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AMA: Episode 19 - May 1, 2020
 May 1, 2020

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yes alex we are live over to you great all right so we're coming live to you again from the barbers on cryptocastle here in manhattan no masks anymore that's it we're over the coronavirus is gone no just kidding it's still around still locked up in my house and i did bump into pump in the park we were both doing some jogging so pump is in town too so that's good to know and anyway all right let's go through the details so a lot of new stuff coming in monday there's going to be a lot of new content on the website also plenty of new content on youtube the celsius network channel if you're not subscriber uh you're missing a lot five episodes of celsius versus the banks you can see if i have any future career in hollywood so uh watch it vote yes or no and um uh we'll go from there also we launched our shop so if you haven't visited and there's gonna be a link next week but you can go straight to shop.net celsius.network and get amazing swag that we have uh hats and uh shirts our famous hollow shirts and uh all kind of other stuff that you can get there like beanies all kind of other things right all things digital so also um our top 100 uh huddlers uh which are you could actually find them on our website are gonna get a thank you package they're ready to go i packed them myself and they include special swag and a thank you note that me and the team signed to thank you and the rest of the community for uh being such a great supporter of celsius these are the 100 people that have the most uh uh sell tokens with us also um if you're an ambassador you're going to get a care package as well not too late to sign up to an ambassador go to our website there's a link right there and you can sign up and join us as well and what else so monday we're launching the gold rush what is the gold rush and you're going to be able to find certain hidden things on the website and a treasure hunt and win an award also you're going to learn all about tether gold which we're launching it's actually live in the wallet right now you don't even have to wait so if you go to gold.tethered.t.o you find all about this new product uh that we're really really excited about i spent a lot of time doing due diligence and investigating and that is the best product in the market and we are paying three percent gold on gold no one has ever done that before right so you can buy gold it's physical gold it sits in switzerland and every week we're gonna put a little bit more a few more nuggets of gold on your gold what else can and you can fly to switzerland and withdraw it or you can always sell trade your tokens in and out but you can actually withdraw the gold and have physical gold in your possession nothing better than that to fight all of this money printing that the fed is doing so if you're fed up with all of the money printing go and buy some gold right now right we don't sell it you have to buy it from uh tether gold or one of the other guys but if you deposit with us you'll earn three percent if you also if you missed it uh we raised the rates on each so now you can earn more than seven percent on your first 100 each if you are uh platinum uh celsium or six or five percent if you're not a platinum but that is more than anyone else is paying on eath and the whole point about that is to allow first-time users or newbies to buy some meat and earn real yield and long term and join the celsius network obviously this also applies to any existing uh celsius as well right and as you've seen we've added the fire blocks as a layer of protection again we have uh hot wallet insurance with fire blocks so in addition to speeding up our transactions having more security fire blocks is considered the best mpc out there and and um uh basically what it allows us to do is break the keys it's a multi uh protocol multi what npc stands for now i blacked out multi computation multi-protocol computation so it allows you to break the key into multiple pieces and no thief can steal it because no one has the entire key right the key is kept by several different parties in different places and that is the safest way it's even safer in many cases than call storage by run by companies that don't know what they're doing so we added that layer of security everybody basically because that is sitting on top of prime trust on top of fire blocks and you can now basically you need to generate a new address if you're getting those pesky emails from us saying hey you know you need a new address need a new address the only way to stop them from coming is to go into your wallet and either acknowledge it or go and generate the new address right and make sure that when you generate a new address you delete all the old addresses you used uh that you enter into coinbase or somewhere else right don't send coins to the old addresses right and during that transition we had a few hiccups i heard uh less i think was less than 10 people that complained that right in that handoff um their coins didn't show up everybody's coins are back and there was less than 10 people that were affected so if you still have a problem with your transfer uh email app at celsius.network and we'll take care of it right away but uh you know no impact we still have all the coins and um no nothing was lost stolen or forgotten right they're all still there i need a haircut that's for sure look at this look at this bush on my head um all right so what else we need to do talked about the shop you can get this shirt and white now right and and my daughter actually who launched a new uh a tie-dye shop she's gonna make this in tie-dye too so we'll put that on the shop this will be special for for the top celsius um all right what else we do so we announced a few days ago that um we crossed 50 000 bitcoin that were deposited in this in the absence launch it's actually over 51 000 now and that is a huge milestone because uh all i can say is thank you to the entire community for trusting us the community funded this project the community supported this project the community built this project and now all across the united states all across the world people are saying to themselves wow you know and we're furloughed are we fired or whatever what do we do we're going to start a home business and we're going to do it and you know we're going to act in the best interest of the community we're like hey we've been doing that for three years so i think we created a whole movement i mean that is really a very popular thing right now and and again we're trying to teach everybody to huddle right so if you haven't seen the master hollow ball where you know if we can't get the message through we're just gonna keep keep showing you this ball maybe that will get your attention because uh you know