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Speaker 1: All right, welcome to another episode of the Market Disruptors podcast.

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Speaker 1: I am continuing to see the series here on Decentralized Finance.

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Speaker 1: You guys really want to know more about Celsius, and

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Speaker 1: so I am sitting down with Alec Maschinski from Celsius

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Speaker 1: right now. We are at the Bitcoin two thousand nineteen

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Speaker 1: conference in San Francisco. Um, super honor that you would

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Speaker 1: take the time to sit down with me, so welcome

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Speaker 1: to the podcast. Sure, much rather be riding those bikes

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Speaker 1: in Baham and then but you know, next sense of you,

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Speaker 1: we're doing it down to the peak. You know we'll

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Speaker 1: do that. Well. So for those of you guys we

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Speaker 1: were talking before the show and and he's a dirt

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Speaker 1: by guy on the dirt By guy, and we're both

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Speaker 1: really like off roading and adventure bikes and so, um,

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Speaker 1: that's really cool. It's kind of a really niche, you know,

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Speaker 1: it's kind of and so to find someone else that

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Speaker 1: shares that passion is pretty cool. So I'd love to

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Speaker 1: take you down on a trip and we can talk

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Speaker 1: more about it. Um, And so we could. We could

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Speaker 1: go on and on for days about that, but let's

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Speaker 1: let's get right into it. So UM, I started talking

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Speaker 1: about decentralized finance, which is which is an amazing space. UM,

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Speaker 1: you know, de centralized and finance bringing kind of freedom

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Speaker 1: and quality back. Um, the way that cryptocurrencies work. Um,

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Speaker 1: we have the ability to holdle because it's it's a

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Speaker 1: new technology that's gaining you know, it's growing super fast. Obviously,

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Speaker 1: bitcoins kind of mooning again right now, and I know,

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Speaker 1: you know a lot of people don't want to sell

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Speaker 1: and that's a problem, um, and you have come up

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Speaker 1: with a way to kind of help people do that.

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Speaker 1: Before we dig into that, maybe why don't you just

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Speaker 1: go back a little bit I should have done this

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Speaker 1: is tell us a little bit about what you're doing

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Speaker 1: in the space and kind of how you got here

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Speaker 1: before we jump into Yeah. So so first, you know,

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Speaker 1: I think the context is very important because people it's

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Speaker 1: more for people to understand, yeah, what I've done before

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Speaker 1: and why it's relevant. So. So, I'm an immigrant that

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Speaker 1: came to this country thirty years ago, and uh, I

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Speaker 1: grew up in I was born in in communism in

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Speaker 1: Russia and grew up in socialism in Israel and came

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Speaker 1: to America and this was like just a dream come true, right, Like,

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Speaker 1: you can talk about all the idea as you want

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Speaker 1: in other countries and no one is really going to

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Speaker 1: help you make them happen. And here you show up

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Speaker 1: and you're like, I have this idea. You know, we're

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Speaker 1: gonna put voice on the internet, you know, and and

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Speaker 1: and people backed me in our it's two fifty million dollars,

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Speaker 1: took the company public. You know. Now Voice of IP

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Speaker 1: is used by the majority of the people on the planet.

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Speaker 1: Right road the original protocols, the patents build the first gateways.

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Speaker 1: So that was just an amazing experience. I did that

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Speaker 1: in my twenties, right, and and uh so very rarely

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Speaker 1: you can do that kind of revolution twice, right, like

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Speaker 1: going from yeah, going from um something that the phone

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Speaker 1: companies who were the toll collectors, which used to charge

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Speaker 1: us three dollars a minute, to something that is free, right,

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Speaker 1: I mean that really changed the lives of people. They

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Speaker 1: can talk to their friends, they can reach out to

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Speaker 1: their family anytime they want. So now we're kind of

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Speaker 1: moving from Voice of P two money over and so

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Speaker 1: had October. I mean I filed the patents on my

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Speaker 1: birthday October. So I think you had an interesting background

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Speaker 1: because one, you're not from original from the United States,

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Speaker 1: and so you understand the issues that most people face. Right.

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Speaker 1: So because of that, you probably saw your family having

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Speaker 1: to do a lot of long distance calling, and long

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Speaker 1: distance calling is very expensive at that time. It's also

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Speaker 1: recognizing that like back then, it was very difficult to

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Speaker 1: figure out which network is going to win the phone

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Speaker 1: company's bet on a T M. Ethernet was a big thing.

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Speaker 1: Frame really was a big thing. So betting on T

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Speaker 1: C P I P was actually like looked like crazy idea. Yeah,

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Speaker 1: that was not the norm. Like now we all say Internet, Internet,

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Speaker 1: but the Internet was an application on the phone network

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Speaker 1: when you dial up with your motive. I remember the motive.

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Speaker 1: So to think that that would be somehow replaced with

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Speaker 1: something that's available seven and it's lost enough to do

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Speaker 1: conferdence calls, like my kids have eight of their friends

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Speaker 1: in real time right all over the world talking at

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Speaker 1: the same time. So that was just a bridge too far.

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Speaker 1: And and and that is exactly the analogy for crypto

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Speaker 1: today because when you look at these powerful banks and

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Speaker 1: you're seeing it how how little they give us right

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Speaker 1: for the hard earned money that we earned. For me,

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Speaker 1: it's just something that is not just irritating. I have

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Speaker 1: to do something about it. I can't just sit back

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Speaker 1: and like in my presentation there, I said, you know,

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Speaker 1: I asked the crowd, I said, what are you doing

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Speaker 1: about it? You know? You know so so so I

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Speaker 1: think it's important that people understand that that all of

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Speaker 1: us make that decision every day, all of us choose

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Speaker 1: to deposit money in the bank or put it somewhere

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Speaker 1: else where it will actually do good, where it will

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Speaker 1: act in our best interests. Yeah, I want to dig

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Speaker 1: into that before I do. I love this because you

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Speaker 1: have such an interesting background. I'm just curious. So having

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Speaker 1: started in, like you said, and at the time the

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Speaker 1: protocol wasn't clear, you were kind of taking a gambler.

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Speaker 1: I wrote a new protocol or you wrote a new protocol.

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Speaker 1: And at the time there was a lot of people

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Speaker 1: that thought it was never gonna work, and the internet

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Speaker 1: was the last thing and it was stupid. I started

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Speaker 1: internet business in two thousand one, an e commerce business. Earlier,

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Speaker 1: people told me no one will ever find anything. Brands

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Speaker 1: refused to sell me products, don't will ever bu anything online.

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Speaker 1: It's ridiculous. I can only imagine an any four. But

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Speaker 1: so I'm curious, and I'm sure you're hearing kind of

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Speaker 1: the same things today. Right, A lot of the tractors say,

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Speaker 1: it's a scam, it's never gonna work. How do you, um,

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Speaker 1: how do you see that future? How did you know

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Speaker 1: it was gonna work? How did you manage to stay

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Speaker 1: strong and believe in yourself when everybody was telling you wrong? So,

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Speaker 1: first look, I was a skeptic in the beginning of myself, right,

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Speaker 1: I mean it's not like when I read Satotia's paper.

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Speaker 1: But even with the internet, right, I mean, with the Internet,

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Speaker 1: you found a way to believe in yourself when other

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Speaker 1: people were telling you wrong. Well, when your twenties, you

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Speaker 1: don't know any better. You know, like you think you're

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Speaker 1: the smartest guy, and you think you have all the answers.

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Speaker 1: And I was lucky to be right right, But but

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Speaker 1: you know I was plenty time wrong in other ventures.

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Speaker 1: It's not like, you know, like we we headed out

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Speaker 1: of the park every time. But but they issues more

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Speaker 1: about the focus was on disruption, the focus was on

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Speaker 1: empowerment of the people. The focus wasn't doing good. I

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Speaker 1: didn't do it for the money. I didn't like say, oh,

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Speaker 1: where can I make the most money. Let's do voice

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Speaker 1: of r IP. The idea was, here is a group,

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Speaker 1: new set of rails, right that that bypasses the phone company,

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Speaker 1: and soon enough it's going to be powerful enough to

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Speaker 1: take all of that business away from the phone companies.

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Speaker 1: And today it loses money on international voice because like

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Speaker 1: basically all their customers left them and they're all using

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Speaker 1: Skype and What's Up and Viber and all kinds of

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Speaker 1: other apps. Right, So the banks are exactly the same thing.

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Speaker 1: But people don't understand. They look at me and say,

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Speaker 1: but the banks are so powerful, and like, the banks

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Speaker 1: are not powerful at all. The only reason their powerful

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Speaker 1: is because you give them your money for free every day. Again,

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Speaker 1: so let's talk about that. So you you have founded

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Speaker 1: a huge problem with international calling, and you fix that,

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Speaker 1: and today you see another huge problem. And then in

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Speaker 1: between I did a few other than seven startups in between, right,

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Speaker 1: raised a billion dollars and three billion in exits. I

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Speaker 1: I should be retired right now. I just don't have

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Speaker 1: enough switch. Because you have so much energy I can.

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Speaker 1: I do not have enough switch. I'm like this seven

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Speaker 1: days a week because you see problems and you want

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Speaker 1: to solve them. And and that's and and I think

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Speaker 1: when you're doing that, you have energy, right, So that's good.

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Speaker 1: But so now there's another big problem that we have today.

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Speaker 1: Fixed that cars. So yeah, yeah, there's a whole cars

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Speaker 1: out here we are looking at. So. Um, we have

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Speaker 1: a problem with the financial system today, which we're not

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Speaker 1: going to get into all of that. I talked about

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Speaker 1: it all the time. But one of the big problems

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Speaker 1: is in the way the finance works and um, which

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Speaker 1: no one understands really and most people, unfortunately, they don't

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Speaker 1: teach us in school. They don't just us in high school.

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Speaker 1: You could graduate in PhD. In economics and you still

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Speaker 1: would not know how to make money. Right. So if

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Speaker 1: you think of how many people actually know how how

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Speaker 1: out to really earn millions of billions of dollars, it's

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Speaker 1: very very few. I mean, that's why we celebrate war

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Speaker 1: in Buffett and the guys that Ryan Goldman Sacks and

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Speaker 1: people like that, because they can extract billions of dollars

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Speaker 1: of profit out of something that for us we barely

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Speaker 1: make a salary, right like, and we were like struggling

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Speaker 1: to finish our month, and these guys make billions and

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Speaker 1: profits every year. So so that talent, the talent of

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Speaker 1: earning that return is a very rare talent. And and

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Speaker 1: again Stelf celebrating the scientists and the and our real heroes.

