AMA: Episode 41 - October 9, 2020
 Oct 9, 2020    0 comments   0 likes    243 views

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we're live again yeah great [Music] without a rape decentralized [Music] everyone from youtube flying in sorry everyone from youtube is flying in all right great so um um another week uh amazing uh new records right new record uh signups um i think we just hit 186 thousand 1.511 billion in uh assets under management aum okay almost er just over one and a half billion uh obviously all-time record and again all that is driven by a lot of new partnerships a lot of new um customers joining from all over the world as you know we launched bitfront which is a line company a softbank company whatever it was two weeks ago we just yesterday launched bit max not to be confused with bit max bit max is one of the largest exchanges in japan uh again owned by line softbank launched with them yesterday they're offering interest income to their uh entire community so very excited to have um huge caliber uh partners again line has 600 million customers worldwide with their exclusive launch partner uh and bitfinex is going live on october 15th uh several million customers over there so really excited about all that stuff coming in again more deposits more users more loans more interest income more sell being bought we're still probably one of the largest buyers of sell token out there a lot of uh chatter on twitter and other places both fathered as a negative we'll get into a little bit into that but i wanted to start talk a little about a little bit about the united states of america let's talk about this obviously if you watch the debates if you watched all this chaos that's going on with trying to get the politicians to agree with each other try to get them to help you to get some of these uh you know checks payment checks going in your directions so you could basically make it through corona make it through this major unemployment wave um all these things are really really not helpful for the average american and and if you look at the bigger picture right i mean we there's seven and a half billion people in the world only three and a half percent of them are americans but the most people around the world look at americans and say look how rich this country is look how powerful uh uh this country is but but in reality we are the guys that spend the most in the world not the guys that save uh the most in the world right americans spend a lot of money they don't have the average american person has four or five credit cards and most of them are maxed out and we invented a dozen different holidays to convince again these are corporate companies convincing you to spend money you don't have putting you under stress on valentine's day and on new year's and on christmas day and you name it but you name the name of the holiday and you know you have to go and buy stuff and normally you'll put it on your credit card and you'll pay 20 24 in interest borrowing money from the future money you don't have uh which great it drives the economy and and everything else but if you look at your own balance sheet if you look at your savings account it's empty always running on empty because all of us are spending much more uh than we have right so so when you are borrowing uh from that future right and you bringing uh 20 gifts for christmas home and you always have to think about that if you just took one or two or five of these gifts and you didn't buy them and you made that deposit in the future that money that you saved that you did not spend is gonna work for you for the rest of its life right so it's gonna work for you tomorrow the next day on on tuesday night it's still going to work for you but if you spent it then you are working for that interest that they charge you on your credit card you are the slave uh to the bank you are the slave to the party that lent you that money uh effectively borrowing from the future reaching out to the future spending money you don't have today just to keep up with the jones or or to uh thinking that okay if i just put few more presents on the table everybody's gonna be happier this holidays right so so the the this pressure of of providing our stuff having the latest car a bigger house a second car a third car you know paying for our kids college tuition all that stuff is pressure we all put on ourselves uh because somebody told us that's the standard almost anywhere in the world this concept that you have to pay everything for your kids does not exist this it's only an american invention where we the parents the helicopter parents hovering all over over our kids promise them that they don't think we're gonna take care of all their needs forever right is that really a good thing uh and i have six of them so i'm talking from experience it's not like i'm a bachelor who doesn't have any kids telling you giving you advice on on how to raise your kids so the my point just that you need a balance it's not about not doing anything for the holidays but it's definitely about not overdoing it especially during corona especially during this time of uncertainty uh because when if when you overdo it again you're just putting more and more bricks on your back and you're making it harder and harder for yourself to reach those goals of retirement or of uh of financial independence so let's let me share just a few screens here just to share with you uh uh some numbers from the actual and again you can go to the website this is wolf street but the data is available from uh from anywhere right uh so uh consumer debt right look at the consumer debt just skyrocketing to over four trillion dollars you can see we thought 2008 was bad look what we've done since 2008 right i mean we just basically borrowed from the future this is people boring that's not the government i'll show you the government in a second but this is just people borrowing borrowing borrowing taking more and more money from the future thinking that you can just pay it off because they feel rich because they have a stock or something else that went up in value and all that right that's is like a tax on future income yeah it reduces the amount that they have going forward right and remember again all these things uh charge interest and you have paid tremendous amount of interest on all these assets again student loans you can see uh just astronomical numbers right 1.6 trillion dollars all-time highs of people effectively taking student loans uh hoping that this or that degree is going to help them earn more money and the reality is is that you know unfortunately a lot of this education is very very expensive and again during covert no one cares how many degrees you have it's hard to get a job and it's hard to pay back all of these loans uh in any reasonable way right so no matter what category you're looking at you will see that we are just skyrocketing all-time high right consumer credit card debt right again all-time high total debt and all-time high the interest you pay how much you pay for that is also at all-time highs right auto loans right i mean just crazy used to be 800 billion in the last recession we peaked at 800 billion now it's a 1.2 trillion dollars worth of debt that has just have to do with vehicles and people are paying crazy rates to be able to afford a newer vehicle that normally they wouldn't be able to afford because basically they're getting it with zero down and so on so so all these things are things that that uh tell you that we are all we americans are all living um you know on borrowed times we're living on borrowed money and and the ones of us who change our behaviors the one of us who will uh save enough for the future while everybody else is partying they are going to do well when the music stops right and again i'm not asking you to take a hundred percent of your spend and put it all in savings but you should be able to spend 10 to 20 of your income and generate uh um you know generate returns on it which eventually will be enough to pay for all your bills right that's financial independence so so let's look at the banks for a second right so so the top 15 banks in the united states you can see the top five here you know i always beat up on the banks telling you how they have something like nine trillion dollars in deposits 9 trillion right so imagine all these banks have issued hundreds of billions of dollars or trillions of dollars worth of loans against these deposits right and these loans are issued to real estate developers they're issued to international commerce issued to corporations none of these companies almost none of these companies are doing well right these banks are going to have to write off hundreds of billions of dollars in bad loans right and most people tell me well you know we have the fdic the fdic is gonna the federal deposit insurance corporation right that's gonna definitely solve all of our problems right well let's look at the fdic right because basically the fdic is like a an insurance company that never pays right what is the fdic the fdic is an insurance organization that really helps us um helps supposed to bail out any bank that gets in trouble okay so they have to get this right because the the banks aren't safe by their own actions they're safe by government backing right so the the government created the fdic and basically said look we we're not going to bail you out every year okay so let's let's create this insurance company you you the banks right there's 5 000 you see there's like 5 000 banks that are members of the fdic and each bank