WEBVTT - This Week in Crypto: Ukraine War, Marathon Digital, FTX

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<v Speaker 1>I'm Stacy mrie Ishmael, Managing editor of Crypto for Bloomberg News,

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<v Speaker 1>and this is Bloomberg Crypto, a daily Bloomberg I Hood podcast.

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<v Speaker 1>It's Friday, March third. It's Friday, which, as always means

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<v Speaker 1>it's time for another episode of This Week in Crypto.

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<v Speaker 1>Happy as always, to be joined by Bloomberg Senior editor

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<v Speaker 1>Dave Litka and by Emmeline Nicole. Dave is based with

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<v Speaker 1>me here in New York and Emily is in London.

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<v Speaker 1>On this episode, we're going to talk a little bit

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<v Speaker 1>about a pretty somber anniversary, the one year anniversary of

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<v Speaker 1>Russia's invasion of Ukraine, and what, in addition to all

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<v Speaker 1>of the devastation that that has meant for Ukraine's economy,

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<v Speaker 1>people and landmarks, has to do with crypto. We'll talk

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<v Speaker 1>about Nashad Singh, an FTX lieutenant who pleaded guilty to

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<v Speaker 1>various crimes in court in New York this week, and

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<v Speaker 1>we'll talk a little bit about what's happening with Marathon,

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<v Speaker 1>a bitcoin miner, and what if anything, accounting and the

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<v Speaker 1>rising price of bitcoin have to do with the prospects

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<v Speaker 1>for the sector. Emily, Dave, welcome back. To the podcast.

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<v Speaker 1>Great to be here. Before we go into what's been

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<v Speaker 1>happening in Ukraine's Emily's point, Dave, I want to ask

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<v Speaker 1>you about what has become one of our favorite topics

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<v Speaker 1>on this podcast, which is the state of bitcoin mining. Yes,

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<v Speaker 1>which varies from like very precarious to precarious. I think

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<v Speaker 1>very precarious right now. This week we had a bit

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<v Speaker 1>of news. Marathon Digital, one of the biggest miners out there,

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<v Speaker 1>was supposed to report earnings this week and at the

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<v Speaker 1>last minute they said, we're not. We have to restate

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<v Speaker 1>a bunch of our financials from prior quarters. Now that

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<v Speaker 1>seems unusual and or bad, it could be on it.

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<v Speaker 1>So it's the whole bitcoin industry, including the better known

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<v Speaker 1>micro Strategy, have had an issue with how gains and

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<v Speaker 1>losses are accounted for on their financials, and basically, the

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<v Speaker 1>way the rules are set up, they can't account for

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<v Speaker 1>any gains, but they have to write down losses their holdings.

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<v Speaker 1>So it brings a lot of volatility to their numbers.

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<v Speaker 1>And there are proposals out there to make this a

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<v Speaker 1>little more workable, but until then it kind of distorts

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<v Speaker 1>the numbers a bit in terms of gains and losses

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<v Speaker 1>that they have to report. But in the case of Marathon,

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<v Speaker 1>it's how they recognized these adjustments and also revenue in

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<v Speaker 1>regard to a mining pool. Even just as interesting in

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<v Speaker 1>one aspect of this market is the stocks have taken

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<v Speaker 1>off this year. They've been some of the best performers

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<v Speaker 1>out there, which has helped the distressed ones to buy

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<v Speaker 1>or time for themselves, right because they're kind of the

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<v Speaker 1>perception is that they're going to be able to get

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<v Speaker 1>out of this particular crypto winter and survive that. And

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<v Speaker 1>they have huge obligations they the lenders. For a while

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<v Speaker 1>there they were giving back machines and if nobody wants

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<v Speaker 1>to buy or mine or buy bitcoin, why do you

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<v Speaker 1>want to mind it? But in this case they're able

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<v Speaker 1>to now have negotiating point with the equity steaks. So

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<v Speaker 1>if we can give you a steak when the stocks rising,

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<v Speaker 1>then you feel a little better about it. And so

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<v Speaker 1>Dave to that point, you know you've had this appreciation

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<v Speaker 1>in the share price. How much of that has to

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<v Speaker 1>do with the fact that crypto prices themselves have been

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<v Speaker 1>rallying a lot, and that does make there is the

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<v Speaker 1>inner relationship there where if the price of bitcoin is

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<v Speaker 1>going up, you're going to feel better about a minor.

