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AMA: Episode 3 - July 13, 2018
 Jul 13, 2018

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Transcript
think then okay alright let's get started so wanted to thank everyone who's joining this AMA we have a lot of news to cover and go through since the last since the last update so I just want to share with you the latest and greatest so first and probably most important a new version of the app went out both on Android and on iOS it allows you to actually make deposits and start earning interest on those deposit but most importantly it really sets your place in line right it kind of gives you that marker which is 25% of all of the interest income is based on so 50% is based on how many coins you have deposited like 25% is based on the timestamp of when you join so if you contribute one BTC now and you contribute another 100 BTC a year from now and the 100 BTC has to stay in line behind all the people that joined between you joining now and you can put in more money a year from now right so we deploy coins based on first come first first basically first-in first-out and so the coins you may put at you from now will take quite some time to be deployed or earn interest so the earlier you are in line the more advantage you have versus people who joined later on and we did that intentionally to differentiate how we calculate interest then for example how the back does it right when in the bank the bigger you are the more you deposit the more you're going to earn and you can negotiate your rate and things like that here it's all about did you come early did you help the community Leon and so 25% of the earnings is based on that and the last 25% as we mentioned before is based on how many cell tokens did you earn versus how many do you hold today if you hold on them that means you're earning the entire 25 percent if you're selling the cell tokens that means you're not a hard layer you're not helping the community and and so we reduce your earning you still earn fifty plus twenty five percent but on the last twenty five percent if you sold half of them you're only going to be earning twelve and a half percent of that fool amount that somebody next to you is earning right so you're a little bit behind them you're earning a little bit less than them because they're huddling more than you and and so on so the next thing is is the big announcement so we are excited by the partnership with video and we're listed on bid go and we're also going to be supporting and all well it all of the bid go coins starting with the RC 20 as well as nine years to twenty base points so that is a big step forward and you're gonna see many updates coming in in the next few weeks to both applications which will help us receive deposits not just in B to CoA th but also in other coins we do accept transactions currently so if you have a large deposit you can always just email sales at Celsius that network and say I have litecoin know I have Ripple can I earn interest in it and based on demand if we have demand on the other side we will accept there was not through the app because the app is not ready so I urge you to if you have liked deposit you're looking to make definitely contact the sales team and see what you can get them today so bank partners and we have opened accounts with three banks we are in the process of partnering with those three banks to issue loans these are three US banks we also form bags that we're working with and we worked we're going through the compliance process and through the loan application process to make sure that those things are integrated and implemented but again all these banks can issue loans in all 50 states and what happens is when you go to our website sells is that network you apply for a loan we will basically process your application and then instruct one of these banks to issue the loan because they are the licensed entity who is allowed to do these loans so our process of accepting you as a borrower is mirroring what they need to do so if it's too cumbersome there's too many questions there are too many issues that all has to do with us having to comply with all the state and federal laws and by the bank practices I hope well I wish we didn't have to do all those things for foreign air customers and we have many foreign customers we have to look we have an Australian partner we have Japanese partner with a Korean partner so and obviously in AU we applied for own license across the U which we very excited about our expect to get that in the next four to six weeks as we stated in the newsletter we brought 1.1 million tokens so we used to receive income from the coins that we have plus the coins that were deposited with us and we used all that income to buy sell tokens in the open market and we're happy to buy tokens at any price that they're listed at I mean that's what we promised we're going to do to betray that 30 cents we'll buy them at 30 cents if they're trading at 15 sands we'll buy them at 15 cents but the point is to remove as many tokens as possible off the market and as demand increases hopefully many of these sellers were scratching their head trying to figure out who's buying them on the other side we'll figure out that maybe it's not the best thing to be selling them at these prices exchanges we are in advance discussion and partnership discussions with three exchanges unlike the other 2,000 icos who just won - the first exchange and will accept them and pay them a million or two or three million dollars and we decided to do it differently and we think that it's in the best interest of our community that we partner with exchanges that actually want to offer lending and borrowing and shorting