Venture Step

Dalton Anderson (00:00.596)
Welcome to VentureStep Podcast, where we discuss entrepreneurship, industry trends, and the occasional book review. For decades now, Visa and MasterCard have been dominant in the payment processing space. The tides may turn with Stripe's acquiring of a company called Bridge. And the idea is they're going to aggressively push into what is called stablecoins fueled by the acquisition of Bridge, which would allow them to have the technology

to potentially cut out a powerful unwavering duopoly Visa and MasterCard. The episode agenda for today, I'm gonna talk about Visa and MasterCard dominance, stable coin strategy with Stripe. And before I dive into that, I'll provide some background on what is a stable coin, who is Stripe, who is Bridge. The threat to Visa and MasterCard.

and some potential scenarios potentially the future of payment processing. But of course, before we dive in, I'm your host Dalton Anderson. My background is a mix of programming, data science, insurance, offline. You could find me running, building my side business or lost in a good book. If you further view this podcast in video or audio format, you can view the podcast on

YouTube. If audio is more your thing, you can view the podcasts on Apple podcasts and or Spotify or where else, wherever else you get your podcasts. Okay. So Visa and MasterCard are dominant and to say that they're, they're anything but would be delusional. They process 90 % of all transactions outside of China.

Dalton Anderson (02:03.917)
and

I would like to go over the current flow of how a transaction would work. Just so in the future part of the episode, in the future of the episode, you can understand the difference. So currently the user or customer or potential customer would have a payment quest. The merchant would request authorization that would go to the acquires contact network, which would be visa or master card after

After so the network contacts the issuer. Then the issuer either declines or accepts. And then after that it would be authorized. And after authorization between the merchant and the customer, then there would be settlement and settlement isn't right away because if there's a scam or something like that, the user can get back or customer can get back their money.

And so there's many steps. There's approximately about seven back and forths and the backs and forths are between the customer, the payment system or network I would call the payment network, Visa, MasterCard. And then there is the merchant. And so the merchant makes the request to the network. The network replies back and requests.

additional information to verify against the request that is being made. And then once it's authorized, it's authorized, the payment goes through, but it isn't necessarily settled until later.

Dalton Anderson (03:50.442)
So that's what's going on right now. And Visa MasterCard have some strengths, right? They have immense brand new recognition. They are deeply integrated with financial institutions like Chase, Capital One, even Discover.

Many banks, I mean you can name any bank, they all have Visa and MasterCard cards because Visa and MasterCard are massive on their own.

And that is helpful when you are trying to push through a new initiatives, right? So instead of having 30 different payment networks, you have Visa and MasterCard. So if you're like, hey, I want to start doing contactless payments, like I think contactless payments are faster, it's better, it's more secure. Let's do that. Visa and MasterCard can roll that out pretty easily. Like, okay, like I'll get with my payment merchants and I will.

initialize everything, I'll get with the partners, I'll handle it on my own. And all I had to do on the card issuer side is just add that, you know, add the functionality and Visa and MassCard handle the rest.

So that is a strength. Only two people that you need to communicate with, I'm saying two people, but it's really two companies. But you know I mean, is that you can move a little bit faster in certain initiatives and it's clear on how you can execute it on a global scale.

Dalton Anderson (05:25.312)
Switching over to the background. So who is Stripe? And before I get into who is Stripe, because I think the question that you would ask is, wait, how did Stripe do that? Because isn't that what PayPal does? Yes, that is the correct answer. So Stripe is a payment processor similar to PayPal. The issue with PayPal and the...

And it might be an area where PayPal just didn't want to operate in, or they failed to offer an adequate product to the market. But basically when a developer was building a website, they had to integrate a payment processing system if they were going to sell goods online. That being said, PayPal integration was a nightmare and Stripe came along with, Hey, we're new on the block.

please just give us a chance, just copy in this one line of JavaScript, and you're good to go. And it's gonna be a nice, clean interface, it's very clear on what we're charging, how it works, and I think it adds value to your website. And if you don't like it, then just delete that one line, it's fine. So that's the place of which Stripe operated in, and they have slowly grown over

the last, I don't know, several years. And in 2023, they grew, I think 25 % and their total payments in dollars process was one trillion, 2023. So they're not a small company by any means. And they're taking anywhere from

30 cents a transaction. depends on what you have enabled, but if you have fraud enabled, then it's like seven cents per transaction, like fraud detection. And then it's 30 % for the 30 cents for these other things. And then the base fee is like one to like two and a half. It's like similar to Visa and or Master.