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Speaker 1: We celebrated people who are making money, who who basically

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Speaker 1: aggregate wealth. Right, So so it's just all upside down.

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Speaker 1: So I try to create a new system in which

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Speaker 1: you don't have to know anything, right, I mean, the

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Speaker 1: whole idea about Salesa's network is like Costco. You you

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Speaker 1: become a member of COSTCOO, you take a giant card,

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Speaker 1: you walk in and everything in the warehouse is at

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Speaker 1: the lowest price, the best quality. You just filled the

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Speaker 1: card as fast as possible, and you check out. So

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Speaker 1: that's that's experience, the financial experience people should have with

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Speaker 1: the curated service that acts in your best interest. Right,

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Speaker 1: that's what we don't have. We don't have any institution

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Speaker 1: acting in augustins is not the brokers, not the insurance guys,

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Speaker 1: not the banks, no one. So like a fidelity or

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Speaker 1: like no one, none of them is acting in your

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Speaker 1: best interests. I'll give you a simple example. Right, you

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Speaker 1: think that fidelity charges you, that's a steel, right, it's nothing.

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Speaker 1: Let me give you an example. You bought let's say

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Speaker 1: Tesla stock, right, and you're deposited with Fidelity, and they

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Speaker 1: charge you four the trade. They make thirty percent a year,

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Speaker 1: lending your stock to short sellers thirty percent years. So

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Speaker 1: if you give them ten thousand dollars, they made three

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Speaker 1: thousand dollars a year for you just sitting there holding

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Speaker 1: your stock in the Fidelity account. So the same way

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Speaker 1: people make money on your Bitcoin or your Ether or

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Speaker 1: your Dash. Right, the simplest example is Dash because Dash

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Speaker 1: actually earns the yield without doing anything. But if you exactly,

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Speaker 1: but most people don't have eighty thousand dollars of Dash,

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Speaker 1: so they bought ten thousand or five thousand, They hold

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Speaker 1: it on finance or somewhere else. Bidence stakes it bidens

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Speaker 1: are in seven percent. They just don't give it to you.

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Speaker 1: So all Celsius did and said, give us your Dash.

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Speaker 1: We will immediately every week we will send you more

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Speaker 1: Dash to your account, will stake it for you, no fees,

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Speaker 1: no charges, just we're gonna do it for you. And

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Speaker 1: people go like, there must be some hind in the agenda,

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Speaker 1: why are you doing it? That's that's because there's no

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Speaker 1: education in the way that works. And so you talk

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Speaker 1: about there's no way for the average person to know

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Speaker 1: what these rich rich they make their money, but there is,

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Speaker 1: and so there's clues, right, Warren Buffett tells us, Um,

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Speaker 1: if you don't learn to make money while you sleep,

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Speaker 1: you'll work till the day that you die. Yes, And

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Speaker 1: so it's important for us. And working is a good thing.

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Speaker 1: Working is a good thing. But don't forced to work,

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Speaker 1: especially doing something you hate, exactly. And so we want,

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Speaker 1: we want our money to be worked. We work hard

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Speaker 1: for our money. Our money should be with loving hard, yes,

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Speaker 1: and warn Buffet says, we need to put to work,

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Speaker 1: And that's essentially what you're talking about, right, putting our

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Speaker 1: money to work. And most people, unfortunately again half of

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Speaker 1: them Americans don't have four hundred dollars in case of emergency.

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Speaker 1: I mean that of Americans the bottom of the same

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Speaker 1: wealth as the top one percent. Right, So I'm I'm

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Speaker 1: part of that one percent. I'm not sitting here telling

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Speaker 1: you all I'm poor. I'm fighting for the poor. No,

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Speaker 1: I'm rich, but I'm fighting fighting for you giving the

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Speaker 1: poor tools Exactly, I'm not giving you the fish. I'm

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Speaker 1: teaching you how to fish. So, um, what you're doing

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Speaker 1: is you're allowing someone to use their cryptocurrency and uh

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Speaker 1: and and use the value that's there without having to

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Speaker 1: sell it, without them even knowing how to do it,

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Speaker 1: without even knowing how. And maybe maybe we could say

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Speaker 1: it's giving them passive income, right because they're passively income.

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Speaker 1: There's other ways to make passive and I couldn a dividend,

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Speaker 1: pain stock or something like that. Bonds obviously have yield

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Speaker 1: and things like that, um, and in those types of situations, um,

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Speaker 1: And when I do a bond, right, they have like

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Speaker 1: triple A rated bonds or junk bonds, and they pay

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Speaker 1: different yields. Would loan in my crypto will be similar

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Speaker 1: to that like a bond, So a bond and the

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Speaker 1: yields the abounds have been going down drastically, right, So,

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Speaker 1: so what people have to understand is that like, for example,

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Speaker 1: when I came to this country thirty years ago, I

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Speaker 1: could take my dollars, depart them in city bank and

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Speaker 1: earned seven percent without doing anything. Try to earn seven

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Speaker 1: percent on your money today, right with low risks. So

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Speaker 1: the banks I believe on average pay about yes yes

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Speaker 1: so so so like JP Morgan, for example, has fourteen

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Speaker 1: trillion in assets. Half of its seven trillion. They don't

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Speaker 1: pay any interest whatsoever. And that's about a hundred million

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Speaker 1: Americans giving them the money and getting nothing because they're

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Speaker 1: too lazy to move the money from the checking account

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Speaker 1: of the savings account. Because they're saying, I have a

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Speaker 1: thousand dollars, I'm gonna exactly times a hundred million, seven

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Speaker 1: trillion dollars in deposits. Right, So, so JP Morgan makes

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Speaker 1: thirty billion a year in profit just from that, right

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Speaker 1: they make all the banks together made thirty four billion

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Speaker 1: in fees from overdraft fees. Yeah, I mean this, that's

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Speaker 1: taking money from the people that cannot finish the month,

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Speaker 1: taking thirty dollars and then the person has to go

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Speaker 1: and get a day loan because they can't pay their

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Speaker 1: just it's all upside down. Why because they prey on

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Speaker 1: the poor. There's just no other way to say it. Right,

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Speaker 1: So again, why isn't there anyone acting in your best interests?

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Speaker 1: Cost cocts in your best interests. Amazon acts in your

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Speaker 1: best interest? Right? I can say that with the stray face.

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Speaker 1: I know business wakes up every day and he's trying

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Speaker 1: to do everything for his customers. Why isn't anyone doing

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Speaker 1: it in their financial services? Well, because they're they're not there.

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Speaker 1: Their interests are not aligned with our interests. And the

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Speaker 1: number of banks that exists of shrunk down to four

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Speaker 1: or five, right, So so there's no reason there's no competition. Right,

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Speaker 1: it's impossible since dog Frank, it's impossible to open a

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Speaker 1: new breath bank. You if you get a license, you

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Speaker 1: have to comply in to eighty thou pages of regulation.

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Speaker 1: So the rules that we're supposed to protect us are

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Speaker 1: actually preventing competition from coming in. And then when these

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Speaker 1: banks take too much risk, we have to bail them

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Speaker 1: out with taxpayers. So all we're trying to do. And again,

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Speaker 1: our job is not Celsius is not here to play

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Speaker 1: with your coins or create manipulation or anything like that.

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Speaker 1: Our mission, we have only one mission to earn return

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Speaker 1: on your assets. Your asset. You can go all the

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Speaker 1: way crazy and take really risky assets, right, we have

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Speaker 1: risky coins in our wallet, or you can go super

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Speaker 1: safe and take stable coins. We're not we're not telling

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Speaker 1: you which one. You have to do your homework and

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Speaker 1: you have to decide, and I recommend to people. Pople

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Speaker 1: say what what should I do? And I'm like half

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Speaker 1: of you asked that you're being stable coins? Right, we

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Speaker 1: pay eight point one percent on stable coins right now,

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Speaker 1: Like you take your dollars, you convert them into stable coins.

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Speaker 1: People don't know what that means. Let me speak in English.

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Speaker 1: You take your dollars, you buy t U s D

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Speaker 1: or g U s D or U s DC. Right,

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Speaker 1: these are issued by by True us D or by

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Speaker 1: Gemini or ber Circle. These are reputable company is their

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Speaker 1: trust companies, the fiduciaries. So you know the dollar is

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Speaker 1: actually sitting in that bank account and your token represents

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Speaker 1: a dollar. And now you can deposit the token, earn

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Speaker 1: eight point one percent at any time, twenty four hours

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Speaker 1: a day. You can enjoy it and get your dollars back.

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Speaker 1: For people to earn eight pril one percent, that's a

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Speaker 1: life changing event, right it can. We have a guy

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Speaker 1: here who's paying his mortgage and his kids college just

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Speaker 1: from the interest is earning from Celsius. Right so so,

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Speaker 1: and that's what we're saying to people, Look, just create

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Speaker 1: a nest egg that like you said, instead of you're

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Speaker 1: working for the money, the markets is wanting working for you,

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Speaker 1: then take another put in bitcoin, then take another put

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Speaker 1: in five other coins. Right now you have a diversified portfolio.

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Speaker 1: It's still yielding seven or eight percent, but you have

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Speaker 1: the upside of bitcoin. You may have the downside too,

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Speaker 1: but at least you have some exposure. But you're yielding

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Speaker 1: while you're earning. Right, So the people are deposited with

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Speaker 1: us during this downturn in the market, they were paid

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Speaker 1: in bitcoin. That bitcoin is now worth three times as much.

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Speaker 1: They didn't earn seven percent. They ear Oh so you

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Speaker 1: pay that we pay bitcoin? Yes, oh wow. So that's

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Speaker 1: a big difference exact crisis going out. So unless you

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Speaker 1: only when you feel that when you open your wallet

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Speaker 1: and you go, wait a second, I actually made five

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Speaker 1: thousand dollars only put five thousand. If I put ten

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Speaker 1: bitcoin in, I would get We only pay in bitcoin.

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Speaker 1: We're not allowed to pay in dollars because we're not

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Speaker 1: a bank. We're not allowed to take dollars. We're not

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Speaker 1: allowed to pay in dollars. So you have you so

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Speaker 1: going back to this. So again, so there's there's options

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Speaker 1: for people if they want to make interest on their money,

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Speaker 1: like did it in paying stocks or bonds or whatever,

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Speaker 1: which are all pegged in dollars, which are all pegged

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Speaker 1: in dollars, and there's an unseen force that is actually

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Speaker 1: squeezing your money right inflation. It's three percently your money

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Speaker 1: every year, so three and all or more exactly, they

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Speaker 1: tell you, They tell you, we know it's a lot exactly.

