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AMA: Episode 40 - October 2, 2020
 Oct 2, 2020

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all right another week another hot sale moment right [Music] so here we are we can't stop this thing it just keeps going did you imagine this back in the days of you know in our very early times um great week on all fronts and again record everything record depositors record users record uh coins record loans still record zero losses celsius did not have a single loan uh that didn't get paid or a single margin call that was not uh covered or a single customer that did not return the the loans that they've taken so and we'll continue telling you that every week until we do have a problem so if you are using any other service you should expect the same level of transparency putting yourself on the record having the ceo put himself on the record in front of thousands of people and saying uh what it is right so as you see more and more hacks more and more events uh with other companies fewer and fewer people can tell you that they never got hacked that none of their assets have ever gone stolen that identity of their customers haven't been stolen that the customers didn't get sim swap because they made this or that mistake so all that stuff adds up right again we have to make um trust deposit with you uh if we want you to make a coin deposit with us so a lot of things to talk about let's uh get started uh so we gonna pay play our own version of the apprentice okay um i am first it's my birthday week okay so i got these beautiful flowers and uh you know you saw that video of my wife uh catching me snoozing while still talking hit a dollar uh that was an embarrassing moment but at least i got some flowers but i couldn't get a better uh present from my birthday uh then hearing that now 32 of you are millionaires thanks to celsius so and that does not count the probably a dozen or so millionaires inside celsius the celsius employees who joined and took a big salary cut to get started with us and and uh believed in the vision believed in the mission and convinced their husband or wife that their uh this is before covert right this is people left really fancy jobs uh to come and build the future of finance and act in your best interest and i can tell you there were i had several conversations with the spouse or with a husband saying you know i want to talk to you because i don't believe this thing what what is my wife doing what is my my husband doing right so um and and as an example elisa i had to go all the way to jerusalem and meet her father-in-law and and uh who's heavy in finance and i think we spent like two hours uh talking about the stuff and he didn't come out too convinced but he said okay i don't think this guy is uh you know this guy's legit i don't know about his idea but at least i know the guy is legit so um so anyway so we're gonna create our own version of the apprentice i'm gonna hire uh one of you uh to work with me every day uh on building up celsius so if you think uh you are the machine you can match the machine and and work um you know crazy hours and uh do everything you can for the community and learn a lot it does not come with a very big salary it comes just with a lot of one-on-one attention and learning and right that you probably can't get anywhere else if you want to get into crypto if you want to kind of learn how to scale a company so if you're interested um you can email me or email hr at celsius.network and tell us why you're that special person you do have to either already be in new york city or willing to relocate to new york city and tell us why we should be picking you right what are those special skills that that you think i need if you want to know what i what i need i i did hundreds of interviews talking about how to choose people and and how to find people who have complementary skills so if you know my weaknesses then and you have those skills then you have a very very high chance of getting the job so um and i promise not to run for president after we do the apprentice okay i promise that um again everything we talk about here is not financial advice i'll be sharing with you um a lot of stuff today that that are the things that i do and these are not intended for you to copy me or use that to uh uh take your own risks or make decisions about buying or selling it is these are all examples that are intended to help you understand what are the critical things or decisions you have to make and then you have to take your own circumstances which are different in mind and make your own decisions because if you copy what i do i have millions of dollars in the bank right you don't have that so your decisions are different than mine so um so we'll talk about that um i just can't get used to sell over a dollar i mean that is just beautiful keep thinking about how fast we got there and again i want to thank everyone in the community who's huddling who's sitting on their hands not selling cell that is the main reason sellers at a dollar okay it's not because celsius is doing so well it's because most of the community believes that it's uh you know it's a good thing to have so um also we have uh still about 30 open jobs i think nine of them are listed on our website i tweeted a link but you can also go to our website main page all the way to the bottom there is a career link takes you i think there's nine positions posted there but we have plenty more so uh we will be adding additional positions so you gotta keep watching what's coming up or again if you know something that we don't and you want to convince us about it email your resume and your idea to hr and convince us why you need to join finance or the tech team or or business development or join the ceo's office right and we want to hire the best we want to hire the most passionate people and you know again zach as an example uh i think he uh you were like what you were on the chat on the what do you call social media stuff like a year and a half right before yeah yes so yeah so he proved himself over a year and a half how many you probably answered what like few hundred thousand uh questions right before yeah no kidding um yes it's again it's this is not this is for people who want to work hard if you if you're like want to ride this rocket ship and you're here just to make money you're not we're not going to hire you okay i'm not interested in that we we want someone who's passionate somebody who can show us clearly from their past that they want to do well only after they do good and and if you if you already have it in your resume then it's uh you know we have to do less work convincing ourselves that you're the right person so also these uh if you top 200 we want your life story on camera so we will be inviting probably maybe up to 10 people on one or two amas to join the ama as well but also uh you'll have five minutes to tell your life story to other people how either celsius or crypto uh impacted your life changed your uh life made it better uh you know how you you know you were down or you were basically you got beaten up by life and uh you suddenly saw the light and now you can plan for the future you feel more confident uh you know there's a light at the end of the tunnel so if that's your life story again reach out to us and hopefully you'll be one of those uh special people who comes on the ama and then uh you you have to agree to do uh what do you call it uh like a testimonial and we're gonna be sharing that video on youtube or whatever so so if you don't want the story to be known or you don't want people to know that you're rich now that's fine too but just uh we're not doing it to brag we're doing it to show other people that this is real this is not a you know we're not just running some kind of uh whatever you know channel where we are celebrating ourselves and and fooling everybody else so and and the more the more special your story is the more we want it with the more we want you to share it with others because there are millions and millions of people who are just at despair right i mean again maybe the government is going to send us another check and maybe we'll be able these people will be able to stretch few more months from what's happening but they're a despair they're they're uh basically they lost their job but they're about to lose their job or their business not doing well and and they just don't see any way out of it right these are the people i'm talking to these are the people that we need to convince um that you know there is a different path and it actually does not involve you working even harder or getting a third job instead of just a second job at working weekends it just involved change in behavior so um all right let's see what else we have 32 new millionaires wow i'm really excited about that uh 32 new millionaires that could have can millionaires be our new uh number one product we create millionaires yeah exactly we just mint millionaires right i think i think um uh ethereum had something like 46 millionaires or something like that but we have to look at the exact numbers but uh we should be able to pass them pretty quickly and but the the nuke that nuke dropped last night about stealth school oh my god nook i guess nuke wants to work for the marketing department because he just he just dropped the bomb he spilled the beans uh he you know he he jumped in front of the of the cart and but it's all good i mean the cell swap is a brilliant idea that the team has been working on it for a long time it's not like we just decided to fork unit swap or something or whatever again we we have uh as as you've seen from previous amas i'm a huge supporter of unit swap we have millions of dollars on uniswa providing liquidity helping the community do transaction cheaper than on any other exchange and at the same time the rewards are going back to the community i mean you can't do better than that okay it's a beautiful model