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AMA: Episode 32 - August 7, 2020
 Aug 7, 2020

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we are about to go live and we are live over to you alex all right thanks all the celsius for joining us uh this friday um great to have you all i hope everybody is uh healthy and safe i want to cover some updates uh topics about some news recent news as well as we have our technical team here some of our technical team guys and we'll dive into all your questions uh there's still time to add some of your questions to the chat and we'll try to address as many of them as possible so quick updates um as you've seen uh we actually crossed uh a billion dollars uh in aum several times uh and then it went down a little bit now it's solidly above uh a billion and fully deployed we've never had more uh coin loans or dollars loans out to customers and still zero defaults uh as we expect all of our customers are have a lot of collateral with us so it's in their best interest to keep these loans going but we do need more coins we we don't have enough uh bitcoin cash litecoin uh bitcoin as well so if you uh if you want to help out we definitely could take uh another probably 200 million dollars worth of all these different coins um record uh new users record depositors uh really uh everything is growing very very nicely again you can track all these numbers real time in the app just go to the community page and [Music] also obviously you can tune in weekly and and get the updates from us live then the big news today or or this week actually was uh one was the occ the these are the oversight the body the government body that oversees all the u.s banks and for the first time ever the occ uh not just mentioned the word bitcoin but also uh stated that they will be creating a new charter or a new license that will allow uh crypto companies to have basically almost the same right to be the same type of citizen as uh traditional banks obviously that's not what banks want to hear but it's exactly what celsius was waiting for right i mean we uh besides the fact that we want to offer services in all 50 states when the occ says something the rest of the world listens and and it's not just very important for the united states it's important basically for every bank that works with u.s banks which is every bank in the world so we're very excited about this news it's big news i i think the media missed the value of these news i haven't heard much of people talking about it but if there was a crack in the wall um where basically you could see that the other side the banking side is seeing the the fact that we're coming at them and that the regulators are siding with us it just happened this week uh i've had exactly the same thing happen in uh 2006 when uh the basically the oversight body in that case it was the fcc not the sec but or the occ but the federal communication commission decided not to regulate the internet and allow voice over ip sorry 1996 what i'm talking about 2006 1996 the fcc decided not to regulate the internet and not to regulate voice of rip which basically forced all the phone companies to convert into voice of rip right until then uh the voice company thought that they could kill voip and and now i can tell you for sure that uh i just don't see how banks are going to be able to kill uh moib so uh we're going all the way so the other big news is that uh uh this morning china and russia announced that they're gonna try not to use the dollar at all and 10 years ago 90 of these countries transactions were done in dollars today it's about 40 percent and they're going to zero uh so what does it mean when the second largest economy in the world and the largest country in the world and decide that they're going off the dollar standard right that is again another crack in the in the dollar wall uh which make you think really really hard if these giant countries uh the most populous country in the world decides not to transact on the dollar what does it mean to you if you have most of your assets and dollars your income is in dollars your house is is denominated in dollars your savings are in dollars right so what do you have as a non-correlated asset what happens what if something really bad happens to the dollar how are you protected so the celsius wallet is the celsius network is all about non-correlated acid everything you find inside our wallet is a way to detach yourself from the dollar and earn more interest or earn yield or income that is not connected to the us dollar so these are very important things that you need to think about and if and you have to think am i using enough of these services as i mentioned before you should have 10 to 20 of your total net worth in gold or silver or bitcoin right or other crypto assets right so if you and in that you have to count uh all your income all your savings your home all these things and then you have to say okay how much of my assets are in non usd right and i know it's look the us dollar has been around for over 100 years as has been around as a dominant um reserve currency for a very long time but i actually brought some props today to show you uh what why what i'm talking about is so relevant so uh i know a lot of people joke that i'm a billionaire and because i hold this zimbabwe and 10 billion dollar note uh but uh if you think uh a one note right a piece of paper worth uh 10 billion dollars is worthless the zimbabwe dollar just 30 years ago was more valuable than the u.s dollar one zimbabwe dollar had more value than the u.s dollar so how can it be that this note is not worth uh just a few pennies right and if you if you don't think that this is uh uh enough well they printed a 20 trillion dollar note okay if you don't think that a 10 billion dollar note was enough here's a 20 trillion dollar note so my point is is when inflation takes hold when currencies start to lose their value uh the floodgates open up and there is no recourse you cannot go back there's no recovery and especially when you're with the reserve currency of the planet now we we just printed about 10 trillion dollars we're about to print another four or five and the inflation the money inflation which is not the uh consumer's price index right when you when your government tells you what the inflation is they are not counting the inflation of money they're only counting the inflation of eggs and inflation of milk and the inflation of internet access and most of those things the prices are going down but for money when the government prints 20 percent more money in one year which is what just happened to the dollar in the last six months that is 20 inflation your dollars immediately are worth 20 percent less you didn't feel it you don't know it's happened but it's going to hit you over the next year or two so these are all important things that you need to take into account to protect yourself and create the financial independence independence and financial freedom for you and your family so we've seen the third piece that happened is that uh bitcoin i think if you look at the amas and interviews i've done publicly since january i've said several times we're gonna have resistance at ten thousand twelve thousand and fourteen thousand uh we've hit the ten thousand level i think six times we breached it a little bit and then we retreated back to 9000 even 8 700 i think one time and now we solidly broke through it finally we solidly broke through the 10 000 level right um now we have to break to the 12 000. we kissed it twice but we were treated on heavy volume right which means that there are a lot of uh short sellers and a lot of other people who basically sell into the market when we hit 12 000. we got to break through that and then we gotta hold twelve thousand and then we're gonna have a third test at fourteen thousand that's gonna be the final test when we break through and hold above fourteen thousand we're gonna get very quickly to twenty thousand and as i've mentioned many times before i still expect to see new highs meaning more than twenty thousand dollars per bitcoin before the end of this year a lot of it has to do with what not what bitcoin is doing but what what with what everybo everybody else is doing every other government and every other uh business who's who's scared of what's happening with the us dollar scared of what's happening with in turkey or in argentina or in lebanon and then 20 other countries where inflation is now double digits in some countries it's over 100 percent and in some countries like venezuela a 20 trillion dollar note is uh is looks like a bargain like this is really worth some money right because they have the world's highest inflation right now so um let's talk about some other things so um the team here on on this call is responsible for all the innovation that you're seeing i mean every time we see a release and every time you don't get hacked it's because of all these people who work tirelessly seven days a week and uh to help you to help us and and make sure that we have a extremely stable and safe product as you know many many of our competitors uh got hacked multiple times sometimes all their data got stolen sometimes their coins got stolen sometimes they got sim swapped and so on so on a none of those things have happened to celsius and because we take security and we take the architecture and everything that comes with that extremely uh um you know it's an extremely important element of who we are as well as our success so we'll we'll dive into all of that in a minute so today you can buy coins right you can earn uh interest you can borrow uh now you can borrow against 30 different coins and you can send uh uh what whatever you want to other people anyone in the world with no fees we actually cover your fees if you didn't realize that every time you withdraw something from the celsius app we don't charge you anything but celsius actually pays the gas fee on ethereum it pays the transfer fee on other blockchains right we support i think 18 different blockchains so it's not just that we don't charge fees we actually pick up the tab imagine if you were in a bar and every time you had a drink somebody came and put that money to get you a free drink that's what celsius does every time you transact with us and the reason we do that is because we make enough money on deploying your assets and earning that 20 percent to be able to afford that we just lowered the the ach fee by 90 right so i think it's either live already or it's going to be live next week but from now on basically uh depositing money into celsius uh costs 0.1 percent of the amount deposited and we hope to do the same thing with sepa and and add many other countries uh to these services so so we never rest right it's not like we achieved the we got ac agent sepa and and we're happy we're never happy right we're always improving on all these things um again when you calcul when you're looking at the celsius rate and you look at some of our competitors rate you