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AMA: Episode 55 - January 15, 2021
 Jan 15, 2021

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[Music] all right look at that opening we have right this is amazing tom and delorean couldn't handle it and fell on his back look at that um tom did a great job like so professionally remember tom worked on star wars so soon enough we're gonna be like in 2050 we're gonna be like uh all virtual or something thanks tom for all the hard work and zach is with us as always staying healthy right where are you in arizona today where are you physically absolutely no i just came to uh nevada i made a move from the pacific northwest out here so it's beautiful sunny day happy to be here yeah and zach and i maybe are going on a motorcycle trip and uh right are we doing the are we doing the absolutely good off-road here we go okay so um out of the house so we have a great program we have a guest uh we have we're gonna try to go through all your questions as usual uh we have a lot to share with you today great numbers as well uh but i want to start with talking about the most obvious thing that we just never talk about um and it is what is money right i mean we are like well you got to buy bitcoin you got to earn some yield you got to pay your debt right all that stuff but what is money right where money comes from and um and how money makes money right uh i bet you most of you don't know the answer to that right so so it is really a complicated topic it's not so easy right i mean if you go back a few thousand years uh we did barter right you either chicken you needed uh something else and we exchanged one for the other and and we both went our merry way then we created the coins that carried their own value so the coin was made out of silver or gold and the weight of the coin told everybody what it was worth right so you could use that coin anywhere and it was basically worth the same right so then we basically created the venetians actually uh created this concept that you can put coins with some in some safe place and they give you a note they gave you a piece of paper that said i owe you five coins right and peaches were the first ones to do that in in in venice and in [Music] venice and what's the other city in italy my god i blacked out but anyway uh look lawrence thank you here i have uh i'm i have some cheating here have a lot of help here so so in florence basically you could give that note from from the medici family to anyone and they would accept it as five coins because they knew that they could always go back to the medicis and get their five gold coins right but what happened over time is that we replaced those notes that we actually had gold behind them with pieces of paper that nothing behind them right and we call that fiat currencies fiat currencies come from the latin word fiat which really means that there's nothing behind it that's what it means so it's free-floating and and and so today we live in this world where our society operates a uh uh relying on these nodes right most of it is digital and and none of us really know what's behind it uh and is is that system sustainable so you can look it up it's not something i uh uh came up with a hundred percent of the fiat currencies that ever existed right uh lost all their value there isn't one fiat currency that has ever existed that still carries its value even the u.s dollar which is a fiat currency already lost about 99 of its value since it was created right and over time at some point it's going to be worthless it's going to be replaced with something else so if we know for certain uh that that's the outcome we just don't know when isn't it better to have a doomsday insurance policy and that's really what we're talking about when we talk about bitcoin or gold or things like that we're talking about what is the insurance policy that we need and how much should we have in insurance right like they they teach you all you should have life insurance in case you die your family is going to be fine because they got to be paid by this and that so um so that's kind of like the situation that we're in where we have effectively money that is just printed right the government uh biden already announced that he's gonna print another in addition to the three trillion they already printed and gave away another 1.9 trillion dollars right so do the math right so 20 and 20 actually 26 of all the money that ever existed dollars was printed in 2020 and when they print this more money it's going to be over 30 percent and if you go back to 2008 i think uh tom has a slide for us on this if you go back to 2008 76 percent of all the money that existed over the last 200 years was printed since 2008 right so what does it tell you right so so when you listen to people tell you there's no inflation the internet access cost me less my my phone my wireless service right the what i pay monthly for my phone costs less everything is going down no money and how much money is in circulation is going up like never before okay it's it's like on a rocket right and and here going to the moon is not a good thing right because if there's many many more dollars your dollars the ones you've earned the amazon or some other stock with are worth 76 percent less since 2008. so if the stock market is up 100 it's already up 100 right it's only up 42 in net terms compared to how much money was printed so so um so how is money being created right let's talk about that uh a lot of people think that the government prints money uh but the fiat system in almost every country in the world is not printed by the government like in the united states the government actually does not print money the government borrow money but all money in the united states is created either by banks when they issue credit right or by central banks when the government borrows from the central bank right so the government prints uh ius it prints debt and the central bank buys the debt now who owns the central bank the federal reserve it must be federal right it ain't federal and it has no reserve let me repeat that because a lot of you is alex talking about he must have smoked something before the show it ain't federal there is no connection between the federal reserve and the government the only connection is that the president of the united states appoints the governor the person who's running the fed but the fed is actually unquote there's no connection right because i mean now if in this in the new um and the new presidency we may have a previous fed chair be the new secretary of treasury so that really blurs the line between um the the quote-unquote private fed and the government itself right so i i think it's the first time in history that at least in the united states that a former fed chair is the uh secretary of treasury if not maybe vocal was also i don't have to look it up but but you're right the point is is that that uh the federal reserve is actually owned by the us banks like jp morgan i think owns something like 13 of the federal reserve and when they make money they pay dividends to the banks like if you dig through the jpmorgan financial statement you will see an entry of dividends they received well guess guess who pays them those dividends the central bank of the united states the federal reserve but it's not federal and it has no reserve the balance sheet of the fed is a spreadsheet okay so it's just the numbers on the spreadsheet which represent how much money it created and recently it created trillions of dollars trillions of dollars right so in an effort to boost the prices the market prices because of corona and so on but this chaos this havoc that we're going through today started on september of 2019 it does not start with the coronavirus if you go back to ama's if you go back to my ama from september 2019 you will see that i was the canary in the coal mine i sat here well not here i was a different place but and i told you that this the reaper market just exploded and something really really bad is going on because hundreds of billions of dollars are being funneled from nowhere into the repo market right repo stands for repurchase this is where banks repurchase obligations from each other and when they're sitting on their hands and they're saying i'm not buying anything from anyone i don't trust anyone there that is when you know something really really bad is going on and again this is nothing to do with corona corona was another problem on top of it right and then we went from just 500 to 600 billion which is what the fed put into the system between september and november of 2019 on top of that we put another several trillion dollars so all of that again it's a long story to tell you that money is created how hard do you work for the to create some money to be able to pay your bills right right these people create money for nothing you know and the cheeks for free no just kidding that was um at trillions at a time too like imagine imagine how long it would take you missed you missed the whole job the uh robert kiyosaki had a great saying he says how long does it take to save a million dollars he said oh it could take you know 20 years and then how long does it take to borrow a million dollars in about 15 minutes yeah and that's the difference exactly so so the problem we have is that unfortunately our for example the republican party used to be the party that was watching was the hawk on deficit right there were the guys that making sure today the opposite they're arguing with each other who should print more money the the democrats and the republicans arguing no i wanted 1.9 no i want 3 trillion now let's go even higher right so so why because again most of that money is not going to reach you most of that money is going to go to the people who are close to the plate and they're going to become richer right when this when the floodgates open in washington unfortunately most of that money does not reach me and you it's not an airdrop okay and crypto it's definitely not that so so so we know that money creation has nothing to do with productivity or gdp or inventing the internet or creating something completely new has everything to do with the stupidity of men and and the fact that our short term we don't think about the long-term consequences when we make short-term decisions because we have