so so that will continue now no one here is trying to pull a sushi swap and move everything over or do a vampire liquidity drain or or whatever you want to call it right so we are um we are trying to create more utility for the cell token and uh enabling people uh to do uh these type of swaps on in a d5 way right while uh giving sell even more utility is good for the celsius community is good for sell token and it's good for celsius itself so it's a win-win-win right again we'll be stealing liquidity from centralized exchanges will be stealing liquidity from jpmorgan will be stealing uh new users and assets from the traditional world what's wrong with that right so uh it's it's our uh a plan you know it's it's it's the way things should be so really excited about that so um but i did want to ask all the people watching a favor it's a personal favor okay and it's not asking you to buy more self token i i uh a lot of time what i see is when people create a little bit of wealth uh they get all excited and they start either spending the money or they're buying things they can't afford including a car or a house or or whatever and and what i want you to do uh is actually something very very simple right so all of us basically have our uh bank statements right if you look at your bank statement like this is mine for example you see me marking up all kind of expenses of my six kids who just keep finding new ways to judge me things and and uh you have to look at like for for every statement there's gonna be a interest charges you're going to see it by law they must show you the stuff and if you don't have the printed version go online log into your account and take a look at how much money it's october now right so it's almost the full year you can they have to show you by law how much interest you've paid to date for each credit card and and you have to look at it very carefully because all of us think that like well like what can i do you know they charge me three thousand six thousand twenty thousand dollars a year but what can i do you know and and you have to realize that if you just took all that money right if you if magically you paid all the bills and you took that twenty 000 and you put it into bitcoin and to sell token or anything else right or just use it for something else that is real money it's not like fake money that doesn't exist this is real money okay that the bank takes from you right they just clip it like this they just take it from you clip clip clip like that you see just like this every day they take a piece of it and you have less and less and less left over okay all of that is your money so you have to take a little bit off the table meaning you have to sell a little bit of sale you have to go and take a sell loan a loan against sell a loan against your bitcoin do it right now and use that to pay down your debts to eliminate all that debt to bring the statement to zero balance to never pay interest again that is unbanking yourself unbanking yourself is not bragging about how much you made on the celsius wallet that's not a bank yourself because the other guys while you think you're getting rich the other guys that get doing what right right they're chipping away you're well they keep giving you haircuts until there's nothing left and you just don't notice it because you'll probably have five credit cards and each one of them is two or three thousand dollars so take some of that money when the market is hot when everything looks like it's gonna double or triple this is exactly where you reduce your debt load you take some off the table yes you're gonna have to pay taxes but you're gonna lower your debt you're gonna eliminate it you're going to basically feel much better much safer and and all that interest is now your money you see like because next year you're going to pay another 20 000 in interest but by reducing the debt now you are freeing up twenty thousand dollars you will feel it believe me the first time you have a uh you know you pay down the debt the next month you'll be your head will tell you hey you gotta spend some money on that credit card to pay down the interest and there's nothing to pay there it's one less bill to worry about and if you can eliminate all these bills or earn enough to pay for all the bills right your phone bill your internet bill and so on you are living free right so so that's that's what we want to get you to but to get you there again i'm asking you for a favor i'm asking you to print those statements have them in front of you i'm a rich guy and i'm going through my bills okay so if you're not going through your bills or you think that that's just for the rest of my life i'm going to be a slave to this or that bank because that's what they want you they want you to pay that 24 interest forever they never want you to pay it off right why do you think they charge you exactly an amount right right underneath it says it will take you 36 years or 70 years or 120 years to pay off the debt they tell you that if you paid the minimum monthly it would be 70 years before you pay off the debt there was a guy a long time ago that he changed the the minimum payment used to be something like five percent and then they lowered it from five to two and they realize the balance just went through the roof exactly people never paid off exactly so so you have to be smarter than that you have to really um you know otherwise i'm gonna instead of doing cutting one dollar bills i'm gonna have to bring the hundred dollar bills and you'll be like okay now he's serious he's cutting a hundred dollars bills it must be serious right zach i mean it's like this is not about me i'm not trying to help myself i'm trying to help you so if you haven't listened to any of my advice until now this is something you must do so again you feel like okay bitcoin is going to triple i'm not selling any bitcoin great take a loan right now take a loan go take a loan against btc you can take a really cheap loan how about one percent per year so you're going to take that 24 credit card 24.7 percent even machinski pays 24.99 that's how filthy these these thieves are this is chase manhattan bank they used to be a water company believe it or not they say ah water that's not a good business let's go steal money from people so the point is is that that they they're just professional thieves they have a license to steal you know and you have the license to walk away from them it's your money all right so i hope i delivered the message if not we'll have to talk about it every ama and share with us your uh you know your chop chop final statement from your credit card company okay just say here i'm cutting i'm cutting my last statement here it is here's my statement i'm just gonna chop it off instead of them cutting my dollars i'm just gonna cut off that statement i'm never paying them anything again okay if you need celsius scissors i'm gonna get them for you there they'll be in the store next week right best selling item yeah um all right how about this uh launch with biff the next week now what's what's happening with there and what are the repercussions what you know yeah everything or what i mean one of the largest exchanges in the world saying we unlike binance we're not going to try to do it ourselves right unlike coinbase we're not going to pay you 0.1 and pretend like we pay interest we're going to go the full monty we're gonna partner with celsius we're gonna give you the full 6.2 percent they're not taking anything off the table my head goes off to bitfenix for giving all the customers not the select few not some auction once a week that only the lucky get to participate in everyone everyone is going to get access to the full rates and guess what we just raised the sale rate we just raised rates on sorry on eth what am i talking about i'm like we just raised the ether rate to 7.05 705 and in cell 9.52 point five two percent almost ten percent on eth why because we're earning more we're paying more okay now people say oh but i see other people raising rates no they only raise rates after celsius raise rates and go ah so painful i have to give more back to these people i hate it machines can somebody take him out come on take out this machinski let's spawn some more youtubers not to talk about celsius network you know isn't it amazing how many people are sponsored by block fi and excel and whatever and they basically signed a contract not to talk about us or our rates so spread the word let people know because we instead of us spending money on those youtubers or celebrities we are spending the money on higher interest rates we're just gonna squeeze the heck out of all these guys right so i love it i love the team is doing a great job earning that yield and because of that we can pay you more all right so and again just on that statement again they have to show you how much you paid to date right so on october november and december that's your annual rate that's how much you're paying in dollars right when you look at it in january it looks like nothing it's like whatever five hundred dollars i'm only paying 500 news no it's 500 per month or it's a thousand per month or it's 3 000 per month so you have to look at it in december judgment days in december when you can see that amount of money that you already gave away and realize that that money could have been working for you and instead if it's working for the bank your money has been taken away from you and is now working for the bank earning 17 20 24 so all you have to do is pay the bill take any excess cash you have convert it in usdc convert it into whatever you want usdc right now pays fifteen point eight five percent on celsius if you're earning and sell okay eleven and a half percent if you're earning in kind a hundred times more than jp morgan pays you in your savings account in the checking account they pay you zero but if you're smart enough to move it to the savings account celsius pays a hundred times more not ten times