on their exchanges with us as the partner the financial partner of the back end so just like we are offering interest income on our app and we will be offering the same thing to depositors all these exchanges who could just come and join those exchanges and that's the friendship between a small exchange that's working with Celsius and bindings for example right or somebody else so we have three of those in process and we will be announcing them shortly a one end is in Asia a one is in Europe and one is in Americas and hopefully you will be seeing those listings again those exchanges will also list our coins and we'll obviously be providing a market and buying and selling of some tokens we also announced a partnership with ether risk which which basically is trying to go can create a consortium of lenders to make sure everybody follows best practices and as a whole we pull together all our resources for insurance purposes for other purposes that provide the best service to the the community after all our competition is really the big banks not each other so we pulled together with a few other players in the space and we think that's a good practice and a good effort to help everybody in the space so I see a lot of discussion and conversation on telegram and I wonder how many of these people that are spending hours and hours talking in a good way or positive where in a negative way about Celsius have actually downloaded the wallet and made a deposit and my bet would be less than 20% and I see very extremely opinionated people making all these opinions and they have never used the product never applied for a loan never use the loan never deposited a coin yet they know everything about how our system works so I invite all of you especially all of our telegram followers to download the wallet fill up an application put few coins to work earn some interest and actually understand how this works by seeing the interest income showing up in your wallet right it's gonna start showing up in the next version but you will see the math behind it you're going to see how it all works and then you'll be able to talk more intelligently about how our token economics actually works because I think a lot of people assume certain things but because there isn't a single model out there there isn't one I see oh or I want other companies that has created anything similar to what we've created and I would challenge you to act it to actually show us how it works so by practicing what I'm saying I think you'll get closer to understanding how your an interest pylons are applied how that interest on the loans that are being issued is used and how sales tokens are being distributed and again we need more followers so we need you to go out there and bring more people to come and join the Celsius community both on our newsletter you can sign up to our newsletter by just scrolling down our website and filling in the email you email and your name and you will be getting a weekly update with everything we're doing as well as joining telecom all right let's answer some questions I have some some of your questions here so let's see what people want to talk about so one is asking about partnership with big banks and one that we announced so the big banks as I mentioned before are moving much lower than the promised and mostly because of custodianship regulatory issues and things like that for example right now the bank we were talking to the may our major partner is only doing BTC and their list of requirements is so long that we cannot launch with them any time soon so it will come but again it's not slowing us down in any of those areas that are talked about before it's not long as now on taking deposits issuing loans or paying interest so we would love to make those announcements they have to do with the other side agreeing to do that and working on it diligently but you will see us making announcement about the other partnerships as soon as they are ready to go exchanges are talked about that so again exchanges we have technical integration with those three exchanges and it has to do with their readiness and I can't tell if it's gonna be two weeks or two months and but by the minute they're those announcements come out you'll be able to see who it is and then later on the service will go online we will probably announce these things before they go live with decor is asking and what is the user base like in a bear market what demand is there for b2c th countries so that's a great question and thank you again for being one of our investors we they're professors a lot of deposits we're receiving millions of dollars in deposits most of them is coming in at eh but a lot of it is also in BTC there's a lot of high demand for loans there's no shortage of people applying for loans on the shorting side currently there's no demand for ETH but there's pretty hard demand for BTC so we are doing deals lending out coins against dollar collateral and that's happening every day so we don't I don't see a slowdown at all and we also have you seen as you've seen have not done any marketing activities we have enough demand right now without any doing any marketing and we actually hired several new people you might have seen them in the background here a new person for compliance for risk management and you've got to run the trading blast so all these people are coming in and when we update the website in the next few weeks you'll be able to see some of these new hires as well so trader dark is asking if about the negative sentiment I don't see any negative sentiment I ignore you know these people that don't own any coins and just get on telegram and tell everybody how it is okay if any one man telegram tells you that they know