a pandemic or because we have something else so moving on right so so how money makes money you know like i try to ask my kids like how does money make money and they look at me with this staring like right what are you talking about you know money doesn't make money so banks the entire business of banking is making money from money right so you can charge somebody interest you give them a hundred dollars and at the end of the year they're gonna give you back 105 or labor right you work and you get paid uh money right but money on money right just just the ability to create yield is actually something uh that is the you know the cleanest or at least uh the the system with the least friction and and uh for all of us right for all of us if we have to put our hours replace our hours with dollars we only have 24 hours a day you gotta sleep you gotta eat you gotta go see a movie you gotta spend time with your family right so you have eight hours left or ten hours left to basically convert them into dollars and so it's a very very finite resource but making money on your money is something that is infinite right meaning jp morgan has trillions of dollars and they return 16 17 on that entire base and if they had 100 trillion dollars it would be returning that on hundreds of of trillions of dollars so so yield creation is almost like the the secret fire that they only keep in the acropolis it's not to be given uh uh to the ordinary man it's not something we want to share with the average joe god forbid if the average person learn how to make money on their money right so so part of what we're trying to do here at celsius is really first create that system then allow everybody to participate in it on an equal basis and teach you how to do it meaning you don't have to rely on us if you learn the mechanisms you can go and use that system anywhere right as long as you understand how money makes money right so i'm happy to answer questions about that again zach and kim uh are are on the chat and they're going to grab all the things that you guys want to talk about and we're going to try to answer as many of your questions as possible yeah please and everybody uh like and share a video get this out we have 1565 people live right now huge audience uh alex is really spilling some knowledge here so please like share send this to your friends ambassadors post this on all your social media channels you know let's let's get to 2 000 viewers today yeah we were at 19 something so we got to break the 2000 go ahead share it right now so the last piece for the kind of opening today is who makes the most money right so if you look worldwide and you say who got paid the most money last year 2020 who made the most money right and normally you will find people that do asset allocation what does it mean asset allocation these are either very rich people or people who get paid hundreds of millions of dollars to make a decision invest in this company right or fund this startup or buy a piece of this existing company right because it's going to be worth much more or put money in bitcoin right these are asset allocators and and they some of these guys make billions of dollars every year right and we celebrate them we think for example warren buffett is one of the world's best asset allocators right he he has a 60-year track record of making amazing returns uh for his investors the people that hold shares in berkshire hathaway right and and uh that value creation uh has to do with risk taking right so the the the real story is is the the people that we should celebrate are not the people that made the most money the people we should celebrate are the people that made the most money while taking the least amount of risk and and the reason almost everybody on wall street admires the oracle of omaha the guy sits in omaha gosh what can you know in omaha right so how can you be so far away from from wall street and beat everybody at wall in wall street in their game because warren buffett does something that most people just don't know how to do he can generate double-digit yield while taking very very low risk and how do we know that because when the markets blow up when there is chaos guess who's still sitting on tremendous amount of cash warren buffett right 2008 every bank goldman morgan stanley every bank bank of america they all ran to warren buffett and begged for money please give us 5 billion each 10 billion each please because your endorsement is gonna take our stocks from five dollars to 20 right and he was doling that out making a killing because he had the cash while others didn't have the cash so so the my point in this is that when you look at yield when you see yield you see this guy's paying 10 this guy's paying 12 this guy pays seven percent it's not about the yield the yield the guy with a uh 12 percent earning you 12 maybe taking less risk than the guy with the 7 or the other way around right so you need to understand the risk associated with the assets your assets being deployed in a certain way and are you willing to take that risk right right so a lot of us don't unders don't understand what people are doing with our money and then we get in trouble again this is educational i'm not giving you investment advice i'm just sharing with you some of my knowledge and and and hopefully this is helpful so at celsius we our job every day we have again uh close to 200 people now and every day all of us scrub through everything to see where we can reduce risk okay so for example today there is a court hearing for usdt right and and it may go well it may be go very badly yesterday we spent few hours preparing in case things will go badly what do we have to do to protect our community to reduce our risk in case something crazy goes in court and uh bitcoin and everything else start flying crazy because uh some hearing or something the judge said or something that the prosecutor said or something that tethers said right so these are the things that we worry about every day so you don't have to right we watch every d5 project we watch every exchange we watch every counter party to reduce the risk right and reducing the risk means give me more collateral or it means pay back the loan or it means let me reduce the limit how much i'm willing to borrow this lend to this or that institution all right so that brings us to the end of the presentation today thank you very much we will see you next week no no no okay yeah we we have a fantastic guest today uh before the guest i do have two apologies to make public apologies one is uh i definitely called the downturn too early yes we had a 20 correction in bitcoin but i called it when bitcoin was still 25 and 27 and whatever and i was like it's going down it's going down it's going down so some of you probably uh said hey alex come on you know but it was too much too fast we had that correction now we're bumping against this 40 000 level again uh we may go through it everything great again we all want bitcoin to go higher or we may have another correction we may have to revisit things again so that's one apology that that definitely i was early and uh um i probably was too uh loud or too um uh vocal is controversial controversial statement alex you know but what else is new from alex machinski right and and the second apology is on is for um our customer service so as you know we have tens of thousands of tickets a lot of it has to do with us forexing our new users i'll share with you the numbers uh and but a lot of it also has to do with this bug with uh pro which a lot of people just got hey celsius always paid me everything what the hell is going on here what i have four codes when am i getting them am i ever gonna get my money so we are going through this process so batch process of effectively paying as many of you as we can again everybody's going to get paid there's no issue it's more about we had a bug we had to fix it when we fixed it we found another bug and so on so on so we never got it to do so for new users there's no issues right the issue is with the people in december through i think january 5th or something like that who used the promo codes that me and zach showered you with in every ama and and and email addresses and so on but until we fix all these issues we're not issuing your promo codes just to make sure that everybody gets paid so for those of you who joined or just because they're waiting for the hot promo code just use the old promo code they're still uh valid and zac maybe you can update uh or remind everybody what are the old promo codes that are still valid yeah we still have a few of them like trust where you transfer in a thousand dollars worth of crypto and you get fifty dollars um and there's some other ones on our website go check out our website there's a great promo for new users um and there's plenty options available yep and uh thank you keem again for these mando uh cops and figurines my kids are gonna be very very jealous and since i'm the king of mando you know so all right let's say hi to our guest okay fantastic guest here from coin tracker uh chihan please introduce yourself hey guys uh thank you for having me uh thanks to alex zack and the entire celsius team my name is sheehan i'm the head of tax strategy at a company called cointracker which help people reconcile their cryptocurrency gains and losses for tax purposes and i'm also a cpa so yeah thanks for having me so here's all the tax advice for you because we can't give you tax advice no i'm just kidding but uh uh we integrated with cointracker so so really you can get very seamless and smooth uh transfer of all this information that is in the app or in our system so you can report properly just i want to point out something and then uh can give you a lot of details but you have to remember when you look at your app and you look at your earnings that is not the taxable amount do not take the earnings that you have on the screen and put that in your tax return you would actually be paying too much in taxes why because the irs tells you you have to pay taxes and we're all for paying taxes no one here is saying you should play any games but you should pay based on the time that you received the award meaning uh if you got a 20 promo code it's still worth 20 but if you got twenty dollars worth of sell token and now it's worth two hundred dollars guess what