a hundred times more and if you didn't believe celsius now we have five competitors saying me too i'm willing to pay you that now that celsius is paying that right crypto.com me me me no give me the money i'll pay you that well where were you six months ago and a year ago and two years ago and three years ago right so again i can vouch that none of these people are actually earning that interest okay they're not they're just trying to keep you from leaving them and coming to celsius and moving your coins over and i can vouch that we are profitable the only profitable company in this business everybody else has to subsidize everything we just talked about okay but let's talk about the opposite of this so so people ask me they say look why don't i take any excess cash especially now that i earn all this money on sale or on bitcoin or whatever and pay down my mortgage right so there's a huge difference between your credit card and your mortgage and let's talk about that so i have two mortgages i still have a mortgage on this house okay a few million dollars that outstanding why do i keep a mortgage in this house if i have millions of dollars in the bank right so effectively i took a loan from the bank i'm paying less than four percent for that loan and the value of the money because of all the printing of dollars the value of that money keeps shrinking so so when the fed keeps reducing the value of your dollars when they eat away with inflation or anything else the value of your money now this is not my money that they're eating away they're eating at the millions of dollars that i owe the bank so now the value of the money while the value of this real estate keeps going up because the real estate assets in general will keep up with inflation i'll do even better the value of my loan with the bank is denominated in dollars here the bank loses right so i would do even the opposite which i did i took uh another loan against the house right because i want the bank to lose as much as possible not as little as possible and i parked it in usdc when i'm earning eleven and a half percent i'm boring at four percent i'm earning at eleven and a half percent right i'm making a profit again this is something i do i can afford to do it may not be the right plan for you but i'm just showing you how you can take advantage of inflation you can take advantage of what's happening and basically be on the winning side instead of the losing side normally you would be on the losing side inflation eats away at your salary you're still getting paid the same amount of dollars but it's worth less and less and less it takes two of these to i'm gonna start eating at this one now you know it takes two of these to buy uh a bread where it used to only cost one but your salary is still one dollar right that is the problem so so just uh something to think about right the difference between a mortgage and a credit card debt um all right so we talked about so again a bunch of people calling me asking me well i'm now i'm big and to sell i want to buy a hundred thousand dollars two hundred thousand dollars best thing to do is email otc at celsius.network a bunch of people whose entire job is just to fill in your orders okay so if you want to if you don't want to do 100 orders on on uniswap or you don't want to trade on liquid or or whatever do an otc trade right don't do it with everybody you have to verify that you're talking to the right people so again you email otc at when you get an email back make sure that it's actually celsius.network not a misspell not celsius with the c whatever right and then you can transact with that party yesterday somebody called me and said oh i'm doing a transaction with these guys is that legit you know yes it's legit you know you can buy bitcoins you're buying them at market so we're not charging your premium you're not running up the price even if you're buying a larger amount and but at the same time there's no discount either okay and i get a lot of questions about that can you talk a little bit more about the minimum or the process um of doing an otc trade yeah so so the otc desk probably will not work with you if you were um less than 50 000 i would say so the minimum order should be 50 000. if you break it into two payments fine you know they'll do fine they'll do two transactions but it has to be uh at least a 50 000 transaction otherwise it'll just send you to the because you can do a 20 30 000 transaction without any problems right there's no there's plenty of liquidity there i i added liquidity to uniswap actually and and we're going to be adding more equity just to make sure that you guys have low slippage that that even if you want to buy a big order uh uh you can fill that in but as the volume on your swap is going up we will be adding more and more liquidity uh to make sure that you can do bigger and bigger orders and we may change the otc trade to be a hundred thousand or whatever but right now it's it's probably more or less fifty thousand right um again loans we talked about taking loans uh for a variety of reasons uh celsius uh offers lawn in new york state and a lot of people keep telling me when are you opening in new york state we've been opening next day for more than six months you can deposit and earn interest you can take a loan right so all that stuff has been working so please use the service in new york state we're also opening in other states i think washington state now is open for bitcoin uh rewards and we'll be adding more and more and more and we're working on all of that as fast as we can we also opened a pair a new pair on unit swaps sell usdc so if you don't want to buy it with if you want to buy it with a stable coin i've added some more liquidity there so you want to go to cell swap instead of uniswap fine you can do it there too but because then you natively in sell you're always in sale and you're just going in and out you like xrp for five minutes great you jump from sell to xrp but when you jump back you always jump to sell so if you're a big believer in sale you always want to park yourself and sell not park yourself in usdt or usdc or anything like that so so that's really the main kind of uh purpose uh is is to allow people who are long sale in general but want this kind of like pairing to take advantage of the stuff at any time and again bitfenix really excited about that great team very dedicated to the employees very dedicated to their uh community they've been around for a very long time and we're really excited to partner with them are we gonna see like i mean they've got hundreds of millions or billions in crypto are we gonna see that in our aum now or our assets i mean you're gonna see a huge right now we're already at 1.45 billion okay so as of this morning our our net assets this is what we received plus what we have a 1.45 and you're gonna see a big acceleration because uh both line japan and uh bitfinex and a huge several other big partners and i i keep saying we have huge exchanges joining us and people like alex is just fighting he's pumping the cell talking he's dumping on the community you know what do you need you need the new york stock exchange what do you need to be convinced like which exchange we should we need to add for you to be convinced so anyway we've had our are broken we've had our times by other people it's it's hard to believe someone's actually acting in our best interest for once right and look it took longer than we thought again the integrations are uh taking time i got excited and i filled the beans like nook did i just did it on exchanges and because we're excited we want this stuff to launch we want millions of customers from bitfinex and others to to benefit from the same services so but again more deposit equals more loans more loans equals more interest and more interest means uh we have to buy more sell token so there's no two ways about it right the again we publish every week what percentage of the community asked us to pay him and sell so you can do the math we publish the aom we publish how much we earned we publish how much we have to buy we publish the wallet where we buy you can verify all those things okay so if you're a skeptic and you've been sitting on the sidelines saying ah this thing is going to blow up any moment great you know how long you're going to wait we we've shown you everything we've opened the commander showing you all the path of the flywheel all right so we we're adding zcash there's a lot of fans for zcash love the community uh it's gonna be live probably in a week or two in the wallet also adding a bunch of other coins and tokens and we talked about uni we talked about some others so very excited about that and again over 700 growth in deposits in one year the cell token is up uh 1600 1600 percent in one year so you can almost also have a ratio between what is the ratio between the aom growth and the cell growth it kind of like right now it tells you that the ratio is about 2x meaning the sell price growth is actually growing twice as fast as the aum growth right so you know all these things matter because if they're sustainable meaning they keep repeating themselves their pattern they're telling you the rules of the flywheel right and then you can predict things then you can say okay sell token is undervalued the cell token is overvalued or or it's time for me to take some money on the table it's time for me to buy some more right um all right so we also talked about a little bit about insurance right so um again i love insurance i want to have a billion dollars worth of insurance today the insurance you can buy a from aon or from lloyd's of london or any of these sources are are basically all only covering [Music] uh uh cold wallets right so if you keep your coins in uh cold storage and you never move them and that's great but then they don't earn yield because if they don't move they don't earn anything so anyone who tells you i'm earning uh 12 and they're sitting in cold