 Simon, before we get into the user's questions, which everybody submitted, Sladio, what's your final thoughts, especially on mental health, especially what's going to happen here? Yeah, and I did want to end on that note, because it was heartbreaking receiving some of the DMs. You've inspired me into action, but at the end of the day, I can only do what I can do, and everybody needs to be mentally prepared for loss here. This kind of brings me into the situation that I was in before this. I was mourning the loss of my father and my father. He was born in the Great Depression. He survived World War II, and he became a self-made millionaire and lost all of his money in the stock market in one go in the dot-com boom and bust in 2000. I vowed to support my father in figuring out where his money went, because he never understood where it all went. In trying to build my business, I got deep in debt. At one stage, I was £150,000, which is about $200,000 in debt, plus a mortgage, and I went out to the first Bitcoin conference. All I wanted to say here is that some people are in situations where they feel like they can't even tell their partner about what they've done with the money and the life savings, and they feel like suicides are a better option. Those were some of the messages that I was getting. I just want people to know that there is always a way to learn and recover from these things. I've learned, I've recovered, I've made a lot of mistakes over the years, and I've released a lot of content out there on my YouTube channel on retirementplanetv.com to let people know that you should never be exposed to one outcome. You can rebuild. You will rebuild if you take a proactive approach. You just got to face, expect, know where you are. I think the phrase that I've always said, expect the best but prepare for the worst, know where you are. Plan where you want to go, and I'm talking long term here. Most people vastly overestimate what they can do in a year and completely underestimate what they can do in 10 years. They end up, because they try and do it so fast, they end up in pump and dump scams. They end up making trading there. All the things that we've always taught. What I want to say is that on my YouTube channel, once the dust settles, once I'm back, Rob's content, dollar-cost averaging, all this stuff, learn, adjust, rebuild, and put together a plan for what you're going to do for the next 10 years. It is never worth taking your life for money. My father worshiped money. My father lost all his money, and his spirit lives on in me because those lessons that he taught me led to many of the best financial decisions that I've ever made. I just want people to know that whatever it is, there is a recovery. At the end of the day, me and my father shared a special bond. I obsessed over the subject of money my whole life. I've written my third book on the topic. I spent two decades from investment banking to crypto to bitcoin to everything in between. At the end of the day, it's your relationships. It's your love that matters. We weren't talking about money in the final days. We were talking about our love, our bond, and so it's never worth giving up your life. It's never worth thinking that there's no recovery from this. You are alive at one of the most interesting and exciting times in financial history. You get to participate and have your say in what could be one of the most interesting recoveries or a very interesting disastrous lesson for everybody, but take it for what it is and don't let that take you out here. Bitcoin is a very important technology in everything that's happening in the world right now, and don't let this take you out of understanding there is a recovery from it. Well said Simon. It all comes down to purpose and family. If we have those two things, I think we'll just be okay. All right my man, I couldn't have said it better. Let's jump into the users questions that people put forth from Slido and I will wrap this up. And again, this is before Simon was great. That was fantastic. This is why we get a long man because my rules that I have for myself and the things you just talk about, they align and there's a reason why I have certain people on my channel and there's a reason why I don't have others on my channel. So thanks. I do appreciate you a lot. So let's get to these questions. Let me bring this up real quick. Okay my man, here we go. Here's the first one and of course this is from Slido and we had these are just questions I made up. This is from the community and then people get upvotes and here's the top ones that we got. First one, most depositors don't want compensation and fiat or company equity. We want our crypto return in kind even that means overtime and I think we talked about this but can you make this happen? It sounds like we can. It's just to clarify what do you got with this one Simon? Yeah, if Celsius is illiquid then we just hold out and wait. If it's insolvent then you're getting a haircut. What happens to that haircut is either going to be a bail in through equity, it's either going to be a bail out from some other well that invests in which case they might want to make a predatory offer or it's going to be liquidation and tradfire solutions that may give you the worst outcome based upon the market conditions. So if it's insolvent fine but if it is you know sorry if it's illiquid then fine wait. If it's insolvent you've got no choice. You are where you are you've made the investment decision now we need to suck it up and come up with the best solution. Yeah that's that is perfect and unfortunately people don't want to hear that but that is the truth and I think you've got your options here. We just talked and this is why we went through the history. We can go through the Mt. Gox way, wait eight years and still be waiting or we go through the Biffen X way and a hybrid of some sort. So that would take care of the first question. Now Azad if you can give me a favor fast forward to the next question that we had or our second biggest question that came up and it's a good one. I would prefer to be patient and I got to tell you I'm on the same way and get 100% back or in some cases like in Biffen X they got even more of they invested in the security then demand the cryptos now and get a third percenter cut. Is the former possible option? I'm just going to say yes. Am I wrong here? Yes we are. So same answer and again patience is my preferred option. All the cryptos there I get exactly what I put in back and I'm happy to wait. That's my final option with that. Perfect. Whether it is an option is the question. Yeah what is option but you know like I mean people on my channel I mean they're pretty much in line with us. It's a three five ten year game plan, dollar cost, average for the long term. So I think this comes as no surprise that people from here. All right Azad next one please we'll go for what is going on the line from the most requested and go down. So we talked about this one but this is a good question of how bad is it liquidity gap and solvency and why the silence? I think that is a bigger question people it is unnerving. Remember when Ledger came out and they said that they had a data leak not a hack a data leak and they waited and waited and waited I thought it was the worst thing they could have done they should have got out in front of it they would have no reputation damage and people would even think about it right now it's all how you act and that's leadership. So Simon what's going on here why the silence why do you think it is and not that you can say what it is because you're not on them you know you're not privy to that information but the things that you could say might be. My speculation I think with every ounce