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Speaker 1: So the big question is this, how do investors like

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Speaker 1: us get access to the ideas, information, and most importantly,

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Speaker 1: the right people that give us the tools and information

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Speaker 1: we need to make conformed and educated decisions to have success.

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Speaker 1: That is the question, and this podcast will give us

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Speaker 1: the answers. This is Mark Moss, your host. Let's get

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Speaker 1: this started. Welcome to another episode of the Market Disruptors podcast.

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Speaker 1: Today I am joined by Alex Maschinski, founder of Celsius.

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Speaker 1: Now you've probably heard of Alex. He is going around

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Speaker 1: talking and speaking everywhere. He's a big advocate of cryptocurrencies.

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Speaker 1: He was original creator of void voice over Internet and

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Speaker 1: now he is coining the term money over Internet. And

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Speaker 1: so he really talks about what's going on with the banks,

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Speaker 1: how they're taking advantage of us, why this is keeping

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Speaker 1: people broke or poor, and what we can do about it.

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Speaker 1: We talked about how cryptos changing this, the decentralization nature,

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Speaker 1: and how the average person can get back with the

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Speaker 1: banks have been taking them for a long time. It's

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Speaker 1: a really good conversation. It's one that I've been wanting

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Speaker 1: to have a long time. I really really looked forward

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Speaker 1: to talking to Alex, and I think you're gonna enjoy

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Speaker 1: it too, So let's go ahead and jump right in.

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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 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 with 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

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Speaker 1: know 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, decentralizing finance bringing kind of freedom and quality back. UM,

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Speaker 1: the way that cryptocurrencies work. UM, we have the ability

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Speaker 1: to holdle because it's it's a new technology that's gaining

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Speaker 1: you know, it's growing super fast. Obviously, bitcoins kind of

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Speaker 1: mooning again right now, and I know, you know a

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Speaker 1: lot of people don't want to sell and that's a problem, um,

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Speaker 1: and you have come up with a way to kind

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Speaker 1: of help people do that. Before we dig into that,

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Speaker 1: maybe why don't you just go back a little bit

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Speaker 1: I should have done this is tell us a little

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Speaker 1: bit about what you're doing in the space and kind

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Speaker 1: of how you got here before we jump into Yeah.

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Speaker 1: So so first, you know, I think the context is

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Speaker 1: very important because people it's more for people who understand, yeah,

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Speaker 1: what I've done before and why it's relevant. So. So,

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Speaker 1: I'm an immigrant that came to this country thirty years ago,

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Speaker 1: and uh, I grew up in I was born in

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Speaker 1: in communism in Russia and grew up in socialism in Israel.

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Speaker 1: And came to America, and this was like just a

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Speaker 1: dream come true. Right, Like, you can talk about all

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Speaker 1: the ideas you want in other countries and no one

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Speaker 1: is really gonna help you make them happen. And here

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Speaker 1: you show up and you're like, I have this idea.

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Speaker 1: You know, we're gonna put voice on the internet, you know,

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Speaker 1: and and and people backed me in ours two fifty

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Speaker 1: million dollars took the company public. You know, now Voice

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Speaker 1: of I P s used by the majority of the

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Speaker 1: people on the planet right road the original protocols, the

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Speaker 1: patents build the first gateways. So that was just an

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Speaker 1: amazing experience. I did that in my twenties, right, and

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Speaker 1: and uh so very rarely you can do that kind

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Speaker 1: of revolution twice, right, like going from yeah, going from

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Speaker 1: um something that the phone companies who were the toll collectors,

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Speaker 1: which used to charge us three dollars a minute, to

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Speaker 1: something that is free, right, I mean that really changed

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Speaker 1: the lives of people. They can talk to their friends,

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Speaker 1: they can reach out to their family anytime they want.

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Speaker 1: So now we're kind of moving from Voice of I

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Speaker 1: P two money over and so October, I mean I

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Speaker 1: filed the patents on my birthday October five. So I

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Speaker 1: think you had an interesting background because one you're not

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Speaker 1: from original from the United States, and so becaunderstand the

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Speaker 1: issues that most people face. Right, So because of that,

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Speaker 1: you probably saw your family having to do a lot

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Speaker 1: of long distance calling, and long distance calling is very

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Speaker 1: expensive at that time. It's also recognizing that like back then,

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Speaker 1: it was very difficult to figure out which network is

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Speaker 1: going to win. The phone company's bet on a T

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Speaker 1: M ethernet was a big thing. Frame really was a

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Speaker 1: big thing. So betting on T C P I P

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Speaker 1: was actually like looked like crazy idea. Yeah, that was

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Speaker 1: not the norm like now all saying Internet Internet, but

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

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Speaker 1: 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 fast 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 by

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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 the positive money in the bank or put it

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

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Speaker 1: act in our best interest. 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, so you were kind of taking a gamble.

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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 and it was stupid. I started internet business in

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Speaker 1: two thousand one, an e commerce business. Earlier, people told

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Speaker 1: me no one will ever find anything. Brands refused to

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Speaker 1: sell me products, no one will ever bu anything online.

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Speaker 1: It's ridiculous. I can only imagine a But so I'm curious,

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Speaker 1: and I'm sure you're hearing kind of the same things today, right,

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Speaker 1: A lot of the tractors say it's a scam, it's

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Speaker 1: never gonna work. How do you, um, how do you

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Speaker 1: see that future? How did you know it was gonna work?

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Speaker 1: How did you manage to stay strong and believe in

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Speaker 1: yourself when everybody was telling you wrong? So, first look,

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Speaker 1: I was kept in the beginning myself, right. I mean

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Speaker 1: it's not like when I read Satoshia's paper, but the Internet, Right,

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Speaker 1: with the Internet, you found a way to believe in

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Speaker 1: yourself when other people were telling you wrong. Well, when

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Speaker 1: you're in your twenties, you don't know any better. You know,

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Speaker 1: like you think you're the smartest guy, and you think

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Speaker 1: you have all the answers. And I was lucky to

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Speaker 1: be right right, But but you know I was plenty

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Speaker 1: time wrong in other ventures. It's not like, you know,

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Speaker 1: like we we handed out of the park every time.

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Speaker 1: But but they choose more about the focus was on disruption,

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Speaker 1: The focus was on empowerment of the people. The focus

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Speaker 1: wasn't doing good. I didn't do it for the money.

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Speaker 1: I didn't like say, oh, where can I make the

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Speaker 1: most money, Let's do voice of ip R. The idea was,

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Speaker 1: here is a new set of rails, right that that

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Speaker 1: bypasses the phone company and soon enough it's going to

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Speaker 1: be powerful enough to take all of that business away

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Speaker 1: from the phone companies. And today and lose his money

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Speaker 1: on international voice because like basically all their customers left

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Speaker 1: them and they're all using Skype and What's Up and

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Speaker 1: Vibra and all kind of other apps. All right, So

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Speaker 1: the banks are exactly the same thing about people don't understand.

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Speaker 1: They look at me and the same. But the banks

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Speaker 1: are so powerful and like, the banks are not powerful

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Speaker 1: at all. The only reason their proful is because you

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Speaker 1: give them your money for free every day. So let's

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Speaker 1: talk about that. So you you founded a huge problem

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Speaker 1: with international calling, and you fix that, and today you

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Speaker 1: see another huge problem. And then in between I did

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

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

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

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

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

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Speaker 1: week because you see problems and you want to solve

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Speaker 1: them and and that's and and I think when you're

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

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

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Speaker 1: After I fixed that car, so yeah, yeah, there's a

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

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Speaker 1: we have a problem with the financial system today, which

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Speaker 1: we're not going to get into all of that. I

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Speaker 1: talked about it all the time, but one of the

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Speaker 1: big problems is in the way to find its works

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Speaker 1: and um, which no one understands really and most people, unfortunately,

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

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Speaker 1: in high school. You could graduate in PhD. In economics

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Speaker 1: and you still would not know how to make money. Right.

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

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Speaker 1: how 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 and we were like

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

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

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

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Speaker 1: and again still celebrating the scientists and the and our

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Speaker 1: real heroes, we celebrated people who are making money, who

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Speaker 1: who basically aggregate wealth. Right, So so it's just all

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Speaker 1: upside down. So I try to create a new system

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

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Speaker 1: the whole idea about Salesa's network is like cost you

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Speaker 1: become a member of course school, 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 fill 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 interests. 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 our best inch just not the brokers, not

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Speaker 1: the insurance guys, not the banks, no one. So like

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Speaker 1: a fidelity or like no one, none of them is

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

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Speaker 1: you think that fidelity charges you, that's a steel, right,

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Speaker 1: it's nothing. Let me give you an example. You bought

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Speaker 1: let's say Tesla stock, right, and you're deposited with Fidelity,

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Speaker 1: and they charge you four the trade. They make thirty

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Speaker 1: percent a year, lending your stock to short sellers thirty

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Speaker 1: percent years. So if you give them ten thousand dollars,

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Speaker 1: they made three thousand dollars a year for you just

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Speaker 1: sitting there holding your stock in the Fidelity account. So

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Speaker 1: the same way people make money on your Bitcoin or

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Speaker 1: your Ether or your Dash. Right, The simplest example is

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Speaker 1: Dash because Dash actually earns you without doing anything, but

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Speaker 1: if you take exactly. But most people don't have eighty

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Speaker 1: thousand dollars of Dash, so they bought ten thousand or

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Speaker 1: five thousand, they hold it on Binance or somewhere else.

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Speaker 1: Bindance steaks it, Bindance earn seven percent. They just don't

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Speaker 1: give it to you. So all Celsius did it, said

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Speaker 1: give us your Dash, we will immediately every week we

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Speaker 1: will send you more Dash to your account, will stake

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Speaker 1: it for you, no fees, no charges, just we're gonna

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Speaker 1: do it for you. And people go like, there must

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Speaker 1: be some hind in agenda. Why are you doing it?