the irs uh will look for you to pay the twenty dollars as income uh but the fact that it's not worth two hundred dollars that you only have to pay when and if you sell the sell token right so those are completely two separate things so your your wallet will show two hundred dollars and if you pay 200 based on two hundred dollars to the to the government to theirs or the other authorities you'll be overpaying your taxes so i just wanted to clarify that so definitely use this software to clean this up for you right you guys automated it and you basically uh make it real easy for people to know what they owe yeah yeah so we do have a direct api integration with celsius so all you have to do is just copy and paste that api code from celsius to coin tracker right go to your profile in the app sorry yeah exactly and uh as alex mentioned iris doesn't care about the market value you know iris tax is based on the market value each time you receive those tokens now it becomes very hard for you to kind of track those things in an access spreadsheet or something like that because you receive those tokens very frequently and every time you receive it there's a different value right so that's where something like contract could come in handy because we aggregate those each receipt convert it to usd and we just kind of give you hey here's your annual sales use income number just put it on the tax return and then you're good to go right and and one more point that was really funny that that i get more questions about taxes from the aussies than from anyone else like americans don't ask me any questions about taxes but every second email from somebody from australia is hey mate when are you gonna give me an interface to uh to to be able to file my taxes automatically so one of the reasons we got this done is is because coin tracker is good in which countries tell them yeah us uh australia canada and uk um and actually we do have a promo code uh zack i'll share that with you so if anybody comes through that code like you get a ten percent off from the subscription as well right so for those of you who always complain that we only care about americans and this and that again we have more europeans and americans and we love the australians we love all of you right so this time we delivered on our top four markets right we delivered for all of you so obviously when they open more countries we'll be supporting them as well but right now these are the markets that support it for filing with your local authorities right each country has its own rules and its own filing process and so on so what else can you tell us what what other crypto advice can you give our community from what you've seen with uh the right things and the bad things that people do when they come taxes about their crypto yeah um i mean especially for u.s people i mean 2021 it's a big year as you guys know there's a crypto question on the page one of the return uh so make sure you answer that correctly uh and also know that just because you answered that yes doesn't mean that you know you're gonna get audited tomorrow or anything like that the irs just pretty much want to know if you have any affiliation with cryptocurrencies so that's one um just know these are the taxable event uh number one when you cash out your crypto number two when you trade one cryptocurrency to another irs doesn't care whether you receive cash or not crypto decryptor trades are taxable uh number three like earning rewards like sales years or staking or mining those things are taxable uh the other taxable event is when you spend cryptocurrency uh uh to buy goods and services that's a taxable event um and then finally if you receive some type of airdrop or four those are taxable as well and 2020 obviously a bunch of big air drops you know one being uni there was a spark address and stuff like that so just remember those things um and at the same time just know that if you're just a hodler that's completely tax-free um so yeah something to do you sell unless you move to puerto rico and you file special forms and you declare that your tax is a taxable uh estate is exempt so so one more thing the irs did announce that they are moving from education and kind of like warning people to enforcement so they have not taken any enforcement action audit is not enforcement two different things right enforcement is when they start charging your penalties and when they confiscate your assets and things like that right so they're definitely moving to be much more aggressive with crypto holders so if you uh got away with it in 2018 and 19 and you think you can get away with it going forward listen to my advice i usually don't give financial advice but on this one pay your taxes believe just you can defer your taxes you can take a loan and defer your taxes right so you don't have to sell but pay your taxes on the income on the interest you do have to pay taxes on if you received uh promo codes from us meaning you referred somebody and you got twenty dollars that is taxable income so definitely uh just keep a clean click again you're making so much money if you were celsius last year healing better than anyone else right missouri ranked us number one token way ahead of anyone else right so if you're doing so well this is not the time to go and be uh uh that greedy right uh pigs go to market hogs get slaughtered don't be a hog it's okay to be a pig just don't be a hug all right so we have another question for shihan um so a lot of us are getting great income now from celsius and those rewards come in every monday what should we be doing um to pay those taxes right because they're not um we're accurating this taxable income but we're not having any of it taken out right to cover that so what would be a good idea to make sure that we have enough dollars at the end of the year to to cover our tax liability i mean if you're receiving like so much money like every monday what i would do is sit with your cpa like every quarter and figure out your taxable income for that quarter and then cpa can help you figure out the the tax bill for that quarter and then you had to cut a check to the irs so that's how i would go about it and just generally speaking if you don't have access to your cpa if you're like a small taxpayer it's always a good idea to just keep like 20 of your receipts uh in a stable coin or usd to kind of pay your taxes i mean in case if you have you know if you withhold more you can get it back as a refund but that kind of makes sure that you have enough cash at the end of the year to pay your tax bill yeah and don't forget about the state boxes i just got a letter uh you know like usually i get thank you letters this was not a thank you letter okay new york state sent me a really nasty letter with seven figures okay here is how much you owe us you know so so definitely why because whatever forgot to file something in the form and now it's penalties and interest and all kind of other stuff so definitely zach that was very mature of you to ask questions about quarterly payments i mean most most people your age don't even know that you're supposed to pay quarterly but uh yeah i know there's one group that you don't mess with and that's the irs so you you can't cheat death and taxes those are the only tools you can't cheat so all right well uh shihan thank you very much we love the partnership thanks for integrating with us and helping all the celcians and we look forward to opening more countries and ad services and we we love having you as a partner great thanks for having me guys yep all right so uh we hope we this was helpful we're gonna start doing this on every show we're going to start bringing some guests and some employees of celsius so you could get to know both our partners and and some of our uh you know the the people that make uh celsius tick right um all right so next uh we are yeah to add on that um so uh we will be issuing 10.99 to everybody that is supposed to receive some it'll be coming out in the next uh week week and a half so everybody look out um you will be receiving that in the celsius app you can find it either opt-in to have it emailed to you or it'll be in the app and then if something by mid-february you haven't seen it then you can reach out to support and we'll get that information for you so you can file correctly right and i think you have um uh you can download that as well so if you want it from the app you can actually pull that down and the amount that we give you in the 1099 is the net amount at the time you received it so if you're basically saying i don't want to use the software i don't want to pay anybody why can't celsius give me the amount that i received net interest at the time of contribution so i don't have to pay my entire the entire balance the app is telling me well we are doing that the 1099 that zach just talked about is exactly that number that is the accurate number but again each person has a different tax status and tax state and tax this and text that so definitely work with your tax advisor over i see people over pay taxes all the time and it's like painful you you're working so hard for this money and then you give it just because you don't want to do the work don't overpay all right let's let let's jump into the next uh so uh one of our community organizer bradford uh who's uh i'll show his page on twitter in a minute uh he has like these monthly uh community events definitely try to join them you know a bunch of celsius also uh our celsius employees join almost every on every event we also tom put a lot of new content on the uh uh celsius uh channels on the youtube channel so if you haven't seen it uh there's definitely a lot new stuff there and again make sure you click on the bell button and mark all so you get updated or youtube will ping you when we have new content we have new content almost every day all right so let's switch over uh i'm going to share my screen here and we'll go over some of the news and some of the stuff that's been happening and christine lagarde who i've great regard yes so she used to um be the head of the imf right international uh monetary uh fund oh what i forgot about the last uh i think she moved from the imf to the ecb right right so now now she's the head of the ecb which is the european central bank and uh so let's listen to what she says about crypto could