1 00:00:04,600 --> 00:00:07,680 Speaker 1: So the big question is this, how do investors like 2 00:00:07,880 --> 00:00:11,800 Speaker 1: us get access to the ideas, information, and most importantly, 3 00:00:12,039 --> 00:00:14,880 Speaker 1: the right people that give us the tools of information 4 00:00:14,960 --> 00:00:19,000 Speaker 1: we need to make informed and educated decisions to have success. 5 00:00:19,600 --> 00:00:22,360 Speaker 1: That is the question, and this podcast will give us 6 00:00:22,360 --> 00:00:25,520 Speaker 1: the answers. This is Mark Moss, your host. Let's get 7 00:00:25,520 --> 00:00:28,319 Speaker 1: this started. Hello, and welcome to another episode of the 8 00:00:28,360 --> 00:00:31,800 Speaker 1: Market Disruptors podcast. Today I am joined by Alex Maschinski 9 00:00:31,880 --> 00:00:35,760 Speaker 1: from Celsius. We get into some really good conversations. So 10 00:00:35,880 --> 00:00:39,080 Speaker 1: we talk about their business model, how they're out competing 11 00:00:39,120 --> 00:00:42,320 Speaker 1: the banks at what they do. We talked about growing 12 00:00:42,360 --> 00:00:44,200 Speaker 1: in a bear market and the trajectory of their growth 13 00:00:44,240 --> 00:00:46,680 Speaker 1: over the last year, having started in the boom market 14 00:00:46,720 --> 00:00:49,040 Speaker 1: and growing to the bear market. And then we get 15 00:00:49,080 --> 00:00:52,000 Speaker 1: into the risks of crypto lending, looking at some of 16 00:00:52,000 --> 00:00:55,960 Speaker 1: the risk the pitfalls, and we talk about the biggest danger, 17 00:00:56,400 --> 00:00:59,400 Speaker 1: the number one thing, the biggest risk to crypto lending 18 00:01:00,120 --> 00:01:01,960 Speaker 1: and what they're doing about it. So, anyway, lots of 19 00:01:02,000 --> 00:01:05,240 Speaker 1: your conversation with Alex us I just jump right into it. Hey, guys, 20 00:01:05,480 --> 00:01:08,080 Speaker 1: welcome to another episode of the Market Disruptors show. I 21 00:01:08,120 --> 00:01:12,080 Speaker 1: am here with Alex Maschinski from Celsius. He probably doesn't 22 00:01:12,080 --> 00:01:14,959 Speaker 1: need much of an induction introduction, but welcome to the show, Alex, 23 00:01:15,840 --> 00:01:18,920 Speaker 1: thanks for having me. How are you. I'm doing great, 24 00:01:18,959 --> 00:01:21,520 Speaker 1: Thanks so much for thanks for joining. I. Uh, like 25 00:01:21,520 --> 00:01:23,319 Speaker 1: I said, you probably don't need much of an introduction. 26 00:01:23,400 --> 00:01:27,240 Speaker 1: You're pretty well known throughout the industry because you're one 27 00:01:27,280 --> 00:01:29,400 Speaker 1: of the hardest working guys around the industry, I guess. 28 00:01:29,959 --> 00:01:31,640 Speaker 1: But but for those that maybe don't know, just tell 29 00:01:31,720 --> 00:01:34,160 Speaker 1: us a little bit about you know, how you got 30 00:01:34,160 --> 00:01:36,720 Speaker 1: to the space and what you're doing right now. Sure, 31 00:01:36,840 --> 00:01:41,480 Speaker 1: and so I founded the Celsist Network with Daniel and 32 00:01:41,720 --> 00:01:46,120 Speaker 1: two years ago, and our mission was too really scale 33 00:01:46,160 --> 00:01:48,320 Speaker 1: the industry. We felt that the industry is kind of stuck, 34 00:01:49,280 --> 00:01:51,880 Speaker 1: uh with the number of users, with like the type 35 00:01:51,920 --> 00:01:53,760 Speaker 1: of people that are in it, and we couldn't get 36 00:01:53,760 --> 00:01:56,800 Speaker 1: to like mass adoption. So we thought that if we 37 00:01:56,920 --> 00:01:59,480 Speaker 1: created a product that acted in the best interest of 38 00:01:59,480 --> 00:02:02,920 Speaker 1: the community and earned the yield, we could bring seven 39 00:02:02,960 --> 00:02:05,400 Speaker 1: and a half billion people to crypto because that's what 40 00:02:05,440 --> 00:02:07,680 Speaker 1: everybody's looking for. So we think that we found kind 41 00:02:07,720 --> 00:02:13,040 Speaker 1: of like that the magic utility that everybody wants, right 42 00:02:13,120 --> 00:02:15,919 Speaker 1: and uh, I guess we're doing good because everybody is 43 00:02:15,960 --> 00:02:19,840 Speaker 1: now trying to copy us coin Base and Finance and 44 00:02:19,880 --> 00:02:23,440 Speaker 1: all these guys. I now, even charl Schwap stopped charging 45 00:02:23,560 --> 00:02:27,760 Speaker 1: fees for you know, so it's like, so we're dragging 46 00:02:27,800 --> 00:02:31,400 Speaker 1: everybody with us, but still Celsia space six seven times 47 00:02:31,400 --> 00:02:35,080 Speaker 1: more than everybody else, and we paid more bitcoin to 48 00:02:35,320 --> 00:02:38,200 Speaker 1: our users and all the other guys put together, So 49 00:02:38,639 --> 00:02:41,760 Speaker 1: we have a lot of very happy customers. Yeah, So 50 00:02:41,840 --> 00:02:43,919 Speaker 1: to to kind of break that down, I mean, you're 51 00:02:43,919 --> 00:02:46,800 Speaker 1: wearing a shirt that says total um. So for the 52 00:02:46,840 --> 00:02:49,080 Speaker 1: people that want to hold all that one just they 53 00:02:49,120 --> 00:02:51,080 Speaker 1: don't want to sell, they want to hold. It gives 54 00:02:51,120 --> 00:02:53,600 Speaker 1: them an option to start earning interest on those tokens 55 00:02:53,600 --> 00:02:55,360 Speaker 1: as opposed to selling them if they want to access 56 00:02:55,400 --> 00:02:59,639 Speaker 1: them for liquidity, which seems like a pretty good method. Now. 57 00:03:00,120 --> 00:03:02,400 Speaker 1: I know when we talked in the past, you really 58 00:03:02,400 --> 00:03:05,000 Speaker 1: wanted to give people an option other than the banks, 59 00:03:05,000 --> 00:03:07,640 Speaker 1: because the banks are basically taking money on deposit and 60 00:03:07,639 --> 00:03:09,240 Speaker 1: loaning it out, but they don't pay anything, right, So 61 00:03:09,240 --> 00:03:12,040 Speaker 1: that's kind of what you're trying to go after. Yeah, 62 00:03:12,080 --> 00:03:16,000 Speaker 1: the competition is between the crypto community and the banks. Right, 63 00:03:16,040 --> 00:03:18,280 Speaker 1: all of us give our money for free to the banks. 64 00:03:18,280 --> 00:03:20,760 Speaker 1: The bank's turnaround landed on the credit card to our 65 00:03:20,760 --> 00:03:24,680 Speaker 1: neighbor charge them. They keep all that profit to themselves. 66 00:03:25,160 --> 00:03:27,440 Speaker 1: Well what if you and me as depositors could get 67 00:03:27,440 --> 00:03:30,160 Speaker 1: all that profits. Associates does the same thing the banks do, 68 00:03:30,760 --> 00:03:32,800 Speaker 1: but it takes eighty percent of the profit that gives 69 00:03:32,840 --> 00:03:35,480 Speaker 1: it to the depositors instead of the banks taking eighty 70 00:03:35,520 --> 00:03:38,040 Speaker 1: percent of the profit and giving it to their shareholders. 71 00:03:38,600 --> 00:03:41,320 Speaker 1: So it's a very simple concept for people to understand. 72 00:03:41,840 --> 00:03:43,880 Speaker 1: And you can afford to do that because you don't 73 00:03:43,920 --> 00:03:46,960 Speaker 1: have a skyscraper in uh in the Financial District in 74 00:03:47,000 --> 00:03:50,560 Speaker 1: New York, in a fancy apartment in Manhattan. Yes, but 75 00:03:51,520 --> 00:03:54,760 Speaker 1: I can afford that because it's the right thing to do. 76 00:03:54,880 --> 00:03:57,640 Speaker 1: I think you very rarely in life you can do 77 00:03:57,760 --> 00:04:00,040 Speaker 1: good and do well at the same time. I'm and 78 00:04:00,080 --> 00:04:01,720 Speaker 1: it's to do it several times. If you look at 79 00:04:01,760 --> 00:04:06,080 Speaker 1: my history, Celsius, my eighth company, the company before that, 80 00:04:06,120 --> 00:04:08,280 Speaker 1: I put wireless in the subways in the ark after 81 00:04:08,320 --> 00:04:10,560 Speaker 1: a hundred year there was no years that there was 82 00:04:10,600 --> 00:04:14,240 Speaker 1: no connectivity or communications in the subways, right, So that 83 00:04:14,400 --> 00:04:16,960 Speaker 1: was fighting with the city and so on. And now 84 00:04:17,000 --> 00:04:19,600 Speaker 1: eight million people use the service for free. I did 85 00:04:19,680 --> 00:04:22,200 Speaker 1: Voice of i P before that four billion people use that. 86 00:04:22,360 --> 00:04:24,560 Speaker 1: I know most people won't believe it. Just go old 87 00:04:24,600 --> 00:04:27,800 Speaker 1: Wikipedia and put my name in there. So so this 88 00:04:27,880 --> 00:04:30,960 Speaker 1: is again the same thing I've done my entire life, right, 89 00:04:31,080 --> 00:04:36,039 Speaker 1: create opportunity for other people, Uh, give them something they 90 00:04:36,120 --> 00:04:40,279 Speaker 1: thought that