pays every year pays a little bit of money right to be insured by the fdic and this is a total asset you see they hide it in little numbers all the way at the bottom of the page of how much they have in assets 114 billion 115 billion let's round it up 115 billion that is supposed to ensure 5 000 banks that have 10 trillion in assets so imagine again when these guys don't have they've issued bit trillions of dollars worth of loans if you have trillions dollars worth of loans and many of them are for these buildings and all kind of other companies that are just not going to do well during corona you know that if i am a bank and i lent you money to build a hotel and now the hotel is sitting empty uh i cannot pay that mortgage i cannot pay that loan um that 115 billion uh is gonna disappear like in a second one bank one of these top 10 or 15 banks going out of business is going to be 10 times more than what the entire fdic has on deposit that's why every time in history where we needed a bailout we did not use the fdic the fdic has never paid any american for their deposits the government when i go to the bank and they've got that let me let me let me say the punchline you you stop me right at the punchline the punchline is every time that we needed a bailout you the taxpayer paid for the bailout not the fdic 2008 1989 1970 all of these instances where the banks got in trouble there was never enough money at the fdic to do any of these things so so the point is is that that that um we are and i've said this two or three amazing i told you we're gonna have to bail out all the major banks all over again uh by the time we're done with corona because all these banks have done uh have issued thousands of bad loans and there is no moral hazard there is no stop gap and we're going to have to go back and print more money and bail out all these institutions and all these people who tell me oh alex i can't i can't trust you you don't have fdic insurance the fdic insurance doesn't do anything for you either you just think they there's a beautiful label at the entrance to your bank and when you look at you say oh the fds insured i feel so much better right so the reality is that fdac has never paid you an american citizen one dollar in distributions and and we're gonna have to this time when we bail out the banks we talk about trillions of dollars 2008 we spent about 860 billion dollars that was nothing that was like just the trial and for what's gonna happen now trillions of dollars of bailout so again if you're in dollars if all your assets are in dollars and you're bailing out all these institutions with with the all that means more and more inflation uh and more and more assets being printed so zach what were you saying i was saying that every time you go to the bank you see that little card or little sticker that makes you feel safe oh this bank is fdic insured but at the end of the day it really doesn't mean anything yeah that's right it's it's but it does look for most people uh they they think that it is real insurance they think that it is going to do what it's supposed to do sorry well thank you but the reality is that it doesn't do any of that stuff so i wanted to show you the slide because this slide shows you not just how much the us is printing right the blue area is the federal reserve so this blue area is what we're printing but it also shows you what the chinese and the japanese and the europeans are printing right and you can see again we had a big spike in 2008 right after that recession you can see everybody start printing and then the party went just crazy right i mean we went from again from four and a half trillion dollars worth of this like assets on the re in the reserves on the balance sheet of these central banks to over uh 20 uh trillion dollars today right and all that is inflation of money again it is a debasement of money remember that slide i showed you in the last uh ama where if you put it against the gold right if gold is your is your kind of like uh baseline all of these uh currencies fiat currencies lost 70 80 90 of their value against uh gold or against hard assets right so and that's why again when you when you save you cannot save in terms of bonds or stocks or cds or anything like that right you have to escape completely the colossal a uh um you know misfortune that we're about to be hit with all of this new money this is not ending it's not like okay now it's going to start going down because of corona because of corona it's going to go to 50 billion trillion with a t trillion again 50 with 12 zeros behind it right so all these things again all this information is publicly available this is not stuff that i created go to the website you know these are all institutions that that do this kind of research and if you don't like this one go look at it somewhere else for all these things you're gonna find out that the uh the data uh says exactly the same thing and the data basically tells all of us that the people who spend what they don't have eventually have to pay the piper and when they have to pay the piper they don't have anything and that's where uh again their currency collapses there is a depression now again we avoided that several times and many pundits on tv will tell you this time is not going to be different we're just going to reflate ourselves out of trouble what does it mean to reflate print more money right the solution to any problem you have corona print more money you have a deficit print more money you're running for president print more money doesn't matter what you're doing just the answer for everything is print more money right and and that only works uh so far when it doesn't work uh you're caught in in a vice right there's nothing you can do the citizen the person uh because all your assets are denominated and the government can do whatever it wants and and just look around the world and see what governments have done to their people just recently look at turkey look at venezuela look at argentina people woke up and overnight all their savings everything they had was cut by 50 or was locked up for 10 years or or or stuff like that so so all these things are are things that again we're trying to help you protect yourself from but you do need to change your behavior right you need to save more you need to spend less you need to go into non-correlated assets and it doesn't matter if you do it with celsius or do it with someone else the point is that unless you take that action uh and you take that action every month right you do these are hard things to do right because you're looking at your kids and you're saying of course i'm gonna buy you this lego set right how can i say no to my kid uh but by buying that lego set if the lego set cost a hundred dollars that is a hundred dollars it will not work for you for 20 years that a hundred dollars could be a hundred thousand dollars in 20 years if it earned interest and if it increases in value because you put it into bitcoin or you put it into gold or you put it into anything else right you will never be able to sell that lego set for 50 right no one's going to buy it from you so so all of these assets that you're accumulating are instantly losing their value you bought a car the day you drove it out of the out of the dealership it already lost 20 percent of its value almost everything acts that way you bought a handbag beautiful handbag for your wife it's worth half instantly try to sell it go online see how much you're going to get for it so all these things are things that immediately depreciate in value versus investing in assets that increase in value right again um you know bitcoin is up 9 million percent over the last 11 years 9 million percent didn't matter when you bought if you bought it once a month uh uh you would be up again probably a hundred thousand percent versus where you are today so so again i'm trying to change behavior i'm trying to share with you uh some of the information that uh of of what i do again this is not financial advice i'm not your uh accountant i'm not your lawyer and everyone has to make their own decisions so i do want to share with you the a great site that i use a lot um which is uh coin360.com which gives you very nice views so you have basically all the coins here uh bitcoin ethereum right and you have all the erc20 or all of the coins the tokens that are running on top of ethereum you see them here you can even see cell token in here right and the beauty of it is that you have all of these filters so you can basically go and say okay show me all the tokens right and and show me for example the top performers for the last month right so you can see cell here shines very nicely if it's green dark green it means it's doing well uh so for example if i want to look at the top 100 gainers right this shows you who did best over the last uh one month right like it and it ranks there's 3 000 uh tokens here right that it basically ranks all the tokens that exist it's just tiny you can't see them but this shows you this this is a great uh filter that gives you a great idea of uh by market cap by volume uh and so on which which you can use very easily to kind of tell you um what's happening in the market and and and how you should be basically looking at all these different assets right so um so definitely a tool that oh you can also use it as a on one of your screens it kind of lives there right and helps you keep track of the markets and where things are very intuitive and visual tool uh that you can use all right so um another point that people make a lot of people