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<v Speaker 1>But some people have also characterized these companies as narrative

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<v Speaker 1>stocks on it. So if you're selling that narrative of

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<v Speaker 1>that bitcoin is back, then you're gonna buy them. But

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<v Speaker 1>in the end, these guys have to pay their bills

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<v Speaker 1>in their public companies, and it's a little more complicated

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<v Speaker 1>than just riding the highs and lows of bitcoin. At

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<v Speaker 1>this point, I just want to share one of my

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<v Speaker 1>favorite random facts about bitcoin miners, which is that there's

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<v Speaker 1>a company called taro Wolf which has four reasons that

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<v Speaker 1>would never entirely clear to me. Two celebrities among its baccas,

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<v Speaker 1>and they are Gwyneth Paltrow and Mindy Kaling. That is

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<v Speaker 1>your random fact of the crypto day. Anybody know who's

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<v Speaker 1>if Gwyneth Paltrow and Minnie Healing have buyos, remorse about

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<v Speaker 1>taro Wolf, Like crypto at Bloomberg dot net's very interested

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<v Speaker 1>in in that follow up. Now, we just talked about

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<v Speaker 1>two celebrities, But for a lot of people who are

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<v Speaker 1>paying close attention to crypto, and even people who aren't

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<v Speaker 1>paying that close attention to crypto, there are a few

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<v Speaker 1>more names that now come to the four when we

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<v Speaker 1>talk about the events of twenty twenty two, And obviously

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<v Speaker 1>Sam Bankman, Freed and FTX were among the biggest. But

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<v Speaker 1>certainly one of the developments we've been paying close attention

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<v Speaker 1>to is what's been happening to the other members of

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<v Speaker 1>the so called FTX inner circle. And one of the

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<v Speaker 1>folks on that list is Nishad Singh. He was the

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<v Speaker 1>director of engineering at FTX. He was one of the

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<v Speaker 1>folks who lived in the famous, infamous, depending on your perspective,

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<v Speaker 1>Bahamas compound. And what happened this week is that he

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<v Speaker 1>in a New York court, agreed to plead guilty to

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<v Speaker 1>various allegations against him. And that's a criminal court. And

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<v Speaker 1>at the same time he was hit by, you know,

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<v Speaker 1>effectively like lawsuits from the Securities and Exchange Commission and

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<v Speaker 1>the sec Emily. What are the numbers that we're talking

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<v Speaker 1>about here when it relates to Nishad Singh. So to

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<v Speaker 1>put this into perspective, you've got like FTX owing its

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<v Speaker 1>customers roughly eight billion dollars in total, and we're not

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<v Speaker 1>too sure you know how much SPF Funny made away with,

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<v Speaker 1>but his bail, for example, was two hundred and fifty

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<v Speaker 1>million dollars. That's what that was set up. Nis Sings

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<v Speaker 1>bail is said at one one thousandth of that amount,

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<v Speaker 1>closer to you know, the tens of thousands rather than

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<v Speaker 1>the millions of dollars. And the lawsuits against him accused

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<v Speaker 1>saying of taking about six million dollars for personal use

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<v Speaker 1>from FTX, and that's to pay for things like houses,

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<v Speaker 1>to do things like donate to charity, and his top

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<v Speaker 1>donations to charity actually went to a charity run by

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<v Speaker 1>Sam Backmanfried's mum. And also there was a little bit

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<v Speaker 1>of insight into exactly where he was spending some of

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<v Speaker 1>the money that was coming from FTX as well. For example,

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<v Speaker 1>he donated about nine point three million dollars to Democratic

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<v Speaker 1>candidates and committees since twenty twenty eight million of that

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<v Speaker 1>was just in the last election cycle. And so you know,

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<v Speaker 1>he knew about these things going on at Alameda and

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<v Speaker 1>FTX for months. Supposedly, that's what he said in his

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<v Speaker 1>own statements. He says he was aware of everything that

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<v Speaker 1>was happening and just turned a blind eye, willfully misstated

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<v Speaker 1>revenue figures to auditors and all because that was the

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<v Speaker 1>only way they could see FTX continuing to stay afloat.