of his body Alex would like to be saying things but he's scared I think he'd like to be doing the AMA I think he'd like to be on this hot seat he won't like some of the questions but unfortunately some of the things that Alex has said over the years has also got him in trouble because you know at bank to the future fortunately I've always listened to our advisors I've taken my advisors as supporting me we've had to make decisions sometimes of when you take risk when you don't take risk but I've always respected the regulations because I knew that would be the thing that would unfold to you or make or break you in the end. There are certain things that Alex has said over the years that I don't think were right maybe he's learning his lessons but I do believe that Alex with every ounce in his body would much rather be here on an AMA taking those hard questions but he just simply can't because he's in a situation where what he says will be you know that have massive massive consequences Fiverr himself the company and his advisors will be saying don't say anything so you know that's that's just the reality. Yeah I gotta agree I think you'd like to be here I think you can't be here I'm pretty sure the lawyers if he's I'm pretty sure he's consulting or like do not go on an AMA is because what you say can be used against you so on and so forth I think we all know that one. All right Azad the next one for these questions so this is good why does Celsius keep paying rewards instead of using these funds to help bail themselves out and I will say this I still get the emails too like hey just so you know you made whatever you know 10 bucks this week and the question is is I think the emails go out but it's still in the account I don't believe you can take those out anyhow but would that be an option Simon you could look at and go hey we're not going to pay any of the the yield out but we're going to use that to you know bail ourselves out. Yeah so my speculation firstly is those yields are just database entries they're not there's you know those are just increasing people's balances and it's just simply a database entry the system was built to do that every week based upon certain parameters and I believe if you look at the way Alex dealt with this one he was fighting till the end he was telling people things are okay right until they weren't until the lawyer said we've got a or whoever said we've got to stop deposits now I think we're in the same scenario where he wants to pay until he can no longer but personally I believe that you're just making the liability worse that needs to be stopped and maybe it's a technical issue or it's just you know but I don't place my weight on what those are it sounds like it's the board wanting to be in business as usual and put together a recovery plan versus if you're in bankruptcy those are just going to go and I think there's my speculation is there's an internal fight there around what they should be doing but yeah it's to me it's just a database entry and it's pretty meaningless but it's increasing the liability yeah I'm pretty sure somebody from Celsius is listening to this this stream okay next one what's the projected what's your projected timeline for Celsius to reach a resolution under the scenarios that have been speculated on by the public bankruptcy buy out your plan again this really comes down to the three different proposals and if they go for those proposals what well Simon I'll ask you this how what's the fastest resolution here that we can get to because I don't see this I don't see a resolution coming quicker than months coming on the pipe am I wrong here yeah so bitfinex was nine months to recovery if they started moving exactly like bitfinex you can imagine a nine-month scenario you need transparency on these contracts there's external factors at force like when does Ethereum move to pre-for-stake I did I was original investor in the Ethereum ICO and they said in the ICO paper that within one year they would be pre-for-stake they're still not pre-for-stake so no way yeah it was within the original promise is one year to pre-for-stake oh my god in the white paper yeah okay that's I'm gonna take that that's that's not fit for my next show great thanks that's crazy um so yeah you know there's external forces here it's about understanding the assets it's uh you know what is the regulatory situation what is the financial situation what is the recovery plan these are decisive needs and at best case scenario this bitfinex was recovered in nine months worst case scenario mount gox is still going on after eight years there's your choices okay makes a lot of sense next one how does the community get a board seat to represent an interest in the events an agreement is reached this would be an interesting speculation here yeah so um most people uh most lawyers are advising people trying to leave an insolvent company as a board member the um taking on a board seat at celsius is assuming all of the liability for actions that you did not take um so you know no no lawyer advised that um and my lawyer certainly didn't advise me of that um whether there is an independent committee and there's a board seat um then as long as uh you know as long as you know and that's why I'd said I think I'm better off as an external depositor and external shareholder than taking that internal position because at the end of the day the last director is the one that holds all the bags all the liabilities and all the responsibilities I don't know many people that would want to take that no matter how much money is on the line yeah I would uh I would not I would pass on that one and then also uh before we move on uh simon you are using those headphones want to make sure that the battery isn't running out we could switch over at some point but I want to remind it and you can check that out as I talk about this real quick as a reminder for voice to have your voice heard remember there's a link in the description bank the future.co forward slash celsius again just use the link it'll tell you exactly what the proposals were that we just talked about as a refresher talk about your opinions the the actions they've taken so far and then hold on is this a duplicate ah hold three beliefs belief one two three ah it's pretty good I didn't we didn't cover this this is pretty interesting we believe all attempts should be made to make depositors whole in order to maintain shareholder value believe number two we believe that tradfied may seek to profit predatory lending from depositors losses may take too long and may lack and three believe the business as usual will not exist in the yield market in the future I got to agree with you there again make your voice heard you get to vote you get to be a part of this process and for Pete's sake so let's not let tradfied bail us out and uh we go from there so uh make your voices heard all right Simon how we doing on the battery life we doing okay or yeah I think it's still saying 20% because I'm charging at the same time as it draining down yeah I'll carry on until you're ready to go or we lose back or we lose it nice okay there's no next big question how will treatment of assets and one earn account two loan collateral and three custody account differ if at all and the various possible scenarios because if you're not this was a united states issue I believe if you weren't a credit investor after April 15th you got put into what was an earn account or a an earn account after or before April 15th and then you could you could transfer it over to a custody account if you wanted to or if you weren't a credit investor past April 15th everything would just be in custody and that was just one of this one of the provisions that they dealt with