always have to take into account the fees the hidden fees that they charge sometimes the fee is the liquidation fee sometimes the fee is a stability fee sometimes the fee is the fact that you have to do 10 transfer to get a transaction when you when you have to go from maker to compound to another coin to redeposit it four times well count the number of transactions who pays all those fees add all those fees calculate that as a percentage of your income and you will see no matter what you're earning anywhere else celsius still pays you more without the need to do any of these extra steps or jumping through hoops or whatever else and the reason is is because celsius also deploys the same coins in the same places we just deploy 10 20 30 million at a time so our costs and our yield are always higher than what you'll be able to do by yourself or at least uh under the risk parameters that we allow ourselves to do if you if you use ample worth and you got a thousand percent return good for you this is not something that celsius would do with uh depositors money so um again a very important piece is that you can borrow against 30 coins including sell token that is also available to all americans and so that's an amazing achievement again it took us a long time to put all the pieces to deliver that that is more coins than anyone else you can deposit any coin basically any of the top coins you have in your wallet anywhere else and instantly get a loan uh in in any stable coin or in cash right and that's something that we do better than anybody else also our rates are lower than anybody else so next week we're adding uh six new coins uh to the wallet which are all staking coins uh and uh these are again you'll be able to stake with celsius on top of the dash and eos and other coins that we already staking coins that we already have and and uh you know i i hear people talk about how friday is the best day of the week and uh how the today is friday right that we're about to go for a long weekend we can have a great time sun good food get some extra sleep but i think mondays are the best days of the week and i think most celsius feel that monday is the best day of the week that's the the day you get paid your interest right and and i want all of you to focus on that i want all of you to focus on in mentally you have to have a number in your head you have to know what is the number that you need to re live the rest of your life just on interest income right and and there is a number like that for each person it's a different number depending what country you live in how many wives did you have how many kids you have right all this different stuff right so but you have to come up with that number you have to actually sit down do the math and then have a path of how you get there right and that that path has to include a variety of different assets that will help you get there so and that's why for example we have 11 different stable coins right no matter what currency you have or what currency you prefer there's a high chance that we have it in our wallet and you should have a chunk of your uh assets in that stable coin so you can earn yield uh on on stablecoin and use it as cash anytime you need cash you can just take it pay bills emergencies anything like that then you have to have some in gold right gold is an extremely important element gold is at an all-time high we talked about this several times if you go to the celsius youtube channel you can see me talk about gold since 2018 right so gold will continue to increase in value because more and more people are realizing that holding their earnings in dinar or in euros or in dollars is a recipe for disaster and the third piece is the all those cryptocurrencies again we don't we're not telling you what's the best one we don't know what the best one is our job is to offer the variety the best variety our job is to try to earn as much impossible on your behalf and then your job is to select the projects you really believe in if you really believe in ethereum we love ethereum you really believe in bitcoin we love bitcoin you love eos we love eos too right so the point is not uh choosing winners or losing or losers or or picking this clan or that clan uh that does not help crypto that does not help the blockchain the point is is that all these things are experiments i wouldn't put everything in one blockchain but you should definitely have your favor there's nothing wrong with having your favorite all right so i'll i'll i'll pause here uh uh the three people that we chose to bring to you uh two of them are named vlad of vladimir and and one is lazard and they've been with us for a long time i wanted them to introduce themselves tell you a little bit about why they're with celsius what they're working on and then we're gonna dig in and and answer some of your questions so go ahead hey guys hey to all the celsius uh listening to this uh live stream right now my name is lazar and i'm a senior back-end engineer and a team lead at celsius network based in belgrade serbia uh that's basically it we we we are running towards being the leader in the crypto space and we are very fond of doing that so off to you what's your hobby lazar tell us what what is your favorite thing after celsius no no i'm infamous for having like 1000 hobbies like but the ones i i've gone most through are scuba diving skiing also speleology is a good one very good all right next yeah we will need this uh separate ama for his hobbies so he's very good in everything she he's just more all modest but we're going to to work on that so uh hello i'm vlad uh i'm speaking uh first but that does not mean that i am vlad number one so we are all the same here in celsius uh i am a software engineer and now i am working as a head of engineering for the celsius belgrade office a little bit about me you know i'm very long in in in in a software engineering if i'm starting to to talk about how long i'm doing this i will start to show my age but let's say that i was coding html since the css did not exist at all so uh i was doing various stuff trying to build my own payment system to pay the uh something on the internet via sms and uh years are are going very fast and and then blockchain and crea crypto come and i i become addicted to that because uh i always um want to to do something without a middleman and i think that that that blockchain and crypto are is going to bring that to us so uh i didn't know that alex is going to show the the notes because in serbia we have a huge inflation during the 90s and we have a 50 billion dinner note and i have this stack of those notes so though for the next ama i'm coming and uh here and doing this you know right just to show you how how much uh inflation can can can destroy your savings and basically destroy your life uh in a few sentences during these times when my father gets a salary you know that is amount of money that that you need to to to to leave for a month and uh for a few hours he cannot buy a pack of cigarettes so uh what of what was what alex was talking uh a few minutes ago i feel that on on on my my my own skin and uh i know how how that is bad and because of that i'm i'm 100 that celsius is doing the the right thing and and that we are going to to succeed with this thank you yeah um i'm definitely the younger blood i'm not gonna say i'm number two but i'm definitely the younger one i'm really glad you you shared that story um you know some of my first memories are from that period when when the old yugoslavia was going through that crisis and i think it really uh you know left a different mark on people in in this part of the world where we really look to you know how can we how can we never never experience something like this again and that's why you know there's a bunch of a bunch of blockchain developers in serbia a bunch of companies we are country number five in the world uh in terms of numbers of blockchain developers and for me that's very interesting uh like how that changed uh myself i got uh involved into crypto some four years ago a cousin of mine is a miner he's still mined um and that's how i got involved in crypto and then uh you know consequentially uh i decided to uh to shift my career a bit more into towards product development and then blockchain was the the thing i i got really interested in uh and that's how i ended up as a as a product manager in celsius for you know over a year and a half now and that's something that i'm really um really proud uh proud of the fact that we are doing something that is really aimed at helping a lot of you know everyday people who who you know just want to uh you know have the same opportunities as some other people so that's that's really um for me that's really uh a great thing on the other side lazar is very humble he got me to do diving as well and uh that's uh we have a great team here uh that's really really diverse so i'm really proud about that when you guys talk about a deep dive i shouldn't think about uh tech review right i should be thinking about going like a hundred meters right is that is that that that would be too dangerous you know yeah we we know about the bus factor in development all right all right so 30 meter is your limit right that's that's what we're talking about all right all right so tom thanks for uh joining organizing this uh let's uh hit us with some questions and and uh watch out for the chat because i'm sure a lot a lot of people always complain how come you didn't ask my question so let's try to we'll keep it short and try to cover as many questions as we can sure thing thank you alex uh just a short note on the ach racim is working on it we have a video coming out for you guys as soon as that goes live so watch this space okay gentlemen so i have a question here from will how many developers does celsius network have uh okay so so uh we are 30 plus developers uh we're based in three locations so belgrade team is speaking for you right now and because the best developers are not in belgrade so we have a team in tel aviv and we have a team in new jersey so we are one being family working together you know to to to to bring uh very good stuff to our community and we've had we've added a few people recently but we still have uh probably like what six or seven uh openings right that we're still looking for so maybe tell people what kind of skills uh we're looking for and uh they can always email to hr at celsius.network so but tell people what what skills they need to join celsius yeah the the the first skill that you you need is a passion you know if if you want to change something you need to have a passion for this and and and that is the most the more the most important thing and beside that uh if you have a qa skills that could be very good because we are looking for qas if you have a backend engineering skill that can even be better because we are looking for even more uh back-end developers and it is always good if you have some background in uh any kind of of of crypto or blockchain technology uh