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<v Speaker 1>And to your point about the willfulness statement, he also

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<v Speaker 1>said he apologized right. He quote said, I'm unbelievably sorry

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<v Speaker 1>for my rule in this and the harm it caused,

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<v Speaker 1>and giving some specifics and then you know, saying I

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<v Speaker 1>knew my conduct was wrong, which is of course a

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<v Speaker 1>clear you know, he's admissing guilty, he's pleading guilty. Sam

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<v Speaker 1>bankmun Freed has denied all of the charges and the

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<v Speaker 1>accusations against him and has not pleaded guilty and is

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<v Speaker 1>currently out on bail. This marks the third member of

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<v Speaker 1>the FTX SPF in a circle to plead guilty in

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<v Speaker 1>an apparent cooperation agreement with prosecutors, the first two being

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<v Speaker 1>Caroline Ellison, who was first the co CEO and then

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<v Speaker 1>the CEO of Alimta Trading, and Gary Wang, who was,

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<v Speaker 1>in addition to being a childhood friend of Sam bankmun Freed,

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<v Speaker 1>was the chief technology officer at FTX. Yeah, it's pretty

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<v Speaker 1>obvious that the reason why US authorities are agreeing to

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<v Speaker 1>do these plea deals with the likes of Nischad Singh

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<v Speaker 1>and Gary Wang and Kyla Allison. It's because not only

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<v Speaker 1>did FTX not really keep track of anything, so you

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<v Speaker 1>really do only have the words of people to go

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<v Speaker 1>on when trying to figure out what happened here. There's

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<v Speaker 1>no paper trail to look at. With SPF pleading not

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<v Speaker 1>guilty and denying everything that's been thrown against him, it's

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<v Speaker 1>going to take a very strong case to be able

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<v Speaker 1>to carry out some of the lawsuits that have been

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<v Speaker 1>put against Sam and put against the criminal charges that

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<v Speaker 1>he's facing, and so basically getting all of his friends

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<v Speaker 1>and closest employees to flip on him is the strongest

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<v Speaker 1>tool in the SEC's wheelhouse at the minute. After Russia

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<v Speaker 1>invaded Ukraine, you had two conversations about crypto happening simultaneously.

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<v Speaker 1>This idea that the philanthropic community in crypto could be

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<v Speaker 1>rallied to donate funds not just too ordinary people in Ukraine,

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<v Speaker 1>but also to the government, and the fear from various

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<v Speaker 1>regulators and central banks that crypto could be used as

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<v Speaker 1>a means for Russians who were facing sanctions to avoid

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<v Speaker 1>those sanctions. At the same time, so it's now twelve

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<v Speaker 1>months on, we can do a little bit of a

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<v Speaker 1>retrospective about how the year went. You know, how successful

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<v Speaker 1>were crypto exchanges that limiting the access of sanctioned Russian

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<v Speaker 1>individuals to trade on their exchanges. How successful were the

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<v Speaker 1>attempts to help support the effort in Ukraine by crypto

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<v Speaker 1>companies wanting to be on the other side of the equation,

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<v Speaker 1>And some of the data that's comeback hasn't necessarily been

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<v Speaker 1>all that positive for the overall impact. But at the

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<v Speaker 1>same time, efforts to stop Russian exchanges from being able

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<v Speaker 1>to trade with international exchanges, to stop Russian individuals from

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<v Speaker 1>being able to trade on international exchange, those weren't as successful.

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<v Speaker 1>There was some data coming out at the end of

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<v Speaker 1>February from the US based research group TRM Labs which

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<v Speaker 1>said that Russian based exchange Grand Texts more than doubled

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<v Speaker 1>its volumes between February twenty twenty two and February twenty

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<v Speaker 1>twenty three. And that's with it being sanctioned by the

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<v Speaker 1>US in April, so, you know, ten out of the

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<v Speaker 1>twelve months it was a sanctioned entity, and yet it's

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<v Speaker 1>still more than doubled its volumes. While other crypto exchanges,

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<v Speaker 1>as we know, have based a pretty dour environment over

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<v Speaker 1>the last year. A lot of demand has fallen off

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<v Speaker 1>a cliff, so it's a pretty different picture. And overall

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<v Speaker 1>as well, the amount of crypto that was going towards

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<v Speaker 1>elicit activity in the last year, according to chain Analysis,

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<v Speaker 1>another analytics company, rose for the first time since twenty nineteen,

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<v Speaker 1>so it's more than doubled in the last year to

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<v Speaker 1>zero point two four percent. Obviously, that's still a tiny

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<v Speaker 1>percentage if we think about the entire crypto market, but

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<v Speaker 1>the fact that it's going up shows that Russia definitely

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<v Speaker 1>still had access to what it needed to access in

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<v Speaker 1>crypto when being cut off from the rest of the