as they were talking with different regulators so as you I don't know if Simon can answer this because if you have an earn account that's a different thing as it earns or in a custody type of account I don't think it's going to make a difference as far as speed of getting our our funds back especially with these provisions uh Simon am I wrong there yes this is more of a lawyer question um and this is the type of question I'd ask my lawyer but um I'm these are very these terms should not be thrown away you know thrown around lightly so you know a bank to the future we're a securities business we're applying for a virtual asset service provider custody license and investment banking license and a retail securities license just saying something is a custody solution has real meaning so you know this is why these terms shouldn't be thrown around loosely you know custody means that those assets uh you know put in some kind of trust account and they're legally segregated um from other assets they can't be invested and so you know this is the unwinding process of these are very important questions and these are very lawyer nuanced questions if you call something custody it needs to be treated as custody if you are leveraging people's assets it needs to be treated as a bank if it's an investment it needs to be treated as a security um if it's interest then you know these are very important questions and these terms should not be thrown around loosely and they all have different legal implications just like depositors would be considered creditors debt normally supersedes equity and tokens had no rights you know these are very important lessons that you've got to become a lot wiser investor when you understand the difference between you know why I'm an equity investor why not versus investing in tokens and various other things so let's take the education out of this there's going to be a lot of learnings and it will make you a better investor but you know I can't give you legal advice on that these are lawyer questions yeah but it's a still good answer it's a it all comes down to education and just making the best decision for you next one Azad if you would be so kind thank you please explain how Celsius can prevent a bank run if it opens withdrawals and this would be pretty good scenario so we get everything out and we start to open but there's no way they get open everything up and go okay now we're ready for business it would have to be a slow process yeah so they they need to say excuse me my voice is going out let me get some water sure take your time we got time oh my passion is bigger than my voice at the moment yeah man so the yeah so this is a risk management question it's what assets are liquid and then you open up withdrawals for those amount this is just a number crunching game it requires taking step of what the financial situation is and releasing withdrawals based upon the maximum exposure of what is liquid and what's invested what's uninvested and so unwinds unwinds a position have it as liquid liquid and then allow take the maximum exposure allow withdrawals to open and then when the next position comes through and you gradually do it that way yeah percentages it has to be percentages there's no way they can open everything okay you know have fun it's just not going to work like that but i will say this from the from the messages that i got recently the big thing was i don't care if i have to wait i don't care if they don't pay me yield i just want my life savings back at some point and i got to tell you i think this is one of those paths to go forward all right so next one in the bitfinex video that you shared have shared some depositors lost 25 other assets with your council do you expect a similar outcome for sales to the posers if we go for this type of recovery plan over here yeah so the reason that i love the bitfinex scenario is because it was very free market driven right if you if you wanted to take a loss you could if you just said get me the hell out i want to recover you would have made a little loss those that wanted to profit from that speculation were able to profit from that speculation and those that just hodled all the way made the most amount of money and so i'm not saying that will happen again but the choice between dumping a token converting to equity i'm trying to recover what you may have lost by buying tokens cheaper or just holding off on the debt those are all decisions and you can diversify accordingly you could say i want 33 percent of my risk here 33 there 33 there and you can play a risk management game accordingly but the the reason that i like that solution is because there's a big problem in making decisions for people if you make those decisions wrong you're legally liable for those but if you allow people to make their own decisions while they may not be happy with the situation they made their own decisions and with hindsight they can learn yeah i learned i mean i learned the hard way in 2017 when i went in heavy when uh john mccaffey told me bitcoin was going to a million i couldn't believe he'd lie to me so you know all that took was just a little bit of time of dollar cost averaging but that was just my plan doesn't work for every everybody but uh dollar cost average that's what we got so next one in the event of bankruptcy which would be i think one of the worst-case scenarios in the event of bankruptcy what creditors and dollar amounts stand in line ahead of the depositors who gets paid first will shareholders get anything if depositors not made whole see this is a question i'm not sure we can get into because this will be it depends on you know how this all plays out but anything with this one simon yeah um so again a lawyer question and i'm not a lawyer um but from from experience it would seem to me um maybe uh that uh depositors and creditors would become before shareholders um and shareholders would become before token holders um and so really if you go down that line um this is why my my you know hashtag depositors first is let's see if we can make depositors whole if we can then there's probably some shareholder value and if there's some shareholder value then the company may be able to do something with the token gotcha um yeah that makes sense now this one this one's interesting this is just theories unfortunately why do you believe other c-fi platforms like a block fi like a voyager ever seen backing for liquidity from the likes of ftx or alameda research but celsius is struggling to find the same support why isn't there uh internal bailouts being offered this way and this is this would just be speculation nobody has any idea exactly why that is but any comments on this one that you can say simon yeah i am privy to lots of behind the scenes conversations motivations are driven by many different factors uh you know um and my speculation on this if is that i think alex is in a ma's used a strategy of getting one up on the competition by slagging off the competition um i think that's coming back to biden um i personally have tried to make as little enemies over my time but just in the day to day are doing business sometimes you can't help make enemies um but i do think alex was particularly antagonistic and there's um certain enemies that were made there is also conspiracy theories um the at the end of the day just follow the money i'm writing my new book on money and all i'm doing is following the money around the world the imf and all these different flows and you can figure out the answers to crimes wars everything um and that is what i was doing my whole book is on following the money to just kind of unwind the last um few five thousand years of monetary history to predict the future um and uh you know three hours