In this week’s episode, I speak with Terry Crews, a legit star. He was a professional football player, has starred in multiple Hollywood films and currently leads in TV shows including America’s Got Talent. He is also a cryptocurrency enthusiast, minting his own social token called POWER.
Terry has a very powerful story on how he got into crypto. It was at a design show in Milan. He wanted to support his friend at the show, but wasn’t able to withdraw money from his own American Express account. He realized a financial system that’s based on trusting a long line of intermediaries is broken. He thought, even when he did everything right, and he was already wealthy and famous, he still got the door shut in his face —so what’s left for the rest? He thought back to the families who were crushed under debt from loan sharks in the neighborhood he grew up in. He watched what happened with Gamestop earlier this year.
All of that cemented his view that the financial system should be permissionless, transparent and global. He believes creators and personalities with a following like himself stand to benefit from this new system by bypassing old gatekeepers and reaching their audiences directly.
He is exploring this concept by creating his own social token. POWER brings together a group of investors who will support artists. Eventually, when the group has collected a valuable portfolio, he plans to make the POWER token tradable. But he’s not in a hurry. He said, to him, “this thing is for life.”
01:05 How Terry Crews got interested in crypto
14:17 Next steps/ideas after learning about crypto
17:20 Thoughts on the Gamestop/Robinhood situation and the need it shows for what crypto has to offer
20:02 Crypto scams vs traditional finance scams
22:45 Background and functionality of the POWER token
27:48 How the POWER token was distributed
31:52 Is POWER a DAO?
33:25 Can POWER be purchased on Uniswap? (whats the plan for the liquidity of the POWER token)
35:42 Summary of the direction of the POWER token
36:31 Benefit of POWER illiquidity and Terrys approach to projects, jobs, and art
42:04 Background on Roll and the Roll hack
43:40 Advice for those thinking of creating a social token and discussion on the benefits of decentralization for artists (actors, musicians, etc)
51:35 Thoughts on the entrenched idea of divine rights throughout the world and how crypto breaks that down
54:31 Thoughts on the “Wait for it” video and closing summary