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AMA: Episode 6 - December 19, 2019
 Dec 19, 2019

 2 comments   1 likes    35 views

Comments (2)

By Douglas Johnson on 2021-07-22 05:44:11 ET
The inflection point! I know that segment by heart! :D
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By Douglas Johnson on 2021-07-22 05:44:52 ET
And also from this epic AMA that Alex says "I always wanted to be a DJ!" (Stinow montage incoming! :D)
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oh all right we're alive we are live here in our 30 ma my second about a hundred and fifty people now we'll wait for well it just dropped all right good good so today we're going to be talking about answering your questions talking about all the things that you want to know about Celsius and what we're all about what the projects are all about we've got a better microphone we got better lighting UCF - shadows and so let's get a go and first you know at the end of the year I want to thank everybody for supporting us obviously it's been an amazing year for Celsius and it's all because of people everybody was watching all because of our members our community who's passionate about and banking yourself passionate about enabling us to earn enacting our own best interest versus you know using toll collectors I want to thank every one of you for participating for joining us for for supporting us for trusting us and you know couldn't have done it without the sixty-two thousand people who've joined us over the last year and a half so AMA let's ask let's what seem here is gonna help me today and I'll just make I'll do I'll go through a few announcements and then we'll do the questions the question here so first so some of you might have seen a poll which is a great app that allows you to buy coins I just added at a store to the wallet they have about three million users so we hope to help a lot of those users to start earning interest we're in the wallet as of the last release they had in the app store so if you have an app hold wallet you can refresh the app and then you'll see us as a partner and you can link your wallet your you I pulled wallet to the Celsius wallet or at least benefit from the services and if you need to buy things coins or switch currencies or things like that Apple is a great place to do it met their team great team so we definitely are very excited about partnering with them if you've seen I've published several articles recently one of them was in coin desk about defy about my view of what's good and bad about defy how do we make defy mainstream right what it will take to to join or to scale the whole idea and obviously we are big supporters of defy we're doing a little bit differently than compound and some of the other services out there and we paying more right so the big difference between us and other people is if you look at how much you're earning with Celsius on the same coins you'll see that you're actually getting more for your buck or for your coin they also Rachel Wolfson who wrote about us on Forbes and then wrote about us in coin Telegraph recently did a feature story about my presentation and evolved a where was it then it was an evolve or whatever what was that name of the show I've been traveling so much sorry I just got back to New York so I have no clue where I am or what I'm doing but elevates elevate Las Vegas and I did a really good keynote the videos coming out one of our ambassadors who was there recorded the whole thing and it's gonna be live you'll be able to see it so any day now but anyway Rachel did a great story about my keynote and about how the entire internet will become an application on the blockchain so if you haven't read it and it sounds like a crazy idea go online to Coyne telegraph and search for that and and definitely I think you'll like it and one more important thing so we decided you know we were spending hundreds of thousands of dollars with Google with Facebook with Apple to advertiser services and we said wait a second why are we doing that let's just take all that money or most of that money and give it back to the community so we actually reducing that by probably 80% taking all that money and we're gonna push it out as incentives for people so you know that you get $10 when you introduce people we were doing that on the budget now we're gonna open it up so if you want to really make some money use the referral codes use cell pay those two services that allow you to really especially for the holidays really show your generosity as well as make a little bit of money when when your recipients get the links and they open the app they can either redeem what you sent them to the cell pay or they can deposit and earn both of you will earn $10 each or you can take a loan and earn 50 dollars I think we still have that promotion running so let's go ahead and and max out your earnings for the holidays all right let's stop let's do a recap of 2019 because I think a lot of people are kind of don't know the numbers just a quick recap we paid close to six million dollars in interest to date so that's the coins again we earn that money we went to market we bought BTC we buddy th we both like coin and so on all the 25 coins that are in our wallet and put it in your wallets right so so unlike many many other competitors that we have that again charge fees take the money out of the community we're buying we're in the market every day supporting the prices by buying more coins so when you make your decisions some of you may be using other service provider like next so block find so on and you have to look and see who are you supporting right because these other guys are either are supported by banks or are banks themselves so if you want to bank yourself right and why are you giving your money to people who are supported by Bank financed by banks or financial institutions or are claiming to be banks themselves just something to think about currently 40% of all of our users are earning in sell which is amazing again I want to thank you for the trust in the community and you've seen the Celsius cell token outperform Bitcoin outperform and aetherium if you've got my phone actually want to show it show the chart I'm using that just to show you many of you probably don't have it but if you look at I'm using a cool app called coin stats that allows you to basically compare staffs all doulica for example a one-year comparison here so we're up in one year one hundred and thirteen percent right in dollars but if you click on the button here on top it will show you in BTC or ETH so for example in ETH we're up 90 percent so these are the things that you can compare you can see okay if I earn in dollars sorry if I earn in BTC or if I'm in ETH or in litecoin how would I have performed if I got it in cell talking right so these are the different things that are good for people to to look at to decide what you want to have right four hundred fifty million in assets under management again we're trying to make it to a billion so let's bring those friends let's bring everybody else we want to be the largest stay the largest player in this space right we invented the category earning interest now everybody's trying to copy us but I think we're still doing the best job out there we paying more than anyone else we've paid more BTC more ETH then all the other guys put together okay and that includes the defy guys I know people hate when I say that but facts are facts right look at how much we pay out look at any how very you know and how well we're doing versus other people again 62,000 users you can see those stats in the app so if you haven't used it yet again inside the celsius app if you go to the right from the main menu right right from the main menu right here right you if you click on the community screen you can see all the different things you can actually see all the stats about the Celsius