i think uh if you store your dollars in in the bank or under the mattress and you know it's just going to get worse and worse and worse right so don't do that don't keep your dollars uh in the bank or in the mattress you got to put them you're going to make your money work for you and to do that you must invest it in assets that are non-correlated that have their own trajectory like gold like bitcoin like all coin all all these other assets that we're talking about so again not not investment advice but the wallet we have gave you gives you all these options right you can basically take your dollars and put them in stable coins and now you have uh 11 different stable coins that earn and we we're raising the rates yet again on stable coins you'll be able to earn close to 11 percent in sell token or almost eight percent and regular rates on your dollars or on your british pound and so on so on so putting them in a bank is is just uh a crime okay a crime you're committing on yourself so that's one bucket it's the safest bucket it's a bucket that allows you to move money in and out and again we support usdc uh by coinbase usdt by tether um all the popular coins are there right the second bucket is the crypto bucket so we support 26 different assets in there and you can choose between bitcoin ethereum and so on and earn interest on those things and the third bucket which we just launched few days ago is the gold bucket right so for the first time not just that you can buy gold in the digital form which is not sitting in the bank you know even the us government cannot confiscate this bond this gold for me but it's also earning interest for the first time in history gold on google not some token on gold not some tracking some gold index this is actual gold that you're buying it's your physical gold it sits in switzerland and uh you can withdraw it at any time so really excited about that we completed the trifecta we have the three products and now we can only ask you the community why aren't you taking advantage of all these services right we built it for you you paid for it we give you 80 of what we make what are you waiting for all right so let me spend a few minutes just talking about the the economy and about the latest uh events so you keep hearing uh oh my god we have a cure or we almost have a cure and so gilead which published the recent results saying oh my god we think we can help some patient that is not a cure for um uh for a virus all it does it reduces the symptoms for people who are already sick and makes it it easier for them to get through the disease also gilead is promising at the end of this year at the end of 2020 up to 1 million dosages of this drug so that's obviously not going to be enough just in the united states you need about 300 million of them and around the world you need several billions so unfortunately even though i would love to have a cure tomorrow morning that every one of the seven billion people on this planet can can get and none of these things are cures or none of these things are treatment for the killing the virus they're just currently just dealing with the symptoms either identifying the disease earlier or treating you while you're sick not a cure unfortunately so we're gonna have several cycles of this disease the experts are basically saying we will only have enough uh um of these cures when we when we get to the end of 2021 which means we will have the disease come back in the winter of this winter then come back again next time so we have two or three more cycles before we're all cured and and we're good to go so all of that is going to have a major impact on the economy our economy is in l-shape it's crashed and it's not recovering unfortunately but the stock market already had a v recovery already thinking everything is going back to normal don't trust the v market rise why is the market rising because the fed basically went and told everybody don't worry we will save this no matter what happens if we have to catch a falling knife 10 times and cut ourselves it doesn't matter we're going to do it again and again and again so all of the risk takers all of the speculators jumped in started buying bonds and stocks and everything else but that has nothing to do with what actually is happening on the streets i live here in manhattan i can tell you there isn't a single store open the streets are empty right the impact the economic impact is upon us and every day that goes by is delaying further and further our recovery so at best we will be a long l or maybe a a a an upper w right it's going to kind of bump a few times and then we're going to recover but eventually yes we will recover but we will have a new economy right the new economy will look very different than what it looked like in 2019 and the winners and the losers are going to be different companies the people that you admired and you looked at and you said wow look at these great companies in 2019 are not necessarily the winners of 2020 and 2021. so you have to really spend time and think about who are the winners in this new environment right and and the you know companies like amazon and microsoft are clear winners everybody's gonna need cloud everybody's gonna need delivery and and uh they're a great example of somebody that will always land on their feet no matter how long this l or w continues but other companies like airlines and hotels and and all kind of other companies are not going to do so well no matter how much money we or the government throws that there right because we're just going to change our behavior so yes i am calling on all of us to support our local restaurants and our local delivery companies and local supermarkets and everything else we should definitely do that but i'm definitely objecting to the fact that we're taking precious money that we're printing right the government basically already authorized over three and a half trillion dollars that they're gonna spend on all this stuff the fed is basically going to print something like 5 trillion new dollars all that money i rather see us put into re creating reinvigorating u.s manufacturing taking all these supply chains just in time supply chains we had with china and other countries bringing all that production into the united states and we're not taking that money we're not investing it in this future we're investing it in making sure that failing companies have a few more months a few more years to live by borrowing money from our children when we print this money our children are the ones who have to repay they have to repay the debt okay so don't pause here and i i think we have uh plenty of questions i'd rather answer your questions then blah about blah blah blah sure let's go let's see what you got we'll run with it so the first question we have is from andre and this is about x-a-u-t and so he asked who is the custodian of the