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Speaker 1: Gosh that's that's because there's no education in the way

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Speaker 1: that exact works. And so you talk about there's no

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Speaker 1: way for the average person to know what these rich

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Speaker 1: rich how they make their money, but there is, and

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Speaker 1: so there's clues, right, Warren Buffett tells us, um, if

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

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

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Speaker 1: 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 loving, hardy, and warm.

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Speaker 1: Buffet says, we need to put to work. And that's

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Speaker 1: essentially what you're talking about, right, putting our money to work.

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Speaker 1: And most people unfortunately, again, half of Americans don't have

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Speaker 1: four hundred dollars in case of emergency. I mean that

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Speaker 1: of Americans the bottom of the same wealth as the

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Speaker 1: top one percent. So I'm I'm part of that one percent.

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Speaker 1: I'm not sitting here telling you all I'm poor. I'm

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Speaker 1: fighting for the poor. No, I'm rich, but I'm fighting

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Speaker 1: fighting for you giving the poor tools exactly, I'm not

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Speaker 1: giving you the fish, I'm teaching you how to fish.

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Speaker 1: So UM, what you're doing is you're allowing someone to

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Speaker 1: use their cryptocurrency and uh and and use the value

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Speaker 1: that's there without having to sell it, without them even

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Speaker 1: knowing how to do it, without even knowing how. And

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Speaker 1: maybe maybe we could say it's giving them passive income,

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Speaker 1: right because they're passively income. There's other ways to make

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Speaker 1: passive And I couldn't show you a dividend pain stock

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Speaker 1: or something like that. UM. Bonds obviously have yield and

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Speaker 1: 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 Wolby be similar

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Speaker 1: to that bond, so a bond and the yields and

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Speaker 1: bonds have been going down drastically, right, So, so what

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

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

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Speaker 1: take my dollars departlem in city bank and earn seven

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Speaker 1: percent without doing anything right, try to earn seven percent

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

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Speaker 1: banks I believe on average pay about zero. 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 accounts

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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 exactly, i'ms a hundred million, seven trillion dollars

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Speaker 1: in deposits. Right, So, so JP Morgan makes thirty billion

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Speaker 1: a year in profit just from that, right they make

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Speaker 1: all the banks together made thirty four billion in fees

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Speaker 1: from overdraft fees. Yeah. I mean that's taking money from

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Speaker 1: the people that cannot finish the month, taking thirty dollars

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Speaker 1: and then the person has to go and get a

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Speaker 1: day loan because they can't pay their just it's all

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Speaker 1: upside down. Why because they prey on the poor. There's

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Speaker 1: just no other way to say it. Right, So again,

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Speaker 1: why isn't there anyone acting in your best interests? Cost

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Speaker 1: cocts in your best interests. Amazon acts in your best interest? Right?

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Speaker 1: I can say that with the stray face. I know

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Speaker 1: business wakes up every day and he's trying to do

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Speaker 1: everything for his customers. Why isn't anyone doing it in

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Speaker 1: their financial services? Well because they're they're not they're they're

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

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Speaker 1: number of banks that exist of was shrunk down to

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Speaker 1: four or five, right, So so there's no reason there's

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Speaker 1: no competition. Right, it's impossible since dog for it's impossible

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Speaker 1: to open a your breath bank. You if you get

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Speaker 1: a license, you have to be complying to eighty thou

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Speaker 1: pages of regulation. So the rules that we're supposed to

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Speaker 1: protect us are actually preventing competition from coming in. And

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Speaker 1: then when these banks take too much risk, we have

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Speaker 1: to bail them out with taxpayers. So all we're trying

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Speaker 1: to do and again, our job is not Celsius is

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Speaker 1: not here to play with your coins or create manipulation

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Speaker 1: or anything like that. Our mission, we have only one

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Speaker 1: mission to earn return on your assets. Your asset. You

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Speaker 1: can go all the way crazy and take really risky assets, right,

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Speaker 1: we have risky coins in our wallet, or you can

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

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Speaker 1: not telling you which one you have to do your homework,

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

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

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Speaker 1: you asked. You're being stable coins, right, We pay eight

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Speaker 1: point one percent on stable coins right now, Like you

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Speaker 1: take your dollars, you convert them into stable coin. People

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Speaker 1: 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 companies, their trust companies,

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Speaker 1: the fiduciaries. So you know the dollar is actually sitting

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Speaker 1: in that bank account and your token represents a dollar.

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Speaker 1: And now you can deposit the token, earn eight point

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Speaker 1: one percent at any time, twenty four hours a day.

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

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Speaker 1: people to earn April one percent, that's a life changing event,

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Speaker 1: right it can. We have a guy here who's paying

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Speaker 1: his mortgage and his kids college just from the interest

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Speaker 1: is earning from Celsius, right so, so, and that's what

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Speaker 1: we're saying to people. Look, just create a nest egg

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Speaker 1: that like you said, instead of you're working for the

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

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Speaker 1: another put in bitcoin. Then take another put in I

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Speaker 1: have 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 earn 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. So unless you only

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

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Speaker 1: you go, wait a second, I actually made five thousand dollars.

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Speaker 1: I only put five thousand. If I put ten bitcoin in,

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Speaker 1: I would get Yes, we only paying bitcoin. We're not

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Speaker 1: allowed to pay in dollars because we're not a bank.

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

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Speaker 1: pay in dollars. So you have you so going back

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Speaker 1: to this. So again, so there's there's options for people

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

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

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

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Speaker 1: and what there's an unseen force that is actually squeezing

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Speaker 1: your money, right inflation. It's three percently your money every year,

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Speaker 1: So three and am or more exactly, they tell you,

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Speaker 1: we know it's a lot exactly. So so if you're

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Speaker 1: only earning two percent, right, the average bond right now

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Speaker 1: pays two percent, right government, but so you're actually losing

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

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

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

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Speaker 1: for you to earn eight percent like we're paying unstable coins,

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

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

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

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

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

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Speaker 1: against I want to get into the risk. That's definitely

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

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

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Speaker 1: on usd The real where the real huge benefit is

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

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

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Speaker 1: also down before before, But it depends on what time

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

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Speaker 1: most people in bitcoinn 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 thousand and fifty thousand is realistic. At least

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Speaker 1: I'm hopeful that it is. And so I don't want

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

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Speaker 1: that money is locked up, and if I could earn

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Speaker 1: at least earn interest on top of what I'm earning,

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

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

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

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Speaker 1: I 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, smoothing 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 followed all the rules.

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Speaker 1: I borrowed dollars against my real estate. Right. 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, in New York, anywhere else.

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Speaker 1: So exactly, so so you can avoid that, you can

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

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Speaker 1: to 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 anything, and it's a 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 put but you have to be smart

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Speaker 1: about it. Advanced strategy right and and and most people

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Speaker 1: probably to watch the show say it too complicated for me.

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Speaker 1: I don't know how to do it. So Celsias saying, look,

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

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

428
00:21:24,720 --> 00:21:27,240
Speaker 1: generate this yield. You don't have to choose them. You

429
00:21:27,240 --> 00:21:30,120
Speaker 1: don't have to understand them. You we we have one

430
00:21:30,160 --> 00:21:33,040
Speaker 1: bucket of BTC. We don't treat the guy with a

431
00:21:33,080 --> 00:21:35,760
Speaker 1: ten million dollar and the guy with a ten dollars differently.

432
00:21:36,080 --> 00:21:38,760
Speaker 1: You're both in the same bucket. It's a PROADA allocation.

433
00:21:38,880 --> 00:21:42,520
Speaker 1: Whatever we earn goes PROADA to all the people participating.

434
00:21:42,760 --> 00:21:45,000
Speaker 1: Now go to your bank and tell them, hey, I

435
00:21:45,080 --> 00:21:47,800
Speaker 1: have a thousand dollar deposit. I wanted the same treat

436
00:21:47,880 --> 00:21:50,520
Speaker 1: to it. Like Donald Trump, You're not gonna get it right.

437
00:21:50,560 --> 00:21:53,280
Speaker 1: So again, because they make all their money on the poor.

438
00:21:53,840 --> 00:21:56,640
Speaker 1: They cannot charge the which people any any real feest.

439
00:21:56,680 --> 00:21:59,159
Speaker 1: I don't pay any fees from banks. You know, I'm

440
00:21:59,200 --> 00:22:01,680
Speaker 1: too rich for them to charge me any fees. Right,

441
00:22:01,840 --> 00:22:03,520
Speaker 1: they know I'm gonna leave in a minute if they

442
00:22:03,600 --> 00:22:06,359
Speaker 1: charge me anything. So all we've done in Celsius is

443
00:22:06,400 --> 00:22:08,520
Speaker 1: we said no feat to anyone. We have never charged

444
00:22:08,560 --> 00:22:12,200
Speaker 1: the fee. All of our earnings, whatever we earned, eighty

445
00:22:12,280 --> 00:22:14,919
Speaker 1: percent goes to our depositors. That's what no one has

446
00:22:14,960 --> 00:22:17,760
Speaker 1: done in the history of mankind. No one was crazy

447
00:22:17,840 --> 00:22:20,520
Speaker 1: enough to take real earnings that they can earn on

448
00:22:20,560 --> 00:22:23,080
Speaker 1: other people's money and give it to the depositor. Who

449
00:22:23,119 --> 00:22:25,159
Speaker 1: would do such? Who would do such a stupid thing?

450
00:22:25,440 --> 00:22:27,640
Speaker 1: Who would do that? So when we started this, people

451
00:22:27,640 --> 00:22:30,160
Speaker 1: are like, Oh, it's a scam, it's not for real.