storage and i got this insurance is lying okay lying there's no other way around it believe me i know this business better than anyone i invented it so we have insurance for the hot wallet right again you don't believe me you can ping fire blocks and ask them fire blocks is that true what alex is saying he's using you guys for billions of dollars worth of transfers and you have hot wallet insurance 20 million dollars per incident and it covers malicious activity it covers any rogue employee it covers all the things that that coal storage does not cover okay it does not cover any of that stuff right so it's less insurance but it covers more right i'd rather have that i have left less insurance not the 200 million that everybody's bragging about that is meaningless it doesn't cover anything right so so the point is that yes we do have insurance but most of our assets again that 1.45 billion is usually 80 deployed sometimes more so it means that mostly it is sitting in with someone else right and our risk is really that counterparty and not somebody hacking our system right but but one more thing that is much much more important right so you also have to look at what companies have on their balance sheet what are the assets of the company owns so uh celsius now has over if if cell is one dollar and we have 350 million sell then the balance sheet of celsius is 350 million dollars plus the cash we have so another whatever 20 30 40 million dollars worth of cash that is our cash there's not cash we borrowed this is our cash we raise 20 from investors we earn millions of dollars in income so now you're working with a very rich company that is acting in your best interest now a lot of people think that block fi is a much more well-funded company than celsius they're not they don't have one tenth of what celsius have on their balance sheet why they raised 50 million but they're burning five or six or seven million every month so they have i don't know 20 left 25 and it's going down celsius every week every month almost every month every week right our balance sheet the value of our assets is increasing we're not burning any cash so who is the safest company here even if we don't have insurance right so my point is is that you have to look at the facts not what coinbase a coin desk or somebody else told you because again they're all investors in that company of course they want you to think something else look at the facts the facts will set you straight all right zach did we cover everything we had to cover or there was some other announcements that i missed just the last thing i wanted to get your uh opinion on the bit mex charges that were handed down yesterday yes um look it's good news bad news right so so the bad news is that we still have rogue platforms that are doing shady stuff and yes they announced they're going to start doing kyc and this and that but they basically are a gateway for anyone who needs to mix coins or swap coins or i'm talking about coins that are are uh either stolen or whatever right or or the source of funds is not necessarily a clean source of funds so and that's why they got in trouble because they were not doing the necessary work like celsius did from day one right it's much harder to grow your user base when you're asking everybody 25 questions including what's your social security where do you live show me your driving license right we lose three guys for every guy we sign up you know for by asking these questions but by asking these questions we keep the bad apples away and by asking these questions we stay compliant by asking this question finn said scc and other regulators know that we're a good actor and that's why celsius has never had an inquiry never we never got a subpoena or a or request for uh documentation or whatever from any of these regulators right because we're a good actor the opposite sometimes they reach out to us and ask us to help them with this or that because they're stuck and they can't either find or trace or or validate certain transactions right and we are considered experts in space so so we are a good actor we're on the side of the regulators because when the regulatory regime is clear when it is clear what in the uk wants and what australia wants and what the us wants we will be one of the first ones to get that license so get the stamp of approval and move forward and do even more for our community right so we took the slow difficult path and and uh bit mix took the easy we were we were founded just a few months after bit mix it's not like the two companies were like one was founded 10 years ago or whatever right they just chose to grab as much money as possible while liquidating tens of thousands of their customers and we chose to protect our customer in every way possible right we almost opposite business model so and the good news is that that i think again the regulator's kind of uh putting down the hammer on everyone they think is slowing us down means that they are serious about etf bitcoin etf they're serious about uh uh kind of closing the loop on the regulatory side right and it's they're basically cleaning up the missing pieces to be able to launch these things and and and so you want bitcoin to go to twenty thirty fifty thousand dollars that's what's going to have to happen all those things have to be announced institutions coming in retail feeling comfortable bad players out of the game and whoever is left around the table are going to be the trusted parties i guarantee your coinbase is going to be there i guarantee you kraken is going to be there but celsius is going to have a seat around the table as well and that's what we want to make sure is that that we are considered one of the top players we considered people that you need to talk to you need to ask them and and we get to contribute to to the regulatory regime and which we're doing we're talking to regulators every day in all these different countries all right we're ready for some questions now yes here we go first one is from amanda she's asked now that my cell token collateral is more valuable can i increase the size of my current loan yes so definitely you you you can change your loan assignment at any time let's say you got excited about litecoin and you bought some and suddenly you see that we raised the rate on eth right so you say you have to ask yourself wait a second uh litecoin is paying i don't know four percent it is paying seven now uh and if i earn in cell it's paying almost ten let me grab that eth collateral cell collateral or whatever and swap it with something else and now it's earning much more right so so we we when you do that we celebrate for you we're gonna get you flowers when you do that because you're showing us that you're a smart player you're showing us you are earning more for your future that's what we want you to do it's not bad for celsius it's good for celsius normally when you go to a bank and you try to refinance from seven percent mortgage to three and a half half and because they hate you they like give you excuses you don't have they ask for uh for your late husband to sign a piece of paper as well like all kind of crap just to make sure that you don't get that three and a half percent mortgage right because they're making twice as much money on you with celsius that's not the case right we're making so much money we're profitable it doesn't matter the opposite it's good for us that you do that stuff so so yeah it's a little bit more work for us in the back office but and i'm sure the lone team is gonna be like alex did you have to give him all the secrets did you have to tell him exactly how what to do oh my god couldn't you just move on to the next question no we're here to act in the best interest of the community day night weekday weekends you know on my birthday any day next all right row is asking i am an ambassador that would really like to apply to one of the open positions but i do not live in the areas listed is there any flexibility for remote work i didn't know we had areas listed the only thing if you're an ambassador or you want to become an ambassador if you want to become one on our website there's a link you fill up the form you explain to us what and why and you have to make zack happy zack i mean he again he has an answer to every one of these questions he went through everything you're going through right that's why we made him the guy in charge of the 800 and some ambassadors we already have so uh it doesn't matter where you live i don't care if you're the the the only person in your town in iceland okay and and that's good enough as long as you have internet connection and you're passionate about what we're doing and you have the skills and and you're honest and then you know there's no reason why you cannot join the celsius army so just again reach out to zach what's your email zac tell them what uh zack at celsius.network that's easy right so just reach out row is asking about um to the jobs listed the jobs on the website they'll have tel aviv or san francisco or whatever like like uh open position yeah so right um if you're not willing to relocate uh again look everybody's working remote right now so the city is important but not that important so it's more about you have to convince us that you're a fast learner right let's say you're uh you you want to join as a devops or you want to join as a tester or you want to join as uh whatever you have to show us that like okay look i know everything about the system i already looked at the code and github i found two bugs for you guys and the team is gonna be like wow we need to have this guy right i mean look at him right so so so it's less about the location and more about you convincing hr or the that department inside celsius that that you are such an amazing uh uh skill sets that we just can't uh let you go right so and i keep saying that to people right just write that cover letter i i don't need you to write me a graduate from harvard then you're