Celsians



AMA: Episode 25 - June 19, 2020
 Jun 19, 2020    0 comments   0 likes    293 views






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joining another uh ama our weekly ama we're gonna try to hit as many questions as possible and tom as always is here he's collecting all of your uh thoughts all of your uh everything you need and uh make sure you put your questions in the in the chat and we'll be adding them uh as soon as possible let me put some light here hey happy friday everyone just let you know i have a document in front of me that the team at celsius are providing live questions so everything you guys have in the chat send it through and i do receive it to ask alex so we'll be uh keeping the topic up to date with what you're asking for yeah sorry i forgot the the lighting we have the chandeliers came back from cleaning so so they look nice they're good all right then my son actually did my hair today he he was like dad you don't look good with that hair let me calm your hair before you go back on youtube so uh some great news we added the ethereum classic i think we already have uh over a million dollars in deposit just from that so thank you everybody for uh contributing it again we we need more uh we love the coin we we have a lot of uh borrowed needs for it so uh send us all the ethereum classic you have and we'll be doing uh a mop show uh with the etc labs uh i guess he's the ceo or the or the head of the etc labs right and they're talking about all things ethereum classic and all the efforts they're doing to kind of create the uh development and expanding that community so that's coming i think next week back to the future as you know we launched a funding effort uh there's over 1 100 people who applied much much more than we expected we only processed 200 applications today so i apologize for the delays a lot of it has to do with us just not being ready for this kind of onslaught but we added a few more people again this is not us this bank to the future and prime trust to actually processing all the transactions and so they've added a few people and we hoping to process about a hundred a day and so if you just filled up your application yesterday it's still going to take us a week to get to you so and we're at about 12 million out of the 15 that is available uh but i can assure you that we will accommodate everybody so if you want to come in you want to participate we will find a way to give you a piece of the celsius equity and i'll be talking about the equity in a minute and we launched with several partners again you can see all of our partners listed on our main website on the main page if you scroll a little bit down you'll see a lot of them the latest one is digifox uh which is datadash or nicholas merton's uh new app so again he integrated with us to enable uh through the app earning uh interest on usdc and again a lot of these partners have different features inside their wallet like monarch like like uh uh mode like uh bitwala in germany and and you really need to look at their different options and find features that are important for you the whole point about having 15 or so different partners is that each one of them has developed certain unique things that we may not have time to do or we just don't have the skills and that's why we partner with all of these different wallets and and systems is to enable the community to have more functions but still have the kind of the anchor celsius service almost all of them are offering the same rate so it's a pass-through that you don't you don't get less if you work with monarch or if you work with data dash or if you work with with uh bit wallop so all those things are very positive and we love our partners and so we are releasing a new version of the app it should be out next week and it got delayed because a few little things and again you'll be able to buy usdc uh bitcoin and ethereum with either ach linking it to your bank account with ech or with sepa no fees you're going to get the best rate and that we can find so it will basically choose between three or four exchanges and give you the spot it's the same thing as if you bought it on binance or the bought it on bitfenix or whoever has the lowest rate and no transfer fee no purchase fee so now you don't have to go through all the steps of buying usdc on on you know uh coinbase so go after having to go somewhere else it will all be available through the app that's kind of the main release there's 10 other things that we're do fixing or doing like for example making the password six digits still four digits but all these things are enhancements that are should be very helpful and enable you to do much more and let's see what else and the swag store is open again we shipped over uh 200 packages uh if you didn't get your package it's tom's fault if you live in the uk and you didn't get your package tom is supposed to go to the post office and mail these things out but because he's working seven days a week on our videos and content he didn't have time to send you a swag but seriously we sent over 200 of them to everybody who's waiting and if you if you didn't get any swag or you don't deserve any swag you can go to the app store to app store to the swag store there's a link on our website and to the swag store and kimberly who's done a great job both uh building that store as well adding more items as you know she's working on coins and she's working on mugs and all kind of other stuff so if you uh don't see any items that you really like let us know you can let us know right here in the chat and we'll do a quick vote on telegram somewhere else we'll show you guys the design it's for the community and guess what 80 of everything we make on that store is going to go back as earnings to everybody as income so if you buy something on the swag store any money that's left there uh besides our cost right even costa's under 12 to make a t-shirt and we sold it for 20 80 of that eight dollars is going to go back to the community so you can feel good about wearing it and knowing that everybody else benefited from it as well all right so um so we we are increasing uh so as you know we're doing this raise uh we already um got a lot of this money in and because we got the money in we are increasing our rewards to the community you would say wait a second you're going to take the investors money and give it to me yes that's the whole point so we are raising the um we used to have this program where you got ten dollars and whoever you introduced uh to celsius got ten dollars we're raising it to twenty plus twenty so if you bring people to celsius you get twenty dollars and they get twenty dollars right which is double what we did before and now we can afford to do it so when investors give us money especially if they're strategic investors right what they want is for us to grow the community even faster why because as an equity holder in celsius what you want is the largest community right what everybody wants is for celsius to have a billion users and then just like whatsapp had a billion users and they sold to facebook maybe celsius and becomes part of a bigger company and then whoever holds equity in the company makes a lot of money right so they're the incentive of the people who are investing in equity is not exactly the same as the people who are holding sell token they're much more long-term thinkers right but they do want their money the investor's money to be spent on growing the community every question i get from investors is how are you going to grow the community how are you going to add members where are they going to come from and so on so guess what the easiest way for us to grow it is to give you guys money instead of giving it to google or facebook or or anyone else right i rather give it to you guys and all of our competitors if you look at the cryptos or nexo or block fight they're spending millions of dollars they give all the money to these advertisers right do you see any ads from celsius anywhere right we said that a long time ago i think a year and a half ago we said we're going to stop giving your money it's your money because when the money we are spending is a 20 it's part of that 20 that we keep so instead of that we're going to give it back to you guys we're going to rely on the community to grow the community and it took us about 18 months to get the first 50 000 users and then it took us only four months to get the next 50 000 users right to get us to a hundred thousand we're already at 122 000 users right now right so now it took us like one month to get almost two so so it's working it's working much better than anyone else and we want to continue that we want to basically continue growing the community again our goal is 100 million users so we're early early on right we we're getting all excited about 100 000 but but you can see very very fast acceleration in adoption so so again you can come in as a as a sell holder obviously you can buy sell on many exchanges you could come in as equity holder you can do both right obviously i am the largest uh equity holder i'm the second largest sale holder now people will be like what you're the second largest what happened did you sell yourself no the largest sell holder guess who is the largest holder of sell token the company celsius has over 350 million sell tokens so part of what investors do when an investor buys equity in celsius they also get to own that part of that 350 million sell tokens obviously it still belongs to the company it still belongs to celsius it's still the treasury of the company but by owning let's say one percent of celsius you also