WEBVTT - Taking The Power Back From The Banks 0:00:04.600 --> 0:00:07.680 So the big question is this, how do investors like 0:00:07.880 --> 0:00:11.800 us get access to the ideas, information, and most importantly, 0:00:12.039 --> 0:00:14.880 the right people that give us the tools and information 0:00:14.960 --> 0:00:19.000 we need to make conformed and educated decisions to have success. 0:00:19.600 --> 0:00:22.360 That is the question, and this podcast will give us 0:00:22.360 --> 0:00:25.520 the answers. This is Mark Moss, your host. Let's get 0:00:25.520 --> 0:00:29.840 this started. Welcome to another episode of the Market Disruptors podcast. 0:00:29.880 --> 0:00:34.080 Today I am joined by Alex Maschinski, founder of Celsius. 0:00:34.320 --> 0:00:36.760 Now you've probably heard of Alex. He is going around 0:00:36.960 --> 0:00:40.800 talking and speaking everywhere. He's a big advocate of cryptocurrencies. 0:00:41.080 --> 0:00:44.600 He was original creator of void voice over Internet and 0:00:44.680 --> 0:00:47.760 now he is coining the term money over Internet. And 0:00:47.840 --> 0:00:51.720 so he really talks about what's going on with the banks, 0:00:51.920 --> 0:00:55.200 how they're taking advantage of us, why this is keeping 0:00:55.240 --> 0:00:58.440 people broke or poor, and what we can do about it. 0:00:58.760 --> 0:01:02.080 We talked about how cryptos changing this, the decentralization nature, 0:01:02.440 --> 0:01:05.840 and how the average person can get back with the 0:01:05.840 --> 0:01:07.720 banks have been taking them for a long time. It's 0:01:07.760 --> 0:01:09.679 a really good conversation. It's one that I've been wanting 0:01:09.680 --> 0:01:12.600 to have a long time. I really really looked forward 0:01:12.600 --> 0:01:14.280 to talking to Alex, and I think you're gonna enjoy 0:01:14.319 --> 0:01:15.640 it too, So let's go ahead and jump right in. 0:01:16.400 --> 0:01:19.479 All right, Welcome to another episode of the Market Disruptors podcast. 0:01:19.720 --> 0:01:23.200 I am continuing to see the series here on Decentralized Finance. 0:01:23.440 --> 0:01:25.880 You guys really want to know more about Celsius, and 0:01:25.920 --> 0:01:29.039 so I am sitting down with Alec Maschinski from Celsius 0:01:29.200 --> 0:01:31.720 right now. We are at the Bitcoin two thousand nineteen 0:01:31.760 --> 0:01:35.080 conference in San Francisco. Um, super honor that you would 0:01:35.080 --> 0:01:36.600 take the time to sit down with me, so welcome 0:01:36.640 --> 0:01:40.600 to the podcast. Sure much rather be riding those bikes 0:01:40.600 --> 0:01:43.280 in Baham. And but you know, next sense of you, 0:01:43.400 --> 0:01:45.560 we're doing it down to the peak. You know, we'll 0:01:45.560 --> 0:01:47.520 do that with So for those of you guys, we 0:01:47.520 --> 0:01:49.680 were talking before the show and and he's a dirt 0:01:49.680 --> 0:01:51.840 by guy on the dirt By guy, and we're both 0:01:51.920 --> 0:01:55.560 really like off roading and adventure bikes and so, um, 0:01:55.560 --> 0:01:58.040 that's really cool. It's kind of a really niche, you 0:01:58.080 --> 0:02:00.840 know kind of and so to find someone else that 0:02:00.920 --> 0:02:03.280 shares that passion is pretty cool. So I'd love to 0:02:03.320 --> 0:02:05.120 take you down on a trip and we can talk 0:02:05.200 --> 0:02:07.400 more about it. Um. And so we could we could 0:02:07.440 --> 0:02:09.560 go on and on for days about that. But let's 0:02:09.600 --> 0:02:11.680 let's get right into it. So, UM, I started talking 0:02:11.680 --> 0:02:15.480 about decentralized finance, which is which is an amazing space. UM. 0:02:15.520 --> 0:02:19.880 You know, decentralizing finance bringing kind of freedom and quality back. UM, 0:02:19.960 --> 0:02:24.000 the way that cryptocurrencies work. UM, we have the ability 0:02:24.120 --> 0:02:27.840 to holdle because it's it's a new technology that's gaining 0:02:28.360 --> 0:02:30.760 you know, it's growing super fast. Obviously, bitcoins kind of 0:02:30.800 --> 0:02:33.160 mooning again right now, and I