physical gold and is it possible to claim the physical gold yeah so so again all of that is described in both the white paper and the website gold.tether.t.o and the the custodian is a famous company in switzerland they're bonded they're insured they've they're doing it for many many other customers it's not some new thing that us or tether created and this is just a partnership between celsius and tether to deliver this in the most efficient way to the average joe right so uh go learn about it uh soon you'll be able to buy it inside the app as well currently you just can do it right now you have to buy it somewhere else and deposit it in the app at 93 but in the next few weeks you'll be able to uh to buy it now the the beauty of this is the custodian doesn't care uh uh who owns a goal anyone who shows up with the tokens in switzerland they can only deliver the gold physically in switzerland anyone who shows up in this facility delivers tokens enough tokens to withdraw one um a bar of gold and can physically take with them exchange basically the tokens for physical gold right and and i welcome uh any of you to buy enough so you can go and actually test it out probably i'll come with you and and we'll uh one for you and one for me right we'll get some gold on our hands so that's the quick answer again all the detail is described by tether gold and it's uh definitely i think the best solution they also have uh over 85 million dollars in assets right now climbing very quickly so by far the number one issuer of uh gold that is that has a token attached to it one number one issue worldwide and celsius is the number one uh basically the first company and the only company to offer interest on this asset and we can all have a party in switzerland together so i've got a question here from ray and i love this one any plans for proof of deposits features since i'm abandoning my traditional bank i could use the pod to try and lease an apartment yes so so it's definitely something that we're moving towards for example our partnership with chain link and few other things that we're doing are moving us more and more into real time and both transparency as well as proof of funds and that's something that we want to show at all times right just like with tether where you can see how much they have on deposits both dollars and gold and the idea is that soon you'll be able to see all that with celsius and we're working on that i don't have a date yet but it's definitely something we want to deliver for the entire community cool thank you so i've got a question here from dean he says hi alex the celsius versus bank episode 5 you're seeing showing a visa card with the bank fees can you elaborate on this and what do you see as a solution to bank fees for the community yeah so so it's very it's easy for celsius to issue a card that's not the problem we want to issue uh a debit card that allows you to instantly borrow against your deposited assets it's good for us we want to issue as many loans as possible and the issue that i'm struggling with is really the fees that are charged and we if you look at every product celsius launched we were the first one to launch uh interest income right it was a phenomenal product no one has ever done that definitely no one was paying six seven percent on these assets right and same thing with loans when we issued loans we charge a quarter a quarter of what the competitors charge right phenomenal product now everybody else we had to have to match celsius and give you the value instead of stealing for you so today if you take any of the products that exist today any of the cards that exist today from crypto or from other providers they all have huge fees you may not see the fees but the fees are built in either into the purchase or in the transaction fee or conversion of currencies i mean these are not friendly cards and and one promise we've made right and the promise of you uh unbanking yourself right if you want to unbank yourself then you need to create a product that is not better just a little bit better than the bank right now you have to understand that the visa and mastercard are two very large public companies who are catering to the banks they're customers of the banks all the cards in the world are issued by banks right so if you're issuing a visa or mastercard you are giving all those fees to the bank so we are trying to come up with a solution that bypasses that that delivers the three percent or so that the bank and visa make we want to deliver it to you as a benefit so what you will see from us is uh is basically more and more of these products that are giving you uh this capability right giving you the benefit instead of just um uh being an agent of the bank stealing money out of your pocket and charging you 24 interest so the episode was about and the fact that most people don't understand how expensive these things are they think like oh my god look at this credit card you know it's amazing and that and i have a bunch of them in my wallet right i mean i have plenty of cards in my wallet that i can't show you because then you're going to go and charge stuff on them but at any time i have multiple cards in my wallet including the celsius card right and it works perfectly i've been using it for a long time so so we are working hard at delivering this for you and i'm asking the community to be patient we have a way we know exactly what we need to do we just need to we wanted to get the the gold thing finished we wanted to get fire blocks finished we wanted to get a bunch of other things finished the hold mode in the wallet that was very important for us to add security to enable you to lock up all your transactions and feel even safer so it's just a question of when right when and this is gonna launch but when it launches i promise you it's gonna be better than anything you've ever seen because that's what we do we don't do just little incremental things we do things that have never been done before no one has ever paid you gold on gold no one has ever paid your interest in all these assets before celsius so that's our promise is it will look like magic okay most of the people going to look at this and say these guys are cheating it's not possible but we've delivered gold we've delivered uh amazing returns right you can get this by the way in the store in in in the shop.celsius.network so so my commitment both to the community and to the celsius team and to the crypto community in general is that that our job is to uh live outside the box to leapfrog the innovation uh so we could steal a billion people from the banks right and and and get all of our coins to all-time highs so next question so following on from that because no one wants to ask what is the plan for cell pay is it going to be applicable in all countries or only certain countries so each country has its own obviously we want selfie