Dalton Anderson (07:36.158)
But okay, so Visa, MasterCard are the duopoly. Stripe is the company that quickly filled a space that PayPal failed to fill. Then who is Bridge, the company that Stripe is acquiring? So when I was talking about Visa and MasterCard, Visa and MasterCard are payment networks, not payment processors.

So it's a network to process payments and it's not a processor. So a payment processor typically would connect to various networks. So if I had Visa, you had MasterCard, Stripe would be in the middle communicating with the two.

or PayPal in this scenario. Bridge is essentially the same thing. It's a payment protocol for cryptocurrencies. And so it does the same thing where it bridges different networks together. So there might be one crypto network and another crypto network. How do they communicate if they're on two different islands? Well, you build a bridge and that's what they call the company. And it's otherwise called at

bridging in the crypto world, it's called bridging. So their name basically explains what it does. It bridges two networks.

Dalton Anderson (09:03.112)
And Stripe is acquiring Bridge for approximately a billion. And then to add on to the confusion, there is another company called Triangle Platform who was a previous employee. The founder was a previous employee of Stripe and left Stripe to build Triangle Platform. And Triangle Platform is making it easy for businesses to integrate.

payment processing for crypto. So with the technology of Bridge and payment platform, sorry, Bridge Triangle platform being acquired by Stripe, it gives Stripe a good opportunity to use what is called a stablecoin. What is a stablecoin? Well, there's a couple different types of stablecoins. I would talk about the biggest.

or what I think is a big deal is fiat collateralized stablecoins. So it would be collateralized on a fiat currency like the U.S. And funny enough, if you add up all of the treasury bonds owned by stablecoins, it puts them in the top 25 of treasury bond holders, which I think is pretty interesting.

Yes, so the stable coin would be collateralized against a

US dollar, similar to when people complain about the US dollar, like, we keep printing dollars and doing this, doing that. And back in the day, everything was backed by gold. It's similar thing. It's just backed by a fiat dollar or fiat money. that'd be a US dollar currencies, other currencies like the pound or euro, whatever the currency is. And it could be potentially

Dalton Anderson (11:09.32)
a multitude of currencies, but typically a lot of times it's like US dollar. And then there's crypto collateralize, which collateralize the stable coin against a

Dalton Anderson (11:23.946)
cryptocurrency. I don't necessarily think this is as good as fiat collateralized. You would need to have some way of

of making sure that it doesn't fluctuate and they do that, but I don't want my stable coin, I think it just has a lot of issues with your perception of it. I'm talking about this very stable asset that you can interchange worldwide to different currencies and it has ease of doing business and your money's safe.

And then you're like, okay, like how is it stable? And they go, it's backed by crypto. Wait, what? What's going on here? So that's, that's kind of, that's kind of the, it's like a knee jerk reaction, but there, there is a way to reduce the volatility.

using the stable coin. And there's another type of method, which is algorithmic. Basically it uses supply and demand of the crypto that, not the crypto, but it uses supply demand of the fiat currency that it is collateralized against. say the dollar goes up, they would decrease the supply of the coin or burn coins. And if the dollar goes down, they would increase the supply of coins.

So the currency goes down. Pretty cool. I find that pretty interesting. And then I think the best would be the fiat collateralized because real money. It just makes more sense.

Dalton Anderson (13:13.12)
But just a quick overview of what a stable coin is. If that was confusing, think of Bitcoin or Ethereum without the wild price swings. Like it's engineered to stay very steady and doesn't fluctuate in valuation. So $1 of stable coin is supposed to be $1 of US dollar. There you go. And so it's one to one, maybe like a one to two ratio, whatever they pick, that's how it works.

But to do that, there's a lot of stuff that goes on in the background to either acquire and cloudize assets or there's some algorithm working in the background is constantly stabilized to supply and demand against the supply and demand of the currency that they're pegged against.

Okay, so now you have a background of what stable coin is, you have a background of who bridge is, and you have an idea of Stripe. So, Stripe's acquiring bridge, as I said earlier.

With this acquisition, Stripe now would have the ability to transact stable coin.

Dalton Anderson (14:28.7)
and then back into the merchant. So instead of those seven steps I talked about earlier where the customer tries to pay, the merchant sends a request to the payment networks and then the payment networks request additional information to provide authorization and all the back and forth and then afterwards they finally get to settlement.

