Home Tim Ferriss Notes
Tim Ferriss · 2022-10-11 · 1h 40m

Relentless Focus, Full-Contact Entrepreneurship, Epigenetic Reprogramming, and More

Coinbase CEO Brian Armstrong on building crypto, making unpopular leadership calls, and funding longevity science.

Relentless Focus, Full-Contact Entrepreneurship, Epigenetic Reprogramming, and More
The guest

Brian Armstrong — Co-founder and CEO of Coinbase, the crypto exchange he founded in 2012; also funder of biotech startup New Limit and scientific platform ResearchHub

The gist

Tim Ferriss interviews Coinbase co-founder and CEO Brian Armstrong about the company's origin story, including the pivotal 'buy Bitcoin button' that gave them product-market fit. Armstrong reflects on his year in Buenos Aires witnessing economic decline, his thinking on the macro environment and crypto's long-term role, and the regulatory and scalability inflection points he sees ahead. He discusses his controversial decision to make Coinbase a 'mission-first' apolitical company and offer severance to dissenting employees, and how he cultivated resilience to public criticism. The conversation closes on his self-improvement habits, hiring a biology tutor, and his two new science ventures: New Limit (epigenetic cell rejuvenation for longevity) and ResearchHub (open-source-style scientific research with a reward coin).

Big reveals

  • Before adding the buy Bitcoin button, Coinbase had no traction and was flat; Armstrong got the idea from customer feedback calls where users said they signed up but had no Bitcoin and didn't come back.
  • Building the simple buy button was very difficult: Armstrong had to find a bank partner, integrate with the ACH network, convince them of the anti-money-laundering policy, and source the Bitcoin; launching it was the moment they hit product-market fit and growth became 'a boulder chasing downhill.'
  • Armstrong describes Coinbase becoming a 'mission-first' apolitical company after a BLM-related employee walkout; he offered a generous severance package and about 5% of the company left.
  • He says the activist faction felt like 50% of the company but was actually a 'very vocal tiny percentage,' and calls the apolitical decision one of the best things he ever did for the company.
  • After Coinbase's 2021 IPO created over a thousand millionaires, Armstrong used his liquidity to fund hard-science ventures, hosting dinners with biotech experts that surfaced epigenetic cell programming as a focus.
  • New Limit is a longevity company aiming to radically extend human health span using epigenetic reprogramming—exposing cells to transcription factors to rejuvenate them—with machine learning to search the roughly 10^15 combinatorial possibilities.
  • ResearchHub aims to make scientific research more like open-source software (GitHub-style), addressing the replication crisis and academic silos, with a ResearchCoin reward and governance token.

Things worth remembering

  • Armstrong's first project was a self-published book called 'Start Breaking Free' and a blog of the same name; he later concluded he should have started with the blog and packaged posts into a book.
  • In Buenos Aires (around age 27-28) he observed a culture of pessimism—people kept their heads down expecting things could be taken away—which he attributes to roughly 100 years of mismanagement after Argentina was one of the world's largest economies in 1900.
  • Armstrong cites Ray Dalio's 'Principles for Dealing with the Changing World Order' as convincing him America is in slow (not imminent) decline.
  • He recommends 'Surely You're Joking, Mr. Feynman,' Dalio's book, and Milton Friedman's 'Free to Choose,' and rereads Paul Graham's essays 'How to Make Wealth' (2004) and 'Haters' (Jan 2020).
  • An early Bitcoin Android wallet Armstrong built nights/weekends at Airbnb ran a full Bitcoin node on the phone, taking minutes to sync; he instantly knew it was built wrong, which sparked the idea for a cloud-based company.
  • Coinbase has closed institutional deals with BlackRock and the largest sovereign wealth funds; Armstrong notes about 90% of the world's wealth is locked up in institutions.
  • He cites transaction throughput as a scalability bottleneck: Bitcoin ~7 tx/sec, Ethereum ~25, PayPal ~500, Visa ~4,000.
  • Armstrong's motivation hack when he doesn't feel like exercising is to type 'David Goggins' into YouTube and watch a random video.
  • Instead of grinding through dense biology textbooks, Armstrong hired a (typically underpaid) grad-student biology tutor he meets for an hour on Sundays.
  • In the documentary 'COIN,' Armstrong appears in dinosaur onesie pajamas he wore around the house and to early Coinbase hackathons.