because we are working on a very interesting project maybe we will talk about that later but if if you are passionate about uh uh disrupting something or or bring bring new new values uh feel free to to contact us and and unlike many other projects that are pure uh uh crypto or pure blockchain uh we have one leg in the traditional world right with amazon with azure with with other type of services so we're not just looking for people who are pure blockchain actually if you have both skills if you if you are good if you have good knowledge on both sides that is a very important and very valuable because that's the hardest thing for most people is to bridge those two worlds in a way that is safe and and easy for the user yeah absolutely so if you have a a good knowledge of the finance and you're a developer so that is always a plus so yep all right tom next question moving on so i've got a question here from rob uh i believe this is for you alex finders has just launched free aud fiat deposits for australians and the deposits only takes four hours to clear can we expect a service such as this from the celsius team soon yes we you can i mean we we applied for a license in australia uh i don't think binance has a license but if they're applying that's great so with that license we'll be able to do things faster cheaper better than anybody else so we'll announce it when it comes out we're in the waiting period right now uh but again uh uh kudos and credit goes to uh binance for launching it first that's exactly what uh we want everybody to do right so i'm happy to see others now not just copying us but actually beating us in some countries until now we we had to drag them all to give you more interest income and to lower their fees and to do everything celsius does every day but now it looks like uh you know the drink uh the kool-aid so very good next question thank you so i got a question from greg will we have the possibility to swap between stable coins and other cryptos directly in the app you guys want to take it i can take it there so the answer is yes we have several technical solutions it's not a technical problem the main issue is really uh that all these guys charge fees and especially now with the high uh gas fees and and transaction fees you really don't know how much it's going to cost you right because a lot of these swap services don't give you the controls of putting limits and things like that so and when you see a number and then another number you think oh i got a good deal no it cost you 10 or whatever so so celsius is looking to to provide the service but do it in a way that minimizes the the transaction fees minimizes the friction the spreads and all the stuff that exists uh in the world of swapping coins but we definitely think that that is something that uh you need to have and it's going to be inside the app thank you maybe maybe just a little bit of an addition here we we already started conducting some internal experiments with this so we already had a few rounds and different solution of how we could implement both the front end and the back end and uh that's something that's been done very recently in the last few weeks so you know hopefully very soon we'll be able to provide this for for all our users um that would be really great yeah so uh so the technical solution is basically uh ready bus but as alex said we always look to to bring best value to our community so it is not just up to to to technical solution to put something inside up and and start offering that if that offer is is uh not fair and and no not good for for for our community you know we are not going to release that thank you so i've got a question here from natalie and she asks is celsius planning to enable the ability to generate our own deposit addresses such as a gemini and other third-party custodians allow basically this is this is a interesting question mainly mainly because this is something we've had early on in the past and we've moved away from it because we've seen uh users clicking on it not knowing what exactly is happening so i see this down the line definitely to allow users to let's say anonymize their transactions further by they have the right to get a new deposit address and they they should uh get one if they need to so this is definitely something i see down the line uh it's not we're we're not being picky about costs here as alex mentioned we are covering all the fees we are covering the gas on ethereum so just generating deposit addresses more and more just for the users to be able to uh completely control their identity on the blockchain i'd say it's not a problem yeah just to add to that then there is a lot of value in reusing the same addresses and white listing these addresses so you can't really do that if you're generating a new address every time right so if you look a lot of the security elements inside the celsius app you're going to see that we require you to to put an address we then whitelist it uh we ask you to test it and then you actually lock both sides of the transaction you know this address you know where it's going to uh and these are important things that i i made a mistake recently i i sent the wrong person three bitcoins you know just few weeks ago luckily it was a friend of mine and he laughed at me and he said do you really want them back but but if this happened to you uh because you just forgot that your white listed address is not your regular address you will be making 10 times as many mistakes so so our job is really to to not just make this app usable for the pros who know how to manage addresses but also make it use usable for the next billion people who have no clue what we're talking about they don't even know what an address is right so so the if we want bitcoin or ethereum or anything else to be successful we need to bring a billion people to use it right because if it's only us using it and then it will always be uh something that geeks do when they're not diving you know so so we we gotta really think hard about what it takes to bring the next billion people and it is simplification not uh making it more complex next question thank you so alex this next question is for you it's from mike what was your reaction to crypto.com merging their tokens at a ratio unfavorable to the holders well first it's something we will never do but uh they realized they they didn't really need two tokens uh um you know i think uh again i think crypto.com is a great company uh but you know when it came to making a decision am i going to do what's best for me or am i going to do what's best for my community they chose themselves and you know people that were with that project from the beginning are obviously not happy right so um you know again sell we will never uh uh we are fully transparent about sell you know everything that's happening we sell we list all of our users our top 100 on our website uh we're trying to be more transparent not less transparent and and if there's anything you think we're not doing in your best interest let me know because if you have a better way of how to do it even better we're all ears that's what we're here for so uh this is definitely not something that celsius will be doing thank you ever so much so i've got a question here from peter any eta on a canadian bank transfer with zero fee i really want to buy lots of sell i i see this zero fee thing is really catching on so in each country um the payment rails are different in some countries it's easy like in europe seppa basically covers most of the eu and a few other countries but when you get out of the kind of united states and europe each country has its own requirements its own regulation and its own rails so we normally wait until our infrastructure providers or partners uh enable these services for us to edit we don't go out and try to get all these things ourselves sometimes we do like in australia we went ahead and did it ourselves in the uk we filed ourselves but in most cases worldwide we will be partnering with uh an existing uh rails provider infrastructure provider who uh already has all the connections all the banks all the clearing and so on that's why there is a fee right the fee for example the 0.1 percent which is going to go into effect is the lowest we we managed to negotiate with our third-party provider and we basically promised them a lot of volume and if you guys don't bring that volume we still have to pay right so that's normally what happens uh celsius is big enough on the crypto side but it's not that big on the fiat side so we have yet to prove uh the volume and and pick the right partner in canada or in other countries where we don't have the rails implemented yet so um i've got a question here we lightly touched on it before but we can go into it again it's from chris where is the development team based uh okay let's go again so thank you for the opportunity to to say again that that uh best developer team the best developers are in belgrade and uh just kidding of course so we have a team in belgrade we have team in tel aviv and we have a team in new jersey so uh it is always good to to have a a lot of people working on on on the same project because you will get a different opinion uh we always challenge each other so that is very important to to to have a great security great product and and you know the bring bring the value at the end thank you so i've got a question here from ben it doesn't make much sense to me so i'm hoping you chaps can help me out what is the rax framework and is there anything to share with users uh yes so our ex framework stands for uh rapid experimentation framework that is something that we come up uh in celsius it is uh let's say uh our our secret sauce uh how we changed the the traditional hackathons because when you're working with a lot of smart people there are a lot of ideas there and how you you can uh build something or or improve something and we are uh we are thinking about that all the time because you know we are holders of celsius tokens and and stuff like that so uh rapid experimentation uh framework is a focused work of two days when we bring up uh all ideas that that we uh that we collect in the previous months or two and uh basically we're working of of uh those ideas to make a working product or to make a proof of concept or to to extend uh some some uh brainstorming for style some new project that that we are going to work on maybe give bring one example because we have several tracks right uh security trust communities maybe pick one to kind of share i think that lazar can go with that one that is his favorite uh topic so lazar please so yeah we we try to cover a lot of things you see these things are not really don't occur every week so in between these two rex events we try to come up with a large pool of like crazy ideas innovative ideas little little bits that might help our users experience the app better experience the crypto better so one of the things that we've uh uh we've developed in one of these experiments and that we're