you go live or full screen on your hand central bank could you go full screen the guard has called for global regulation of bitcoin saying that the digital currency had been used for money laundering activities in some instances and that any loopholes need to be closed and these digital dollars euros only make it easier for central banks to manipulate sorry i i pressed the wrong button there just spoke about the account i mean when you look at the at the most recent developments upward and now the most recent downward trend it's for those who had assumed that it might turn into a currency terribly sorry but this is an asset and it's a highly speculative asset which um which has conducted some funny business and some interesting and totally reprehensible money laundering activity so the funny thing is that christine lagarde was accused in the in france she's from france originally for doing exactly those activities money laundering and illicit activities uh and not reporting certain income and things like that right so so it's funny how the uh the lagard is calling the cattle black you know but look she's an exceptional economist okay and she is exceptional at printing money that's what she does amazingly well right both at the imf as well as at the ecb right so uh so the when you're a hammer everything you look at looks like a nail right and she just keeps hammering everything it doesn't matter if it's bitcoin or the euro or the sdr which is their currency she ran uh in the imf and basically um the old guard not legard the old guard is never going to look at bitcoin as the future right they see it as a threat and uh we know when when when they're talking about bitcoin you know that we're making huge progress because if we're not a threat if we're not getting this mass adoption from everywhere uh these guys wouldn't be paying any attention to us right i mean uh the ecb is managing again uh tens of trillions of dollars right so so what does she care about bitcoin right it's nothing it's a rounding error but the fact that they're trying to put restraints or put the cap the shackles on tells you uh how you know how scary uh this is for for these people all right so moving on uh another picture of christine lagarde here uh uh we gotta send her a little bit of makeup i think she needs to put some makeup on okay so this is kevin's twitter handler if you are not following him again he's a great community organizer he's been a big supporter of celsius and besides wanting to recognize him again you should join his events he publishes on his twitter uh when these things happen so definitely chime in uh a bunch of you were uh saying why alex sold all of his coins here he has 41. he used to add like something like 60 million coins sell tokens what happened he's dumping on the community he's telling you one thing on the ama and then he's doing exactly the opposite every day so first yes i think people are just so used to being uh treated so poorly they're like they're waiting for you to do that to them you know the machine the machine is dumping coins on us you know tokens so first yes i do sell uh but i also do buy like a a few days ago whatever when cell crashed i did jump in and buy some sell tokens but what we've done here is that i went ahead and uh marked the other wallets all the other wallets that you didn't know that were me so there's i think six wallets here that me and my wife has by the way in an ama i don't know two months ago i told you guys before the end of the years in november i said to you guys look there is this gift that the government gives you right where you can give give to your kids tax free 23.5 million dollars go ahead and do it in 2020 because the biden administration is gonna take it away from you and i'm doing it i told you that so i have six kids how many wallets do you think i should have if i have six kids so here are all the wallets they're all marked up and these are the trust and all the other things they marked up as a machine but they're all things that i've done for tax optimization right how do you basically and now you can watch all the wallets and see what they sell and how much i sell and so on again you can find all the stuff also on the blockchain if you don't trust our website so i think you'll see a few others here and again if you want to add here's another one um if you want to add your name to this list if you don't want to be user 56 and you want to call yourself han solo well i think somebody already called themselves a han solo but if you want to go available okay this is the way this is how you do it you send us an email request and we will add your name there and you can brag to everybody that your commander right next to the machine all right so moving on the top 25 cryptocurrencies again nasdaq did a great review we were included here if you missed it uh here is the link just do a search for this title a great article in forbes just a few days ago talking about price action and my commentary uh i love these guys they at like 3 45 and they're like we have a four o'clock deadline we need your commentary like right now again you know so we always do our best to try to uh provide this so if you're not following us on all the different things again you go to google and you tap on news and you do a search for celsius network or machinski you'll find all these things you can also use uh google alert to send you and for any information about celsius right uh also a lot of the app like the huddle app or the uh coins stats has all the new stuff they already filter it all for you so if you want to know not just about our project right any other project that you follow this is a great way to learn the news uh so again more price action this is uh coin telegraph so if you have not read this article and it's funny by the way we do need something from you um 360 which is the guys that create this image here right 360. uh three coin 360 or 360 coin i think it's coin360 dot com and it does not list sell token okay they they're pretending like cell token does not exist we would be one of the cubes here one of the big cubes normally in in in green uh uh so we need you to uh coin360.com uh we need you to ping them and remind them that all of you guys are pissed about the fact that they are not listing not displaying uh uh anything about sell token right they just decided to remove sell from all of the coins that they have i don't think they have anyone else missing there so um so let them know that you're mad and you're not going to take this anymore so again some price action article in cointelegraph if you haven't seen it and also another article here that's talking about paypal and volumes and things like that mentioning us as well um and what else do we have all right celsius as you know has a a medium post uh if you're not subscribed you don't get updated when we post the articles and we do this every week or two i also have a medium just search for machinski i post at least twice a month so if you want to learn some additional stuff and this is where you find it and this week we were on chatter as well on shadow tv um they now cover um crypto pretty pretty often welcome back to cheddar bitcoin falling into bear market territory in the cryptocurrency seeing its biggest two-day plunge since march falling more than 20 percent over the past three days joining us now is alex mashinsky who is the ceo of celsius network so so yes we predicted this fall just a little bit too late so anyway watch this article uh great uh great interview um a lot of stuff to learn over there all right let's let's keep going so we have are we doing a rapid fire now we're doing something else yeah uh one thing i wanted to mention was i saw something on twitter with you and loopring that we were uh getting a spot there and adding some liquidity is that something that happened yeah so we're live in loopring.i loop ring dot io right and that is a layer 2 protocol meaning it does not charge any fees i'm talking about the gas phase that ethereum charges so it's exactly the same thing you would do on unit swap but without the fees right so try it out it is still in beta and i did provide some liquidity there to make sure that the east cell pair is uh on it we'd want to develop it we want the community to pay as little fees as possible and it's one of those projects that i think is definitely uh kind of uh very helpful and it's gonna save people a lot of money [Music] right all right here's some rapid fire yeah uh here uh frison is asking uh when is the celsius dating app coming celsius dating up there's only fifth there's only 15 women in crypto and all unfortunately level so if you are looking for a man fine we can find you a man no problem but if you're looking for a woman who will have a really hard time finding your math so uh and my wife is already taken so no no claims over there okay next question all right uh forrest is asking uh where can i buy sell token affordably well there is no such thing as affordably the market price is the market price you have to decide when you buy if you wanna uh you can do it on the on your credit card but that has fees credit card fees uh you can do it on unit swap you can do it on liquid you can do it on ftx so uh we are going to announce i think next week or the week after somebody who decided to not charge any fees so um i can't announce it yet but we will have um a no fee no transaction fee no withdrawal fee um deal i think uh what is it next week or in two weeks when do you think it's coming exactly i don't want to make any promises uh we tend to be hashtag soon we're just gonna put hashtags we always recommend that you buy a little bit over time right don't do one large transaction so so for now um again the um [Music] um unit swap is 0.3 percent so if you're buying a lot right that it will be a lot of money that's 0.3 percent liquid and other people charge you a flat fee i think it's uh how many sell is it to sell or something like that to withdrawals yeah but there's also always otc at celsius dot network um to get a great deal on on large sums of cell seltzer yes if you if you're buying a big chunk you can go to otc at celsius.network i think it's somewhere here right but it's 25 000 or more and if you buy over 100 000 you get 10 discounts so the cheapest way is to uh you know to have big bags and get that extra