452
00:22:30,840 --> 00:22:33,560
Speaker 1: Then they started looking and we you know, we've we've

453
00:22:33,680 --> 00:22:36,080
Speaker 1: unfortunately in this industry, we've seen a bunch of we've

454
00:22:36,119 --> 00:22:38,760
Speaker 1: seen a bit connect they're going to pay one percent

455
00:22:38,840 --> 00:22:42,320
Speaker 1: today or whatever they're gonna we're promising eight percent a year.

456
00:22:42,480 --> 00:22:44,359
Speaker 1: I know, I get it. But we have three million

457
00:22:44,400 --> 00:22:47,520
Speaker 1: in assets, We've done two billion in loans. I mean,

458
00:22:47,680 --> 00:22:50,120
Speaker 1: there's some banks here in California that haven't done that

459
00:22:50,119 --> 00:22:54,200
Speaker 1: this year. So we are moving very very quickly. Why

460
00:22:54,280 --> 00:22:56,400
Speaker 1: because when people look at this, they do a little

461
00:22:56,400 --> 00:22:59,159
Speaker 1: bit of homework on Alex Muschinsky. They're like, Yeah, this

462
00:22:59,200 --> 00:23:01,359
Speaker 1: guy doesn't need to work. Yeah, why is it doing this?

463
00:23:01,480 --> 00:23:04,600
Speaker 1: Maybe he is really maybe it really cares about us,

464
00:23:04,720 --> 00:23:08,119
Speaker 1: So let's talk about that. So everything has risk. Doing

465
00:23:08,200 --> 00:23:10,399
Speaker 1: something has risk. Doing nothing has us. Right, we all

466
00:23:10,400 --> 00:23:12,520
Speaker 1: have risk, and we we we have to understand what

467
00:23:12,560 --> 00:23:15,240
Speaker 1: those risks are. Um, if I if I leave my

468
00:23:15,280 --> 00:23:17,600
Speaker 1: money under the mattress, there's risk that it's losing value,

469
00:23:17,680 --> 00:23:19,159
Speaker 1: you get stolen if I put in the bank. And

470
00:23:19,240 --> 00:23:21,080
Speaker 1: if everything has risk, we have to understand that. And

471
00:23:21,080 --> 00:23:23,959
Speaker 1: it's just important to assess those risks. And so you said, um,

472
00:23:24,000 --> 00:23:26,439
Speaker 1: the average person should do a little homework. So, um,

473
00:23:26,480 --> 00:23:28,840
Speaker 1: you're not the only one doing this thing. But maybe

474
00:23:28,840 --> 00:23:30,440
Speaker 1: we were the first one. You were the first one,

475
00:23:30,480 --> 00:23:32,560
Speaker 1: but maybe you could tell people that we forced the

476
00:23:32,640 --> 00:23:35,840
Speaker 1: other guys to do it. Right, So we forced the

477
00:23:35,880 --> 00:23:38,359
Speaker 1: block fives and the sold and the next so and

478
00:23:38,400 --> 00:23:41,280
Speaker 1: all these other people who paid nothing, they took all

479
00:23:41,280 --> 00:23:44,280
Speaker 1: your coins and paid you nothing. Right, we showed up.

480
00:23:44,359 --> 00:23:46,280
Speaker 1: You made them up their game a little. Let me

481
00:23:46,400 --> 00:23:50,399
Speaker 1: remind everybody, right, last year, just a year ago, you

482
00:23:50,440 --> 00:23:52,840
Speaker 1: wanted to do a margin loan against your bitcoin. You

483
00:23:52,880 --> 00:23:58,520
Speaker 1: paid eight we paid, We charged five to nine. So

484
00:23:58,560 --> 00:24:01,840
Speaker 1: we cut it by two thirds. Everybody, everybody hates us.

485
00:24:01,840 --> 00:24:04,480
Speaker 1: Why why all these other companies hate us? Because we

486
00:24:04,600 --> 00:24:07,440
Speaker 1: took this game that that basically they used to charge

487
00:24:07,480 --> 00:24:09,840
Speaker 1: like a credit card, and we said, no, it's an

488
00:24:09,840 --> 00:24:12,200
Speaker 1: asset back loan. You give me a bitcoin, I'm giving

489
00:24:12,200 --> 00:24:16,160
Speaker 1: your dollars at fifty cents on the dollar. I shouldn't

490
00:24:16,160 --> 00:24:18,440
Speaker 1: be charging you double digits. I should be charging a

491
00:24:18,520 --> 00:24:20,719
Speaker 1: single digit, just like if you bore it against your

492
00:24:20,760 --> 00:24:26,000
Speaker 1: home you would be paying. But people don't understand that.

493
00:24:26,080 --> 00:24:28,639
Speaker 1: It's the same thing. They don't understand that. So what's

494
00:24:28,680 --> 00:24:31,040
Speaker 1: the So we we broke the game and we said,

495
00:24:31,080 --> 00:24:33,040
Speaker 1: not just that we're gonna charge you five percent, We're

496
00:24:33,040 --> 00:24:35,480
Speaker 1: gonna pay you eight percent on your deposit. If you

497
00:24:35,520 --> 00:24:39,640
Speaker 1: don't take a loan, you understand it's it's it's that's

498
00:24:39,680 --> 00:24:42,760
Speaker 1: what it is. So so that because again for us,

499
00:24:42,840 --> 00:24:46,280
Speaker 1: it's for me, success is a hundred million users. For

500
00:24:46,320 --> 00:24:48,760
Speaker 1: the other guy's success is stealing as much as possible

501
00:24:48,920 --> 00:24:52,000
Speaker 1: from your pod is a completely different game exactly. But

502
00:24:52,000 --> 00:24:54,040
Speaker 1: but that's the question is what is your motive and

503
00:24:54,040 --> 00:24:55,760
Speaker 1: why why are you doing this A you're doing it

504
00:24:55,800 --> 00:24:58,479
Speaker 1: for the money? Are you doing it for profit? You know?

505
00:24:59,119 --> 00:25:00,919
Speaker 1: So what I want I have to find out is

506
00:25:01,000 --> 00:25:03,680
Speaker 1: what is the counterparty risk that we have as a

507
00:25:03,760 --> 00:25:06,359
Speaker 1: risk As as an investor, I always wig risk and reward.

508
00:25:06,480 --> 00:25:10,679
Speaker 1: Great question. Typically I want more upside the downside, and

509
00:25:10,680 --> 00:25:13,960
Speaker 1: it's here it seems like maybe I'm risking a hundred percent.

510
00:25:14,040 --> 00:25:17,199
Speaker 1: You're holding all my coins risking to make eight. So

511
00:25:17,280 --> 00:25:19,439
Speaker 1: let's take a few examples. So it's a great question,

512
00:25:19,480 --> 00:25:23,000
Speaker 1: and and it's very important that people spend time not

513
00:25:23,080 --> 00:25:25,320
Speaker 1: just listening to me or you, but actually doing their

514
00:25:25,320 --> 00:25:27,840
Speaker 1: own home word because they need to feel comfortable that

515
00:25:28,359 --> 00:25:30,760
Speaker 1: they're taking their precious assets and they're putting them in

516
00:25:30,800 --> 00:25:33,159
Speaker 1: a safe place. So, first of all, we use bidgo

517
00:25:33,160 --> 00:25:35,320
Speaker 1: as a custodian. Right. It's one of the best custodians,

518
00:25:35,320 --> 00:25:39,280
Speaker 1: a hundred million insurance from from Lloyd's. It's the same

519
00:25:39,320 --> 00:25:42,439
Speaker 1: custodian that exchanges like Cracking and other people use. You

520
00:25:42,480 --> 00:25:45,080
Speaker 1: put your coins and cracking they go to bid go, right,

521
00:25:45,200 --> 00:25:46,959
Speaker 1: you put your coins and they have insurance. So if

522
00:25:46,960 --> 00:25:48,720
Speaker 1: there was some sort of a hack or something. Have

523
00:25:48,760 --> 00:25:53,159
Speaker 1: insurance that so so, but there's a big difference. For example,

524
00:25:53,240 --> 00:25:56,040
Speaker 1: if you take that dash coin, we actually don't land

525
00:25:56,080 --> 00:25:58,119
Speaker 1: it out. All we do is take it so it

526
00:25:58,240 --> 00:26:00,600
Speaker 1: sits in bid go and you earn seven said, that's

527
00:26:00,680 --> 00:26:05,440
Speaker 1: the lowest risk acid you can actually do. Now. Dash

528
00:26:05,520 --> 00:26:08,240
Speaker 1: can move up and down value but lose value, but

529
00:26:08,280 --> 00:26:10,720
Speaker 1: you will earn that yield. We don't even lend it out.

530
00:26:10,760 --> 00:26:14,400
Speaker 1: It never leaves bidgo. Okay, so it's ensured, it's yielding,

531
00:26:14,880 --> 00:26:17,840
Speaker 1: it's doing everything it's supposed to do. You pay nothing.