working right now on right now to bringing to our users to our community uh is the celsius explorer so uh what what what's the deal with the celsius explorer we want to be able to completely showcase uh to our users uh the transparency of the system the ins and outs of the celsius financial system to break it down from for them uh when they're happy that it's monday we don't want them to feel like they're getting this random amount of crypto on monday as a reward we want them to fully understand how that crypto is uh uh calculated why did they receive this exact amount we want them to see and validate on different blockchains that this is really uh the fair distribution of the monday rewards that celsius offers so there's a lot of complexity there but i would i would simply say three things that are gonna be completely available to our users the first one is being complete transparency the second one is the ability to verify that there's no tampering in the data there's no there's no special treatments on these rewards that everyone is equal in this game and third one being is that we want to display and give apis to our community who we monitor all the time we're seeing all the amazing stuff that community comes up with the graphs the dashboards the sites the telegram bots everything we have a really vibrant community and we want to bring back to that community of developers and crypto geeks to give them apis which offer a complete picture of all the uh transfers we have both inbound and outbound and to see where that might lead them so we're happy to announce that uh apart from the sales when is it going live oh no the tough question he's not allowed to answer [Laughter] no look no more diving until it's live this year's been tough diving yeah yeah so but look it's not easy like the problem is that that even though we have all this data we need to protect our counterparties we need to protect our users right we need to there is it's not like we can just put all the data on the blockchain and say here here is every every transaction and everything that happens so so the the hardest part was actually coming up with a design that combines uh effectively what's called zero proof right where we're giving you the proof and you can rely on the data and see that it wasn't hacked and and you know i always use the analogy right try to go to your bank when you make the next deposit and ask them uh i'm giving you my money i worked for this for my for an entire month tell me where you going where are you gonna put it who's gonna who are you gonna lend it to how much they're gonna earn how much of what they earn you're gonna pay me back these are all the things you're gonna be able to see and audit celsius in real time right and that's what's really difficult to do so what celsius is doing here is really it's a breakthrough we think because this is what the future of finance needs to look like right if you it's not just about we're going to be a better bank trust us right we're not a bank right the whole point about what celsius does is that if you can see all the deposits and you can see all the loans and you can see all the interest that we earned and you can see your rewards every monday and you can see yes i'm getting the prorata i am one percent of the btc pool and i got one percent of the rewards of the btc pool right these are the things that we're going to deliver and and again you don't need to be a technical person because the community altogether has enough technical people that if we do something wrong if we if we're hiding anything are we lying anything in five minutes they will find it and rub it in our face and say what do you guys crazy you thought you could get away with this here it is you know we found all your errors and i can tell you that when when celsius.com published their data they found a few errors they were not intentional errors it's not like we were cheating but we made a few mistakes and they they pointed us to these mistakes and we corrected them right then you can everything you see on uh celsius.com the website is feeding off actual data that's happening inside celsius so so that's our goal we're getting closer and closer to getting to to having you see it so when you get the wallet update or when you get a link on your through an email tells you you earned interest on a monday you'll be able to click on something put a special key that only you have and it will show you magical stuff that you've never seen not just from any other company but it's basically no one has ever done this before yeah so so did i over promise wait did i over promise no no i i still don't know when it's going live yeah so so as you said we are testing it and we want to eliminate those accident errors you know because uh everything is very very transparent and open but we don't want to have an accident error just to not having something to explain you know and uh what we want to achieve this is when we distribute rewards we don't want to say uh you got this amount of of of of coins because alex says so we want to say uh to for for community to have a feeling you get this because numbers say uh numbers said so so so it's a it's a data driven proof it's not proven it's not because somebody signed off on it it doesn't matter i always remind people that two months before lehman brothers went bankrupt their auditors said that they were doing just fine and and just a few weeks before wirecard in germany went out of business and found out that everybody found out that they were missing two billion dollars their auditor actually two different orders said that everything was wonderful so what happens to us all of us we the seven and a half billion people live on this planet is that we have to trust these institutions and when when everything is fine they get all the bonuses they get the big money but when anything goes wrong we have to bail them out we have to pay for it and we get we pay for it in the form of our currency turning into this that's what's happening right because every time we bail out these institutions all we're doing is diluting or debasing our currency right that's what we're doing right now in the united states and the rest of the world right so so these are i from the beginning we said we're not gonna uh unlike uh fintech which didn't even put a scratch on any of the banks we're going to create a new system we're going to create a system that everybody a new standard that everybody is going to have to adhere by because if you're not adhering by it no one is going to give you their money no one's going to trust you with their deposit if you're not fully transparent and you're not con and you cannot prove your deposits your loans your interest your distribution you acting in the best interest of your users right we take these things for granted but most of the people you work with today cannot look in you in the face and tell you i'm acting in your best interest i am not overcharging you i'm not stealing your money i'm not paying myself giant bonuses uh because i took put put too much risk on your capital all right next question thank you okay chaps we're now into the three hardest questions because i barely understand what's being asked but the question here is from martin how does your tech stack look on the server side are you running on one of the big three cloud providers at which services do you use there so that's something i would like to tackle you see now the question immediately switches to which on which cloud are you 10 years ago when somebody talked about having hybrid infrastructures they were thinking about having your own data center and having some stuff on the cloud i'd say that we're slowly redefining what a hybrid infrastructure means because now you have this whole ecosystem of decentralized apps of defy and everything and you have this cloud which is almost uh in front of our eyes becoming a relic of the past uh so i'd say we're a hybrid infrastructure we have uh we're running on aws uh the reason why we picked aws over two years ago mainly because of there's unprecedented security stability having options to run at numerous geographic locations at once and also having supreme network connectivity which is really important for establishing consensus between our nodes for uh streaming large amounts of data to sync up our nodes and stuff like that so uh basically that's that's the sweet spot we picked for having such a hybrid infrastructure supporting 18 different blockchains and still having this centralized part of the system and just just to add to that the reason we must have one leg in kind of c5 or centralized finance and one leg in d5 is because besides bitcoin every other blockchain has either stopped running had a hack had to have a fork or or or basically had a major problem right so or at a 51 attack or whatever you you show me a blockchain i'll show you a a problem there right so bitcoin is probably the only one that that kind of did not have any of these major things and the reason for it is that these are all new and very fresh technologies so if you're placing all your beds and you're in the security and everything else on something where the code is maybe three or four years old and you're guaranteed to have problems so so what celsius has done is from day one decided okay we have to be legally compliant meaning we're going to do kycml right d5 doesn't do that today right which we think is going to be a problem in the future you have to have an anchor in the traditional world you have to be the bridge to the traditional finance because all the money has to come from there right so so that is very hard that's not easy it's much easier to just run on a blockchain right but bridging those two worlds is much much harder and doing it in a safe way because again i always tell people that the blockchain does not talk to the internet there's no connection between the bitcoin blockchain and the internet or the ethereum blockchain and the internet people go look at me like no no it runs on the internet no it doesn't it does not run on the internet so so creating you know what chainlink for example does one of our partners is becoming an oracle it pulls the data from the real world and feeds it in a reliable way in a way that everybody inside the blockchain can trust right these are the things the bridges they are one of the bridges for information we are the bridge for value right we are the bridge on which value comes in to the different blockchains [Music] thank you so i've got a follow-up question here from martin and it goes how do you ensure the celsius app is secure since it's open source on github anyone can discover and exploit bugs or anyone can launch another celsius i told you it was a tough one yeah that is the always the option but you know uh when you have an uh basically open source pro product is is it's uh bring uh transparency uh uh to the code but from other head uh other hand is bring you that little bit of of of of healthy tension that you need to to keep attention on on every