to meet these people like I want to get my network up with them because I think so much like them and I just want to kind of under get to know them on a personal level. I think really with this podcast and social media, because we have Twitter, we have Nostra, all this stuff too on top of that, but um we're able to you know not only appreciate what we do, but we want to meet them in person and get to know them. so you know i I can think of a lot of people I'd want to talk to and meet, pretty much get on a podcast with.
00:20:41
Austin
Um, you know, Jack Mallers, I think he's amazing. That's a guy I really like a lot. Jack Mallers, Mark Moss, safety and a moose, the guy who wrote the Bitcoin standard. So, uh, it gives us an opportunity to, you know, expand our network and meet people. I think that's the biggest thing. Cause right now for the most part, other than a couple of people that I know in my life, like it's just you and me, man. Like when it comes to this stuff, it's just you and me. So I, I really want to expand.
00:21:09
Austin
Uh, the people that I know and the network that I know, um, as a part of it. So not only to have an open conversation, I have fun with it because I could talk to you about this stuff forever and put in recording and writing, but it's also to meet other people too.
00:21:21
Derek Farmer
Yeah.
00:21:22
Austin
So, but what do you think?
00:21:23
Derek Farmer
Yeah. I definitely agree. and I was just thinking that too. It's like it it would be awesome to one day have an audience enough to you know because like these people like Mark Moss aren't just going to come on our show right now.
00:21:35
Derek Farmer
We don't even have a single viewer yet you know. um But you know so I mean if we were to ask him he would just
00:21:38
Austin
Yeah.
00:21:42
Derek Farmer
you know, brush us off, you know, just because it's like he probably gets 100 of those a day, you know what I'm saying? But eventually to get to a point where even they would consider coming on our show, I think is is awesome.
00:21:47
Austin
yeah
00:21:53
Derek Farmer
Like where they would respond to us and be like, wow, I really like your content, you know, it's like that's sick, you know. ah But also, you know, going back to kind of the Gen Z thing, another ah direction that I would like to take this as well as like, yes, it would be awesome to get to a point where we could meet these people and, you know, they could host us or we could host them or you know, do a collab, whatever, but also, um which I've kind of talked to you about this before, but with us being Gen Z, you know, we are kind of the generation that is now getting into the workforce, I think with the Gen Alpha after us.
00:22:25
Austin
Yeah, yeah, I think so.
00:22:25
Derek Farmer
And then millennials are before us, but Gen Z now, um I believe like 1994 to 1995 is the first starting year. So like 30 years old, we'll just say a Gen Z year is, you know,
00:22:34
Austin
Yeah.
00:22:36
Derek Farmer
they're a couple years into the workforce, a couple years into understanding, you know, through a couple of presidential elections. So they're seeing the differences and in policies, as you saw, we just had for the past 12 years, very polar, different, excuse me, um, policies that are in office like on day one. Um, so we're going to seeing the changes of stuff, but there are people out there that are making it work. Um, like I've got a couple of buddies who are,
00:23:03
Derek Farmer
you know dropped out of college just like the great CEOs out there like you know Bill Gates and and Mark Zuckerberg and all these things and they're making it work on their own and so I'd like to have them on the podcast too because yeah the way that we think is Bitcoin but some of them might think real estate some of them might think stocks some of them might think you know opening their own business and and fixing up cars or something like there's there's other ways out there too and other mindsets and I would just like to grow together with them.
00:23:34
Derek Farmer
So I think that would be kind of cool. um I also have noticed especially recently that I use words like like and own a lot.
00:23:42
Austin
like um so ah yeah
00:23:43
Derek Farmer
yeah like um so ah you know So that's something I want to nip in the bud too. That's kind of one of the goals I have for this podcast. Um, you know, cause I'm, you know, I, I do listen to a lot of, a lot of podcasts.
00:23:54
Derek Farmer
One of the ones, uh, is Jordan Peterson and he focuses, uh, extremely, he gives extreme importance to words. Um, whether that's writing, whether it's speaking, but if you listen to him, his word selection is just so meticulous and every single word and every single pause, um, has, has a meaning.
00:24:08
Austin
Like, um, so uh, yeah.
00:24:13
Derek Farmer
Um, I think, uh, Andrew Tate says the same thing. He's like, Oh, um, someone who says, Oh, I know. Um, which.
00:24:19
Austin
Yeah, I think, yeah, I mean, it's kind of a symptom of being, I think not also with the whole arm and so, and having irregular pauses, it kind of shows as well that you don't really have a fixed understanding of what you're talking about, right?
00:24:38
Austin
Because if you had something that you think about so much, it just flows out. It's like a flow state, right? So it kind of ex exposed, it kind of, it kind of exposes you and makes you think,
00:24:43
Derek Farmer
Yeah.
00:24:49
Austin
Oh, if I had trouble talking about this and it was really weird, like the words that come out, then I probably don't know it as well. So I need to do more reading research. um So yeah, that's, that's what I was kind of mentioning before is that, you know, it improves our speech and improves how we talk, but it keeps us self accountable in our beliefs, right? Because do we really believe in something properly if we can't fully express it, right? So it keeps us in check in that. And that's why I like about it too.
00:25:18
Austin
And that's what I've learned from the the other podcasts I make. It really made me think like, do I really believe what I'm saying? Or I'm just being told these things, right? Because ultimately the best thing that you could have as a person is thinking for yourself, right?
00:25:34
Austin
And thinking for yourself, it takes a lot of work. It really does, right? Because you really, you have to put in the time to read that book. You have to put in the time to read an article. You have to put in the time to listen to podcasts, right?
00:25:46
Derek Farmer
And it's not just the time to put in the one side, but why is the other side demonizing it?
00:25:46
Austin
It's, it's,
00:25:53
Derek Farmer
So you got to look at the pros like, okay, why is this good?
00:25:55
Austin
Yeah, yeah.
00:25:57
Derek Farmer
Awesome. But there also is a whole other side to some of the things. And that's the cons. Cause I mean, there's, for everyone who believes in something, there's always people who don't believe in it just as, just as strongly, you know?
00:26:11
Derek Farmer
And some of the points they say are valid to them. You got to look at when you just buy something random on Amazon, right? what's What's the first thing you do, right? You look at like the top three and then the reviews, right?
