Episode Transcript

Michael Abernathy 0:00
Hey what’s up everybody? Welcome to THE a.m guys. Welcome to Five Minute rants. I’m your host, Michael Abernathy. And I got a special guest, Andrew Edwards is here.

Andrew Edwards 0:17
Hey everybody.

Michael Abernathy 0:18
What’s up, man?

Andrew Edwards 0:19
Hey, not much. How are you?

Michael Abernathy 0:20
Thanks for coming back.

Andrew Edwards 0:22
It’s great to be back.

Michael Abernathy 0:23
I appreciate that you come back and that you want to talk with me.

Andrew Edwards 0:27
I really do. It’s great to talk with you, man.

Michael Abernathy 0:29
I’m glad you want to work with me too

Andrew Edwards 0:31
I’m glad you want to work with me too.

Michael Abernathy 0:32
That’s a plus. Well, I want to talk about What you and I had a conversation of the other day about how when the origin of value comes from creation, and I’ll let you take it from there. I’m not gonna give you anything else.

Andrew Edwards 0:46
What you just said sounds really great. I’m going to actually throw out a clickbait type of hook for this little monologue I’m about to go on. I just forgot What it was. It’s bitcoin is valuable. That wasn’t very good.

Michael Abernathy 1:03
No, that was pretty good. Because nobody knows What you mean.

Andrew Edwards 1:05
Nobody knows. So just throwing out buzzwords like Bitcoin. So bitcoins are valuable. I don’t know if anyone knows What the price of Bitcoin is, right now. It’s September 2023. When we’re recording this, and bitcoins worth maybe 20-30,000 USD Why in the world is that worth any money? What is it?

Michael Abernathy 1:27
That’s really true?

Andrew Edwards 1:28
What’s valuable about it? What makes that valuable? And the principle behind this is that it’s valuable because it was created at its most simple form. Now, it’s created for an intended purpose with the design behind it. But What makes it valuable is the purpose tied with the fact that it is created,

Michael Abernathy 1:50
Can we define created real quick, because I think this will help. Creation to Andrew and I, when we talked about this is something that is built with purpose that solves problems that other people are not currently doing, because you have a lot of people that are mimicking or recreating an original idea and repurposing it. And there’s value there can be value from that. But that’s not where maximum value is found.

Andrew Edwards 2:14
Well said, please keep going. No, thank you for saying that. And I think you can even say when something’s copied, it’s almost playing off of that original creation and the value created initially, and then to recreate it, or to iterate off it to make it a little better. That’s another form of creating under that initial goal of of solving that initial purpose,

Michael Abernathy 2:34
but that reiteration and that mimicking is not always as valuable as the original creation

Andrew Edwards 2:39
100%. And that’s why Bitcoin you look and compare it with the hundreds of other cryptocurrencies that have come bitcoin is the most, quote unquote, valuable in dollar amounts of all of them, but it was the first one, I think there might have been others, but it’s the first one everybody’s bought into. And so that’s a cool example. And then you think about a business, What is a business, you’re creating something. And the more you actually create something back to your point, in the other episode that we talked about a business being a living organism, and a person and all that stuff when you create it. And you’re actually creating and building out this person and developing a person kind of like raising a child and you’re training it in the way it should go. It’s like, that is immensely valuable. And so you see the businesses that are worth the most, I think you could make the argument well they created the most.

Michael Abernathy 3:29
I agree. I mean, you look at Elon, right? Look at Apple, look at Amazon, right? Google, they weren’t the original creator, but the original creator didn’t do a good enough job behind What they did. So when Google mimicked, it became better, and actually became seen as the original, if that makes any sense. But you look at Elon, you look at Amazon, you’ll get all that. And it’s like, and you look at Steve Jobs, and it’s like they really created

Andrew Edwards 3:58
Yep, they created

Michael Abernathy 3:59
And then you look at the value that’s produced from that. And then you look at all the mimicry produced from that, like, think about website development. Right now. It is a flooded market. So it’s marketing. Why? Because it’s easy to mimic. But think about how much money those first guys made in web development back in the 1990s. Think about how much money the people made when the internet really didn’t exist. And if you had a website, you’re making 10,20,30 grand a month, because there’s nobody on it

Andrew Edwards 4:26
100% And then you even think about SAS or different opportunities today, you can create something that is brand new, and even you can do that in some websites, but you’re building a SAS, you’re building something that’s beyond. Yeah. And it’s such an amazing thing to create something that no one’s doing yet.

Michael Abernathy 4:43
I agree and I think this comes back to creating versus competing, competing, you’re going to mimic, you’re going to do the same things and sure Yes, you are going to maybe take market share and things like that. But if you look at What Steve jobs created, right, it wasn’t just computers yours, right? It was not that. It was about connecting people and giving them access. That’s What he was creating, not businesses. Anyways, we’re out of time. So we gotta go. But anyways guys, we will catch you later. Hope y’all have a great day peace