detail just to net uh just not to get hacked or or got exploit so uh when you're coding and you know that that uh hundreds of people are going to see your code i think that you're working better and for for me the quality is uh when you're doing something good and no one is looking and for me to have an operson pro project is a double quality but because you you're working on something very good and and and a lot of people are are working so right everybody is watching right yeah everybody is watching so so um for for those guys who are no who don't have a technical background it's not it's not uh it doesn't look like that that i've wrote some line of code and and pushed that on a github you know uh there is a lot of people in the chain who who who who check that code we have a security audits we have a uh you know uh white hat uh guys hack trying to hack us every day yeah so so uh you have a hackers who try to exploit but you have a uh let's say a good call colleagues only on a github who who point on on on on something to to get improved and stuff like that so we paid several bounties i mean it's not like uh part of the benefit of also having uh open source is that that first you can work with partners like for example we had a hackathon with chain link we have a hackathon with horizon we have a few other scheduled with with other major blockchains and and you want to invite the community you want the rest of the community to come in and participate right so so if you look at our website we have uh apis we have open data feeds that you can use to to create amazing things and we're just in the beginning of that right but we also work with again we have several bounties open at any time so if you see something that is not done right or needs to be improved you can make easy money coming and showing it to us right but the the the price having a bit over a billion dollars in assets is a huge uh bounty right i mean the fact that celsius uh did not get hacked most of our competitors got hacked most of the exchanges out there got hacked and some of them lost you know tens if not hundreds of thousands of bitcoin right so uh so the the this team uh you know and again there's there's we have a whole security team right that is kind of making sure that that everything is done right uh but this team is has performed uh uh in a world-class level right i mean uh a few days ago amazon was down the entire cloud was down for like a few hours right because of a security hack so um so we we have many different elements i think we're the only company in the world that that is implementing two different mpc technologies right two layers of mpc protection as an example uh so these are things that unless you're like you know in like some military lab and you're working on something for the pentagon you don't really see right so so celsius is breaking new grounds not just in not charging your fees and paying your gas fees and we're breaking ground in in security we're breaking grounds in in how to create all these layers right uh for us layer zero is not uh it is not the blockchain layer 0 is the security layer how do we deal with security right everything else is built on top of that and and a lot of it has to do with again many of our team members are ex-military right counterintelligence people who worked on these things both defending your country or making sure that your enemy doesn't get to do bad things and and so we have some of the best tools in the world and some of the best people uh and again there's a huge variety of people in the team it's a when you look at everybody on team you go like how did we collect all these people it's amazing right everybody comes with a different skill set and and that's how you create better code and you create better uh utility uh for the crypto community yeah and it is very important for uh the color the culture that that we have in a company you know it is always well welcome there when you challenge something if that brings a new value you know so so people are are free to to challenge everything and and to to propose a better solution and everybody's listening because everybody know that that is the right way say not only the liberty to challenge but the encouragement because that encouragement to challenge everything and to come up with uh argumented uh uh no's and uh really enthusiastic yeses to some of the ideas is something that drives the entire rex process that we've talked about forward and brings new and exciting features to our customers thank you okay so chaps final final difficult questions comes from andre what are the biggest challenges for the tech team vlad i i'll let you tell one of the challenges are promised so uh you see when we when we started like over two years ago working on designing and implementing the celsius system we've had this uh mission statement that we must bring crypto to the masses and uh there there's really a lot a lot to it when you you're when you're doing it when you're bringing uh stuff to someone who doesn't as alex said scuba diving do crypto during work hours but really who some to someone who just wants to achieve financial independence and has heard of a new cool project which brings just that so we're always thinking about how how to make uh our application as usable as possible to uh to a user who's not really uh uh who's not really introduced to the concept of segwit bitcoin addresses who's not really who doesn't really grasp what gas on ethereum is come on but like you tell these users we don't uh we don't uh um uh we don't make you pay any fees to your transactions they're just thinking oh they're just not taking anything from us no we're we're actively paying the network we're we're sustaining the network so that you can make your transactions so there's a lot of these things that we need to uh uh simplify that we need to uh make in uh such a way that uh doesn't compromise security which is our number one priority but also doesn't confuse the hell of our users so i'd say that's uh that's a major challenge vlad perhaps you have something else yeah i totally agree with you so so um it is always hard it is always hard to find the balance you know to to to find the balance between the security and user experience and uh people always want or want to to do something fast and uh that is the the biggest challenge to to to make everyone happy you know and uh in the process of uh making everyone happy you know you then you you come up with uh with article uh which wrote are something uh it's not right and you you you you know it's not it's not true you know but you you just keep going you know yeah then if you if we were building a new dating app uh we could look back and look at the last 50 or 100 of them that were created pick the best ideas and just maybe put another a fancy interface on top and we were done right but here there's no one to copy from what we are doing no one has done before celsius was the first ever the first time in history that somebody paid you interest on a crypto right you could just take any coin deposit it and you get paid every monday right since we launched and now we're doing it on gold tomorrow we're going to be doing it on other digital assets so these are breakthroughs these are not little things these are breakthrough why do you think everybody's copying us right so so everything we're doing uh we are doing the hard trail blazing work of innovation of experimentation of the hard thinking that needs to go into solving these problems right because again most of the before celsius if you look at most of the people that came into crypto they just copied something from wall street and they brought the same concept to crypto they said ah the exchanges on on wall street charge fees let's just charge fees the exchanges on wall street liquidate their customers let's liquidate the customers and charge them fees for liquidating them right and so on so on i can sit here and give you 50 examples of the opposite of what celsius does right so so it's not just about okay how do we act in the best interest of the user it's also well how do you implement that on a blockchain where no one has ever done that before and and part of the reason why almost none of these def none of the fintech services have managed to put a scratch on any of the banks is because they didn't push the envelope they did not really go and innovate right they they're the layers that the infrastructure provided by the banks they put a layer on top of that there was the fancy fintech and they called it venmo or paypal or something else but in reality nothing has changed right i mean uh show me something that that is really acting in your best interest that came from fintech right so so if you want to transform that entire experience and really deliver the power to the people you have to rethink everything and that's the hard part the hard part is is and that's why look a lot of companies are struggling here a lot of companies are struggling to create utility on the blockchain it's not easy yeah absolutely so it a very challenging environment you know but uh uh for for me it is very good when you have that feeling that you walk up every morning and and and you start uh to compete with with uh basically with yourself because you you're the first one in the field and and then you are moving everything forward so so you're competing uh against yourself and becoming a a better version right and like vlad said and before right it all starts with passion i mean a lot of people want to know what is the secret to celsius success how did you guys get a billion dollars faster than anybody else you know how why are people trusting you you know and and it's every employee in celsius it's not like one of us has a secret sauce and we keep it all to ourselves right every person in celsius brings a critical piece without it we wouldn't be able to to do anything right if if lazar decided that he wants to scuba dive seven days a week in some tropical island we will not deliver the next version there's no doubt about it you know same thing with vlad number one and vlad number two i don't know which one is what but the point is every person in celsius is a critical piece of our success and and and you know we we obviously want to enlarge that family but but there is no secret like uh you can you can touch one area and say ah here this is what they've done better cheaper or faster and that's why they're doing so well right and all the credit goes really to the community i mean the community looked at us and said this is an interesting project we're going to fund it and then the community looked at us and said wow they delivered a working version three months after we funded them let's deposit some coins in it and then the community got paid every week and they looked and said wow these guys really pay every week and they pay more than anybody else and they're really acting in our best interest right let's give them even more coins and then we opened up our round of funding and the community came