to work everywhere instantly uh from anywhere to anywhere with every product and so on but but each country has its own restrictions and it's a labyrinth of complicated things that we have to follow and that's why sometimes you'll travel and you'll see that selpay is not even in your wallet because in that state or country or jurisdiction we're not allowed to offer the service which is crazy right like you get on the plane and it works and you get off the plane and it doesn't work and you're like what's going on here so we want to be compliant at the same time right we don't want to be breaking rules like some of our competitors do they're like pirates in the middle of the night doing stuff without following any rules so we don't want to do that because again the regulators are looking and the banks are just dying to catch us in something we're doing badly to shut down the whole thing right because they're looking at us right now they're still looking at us as nuisance because we're like we're only a hundred thousand people strong but believe me they're gonna feel the pain right they're gonna feel the pain it's coming you know i uh you know they're still complaining about voip wait until they feel the pain of moi you know of money over ip so um so we want to add functionality to cellpay it's an important pillar of the celsius community and if you guys have ideas on how to do it or how to do it better uh we're all here so send them to me alexinski.com and again i'm always i respond to my only my my own emails people are shocked like is this really alex or is this a bot no there's no bot alex is the bot the machine let's keep going yes next so we got some positive price action this week in the crypto markets and i think one of our members ashley's getting very excited because they say if say for example xrp goes to 500 pounds how can you manage thousands of multi-millionaires using the app and still paying interest i know it's a long shot but this is crypto so um it's actually we've tested it several times right since celsius was created uh bitcoin went up to uh 14 000 went down to 3 500 and so our aom our capacity went up and down several times so you have to understand that um when the value of the token goes up or the coin right let's take bitcoin or xrp as an example when it doubles or triples there's actually more and more financial institutions and exchanges who are interested because the big guys on wall street when they look at xrp and they say okay it's only worth several billion dollars that's not too big for me believe it or not it's too small for them to get involved so if it goes up 10 times it gets many many more hedge funds and institutions interested in coming in and doing market making or hedging or shorting on all the activities so the borrowed demand actually goes up and when the borrower demand goes up it doesn't now the asset is worth 20 billion instead of 6 billion we make money on 20 billion right so we can pay the same interest we charge more so instead of charging four percent interest we will charge six percent interest it's six percent per year on 20 billion instead of on six billion so our income is denominated in the currency that we land they have to pay us in xrp not in dollars not in other currencies so so for us the higher the price the better and the higher the volatility the better because everyone can charge more and that you've seen us raise rates almost every week why why celsius raising rates while everybody else including the fed is lowering rates how can that be because with or only all of our competitors are fixed rate the rate is the same no matter if there's huge volatility or there's nothing that just tells you that they're not really lending coins or having any market activity because rates as we know go up and down so the point is that when we make more money and we have to pay 80 percent of the community we raise the rates we raise the rates on xrp recently right so why is that because we were making more money and we had to share more with you so um and and it may go how much we share with you may go up even though the price of xrp is maybe going down because even when the price is going down as long as there's volatility of price then there is a lot of demand for the coin and then when there's a lot of demand we can charge more for the coins so that's how the whole the celsius flywheel works the magic of the celsius flywheel my favorite in blockchain we trust so i do need to get myself one of those so speaking of millions of dollars i got a question here from leonard he goes since celsius is being entrusted with millions of dollars are there any plans to move to a more beautiful domain name than dot network so we do own celsiusnetwork.com if you feel more comfortable logging in through the celsiusnetwork.com website you are welcome to do it um but if that's not enough maybe i'll buy the amazon.com domain and we'll try that we'll log in to the amazon.com name next question sure so this question's from dimitri and he goes how can we claim coins from forks if we don't hold the private keys through celsius so uh we uh any any fork that happens if we get the coins we give them to you right so so that already happened with uh i think pch or one of the other coins when there was a fork in 2018 um we we cannot say that we act in the best interest in your best interest and then steal your coins your fourth coins right so so obviously um there is no such intent and i'm stating here publicly that now there's a lot of bad forks there's a lot of fake forks there's a lot of like things that we just don't follow but anything that's legitimate that is viable um you know with fire blocks we hold the keys even though there's several pieces to the to the key we effectively are in control of the key and when we receive that air drop we will be also allocating in paradigm always always act in the best interest of the community so i got a question from james he goes hi alex how will the earn it act being debating congress impact celsius how did how is what again i didn't hear you sorry so how will the earn it act being debated in congress impact celsius i'm not too familiar with this act uh i'm not familiar i know there's several proposals um um in front of congress that relate to cryptocurrencies or digital uh uh wallets and things like that so look we we are compliant so whatever congress other people decide and we have to follow uh there were a lot of questions recently about stable coins um and like i said treasury the united states treasury of the united states government loves dollar-denominated stablecoin because that increases the utility fungibility [Music] of the us dollar right there's nothing negative about that like i know other people are complaining about these things but they're complaining because everything is just denominated and dollar denominated so so i don't see