The process for this would be like customer requests to pay. There's a interaction with the customer's wallet, digital wallet. And then there is a transaction broadcast. There's a validation and confirmation and then settlement. Same thing, but the settlement is instant and the transaction is pretty much instant.

So that would allow you to cut out the two to 3 % of the transactions with Visa and MasterCard. That would allow you to instantly transact with any currency with no fees. So if I was transacting in USD and I was buying something in pounds, there would be no foreign transaction fees. I'm putting whatever the value of the money is into the stable coin.

and then the stablecoin is being processed and then the stablecoin is buying.

Dalton Anderson (16:07.306)
the pound or vice versa. And it prevents you from having to transact in these different currencies and, and process it this that way versus where you're just taking the stable coin and putting it back into fiat money, or you're going fiat money, stable coin, fiat money versus the whole other sort of work arounds that other countries might have to do. Like it's not as prevalent with the USD, but with say a weaker currency.

you might have to go, like say you went Korean Won, Korean Won to USD to Euro or something like that, where you have to jump like maybe in even a weaker currency, you might have to jump many currencies to get preferable terms, or there's not enough liquidity for you. So you can't easily transact these things. I'm talking about like on the world stage, this isn't just for like,

customers, but the stuff that goes in the background, to easily transact, might jump to different currencies to get the the right exchange rate and they jump back. But anyways, you don't have to worry about that. I was just thinking about what's going on in the background. But regardless, stable coins would cut out the middle man and there's no need for issues with foreign transactions. There's no issues with

communicating back and forth with someone who potentially doesn't need to be in the transaction.

And overall it's just better for the customer. Like it improves the customer experience and the merchant experience because the merchant gets more money. The customer doesn't have to, I guess it doesn't really, it improves the merchant's experience, not the customer. Cause the customer doesn't really care either way. Like from their experience, all they should have to do is have maybe a Stripe wallet or whatever they call it. That Stripe wallet is hooked up to their bank. And so when they click and process it,

Dalton Anderson (18:11.262)
a transaction with Stripe, you would click a button. It would send a request to your bank to get the money. The money would be sent to instantly to your Stripe wallet. And then from your Stripe wallet, you would convert into stable coin. And then you would send out your broadcast for the transaction. The transaction would be confirmed and then it'd be sent over to

the merchant.

Dalton Anderson (18:46.516)
Yeah, and there'd be less fees associated with it for the merchant. And then it would be faster.

I don't know. It doesn't seem like they'd have that many issues. The only issue would be what if Stripe becomes the Visa and MasterCard? Probably not going to happen. I don't know what the actual pickup rate on this is going to be. How are they going to get people to set up a wallet? People don't understand what wallets are. People don't normally transact in crypto. Maybe they don't even know that. Maybe they could just press a button.

I just don't know how they're going to get a seamless, a seamless...

process for the user and the merchant. The merchant would love the user to do it, but the merchant is also gotta be the customer's best friend. And they can't just demand them, you have to set up a wallet, and then you have to do this to do a transaction. Like they're just like, okay, I don't need to transact with you. I'm buying your stuff. What are you talking about?

Dalton Anderson (20:01.601)
Yeah, it's got a big appeal to me. I like the idea of using stable coins as a disruptor for a network to have faster transactions, ease of use, lower fees, access to new markets and bypass the Visa and MasterCard network.

And just the cost savings for, for Stripe or the customer, or just in general, if they did that, I don't know what the fees would be for Stripe to process everything through stable coin. Like if they made their own stable coin or use someone else's stable coin, like what would be the fees? I don't know. What if you had Stripe's fees plus Visa MasterCard for a hundred dollar transactions, about like six bucks.

and it's about like close to four, four stripe and close to...

No, close to, yeah.

Dalton Anderson (21:06.912)
It's like 250 or something like that for a Visa or MasterCard. The total is close to six. It's like five and some change. It's not an exact $6. So that's why I was getting caught up. I was like, wait, the math doesn't math to six. And I was like, yeah, it doesn't because it's not supposed to.

But if you could cut out those two bucks, say like 260, whatever it is per transaction, per a hundred dollar transaction, then you have the ability, maybe, maybe they don't do that much for a fee, but maybe they just do like a 0.001 or something or.

just to allow them to get people to use it and maybe in the future they could increase it to like 0.005. But it doesn't need to be that much. It just allows them to dominate not only payment processing, but then they also have their own payment network potentially they could build out with their own stable coin or this technology stack really allows them to

Dalton Anderson (22:20.394)
vertically integrate not only the acquisition of the merchants payment processing, it allows them to cut out other payment networks like Visa or MasterCard and allows them to control the relationship between the merchant and the customer, which is a very powerful relationship if you can manage it correctly and don't abuse your

influence.