know, you know a 0:02:33.200 --> 0:02:36.679 lot of people don't want to sell and that's a problem, um, 0:02:36.720 --> 0:02:38.359 and you have come up with a way to kind 0:02:38.400 --> 0:02:41.480 of help people do that. Before we dig into that, 0:02:41.520 --> 0:02:43.240 maybe why don't you just go back a little bit 0:02:43.280 --> 0:02:44.840 I should have done this is tell us a little 0:02:44.840 --> 0:02:47.960 bit about what you're doing in the space and kind 0:02:47.960 --> 0:02:50.160 of how you got here before we jump into Yeah. 0:02:50.200 --> 0:02:53.040 So so first, you know, I think the context is 0:02:53.120 --> 0:02:56.919 very important because people it's more for people who understand, yeah, 0:02:56.960 --> 0:03:00.359 what I've done before and why it's relevant. So. So, 0:03:00.560 --> 0:03:02.919 I'm an immigrant that came to this country thirty years ago, 0:03:03.000 --> 0:03:06.679 and uh, I grew up in I was born in 0:03:06.680 --> 0:03:10.200 in communism in Russia and grew up in socialism in Israel. 0:03:10.280 --> 0:03:12.720 And came to America, and this was like just a 0:03:12.840 --> 0:03:15.919 dream come true. Right, Like, you can talk about all 0:03:15.960 --> 0:03:18.600 the ideas you want in other countries and no one 0:03:19.160 --> 0:03:20.960 is really gonna help you make them happen. And here 0:03:21.000 --> 0:03:23.239 you show up and you're like, I have this idea. 0:03:23.360 --> 0:03:25.480 You know, we're gonna put voice on the internet, you know, 0:03:25.560 --> 0:03:28.400 and and and people backed me in ours two fifty 0:03:28.400 --> 0:03:31.680 million dollars took the company public. You know, now Voice 0:03:31.720 --> 0:03:33.560 of I P s used by the majority of the 0:03:33.560 --> 0:03:36.280 people on the planet right road the original protocols, the 0:03:36.320 --> 0:03:40.080 patents build the first gateways. So that was just an 0:03:40.120 --> 0:03:42.680 amazing experience. I did that in my twenties, right, and 0:03:42.680 --> 0:03:46.120 and uh so very rarely you can do that kind 0:03:46.160 --> 0:03:53.680 of revolution twice, right, like going from yeah, going from 0:03:53.800 --> 0:03:58.520 um something that the phone companies who were the toll collectors, 0:03:58.520 --> 0:04:01.000 which used to charge us three dollars a minute, to 0:04:01.120 --> 0:04:03.560 something that is free, right, I mean that really changed 0:04:03.920 --> 0:04:06.040 the lives of people. They can talk to their friends, 0:04:06.040 --> 0:04:08.520 they can reach out to their family anytime they want. 0:04:09.120 --> 0:04:12.160 So now we're kind of moving from Voice of I 0:04:12.280 --> 0:04:20.359 P two money over and so October, I mean I 0:04:20.480 --> 0:04:23.960 filed the patents on my birthday October five. So I 0:04:23.960 --> 0:04:27.120 think you had an interesting background because one you're not 0:04:27.160 --> 0:04:30.479 from original from the United States, and so becaunderstand the 0:04:30.560 --> 0:04:33.160 issues that most people face. Right, So because of that, 0:04:33.279 --> 0:04:35.760 you probably saw your family having to do a lot 0:04:35.760 --> 0:04:38.719 of long distance calling, and long distance calling is very 0:04:38.720 --> 0:04:42.520 expensive at that time. It's also recognizing that like back then, 0:04:42.560 --> 0:04:46.400 it was very difficult to figure out which network is 0:04:46.400 --> 0:04:48.279 going to win. The phone company's bet on a T 0:04:48.480 --> 0:04:52.200 M ethernet was a big thing. Frame really was a 0:04:52.240 --> 0:04:54.680 big thing. So betting on T C P I P 0:04:55.000 --> 0:04:58.400 was actually like looked like crazy idea. Yeah, that was 0:04:58.480 --> 0:05:01.599 not the norm like now all saying Internet Internet, but 0:05:01.680 --> 0:05:04.600 the Internet was an application on the phone network when 0:05:04.640 --> 0:05:08.240 you dial up with your motive. I remember the motive. 