any in the near future any time where these things are going to be blocked uh i don't see the us government issuing digital dollar any time soon or distributing money over the blockchain to people like china china just gave i think a billion people over a billion people uh airdrop a through alipay and wechat pay right so they're way ahead of the united states here we couldn't do that even if we wanted to so that's not a blockchain transaction but it's a digital transaction right so what we want is is a blockchain equivalent that allows people to have a wallet just like we have on the phone and tr and get it immediately and and you sell other open services that act in the best interest of the community there's zero fees on cell pay no no deposit fee no withdrawal fee no transfer fee no anything and no any fee you want that to be the vehicles the the type of vehicles that are used for this digital dollar or blockchain based dollar hopefully in the future so if we didn't answer your question you can edit to the comment explain to us what exactly what you're asking and we'll get back to it later on next question so otis is asking how do we arrive at the total number of spell tokens that we minted yeah i know it's a weird number 700 695 million or something like that so we we minted the 700 million and uh we committed to which was just an average number i mean most companies were doing between 500 million and a billion and we just said okay we're going to do 700 million so uh and we committed that any tokens that are not sold were going to be burned right after the icos anything that didn't sell on the last day of the ico and that number was just below five million uh so the the reason we have a weird number it's not like pie or some crazy number that that that we invented it's just 700 million minus whatever we didn't sell so that's what the magic thing is again all that is available on our website under the sell token page you can see all the detail of what is in every wallet and who owns what and and so on so we have full transparency and the most amazing news is that 80 something percent of the community that receives their sell token keeps it in self talking right which is why uh the token is doing so well right because basically most of our cell token holders especially uh the top 100 are all hodlers right so when they get their weekly interest distribution they just rather earn five percent on it because sell earns five percent by itself and then because they have so much sell they're also earning much more on their bitcoin ethereum gold or anything else i have no plans of selling so julian asks why the name celsius uh it's a hot commodity you know like i don't know why yeah they the daniel and i were uh coming up with horrible names you know like look my previous company before uh the previous company i found it before celsius was ground link and it was started before uber and when you ask yourself okay of course i would my kids use uber and not groundling even today so we didn't want to make the same mistake again of naming it ourselves so we had a 19 year old intern in the office who kept nodding his head about every um you know every name we came up with it was just uh like a dead joke he was he was like going like nope that's not gonna work nope not good and i said well stop complaining about stuff and just give us a better if you have a better name just tell us what it is and he was accessible i was like what celsius i was like sold done we went we grabbed the domain celsius network was born there's no dad jokes in the celsius office so i've got a question from vimash here are you planning to have a non-custodial solution of investing on your platform so look um we we talked about it from the beginning and and a lot of people say oh alex you hate the guys who are not your uh keys not your bitcoin that's totally not the case my my i i i myself have coins on uh that are called you know they're stored on a on them on a wallet right on a hard key so uh so that the issue is not that i only believe in uh or i want to enable all these people who want to store their own uh bitcoin the issue is that the next billion people right the next billion people to join are people who are not gonna know anything about what we're talking about right so you have to give them a solution uh uh to or build them a bridge to come from the fiat world to the crypto world and that bridge has to include hiding all the complexity that has to do with knowing what a private key even is right so our commitment was not to build everything for everybody we just focused from day one we said 100 million new new users to the blockchain so where are the new ones going to come from we already collected all the guys who believe in keeping your own keys that's why the crypto community in general has not been growing so fast right why is that because everyone already we everyone who tried it and looked at all this complexity or lost all of his coins because he didn't know what he was doing and left us already they came and they left so what celsius is here to do is to give them utility instead of volatility and give them reasons to join like interest income like cheap loans right not give them stuff that makes their life harder like oh come and spend your bitcoin easier with us or come and here's a credit card that you can use to spend your bitcoin that is not what we're here for we are a community of hodlers and we believe the next 100 million people are hodlers who just want an app on their phone that they can click a button and say buy me some gold buy me some bitcoin buy me some stable coin earn me some interest get me a cheap loan but i need it and and these are the services that i think are going to bring the next several hundred million people into crypto and we want to be the guys who bring it to you because we set the bar real high we set the bar at giving you back 80 percent one has ever done that in the history of mankind not a single financial institution has ever given the average joe they do that for rich people i get that okay i have a lot of money i go to a fancy big investment firm they give me back 80 but no one has done it for you not a single bank not a single financial institution so these are all the reasons why we need to do it the way we're doing it and we're definitely our plan worked very well for the last two and a half years we're not changing we're sticking to the plan next question so albert riches wants it sorry if i got your name wrong there eldritch asking what is the plan for celsius in the next next few months to essentially boost its adoption so we have record signups every day every day uh more and more people are signing up more and more people passing kyc more and more people are depositing and more and more people are joining and earning and sell if you don't believe me uh the financier the celsius channels