Dalton Anderson (23:00.682)
But I also, the other aspect I like is I want more people to use stable coins. And I think stable coins could be a way for companies to outsource companies to transact with employees outside of the country. Maybe it's an office or as I said earlier, outsourcing and it allows people to easily make decisions like, do we want to hire so-and-so? Cause then

then we have to do these foreign transactions and all sorts of stuff. And there's the accounting associated with it. Like if you had a way where they had an offering where, AKA like you pay your employee that's outside of the country, your team, outside of the country, and then it's settled via stable coin, all the contracts are audited with blockchain technology. Then you have where did it come from?

what time was it transacted and who was sent to. And so there's a way to report on that. And then if you take the metadata from those transactions and then do something via API with a different process, bam, there you go. Then you've got all your counting cells.

I don't know. The idea, I love the idea of just like walking into the grocery store and using a stable coin instead of a dollar to get there. It's going to be super hard and challenging because countries that have great currencies like the U.S. the United States of America is never going to willingly remove themselves from that position.

And then you have countries just getting upset with Visa and MasterCard and just trying to cut them out altogether because they're just abusing their power and being difficult. You also include the American influence of like Visa or these other networks. And so other countries are like going on and doing their own thing. Like think BRICS is a good example where the US was sanctioning all these countries for good reason or bad reason.

Dalton Anderson (25:17.182)
I'm not in those conversations, so don't really know how they're going about it. I don't think they're petty. If you wear that red shirt, Jim or Johnson or whoever the person is, you are getting sanctioned. I don't think that they're holding over their head like that, but I'm sure it is a negotiation tactic. There's gotta be reason behind the sanctioning, but you get what I mean.

I wouldn't be comfortable with someone else having that much power over me on anything I do. And so I'm going to build my own thing. I'm just not going to accept that something like that is possible where someone can just control me for what I want to do. And maybe the things I'm doing is bad.

but from their perspective it might be bad, from my perspective it might be good. So is it objectively bad? I don't know, but this is theoretical conversation so I can't tell you. But you get what I mean is that they do have a lot of power, they are integrated with the government, world governments and all these other things and so I don't think that one, Visa and MasterCard are cool with this.

Two, I don't think that.

Dalton Anderson (26:40.668)
everyone is copacetic about.

Dalton Anderson (26:45.31)
And that's all right, because then that's going to push Visa and MasterCard to get their stuff together. And hopefully that means they, whatever they do, they start taking crypto seriously and they make their own stable coin. Maybe they join forces like how the different financial institutions, they're like, we don't do peer to peer payments. We're too good for that. And then VIMO came about and then to innovate, all the banks got together like, my goodness, like,

If this keeps going at the rate it's going, we're gonna lose our customers. We need to figure this out. So then they made Zelle. So I hope that, or a good example would be Tesla with EVs. A lot of the legacy automaking company or automakers were against EVs. Like, it doesn't make money. We'd have to redo our infrastructure.

EVs are unfiable. No one wants them. don't have the energy capacity or network to support these. And what I mean by that is we don't have charging stations or these other items that are required to maintain these type of vehicles.

And then Tesla came around and the market started taking it very seriously and they were growing. And now Tesla is a far leading EV maker versus the other automakers and just leaving everyone in the dust. I hope that, and eventually the other automakers will catch up. So Tesla doesn't have a long, long runway of via

viability via moat like the other companies are going to catch up. And then it's at that point, it's like the best product wins. But they did get a good head start. So I hope this is the fire or the the accelerant to the fire of stable coins and then the adoption of casual crypto processing. I

Dalton Anderson (29:05.554)
I love the idea of crypto and blockchain and all its use cases. But for some people it's not practical. For some people it doesn't make any sense. And for most of time it's used as an investment tool like Bitcoin or Ethereum. No one's ever trading. I can't say no one, but not many people are using cryptocurrencies like Bitcoin.

to do transactions on the day to day. They're using these crypto currencies for investment vehicles.

So that's not even what would provide the most value. The most value would be allowing globalization, ease of use, and all these things that come with crypto and removing.

removing the risk of.

one day your government, something happens to it and you can't get your money out or a bank failing. Crypto is not going to fail me. You get hacked. That's always a likelihood. You can get hacked at your bank that you're at now. it's not as if it's a unknown thing that it could happen to you now. It could happen to you tomorrow. So you can get hacked on crypto. You can get hacked on your currency you're keeping in your bank.