Network we publish in real time all the information so you don't have to guess and you don't have to worry you can see if the community is growing you can see exactly how much you we haven't BTC and again also you can go to Celsius calm which is like almost like it's a community or on website that is auditing everything we're doing right there getting the data from the blockchain and the validating or verifying a lot of the things that we're saying to make sure that the community is out to stuff on the last on the latest and greatest we announced a four point two five billion in loans this was a few weeks ago so the number now is obviously higher than that and we soon be publishing a new letter from bid go and you letter from fire blocks and other custodians to prove that all of this all these numbers are real again full transparency we here to doing it for you in 2019 we added 17 new coins that's amazing right again most of our competitors have two or three so we paying more on more coins we're gonna add another ten if you have your favorite let us know what that is currently we can add only the things that are supported by our custodians but now that we have three custodians instead of one it's great that we can basically add many many different coins and we want to add many more staking coins to allow you to earn yields you know 1215 even 18% yields on some of these coins so that's coming also want to thank 400 ambassadors 400 that's amazing we open this program we thought we're gonna have ten or twenty four hundred people signed up which is amazing and and some of them have already I spell time with them when I was in Vegas and London and other places everywhere I go a bunch of you show up and support us and help us and work the shows the booth join me in meetings so really want to thank you all for participating and helping us out and let's talk about what to expect in 2020 so again very I'm tired right it's been an amazing year done over 200 speaking engagements and conferences and not sure I can keep it up going next year at the same rate but I'll try and so just came came back and in Vegas London in Israel in basically one week which was a lot um so we're launching New York a thing we announced that if you want to be beta email us and we'll add you to the beta program New York State you'll be able to again deposit and take loans we'll give you a special promotional rate so again email Liz add Celsius that Network and we'll add you to the beta we also Eddie Washington States if you should not let us know and also in the next version we're gonna have interest first withdrawals I know a lot of you are waiting for that and this way you'll be able to withdraw interest any time you do it withdrawal in any coin whatever earn interest you have will come out first so this way your balance mostly balance will be working for you at any time we also adding a banking integration as well as a coin based integration you'll be able to move coins very easily between the apps in and out including moving money from your bank or into your bank and moving coins from some of these other apps that are really popular out there we are planning to add few exchanges a lot of questions about that no announcements yet but we are doing some work to try to provide access to additional exchanges yes and obviously being able to purchase sell token in the app currently it's only planned for non-us but we're gonna hopefully find a solution for us as well but that's coming hopefully but in January in worst case February so make it really easy for you to become a gold or platinum holder yeah so again I want to thank our partners with many different partners like in finito like monarch voyage heir Iman appalled all these companies we also have a half a dozen new partners that we're going to be announcing in January all these people basically chose Celsius as their interest earning program and I really want to thank everybody both community as well as our partners and ambassadors for all of your help alright ma let's hit it where are we now at 220v whirs so here we go thomas is asking how would you convince someone who's not familiar with crypto to have their savings on Celsius in stable point did you speak to security and loss of funds concerns yes so Thomas great a question I think a lot of you I've said that many times I mean there are videos of me on YouTube going on the streets here in Manhattan other cities and trying to convince people to try stuff out and what I found out is that when you convince people when you show them a dollar savings account and that is earning 5 6 7 % it's much easier to get people comfortable with that versus convincing people that Bitcoin theorem or other our Kryptos are the right way it's kind of like almost like the safe landing spot before you get people into crypto so stable coins are issued by trust companies we have 11 of them in our wallet right so out of the 25 coins we have 11 are the different types of coins and different in different peg to different currencies right back to the dollar Canadian dollar Australian dollar and so on so the trust companies are taking your money we don't take your money the trust company takes your money puts it actually in an fdic-insured account and issues you assault okay sorry issues you a token like t USD or USD C or G USD we accept all of those right when you send them to us and we basically use them to generate the yield our job is not to keep the money safe the trust company keeps the money safe right the issuer of the token is the one who keeps the money safe in an FDIC account and our job is just to generate the yield so we lend the money out we collect interest and we put more USD see more t USD and so on into your wallet when you want to withdraw you take if you had a hundred now you have 105 110 of these USD see for example you can go back to circle or to coin base and you can withdraw 110 dollars instead of $100 right so the process is pretty safe again we are not a bank but the money the dollars you give actually sit in an FDIC account with the trust company that issues the tokens so hopefully I answer the question Wow tom was dominating the conversation all right he's a I guess he's so convinced he is now asking if there's the possibility to have different accounts for different saving purposes such as a child's college fund great idea we don't have it currently but currently with your key ICML you can only have one account again we do that to avoid the money laundering and all kind of other things but inside your account we should enable you to have multiple accounts so we'll take that is a new idea for product enhancement and we'll work on that next all right Simon is asking if interest will be compounded so Simon thanks for the question and currently we're not adding compounding it's it's something that is more complex from a technology standpoint so we don't have it again we changed the rate every week right so there's a lot of issues involved with compounding and currently what we try to do is really publish the highest rate and give you that interest first those are the things that we're trying to do if we have to pay compounding all its gonna do is lower the rate so in absolute terms and again we earn what we publish unlike our competitors have subsidized the rates right they don't really earned out those rates and I'm saying that because they said that publicly go on Twitter go on some other channels you'll find these people say that themselves so Celsius currently is the only company that actually earns this interest and the rate we publish effectively already includes the compounding equivalent because it's a highest rate we can pay if we paid everybody compounding interest we would have to lower all the rates on all the points is saying that he wants a loan what are the steps that you should go through to get yes so it's very simple and if you are if you want