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Speaker 1: So so if you're only earning two percent, right average

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Speaker 1: bond right now, pay two right government, But so you're

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Speaker 1: actually losing one and a half to two percent a year.

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Speaker 1: You think you're earning, but you're actually losing money. So

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Speaker 1: you have to earn enough to at least exactly exactly.

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Speaker 1: So for you to earn eight percent like we're paying

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Speaker 1: unstable coins, you have to take a lot of risk, right,

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Speaker 1: And that's what we're telling people. Look look at the

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Speaker 1: risk you have to take to earn that in the

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Speaker 1: stock market or somewhere else. And look at the risk

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Speaker 1: we have. We have all of our loans asset backed.

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Speaker 1: We only I want to get into the risk. That's

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Speaker 1: definitely what we want to dip into. But I want

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Speaker 1: to just talk about this for a second. So that's

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Speaker 1: on on USD. The real where the real huge benefit

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Speaker 1: is in is in the bitcoin right, or other cryptocurrencies,

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Speaker 1: because I mean bitcoin's up over two like this year.

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Speaker 1: We're also down before before. But it depends on what

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Speaker 1: time period you look at it. But for the most part,

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Speaker 1: most people in bitcoin believe it's going to continue going up.

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Speaker 1: I mean, I think over the next several years get

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Speaker 1: into twenty fifty thousand is realistic. At least I'm hopeful

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Speaker 1: that it is. And so I don't want to sell,

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Speaker 1: and most people don't want to sell. However, that money

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Speaker 1: is locked up, and if I could earn at least

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Speaker 1: earn interest on top of what I'm earning, that's a

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Speaker 1: huge opportunity. Um. And so that's part of it. But

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Speaker 1: you also offer another type of product where I can

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Speaker 1: borrow against that as well, right, And so then I

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Speaker 1: could take that bitcoin. I have ten thousand in bitcoin,

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Speaker 1: and I could borrow five thousand out and I could

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Speaker 1: do what I want with that five thousand, including leveraging

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Speaker 1: back in or buying a piece of real estate or whatever. Right, Um,

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Speaker 1: what do you think are the different types of people

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Speaker 1: that are interested in that? So the richest people I know,

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Speaker 1: and I'm I'm you know, smoozing around within the Hampton's

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Speaker 1: or in on Wall Street with with these people, right,

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Speaker 1: I can tell you, including our president, right, they make

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Speaker 1: all their money because they don't pay any taxes legally. Right.

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Speaker 1: So Donald Trump famously says, I'm I followed all the rules.

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Speaker 1: I borrowed dollars against my real estate rights. The interest

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Speaker 1: is tax deductible. In the meantime, I don't have any

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Speaker 1: tax bill because I didn't sell anything. Same thing with bitcoin.

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Speaker 1: If you have bitcoin and it appreciates, right, Let's say

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Speaker 1: you wanted a two thousand, and now it's a ten

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Speaker 1: thousand if you sell it, so you could you have

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Speaker 1: to pay your mortgage, you have to pay your kids college,

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Speaker 1: you have to pay almost half of that to the

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Speaker 1: government if you live in California and New York anywhere

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Speaker 1: else exactly. So you can avoid that, you can just

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Speaker 1: borrow against the asset and then you don't have to

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Speaker 1: pay any taxes. You're deferring the taxes for later on,

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Speaker 1: just like Donald Trump does with his real estate. Which

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Speaker 1: is interesting, and it's a percent legal. So we're telling people, Look,

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Speaker 1: all these tricks that the rich people do are available

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Speaker 1: to all of us. And another trick that the rich

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Speaker 1: due that I've talked about is then taking those dollars

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Speaker 1: and putting them into another job. So now one dollar

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Speaker 1: can be doing two jobs and leverage, leverage and attacks deductible.

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Speaker 1: So I could, but you have to be smart about

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Speaker 1: your advanced strategy, right and and and most people probably

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Speaker 1: to watch the show say too complicated for me, don't

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Speaker 1: know how to do it. So Celsius saying, look, you

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Speaker 1: don't need to be a genius. We have like a

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Speaker 1: hundred fifty different strategies that we automatically deployed to generate

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Speaker 1: this yield. You don't have to choose them. You don't

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Speaker 1: have to understand them. You we we have one bucket

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Speaker 1: of BTC. We don't treat the guy with a ten

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Speaker 1: million dollar and the guy with a ten dollars differently.

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Speaker 1: You're both in the same bucket. It's a proadia allocation.

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Speaker 1: Whatever we earn goes proada to all the people participating.

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Speaker 1: Now go to your bank and tell them, hey, I

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Speaker 1: have a thousand dollars deposit. I wanted the same treat

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Speaker 1: to it. Like Donald Trump, You're not gonna get it right.

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Speaker 1: So again, because they make all their money on the poor,

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Speaker 1: they cannot charge the rich people any any real feest.

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Speaker 1: I don't pay any fees for banks. You know, I'm

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Speaker 1: too rich for them to charge me any fees. Right,

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Speaker 1: they know I'm gonna leave in a minute if they

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Speaker 1: charge me anything. So all we've done in Celsius is

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Speaker 1: we said no feast to anyone. We have never charged

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Speaker 1: the fee. All of our earnings, whatever we earn eight

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Speaker 1: goes to our depositors. That's what no one has done

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Speaker 1: in the history of man. No one was crazy enough

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Speaker 1: to take real earnings that they can earn on other

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Speaker 1: people's money and give it to the depositor. Who would

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Speaker 1: do such, Who would do such a stupid thing? Who

427
00:21:09,320 --> 00:21:11,760
Speaker 1: would do that? So when we started this, people are like, oh,

428
00:21:11,800 --> 00:21:15,200
Speaker 1: it's a scam, it's not for real. Then they start

429
00:21:15,240 --> 00:21:18,560
Speaker 1: looking and we you know, we we've unfortunately in this industry,

430
00:21:18,600 --> 00:21:21,480
Speaker 1: we've seen a bunch of we've seen bits connect they're

431
00:21:21,480 --> 00:21:24,640
Speaker 1: gonna pay one percent today or whatever they're gonna we're

432
00:21:24,680 --> 00:21:26,879
Speaker 1: promising eight percent a year. I know, I get it.

433
00:21:26,920 --> 00:21:29,320
Speaker 1: But we have three million in assets, We've done two

434
00:21:29,359 --> 00:21:32,320
Speaker 1: billion in loans, right, I mean, there's some banks here

435
00:21:32,320 --> 00:21:35,359
Speaker 1: in California that I haven't done that this year. So

436
00:21:35,440 --> 00:21:39,000
Speaker 1: we are moving very very quickly. Why because when people

437
00:21:39,040 --> 00:21:40,760
Speaker 1: look at this, they do a little bit of homework

438
00:21:40,760 --> 00:21:43,520
Speaker 1: on Alex Maschinsky. They're like, Yeah, this guy doesn't need

439
00:21:43,560 --> 00:21:46,040
Speaker 1: to work, why is he doing this? Maybe he is

440
00:21:46,160 --> 00:21:48,960
Speaker 1: really maybe it really cares about us, So let's talk

441
00:21:48,960 --> 00:21:52,600
Speaker 1: about that. So everything has risk. Doing something has risk.

442
00:21:52,680 --> 00:21:54,639
Speaker 1: Doing nothing has us. Right, we all have risk, and

443
00:21:54,640 --> 00:21:57,520
Speaker 1: we we we have to understand what those risks are. Um,

444
00:21:57,720 --> 00:22:00,000
Speaker 1: if I if I leave my money under the match,

445
00:22:00,000 --> 00:22:02,000
Speaker 1: if there's risk that it's losing value, if you get stolen,

446
00:22:02,040 --> 00:22:03,760
Speaker 1: if I put in the bank, and if everything has risk,

447
00:22:03,800 --> 00:22:05,480
Speaker 1: we have to understand that. And it's just important to

448
00:22:05,760 --> 00:22:08,080
Speaker 1: assess those risks. And so you said, um, the average

449
00:22:08,080 --> 00:22:10,480
Speaker 1: person should do a little homework. So, um, you're not

450
00:22:10,520 --> 00:22:12,840
Speaker 1: the only one doing this thing. But maybe we were

451
00:22:12,840 --> 00:22:14,600
Speaker 1: the first one. You were the first one, but maybe

452
00:22:14,640 --> 00:22:16,960
Speaker 1: you could tell people that we forced the other guys

453
00:22:17,000 --> 00:22:20,359
Speaker 1: to do it. Right, So we forced the block fives

454
00:22:20,400 --> 00:22:22,440
Speaker 1: on the sold and the next so and all these

455
00:22:22,480 --> 00:22:25,600
Speaker 1: other people who paid nothing, they took all your coins

456
00:22:25,640 --> 00:22:28,879
Speaker 1: and paid you nothing. Right, we showed up, made up

457
00:22:28,920 --> 00:22:32,600
Speaker 1: their game a little. Let me remind everybody, right, last year,

458
00:22:32,800 --> 00:22:35,159
Speaker 1: just a year ago, you wanted to do a margin

459
00:22:35,280 --> 00:22:39,719
Speaker 1: loan against your bitcoin. You paid eight we paid, We

460
00:22:39,800 --> 00:22:42,960
Speaker 1: charged five to nine percent. So we cut it by

461
00:22:42,960 --> 00:22:46,560
Speaker 1: two thirds. Everybody, everybody hates us. Why why all these

462
00:22:46,560 --> 00:22:49,600
Speaker 1: other companies hate us because we took this game that

463
00:22:49,600 --> 00:22:52,359
Speaker 1: that basically they used to charge like a credit card, right,

464
00:22:52,480 --> 00:22:54,560
Speaker 1: and we said, no, it's an asset back loan. You

465
00:22:54,680 --> 00:22:57,439
Speaker 1: give me a bitcoin, I'm giving you dollars at fifty

466
00:22:57,480 --> 00:23:01,359
Speaker 1: cents on the dollar. I shouldn't be charging you double digits.

467
00:23:01,359 --> 00:23:03,560
Speaker 1: I should be charging a single digit, just like if

468
00:23:03,600 --> 00:23:07,680
Speaker 1: you bore it against your home, you would be past

469
00:23:07,960 --> 00:23:10,560
Speaker 1: the course that. People don't understand that. It's the same thing.