at the top of your class that doesn't do anything i'm a college dropout that's not going to convince me the opposite if you if you i dropped out of two colleges and a high school okay how about that exactly i think i hold the record for for not being a compliant student you know and so my point is that that what i want to see or what the rest of the team wants to see is the passion and the skills okay and and and if you got those two again like i said i don't care if you were the only guy in greenland and you're uh you know and we'll help you you want a visa to come to the united states you want this you want that we'll help you with that i mean we will do anything for our employees as i mentioned before you know we had an ama with leah i think she counted i know seven or eight countries she got to live in uh because we kept giving her an assignment okay leah go to london open the office okay leah we need you in berlin okay leah i'll go to tel aviv right and so on so on so so the opportunity is not just to uh do the job we have a lot of also job mobility inside the company and and you want to travel great we'll put you on the track you want to you want to dig deeper into the code we maybe send you to serbia to work with our team over there you're you're heavy on security you want to be a world expert at that we have the world experts already working in tel aviv so so it's more about that right are you part of that team and and maybe you just go there for six months you don't have to be there forever but but the point is is that i think that work people working together do get better results then you can work remote but you got to get that enough enough that friction one-on-one to make sure that the good stuff rubs off not the bad stuff so next question all right simon's asking why do institutions and hedge funds borrow from celsius they have access to cheap capital why are they borrowing coins from us at higher rates yeah great great great question great question i i had i had this discussion this morning with a guy that works for uh barclays bank and he asked me exactly the same question he's like he used to work for them he's like you know like every any hedge fund can walk into barclays or jp morgan get five times leverage instantly like this right so if you even if you are a hedge fund of 10 million you can get 50 million dollars worth of uh um liquidity from your bank or film your prime broker uh but try that try to um go to the same bank that is willing to give you that 50 million and just tell them look i may transact in bitcoin i may run some transactions on uh dairy bit or on binance or on bitfenix and within 24 hours your account will be shut down not that they will say no they will shut down your account and that is true if you have an account in goldman sachs or morgan stanley or silicon valley bank great bank i used to work with him okay i had hundreds of millions of dollars rolling through silicon valley bank when i had arbit when i was running it right i know the ceo of the company i when i started celsius i reached out to them and said hey you know how about we run another company together you know me for 30 years sorry can do that you touch crypto we can't do that so because of all of that the cost of money is crypto is completely different than the cost of money on wall street right and that is the opportunity when you see us paying 11 and a half percent it's not because we found some magic uh formula okay it's because the cost of capital but also the opportunity on in crypto is so much higher right and and that means that the people who are boring from us at 15 and 16 and 17 are also uh earning much more than that right right now if you just put liquidity on uniswap if you just took usdc and eth and you put it on unit swap you'll earn 29 so paying celsius 11 and a half sounds like hey i'm i'm doubling my money while i'm paying celsius 11.5 so now there are risks involved right if you just took your own money again you borrowed against your house and you put it on unit swap and suddenly you got a a um a loss because again the prices moved against you right eth dropped like it did this morning when when when they announced that trump has corona right so usdc stayed the same heath dropped and now you have impermanent loss right if you don't even know what that is well guess what if you didn't prep for it you just lost money whatever you thought you're going to earn the whole year you lost in one day in impermanent loss so so this is not a game for the um average joe right um we take advantage of it when it drops like this we know okay this is a great time to put some more capital to work right we sat on the sidelines it dropped this is a great time for us to deploy some capital but our main business is really just lending to these institutions because they cannot borrow anywhere else right because the banks look at this as like monopoly money right they're like this bitcoin ethereum we don't know what you're doing don't talk to us about that we don't want any issues with the regulators okay we we're stealing in the trillions of dollars you you want to deal with like billions that is not for us we we when we pull a stunt like jp morgan just settled a billion dollars on the stunt they pull and commodities i mean i can't believe how no one goes to jail over there right they manipulated the gold and silver and other markets for years after they got caught in manipulating the libor market the interest markets after they got caught manipulating the stock market i mean just name it right not a single person goes to jail not a single person gets fined not a single person gets barred from the industry nothing right slap on the wrist keep walking keep paying yourself a hundred million dollar bonuses no problem right a great a great uh question from gary here um i just put it up on the thing he's using the f-word and we don't we don't we don't use the f-word here in celsius right we don't use the fee word we just tell people banks are not their friends uh but gary's asking are there gonna be any fees on the swap and is there any other information on the swap you can give a lot of people are really curious about much information as they can get yeah so look it's a balance between not charging anything but then the community is not going to earn anything and charging too much right so uniswap is charging 0.03 i think we're probably going to go lower than that meaning we're going to give the celsius community less so the swappers will get even better deal why because you want to see the market you want enough people using or being natively in sell right it's good for everybody so we will probably earn less maybe a third less of uni-swap but we will have tens of thousands if not hundreds of thousands of new cell holders which is what which is great for anyone who's holding sell right i'm a big seller celsius the big sale holder a you know do you want us to have a billion dollar on a balance sheet and feel even more safe about your assets there might be a day where we have more on the balance sheet than we have in assets under management right if cell token just keeps ripping higher so so that's a great position to be in because you know that celsius will do anything to protect the franchise doesn't matter if there's a hack or there's a or alex is no longer here or i don't know what right so we want celsius to be so strong that the regulators must when they want to do something which they do with jp morgan believe me they don't move without talking to jp morgan so we want to replace that position of strength we want to be too big to fail on behalf of the not too big to fail um you know because you're stealing so much from the community all right chris is asking if there was a large solar storm that caused an emp and fried the majority of electronics would our systems and accounting records still survive wow quite a question look at that i mean for the people who don't know what emp means or what the solar flare is uh we take it for granted that the sun is just here to shine on us and give us warmth and energy uh but the sun does have uh a sneeze once in a while and when uh sun spots which are really just electromagnetic fields uh cross with each other okay so you have these like arcs of electromagnetic fields that are going in and out of the sun uh and because the sun is rotating uh they basically spiral and they snap when they snap there's a release of energy that is more energy than humans generated in the last 30 000 years generated like this in a split second and if it's generated in the direction against the earth because remember the earth is far away in one area right like one one thousand of one degree is the earth right as far exposure to the sun so if it's going in the wrong direction nothing happens but once in a while that break is aimed right at the earth and we get a shower of charged particles right these are particles that are positively charged they're just flying at the earth almost at the speed of light and they hammer our magnetic shield okay we have a magnetic shield the earth while it's rotating the mental in the earth the core of the earth which is made out of uh iron and other um um made out of other um metal base elements and i'm just looking for the right word so it it it has a lot of uh as nickel it has all kind of other heavy heavier uh uh uh elements right so basically that core is generating the magnetic field and that magnetic field is fighting against these showers and but when there is a full solar swiss solar flare the pressure on the magnetic fields around the earth is so great that some of that charged particles can break through and when they break through that magnetic field they basically zap our electrical system what does it mean any satellite basically gets fried right there right in the sky right it just cannot operate anymore any electrical grid if it touches the electrical grid in any way the amount of energy that is spiking it is so great