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<v Speaker 1>international payment system. And there was even another report. Crypto

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<v Speaker 1>companies love reports, but there was another report that also

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<v Speaker 1>came out in February from an analytics room called Inca Digital,

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<v Speaker 1>alleging that non Russian exchanges allowed people who had debit

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<v Speaker 1>cards issued by sanctioned Russian banks to still participate in

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<v Speaker 1>transactions on those exchanges. Yeah, it's worth noting that some

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<v Speaker 1>of those exchanges, like Quobe, like Coucoin, like Finance, most

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<v Speaker 1>of them have denied those reports. If not, they didn't respond,

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<v Speaker 1>but most of them said, you know, this isn't true.

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<v Speaker 1>We don't accept users from Russia. We don't accept users

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<v Speaker 1>with bank cards from those sanctioned banks. That reports are reports,

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<v Speaker 1>and they usually based on data, And if it is

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<v Speaker 1>true that these things have been going on, then it

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<v Speaker 1>obviously provides more insight to just how much it is

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<v Speaker 1>really a difficult job for regulators to be able to

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<v Speaker 1>see what's going on at crypto exchanges. That they are

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<v Speaker 1>already concerns even before the war, that crypto exchanges can

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<v Speaker 1>often be like a black box the regulators just don't

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<v Speaker 1>get to see into. And so if this is still

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<v Speaker 1>going on even with most of the world is shrink

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<v Speaker 1>sanctions against Russia, it definitely proves their point. We'll be

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<v Speaker 1>right back with more from Bloomberg's Dave Litka and Emmeline Nicole. Dave,

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<v Speaker 1>there's something I want your perspective on. As you know,

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<v Speaker 1>a person who has been paying close attention to this

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<v Speaker 1>asset class for such a long time, it still blows

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<v Speaker 1>my mind how this industry is trying to simultaneously argue

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<v Speaker 1>it is against government control, it is for freedom, it

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<v Speaker 1>is for the ability of people to do their thing individually.

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<v Speaker 1>But also they're like, but also we definitely don't allow

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<v Speaker 1>people on government lists to participate in this ecosystem whatsoever, Like,

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<v Speaker 1>how are folks trying to walk that line between not

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<v Speaker 1>getting completely shut down by the US government while appearing

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<v Speaker 1>to espouse the libertarian ideals of bitcoin and the blockchain.

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<v Speaker 1>That's the fine line that these exchanges and companies have

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<v Speaker 1>been walking since roll at the beginning of this industry

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<v Speaker 1>on it. I think you're seeing the consequences of that

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<v Speaker 1>now in the broader crackdown, whether it's sanctions here or

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<v Speaker 1>just the regulation of products that people should or shouldn't

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<v Speaker 1>be offered according to the government, which is basically there

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<v Speaker 1>to serve the people. Yeah, and the point about, you know,

0:13:34.360 --> 0:13:38.040
<v Speaker 1>the difficulty of knowing who someone is. For some people,

0:13:38.040 --> 0:13:40.839
<v Speaker 1>that's a feature, right, Like they don't want you to

0:13:40.880 --> 0:13:43.679
<v Speaker 1>know who they are because they don't trust their governments,

0:13:43.760 --> 0:13:45.959
<v Speaker 1>or they don't trust those banks, or they don't trust

0:13:45.960 --> 0:13:49.280
<v Speaker 1>that exchange necessarily. But of course, if you are a

0:13:49.400 --> 0:13:51.720
<v Speaker 1>government or a regulator, you're just going to look at

0:13:51.720 --> 0:13:55.119
<v Speaker 1>that and say, well, exchange, then you're not being compliant

0:13:55.160 --> 0:13:56.959
<v Speaker 1>with know your Customer rules. I mean it's literally in

0:13:56.960 --> 0:13:59.160
<v Speaker 1>the name know your customer. You're not being compliance with

0:13:59.200 --> 0:14:02.800
<v Speaker 1>anti money launder and you know, for some folks, that's

0:14:02.840 --> 0:14:05.160
<v Speaker 1>the argument for them for why they're like, well, okay,

0:14:05.160 --> 0:14:07.840
<v Speaker 1>like let's do let's go to defy, Let's go to

0:14:07.880 --> 0:14:10.880
<v Speaker 1>the really decentralized places where I don't have to tell

0:14:10.960 --> 0:14:14.760
<v Speaker 1>somebody what my name is or provide my passport or

0:14:14.760 --> 0:14:17.920
<v Speaker 1>my county dantity or whatever those things are. Emily, are

0:14:17.920 --> 0:14:23.040
<v Speaker 1>you seeing real evidence that's like a sustainable proposition for

0:14:23.080 --> 0:14:26.080
<v Speaker 1>people to move to something that's much more technically complicated

0:14:26.520 --> 0:14:30.520
<v Speaker 1>if they want to avoid more onerous data provision requirements.