basically people just don't take the time to do the math i'll give you one example right so we talked about how celsius doesn't charge withdrawal fees and how does that compare to d5 for example right so if you're earning 11 and a half percent on stable coins or you can earn 15 almost 16 in sell on stable coins how does that compare to investing it in d5 right so if you go to d5 you may catch a little bit higher rate here and there but again you never take into account your transaction cost your withdrawal cost sometimes you have to convert it three times before you actually can do what you want to do right and and when you account for all of that because most people play with whatever few thousand dollars the fees end up eating half of your gains right and you end up looking at your net income and when you compare it to what we pay out you'll end up actually making less that you make on celsius so the same way i want to talk about buying coins so i'll give you an example right uh most people go to coinbase or binance or whatever and they either transact with their credit card or they transact with a ache and then coins base locks up because of fraud right they want to avoid fraud they basically lock up the transaction for either a week or two weeks sometimes even longer and during that time even though you bought the asset it's not earning interest so take the same transaction celsius right we have ach now we have sepa and which which is the european version of wire transfer right and basically you can buy these assets you can buy bitcoin ethereum stable coins i think usdc and uh those assets immediately start earning interest even though yes they're locked up meaning that the selling party is not going to let you withdraw them and go somewhere else for fraud but they start interest earning interest right away so the celsius celsius charges no fees and the fees that these providers charge us are the fees that we charge you 0.1 percent for ach and 0.5 for sapa these are the lowest fees you can find anywhere so if you have if you have been buying your coins on coinbase just for as a creature of habit i urge you to try our ac agent seppa and credit cards transaction and really do apple to apple comparison on how much you earn right because the clock starts with celsius the second you purchase that asset where normally you would be delayed a week or two and if you're buying an asset that has a high yield like ethereum right now is nine point something nine point six percent or something uh uh you're really burning a lot of self-talking you're not getting that self-talking you're not getting that ethereum that you'll be earning on the asset so wanted to make that point um so you know we we talked about how cash is trash and uh and uh don't get caught holding too much cash right so so again there are great programs that allow you to buy things automatically every month and it is if you want to use some of those it kind of forces you to buy bitcoin and forces you to buy something else automatically out of your account it's a great way to to force yourself to do the savings that we're talking about um so we are i think we talked about last time the um we wanted to tell the life stories of many of you who celsius have helped you change your life and we have a few people that volunteered we're looking for more we're looking for more women we want to hear from more women who kind of use celsius to really change their life and and and have a much better experience and and have again your money work for you versus you just working for for the money so if you want to reach out to us again you can email me or um um or or zach and and we'll we'll get you we'll get your story uh written up again you're gonna be able to also appear on what with us on one of these amas in person so if that's something you can check that that background is not a fake zoom background you can go on actually okay let me let me see if it's a real tree or a fake tree you know or whatever um but we're looking for at least another five volunteer also still looking for uh uh for an assistant so if you think you can help uh you wanna learn from the pros you wanna work with us uh one-on-one in new york city uh email me alex machinski.com include your bio and show me why uh you are the chosen one who can come and um work on all these things with us zach i think you had a few points right what what yeah i noticed you were uh wearing two shirts there is there something that you were showing you're hiding yeah you told me to put a shirt because i was like uh i'm supposed to hide my no just kidding we're doing some kind of promo right so on top if you don't just want huddle right if you're not happy with the huddle shirt we're gonna do what what's leading giving away uh seven of the machine shirts uh especially you could be part of the machine you could be a machine also right that's what you're saying anyone can use that all right how was my uh to win these what you need to do is go on twitter and share how celsius has changed your life in any way it has and use um celsius success stories and tag the official celsius account and we will be giving out seven of these machine shirts excellent love it so um but exactly seven not eight and not six okay so seven only seven limited production so far exactly and um so we we keep look the one percent loan program is still alive again we we don't know how long we're going to run it so if you don't take advantage of it now to lower pay off your credit card bills to pay off your student loans all that stuff uh you're not giving yourself uh you're doing a disservice for yourself especially if you had sell token and it really increased in value did again we are up two thousand percent in the last year you're up two thousand percent you know very very few people in the world can say that that they've all ever owned an asset that's up so much so if you're not using that to pay down your credit card bills and uh what are you doing right just you you continuing to let the banks steal from you from your pocket so definitely go ahead it's in the app it's very simple you open the app it says loans you click on it and um you know and you can basically take a loan against your assets if you're in a state or in a country where you cannot do that again our team can help you figure out ways uh legal ways to do it we have bank partners we have commercial partners so reach out to us uh um you know and we'll we'll try to help you uh uh get these loans uh going so uh also i saw there were a lot of chatter about the dollar fifty what happens if all the celsius uh all the celsius employees get what's gonna happen to the celsius when the celsius employees are gonna get their dollar fifty allocations so i can tell you even though we're still finalizing the program and so on uh the senior management team uh is locking it up for three years uh there are many people uh especially you know on an executive team we're gonna lock it up for two years and i think almost everybody without exception i mean i think almost everybody out of the hundred employees we have uh is gonna do at least the one year lockup so i don't see any kind of outcome here where a day you know like cell token goes above dollar fifty for ten days and we allocate these tokens and instantly uh it just crashes to ten cents or fifty cents or a dollar or anything like that right so when we say vesting it means that we actually keep them locked in those wallets in the celsius wallet so people can it's not like a person says okay i'm locking for two years and they can change their mind two days later right it's it's basically locked for that period of time um so i think uh it should make everybody feel more comfortable that the celsius employees are aligned our interest we think it's going higher our interests are aligned with uh with the celsius community and um all that should help again if you're still if you cannot buy a all the tokens you want we have an otc at celsius.network all you do is email otc at celsius.network you tell them what you're interested in and they'll either match you to another seller or they will find tokens for you from one of the other sources and and uh try to fill up the trade so so help you get your orders filled um let's see what else um we launched z cash so z cash is back i think it's four and a half percent or something like that so really excited about that and everybody will be getting their 1099s i think in january as well so if you're a us holder will be issuing you a 1099 for everything you received or from celsius we have to do it by law we're just following the regulations uh also um we are looking to add more influencers to help spread the celsius uh gospel so if you have any recommendations if you have specific people that you think are like basically already do and talk about what we talk about every day right they're here to do good and well let us know who they are again send us the names or our twitter link or handle so we could basically reach out to them and and make them part of the celsius community we're always looking for more influencers and ambassadors uh to join us uh and uh we're still working on this block explorer the proof of community so that's coming soon uh it's in beta right now and uh really excited again we you're gonna be able to track and verify and validate like when i'm saying to you whatever a billion and a half in assets under management all of that you'll be able to verify by yourself again open source you can look at the code and all that stuff is going to be um open kimono policy right um