00:26:20
Austin
The reviews, yeah.
00:26:21
Derek Farmer
And for every good review, there is a bad review too. So the ones who have stronger good reviews, okay, well, these ones are probably better, right?
00:26:25
Austin
Right.
00:26:30
Derek Farmer
But so, I mean, that's essentially what you're doing is you're doing the research um I mean, you've already said, okay, I want this right now you have to go and see like what do other people who wanted this think of it, you know,
00:26:43
Austin
Yeah, and going back to that point, I think it makes you think right. The whole review thing on Amazon is, if you see a product, and it only has five stars,
00:26:55
Austin
or it's only positive, does that set off like something in your brain saying, hmm, maybe, you know, you know, like if you only have positive comments on a product or on YouTube video or on anything, does that really mean it's true or does that really mean that's truthful?
00:27:12
Derek Farmer
Well, it depends it depends on the situation because if there's only five people who have left reviews and they're all off good and it's like, okay, maybe, you know, if they're five for five, you know, like that's pretty, like that could happen.
00:27:15
Austin
Yeah.
00:27:18
Austin
Yeah.
00:27:23
Derek Farmer
But if there's a thousand people and they've all left a good reviews, well, it's like, there's no way they're a thousand for a thousand. You know what I mean? Like that, so I mean,
00:27:31
Austin
Right. Yeah. Like, but for in that a thousand, there's probably like, it's usually going to be like a 4.9 star. And then one guy has sets a one star because he's like, Oh, what I just received didn't work, you know, or, or I didn't get it in the right time or shift in the right time.
00:27:47
Derek Farmer
yeah it arrived and
00:27:48
Austin
What I'm saying is, is like, if, if you see something that someone that's emitting information and there's a lot of people that respond to it and they just say it's good, you don't know if that's.
00:28:00
Austin
If, if people are just saying that because they're getting paid to, or if it's like bots or if it, you know, that's what I'm saying.
00:28:04
Derek Farmer
Yeah. Yeah.
00:28:07
Austin
It's like, I think there's, like you said, there's people with differing opinions, right?
00:28:07
Derek Farmer
I do. I get you.
00:28:11
Austin
Just as much as there's people with strong opinions that we think there's always going to be someone that will disagree with you. And that's how free speech should work. Right.
00:28:20
Derek Farmer
Yeah, i think I think that the differences in opinions are going to be a lot more productive now.
00:28:20
Austin
um
00:28:26
Derek Farmer
It's going to be less argumentative and less, you know, picking sides as much as it is going to be more of a conversation, ah which i'm I'm excited for.
00:28:26
Austin
Yeah.
00:28:36
Austin
Yeah, and that's the thing. It's like people have different values, right? I mean, ah and that's where every, every people's opinions stem from is values, right? I think a lot of a lot of things, a lot of different people from different backgrounds, they can agree on like the simple, you know, simple things like, you know, treat people with kindness, stuff like that. But I think when it comes to other minutia and different topics, there's a lot of things where people can disagree on respectfully and just
Personal Interests and Influences
00:29:07
Austin
hold a conversation.
00:29:08
Austin
And that's what, that's what this podcast is all about. Cause I think I know that we agree on things, but we also disagree on things. So that's the sort of background on our reasoning to have that, right?
00:29:22
Austin
It's just a place for free discussion. So yeah, that's, that's, yeah, I can still hear.
00:29:26
Derek Farmer
can Can you still hear me? OK, I actually clicked this button and I didn't know if I fully clicked it or not. I'm still still learning the setup.
00:29:32
Austin
Okay. Yeah.
00:29:33
Derek Farmer
but What ah what are some of your hobbies that you do outside of work?
00:29:34
Austin
yeah
00:29:39
Austin
Uh, yeah, so some of my hobbies, um, I, I do work out, I go to gym, I go running. Uh, I've been getting into golf recently. So I've started to play that every time I get home, I think for our job and our background and our job.
00:29:55
Austin
For those that don't know, pilots work every day of the week. So there's a lot of months where we work just weekends. So I think that's, you know, that's a good hobby that I've started doing that it's amazing to do on the weekdays because there's less people doing it. Um, and you know, I have buddies in the airline industry too, and we just have a weekday off and you know, we play, play around at golf and practice at the range whenever we can during the weekdays when it's the best time to do it. So.
00:30:26
Derek Farmer
It's so fun. I love, I've like started to really love working weekends because you know, my, my girlfriend would have Mondays and Tuesdays.
00:30:30
Austin
Yeah,
00:30:33
Derek Farmer
I think Wednesday's off. She's got a new schedule now, but so like I would bid for the rest of the, like, so we were working on the same days. And then when we were both off, like we'd be, it'd be Monday on an, at noon and we'd be the only people at our apartment pool.
00:30:46
Derek Farmer
I was like, this is sick, you know?
00:30:47
Austin
yeah yeah, it's, it's, it's an interesting feeling, right? Like you just get to do so much with not that much people around you. Of course I do appreciate my weekends.
00:30:54
Derek Farmer
Yeah.
00:30:57
Austin
Uh, cause I have friends that work Monday through Friday and that's really kind of the only time I can hang out with them for extended amount of time. And the same thing with my parents too. It's a good time when I can call them, um, cause they're free of course.
00:31:08
Derek Farmer
Yeah, it does definitely drag on sometimes, especially when you have other friends in the area who are also pilots.
00:31:10
Austin
So yeah.
00:31:15
Derek Farmer
Um, because you can't assume that they have a specific day off, you know, like, so you gotta like plan, you know, if you don't plan something the week before, um, then it's like, all right, I'm free to tonight.
00:31:20
Austin
Mm-hmm.
00:31:26
Derek Farmer
What are you doing? He's like, Oh, I just got to New York. Sorry, man. I'll be gone for a week. It's like, ah, okay.
00:31:31
Austin
Yeah, yeah, yeah.
00:31:31
Derek Farmer
So that's not going to work. So, um,
00:31:34
Austin
Um, but yeah, other than that, I mean, uh, you know, physical wise, you know, I like to keep myself, um, busy with that, uh, working out, running, um, physical activities like that.