470
00:23:10,640 --> 00:23:13,399
Speaker 1: They don't understand that. So what's the So we we

471
00:23:13,520 --> 00:23:15,359
Speaker 1: broke the game and we said not just that we're

472
00:23:15,359 --> 00:23:17,680
Speaker 1: gonna charge you five percent, We're gonna pay you eight

473
00:23:17,720 --> 00:23:19,960
Speaker 1: percent on your deposit. If you don't take a loan,

474
00:23:21,400 --> 00:23:24,480
Speaker 1: you understand it's it's it's that's what it is. So

475
00:23:24,480 --> 00:23:27,879
Speaker 1: so that because again for us, it's for me, success

476
00:23:28,000 --> 00:23:31,040
Speaker 1: is a hundred million users. For the other guy's success

477
00:23:31,080 --> 00:23:33,720
Speaker 1: is stealing as much as possible from your is a

478
00:23:33,760 --> 00:23:36,800
Speaker 1: completely different game exactly. But but that's the question, is

479
00:23:36,840 --> 00:23:38,919
Speaker 1: what is your motive and why why are you doing this?

480
00:23:39,000 --> 00:23:40,720
Speaker 1: You're doing it for the money? Are you doing it

481
00:23:40,760 --> 00:23:43,960
Speaker 1: for profit? You know? So what I would like to

482
00:23:43,960 --> 00:23:46,720
Speaker 1: find out is what is the counterparty risk that we

483
00:23:46,760 --> 00:23:49,040
Speaker 1: have as a risk As as an investor, I always

484
00:23:49,040 --> 00:23:52,639
Speaker 1: way risk and reward. Great question. Typically I want more

485
00:23:52,800 --> 00:23:55,800
Speaker 1: upside the downside, and it's here it seems like maybe

486
00:23:55,880 --> 00:23:58,720
Speaker 1: I'm risking a hundred percent. You're holding all my coins

487
00:23:59,080 --> 00:24:02,239
Speaker 1: risking make eight. So let's take a few examples. So

488
00:24:02,320 --> 00:24:05,359
Speaker 1: it's a great question. And it's very important that people

489
00:24:05,840 --> 00:24:08,280
Speaker 1: spend time not just listening to me or you, but

490
00:24:08,320 --> 00:24:10,560
Speaker 1: actually doing their own home work because they need to

491
00:24:10,560 --> 00:24:14,000
Speaker 1: feel comfortable that they're taking their precious assets and they're

492
00:24:14,000 --> 00:24:15,800
Speaker 1: putting them in a safe place. So, first of all,

493
00:24:16,200 --> 00:24:18,159
Speaker 1: we use bidgoo as a custodian. Right, it's one of

494
00:24:18,200 --> 00:24:22,320
Speaker 1: the best custodian A hundred million insurance from from Lloyd's.

495
00:24:22,400 --> 00:24:25,440
Speaker 1: It's the same custodian that exchanges like Cracking and other

496
00:24:25,440 --> 00:24:27,560
Speaker 1: people use. You put your coins and cracking they go

497
00:24:27,640 --> 00:24:30,439
Speaker 1: to bid go right, you put your coins and the insurance.

498
00:24:30,480 --> 00:24:32,000
Speaker 1: So if there were some sort of a hack or something,

499
00:24:32,359 --> 00:24:36,439
Speaker 1: have insurance that so so, but there's a big difference.

500
00:24:36,440 --> 00:24:39,320
Speaker 1: For example, if you take that dash coin, we actually

501
00:24:39,320 --> 00:24:41,560
Speaker 1: don't land it out. All we do is take it,

502
00:24:41,640 --> 00:24:44,040
Speaker 1: so it's sits in bid go and you earn seven percent.

503
00:24:44,160 --> 00:24:48,040
Speaker 1: That's the lowest risk ASCID you could actually do. Now.

504
00:24:48,960 --> 00:24:51,840
Speaker 1: Dash can move up and the value but lose value,

505
00:24:51,880 --> 00:24:54,120
Speaker 1: but you will earn that yield. We don't even lend

506
00:24:54,160 --> 00:24:56,880
Speaker 1: it out. It never leaves bidgo. Okay, so it's insured,

507
00:24:57,320 --> 00:25:01,560
Speaker 1: it's yielding, it's doing everything supposed to do. You pay nothing.

508
00:25:01,600 --> 00:25:03,480
Speaker 1: If you want to open a bitgo account, it's three

509
00:25:03,480 --> 00:25:07,320
Speaker 1: thousand dollars a month minimum. We're giving you that for free, right,

510
00:25:07,320 --> 00:25:09,920
Speaker 1: so people have to understand that, Wow, okay, I got

511
00:25:09,920 --> 00:25:11,840
Speaker 1: a bit goo for free, I got the insurance for free.

512
00:25:11,880 --> 00:25:15,560
Speaker 1: I got staking for free, and I'm staking. It's not

513
00:25:15,600 --> 00:25:17,919
Speaker 1: easy for those at homes, it's not easy. You're doing

514
00:25:17,960 --> 00:25:21,240
Speaker 1: all the work of exactly and that's definitely exactly. And

515
00:25:21,320 --> 00:25:24,200
Speaker 1: you needed minimum of eighty thou dollars for each note.

516
00:25:24,600 --> 00:25:27,280
Speaker 1: So if you gave me five hundred dollars worth of Dash,

517
00:25:27,560 --> 00:25:29,920
Speaker 1: I'm still paying you as if you had eighty thou

518
00:25:30,400 --> 00:25:32,360
Speaker 1: and you created your own staking NOE. Then you check

519
00:25:32,400 --> 00:25:35,160
Speaker 1: the computer every day. We're doing all that for free.

520
00:25:35,160 --> 00:25:37,920
Speaker 1: Why are we doing that for free? Right? People go like, no,

521
00:25:38,080 --> 00:25:41,359
Speaker 1: it's too good to be true. Right, So we're doing

522
00:25:41,400 --> 00:25:43,840
Speaker 1: it because we want to convince you that we're acting

523
00:25:43,840 --> 00:25:46,159
Speaker 1: in your best interests, because we make enough money on

524
00:25:46,160 --> 00:25:48,520
Speaker 1: your bitcoin and enough money on your dollar loans and

525
00:25:48,560 --> 00:25:51,159
Speaker 1: everything else that we can give this away, you know.

526
00:25:51,520 --> 00:25:54,840
Speaker 1: So then you have other ousets. For example, if you

527
00:25:54,960 --> 00:25:59,119
Speaker 1: deposit bitcoin with us, we don't earn money from bitcoinsiding

528
00:25:59,119 --> 00:26:02,360
Speaker 1: in bit code, right, so we have to lend it out.

529
00:26:02,760 --> 00:26:05,080
Speaker 1: Lend it out means what we go to exchanges, we

530
00:26:05,160 --> 00:26:08,399
Speaker 1: go to hedge funds. We don't lend to individuals. We

531
00:26:08,520 --> 00:26:12,200
Speaker 1: collect coins from individuals. We only lend to institutions. Right.

532
00:26:12,560 --> 00:26:15,800
Speaker 1: So if you remove your coins from binns and you

533
00:26:15,840 --> 00:26:18,280
Speaker 1: put them with us, guess what not bynus does not

534
00:26:18,359 --> 00:26:20,960
Speaker 1: have enough coins. They're like, hey, we need to do

535
00:26:21,080 --> 00:26:23,280
Speaker 1: market making, we need to do shorting, we need to

536
00:26:23,320 --> 00:26:25,960
Speaker 1: do front running of all of our customers. We need

537
00:26:26,000 --> 00:26:28,960
Speaker 1: more coins. Can you lend us coins all the ship

538
00:26:29,040 --> 00:26:31,960
Speaker 1: that they do? They do it with your coins, which

539
00:26:31,960 --> 00:26:34,200
Speaker 1: you gave them for free. When you remove the coins,

540
00:26:34,480 --> 00:26:37,840
Speaker 1: then they have to pay eight for borrowing from us.

541
00:26:38,080 --> 00:26:40,199
Speaker 1: So we collect the toll from the exchanges and the

542
00:26:40,200 --> 00:26:42,879
Speaker 1: hedge funds instead of them collecting tolls from you. So

543
00:26:42,920 --> 00:26:45,000
Speaker 1: now you're loaning these coins out, and I don't know

544
00:26:45,040 --> 00:26:47,760
Speaker 1: who that's going from. I would imagine they're all being commingled, right,

545
00:26:47,840 --> 00:26:53,760
Speaker 1: And so there's a big btc um you know, omnibus account,

546
00:26:53,800 --> 00:26:56,480
Speaker 1: meaning one giant account from there we lend to all

547
00:26:56,520 --> 00:26:58,919
Speaker 1: the parties. And so you're lending to these exchanges or

548
00:26:58,920 --> 00:27:01,560
Speaker 1: whoever institution, and I don't have any control over that,

549
00:27:01,720 --> 00:27:03,840
Speaker 1: what their credit worthiness or whatever. And so let's just

550
00:27:03,840 --> 00:27:06,000
Speaker 1: say any of all something default. And as a matter

551
00:27:06,000 --> 00:27:07,800
Speaker 1: of fact, a couple weeks ago, Polonias had a problem,

552
00:27:08,160 --> 00:27:10,640
Speaker 1: and and violence are the problem. They stole forty eight

553
00:27:10,680 --> 00:27:13,920
Speaker 1: million dollars from violence just a few weeks ago. Yes,

554
00:27:14,119 --> 00:27:15,959
Speaker 1: just the other day Polonias had a problem where one

555
00:27:15,960 --> 00:27:18,879
Speaker 1: of their derivative clam or when we use poloniae of

556
00:27:18,880 --> 00:27:21,440
Speaker 1: the socialize the loss right everyone had to take a

557
00:27:21,480 --> 00:27:25,360
Speaker 1: sixtent haircut. That's correct, and and so then how does

558
00:27:25,359 --> 00:27:29,920
Speaker 1: that affect my point? None of our customers got affected, okay,

559
00:27:30,000 --> 00:27:33,560
Speaker 1: and Celsius covered that. So we we can't get into

560
00:27:33,560 --> 00:27:36,359
Speaker 1: the details because of this legal stuff going on. But

561
00:27:36,359 --> 00:27:39,280
Speaker 1: but we have an inhroment. Yeah, we have an arrangement

562
00:27:39,320 --> 00:27:43,639
Speaker 1: with Circle, which is the owner of Polonias, that guarantees

563
00:27:43,640 --> 00:27:45,400
Speaker 1: that all these people are going to get their money back.

564
00:27:45,480 --> 00:27:48,240
Speaker 1: And we already started receiving all of that distribution. Why

565
00:27:48,280 --> 00:27:52,920
Speaker 1: because we're big enough customers, all of Circle or polonia

566
00:27:53,080 --> 00:27:55,600
Speaker 1: X for them to basically say, oh, you're a little guy.