to loan again you go to the main menu right the the blue buttons at the bottom of your screen and you just press the borrow button you see there's a borrow button I dare you press that it takes you through a really simple process it asks you just a few questions and you can take a loan if you're in a jurisdiction where we're not allowed to lend then the app will not offer you're not gonna see that button if you don't see the borrow button that means you live in the country or in jurisdiction that is restricted and if you have a company a corporate structure and so on in a different state or you have multiple residences then you can reach out to our customer service app at Celsius that network and ask them give them your case and they'll tell you if you're an exception and because of that we're allowed to lend to you so for example if you may you have a Delaware company or a New Jersey company but you may live in the state where we're not allowed to land if your company does the borrowing we may be able to lend to you same thing over seas so just ask us questions we want to as many people as possible right and sometimes for example if you an accredited investor we allowed to do things that we know a lot if you not occur a bit so best thing to do if you don't see the button in your app the borrow button ask us just email us and we will answer your questions what are you most excited about and expecting from Celsius in 2020 so what I'm really most excited about is is to add more capabilities and grow the community right our mission was to add 100 million people again we're at 62,000 I know it sounds small but everything starts small right I think actually we did an amazing job almost half a billion dollars in deposits and for a startup we we plan to obviously break even be profitable next year and publish those numbers which will allow us to give even more back to the community but the things that we really need to work on is add more capabilities for example the ability to buy coins the ability to take loans easier and get more licenses we can offer it or partners so we can offer it in more jurisdictions and again we have amazing announcements coming you'll see it in January some some of the largest companies in the world a partnering with Celsius and I can't wait to tell you but I gotta get their permission first I don't get in trouble I don't wanna get in trouble before 2020 even started so but these are amazing companies you know in both like in Japan and in Korea and in Europe and so on when you when you hear them you go be like I can't believe this company this is Cho Celsius right uh-huh why would these guys work with Celsius so you love it all I can tell you is he gonna love it all right now is asking when will he be able to withdraw this interest amount first no so it's coming next release well same when's the next release so it's either before the end of the year or like first the second week of January uh and you know again our tech team is working extremely hard to get this done and it's most of the time is actually testing it's not even the development itself it's making sure there's no bogs making sure like we had last release and again I want to thank with 200 people from the Celsius community who came in and did the debugging and testing of the app that we just released right two weeks ago three weeks ago right and then we have to fix like 30 or 40 bugs that we found again thank you for everybody for your feedback believe when we get that feedback quickly don't sit there find a bug and say oh my god it's so annoying if you let us know we'll fix it the next day right many times we just don't know that the bugs exist so interest first coming next week if you exactly yeah so use the type form it's on the website right yeah all right George is asking how are you intending to bring shareholders and cell holders under one hat great question so George there is no conflict between shareholders and cell holders Alex machine ski is the largest shareholder and is the largest cell holder so the company itself Celsius holds half of all the tokens right close to half of all the tokens so if the token value is high right the higher the token value that more Celsius is worth so there's no conflict it's not like we when we get a dollar we have to decide all we're going to give it to the shareholders or gonna we're gonna give it to the depositors you understand that's the beauty of our model unlike banks unlike most financial institutions where they have to take from the depositors to give to the shareholders here we're creating value inside our community and Celsius itself is just another participant in that community we just happen to have more cell tokens than anybody else so the thing that we want to do the most is to increase the value of the cell token there is no conflict there's no situation in which we want the cell token value to be lower because we are also share homes right we are the largest holders of the cell token so and we structured the model that way right when we did the cell token a location right in our IC on everything else it was done purposely in this way to make sure there was no conflict otherwise you're right otherwise we would be basically like any major company does eventually taking as much as we can out of our users or depositors and give it to our shareholders okay so if you don't think we're doing enough for the depositors let me know I think we're doing plenty all right Thomas is now asking what does this what is this Celsius Treasury use for the cell-cell Treasury so Treasury is is our is it's used for several things so first you know it allows the company to grow I mean right now we're not using it we're not selling our cell tokens into the market but eventually for us to grow expand we will be using the Treasury to grow the company and and we're using it for bonuses we're using it for distribution like for example we're going to do partnerships in which we give cell tokens if those will come from Treasury and we'll be giving them to the people who do work for us or people who basically want to give them bonus earnings or things like that so there's plenty of things we can do with it but it's essentially another source of of income for the company which allows us to again not we if we if we have other sources of income we can distribute even more to the community so I can tell you that like there were months in which we gave 93% of our distribution to the community right because we use the ICO proceeds and other things to pay for it right so we say minimum of 80% but actually almost throughout 2019 and almost every month we paid more than 80% sometimes we paid even more than 100% meaning actually subsidized some of the income because our rates were too high we have not adjusted the rates fast enough and because of that we paid more than a hundred percent of what we earned and we took the extra stuff from our treasury or from our in the bank okay there have been a couple of users that have asked this question but we'll give it to court cork is asking way more us users to be able to earn interest in sell token for all available assets yeah so so look we we love to do that today right and we used to have that service right so the only reason we pause that was because of the uncertainty on the regulatory front so we're all waiting for the regulators to decide what is clearly allowed what is clearly not allowed today it's not clear legally it's just not clear that you can pay cell token for Bitcoin or cell token for a theory in the United States so because of that our lawyers basically said it's not that it's prohibited we don't have it there's no ruling we didn't get any notice or any letter from any regulator or anything like that the only thing we decided to do is we decided to only pay say cell on cell which we got clearance to do and for all the other coins we pay in kind meaning be TCL BT CTA