they didn't deserve. And here I am part 91 00:04:40,320 --> 00:04:42,760 Speaker 1: of the one percent, but I found a way for 92 00:04:42,839 --> 00:04:48,000 Speaker 1: everybody for the basically take advantage of all these magical 93 00:04:48,120 --> 00:04:51,480 Speaker 1: things that the one percent does only for themselves. And 94 00:04:51,480 --> 00:04:54,839 Speaker 1: what we do is without getting sidetracked, but maybe just 95 00:04:54,880 --> 00:04:57,200 Speaker 1: a little bit um you know. So you know, someone 96 00:04:57,240 --> 00:04:58,960 Speaker 1: like yourself, like you're talking about you kind of have 97 00:04:59,000 --> 00:05:02,719 Speaker 1: this track record of of creating things to help other people, right, free, 98 00:05:02,760 --> 00:05:06,400 Speaker 1: free connectivity, right for phones or whatever. Uh, finding a 99 00:05:06,440 --> 00:05:09,880 Speaker 1: way to give back profits um and and so, like 100 00:05:09,920 --> 00:05:11,760 Speaker 1: you said, you are part of the one percent. But 101 00:05:12,200 --> 00:05:14,560 Speaker 1: isn't it almost something like like I've always believed that 102 00:05:14,600 --> 00:05:16,880 Speaker 1: if you help other people get what they want, then 103 00:05:16,920 --> 00:05:20,240 Speaker 1: you get what you want. My parents I was born 104 00:05:20,600 --> 00:05:23,039 Speaker 1: in Russia and the US are and my parents taught 105 00:05:23,080 --> 00:05:26,760 Speaker 1: me from the first day that giving is receiving, right 106 00:05:26,839 --> 00:05:29,359 Speaker 1: and and uh so I'm a given right. I was 107 00:05:29,400 --> 00:05:31,720 Speaker 1: just born that way. I was brought up that way. 108 00:05:31,839 --> 00:05:35,240 Speaker 1: And the more give, the more happy I am. I 109 00:05:35,360 --> 00:05:37,920 Speaker 1: find happiness in that. I don't find any happiness in 110 00:05:38,040 --> 00:05:41,680 Speaker 1: hoarding and dying with the most dollars in the bank account. 111 00:05:41,680 --> 00:05:43,840 Speaker 1: I mean, that just doesn't do anything for me. So 112 00:05:44,040 --> 00:05:46,480 Speaker 1: I did I do well only because all these other 113 00:05:46,520 --> 00:05:49,000 Speaker 1: people are doing well. And Celsius now is over four 114 00:05:49,080 --> 00:05:53,160 Speaker 1: hundred million dollars in deposits, and we earn again six 115 00:05:53,240 --> 00:05:56,119 Speaker 1: seven eight percent on that. If you keep twenty percent, 116 00:05:56,240 --> 00:05:58,440 Speaker 1: that enough to pay all the bills for the company. 117 00:05:58,480 --> 00:06:02,320 Speaker 1: It's enough to pay my bills. Everybody's happy, Yeah, So 118 00:06:02,400 --> 00:06:05,000 Speaker 1: let's talk about that. So UM, it's been about two 119 00:06:05,080 --> 00:06:08,240 Speaker 1: years since you launched UM kind of launched kind of 120 00:06:08,279 --> 00:06:12,000 Speaker 1: like right in the crypto boom with Seeen or whatever. UM. 121 00:06:12,040 --> 00:06:15,000 Speaker 1: But even through the downturn the bear market, you've continued 122 00:06:15,000 --> 00:06:17,440 Speaker 1: to grow at a pretty rapid pace. What's the growth 123 00:06:17,480 --> 00:06:19,719 Speaker 1: been like over the last years? Wearing the huddle shirt 124 00:06:19,760 --> 00:06:22,440 Speaker 1: and it was very unpopular. People kept coming to me 125 00:06:22,480 --> 00:06:25,680 Speaker 1: at conferences and saying, isn't it time to get rid 126 00:06:25,680 --> 00:06:28,039 Speaker 1: of this huddle shirt? Because a bit that went down 127 00:06:28,080 --> 00:06:31,680 Speaker 1: from I think sixteen thousand down to thirty it was 128 00:06:31,720 --> 00:06:35,320 Speaker 1: a very unpopular shirt. Now people are saying, where can 129 00:06:35,400 --> 00:06:38,560 Speaker 1: I get this shirt? Alex, come on, give me the shirt. 130 00:06:38,680 --> 00:06:43,440 Speaker 1: So look ups and downs. The Hoddlers stay Hoddlers, right. 131 00:06:43,480 --> 00:06:46,560 Speaker 1: The people who were sold out, as we know, always 132 00:06:46,560 --> 00:06:48,560 Speaker 1: sell out at the wrong time because of when our 133 00:06:48,600 --> 00:06:55,520 Speaker 1: emotions come to play. Unfortunately, that's exactly what the traders 134 00:06:55,680 --> 00:06:58,800 Speaker 1: prey on. They prey on fear, they prey on despair, 135 00:06:59,040 --> 00:07:04,200 Speaker 1: they prey on you losing your uh faith. And I mean, 136 00:07:04,480 --> 00:07:07,080 Speaker 1: you're a hoddler and you're earning that six or seven 137 00:07:07,120 --> 00:07:09,440 Speaker 1: percent on top of it, that just gives you more 138 00:07:09,960 --> 00:07:13,400 Speaker 1: comfort to It gives you that extra few months that 139 00:07:13,520 --> 00:07:17,600 Speaker 1: sometimes you need to weather the storm. I'm curious from 140 00:07:17,640 --> 00:07:20,320 Speaker 1: someone like you who's kind of been in the technology 141 00:07:20,400 --> 00:07:24,560 Speaker 1: niche right with void um and you've been an early adopter, right, 142 00:07:24,560 --> 00:07:27,240 Speaker 1: so you've been building it before it was popular, So 143 00:07:27,280 --> 00:07:29,640 Speaker 1: you've kind of seen this play out before. And so 144 00:07:29,720 --> 00:07:31,600 Speaker 1: we went through this bear market where a lot of 145 00:07:31,640 --> 00:07:34,280 Speaker 1: people folded up shop or kind of just just just 146 00:07:34,520 --> 00:07:37,760 Speaker 1: held back, but you pushed forward and built more, right. 147 00:07:37,800 --> 00:07:40,480 Speaker 1: I mean, do you think, um, I mean, is that 148 00:07:40,520 --> 00:07:42,040 Speaker 1: because you just believe in the industry, and now it's 149 00:07:42,080 --> 00:07:43,880 Speaker 1: kind of starting to pay off or you're still building 150 00:07:43,920 --> 00:07:47,640 Speaker 1: waiting for it to come. Look, the early days of 151 00:07:47,720 --> 00:07:49,640 Speaker 1: Voice of Our p were just as hard when we 152 00:07:49,680 --> 00:07:52,720 Speaker 1: went out and try to convince people that they can 153 00:07:52,760 --> 00:07:55,720 Speaker 1: stop using their phone company and they can switch to 154 00:07:55,760 --> 00:07:57,760 Speaker 1: this little company that no one knew back then it 155 00:07:57,840 --> 00:08:01,080 Speaker 1: was called urban It and and people laughter us. They're like, 156 00:08:01,120 --> 00:08:03,320 Speaker 1: I'm never gonna trust you. Who are you? You know, 157 00:08:03,360 --> 00:08:06,440 Speaker 1: like you are nobody and using this weird technology that 158 00:08:06,480 --> 00:08:09,440 Speaker 1: nobody else has, you know, like I we can't trust 159 00:08:09,480 --> 00:08:13,160 Speaker 1: you for anything. Uh So it wasn't easy, right, But 160 00:08:13,200 --> 00:08:16,840 Speaker 1: that convincing people to switch from one phone company to 161 00:08:16,920 --> 00:08:20,600 Speaker 1: another is definitely not as hard as convincing people to 162 00:08:20,760 --> 00:08:24,560 Speaker 1: deposit money. Stop depositing money with City or JP Morgan 163 00:08:24,960 --> 00:08:27,120 Speaker 1: and giving it to you. So I think the bar 164 00:08:27,240 --> 00:08:30,400 Speaker 1: is much higher, and that's why we have that slower adoption. Right. 165 00:08:30,400 --> 00:08:33,120 Speaker 1: If you look at the speed at which the Internet scale, 166 00:08:33,640 --> 00:08:36,600 Speaker 1: we are scaling one tenth that speed. And part of 167 00:08:36,640 --> 00:08:38,920 Speaker 1: what I dedicating the rest of my life too is 168 00:08:38,960 --> 00:08:41,880 Speaker 1: really make sure that seven billion people have access to 169 00:08:42,000 --> 00:08:44,520 Speaker 1: this because the banks are not going to change their way. 170 00:08:44,600 --> 00:08:47,080 Speaker 1: The politicians are going to change their way. The Fed 171 00:08:47,320 --> 00:08:51,839 Speaker 1: just injected two hundred and eighty billion dollars in two weeks, right, 172 00:08:51,880 --> 00:08:54,000 Speaker 1: they created poof two and an eighty billion. No one 173 00:08:54,040 --> 00:08:57,840 Speaker 1: they paid any attention to it. So when people are 174 00:08:57,840 --> 00:09:01,360 Speaker 1: gonna realize that all of that is hidden inflation that 175 00:09:01,480 --> 00:09:04,719 Speaker 1: just eats away your money, right, we're gonna realize when 176 00:09:04,720 --> 00:09:07,840 Speaker 1: it's too late. Yeah, if a catapult was eating your house, 177 00:09:08,160 --> 00:09:10,240 Speaker 1: you would go to the exterminator and take care of 178 00:09:10,240 --> 00:09:13,360 Speaker 1: it right away. Well, guess what, this caterpillar is eating 179 00:09:13,400 --> 00:09:15,840 Speaker 1: a dollar and you're not doing anything about it. So 180 00:09:16,800 --> 00:09:21,760 Speaker 1: I think again, bitcoin is the best doomsday insurance out there. 