own one percent of the treasury right and they're relying on us the management team to use the treasury in a very prudent way right and and if you remember we talked about how before the raise we would use some of our weekly buys from treasury right so instead of buying 100 from the community we'll be buying some of that or we're taking it somewhere from treasury to pay interest well now that we raised all this money we don't need to do that we think that sell token at 22 23 cents is an undervalued asset so we're going to stop using the treasury to pay interest to our community and we're going to be buying almost everything almost 100 and we have a little bit of inventory there because we bought more than we had to but whatever that is we're going to work that down and buy almost 100 from the markets so you will see us not just buying more because we have more users who gave us more assets and we earn more interest with that but also we'll be buying more because we're using less of our treasury which is again what our investors want us to do they're basically saying hey i want you to keep that treasury until sell token is a few dollars why are you spending it now when sell talking is 10 15 or 20 cents so it's a win-win-win right the only people who lose in this scenario are the banks and our competitors who are not giving 80 to their community and if you missed my uh uh debate with maker dow it was yesterday the ceo of maker dow it was a 20 or 25 minute debate tom is going to edit to our youtube channel there's a lot of great content on youtube if you haven't signed up go ahead and sign up click the button the reminder about the bell to send you emails notifications when when there's new content showing up but by tomorrow you're going to see this new debate in which i clearly i think explain i think i did a pretty good job explaining the difference between the d5 guys and celsius right and the main difference just to summarize it the main difference is that the d5 guys are neutral guys they wrote a protocol that doesn't care if you are lending to an institution or an institution is lending to you and and they basically are agnostic they just sit in the middle and basically uh take care of the transaction celsius always represents the depositor we never represent the institution we're never neutral our job is to aggregate as many depositors possible and then go to the other side and extract as much as possible and that's why celsius always pays more than d5 because defy cannot extract as much as as we can because they allow a big institution to go against the little guy and and the price on that in that transaction is always lower they can extract always less than what celsius extract by aggregating 120 000 small users and saying you want 20 million dollars worth of btc well you're going to pay us more you're not going to pay us those low rates or the eth like the three percent you're paying or three and a half percent you're paying on on some d5 platform you're going to pass five or six so we can pay more to the depositors right so and we're providing 80 of that back where if you look at the price to borrow versus the price to land there's a much much bigger gap on the d5 platform because they don't have a balance a good balance of borrowers and lenders and because of that they're not giving you 80 if you do the math they're giving you less than 50 of what they charge to borrow so as a depositor you look at the rate to borrow and you say gosh you know i see somebody's paying 12 why am i getting only three and a half or four shouldn't i get like 80 of that like celsius that is the kooks of the matter the protocol even though it's neutral and it's beautiful it's a smart contract and all the beautiful things they're talking about is not acting in your best interest if it did it would be paying more than celsius all right tom i think i made the point and it's uh it's time for celsius where'd you get that from ah you know now people are gonna be like what is that we need to get that on the swag store yes for sure so the first question comes from jeff he goes um how should we think about the risk adjusted return on stable coin lending have we done any stress test models for crypto price volatility and its impact on the stable coin rates good question jeff yeah so jeff look we we went through the ultimate stress test on march 12th right on march 12 the world went upside down uh bitcoin ethereum dropped as much as 50 percent uh stable coins went crazy as i mentioned we were for a few moments earning more than 100 per year lending ethereum and bitcoin because there was so much stress in the system right obviously what it did it wasn't lasting for a long time but for the period that we lent out we were making much more money so the the question is it's not that was the most volatile uh period of bitcoin and ethereum that i've seen since 2010. okay i've been watching this market since 2010 i've never seen anything like it because if you if you even though like after mangak's for example uh crypto did drop more faster than it did on march 12th the amount of dollars that were involved was one tenth maybe one twentieth of the amount of dollars that was involved on march 12th just bitmex liquidated over a billion dollars you know so so so when you and and by the way all the all the d5 guys liquidated over 300 million dollars they just liquidated all their customers and charged them 16 stability fee for being liquidated right bit mix charge everybody 20 which is their fee for being liquidated celsius did not liquidate anybody did not charge anybody any fees so so our model like i said before does not work a like d5 or like the traditional exchanges where basically the more you load up during good times the faster you crash during bad times that's the problem with the d5 model that's the problem with most exchanges right because leverage is a very very bad thing right it's not it never works out okay and and i i say bad things about the u.s economy or all the leverage in the u.s economy all the derivatives guess what none of that all of that applies also to the crypto community because all the guys that give you leverage are basically putting pressure it's like a spring right if you stretch it too much this way it wants to go back and if you compress it too much it wants to go back to normal state so the we the celsius community does not have any leverage in the system meaning we never in the history of celsius had more loans than assets right we are net we can't do leverage we don't have sources of money to do leverage inside the bitmex community inside other communities you can create leverage because you're effectively giving people uh coins that don't exist when you go and give bitmex one btc and they give you 99 times leverage those 99 uh coins are synthetic btcs they don't exist right they don't really exist so at peaks just mix may have more coins that exist in total right because if they if they have a million btc and they gave everybody 30 times leverage that's 30 million btc that's more than exist in the entire community but they can do it they don't care you're willing to pay for it they charge you nice interest and they give you all the btc you want to have so my point is is that that when we land uh stable coins right most of our stable coins and cash is land to ins to retail guys who give us twice as much collateral right or three times collateral or four times collateral for example right now the one percent loan that we have requires four times collateral so if i gave you ten thousand dollars you gave me forty thousand dollars worth of bitcoin forty thousand dollars worth of ether right so even if you have a margin call you have so much equity with celsius you don't you're never gonna let that go right you you borrow ten thousand dollars you're either gonna return the dollars you're gonna tell me sell some of my coins or you're gonna give me more coins as collateral and and we've proven again and again during good times and bad times is that that if you manage that book properly you're not gonna have liquidations you're not gonna have defaults you're not gonna have everything that happened to everybody else we our user base and and it's you don't have to rely on me go on celsius.com and see what happened after march 12. our usage went up through the roof our sign ups new people coming in and joining went through the roof right like i said before it took us one month to do what we did in six months or before that in 18 months right so all of that is is because when the tide receded celsius proved that it is not swimming naked like everybody else that's a i stole this from warren buffett that's a warren buffett statement all right next question so the next question to come in is will celsius offer a cash back card for spending in the future yeah it's very uh appropriate question in light of the wire slash crypto.com situation right so wirecart got basically caught uh missing two billion dollars in funds and in u.s dollars it's actually two point something billion dollars in funds and they went through an audit and the auditors could not find the money and obviously if they don't have the money then also the depositors don't have the money right so so we we've said from the beginning we do not want to enable users to spend their money why because um i have yet to meet a single person and that comes to me and says i am so happy i spend that one bitcoin buying a sofa or buying a car or buying pizza or whatever i'm so happy this was the best purchase of my life right almost everybody who did any purchases using crypto is sorry for that so we are a hudler's community