Jimmy th and so on and the main reason for that is on this lack of certainty we're going to basically either get clarity from the regulators or actually ask for permission so it's not like it's a dumb case it will never happen it's more about just you know us spending time and money on this with our lawyers and regulators to get clarity on this issue but we definitely still working on that it's not something we've given up on alright Jason is asking when will end up by yeah so we'll see him when will enough I will be enabled ideally we'll have the ability to link your bank I what seemed said middle of January so if you want to be a beta tester on that again email email is at Celsius that network and we will add you to the beta testing program you can tell us which feature you want to test specifically like if you want to be on the loan side or just in general or or but a we have again a lot of features coming in we need testing and then we release it to the general public next question all right ask machines to get anything all right John Locke is asking do you employ a remote I have the skills but don't live in New York or your base so we do most of our employees are remote right I mean in New York I think we have something like 15 people New Jersey another six or seven but almost everybody else is is remote so if you have great skills and you really want to be part of our company or community reach out to us and and we'll definitely again Alex ed machine ski comm or Alex at Celsius that Network I do answer my own emails yes it's not a bot that responds to you yes so I crunch through several hundred of them every day right and I usually respond in one day or two so yes he's asking you've spoken about how Celsius is unique and that interest rates for depositors are not subsidized by VC money how do I sell how the Celsius continued to offer such high yields four depositors without subsidizing with VC money so dance is very simple we earn it right so if you look at the rates now there's plenty of websites for example CMC has a whole section about lending and borrowing where you can see the rates and these are market rates right so so CMC kind of tells you here is what the market for lending and boring you can see both sides of BTC or ETA or anything else so Celsius is just working with larger institutions we're working with larger exchanges and that allows us to basically charge more and because you know we most of our counterparties are they one scale right it'll come to us and say I need fifty million of BTC right very very few people can do that give you a transaction one transaction 50 million right otherwise they have to go and collect it from five different people so because that can charge more also we have 25 coins most of our competitors of two or three so if you are trying to get a DA or you're trying to get some other coin that may not be that popular if you want to borrow that it's very hard to find right so we can charge higher rates because it's hard to find so but our rates go up and down if there's no demand or it's too much competition like BTC right now there's a lot of competition some of our competitors are so desperate they're giving loans without collateral it's not just that they're not earning the interest it's that they're not asking for any collateral and the lending to some of the smallest hedge funds out there that's a recipe for disaster okay so and we refuse to do that we refuse to work with counterparties that are risky or that they do not they're not willing to provide collateral and we still we have 200 counterparties which is probably more than anybody else but these are the guys at the top not the guys at the bottom right so so these are the things that I think make all the difference that has to do with how much risk you're taking right how much risk you're taking lending us coins versus lending somebody else bought all right mark is asking well firstly saying I'm a huge fan of Celsius as part of my annual tax filing I need to declare the interest earned this needs to be converted into local currency this gets tricky having foreign exchange rates can Celsius wind will Celsius improve its reporting capabilities to generate the time yes words so I have to pay taxes too and I need that report just like you do we are what see me as working on a partnership with the third party that issues tax forms 1099 the know kind of other stuff when is that gonna go live well I can't say today again the camera here this room okay hey everyone today in the app you are able to go and directly take out your - sorry find your your transaction report it's a little hidden nuke our CTO made a little tweet about it how to find the feature so if you need to find an opinion to how to export your transactions go find nukes Twitter and follow him and then they can see the he'll let you know right yeah yes if you if you go through the wallet right yeah if you go in the wallet and you click on one going you yeah if you click on sorry if you go to the wallet which is clickable you scroll down on the bottom you have to click on the bottom on the bottom right and then right here sends your speed an email okay that's where you get it all right next all right 258 people great all right Dave is asking are there plans for a bank transfers to make purchase on supported cryptocurrencies yes so we're adding a CH we adding SAP I in Europe and we're still looking for a partner for Asia for different countries so that's coming but again January you're gonna have eaten a CH and SEPA and then other services will come later that year next year okay so I was asking Alex who you or one of your celcius team members be visiting Estonia anytime soon in no plans right now I am going to Serbia soon and our dev team is in Serbian Belgrade so Estonia is not too far I might stop by give me do an AMA organise an EMA invite me and I'll show up that's what we did in London right we just did own AMA and the we work with great attendance and a lot of local communities showed up and I threw t-shirts and everybody I mean they're they loved it coins and t-shirts so if you want one of these organize an AMA I'll bring a bunch do you want a private jet you travel so much where do you get all the energy yeah so my team books me on on on coach they like tell me how my god you know this was last minute we couldn't even get your first-class ticket now I look short flights I take coach in long flight long-haul I do need sleep you know sorry I need the flatbed and I get my eight or nine hours my wife has these magic pills that you take an oxy out you don't even know that where you are when you wake up so where the energy comes from it's the passion to build this community right I mean again look we all hate banks right we all hate these financial institutions that are stealing from us it's just most of most of the people in the world are not willing to do anything about it they're too busy with their daily lives I quit everything I ran a public company I was a CEO of Novatel Wireless I was paid two million dollars a year all right I quit that to come and do this right because I believe that if if I can and I won't do it if I don't do it if I'm not gonna build this no one else will right so so I'm definitely underpaid and overworked but I'm as happy as can be I'm excited every day to do this and and I'm working with great people we have a great team and again look again the best is meeting community members who come and tell me Alex your your savings account change my life right I can see the light at the end of the tunnel I can pay my mortgage I can have saving plans for my kid and so on so on so these are the things that when you see that impact it it it's worth the travel it's worth not spending every day with my six kids so yeah it's all for you guys [Music] politics and maybe some philosophy how do we get a fairer redistribution of wealth system through taxes