three um three ac you know blew up um luna blew up yeah decisions were made certain packs were formed yeah some people decided to break those packs and the politics of those decisions would have formed alliances and not alliances um and whether alex made the right decisions or wrong decisions is very hard to know at the time um he may have been trying to protect his depositors and get luna out as fast as possible through he may have actually broken a pact which then led to a coordinated attack and speculative tools and all sorts of stuff you you create your conspiracy theories and they're very interesting and follow the you know follow the money and you can get a lot of answers and that's the beauty of blockchain there's a lot of answers there um and the whole community given those answers um you know we can speculate on those but here's my thing i just said i don't give a shit about any of that i don't care about short squeezes i don't care about trading that's not my game you guys play that game yeah we need to move fast his solutions here's what i can do here's the influence that i have here's what i would do if it was me do you want to do it if you're not going to do it here's another plan and we need to you know um if that's not working then we'll carry on till the end until something does work and if the end is we lose all our money Goldman Sachs owns everything um then we come back to tell the story um and uh everybody uh you know learns and karma plays this role um people there's consequences to everybody's actions and hopefully everybody did things with the best intent um and that will be the price that they pay in the end sweet major else do not let defy or excuse me uh tradfire bail us out okay next one is odd we'll move a little bit farther down the line as we get these questions up let's see a little delay sorry but let me bring this down oh how about I just pull this up okay oh this is good you stated that you would reach out to CZ uh from Binance CEO of Binance what can you say about that interaction if anything at the potential and the potentiality for Binance to assist Celsius with liquidity is that anything that's uh come down the pipe and you guys have talked about or can you even talk about that um conversations have been had there's things that uh happening that I can't talk about um that's all I can say yeah I'm not going to push that question but I know the answer all right we'll get the next one as odd next one please perfect ourselves international customers Middle East treated as US Euro UK citizens in their bankruptcy restructure claims so again I don't think this will be a lawyer question again and if this even goes down to uh to that that bankruptcy option I personally think that's the worst option but uh Simon anything on this one um yeah I don't know the answer lawyer question um but in most in most companies including bank to the future US and non-us are treated slightly differently in order to comply with US securities laws which is the current empire that's backed by the most military expenditure and therefore has the most power and often comes up with the most mafia like solutions when regulating that sounds like a country I know hey when is that book coming out that you've just talked about I promise to get it out by the end of the year but um this really sent me back I was I'm I'm writing the book I'm I'm sorry to talk you know to talk about my book but it's the most exciting book I've I've written um I've learned a lot just rewriting this book and I think uh following the money is going to educate a lot of people on a lot of things that are very confusing to a lot of people at the moment and my book a decade ago did get a lot of things right and I think we can look at the next decade as well all's I can say Simon is stay safe until you can come back on the show and talk about the book all right so next question do you believe sales should be liquidated on any of its current loans does it have the assets to add collateral if necessary and you know I've I've had loans myself uh that have been liquidated from Celsius themselves but uh what about the Celsius loans as far as liquidation I guess it would it would come out to you know how they want to start restructuring I believe Simon what do you got yeah these are all finance questions if I privy to the finances I could probably answer those questions yeah a lot of people are doing amazing analysis looking at the blockchain understanding you know I'm learning from the community that uh you know that are releasing um addresses and stuff I'm learning from you just as much as you're learning from me so this is a community effort you know there's no way that I can keep up with this at the pace of which it's moving if it wasn't for Twitter and everybody doing their own due diligence in their own skill set and that's what I encourage everybody to do if you have a particular skill set um then apply it to whatever it is your solution whether it's you know whatever your solution is whatever value that you can bring it to the table it's adding value there's certain things that I just simply do not have the time to look at and I'm seeing some amazing analysis from the community um that are reverse engineering blockchains and all sorts of stuff and educated me at the same time um so that we can we all have better information at the same time there are people that are using information as a weapon in order to serve other agendas so we also have to be hyper aware that there is fake news out there there are competing agendas right um and a lot of people are taking advantage of these situations the reason I wanted to go live is uh you know at least make an opinion about me you either think I'm I'm here predatory um trying to you know and and you're entitled to that view but I wanted to come on camera at least you can have an opinion about whether I'm here for the right reasons or the wrong reasons I'm just saying it as it is my current situation um and I'm trying to protect my deposits protect my shareholding um and I'm trying to use my influence to do what I think is right I may get it wrong um but I just want to add value in the way that I can and you should do the same perfect sounds the good sounds great so let's go to and then of course remember everybody if you want to have your voice heard and talk about because Simon just told you and there's some great smart people out there give us your your information or your thoughts on this whole process again link in the description at bank bnk to the future com forward slash Celsius link in the description all right so next one and this is well you've already talked about this has anyone I just wanted to say I just want to say a few things on web domains um if you go to the bank to the future terms and conditions we have bank to the future.com bnk to the future.com and bnk to the future.co but there's going to be there's going to be a bunch of people creating phishing sites um if you go to the terms and conditions we list all of the domains that are official um on bank to the future.com and unfortunately it's very confusing because bank is a sensitive word um and so over our time we've had to make changes um and so but just go to the terms and conditions and you can find the list of the domains that are official because there's going to be a bunch of scammers that are going to try and um you know scam you and create all sorts of weird websites we have people create fake websites of us all the time so just wanted to say that yeah or you know what make it even this is what I tell people don't do like a google search thing like that bank to the future because that's when the phishing sites come up just go to people that uh you hopefully trust and that