532
00:26:17,880 --> 00:26:19,760
Speaker 1: If you want to open a bitgo account, it's three

533
00:26:19,760 --> 00:26:23,560
Speaker 1: thousand dollars a month minimum. We're giving you that for free. Right,

534
00:26:23,600 --> 00:26:26,200
Speaker 1: so people have to understand that, Wow, okay, I got

535
00:26:26,280 --> 00:26:28,240
Speaker 1: big for free. I got the insurance for free, I

536
00:26:28,280 --> 00:26:32,160
Speaker 1: got steaking for free, and I'm staking. It's not easy

537
00:26:32,200 --> 00:26:34,359
Speaker 1: for those at homes, it's not easy. You're doing all

538
00:26:34,359 --> 00:26:37,960
Speaker 1: the work of exactly. That's definitely exactly. And you needed

539
00:26:38,160 --> 00:26:41,119
Speaker 1: minimum of eighty thou dollars for each note. So if

540
00:26:41,119 --> 00:26:44,040
Speaker 1: you gave me five hundred dollars worth of Dash, I'm

541
00:26:44,080 --> 00:26:46,840
Speaker 1: still paying you as if you had eight and you

542
00:26:46,920 --> 00:26:49,200
Speaker 1: created your own staking note, then you check the computer

543
00:26:49,280 --> 00:26:51,679
Speaker 1: every day. We're doing all that for free. Why are

544
00:26:51,720 --> 00:26:54,159
Speaker 1: we doing that for free? Right? People go like, no,

545
00:26:54,359 --> 00:26:57,640
Speaker 1: it's too good to be true. Right, So we're doing

546
00:26:57,680 --> 00:26:59,919
Speaker 1: it because we want to convince you that we're at

547
00:27:00,000 --> 00:27:02,359
Speaker 1: think in your best interests. Because we make enough money

548
00:27:02,359 --> 00:27:04,720
Speaker 1: on your bitcoin and enough money on your dollar loans

549
00:27:04,720 --> 00:27:07,439
Speaker 1: and everything else that we can give this away, you know,

550
00:27:07,800 --> 00:27:11,119
Speaker 1: So then you have other assets. For example, if you

551
00:27:11,240 --> 00:27:15,400
Speaker 1: deposit bitcoin with us, we don't earn money from bitcoinsidering

552
00:27:15,400 --> 00:27:18,640
Speaker 1: in bitco, right, so we have to lend it out.

553
00:27:19,040 --> 00:27:21,359
Speaker 1: Lend it out means what we go to exchanges, we

554
00:27:21,440 --> 00:27:24,679
Speaker 1: go to hedge funds. We don't lend to individuals. We

555
00:27:24,800 --> 00:27:29,040
Speaker 1: collect coins from individuals. We only lend to institutions. Right, So,

556
00:27:29,160 --> 00:27:32,320
Speaker 1: if you remove your coins from binance and you put

557
00:27:32,359 --> 00:27:34,680
Speaker 1: them with us, guess what not bynus does not have

558
00:27:34,800 --> 00:27:38,040
Speaker 1: enough coins. They're like, hey, we need to do market making,

559
00:27:38,119 --> 00:27:40,080
Speaker 1: we need to do shorting, we need to do front

560
00:27:40,160 --> 00:27:42,879
Speaker 1: running of all of our customers. We need more coins.

561
00:27:42,880 --> 00:27:45,959
Speaker 1: Can you lend us coins all the ship that they do.

562
00:27:46,680 --> 00:27:48,720
Speaker 1: They do it with your coins, which you gave them

563
00:27:48,760 --> 00:27:51,159
Speaker 1: for free. When you remove the coins. Then they have

564
00:27:51,200 --> 00:27:54,600
Speaker 1: to pay eight nine for borrowing from us. So we

565
00:27:54,720 --> 00:27:57,200
Speaker 1: collect it all from the exchanges and the hedge funds

566
00:27:57,280 --> 00:27:59,520
Speaker 1: instead of them collecting tolls from you. So now you're

567
00:27:59,560 --> 00:28:01,680
Speaker 1: loaning these coins out, and I don't know who that's

568
00:28:01,680 --> 00:28:04,040
Speaker 1: going to. I would imagine they're all being commingled, right,

569
00:28:04,119 --> 00:28:10,040
Speaker 1: And so there's a big btc um you know, omnibus account,

570
00:28:10,080 --> 00:28:12,760
Speaker 1: meaning one giant account from there we lent to all

571
00:28:12,760 --> 00:28:15,199
Speaker 1: the parties. And so you're lending into these exchanges or

572
00:28:15,200 --> 00:28:17,840
Speaker 1: whoever institutions, and I don't have any control over that

573
00:28:17,920 --> 00:28:20,040
Speaker 1: or what their credit worthiness or whatever. And so let's

574
00:28:20,040 --> 00:28:22,080
Speaker 1: just say any of all something default. And as a

575
00:28:22,119 --> 00:28:24,080
Speaker 1: matter of fact, a couple weeks Polonius had a problem

576
00:28:24,440 --> 00:28:26,920
Speaker 1: and and violence are the problem. They stole forty eight

577
00:28:26,960 --> 00:28:30,240
Speaker 1: million dollars from violence there just a few weeks ago. Yes,

578
00:28:30,400 --> 00:28:32,199
Speaker 1: just the other day Polonias had a problem where one

579
00:28:32,240 --> 00:28:35,280
Speaker 1: of their derivative clam or when we use poloniae, the

580
00:28:35,920 --> 00:28:38,120
Speaker 1: socialize the loss right, everyone had to take a sixteen

581
00:28:38,120 --> 00:28:41,640
Speaker 1: percent haircut. That's correct, and and so then how does

582
00:28:41,640 --> 00:28:46,200
Speaker 1: that affect myint None of our customers got affected, Okay,

583
00:28:46,280 --> 00:28:49,840
Speaker 1: And Celsius covered that, so we we can't get into

584
00:28:49,840 --> 00:28:52,640
Speaker 1: the details because of this legal stuff going on. But

585
00:28:52,640 --> 00:28:55,560
Speaker 1: but we have an inheritment. Yeah, we have an arrangement

586
00:28:55,600 --> 00:28:59,920
Speaker 1: with Circle, which is the owner of Polonias, that guarantees

587
00:28:59,920 --> 00:29:01,680
Speaker 1: of all these people are going to get their money back.

588
00:29:01,760 --> 00:29:04,520
Speaker 1: And we already started receiving all of that distribution. Why

589
00:29:04,560 --> 00:29:09,520
Speaker 1: because we're big enough customers of Circle or Poloniacs for

590
00:29:09,560 --> 00:29:12,280
Speaker 1: them to basically say, oh, you're a little guy, here

591
00:29:12,360 --> 00:29:15,520
Speaker 1: here is your socialized loss. Right. So but none of

592
00:29:15,560 --> 00:29:17,200
Speaker 1: our customers are going to see any of that in

593
00:29:17,240 --> 00:29:21,040
Speaker 1: any case. Right, So we have our own internal fund,

594
00:29:21,120 --> 00:29:23,840
Speaker 1: some sort of reserve fund or something like that. Yes,

595
00:29:24,080 --> 00:29:27,200
Speaker 1: you could. You're kind of prepared for anything, something like

596
00:29:27,280 --> 00:29:30,440
Speaker 1: our job. Our job is Job number one is to

597
00:29:30,560 --> 00:29:33,480
Speaker 1: always return all the coins to our depositors. Job number

598
00:29:33,480 --> 00:29:36,760
Speaker 1: two is to remember job number one. Rule number one. Right,

599
00:29:36,800 --> 00:29:39,240
Speaker 1: So there's no as soon as it falls apart, it

600
00:29:39,280 --> 00:29:42,200
Speaker 1: falls apart pretty quickly, I would imagine. Well, so first

601
00:29:42,520 --> 00:29:44,520
Speaker 1: any hedge funds will end to they have to give

602
00:29:44,600 --> 00:29:48,120
Speaker 1: us collateral, right, so we don't. We never land without collateral.

603
00:29:48,760 --> 00:29:52,800
Speaker 1: Any exchange that we trade with we usually have their

604
00:29:52,800 --> 00:29:56,560
Speaker 1: assets in our deposit as well. So for example, Circle,

605
00:29:56,880 --> 00:30:00,800
Speaker 1: we we have a lot of USDC coins on deposits

606
00:30:00,800 --> 00:30:03,720
Speaker 1: as well, so we can always offset these things, meaning

607
00:30:03,800 --> 00:30:07,080
Speaker 1: we don't have real exposure. So we manage the counterparty

608
00:30:07,160 --> 00:30:09,840
Speaker 1: risk all the time against all of these two hundred

609
00:30:09,920 --> 00:30:12,760
Speaker 1: different hedge funds and exchanges that we work with, and

610
00:30:12,760 --> 00:30:16,080
Speaker 1: that's our job. We we represent only the depositors. We

611
00:30:16,160 --> 00:30:19,080
Speaker 1: do not represent the exchanges or the hedge fund everybody else.

612
00:30:19,440 --> 00:30:23,560
Speaker 1: Our responsibility is only for the depositors. Another thing is

613
00:30:23,560 --> 00:30:26,520
Speaker 1: is like if you use our app, you can see

614
00:30:26,680 --> 00:30:29,320
Speaker 1: like basically you can see how many users. You can

615
00:30:29,320 --> 00:30:31,800
Speaker 1: see how much we have on deposit. So like right

616
00:30:31,800 --> 00:30:35,920
Speaker 1: now we have three Yeah, I'm showing you my wallet,

617
00:30:35,960 --> 00:30:37,640
Speaker 1: but if you have your wallet, you can see the

618
00:30:37,680 --> 00:30:39,880
Speaker 1: same thing. So you can see like how much is

619
00:30:39,960 --> 00:30:45,560
Speaker 1: on deposit. So you can see what is on deposit,

620
00:30:45,640 --> 00:30:47,320
Speaker 1: you can see how much you're earning, you can see

621
00:30:47,320 --> 00:30:49,880
Speaker 1: how much interest We just crossed three million in interests, right.

622
00:30:49,920 --> 00:30:53,360
Speaker 1: So so the reason for this transparency is because none

623
00:30:53,360 --> 00:30:55,560
Speaker 1: of these banks and pointing because Bank of Americans right

624
00:30:55,560 --> 00:30:59,880
Speaker 1: behind us, none of these institutions ever shared anything with you.

625
00:31:00,040 --> 00:31:02,440
Speaker 1: The only time you know there's a problem is when

626
00:31:02,640 --> 00:31:05,719
Speaker 1: we have to bail them out. Right, So getting an

627
00:31:05,840 --> 00:31:08,280
Speaker 1: ordered from Ernst a year and a half from now

628
00:31:08,320 --> 00:31:10,840
Speaker 1: that that everything is fine. Right now, it's completely useless.