over the hwachun yes so look how do we get a fair distribution system the all governments in the world are that's really what they are right they have the right to collect that's all the government doubts right so and they spend it in a way that usually is inefficient and it's not spend equally right again the part of the people with influence get more people without a influence gets less and we know what it looks like what it ends up so and most governments in the world run deficit right very few countries of governments run surpluses so so putting all that stuff in the blockchain takes the power away from the most powerful people who again their power is because they decide who gets what they decide how to distribute taxes or how to distribute income in general and so it's gonna be very hard to convince governments to change their ways right and technically it's not a problem technically we can validate each person right and make sure that they get their fair share through a blockchain distribution that's actually very easy that's not difficult at all the piece that's difficult is is having these people the politicians then monopoly is the guys in Washington DC who are lobbyists to give up that power and do stuff that's actually in our best interest so I don't see that happening any time that's right we designed Celsius as a self-fulfilling mechanism right we don't need the government we don't need others to do what we're doing we don't need banks we don't need anybody right we just use the capital that is deposited with us right we risk you borrowing money from you you are lending us your capital and we then generate yield or alpha on it and we give you most of that back and I think that system is a much better system than relying on the government or relying on changing laws that's not gonna happen anytime soon not in my lifetime we'll be able to take a loan against stocks like Apple Google and Facebook so today broker-dealers if you're using cho swab of fidelity or any of those guys they do a pretty good job at that you don't need us to allow you to borrow against your stock so we are probably not gonna add any value if we develop this not tech it's not technically difficult to lend you against just certificates but that's not something you need us to do you can already do it pretty cheaply from your broker dealer and you know you can actually negotiate with them you can call them and say hey I got this rate you know will you match it and they'll adjust the rate they'll charge you as low as three and a half percent per year to borrow against your Apple or Facebook stock right you just have to tell them hey fidelity gave me this price how much are you gonna charge me right so our our challenge is if we believe that all of these assets are going to move to be digital and what we're trying to do is really create an environment in which you can bar against any asset that is digital so for example your car right the certificate that you own your car your registration should be a digital certificate and then we can lend you against your car we can lend you against your home it can lend you against other assets that are not just coins that you deposit with us and that's the future we sing but that's gonna take a little bit of time in the meantime we can easily get to five or ten billion dollars in deposits and crypto assets I know that's more than most people think we can scale to but we have plenty of ideas plenty of opportunities of how to create the yield on all those assets do you have any comments regarding the Celsius competition especially next so they are rapidly increasing their users and services well look nixel and is like a gangster you know they like running around doing things you know ask I look I next to claims to be a bank on their website again if you want to give your money to a bank good for you we we charge less an instant in interest we pay more than next so right next to does not pay you BTC next to does not give you a th and they operate in jurisdictions where they should not be operating legally right so so I don't know how they run their business I can't comment on it because I know that we are fully compliant we have a three sets of lawyers who tell us what we're allowed to do what we're not allowed to do and because of that you know we make sure that we don't endanger the community or the depositors that we have next so I don't think does that right try to visit their offices try to go I think they're swiss-based right no this thing was a different company next to is registered in Switzerland go try to visit their offices see what let's see what you find over there so we published our addresses on our website you're welcome to come and visit us in in New York or New Jersey or London or Israel or Belgrade drank all the places where we're in why because we operate legitimately right we're compliant with the KYC ml laws we're compliant with the lending laws we're complying with what are you allowed to take us deposits and so on right 25 different coins so these are the things that cost money right it's much easier to not do that and and you know fly by and hope no one catches you but Celsius doing that would be endangering our community endanger our deposit and the deposits of our of our members all right Peter's asking last day of May he said 100 million cell users in five years that's one point six million month we're doing good but not that good how are we really gonna get to that crypto conferences don't have 100 million people yes seems the only way to reach the masses is via apps so yeah we are constrained by the size of the crypto community and you know like that the solution is not crypto conferences or ads the solution is all of our members each one of you using cell pay using the referral things that we have in our app to introduce other people so can I show you a selfie because mine is No yeah so I want to show you how easy it is to send coins to other people right if you've never done it right with what seems broken phone you see so if you use cell pay right here right you have a button that says cell pay if you click on that it basically loads up all your contacts and then you can pick any person on your list that you want to send money to right you can choose a person I'll send plus all of what seems coin to somebody random you know and you can pick yeah drop your email right there you pick the different coin that you have right that you want to send so for example I want to send cell token right you put how much and you're done that's it click click click and you can send you don't need anyone's wallet address you don't need to test you don't need to see if they received it right now it's safe its secure it works like venmo like paypal and so on so you want this to be you want hundreds of millions of people to use it well hundreds of million people use the cash app and the venmo up and the PayPal app right because they made it really easy well Celsius made it really easy now you just have to show your generosity and you have to send ten people any of the coins that you want and introduce them into crypto show them that on Celsius it's even better it's cheaper it's faster than using them or any of the other services and you don't have to transact in dollars you can transact in twenty five different asset classes or assets that we have in the wallet right so that's really the the best way to scale the community right bringing people from the outside who either don't trust or don't understand what we're doing and showing them that this mechanism that bypasses all the financial institution you have to remember both venmo and PayPal use banks they don't have their own system right it's not like the blockchain they're just running on top of the banking system then not fixing anything right there not earning money for you the depositor right so you want to enable this community you want to make it