00:31:45
Austin
And then mentally. to, you know, I like reading. i I don't read as much as I should. I think you've kind of kept me in check with that. And like, because you said a lot, you know, a lot of the books that you're reading, I can literally see how many books you read on Goodreads and you're doing, you're reading a lot. So I do read, but not as much as I'd want to. I get most of my content on YouTube, which, you know, it's is great. You know, you can listen to a lot of Bitcoiners on there, a lot of different people.
00:32:17
Austin
Uh, from there, I don't listen to podcasts as much. I do listen to a couple, uh, a lot because I really liked the people that make it. Uh, if I really attached to someone, then I'm like, yeah, then I'll listen to your podcast. Cause every single time, especially like one, I name is Jack Mallers. I think he is an amazing person to listen to. I think I always learned something new from him every single, month like I just listened to his newest podcast that just came out and.
00:32:43
Austin
It talked about like the you know like the the stuff that Trump's doing with tariffs and it's, um you know oh, you know he he talks about um kind of how that's working, his opinion on it.
00:32:56
Austin
And you kind of listen to what you see on the news or on Twitter and people have, you know you have the right and the left and they say what they want, but then he comes at you with a completely different perspective.
00:33:08
Austin
And I'm like, dude, you will not hear this anywhere else. It's it's it's insane.
00:33:11
Derek Farmer
Jack Mallor, that's strike, right?
00:33:13
Austin
Yeah, the guy who made strike the Bitcoin exchange, Bitcoin wallet, Lightning wallet. um
00:33:19
Derek Farmer
I didn't know that he had a podcast. I thought he just was always like ah like a interviewee or whatever the word is.
00:33:27
Austin
Yeah, he gets interviewed a lot. um
00:33:28
Derek Farmer
Yeah, I didn't know he had his own podcast though.
00:33:29
Austin
you know you've you you Yeah, he does. It's it's an amazing – you have to listen to it, man. It's it's so good. um He has – he usually records it live and he has people comment on it. So he has people like getting questions and stuff like that. But a lot of his podcasts in the past, he would talk with his dad and his friend that works with him in Strike. But um yeah, his dad's also amazing too. um Because he's been in the Bitcoin space for like 12 years, man, and he's 30 years old.
00:34:01
Austin
So that means he's been in it since he was like in high school, which is crazy because, yeah, Jack, he was a college dropout.
00:34:02
Derek Farmer
Dang, yeah.
00:34:09
Austin
I mean, you talked about college dropouts.
00:34:10
Derek Farmer
Gen Z.
00:34:11
Austin
Yeah, Gen Z, he's a college dropout and his dad picked him up. His dad actually was the, I think he was the head of CMC Futures. I don't know if if you know it, like the futures market, it originated in Chicago.
00:34:25
Austin
as a way for farmers to, um, for corn.
00:34:28
Derek Farmer
for corn.
00:34:29
Austin
Yeah. Like, you know, for anything that they're growing, they can hedge against, um, things that would affect their crops, right? So if they had a bad season of growing, they could buy and sell futures to hedge against that.
00:34:36
Derek Farmer
Yeah, my grandfather actually was a farmer by trade. And that's something I didn't know about him. He died probably two years ago now.
00:34:41
Austin
So that's quick lesson on that.
00:34:41
Derek Farmer
yeah my my my my grandfather actually was
00:34:43
Austin
That's, that's where that comes from.
00:34:45
Derek Farmer
um ah farmer by trade and he and that's something i didn't know about him he died probably two years ago now and
00:34:53
Austin
so Okay.
00:34:54
Derek Farmer
Now I'm learning more about him, but that's something that he did was he would, he was always in on the corn markets and he knew how the Argentinian corn market would, it's crazy.
00:34:58
Austin
that's crazy that's cool yeah yeah
00:35:05
Derek Farmer
Like, like how similar. Cause it's cause my dad told me that he himself used to trade corn futures as well. He's like, you should get into this. And then, and then now I'm finding out that my grandfather, he would hold off on selling his corn because he thought the price of the corn was going to go up.
00:35:21
Derek Farmer
So then he would hold onto his corn, sell it high. then buy futures and all these things like he was, it's great because I mean, that's, that's what I do. Like I get up and I watch stock market. I watched, you know, ten candlestick charts, you know, and then, um, that's what he was doing too.
00:35:38
Derek Farmer
Way back when, you know.
00:35:38
Austin
Yeah, no. Yeah, I think that's pretty cool, honestly, that that your family has history with that.
00:35:45
Derek Farmer
Yeah.
00:35:46
Austin
Yeah, I thought it was really interesting when you talked about it, because you know, in my opinion, and people will get to know me from this, but I'm not the huge, the biggest fan of trading and finance in general, I think there's a lot of negatives to it.
00:35:59
Austin
But for for that use case with um ah Corn and commodities and things like that that it makes that makes so much sense, you know that that's that's a good use case for it so but yeah, that's his background and dude he This was I think a 20 2011 2012 Where Jack he was like his dad picked him up from you know him essentially Dropping out of college and he's like, all right, son. Let's get to work and
00:36:30
Austin
You need to start stacking sats because this is the best thing ever. And he, they found this out in like 2011. He he's been stacking sats religiously since 2011.
00:36:36
Derek Farmer
Yeah.
00:36:39
Austin
And I just started doing this since 2020. Um, and I think you have as well. So yeah, five years.
00:36:44
Derek Farmer
I mean, we've been doing it for five years now. So I mean, you look at it, we're not, we've been through a full cycle.
00:36:47
Austin
we've
00:36:48
Derek Farmer
So we're not, we're not really new to this. I mean, some people like, I tell, I tell how much I hold and some people, like I'm flying with this guy now.
00:36:52
Austin
No, we're not, no. Yeah.
00:36:59
Derek Farmer
And he was like, yeah, I have a substantial amount. And he told me, I was like, what?
00:37:05
Austin
He told you the amount.
00:37:06
Derek Farmer
Yeah, I was like, that is not a substantial amount.
00:37:07
Austin
That's wild. I could i could never do that, man. i i say I always say I have a good amount, but I will not tell you the number. like I think that's that's a part of like the the mindset of being a Bitcoiner.