0:05:09.800 --> 0:05:13.359 So to think that that would be somehow replaced with 0:05:13.440 --> 0:05:17.200 something that's available seven and it's fast enough to do 0:05:17.880 --> 0:05:20.400 conferdence calls, like my kids have eight of their friends 0:05:20.640 --> 0:05:23.279 in real time right all over the world talking at 0:05:23.279 --> 0:05:26.360 the same time. So that was just a bridge too far. 0:05:27.000 --> 0:05:29.640 And and and that is exactly the analogy for crypto 0:05:29.720 --> 0:05:31.919 today because when you look at these powerful banks and 0:05:31.960 --> 0:05:35.160 you're seeing it how how little they give us right 0:05:35.240 --> 0:05:38.760 for the hard earned money that we earned. For me, 0:05:38.839 --> 0:05:42.000 it's just something that is not just irritating. I have 0:05:42.080 --> 0:05:43.840 to do something about it. I can't just sit by 0:05:44.279 --> 0:05:46.200 and like in my presentation there, I said, you know, 0:05:46.200 --> 0:05:49.520 I asked the crowd, I said, what are you doing 0:05:49.560 --> 0:05:54.320 about it? You know? You know so so so. I 0:05:54.320 --> 0:05:57.359 think it's important that people understand that that all of 0:05:57.440 --> 0:05:59.640 us make that decision every day, all of us choose 0:05:59.680 --> 0:06:01.960 to the positive money in the bank or put it 0:06:02.040 --> 0:06:04.680 somewhere else where it will actually do good, it will 0:06:04.720 --> 0:06:07.400 act in our best interest. Yeah, I want to dig 0:06:07.440 --> 0:06:09.200 into that before I do. I love this because you 0:06:09.240 --> 0:06:12.320 have such an interesting background. I'm just curious. So having 0:06:12.360 --> 0:06:14.919 started in like you said, and at the time, the 0:06:14.960 --> 0:06:17.360 protocol wasn't clear, so you were kind of taking a gamble. 0:06:17.480 --> 0:06:19.640 I wrote a new protocol or you wrote a new protocol. 0:06:19.680 --> 0:06:21.880 And at the time, there was a lot of people 0:06:22.320 --> 0:06:25.240 that thought it was never gonna work, and the internet 0:06:25.279 --> 0:06:28.520 was and it was stupid. I started internet business in 0:06:28.560 --> 0:06:31.920 two thousand one, an e commerce business. Earlier, people told 0:06:31.960 --> 0:06:34.880 me no one will ever find anything. Brands refused to 0:06:34.880 --> 0:06:36.919 sell me products, no one will ever bu anything online. 0:06:36.920 --> 0:06:40.960 It's ridiculous. I can only imagine a But so I'm curious, 0:06:41.279 --> 0:06:43.280 and I'm sure you're hearing kind of the same things today, right, 0:06:43.360 --> 0:06:45.040 A lot of the tractors say it's a scam, it's 0:06:45.080 --> 0:06:49.600 never gonna work. How do you, um, how do you 0:06:49.680 --> 0:06:51.880 see that future? How did you know it was gonna work? 0:06:51.880 --> 0:06:54.839 How did you manage to stay strong and believe in 0:06:54.880 --> 0:06:59.479 yourself when everybody was telling you wrong? So, first look, 0:06:59.520 --> 0:07:01.680 I was kept in the beginning myself, right. I mean 0:07:01.680 --> 0:07:06.000 it's not like when I read Satoshia's paper, but the Internet, Right, 0:07:06.560 --> 0:07:08.880 with the Internet, you found a way to believe in 0:07:08.920 --> 0:07:11.000 yourself when other people were telling you wrong. Well, when 0:07:11.000 --> 0:07:13.960 you're in your twenties, you don't know any better. You know, 0:07:14.040 --> 0:07:16.240 like you think you're the smartest guy, and you think 0:07:16.240 --> 0:07:18.960 you have all the answers. And I was lucky to 0:07:19.000 --> 0:07:21.480 be right right, But but you know I was plenty 0:07:21.600 --> 0:07:25.000 time wrong in other ventures. It's not like, you know, 0:07:25.080 --> 0:07:27.000 like we we handed out of the park every time. 0:07:27.040 --> 0:07:31.680 But but they choose more about the focus was on disruption, 0:07:31.720 --> 0:07:34.840 The focus was on empowerment of the people. The focus 0:07:34.920 --> 0:07:37.160 wasn't doing good. I didn't do it for the money. 