and said almost a thousand people 2 500 people applied only a thousand of them qualified actually invested side by side with us and became equity holders and celsius as well no one has done any of these things right so we're not just innovating on the technical side we're innovating in every area to align the interest of our users our customers our vendors everybody to build the future because this future is for us it's not for i'm building it for myself i'm building it for my kids i'm not building it for you right so so we all need this because i guarantee you that no bank is going to build this for you because they want exactly the opposite banks get a 10 out of 10 for extracting all the value possible out of the depositor and giving it to their shareholders yeah and maybe what community is seeing that that the maybe the most important thing is that we are keeping promises you know and and thanks god that alex did not make a lot of promises on this call you know regarding technical stuff because it is going to be a hard weekend then we know what we're going to develop i mean we have a very clear road map obviously for competitive reasons we don't want to talk about all the details but but again transparency we have no problem talking because i know none of our competitors are working on that you know i don't know i don't think blockfi or or nexa is trying to show open the kimono and show you everything they're doing with your stuff right so so i'm not worried about that at all but but other features we are definitely keeping on the wraps because everybody just copies they wait for us to launch and then they try to copy as fast as possible yeah absolutely so regarding that uh regarding transparency you know i'm talking for myself now i i i'm i'm a self-talking holder i i i get paid in in in in sell tokens and uh for me i don't know better than dinar you know it's it's better than dinar right yeah it's it and i can have interest every every monday i i don't have that in bank uh uh when i put the dinners there so uh what i want to say i don't want uh alex to tell me you know uh these trial transfers are real and and the cell tokens is secure you know i want to see that for all for myself and because of that we are working on rex's and we are big and and we propose to to make uh celsius explorer and what i can promise is that uh a lot of thing is uh coming because in in the next racks we are going to work with the partners and there is a lot of them with a lot of ideas and it is going to be a uh it is going to be very fun so everybody wants to know if these two exchanges that are integrating with us are going to go live uh i think one is going live this month and one is going live next month right no no comment i'm gonna i'm gonna have to save them right now alex i'm not letting you do this no they're they're uh what they call it they're both api integrations i can i can use the name but i i think you know what i'm talking about so um i will i will move aside i'm still trying to think what machinst matchmaking at my app will look like i can see you as a little chair of alex so uh i've got a question here from jack i want to invest in celsius this is for you alex i want to invest in celsius but i don't understand how you can afford to lend at one percent and borrow at 10 i can't tell from my interactions with the app how much risk of my capital is at right so so uh the math is very simple and we talked about this several times right so so the only way we can lend you dollars at one percent is if we're making money somewhere else right so let's dig into where uh where are we making money on that right and so we only offer the one percent uh apr on loans that are 25 ltv loan to value ratio right so what does it mean it means that if you uh want to borrow a thousand dollars for us you have to give us four thousand dollars worth of bitcoin for example right so we have what's called four times leverage right you gave us one dollar we gave you one dollar as a loan you gave us four dollars as collateral right so we have a cost to give you one dollar and our cost is is what we publish you can see our cost uh 8.6 is what we pay you to borrow dollars from you to lend to somebody else right so we are at minus eight point six percent on one dollar per year right that's what it cost us right we charge you one percent so we're at minus 7.6 now we have to make obviously more than that to uh be able to uh make a profit so very easy math go to uh cmc go to there's a button that says lending uh god there is a there's two options you can either borrow or you can lend go to the land section go to btc and look at the rate right now the wholesale rate for btc celsius publishes that rate that is the rate we lend out coins at so let's say that rate is six percent right so six times four because we have four four of your uh every dollar that we gave you in dollars that we're paying that 7.6 you gave us four dollars equivalent of bitcoin so now we're making six percent times four right so that's 24 minus 7.6 which is our cost of capital and that is our total income so we're actually making double digit return now these loans when we loan out the bitcoin we take collateral against it actually we we take more collateral than anyone else we say no to people every day who come to us and say i want an uncollateralized loan and when they when we say no they go to our competitors and they give them those loans so celsius keeps probably the highest standard as far as a loan to collateral ratio right and again when we publish all these numbers you'll be able to see it for yourself you'll be able to see all that data for yourself so we make uh something like uh 16 point something percent income percent in percentage right but because we have idle coins idle coins means we have to at all times keep about 20 of our coins in case you want to withdraw or we need or there's a margin call or anything else so we don't deploy 100 of the coins we deploy about 80 of the coins and we have all kind of other costs we have custodian cost and amazon cost and payroll costs and all kind of other stuff and that's why the rate we publish which today's four and a half percent is four and a half percent plus 20 profit and that is really our income across the entire btc pool but the way we make money on one percent is the ratio the a the the um the ratio between how much we're lending you compared to how much collateral you're giving us when you when you are uh giving us only 50 ltv instead of 25 we have only two to one ratio so we have to charge you higher interest because we're earning 12 instead of 24 2 times six right and then we have the same costs right we have to deduct those we have the same cost of capital and we actually the one percent loan is more profitable for celsius than the fifth then the the the seven percent loan that is the 50 ltv 6.95 i think is the rate so uh we don't do loans that are not profitable celsius does not issue loans where it loses money celsius does not subsidize loans like many other people and when you come and you make a deposit with any of our competitors or you take a loan with any of our competitors you should ask these questions you should ask them are you providing non-collateralized loan what a percentage of your loans is non-collateralized okay celsius has i think seven total of seven loans that are not collateralized to our standard meaning they have less collateral and that is because every one of those loans is backed by an institution that has over a billion dollars on their balance sheet right so we can afford to do that and still make money right and we're taking less risk not more risk lending to those institutions but you should be asking all those questions and anyone who's not willing to give you the answers is doing exactly what your bank does your bank will never give you any of these answers they'll laugh at you kick out of the bank and close down your account because you're asking too many questions so i'm happy you asked the question i hope i provided the answer if you want more detail happy to follow up on that alex mashinsky.com is my email and i answer all my own emails thank you ever so much so i've got a question from zhang when will the app accept bio access [Music] okay promises again vlad do you want to go with this one yeah yeah this one i can i can cover for sure um this is something that's coming in in the very near future um we are we are going to start working on the development uh i think possibly in next week it's going to depend on a few things but uh we are always focused on making sure that that all of our security features are secure and that actually secure our users on one side and the other side that they're very usable so we are still working out um some of the design design tasks behind that uh but very very soon we're going to have a much easier access to the app uh it's going to be much more user friendly where you know we as we mentioned on this call several times uh take security as your first priority sometimes that is not really convenient for our users and we are really working hard to to make that as um as frictionless as possible uh all the all the same time keeping the bad guys at bay um so you know having bio and uh biometrics in in the app is something that we definitely want just to make the access easier um again constantly we are working on a lot of features a lot of different uh things are going on so it's not always easy to get what we want uh to the community first uh but i'm very proud to say that this is something that's coming in the in the near future you so much so alex i've got the next question from you it's from lucia how can i sign up for the desktop beta program so we actually have two different versions of that and one is a desktop version that gives you similar data to what you see in the app and it just obviously bigger screen more data and so on and then we have uh what we call an institutional version which is uh something that we keep for uh as an interface for institutions where if you are a large user of celsius you can actually get access and benefits from additional services that are not necessarily available through the app so so you can apply to either one again if you send me an email or or ping me i'll i'll introduce you to the right group and you could be a beta tester and uh explore it but i think the web version the retail web version is a few weeks away i know we're launching a new website and then we're going to be adding this function to the website so it's right around the corner uh to be available commercially to everybody just again working on a few security things we have to be compliant to not just from a security standpoint but also mld5 and other requirements of how much information we are allowed to show and not show what each person has access to uh and so on so there's there's a lot of things that when when you when you are compliant especially when you're applying for licenses and things like that like our uk application i think was 280 pages