discount next question all right um ash door is asking i borrow 1 for six months how do i pay off my loan earlier is that acceptable yeah you can pay a loan at any time uh if because you're paying one percent the minimum amount is six months but because it's one percent it's almost nothing so uh so prepaying it meaning paying the loan off early results in very very little extra money you have to pay uh so definitely at one percent that is a great deal to prepay your interest or to close the loan early that doesn't really cost you almost anything next all right uh philip is asking will celsius continue to support xrp so the lawsuit against xrp is in the united states against xrp and it affects u.s users actually resurrected but in the united states [Music] and take action based on the lawsuit as you've seen uh grayscale and coinbase and other people already took action and are shutting down or preventing additional transactions and when all these people do that we have to do the same thing so we haven't done that yet but we will have to follow the same process for us users who own xrp next question all right um george is asking hey alex would you kindly mention the top few things that make celsius different than its competitors right so so the the main thing is that we are not neutral right so when you uh when you uh transact with coinbase or you transact with uh binance or anyone else again they don't care about you they don't care they just match you up with somebody else celsius always represents the deposit or represents the user the person who is entrusting us with their assets or lending us their assets right so so that's very very different than anyone else uh we the ceo of the company has over 200 million dollars of his own money in celsius sitting right next to you you're not gonna find anyone else nowhere in crypto the ceo of coinbase does not have 200 million dollars deposited there you know whatever right so or blockfi or nexo or any of those guys so so that should tell you the the confidence level that i and others have in the service right if i'm worried about it you're going to see us withdraw those coins including the coins from these wallets that i showed you right i'm not going to keep them in celsius if celsius is a problem so so again watch what they do and not what they say and when somebody just tells you i'm acting in your best interest watch their actions are their actions acting in your best interest so i can sit here all day long and give you the advantages i did post them on twitter when i was beating up on block fight i think i posted like 13 different benefits so yeah that was one of your most popular tweets ever uh that was fantastic so we maybe we'll retweet that again to refresh it put it to bring it to the top of the list but the bottom line is this is a community of hodlers that all got together and we're doing an exceptional job right extracting value from the institutions and giving it to the average person right to all the people who got to huddle together right so now we have over 320 000 strong we paid over 250 million in interest right to everybody out there uh we created over 200 millionaires i mean you show me anyone that has done any of those things right so so uh and again this it it you can verify it yourself we also have proof of community coming up in the next two or three weeks you'll be able to verify everything i'm telling you through the blockchain that doesn't matter what i say right what matters is transparency and so on so our level of of our our willingness to share everything right with you is because we are always acting in your best interest so showing you that reacting overseas is easy for us everybody else is just trying to hide because they charge you fees or fees upon fees liquidation fees you name it right they milking you so good that you have no clue like just again keep it real simple coinbase is going public right they're gonna get this crazy valuation you've been giving them business now for five years four years seven years how much did you they're gonna be worth 80 billion dollars eight zero eighty billion what are you going to get out of that nothing exactly nothing now they're making billions in profit how do you think they're making billion profit where do you think all that profit is coming from binance announced them for 2020 they made over a billion dollars where do you think that came from so we we brag about how much we pay the community now i admit i'm the largest guy beneficiary of that money coming in right if i'm 200 million out of 5 billion right that's about five percent four and a half percent i get four and a half percent of that interest as the largest participant right so i benefit from it but i'm treated equally me and everybody else in celsius and everybody else in the community it's treated exactly the same way okay i don't get an extra a nickel and you'll be able to see that when we publish that proof of community this was supposed to be rapid fire and look okay last last one from rapid fire right now um space audit is asking why has customer service been so bad recently well the truth is we did not expect the forex growth in uh subscribers and everything else uh in december so when when that growth came in plus we had this bug with the with um everybody wanting to know we're gonna get paid on the promo code and we just collapsed under the under the strain of how many tickets you guys sent us you know so so uh we're hiring more people we're fixing the bug so we're going to be back to normal in a week or two but but for now it's still coming in heavy so it's all good news again more users is good for everybody but but um again i apologize before i'm apologizing again for the this is not celsius this is not the way so we're gonna do it right let's mix it next all right could you uh move on to the stats here let's see the numbers uh since january first we've had some amazing stats with this um so since jan first okay this is since jan first 227 million in net deposit nets transfers from 40 000 49 000 users okay 30 39 000 new user registered just in 2021 since jan first 39 000 okay so more than 10 of all of our users just joined in the last two and a half weeks um just imagine how fast this is accelerating right so 80 million in net deposits from these new users in 2021 again for those of you who immediately start doing math and charts and then they put on twitter i love that okay keep doing what you're doing right it works both ways look when we slow down we have a bad week you'll see it as well we don't just come here and brag about it when we're doing great right we're always transparent and we always give you the numbers so this week we had 15 000 registrations we had two and a half thousand users who made transfers and 47 million in net transfers net deposits and again you can track all of that on the blockchain as well if you uh track the wallets all right and the the amount of people is what's really amazing here it's not you know 50 or 100 whales that are making this this is 49 000 people bringing in 227 million dollars worth of assets like this is a mass movement right like i i get i get emails every day and you know a school teacher from brazil it was like a year ahead before his retirement and he's got his life savings there and he's made some good money and he's like alex please don't disappoint me please you know don't don't pull the rug or run away i'm like what are you talking about you know like we're doing so great but but people are nervous people obviously are are they want to trust you they want to work with you they love the community they love the project but around us there's so much bad stuff so much uh uh you know in life most people disappoint you right so i understand where uh why they're asking these questions next uh let me think about it you've got uh you're providing income to hundreds of thousands and soon millions of people like it i mean who's the largest employer walmart soon you're gonna be uh providing more income yeah i think that two and a half million something like that so yeah that would be great that would be quite a quite an announcement that we pay more to more people than walmart and so again otc is open otc itself is the network also a loan department and uh we we issue loans we just did a 10 million loan for someone they gave us like 20 something million dollars worth of collateral so there's no limit it's not like we're only doing 500 loans that's the minimum but we will go as far as you want like you need the you want to save on taxes you want to defer taxes and you want to you want to basically borrow a few million dollars no problem either so definitely reach out to us our loan book is again over a billion dollars and it's growing fast um why do we no longer have 33 percent option on sell token so um we part of us protecting the community is also pulling the rain on the horse when the horse is running too fast right if you ever rode one of those uh chariots or whatever i used to deliver uh fruits and vegetables from the market with a with the donkeys i'm making it up okay so when you let the donkey run too fast what happens right bad thing so you gotta pull in the reins once in a while so when when i used to do the liver exactly you don't know what do you what do you think yeah next thing before you say you were a uh a pen salesman right a what salesman a pen salesman i don't know what that means but look the point again huh i i can't i can't hear you well but anyway look the point is is that we when we think that cell is running too fast or too many people are taking leverage we pull down back on the range right and it's good for you it's good for the people right because uh we don't want to be overleveraged when you see some projects crash 50 percent right and you go like oh my god i'm so lucky i wasn't there or oh my god i got caught in it and i bought coins of tokens on margin blah blah blah we don't want that happening here right so we want steady growth over time the project growing the community growing the aum growing and so on so all those things are in your best interest so again if you need something with loans don't send it to app itself is that network because there's 14 000 tickets ahead of you there send it to loans at celsius.network and the team will deal with it right away and you bypass the line if it has