0:07:37.240 --> 0:07:38.960 I didn't like say, oh, where can I make the 0:07:39.000 --> 0:07:42.560 most money, Let's do voice of ip R. The idea was, 0:07:43.360 --> 0:07:46.120 here is a new set of rails, right that that 0:07:46.280 --> 0:07:49.640 bypasses the phone company and soon enough it's going to 0:07:49.800 --> 0:07:52.640 be powerful enough to take all of that business away 0:07:52.640 --> 0:07:56.120 from the phone companies. And today and lose his money 0:07:56.160 --> 0:07:59.760 on international voice because like basically all their customers left 0:07:59.800 --> 0:08:02.440 them and they're all using Skype and What's Up and 0:08:02.680 --> 0:08:04.520 Vibra and all kind of other apps. All right, So 0:08:05.600 --> 0:08:08.239 the banks are exactly the same thing about people don't understand. 0:08:08.480 --> 0:08:09.680 They look at me and the same. But the banks 0:08:09.720 --> 0:08:12.240 are so powerful and like, the banks are not powerful 0:08:12.280 --> 0:08:14.440 at all. The only reason their proful is because you 0:08:14.520 --> 0:08:17.000 give them your money for free every day. So let's 0:08:17.000 --> 0:08:19.800 talk about that. So you you founded a huge problem 0:08:19.800 --> 0:08:22.080 with international calling, and you fix that, and today you 0:08:22.160 --> 0:08:24.480 see another huge problem. And then in between I did 0:08:24.520 --> 0:08:28.280 a few other than seven startups in between, right, raised 0:08:28.360 --> 0:08:32.280 a billion dollars and three billion in exits. I I 0:08:32.280 --> 0:08:34.559 should be retired right now. I just don't have enough switch. 0:08:34.840 --> 0:08:36.880 Because you have so much energy I can. I do 0:08:36.960 --> 0:08:38.960 not have enough switch. I'm like this seven days a 0:08:38.960 --> 0:08:41.600 week because you see problems and you want to solve 0:08:41.640 --> 0:08:43.760 them and and that's and and I think when you're 0:08:43.800 --> 0:08:46.280 doing that, you have energy, right, So that's good. But 0:08:46.360 --> 0:08:48.160 so now there's another big problem that we have today. 0:08:48.280 --> 0:08:50.640 After I fixed that car, so yeah, yeah, there's a 0:08:50.640 --> 0:08:52.880 whole cars out here we are looking at. So. Um, 0:08:52.920 --> 0:08:54.920 we have a problem with the financial system today, which 0:08:54.920 --> 0:08:56.160 we're not going to get into all of that. I 0:08:56.160 --> 0:08:58.360 talked about it all the time, but one of the 0:08:58.360 --> 0:09:00.560 big problems is in the way to find its works 0:09:00.559 --> 0:09:04.600 and um, which no one understands really and most people, unfortunately, 0:09:04.800 --> 0:09:06.720 they don't teach us in school. They don't teach us 0:09:06.720 --> 0:09:09.600 in high school. You could graduate in PhD. In economics 0:09:09.960 --> 0:09:12.800 and you still would not know how to make money. Right. 0:09:12.840 --> 0:09:15.560 So if you think of how many people actually know 0:09:15.880 --> 0:09:19.079 how to really earn millions of billions of dollars, it's 0:09:19.200 --> 0:09:21.480 very very few. I mean, that's why we celebrate war 0:09:21.520 --> 0:09:24.120 in Buffett and the guys that Ryan Goldman Sacks and 0:09:24.160 --> 0:09:27.120 people like that, because they can extract billions of dollars 0:09:27.160 --> 0:09:29.600 of profit out of something that for us we barely 0:09:29.600 --> 0:09:31.920 make a salary, right like and and we were like 0:09:31.960 --> 0:09:34.640 struggling to finish our month and these guys make billions 0:09:34.640 --> 0:09:37.720 and profits every year. So so that talent, the talent 0:09:37.840 --> 0:09:41.800 of earning that return is a very rare talent. And 0:09:41.800 --> 0:09:45.200 and again still celebrating the scientists and the and our 0:09:45.360 --> 0:09:47.800 real heroes, we celebrated people who are making money, who 0:09:47.960 --> 0:09:52.439 who basically aggregate wealth. Right, So so it's just all 0:09:52.520 --> 0:09:55.480 upside down. So I try to create a new system 0:09:55.480 --> 0:09:57.920 in which you don't have to know anything, right, I mean, 0:09:57.960 --> 0:10:01.240 the whole idea about Salesa's network is like cost you 0:10:01.559 --> 0:10:04.000 become a member of course school, You take a giant card, 0:10:04.120 --> 0:10:06.720 you walk in, and everything in the warehouse is at 0:10:06.720 --> 0:10:08.880 the lowest price, the best quality. You just fill the 0:10:08.920 --> 0:10:11.760 card as fast as possible, and you check out. So 0:10:11.800 --> 0:10:16.080 that's that's experience, the financial experience people should have with 0:10:16.280 --> 0:10:20.000 the curated service that acts in your best interests. Right, 0:10:20.480 --> 0:10:22.599 that's what we don't have. We don't have any institution 0:10:22.640 --> 0:10:25.040 acting in our best inch just not the brokers, not 0:10:25.160 --> 0:10:28.360 the insurance guys, not the banks, no one. So like 0:10:28.440 --> 0:10:30.760 a fidelity or like no one, none of them is 0:10:30.800 --> 0:10:33.400 acting in your best interests. I'll give you a simple example. Right, 0:10:33.720 --> 0:10:37.839 you think that fidelity charges you, that's a steel, right, 0:10:37.880 --> 0:10:40.440 it's nothing. Let me give you an example. You bought 0:10:40.520 --> 0:10:43.600 let's say Tesla stock, right, and you're deposited with Fidelity, 0:10:43.640 --> 0:10:46.680 and they charge you four the trade. They make thirty 0:10:46.679 --> 0:10:50.760 percent a year, lending your stock to short sellers thirty 0:10:50.760 --> 0:10:53.040 percent years. So if you give them ten thousand dollars, 0:10:53.200 --> 0:10:55.720 they made three thousand dollars a year for you just 0:10:55.800 --> 0:10:59.080 sitting there holding your stock in the Fidelity account. So 0:10:59.120 --> 0:11:02.480 the same way people make money on your Bitcoin or 0:11:02.520 --> 0:11:05.840 your Ether or your Dash. Right, The simplest example is 0:11:05.920 --> 0:11:09.640 Dash because Dash actually earns you without doing anything, but 0:11:09.679 --> 0:11:12.200 if you take exactly. But most people don't have eighty 0:11:12.200 --> 0:11:14.840 thousand dollars of Dash, so they bought ten thousand or 0:11:14.840 --> 0:11:17.440 five thousand, they hold it on Binance or somewhere else. 0:11:17.800 --> 0:11:21.600 Bindance steaks it, Bindance earn seven percent. They just don't 0:11:21.600 --> 0:11:24.360 give it to you. So all Celsius did it, said 0:11:24.720 --> 0:11:28.400 give us your Dash, we will immediately every week we 0:11:28.440 --> 0:11:30.640 will send you more Dash to your account, will stake 0:11:30.679 --> 0:11:33.880 it for you, no fees, no charges, just we're gonna 0:11:33.880 --> 0:11:35.600 do it for you. And people go like, there must 0:11:35.600 --> 0:11:37.800 be some hind in agenda. Why are you doing it? 0:11:38.480 --> 0:11:41.319 Gosh that's that's because there's no education in the way 0:11:41.320 --> 0:11:43.880 that exact works. And so you talk about there's no 0:11:43.920 --> 0:11:46.080 way for the average person to know what these rich 0:11:46.200 --> 0:11:48.600 rich how they make their money, but there is, and 0:11:48.640 --> 0:11:51.640 so there's clues, right, Warren Buffett tells us, um, if 0:11:51.640 --> 0:11:53.720 you don't learn to make money while you sleep, you'll 0:11:53.760 --> 0:11:55.480 work till the day that you die. Yes, And so 0:11:55.520 --> 0:11:57.520 it's important for us. And working is a good thing. 0:11:57.679 --> 0:11:59.960 Working is a good thing. But don't forced to work, 0:12:00.200 --> 0:12:03.280 especially doing something you hate, exactly. And so we want, 0:12:03.320 --> 0:12:05.160 we want our money to be worked. We work hard 0:12:05.160 --> 0:12:07.720 for our money. Our money should be loving, hardy, and warm. 0:12:07.760 --> 0:12:09.319 Buffet says, we need to put to work. And that's 0:12:09.400 --> 0:12:12.199 essentially what you're talking about, right, putting our money to work. 0:12:12.920 --> 0:12:17.080 And most people unfortunately, again, half of Americans don't have 0:12:17.120 --> 0:12:19.959 four hundred dollars in case of emergency. I mean that 0:12:21.080 --> 0:12:23.880 of Americans the bottom of the same wealth as the 0:12:23.920 --> 0:12:27.200 top one percent. So I'm I'm part of that one percent. 