181 00:09:21,920 --> 00:09:25,360 Speaker 1: It's the cheapest doomsday insurance out there. And anyone who 182 00:09:25,400 --> 00:09:27,839 Speaker 1: does not have one to five cent of their money 183 00:09:28,000 --> 00:09:32,600 Speaker 1: in it doesn't understand what's happening every day. I'm curious. So, 184 00:09:32,679 --> 00:09:34,200 Speaker 1: like I said, you know, you started in the in 185 00:09:34,240 --> 00:09:36,559 Speaker 1: the peak of the of the boom, and then you 186 00:09:36,679 --> 00:09:39,920 Speaker 1: built all through the bear market. But I've seen other 187 00:09:40,040 --> 00:09:42,800 Speaker 1: people in the industry, coin Base and others like reporting 188 00:09:42,840 --> 00:09:46,439 Speaker 1: good numbers like good signaps um good. You know, we 189 00:09:46,480 --> 00:09:48,640 Speaker 1: see a bunch of new wallets coming online. Hash power 190 00:09:48,760 --> 00:09:52,680 Speaker 1: super strong, but your business has continued to grow as well, right, So, like, 191 00:09:52,760 --> 00:09:54,120 Speaker 1: can you tell us a little bit like what the 192 00:09:54,200 --> 00:09:56,440 Speaker 1: growth curve may have been like over the last you know, 193 00:09:56,480 --> 00:09:58,800 Speaker 1: eighteen months. Has it been kind of steady up or 194 00:09:58,840 --> 00:10:00,480 Speaker 1: do you take a dip? Is are we on a 195 00:10:00,640 --> 00:10:03,560 Speaker 1: big up trend right now? So people are excited about 196 00:10:03,559 --> 00:10:06,880 Speaker 1: coin based Binance. Those are trading businesses, right They go 197 00:10:07,000 --> 00:10:10,520 Speaker 1: up and down in volume based on the hype of 198 00:10:10,559 --> 00:10:15,559 Speaker 1: the trading. We consistently make six seven eight percent on 199 00:10:15,559 --> 00:10:18,440 Speaker 1: our a U M. And we from day one we 200 00:10:18,520 --> 00:10:20,960 Speaker 1: had the same growth. We did not have slowed down. 201 00:10:20,960 --> 00:10:22,600 Speaker 1: We did we were trying to speed it up. We 202 00:10:22,640 --> 00:10:25,640 Speaker 1: can't do that either. It's between a hundred and fifty 203 00:10:25,679 --> 00:10:28,920 Speaker 1: and two hundred people every day. Then we got between 204 00:10:28,960 --> 00:10:31,240 Speaker 1: two and three million dollars and deposits every day. And 205 00:10:31,240 --> 00:10:34,360 Speaker 1: now sometimes I can tell you when Binance announced the 206 00:10:34,559 --> 00:10:37,880 Speaker 1: lottery interest income and everybody went to their site and 207 00:10:37,920 --> 00:10:40,200 Speaker 1: found out that I can't actually learn anything. We got 208 00:10:40,200 --> 00:10:42,319 Speaker 1: fourteen million dollars that day and the next day we 209 00:10:42,400 --> 00:10:45,280 Speaker 1: got like nine million dollars. So we we definitely had 210 00:10:45,280 --> 00:10:48,520 Speaker 1: a rampop because other people were trying to copy us, 211 00:10:48,720 --> 00:10:51,559 Speaker 1: but they didn't deliver, right, So, but consistently we do 212 00:10:51,679 --> 00:10:55,360 Speaker 1: two to three million. Our average depositors twenty tho dollars. 213 00:10:55,400 --> 00:10:57,800 Speaker 1: The average coin based deposited about a thousand dollars. So 214 00:10:57,840 --> 00:10:59,960 Speaker 1: we have the cream of the crop of the crik 215 00:11:00,000 --> 00:11:03,520 Speaker 1: To community. We have the Hoddler community, the coin Base, 216 00:11:03,720 --> 00:11:07,720 Speaker 1: the Bindance have the trader community, right, the speculator community. 217 00:11:07,800 --> 00:11:11,000 Speaker 1: So these are different communities that have different behavior and 218 00:11:11,040 --> 00:11:15,160 Speaker 1: we serve different purposes. Right. Our job is to protect 219 00:11:15,280 --> 00:11:19,880 Speaker 1: to create yield. We always represent the depositor. We don't 220 00:11:19,920 --> 00:11:22,640 Speaker 1: represent the hatch fund. We don't We're not a neutral player. 221 00:11:23,520 --> 00:11:26,000 Speaker 1: I can assure you that coin Base cannot look at 222 00:11:26,000 --> 00:11:28,080 Speaker 1: you in the face and tell you I'm always acting 223 00:11:28,080 --> 00:11:32,319 Speaker 1: in your best interests or Bindance or anybody else. Right, So, 224 00:11:32,480 --> 00:11:35,720 Speaker 1: I I heard something about a new milestone that was 225 00:11:35,760 --> 00:11:39,839 Speaker 1: passed where you guys have reached a record of of 226 00:11:39,880 --> 00:11:42,480 Speaker 1: assets under management a u M. Right, like something about 227 00:11:42,520 --> 00:11:45,839 Speaker 1: four million or so. Yeah, we'll just crossed the four 228 00:11:45,880 --> 00:11:49,360 Speaker 1: hundred million. And again that's a few into some pretty 229 00:11:49,480 --> 00:11:52,800 Speaker 1: rare air up in the top. I think, uh, probably 230 00:11:52,800 --> 00:11:54,680 Speaker 1: one of the probably at least one of the biggest 231 00:11:54,720 --> 00:11:56,960 Speaker 1: funds in all of crypto I would imagine at this point. 232 00:11:57,960 --> 00:12:01,720 Speaker 1: I think officially it says is number two, right behind 233 00:12:01,800 --> 00:12:03,959 Speaker 1: the Great Scale. So there were a few other people 234 00:12:04,040 --> 00:12:08,200 Speaker 1: up there, and it looks like we're sucking assets up 235 00:12:08,240 --> 00:12:11,200 Speaker 1: from everybody. Right. So again, if if you're not paying 236 00:12:11,280 --> 00:12:15,280 Speaker 1: your customers uh for depositing assets with you, and we are, 237 00:12:15,320 --> 00:12:17,600 Speaker 1: why would they keep the oussets with you? Why wouldn't 238 00:12:17,600 --> 00:12:20,160 Speaker 1: they swim over? Right? So, so I think we've proven 239 00:12:20,160 --> 00:12:23,080 Speaker 1: over two years that were consistent, we pay we you know, 240 00:12:23,120 --> 00:12:25,840 Speaker 1: the funniest the best thing is that we took the 241 00:12:25,840 --> 00:12:28,080 Speaker 1: worst day of the week, which is Monday, and we 242 00:12:28,160 --> 00:12:29,720 Speaker 1: made it the best day of the week because we 243 00:12:29,760 --> 00:12:32,480 Speaker 1: pay interest. Monday morning, most of our customers wake up 244 00:12:32,840 --> 00:12:36,920 Speaker 1: and there's interest in their uh inbox, you know, just 245 00:12:36,920 --> 00:12:40,920 Speaker 1: waiting for them and a smile and the fifty people 246 00:12:41,000 --> 00:12:45,040 Speaker 1: faces every every Monday morning. Yeah, that's great. So that's 247 00:12:45,080 --> 00:12:48,400 Speaker 1: a great milestone. Congratulations on that. So, you know, the 248 00:12:48,480 --> 00:12:52,200 Speaker 1: business model of paying out you know whatever four or five, six, 249 00:12:52,240 --> 00:12:58,760 Speaker 1: seven sometimes interests is amazing, um almost two good to 250 00:12:58,800 --> 00:13:03,640 Speaker 1: be true? Right? Uh. You know I've talked about earning 251 00:13:03,679 --> 00:13:06,480 Speaker 1: interests on stable coins and and other cryptocurrencies, bitcoin and 252 00:13:06,520 --> 00:13:08,600 Speaker 1: stuff and so I've I've got a lot of feedback 253 00:13:08,679 --> 00:13:11,000 Speaker 1: from from users. A lot of people just say, oh, 254 00:13:11,040 --> 00:13:12,960 Speaker 1: Alex seems like such a great guy. I just trust 255 00:13:13,040 --> 00:13:15,400 Speaker 1: him because I see him talking all the time. But 256 00:13:15,400 --> 00:13:19,760 Speaker 1: but realistically, um, nothing is risk free in life, right, 257 00:13:19,880 --> 00:13:22,040 Speaker 1: Doing nothing is not risk free? Right, as you already said, 258 00:13:22,080 --> 00:13:23,800 Speaker 1: the worms eating the house. If I leave my money 259 00:13:23,800 --> 00:13:26,319 Speaker 1: in the bank, I know I'm losing money there. Um, 260 00:13:26,360 --> 00:13:29,200 Speaker 1: So we know there's risk, but UM, I know some 261 00:13:29,280 --> 00:13:32,280 Speaker 1: of it is counterparty risk. And so you're taking that 262 00:13:32,320 --> 00:13:35,880 Speaker 1: money loaning it out to earn income. Uh. Some of 263 00:13:35,880 --> 00:13:38,720 Speaker 1: the things I've heard would be that, like you loaned 264 00:13:38,720 --> 00:13:40,680 Speaker 1: the bit fin x and bit fin x is potentially 265 00:13:40,720 --> 00:13:42,680 Speaker 1: going to be in trouble with the n Y, you know, 266 00:13:42,760 --> 00:13:45,920 Speaker 1: a g over tether and whatnot. What can you say 267 00:13:45,920 --> 00:13:49,640 Speaker 1: about something like that? So we we longed to about 268 00:13:49,640 --> 00:13:53,800 Speaker 1: a hundred eight institutions. We loaned to bit fin x, 269 00:13:53,920 --> 00:13:57,199 Speaker 1: We loan to many others, and for each one of 270 00:13:57,240 --> 00:14:00,000 Speaker 1: them we have a risk profile. So we don't land 271 00:14:00,000 --> 00:14:01,880 Speaker 1: than anybody unless we on board. Then we do full 272 00:14:01,920 --> 00:14:04,880 Speaker 1: ky CML. We get to see their balance sheet and 273 00:14:04,920 --> 00:14:07,080 Speaker 1: we get to understand what the risk is because we 274 00:14:07,160 --> 00:14:10,280 Speaker 1: represent the community right if if if we make a mistake, 275 00:14:10,760 --> 00:14:13,160 Speaker 1: we have to pay for it from our treasury and 276 00:14:13,200 --> 00:14:16,680 Speaker 1: make the community good right. So so we have a 277 00:14:16,679 --> 00:14:19,480 Speaker 1: counterparty risk. In this case, the counterparty would be bit 278 00:14:19,520 --> 00:14:23,320 Speaker 1: fin x, or it would be a trading firm mostly 279 00:14:23,360 --> 00:14:26,200 Speaker 1: hedge funds, or other major Wall street firms that trade 280 00:14:26,240 --> 00:14:31,240 Speaker 1: in bitcoin, and specifically to bitfin x. We have seen 281 00:14:32,000 --> 00:14:35,640 Speaker 1: assurances from them in the form of audited financials, in 282 00:14:35,640 --> 00:14:39,720 Speaker 1: the form of their uh A deposit on hand, in 283 00:14:39,720 --> 00:14:43,320 Speaker 1: the form of their insurance. That makes us feel that 284 00:14:43,400 --> 00:14:46,000 Speaker 1: we can trust them with some of our assets. Now 285 00:14:46,040 --> 00:14:48,480 Speaker 1: we also bore from them, so at any time we 286 00:14:48,560 --> 00:14:51,080 Speaker 1: try to balance that risk, meaning the amount that we 287 00:14:51,200 --> 00:14:53,480 Speaker 1: give them. We may give them ripple, or we may 288 00:14:53,520 --> 00:14:56,760 Speaker 1: give them life coin. Most people think we give them bitcoin, 289 00:14:56,800 --> 00:15:00,400 Speaker 1: but bit foin x pay is less than one percent 290 00:15:00,640 --> 00:15:03,880 Speaker 1: a year on bitcoin, so obviously we're paying four and 291 00:15:03,880 --> 00:15:05,800 Speaker 1: a half percent, So you can't make four and a 292 00:15:05,840 --> 00:15:08,240 Speaker 1: half percent if you land at one percent. We don't 293 00:15:08,280 --> 00:15:11,840 Speaker 1: land bit finex any bitcoin, but the coins that they 294 00:15:11,880 --> 00:15:15,280 Speaker 1: do want, where we can earn a nice heel, we 295 00:15:15,360 --> 00:15:18,320 Speaker 1: then borrow other things for them. We borrow other assets 296 00:15:18,320 --> 00:15:21,080 Speaker 1: that offset the risk, meaning if they default for any reason. 297 00:15:21,160 --> 00:15:23,400 Speaker 1: We hold enough assets where we have zero risk or 298 00:15:23,480 --> 00:15:26,280 Speaker 1: zero exposure, and we do that with everybody like we 299 00:15:26,800 --> 00:15:29,000 Speaker 1: you know, even like we we land and bore from 300 00:15:29,040 --> 00:15:32,520 Speaker 1: Galaxy Digital, for example, and at any time we have 301 00:15:34,120 --> 00:15:38,000 Speaker 1: a net zero exposure in most cases with them and 302 00:15:38,040 --> 00:15:42,040 Speaker 1: with other major institutions. Galaxy Digital is a public company. 303 00:15:42,080 --> 00:15:44,840 Speaker 1: You can see their assets, so it's very easy for 304 00:15:44,880 --> 00:15:47,520 Speaker 1: you to know, for you, meaning for Celsius, to know 305 00:15:47,560 --> 00:15:52,640 Speaker 1: what's our risk exposure and manage that properly. So um 306 00:15:52,760 --> 00:15:56,360 Speaker 1: your bank, any bank did you deposit dollar with, and 307 00:15:56,600 --> 00:16:00,360 Speaker 1: does the same thing if you happen to uh the bank, 308 00:16:00,400 --> 00:16:02,840 Speaker 1: for example, with Deutsche Bank, they'll leverage fifty two one, 309 00:16:02,920 --> 00:16:07,160 Speaker 1: meaning they took for every dollar that you gave them 310 00:16:07,160 --> 00:16:10,440 Speaker 1: a deposit, they lent out fifty dollars out there, and 311 00:16:10,520 --> 00:16:13,080 Speaker 1: so they have tremendous We We never have more than 312 00:16:13,120 --> 00:16:16,800 Speaker 1: one to one leverage. So we are under leverage compared 313 00:16:16,840 --> 00:16:19,360 Speaker 1: to any bank or any major financial institution in the 314 00:16:19,480 --> 00:16:21,960 Speaker 1: United States. So it would be hard for me to 315 00:16:21,960 --> 00:16:25,880 Speaker 1: say we're less risky because we're not ABAC insured and 316 00:16:25,960 --> 00:16:29,560 Speaker 1: we're not all these other things, but we're definitely less 317 00:16:29,680 --> 00:16:33,640 Speaker 1: much less leverage than most of these guys you're talking 318 00:16:33,680 --> 00:16:36,720 Speaker 1: about most of the other financial institution that people think 319 00:16:36,800 --> 00:16:40,840 Speaker 1: are safe havens. So really, then, I mean, whether it's 320 00:16:40,880 --> 00:16:43,800 Speaker 1: bit fin X or any other number of people, I mean, 321 00:16:43,840 --> 00:16:47,000 Speaker 1: it's always counterparty risk. So if I loan money to you, 322 00:16:47,200 --> 00:16:48,760 Speaker 1: I know you and I've talked to you. But when 323 00:16:48,760 --> 00:16:50,560 Speaker 1: I lean money to you and you leaned to somebody else, 324 00:16:50,600 --> 00:16:53,640 Speaker 1: then I lose that relationship. UM. And so whether it's 325 00:16:53,680 --> 00:16:56,200 Speaker 1: fifin X or whoever, there's counterparty risk. And basically what 326 00:16:56,240 --> 00:17:00,520 Speaker 1: you're saying is that UM, you guys manage that, UM, 327 00:17:00,600 --> 00:17:05,000 Speaker 1: spread the risk around by institutions, and then offset the 328 00:17:05,080 --> 00:17:08,480 Speaker 1: risk with borrowing and lending. I guess that's that's the answer, right, 329 00:17:08,480 --> 00:17:12,159 Speaker 1: So we we we manage on behalf of fifty depositors. So, 330 00:17:13,240 --> 00:17:16,520 Speaker 1: like like I said to you before we started recording, right, anyone, 331 00:17:16,760 --> 00:17:19,720 Speaker 1: any person can go open account of bit finis and 332 00:17:19,800 --> 00:17:23,560 Speaker 1: lend them XRP directly and earned twenty more than what 333 00:17:23,760 --> 00:17:26,560 Speaker 1: we pay you. Out Right, you can bypass us go 334 00:17:26,600 --> 00:17:29,679 Speaker 1: directly to any of these institutions, but you will have 335 00:17:29,760 --> 00:17:32,160 Speaker 1: to create a hundred a D the relationship. You're gonna 336 00:17:32,200 --> 00:17:34,920 Speaker 1: have to do PSCML and all of them, you're gonna 337 00:17:34,960 --> 00:17:37,480 Speaker 1: have to manage the accounter, party risk and everything else. 338 00:17:37,880 --> 00:17:41,680 Speaker 1: So if you think about us just charging for that, 339 00:17:42,200 --> 00:17:45,879 Speaker 1: I think that is definitely a reasonable uh kind of 340 00:17:46,680 --> 00:17:49,199 Speaker 1: it's a fair deal for both sides, right, that's what 341 00:17:49,200 --> 00:17:53,040 Speaker 1: we're trying to say. What about what about regulatory risk? 342 00:17:53,680 --> 00:17:56,560 Speaker 1: So that would be something also, right, So let's say 343 00:17:56,600 --> 00:18:00,480 Speaker 1: that the regulators, whoever they may be right, they're they're 344 00:18:00,560 --> 00:18:03,240 Speaker 1: very unclear on what's going on. So they want to 345 00:18:03,240 --> 00:18:06,120 Speaker 1: come in and freeze your accounts because of the cell token, 346 00:18:06,320 --> 00:18:09,000 Speaker 1: or because you did business with tether, or because any 347 00:18:09,080 --> 00:18:11,399 Speaker 1: number of reasons. So what kind of what do you 348 00:18:11,400 --> 00:18:15,840 Speaker 1: think about that risk? Full disclosure? We are filed DI 349 00:18:15,920 --> 00:18:19,960 Speaker 1: reg D with SEC where fins and registered. If you 350 00:18:20,080 --> 00:18:23,879 Speaker 1: check all the other people that do this kind of 351 00:18:23,920 --> 00:18:26,920 Speaker 1: stuff in the business or based in the Seychelle Islands, 352 00:18:27,040 --> 00:18:31,199 Speaker 1: or based in in Malta or based in the b 353 00:18:31,320 --> 00:18:33,679 Speaker 1: v I or whatever, you would see that none of 354 00:18:33,680 --> 00:18:36,639 Speaker 1: them have any SEC filings of FINS and filing. So 355 00:18:37,760 --> 00:18:42,159 Speaker 1: we actually work with regulators. We work with enforcement agencies 356 00:18:42,200 --> 00:18:44,600 Speaker 1: when they need to find certain assets and they're trying 357 00:18:44,640 --> 00:18:48,560 Speaker 1: to track different accounts. If somebody comes to us and 358 00:18:48,600 --> 00:18:52,240 Speaker 1: asked us that I'm talking about regulators or enforcement agencies. 