Dalton Anderson (30:35.786)
So it's not really like a bigger risk. I think that there's more. Polithic hacks on crypto because you could potentially hide where you're going or where the money is. You could be somewhat anonymous versus when you steal money from someone at a bank that they know it's stolen from. But there's been numerous occasions where companies or not companies, countries would just change their mind about certain stances and then.

before you know it, can't get your money out and you can't transact with foreign transactions. But if you had your money in a stable coin or in some cryptocurrency, you can get your money out whenever. So it just allows you to have more control over your financials because you're, and I don't have, I just like to say, I don't have like thousands and thousands of dollars in stable coins or anything like that. I do have some money in cryptocurrency, but I'm not advocating for this either, but.

If these things were widely adopted, you could have your money in a stable coin and you could transact with anyone in the world without any issues.

And then the only person that you're paying is your merchant. That's it. So the money, you're putting more money into your community or whoever you're transacting with and long-term you don't even need, you don't even need Stripe or you don't even need these other companies. if it becomes that widely adopted and that's the future.

where everything is transacted via stable coin, then you could just go around all of these other people, these stripes, these visas, mastercards, and you could do your own thing, which would be great. I would love that. I would love to just pay someone and transact in that manner. I that would be great. And you could do that now, but it's just not widely adopted and available. And I think there needs to be a little bit more

Dalton Anderson (32:50.944)
clarity and transparency on like how it's working and how the coins are and increase adoption. I mean it's a chicken for the egg thing is like okay, people aren't using it because people aren't using it and to get people to use it, you gotta get people to use it. So it's like, how do you get people to start? And I think that Stripe could be the accelerant that we need.

Cause the end goal that I want or the end outcome I want, would like a worldwide stable coin adoption for transactions. That'd be great. Cause then you're doing customer to business and then customers feel better about it. And then businesses are more likely to offer crypto transactions with stable coin. And then before you know it, like you've got some kids or some family members and they're like, Hey, like instead of paying me in dollars, just pay me in

pay me, pay being this stable coin. We do it here and then all the fees are gone. And then, and before you know it, you're doing like gas stations and, small restaurants and then big businesses are forced to, to accept stable coins. then bam, there you go. You got wide widespread adoption. That would take a while and it's not something that's going to happen overnight, but I do feel unless Visa and MasterCard

really figure out on how they are going to combat these.

potential issues long term. And when I say long term, mean like long, like probably 10 years. They have time to figure it out, but if they ignore the issue like PayPal, then they're gonna be in a bad spot. So I hope that this pushes Visa and MassCard to innovate, similar to how this whole AI thing is going, where each company is just pushing, pushing and pushing and everyone's pushing to the limit to be first and to have the most innovative product.

Dalton Anderson (34:55.86)
That's what I want. I want everyone to be pushing. And maybe that's not for everyone, right? But I like the idea of everyone just pushing each other to their limit and getting the best outcome for the customer.

Okay, so that was the threat. I talked about Visa, MasterCard, the threat. I talked about the appeal of Stripe and the stable coin using the bridge technology. I talked about the future. One thing that I didn't talk about was a similar acquisition, Capital One's acquisition of Discover.

Capital One is going to acquire Discover for around 30 billion. And the synergies, pre-tax synergies is around close to 3 billion, it's 2.7 billion.

Dalton Anderson (35:55.474)
And most of those synergies are going towards or allocated towards the estimated cost savings of, you wouldn't guess it, payment networks. So the payments that are sent to Visa and MasterCard throughout the year are over a billion for Capital One. With the acquisition of Discoverer,

They now would own in partnership with Discover, it's like a joint partnership, like with stocks and cash. Sorry, had to cough. They would own the Discover payment process network. And that would make Capital One and Discover the third largest payment processor behind MasterCard and the first Visa Card, or Visa, I said Visa Card.

And so Visa and MasterCard are getting squeezed by Stripe and Capital One. This Capital One thing is like instantaneous. Like once the acquisition goes through, it's supposed to get approved next month, hopefully. I do have stock in Capital One, so I hope it does go through, because it would be great for the speculative value of the stock in the company.

But regardless of that.

when the acquisition goes through, it's not an if, it's a win. When the acquisition goes through that

Dalton Anderson (37:38.836)
will be turned on pretty shortly. Like right when it goes through probably a couple of later, they'll start rolling out for domestic cards. Okay, now we use the Discover Network and for travel cards, would use the Capital One cards would like be Venture X would use a Visa or a MasterCard. Typically they are just using, and I have the Venture X card. They would use Visa Signature.