all right so zach you had a few things you wanted to mention i think i i what else yeah the uh bitmex what's going on with them they got attacked by u.s regulators and now everyone's jumping ship yeah well look when when you are you know i think the u.s regulators were pretty clear about the know your customers anti-money laundering again celsius when we f formed the company one of the first things we did is register with vincenne uh implement kyc for all of our customers all of that stuff and we did right away because we just didn't see any way how you do this business without be staying compliant in not just in the united states but also in every country around the world i think some of these players who thought the rules don't apply to them are paying um for it today right some got indicted some got arrested i think um the ceo of bitmex resigned this post so um so these are all look it's a good thing bad thing right on one side it's it's good for the community that we're clearing of non-compliant players because again we're gonna it's gonna allow us to get faster to an etf to get institutions to participate we remove the friction uh for getting into these assets and all the hodlers in our community right are going to benefit from it because the value of the coins is going to go up so we're removing one by one the obstacles for allowing a lot of other participants to join this community but at the same time the uncertainty right the the who's next right and there's a lot of people who are like okay it's finance next or somebody else next right and so and i think binance for example did open a u.s compliant exchange they basically said okay here we're going to create this copy of binance that is us-based that's going to be fully compliant full kyc blah blah blah so i think they're a little bit of running ahead of the regulations which is good but many others not still there's plenty of places on on in the crypto world where you can just go and do this kind of stuff and still pretend like these rules don't apply to me they're never going to catch me they don't know who i am believe me they know everything these guys are are pros so again none of this stuff is relevant to celsius because we've been doing all the stuff from day one again it's much harder to build 186 thousand users when you are requiring everybody to answer 30 questions like we do right to open an account when the competitor doesn't ask anything uh but we are long-term players so for us this is not a a problem it's the opportunity right now the last thing was what do you think about square announcement yesterday putting 50 million of their treasury in bitcoin and following uh microstrategy are we going to see this trend pick up so microstrategy was a definitely a surprise especially the size of the ticket that they wrote like you know a few hundred million dollars i think square uh if you go to jack dorsey's uh twitter just says one word bitcoin you know so you know he lives uh breathes and and uh and eats uh bitcoin every day uh but it was great to see obviously square not just talk about it but also uh uh buy uh or put an allocation into crypto i think um you're definitely going to see some other corporates do that but you're going to see that avalanche closer to when we start to see inflation and we start to see again this debasement of the us dollar right now even though you've seen all this printing right 20 to almost 22 trillion dollars worth of printing of new money worldwide because everybody's printing at the same time it's almost like you know no one feels it because effectively all the other guys are printing just as much as we are so everybody's being debased at the same time but but when people start realizing that okay my my milk is costing four times as much going to the restaurant is costing four times as much as much right that's when you start feeling inflation today we're still not feeling it uh as as heavily and because of that i think um that race to again by no correlated acid which is what jack did right he basically went and bought an uncorrelated ass he took the cash that he has in the bank and he bought an uncorrelated ass macro strategy took that 500 million dollars in cash took all of it and bought bitcoin with it right and these are some of the smartest people in the world right i mean they're they're uh doubling down on bitcoin and you're buying presents for christmas so you ask yourself who's who's smart and who's not all right and a question that came up earlier this week was what do you think we should call cell token units oh um i saw some uh surveys that suggested i think the winning the winning suggestion was that we'll we'll call it the machine or something like that right the machine or something yeah listen satoshi's worked pretty well so why not but but i think when we minted cell token we only allowed four digits not 16 like i think uh basically when you create the smart contract you'd find how many decimals are in there and we did not allow for enough decimals that was just a bug somebody forgot to somebody clicked 4 instead of 16. and because of that we are actually restricted from changing that forever we will never be able to have uh a satoshi equivalent uh so for us it's just the one one thousands not one one millionth but one one thousands of of the cell that's the maximum we can do so a machine ski or anything you're going to call it is going to be 1 1 000 of a cell but yeah um great so let's do some questions i know there's a lot of questions uh pending and we'll get started and and go from there all right all right first questions from layla how can you one person on loans pay 11.5 percent stablecoin it's a great question because it makes no sense right i mean a lot of people say wait a second they pay 11 and a half percent of stable coins but if i take a loan they charge me one percent that's a scam right so so we did a i think a 30 minute explanation on this uh in one of the amas i think it was either four or five ama's ago where i went in detail and explained what we're doing so i'll do the very short version here and if you want to learn more we will actually crop that tom is going to crop that and put that as a q a so you can easily find it in our q a section but basically uh the one percent loans are only available at 25 ltv so you you uh the user are giving me four bitcoins or four cell tokens or for ethereum for the dollar equivalent of again one bitcoin or one cell or one ethereum right so i'm getting four times the assets so we don't really make money we don't make almost any money on the loan itself the one percent uh the in interest that we charge you just assume it's zero right all the money we make is that we we have four times the money we lent you we have four times the value that we lend out to institutions and then we charge as much as possible we still charge them eight nine ten percent times four right so actually we um at one percent celsius uh is benefiting or the celsius community is benefiting the most we want many many more one percent loans and again these are profitable loans for celsius they're profitable loans for the community and obviously for you if you use that to pay your 24 credit card it's a win-win-win the only loser here is the bank that used to charge you 24 for the money that they lent you right the money you don't have right because when you borrow your credit card when you charge your credit card you you borrowing from the future and and they would love for you to have that balance till the end eternity right because they just making 24 a year again look at your statement see how much you paid them so it's a great transaction for you it's a great transaction for celsius and it's a great transaction for the celsius community next question carlos and the chat had a great question what are those institutions exactly are the exchanges hedge funds yeah so we work with all types and most of them are you know large financial institutions so they are basically professional wall street either trading firms or investment firms or or we do work with exchanges as well but for every exchange we work with there's probably 10 institutions that we work with so so these are all famous names that you know like that normally don't want us to mention their name but i think i mentioned before uh genesis and galaxy digital and and few others that are people that we work with uh and their business is crypto their business is to make money and many times we will borrow from them and sometimes they'll borrow from us so usually it's a two-way street for most of these obviously we lend them the assets that we have and they lend us the assets that they have and and our job is just to always charge them as much as possible for these assets and again 80 of that goes to you in the form of interest rewards okay a question from tobias does celsius um contribute to crypto going up or crypto going down overall yep it's a great question so i love uh there's a lot of novices who kind of say oh you are the one enabling short sellers because of you on sunday night bitcoin dumped 30 percent or whatever um most of our uh i mentioned this several times before most of our borrowers are not uh uh they don't take directional bets right so when you form your uh hedge fund or when you form uh your capital as an institution you have to create a charter and many times if you have over 100 million in assets you have to register with the sec or some other some other regulatory body and you state to them what is your intent right and and because the same thing you state to them you have