All-In E34: Wuhan lab leak theory, India's traceability law, Coinbase fact check, Big Tech takes Hollywood
Episode 34 • 5/31/2021
Wuhan Lab Leak Theory
- The group discussed how the lab leak theory has gained mainstream credibility after initially being dismissed
- Friedberg noted the Wuhan Institute of Virology was studying bat coronaviruses specifically
- Chamath argued Trump's inflammatory rhetoric prevented proper investigation early on
- The media and Big Tech were criticized for censoring discussion of the theory initially
- David Sacks emphasized that the media should prioritize truth over political consequences
India's Traceability Law
- India passed a law requiring social media platforms to trace origin of posts when requested
- Creates conflict with end-to-end encrypted services like WhatsApp
- WhatsApp filed lawsuit in Delhi challenging the law
- Chamath explained the unique challenges India faces with misinformation given its demographics
Coinbase Fact-Checking Initiative
- Brian Armstrong announced Coinbase will fact-check media coverage of crypto
- Will use company blog to correct misinformation
- Group praised this as an example of companies going direct rather than relying on traditional media
- Chamath called it one of the most important CEO memos recently written
Media Industry Consolidation
- Amazon acquiring MGM for $8.5B
- AT&T spinning off WarnerMedia to merge with Discovery
- Verizon selling Yahoo/AOL assets
- Group discussed how Big Tech is "eating Hollywood"
- Sacks argued this represents the "end state" of digital convergence
- Chamath believes traditional media economics are declining as user-generated content rises
Market & Policy Updates
- Inflation concerns appearing to ease based on 10-year breakevens
- Biden's tax and spending proposals likely to be scaled back
- Corporate tax rate expected to go to 25% rather than 28%
- Discussion of US government debt reaching 100% of GDP