So for the travel cards, they're gonna keep them Visa or MasterCard just because Visa and MasterCard are worldwide. Discover Network, Payment Network is gonna be used domestically.

Dalton Anderson (38:19.722)
So I like the idea of Visa and Mastercard just getting squeezed by multiple areas and they just having to innovate because they've got the resources, they've got the money. I would like to see what they create and how they respond to this and how the market responds. I think it's a great time for innovation with all this AI stuff going on and now we get this payment processing and payment network innovation and.

I hope for a wide adoption of stable coins. And I also think that for AI to function on its own and do things autonomously, they're going to have to transact via stable coin or some kind of crypto transaction between whoever they're hiring. If it's hiring another AI or hiring a human to do some tasks for them or running ad campaigns, I think you're not going to connect that to your bank account. You would

put it a wallet and that wallet would hopefully be crypto. Cause then you could transact any, any currency easily just, you know, as I explained earlier, stable coin to Fiat money. And then the transaction is done because it's already in the stable coin. So there's a, there's a whole bunch of different avenues of which this could play out. And I'm just excited, very excited about what could be

Dalton Anderson (39:48.424)
in the future. think it's, I think it's gonna be great. But as I said earlier, I, you know, I wanted to talk about the visa and massacre dominance. And I, we went over the current flow. Then, then we went over who is Stripe, who is Bridge, what is a stable coin? And then we, then we talked on Stripe's stable coin strategy or potential strategy that they've outlined.

We went over the threat to Visa and MasterCard and then we talked about the future of what it could look like. And I overall, thought this was a great episode and I found it very interesting to read about and compile information and put my thoughts together for this episode. something I've been reading about for a while now and I'm glad that I have enough information to present the episode and I hope that you found the content.

beneficial and interesting and a a little back, a corporate backstab kind of thing. Cause you got to think about it. Stripe is transacting with Visa and MasterCard all the time, $1 trillion in 2023 and 90 % of that. So Stripe is trying to cut Visa and MasterCard out of, you know, a trillion dollars worth of transactions and they're supposed to be best buddies.

That's not a very best buddy of them, I would say. And I just find it interesting on how they're gonna manage the relationship and I guess it is what it is. But overall, very interesting topic with that included with the Capital One acquisition.

Dalton Anderson (41:37.79)
I just found it intriguing. So I hope that you did too. And of course I'll be saying my goodbyes before I do that. I want to talk about the next steps for the show. So we're getting close to the milestone of 50 episodes, which is awesome. Appreciate the support and the people that are constantly interacting with the show. One thing that I am working on in the background is I'm trying to get some vendors on the show. I went to a tech conference related to insurance.

But before I do that, I want to talk about what's wrong with insurance and what's going on in the industry. And for me to do that, I want to get some, some guests on the show. So when I lean into my insurance network and get some guests on the show and have them conversate about what their experts in and what's going on in the industry. And then from there, I'll set the groundwork for bringing these vendors on the show and having them discuss on what problems are solving. And for that, I need.

many weeks to do so. So I'm in the beginning stages of getting some of the groundwork information done. So the stuff that I want to cover is I want to cover like what's going on in a compliance standpoint, what's going on from a personal alliance product standpoint, what's going on on a product standpoint in commercial. And then how are risks priced? Like how are things priced by an actuary?

Because I don't think a lot of people understand that we can't just raise rates or we can't just do whatever we want. There is a method to the madness and they have to be what's called actually sound. And I think if you lay that groundwork and then you start talking about what the issues are, then you could understand like, wow, like.

Insurance is super important and

Dalton Anderson (43:28.388)
they're not as bad as it might seem. Now that I have all this information and there's other factors involved and we're just kind of pinning them as the bad guy. And maybe that's not true. Maybe insurance is bad. But you'll have to hear what other people say and go from there. And you'll be able to make your own decision on how you feel about the subject. But.

I want to provide proper background of what's going on in the industry and then I'll ring on some vendors that have some pretty cool solutions.

That's what my plans are. And then why I'm working on that, I'm going to talk about other topics I find interesting, but I'm working that in there. And soon I will hopefully in a couple of weeks be able to have a curated list of episodes that I will release sequentially. But of course, wherever you are in this world, good morning, good afternoon, good evening. I hope you have a great day. And I also,

Hope that you listen to this episode again next week. See you then, bye.