00:37:22
Austin
It's you know it's kind of weird.
00:37:22
Derek Farmer
Yeah.
00:37:24
Austin
i mean I don't know. Would you tell someone how much money you have in your savings account? Is that a normal thing? I don't know.
00:37:32
Derek Farmer
and And I, and I feel bad for thinking that way. That was my mindset was like, that is not a substantial amount, but the thing with Bitcoin is It's whatever you want it to be. I mean, that that amount that he said was a substantial amount for him.
00:37:41
Austin
Yeah.
00:37:44
Derek Farmer
And that makes him happy. You know, um but the more he studies stuff and the more he understands, then the smaller that amount gets. I mean, the amount that I have, I think is too small because I understand it more.
00:37:56
Austin
Yeah. Yeah, of course.
00:37:57
Derek Farmer
But it's it's one of those that it's like he still sees it.
00:38:00
Austin
Wait, so wait. Wait. So you're saying, uh, when he told you the amount you thought it was small.
00:38:05
Derek Farmer
Yeah, he was like, I have a substantial amount.
00:38:06
Austin
Okay. Yeah.
00:38:07
Derek Farmer
And then he told me and I'm like,
00:38:08
Austin
Yeah.
00:38:09
Derek Farmer
We have different definitions of substantial and that's a bad mindset. And I understand that because that is a substantial amount of what he said for some people, you know, um especially for people who don't understand.
00:38:13
Austin
Yeah. Yeah.
00:38:21
Derek Farmer
I mean, he keeps it on Robin Hood so clearly he doesn't understand it, you know.
00:38:24
Austin
oh Yeah. Yeah. Yeah. Um, no, I mean, that's true, man. The more you learn about it, the more you you find yourself just being getting towards more as a percentage wise, right?
00:38:35
Derek Farmer
Mm hmm.
00:38:35
Austin
If I were to tell anyone really, and I, I know you do too. And I recently just did is like, I explained what I do. i don't try like If I were to tell someone about Bitcoin, it's i I'm just going to tell you what I do. right I don't care if you do what I do. I don't care if you know you have the same opinion as me or not, or how much you how much research you do into it. It's just the fact that you should probably get somewhat into it. right It's better to have saw a a number than no number of it. right
00:39:07
Derek Farmer
I forget who said it, but someone said, just put 1% of your net worth into it. And they're like, well, that's not enough. and I was like, and the guy was like, I know it's not enough, but now they have skin in the game and they're going to go read the Bitcoin standard and they're going to go listen to podcasts and they're going to go research and figure out what this whole hot storage, cold storage stuff is.
00:39:18
Austin
Yeah.
00:39:25
Derek Farmer
And um and then while they're doing that research, it may double and it'll go to 2%.
00:39:26
Austin
Yeah.
00:39:30
Derek Farmer
They're like, holy cow. Like I just made a whole percent of my net worth by doing like my studying, you know.
00:39:32
Austin
Yeah.
00:39:35
Austin
Right, yeah.
00:39:36
Derek Farmer
Um, but continuing on a little bit more about, uh, my hobbies, um, reading is definitely big on me.
00:39:37
Austin
Yeah. yeah
00:39:42
Derek Farmer
I feel like it's much harder to read when I'm traveling, but I set a goal.
00:39:45
Austin
Yeah, yeah.
00:39:46
Derek Farmer
I set a goal this year of 18 books. Um, so that is a book and a half a month. Um, last year I set a goal of five books and I actually, good read says I read nine.
00:39:57
Derek Farmer
Um, so that's crazy because I've never been a reader. Like I do not, like if you were to ask any of my reading teachers in grade school, high school, even mostly in college. I didn't read, I'd watch the movies and then fail the tests.
00:40:10
Derek Farmer
I'd read the spark notes and then fail the test.
00:40:10
Austin
Yeah, the same here as me, man. Yeah.
00:40:13
Derek Farmer
So it's just so interesting to me that this is one of my hobbies.
00:40:14
Austin
Yeah.
00:40:16
Derek Farmer
And then another hobby that's not related to any of that stuff, but I, over the last year, gotten pretty big into online chess, which we've talked about.
00:40:25
Austin
Yeah, yeah, you told me.
00:40:25
Derek Farmer
um And I've got kind of goals with that as well, but that's just something that's intense enough that I don't have to, think about other stuff like Elon Musk he plays what Diablo and he said it's it's stimulating enough that he doesn't think about Tesla or SpaceX or Starlink while he's playing it so it gives his brain a time to rest yeah
00:40:47
Austin
Time to rest, sort of. Yeah. Yeah. No, I, um, that's cool, man. Um, yeah, I'm sorry. I've, I've played a chess a couple of times, but I'd like to definitely play, I don't know how the online chess thing works, but I think that would be something we could do as well.
00:41:03
Derek Farmer
It's tense, man.
00:41:04
Austin
Yeah.
00:41:05
Derek Farmer
It can be.
00:41:06
Austin
Yeah.
00:41:06
Derek Farmer
um Who are some people that have influenced you, like in your personal life?
00:41:07
Austin
But yeah.
Education and Intellectual Development
00:41:15
Austin
Yeah. So in my personal life, um, I think the number, well, I'm not going to go into rankings, but one person that played a big role in my life when I was younger was my friend, Connor. Um, he, he, uh, was my best friend growing up and going to elementary school, middle school, high school.
00:41:39
Austin
Uh, we literally lived in the same neighborhood. We would hang out all the time. Uh, we had the same interests, played the same sports and everything. Um, but I think the part where he influenced me the most would be more so coming or coming out of high school and going into university.
00:42:01
Austin
And basically he just, I think the thing that he influenced me most on was, um, you know, getting into reading, you know, like you said, uh, just like me, I didn't really read that much in high school, right? There are some good books that I've read. Um, I will say, but, um, you know, he, he really got into his own world when it came to being introspective.
00:42:28
Austin
Um, learning about a lot of things, you know, learning about money, learning about, um, mental health, learning about, you know, physical health and all that stuff. You know, he was really into Jordan Peterson as well back then.
00:42:39
Austin
And he read his book. Um, I think it's, uh, what was it?