would be somebody like myself in on the youtube channel let me bring something up hold on this is the best best way to do stuff and let's take this one whoa so if you go to any of my videos any of them scroll all the way down there's these people that I watch all the time youtube channel recommendations and there's simon dixon if you click on simon dixon's youtube you can find all the links that you want to know to his twitter account to bank to the future and everything else so just follow the easy parts also there's a link in the description that I have bank to the future and also his his twitter account so hopefully that makes sense all right so I think we talked about this first why do you believe that celsius has been so quiet silence has already broken the trust community was it worth it I think we know the answer to that one next one uh again I think this is a banking question could pausing rewards for all users help celsius use that money to further pay down off the positions reducing exposure prevent liquidations that would be financial question perhaps anything with that one yeah I mean I I thought if it were me I'd stop rewards right away yeah and then azad next one and it's and azad pulls new ones I want to pull one from the comments as well yeah this I think we talked about we can only speculate right we can't say anything because we don't know do you believe that celsius will attack by bad actors or miss manager both I will tell you this I've never seen so much fun and so much uh polarizing views come out then celsius on especially on twitter simon do you see the same things or different yeah I think I think both right um you're easy to attack if you've done if you've got something to hide and every business has got something to hide right um you know every no business has done anything perfectly that's just a fact I'm a shareholder in 100 of them and everybody's got dirty washing and so do you and everyone that's washing watching this um has got something that they've done wrong that they're trying to learn and they're trying to recover from um but the reality is is I believe that both have happened I think celsius have done something's wrong and I think um competition and bad actors have tried to expose that um and I think both is happening gotta agree okay next one why do you believe celsius has decided to remain quiet I think we talked about that sorry next one what's um have you got a live chat at the same time or as well yeah we live on youtube at the same time what's uh what's the live chat like is it going crazy we've only got about 4 000 people or so but uh oh yeah so we've got so this is from my man first cross script he said wait a minute rob said never trust anyone exactly everything's a scam until proven otherwise so don't even trust me and even don't even trust simon everything that we talk about you have to verify yourself and I think if you do stuff like that you'll be in a much better position because then everything's a scam even your mom texted you and said what's your coinbase password just scam so just go from there I think you'll be okay and we got uh this one from ckj's hope some of y'all learned your lesson those crazy high yields aren't sustainable I think it what simon talked about it comes on to education and uh this is one of those things where simon I had to tell you something uh it really came down to what you said there were you said peer to peer and you talked about you go look if you're taking bitcoin and you give it to somebody and they you know they re-hypoticate and they can loan it out that's one thing but if you're doing fractionalized shares without collateralization that's fractionalized lending essentially and that's not what we signed up for but you know here we are if that is essentially what it is I think that's that there's a big distinction there uh let's take a look here also get off the centralized exchanges use dex instead all right any other questions we have how long before we're here from the board again that's a that could take a while and I think simon's already talked about that what do we have over here when lambo that's a good question simon when it when are we going to get that lambo um I tell you what if you put together a 10-year plan I actually believe that um anybody can have a lambo um if you try and get it within one year I guarantee you're going to get scammed you're going to trade you're going to make tax mistakes you're going to create liabilities um and you're going to try and get it too fast and I know people that have got a lambo within one year um and that can't afford a lambo during a crash and so if you if you want to if you want to lambo I've got no problem with that um you know um is uh but put together a longer term plan um and be prepared for all outcomes and I've always said be ready for inflation be ready for deflation ready for economic growth be ready for economic decline be ready for a war be ready for a pandemic um be ready for a bank failure and financial crisis be ready for real estate crashes be ready for stock market crashes be ready for bitcoin crashes be weathered to to you know take advantage of the wider crypto markets um and this is really you know uh making sure that you're ready for outcome and then you can relax you don't need to do you know there's a lot of people that aren't relaxing right now because they they said I'm putting everything in Celsius and I'm not here to rub your face in that that really is not my intention I've made bad you know sometimes kicking someone when they're down um is the worst thing and I wish you know I'm conflicted with these things sometimes I just wish that people could be more empathic but at the same time um it's uh you know this ruthless accountability that's also made the crypto market and bitcoin what it is today because we're ruthlessly holding um accountability here um I don't know the answers to that but you know somewhere in the middle um there is your what feels right um and I really hope that people learn from this but it still just doesn't feel right to me to say well you should have you shouldn't have done that um of course you shouldn't have done that that's obvious right now every people are suffering um if if everybody knew what to do then they would have started mining bitcoin on a laptop um then they would have converted it all to the ethereum ICO and before the crash they would have put it in tether and then they would have taken all of their tethers and buy binance tokens um and then they would have taken their binance tokens and they would have bought bitcoin you know yeah and then you'd be a trillionaire okay and you don't know the whole thing you don't know yeah that's uh that's a great one I'm going to use that one I'm going to steal that so before we go on tell us about what it was like in 2000 because you got in 2010 right 2010 2011 bitcoin trying to you know start up your own bank what was it like back then to like just to get a bitcoin I mean how did I mean it's got to be yeah well I spent I spent in in the first um in the first uh bitcoin conference I spent a bitcoin on a mars bar out of here at a hack at a hack together um ATM machine that um we will be we actually after the bitcoin this special code to go to a hackathon um and you had to go all around check republic and these really shady things that I can only describe as crack dens and eventually eventually if you did a secret knock and got the right text message you ended up in this hackathon um and there was a bunch of people with anonymous masks and a bitcoin ATM where they were selling mars bars um and I thought it would be fun to buy a mars bar in this bitcoin ATM and uh you know this is the the post conference because that's what the community was