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Modern Day Loopholes with Austin Craig

Episode 308
What are loopholes, how can you find them, and in what ways can you capitalize on them?

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“New rules, create new opportunities.” – Austin Craig

Austin Craig is a video producer, storyteller, and Bitcoin enthusiast focused on emerging technologies and finding loopholes in systems. 

Ten years ago, when Youtube was just becoming the go-to place for video ads, Austin was helping build a multi-million dollar business with the team at Orabrush by using fun, entertaining videos to sell their oral health products. Soon after – and at the dawn of the new technology – he and his wife, Beccy Craig, discovered Bitcoin. Together they filmed Life on Bitcoin, a documentary that follows the couple as they live for 101 days using only Bitcoin. Their experiment showed the world what was really possible with this new technology. 

“I’m always interested in diving into the details and finding out what can be done that couldn’t be done before. I pay close attention to the details and look for those openings.”

So, what are these openings, or as Austin likes to call them, “loopholes?” He defines them as: “when people figure out a trick hiding in plain sight and win big. It’s the thrill of a bank heist but totally legal. They’re usually normal people who pay attention and think deliberately.” On Twitter, Austin pointed out a few of the classic loopholes in history, most of which have had movies made after them. However, he emphasizes that loopholes are hiding in plain sight all around us, every day.

In this episode, Chad and Austin discuss loopholes, what they are, how to spot them in your day-to-day life, and how you can capitalize on them. 

More Quotes from Austin:

“Cryptocurrency made doing business possible with people whom you’ve never heard of, never met, to share with them or send money, or send value in a way that cannot be reversed, cannot be interfered with, and cannot be censored.”

“There’s not really any way to do something beyond yourself, something superhuman, besides using technology and teamwork. That is the only way you are going to accomplish more than you alone can do.”

“These loopholes were discovered by individual people. It was individuals who realized that if you arranged the pieces just so, there’s incredible potential here that nobody else realizes.”

Mentions:

Orabrush 

Punk Drunk Love

Lost and Founder

Flowers for Algernon

Audible 

Libby  

Waze

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