00:42:42
Derek Farmer
12 rows of 12 rows of life
00:42:45
Austin
12 or 13, 12 rules of life. Yeah. He, he read that book and recommended it to me.
00:42:49
Derek Farmer
yeah
00:42:52
Austin
I never read it, but he, I've read some other books that he've read, uh, that he recommended as well. Um, I think one of them that actually I liked a lot i and I'm going to reread is power versus force by Dr. I think it's Dr. Hawkins, but that was the one, the first book that he told me to read that I fully read and after reading it, I was like, wow, I'm really appreciative of him telling me it because it was such a good book, um but he was he was big into that, big into that, and um I appreciated him getting me in that path. um He was actually the first person to tell me about Bitcoin in 2016, I think, 15 or something, and he was like, oh, you know you should look into this. and
00:43:41
Austin
He didn't really know much about it, but he was on the camp of it going up. And I think at the time it was like $3,000, $2,000 or something. And he's like, yeah, you know, I just bought half of Bitcoin and I think you should too. And um and I was like, oh, you know, and I was like, dude, how do I, or no, he, he bought a whole one. He bought a whole one from his job because we both had jobs. We actually worked the same jobs in high school. Like we would mow lawns around in our neighborhood and at various different places.
00:44:11
Austin
We'd mode lawns and um what is it, rehab centers to make some money doing that. But yeah, yeah, I did.
00:44:16
Derek Farmer
I didn't know you mode. I mode in high school too.
00:44:20
Austin
Yeah. I was really into that part time during school and obviously full time in the summer where the grass grows a lot. um But um yeah, we did that together and he was really locked in on making money early on while in high school.
00:44:36
Austin
ah He had more jobs than me actually, but um He was like, yeah, man, you got to get into this ah Bitcoin. I just bought a whole Bitcoin. And I'm like, dude, I can't buy a whole one, man. Like, I don't know how I can do that, you know? And like, at the time, you know, I didn't know that you could just buy partial amounts. um But he bought a whole one. I think he sold it later for like a profit when it went up to like six or something. But um because, you know, he didn't really know about how it is now.
00:45:06
Austin
and I don't even know how it'd be possible to learn what we learned back then, to be quite honest, but...
00:45:11
Derek Farmer
No, yeah, there it wasn't that yeah, you had to just I mean, I don't remember when the Bitcoin standard came out, but there wasn't a lot of stuff I mean you had to be kind of on the inside and
00:45:15
Austin
Yeah.
00:45:22
Austin
Yeah, you really had to be kind of like, you know, when Satoshi made it in the forums and all that stuff, but... But yeah, he...
00:45:29
Derek Farmer
Which have you have you ever read the white pages?
00:45:32
Austin
Not fully. I've read the first couple of pages. i
00:45:35
Derek Farmer
It's it's not easy to understand and it doesn't want to make you be a pick pointer.
00:45:40
Austin
Yeah, no. Yeah, it's – and that's why I refer more to like his forums rather than the white pages because the white pages just explains the technology.
00:45:46
Derek Farmer
Yeah.
00:45:49
Derek Farmer
Yeah.
00:45:49
Austin
um I know about it more, but it's not meant for someone that has no idea what it is to just read about it. like
00:45:56
Derek Farmer
Correct, correct.
00:45:57
Austin
You know, um it's a white paper is technical in nature. So you don't want to give something technical to a non-technical person because then they'll just be turned off by it.
00:46:05
Derek Farmer
Yeah.
00:46:07
Austin
And we don't, you know, that's not the best thing to to do when you're talking to someone about it. But yeah, no, Connor, um amazing person. um Unfortunately, he passed um two years ago coming up in March, but um very, very influential person in my life.
00:46:26
Austin
um He was the closest I was with, uh, my younger years, uh, in high school. So, but, uh, yeah, other than that, my other than Connor and my personal life, I have my parents, of course, uh, pretty self-explanatory on that one. They've taught me everything I know now.
00:46:44
Austin
Up to that point, I talk to them every week. I like my mom as well. I talk to kind of the stuff that I talk about with you. I also talk about with my mom and she always listens to me no matter even if she doesn't believe in what I say or like knows too much about it. I can kind of explain things simply and she'll understand it. She's like, I completely understand why you feel that way. I completely understand why you think that way.
00:47:12
Austin
And they're always open to hearing what I have to say, right? Uh, I think when it comes to other people and that's just family in general, right? Like family will always be there for you. They always listen to you.
00:47:23
Austin
Even if they don't agree with you, um, or they may eventually do agree with you, they're always there to hear you out. So, um, you know,
00:47:33
Derek Farmer
That's 100% how I am. like My parents are probably one of the ones that have influenced me the most, not just because they've taught me everything that I know or or taught me how to learn. um But they've given me the opportunity. I mean, I went to um public grade school, public or sorry, yeah private grade school, private high school. And I definitely didn't didn't appreciate it as much then but I do now. um So they just given me all these opportunities. Obviously, they've clothed me fed me once I graduated and I was the flight instructor making
00:48:05
Derek Farmer
really not good money. They let me live with them for for free so that I could at least not have to worry about rent.
00:48:07
Austin
Mm-hmm. Yeah Yeah Amen if you're not if you're not crazy you're ah Yeah, yeah, I mean if you're not crazy, I don't think you're right and some in some in some points Yeah, but I think
00:48:12
Derek Farmer
So I'm i'm definitely super appreciative of my parents. and And yeah, they definitely think that I'm crazy.
00:48:19
Derek Farmer
But yeah, but they have never told me that. They've never told me that I'm crazy. they They're always like,
00:48:33
Derek Farmer
i can see it in their face after like what are you doing but they
00:48:35
Austin
Yeah, their their face speaks rather than their words.
00:48:37
Derek Farmer
but they they never have told me to stop.
00:48:38
Austin
Yeah.
00:48:39
Derek Farmer
up They never have told me to do any of these things, you know, cause they understand that I'm a product of them and they are very learned by doers and trickle down effect.
00:48:40
Austin
Yeah.
00:48:49
Derek Farmer
So am I like, I can read all these books. I can do all these things, but from their influence, from what I, how I was raised, they know that I'm just have to go out there and figure these things out on my own.