to state also to your lp's or limited partners are actually the ones giving you the money into that for that hedge funds and and basically if you're going to do shorting which is the riskiest part and you have to state that clearly and you have to say for example okay half of my assets or 20 of my assets are going to be available for shorting right so the more is available for shorting the less lps will feel comfortable with you on the other hand if you form the same hedge fund you say i do market making i do arbitrage those are much safer activities and because of that more investors are going to put more of their money with you right now you still have to deliver yield and so on so on so all i'm saying is that celsius almost never lends to people who are short sellers uh we have again over a billion and a half in assets and if i had to look at how many how much is given to people who have uh short positions it's probably going to be less than five percent of that allocation right so so are we influencing the market uh yes we for the for that five percent if they shorted xrp or if they shorted bitcoin uh probably there was some price uh uh effect there was an effect on the price but you have to remember that 95 percent of the assets are hodler's assets so we are helping to remove 95 of these assets from exchanges and other places where those people are manipulating the markets with those assets when those assets are not available to these exchange like bitmex for example right then there's less volatility in the market so if anything we're creating much more stability and the coins that we lend out to these institutions i mentioned before are used for market making market making is a stabilizer of the market it's not something that brings down prices arbitrage is the stabilizer of the market because all it does it eliminates price discrepancy between different exchanges right so by eliminating that price discrepancy you are effectively making a much more stable market so so we are uh uh uh you know like a ballast we are the weight uh and especially now with a billion and a half uh in aom uh that is a very important piece of the of the puzzle here uh to enable more stability uh in the markets zach did we lose you yeah we got to get a faster zac is in arizona i mean they have pretty fast uh internet connection there so not sure you're back here we go geez louise all right we're still running yeah we are i just finished talking so your timing is perfect what's the next question fantastic raymond's asking uh the interest rates are so high right now uh what were interest rates like during the depths of the 2018-2019 bear market yeah they were much much lower and we do have a historian that tracks all of our rates so go to celsius.com and go to statistics there's a button there's excess statistics and they have a history of like two years or more of what were the rates for any of the coins it's just unbelievable when you when you look at it and say what you guys used to pay three point two five percent for bitcoin and ethereum was i think at one point below three percent uh obviously now it's at all-time highs for all of these coins and these are all things that we're really proud of right i mean i always say that uh all the skeptics all the naysayers uh we just posted a video with uh tim draper right there kind of saying giving us a little bit of credit i went to see tim in 2017 and and he just thought this was crazy right he was like who's gonna give you their coins he's like alex i know you and i'm not going to give you my bitcoin even you i'm not going to give it to you you know like so so he was just a skeptic that not just that we people will trust us but also that this yield generation is going to be sustainable and obviously like what i remember talking about okay well great you you'll make whatever five percent on 100 million but when you have a billion dollars you cannot make five percent it's it's a hundred times harder to earn that yield when you have 10 times the money it's not 10 times harder so we were a little bit lucky right but we were most of our success is to do with the hard work of the people inventing all of this stuff inventing d5 inventing cfa inventing all of the stuff no one did yield uh income before celsius no one there was no place you could just go deposit stuff and earn yield right now we have 100 copycats and everybody calls it whatever but you know i think uh we've created a new market and again we've copied a lot of the best ideas from wall street not not a lot of these ideas and you're not new ideas globally they're just new ideas in crypto so applying it to crypto figuring out how to do security how to onboard the institutions how to do management with these institutions right not to lend to people who blow up look every day you hear about somebody pulling the rug blowing up celsius has not had a single event we only work with the best so that is a testament to to to how tight we keep uh this going right because uh we can't afford to make mistakes even though we have again hundreds of millions of dollars of our own capital now right uh because of cell token and everything else we feel rich but we cannot afford to make a single mistake next question sure uh matt is asking could you make it possible to white list several addresses from each coin instead of just one so the reason you have one is because uh the safest way to manage your assets i mean i made a mistake not too long ago a few months ago i uh sent somebody uh i don't remember if it was sell or bitcoin and it was the wrong address i send it i was trying to send the person a and i send it to person b and it happens to be my friends they send it back to me after making fun of me for a while but but the point is is that if the pros can make the mistakes uh then we we're done right so so keeping one address is not because technically we can't put 10 addresses there or technically we can tag them and call them mom or john or or whatever right or celsius the problem is is that our brains uh fool us especially when you're tired or you just want to do something quickly and and these are irreversible mistakes if you send a wire transfer and an hour later from your bank and an hour later you discovered that you made a mistake you can always call them and because the recipient is also a bank and it's a good actor right you have a good actor on both sides there's a very very low chance that you will not be able to reverse the transaction uh try that with crypto try to send somebody some blank address something and see if you can get it back so so we uh have not found a fail-safe way when we have a billion users on on celsius and these are celsius to celsius transactions then we can maybe do a lot more of what you're talking about what you're asking for and so we just need to grow we need to get to you know we need to get to that 100 million mark that we're all targeting and then get to the billion mark and then you're going gonna start seeing us doing uh magical stuff that today i still feel unsafe uh providing next question sure all right kathleen is asking uh will you be supporting iras in particular roth iras it would be great to get interest on coins that are growing without paying capital gains taxes yes you can do self-directed ira you can do roth ira you can do a lot of these things already we have several vendors that we've vetted and i will be adding those to our website for you guys to benefit from also tweet them out so you don't have to wait for the website because i agree with you i think it's a excellent way it's one of those tricks that again the rich people have of deferring or pushing taxes 10 20 years into the future but i would make a caveat that no matter who wins this election uh i can assure you that in the next election or 10 years from now whatever eight years from now um our taxes are going to go up right so so the idea of deferring mostly had to do with not with the in the future or my taxes are going to be lower it had to do with in the future i will be older and i'll have less income and then i can use this and pay less in tax but the way we're going with all the sprinting uh our taxes are going to go up sooner or later because the only way for governments actually to recover from this colossal mess that they're getting us into is going to be to tax us and our kids uh to infinity and beyond so so i am even though i agree 100 with the plans uh you have to ask yourself when are you going to pay lower taxes than you're paying today so i would balance depending each person has their own financial situation but i am paying taxes right now i'm paying as much tax as i can uh because i have long-term capital gains a lot of stuff so i feel that doing it now is probably uh the better way instead of waiting for the next election or the election after that and hoping that these are going to lower taxes even more so a lot of consideration again not financial advice i'm just sharing with you my uh my thinking i mean i i had to sell some sell tokens because of that so so it's not like i'm i'm loving it and it's just that that um i i don't see any way where we come out of this just the united states 27 trillion dollar in debt plus 120 trillion 120 trillion in unfunded liabilities okay god doesn't have that much money so so just a um you know i just i'm very uh very worried and again the bank's gonna have to be bail out that's another 10 or 20 trillion i mean it's just it doesn't end okay so um next question sure okay uh gene is asking how do you pay interest on sell token itself i'll give you a trick