what they're talking about have them send you a picture of their cell wallet and say let me show you how many cell tokens actually hold and we were just voted as the third most best application blockchain application not just crypto but in the entire blockchain universe Forbes went I think over 1200 applications and selected the top ten we rewarded the third out of top ten as the most promising blockchain application so if you don't want to believe me you can believe Forbes magazine so between that and our ability to just do the math if we buy a million tokens at the speed that we're buying them how many tokens are going to be left and what price will those additional tokens will be bought at and if you don't know what I'm talking about then going look at being be in finance and see what happens to the price of their coin so the math is pretty simple right how many loans do we issue how much do we get into positive how much interest are we earning and how many cell tokens are we buying with it remember the lower the price of the cell token the more we abide which means we are taking more tokens off the market faster which means all these people who don't understand how anything works and they're selling all their stuff are going to be wiped out because they're going to finish selling and they're not going to any sell tokens and the people who are sitting on their hands or buying more I know a lot of people are buying more and at the open market they are not here to sell them right they're here to Harlem so I have no problem flushing through the guys who are selling and I don't think they understand what we're doing they probably bought these things for trade and they're now flipping them out because they're nervous that we don't want to wait put their coin somewhere else so we explained very clearly how it works we're demonstrating that we're generating income and we're receiving more and more deposits the more deposits we have the more we earn the more we buy and the cycle just gets faster and faster and faster when man is asking where we will be on corn market cap again I don't pay attention to any of that I think they missed you if you top 100 or something like that go top 200 and we are focused on making all the wheels in our system our flywheel runs faster and faster and faster everything else will take care of itself you know rockefeller used to say if you take care of the cents the dollars take care of themselves and we have the same kind of thinking right if we take care of deposits and loans the price of the sell token will take care of itself so Brian is asking is interested available now the answer is yes if we even though you cannot see it on your wallet if you email sales and such is that Network and you give us a large deposit your clock starts today your interest income starts today your cell tokens will be distribute to you all right away so you will not see it on the app because we didn't finish the development and that's what in our roadmap it says q3 and but it doesn't mean that we don't start your clock and allow you to earn before so go on the website and fill up your form or email sales at Celsius that network and you can start earning income not just on BTC n ETH again right now if you have ripple if you have light coins we have demand for those and you can earn and north of 5% right now and those two by deploying them immediately I don't know how long the demand will be again if we fill up the contract and then it dries out until we have enough another one but it's but it's based on first in first out so so make sure you fill up that application it's on our website to lend coins and then our sales team is handling it in the corner logical order don't take care of you just how busy while somebody is asking you now is it busy our entire sales team was here till nine o'clock at night yesterday that's how busy it is okay so I know if there's anything else I need to say so I locked CC I guess it's locked by the card I know how to pronounce it but they asked if I give you 38th and I take out five a week later am i continuing to earn and hold my position on 25 e yes the answer is yes you hold your position but if you would drill more than half we reset your clock so the idea is that we have some tolerance to basically allow you to withdraw and put these things back and but if you keep withdrawing when you hit the half the 50% level we research a clock sasame 6 is asking a Razer office and how many people work there so it's alright we're involved with 35 people and about half of them are developers who work either in Serbia or Israel or other places where few people in apps to them and but most of our people are either in New York we have few people in San Francisco well some people are in New Jersey in New York in this office here in New York we have mostly marketing activity and sales activity and here I think we have 12 or 13 people in total all right any other questions you know let me see are there for my glasses for my computer can't see anything and can I deposit my cell token in the world yet the answer is you cannot but the next version will have cell token in our wallet because bit go finally accepted us they are we are listed on there on the list if you sell it in the last update you can go through the big girl website and see us there so yes the next release will allow you to deposit cell token also all of your install tokens will show up in the wallet as well all right let's see any other questions so which is is asking this demand from me oh I love Nia Nia as proof of stake and we are setting up a me unknown which will allow all of you to deposit a meal with us and then we stated already that we will be distributing 90 percent of all the proof of