0:12:27.280 --> 0:12:29.439 I'm not sitting here telling you all I'm poor. I'm 0:12:29.480 --> 0:12:32.360 fighting for the poor. No, I'm rich, but I'm fighting 0:12:32.400 --> 0:12:35.319 fighting for you giving the poor tools exactly, I'm not 0:12:35.440 --> 0:12:37.600 giving you the fish, I'm teaching you how to fish. 0:12:37.800 --> 0:12:40.560 So UM, what you're doing is you're allowing someone to 0:12:40.679 --> 0:12:44.800 use their cryptocurrency and uh and and use the value 0:12:44.840 --> 0:12:48.000 that's there without having to sell it, without them even 0:12:48.000 --> 0:12:50.040 knowing how to do it, without even knowing how. And 0:12:50.280 --> 0:12:52.959 maybe maybe we could say it's giving them passive income, 0:12:53.080 --> 0:12:55.960 right because they're passively income. There's other ways to make 0:12:56.000 --> 0:12:58.400 passive And I couldn't show you a dividend pain stock 0:12:58.520 --> 0:13:01.599 or something like that. UM. Bonds obviously have yield and 0:13:01.679 --> 0:13:06.040 things like that. UM and in those types of situations, UM, 0:13:06.120 --> 0:13:07.880 and when I do a bond, right, they have like 0:13:07.920 --> 0:13:10.000 triple A rated bonds or junk bonds and they pay 0:13:10.080 --> 0:13:13.640 different yields. Would loan in my crypto Wolby be similar 0:13:13.679 --> 0:13:17.360 to that bond, so a bond and the yields and 0:13:17.480 --> 0:13:20.960 bonds have been going down drastically, right, So, so what 0:13:21.000 --> 0:13:23.000 people have to understand is that like, for example, when 0:13:23.000 --> 0:13:25.600 I came to this country thirty years ago, I could 0:13:25.600 --> 0:13:28.200 take my dollars departlem in city bank and earn seven 0:13:28.200 --> 0:13:31.000 percent without doing anything right, try to earn seven percent 0:13:31.040 --> 0:13:33.320 on your money today right with low risks. So the 0:13:33.360 --> 0:13:37.520 banks I believe on average pay about zero. Yes, yes, 0:13:37.600 --> 0:13:42.400 so so so like JP Morgan, for example, has fourteen 0:13:42.440 --> 0:13:45.120 trillion in assets. Half of its seven trillion, they don't 0:13:45.120 --> 0:13:48.319 pay any interest whatsoever. And that's about a hundred million 0:13:48.360 --> 0:13:51.400 Americans giving them the money and getting nothing because they're 0:13:51.440 --> 0:13:53.600 too lazy to move the money from the checking accounts 0:13:53.600 --> 0:13:55.720 of the savings account Because they're saying I have a 0:13:55.720 --> 0:14:02.720 thousand dollars exactly, i'ms a hundred million, seven trillion dollars 0:14:02.760 --> 0:14:06.199 in deposits. Right, So, so JP Morgan makes thirty billion 0:14:06.280 --> 0:14:09.960 a year in profit just from that, right they make 0:14:10.600 --> 0:14:13.640 all the banks together made thirty four billion in fees 0:14:13.760 --> 0:14:17.439 from overdraft fees. Yeah. I mean that's taking money from 0:14:17.440 --> 0:14:20.880 the people that cannot finish the month, taking thirty dollars 0:14:21.080 --> 0:14:22.640 and then the person has to go and get a 0:14:22.720 --> 0:14:25.840 day loan because they can't pay their just it's all 0:14:25.920 --> 0:14:29.920 upside down. Why because they prey on the poor. There's 0:14:29.960 --> 0:14:32.960 just no other way to say it. Right, So again, 0:14:33.360 --> 0:14:36.320 why isn't there anyone acting in your best interests? Cost 0:14:36.360 --> 0:14:39.720 cocts in your best interests. Amazon acts in your best interest? Right? 0:14:39.760 --> 0:14:41.360 I can say that with the stray face. I know 0:14:41.680 --> 0:14:43.920 business wakes up every day and he's trying to do 0:14:44.040 --> 0:14:47.120 everything for his customers. Why isn't anyone doing it in 0:14:47.120 --> 0:14:49.720 their financial services? Well because they're they're not they're they're 0:14:49.760 --> 0:14:52.040 interests are not aligned with our interests. Right, And the 0:14:52.120 --> 0:14:54.560 number of banks that exist of was shrunk down to 0:14:54.640 --> 0:14:57.080 four or five, right, So so there's no reason there's 0:14:57.120 --> 0:15:01.040 no competition. Right, it's