uh you can earn right now something like 50 or 60 percent on sale right go to unit swap there's a two pairs there there's a pair each cell and there's a pair usdt cell i think or usd c cell and those pay you interest meaning if you take your cell token you and each and you deposit both as an lp a liquidity provider on unit swap you get paid interest so we have many many ways in which we generate uh income uh from sell and we are looking to increase that we're actually always looking for new ideas but we land sell we to institutions we uh we do transaction we sell we use it as collateral so there's plenty of ways that sell functions to create a yield and income for celsius and we hope that as we increase the utility uh i mean when cell launched i think it was three percent then we raised it to four point something then we raised it to five so as we increase the utility of the sell token uh we hope to pay more and more again i'm a huge owner of sell right i'm cheering for for sale to increase in price and also to pay more uh yield right it's it's it's a huge uh uh double benefit right so um all these things take time uh but as we are now top 40 soon we're going to be top 30 uh people are taking sell much more seriously and they're willing to accept it for many transactions that before they were not so all that stuff helps celsius uh earn more and when we earn more we pay more and in the chat we're getting a ton of questions about cell swap if you could talk more about that and sell tokens role in that system so we we're not the uh we didn't launch it's not celsius launching cell swap cell swap is uh effectively like a community effort and um so anyone can basically launch a smart contract you can call it sell john or you can call it sell sushi i don't know whatever right so so the the issue is not about launching it the issue is is creating um convincing the community that this project is good for the community and it's good for cell holders right so so the main idea behind cell swap is that no matter what you do you either go into cell meaning you convert ether to cell or you're converting cell into something else right so it's not about it's not so much about i want to convert e to usdt and i'm gonna go through cell to do that right that's not so beneficial but if you wanna uh basically take some of your cell and and and convert it into e because you think each is going up but when the transaction is done you wanna go back into sell that is a perfect scenario for sell swap right where your base currency or your base token is sell right because you don't want to be in bitcoin or you don't want to be in something else you you constantly most of the time want to be in cell so um we are happy to support it we we might provide liquidity just like we are providing liquidity for uniswap we will probably provide liquidity for cell swap but we're not setting the rules we're not the you know like we're not the guys building it right so um so i think i think it's a fork but i don't know the details and and when it comes out again i don't even know when it's coming out but when it comes out uh obviously he's gonna need to have an audit and it's gonna take us a few months uh to make sure that it's legit i mean look there's constant uh new d5 platforms coming out where we when we start digging in uh we realized that uh okay there's a hidden uh whatever uh rock pool uh or there's a hidden ability for these guys to give themselves extra token like sushi swap did right so swap gave themselves 10 of every transaction effectively and then the chef pulled 12 million dollars off right so unless you read the code very carefully you thought that it was just a copy of uniswa but it wasn't so so all these things are are things we take very very seriously and we're very proud that in the three years that celsius has been around there hasn't been a single incident where a project we included caused our users to lose money i'm not talking about prices going up or down but i'm just saying kind of adding something to the wallet where suddenly the founders or somebody else just disappeared or shut it down or stole the coins or whatever and these things happen more than you can imagine so it's not like it was it's easy to pick these projects and we say no to every day i get emails every day from projects saying add us at us we'll pay you money some people are willing to pass hundreds of thousands of dollars to be added to the cell wallet but but you know that all they're going to do is hurt the community so it's a walled garden in which we are protecting the celsius um um you know because i warn people in the last ama i think but because right now you can go on unit swap and you think that all these projects on unit swap are defined they're not all d5 there are pairs there that are just sharks waiting for you to participate they're teasing you with the teaser rate right oh come here make 100 and then because you have to put eth and this other coin uh they grab your money and disappear right so so it happened several times people trusted uniswa but it has nothing to do with uniswap anyone any of you watching me can place any coin or any any a pair on uniswap they don't there's no restriction there's no checking it's the wild west right so just be careful next question sure okay stephen is asking what is the difference between dollar back stable coins and decentralized stable coins yeah so so the main difference would be like die versus usdc so usdc is a trust company that issues it right so it's either a circle or coinbase and when you give them money they actually go and buy treasuries with it so your dollars are sitting in u.s government treasuries which is safer than giving it to the bank when you give it to your bank they don't buy treasuries they just give you an iou citibank says i owe you a thousand dollars versus uh coinbase buying a thousand dollars worth of treasuries right so so usdc for me again other people may have other opinions but for me usdc uh is a much safer financial tool uh than depositing money with the bank then you can take that usdc give it to celsius for example earn 11.5 percent when you give uh your when you mint die right so you deposit each for example you mean die a uh even though it's considered a stable coin because it's pegged to the dollar and it is not everything i just described it's something completely different yes it's defined it's beautiful you know roon should get a nobel prize for coming up with this thing right so i'm a huge uh fan of maker and and i've said that a hundred times you don't believe me there's an interview of me and roone on our channel and you can see me praising him for a whole hour so uh that is an exceptional addition to the crypto world but it is not a stable coin that is equivalent to usdc or to tusd or to gusd the gemini dollar and so on so um so again you have to do your homework you have to understand what you're getting yes it may be paying in celsius exactly the same rate a little bit different rate or whatever does not make it a u.s backed stable coin next question all right theo theo's asking um how large do you see the total addressable market cap for crypto institutional lending um so i think the market will expand beyond just institutions i mean i can tell you that when we uh started this and we said okay we're gonna focus on institutions and on exchanges we didn't see a thousand d5 projects sprouting and us us being able to put whatever 10 or so of our assets for example on d5 right so so i think you're going to have more and more of these things happen it's not about a institutional lending growing a hundred times bigger it can get ten times bigger but it's probably not going to get a hundred times bigger so when all these institutions join and the ones that are waiting for bitmex to be shut down and all kind of other stuff right because they don't trust the network today and they're all gonna need borrow and they're all going to look for who is the largest the most trusted entity and we hope that we will be the top one right i think we are today we have more institutions than anyone else on board it but we definitely want to enable many many other services and retail lending in my view retail lending is going to be a bigger business than the institutional lending business so as our community grows and you can see that acceleration it's a hockey stick right we're adding more and more people every day faster and faster and faster and more of those people need loans so as those people need loans we will have many many more millions of dollars being lent out to the retail community not just to the institutional community so you want a mix of all these things and we're just at the beginning right so this is uh a um you know i i hope we're gonna have a few more surprises like again a very robust d5 community uh but we have enough legs to the stool today right we have enough businesses that i don't see any problem with us going to five or 10 billion dollars in assets and not being able to earn those high single digits i mean i can't promise you double digits but i think we will be able to continue paying uh the highest rates much higher we are paying 50 percent more than block fire right now and people still have their coins that block fire right and watch their videos watch the two of them talking about all about themselves show me one minute where they mention anything about the community the crypto community or their customers all they talk about is how they're gonna have this amazing exit and they're gonna make a killing and whatever else right so