567
00:27:55,800 --> 00:27:59,200
Speaker 1: Here here is your socialized loss. Right. So, but none

568
00:27:59,200 --> 00:28:01,760
Speaker 1: of our customers and see any of that in any case. Right,

569
00:28:01,800 --> 00:28:05,280
Speaker 1: So we have our own internal fund, some sort of

570
00:28:05,280 --> 00:28:08,120
Speaker 1: like a reserve fund or something like that. Yes, you could.

571
00:28:08,119 --> 00:28:11,680
Speaker 1: You're kind of prepared for anything something. Our job. Our

572
00:28:11,800 --> 00:28:15,320
Speaker 1: job is Job number one is to always return all

573
00:28:15,359 --> 00:28:17,560
Speaker 1: the coins to our depositors. Job number two is to

574
00:28:17,640 --> 00:28:21,880
Speaker 1: remember job number one, rule number one. Right, So there's

575
00:28:21,920 --> 00:28:24,040
Speaker 1: no soon as it falls apart, it falls apart pretty quickly,

576
00:28:24,200 --> 00:28:27,200
Speaker 1: I would imagine. Well, so first any hedge funds well

577
00:28:27,240 --> 00:28:29,479
Speaker 1: leend to they have to give us collateral, right, so

578
00:28:29,520 --> 00:28:34,600
Speaker 1: we don't. We never land without collateral. Any exchange that

579
00:28:34,680 --> 00:28:37,200
Speaker 1: we trade with we usually have their assets in our

580
00:28:37,240 --> 00:28:41,280
Speaker 1: deposits as well. So for example, Circle, we we have

581
00:28:41,360 --> 00:28:45,280
Speaker 1: a lot of USDC coins on deposits as well, so

582
00:28:45,320 --> 00:28:48,000
Speaker 1: we can always offset these things, meaning we don't have

583
00:28:48,040 --> 00:28:51,760
Speaker 1: real exposure. So we manage the counterparty risk all the

584
00:28:51,840 --> 00:28:54,800
Speaker 1: time against all of these two hundred different hedge funds

585
00:28:54,840 --> 00:28:57,120
Speaker 1: and exchanges that we work with, and that's our job.

586
00:28:57,200 --> 00:29:00,800
Speaker 1: We we represent only the depositors. We do not represent

587
00:29:00,880 --> 00:29:04,280
Speaker 1: the exchanges or the hedge fund everybody else. Our responsibility

588
00:29:04,680 --> 00:29:07,560
Speaker 1: is only for the depositors. Another thing is is like

589
00:29:07,600 --> 00:29:11,200
Speaker 1: if you use our app, you can see like basically

590
00:29:11,520 --> 00:29:13,360
Speaker 1: you can see how many users. You can see how

591
00:29:13,400 --> 00:29:15,800
Speaker 1: much we have on deposit. So like right now we

592
00:29:15,840 --> 00:29:19,960
Speaker 1: have three Yeah, I'm showing you my wallet, but if

593
00:29:20,000 --> 00:29:21,800
Speaker 1: you have your wallet, you can see the same thing.

594
00:29:22,200 --> 00:29:25,760
Speaker 1: So you can see like how much is on deposit.

595
00:29:26,720 --> 00:29:29,520
Speaker 1: So you can see what is on deposit, you can

596
00:29:29,520 --> 00:29:31,400
Speaker 1: see how much you're earning. You can see how much

597
00:29:31,440 --> 00:29:34,160
Speaker 1: interest We just crossed three million in interests, right. So

598
00:29:34,160 --> 00:29:37,160
Speaker 1: so the reason for this transparency is because none of

599
00:29:37,200 --> 00:29:39,760
Speaker 1: these banks and pointing because Bank of Americans right behind us,

600
00:29:40,320 --> 00:29:43,800
Speaker 1: none of these institutions ever shared anything with you. The

601
00:29:43,840 --> 00:29:46,440
Speaker 1: only time you know there's a problem is when we

602
00:29:46,480 --> 00:29:49,800
Speaker 1: have to bail them out, right, So getting an order

603
00:29:49,880 --> 00:29:51,720
Speaker 1: from arts and yard a year and a half from

604
00:29:51,760 --> 00:29:54,360
Speaker 1: now that that everything is fine. Right now, it's completely useless.

605
00:29:54,760 --> 00:29:57,440
Speaker 1: We're talking about real time on the blockchain. You can

606
00:29:57,560 --> 00:29:59,920
Speaker 1: order us on the blockchain and verify how much we

607
00:30:00,000 --> 00:30:02,880
Speaker 1: of the deposit, how much did we lend out, did

608
00:30:02,880 --> 00:30:05,040
Speaker 1: we collect that interest? Did I give you eighty percent

609
00:30:05,120 --> 00:30:08,320
Speaker 1: of what you were supposed to earn? So all these

610
00:30:08,360 --> 00:30:11,000
Speaker 1: things are not things we were required to do by law.

611
00:30:11,600 --> 00:30:14,400
Speaker 1: There's no law. Obviously, Binance coin based, none of these

612
00:30:14,400 --> 00:30:16,280
Speaker 1: people do any of the stuff I just talked about

613
00:30:16,600 --> 00:30:20,360
Speaker 1: because they're not acting in your best interests. So so

614
00:30:20,480 --> 00:30:22,480
Speaker 1: the average person needs to know that if they leave

615
00:30:22,480 --> 00:30:25,560
Speaker 1: their coins on an exchange, they're probably subject to as much,

616
00:30:25,600 --> 00:30:27,440
Speaker 1: if not more risk than they would be working with

617
00:30:27,440 --> 00:30:31,360
Speaker 1: your bitfinex. Socialized losses byans did not because they had

618
00:30:31,440 --> 00:30:36,280
Speaker 1: enough cash to but but Polonia social losses. A lot

619
00:30:36,320 --> 00:30:38,520
Speaker 1: of these people, some of them are total loss, like

620
00:30:38,600 --> 00:30:43,200
Speaker 1: the guys in Canada, the guys in Australia. Right laws

621
00:30:43,400 --> 00:30:47,360
Speaker 1: there was no recovery. So so it's a double jeopardy.

622
00:30:47,360 --> 00:30:51,360
Speaker 1: When you hold your coins on exchanges, you're helping them

623
00:30:51,520 --> 00:30:55,360
Speaker 1: cheat you, You're helping them front on you. Right, So

624
00:30:55,480 --> 00:30:58,440
Speaker 1: at least remove them, right. I recommend to people to

625
00:30:58,520 --> 00:31:01,400
Speaker 1: keep at least some coins in whole storage. I always

626
00:31:01,400 --> 00:31:03,400
Speaker 1: tell that, But I can tell you our community is

627
00:31:03,400 --> 00:31:06,040
Speaker 1: not going to grow If everybody has to learn the

628
00:31:06,120 --> 00:31:09,120
Speaker 1: mastery of how to use a treasury or how to

629
00:31:09,240 --> 00:31:12,720
Speaker 1: use UH and how to work with private keys and

630
00:31:12,760 --> 00:31:15,040
Speaker 1: all that stuff and keep it in a safe place,

631
00:31:15,400 --> 00:31:18,640
Speaker 1: We're not gonna grow and have a billion users. So

632
00:31:18,760 --> 00:31:21,480
Speaker 1: what Celsius has done is done a half step it. Basically,

633
00:31:21,480 --> 00:31:24,960
Speaker 1: we went to the community that doesn't understand anything technical

634
00:31:25,000 --> 00:31:27,920
Speaker 1: and said, look, here's a way to come in and

635
00:31:27,960 --> 00:31:32,000
Speaker 1: transact take benefit from all this stuff without knowing anything

636
00:31:32,000 --> 00:31:34,600
Speaker 1: about bitcoin. You don't need to know anything to transact

637
00:31:34,640 --> 00:31:37,040
Speaker 1: with us. And we have a service called sell pay

638
00:31:37,040 --> 00:31:39,600
Speaker 1: that allows you to share the love with everybody without

639
00:31:39,720 --> 00:31:42,440
Speaker 1: them having any wallets. Yeah. Um, can we talk about

640
00:31:42,440 --> 00:31:45,640
Speaker 1: the Celsius coin, the cell coinn um and so I

641
00:31:45,680 --> 00:31:48,960
Speaker 1: believe you were paying an extra percentage if you pay

642
00:31:49,160 --> 00:31:51,680
Speaker 1: that's the utility of the celtici is there is that

643
00:31:51,880 --> 00:31:55,880
Speaker 1: still actively working on? So we we So we launched

644
00:31:55,880 --> 00:31:59,040
Speaker 1: the cell token um. Obviously we didn't I see a

645
00:31:59,080 --> 00:32:03,160
Speaker 1: year ago we raised thirty something million dollars. We used

646
00:32:03,200 --> 00:32:05,680
Speaker 1: all that money to build a platform, and three weeks

647
00:32:05,720 --> 00:32:08,440
Speaker 1: ago we went live, but with with the utility, meaning,

648
00:32:08,760 --> 00:32:11,520
Speaker 1: if you took a loan you wanted to pay interest,

649
00:32:11,560 --> 00:32:14,680
Speaker 1: if you paid it with sell talken, you pay less.

650
00:32:15,240 --> 00:32:17,840
Speaker 1: If you want to earn on BTC, instead of getting

651
00:32:17,840 --> 00:32:20,440
Speaker 1: paid in BTC, you can get paid in self talken,

652
00:32:20,440 --> 00:32:23,800
Speaker 1: you earn more more. Instead of eight point one percent,

653
00:32:23,840 --> 00:32:27,440
Speaker 1: you earned ten point one percent. Right, we issued that

654
00:32:27,480 --> 00:32:30,960
Speaker 1: to everybody of our community. Came and said, we love

655
00:32:31,040 --> 00:32:33,240
Speaker 1: you great, I don't want to get paid in BTC,

656
00:32:34,200 --> 00:32:37,640
Speaker 1: give me more self talken. Right. Lawyers jumped and said,

657
00:32:37,640 --> 00:32:39,520
Speaker 1: wait a second. In the US, you may have a

658
00:32:39,560 --> 00:32:41,960
Speaker 1: problem with us, So hold the US, let us figure

659
00:32:41,960 --> 00:32:45,760
Speaker 1: out what's happening. Continue paying everybody BTC on BTC. So

660
00:32:45,800 --> 00:32:48,120
Speaker 1: we didn't stop anything. We just told the people that

661
00:32:48,240 --> 00:32:51,920
Speaker 1: wanted BTC for now, you're getting BTC, you're not getting

662
00:32:51,920 --> 00:32:55,880
Speaker 1: self talken Right. And then when we resolve all these issues. Again,

663
00:32:55,920 --> 00:32:57,960
Speaker 1: there was no action from the SEC. There was no

664
00:32:58,520 --> 00:33:01,480
Speaker 1: any any enforcement action or anything like that. Right, this

665
00:33:01,560 --> 00:33:04,240
Speaker 1: is our lawyers telling us, let's do the right thing.