back then it was us versus the banks um it was a movement towards providing financial freedom that we were very we knew we were going to be attacked in in really big ways and it just felt like this insurmountable task but um we accidentally succeeded and and and bitcoin was created um but yeah buying bitcoins back then was a disaster I mean you know I I bought some cassaceous coins what's that and I had these these these physical bitcoins um that you often see is the yeah you had five big it had five bitcoins in this physical bitcoin with a hologram on the back no way um and quite frankly mount gox was just the easiest place to store your bitcoin and then you had to figure out how to download these wallets you'd had you know very few and then mike herne started creating the first apps um you know the bitcoin wallet and then apple banned all apps and said you're not supporting this and you know it was a nightmare um it was really really hard and what you got today is really luxury um compared to what we had back then and then you have paper wallets instead of hardware wallets yeah that's right bitcoin and the first bitcoin conference um you know trezzel was there and they were actually sponsoring the conference and they were trying to create this hardware wallet and that was you know a major major breakthrough when that came out did did did everybody call it uh a scam like oh they're trying to steal my bitcoin this hardware wall oh yeah that's yeah and you know and that is the default position right everything's a scam until proven otherwise and because everyone wants your private key and eventually uh eventually yeah of course it was a scam of course so you know what i mean just we'll get to the question in a second but think of it this way like you talked about bitfinex and the actual uh you know what was it 70 80 million and it was like the biggest hack of all time at that point of course mount gox before that but bitfinex was a big thing and now today we're talking about with celsius what 8 billion 10 billion or somewhere that that's uh that's just sitting there what's gonna happen in like the next five 10 years people are gonna watch this video and be like can you believe that they're talking about just 10 billion dollars when we're at a multi you know 12 and i can't say what what what it's gonna be but i will just remind everybody if you take a look at all the world's uh money and markets and the visualization this this was just a year ago and all these little squares are a hundred billion dollars a hundred billion here's military spending u.s budgets coins and bank notes that's balance sheet i can tell you right now that's way higher here's all the billionaires in the world zuckerberg bezos gates i don't know about zuckerberg anymore goal is 12 12 trillion now four to 500 stock markets is a hundred trillion the money supply over a hundred trillion global debt 200 trillion uh global real estate 280 trillion and then you got derivatives which is one quadrillion which is a real number i actually had to look that up so if you take a look at all these things and we're saying and we're saying to yourself man we're at a whatever at 900 billion dollars uh with what's going on this in five years i personally think isn't going to be uh much all right that's my little rant yeah one one thing i'd encourage if you put in youtube simon dixon ted ex yeah i gave two ted ex talks the first one um was where i was trying it was during 2007 there was one where i was in occupy london or something like that um and uh i was trying to describe to people these bailouts and the difference between you know a million a billion and a trillion in time um and i remember we were talking about rbs having this 23 million pound hole yes the second one um the first one was came later um 10 years ago yeah in two in two thousand there you go some of these videos look at that good-looking younger look at that skinny kid yeah um and uh what happened then bitcoin bitcoin happens and um yeah there's 23 million pound hole in royal bank of scotland which seemed like the biggest number in the world you know and these are just like normal hacks in the smart contract now it's crazy how these how these numbers escalate we have just the finance we have lost all touch from reality um and you know uh it's it's just crazy you know um this is why i say we are alive at the most interesting time um is really harmful for many it's it's going to be really great for others um and you just got to get on the right side of this shit um because we need we need people that understand this stuff um and bitcoin hugely progressed the conversation i used to i went to london school of economics back in the day before bitcoin and i tried to tell people that banks created money they chucked me out of the university for giving such a stupid talk when i said when i was trying to describe that banks create money um and remember like even but you know i i used to i went to the independent commission on banking where sir john vickers was presenting his finding on the 2007 financial crisis and i was trying to explain it's quite tragic actually there was an mp in the uk that recently died died called uh david davies he was actually murdered um very tragically um but he was the you know the governor in charge of the whole banking um in the uk politics and none of these people understood banking they thought i was crazy when i was explaining um how money works um and when bitcoin came along it was like yeah i mean it's obvious banks create money and now this conversations the education that we have 10 years on is quite remarkable how how well educated people are on the financial system back back in these days this was hard and if celsius gives everyone a good education i'm really sorry you know i don't want to i don't want to tell you i i know these numbers are big you've got to recover from these you've got to take forward you've got to progressively rebuild you can rebuild and you've got to learn the lessons from that no matter what happens and i'll fight tooth and nail to try and get the best solution that i can for my deposits and hopefully that helps your deposits yeah hopefully so all right well said right um but here's some here's something to be aware of for everybody uh scams and this is max anderson thank you for a video i can i agree with everything you said i have become so rich after giving all my crypto to scammer sam she has doubled my bitcoins and tripled my theorems just letting you know that's a scam uh so if you're seeing stuff like this this is ridiculous which leads me to the point i'd like to talk about real quick which is over here this question i'm not sure if this is what it is but is the hodl request legitimate from celsius if it help i would do it but i'm not without confirmation first of all is this going around that celsius is sending out emails or something to people to put on hodl status the next question is can you even get into your app the third question is why would even be a hodl status when that's essentially what's going on you can't remove it anyhow so i would just say that this is a maybe a phishing attack or i'm not even sure if this is a scam but again treat everything like a scam until proven otherwise just want to make that point is it yeah so there's um there's speculation um the by turning on the hodl modes within your app you're voting for what i believe to be the internal conflicts between what the board may want versus what tradfy may want um i don't know this to be true but i have a pretty good source that this may have been um you know you've got it you've got to read between the lines a lot here right now when when things can't be said you've got to kind of imagine you're in that scenario