that it just breaks all of the uh wires it burns the wires it burns the transformers it burns the the step up of step down elements and so on so tremendous damage right uh and and but our communication system is actually running mostly underground what does it mean on the ground most of it is based on fiber optics and it's based on a basically a system electrical system that is isolated from the grid so in normal conditions the internet today is robust enough to not be disrupted under even those most extreme situations and because the earth is a circle the solar flare will hit on one side but the internet is a global system so there's always enough of the internet that is not going to get hit right so our books and records are distributed across many many data centers around the world and there's no way that's a one incident can can do it we also do like physical backups meaning we have a protected shielded elements that are backing up the stuff every few hours so we have a snapshot of everything and there's a permanent record of all these transactions on the blockchain as well so so there's enough copies uh that even if the largest solar flare in the history of solar flares uh or other type of disaster hits us uh we will not lose the data or the records uh again it doesn't even let's say we protected you and we have all the records you really care about the blockchain blowing up right if the bitcoin the ethereum blockchain have to continue operate uh otherwise your assets are at risk because we are only as good as the blockchains that we are running on and if the bitcoin blockchain stops running yes there is a record of who owns what but the value has changed dramatically because there's no more blockchain right so so and so but it's a very good question right we have not yet been tested in the real uh scenario like this not us celsius i'm talking about the the crypto community has not really been tested in a catastrophic event i've been tested several times with arbinet and novotel and other companies that i ran uh in these type of conditions so i know i'm talking about it from live experience uh but i think we're well protected to make sure that it's not gonna happen and does um celsius run on any full nodes do they have a bitcoin full node or you have ethereum node or anything yeah yeah you cannot you cannot be on the ethereum network and not have a full node right you cannot be on the on a bitcoin network or not so we have multiple nodes not just one node uh uh and uh we do some nodes for staking we do some nodes just to transact we do some nodes as backup so and but we are participant we are again we are a part of the infrastructure of all of these blockchains and again we don't pick losers and winners when we work with a chain link or when we work with some other partners we do that holding hands right it's it's we're helping them they're helping us it's not just oh we are a customer oh i see all these announcements so some of our competitors do and say oh we're using this and that data stream like okay great what is that that you didn't do anything are you helping the blockchain are you increasing the stability and the distributed nature of the blockchain right no i'm just sucking information from it so i can charge fees to my customers oh great good job keep doing what you're doing all right uh eric is asking uh what happens to the cell that we use to pay interest on loans where does it end up going yeah so so um if you pay us and sell that means we have more in treasury and next time we need to make a payment and sell we pay vendors and sell we pay employees some employees are getting the stuff and sell we use it for all that purpose right um currently we do not use it for the uh weekly buys so the weekly buys are 100 down from the market and so when we tell you we bought the million or a little bit more of sell you know for sure that it came from actually us going into the different markets and grabbing sell at spot price we don't do limit orders we need that cell we just grab it right and and because our job is to deliver that sale by a certain deadline to the community right we have to be able to show them that the cell was purchased and then moved from this wallet to the wallet that holds all of the cell for the weekly pace and again all of you can go and audit that we publish that wallet several times and you can verify every week that we bought that you can track the transactions you can see that it was added to the cell wallet where where all the interest is accumulated and that number it corresponds and is the same numbers as what was owed to the community right and again we have a proof of community coming poc that's going to do even more it's going to give you show you the cryptographic signatures of all the parties involved confirming yes we paid this interest as in as interest because we borrowed stuff yes we received this interest because we were participants and this and that and so on so so again this transparency is gonna raise the bar uh further uh uh and gonna force any of our competitors to do that because if you we will be more transparent than any d5 platform okay like that i can promise you you think you know the d5 but you don't know anything okay so i guarantee you if i asked you okay who are the parties voting for compound you will tell me oh it's a distributed platform no it's not so much so distributed it's more concentrated than anything you know next uh sam is asking why can't users earn and sell right now and when will that change so uh we try to look when you walk the line uh you can walk close to the line you can walk on the line you can cross the line right yeah or you can walk as far away from the line as possible so we to protect the community we do not even get close to the line and the line means what are you allowed to do what you're not allowed to do so so today the line is not a marker it's not like it's a clear thin and very sharp line today it's a gray area right so there's like a mile long gray area which is like the uh do not cross zone which the sec or other regulators have basically defined right like they said why did bit mix get in trouble because they said globally we don't care where you are we don't care if you're in the seychelles or you're on mars in in tesla's new you know elon musk's new settlement we don't care where you are you know you cannot allow a u.s residents or citizens to transact on your platform unless you do kycml right so so when you violate that sooner or later you're going to find yourself in jail sooner or later you're going to be shut down or pick crazy fines so what celsius does is always stays as far out of the line until we get permission to do something and we sell token even though many of our competitors are doing things that we look and say gosh i wish i could do that and we to protect the community to be able to pay you those millions of dollars every week and we rather air by not doing than doing because if we do it and we get caught and we're not jp morgan we're not gonna get that slap on the wrist they're just gonna shut down the whole system just like they did to bitmex right so so you you you don't want to endanger the entire franchise and and the financial independence of hundreds of thousands of people worldwide who are now trusting you with their future trusting you with their kids saving trusting you with with retirement or with paying their their you know their bills next month uh just because you are trying to cross the line or or do or innovate or be disruptive or whatever it's great to do that when you're in silicon valley and you're doing some social media project right but but here we're talking about uh finance and in finance there's no there's no easy path so the point is is that we have a plan i talked about it several times we have a plan in which u.s accredited will be able to earn not in kind right you'll be able to earn and sell and we're working on it the lawyers gave us thumbed up the good news is the lawyers already said looks like a go okay so now we just need to implement it and we have a partner there right bank to the future is our partner the same guys that did the funding and the fundraising and everything else we're using them to manage this program for us and the the minute they launch all of you will be able to bet all of you who are accredited investors will be able to participate and the great news is that you to be a credit investor you need a million dollars in liquid assets meaning without your home or without whatever or you must make over 200 000 a year so now your your payments whatever you get from celsius actually counts against that 200 000 a year you can take that interest you're earning every year plus your salary plus whatever other income you have bunch it all together and even though you thought that you would never qualify uh to be an accredited investor now you may be able to to to to qualify right you'll be able to cross that line that again we didn't set it up the sec sets up these lines so what we want to do is again help as many people get there and and then um they'll be able to benefit from it so so there's a lot involved you know again we doubled our legal team in in-house we now have three uh full-time uh in-house lawyers we have three law firms that charge us crazy amount of money every month to answer all these questions or work on these projects and but that's money well spent all right uh otis is asking alex what is the actual circuit circulating supply of cell the celsius website has 528 million and coin paprika has 448 million look we publish what we think is a circulating supplier right on our website uh go to cell token scroll down and you'll be able to see it then um the reason uh coin market cap and few other people have different numbers is not because there's confusion the smart contract is very clear 695 million cell token they'll never be any made ever again we know exactly how many are locked in each wallet we publish