to do with loans right so that's a quick uh trick um right i think it'd be a great time to show uh tom had a couple of videos um let's let's run with the shop shire first um this was a great snippet of some of our celsius across the pond uh tom if you could run that video that'd be great and this is uh if i could give you 15 on your money or 10 on your money right now by doing nothing and that was all you earned this year would you take it right now off me i use celsius um i've used it since the beginning it's a great tool in terms of being able to plot out a financial roadmap in terms of using compound interest and high yielding products delivered on a weekly basis to kind of just increase your portfolio and kind of plan for the financial future really we keep looking more and more professional look at that tom is like uh he has a whole production studio and a bunch of people doing this uh chasing those awards in in hollywood you know um okay so yeah next what else do we have uh there's actually there's one more clip um of the celsius flywheel people are always asking about what is the flywheel how does it work you know why do you need cell token um and both of these videos will be available on the website go check them out the full uh video but tom if you could run that clip of the celsius flywheel another aaa production here so yeah the the flywheel looks great and and uh you know a lot of our competitors kind of claim that there are celsius so they're better than celsius by the way some of them use celsius they just don't tell you like voyager as an example is relying on celsius to provide the interest that they pay out a great project and you just again all these guys are listed on our websites if you go to our partner page on the website you can see them but almost all of them they don't have four legs to the stool have one leg or two legs or they pretend like they're four legs and and really the the issue with they either don't have a token or they have a token but they don't pay 80 percent or they right so so uh and we we're calling on all of these projects i mean we publish you know everywhere a uh what is the formula we're not hiding it it's in our white paper since 2017. so it's not like there's some secret sauce like the coca-cola and whatever you know a formula that we are see keeping in the safe and we don't want anyone to find out the point is that most people just decide nah they're giving too much to the community we're just going to do it differently right we're going to keep more to ourselves or we're going to pretend like we like our token has limited supply or we're going to do all kind of other stuff [Music] and what what ends up happening is that sooner or later these projects either stall or they fall on their face right because uh again you cannot fool all the people all the time right and and the longer you are in business again now it's hundreds of millions of dollars right so all these fakers are basically falling on uh by the wayside all right next question we're doing another rapid fire or we have community questions we got community questions here um and i just see it in the chatbot right now um uh do you have an update on the web app and um i believe we do and we'll be showing it next week with uh yeah live demo we didn't pre-record okay so our cto is sweating bullets already this is the new version he is going to be with us and a few other guests and we will be sharing with you uh the new version and all the functionality it looks great we are finishing a few security things and again we're gonna open it up to the platinum group first just to kind of beta test and a week or two later uh provided to everybody but uh what we're trying to do there also is like oh there's a lot of bugs in the mobile app that are kind of like people just like frustrated oh my god you know when are you going to fix this a lot of those we're going to also fix in the first because it's easier for us to fix them in the web app so you're going to start seeing like new features pop up on both sides not just in the mobile app right and again we've hired many new programmers many new testers uh product managers so you will start seeing a nice acceleration in features and functionality like swaps like uh like buying all kind of stuff like that in the app and on the web next question all right uh rohat is asking uh last week we were unsure if you said there is one mega deal or two mega deals could you please clarify yeah i said that one uh mega deal uh is already happening we're just waiting for them to allow us to announce and i said that was working on a second mega deal where we haven't really come to terms yet but it's looking good so one one is like i think they have over 300 million customers and the other one they have over 200 million customers so um you know you want to get to 100 million users you gotta do that in chunks of two to three hundred million again remember lying our largest partner sick over 600 million customers right so we're now scaling that program with them i'm really excited to have them on board great partners we launched with them in japan and the us looking at additional countries looking at scaling what we're already doing uh so these are all great um um things that we're doing next question okay so we got one mega deal in the pipeline and the second one uh pending approval good good clarity there um uh francisco's asking can celsius continue to grow at the same pace it has for the last two years so we actually accelerated right right now we're growing even even faster and we shared the numbers with you right so whether we've seen a three to four x acceleration in december and january over the october november time period right i mean it's moving up much faster and a lot of it has to do again with the excitement in the community right i know others other companies encrypt also running much faster but a lot of it also has to do without just doing simple things like putting the 30 promo code on the website right just that is generating tremendous amount of conversions which is great for us and and uh um again we have tremendous amount of traffic organic traffic to the site remember right we don't pay any money to google it's still giving the money to google and facebook and those guys we're giving it to you isn't that a better deal you get more money we get more money and we don't anything to those advertisers so so that's part of the flywheel and this is exactly how we think others should be doing as well i mean all these people are spending millions of dollars in ads um you know good for them uh we're not planning to do that next question amanda what do you got i was just saying mando don't play that amanda don't play that game all right irena's asking uh once in-app swaps are implemented will all assets be swappable or only erc20s no so we we support uh 14 different blockchains today and you'll be able to swap basically any to any we may have some restrictions geographical restrictions and so on but it is not uh it's not a defy uh limitations where d5 can only do erc20 and eth and so on so uh so instead of going out buying coming back which costs you a lot of money and withdrawal fees and cost us because we're paying your withdrawal fees right so this will give you the best price instant settlement and it's right away in your account which is good for you and good for us we both benefit again we avoid gas fees and we give you the best price and instead of doing it on coinbase or somewhere else you're going to be doing it with celsius so can't wait for it to come up beautiful alyssa's asking was there a team bonus at three dollars were those tokens sold so we uh decided that uh giving the team uh three dollar bonus two days after we gave the dollar fifty bonuses wasn't fair to you guys to all of you and we are basically uh changing it to be 5 10 and 15 so the price has to be at five dollars for 30 days and again we're going to be doing the same formula where there's a vesting and it's locked up and so on so on so we have not sold any of those tokens we have not distributed them they are available so they're going to unlock and you should see them if you're watching our wallets you will see us move it from the locked comm wallet the locked wallet that was there since the ico into treasury because they will be unlocked as per our white paper and then from there if the uh if we hit the top the timelines and the pricing and so on it will be provided to our employees we do have to pay taxes we do have to pay all kinds of stuff like that so we will be selling some of them but we're not uh most of the employees are gonna be huddling and look it's great for the employees if all the employees who got their awards a dollar fifty if they decided not to huddle uh they would be selling it at a dollar fifty instead of it being five dollars or whatever it is today so so um uh so i think um uh yeah there there is selling by employees meaning we have many employees have been with us for three years for two years and so on and they have vested sell and they go and sell in the market so at any moment there are there's pretty good chance that if you're buying sell you're buying it from an employee right but but all of these big awards those are all locked up and they're not they're really affecting the market today next question all right uh mr eggplant is asking sir when card will it be debit or credit uh so my last call before the ama was about the card program and uh and we have a few partners we're doing great uh kind of like coming together with the program again this is a program that neither visa mastercard has ever done in their history okay so it's not easy uh uh but we are uh partners with visa and uh uh we we're joining one of their programs and we're going to be launching something that the card business has not seen in seven years so and definitely not what blockfi is giving you which is charging you 200 and then giving you some you know fake rewards that don't amount to what you paid them for the for the for yearly so anyway just it is going to be a card that you will will be in your best interest and you're not going to need any other card how about that um next i love it and there's there's another company that just came out with a car i think gemini gemini came out with a credit card company yeah they i think they bought a cart