00:48:59
Derek Farmer
I have to go touch them. I have to go actually make these transactions. I have to go actually do these things for me to attain the mastery that you know, we're reaching for, you know.
00:49:11
Austin
Right. Yeah. It's, you know, yeah they can do so much for you when you're in your formative years, but ultimately once you leave the house, do your own thing. It's, it's your brain. It's your body. You figure it out, um, sort of thing. And they, they can only do so much for you, but there's a point in where we are now where we have to do what we have to do and what we think is best for us. Um, but yeah, obviously still great influence parents. Um,
00:49:41
Austin
very good, very good, uh, teachers, uh, overall, but, um, yeah, I'd say those are my two. I think those are the two most important ones. I have people along the way as well, but, um, main influences are people that I've, uh, spend the most time with.
00:49:58
Austin
And that's how it's been for the most of my life. But, uh, uh, but you said your parents, uh, you said, uh, you had some more as well.
00:50:01
Derek Farmer
Yeah.
00:50:06
Derek Farmer
Yeah, the other two that I'm going to bring up, they're not necessarily, it's weird because like for like main influences, you know, yeah we obviously have the people that we study the most like your Mark Moss, Robert Kiyosaki's, you know, Rich Dad, Poor Dad, um Jordan Peterson, like, but those aren't people that we actually have talked to and they may have influences over us, but
00:50:25
Austin
Like, no, yeah.
00:50:27
Derek Farmer
um So these other two people they were both professors at college actually shout out dr. White being the first one He was actually the first class I went to in college Wasn't
00:50:37
Austin
Yeah, I remember you were talking about him um with our other friends.
00:50:39
Derek Farmer
Yeah, it wasn't related to my major. It was a Gen Ed, right? So one of the throwaway classes. And I don't even remember what the class was called. i I was trying to think about it today when I was working out. I'm like, what was the class that Dr. White taught me? Doesn't matter. But you know I met a ton of people the whole class. It was a reading, writing, speech class. So it was kind of all of those you know combined into one. And there was a motley of different people, different political backgrounds, different countries of origin, you know, there was so many different things. And, and he, like one of the first days, I don't think he thinks about me as much as I think about him. But he, the he said, Look, I'm not here to change the way you think. I'm just here to make sure you actually know why you think it.
00:51:26
Derek Farmer
Um, so it was a very challenging class and to this day, I don't know which way he voted for. Um, I think that's super important. Like he, he led no biases. Um, like there's no, no way for us to, to ever have any inclination on which um as a, as a teacher in a speech course, in a writing course, in a reading course, you'd think.
00:51:48
Derek Farmer
they'd pick specific books that had a ah bias, you know, or they would, you know, say some comments on some of the speech, like there was nothing. And and I loved it. It was such a free thinking course. and And I really feel like there was a little bit of a fork in the road.
00:52:03
Derek Farmer
When I was like, you know what, I can say what I want as long as I as long as i back it. You know what I mean? um Like there's some things that you don't say out of politeness, but there's other things that you can you can say. And it's like, no, no, no, this is why. I believe this way and I know that I believe this way because of this. you know ah So that kind of opened my mind a little bit. And then the second professor,
00:52:25
Derek Farmer
Shout out to Dr. Scott Downey. He was, I took a sales course in college as well, which again, is not related to flight school at all, but he structured his class in such an interesting way. um There was only like 40 of us in the class um and you were randomly assigned a group.
00:52:51
Derek Farmer
of four people and you worked on one project the whole semester. And you presented it four times. The first time you presented it to him directly. The second time was to the class as a whole. The third time was to the class as a whole with a alumni who's now in a sales position at ah typically like for for our class it was Hormel Foods. So the Fortune 500 company. And then the last one you actually go present to a company. So we we presented to a real estate company and they implemented some of the things that we we talked about
00:53:26
Derek Farmer
um but also in doing that he worked on personal growth as well so before the class started like the first week we met with him individually one-on-one and he's like and you have your goals written down, he told us that it was going to be about goals. And I was like, yeah. And he like scribbled all my goals out and he said, no, no, no, here's here's the underlying arc. You know, so it's like he was he was like, yeah, mean we can hyper focus on stuff, but that you got to look at the bigger picture, too. And then at the end, um we also went over those same goals um one on one. And he said he was
00:54:02
Derek Farmer
like so what would you learn from this course and kind of got some feedback and then it was so crazy to me how at the beginning of the course I was waiting for him to give feedback like even the very first time we presented it to him directly he ripped us a new one out ah out of love but it was like one of those that's like holy cow like i I don't know anything no um but then towards the end
00:54:18
Austin
Yeah.
00:54:26
Derek Farmer
It was, I was giving the feedback and he didn't even, he's asked he didn't even really ask questions. I just sat down and I started being like, so this is how I accomplished this goal. This is how I kind of morphed it into this one. And it was more of a presentation matter than it was a waiting for him to ask questions. Um, again, he's one of the ones I don't think he thinks about me as much as I think about him. But, um, one thing, one quote from him, um,
00:54:52
Derek Farmer
that I took away was he said, everything that you're saying in your goals, I hope that one day it just turns into being your goals. I just want to help people. So.
00:55:02
Austin
No, yeah, yeah that's that's one of my goals. I've started to learn that and have that more as a focus over time as well. um
00:55:10
Derek Farmer
Well, when you look at every business that's out there, like I like studying businesses, I'm invested in stocks and I like looking at financial sheets and stuff like that, but the ones that succeed, I mean, that's that's what a business is built for, is to help people, whether it's business to business, whether it is um you know peer to peer, whatever, it's designed that I have some some sort of skill or some sort of product that I know can help some sort of person with some sort of skill or some sort of need.
00:55:36
Derek Farmer
and this product or service fills this need, I think that it's beneficial for both people if you pay me, right?
00:55:45
Austin
yeah i mean Yeah, that's how um the best businesses succeed when there's a higher purpose to it all. right like If the main purpose is to make money, which I'm not going to lie, i mean you have to make money to run a business.
00:55:53
Derek Farmer
Yeah. Correct.