629
00:31:11,000 --> 00:31:13,720
Speaker 1: We're talking about real time on the blockchain. You can

630
00:31:13,840 --> 00:31:16,240
Speaker 1: order us on the blockchain and verify how much we

631
00:31:16,280 --> 00:31:19,160
Speaker 1: have on deposit, how much did we land out, did

632
00:31:19,160 --> 00:31:21,320
Speaker 1: we collect that interest? Did I give you eighty percent

633
00:31:21,400 --> 00:31:24,600
Speaker 1: of what you were supposed to earn? So all these

634
00:31:24,640 --> 00:31:27,280
Speaker 1: things are not things we were required to do by law.

635
00:31:27,880 --> 00:31:30,680
Speaker 1: There's no law obviously, Binance coin based. None of these

636
00:31:30,680 --> 00:31:32,560
Speaker 1: people do any of the stuff I just talked about

637
00:31:32,880 --> 00:31:36,520
Speaker 1: because they're not acting in your best interests. So so

638
00:31:36,760 --> 00:31:38,760
Speaker 1: the average person needs to know that if they leave

639
00:31:38,760 --> 00:31:41,840
Speaker 1: their coins on an exchange, they're probably subject to as much,

640
00:31:41,880 --> 00:31:43,800
Speaker 1: if not more risk than they would be working with you.

641
00:31:43,880 --> 00:31:47,960
Speaker 1: Bitfinex socialized losses. Binance did not because they had enough

642
00:31:48,000 --> 00:31:52,680
Speaker 1: cash to but but Polonia socialis losses. A lot of

643
00:31:52,720 --> 00:31:54,960
Speaker 1: these people, some of them are total loss, like the

644
00:31:54,960 --> 00:31:59,800
Speaker 1: guys in Canada, the guys in Australia. Right laws there

645
00:31:59,880 --> 00:32:03,800
Speaker 1: was no recovery. So so it's a double jeopardy when

646
00:32:03,840 --> 00:32:08,760
Speaker 1: you hold your coins on exchanges. You're helping them cheat you,

647
00:32:08,760 --> 00:32:12,160
Speaker 1: You're helping them front run you, right, so at least

648
00:32:12,240 --> 00:32:15,120
Speaker 1: remove them, right. I recommend to people to keep at

649
00:32:15,160 --> 00:32:17,960
Speaker 1: least some coins in cold storage. I always tell that,

650
00:32:18,000 --> 00:32:19,880
Speaker 1: but I can tell you our community is not going

651
00:32:19,960 --> 00:32:23,239
Speaker 1: to grow If everybody has to learn the mastery of

652
00:32:23,640 --> 00:32:26,640
Speaker 1: how to use a treasor or how to use UH

653
00:32:26,680 --> 00:32:29,360
Speaker 1: and how to work with private keys and all that

654
00:32:29,400 --> 00:32:32,000
Speaker 1: stuff and keep it in a safe place, We're not

655
00:32:32,040 --> 00:32:35,720
Speaker 1: gonna grow and have a billion users. So what Celsius

656
00:32:35,760 --> 00:32:38,040
Speaker 1: has done is done a half step. And basically we

657
00:32:38,240 --> 00:32:42,000
Speaker 1: went to the community that doesn't understand anything technical and said, look,

658
00:32:42,160 --> 00:32:46,560
Speaker 1: here's a way to come in and transact take benefit

659
00:32:46,640 --> 00:32:49,000
Speaker 1: from all this stuff without knowing anything about bitcoin. You

660
00:32:49,000 --> 00:32:51,840
Speaker 1: don't need to know anything to transact with us. And

661
00:32:51,880 --> 00:32:53,880
Speaker 1: we have a service called sell pay that allows you

662
00:32:53,920 --> 00:32:57,959
Speaker 1: to share the love with everybody without them having any wallets. Um.

663
00:32:58,000 --> 00:33:01,320
Speaker 1: Can we talk about the Celsius coin cell coin token? Yeah? Um,

664
00:33:01,360 --> 00:33:04,360
Speaker 1: and so I believe you were paying an extra percentage

665
00:33:04,760 --> 00:33:06,960
Speaker 1: if you pay that's the utility of the cell TOKENA

666
00:33:07,120 --> 00:33:10,320
Speaker 1: is there is that still actively working on? So we

667
00:33:10,320 --> 00:33:14,640
Speaker 1: we so we launched the cell token. UM Obviously, we

668
00:33:14,640 --> 00:33:16,320
Speaker 1: did an i CE a year ago and we raised

669
00:33:16,760 --> 00:33:20,040
Speaker 1: thirties something million dollars. We used all that money to

670
00:33:20,080 --> 00:33:22,960
Speaker 1: build a platform, and three weeks ago we went live,

671
00:33:23,080 --> 00:33:25,680
Speaker 1: but with with the utility. Meaning, if you took a

672
00:33:25,680 --> 00:33:28,400
Speaker 1: loan you wanted to pay interest, if you paid it

673
00:33:28,400 --> 00:33:32,160
Speaker 1: with cell token, you pay less. If you want to

674
00:33:32,200 --> 00:33:35,480
Speaker 1: earn on BTC, instead of getting paid in BTC, you

675
00:33:35,520 --> 00:33:38,320
Speaker 1: can get paid in cell token. You earn more more.

676
00:33:38,360 --> 00:33:40,640
Speaker 1: So instead of eight point one percent, you earned ten

677
00:33:40,680 --> 00:33:45,240
Speaker 1: point one percent. Right, we issued that to everybody of

678
00:33:45,240 --> 00:33:48,040
Speaker 1: our community. Came and said, we love you, grade I

679
00:33:48,080 --> 00:33:51,200
Speaker 1: don't want to get paid in BTC, give me more

680
00:33:51,360 --> 00:33:54,480
Speaker 1: cell token. Right. Lawyers jumped and said, wait a second.

681
00:33:54,560 --> 00:33:56,440
Speaker 1: In the US, you may have a problem with us,

682
00:33:56,520 --> 00:33:59,080
Speaker 1: So hold the US, let us figure out what's happening.

683
00:33:59,640 --> 00:34:02,360
Speaker 1: Continue you paying everybody BTC on BTC. So we didn't

684
00:34:02,360 --> 00:34:05,160
Speaker 1: stop anything. We just told the people that wanted BTC

685
00:34:05,560 --> 00:34:09,200
Speaker 1: for now, you're getting BTC. You're not getting self talking, right,

686
00:34:09,880 --> 00:34:12,319
Speaker 1: and then when we resolve all these issues again. There

687
00:34:12,360 --> 00:34:15,280
Speaker 1: was no action from the SEC. There was no any

688
00:34:15,320 --> 00:34:17,920
Speaker 1: any enforcement action or anything like that. Right, this is

689
00:34:17,920 --> 00:34:21,000
Speaker 1: our lawyers telling us, let's do the right thing. Let's

690
00:34:21,040 --> 00:34:23,759
Speaker 1: solve all these things. And again, our our job number

691
00:34:23,760 --> 00:34:25,560
Speaker 1: one is to protect the community. So if we are

692
00:34:25,680 --> 00:34:28,520
Speaker 1: doing something that may endanger the community, may may cause

693
00:34:28,560 --> 00:34:31,560
Speaker 1: a regulator or one of our competitors are coming focus

694
00:34:31,560 --> 00:34:33,760
Speaker 1: in the eye. That is not good for our community.

695
00:34:33,800 --> 00:34:36,840
Speaker 1: We're doing exceptionally well. What about the rest of the

696
00:34:36,880 --> 00:34:40,760
Speaker 1: decentralized finance space. So you're in like a custodial type

697
00:34:41,200 --> 00:34:44,040
Speaker 1: asset back loan type, and we're centralized you can use

698
00:34:44,040 --> 00:34:48,880
Speaker 1: that word, where we are a centralized version of decentralized.

699
00:34:48,920 --> 00:34:51,840
Speaker 1: And then there's then there's protocol bases, right, so the

700
00:34:51,920 --> 00:34:54,680
Speaker 1: defied guys a compound of dharma or something like that.

701
00:34:54,719 --> 00:34:56,759
Speaker 1: But those have their own risk as well. Sometimes the

702
00:34:56,760 --> 00:34:59,839
Speaker 1: protocol doesn't work good, like we saw, I mean dharma.

703
00:35:00,320 --> 00:35:03,120
Speaker 1: If you got liquidated, you've got seventy six cents on

704
00:35:03,160 --> 00:35:06,239
Speaker 1: the doll So so the cost of like if you

705
00:35:06,320 --> 00:35:08,600
Speaker 1: get to the point where you get caught in the

706
00:35:08,680 --> 00:35:11,280
Speaker 1: margin call, or you get caught because you were asleep

707
00:35:11,360 --> 00:35:15,040
Speaker 1: and suddenly there was a flash crash, you're gonna you're

708
00:35:15,040 --> 00:35:20,360
Speaker 1: gonna eat all of your assets without having any recourse.

709
00:35:20,360 --> 00:35:22,080
Speaker 1: There's nothing, no one to talk to, it's a smart

710
00:35:22,080 --> 00:35:25,520
Speaker 1: contract than eight your coins. So it's curious where you

711
00:35:25,560 --> 00:35:28,640
Speaker 1: see being someone who's been a step ahead of the game,

712
00:35:28,800 --> 00:35:31,560
Speaker 1: pushing the envelope um where you see the DeFi space

713
00:35:31,640 --> 00:35:34,040
Speaker 1: going and you do you guys have plans to get

714
00:35:34,080 --> 00:35:36,840
Speaker 1: into more. Yeah, so first we support DeFi, So we

715
00:35:37,000 --> 00:35:39,840
Speaker 1: have the die token in our wallet. You can deposit

716
00:35:39,920 --> 00:35:42,600
Speaker 1: die with us, you can give us ether and earned die.