on on telegram publish every day the stats and you can go and look at the numbers you can dig the numbers yourself too but they actually go on the blockchain and check everything and make sure that everything i'm telling you is the way it is right so so and you can actually do the math to know exactly how many people when we're going to get to a million or 10 million or 100 so the plan is to stick with what we're doing add more utility add more products add more users earn more for the users have them tell their friends and in the next few weeks you're going to see us launch a lot of new uh incentive that we're giving the community again we stopped all of our advertising with google with facebook with with apple with amazon we stopped all of that we took all that money and we're going to give all that money back to the community as rewards for educating and bringing other people into the celsius network so so again no one else is doing that right our competitors are bragging about how much money they're spending on google and apple and and facebook well how does that help you what are you getting from the fact that block fi 10x their budget their spending budget with google how does that help you right so so all of our steps everything we do is calculated to help you not help somebody else and there are a lot of ways to help you and help us at the same time we've done that better than anybody else i would say we've done that better than anyone in crypto right why because we focused on you i wake up every morning and i think how can i give back more to the community and as long as you do that you're going to do just fine look at jeff bezos he does the same thing right so that's the plan we're sticking with it next question it's a good plan so we've got some new people into the crypto space we've got myron here i'm new to crypto with the hardening event coming is it best to invest now or after it occurs uh anyone who knows is lying to you so look we we i've said publicly several times by the end of this year we should see new highs and so on but between now and then no one knows what's going to happen right there might be another earthquake and bitcoin may drop again to 4 000 and everybody's going to be afraid again but but so because no one knows you should never invest everything in one shot you should do i wanted for example you should take the amount you want to invest this year let's say it's a thousand dollars you should break it up we have whatever 10 months left or nine months left just break it up to a hundred dollars a month and you should go and buy a hundred dollars every month doesn't matter what the price is you don't even look at the price you just press the button buy a hundred dollars and sometimes you will hit it right at the low price and sometimes you'll hit it at the high price and you'll think you're an idiot but on average you will do just fine if you did that over the last 10 years there were only four days in the last 10 years when you lost money okay that's how good this plan works right so so averaging and over time is what every financial advisor will tell you i'm not your financial advisor i'm just telling you what i do how i do it so uh that is the best plan so following on from that you don't have to answer this but mark is asking what coins do you personally hold yeah i i said this publicly i plan to have more tether gold than even bitcoin that should be my number one holding because i think uh i said this publicly that i i think you should have at least if you if you believe that the fed printing is not a sustainable model and that sooner or later we're going to have either hyperinflation or blowout or a big problem on our hands then half of your assets should be in gold and in other non-correlated uh dollar denominated assets for example bitcoin or ethereum or other things you believe so so i think that is a very higher location 50 so that's my plan it's 25 in gold 25 in all the other assets now i have real estate i have all kind of other stuff but but i don't believe that being in real estate is dollar denominated right um uh stocks are dollar denominated bonds a dollar denominated so if the dollar is being is losing a lot of its value right if it's if it's being depreciated effectively through the process of printing money sooner or later one way or another you're going to get hurt the value of what you have is going to go down not go up so you want to be completely disconnected from it gold silver crypto are the best ways to do it they're the most liquid ways to do it thank you so i've got a question here from stefan saying what are celsius's plans once ethereum switches to proof of stake we love proof of stake we already have half a dozen uh proof of stake coins adding ethereum as a proof of stake is is just pressing a button right so um i i love that and we're adding a few other coins that are proof of stake and uh again anything we can earn yield on we're going to add to the wallet right so so so that's uh uh i think it will definitely improve both the speed as well as the efficiency of ethereum because it will be much less expensive to run the network right instead of proof of work running it on proof of stake and and i definitely support that transition trust vitalik he knows what he's doing he's definitely a smart man so i've got a question from andrew and he says if you were starting out investing in crypto today how would you structure your portfolio look uh crypto is a category uh has a lot of different projects right and and it's really um you have to decide are you doing it for uh because you're supporting specific projects so like recently we partnered with chain link we partnered with with uh litecoin we partnered with a bunch of other coins that we just believe in their cause we believe in what they're trying to build right so supporting those projects uh uh you it you know it's different than just saying oh i think bitcoin is going up and that's why i'm going to buy bitcoin right so so for me uh i became adviser to some projects i invested in some projects because i believe in decentralization i believe in the power of the blockchain i believe in open ledgers and i believe in supporting these things because if you don't support them then other solutions like libra or the jpmorgan coin or the chinese version of a a blockchain currency are going to win because you we are not supporting the projects that we believe in so so you have to basically make an allocation of how much you're putting into your kind of like financial planning you're investing it because you think it's going to go up in value or you're trying to protect your dollar denominated assets and how much of it you're putting into projects that you really believe in so if you believe in ethereum right i believe in the theorem i think it's definitely a great replacement for the banks the it's the smart