0:14:30.760 --> 0:14:33.040
<v Speaker 1>It's been a difficult thing to monitor over the last

0:14:33.120 --> 0:14:36.840
<v Speaker 1>year because with crypto being down everywhere, it's hard to

0:14:36.880 --> 0:14:40.360
<v Speaker 1>know whether decentralized exchanges are getting hit better or worse

0:14:40.480 --> 0:14:43.880
<v Speaker 1>than those that are centralized exchanges. And ultimately a lot

0:14:43.880 --> 0:14:47.600
<v Speaker 1>of people do move their funds between lots of different

0:14:47.600 --> 0:14:50.400
<v Speaker 1>exchanges at once, so you can't even necessarily say, Okay,

0:14:50.560 --> 0:14:53.360
<v Speaker 1>you prefer this or you prefer that, because traders who

0:14:53.400 --> 0:14:56.800
<v Speaker 1>are native to crypto will use multiple exchanges for one journey.

0:14:57.280 --> 0:15:00.800
<v Speaker 1>What we do know, however, those that decentralized is becoming

0:15:00.920 --> 0:15:03.840
<v Speaker 1>a much harder ideal for firms to achieve, and in

0:15:03.880 --> 0:15:07.000
<v Speaker 1>some ways it does look like companies are starting to think, well,

0:15:07.040 --> 0:15:11.400
<v Speaker 1>maybe perhaps it's not possible to true decentralization, and perhaps

0:15:11.400 --> 0:15:14.200
<v Speaker 1>there's like a level that we can be comfortable with. So,

0:15:14.280 --> 0:15:19.320
<v Speaker 1>for example, in the end of February, we saw a

0:15:19.360 --> 0:15:23.680
<v Speaker 1>decentralized lending protocol called Oasis comply with a court order

0:15:24.040 --> 0:15:28.160
<v Speaker 1>to use a backdoor in its code that would allow

0:15:28.200 --> 0:15:31.600
<v Speaker 1>it to seize some funds that were stolen from a

0:15:31.640 --> 0:15:36.280
<v Speaker 1>platform last year called Wormhole, and Oasis was very clear

0:15:36.320 --> 0:15:38.000
<v Speaker 1>in the way that it spoke about it, because it

0:15:38.040 --> 0:15:40.120
<v Speaker 1>wanted to make sure that users didn't think that it

0:15:40.160 --> 0:15:42.640
<v Speaker 1>already knew about that backdoor and its code that would

0:15:42.640 --> 0:15:45.960
<v Speaker 1>allow to do that, because that's the opposite of decentralization, right,

0:15:46.040 --> 0:15:48.480
<v Speaker 1>let alone complying with a court order. But there's an

0:15:48.480 --> 0:15:51.240
<v Speaker 1>element now of like, well, surely it's a good thing,

0:15:51.320 --> 0:15:53.360
<v Speaker 1>right that you were able to get funds back from

0:15:53.400 --> 0:15:55.400
<v Speaker 1>a hacker, and surely it's a good thing that we

0:15:55.400 --> 0:15:58.800
<v Speaker 1>were able to comply with regulations where we're able to.

0:15:59.280 --> 0:16:01.280
<v Speaker 1>And so now is more of a debate about, you know,

0:16:01.520 --> 0:16:04.440
<v Speaker 1>what level are we comfortable with, how much decentralization is

0:16:04.440 --> 0:16:07.760
<v Speaker 1>truly possible, and what will that look like going forward.

0:16:09.200 --> 0:16:11.760
<v Speaker 1>Dave just as a kind of a closing thought, because

0:16:11.840 --> 0:16:14.440
<v Speaker 1>you know, it's this week in crypto. As we look

0:16:14.520 --> 0:16:18.000
<v Speaker 1>forward into the last month of the first quarter of

0:16:18.040 --> 0:16:21.680
<v Speaker 1>the year, are there any big top line numbers kind

0:16:21.720 --> 0:16:23.560
<v Speaker 1>of metrics that people are looking at to try to

0:16:23.560 --> 0:16:26.160
<v Speaker 1>see if they should be happy or sad about where

0:16:26.200 --> 0:16:29.240
<v Speaker 1>we are sure it's it's an interesting time for the market.