company and they're planning to go public and everybody has big plans so crypto is cranking and you know right now we're on a wave everywhere when the tide is rising uh everybody's going up the problem is is to learn to levitate when the market is going down and doing well and doing good when the market goes down that is what most people don't know how to do and we've went through several of those since 2017. next question yeah all right uh luis is asking do europeans have the options to take their loans in euros instead of dollars or dobbler stable coins yeah so currently i don't think we support we support euros in for certain transactions for loans and for institutional stuff but as a retail user currently you can't do that and we're working on both pound and euro deposits so that's coming but it's not there yet all right uh rob's asking are we still expecting celsius to support dot yeah it should be coming soon just uh final testing i saw it ranked number four on the top uh 10 i mean it's just killing it right it's not a dot you know it's just moving up so it's definitely uh dot and cordano like the top contenders to um uh steal some of the thunder from ethereum uh and we'll see how it works out today you know i think whatever ninety percent of developers are still with ethereum so we'll see how it works out but again we don't pick winners and losers our job is to make sure you earn yield on every one of those coins and tokens we support a dot it will be live soon and we would love to help you earn more dot on your dot all right a question from les is it possible to have limited accounts for children or grandchildren i want to start saving for their future in crypto uh yeah so today you cannot create sub accounts and you cannot open account for them unless they have uh uh id or or or something like that so so if you if you're a couple maybe your your husband or your wife can do that for you and then you dedicate that account to one of the kids or your grandparents or something like that so you can use one of the elders to create those accounts for the kids uh but we don't have that set up properly yet we'll have sub-accounts just not we have other much higher priorities like swaps and like um you know purchasing crypto and things like that next question all right uh ita yobe is asking uh alex what is the meaning of life the question the meaning of life well i i tweeted it about this not too long ago right um you know if you if you kind of uh read about buddhism right it's it's uh if you don't want to be disappointed then don't have very high expectations right so so the the um if you simplify it right it's it's uh someone to love something to do and something to look forward to right three simple things if you can get those things in a row um you should be doing just fine right then don't set the expectations too high because you'll be disappointed mostly but at the same time you're going to find something to do in which your talent is greater than your ambition next question all right uh frank is asking can nonprofits open a celsius account yes so we have a new process on the website if you go to the menu on top there is a corporate onboarding and it accepts um non-profits and and corporations and and so on so definitely just fill up the form there we will open an account for you all right anika is asking when taking a loan if the borrow rate is 7 but the rewards on my collateral are higher do i get to keep the difference no you don't and and uh it's either or you can't double play because then it wouldn't be uh we wouldn't be basically running a real business right so you can only either earn yield or take a loan and then you don't earn anything on your collateral right so uh you you if you basically the amount that is not used as collateral is still earning yield and it's earning the published yield so if you if you have uh twenty thousand dollars worth of bitcoin in your wallet and you took a loan and you gave us ten thousand dollars worth of collateral the other ten thousand dollars is earning the yield that uh that's published so that's how it works next question all right uh mathis is asking why is the apr for matic and synthetic still high compared to the other assets right so we don't decide what the aprs are especially not for staking coins so our job is to find every way possible to extract the most uh value for you and and for those two uh there are things you can do to basically boost your yield uh if you're running a masternode if you're doing this if you're doing that right you have enough coins uh then you get paid more so so when we get paid more we pay more right so those rates look amazing and extremely high but it's because we've taken every advantage possible uh to basically earn as much as possible for both of those uh coins next question all right drake is asking can us members take out loans yes uh we definitely support loans not in all states i think we're still blocked in california and maybe a few other states but it's coming we will be opening uh all the states and if you are in a state that is not the service is not available then you just have to wait uh or you have to move you know so if you're in a different state you show us that you're a resident in a different state now uh that we that again you when you open your app and it will tell you right away if you are if you see the borrow button it means you can take a loan if you don't see the borrow button it means you're in the location that is not uh that again the regulations for this and other reasons are restricting us from providing the service next question all right road to fire he's suggesting to give borrowers the option to raise their ltv instead of being faced with uh liquidation or having to pay back or to add collateral to the loans look so again we're not trying to uh liquidate you we don't charge any fees we don't manipulate the pricing like some other people do we don't take off the button one of our competitors when there was a flash crash and liquidations they took off the sell button so you couldn't sell your uh nasty nasty stuff so so we uh uh we are gonna improve this so we we're moving towards multi-collateral meaning all your collateral in the wallet will count towards that uh position and this way you don't there'll be even a lower chance than today that you will get a margin call or you'll be liquidated so and we send you plenty of warnings like with xrp for example we send you a warning before it crashed during the crash after it's crashed and and made sure that everybody could make that decision do i put more assets in do i pay back some of the loan right or do i ask them to sell some of my coins so i can cover the position so we support all the options it's up to you and we don't tell you what you have to do we give you the options and you decide then what's in your own best interest next question all right uh john is asking we understand the support team is trying to catch up what can users do to ease the burden on support tickets don't send five tickets with the same problem right oh i sent you a ticket yesterday and i sent you a ticket the day before and then right all that does is clogs the system it slows you down it slows the other celsius down right we have your ticket if you you when you open it you will receive a confirmation with the ticket number right the minute you have that uh just give us a chance to take care of it now if it's urgent we still resolve all urgent items within 24 hours so so if it's not resolved within 24 hours we decided it's not origin right so if you think it's urgent then yes please communicate to us that it's urgent for example a you know i whatever my my i cannot access my bank and this is my only source of funds and even though it's a small item for you for me it's everything i need access to my cop my my uh my value right so uh we prioritize it manually it's not a machine that you're talking to you're actually talking to people and these people have been working around the clock seven days a week to try to this again we're adding more resources um and and again i can only apologize for the response rate but half of it is people who want their tokens who want their promo codes bombarding us we know your pro your 20 promo code is not an earth-moving event just wait you'll be paid just relax it's coming i promise you okay next question uh robin is asking is there an interest calculator in the app so we can forecast how much money we'll make there's one on our website i'm not sure if there's one in the app the definitely oh there is but yeah the one on the web is better right the one website is better than yep yeah if you go to uh you go to the wallet you click reward rates um there's a calculator here um it looks just like that that you can put in the asset and it'll tell you how much you'll earn i think every week and how much you'll earn per year so you can see how much you need to build that income that you're trying to get to right all right next question all right uh nico shomito is asking alex what's your opinion on hyper bitcoinization why are all these companies and countries buying bitcoin now so look everybody has the same problem right is that they're all trying to escape the fiat world into something that is a non-correlated asset and unfortunately again and not everybody can buy gold and store it in a safe place uh not everybody has access to real estate or other thing in the safe country right because you don't want to buy real estate in the country that's going through war or is about to go through some mayhem or whatever so bitcoin is exceptional choice right because it is not affected by any of these things so you're seeing uh more and more of the smartest people in the world electing to put hundreds of millions of dollars on them billions of dollars into bitcoin now again there isn't that much bitcoin to be had right so so you're seeing uh demand accelerate but supply dwindle right and when those things happen prices go up now we do have fluctuations we have these roller coaster rides because for example miners who are have to pay the electricity bill they have to pay the employees they have they have to pay for the machines they don't have a choice so when they see price prices go up they just dump into that right and then it causes liquidations we had three billion dollars in liquidations just