so if you're if you're uh um um you know if you have some of the assets somewhere else you have to think to yourself i mean why are you enabling these people right are they here really to help you and your neighbor and your and your family and everybody else so they're just here to help themselves so um you know i think we our success has to do with us being transparent with us being um doing everything we say uh and the other guys just say they don't do right i mean uh they hope that no one is gonna find out uh about their celsius right i mean some of these guys went out and you know basically paid people paid influencers not to talk about celsius right so if you're listening to um again i'm not gonna mention names hopefully these guys will change their ways but there's a dozen famous people that you listen to every day who would never say the word celsius on their podcast or on the youtube channel on their twitter right i mean we launched the largest player to ever enter crypto line corp right owned by softbank look them up go on wikipedia look up line corp right and nothing not a peeps no one is talking about it that is because again the the coin base the coin desks the the blocks the the you know all of these guys uh you know peter mccormick for example right why doesn't he say anything well they paid him not to talk he's muzzled he's like this you know and i love peter it's a great guy but but uh so so we need you guys we need your help to tell the community what's happening right to show them hey if giants like bitfinex and lion and and bittwala and and uh mode in the uk and we have two thousand partners right if all these people are choosing celsius no one is choosing anyone else you're not gonna see partners launching with an exo block fire whatever why why is that right so if all these people are choosing celsius what does it say right they've done their homework they know what they're doing these are multi-billion dollar companies next question all right um you know i don't care how much they pay you can't stop the machine what happens to the coins i have with celsius if one of the third parties defaults on a loan yeah so so um first we have collateral with them right uh so the larger the smaller the institution the more collateral we have right so the riskiest uh scenario is alex you trusted some hedge fund they only had 10 million dollars they made a mistake and they got hacked or somebody stole their coins on well if they're small we have a lot of collateral probably more than 100 collateral right so so the chances that somebody like this will uh bring us down is zero right uh and we would never if somebody has 10 million in assets we'll lend them i don't know half a million dollars we're not going to lend them 10 million right so so the risk has to do with the balance sheet of the company we work with many institutions have billions of dollars on their balance sheet they give us a corporate guarantee and they give us collateral right those guys may be giving us only 50 collateral but but the chance that they go out of business is pretty pretty small right so so our risk uh uh if any of those people default we uh have to return those coins to you so we're gonna go to our treasury we're gonna buy some bitcoin or ethereum or whatever xrp whatever you had and you will be have you'll get all your coins back again let me state that i do that every show so let me do it again right now celsius can return all the coins to all of our uh users and without using a penny from our treasury right so we have all the coins available we have not had a single default we're not in a single uh institution not past interest or not return coins when we ask them uh and again i don't think anyone else can say those things that i just mentioned and we're profitable so try to try to ask anyone if you have your coins with anyone else have them say those words to you publicly just say i would like you to go on a public video because this will be fraud to say that it will be fraud for me i'll probably go to jail if i said that and it was untrue okay so so this is not just something you say again i live in new york state right in new york city these are the toughest regulators in the world right they don't you cannot do these things uh unless uh you're sincere and unless and again we are we're about to publish our audit and our uh third-party audit and everything else so i'm saying this because i know for you know as as best as i can know that that all the stuff is true so next question all right james is asking we know alex is a superstar but can he discuss the management team board of a board of directors and advisory board what happens to celsius if alex can no longer manage it yeah so um we have them listed on our website if you go to our team and scroll down you'll see the advisors and we are adding a few board members right now uh the board has three people uh so me daniel uh my co-founder and uh and another uh very senior person from the you know a banker who's also very familiar to all of you in the crypto industry and we are going to add a few more names to the board and i agree with you we definitely want to have governance we want to have continuity i ran uh two different public companies so i know exactly uh what that means in public settings so this is not uh you know we're gonna do it right right so and we're not gonna do it like this governance tokens that you see up there which don't really mean anything right it's going to be structured very similar to how a public company manages succession and manages oversight and manages audit trail and everything else okay question from garrett um i can't get a clear picture of how margin calls work can you plot how adding funds looks like when i do get a margin call so uh when you as an individual you have a loan with us you get a margin call you have three options you can uh return some of the loans so send us money back uh you can add coins any kind of asset right we support 35 asset doesn't have to be the coins you took if you took a bitcoin loan you can deposit eth you can deposit sell token it doesn't matter what you deposit all that will be used to basically uh um eliminate the margin call that you had or you can ask us to basically take some of the coins or sell some of the coins on your behalf right so you're saying look i don't have any more money i i use the money for example to pay my credit card i just not going to be able to do it in time take 10 of my bitcoin and liquidate it so you could basically create more take that cash and pay down the loan and eliminate the margin call so uh again a lot of that is automated you can do it all by yourself in the app and but if you want to talk to us we're available basically seven days a week our customer service runs i think seven days a week unlike many others and you can talk to us last time when ethan was crashing people got really nervous and so on and we helped them and and it came back and everybody was happy but but sometimes it doesn't come back so quickly so you you definitely want to have enough cushion so you can sleep well at night and if you took too much in loans uh just you have to decide which one of those three options you want to use we will always act in your best interest we do not charge any fees we don't have liquidation fees or termination fees or or some other people creatively called it what they call it the maker calls it when you uh when you have a margin call oh gosh anyway it's but it's a fee okay they take your money 16 percent yum grab 16. so we don't we don't have an incentive you see the companies a lot of companies just make all their money on fees so they have an incentive to liquidate they have an incentive right a bit bit mix charges you 20 when they liquidate you right so of that amount right it's a lot of money so so we uh have never charged a single customer a single fee right we just don't that's not it goes against our you hear the sirens now and this proof of purchase you know i mean new york city you know um we always have sirens here uh but my point is is that that uh we want to make sure that our interests are aligned with our customers and by creating a business model that has zero fees again block fine next so you name a company i will show you a hundred different ways where they charge you fees withdrawal fees and and inactivity fee and and you name it right origination fee name it they even have more fees than the banks i mean it's just crazy right so how is it that only celsius figure out how to do this without fees and that all starts with acting in your best interest if you think about that that way then you see you don't need any fees if we can generate yield we keep 20 of that that's plenty i might have to lower that we might have to keep only 15 next everyone's happy to hear about that uh gianna is asking uh if i take a loan using cell literal is my platinum or 200 status affected no none of your stuff is affected the only thing you lose when you take a loan is that you are not being paid interest on the coins or tokens that you are using as collateral so if you have let's say a hundred thousand sell and you're taking 20 000 sell to take a loan 80 000 cell would still earn interest but the 20 000 that you're using as collateral will not be earning interest that's the only kind of uh like you know it's the only thing that you lose right you're still top 200 you're still uh platinum you're still everything right we are not again that would be just cheeky right like stealing from you if we did that so you know no we don't do that but i'm sure