right so so there's a lot that goes into it it's not just a little uh oh you know i'll just do it and if i get in trouble i'll fix it right celsius doesn't operate this way so we have three different law firms advising us uh telling us what we can and cannot do in each country and and sales is really i mean this team that you see here has built this amazing engine that allows us to only offer the services that are legal where you are so if you happen to travel and you land in new york and and we're only going to show you what is legal in new york and the next you the next day you're in amsterdam we're only going to show you what is legal in amsterdam and so on so so that is a very difficult thing to do i i i know most of our competitors have a service for americans a service for non-americans right and they just basically put you either in one cloud or another and that is not how celsius runs the business so so we we build a global system it's it's the same wallet that allows you to do mostly the same things all over the world right and and i think that's a much better way to to move forward because again our job is to enable seven billion people not try to charge fees for americans or try to charge fees from europeans right and if they happen to cross zarya you can't play in this sandbox right that's not how celsius uh builds it uh its systems thank you okay so tech team i don't know who wants to take this first but it's for all of you it comes from andy what is something you love about working at celsius network oh i think that uh i already answered that one so i will repeat for for me the the the best way to to describe well what i love the most is is that drive you know uh which i have every day when i woke up and i know that that i'm competing with with other companies you know outside so so that is best for me it would be funny if somebody said like sell bonuses or something like that yeah for me the answer would be that no matter if you're uh uh in the team for the last two weeks or the last two years every opinion matters every new angle to look at stuff to look at crypto to look at the way we do things matters and there will be someone who will listen to you and and uh give you valuable feedback on your opinion yeah i think that i got this asked this question fairly a bit uh not in the constitutional context of celsius but you know are you happy with your job and when you tell people you know i go to my work and i feel happy i don't feel a burden of going to my office or well now working from home but you know when you say to people i'm very happy that i'm working where i'm working and then i'm you know i had that i have a an ability and and an amazing opportunity to work with such an amazing team on such a great thing um that you feel personally connected to that's something really special so i i think it's really hard to pinpoint one thing because uh uh it's it's a lot of different things and it makes that special sauce from from everybody everybody brings you know their their little piece to the puzzle and then it comes up beautifully so that's that's really beautiful for me yeah i mean we're definitely a mission driven organization so and we hire like ozar you know like lazar and vlad said uh we hire and passion and so if you don't have that passion we we feel it right away because we all do like it's like the only guy in the room who doesn't wear pants you know it's like what's wrong with you you know so um you know we also the team has i think almost 50 women right across the world so we we balanced it out uh most crypto teams are either 100 men or 100 men and a male dog on the team you know so so the so we we we from the beginning you know we we said that as a as a as a mandatory requirement because you you don't create a revolution and you exclude half of the population from it right so and we we are not doing very well in that department meaning only 10 of our users are women right so so in crypto it's even less i think it's five percent globally so so we're doing better than the average crypto company but we're not doing well when you compare us to to you know most most of the other apps out there so so this it's not like we solved everything there's plenty of other challenges that we still need to think hard and soul and because again you you can build all this great stuff but if women don't use it for example women control 70 or more of the spend in the world uh you're just not going to be successful long term so so so these are the things that i think uh these challenges are also what what makes it exciting to work at celsius make it exciting to constantly think push the envelope come up with new ideas test iterate get feedback hire new people right we hired i think 12 people just uh last week so that's uh you know and again all all the hard work is is um is done by the by the team right that's that's we don't have like one wizard who does everything that's that's not how celsius works thank you so alex this next question is from you is for from fabian he says i would love to take a loan to buy a property do you think one day you will have 10 15 or even 20 year loan tenure um so today we don't uh we're not most of the assets we take uh as collateral are liquid assets right it's very hard for us to take real estate or or your business or things like that and and that's where the banks really still excel right now do we want to be in that business eventually uh we do and and i actually had the one of my uh moip shows with was with figure which is the company that goes straight after this uh um you know mortgage kind of on the blockchain concept so we are definitely looking to partner with people like figure and and others who are experimenting in in on the blockchain so it doesn't mean that we have to solve the problem it just means that we need to uh just like we're partnering with chain link and other blockchains our job is to really find the best of breed and bring that to the people so when we feel that that service is available and it's something that is scalable and we can deliver that in a safe way to our community we want to add all these things into the wallet right you should be able to handle all your finances inside the celsius wallet and know that we're always acting in your best interest but if we if we don't feel that that service is mature enough or secure enough or that it brings enough value like for a lot of these things the incremental value of what other people already are doing in fintech is just not there and we have several hundred features to finish so so the challenge is always like okay uh you know these guys that you're seeing on the screen you know we have more more things we need to build than employees in celsius right probably two or three times over so so the challenge is really what is the priority what is the most important thing that gets you adoption gets you assets allows you to grow and and be successful because i can tell you there's a lot of people who want to take celsius down our competitors regulators banks right uh all these people are looking at us and saying wow this is a serious threat how do we slow them down how do we stop them right and and for us to be healthy uh is one of the most important things healthy means we have a great team we cover our costs we're growing we're doing well with the community right and and most of our competitors are subsidizing the interests they're paying you they're not earning it that's another question you should ask them next time you make a deposit right just say are you profitable are you making a profit on all these loans that you're issuing and if the answer is no i'm not profitable then you have to ask yourself well how is that sustainable so uh we are lucky to have been there first and built enough uh of an asset base where we can say no to many loans right we only select the top of the cream right the cream of the of the loans we do we do the best loans in the industry we leave the worst loans to other people we say no to business every day i hope i answered the question i nailed it thank you ever so much okay so tech team back to you i've got a question here from flights what types of apps would you like to see developed by the community dev partners i think that everyone can answer this question differently for me i love statistics and i would like that that community uh use data that that we provide uh uh to prove what we are talking is is is is the truth definitely the best way to kill all the fud out there right all the naysayers and people yeah absolutely it is totally dear different when when someone who is working for sales who says something and when you use you basically uh with data that that we are going to provide you can use uh basic mathematics to to to to sum everything you know you know two to some every trial transfer and everybody can compare two numbers you know it's it's it's not a rocket science and uh when you do that by yourself it's always it's always better than than when someone needs to to tell you you know yeah i have a a selfish idea there are a lot of budgeting apps out there i i myself use one of them and i would really like to see the data coming from celsius being used with a community plug-in for that budgeting app just so that all the households that are using certain apps to budget their expenses and incomes see what celsius brings to the household see the the impact that the their celsius wallet has on their budget so that's something i would like to see for myself i'm hoping someone from the community might do just that and they should start teaching that in high school not when you're 30 and you don't you can't understand why you can't save any money right that's too late they gotta really people need to be educated about finance and and and how to manage your your uh you know basically your your personal balance sheet from a very early age because most of us you know think that we can be young forever and then as we grow older we realize wait a second at this rate i'm gonna have to work for the rest of my life i can't save anything right so so explaining to people the the value of compounding interest the value of 15 or 20 years saving over 50 20 years to an asset that increases in value when they understand that you know this is what einstein called i think the the eighth wonder of the world right compounding interest so so it's not complicated but it's just something that most of us don't pay any attention to and by the time we do have to pay attention to it's usually too late you alex i actually need another lesson from you here for this question from jack would you please go over the details for a one-to-one loan between stable coins and fiat thank you of why somebody would take that loan or what or how it's done i believe that is what they're asking for what what are the benefits right so so for most jurisdictions there are no benefits right so like if you're uh i don't think in the united states for example there is a benefit to uh take a cash loan against your stablecoin but