powerful you want to get to millions of users and aren't even more that's what you need to do you need to yourself a knee to the referral code I'm dropping the cell pay into the telegram if you want to claim a hundred cell up in there and grab it first yeah so yeah try it out I mean again we worked really hard on this stuff and we working it for you right this is not for us we already you know we know how this stuff works next so we never had a breach now no one has ever managed to get into our system but we have many attacks DDoS attacks and other attacks actually one of the attacks managed to shake up the Amazon AWS shield and but no one has penetrated our system we've never had any theft or any events of where we lost assets that were deposited without so that were that will lend to us by our members all right Pascal is asking it seems the more Celsius user base grows the more coins are available for lending which increases the supply this results in lower and lower rates for the depositors yes how do you plan to tackle this so that's not how it works but also if you think about the market cap of Bitcoin right which is let's say whatever 150 billion dollars and you think of how much Celsius have Reitzel Celsius right now I think is what two hundred let's say two hundred million dollars worth of Bitcoin and we are nothing right we're risking 1% of all the Bitcoin maybe not even that so even if we had five percent of all the Bitcoin we would still not affect the rate that we can lend the coins at why because one exchange okay bina's or BitFenix or any of these exchanges that that has a market that Boris coins uses more than all the coins that Celsius has okay one of our counterparties right the large companies we work with the galaxy ditch so anybody else sometimes uses more than all the coins that Celsius has so so there's no issue of demand and we've proven that by printing 4.25 billion in transactions right if there was saturation of demand and then you would have seen us kind of flatten out right we're not we we're in a hockey stick right we're doing the more coins we get in the more we do and yes we surprised everybody right no one thought that this market was as big and the reason is that the exchanges used to land your coins and keep all the money to themselves just like Charles Schwab and etrade lend your Apple shares and land your Facebook shares and your Tesla shares to the other side and they keep a hundred percent of that value so what Celsius is done is really put this whole model on its head by returning eighty or ninety percent to our depositors no one has ever done that before no one has ever done that in seven hundred years of banking giving so much back to the depositors right that's why the banks hate me that's why a lot of the financial all this far you hearing about is because people don't like the fact that I'm breaking the banking monopoly that I'm letting out all the secrets of how all these guys making all their money right so that's what the reason is but we don't have any problem like I said getting to several billion dollars worth of deposit which would be ten times more than what we have today you the rates are not going up and down because of that you can see that we used to pay 3% when Bitcoin was 3,500 and then it went up to six and a half percent even though we got five times more deposits so how can that be right because there was a lot of demand for the coin now the rate is lower because it's less demand not because we have more in coins being given to us by our users all right Zachary wilds he is asking what do you think about the inflection point yes the inflection point yes yes I know I read it so the inflection point is a brilliant idea which says basically wait a second if your membership grows and more and more cell seon's or buying cell every day or earning in cell there's going to be a point at which have 460 or even 70% of all the cell is going to be deposited with Celsius earning interest which requires cell use to go to market and buy right we have to pay five and a half percent on the cell that is deposited with us because that's the yield on cell we have to go every week to market and buy cell from the market today Celsius is the largest buyer in the market of cell so we're already at 40-something percent and I can tell you that that number the number of people earning in cell is growing faster than the community if you want to know how fast the community is growing go to cell science calm well see we'll drop that link in in in the chat and you can see the team there johannes and his team and did an amazing job showing you the history of celsius and actually tracking the growth week over week the growth in coins the growth in users the growth and everything else which is right now about 3.7 or 3.8% week over week so you will see that actually our growth of cell users people who earning in cell is growing faster than the growth of the community faster than the coins being deposited which creates more demands for the coin more demand for the coin usually if there's more buyers and sellers will create an increasing price and that should not stop that's the whole point of the entire flywheel of the celsius model I don't think anyone else has this model right show me anyone else right BMB is a closest and by Nantz only gives you 20% of the net profit sell CD's you eighty to ninety percent the revenues we collect revenue not net profit huge difference so as long as our AUM continues to grow which you can see in the app in real time as long as our users continue to grow right all all of this will create more demand and again we already bought 16 million cell tokens right from the market the holo ratio of the the percentage of that 16 million that stayed in the app that was not with John right is close to 90 something percent 90 to 93 percent so the cell seein's who are holding who are earning this interest Inc instead of earning an MV TC earning in himself 93 percent of them don't withdraw and sell the cell token right they hold it which creates demand only there's no supply being from throwing in the market so that's part of why the cell token is outperforming Bitcoin because there's more demand for cell talking than there is for Bitcoin not in absolute dollars but in relative terms alright DJ first one is I always wanted to be a DJ one day if I become a cellular thanks to you can I offer you a beer sure you can offer me a beer without being a selling there but yes guaranteed if you're selling in there you get to buy the beer to the missions given all right when will sell me properly will sit on CMC any day seriously I'm just answering the last of their questions of being very diligent which is a good thing we love that aim but any day we should get that over with and and be listed on CMC I know how important it is obviously a lot of people are saying hey how come CMC is not listening properly and they're not showing a market cap and and frankly again we should be in the top 100 when we are listed on CMC so keep looking at it then you'll see it popping up so coming any day all right you got six kids yes any advice for a new father I'll stop at one no just kidding look kids are the only legacy that we leave behind you can build a company you can paint you can do whatever all of that withers away the only thing that actually out lasts you are is your family and your your kids and and they're all magical creations each one of them is its own unique experiment that will never be repeated again so I love every one of them even though they sometimes drive me crazy and it's just very expensive to have kids in this world right so so if you want to have kids you better also start a saving plan and make sure that there's enough money there to pay for all their bills because this new generation they don't want to work they want their parents or somebody else to work for them so you're gonna