our job is to help you huddle and help prevent you from selling the coins that's why we issue loans against it but not in a way that makes you gamble with it or spend it on your credit card or gives you an easy way to basically put at risk the huddling that you're doing right we actually make it hard we're not making it easy right and and we we help you again we don't give financial advice but we try to make it something that you think through it's not like a you wake up in the morning you press a button and you just spend half of your bitcoin right and that's why we did not liquidate almost anybody in the history of the company i think we liquidated six customers who said to us i don't have the money to pay back sell some of my coins six customers out of 120 2 000 right again go on twitter go on telegram do a search for nexo and block file and see how many thousands of people are complaining about them being liquidated so the whole purpose of celsius is to help you walk you to financial freedom right so you can live in a house like this because you huddled i hauled my entire life right so so you know so right now the most important thing is for you not to hold dollars not to hold assets that are being printed like like there's no tomorrow and convert that into gold convert that into other things and not spend them because the only way you increase your value increase your balance sheet increase the assets you have is if you let that gold or let that bitcoin appreciate in value time is what you need right and and and i think again to quote einstein uh compounding interest is the most powerful force in the universe now if you trust einstein don't trust me if you trust einstein the smartest guy ever lived he's telling you that right so celsius compounds your earnings week to week to week better than anybody else so don't spend your dollars don't get a credit card actually take a pair of scissors and chop all the credit cards you have just keep one for emergency purposes okay next question the next question comes from jim he goes hi alex how do you plan to stand out from a crowded lending app space i don't see many celsius ads your opponents are producing many jim uh the answer is very simple uh we act in the best interest of our community we're the only ones that offer one percent interest we're the only ones that allow you to pay with our token and reduce the rate even further right and we charged less on 33 ltv 50 percent on tv 25 on tv before celsius existed companies like nexo and block fight charged you 20 to 24 for the same loans we're now charging one percent for so we are not a one of many we are the only one if you do your homework and you find out that lock fi for example charges you two percent origination fee so if you took a six months loan okay and you think you're paying five percent to block fights not if it's not five percent it's actually it's only a six month loan so that two percent is actually four percent right you pay almost 10 in total that's what it's gonna cost you on a annualized basis right because you're paying two percent up front it doesn't sound like a lot but it it ends up being a lot so my point is is just that that you have to look at who's acting in your best interest and who is not and you cannot fool all the people all the time okay so we don't need to advertise sooner or later all of these customers find out that they got scammed they they got they they had a deposit fee and a withdrawal fee and an origination fee and a termination fee and an early withdrawal fee you name it fee upon fee upon fee and they will find out that celsius does not charge any any fees and they would find out that as a depositor you get to earn eighty percent of all of the stuff that celsius does uh on the other side right so you always on both sides of the equation acting in your best interest we we're doing better than anybody else we're growing faster than anybody else we paid more interest than anybody else i'm not planning to change our formula next so the next question comes from lee it's a two-parter it goes will you be implementing fractional reserve banking into your systems and with bank to the future if people are not verified in time will they still be able to invest after the money is raised so lee we're here to make sure that there is no fractional reserve fraction reserve is like cancer okay let's just explain what it is because people use it and they don't really know what fractional reserve is so you go to your bank and you go to the atm machine because now you can't even talk to a teller even if you wanted to it deposited that check okay you got paid uh you got some cash you deposited an atm machine what happens what did you get in return do you know that the bank immediately puts that deposit as a liability what does it mean a liability you just gave money how can it be a liability of the bank well the bank owes you that money they gave you an iou that's the only thing you got from the bank you're not going to earn any interest if anything again that bank is going to take your money and give it lend it to very risky guys with no collateral on their credit card and it's allowed by law to do that so so what are you getting in return where is the asset you're getting to trust the bank to make to not blow up you're getting nothing else you're not getting interest you're not getting any benefit okay now let's look at what happens when you deposit with celsius when you take today when you go and buy a stablecoin and from next week you'll be able to buy it inside the wallet when you buy usdc usdc is issued by circle which is a trust company or by coinbase which is a trust company what does it mean a trust company unlike a bank unlike a bank they have to buy a treasury with that what does it mean treasury they don't give you an iou they they say you gave me a thousand dollars i went and bought a bond from the u.s government worth one thousand dollars right so who do you trust more do you want an an iou from a bank that who knows if it will even exist tomorrow considering what's happening out there or do you want an iou from the us government with the with the treasury issued by the us government so the huge difference even though we think that a digital dollar usdc is the same as an iou from the bank the same as giving money to the bank it's two completely different things so when you give celsius a token there is actually a hundred percent of the value sitting in treasuries with a trust company it's the best thing you can do right that's what warren buffett does with his 140 billion in cash he buys treasury exactly the same thing you're doing when you buy usdc right then you have to trust celsius to lend it out to responsible people who will pay it back so we landed out only against collateral only against people in our community who giving us up to four times four dollars worth of assets jp morgan lends it to people on their credit card charges them 24 there is nothing behind it they don't care if they have a job they just lost their job you know it doesn't matter they charge them 24 what can go wrong so so you you have to understand what the difference is what your bank does that is definitely not acting in your best interest their job is to extract as much of that profit and deliver it to their shareholders right did you ever get anything from your bank a dividend check a thank you letter uh you know anything so where do you think all that profit goes right all of that goes to their shareholders so so this is just a really a real simple step-by-step illustration and if you don't agree with anything i'm saying prove it to me show me anything that i just said right now that is not correct okay next question the next question comes through from roger he goes hi alex can you clarify how much equity you're selling through bank to the future it states 10 with the target of 15 million to be raised however i believe the valuation of celsius was 120 million that's correct the math on that statement is not a 100 right we have to fix it the math is uh and it depends how much we raise right so if we raise 15 million and the valuation is 120 million pre then obviously it's more than 10 if we raised 11 million 120 million valuation that's a little bit less than 10 so the actual uh percentage has to do with how much uh in total we raise the cap is 15 million so if you want to know what that represents it's going to be basically 120 plus 15 so it's 135 million so 15 out of 135 what is that that's the percentage that is going to be owned by the people who bought that equity right so you can do the math exactly if it's 14 and a half million you can do the math exactly so we will put the actual number there right now the 10 is a placeholder it because again 11 million is less and 15 million is more but you're correct your math skills are good you get an a-plus on this test you pass the test next roger gets a free t-shirt next thank you for that roger so the next question comes from splinter awesome name by the way um alex what do you think will be the cornerstone for the mass public using cell token and celsius as a form of money remittance between each other i didn't understand the question sorry you broke up sorry alex was asking um no splinter was asking um how do you see the mass public using sell and celsius becoming a money remittance system between users um look i i first i don't think money remittance is a great business i mean we have cell pay today inside the wallet we give it for free we don't charge any fees so when you do something for free as a utility uh it is not a money producing business it is not something that's going to make