00:56:00
Austin
and But that's that's the that's the positive feedback loop effect. right it's yeah the The forefront should be I want to fix a problem or I want to fix someone else's problem. and the the incentive It's all about incentives and we'll get to that in another episode, but incentive structures are huge. right like You have to have a reason as to why you're doing something because A, B for what good cause, but then you also have to have a monetary incentive to push you further.
00:56:30
Austin
right um So yeah, that's that's the whole point and you'll learn from other CEOs that that's the the forefront of their business. And that's what a true good business does is they figure out a problem that they're passionate about. They you know hear people out, listen to people and they fix their problems and they get paid for it. And that's the positive feedback loop effect from that is.
00:56:56
Austin
I fix your problem and I get a reward. right It wouldn't make sense to fix someone else's problem and you don't get a reward. like That doesn't make sense.
00:57:03
Derek Farmer
Yeah.
00:57:04
Austin
you know so
00:57:06
Derek Farmer
Doesn't incentivize you to fix problems in the future.
00:57:09
Austin
yeah Yeah, exactly. so but That's the whole point of business really. um People can have their opinions um about it, but that's mine and I know it's yours too.
00:57:21
Derek Farmer
and And there is other things in business, right? I mean, like there's you need to have a good sales team. You need to have, you know, good workers. You need to have a good CEO and CFO and good financial structures and stuff like that.
00:57:32
Derek Farmer
But at the end of the day, the business isn't going to succeed unless it solves some problem.
00:57:39
Austin
Mm-hmm.
00:57:40
Derek Farmer
Right now, that being said, it can fail for other reasons, right?
00:57:40
Austin
Yeah. Yeah, exactly.
00:57:45
Austin
Yeah, yeah.
00:57:46
Derek Farmer
Like if it takes up too much debt, if it something, some scandal comes out, like, there are reasons that it can fail.
00:57:49
Austin
Yeah.
00:57:52
Derek Farmer
That's that it could still be a good company, like, and solve a really good problem. But there's just poor management. But the ultimate start of a business should be like, there's a problem. And I know how to fix it.
00:58:03
Austin
Mm-hmm.
00:58:05
Derek Farmer
And, yeah, Scott, Dr. Downey, he was kind of the one that it's like, okay, and it kind of it kind of he kind of made me a little bit hungrier, you know, it's like, I'm coming in and Yeah, when I first started, it was to fulfill the assignment, you know, and then when I left, I was like, holy cow, like the assignment fulfilled me.
00:58:21
Austin
Mm hmm.
00:58:25
Derek Farmer
shibel Yeah.
00:58:25
Austin
Mm hmm. Yeah, the assignment fulfilled you. Yeah, that's crazy. ah Would you say that's like your favorite class that wasn't related to our major or was was that your overall favorite?
00:58:39
Derek Farmer
I would say that class. um It definitely opened my mind more. I mean, I'm in significant amounts of student debt right now, and I'm pretty open with my parents about it. And my dad's like, well, would you change it if you went back? Because he knows that I love flying, but also that's not what I talk about the most. I talk about businesses and stocks and Bitcoin and all these other things that are out there.
00:59:07
Derek Farmer
And he's like, would you go back? And I was like, yeah, absolutely. I'd go back because, you know, I wouldn't have met Austin and I wouldn't have started my Roth IRA. I wouldn't have taken that class. I wouldn't have met Dr. Downey. I wouldn't have met Dr. White, you know, like even though I'm insignificant amounts of debt, the the knowledge that I've gained from from that, like it doesn't even seem like it's that big of a deal.
00:59:27
Austin
Right. Yeah. um Yeah. No, I agree. I think. ah think ah aviation aviation's amazing um you know I We talk about it a lot, but um the I also like learning about other things. you know My main thing is I want to be as whole as a human as I possibly can. and I want to know as much and learn as much as I possibly can.
00:59:52
Austin
so you know you know At the same time, I'm going to learn as much as I can and know as much as I can in my industry. I also want to learn even more outside of it. right and Like we mentioned, it you get a reward from it.
01:00:02
Derek Farmer
Mm hmm.
01:00:06
Austin
like The people who put in the most work should get a reward for learning the most things and knowing how to do the most things. right so and That reward is people meet, you you meet along the way, you know, making money, um, and so forth and, you know, being able to profit from it and win from it.
01:00:24
Austin
Right. So yeah, I completely agree. I think, I think that, did that just sound, that with the way that you're describing your class just seems, it seems so different from what I did in my minor, right?
01:00:36
Austin
Like what your minor was, was, uh, what was your minor again? Was it?
01:00:40
Derek Farmer
but actually It actually was a certificate, so it was like a minor minor.
01:00:42
Austin
Oh, certificate. Yeah.
01:00:43
Derek Farmer
It was industrial sales.
01:00:44
Austin
Yeah. So I. Okay. Yeah. And then so mine, I'm here. It's funny because my experience is the opposite. I guess like I did. I might've done business economics, right? And you know, I took the typical macro micro ah classes. I took stuff where it before focused on.
01:01:05
Austin
micro or yeah, macro from banking and all that stuff. And most of these classes, it just made me realize like how terrible the system is. Like it, you know what I'm saying? It made me realize how, um, uh, how crazy this whole, like this whole financial system we live in now and how everything's recorded and how it's, everything's interpreted. Like I just remember this one day and I think it was a macro class, but, um,
01:01:35
Austin
i read or there's a part There's a part in my book that I read. I think it was it was business econ with mixed in with macro, so the effects of macro on business.
01:01:47
Austin
And there was this one page where it talked about senior age. Do you know what that is?
01:01:53
Derek Farmer
Something with old people?
01:01:55
Austin
So, huh?
01:01:56
Derek Farmer
Something with old people?
01:01:58
Austin
No, no, no. I guess it does in a way, but senior age, the definition of senior age is the profiting of, or essentially the profiting that results from printing money.
01:02:12
Derek Farmer
Oh, so it's a government thing.
01:02:14
Austin
right so so It basically said the government can print money and they profit from it. That's a definition word for word. like It said that on my textbook and or what the chapter I was reading, and we talked about it in class. and I'm thinking to myself – because at this time, I'm learning about Bitcoin and like the monetary aid system and all that stuff, but I wasn't fully in tune. In my mind, I'm like, how does someone read this and think this is not insane?