have to work twice as hard all right James is asking hi Alex will you you know the saying if you don't own your private keys you don't have your bitcoins I do want to earn and I'm aware of their risks by many concerns our government trying to seize your company's assets hackers finding a hole if I choose to trust you with my bitcoins in Celsius how are you protecting against things like above so yeah great question not your keys not your Bitcoin right there undress and other people are promoting that and I think we already exhausted it's been 11 years we exhausted the world in finding all the people that are comfortable holding their own keys and managing their own coins and so if you want bit going to be a hundred thousand or a million or whatever but at the same time you want to own your own keys that dilemma right that is what's blocking the community is that all the rest of the world is 7 billion people who are not comfortable they barely know how to operate their smartphone right and they think that for everything is a reset button here forgot my password reset hey I deleted my op by mistake I can just reinstall it none of those people are ready for private keys or managing this stuff themselves and the way the reason Celsius created this interface where you can reset you can reinstall you can lose your phone you never use your keys is because our mission from day one was not really to help the guys who are very comfortable with their keys our mission was to bring a hundred million people who are not comfortable with their keys and these are the people who are gonna get your Bitcoin you who are comfortable with your keys to a hundred thousand dollars right so now you're asking two very important question how can I trust you right because of there were two points there of trusting so government seizure so again unlike next up we are fully compliant everything we do is compliant so as long as you follow the law and you exclude the bad actors and you do chain analysis and you don't do illegal stuff like issuing loans and countries or operating countries when you have allowed to operate no government is gonna go after you because you understand like here today today it was announced that Goldman Sachs he's gonna take pay a two billion dollar fine two billion dollar fine I think it's the largest fine a bank ever paid in the history and Adam it's guilt right admit that they did stuff illegally by manipulating money laundering money for for for people this is exactly what we're supposed to prevent right if you do carry caml you all these things you prevent bad guys bad apples from coming in and doing illegal stuff and this is the largest banks in the world doing it right so we got a slap on the wrist two billion dollars is one tenth of what Goldman makes in the year it's like okay we're gonna take one month of your earnings you know so my point is that if you're compliant and you follow the law the worst that can happen is you're gonna get a slap on the wrist right but if you're not following the law yes you're gonna go to jail yes they're gonna confiscate your assets and you should not try people who are not fully compliant with your assets so again we we publish our report you can see again we registered with Finn's and we were interested with the FCC you can just do a google search and find it if you don't know where it is cell Seon has it lives we posted our bid go and letter that's a letter from bid go telling you how much Celsius is done with them right big guys and Trust Company their custodian that is insured and licensed and operates under all the rules and regulation and for example we're in New York but we do still do not provide service in New York for two years because we waited until we were fully compliant there's no better example just in New York there's probably fifty thousand people that I know all right I have more than fifty thousand contacts that are dying to get the service people ask me every day like when can I get the service weren't gonna get the service so that is the best example of how we will not cross the line we will not do anything that is not 100% compliant even if it's in there in our market right what we supposed to be kind of bringing everybody on board and second question enactus hackers so again and the if hackers come in we stated publicly there's two levels of protection obviously we have all the tech protection our CTO I wasn't counterintelligence and Israeli military right we have plenty of really really good tech protecting us from hackers also we did several external audits where we hired some of the best a white head hackers in the firms that you hired to make sure that the you think no one can penetrate your system one of them is the top guy I think it was an eye robot and that showed on television where they were basically trying to hack the stuff he he actually that's his program he wrote that thing so so we hire the best guys in our pantry we use the best services several firewalls we use Amazon Shield we use all these different things to make sure that you are fully protected right and then we use sir custodians so we have several layers like for example fire blocks and in bit ago and so on and we keep the coins and hundreds of different wallets at no time somebody can just come in and grab anything and we created an insurance fund internally in Celsius that if anything happens we first go to that fund and we pay anything from there before anyone gets a hit with any like I said you know exchanges socialize losses we socialize profit every week we socialize our profits to our community try that call your exchange or call your bank and say oh I see you making billions of dollars coinbase so by Nantz or JP Morgan or Goldman Sachs do you mind socializing eighty or ninety percent of that they will laugh you out of the bank they will laugh for you they'll quote probably close your exchange account next what is your favorite spot to go after a long week oh my god what are you talking about I don't have enough switch I'm looking for it for 55 years you know I don't have an off switch I don't I'm like this seven days a week imagine being married to me right it's the worst thing so my wife thank you I want to thank my wife Chrissy for you know for basically suffering with me all these years with with me being wound up like this but look again I found my my the secret for my success that I found a way to channel all of this passion and all of this energy to something that I'm excited about right and that's what all of us are trying to do we all need a purpose right and in finding a purpose that are actually helping hundreds of thousand hopefully millions of people around the world is something that is rare I do that once with voice-over-ip right most people don't even know they use it every day like we're using it right now that's what it's right be but doing it a second time or third time right the subway I think eight million people getting phone service for free wireless for free Wi-Fi for free in the subways so this is my third kind of freebie and I think again doing good and then doing well is the legacy that you leave is what you take to the grave with you right I want to be remembered as the guy who did more good than most people and then only did well when others did well right so you have to do very well for me to do well from what seem to do well anyone else who works at Celsius the opposite of what banks do right what are you waiting for and Bank yourself asking when will we be integrating Yuki into protection yeah and when we have the cell token listed on more hardware wallets so by the way we are listed a ledger ledger just added us and recently and we will be developing few more services with them so on the hardware side and I I like that we are also working on a very secretive project which is like a version of define that runs on these different wallets and again can't say