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