359 00:18:52,720 --> 00:18:55,320 Speaker 1: We are there to co operate with them, right, So 360 00:18:55,359 --> 00:18:58,720 Speaker 1: we are a good citizen in the financial system. Uh. 361 00:18:58,760 --> 00:19:03,000 Speaker 1: And unlike most of the projects in the crypto space 362 00:19:03,080 --> 00:19:06,600 Speaker 1: which did like you've seen us recently paid twenty four million, 363 00:19:06,640 --> 00:19:09,440 Speaker 1: they'll fine. The reason they paid a fine is because 364 00:19:09,480 --> 00:19:11,800 Speaker 1: they didn't do what Celsius did. They did not file 365 00:19:11,880 --> 00:19:14,560 Speaker 1: a reg D when they did their race. If they did, 366 00:19:14,680 --> 00:19:16,720 Speaker 1: they wouldn't be paying the twenty four million all fine. 367 00:19:16,840 --> 00:19:20,160 Speaker 1: So we are the example. We have the highest standard 368 00:19:20,680 --> 00:19:24,840 Speaker 1: in our industry today. Celsius is probably the only company, 369 00:19:24,880 --> 00:19:26,639 Speaker 1: the only i c oh in the United States that 370 00:19:26,720 --> 00:19:30,199 Speaker 1: did not receive an sec S a letter or an 371 00:19:30,240 --> 00:19:36,600 Speaker 1: action letter or any kind of action. Look, look we 372 00:19:36,600 --> 00:19:39,920 Speaker 1: we again. We we have a compliance department. We did 373 00:19:40,000 --> 00:19:42,919 Speaker 1: KYC from day one. We didn't do KYC after we 374 00:19:42,960 --> 00:19:45,760 Speaker 1: had ten million customers and we decide, oh my gosh, 375 00:19:46,000 --> 00:19:48,840 Speaker 1: we forgot to do KYC. Let's do And that's part 376 00:19:48,840 --> 00:19:51,320 Speaker 1: of what slows our growth. I mean, we have we 377 00:19:51,400 --> 00:19:54,680 Speaker 1: have a hundred and twenty thousand downloads and we only 378 00:19:54,680 --> 00:19:57,439 Speaker 1: had forty five thousand people that pass KYC. So we 379 00:19:57,600 --> 00:20:00,920 Speaker 1: paid for it in the form of not admitting tens 380 00:20:00,920 --> 00:20:02,800 Speaker 1: of thousands of people. We either don't know how to 381 00:20:02,840 --> 00:20:05,400 Speaker 1: do it or they'll get scared when we asked them 382 00:20:05,480 --> 00:20:08,480 Speaker 1: for the social security or for their driving license. So 383 00:20:09,080 --> 00:20:11,120 Speaker 1: it's not easy for us. It's not like, oh, look, 384 00:20:11,200 --> 00:20:13,879 Speaker 1: can't I see it's so easy? Right? We lose half 385 00:20:13,920 --> 00:20:18,359 Speaker 1: of our customers because of that. But compliance and protecting 386 00:20:18,359 --> 00:20:21,760 Speaker 1: our community right, making sure we don't admit any bad apples, 387 00:20:22,240 --> 00:20:26,159 Speaker 1: because that's again, I represent the community. If I screw 388 00:20:26,240 --> 00:20:30,520 Speaker 1: up for the community, I will lose uh everybody, right, 389 00:20:30,560 --> 00:20:34,600 Speaker 1: So our job and that's why we only promising midicine 390 00:20:34,720 --> 00:20:37,960 Speaker 1: single digits. We're not trying to get you, right, So 391 00:20:38,000 --> 00:20:41,840 Speaker 1: we're trying to balance the risk with providing great security 392 00:20:41,880 --> 00:20:45,440 Speaker 1: blanket for the entire cryptic community that that uses us. 393 00:20:45,680 --> 00:20:48,520 Speaker 1: So if I'm a potential user and I'm looking at 394 00:20:48,520 --> 00:20:50,600 Speaker 1: this and saying, shoot, I'd like to make some percent 395 00:20:50,720 --> 00:20:54,879 Speaker 1: return on my crypto or stable coin um and I 396 00:20:54,880 --> 00:20:57,080 Speaker 1: want to do my due diligence or whatever, what, what 397 00:20:57,160 --> 00:20:59,639 Speaker 1: would you say is the number one risk that I 398 00:20:59,640 --> 00:21:04,720 Speaker 1: should watching out for. So look, you you you don't 399 00:21:04,760 --> 00:21:07,320 Speaker 1: have to trust us at all. You can verify all 400 00:21:07,320 --> 00:21:09,760 Speaker 1: of our assets. You can verify the loans with issue. 401 00:21:09,840 --> 00:21:12,800 Speaker 1: You can verify are we giving back eight or not. 402 00:21:12,960 --> 00:21:17,080 Speaker 1: There's many many different online forms that do that every day. 403 00:21:17,119 --> 00:21:20,840 Speaker 1: If you go to the Celsius network telegram channel that 404 00:21:21,000 --> 00:21:24,400 Speaker 1: is managed by the community. If you go to Celsians 405 00:21:24,440 --> 00:21:28,080 Speaker 1: that network that colm sorry, that is a website that 406 00:21:28,160 --> 00:21:31,600 Speaker 1: is managed by the community that is basically reports as 407 00:21:31,600 --> 00:21:35,760 Speaker 1: a separate, independent party on what Celsius does. We report 408 00:21:35,800 --> 00:21:37,880 Speaker 1: as well. You can go to our website and see 409 00:21:37,880 --> 00:21:39,840 Speaker 1: all of our wallets and what do we have there, 410 00:21:40,160 --> 00:21:41,879 Speaker 1: but you you will see a lot of stats that 411 00:21:41,880 --> 00:21:45,159 Speaker 1: are not available on our side in those other communities 412 00:21:45,160 --> 00:21:47,560 Speaker 1: where people got this either because they tweeted something or 413 00:21:47,560 --> 00:21:50,000 Speaker 1: they got it because they did deep research on all 414 00:21:50,000 --> 00:21:52,080 Speaker 1: the wallets and they saw where the coins went and 415 00:21:52,080 --> 00:21:55,280 Speaker 1: so on, and you know, they asked very hard questions. 416 00:21:55,280 --> 00:21:59,359 Speaker 1: You can see them asking us, poke, poking us and saying, well, 417 00:21:59,480 --> 00:22:02,160 Speaker 1: this number is not exactly what you said, because it's 418 00:22:02,160 --> 00:22:05,800 Speaker 1: not exactly right. Sometimes it's seventy nine point six and 419 00:22:05,880 --> 00:22:09,680 Speaker 1: sometimes it's eighty two point two. Right. The numbers fluctuate, 420 00:22:09,840 --> 00:22:12,119 Speaker 1: but we try to keep it at that eight percent 421 00:22:12,280 --> 00:22:15,720 Speaker 1: level of giving back to the community. So all these 422 00:22:15,760 --> 00:22:19,560 Speaker 1: things are the question is it Sells is acting in 423 00:22:19,600 --> 00:22:22,680 Speaker 1: the best interests of everybody in our community, or Sells 424 00:22:22,760 --> 00:22:26,159 Speaker 1: is treating different people differently? Is Alex stealing all the 425 00:22:26,200 --> 00:22:29,280 Speaker 1: coins for himself? Things like that that are that are 426 00:22:29,400 --> 00:22:32,760 Speaker 1: real questions because unfortunately in our industry in the last 427 00:22:32,760 --> 00:22:36,600 Speaker 1: ten years had a lot of example of bad actors. Right, So, 428 00:22:36,600 --> 00:22:41,040 Speaker 1: so I don't discount your your question or the listeners 429 00:22:41,119 --> 00:22:44,679 Speaker 1: questions because these are critical issues and it takes it 430 00:22:44,720 --> 00:22:47,680 Speaker 1: takes institutions very long time to build trust. And I 431 00:22:47,760 --> 00:22:50,320 Speaker 1: don't expect people to trust me overnight. We have to deliver. 432 00:22:50,720 --> 00:22:52,480 Speaker 1: For some people, we may have to deliver for ten 433 00:22:52,520 --> 00:22:56,440 Speaker 1: years before they trust us. Right, Yeah, Well, I mean 434 00:22:56,520 --> 00:22:58,359 Speaker 1: the longer that you do, Like you said, building that 435 00:22:58,400 --> 00:23:01,359 Speaker 1: reputation is what it takes. And like I said, I mean, 436 00:23:01,359 --> 00:23:03,520 Speaker 1: there's always gonna be risking something and and there's risk 437 00:23:03,600 --> 00:23:05,600 Speaker 1: leaving your money in the bank as well. So it's 438 00:23:05,640 --> 00:23:07,520 Speaker 1: just important for everyone to do that. And I just 439 00:23:07,640 --> 00:23:10,159 Speaker 1: was hoping to get some framework like you've given for 440 00:23:10,200 --> 00:23:12,920 Speaker 1: people to look at different platforms. I think what's interesting 441 00:23:13,040 --> 00:23:16,120 Speaker 1: is most people probably don't realize is that if they 442 00:23:16,200 --> 00:23:19,720 Speaker 1: leave any of their coins on exchanges. It's probably already 443 00:23:19,720 --> 00:23:23,320 Speaker 1: happening to them without them even knowing it. Yes, most 444 00:23:23,359 --> 00:23:26,840 Speaker 1: people don't know that exchanges use their coins to make 445 00:23:26,920 --> 00:23:29,600 Speaker 1: tremendous amount of profit. Again, I don't want to pile 446 00:23:29,680 --> 00:23:33,640 Speaker 1: on just on the binance, but if you take them 447 00:23:33,640 --> 00:23:36,440 Speaker 1: on the profit that Bindance makes, right, then you look 448 00:23:36,480 --> 00:23:39,240 Speaker 1: at how much they made from trading fees. There's a 449 00:23:39,280 --> 00:23:42,160 Speaker 1: huge gap there. And the huge gap is money they 450 00:23:42,200 --> 00:23:46,760 Speaker 1: made from front rounding, from rehypothication, from all these things 451 00:23:46,760 --> 00:23:49,480 Speaker 1: that they do, from arbitrage, from all these things that 452 00:23:49,520 --> 00:23:55,000 Speaker 1: they do using your coins. Now, very recently, like two 453 00:23:55,040 --> 00:23:56,960 Speaker 1: weeks ago, three weeks ago, they and now it's gonna 454 00:23:56,960 --> 00:23:59,200 Speaker 1: start paying interest. Well, they're paying only to two d 455 00:23:59,240 --> 00:24:01,399 Speaker 1: The first two hundred will have pressed the button the computer, right, 456 00:24:01,440 --> 00:24:04,840 Speaker 1: So like an auction. They only have a million seven 457 00:24:04,920 --> 00:24:08,240 Speaker 1: worth of deposits that they take every two weeks, which 458 00:24:08,320 --> 00:24:11,760 Speaker 1: is about two hundred people, you know, and they have 459 00:24:11,760 --> 00:24:14,520 Speaker 1: two million customers, So how exactly is everybody gonna get 460 00:24:14,760 --> 00:24:17,119 Speaker 1: to our own interest? So again it's just a gimmick. 