impossible since dog for it's impossible 0:15:01.080 --> 0:15:04.160 to open a your breath bank. You if you get 0:15:04.160 --> 0:15:06.280 a license, you have to be complying to eighty thou 0:15:06.480 --> 0:15:10.840 pages of regulation. So the rules that we're supposed to 0:15:10.920 --> 0:15:15.160 protect us are actually preventing competition from coming in. And 0:15:15.160 --> 0:15:17.120 then when these banks take too much risk, we have 0:15:17.160 --> 0:15:20.960 to bail them out with taxpayers. So all we're trying 0:15:20.960 --> 0:15:23.720 to do and again, our job is not Celsius is 0:15:23.760 --> 0:15:29.000 not here to play with your coins or create manipulation 0:15:29.160 --> 0:15:31.720 or anything like that. Our mission, we have only one 0:15:31.760 --> 0:15:35.440 mission to earn return on your assets. Your asset. You 0:15:35.480 --> 0:15:40.040 can go all the way crazy and take really risky assets, right, 0:15:40.080 --> 0:15:43.120 we have risky coins in our wallet, or you can 0:15:43.160 --> 0:15:46.840 go super safe and take stable coins. We're not we're 0:15:46.840 --> 0:15:49.320 not telling you which one you have to do your homework, 0:15:49.600 --> 0:15:51.280 and you have to decide. And I recommend to people 0:15:51.520 --> 0:15:54.040 say what should I do? And I'm like half of 0:15:54.080 --> 0:15:57.360 you asked. You're being stable coins, right, We pay eight 0:15:57.360 --> 0:16:00.360 point one percent on stable coins right now, Like you 0:16:00.440 --> 0:16:03.280 take your dollars, you convert them into stable coin. People 0:16:03.320 --> 0:16:05.080 don't know what that means. Let me speak in English. 0:16:05.400 --> 0:16:07.440 You take your dollars, you buy t U s D 0:16:07.800 --> 0:16:10.400 or g U s D or U s DC. Right, 0:16:10.440 --> 0:16:13.160 these are issued by by True us D or by 0:16:13.200 --> 0:16:17.840 Gemini or ber Circle. These are reputable companies, their trust companies, 0:16:17.880 --> 0:16:21.680 the fiduciaries. So you know the dollar is actually sitting 0:16:21.720 --> 0:16:24.680 in that bank account and your token represents a dollar. 0:16:24.720 --> 0:16:27.080 And now you can deposit the token, earn eight point 0:16:27.120 --> 0:16:29.720 one percent at any time, twenty four hours a day. 0:16:29.720 --> 0:16:32.280 You can enjoy it and get your dollars back. For 0:16:32.440 --> 0:16:35.600 people to earn April one percent, that's a life changing event, 0:16:36.160 --> 0:16:39.840 right it can. We have a guy here who's paying 0:16:39.880 --> 0:16:42.880 his mortgage and his kids college just from the interest 0:16:42.960 --> 0:16:46.560 is earning from Celsius, right so, so, and that's what 0:16:46.560 --> 0:16:49.640 we're saying to people. Look, just create a nest egg 0:16:49.720 --> 0:16:52.240 that like you said, instead of you're working for the 0:16:52.280 --> 0:16:55.600 money the markets is wanting, working for you. Then take 0:16:55.640 --> 0:17:00.040 another put in bitcoin. Then take another put in I 0:17:00.080 --> 0:17:02.560 have other coins right now, you have a diversified portfolio. 0:17:02.840 --> 0:17:06.080 It's still yielding seven or eight percent, but you have 0:17:06.160 --> 0:17:08.560 the upside of bitcoin. You may have the downside too, 0:17:08.600 --> 0:17:11.520 but at least you have some exposure. But you're yielding 0:17:11.640 --> 0:17:14.560 while you're earning. Right, So the people are deposited with 0:17:14.680 --> 0:17:18.800 us during this downturn in the market, they were paid 0:17:18.800 --> 0:17:22.040 in bitcoin. That bitcoin is now worth three times as much. 0:17:22.119 --> 0:17:25.600 They didn't earn seven percent. They earn Oh so you 0:17:25.680 --> 0:17:28.960 pay that we pay bitcoin? Yes, Oh wow. So that's 0:17:28.960 --> 0:17:32.240 a big difference exact crisis going. So unless you only 0:17:32.280 --> 0:17:34.600 when you feel that when you open your wallet and 0:17:34.600 --> 0:17:38.240 you go, wait a second, I actually made five thousand dollars. 