contract is the the the toxic pill that will kill the banks right and d5 is running on top of it right and and they're beautiful projects on top of d5 right right like like tether like uh like uh compound like uh celsius right all these things are versions of d5 so you can support ethereum or you can support the projects that are running on top of ethereum right there's hundreds of projects running on top of ethereum so again i'm not here to provide the financial advice i love bitcoin ethereum i love a few other smaller coins so inside that bucket i have mostly bitcoin probably 60 bitcoin another 20 ethereum and then a bunch of other things but again separate from gold separate from silver separate from real estate and so on so bring it bring it back to the tech i've got a question here from vince what banking and tech features will celsius be integrating in 2020 um easy deposits you should be able to receive money directly into celsius either as your salary or as uh almost like a bank transfer so ach sepa um all the equivalents right i ban all these things should be enabled we're working on all these things um you should be able to invest your money so you should be able to receive the money and immediately put it into either a stable coin or a bitcoin or gold or any of these different assets that we talked about so it should start working immediately without you having to do anything right the banks wait for you to transfer it from the checking account to the savings account because most people don't and then they just get your money for free so our job is to remove all these obstacles for you to earn the whole point is if we're really acting in your best interest why isn't your money coming in like water and why isn't it earning as much as it can immediately and then allow you to withdraw it allowing you to withdraw it is different than allowing you to spend it if you if we are a community of hodlers our job is not to help you spend it again there are plenty of apps out there and that allow you to spend your bitcoin and convert it into shitty things that you when you look at them and say oh my god i bought this thing and i bought it with two bitcoins right and i should rob it and see maybe some genie will come out and give me a thousand bitcoins but the point is anyone who bought anything using bitcoin regrets it so why would we enable that why would we support that why would we make it easier for you to do that what we're trying to do is the opposite we're trying to create tools that help you huddle we're trying to create tools that when you look back five years from now you say wow thank you celsius thank you for the community for making it so hard for me to spend my money and because of that i'm now a millionaire because otherwise i would have bought a fancy car and i would spend money in the club and i would go on a fancy vacation and and i have nothing left to show for it right so these are the things that we want to enable because the human nature is to spend everything and then spend what you don't have by taking your credit card right taking your fancy credit card and uh and and spending that money right that's not what we're trying to do so so and and the key is to do it in a way where we still enable you when you really need it to withdraw whatever you need take a loan and and that's why part of why when when the market crashed uh all of our competitors liquidated most of their customers thousands and thousands of customers go on twitter and see what the mess that they created thousands and thousands of people leaving the crypto community because nexo blew them out sold all their coins liquidated them completely and and 10 minutes later the coins were back at six thousand dollars so do you want to lose all those people it takes so long to convince people to trust you right and then like this over a flash crash you get you lose all these people forever they're not gonna come back so celsius is building system that prevent these things from happening we liquidate less than five people and the five people the four people we liquidated all basically told us i i don't need more time just take my coins right so we waited for them to tell us what they want to do find one negative remark that is not written by nexo online and that is a real celsius user who says gosh celsius does not act in my best interest as long as we keep doing that we're gonna do just fine you're gonna do just fine and the banks are going to lose all their customers wouldn't be amazing to see a giant for sale sign on the biggest building downtown that is owned by a bank because the banks have to shut down everything just like att sold all their buildings why did they do that because we the people stole all their business and went and did what we're doing right now voice of ip for free so let's do the same thing let's moit let's wipe the planet next question speaking of which we've got the new moist episode coming out monday so this next question is quite a tough one for you alex to put so tough the person's not even left a name as a ceo of the company how would you comfort depositors and investors of celsius that your company will be alive in 10 years so look transparency is the only answer right so we we again we're fully transparent right now and if you go in our app many people probably don't even know that this exists but if you go and [Music] right if you go in the app and you go to the main menu right and you click on the community page you will see more transparency that exists in any crypto project out there there isn't a single project that will show you all this data all this real-time data about every piece of the celsius network but it's not enough even this is not enough again there's no there isn't a single bank in the world that you can walk in and say i just made the deposit i want to know where is my money who's using it who did you lend it to how much you earning on it and how much of it you're going to give me back try that try that with your bank try it with your financial advisor go to fidelity and say to them hey i just deposited stock with you i gave you my apple stock what are you doing with it yeah they are rehypothecating your stock if you didn't know that they are earning making a killing on your tesla stock by lending it out to short sellers and others so the fact that you don't know how they're making money doesn't mean they're not making money so the point about transparency and about surviving not for 10 years but 400 years is that if you are really using the blockchain the whole point about the blockchain is to be fully transparent is the fact that it's an automated multiseek smart contract mpc infrastructure that allows anyone to audit us at all times now most of us are not techy enough to do it but few of us are again go to the celsius.com website go to the financier telegram channel and there's many others