Recommended in this episode

Books, products and media the guest or host genuinely endorsed here — with the buy link.

Affiliate link — we may earn a commission at no extra cost to you.

Guest’s ownBook

Start Breaking Free

Brian Armstrong (inferred)

“So I wrote a book called start breaking free and then after I wrote this I didn't have a publisher or anything I was doing a self-publishing thing” — Brian Armstrong 00:02:35
Find it on Amazon
RecommendedBook

Principles for a Changing World Order

Ray Dalio (inferred)

“Ray Dalio's recent book you know principles for a changing World Order and I thought he did a really good job of just kind of looking back at history” — Brian Armstrong 00:09:58
Find it on Amazon
RecommendedBook

Surely You're Joking, Mr. Feynman

Richard Feynman (inferred)

“one of them is surely you're joking Mr Fineman that's That's a classic on my bookshelf that I revisit pretty often” — Tim Ferriss 00:17:06
Find it on Amazon
RecommendedMedia

The Top Idea in Your Mind

Paul Graham (inferred)

“the top idea in your mind... that's one since I have a creative project that I'm focused on at the moment that I revisit with some regularity” — Tim Ferriss 00:23:16
Find it on Amazon
RecommendedMedia

How to Make Wealth

Paul Graham (inferred)

“there's one about how to build wealth or something it just really nicely explains the idea where people think money is zero sum” — Brian Armstrong 00:23:47
Find it on Amazon
RecommendedMedia

Haters

Paul Graham (inferred)

“I go back and read his essay I think it's called haters whenever I'm feeling down like people are whenever I accidentally read the comments online” — Brian Armstrong 00:24:17
Find it on Amazon
RecommendedBook

Getting Things Done

David Allen (inferred)

“I like David Allen I think his name is has a good book getting things done right I mean I roughly follow some kind of a process like that” — Brian Armstrong 01:09:31
Find it on Amazon
Guest’s ownMedia

Coin (documentary)

Brian Armstrong / Coinbase (inferred)

“I hope people go check out the documentary it's called coin and I partly I created it because I wanted to show people what it's like to try to create something new” — Brian Armstrong 01:38:33
Find it on Amazon
Guest’s ownProduct

Coinbase

Brian Armstrong (inferred)

“I had launched an early version of coinbase just on Reddit and places like that you know I'd gotten a couple hundred people to come sign up” — Brian Armstrong 00:14:33
Find it on Amazon
Guest’s ownProduct

Coinbase Wallet

Coinbase (inferred)

“with coinbase wallet we recently set this up where anybody can go in there and claim a free ens name you can get like tim.cb at the end” — Brian Armstrong 00:53:55
Find it on Amazon
Guest’s ownProduct

Coinbase Card

Coinbase (inferred)

“things like coinbase card have been really useful in terms of getting people using crypto in the real world brick and mortar or online anywhere that Visa is accepted” — Brian Armstrong 00:46:04
Find it on Amazon
Guest’s ownProduct

Coinbase Earn

Coinbase (inferred)

“coinbase earn is like another one that we've seen that's driven a lot of that activity so yeah peer-to-peer payments it's a bunch of things” — Brian Armstrong 00:46:04
Find it on Amazon
Guest’s ownProduct

Coinbase Prime

Coinbase (inferred)

“we had to launch an Institutional product and coinbase Prime and we have actually been successful at getting more and more of these large institutions to move” — Brian Armstrong 00:49:16
Find it on Amazon
Guest’s ownProduct

Coinbase NFT

Coinbase (inferred)

“with coinbase nft we've now launched that the very first version of it is out there which nf.coinbase.com” — Brian Armstrong 00:59:37
Find it on Amazon
Guest’s ownProduct

New Limit

Brian Armstrong (inferred)

“I encourage people to check it out beautiful website very nicely designed new limit.com yeah so easy to remember so I encourage people to check that out” — Brian Armstrong 01:31:16
Find it on Amazon
Guest’s ownProduct

Research Hub

Brian Armstrong (inferred)

“this all ties back to research Hub which is another company that I funded and try to help get off the ground the team there is doing really awesome stuff” — Brian Armstrong 01:27:09
Find it on Amazon
RecommendedProduct

Khan Academy

“if you look at education it's like KH Academy stuff like that gets me really excited it's like okay let's make a free world-class education available to everyone” — Brian Armstrong 01:32:47
Find it on Amazon