0:17:38.520 --> 0:17:41.240 I only put five thousand. If I put ten bitcoin in, 0:17:41.320 --> 0:17:44.399 I would get Yes, we only paying bitcoin. We're not 0:17:44.400 --> 0:17:46.280 allowed to pay in dollars because we're not a bank. 0:17:46.720 --> 0:17:48.520 We're not allowed to take dollars. We're not allowed to 0:17:48.520 --> 0:17:51.320 pay in dollars. So you have you so going back 0:17:51.359 --> 0:17:53.600 to this. So again, so there's there's options for people 0:17:53.680 --> 0:17:55.439 if they want to make interest on their money, like 0:17:55.480 --> 0:17:57.800 did it in paying stocks or bonds or whatever, which 0:17:57.800 --> 0:17:59.960 are all pegged in dollars, which are all pegged in 0:18:00.240 --> 0:18:04.080 and what there's an unseen force that is actually squeezing 0:18:04.119 --> 0:18:07.960 your money, right inflation. It's three percently your money every year, 0:18:08.440 --> 0:18:11.359 So three and am or more exactly, they tell you, 0:18:12.320 --> 0:18:14.160 we know it's a lot exactly. So so if you're 0:18:14.200 --> 0:18:17.320 only earning two percent, right, the average bond right now 0:18:17.359 --> 0:18:21.240 pays two percent, right government, but so you're actually losing 0:18:21.320 --> 0:18:23.280 one and a half to two percent a year. You 0:18:23.400 --> 0:18:26.199 think you're earning, but you're actually losing money. So you 0:18:26.320 --> 0:18:29.119 have to earn enough to at least exactly exactly. So 0:18:29.480 --> 0:18:32.439 for you to earn eight percent like we're paying unstable coins, 0:18:32.640 --> 0:18:35.000 you have to take a lot of risk, right, And 0:18:35.000 --> 0:18:37.440 that's what we're telling people. Look look at the risk 0:18:37.480 --> 0:18:39.560 you have to take to earn that in the stock 0:18:39.640 --> 0:18:41.919 market or somewhere else. And look at the risk we have. 0:18:42.080 --> 0:18:45.520 We have all of our loans asset backed. We only 0:18:45.920 --> 0:18:47.800 against I want to get into the risk. That's definitely 0:18:47.800 --> 0:18:49.119 what we want to dip into. But I want to 0:18:49.119 --> 0:18:50.640 just talk about this for a second. So that's on 0:18:50.640 --> 0:18:54.959 on usd The real where the real huge benefit is 0:18:54.720 --> 0:18:57.639 in is in the bitcoin, right or other cryptocurrencies, because 0:18:57.800 --> 0:19:01.200 I mean bitcoin's up over two like this year. We're 0:19:01.240 --> 0:19:06.200 also down before before, But it depends on what time 0:19:06.240 --> 0:19:08.520 period you look at it. But for the most part, 0:19:08.680 --> 0:19:11.000 most people in bitcoinn believe it's going to continue going up. 0:19:11.040 --> 0:19:13.240 I mean, I think over the next several years get 0:19:13.280 --> 0:19:16.480 into twenty thousand and fifty thousand is realistic. At least 0:19:16.480 --> 0:19:18.320 I'm hopeful that it is. And so I don't want 0:19:18.359 --> 0:19:20.800 to sell, and most people don't want to sell. However, 0:19:21.040 --> 0:19:23.120 that money is locked up, and if I could earn 0:19:23.200 --> 0:19:25.719 at least earn interest on top of what I'm earning, 0:19:26.119 --> 0:19:29.480 that's a huge opportunity. Um, And so that's part of it. 0:19:29.520 --> 0:19:32.399 But you also offer another type of product where I 0:19:32.440 --> 0:19:35.800 can borrow against that as well, right, And so then 0:19:35.880 --> 0:19:38.480 I could take that bitcoin. I have ten thousand in bitcoin, 0:19:38.520 --> 0:19:40.640 and I could borrow five thousand out and I could 0:19:40.640 --> 0:19:42.880 do what I want with that five thousand, including leveraging 0:19:42.920 --> 0:19:48.000 back in or buying a piece of real estate or whatever. Right, Um, 0:19:48.040 --> 0:19:50.119 what do you think are the different types of people 0:19:50.200 --> 0:19:53.159 that are interested in that? So the richest people I know, 0:19:53.240 --> 0:19:56.760 and I'm I'm you know, smoothing around within the Hampton's 0:19:56.960 --> 0:19:59.920 or in on Wall Street with with these people. Right, 0:20:00.680 --> 0:20:03.840 I can tell you, including our president, right, they make 0:20:03.880 --> 0:20:06.960