461 00:24:17,200 --> 00:24:19,560 Speaker 1: It's more of like a promo to try to keep 462 00:24:19,600 --> 00:24:24,400 Speaker 1: people from leaving the exchange. But I called sizy on it, right. 463 00:24:24,440 --> 00:24:27,120 Speaker 1: I I asked CZ to do just a good job 464 00:24:27,200 --> 00:24:31,560 Speaker 1: for his depositor as it does for himself, hoarding being 465 00:24:31,680 --> 00:24:35,280 Speaker 1: being paying himself all those dividends. I'm curious. Um, one 466 00:24:35,280 --> 00:24:37,760 Speaker 1: more thing you had mentioned. Uh, you'd mentioned that you 467 00:24:37,800 --> 00:24:41,000 Speaker 1: have like a treasury fund and if one of your 468 00:24:41,080 --> 00:24:42,720 Speaker 1: one of your positions took a loss, you'd have to 469 00:24:42,720 --> 00:24:45,119 Speaker 1: come out of the treasury fund. And so you've already 470 00:24:45,119 --> 00:24:48,040 Speaker 1: talked about how you kind of distribute about a different 471 00:24:48,320 --> 00:24:50,720 Speaker 1: borrowers um and then you have the treasury fund to 472 00:24:50,800 --> 00:24:54,600 Speaker 1: kind of back up a potential loss. Um. Is that 473 00:24:54,680 --> 00:24:56,080 Speaker 1: is that the way it kind of works. I mean, 474 00:24:56,280 --> 00:24:58,879 Speaker 1: our people kind of have some faith and maybe we 475 00:24:58,880 --> 00:25:01,040 Speaker 1: can see the treasury uns and we know that you're 476 00:25:01,040 --> 00:25:02,560 Speaker 1: willing to take a little bit of a loss before 477 00:25:02,600 --> 00:25:05,720 Speaker 1: you pass it on to everybody else. Socialize that loss. Yeah, 478 00:25:05,720 --> 00:25:08,160 Speaker 1: So you know, I tweeted that a few weeks ago. 479 00:25:08,200 --> 00:25:14,119 Speaker 1: I said, while other exchanges of socializing losses, we're socializing profits, right. 480 00:25:14,240 --> 00:25:17,680 Speaker 1: The socialized it is so we we have not had 481 00:25:17,720 --> 00:25:22,440 Speaker 1: to socialize anything besides the interest distribution. Every week since 482 00:25:22,440 --> 00:25:25,520 Speaker 1: we launched for almost two years, right, every Monday, like 483 00:25:25,680 --> 00:25:29,240 Speaker 1: a clock work. We pay interest. The interest varies based 484 00:25:29,240 --> 00:25:31,679 Speaker 1: on what we earned, but we paid every Monday, right 485 00:25:31,680 --> 00:25:33,320 Speaker 1: and if we are in zero, we would pay zero. 486 00:25:33,359 --> 00:25:35,919 Speaker 1: We're not fabricating the numbers. I can tell you that 487 00:25:36,000 --> 00:25:39,439 Speaker 1: all of our competitors coin and not coin based, but 488 00:25:40,280 --> 00:25:44,080 Speaker 1: block five and next so and salt and and the 489 00:25:44,119 --> 00:25:47,479 Speaker 1: crypto dot com, they all subsidizing it from their treasure. 490 00:25:47,480 --> 00:25:50,960 Speaker 1: They're not earning anything, right, So and the block fire 491 00:25:51,000 --> 00:25:55,560 Speaker 1: specifically said that publicly on block TV, admitting, oh yeah, 492 00:25:55,640 --> 00:25:58,000 Speaker 1: we just use our investors money to pay your interest. 493 00:25:58,320 --> 00:26:01,480 Speaker 1: So those are not sustainable business models, right. I mean, 494 00:26:01,520 --> 00:26:05,040 Speaker 1: what Celsius did is created We invented this business, right. 495 00:26:05,280 --> 00:26:09,399 Speaker 1: We basically engineered the solution that did exactly what the 496 00:26:09,440 --> 00:26:12,199 Speaker 1: banks do, but the opposite. It gave all of that 497 00:26:12,400 --> 00:26:16,320 Speaker 1: profit back to the depositors, right versus the shareholders. And 498 00:26:16,359 --> 00:26:19,520 Speaker 1: because of that, there is such traction and there's such 499 00:26:19,800 --> 00:26:22,760 Speaker 1: uh commitment from these depositors to give us more and 500 00:26:22,800 --> 00:26:26,640 Speaker 1: more capital to manage. So yes, we we take out 501 00:26:26,680 --> 00:26:30,920 Speaker 1: of that. We pay salaries, we pay all of our expenses, 502 00:26:31,200 --> 00:26:33,679 Speaker 1: and whatever is left we're putting into a pot that 503 00:26:33,840 --> 00:26:37,560 Speaker 1: is used to protect users in case we do make 504 00:26:37,600 --> 00:26:40,119 Speaker 1: a mistake and any loss we have, if we have 505 00:26:40,200 --> 00:26:43,159 Speaker 1: it in the future, will come from that first and 506 00:26:43,200 --> 00:26:46,040 Speaker 1: only if there's not enough there, then we will have 507 00:26:46,080 --> 00:26:49,040 Speaker 1: to socialize some of those losses, but we plan never 508 00:26:49,119 --> 00:26:52,080 Speaker 1: to get there. We also have protection, like we have 509 00:26:52,280 --> 00:26:55,040 Speaker 1: insurance UH and we have other things that help us 510 00:26:55,800 --> 00:26:59,439 Speaker 1: protect many layers before we hit anything that has to 511 00:26:59,440 --> 00:27:04,320 Speaker 1: do with the visitors. All right, now, UM, I know 512 00:27:04,720 --> 00:27:06,280 Speaker 1: you know, so I kind of dug into some of 513 00:27:06,320 --> 00:27:08,880 Speaker 1: the risks and the problems, and I appreciate you taking 514 00:27:08,880 --> 00:27:11,160 Speaker 1: the time to answer that I did think I see, 515 00:27:11,440 --> 00:27:14,240 Speaker 1: I think I saw recently that um light Coin or 516 00:27:14,280 --> 00:27:16,920 Speaker 1: light Coin Foundation had asked you to actually manage some 517 00:27:16,960 --> 00:27:20,840 Speaker 1: of their funds. Yes, we announced that they selected us 518 00:27:20,880 --> 00:27:25,480 Speaker 1: for their treasury management. They also recommended us to their community. 519 00:27:25,560 --> 00:27:27,760 Speaker 1: So they basically went out and said, look, we looked 520 00:27:27,760 --> 00:27:30,399 Speaker 1: at all the players. We think Celsius is the best 521 00:27:31,040 --> 00:27:34,679 Speaker 1: solution for our community. And again, our job is to 522 00:27:34,800 --> 00:27:37,919 Speaker 1: make sure that we give enough UH income to the 523 00:27:37,960 --> 00:27:40,440 Speaker 1: like coin foundations that they can perform their tasks. Right. 524 00:27:40,480 --> 00:27:43,919 Speaker 1: I mean, when they deposit these coins with this without exchange, 525 00:27:44,560 --> 00:27:47,240 Speaker 1: they get nothing back, right, and suddenly now they have 526 00:27:47,480 --> 00:27:50,000 Speaker 1: enough income where they can pay the salaries, they can 527 00:27:50,040 --> 00:27:52,760 Speaker 1: pay some of the developers, and all that is great 528 00:27:52,800 --> 00:27:55,560 Speaker 1: for the foundation. Right. So I think this is the 529 00:27:55,640 --> 00:27:57,520 Speaker 1: kind of stuff that I think our industry needs to 530 00:27:57,520 --> 00:28:00,520 Speaker 1: do more where we all help each other. Instead of 531 00:28:00,800 --> 00:28:04,919 Speaker 1: replacing the banks with new toll collectors called Buyance or 532 00:28:04,960 --> 00:28:08,760 Speaker 1: other guys who just keep taking money out and giving 533 00:28:08,760 --> 00:28:12,160 Speaker 1: it to Wall Street folks right or to investors, how 534 00:28:12,160 --> 00:28:15,080 Speaker 1: about we we distribute all that value internally. So I 535 00:28:15,119 --> 00:28:18,280 Speaker 1: think nothing I'm saying is new or different, just that 536 00:28:18,359 --> 00:28:21,119 Speaker 1: no one is doing it. Everybody around us is a 537 00:28:21,160 --> 00:28:23,600 Speaker 1: toll collector, and they catch us on the way in, right, 538 00:28:23,640 --> 00:28:25,920 Speaker 1: they charge us four or five to buy the bit point, 539 00:28:26,119 --> 00:28:27,800 Speaker 1: They catch us on the way out. They catch us 540 00:28:27,800 --> 00:28:30,719 Speaker 1: when we trade. Every time we make a move, we 541 00:28:30,800 --> 00:28:34,240 Speaker 1: have to pay a big to some landlord who is 542 00:28:34,280 --> 00:28:36,400 Speaker 1: taking that money out and giving it to the VC 543 00:28:36,720 --> 00:28:39,920 Speaker 1: or the investor or whatever. It's never back to the community. 