stake earnings that we make from any of those coins back to the community so this really North to bother with setting up your nose and getting votes and becoming a master now and learning everything or knowing anything about it right you just depart in the Celsius you get almost add in the value out and so I think that's the right way to do it and that's what requiring to do can Australians lend corn and get it to us yes one of our you can definitely do that there are some restrictions in most countries if you're an individual but you own a corporation or you create a corporation for this purpose and we can lend to the corporation even if we cannot lend to the individuals so and what we do in some of this instances is ask you to go and in their form a company or a do the loan through a company you already own and this way we can legally provide these loans in different countries Carl coins are prioritize to be added to the wallet it's being processed based on the demands of this demand for light corn that will be the next one to be prioritize it was demand for become cash and we may select that one and so on Victor Clare is asking what's the plan to mass advertising for people from outside and we are when we have our systems in order when out we have all of our licenses partners in order we're going to start scaling things up and I think it's probably gonna be another two or three months of hard work for me you need to add a few more people to the team as well but the idea is to ramp things up it's not an on/off switch it's kind of like a lever that you push against as you ramp up the organization it's kind of testing the organization testing the flywheel at higher and higher and higher speeds also on the back end you would be able to see we're going to publish a smart contract and you're going to be able to see in a smart contract receive of the interest income snap your snapshot of who contributed the tokens their coins and distribute the interest based on the rules that we mentioned before so all of that is going to be fully transparent audible and so anyone can look and sit and see if we're actually doing what's in the best interest of the community and we stayed as before if you look at this platform and you think there's a better way of doing it you think that there's a new mechanism that is even better for the community and we are putting a bounty out and probably over the next 30 days that will pay out and if we switch our model to this model I know for example Netflix did that they promised a million dollars to anyone who comes up with an algorithm that selects the best movies you should watch that is better than their own and actually somebody came up with a great idea and earned that million dollars we depending the same thing and again all of this is in the interest of attracting more users and doing what's in the best interest in the community if we continuously do what's in the best interest of all of you you're going to deposit more coins you're going to tell your friends and there's more and more people join obviously there's going to be much more demand for the sale token and not three or four percent interest that you look at right now that we're paying really is going to be 30 or 40 percent interest because the value as a cell appreciates with increased demand and that translates into much higher income then what the nominal payout that we're giving out right now right so you have to think about the problem begin and almost like a time stamp which locks in the price of cell versus the dollar or cell versus the Bitcoin the cell versus the ether in time and if if the demand for cell is greater than the demand for Bitcoin it will appreciate more than than Bitcoin and it's the same thing with ether and so on so I think we're delivered and everything we promised if you're looking at our projections of what we were supposed to deliver in our timelines and so we're doing very well with again credit doesn't go to meet great credit goes to the entire team who've worked long hours and weekends to deliver on these promises and now as we scaling and ramping up the platform and really the benefit is going to go to the people who joined early right if you only in that timeline and you're putting in enough coins to work you will get much the benefit because as we declare loan and then return or as we declare coins for example for shorting in their return we're going to hit you or your coins much more than the guy who came a month later or six months later or a year later so your earning ability is dramatically greater than the next guy right so again we cannot predict demand and but like now there's ample demand both for loans as well as for deposits and plenty of opportunity to earn interest so I think we are running out of time yet another promise to finish back to 30 of another coin with a customer so and let me see if there's anything else I could answer at any time so TRADOC is asking when quick to correct significantly with some type of hedge to protect the value of the crypto not be beneficial and had you right now is so expensive that it's not beneficial but our LTV is very low we're actually encouraging people to we just need a loan at 20% LTV right and that person is not going to get a margin call why that person is going to quit Bitcoin has to drop you know 70 or 80 percent rate to get a multiple so so we encourage our job is not to try liquidate your coins our job is to give you owns but at the same time and able you to still enjoy the appreciation on the coins that you have right long-term sure yeah come in so the team and the team wants to say hi so these are the guys actually do the work every day




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