in a day right the highest ever so all these things caused those collapses now again i i thought it's going to happen at the at that 24 to 27 000 level it happened at the 37 to 40 000 level but it happened right i mean um it just it ran so fast that almost like people didn't have enough time to react to it and when they reacted to it it was like this avalanche right so uh i think we're in a good place now uh there's a good balance but but uh um again we don't know how many sellers we have in front of us and we don't know how much bitcoin is available so those are the things that uh that are causing a lot of this uncertainty that's why again don't try to time market it when i tweet about the stuff it's not about me trying to tell you when to buy or sell i'm just trying to provide market commentary in my opinion of what is moving things up or down and sometimes i'm right and sometimes i'm wrong next question all right uh ashish is asking is there a plan to allow sell token to be used to pay back loans that's already live you can pay back with a discount on top of it that's right it's an option if you don't see it it's probably because you live in texas or some other place that has specific laws to make sure that god forbid if we did something good for the people you know so uh next question all right tomas is asking what happens to my wallet uh when i pass away what will my family need to do to recover those funds um we teamed up with heaven to create a wallet a heaven wallet no just kidding the the the you should have a will and in that will uh in trust you should have all your assets or at least how you plan to uh move these assets from one generation to the next uh and celsius again you don't have to entrust your lawyer with the private key you just have to inform your lawyers and your descendants or your whoever you want to give the money to where the assets are and we will follow the legal action meaning if if we see the will and we get instructions of who is the beneficiary we will just transfer those assets into their possession for example they'll open an account we'll just move the assets into their account or they can withdraw into an account that is in their name and things like that so each country has a little bit different rules so it's not like one rule catches them all we have a compliance department and they work diligently to make sure that we follow all these rules next question uh chris j is asking can you talk a little bit about um the security at celsius and how you guys are accountable for users funds how can you assure us that it's safe holding with celsius um how is it safe we have uh probably the most security uh the deepest team the most systems and controls than anyone else i mean you see us continuously jump ahead of everyone else and warn you about oh google has a bug or some other software has a bug don't respond to this don't click on that and uh you know reset your password we froze your account because your name appeared in the dark web here and there and your password is there we froze your account to protect you right so all those things the things that no one else does i've never got an alarm from uh coinbase or binance or anybody and believe me my my name is also in the dark web because uh you know like again they keep hacking all these companies and stealing the information from them so um so so definitely try to um look at our action again look at the action and think to yourself why are they doing this right why is this happening uh are they doing this to protect me or look we have a guest thanks for joining han hi celcium how are you what's going on today i love this cap look at that is that is see we have another hodler here you know so what are some of the questions today what's on everyone's mind what are the comments i think chrissy wants to answer a few of the questions okay zach come on what's happening hit her hit her with something like your toys out yeah i mean no one you guys don't ever grow up are there any women in the crowd that have questions uh we're looking for women we're desperate if there's one thing celsius failed in unfortunately the whole industry the whole industry yes but but we were look we we went there we sit from our founding we're going to hire 50 women we're going to be we're going to women in your in your i'm saying yeah yeah but your team right not enough we our stats we have 325 000 users our stats are 14.7 exactly the same number right as the commu as the the the general ease of use right you got it what is that like right yes no okay all right zach hit her with a question come on okay let's see uh how about this one protocol like let's oh yeah yeah yes no just how many words are in satoshi's white paper oh gosh one that's a word is in the white paper four times oh yeah yeah so let's see when was that well it didn't go live that's a tough one in 2008 how about this here's a little easier one christy how many how many pages how many words how many words do you know no no no no how many pages is the white paper that's one i know how many pages is it that one i know oh at nine nine nine the references or whatever seven seconds for the spec and two more pages for the references and other things the birthday just happened yes okay what's the question okay here's a question from john um are we still planning to help cred customers out of their sticky situation [Music] well that's not a fun question we're always trying to how is usa strong dot i o helping small business owners with celsius how's ufc strong working to help the community celsius community and attract female businesses attract female business owners okay so right now eighty percent of the business owners on usa strong dot io are female do you have the opposite problem than us yes so we are dominant on instagram which seems to be um heavily used by women yes so we are attracting women through there um and business owners through there another fun i think we need a different uh what to call it i think our problem is mando we don't really watch mandalorian so maybe you leave your toys at home uh okay off you go wait who do we need instead let's talk about this for a second um so i do think that's it's interesting we are taking we are we are taking crypto currency now on the site yeah christmas some kind of immersive payments right oh we're trying to merge the olds yeah um there are 32 million small business owners in america today we went to visit michigan no minnesota we went to minnesota where there are 500 000 small business owners i think it'd be interesting to know of those 500 000 how many are female we know the majority of business owners on amazon are male owned which is why part of this platform's mission is to help women get on the platform and i think that we got to figure out how so basically we don't have an answer what do you mean i have an answer i'm giving you the answer but you guys like giving us stats about the entire world emotional emotional about it how do we bring these people into crypto what do we have to do to convince us crypto it's all about you guys i know yeah i'm taking teaching people how not to shop and how to earn money on their money that's right you lose women exactly now so we know what the problem is but i'm saying small business owners right that's that's that's important because they need a place to put their their products up to make money create jobs right they can accept cryptocurrency through the platform keep a majority of those profits go back community hire create manufacture now you see why i married her you see she has she has all the answers all right next question next question give her one more question okay i like that 89 definitely 100 what is it what does it really matter that's a cool idea now that is yes we definitely gotta definitely host a ladies night with you crypto chick yeah okay and kim will set it up okay here we go i like it what night do we do that saturday night friday night sunday night i don't know you pick a night you tell me what drinks you want to make i will make it post it and do it with you all right hi thanks for joining [Music] and you can buy that uh huddle shirt on the celsius store and there's a link on at the bottom of the home page right kim and on and on the top also it's in the chat too so if you like that huddlecap you know where to get it all right last question it's 2 30. uh 2 36. new york um let's hit it find the best best last and let's hit it okay big question from still a lot of people gavin is asking again when will i is a u.s accredited investor be able to earn in sell token yeah i know we keep promising that again it's coming soon we have a plan we have an administrator somebody was actually going to do this in the us and we were just against this being swamped with all of this growth issues has put it on hold for a little bit we wanted to tend to the existing customers first and solve all the tickets and problems and so on so we got a little distracted but it is coming it's very important for us obviously making sure that everybody can earn and sell starting with our credit but then making sure that everybody can do it so we have a plan for all of that and um i would love to earn and sell right right now i'm only earning kind so uh so you don't have to convince me so we're gonna solve it and then you will see it when we announce it right but it's coming soon uh thank you guys thanks again for joining and thanks for all your trust and your love and again the referrals again half of our customers come from referrals people just telling their friends you got to try this thing out and this is how we love it and uh thank you to everybody who helped put the show together the the weekly ama we also have uh another moyp episode for you uh that's gonna go live in a few days with mikko matsumura one of our advisors and again tom is publishing a lot of new content uh so definitely go to our sorry here we go go to our channel sign up and follow us on twitter share it right click the like button right now it will push the algorithm youtube is going to introduce us to many many new people to come and join the celsius community we're almost at 30 000. right we want to cross that uh so definitely let's uh let's sign up and get to new highs and uh this is the way thanks for joining us see you next week

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