the sell token worth more even if everybody uses it then guess what the company is going to be worth more the equity in the company is going to be worth more but the sell token is not going to benefit from everybody doing money transmission or payments or anything like that so we we want to add utility we love sell token being used and many people use it every day for payments for everything else but it's not to be honest again i'm i'm always honest with you guys right i'm never gonna tell you something that i cannot stand behind unlike what you see on cnn on on tv every day people just lying to you in your face i just cannot get used to that just you know sorry i work for donald trump i have to lie every day you know so but not to be political here the the um our job is to deliver the most utility our job is to deliver the most value and and again we because uh the sell uh the celsius equity holders are the largest sell token holders there is no conflict between being a sell holder and between an equity holder okay it's it's two guys standing in the same line waiting for the value to increase okay so so our job is to deliver the most value and the most value is created by creating the largest community and having the most assets under management this is how we win the guy who has the biggest community the guy who acts in the best interest meaning we every time we earn money for you we think of it as making a trust deposit right we are depositing trust with you we're showing you that we are doing everything in your best interest we know how to create value on the assets you gave us and we're giving 80 of that back and in turn what we're hoping for is for you to trust us back and give us more assets that is the relationship that we have now we get to keep 20 okay just like the largest hedge funds in the world get to keep 20 so it's a beautiful arrangement it's it's not again this is not a new arrangement it's existed for over a hundred years you know so so you have to just look at it and and say well why isn't everybody else doing this well it is everybody else who's rich is doing this it's just everybody else poor never got to participate in this game next question so the next question is also from splinter and they go what marketing plans do you have with the raise so um we're not gonna reveal all of our secrets here but i can tell you that we're not gonna do many of the things that our competitors do we're not gonna hire big ad firms we're not gonna spend crazy money on famous people to say oh i love blockfi or come listen to my show and deposit all your money with block fight right uh that's i don't think that that is you want us to do that right so our job is to continue uh creating uh the best products uh and most of these products have never existed before right celsius invented this whole idea you can earn money on bitcoin then we added 26 other coins we invented the idea in 5 000 years no one has paid gold on gold and people say oh crypto has er what do you call it pax gold they may have it but they're not earning it i i challenge the ceo of crypto.com to come on my show or anywhere and reveal to everybody how he's making money on pax gold okay because he's not making any money on it he's just subsidizing he's going to his coffers and he's selling his mco tokens or whatever he has and he's buying your gold and paying you whatever two or three percent celsius actually created a mechanism to earn x-a-u-t on x-a-o-t tether gold on tether gold even tether was shocked when i when i went explain to the other what we're gonna do they'll be like this is brilliant and i can't say more about it because we have an announcement coming next week so i'm gonna keep my mouth shut and splinter you almost got me to spill the beans that was good splinter gets a t-shirt he almost got me but next week you'll find out how we make money on our money okay we're making a big announcement about it next week next question exciting time so the next question comes from josh she goes hi alex you use the analogy of a baton race when you talk about who is driving bitcoin forward if institutional investors pick up the baton who would they then hand it off to so actually if you watch carefully my presentations and tom can tell you what's the name of that presentation where i explain how we hand off the batons from the anarchists to the libertarians to the speculators and then to the institutions the institutions are the one who dropped the baton in my analogy the institutions are not the ones are going to get us across the finish line the institutions are a hundred percent responsible for taking bitcoin from twenty thousand down to thirty five hundred no one else is responsible they the cme market opened up and they put billions of dollars betting that they can crush bitcoin so if you're gonna rely on those guys and again look we have 260 of them as our customers so i'm saying bad things about institutions but these are also the people that pay all of your interest now who in the world would have thought that you can put together 120 000 retail guys and then go to the institution and extract 17 million dollars of interest from them that's what we paid until now and most of that came from these institutions so we are we know how to get money out of them very few people know how to get money out of these guys usually they are the guys are getting money out of you they're the ones who crushed you they're the ones who got you to to to really worry about is bitcoin going to survive is bitcoin ever going to go back to 5 000 or 10 000 right so they are not going to be the guys who get you to new highs they're not okay i've been saying that for 10 years right so the baton has to be handed off to guess who people just like you and that's why i created celsius because only people like you more people like you are going to be the one to get us to new heights you have to remember that that all the wall street firms they have a license to make money right they don't the last thing they want is something something like bitcoin or ethereum to come and take their franchise away from them you understand that so so because of that you cannot rely or hope that these people are going to somehow grab the baton run bitcoin up to 100 000 and then hand it off to somebody else no we need to we all of us need to bring 100 million new people to crypto because that's the only thing more users on the limited supply of bitcoin or ethereum is what's going to drive prices higher next question so the next question comes from ben he goes when will the purchase of cryptos be available via bank wire and will there be any fees so we don't like bank wire have you tried to do a bank wire last time it's horrible but we do like ach so you'll be able to connect in next week next week unless there's a a bunch of bugs that we don't know about and there's about 200 celsius right now testing the apps if you want to join the test crew pingas up at celsius.network and we'll add you to the beta but next week you'll have a version where you can link it to your bank account to sepa or through ach you don't need to know how that works you just choose your bank put your bank account information you can transfer stuff back and forth zero fees no deposit fee not withdrawal fee not purchase fee there's no fee to buy usdc since uh circle does not charge me a fee i'm not gonna charge you a fee even though other people charge you ten dollars to buy usdc we don't we will never charge you a fee that's not how we make our money we make plenty of money forcing the institutions to cough up cash and cough up bitcoin as interest that's all we want we want to take dollars from them guess what we have to pay you in bitcoin or sell and then use that money to buy bitcoin or sell isn't that much better than doing the opposite now let's take an example with coinbase what do they do they charge you fees in bitcoin or in ethereum where you sell bitcoin and then they convert it into dollars they actually sell it and give dollars to their depositors to their sorry they give dollars to their investors they distributed over two billion dollars in dividends since 2014 so they suck money out of the system so which system do you think is better the celsius system where we bring dollars into the system and we convert them into bitcoin or the coinbase system where we take bitcoin that we charge as fees convert into dollars and push it out to our investors out of our ecosystem so that's why when people tell me oh i love my coinbase account i'm like explain to me why you like it show me one thing they do that helps the community or helps your fellow man next question i was i was gonna say crash often but okay um so another tom says alex you yourself have said we should not have all our coins at celsius and that we should diversify which two or more dpi competitors do you respect the most look i love maker i love compound i think those are great two great company they're well funded they have a very good management team but that does not mean that somebody cannot hack their protocol you understand like like there are a few other great projects but they got hacked right because these these are new and untested protocols right what has been untested it's they've been alive not long enough for all the hacks to be discovered and that's why we are very careful like when i see one of our competitors going and dumping 20 million on some on some protocol of their depositors money that is a very risky move that is not a uh oh great look uh you know c5 is using d5 you know so so all i'm saying is is that time is very important now again we have die in our wallet it's not