if you live in france for example any transaction you do on the blockchain so if you uh sold bitcoin and you converted the stablecoin into bitcoin and you doubled your money and then you converted that into ethereum and it tripled again and then you go back into a stable coin that is not a taxable transaction uh until you go into fiat until you convert that stable coin into fiat you are not taxed so and i think germany is the same way right so uh so now keep it in in crypto right you have all those gains you triple quadruple your money uh keep it in crypto and take a dollar loan against it or your loan against it right so now you're still not taxed because your asset is still in crypto that's what the law says i'm not a financial advisor i'm just telling you what i understand the law to be but because now the asset is still in crypto you don't have to pay any capital gains on that on the appreciation and you get all the money you need to spend obviously you owe money it's not like you've got free money here you owe money against your asset but you're saving you're deferring your taxes you're pushing your taxes forward right which is what most rich people do they push their taxes on the real estate or on on their stocks right most rich people borrow against their apple stock or facebook stock or amazon right they don't sell it when they need money because that's that's how they avoided or defer their taxes but based on where you live uh you need to work with a financial advisors there is plenty of good advice on the internet as well but you need a professional to help you both design and execute properly your financial planning part of financial planning is minimizing your taxes there are legal ways to do that it's just that when you're barely making any money you don't have time for that right so it's funny but not funny it's sad that the poorest people are the ones paying all the bank fees the poorest people are the ones paying all the taxes the poorest people are the ones who don't take advantage of any of these opportunities the law is available to everybody the law in france applies to the rich people and the poor people exactly the same way right it's just that the poor people cannot afford to take advantage of it right they have to spend most of their income every week just to stay uh you know above water so you need time the most important thing for what you're doing in celsius for example is time because time is what makes compounding interest be so powerful time is what makes the yield that we pay so beneficial right and you can see that there's several celsius who put these amazing videos that shows you how uh just over two years how much they've earned and how much they've accumulated uh because they huddled and because right hold on because they they understood and the many of people didn't even understand in the beginning they just started earning interest i said wait a second my interest pays me interest and the value of the token is going up i'm making money in every direction and they're like wait a second if i just give a few more years i can retire just on that income that is exactly when when that neuron fires in your brain and you realize that you can be financially independent it doesn't mean you're a billionaire it just means you can pay all of your bills and that moment you your ego gets a 100 boost right that second overnight and life changes right so that's i want you to hit that moment right and for one person it's 200 and for one person it's 20 000 but the minute you hit that your outlook on life changes and and look i didn't grow up with money i didn't i had i was living here in the yarn and i could not pay my rent and i'm not ashamed to say that you know my credit cards didn't work okay so this is not something that i'm talking about living in a fancy apartment and talking about other people who are uh who went through all of this right the reason i'm fighting over this the reason all of us are are working seven days a week around this is because there is a solution if there was no solution fine we're all stuck in it together but but there is a solution and all we need to do is put our mind into it and just say we are going to deliver it for ourselves and for everybody else who wants to participate enjoying this journey thank you ever so much so i'm down to the last two questions gentlemen so i've got one here from rico i would like to see the fio protocol technology installed on the celsius network would it be possible i don't know what that is uh i think that it's not on our roadmap vlad can you do you know something about that but what i know is uh they have a few interesting ideas for example uh vio addresses and and and and feel uh requests i think but we have we already have something this similar which is a self-pay option which provide you users who are using a sales use app to to to to send funds to to their friends so so to be honest i'm not sure for the near future yeah look there's 200 blockchains out there and 2 000 different tokens so um we can't add all of them i mean the ones we're adding are things that either already yielding like the six uh stable coins that we're adding not stable coins sorry staking coins that we're heading next week right by definition they're creating yield by themselves and so that's one asset class right then we have uh things like bitcoin ethereum which uh we can create yield by lending them out right and the third one are our stable coins which again we have borrowers that we can always transact with and create yield so for us when we decide to add something it's not oh look at the code these guys wrote it's amazing i have to add this blockchain to my wallet right that's not how it works it works based on how much interest there is from the community can we generate yield if we cannot generate yield then what's the point of adding it in i can add 2 000 different tokens right so that's not going to help you with your retirement plan it's not going to help you uh with with all the things we just spent two and a half hours talking about so so our goal is really uh to be selective but at the same time inclusive right and and and our community look our community was giving us hard time about some coins like chain link like others and and sometimes the delays with our custodians sometimes the delays on technical issues some of these chains of technical problems and and sometimes the delays with us because we cannot solve the income problem like pax gold for example and i'm calling on all of you to help me solve the problem we cannot generate yield on pax gold anyone else who paying your yield on packs gold must be much smarter than we are because we've been at it for two and a half years and we can't figure it out so so we did figure it out for for uh tether gold right and we actually increased the rate by 50 it used to be three percent now it's four and a half percent so we figured it out we launched it we earned more than we thought we we could earn we raise the rate that's what we do so celsius and that's why celsius is the only one that changes the rate every week ask yourself the rates the borrow rates move sometimes by 100 and then drop by fifty percent and how come everybody else has a flat rate for for a year or two what does it tell you right are they really earning that interest does that does the rate they pay you has anything to do with the market so so the celsius model is the right model celsius model has been tested through march 12 has been tested through flash crashes has been tested through you know a lot of people joining or no one's joining right and and survived all of those cycles a huge bear market uh a bull market right and so on so on so we know that our model works it works better than any defy model that currently exists and if you look at what the d5 companies are adding they're trying to get closer and closer and closer to what celsius offers every day so so for us and to add an asset and it has to yield and our community has to vote for it thank you alex's final questions for you it's a tough one it comes from tim what does it take for bitcoin to be a success when will we ever see the non-correlated nature of this asset um when we hit 100 million users celsius look obviously look bitcoin has its own life the reason i i jumped in from the sidelines i was on the sidelines right i have a lot of coins i was i was enjoying my life and i i said it's not it's just not going to happen the mass adoption is just not going to happen and unless we provide more utility for again hundreds of millions of people worldwide so for for bitcoin to move from just being a store of value to being a form of payment to being a currency uh we need hundreds of millions of users you know uh most people don't know the us dollar went bankrupt three times look it up you know it got restarted just like you restarted a new blockchain you know three times right so nothing starts as a reserve currency of the planet right and you have to earn that and and to earn that for bitcoin to earn that that is ten times more difficult because it's not backed by any government and it's not backed by gold or anything like that so so for bitcoin to be successful it has to deliver much much more than anything that exists today in any fiat currency or any commodity or anything like that and that's why the bar is so high and that's why the adoption is so slow so so now it is doing phenomenally well right it's worth few hundred billion dollars there's like 40 million people using it worldwide it is actually used for transactions today uh but we're just in the beginning of the beginning so so for it to really uh hit it out of the park we all of us have to create more utility and interest income is one of the critical pieces of that utility because if we can pay interest income and the banks can't right if the banks and the central banks cannot pay interest for 30 years because they have all this debt that they have to digest all the debt they issued since 1970 that basically is coming due now and and and and you know needs to be reflated uh we have a huge opportunity it's a perfect uh storm for bitcoin in a good way right uh the coronavirus the the printing of the money and all the scales that's going on the political chaos and so on all that stuff is good for bitcoin but unless we all of us bring many many people in nothing is gonna happen sitting on the sidelines holding your coins hoping for the price to go up is not a solution thank you ever so much that is us done today guys thanks guys for joining thanks guys for at home watching this uh we'll be back next week and if you want us to unfortunately uh if you wanna um if you want us to bring anyone else that you think we need to come to the show let us know either outside guests or from inside the company and thank you again for your support thanks for your trust and have a great weekend thanks everyone guys thank you everyone thank you all that's us done everyone have a good one

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