666
00:33:04,520 --> 00:33:07,160
Speaker 1: Let's solve all these things. And again, our our job

667
00:33:07,280 --> 00:33:09,320
Speaker 1: number one is to protect the community. So if we're

668
00:33:09,400 --> 00:33:12,240
Speaker 1: doing something that may endanger the community, may may cause

669
00:33:12,280 --> 00:33:15,240
Speaker 1: a regulator or one of our competitors are coming focus

670
00:33:15,320 --> 00:33:17,480
Speaker 1: in the eye. That is not good for our community.

671
00:33:17,520 --> 00:33:20,560
Speaker 1: We're doing exceptionally well. What about the rest of the

672
00:33:20,600 --> 00:33:24,480
Speaker 1: decentralized finance space. So you're in like a custodio type

673
00:33:24,920 --> 00:33:27,760
Speaker 1: asset back loan type, and we're centralized you can use

674
00:33:27,760 --> 00:33:32,600
Speaker 1: that word, where we are a centralized version of decentralized.

675
00:33:32,640 --> 00:33:35,560
Speaker 1: And then there's then there's protocol bases, right, so the

676
00:33:35,640 --> 00:33:38,400
Speaker 1: de five guys a compounded darma or something like that,

677
00:33:38,440 --> 00:33:40,480
Speaker 1: but those have their own risk as well. Sometimes the

678
00:33:40,480 --> 00:33:43,440
Speaker 1: protocol doesn't work good like we saw, I mean dharma.

679
00:33:44,040 --> 00:33:46,840
Speaker 1: If you got liquidated, you've got seventy six cents on

680
00:33:46,880 --> 00:33:49,960
Speaker 1: the doll So so the cost of like if you

681
00:33:50,040 --> 00:33:52,320
Speaker 1: get to the point where you get caught in the

682
00:33:52,400 --> 00:33:55,000
Speaker 1: margin call, or you get caught because you were asleep

683
00:33:55,080 --> 00:33:58,760
Speaker 1: and suddenly there was a flash crash, you're gonna you're

684
00:33:58,760 --> 00:34:04,040
Speaker 1: gonna eat all of your assets without having any recourse.

685
00:34:04,080 --> 00:34:05,800
Speaker 1: There's nothing, no one to talk to. It's a smart

686
00:34:05,800 --> 00:34:09,239
Speaker 1: contract than eight your coins. So it's curious where you

687
00:34:09,280 --> 00:34:12,359
Speaker 1: see being someone who's been a step ahead of the game,

688
00:34:12,520 --> 00:34:15,280
Speaker 1: pushing the envelope um where you see the DeFi space

689
00:34:15,360 --> 00:34:18,680
Speaker 1: going and you you guys have plans to get into more. Yeah,

690
00:34:18,760 --> 00:34:21,560
Speaker 1: so first we support DeFi. So we have the die

691
00:34:21,600 --> 00:34:24,200
Speaker 1: token in our wallet. You can deposit die with us,

692
00:34:24,760 --> 00:34:26,600
Speaker 1: you can give us ether and earn die. I mean

693
00:34:26,640 --> 00:34:29,000
Speaker 1: there's we do all of that, so we don't see

694
00:34:29,400 --> 00:34:33,759
Speaker 1: uh defies as as competition or as a bad actor

695
00:34:34,040 --> 00:34:37,760
Speaker 1: or anything like that. It serves the purpose. A sophisticated

696
00:34:37,760 --> 00:34:41,200
Speaker 1: guy that understands how the stuff works can either generate

697
00:34:41,320 --> 00:34:45,399
Speaker 1: yield or generate leverage from these type of tools. But

698
00:34:45,480 --> 00:34:48,520
Speaker 1: these are derivatives, right, I mean most people don't understand

699
00:34:48,520 --> 00:34:51,520
Speaker 1: how stocks and bonds work forget about derivatives. So I

700
00:34:51,560 --> 00:34:55,359
Speaker 1: would not recommend the average joe who's just finding their

701
00:34:55,360 --> 00:34:57,840
Speaker 1: way around the stuff. We has a job and have

702
00:34:58,000 --> 00:35:00,920
Speaker 1: kids and have a wife and all stuff to get

703
00:35:01,000 --> 00:35:03,520
Speaker 1: into this game, because that is a game for prose

704
00:35:03,960 --> 00:35:07,520
Speaker 1: and we land, we make money. We we sit on

705
00:35:07,560 --> 00:35:10,040
Speaker 1: the receiving side of dice if somebody gets liquid, and

706
00:35:10,080 --> 00:35:13,920
Speaker 1: we are the ones collecting and distributing into our community.

707
00:35:14,160 --> 00:35:16,279
Speaker 1: So you want to be taking the risk We want

708
00:35:16,280 --> 00:35:19,920
Speaker 1: to be the guy who collects. We give you a strategy.

709
00:35:20,200 --> 00:35:23,560
Speaker 1: Whoever liquidates the contract, we sit there all day long

710
00:35:23,640 --> 00:35:26,480
Speaker 1: and wait to liquid it. Why because it's an easy

711
00:35:26,520 --> 00:35:31,000
Speaker 1: way to earn We just take then give it to

712
00:35:31,000 --> 00:35:35,000
Speaker 1: our coin holders automatically. So so that's one of those

713
00:35:35,160 --> 00:35:39,959
Speaker 1: hundred fifty strategies. Right. So, all I'm saying to people is, look,

714
00:35:40,000 --> 00:35:42,560
Speaker 1: we're not hiding how we're making money. We just like

715
00:35:42,680 --> 00:35:45,840
Speaker 1: Warren Buffett, right if it tells you, look, I bought

716
00:35:45,880 --> 00:35:49,160
Speaker 1: Where's Fargo? I have twenty billion dollars worth of else Fargo.

717
00:35:49,400 --> 00:35:52,600
Speaker 1: They pay me six percent dividend every year. That's how

718
00:35:52,640 --> 00:35:54,960
Speaker 1: I make my money. You can buy it. Also, it's

719
00:35:55,000 --> 00:35:58,279
Speaker 1: the same thing here. We have many, many strategies. They're

720
00:35:58,320 --> 00:36:01,560
Speaker 1: all available to anyone, right Like, right now we are

721
00:36:01,600 --> 00:36:06,360
Speaker 1: collecting on cash deposits. Right we're paying ten point to

722
00:36:06,520 --> 00:36:11,160
Speaker 1: five ten on cash deposits. Were using the cell because

723
00:36:11,160 --> 00:36:13,759
Speaker 1: we can deploy it at much higher rates. Right So now,

724
00:36:13,840 --> 00:36:15,640
Speaker 1: again it's not gonna be there forever. It goes up

725
00:36:15,680 --> 00:36:18,640
Speaker 1: and down, and it's only available sometimes, and but on

726
00:36:18,680 --> 00:36:21,719
Speaker 1: average it returns that ten percent and we give eight

727
00:36:21,760 --> 00:36:25,400
Speaker 1: point one percent back to the community. So so you

728
00:36:25,400 --> 00:36:27,279
Speaker 1: want to, you want to track all the exchanges and

729
00:36:27,320 --> 00:36:29,640
Speaker 1: figure out where which one popped and go in there

730
00:36:29,680 --> 00:36:33,520
Speaker 1: and open an account and manage they yield. So we

731
00:36:33,520 --> 00:36:36,719
Speaker 1: we we socialize the profit just like the other guys

732
00:36:36,760 --> 00:36:41,000
Speaker 1: are socializing the laws. It right, So it's it's now.

733
00:36:41,280 --> 00:36:45,920
Speaker 1: The issue is trust. The issue is that most people don't. Again,

734
00:36:46,120 --> 00:36:48,759
Speaker 1: they get screwed so many times in their lives that

735
00:36:48,840 --> 00:36:51,439
Speaker 1: when they listen to this they go and say, yeah, right,

736
00:36:51,880 --> 00:36:54,839
Speaker 1: you know lex Yeah, this guy, this immigrant guy from

737
00:36:54,840 --> 00:36:58,880
Speaker 1: New York who lives in a fancy apartment on Lexington Avenue,

738
00:36:59,200 --> 00:37:02,399
Speaker 1: really cares about me and he's doing it for me. Yeah, right, right,

739
00:37:02,440 --> 00:37:04,640
Speaker 1: And that's the issue. The issue is that we get

740
00:37:04,680 --> 00:37:08,280
Speaker 1: conditions so badly by the banks not to earn anything

741
00:37:08,280 --> 00:37:10,040
Speaker 1: on our money that when we see a good thing,

742
00:37:10,400 --> 00:37:13,080
Speaker 1: we don't know it's a good thing. The other thing

743
00:37:13,200 --> 00:37:14,719
Speaker 1: is that and this is a little bit off topic,

744
00:37:14,760 --> 00:37:17,080
Speaker 1: but another thing is that, you know, today we're seeing

745
00:37:17,120 --> 00:37:20,960
Speaker 1: society kind of paint capitalism or entrepreneurship or business owners

746
00:37:20,960 --> 00:37:23,520
Speaker 1: as bad and greedy because we all dook advantage of it.

747
00:37:23,680 --> 00:37:26,480
Speaker 1: But really, I say that a business owner is a servant.

748
00:37:27,040 --> 00:37:29,720
Speaker 1: We're solving problems the only way to be good in business.

749
00:37:29,760 --> 00:37:31,959
Speaker 1: I mean not obviously the banks is a different story.

750
00:37:31,960 --> 00:37:34,680
Speaker 1: But there are ten million small business in America and

751
00:37:34,680 --> 00:37:37,200
Speaker 1: they do everything you said, and they're solving problems. They

752
00:37:37,280 --> 00:37:41,080
Speaker 1: all I agree with you, but the not the profits.