like we we don't believe in die or we don't believe in compound right so so our job is to is to enable you to make a decision we're gonna keep adding assets we don't tell you buy this one don't buy this one but things that are very very risky we're not going to put in there stuff that that is unproven or too or too fresh or has hacks in it or is clearly not stable right from a from a source code standpoint right just from like okay look how many bugs they have this that have been already discovered and they haven't patched them in a week or two in a month right so things like that uh scare us because all that means that the wind the door is open and you can drive a truck through it and the truck is you're full of your money right so so we've done i think a very good job protecting our community and listing assets slowly creating income for all of our users everybody's just copying celsius do you see anyone coming up with a new idea all of our competitors are just copying everything we're doing but they can't copy the yield you understand all they're doing is copying again putting fake dollars they don't earn again i'm i'm i'm calling um i'm calling on on block fight to sit in a straight conversation and show us how they're earning all that money that they're paying out they're not earning it right so so you have to ask yourself if somebody's not earning it where is it coming from right celsius is fully transparent we show exactly what we earn we show you how much we pay out and soon you'll have zero proof knowledge algorithms or mechanisms to prove that not just to rely on my word or or what we publish but you'll be able to actually see aggregate all the transactions see how much was in interest was paid and then did we distribute 80 of that to the community next question thank you the next question comes from chris uh is there a risk of losing value when huddling stable coins with celsius if so what is slash are they so the value of the stable coin is kept by the trust company not by us right so if you bought gusd uh gemini is holding that treasury note from the u.s government uh your your risk is the fact that celsius when you say to celsius give me my 1 000 gusd back that we will not be able to return that to you right and the only reason we will not be able to return that to you is if the borrower defaulted right and if even if the borrower defaulted did celsius have enough assets to stand behind the the default and cover it up right so when we raise money first of all the investors obviously did a lot of the diligence they did months of the diligence digging into every part of our books and our statements and in our business practices and our licenses and corporate documents you name it right we had to come up with every document ever created about celsius for these guys right so they were like okay fine we understand the business model good now show us your risk management show us your best practices show us what happened during all of these really really hard days these are all strategic investors that put that money they know this business call they know exactly what happened on march 12th they dug all the way in to see what happened with every transaction every important transaction and they're like thumbs up you guys are good we're giving you the money so now if even one of our customers defaults we have never had a default but if somebody defaults we will have to basically cough up that cash from our balance sheet right because it's it's on us otherwise we just shut down the business obviously we're not going to shut down the business because somebody had a default so so the risk you're taking is the business practices of celsius the ability of celsius to redeem stuff and and that for example one of our competitors had uh withdrawal problems what does it mean withdrawal problems they committed they gave too many loans too far out and too many customers they had a problem too many customers came and said i want my money now and they couldn't pay the money and they blamed all kind of technical problems oh it's going to take us a week no when when it takes somebody a week to give you your money back you know something is wrong so so you want to know if you're if your coins or your stable coins are safe that's what you have to watch you have to watch how much do they have in deposits how many users are they adding and do they have any problems with withdrawals do they have any problems with the stuff so so these are because the minute you you start seeing problems in those things usually that means that there's a lot of withdrawals and when there's a lot of withdrawals people are having problems so celsius gives you all that information right in the app you can see it in real time it's not like our numbers are going up all the time there are days during the week where our numbers go down both the total deposited as well as as as users or anything else right so i'll just show you the screen so when you go to the uh when you go to the community page right on the main menu if you can see this the community page right you basically see all the numbers and you can see every day every every hour what's happening with everything this is all real time data okay and you can track it and you can see sometimes the numbers go up sometimes the numbers go down when they go down you have to worry yes you know if it continues to go down there's going to be a problem right next question next question comes through from john do you have any strategy to grow and serve the community in third world countries a lot of those communities don't have a bank account not any idea how to buy crypto yes um it's a very good question and frankly i'm not happy with where we are our our average account is something like uh 12 000 or 12 and a half thousand dollars which is tells me instantly without even checking that we are providing great service to rich people which is if for somebody in africa having 12 000 of spare money that i can just put somewhere makes you very very rich okay so obviously for a billionaire on fifth avenue twelve thousand dollars is nothing so our goal has always been to enable um everyone to participate and our strategy has been to accumulate enough uh large depositors so we can then do much more for the smaller depositors and smaller i mean we don't have any minimum unlike other people who have minimums because they don't want the little guys right i mean it cost us three dollars just to do kyc on you to make sure that you're not a computer or a bot or a fake id guy or whatever right so so if somebody comes and deposits ten dollars we will never make a profit on that person because it costs us three dollars just to onboard them with kyc right and we have to do that because we cannot risk the rest of the community just because we have one guy but we're committed to do that today you can come to celsius and open an account put ten dollars and earn one dollar a year on your stable coin and we will be very happy with that right obviously we're gonna make nothing on it we're gonna lose money but but uh that is part of our commitment our commitment is for the rich people to subsidize the poor people what happens today today the poor people subsidize the rich people and people look at me and say what are you talking about alex poor people don't have money to subsidize the rich people let me give you one example of how the poorest americans subsidize the richest person in america who used to be the richest number one on the list warren buffett so how can the poorest people in america subsidize the richest guy in america the poorest people in america every year are charged 30 to 36 billion dollars in overdraft fees and other account fees right what does it mean it means that you wrote a check and you were overdrafting you did a withdrawal and you overdrafted 30 fine 30 fine i've never paid a fine in my entire life but poor people pay fines all the time they have no money but they are charged fines now who gets that profit that 30 fine is 100 profit for the bank they don't have any cost right with when they could have just as easily rejected the transaction they could have said no or they could have said fine i'm over drafting you by ten dollars and instead of charging a thirty dollar fine i'm giving you grace period three days to pay back the ten dollars that you're overdrafted doesn't cost them anything after all they're getting the money for free from the fed free for free yes they can create as much money as they want and they don't need any deposits against it so that thirty dollars goes to warren buffett as either dividends or stock buybacks and that's why he owns bank stocks he's the largest shareholders wells fargo he's one of the largest shareholders bank of america so unfortunately the system is rigged in a way that guarantees that the poor people are the ones are paying for the rich people again celsius figured out how to get the hedge funds to pay for your interest income just like we figured out how to give you internet for free in the in in the subways in new york eight million people use it every day well well it's not corona i got the phone companies to pay for it my entire life has been this this is not like oh i just found one little crack in the wall okay so the point is is that we can continue doing this again and again and again our job celsius job is to come up with more and more and more of these products because you guys are giving us the deposits right if you give us the deposit you're not giving them to the bank you're giving us the power you're taking it away from the bank right you're unbanking yourself for every dollar that you give us the