and you're you're watching these videos you know alex is watching this video and and it breaks his heart that he can't be here i'm sure um is my guess um you know i think he placed a lot of emphasis on his reputation um you know and you know um he's watching these things and he's trying to get certain messages out there that may be an internal conflict that he's not allowed to it's going to get him in legal trouble you know these are tricky situations to be in i'm not i'm not trying to say whether you know you want to empathize with him or not um i'm just trying to say these are the realities and i do believe that apparently this putting on hodl mode is some kind of signal um and whether that's true or not i don't know but um i've got it from a good source that might have been a message um was trying to get out without saying anything and making an official announcement oh there you go information from simon but don't trust simon do your own research all right yeah and and also i just got a disclaimer you know whether you turn hodl mode on or not i don't know whether that's going to be a legal complication later um so i'm not your lawyer i'm not taking advice this may cause loss if you know i'm just sharing something um and you know there's legal consequences to all of these decisions why which is why you've got to be very very careful it might change the you know the classification of whether someone that has hodl mode or not might i'm not saying it does but it might legally be used as an argument as to one by one creditor should get something over another creditor so be ultra careful with these things yeah and oh you know you've got to get your own advice at the end of the day oh yes perfect here's a question that has came in from the chats i'll go to the uh slide you on a bit question can you use the celsius token from treasury for simon's option number one and if we take a look at real quick pose number one what we're talking about here ah is a restriction to relaunch celsius and allow depositors to benefit from recovery through financial engineering involves risks and full recovery of funds like guarantee um simon can we use celsius token and another thing is is i was always under the we did a video a while ago as the celsius token i thought and we did a video on it we took a look at the sec filing it was registered as a security itself am i off there okay two questions um firstly um i would if it were up to me i would be very reluctant to use cell token um as part of the recovery plan and the reason for that is because if there is a token and you may not need a token um if there is a token then it should be a security that represents debt and convertible into equity um is is how i would suggest and if you do that you would make that token a security and if that token is a security then it cannot be listed on any exchange that is a cryptocurrency exchange that is not authorized in order to train securities which is pretty much everyone okay so when people are asking for tokens to have burns and things you're taking extreme risks and this has been a be in the bonnet that i've tried to share with people since before the 2017 that when you're turning these things into securities they only really work for exchanges that are willing to list that token on their own exchange because they're highly likely to be securities when you turn them into investment products like this so i would be very skeptical against doing that now in terms of shedding more light on my understanding of the the the token sale um there is an exemption from regulations called um doing um selling an investor right so when you sell a token you can't allow the token to be a security because otherwise it can't be traded on a cryptocurrency exchange but you can sell an investment contract that gives you entitlement to that token so um during the 2017 um ico um boom we almost got disrupted because nobody was selling equity and everyone was buying tokens and we created a way to compliantly sell tokens by through using a security that gave you entitlement to the token so the token wasn't a security but the contract that you invested in and then once you have a contract you can invest in you can use certain exemptions for example regd allows you to sell it to accredited investors not by getting approved um but by forming by filing a form disclosing that you're selling it to accredited investors only and this is a little play on you know careful and approved means that if it was a reg a plus for example you then give it to the sec and they have to go through your protectors your disclosures and no ico was getting approved there was only about two or three of them a lot later and that managed to get through that that's different from saying you're only going to sell it to accredited investors and filing a form d that's not an approval that's a disclosure to the sec that you're doing it so you know you got to be careful around how these languages are thrown around and this is exactly why investor protections exist because you know when you're using language to make people think a certain protection is there when it's not um you know you you know it's it's it's it's really questionable saying these things yeah gotcha and then uh just an update from the question for for pojak i turn on i turned on hodl mode at the other night on the app it sends a message to the board i guess i'd just be like a signaling like we talked about okay got it and then moving back over to slido uh nexo was buying out celsius loans seemed like the perfect outcome for customers would we have all gotten our money back of celsius accepted the offer so let's say they didn't go this way they went with i guess nexo if they had that liquidity what do you have to say about this one um i'm under edda with three different parties on that one gotcha okay that does make sense a lot next one please uh how would your plan convert debt into equity for non-accredited investors what options are available so we're talking about securities and things like that how would that work especially in the u.s this is a very tricky question especially united states and the sec coming down regulatory issues uh yeah so bank to the future we can only work with high net worth investors accredited investors we're applying for additional licenses in order to work with non-accredited non-high net worth um so there are two different options one is that bank to the future has partners that are deeply integrated into our platform that we could make sure that we get a certain structure that would comply with the regulations you may not get all the same options as our high net worth or accredited investor and if in the future we secure those licenses we can make different options available on our secondary markets and various other things and or it can be that certain options are available to certain classifications of investors these are all design decisions that could be put into the system and then the high net worth investors could be able to you know take options for those that can't participate in certain securities offerings this is where you know bank to the future we for over a decade we've integrated our identity system with securities laws all around the world and this is kind of where we shine we we built technology for all different securities and all different jurisdictions but there would be certain people that could certain people that can't and those are based upon the law and when you can't then we integrate with different brokers that can is is the answer gotcha okay so remember the three proposals restructuring pros don't to pool the most influential wales number three operational plan allows a new entity to rebuild essentially the board of celsius so again