Good morning friends,

How do you grow a niche business when a pandemic blows up your supply chain? How do you convince people to buy a home on the Internet?

Jacob Goldstein explores these questions in his popular podcast called ‘What’s Your Problem?’ Each episode gives listeners the inside scoop on how entrepreneurs and innovators are facing their business problems head-on.

Goldstein is also the former host of the popular NPR podcast ‘Planet Money,’ and he’s the author of the book ‘Money: The True Story of a Made-Up Thing,’ which The New York Times called “a history of currency full of astonishing tales you might tell a friend in the pub.”

In August, Goldstein participated in an hour-long, live "Ask Me Anything" with readers who are part of The Profile's members-only Telegram chat.  (To join, consider becoming a premium member here.)

We discussed the elements of a compelling podcast, the future of money, and how he first heard about Bitcoin.

(Below is an excerpt of his Q&A with the readers, but you can check out the whole interview here.)

You've delved deep into the world of money. What's been one surprising lesson or idea about money you've had that not a lot of people have (but you wish they did)?

GOLDSTEIN: For me, the big insight when I was working on the book is that money feels like this solid, physical thing. It feels kind of like part of nature.

But it isn't that at all. It's something people made up. And not just something people made up once. But something people have kept changing and reinventing.

And what that means is that the way we do money is this subtle, fluid thing. It's the result of all these choices we don't even realize we are making. And it's going to keep changing. It looks really different now than it did in the past, and it will look really different in the future

What have you learned about the future of money after studying the history of money? And what role do you think Bitcoin will play in the world?

The big lesson I have learned about the future of money is that it is unpredictable. Money will change a lot, but probably not in the ways we expect.

I first did a story about bitcoin in 2011. We were shocked at the way the price of bitcoin was skyrocketing — it went from $10 to $20 while we were reporting the story. At the time, the idea was that people would use bitcoin to buy stuff. So we got a couple of bitcoins (not easy to do in 2011!) and went to a place that accepted bitcoin, and bought falafels and smoothies for lunch. This is of course a version of the bitcoin pizza story. Those falafels cost us $50,000 in potential future profits!

There are different ways to interpret that story, but one interpretation is this: Money is what you buy stuff with. So if you are a fool for buying something with bitcoin, it's hard to imagine it becoming money.

It might have other uses than money. People have compared it to digital gold, of course. This seems plausible. But gold is ... weird. There are deep historical reasons for its value, but it's still kind of weird. And it definitely isn't money.

READ THE FULL Q&A HERE

THE PROFILE DOSSIER: On Wednesday, premium members received The Profile Dossier, a comprehensive deep-dive on a prominent individual. It featured José Andrés, the chef who wants to feed the world. Become a premium member, and read it below.

The Profile

The Profile Dossier: José Andrés the Chef Who Wants to Feed the World

When people run away from a tragedy, chef José Andrés runs toward it. As the founder of World Central Kitchen (WCK), Andrés flies out to the site and commences his emergency feeding operations. In the last 10 years, his nonprofit has set up field kitchens and fed thousands of survivors of earthquakes, volcanic eruptions, floods, and hurricanes…

Read more

4 days ago · 4 likes · Polina Pompliano

PROFILES.

— The women getting paid to carry babies [**HIGHLY RECOMMEND**]
— The mysterious tech billionaire who created two fortunes
— The world’s most streamed artist
— The creator of TV’s greatest anti-hero
— The startups revolutionizing baby formula

PEOPLE TO KNOW.

The women getting paid to carry babies: Surrogacy has hit the mainstream. Celebrities like Kim Kardashian and Kanye West, Khloé Kardashian and Tristan Thompson, Grimes and Elon Musk, and Gabrielle Union and Dwayne Wade have all shared that they’ve used surrogates to grow their families. Still, the surrogacy industry in the United States remains unregulated at the federal level, and only half the states have laws that determine how surrogacy should be practiced, if at all. Surrogates have the right to make all decisions regarding their bodies, including whether or not to terminate a pregnancy. Meet the women who choose to carry the children of others. (New York Magazine)

“In my mind and in my body, I know that I’m doing this for a purpose.”

The mysterious tech billionaire who created two fortunes: Two decades ago, Joe Liemandt became the youngest member of the Forbes 400 by building a software enterprise. Now, he’s quietly bigger than ever—with a far darker model. Through one of his holdings, Liemandt has sued 20 companies, ranging from SAP to Sears and Toyota. He’s currently suing Ford for $300 million. Check out Liemandt’s second act. (Forbes)

“In Liemandt’s empire, innovation and growth have taken a back seat to sheer profitability.”

The world’s most streamed artist: This year, Drake, Kendrick Lamar, BTS, and Beyoncé have all released new music. But Bad Bunny’s Un Verano Sin Ti, which dropped in May, has topped them all, with a record 183 million streams on Spotify on the day it was released. In fact, in 2020 and 2021, he was the most-streamed artist on the platform worldwide. He’s the hottest artist in the world right now — and unlike many Latin artists who have courted global audiences, he has never recorded in English. Here’s how Bad Bunny became a sensation. (Bazaar)

“I’m taking advantage of this moment in my life when I can do whatever I want and wear what I want, so I get to live life more authentically.”

The creator of TV’s greatest anti-hero: After 14 years (!) of “Breaking Bad” and “Better Call Saul,” showrunner Vince Gilligan talks about how TV has changed, the sins of auteur theory, and the appeal of an old-fashioned hero. Is Gilligan capable of writing a show about “an old-fashioned traditional good guy?” (Read Vince Gilligan’s Profile Dossier here.)

“The further away I get from “Breaking Bad,” the less sympathy I have for Walter.”

COMPANIES TO WATCH.

The startups revolutionizing baby formula: The national baby formula shortage that wreaked havoc for parents created an opening for start-ups competing in the $4 billion market. Now, companies like Bobbie and ByHeart are on a mission to de-stigmatize formula feeding with their Instagram-friendly brands. Here’s how they plan to take on the industry behemoths. (New York Magazine)

“Infant formula is one of the last remaining industries where we haven’t seen some level of disruption.”

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