544 00:28:40,080 --> 00:28:43,560 Speaker 1: The model Selsis created, almost all of it is going 545 00:28:43,600 --> 00:28:47,400 Speaker 1: back to the community. Now, I would think that you know, 546 00:28:47,440 --> 00:28:50,200 Speaker 1: as you said, everybody's kind of jumping in. Everybody's doing it, 547 00:28:50,240 --> 00:28:53,680 Speaker 1: maybe behind the scenes without transparency. Everyone's jumping into it. 548 00:28:54,080 --> 00:28:56,320 Speaker 1: Um you're obviously growing Celsie is growing at a at 549 00:28:56,360 --> 00:28:58,760 Speaker 1: a very rapid rate. I would think at some point 550 00:28:58,840 --> 00:29:01,280 Speaker 1: like the larger you get, the larger in the east 551 00:29:01,280 --> 00:29:04,000 Speaker 1: industry gets, the harder it gets to get that yield. 552 00:29:04,520 --> 00:29:07,200 Speaker 1: Is there some risk they're like, maybe there's a ceiling 553 00:29:07,520 --> 00:29:11,000 Speaker 1: on the business, or uh, your business becomes more risky 554 00:29:11,120 --> 00:29:13,920 Speaker 1: as you get to a larger a U M. That's 555 00:29:13,920 --> 00:29:17,800 Speaker 1: a great question, because the question is do you believe 556 00:29:17,920 --> 00:29:19,760 Speaker 1: in the vision? Right? I mean do you believe that 557 00:29:19,960 --> 00:29:22,840 Speaker 1: cryptocurrencies of the future. I mean, are they going to 558 00:29:22,920 --> 00:29:25,840 Speaker 1: replace Fiat currencies? If you believe that, then there's nothing 559 00:29:25,840 --> 00:29:28,280 Speaker 1: to worry about. Right, there's enough room here for growth 560 00:29:28,800 --> 00:29:33,160 Speaker 1: for ten celsius or the question is is there enough 561 00:29:33,200 --> 00:29:35,920 Speaker 1: to put a trillion dollars out of ten percent interest 562 00:29:36,880 --> 00:29:40,000 Speaker 1: or whatever? So there's no question I said that publicly before. 563 00:29:40,040 --> 00:29:43,000 Speaker 1: If we start managing tens or hundreds of billions of 564 00:29:43,040 --> 00:29:46,440 Speaker 1: dollars or trillion dollars, the the yield will come down. 565 00:29:46,520 --> 00:29:48,680 Speaker 1: It's not gonna come down to zero, it's not. It's 566 00:29:48,720 --> 00:29:50,600 Speaker 1: always going to be more. I guarantee it's going to 567 00:29:50,640 --> 00:29:55,000 Speaker 1: be more than the FED rate. But but um, but 568 00:29:55,120 --> 00:29:57,280 Speaker 1: it's not gonna be eight to nine percent, I agree 569 00:29:57,320 --> 00:30:01,440 Speaker 1: with you. So, and again it's a balanced between stable 570 00:30:01,480 --> 00:30:05,440 Speaker 1: coins and crypto right. So, right now our biggest asset 571 00:30:05,520 --> 00:30:09,840 Speaker 1: is bitcoin. It's probably like something like fifty then another 572 00:30:09,920 --> 00:30:13,000 Speaker 1: thirty percent the stable coins, and then we have atheroreum 573 00:30:13,000 --> 00:30:16,320 Speaker 1: and everything else, right So, so, and I expect next 574 00:30:16,400 --> 00:30:19,320 Speaker 1: year that we will have more stable point than bitcoin 575 00:30:19,360 --> 00:30:23,080 Speaker 1: actually on depositive right. So, so for many people, we 576 00:30:23,160 --> 00:30:26,080 Speaker 1: represent an alternative to the bank. They still don't trust 577 00:30:26,200 --> 00:30:29,440 Speaker 1: the bitcoin network. They don't really understand what the theorem 578 00:30:29,480 --> 00:30:32,480 Speaker 1: stands for. So they're, you know, like, we we want 579 00:30:32,480 --> 00:30:34,960 Speaker 1: to be that safe ground where they can still keep 580 00:30:35,000 --> 00:30:37,000 Speaker 1: one leg at the bank and they can keep one 581 00:30:37,080 --> 00:30:40,240 Speaker 1: leg on a stable coin, and they can get comfortable 582 00:30:40,400 --> 00:30:42,640 Speaker 1: with the rest of the cryptocurrencies, right, but they don't 583 00:30:42,640 --> 00:30:45,400 Speaker 1: have to jump into bitcoin and have all that volatility 584 00:30:45,400 --> 00:30:48,120 Speaker 1: and everything else. And that's fine, that's what no one 585 00:30:48,160 --> 00:30:51,160 Speaker 1: else is doing. Right So, so if we can do that, 586 00:30:51,560 --> 00:30:53,960 Speaker 1: we can bring a hundred two hundred, three hundred million 587 00:30:54,000 --> 00:30:57,360 Speaker 1: people to be comfortable with all that, then it's very 588 00:30:57,360 --> 00:30:59,760 Speaker 1: easy to convince them. It's much easier to convince it 589 00:30:59,800 --> 00:31:01,880 Speaker 1: to five with them percent of their money and bitcoin 590 00:31:01,920 --> 00:31:03,760 Speaker 1: as well, so we're just looking at it a little 591 00:31:03,760 --> 00:31:08,520 Speaker 1: bit differently. We are decentralized company with centralized services, right, 592 00:31:08,520 --> 00:31:10,719 Speaker 1: we do we on both sides of it, unlike defied 593 00:31:10,800 --> 00:31:14,800 Speaker 1: companies or purely decentralized, and they can only serve people 594 00:31:14,800 --> 00:31:19,000 Speaker 1: who are in crypto. Right. So all these things are 595 00:31:19,000 --> 00:31:22,640 Speaker 1: things that we look differently and behave differently because to 596 00:31:22,680 --> 00:31:24,560 Speaker 1: bring the next hundred million people you can do what 597 00:31:24,640 --> 00:31:26,280 Speaker 1: you did in the last ten years, you have to 598 00:31:26,320 --> 00:31:28,760 Speaker 1: do what you need to do in the future. Yeah, 599 00:31:28,800 --> 00:31:31,960 Speaker 1: I'm curious, um, someone who with with your experience of 600 00:31:32,000 --> 00:31:35,480 Speaker 1: building in the technology space, UM, switching gears just a 601 00:31:35,520 --> 00:31:39,520 Speaker 1: little bit. I mean, what do you think, uh, like 602 00:31:39,600 --> 00:31:42,760 Speaker 1: some of the big challenges we have to really getting 603 00:31:42,800 --> 00:31:45,320 Speaker 1: this adoption. You you mentioned how how it's you know, 604 00:31:45,440 --> 00:31:47,160 Speaker 1: much harder to get someone to use bitcoin than it 605 00:31:47,240 --> 00:31:49,680 Speaker 1: was to use the void. Um. Where do you kind 606 00:31:49,680 --> 00:31:52,800 Speaker 1: of see that that adoption roadmap happening in the next 607 00:31:52,840 --> 00:31:57,560 Speaker 1: you know, year, five years whatever. So if we have 608 00:31:57,720 --> 00:32:02,320 Speaker 1: a doomsday scenario, right, if something really bad happens, everybody's 609 00:32:02,320 --> 00:32:04,520 Speaker 1: going to head out to the exits at the same time, right, 610 00:32:04,560 --> 00:32:07,320 Speaker 1: and you're gonna have just a mass adoption every anyone 611 00:32:07,400 --> 00:32:10,200 Speaker 1: who's in this business is gonna have a flood of 612 00:32:10,600 --> 00:32:14,200 Speaker 1: inbound you know. It's like trying to catch ten different 613 00:32:14,200 --> 00:32:16,960 Speaker 1: balls at the same time, right, It's that's what's gonna happen. 614 00:32:17,000 --> 00:32:19,440 Speaker 1: So so in that scenario, we all know everything is wonderful. 615 00:32:20,560 --> 00:32:23,240 Speaker 1: If there's no doomsday scenar If we just go through 616 00:32:23,680 --> 00:32:26,200 Speaker 1: the same thing we're going through right now, we're gonna 617 00:32:26,240 --> 00:32:29,520 Speaker 1: continue on the slow adoption curve. Right We're gonna have 618 00:32:29,920 --> 00:32:34,280 Speaker 1: more and more young people buying into this and lessen this. 619 00:32:34,560 --> 00:32:37,920 Speaker 1: All people deposit money with their old banks. If you 620 00:32:37,920 --> 00:32:39,800 Speaker 1: walk into a bank branch today, you're not gonna see 621 00:32:39,800 --> 00:32:42,080 Speaker 1: any young people there. We know who's putting all the 622 00:32:42,120 --> 00:32:45,400 Speaker 1: money in the bank. So so we we we have 623 00:32:45,520 --> 00:32:48,920 Speaker 1: to have the generational transition, and that's gonna take a 624 00:32:49,040 --> 00:32:51,400 Speaker 1: very long time. And I'm ready for it. I'm not. 625 00:32:51,760 --> 00:32:53,520 Speaker 1: I'm in no hurry. I'm not like, oh my gosh, 626 00:32:53,520 --> 00:32:55,240 Speaker 1: I have to do an exit. I have to going 627 00:32:55,520 --> 00:32:58,960 Speaker 1: on nasdack and go public and sell this to investors. 