much about it but I think Nick mentioned it in his in his AMA and if you haven't watched it go do a search and watch his interview because I think you'll learn a lot but yes we are gonna add more security we're going to add more capabilities we're going to enable the service to run directly on on on these Hardware wallets some of them are going to be also embedded into phones and other services so this way you can basically take advantage of Celsius on many different platforms all right you like this question can you talk a little more about your experience as the father of voice over IP I was under the impression that a long Cohen was the father of wait yes so there are several people claim to be the father I must be the grandfather because if everybody jeff Bolivar is a father and alone is the father I must be the grandfather but let's go into the detail so alone is a definitely has been there since the beginning but if you look at what vocal tech created it was voice over Ethernet which is very different a completely different protocol then voice over IP so my patent is October 5th 1994 you can look it up just do a go to the Patent Office online do a search machine ski or go to machine ski calm my website all my patents are listed there you can do the search for the vocal tech patents and you will see that their patent from 1995 a year later right is for voice over Ethernet not voice over IP so all these guys and I have there's plenty of presentations of me talking about it of how everybody thought that Ethernet or ATM are gonna be the winning technology and they develop stuff on that I focused her earlier than anyone else on voice over IP I build the first voice over IP gateway right so today the term is generic right it's like saying FedEx so like saying uber but back then I sounded like a lunatic just like I sound now when I said that the entire engine is gonna run on the blockchain so so when I built the first gateway that was a revolution that was the first time that you know we put two gateways together and we showed 18t and other customers that you can actually run voice over IP and then all these other companies have switched their businesses from doing voice over ATM voice over Ethernet voice over TDM to voice over IP right and I built a company called ARPANET to good public it was a Nasdaq was worth over a billion dollars and and we basically we were there evangelist we were again I did hundreds of presentations there are several posts of mine of all the conferences I attended for voice of IP and next to it all the conferences I attended for Moin Moin for money over IP so though this movie I've done this before and again it's all for you it doesn't matter who invented it what matters is that four to four and a half billion people use it that's what matters and that's what we need for cryptocurrencies that's what we need for stable coins that's what we need for this entire community because unless we bring all these people people going to be watching this video this MA and laughing and how crazy we were that we thought that we could take down the banks we're just going to fail and we're going to fail if we require everybody to have their keys and we're going to fail if we're not going to withdraw money from the banks and we're going to fail if we don't bring our friends if we don't all of you watching don't go and invite your best friends and convince them that this is the future and they must join this revolution all right now it was very easy to convince people to use voice of IP because when AT&T charges you three dollars a minute and I came and I gave you something for free and all you have to do is download an app or click a button and you could talk to any of your friends the the the barrier the trust level was very low you didn't need to trust me a lot to try that but to convince you to give me your money or to deposit or basically lend me your money is a much higher bar right and and that's what that's why it's taking so much longer for the crypto community and the digital securities to take over right to kind of take over the rest of the world that these old ideas that money should be run by a government should be run by a central bank so just like we created the separation of church and state we need to create the separation of money and States right now our founding fathers talked about that right we just have never done that and the technology is here now for the first time to allow us to do this so I'm gonna stop ranting and answer the next question this is our final question yep Alex what is your new year resolution my new year resolution is the same as last year bringing a hundred million people into crypto you know I don't have any other thoughts in my mind I have only one thing on my mind where are we gonna find all these people and and and you know it's not an easy task and again my patent expired void found expired after 25 years and I'm dedicated in the next 25 years to bring 100 million people it's not gonna be quick I never said it's gonna be quick but we have to bring them one at a time there's no like you know a button you press and suddenly all these people show up right because you have to convince people that banks are not their friends you have to convince people that they can trust this financial institution but let me explain one thing that I think is very important most people don't understand that so banks use fractional reserves right what does it mean they take a deposit from you and they can land they can leave only 10 percent of the money in the bank and they can land everything out right and then they can do it again and again and again which creates tremendous leverage in the system but that's how banks earn money right so when you hear banks a leveraged ten to one or twenty to one or 50 to one what your bank is leverage fifty to one that means that they have for every dollar in deposit they have fifty dollars in loans so what most people don't understand it's the most important thing to understand about I'm banking yourself is that when you withdraw one dollar from Deutsche Bank when you withdraw $1 worth of deposits they have to withdraw collapse or cancel $50 worth of loans 50 right the leverage this reserve the fractional reserve system works both ways meaning you the depositor has the power you have the power and just like all of us left AT&T because they were charging us too much and all of a switch to whatsapp or Skype or all these apps that are out there and we do this for free this doesn't cost anything right there's this conversation we having right now exactly the same way we can eliminate the banks by withdrawing our sets from them and giving them to someone who's acting in our best interests giving him to someone who is earning real money on our money because most of the world is going to be negative rates so you have to decide every time use a credit card every time you make a deposit into a bank you empowering the bank every time you give your money to a company that is backed by the bank you or a bank you are empowering the bank because all the profits are going to go back to that so you have to really look around and do your research and see okay who is here actually to act in my best interest who is here to create a system that will hopefully last for my children and my grandchildren and will create value for us instead of for them right and that's a decision you have to make thank you very much see you in about a month unless something else happens before then we'll schedule another one and use the app tell tell the world again the holidays are here you got to give a lot of presents make sure you use cell pay costs nothing we charge zero and fees you can send it to hundreds of people with no fees we don't make any money nothing for Celsius from the self pay service thank you very much and happy holidays

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