make your voices heard on the link in the description bank the future dot com forward slash celsius or b and k the future all right next cube how would your plan convert debt into equity oh no i'm going to talk about this this is like one yeah same one eh and as we're going through that well i guess it'll be it is there a plan so small investors can all their crypto back for example users with less than a bitcoin can get it all back and bitcoin is opposed to equity again this i guess will be just the difference proposal that comes forward yeah um you know you you want to treat everybody the same um so whether you're a higher net worth or not and then if you would have certain options are available to those that can compliantly take those options gotcha and then someone just said someone said that celsius where are we someone said oh celsius put on update was okay so i took a look at their twitter account and this is operating with the entire community and all clients and i will continue to take steps to preserve our protect assets and explore the options okay this is going to say the same thing i'm pretty sure that's a new one live as we're speaking as we're speaking june is that at june 30th june 30th yeah that's today we're going to take important steps i'll show the community that's it really what it says is across the house is we're focusing working in order to be a position to share more information we are operating with the entire community and all clients we continue to take important steps these options include pursuing strategic transactions as well as a restructuring of our liabilities among other avenues these exhaustive explorations are complex and take time let me know that our teams are working with experts from many different disciplines our relationship with the community and our clients has been a source of pride for all team members at celsius we will continue to share information with our customers that's pretty much long and short of it okay yeah and don't expect anything more until there is a conclusive plan that's voted upon by the board and this is where you know at bank to the future we do own over five percent of celsius and don't take this as legal advice but my lawyers have told me that that gives you a statutory right in order to call a shareholder meeting and so once we've got all the feedback in and we understand how the community wants to take this we do have the right to call a shareholder meeting and we do have relationships for example with other shareholders so we did the bitfinex recovery plan we're a shareholder in bitfinex tether is an investor so we could pull our vote as well and so this is why i'm trying to get creative around using the the influence that we have in order to make sure that the crypto solutions get a fair vote next to the trapfire solutions and you know there's a lot of legal gymnastics in that and so you know because we're in a unique position that's why i'm here and that's why we're doing this and and that's why we want to hear from you yeah that's it and then i'm looking through we're seeing a lot of the same questions over but we've already answered most of these like do you have a timeline for an apology withdraw we don't this all comes down to the proposals which one gets taken up first are you in active discussions with celsius other than working with bank the future and then we already talked about this there's some ongoing discussions but you see you've signed an nda already so you can't really discuss it non-explosure agreements let's take a look at the next one maybe that's it yeah we are coming up on we are coming up in two hours wow is that what we done okay and you didn't even your voice didn't crack after that first uh las inch amazing yeah i tend i tend to i don't there's something about um disaster in an industry that i dp care about that tends to pull me into um a lot of energy and uh yeah so you know i feel we have certain purposes in life and i feel like i'm doing what i can in order to um support bitcoins growth remember these are all cycles um we have recovered from all of these cycles and you are either going to participate in those recoveries or you're not going to participate in those recoveries um and you need to make a real decision about um how you react from here um and i am very empathic for people that have really got in beyond what they thought they were getting into we've seen you know we've seen scams after scams after scams and all sorts of stuff we've seen people that have just caught themselves in positions that they never imagined um sometimes you end up in a scam accidentally sometimes malgox just bought an exchange off the founder of ripple that had 80 000 bitcoin missing that wasn't disclosed to them and accidentally ended up in a ponzi scheme um you know this is the this is the world that we live in today um and this is the game and so the only way you can protect yourself is with effective diversification um to protect from scenarios that you can't imagine this happen and there's always surprises um in this market and that just comes with part of the territory of reinventing the future of finance and providing an exit from traditional finance which is one of the most powerful vested interests in crony capitalism um you know deeply entrenched in some of the biggest interests in military and government that the world has ever seen and if you think that they're just going to stand by and watch us um without having incredible bumps in the road map and uh speculative attacks and all sorts of stuff then you're deeply ignorant but you're going to either decide to carry along and be there and there's nothing more exciting that i've seen than the day that bitcoin came along and gave people the biggest education in earning owning your own money spending your own money and the importance of having a fixed supply and all the pleasures and beauties that come with that and all the scams that come along and all the problems that come along on this journey to reinventing the future of finance exactly well said simon and nobody said it was going to be easy if it was easy everybody would have done it all right so let's wrap this up i think that was a great segue to get out of here simon i want to say for from everybody thanks so much we i appreciate you i think a lot of people appreciate you taking the time to work for the community to get to a resolution in some way shape or form and hey if it's not one that you put forth that's what we talk about let make your voices heard and come up with something else but i think this is uh the big issue and i'm glad we could all come together and try to figure it out uh together as opposed to having some other tradify bail us out so simon thanks so much we all appreciate it okay and awesome for all the work you've done rob i think you've got a very pragmatic way i think you're educating people in a good way and i think you're willing to learn at the same time at the same time as educating people and i think the education is the most important thing that comes out of this because when you're more educated you make better investment decisions and that's what you've got to get out of this no matter what happens take responsibility even when it's not your own fault learn from it and you'll move forward and you'll press on and you'll be a soldier for whatever happens i like that all right everybody so if you like today's video thumbs up subscribe all that good stuff and that is it you can find those links in the description also you can check out simon on his youtube channel also check him on on twitter very prolific as he gives you updates that's it for today so everybody thanks so much for stopping by we do appreciate it we'll see you on the next one bye