the wallets nothing has changed since the day we minted these tokens okay you look at celsius whatever we did in 2017 and 18 is exactly the same thing there is today right so so the issue is really all about uh coin market cap for example saying that all the tokens that all of you deposited with celsius to earn five percent interest don't count they consider them as non-circulating coins and you ask yourself what do you mean no sir of course it's circulating any one of you can withdraw whatever you want at any time and either sell it or transact with it or whatever right but coin market cap owned by binance the company that wants us to give them a million dollars to list us says otherwise and does not list us in many many categories that we should be listed on on that site same thing with few other listing services that refuse to list this every one of those servers when you see an error that is not a mistake believe me that's all intentional basically they're saying okay advertise with us and we'll fix it for you invest with us or give us pay us this uh hush money basically we will list you and fix the errors you know advertise with us we'll write a nice story about you otherwise we will not mention you do not exist you celsius you know how did you get here all the way here top whatever 40 coin or token and uh you didn't pay millions of dollars in advertising and you didn't uh get all these guys as investors all of our all the people that own us right they're supposed to own at least half of you why did you give it to your community you have thousands of retail guys who are holding equity and sell tokens that you gave it to them almost for free that is disgusting that's not how we do business okay in our world only the fat cats get to stay fat okay you don't feed the kittens out there so that's what this is all about next it looks like zach froze um let me reconnect um all right so while zach is um reconnecting again i don't know if you guys can see me but i'll try to share the screen here and try to show you guys some stuff um so we have um some great articles again sponsored by crypto.com i love that uh but you do have some some people that publish uh the news and i would recommend that you follow them like crypto briefing is a great source of news that actually does cover all types of news not just for companies that are their investors have and so obviously again when we raise the rates most people still don't know that we offer these higher rates um talking about funding again coin telegraph covered it but no one else you know i think again makes us proves to you that we have much better uh financial standing than many people think and the latest news just came out yesterday with bitfenix offering everything to their users which i'm really excited about um but i also wanted to show you um this site so let me just check with zach let's see if he's back you're back so um so visit the site it's uh what happened uh wtf happened in 1971.com it has great stats real data about what happened to the united states of america since we went off the gold standard right you can see in red the average person versus people who are either in finance attack they've done exceptionally well everybody else basically went sideways right and you can see the wealth gap based on where you are in the feeding pack again and again and again and again right so everything is basically every chart is saying the same story which is that if you don't learn how to uh play the game the way the rich people do you will be left on the sidelines and the interesting thing is that it's not that hard we're not talking about this is the wealth gap right so we can see the wealth gap and basically decrease when it decouples like this decreases and then the wealth gap increase as we went off the gold standard right so um or inflation you can see inflation in absolute terms just rocketing after we went off the gold standard right everything in every direction is showing to you that it's going to get worse and worse and worse so but the the the killer chart here is actually this chart which basically tells you if everything was priced in gold right so this line is gold and what happened to other currencies uh that basically went off the gold standard and you can see here plenty of other currencies that existed right the deutsche mark the the british pound and so on so on you can see all of them the minute you go off the gold standard you drop precipitately until it's worthless and none of these none of these have ever come back it's not like okay you can drop and then suddenly you recover right you can see that none of these including the us dollar have ever come back after dropping off the gold standard all right so that's a kind of quick uh uh history lesson let's see if uh if we're back all right so since zach probably lost his internet connection and go ahead and put your questions in the chat and i'll try to answer them as fast as i can yeah he probably he probably forgot to pay his internet connection that's why yeah all right so um yeah yeah i'm watching it okay so all right so let's see what questions we have uh what's the difference between community members which is almost 180 000 and active wallets right so so we do have many times we have users who will come in use us for a while then withdraw all the funds because they had to pay the mortgage or they had to pay down the loan or they use the money for something else and they may not use the wallet for a few months and then they go back and they start using the wallet again so when we count uh we give you the total users people who ever deposited with us versus the people who are currently have balances i think we're counting uh balances of over a hundred dollars so anyone who has over a hundred dollars that's about 55 000 and anyone who's ever transacted with us did kyc or anything like that and that is the total count and those numbers appear both on our website as well as inside the app just go to the community page these are live numbers so you can see day to day how they're changing you can basically verify okay how many depositors or users celsius is adding every day right and those are the things that that matter so charles is asking why celsius has been treated unfairly by ranking and tracking sites so again when they miscalculate our uh um coins in circulation that affects dramatically the ranking right so instead of being like on one side you'll see we're number 36 and on a different side with number 60. because cmc does not count half of the tokens so when they don't count half of the tokens they also basically say the market cap of celsius is half so your ranking is much lower right uh derek is asking alex seltokin is doing so great is there a risk that at some dollar value celsius networks could not afford to buy it back no the the the flywheel actually is a self-moderating mechanism meaning the the higher the price to sell the less sell we have to buy meaning if we earn the same million dollars next week but the prices sell went up 20 we actually have to buy 20 less sell token why because the price is higher so the the flywheel continues at the same speed but the number of cells being thrown into the flywheel is decreasing so the higher the prices sell the lower the amount that celsius will be buying unless our interest payments go grow much faster than the prices sell all right so uh alice is asking let's suppose you have a loan to avoid capital gains not avoid defer defer capital gains selling the collateral but then that loan is liquidated does that liquidation a double whammy that results in a capital gain as well blah blah blah so if you're getting liquidated again we we have never liquidated anyone we had we had i think seven cases where customers asked us to sell some of their coins or tokens but if you get liquidated it's only because the value has dropped so much chances are probably below your cost basis and so if it is below your cost basis you actually will be registering a loss not a profit if it is above your cost basis because you bought bitcoin at three hundred dollars or you bought ether five dollars then yes you will have uh a tax event but at a much lower uh price right so uh same when you asked us to sell a portion of your coin so you say look celsius i'm too close to a margin call i want to sleep well at night can you take 10 of these coins and basically or and repay the loan reduce the amount of the loan right because basically what you're doing is bill giving yourself more of a buffer uh uh to be able to do what you need to do so anytime you transact on those things you may be triggering uh a capital gains either short-term capital gains or long-term capital gains again i'm not your financial advisor i'm just a dude on youtube you know so just talk to the professionals professionals there's plenty of them out there they're dying for your business and if you make some real money on servers spend that money to get good advice again the reason the rich people just the best financial planning people to help them with true racial skill keeping trust you name life interesting make sure you'll never pay taxes next of kin gets all of your money for free without paying taxes right again i don't i don't invent any of these things all these things already exist because the rockefellers and the you name it every billionaire on the forbes 400 is using every one of those schemes and as you've seen that's how a president got to pay 705 000 taxes again when he's taking him hauling him to jail people are saying hey he did it right he's used the law to his advantage why because he has great advisors great tax people great lawyers helping him and others he's not doing anything special avoid defer or eliminate tax legally right so earn enough so you can afford to do the same thing um so uh sell more than doubled in the last month most people that have taken the loan on their cell are not over now over collateralized can some of the sale be released