717
00:35:42,640 --> 00:35:44,239
Speaker 1: I mean there's we do all of that, so we

718
00:35:44,719 --> 00:35:48,960
Speaker 1: don't see uh defies as as competition or as a

719
00:35:49,000 --> 00:35:52,680
Speaker 1: bad actor or anything like that. It serves the purpose.

720
00:35:53,120 --> 00:35:56,279
Speaker 1: A sophisticated guy that understands how the stuff works can

721
00:35:56,440 --> 00:36:01,480
Speaker 1: either generate yield or generate leverage from these type of tools.

722
00:36:01,480 --> 00:36:04,359
Speaker 1: But these are derivatives, right, I mean most people don't

723
00:36:04,400 --> 00:36:07,560
Speaker 1: understand how stocks and bonds work forget about derivatives. So

724
00:36:07,760 --> 00:36:11,400
Speaker 1: I would not recommend the average joe who's just finding

725
00:36:11,440 --> 00:36:13,960
Speaker 1: their way around the stuff. We has a job and

726
00:36:14,040 --> 00:36:16,760
Speaker 1: have kids and have a wife and all that stuff

727
00:36:16,880 --> 00:36:19,239
Speaker 1: to get into this game, because that is a game

728
00:36:19,280 --> 00:36:23,279
Speaker 1: for prose and we land, we make money. We we

729
00:36:23,360 --> 00:36:25,879
Speaker 1: sit on the receiving side of dice if somebody gets

730
00:36:25,920 --> 00:36:29,320
Speaker 1: liquid and we are the ones collecting and distributing it

731
00:36:29,440 --> 00:36:32,160
Speaker 1: to our community. So you want to be taking the risk.

732
00:36:32,280 --> 00:36:34,600
Speaker 1: We want to be the guy who collects. We give

733
00:36:34,640 --> 00:36:39,319
Speaker 1: you a strategy. Whoever liquidates the contract, we sit there

734
00:36:39,320 --> 00:36:41,680
Speaker 1: all day long and wait to liquid it. Why because

735
00:36:42,080 --> 00:36:45,480
Speaker 1: it's an easy way to earn We just take to

736
00:36:46,640 --> 00:36:49,839
Speaker 1: then give it to our coin holders automatically. So so

737
00:36:50,480 --> 00:36:54,080
Speaker 1: that's one of those und fifty strategies. Right. So all

738
00:36:54,120 --> 00:36:57,560
Speaker 1: I'm saying to people is, look, we're not hiding how

739
00:36:57,600 --> 00:37:00,440
Speaker 1: we're making money. We just like Warren Buffett, Right, what

740
00:37:00,440 --> 00:37:03,120
Speaker 1: if it tells you, look, I bought Where's Fargo? I

741
00:37:03,120 --> 00:37:06,040
Speaker 1: have twenty billion dollars worth of else Fargo. They pay

742
00:37:06,120 --> 00:37:09,200
Speaker 1: me six percent dividend every year. That's how I make

743
00:37:09,239 --> 00:37:11,600
Speaker 1: my money. You can buy it also. It's the same

744
00:37:11,640 --> 00:37:15,280
Speaker 1: thing here. We have many many strategies. They're all available

745
00:37:15,320 --> 00:37:19,400
Speaker 1: to anyone. Right Like right now we are collecting on

746
00:37:19,480 --> 00:37:23,239
Speaker 1: cash deposits. Right we're paying ten point to five ten

747
00:37:23,320 --> 00:37:27,440
Speaker 1: point one on cash deposits. Were using the cell because

748
00:37:27,440 --> 00:37:29,839
Speaker 1: we can deploy it at much higher rates. Right So

749
00:37:29,960 --> 00:37:31,719
Speaker 1: now again it's not gonna be there forever. It goes

750
00:37:31,800 --> 00:37:34,640
Speaker 1: up and down, and it's only available sometimes and but

751
00:37:34,800 --> 00:37:37,719
Speaker 1: on average it returns that ten percent and we give

752
00:37:37,800 --> 00:37:40,919
Speaker 1: eight point one percent back to the community. So so

753
00:37:41,560 --> 00:37:43,440
Speaker 1: you want to you want to track all the exchanges

754
00:37:43,480 --> 00:37:45,759
Speaker 1: and figure out where which one popped and go in

755
00:37:45,760 --> 00:37:47,920
Speaker 1: there and open an account and manage they yield. And

756
00:37:49,280 --> 00:37:52,480
Speaker 1: so we we we socialize the profit just like the

757
00:37:52,520 --> 00:37:57,280
Speaker 1: other guys that socializing the laws. Right, So it's it's now.

758
00:37:57,560 --> 00:38:02,200
Speaker 1: The issue is trust. The issue is that most people don't. Again,

759
00:38:02,400 --> 00:38:05,040
Speaker 1: they get screwed so many times in their lives that

760
00:38:05,120 --> 00:38:07,719
Speaker 1: when they listen to this, they go and say, yeah, right,

761
00:38:08,160 --> 00:38:11,120
Speaker 1: you know lex Yeah, this guy, this immigrant guy from

762
00:38:11,120 --> 00:38:15,160
Speaker 1: New York who lives in a fancy apartment on Lexington Avenue,

763
00:38:15,480 --> 00:38:18,680
Speaker 1: really cares about me and he's doing it for me. Yeah, right, right,

764
00:38:18,680 --> 00:38:20,919
Speaker 1: And that's the issue. The issue is that we get

765
00:38:20,960 --> 00:38:24,560
Speaker 1: conditions so badly by the banks not to earn anything

766
00:38:24,560 --> 00:38:26,319
Speaker 1: on our money that when we see a good thing,

767
00:38:26,680 --> 00:38:29,359
Speaker 1: we don't know it's a good thing. The other thing

768
00:38:29,480 --> 00:38:31,000
Speaker 1: is that and this is a little bit off topic,

769
00:38:31,040 --> 00:38:33,360
Speaker 1: but another thing is that you know, today we're seeing

770
00:38:33,400 --> 00:38:37,240
Speaker 1: society kind of paint capitalism or entrepreneurship or business owners

771
00:38:37,239 --> 00:38:39,640
Speaker 1: as bad and greedy because we all have took advantage

772
00:38:39,640 --> 00:38:42,120
Speaker 1: of it. But really, I say that a business owner

773
00:38:42,200 --> 00:38:45,160
Speaker 1: is a servant. We're solving problems the only way to

774
00:38:45,200 --> 00:38:47,520
Speaker 1: be good in business. I mean not obviously the banks

775
00:38:47,560 --> 00:38:49,879
Speaker 1: is a different story. But there are ten million small

776
00:38:49,920 --> 00:38:52,440
Speaker 1: business in America and they do everything you said, and

777
00:38:52,440 --> 00:38:54,680
Speaker 1: they're solving problems. They all I agree with you, but

778
00:38:55,440 --> 00:38:58,399
Speaker 1: the not the profits. If you take if you take

779
00:38:58,480 --> 00:39:00,960
Speaker 1: the profits in America car right, then you take the

780
00:39:01,000 --> 00:39:03,439
Speaker 1: top four or five companies. They make more than half

781
00:39:03,480 --> 00:39:06,960
Speaker 1: of all the profits. So the problem is, why are

782
00:39:07,000 --> 00:39:10,800
Speaker 1: those guys, like when when JP Morgan makes thirty billion

783
00:39:10,840 --> 00:39:15,160
Speaker 1: a year in profit, why aren't they paying their deposit

784
00:39:15,280 --> 00:39:17,359
Speaker 1: a little bit more? Just a little bit they can

785
00:39:17,400 --> 00:39:20,440
Speaker 1: pay you. Understand, they make return on capital, so on

786
00:39:20,520 --> 00:39:25,840
Speaker 1: average they can pay you seven seventeen on average in

787
00:39:25,920 --> 00:39:30,040
Speaker 1: the state they're bragging about exactly they're stealing from you.

788
00:39:30,960 --> 00:39:33,960
Speaker 1: Let's go through the scenario. They're certainly not they're certainly

789
00:39:34,000 --> 00:39:38,719
Speaker 1: not paying. It's stealing. Okay, you make a deposit to

790
00:39:38,840 --> 00:39:42,640
Speaker 1: the bank, right, they pay you one percent or less.

791
00:39:43,040 --> 00:39:45,520
Speaker 1: They then turn around lend me your money. It's not

792
00:39:45,640 --> 00:39:48,000
Speaker 1: their money. Most people think that when I use the

793
00:39:48,000 --> 00:39:52,960
Speaker 1: credit card, the Chase Manhattan credit card, the Chase lends

794
00:39:53,040 --> 00:39:55,480
Speaker 1: me the money. No, it's not their money, it's your money.

795
00:39:55,760 --> 00:39:58,360
Speaker 1: You get one percent. Now, why is there such a gap?

796
00:39:58,480 --> 00:40:00,480
Speaker 1: It didn't used to be that way, right, People used

797
00:40:00,520 --> 00:40:02,720
Speaker 1: to actually get a I used to make seven percent

798
00:40:02,840 --> 00:40:05,279
Speaker 1: by the positing money with Chase. And not only not

799
00:40:05,400 --> 00:40:08,759
Speaker 1: only are they doing that, but they're fractionally reserving it exactly.