bank has to close ten dollars worth of loans because through fractional reserves if they don't have the reserves they have to collapse the loans so you have tremendous power next question thank you the next question is from wisc he goes thank you for all of everything that you do how does one know for sure that stable assets such as saga has its sdr value backing properly pegged with integrity may we check its smart contract content or audit results somewhere saga on their website has a statement i think that statement is issued every month from an auditor who audits the banks that they use i think they use a bank in switzerland uh that verifies that they have the assets because uh saga is a sdr meaning they have i think 40 dollar and something like 15 in in british pound and like 30 in euro whatever they actually verify that they put it on the website and you have to trust the auditor right you have to make sure that the auditor is not corruptable that they didn't cheat that they didn't uh and just like the auditor found that wirecard was missing two billion dollars that they didn't really have in this case no auditor is going to risk their reputation or their insurance or going to jail in switzerland you will go to jail unlike the united states if you lie about things like this so so i i have very high uh trust level in saga i know those guys we invested in their project so so so i'm a big believer that um what they're doing is legitimate and is something that the community needs we did not put it in the wallet and for no reason i think that having a basket of currencies is always better than having one currency next question so the next question i'm not sure it's from but it says will sepa instant credit transfer be supported in the celsius app yeah coming next week i'm sure they're very excited for that so the next question comes from simon in the future not just sepa is supported you can immediately buy btc th or uh stable u.s stablecoin usdc with no fees so the next question is from simon it goes in the future do you think we'll be able to earn interest on nfts such as tokenized real estate art stocks and gaming items it's definitely coming i just don't know when i i was a speaker at the nft conference for the last i think three years in a row i'm a big believer in nfts um the question is the issues are more has to do with legal and enforcement and security and things like that so today there aren't enough nft assets i think as this community kind of develops itself for example the art world or some other world starts adopting nfts to represent in the physical assets or digital assets you will see that uh as i mentioned before we already lending against digital assets like domains internet domains right so that's a form of nft a website not a website a domain right like celsius.network is something of value right it's something that is only one off it's like an nft and you can actually come to celsius and say hey i have this really valuable domain you know google.com how much would you lend me against that well if you had google.com we could probably easily lend you 100 million dollars against that thank you so the next question comes from sansa i'm still laughing at that is there a view to allow seamless exchange between the sell token and other currencies within the celsius platform is there uh easy way to to exchange um it's not in the next release but i think it's in the one next after that you will be able to use i think it's called changeling but today you can use other some of the dexes that we support uh including total to seamlessly exchange between all these different assets and we have several people inside the company wasim and others who are working on making it seamless so yes the question is just is it in july or is it in august or is it in september no fees never fees so i've got a question here celsius recently added ethereum classic to the platform could you tell us more about this coin and the market for the coin so yes so we had institutional demand actually institutions came to us and said we need a theorem classic we want to do market making we want to do sometimes they want to go short sometimes they want to borrow against it so so we looked at it and we asked ourselves why aren't we listing it and the answer was well we just didn't list it great there's demand let's list it let's start lending it out so we launched it 6.1 interest uh it's a beautiful asset it's earning more than ethereum if you have any transfer it then you will earn more etc on your atc and again starting next week we'll be also offering loans against it so if you have a lot of ethereum classic and you want to take a loan against it you can sounds good so i've got a question from matt here and he goes hey alex what coins do you foresee being added to the platform within the next two years um so we we are adding some of these coins have uh technical issues meaning uh the blockchain that they use uh is not supported by this or that custodian and they're not on mainnet yet and they're yielding but the the hosting or our ability to host these things for our users is not uh safe so we have a bunch of coins right i mean we you know when i see coinbase or somebody else charging you 25 for hosting coins for you i get really bad you know so i'm in a hurry believe me i'm poking my team every day and saying well why don't we have uh tezos why don't we have uh you know like obviously we announced the partnership with chain link when we announced the partnership with the horizon so why don't we have zen right which is yielding something like 16 or 18 right so so the answers are always and these are all coins we're going to be adding including uh bsv for example i know there's a lot of positive and negative about bsv but we have institutional demand when we earn from an institution on bsv that money doesn't only go to the bsv guys it actually goes to everybody it fills the coffers for all of you right because it's earnings that are going pro rata to all of our users so if you hate bsv because you don't think that satoshi is satoshi do you want to earn more or do you don't want to earn more so we don't take political positions we're republicans we're democrats it doesn't matter our job is to extract as much as possible out of these institutions if you want us to stop doing that then do not deposit your bsv or withdraw all your coins if you want us to do more give us more we do not have as of today we do not have enough bitcoin we do not have enough ethereum we do not have mo enough most of the coins that we have in our wallet it's not like they're sitting idle we're almost fully deployed right and for us fully deployed is 80 because we always keep 20 for for redemptions or flash crashes or margin calls or anything like that so i think i answered the question i was definitely tempted to to open one of these and have uh and become a full you want to be a full celsius we'll we'll put these on the in the in the swag store that's a great idea i like it open it open it up it looks delicious so i've got a quite another question for you here and i i'm interested in this one as well this comes from fox alex you've you've sold seven startups why are you still working first i didn't sell them for example the subway project i still own a nice chunk of it and urban it become a public company i still i think i still have shares in that and so the the goal the way i operate is not about oh let me create something pump it up dump it on somebody else and then go and and cruise in the net in a fancy and you know yacht for the rest of my life that does not make me happy so for me happiness is when i win because other people win right so again do good first and then do well arbinet which brought voice of ip to the world right brought hundreds of millions of people into this idea that you can basically not use your phone company and pay three dollars a minute you can use free service like we're using right now zoom or whatever right enabled the service for for now several billion people right and we did well the public company was worth over a billion dollars so so this is a win for me why we made the world a better place we enabled people to communicate solve many issues right a million different issues health issues and and and happiness issues right of people talking to their families i mean you you can't you can't do that like i am so happy and so excited that i get to do this twice in my life right voip and moin right most people don't get to do it twice once right so so the for me people go go like alex where is all this energy come from is that from those salads that you eat every day no i'm just really excited i can't wait to wake up and and solve these problems and take the power away from the banks right take the power away from all these people who charge your fees right why am i so passionate about it because no one else will do that you know and the world continues to run the way it runs because no one puts their foot down and says no more you're not going to cross this line i'm going to do whatever it takes to convince billions of people around the world that this is what they need to do they need to act in their own best interest or enable someone who's acting in their own best interest so a you know you're right i don't need to sell celsius i'm not planning to sell celsius but bringing strategic investors again i own over 80 percent of celsius right today so and i funded it from day one with my with my co-founder daniel and and other people and and uh you know we're we are again all this money that's coming in bank to the future or strategic investors none of it we're putting in