753
00:37:41,200 --> 00:37:44,080
Speaker 1: If you take if you take the profits in America, right,

754
00:37:44,080 --> 00:37:46,239
Speaker 1: then you take the top four or five companies, they

755
00:37:46,280 --> 00:37:49,319
Speaker 1: make more than half of all the profits. Story. So

756
00:37:49,560 --> 00:37:52,359
Speaker 1: the problem is, why are those guys, like when when

757
00:37:52,440 --> 00:37:57,439
Speaker 1: JP Morgan makes thirty billion a year in profit, why

758
00:37:57,480 --> 00:38:00,319
Speaker 1: are under paying their deposit a little bit more? Just

759
00:38:00,360 --> 00:38:02,239
Speaker 1: a little bit. They can pay you. Understand, they make

760
00:38:02,920 --> 00:38:05,560
Speaker 1: return on capital, so on average they can pay you

761
00:38:05,680 --> 00:38:13,759
Speaker 1: seven sevent average. They're bragging about exactly they're stealing from you.

762
00:38:14,680 --> 00:38:17,720
Speaker 1: Let's go through the scenario. They're certainly not they're certainly

763
00:38:17,719 --> 00:38:22,440
Speaker 1: not paying. It's stealing. Okay, you make a deposit to

764
00:38:22,560 --> 00:38:26,360
Speaker 1: the bank, right, they pay you one percent or less.

765
00:38:26,760 --> 00:38:29,239
Speaker 1: They then turn around lend me your money. It's not

766
00:38:29,360 --> 00:38:31,719
Speaker 1: their money. Most people think that when I use the

767
00:38:31,719 --> 00:38:36,680
Speaker 1: credit card, the Chase Manhattan credit card, the Chase lends

768
00:38:36,760 --> 00:38:38,960
Speaker 1: me the money. No, it's not their money, it's your money.

769
00:38:39,360 --> 00:38:42,839
Speaker 1: So you get one percent Now, why is there such

770
00:38:42,840 --> 00:38:44,719
Speaker 1: a gap? It didn't used to be that way, right,

771
00:38:44,800 --> 00:38:47,240
Speaker 1: People used to actually get I used to make seven

772
00:38:47,280 --> 00:38:49,600
Speaker 1: percent by the positing money with Chase. Yes, and not

773
00:38:49,680 --> 00:38:52,320
Speaker 1: only not only are they doing that, but they're fractionally

774
00:38:52,440 --> 00:38:55,680
Speaker 1: reserving it exactly they can they can depend to one

775
00:38:55,800 --> 00:38:59,440
Speaker 1: exact legally, they have a license to steal. Yeah, okay,

776
00:38:59,480 --> 00:39:01,239
Speaker 1: so that's estay. I know we're going super long. We

777
00:39:01,239 --> 00:39:03,239
Speaker 1: can talk about this stuff wherever I love it. Um,

778
00:39:03,280 --> 00:39:05,879
Speaker 1: we're at the bitcoin conference. Um, and so we're here

779
00:39:05,880 --> 00:39:08,840
Speaker 1: with with a lot of bitcoiners. Uh, we're talking about that,

780
00:39:08,840 --> 00:39:10,759
Speaker 1: and I really appreciate you getting into the risk and whatnot.

781
00:39:10,760 --> 00:39:13,160
Speaker 1: Hopefully everybody learned from that. But I'm just curious looking

782
00:39:13,160 --> 00:39:14,800
Speaker 1: out at the landscape over all. We talked about the

783
00:39:14,800 --> 00:39:17,280
Speaker 1: DeFi space, but maybe what are being at the blog

784
00:39:17,320 --> 00:39:20,000
Speaker 1: Bluction conference. What are you seeing right now happening in

785
00:39:20,000 --> 00:39:22,600
Speaker 1: the industry that has you excited and kind of hopeful

786
00:39:22,640 --> 00:39:29,440
Speaker 1: for the way I see it is again, communism, socialism, capitalism.

787
00:39:29,520 --> 00:39:33,960
Speaker 1: These are three experiments at bettering our lives, right and again,

788
00:39:34,040 --> 00:39:37,279
Speaker 1: I'm thriving in capitalism, right, but most people are not.

789
00:39:37,440 --> 00:39:40,239
Speaker 1: Most people cannot just start a business and whip it

790
00:39:40,280 --> 00:39:42,799
Speaker 1: out of nowhere and raise all this money and do well.

791
00:39:43,239 --> 00:39:45,560
Speaker 1: And it's not because they're not good people. It's not

792
00:39:45,640 --> 00:39:48,839
Speaker 1: because they're not working hard. It's just they don't get

793
00:39:48,880 --> 00:39:53,960
Speaker 1: in front of those opportunities. And decentralization is a fourth movement,

794
00:39:53,960 --> 00:39:57,200
Speaker 1: it's like a fourth wave. It's an experiment, right, it's

795
00:39:57,280 --> 00:40:00,920
Speaker 1: it's another experiment at bettering our times, and all of

796
00:40:01,000 --> 00:40:04,279
Speaker 1: us have to decide are we sticking with centralization, which

797
00:40:04,320 --> 00:40:08,799
Speaker 1: is capitalism and centralization it's the same thing, right, And

798
00:40:08,800 --> 00:40:11,080
Speaker 1: again I have that perspective because I'm one of the

799
00:40:11,160 --> 00:40:14,200
Speaker 1: very few people that lived through all those systems. It's

800
00:40:14,200 --> 00:40:18,799
Speaker 1: pretty hard to live in in communism, right, So so

801
00:40:18,800 --> 00:40:23,080
Speaker 1: so for me, decentralization is like again, it's like a beautiful,

802
00:40:24,040 --> 00:40:27,879
Speaker 1: uh shiny day, right that it's obvious to me that

803
00:40:27,880 --> 00:40:31,080
Speaker 1: that system is better than the other three experiments. But

804
00:40:31,120 --> 00:40:35,279
Speaker 1: for most people they look at this decentralization, I don't

805
00:40:35,320 --> 00:40:38,319
Speaker 1: even know what that word means. Right, So again I

806
00:40:38,360 --> 00:40:41,799
Speaker 1: invite your viewers to do the homework to understand. Just

807
00:40:41,880 --> 00:40:44,920
Speaker 1: go on Wikipedia and read about it. Right, it's not

808
00:40:45,000 --> 00:40:47,680
Speaker 1: a new idea, it's just an idea whose time has come.

809
00:40:47,840 --> 00:40:50,520
Speaker 1: I Actually I made a video I talked about it's

810
00:40:50,600 --> 00:40:53,839
Speaker 1: the pendulum, and there's a cycle and every every forty

811
00:40:53,920 --> 00:40:56,560
Speaker 1: years we go from a week to a ME cycle

812
00:40:57,200 --> 00:40:59,760
Speaker 1: and you can trace this back for thousands of years.

813
00:41:00,200 --> 00:41:04,880
Speaker 1: And the last me individualisms decentralization was at the end

814
00:41:04,880 --> 00:41:06,840
Speaker 1: of World War Two, and we've been going to a

815
00:41:06,960 --> 00:41:10,480
Speaker 1: we a centralized cycle um with the U, N and

816
00:41:10,480 --> 00:41:13,640
Speaker 1: the EU, and we're just topping out where we're maxed out.

817
00:41:13,680 --> 00:41:16,719
Speaker 1: And now the pendulum will sting back to decentralization and

818
00:41:16,760 --> 00:41:20,440
Speaker 1: we have a people are tired. They're tired all that, right,

819
00:41:20,480 --> 00:41:24,120
Speaker 1: They don't they can't put their finger on where it's

820
00:41:24,160 --> 00:41:25,960
Speaker 1: not working. I don't know why. They don't know why.

821
00:41:26,000 --> 00:41:28,680
Speaker 1: They don't understand why their money is not working. They

822
00:41:28,680 --> 00:41:31,319
Speaker 1: don't understand why they can't pay off the mortgage. They

823
00:41:31,320 --> 00:41:34,440
Speaker 1: don't understand why they cannot move ahead in their in

824
00:41:34,480 --> 00:41:37,040
Speaker 1: their life and their careers and everything else. So it's

825
00:41:37,040 --> 00:41:40,000
Speaker 1: like the invisible hand is slowing them down instead of

826
00:41:40,360 --> 00:41:42,480
Speaker 1: speeding them up. Right, if you don't know what the

827
00:41:42,480 --> 00:41:45,520
Speaker 1: invisible hand is, then research it, yes, the researchers, and

828
00:41:45,880 --> 00:41:48,719
Speaker 1: so it's again it's going from that, uh, you know,

829
00:41:48,800 --> 00:41:53,400
Speaker 1: Adam Smith idea of invisible hand to Austrian economics, where

830
00:41:53,480 --> 00:41:57,320
Speaker 1: it's all about deflationary powers. The bitcoin is a deflationary power.

831
00:41:57,680 --> 00:42:01,520
Speaker 1: There's less and less bitcoin every day because people lose coins,

832
00:42:01,600 --> 00:42:04,320
Speaker 1: lose keys, and there's less and less mining with the

833
00:42:04,400 --> 00:42:06,759
Speaker 1: halfing and everything else. So if you understand that, you

834
00:42:06,840 --> 00:42:09,000
Speaker 1: go and say, wow, it's more powerful than goal. It's

835
00:42:09,000 --> 00:42:12,000
Speaker 1: more powerful than anything ever created. Right, I brought a

836
00:42:12,000 --> 00:42:15,440
Speaker 1: prop for that. Actually, you see, so you know I'm

837
00:42:15,480 --> 00:42:18,680
Speaker 1: a trillionaire. You've never met a trillionaire. Right, So this

838
00:42:18,800 --> 00:42:22,920
Speaker 1: is one hundred trillion dollars from Zimbabwe. But now the

839
00:42:22,920 --> 00:42:25,280
Speaker 1: reason I have this is it's a it's a visceral

840
00:42:25,400 --> 00:42:29,359
Speaker 1: reminder that the Zimbabwe dollar used to be worth one

841
00:42:29,400 --> 00:42:32,680
Speaker 1: and a half years dollars and now a hundred trillion

842
00:42:32,840 --> 00:42:35,600
Speaker 1: is worth less than one dollar. And that's the power

843
00:42:35,600 --> 00:42:38,200
Speaker 1: of inflation. Right. This is a country that just went

844
00:42:38,280 --> 00:42:43,480
Speaker 1: through craziness and basically get completely devalued its currency because

845
00:42:43,760 --> 00:42:46,080
Speaker 1: they didn't have a choice. Right, So the same thing

846
00:42:46,080 --> 00:42:49,400
Speaker 1: could happen to the dollar, and and and it's happening. Right.