800
00:40:08,880 --> 00:40:12,719
Speaker 1: They can tender one exact legally, they have a license

801
00:40:12,800 --> 00:40:15,680
Speaker 1: to steal. Yeah, okay, so that's interesting. I know we're

802
00:40:15,680 --> 00:40:17,480
Speaker 1: going super long. We can talk about this stuff wherever

803
00:40:17,520 --> 00:40:20,200
Speaker 1: I love it. Um, we're at the bitcoin conference. Um,

804
00:40:20,280 --> 00:40:23,200
Speaker 1: and so we're here with with a lot of bitcoiners. Uh,

805
00:40:23,320 --> 00:40:24,920
Speaker 1: we're talking about that, and I really appreciate you getting

806
00:40:24,920 --> 00:40:26,920
Speaker 1: into the risk and whatnot. Hopefully everybody learn from that.

807
00:40:26,960 --> 00:40:29,400
Speaker 1: But I'm just curious looking out at the landscape over all.

808
00:40:29,400 --> 00:40:31,560
Speaker 1: We talked about the DeFi space, but maybe what are

809
00:40:31,800 --> 00:40:34,080
Speaker 1: being at the blog Bluction conference. What are you seeing

810
00:40:34,200 --> 00:40:37,000
Speaker 1: right now happening in the industry that has you excited

811
00:40:37,040 --> 00:40:41,040
Speaker 1: and kind of hopeful for the way I see it

812
00:40:41,120 --> 00:40:46,560
Speaker 1: is again, Communism, socialism, capitalism. These are three experiments at

813
00:40:47,120 --> 00:40:51,040
Speaker 1: bettering our lives right, and again, I'm thriving in capitalism, right,

814
00:40:51,360 --> 00:40:54,200
Speaker 1: but most people are not. Most people cannot just start

815
00:40:54,200 --> 00:40:56,480
Speaker 1: a business and whip it out of nowhere and raise

816
00:40:56,560 --> 00:40:59,439
Speaker 1: all this money and do well. And it's not because

817
00:40:59,480 --> 00:41:02,680
Speaker 1: they're not good people. It's not because they're not working hard.

818
00:41:02,800 --> 00:41:05,520
Speaker 1: It's just they don't get in front of those opportunities.

819
00:41:06,000 --> 00:41:10,240
Speaker 1: And decentralization is a fourth movement, it's like a fourth wave.

820
00:41:10,840 --> 00:41:14,760
Speaker 1: It's an experiment, right, It's it's another experiment at bettering

821
00:41:14,800 --> 00:41:17,040
Speaker 1: our lives, and all of us have to decide are

822
00:41:17,040 --> 00:41:22,239
Speaker 1: we sticking with centralization, which is capitalism and centralization it's

823
00:41:22,239 --> 00:41:25,160
Speaker 1: the same thing, right, And again I have that perspective

824
00:41:25,200 --> 00:41:27,319
Speaker 1: because I'm one of the very few people that live

825
00:41:27,400 --> 00:41:30,839
Speaker 1: through all those systems. It's pretty hard to live in

826
00:41:30,600 --> 00:41:36,160
Speaker 1: in communism, right, So so so for me, decentralization is

827
00:41:36,200 --> 00:41:41,279
Speaker 1: like again, it's like a beautiful, uh shiny day, right

828
00:41:41,360 --> 00:41:44,200
Speaker 1: that it's obvious to me that that system is better

829
00:41:44,280 --> 00:41:47,120
Speaker 1: than the other three experiments. But for most people they

830
00:41:47,160 --> 00:41:50,839
Speaker 1: look at this a decentralization. I don't even know what

831
00:41:50,880 --> 00:41:54,360
Speaker 1: that word means. Right, So again I invite your viewers

832
00:41:54,440 --> 00:41:58,040
Speaker 1: to do the homework to understand just go on Wikipedia

833
00:41:58,080 --> 00:42:00,840
Speaker 1: and read about it. Right, it's not a new idea,

834
00:42:01,040 --> 00:42:03,560
Speaker 1: it's just an idea whose time has come. I actually

835
00:42:04,160 --> 00:42:06,440
Speaker 1: I made a video I talked about it's the pendulum,

836
00:42:06,520 --> 00:42:09,360
Speaker 1: and there's a cycle. And every every forty years we

837
00:42:09,400 --> 00:42:13,040
Speaker 1: go from a week to a me cycle. And you

838
00:42:13,040 --> 00:42:15,799
Speaker 1: can trace this back for thousands of years. And the

839
00:42:15,920 --> 00:42:20,239
Speaker 1: last me individualisms decentralization was at the end of World

840
00:42:20,280 --> 00:42:22,640
Speaker 1: War Two, and we've been going to a we a

841
00:42:22,760 --> 00:42:25,959
Speaker 1: centralized cycle um with the U, N and the EU,

842
00:42:26,160 --> 00:42:28,880
Speaker 1: and we're just topping out where we're maxed out. And

843
00:42:29,040 --> 00:42:31,920
Speaker 1: now the pendulum will sting back to decentralization and we

844
00:42:31,960 --> 00:42:35,560
Speaker 1: have a people are tired. They're tired all that, right,

845
00:42:35,600 --> 00:42:39,239
Speaker 1: They don't they can't put their finger on where it's

846
00:42:39,239 --> 00:42:41,080
Speaker 1: not work. I don't know why. They don't know why.

847
00:42:41,120 --> 00:42:43,799
Speaker 1: They don't understand why their money is not working. They

848
00:42:43,800 --> 00:42:46,400
Speaker 1: don't understand why they can't pay off the mortgage. They

849
00:42:46,440 --> 00:42:49,560
Speaker 1: don't understand why they cannot move ahead in their in

850
00:42:49,600 --> 00:42:52,160
Speaker 1: their life and their careers and everything else. So it's

851
00:42:52,160 --> 00:42:55,120
Speaker 1: like the invisible hand is slowing them down instead of

852
00:42:55,480 --> 00:42:57,600
Speaker 1: speeding them up. Right, if you don't know what the

853
00:42:57,600 --> 00:43:00,640
Speaker 1: invisible hand is then research it, yes, then researchers and

854
00:43:01,000 --> 00:43:03,840
Speaker 1: so it's again it's going from that, uh you know

855
00:43:03,880 --> 00:43:08,520
Speaker 1: Adam smith idea of invisible hand to Austrian economics where

856
00:43:08,600 --> 00:43:12,440
Speaker 1: it's all about deflationary powers. The bitcoin is a deflationary power.

857
00:43:12,760 --> 00:43:16,680
Speaker 1: There's less and less bitcoin every day because people lose coins,

858
00:43:16,719 --> 00:43:19,480
Speaker 1: lose keys, and there's less and less mining with the

859
00:43:19,520 --> 00:43:21,880
Speaker 1: halfing and everything else. So if you understand that, you

860
00:43:21,960 --> 00:43:24,120
Speaker 1: go and say, wow, it's more powerful than goal. It's

861
00:43:24,120 --> 00:43:27,120
Speaker 1: more powerful than anything ever created. Right, I brought a

862
00:43:27,120 --> 00:43:30,560
Speaker 1: prop for that. Actually you see, so you know I'm

863
00:43:30,600 --> 00:43:33,799
Speaker 1: a trillionaire. You never met a trillionaire, right, So this

864
00:43:33,920 --> 00:43:38,040
Speaker 1: is one hundred trillion dollars from Zimbabwe. But now the

865
00:43:38,040 --> 00:43:40,400
Speaker 1: reason I have this is it's a it's a visceral

866
00:43:40,520 --> 00:43:44,480
Speaker 1: reminder that the Zimbabwe dollar used to be worth one

867
00:43:44,520 --> 00:43:47,800
Speaker 1: and a half years dollars and now a hundred trillion

868
00:43:47,960 --> 00:43:50,720
Speaker 1: is worth less than one dollar. And that's the power

869
00:43:50,719 --> 00:43:53,319
Speaker 1: of inflation. Right. This is a country that just went

870
00:43:53,400 --> 00:43:58,600
Speaker 1: through craziness and basically get completely devalued its currency because

871
00:43:58,880 --> 00:44:01,200
Speaker 1: they didn't have a choice. Right, So the same thing

872
00:44:01,200 --> 00:44:03,719
Speaker 1: could happen to the dollar. It is, and and and

873
00:44:03,719 --> 00:44:06,160
Speaker 1: it's happening. Right. Since we went off the gold standard,

874
00:44:06,160 --> 00:44:08,759
Speaker 1: we lost of the value of the of the dollar.

875
00:44:08,800 --> 00:44:11,120
Speaker 1: People don't understand that. But you don't know why prices

876
00:44:11,160 --> 00:44:14,879
Speaker 1: are getting more expensive, but their earnings are not. Their

877
00:44:14,880 --> 00:44:18,400
Speaker 1: earnings have not moved in twenty years. So always saying

878
00:44:18,640 --> 00:44:21,600
Speaker 1: is there is a different system, there's a different set

879
00:44:21,640 --> 00:44:24,919
Speaker 1: of rails where all these rules of why you're held

880
00:44:24,920 --> 00:44:29,720
Speaker 1: back don't apply. Right, you can join this revolution. It's here,

881
00:44:29,840 --> 00:44:32,440
Speaker 1: The future is here. You just have to choose to

882
00:44:32,600 --> 00:44:35,960
Speaker 1: stop being abused by the banks and the financial institution

883
00:44:35,960 --> 00:44:38,600
Speaker 1: and switched to a different set of rails. And we're

884
00:44:38,640 --> 00:44:41,120
Speaker 1: writing those rails and saying, hey, we'll act in your

885
00:44:41,160 --> 00:44:44,239
Speaker 1: best interests. So that's so. Then what you're excited about

886
00:44:44,360 --> 00:44:46,319
Speaker 1: is the technology that we have and the change. You know.

887
00:44:47,440 --> 00:44:49,800
Speaker 1: I love writing the caboose on that thing, you know,

888
00:44:49,920 --> 00:44:52,400
Speaker 1: that's all I'm doing. I'm just writing the caboose and

889
00:44:52,440 --> 00:44:54,920
Speaker 1: I'm having the time of my life. Yeah, it's awesome.