yes it is we talked about that go ahead and refinance your loan either take more meaning you can borrow more cash or release some of the sales so it will earn interest or replace your sale as collateral with something else right if you for example have some other coin that may not be paying as high interest then use that andrew is saying how does sell token otc desk benefit token holders so a let's take two examples one is a a very large seller comes in and says i i want to sell a million dollars worth of sell token i'm just going to dump it i need money right now okay the irs is at the door they want to confiscate my house or whatever or they put a lien against my bank account i gotta pay them a million dollars right if that guy dumps it on the market uh sell token will will take a 20 hit right versus if he comes to otc at celsius.network we can spread that in 10 or 15 orders with people who actually want to buy a hundred thousand fifty thousand two hundred thousand and have zero impact to the price to sell because both sides agree to do the traction at market price but the other side is true as well i mean if i come in and i want to buy a million dollars worth of sell if i buy it in the market i'm going to move the price very very quickly and the only people are going to make money on that are going to be the market makers going to be all these guys who manipulate prices and run around and do that stuff so we want to benefit the community by basically doing these transactions they're still done effectively on the blockchain but they're done over the counter otc is over-the-counter where you met your buyer and a seller willing buyer willing seller and the price discovery happens on uniswap on liquid but the transactions or some of the transactions happen offline and sanjeev is asking uh i would love to work for celsius but it seems all your positions are basically we talked about that uh how does celsius prevent accounts from being victors of sim card jacking so again block fight had all of their customer data stolen the the hackers know how much you have a what account they know your personal information they know everything about you your phone number everything right and they use that information to call att or verizon pretend to be you they get issued a sim card and then they basically have a much better chance of hacking your account and because basically they have already half of the answers right there they're already holding it so you you have a sim recovery sms recovery guess what boom they get that sms code uh you using email there's a good chance they can log in with to your email because they hold your phone they can verify uh with the with the email company google or whatever that it's them right so what celsius did is is uh you've seen us keep adding more and more uh layers of protection including huddle mode where for example for no reason anyone can touch any coins over 24 hour periods so if you're stole if you're look it's very easy to know that you're saying you've got sim swap your five bars on your phone just disappear poof like that they just disappear and all you have is the wi-fi bars but none of the cellular boards right that means you just lost it's not that there's no coverage there's still coverage but your phone is not talking to the network anymore because the network told the new phone hey this sim is in charge of this number and the old sim is completely useless right so you got to watch your bars right so my point is just that celsius created our security layer without using any of the stuff that has to do with sims right we don't use sim uh or sms for any almost any function because we don't trust it we don't use push messages we don't use all the stuff that hackers usually prey on because people just make mistakes and they um you know um they uh they get hacked and they get the coins stolen i have i have people who've been in crypto since 2010 uh who have tears in their eyes because they lost a lot of their crypto so uh it's not about being a novice it's about designing the service properly to make sure that um you know that you're not getting hit by the stuff um okay let's see don is saying where does celsius quote price data from uh for in in-app purchases so it's a great question so first we're using chain link as an oracle we also have a separate data feed that we're getting from off chain sources so we basically get the data feed right from exchanges and we compare those prices to make sure that there's no spoofing or hacking or or anything like that and but also our partners for example uh simplex is using the spot price on uh binance right they add three percent credit card fee but the spot price you're paying is the binance price so there's different sources different uh reasons of how we do stuff when we introduce uh swapping inside the app so besides cell swap there's also you'll be able to swap coins inside the app uh it will be totally reliant on this chain link slash main exchange data feed is asking i'm a white hat hacker me too good to meet you does your celsius have a program that rewards individuals yes we do we we have uh we have bounties i think all the time as high as i think fifty thousand dollars uh um again if you uh have a hack that you found and uh based on the severity of the hack and uh or they exploit we will pay you you can be paid in sell if you uh want so again just uh reach out to me send me send me an email and i'll forward it to the right person and alex mashinsky.com so um again there's a bunch of more questions but i think we're running out of time uh it's been an hour and a half uh probably the longest podcast in crypto or ama in crypto so we don't to keep you guys uh going a it's a friday afternoon at least here in new york and i do want to celebrate with my family it's still uh otherwise i'm gonna have to eat these uh you know uh flowers but uh again thank you for your trust thank you for being uh uh working with us thanks for referring your friends uh thanks for changing your habits right uh for following some of the advice we give you right right look at that statement you pro you made the promise right that's the only thing i'm asking for you today one thing and and if you can change that behavior and you again every time you buy a fancy bag or you buy a pair of shoes or you buy anything think to yourself what would be the value of that money if you just defer that instant gratification and replace that with investing in your future just in a few years the amount of interest coming off those savings that are compounding and compounding and compounding will be enough for you to buy that bag every month but you'll be buying it off your interest not of your principle today most of you are spending your principle on things that you don't really need things that you eventually put in storage or things that you give away or throw away and all you need to do is again pay down your debt right take some of your profits pay down your debt don't pay any interest and then have some deferred uh gratification meaning invest in your future invest in your retirement and the younger you are the less you need to put in to have all that money now you see every financial advisor tell you oh you know you got to save for the future come give it put it with us blah blah most of these assets or programs they offer you have low single digit returns and and yes it has the same impact but the amount of years you have to wait to get to retirement is just crazy 20 30 40 years before you can actually hit retirement the beauty of what i'm telling you again with these double-digit rewards or returns is that you can get to retirement very quickly and and you can see again when we announcing to you every week how many millionaires we minted these are real people that got there because they jumped in front of you right they put they stopped spending all that money they paid down their credit card they took every excess dollars and they plowed it to earn as much interest as possible right so you have to learn from them they are your teachers they are the proof go on the top 200 they're all published on our website and you can see if you can see what those guys are doing are they increasing their balances or they're decreasing their balance so they're buying more or they're selling right and here the wisdom of the crowd the wisdom of the herd is acting in your best interest it's not like you're going to be the last guy to jump in into nicola stock just before it creates from 80 to whatever probably ten dollars or whatever it's going to go down to so so we are as a herd we are trying to prevent this community from making mistakes from jumping into the wrong project from uh thinking oh d5 is going to make me rich and i'm going to just jump into every one of these things you're going to get burnt you're going to get the rock pulled under you you're going to lose your money but if we all pull together we can extract the most value out of exchanges pay us to put our assets with you because you need them for market making you need them for all this stuff pay us institutions the highest rates possible on all these assets only why are we raising the price on it because institutions now paying crazy rates to borrow eth 14 15 right if we had more we would lend more so so the point is is that that you can only do that if you have few hundred million dollars worth of beef you cannot do that if you have ten thousand dollars worth of eat no one's going to want to talk to you so by pulling together pulling the community together right and we have that power it's the same power jp morgan has right we just have it in crypto right so again have a great weekend we'll see you next week hoddle on and don't forget right unbank yourself and help other unbank themselves and we'll leave with our uh song you know our anthem from uh lefty hooks know which uh i really like i think he did uh a great job uh on this thing i

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