847
00:42:49,440 --> 00:42:52,440
Speaker 1: Since we went off the gold standard, we lost of

848
00:42:52,440 --> 00:42:54,640
Speaker 1: the value of the of the dollar. People don't understand that,

849
00:42:54,880 --> 00:42:58,200
Speaker 1: but you know why prices are getting more expensive, but

850
00:42:58,280 --> 00:43:00,960
Speaker 1: their earnings are not. The things have not moved in

851
00:43:01,000 --> 00:43:05,560
Speaker 1: twenty years. So always saying is there is a different system,

852
00:43:05,600 --> 00:43:08,840
Speaker 1: there's a different set of rails where all these rules

853
00:43:08,880 --> 00:43:12,080
Speaker 1: of why you're held back don't apply. Right, you can

854
00:43:12,160 --> 00:43:15,920
Speaker 1: join this revolution. It's here, The future is here. You

855
00:43:16,000 --> 00:43:19,319
Speaker 1: just have to choose to stop being abused by the

856
00:43:19,360 --> 00:43:21,840
Speaker 1: banks and the financial institution and switched to a different

857
00:43:21,840 --> 00:43:24,960
Speaker 1: set of rails. And we're writing those rails and saying, hey,

858
00:43:25,200 --> 00:43:28,040
Speaker 1: we'll act in your best interests. Yeah, so that's so.

859
00:43:28,080 --> 00:43:30,120
Speaker 1: Then what you're excited about is the technology that we

860
00:43:30,160 --> 00:43:33,440
Speaker 1: have and the change. You know. I love writing the

861
00:43:33,480 --> 00:43:35,520
Speaker 1: caboose on that thing, you know, that's all I'm doing.

862
00:43:35,560 --> 00:43:38,080
Speaker 1: I'm just writing the caboose and I'm having the time

863
00:43:38,120 --> 00:43:40,520
Speaker 1: of my life. Yeah, it's awesome. I put out a

864
00:43:40,520 --> 00:43:42,040
Speaker 1: tweet I think two days ago, and I said, hey,

865
00:43:42,080 --> 00:43:44,120
Speaker 1: I'm as happy to anyone to see bitcoin going up. Yes,

866
00:43:44,200 --> 00:43:47,000
Speaker 1: but I'm here for the revolution. Yes. And then it's happening.

867
00:43:47,000 --> 00:43:49,479
Speaker 1: It's happening anyway, like you can't stop it. I mean, again,

868
00:43:49,560 --> 00:43:52,440
Speaker 1: Facebook trying to ride the same rails, but that's like

869
00:43:52,480 --> 00:43:55,520
Speaker 1: a wolf in sheep clothing. You know, they're they're not

870
00:43:55,680 --> 00:43:57,920
Speaker 1: part of this thing, you know, coming from communism. I

871
00:43:57,920 --> 00:44:00,920
Speaker 1: know we're gonna wrap it up. It from communism. You

872
00:44:00,960 --> 00:44:03,319
Speaker 1: have that perspective, right, and other people in the world

873
00:44:03,320 --> 00:44:05,799
Speaker 1: have that perspective where they understand why privacy or why

874
00:44:05,840 --> 00:44:07,719
Speaker 1: censorship resistant. And the people in the US have a

875
00:44:07,760 --> 00:44:11,080
Speaker 1: hard time understanding that. But I'm thinking, you know, with

876
00:44:11,080 --> 00:44:14,800
Speaker 1: with the data breach that Facebook had, um, they're starting

877
00:44:14,800 --> 00:44:17,080
Speaker 1: to make the case as to why we need privacy.

878
00:44:17,239 --> 00:44:22,080
Speaker 1: And maybe maybe with Microsoft announcing a new identity thing

879
00:44:22,120 --> 00:44:25,839
Speaker 1: and whatnot, maybe companies might start optimizing for privacy and

880
00:44:25,880 --> 00:44:28,239
Speaker 1: making that a feature and helping to put you know,

881
00:44:28,280 --> 00:44:31,080
Speaker 1: kind of push Yeah, you're you're an optimist, an optimist

882
00:44:31,840 --> 00:44:34,640
Speaker 1: too much of an optimist. Maybe something I would say

883
00:44:34,719 --> 00:44:38,480
Speaker 1: that Apple, Right, I use Apple? Why do example, because

884
00:44:39,080 --> 00:44:45,000
Speaker 1: everything Apple does is actually trying to better my life? Right, faster, cheaper, better, better,

885
00:44:45,000 --> 00:44:47,480
Speaker 1: operating system protects me, tells me how much I'm using

886
00:44:47,520 --> 00:44:49,760
Speaker 1: the device every day, right, tells me if I'm sleeping

887
00:44:49,840 --> 00:44:53,759
Speaker 1: or not. Like, so they're actually acting in my best interest. Right,

888
00:44:53,760 --> 00:44:56,040
Speaker 1: and all that paid for it is nine dollars I

889
00:44:56,120 --> 00:44:59,960
Speaker 1: get all that stuff so tremendous value for what I'm doing.

890
00:45:00,719 --> 00:45:03,040
Speaker 1: You can't say that about Google. You can't say that

891
00:45:03,080 --> 00:45:06,760
Speaker 1: about Facebook friend Yea. Their their model is the opposite,

892
00:45:06,840 --> 00:45:09,960
Speaker 1: is to extract all your identity stuff sell it to

893
00:45:10,000 --> 00:45:13,160
Speaker 1: as many people as possible. You don't notice that, You

894
00:45:13,200 --> 00:45:15,239
Speaker 1: don't see that, right, it's happening. Then it's like the

895
00:45:15,280 --> 00:45:18,440
Speaker 1: invisible head. Hundreds of billions of dollars. These are the

896
00:45:18,480 --> 00:45:22,440
Speaker 1: most profitable companies in the world. Right, These these companies

897
00:45:22,480 --> 00:45:26,720
Speaker 1: so so pretending somehow that they're gonna again change their spots.

898
00:45:27,400 --> 00:45:31,839
Speaker 1: I'm sorry. These guys are greedy bastard. I mean, when

899
00:45:31,920 --> 00:45:35,360
Speaker 1: was the last time you heard Google say do no evil?

900
00:45:35,560 --> 00:45:38,319
Speaker 1: That was the slogan I met Sir gay Bryn when

901
00:45:38,360 --> 00:45:41,160
Speaker 1: he was still in Stanford, right, and that was the

902
00:45:41,200 --> 00:45:44,880
Speaker 1: slogan do no evil? Right zook? Right, He's not. His

903
00:45:45,040 --> 00:45:48,239
Speaker 1: job is not. He has to deliver that earnings for

904
00:45:48,480 --> 00:45:52,239
Speaker 1: his shareholders. He cannot do anything for his customer. It's

905
00:45:52,239 --> 00:45:58,879
Speaker 1: almost because exactly just like the bank incentivize wrong justw

906
00:45:58,920 --> 00:46:01,520
Speaker 1: there they have to produce. So if they said, hey,

907
00:46:01,520 --> 00:46:03,480
Speaker 1: we're going to cut this data privacy out because it's

908
00:46:03,560 --> 00:46:06,080
Speaker 1: it's wrong. You hit it on the head, hit the nail.

909
00:46:07,239 --> 00:46:09,719
Speaker 1: So one one thing, one things, because it's very important. Right.

910
00:46:09,719 --> 00:46:13,279
Speaker 1: So the issue is that when you're acting in the

911
00:46:13,320 --> 00:46:17,279
Speaker 1: best interest of your shareholders, right, which is fine, you

912
00:46:17,360 --> 00:46:19,759
Speaker 1: have to always extract it from somewhere else. The only

913
00:46:19,760 --> 00:46:24,800
Speaker 1: place to take it is from your customers, right. And unfortunately, again,

914
00:46:24,960 --> 00:46:27,840
Speaker 1: we as customers are just taking all that beating without

915
00:46:27,840 --> 00:46:32,360
Speaker 1: doing anything about it. Right. Decentralization offers you a completely

916
00:46:32,480 --> 00:46:35,440
Speaker 1: new world. It's like suddenly you can breede oxygen again.

917
00:46:35,560 --> 00:46:40,000
Speaker 1: Right because the centralization. Look at Vitalic right with Ethereum,

918
00:46:40,040 --> 00:46:43,440
Speaker 1: it values people based on their contribution to society. He

919
00:46:43,480 --> 00:46:47,959
Speaker 1: created something beautiful, it was worth ninety billion out of nothing. Right.

920
00:46:48,560 --> 00:46:52,120
Speaker 1: It's not based on profits. There's no profit in Ethereum, right,

921
00:46:52,120 --> 00:46:56,120
Speaker 1: it doesn't generate anything. But that's what we're going through.

922
00:46:56,120 --> 00:46:58,759
Speaker 1: We're going for a pyramid where everything is measured based

923
00:46:58,760 --> 00:47:01,680
Speaker 1: on profit generation to a place where it's about the

924
00:47:01,719 --> 00:47:04,319
Speaker 1: network effect. Did you create a big enough network and

925
00:47:04,360 --> 00:47:06,879
Speaker 1: did it provide value? And didn't provide value? And it's

926
00:47:06,880 --> 00:47:10,640
Speaker 1: your contribution to society that matters. Right, We're celebrating the

927
00:47:10,640 --> 00:47:14,000
Speaker 1: people who contributed the most to achieved. Italic people like that.

928
00:47:14,200 --> 00:47:17,160
Speaker 1: So so I think, like you said, the pendulum is

929
00:47:17,239 --> 00:47:19,400
Speaker 1: swinging the other way and we are doing all the

930
00:47:19,480 --> 00:47:21,719
Speaker 1: right things. It's just most of the people insist on

931
00:47:21,880 --> 00:47:25,279
Speaker 1: sticking with those pyramids, just like the Agian pyramids. It's

932
00:47:25,360 --> 00:47:29,440
Speaker 1: that that time is over. You've gotta move on, guys. Awesome, awesome,

933
00:47:29,480 --> 00:47:32,160
Speaker 1: good stuff. We can talk forever. I'm really so interested

934
00:47:32,200 --> 00:47:35,319
Speaker 1: in your perspective because of your background, and I love

935
00:47:35,400 --> 00:47:37,680
Speaker 1: the political side of things, in the philosophy side. But

936
00:47:38,560 --> 00:47:42,120
Speaker 1: that's another time. That's another time. You next interviewers. We're

937
00:47:42,160 --> 00:47:44,040
Speaker 1: doing it on the next time. Next time we'll be

938
00:47:44,280 --> 00:47:46,560
Speaker 1: in bajand bikes and bringing the next to you guys.

939
00:47:46,560 --> 00:47:47,640
Speaker 1: All right, thanks for joining, guys,