our pocket it's not like the we are selling we could have just easily sold our position sell sell 10 20 of the company take all that cash and put it in our pockets right that's what many times people do right but but here this is about building an institution that will outlast us right if you watch some of my early videos right my dream is that this institution continues to act in your children's best interest after me and you are long gone off this planet because if we don't create an institution like this what do you think is gonna happen watch our government watch our fed and you tell me what do you think is going to happen next question so the next question comes through is from jammo and he says are you worried about the competition for your business model i am not worried about the people running behind me what i'm worried about is hitting a wall uh because one of the banks or one of the politicians who have a completely opposite interest from what i'm doing and finds a way to either slow us down or shut us down and the only way that we'll do that is if we made a mistake right so for example if we allow the terrorists to use our platform and and they can use that they can leverage that to shut us down we broke some law because we weren't paying attention and we weren't diligent right and they will use that to shut us down believe me they will take advantage of it in a second so if you watch celsius from day one one of the first things we did is went to the sec and filed a reg d saying this is what we intend to do this is how it's going to operate are filing it with you so you know what we're doing right so uh very very few i frankly i don't know almost any ico that have filed a reg d with the sec right we went and filed with fincen it's another organization that watches money transmission all over the world and we said look here we touch money it moves around we are filing with you to verify that we're doing everything properly here is uh terms and conditions here's our procedures and so on so all these things are done not because we're afraid of these institutions all these things are done to make sure that we are acting not just in your best interest but within the confinements of what the law is you have to be compliant you have to follow the regulation otherwise and again some of our competitors are breaking the law every day every day breaking issuing loans where they're not allowed to taking deposits in states that they're not allowed to right including in europe and in the united states so we don't do any of those things that's why in our app sometimes you travel some when you open and it doesn't work why doesn't it work because that state or that country specifically states you cannot provide this service in our country we don't care if you're if you have a connecting flight and you just landed in our state right you're not allowed to provide that service so to be fully compliant is very expensive it's not something cheap it's much easier to just skate not have an address in your on your website of where you locate it and tell everybody that you're based in one country where you're actually based in a completely different country right so if if you're about to deposit your money with somebody who is never to be found i'm i'm right here on on lexington and 63rd street on the 20th floor okay i'm not hiding because we're doing everything legally and and and just do your homework that's all i'm saying next question the next question is from emil and they ask what will be the next big goal for celsius what's your big goal alex you mean after we got a billion people on board or which uh give us both answers look so so the wallet today handles um digital assets we just added gold we plan to add other non-correlated assets so we're just at the beginning of the road we haven't done anything yet remember all the money in the world is still sitting with banks that pay you nothing for it and this is a fight over all the money in the world it's not a little skirmish over the leftovers this is not a little skirmish over the few people who are in crypto that no one cares about this is a fight over all the money in the world now today we're so small that none of the banks even cares like we we get few million dollars in deposits every day we had a day where we had a week where we got 70 million dollars in deposits and we got all excited most banks it's like nothing for them that's like like a few hours worth of transactions you know so so we are just getting started but but this thing grows exponentially and when it grows exponentially the money involved also grows exponentially and that's where you start to matter and you can't fix this you cannot steal from all the people all the time and think you're not going to have any consequences you are going to have consequences and the consequences are that everybody's going to leave you mr bank and i'm not talking about my wife i'm talking about the real banks next question the next question comes from quinton it goes what sorry what features do you personally want to be implemented in the celsius network app that doesn't exist now um look i i want taking loans to be much easier click of a button i want you to be able to use all your assets to either borrow or or do things will instead of one-on-one with it which is this today i want a lot of stuff that it's actually not that difficult we just got to finish it right but but we want to add more utility like one of the things that is very important for me is is um for example uh a you know you being able to use amazon or other services uh with the value that you have stored so i don't want you to sell your bitcoin or sell your ethereum i want you to buy necessities or pay your bills and necessities right not speculation a and us helping you not pay 24 on your credit card for those right so so the the nirvana for me is for each one of my customers okay is to wake up and and the first thing they think to themselves is wow i'm earning more than all of my bills my my assets in celsius are earning more than my rent and my phone and my netflix account and all those things put together and it pays for all of that put together right and you can get there that's how the rich people live the rich people don't sit there and think about rent or think about where am i gonna oh i gotta i gotta shut down that music service that i have because it's 9.95 a month right so that's what we want to get all of you right and to get there you have to accumulate you have to huddle and those assets have to earn more on the asset they have to basically accumulate where the interest that you generate becomes more than your cost more than your daily cost of living next question the next question to come through is from stefan he goes given the influx of outside investment what guarantee does sell token buyers have that the company will continue using sell in the future so again before celsius i did seven startups as the founder and every one of them had a vc and usually what happens is the vc shows up he gives you that 10 million dollar check most of the companies i raised 10 million is my first or second round and he comes sits on the board or him and two friends come and sit on the board and they start telling you what to do and they say well we don't like this and we don't like that and we right and very quickly you have to do what's in their best interest not what you were actually planning to do from the beginning and that's why you're seeing sooner or later you see ads start showing up in instagram ads start showing up in whatsapp well that's not how the creators of these companies want it right so so the same thing here right we we are not giving aboard seats to the investors we are not changing who's in charge we are not uh providing uh all these people and the the the reason we waited so long to bring investors is because we wanted to prove the model to a scale where even strategic investors would come and say here's our money it's important for us we want to be part of this company and we do not need to sit on your board we trust you alex we want you to continue doing what you're doing we want you to continue paying 80 to the community we want you to use our money to grow the community and double what you're paying them when they bring a new member so 10 plus 10 to 20 plus 20. so if you don't believe what i'm saying look at our actions find a single action that we have taken in the last two years that is not improving increasing what we're doing for you and compare that to what all the other guys are doing all i'm seeing is exchanges and other people raising their fees raising putting more barriers putting withdrawal things putting restrictions right so again who is acting in your best interest don't listen to what they say watch what they do okay and i can stand behind every decision celsius and the team has made as being in your best interest next question so i'm bringing this back out in time here matthew goes in the early 1900s the us government confiscated gold that was being stored in the banking system replacing it with the usd do you think something similar could happen to bitcoin or other cryptos um again you cannot confiscate bitcoin you can make it illegal and say you must surrender the keys uh but i can claim i don't have keys right it's going to be very hard for someone to prove that i do or whatever but look the reason the u.s confiscated all the gold was because the dollar was pegged to the gold it was attached to the gold and for the us government to print more dollars they needed the gold obviously since 1970 we went off the gold standard and as you know the fed is