one of our competitors does yeah if not they will be soon yes okay uh patrick is asking i'm looking for a read-only api to track my portfolio without having to log into the app will this be a part of the web portal yes so you'll be able to do that and uh again we have a version coming up in like two weeks or something like an initial version and then a full uh desktop version probably in january so um yeah but definitely a full api again our partners have apis today right so like uh line and uh bitfinex and all these guys all using apis so we just need to to enable it for retail uh we need different functionality and we're just developing that extra functionality there all right chris is asking is there a 2021 to 2022 roadmap available i would love to see what's planned for the future uh we currently don't publish it for competitive reasons again most of our competitors just copy everything celsius does not the no fee part but everything else and so we decided to make their life a little bit harder and not publish all that information we do release a new version every two or four weeks so you'll see a lot of new stuff coming in uh and again look a lot of the functionality uh is available through openers so i'll give an example or in the uk and you want your account to be in pounds and you want to link it to a bank account that's why we partner with mode right mod right mode go to the app store download their app it's all in pounds powered by celsius same rates uh and you get a pound based uk bank account so so you just have to look at the list we have uh partners the page the partners page on the website is going to be updated to include all the options again monarch and and between germany and so on so on so basically you can choose what you need you're in japan you should work with bit max right not max bit max uh and so on so because all of these partners have their own uh benefits for example voyager a lot of people don't know that voyager is offering interest rates with through a partnership with celsius so you want to trade your stocks and have crypto in the same wallet virginia is probably one of the best options you know just uh uh you still get the celsius uh interest right so uh we we will update the site i know when we refresh the site we lost some of these names ryan is on it all right uh simon is asking when it becomes commonplace for banks to store people's crypto for them uh will still celsius be able to maintain the edition with the bank i don't see it as competition i can tell you uh when i did voice of ip everybody told me well what are you going to do when all the phone companies start doing voice of ip and we're like well we're going to do it for the phone companies and that's what we did right most of my customers ended up being the phone companies the same thing here the the banks are already talking to us right we have several bank partnerships uh we are going to do many more uh and you guys start seeing banks uh mode is a bank i mean mode has i think a banking license in the uk uh uh they're offering you a uh what do you call it a pounds based banking account right so so we're not even though i said bad things about banks it doesn't mean that all the banks are bad it just means that that uh you know it's gonna take some time for banks to move into crypto but when they do um they're gonna partner with us just like line and bitfinex and everybody else because it's much easier to do that than to build all the stuff from scratch so um are our rates going to go down look if banks wanted to pay you 11 percent on their dollars right now they would have paid you right they don't need to get into crypto to pay you that so the reason they are not paying you is because today uh 99 of the us population gives them their money every month when they get paid every two weeks without requiring anything right so that's why they don't have to pay you anything so we are here look we forced coinbase to pay interest we forced binance to pay interest we forced all these guys to pay you interest now they're not paying as much as celsius but how much do you think binance would have paid you if celsius did not exist you tell me next question all right uh this is the last one from eric how is celsius going to pay interest when all the cell is being held in the app or by the company uh well i don't think all the cell is going to be held in the app i think sooner or later people are going to start selling i mean today it's just crazy right it's like a 90 something percent retention rate you look at the wall there's only buyers there's very very few sellers so i think at a certain level at a certain price more sellers are going to be willing to do it and and or they're going to want to monetize or diversify or whatever and the reason you're seeing that rocket increase in price is because sell was mispriced for a very long period of time right and again we had one big ico seller who decided 40 cents is it and started selling and you're gonna have another one and you're gonna have another one and so on so on so eventually all markets balance out we just don't know if it's gonna balance out that dollar fifty or three dollars or seven dollars or i don't know what right so or at 40 cents right so so we don't know we can't predict these things our job is just to do what we do best more users more deposits more loans more interest income and more payouts to our community all i know is that as long as we keep that flywheel going no one can stop celsius okay no one i don't care how many influences you bought or if you own this or that publication or it doesn't matter right because you cannot fool all the people all the time and you cannot hide the news from them and you cannot convince them that we're not acting in their best interest right so celsius uh our foundation is true and it's it's something that again no one has done before and it's only because they're all greedy i mean the only reason no one has done this before is because all these people are always thinking about how do i charge more how do i do it where i can earn more how do i do it where i return even more to my shareholders right versus how do i do it um you know for the people again i have a 30-year career of doing that this is not what is voice of ip it's free i wrote the patent i never asked anyone to pay me anything for that right when we did the 5g and wireless in the subways here in new york we insisted that the phone companies pay the users pay nothing they get it for free now try to do that try to go to the mta and convince them to give you a franchise right where you're gonna get the phone companies to cough up 300 million dollars or more so the users of the network would do it would get it for free you try that let's see how it works for you right it was mission impossible when i went to investors they laughed at me like what do you think you're going to build it and they will come there's zero chance that that will happen right so so and that's why there was no wireless service in the subway for like 50 years or something you know yeah there's a pay phone you know you needed a quarter and you couldn't talk to anybody because the the train came and you couldn't hear anything so so all these things again again and again i did eight companies you can look them all up right they're all listed on machinski.com with all the good news and the bad news all of that full kimono full full disclosure so so here the the yes here the the target is much bigger right the banks are no one has put a scratch on any of these banks in hundreds of years no one right so my chance of success are very very low right but i do believe that most of the people on this planet are good people right over 90 percent of people are good people and all they're missing is a system that acts in their best interest that's all they're missing they're hoping their politician is going to do that and they're hoping that some business guy is going to do it but but really again all these systems all these pyramids that were built are all built to basically make sure that you do not get what you deserve right because that's how they extract all the value to the one percent so if we create a system if you use a blockchain to create a system that always acts in your best interest and we all huddle up we'll get all of our assets together and we huddle together just like the penguins do they survive the in the south pole they survive minus 60 degrees you know winters right because they all huddle together that's what we're doing here we're huddling together and we're extracting the most possible out of these institutions so that's all i want to do and and i'll keep doing it and like i said before you know i'll stop telling the truth about them when they stop telling lies about me have a great one we'll see you next week thanks for joining zach uh thanks for your help and setting this up making it all work and uh we're always on twitter on telegram on on we now have a youtube channel we have a facebook channel you you you join us anywhere you want tell your friends um again we minted something like now like something like 40 millionaires 55 million dollars in total interest paid to date uh i love it okay i i'm the happiest guy in the world so uh see you next week and uh enjoy it and we'll uh we'll exit on uh putting our anthem back uh which kind of says it all you know here we go get your machine t-shirts post those videos on twitter hashtag selfie and successfully thank you everybody centralized man decentralized thank you

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