01:02:39
Austin
that someone can just profit just from printing money, which is issuing cheap debt and they literally.
01:02:44
Derek Farmer
Well, not just somebody, not just anybody, not just anybody can profit from printing money.
01:02:48
Austin
What?
01:02:52
Austin
Yeah.
01:02:52
Derek Farmer
It's only the government, you know, but the other people who profit from printing money are the people who own assets because those assets go up in value because of printing money.
01:02:52
Austin
Yeah. Like, um, yeah.
01:02:59
Austin
No.
01:03:03
Austin
Right. Exactly. But, you know, I don't have a money, you know, I own assets, but I don't have a money printer. I can't get cheap debt.
01:03:07
Derek Farmer
That's what I'm saying. Yeah. Yeah.
01:03:09
Austin
You know, yeah, it's like, yeah, but I'm just like, I'm reading it and I'm like, how does no one ask questions about this?
01:03:09
Derek Farmer
That's what I'm saying.
01:03:16
Austin
They just read it and then they just take it for what it is and move on. And it's like, it literally said in the book, huh?
01:03:19
Derek Farmer
Why is this class not rioting? Why is this class not rioting right now?
01:03:26
Austin
Yeah. But – well, it was in my book, but like you see the definition and you're like, how so – wait, so you're telling me people profit, make money from just printing money?
01:03:30
Derek Farmer
Oh.
01:03:40
Austin
What? And we're just going to move on with our lives and ignore that. That's crazy to me. But that's the whole conversation on – Keynesian economics versus Austrian and all that stuff. um but i mean All of the economics that you learn in in college is all Keynesian, which basically bases its entire thought view thought worldview on printing money, right spending as much as possible ah with the result of the the currency being debased over time.
01:04:08
Austin
so but yeah i mean I think it's interesting how what you learned it, you know, I think your professor is amazing at the way that he taught, but it was more so like in my classes, just like, Oh, you know, learn about this stuff and pass the test, you know, and, you know, have fun with your little degree, basically.
01:04:22
Derek Farmer
Yeah.
01:04:27
Derek Farmer
I don't even know what my grade was in that class.
01:04:27
Austin
But yeah, that's crazy.
01:04:28
Derek Farmer
I don't i don't remember there being assignments that were graded. and Like we didn't ever like turn into paper. It was always just like, I don't know. I don't ever remember what it was like. I remember I think ah I think like halfway through the semester, we had to as a group, we met with the um with the now that now I think about it, I remember a little bit.
01:04:38
Austin
Yeah.
01:04:47
Derek Farmer
We had to meet with him as a group to all four of us because we were all at the same exact grades because it was one of those that we had to motivate the weakest link to bring up the whole class to, you know, and he sat us down as a group.
01:04:57
Austin
Yeah.
01:04:59
Derek Farmer
And he's like, what do you guys think your grade is in this class? And we were like, I don't know, probably like a B and he's like, okay, we'll make it a B then.
01:05:05
Austin
Yeah. hopeful way Dude, that's how it should be, man. Like you it seems like in that class, you just like in hours, what we did in our degree, it was very application based, right? Like, um,
01:05:20
Austin
you know You fly planes, you get your training in, and then you get your rating at the end, and you accomplish something that's a result, like a like ah an award result.
01:05:32
Austin
It's not like a grade. You do you get a grade, but you get you get your certifications with
Closing Remarks and Future Plans
01:05:37
Austin
it, right? So you can use that anywhere, whereas like you know with your class, it seemed
01:05:38
Derek Farmer
yeah
01:05:43
Austin
You know, the professor, like you, you like the part where you talked about where you presented ah stuff or PowerPoints information to alumni in sales, right?
01:05:55
Austin
Like that's, that's good experience, man.
01:05:55
Derek Farmer
yeah
01:05:57
Austin
Like that's really, really applicable experience. So, but that's really cool though.
01:06:01
Derek Farmer
yeah
01:06:03
Austin
ah That's really, really cool and different from what I did.
01:06:04
Derek Farmer
Yeah, it definitely made made me think of like, I mean, because it yes, it was a class, but it seemed more like ah a guided mentorship.
01:06:05
Austin
So.
01:06:12
Austin
Right.
01:06:12
Derek Farmer
And he like had these opportunities set up, you know, because he had the resources of the college.
01:06:13
Austin
Yeah, yeah.
01:06:18
Derek Farmer
um yeah So I mean, I definitely influenced a lot more than just, I mean, I don't sell now, um maybe someday, but right now I don't, but it's it's still things that I've learned from that class that I take outside of sales, you know?
01:06:27
Austin
Yeah.
01:06:32
Derek Farmer
But hey, I hate to do this, but I gotta, I gotta get going here soon.
01:06:33
Austin
Yeah, I think so. Yeah.
01:06:36
Derek Farmer
I gotta get in the shower and get started with my day.
01:06:37
Austin
All right.
01:06:40
Austin
Yeah, yeah, I was looking at the time too. I was just wondering when you were about to say that but.
01:06:44
Derek Farmer
Now.
01:06:46
Austin
now yeah ah But close it out though.
01:06:47
Derek Farmer
so Um, good.
01:06:51
Austin
um Yeah, first episode. um Introduction 2171 podcast again, I'm Austin and we will we will see you guys on the next episode.
01:07:05
Derek Farmer
absolutely and i'm derek I don't think we have a Twitter page made yet, but that's gonna be something we do and I'll link that in the show notes um That's gonna be probably for now the best way to get a hold of us Yeah, probably I have I haven't made it yet Excited to get started
01:07:07
Austin
Yeah.
01:07:16
Austin
Right. The Twitter account. You're just making a Twitter account for so far. Okay. Oh yeah. Okay. Sweet. Uh, anything else?
01:07:29
Austin
All right. Yeah. I am too. Sweet. And, uh, that's it.
01:07:33
Derek Farmer
All right.
01:07:34
Austin
Sweet.
01:07:34
Derek Farmer
Peace out. i'll Talk to you guys next time.
01:07:36
Austin
Peace.