0:16:29.280 --> 0:16:33.640
<v Speaker 1>You had the January rally which crypto bounced almost forty

0:16:33.680 --> 0:16:38.000
<v Speaker 1>percent and got everybody saying or enough people saying, Crypto's back,

0:16:38.120 --> 0:16:42.080
<v Speaker 1>and that kind of stalled in February. As going to

0:16:42.240 --> 0:16:46.440
<v Speaker 1>the March period, now it's the big question is where

0:16:46.440 --> 0:16:49.520
<v Speaker 1>we go. And we're looking at actually some of the

0:16:49.760 --> 0:16:53.560
<v Speaker 1>positioning in the open interest options market on it, and

0:16:54.040 --> 0:16:58.240
<v Speaker 1>the big number that stood out was thirty thousand, which

0:16:58.360 --> 0:17:01.800
<v Speaker 1>this market loves around numbers. It's a good target. It's

0:17:01.800 --> 0:17:03.720
<v Speaker 1>an easy target to put up there when you're trading

0:17:03.840 --> 0:17:07.879
<v Speaker 1>blow around twenty five thousand. But interesting we saw also

0:17:08.000 --> 0:17:13.080
<v Speaker 1>that the to get technical, something called applied volatilities down

0:17:13.200 --> 0:17:17.040
<v Speaker 1>for these options, which means that people are kind of

0:17:17.040 --> 0:17:20.280
<v Speaker 1>losing interest on it. And what that means for the

0:17:20.440 --> 0:17:23.080
<v Speaker 1>people who actually bought those call options is that the

0:17:23.200 --> 0:17:27.520
<v Speaker 1>value of the options have dropped since they purchased it. It. Well,

0:17:27.560 --> 0:17:29.760
<v Speaker 1>it's kind of looking as the negative sign, but that's

0:17:29.840 --> 0:17:34.080
<v Speaker 1>kind of been the sentiment for past eight months really,

0:17:34.200 --> 0:17:36.520
<v Speaker 1>So if I were to summarize that for somebody who

0:17:36.600 --> 0:17:38.359
<v Speaker 1>is either not a financial reports so it does not

0:17:38.400 --> 0:17:41.199
<v Speaker 1>know what options are, it would be if things go

0:17:41.280 --> 0:17:43.720
<v Speaker 1>above thirty thousand dollars, a lot of people will be happy.

0:17:44.200 --> 0:17:46.920
<v Speaker 1>The problem is fewer and fewer people are actually buying

0:17:46.920 --> 0:17:51.919
<v Speaker 1>and selling right now. Exactly Well, on that extremely mixed note,

0:17:52.440 --> 0:17:54.160
<v Speaker 1>thank you both for being here. I appreciate it as

0:17:54.160 --> 0:17:59.320
<v Speaker 1>always pleasure, Thanks for having us. That was Bloomberg Senior

0:17:59.400 --> 0:18:03.120
<v Speaker 1>Editor DA and Bloomberg reporta Emelina Cole. You can find

0:18:03.160 --> 0:18:05.000
<v Speaker 1>more of their work on the Bloomberg Terminal and on

0:18:05.040 --> 0:18:07.880
<v Speaker 1>Bloomberg dot com, and of course, check out our twice

0:18:07.880 --> 0:18:16.560
<v Speaker 1>weekly newslesso, Bloomberg Crypto. This is Bloomberg Crypto, a daily

0:18:16.600 --> 0:18:20.840
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<v Speaker 1>your podcasts. Send us your comments, questions or suggestions for

0:18:28.560 --> 0:18:34.760
<v Speaker 1>the show to Crypto at Bloomberg dot net. The supervising

0:18:34.800 --> 0:18:38.560
<v Speaker 1>producer of Bloomberg Crypto is Vicky Vergelina. Our senior producer

0:18:38.640 --> 0:18:42.520
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0:18:43.000 --> 0:18:45.840
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<v Speaker 1>Desto wonder At is our engineer. Original music by Leo Sidron.

0:18:52.200 --> 0:19:03.200
<v Speaker 1>I'm Stacy Mariechmal We'll be back Tomorrow, mbop We hated

0:19:03.359 --> 0:19:05.560
<v Speaker 1>and felt in every