printing money like crazy the printer is so hot because it's printing so fast that you can't even touch it right so i don't see a need the us government does not need bitcoin the entire market capital of bitcoin is like less than 200 billion now we spend that in just a few weeks right so even if they confiscated all of bitcoin it's nothing you understand it's like they're looking at it it's like it's not worth the effort so so now bitcoin can become very large it could be worth a hundred times more and then it may be worth uh doing something about and you can see china and other countries may be doing things about it i do not believe i still believe this is the countries of laws i think still believe that this is a country where the government represents the people and if if it's worth 100 times more that means that a hundred times as many people own it and then the people will say no no must don't touch my bitcoin so i'm not so worried about that as as a problem next question so the next question for you is a bit of a theoretical one can you discuss the phil excuse me can you discuss the philosophy of long-term huddling if i'm huddling ether and it goes a thousand times bracket opium don't i want to sell it if i hold and it goes back down don't i lose out can you discuss this please yeah so so huddling does not work for depreciating assets so if you look at the us dollar huddling u.s dollars is a horrible idea i'm not saying huddling applies to everything right huddling tomatoes does not work they go bad after a while so so we are talking about non-correlated assets that we think are going to appreciate in time now i'm not saying in any way that all the assets in the celsius wallet are going to appreciate right and we don't know which ones are going to appreciate and which ones that don't that's your decision you have to make home do homework for example like i did my homework i hold gold i owe bitcoin i own ethereum these are the three main and obviously sell token a lot of sell token but i believe that these are scarce asset i believe these assets will increase in value over time i believe you should huddle all those assets that these are my beliefs now if you're a big xrp fan or if you're a big bsv fan great you know i can't even argue with you i i don't know enough about bsv to tell you if it's a good investment or a bad investment all i'm saying is is that huddling scarce acid beats every day huddling assets that are being diluted again since 2008 on average the the fed printed 20 more dollars every year so if something if you wake up in the morning and suddenly you have 20 more children would you notice that right so i have six kids believe me i would notice that another kid is we just appeared out of nowhere this is what's happening to the dollar okay and you have to feed that mouth it's the same thing it's like okay they're hungry they need a diaper they need to go to college they want to get married who do you think is going to pay all of that so so the dollar is depreciating very very rapidly and i cannot stress any stronger to tell you that if you're holding dollars and they lose their value faster than almost anything else and you need to move off the dollar into something again at least move into saga which is a basket of currency but even better move into a non-correlated asset like cryptocurrencies or gold right so so these are the services we provide we also yield on top of it it's not just holding the asset which we make easy but now you can also yield on top of it so now you're putting the power of a uh of of accumulating interest right of of all on top of the fact that you are detaching yourself from the u.s dollar next question so down to our last couple of questions i have one from the ico research group do you plan on doing any further funding rounds um the answer is yes i mean we do want to add more capital and when it's necessary and sometimes it's because of very important strategic investors says look you want this do this big deal with me and i want a piece of your equity i'm gonna make you much more valuable i want five or ten percent of the company and we we have these discussions all day long with different investors and different partners and so on so sometimes it's done because of strategic investments uh reasons sometimes it's done because you want to add more capital so i'm gonna do a big campaign i want to i want to add a billion dollars worth of gold to my balance sheet right to not to my balance sheet in deposits so how do i do that well i need to hire people i need to do marketing i need to convince the gold bugs that we are just as good for them as we are for the crypto community and all those things take money or cost money so you raise money up front just like most companies do and then you spend it to increase to bring all these customers and the investors who gave you the money benefit from an increase in the value of the company now again you still own that sell token so so the sell token people also benefit right you're spending that money on them adding a billion dollars in in gold stable coins not stable coins in gold tokens is good for the sell token holders as well right next question so the final question for today is how concerned you about government legislation against crypto do you have a plan for positive legislation do you have a plan for more negative legislation so i talked about this on bloomberg and i talked about this in some of our amas uh i believe that again there's three horses competing in this race you have the corporate horse which is like libra j.p morgan uh coins that are basically saying it's going to be a corporate solution that wins the next version of the stable coin then you have the open standard blockchain right the ethereum bitcoin and so on so on and the third horse is the central banks right like the us dollar the chinese central bank who will print a chinese yuan digital yuan on a blockchain we know it's coming right so will china pass laws to suppress or make illegal competitors of their digital currency yes they will right the united states is already the reserve currency of the world so the united states will only do that if they feel threat from bitcoin for for bitcoin to become a threat to the us dollar it has to be probably a million dollars of bitcoin okay or more right so today and i know this from first hand this is not some rumor i read or some article i read on the on coin desk or whatever this is me talking to people i know at treasury who told me bitcoin is not representing a risk to the us dollar even though you see these tweets from the president and things like that we treasury which is the guys who actually run the us dollar right they're the guns guys who make sure that that the entire world is staying on the us dollar standard do not see this as a threat and in addition they do not see stable coins as a threat because anything denominated in dollars is good for the us dollar right so you can that's why you have i think 11 or 12 different stable coins and dollars and you have zero stable coins in euros that are used anywhere right and zero uh stable coins use the in china so there's a very good reason for that and when you follow again what they do instead of what they say you will see that neither the bitcoin or stable coins represent a threat to the united states and hence you're not going to have heavy regulation now it does not mean that tomorrow the senate or the house may not come up with some bill because somebody got convinced by a bank to bring a new uh regulation on a new law to be passed right i'm not saying that i'm just saying that that organically the intent of the us government and the intent of the fed is not to kill all these little things they don't care about that they just printed over 10 trillion dollars with a t 10 trillion dollars and no one noticed everybody's celebrating that apple is an all-time high and google is and and amazon is an all-time high well it may be up to 20 or 30 percent but they printed 20 more dollars so you're not up at all you're actually treading water all right guys thanks for your time thanks for uh allowing me to to spend time with you and and bring all these questions and and spending your fridays with us and we need you to spread the word we need you to continue educating other people convincing other people that this is is acting in their best interest and we don't again i don't want anyone putting all their money into celsius right all we want people to do is to take 20 50 100 get paid interest a few weeks and then decide what out of all my asset how much do i want to be non-correlated right based on my income based on my assets if i have a lot of real estate they're all dollar denominated if i have a lot of income if i get big bonuses every year it's all dollars so do you want to have some five ten percent in gold do you want to have five ten percent in bitcoin this is the solution we provide we worry about that piece we're not going to help you with your real estate and we're not gonna help you with your amazon stock or with anything else i leave that to the professional on wall street since they do such a good job of taking care of you and acting in your best interest have a great weekend thanks so much and we will see you next week thanks tom and and tom has amazing new content if you haven't seen it go to youtube search for celsius network tom is responsible for all of it he used to be one of our ambassadors now he's a full-timer and he just got a raise he doesn't even know it but he just got a race so thanks for letting me know in the ama alexa




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