890
00:44:55,160 --> 00:44:56,640
Speaker 1: I put out a tweet I think two days ago,

891
00:44:56,680 --> 00:44:58,080
Speaker 1: and I said, hey, I'm as happy to anyone to

892
00:44:58,080 --> 00:45:01,000
Speaker 1: see bitcoin going up. Yes, but I'm here for the revolution. Yes,

893
00:45:01,600 --> 00:45:03,960
Speaker 1: it's happening. It's happening anyway. You can't stop it. I

894
00:45:03,960 --> 00:45:07,200
Speaker 1: mean again, Facebook trying to ride the same rails. But

895
00:45:07,239 --> 00:45:10,240
Speaker 1: that's like a wolf in sheep clothing. You know, they're

896
00:45:10,280 --> 00:45:12,960
Speaker 1: they're not part of this thing. You know, coming from communism.

897
00:45:12,960 --> 00:45:15,880
Speaker 1: I know we're going to wrap it up. Coming from communism,

898
00:45:15,920 --> 00:45:18,160
Speaker 1: you have that perspective, right, and other people in the

899
00:45:18,200 --> 00:45:20,759
Speaker 1: world have that perspective where they understand why privacy or

900
00:45:20,760 --> 00:45:22,719
Speaker 1: why censorship resistant. And the people in the US have

901
00:45:22,760 --> 00:45:25,920
Speaker 1: a hard time understanding that. But I'm thinking, you know,

902
00:45:25,960 --> 00:45:29,480
Speaker 1: with with the data breach that Facebook had, um, they're

903
00:45:29,520 --> 00:45:32,200
Speaker 1: starting to make the case as to why we need privacy.

904
00:45:32,360 --> 00:45:37,200
Speaker 1: And maybe maybe with Microsoft announcing a new identity thing

905
00:45:37,239 --> 00:45:40,960
Speaker 1: and whatnot, maybe companies might start optimizing for privacy and

906
00:45:41,000 --> 00:45:43,360
Speaker 1: making that a feature and helping to put you know,

907
00:45:43,400 --> 00:45:46,200
Speaker 1: kind of push. Yeah, you're you're an optimist, an optimist,

908
00:45:46,960 --> 00:45:49,760
Speaker 1: too much of an optimist. Maybe something I would say

909
00:45:49,840 --> 00:45:53,600
Speaker 1: that Apple, Right, I use Apple? Why do example? Because

910
00:45:54,200 --> 00:45:59,280
Speaker 1: everything Apple does is actually trying to better my life right, faster, cheaper, better.

911
00:46:00,040 --> 00:46:02,319
Speaker 1: Our operating system protects me, tells me how much I'm

912
00:46:02,400 --> 00:46:04,440
Speaker 1: using the device every day, right, tells me if I'm

913
00:46:04,480 --> 00:46:07,920
Speaker 1: sleeping or not. Like, so they're actually acting in my

914
00:46:08,000 --> 00:46:09,960
Speaker 1: best interest. Right? And all I paid for it is

915
00:46:10,040 --> 00:46:12,640
Speaker 1: nine hundred dollars, Right, I get all that stuff so

916
00:46:13,200 --> 00:46:16,640
Speaker 1: tremendous value for what I'm doing. You can't say that

917
00:46:16,760 --> 00:46:20,080
Speaker 1: about Google. You can't say that about Facebook. Ye. Their

918
00:46:20,120 --> 00:46:23,279
Speaker 1: their model is the opposite, is to extract all your

919
00:46:23,280 --> 00:46:26,640
Speaker 1: identity stuff sell it to as many people as possible.

920
00:46:27,080 --> 00:46:29,800
Speaker 1: You don't notice that, You don't see that, right, it's happening.

921
00:46:29,800 --> 00:46:33,240
Speaker 1: Then it's like the invisible hand. Hundreds of billions of dollars.

922
00:46:33,239 --> 00:46:36,120
Speaker 1: These are the most profitable companies in the world. Right,

923
00:46:36,520 --> 00:46:40,399
Speaker 1: These these companies so so pretending somehow that they're gonna

924
00:46:40,440 --> 00:46:45,680
Speaker 1: again change their spots. I'm sorry, these guys are greedy, bastard.

925
00:46:46,320 --> 00:46:48,440
Speaker 1: I mean, when was the last time you heard Google

926
00:46:48,520 --> 00:46:52,600
Speaker 1: say do no evil? That was the slogans I met

927
00:46:52,600 --> 00:46:55,319
Speaker 1: Sir gay Bryn when he was still in Stanford, right,

928
00:46:55,600 --> 00:46:59,399
Speaker 1: and that was the slogan do no evil? Right, zook? Right,

929
00:46:59,480 --> 00:47:02,320
Speaker 1: He's not. His job is not. He has to deliver

930
00:47:02,520 --> 00:47:06,440
Speaker 1: that earnings for his shareholders. He cannot do anything for

931
00:47:06,520 --> 00:47:11,759
Speaker 1: his customer. It's almost because the exactly just like the

932
00:47:11,800 --> 00:47:15,880
Speaker 1: bank incentivize wrong just now there they have to produce.

933
00:47:15,880 --> 00:47:17,319
Speaker 1: So if they said, hey, we're going to cut this

934
00:47:17,400 --> 00:47:19,840
Speaker 1: data privacy out because it's it's wrong, you hit it

935
00:47:19,840 --> 00:47:23,040
Speaker 1: on the head, hit the nail. So one one thing,

936
00:47:23,120 --> 00:47:26,560
Speaker 1: one things, because it's very important. Right. So the issue

937
00:47:26,640 --> 00:47:29,360
Speaker 1: is that when you're acting in the best interest of

938
00:47:29,520 --> 00:47:33,120
Speaker 1: your shareholders, right, which is fine, you have to always

939
00:47:33,160 --> 00:47:35,560
Speaker 1: extract it from somewhere else. The only place to take

940
00:47:35,640 --> 00:47:40,160
Speaker 1: it is from your customers. Right. And unfortunately, again we

941
00:47:40,280 --> 00:47:43,200
Speaker 1: as customers are just taking all that beating without doing

942
00:47:43,239 --> 00:47:48,120
Speaker 1: anything about it. Right. Decentralization offers you a completely new world.

943
00:47:48,120 --> 00:47:51,160
Speaker 1: It's like suddenly you can breathe oxygen again, right because

944
00:47:51,520 --> 00:47:55,880
Speaker 1: the centralization. Look at Vitalic right with Etherorum, it values

945
00:47:55,960 --> 00:47:59,880
Speaker 1: people based on their contribution to society. He created something beautiful.

946
00:48:00,400 --> 00:48:03,919
Speaker 1: It was worth ninety billion out of nothing. Right. It's

947
00:48:03,920 --> 00:48:07,200
Speaker 1: not based on profits. There's no profit in Ethereum, right,

948
00:48:07,239 --> 00:48:11,239
Speaker 1: it doesn't generate anything. But that's what we're going through.

949
00:48:11,239 --> 00:48:13,879
Speaker 1: We're going for a pyramid where everything is measured based

950
00:48:13,880 --> 00:48:16,799
Speaker 1: on profit generation to a place where it's about the

951
00:48:16,840 --> 00:48:19,440
Speaker 1: network effect. Did you create a big enough network and

952
00:48:19,480 --> 00:48:22,000
Speaker 1: did it provide value and didn't provide value, and it's

953
00:48:22,000 --> 00:48:25,759
Speaker 1: your contribution to society that matters. Right, We're celebrating the

954
00:48:25,760 --> 00:48:29,120
Speaker 1: people who contributed the most to achieved Italic people like that.

955
00:48:29,320 --> 00:48:32,680
Speaker 1: So so I think, like you said, the pendulums swinging

956
00:48:32,760 --> 00:48:35,040
Speaker 1: the other way, and we are doing all the right things.

957
00:48:35,040 --> 00:48:37,560
Speaker 1: It's just most of the people insist on sticking with

958
00:48:37,680 --> 00:48:41,080
Speaker 1: those pyramids, just like the Agian pyramids. That that time

959
00:48:41,200 --> 00:48:45,160
Speaker 1: is over. You've gotta move on, guys. Awesome, awesome, good stuff.

960
00:48:45,480 --> 00:48:47,759
Speaker 1: We can talk forever. I'm really so interested in your

961
00:48:47,800 --> 00:48:51,320
Speaker 1: perspective because of your background, and I love the political

962
00:48:51,360 --> 00:48:54,399
Speaker 1: side of things, in the philosophy side. But that's another time.

963
00:48:54,440 --> 00:48:57,719
Speaker 1: That's another time. The next interviewers, we're doing it on

964
00:48:57,800 --> 00:49:00,480
Speaker 1: the next time. Next time we'll be in Baja underbikes

965
00:49:00,640 --> 00:49:04,479
Speaker 1: bringing the next you guys. All right, thanks for joining. Guys. Hey,

966
00:49:04,560 --> 00:49:07,480
Speaker 1: if you like this episode of the Market Disruptors podcast,

967
00:49:07,600 --> 00:49:10,040
Speaker 1: please help us take this to the top of the

968
00:49:10,080 --> 00:49:12,959
Speaker 1: podcast charts. Just please do me a favor and rate,

969
00:49:13,040 --> 00:49:16,360
Speaker 1: review and subscribe. Taking fifteen seconds to just leave a

970
00:49:16,440 --> 00:49:18,959
Speaker 1: quick review goes a long way in helping us reach

971
00:49:19,000 --> 00:49:22,160
Speaker 1: more people and disrupt more markets. I really appreciate you

972
00:49:22,160 --> 00:49:24,319
Speaker 1: listening and I'll see you next time on the Market

973
00:49:24,360 --> 00:49:25,360
Speaker 1: Disruptors podcast