628 00:32:59,360 --> 00:33:02,200 Speaker 1: The opposite. We're doing the opposite. We're trying to bring 629 00:33:02,240 --> 00:33:04,920 Speaker 1: as many retail people from all over the world. We 630 00:33:05,000 --> 00:33:08,040 Speaker 1: have depositors from all over the world hundred fifty countries, 631 00:33:08,360 --> 00:33:11,920 Speaker 1: only thirty is Americans. It looks like it looks it 632 00:33:11,920 --> 00:33:13,840 Speaker 1: looks like the governments may want to be stepping that 633 00:33:13,920 --> 00:33:16,280 Speaker 1: timetable up. I mean, we see China right now really 634 00:33:16,280 --> 00:33:18,040 Speaker 1: trying to push their own crypto, and I think the 635 00:33:18,120 --> 00:33:21,240 Speaker 1: US probably wouldn't be too far behind. And so, um, 636 00:33:21,280 --> 00:33:23,920 Speaker 1: all of a sudden, now people go will shoot if 637 00:33:23,960 --> 00:33:25,960 Speaker 1: all the money is crypto, what's the difference between this 638 00:33:26,160 --> 00:33:28,760 Speaker 1: U s D or China or yuan or or bitcoin. 639 00:33:28,840 --> 00:33:31,280 Speaker 1: So maybe they'll do some of the marketing and work 640 00:33:31,320 --> 00:33:36,000 Speaker 1: for US, and I hope so. But I still think 641 00:33:36,000 --> 00:33:38,480 Speaker 1: people will trust the JPMorgan coin much more than the 642 00:33:38,520 --> 00:33:42,360 Speaker 1: wild trust a Celsius coin or bitcoin or anything else. 643 00:33:42,360 --> 00:33:45,520 Speaker 1: So I think, look, the US government, I think I 644 00:33:45,520 --> 00:33:49,480 Speaker 1: said this several times before, but these government loves anything 645 00:33:49,520 --> 00:33:53,960 Speaker 1: that's denominated in dollars. They don't like anything that's denominated 646 00:33:54,000 --> 00:33:56,440 Speaker 1: in something else. Right, So they don't like the bitcoin, 647 00:33:56,480 --> 00:34:02,360 Speaker 1: they don't like the etherorium. They kind of frustratingly let 648 00:34:02,400 --> 00:34:05,160 Speaker 1: it be because it's it's a nuisance. It's just this 649 00:34:05,320 --> 00:34:08,920 Speaker 1: little thing that that is that is nothing, right. I mean, 650 00:34:08,960 --> 00:34:11,040 Speaker 1: when you think about the fact that close to nine 651 00:34:11,200 --> 00:34:14,240 Speaker 1: percent of all the trade. International trade is denominating dollars. 652 00:34:14,760 --> 00:34:17,600 Speaker 1: I mean, the entire volume of bitcoin is nothing. It's 653 00:34:17,600 --> 00:34:19,880 Speaker 1: like a few hours worth of international trade. It's not 654 00:34:20,360 --> 00:34:23,439 Speaker 1: even one day of international trade. So it's nothing. It's 655 00:34:23,440 --> 00:34:27,880 Speaker 1: completely irrelevant. But but if suddenly trade starts being denominated 656 00:34:27,960 --> 00:34:31,840 Speaker 1: in these cryptocurrencies and becomes a threat to the United 657 00:34:31,840 --> 00:34:35,560 Speaker 1: States dollar, you know, there's no two ways about it. 658 00:34:35,600 --> 00:34:38,320 Speaker 1: They're gonna shout it down because they don't want anything 659 00:34:38,360 --> 00:34:41,640 Speaker 1: to compete with the dollars. So so I think the 660 00:34:41,719 --> 00:34:44,800 Speaker 1: stable coins, especially once the nominate in dollars, are again 661 00:34:44,840 --> 00:34:47,960 Speaker 1: the bridge to get into that world. It's not going 662 00:34:48,000 --> 00:34:50,680 Speaker 1: to be. The US is not gonna let China with 663 00:34:50,800 --> 00:34:54,680 Speaker 1: its new cryptocurrency go and take over the world. It's 664 00:34:54,760 --> 00:34:58,000 Speaker 1: not gonna let that happen. So and so I think, 665 00:34:58,680 --> 00:35:00,640 Speaker 1: just like they're not gonna let leave what happened, they're 666 00:35:00,640 --> 00:35:03,000 Speaker 1: not gonna get let the Chinese or the Indian or 667 00:35:03,000 --> 00:35:05,719 Speaker 1: anyone else. It's fine if the US it internally, But 668 00:35:05,800 --> 00:35:08,720 Speaker 1: the minute they try to go and denominate oil or gold, 669 00:35:09,680 --> 00:35:11,520 Speaker 1: you're saying, as soon as they started try to start 670 00:35:11,560 --> 00:35:13,560 Speaker 1: to denominate some of this in these other currencies in 671 00:35:13,560 --> 00:35:15,080 Speaker 1: the U S will have a problem, which I agree. 672 00:35:15,600 --> 00:35:17,759 Speaker 1: I agree. Um so it's gonna be interesting to see 673 00:35:17,760 --> 00:35:19,279 Speaker 1: how that plays out. But in the meantime, we'll just 674 00:35:19,360 --> 00:35:23,640 Speaker 1: keep building and totally that's right. Yeah, well it's a 675 00:35:23,680 --> 00:35:25,520 Speaker 1: long time play. I think you say that in a 676 00:35:25,560 --> 00:35:27,400 Speaker 1: lot of your I love you or by the way, 677 00:35:27,440 --> 00:35:30,000 Speaker 1: I love your videos. Okay, even though I can say 678 00:35:30,080 --> 00:35:33,759 Speaker 1: I know of what you say listening to you, you 679 00:35:33,920 --> 00:35:37,960 Speaker 1: deliver it in a very very precise and acute way 680 00:35:38,040 --> 00:35:40,040 Speaker 1: that it makes you think and it makes you kind 681 00:35:40,040 --> 00:35:43,160 Speaker 1: of rehearse what you already now. So kudas, I think 682 00:35:43,160 --> 00:35:45,600 Speaker 1: you're doing a great job for the community. Thank you, Alex, 683 00:35:45,719 --> 00:35:48,560 Speaker 1: Thank you appreciate that. Good. Well, let's go ahead and 684 00:35:48,760 --> 00:35:50,600 Speaker 1: wrap it up. I think I think you've done a 685 00:35:50,640 --> 00:35:52,239 Speaker 1: great job with the community as well. Like I said, 686 00:35:52,280 --> 00:35:55,319 Speaker 1: that's the one thing I always hear, um which I 687 00:35:55,360 --> 00:35:57,560 Speaker 1: don't like. Uh not because I don't like you, but 688 00:35:57,600 --> 00:35:59,640 Speaker 1: I always hear people. Oh. I just I trust Alex. 689 00:35:59,719 --> 00:36:01,400 Speaker 1: I see him out there talking. He seems like a 690 00:36:01,440 --> 00:36:03,560 Speaker 1: great guy, and I just don't like that because I 691 00:36:03,600 --> 00:36:06,480 Speaker 1: want people to understand what they're doing. I made a 692 00:36:06,560 --> 00:36:09,200 Speaker 1: video recently called I said do not buy gold until 693 00:36:09,840 --> 00:36:11,560 Speaker 1: and I got so much hate, like, how could you 694 00:36:11,560 --> 00:36:14,000 Speaker 1: tell people not to buy gold. I I didn't say that. 695 00:36:14,120 --> 00:36:17,880 Speaker 1: I said, don't buy it until you understand what it is, 696 00:36:17,920 --> 00:36:20,239 Speaker 1: how it works into your portfolio, why you would buy it, 697 00:36:20,280 --> 00:36:22,440 Speaker 1: That's all I said. Um So, anyway, you know, I 698 00:36:23,120 --> 00:36:25,560 Speaker 1: think you've done a great job, but I still want 699 00:36:25,560 --> 00:36:27,920 Speaker 1: to ask these questions. So thanks for thanks for answering 700 00:36:27,960 --> 00:36:31,479 Speaker 1: them for everybody. If we can't answer the questions, then 701 00:36:31,600 --> 00:36:33,880 Speaker 1: there's definitely something wrong. So if you can't get a 702 00:36:33,880 --> 00:36:37,799 Speaker 1: straight answer to somebody, then you should walk away. That's 703 00:36:37,880 --> 00:36:40,760 Speaker 1: my That's been my motto, and I'm happy to answer 704 00:36:40,760 --> 00:36:44,440 Speaker 1: any question anyone wants to, uh, you know, send me, 705 00:36:44,760 --> 00:36:47,520 Speaker 1: go on Twitter or on Telegram or anything and thing 706 00:36:47,520 --> 00:36:52,360 Speaker 1: me you can find easily find me and let's build 707 00:36:52,360 --> 00:36:55,120 Speaker 1: this community together. Yeah, all right, thanks so much for 708 00:36:55,200 --> 00:36:59,319 Speaker 1: joining in. Thanks for having me. Hey, if you like 709 00:36:59,480 --> 00:37:02,879 Speaker 1: this episod Code of the Market Disruptors podcast, please help 710 00:37:02,960 --> 00:37:05,440 Speaker 1: us take this to the top of the podcast charts. 711 00:37:05,480 --> 00:37:08,719 Speaker 1: Just please do me a favor and rate, review and subscribe. 712 00:37:08,880 --> 00:37:11,640 Speaker 1: Taking fifteen seconds to just leave a quick review goes 713 00:37:11,680 --> 00:37:14,040 Speaker 1: a long way and helping us reach more people and 714 00:37:14,120 --> 00:37:17,279 Speaker 1: disrupt more markets. I really appreciate you listening, and I'll 715 00:37:17,280 --> 00:37:19,640 Speaker 1: see you next time on the Market Disruptors podcast