these are all people who are auditing us on the blockchain they're checking everything we say and if we say anything that is not 100 right they can immediately find out because they can see all the transactions we will also be issuing an updated letter from fireblocks they will be able to tell you they're an independent company we're not an investor we're not a shareholder we don't sit on their board you know they will report exactly how much we did in transaction they recently reported 30 billion dollars in transaction guess how much of that is celsius so i bet you that celsius is the largest customer i'll bet you that celsius has done more transactions on that network than anybody else and it's increasing very rapidly so getting a verification from third parties from fire blocks from an auditor from a other people are things that are very important for example when we say we received 50 000 bitcoin in deposits that is something that is very easy to verify our deposit addresses are public addresses right so you can easily go and check are we lying or not right so these are the things that that you know that again ronald reagan said trust but verify and that's what you have to do with celsius you the only way we survive is is if you trust to give us the coins but then you verify and you have to pick your your sources you have to make sure that the people you're listening to who say things about celsius are really there to talk about the facts and not fudding just because they represent the competitor or they just hate what we're doing or they want decentralization not to win right so so this movement this movement that you guys created we didn't create it you guys funded our white paper you guys decided that this has a future you guys said if you build it we will come we will give you our assets right that is what this is all about and this is the only way to replace the banks to replace the central banks they just stole trillions of dollars from you and gave it to too big to fail companies and institutions that definitely should not have been bailed out by us all these guys that spent all their money in the last 10 years buying back their stock paying dividends and bonuses to themselves are now coming and begging for a bailout seriously these are people that had billions of dollars in the bank and we're now bailing them out yet again it's 2008 deja vu all over again okay like yogi berries to say so transparency is the key acting neo's best interest is the key and if we do that we will be here for the next hundred years you know my i said this to you guys publicly several times my my mission in life is to die with this organization having hundreds of millions of users and say i helped all these people have a financial freedom have a financial uh future i don't need the money okay i live in a fancy apartment i have six kids i have multiple businesses again my wife asked me every morning why are you working so hard seven days a week what's happening here when are you gonna quit there is no off switch i looked for it nowhere to be found next question so this would be the final question of the day i just want to pass on jason sent a message saying nice living room um but phillips asks associates it used to be a rocket court so people actually used to play a rocket ball here when this used to be the barbizon hotel and it was a women-only hotel so if you were a woman in the 30s or 40s and you came to new york and you couldn't get an apartment it was almost like illegal to live by yourself women had to live in these like housing projects this is a fancy one but this is where the gym was and now it's my living room so um yes very nice uh views thank you so the final question for the day is from philip and he says if celsius ends up replacing the banking sector will government struggle to pursue monetary policy look the governments represent us right we the people the governments do not represent the banks so if we replace the bank with something that acts in our best interest the governments are going to follow they still want your vote they still want to get reelected so for governments to shut it down yes they're going to try to shout down in the beginning because the banks are going to whisper in their ear and say hey i donated all this money for you go shut these guys down find a way find a reason but when you get to mass adoption when you get few hundred million users it's too late there's no going back and and these are people that stole from you for the last 700 years these banks have been stealing from you from your father from your grandfather from your great great great great great father okay they've been they've been stealing from all these people for years and years and years so you have to understand that that none of that is going to change no political campaign no electing uh some guy who tells you is going to act in your best interest the only thing that changes is this is creating a whole new infrastructure that acts in your best interest just like voice of ifp act in your best interest every day the protocol doesn't care if you're rich or poor it allows everybody on the planet to talk to each other for free that's the whole point the same thing more the more protocol money over ip which is basically a version of defy allows you to earn money send money receive money right for free for free so the question is why is everybody why is 99.9 of the population is insisting on giving their money to thieves these are people that were proven as thieves again and again and again tom just did a great video of was it what's the name of the video we just called it the punk video the punk video it's going live today on our youtube channel okay and tom created it and it it's the essence of what we're talking about all these people who are stealing from you none of them went to jail none of them all of them live in fancy apartments fancy houses and they're all standing there and talking about the economy and they're the people we're bailing out right now again and again the fed just gave trillions of dollars to bank charging them zero nothing nothing as much money as they want did any of these guys lower your credit card fees did you see that any of you any of the people watching this uh they received a letter or notice from your bank saying gosh our cost of money went to zero because of that we love you so much we're gonna lower your credit card from 24 to 19 anyone got that so what does it tell you right even when we bail them out they steal even more from us right that is just an abusive relationship that's like just a bad marriage okay so it's time for divorce thank you very much guys as always come join us on youtube talk to us on telegram on twitter help us promote this help us educate others and may you all prosper and live forever thanks and and be safe

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