 Great. Welcome to the July set news to get top stories and crypto and break them down into bite-sized pieces. So today Just the thumbnail suggests there is a pretty enormous What I think is a pretty enormous case for crypto and it's about to be dismissed And the way that it's about to be dismissed is very odd and how the Department of Justice is actually handling this And we'll take a look at it in just a bit So take a look at the case itself. It's going to be dismissed Hopefully not also when talking about should crypto exchanges shut down every single person out there And there's some pros and cons for all that Also, we'll take a look at is it all a Ponzi scheme and I had on Simon Dixon He is one of the earliest investors into Bitcoin from 2010 and he's here to tell us that yes everything is a Ponzi and then lastly we'll take a look at my favorites scammers and the way that they target people and now they're targeting the poor people of Ukraine and people have actually donated to the Ukraine relief fund So we'll take a look at all those things and lastly we'll go into a little Q&A, which will be at the end So hold all your questions, please Until the very end. So let's get into it first. First of all, if you're here for the live stream Hey, thanks for coming by. Thanks. Appreciate it. Just, you know, if you're watching the replay There will be timestamps underneath so you can fast-forward to whatever you want to and it's in a sequential manner So it kind of just goes from start to finish and then also Just, you know, we do the news takes about 20 minutes 15 to 20 minutes and then Q&A is about five So about wrap it up. Hopefully in less than or 20 25 minutes So let's just jump into it, huh and talk about what's going on in the crypto market today So I don't need to tell you this because you look at your portfolio all the time But just so you know, we're on we're teetering on the fact that we're probably go below the market cap of 2 trillion yet again and we've been teetering on the 1.6 1.7 trillion then we jumped up over I mean 2.1 I think almost 2.2 trillion. It was a great glorious day and on that day That is today Thursday. I think it was a Monday. We jumped up. I didn't have too much faith in the market Market proves me wrong. So it goes to show you that no matter where you think things are going You don't know anything huge You don't know where the market is going and the market tells you where it wants to go So that's why I dolly cost average because the safest thing out there in my personal opinion but This is what we have and bitcoins. I mean over seven days looks pretty good. Man Terra Luna is just on a tear 56% So who knows I was negative on Monday and the market rallied today. I'm not too positive So maybe we'll go to 3 trillion. Who knows it's crypto. That's the great part about it But if we take a look at the traditional markets because people I mean in my personal opinion I think we're pretty correlated to the S&P 500 and yesterday was a pretty good day 4300 is up one almost 2% so traditional finance. That's a huge day and also Nasdaq which I think is even more closely correlated was also up. So maybe I'm wrong. Maybe today be awesome Let's hope it is but that's what we have as far as the market. So That's that part. Let's dig into our market, which is what we're all here for and that leads me to this great story. So We know the SEC is suing ripple Larson then Brad because of Problems with Securities and what they believe to be a security because that's what the SEC does but this case I mean the ripple case has massive repercussions But this case has even far-reaching implications Depending on how the case unfolds. So the DOJ the Department of Justice moves to dismiss Tezos staking tax case and Nobody likes taxes, right? And I think this if this gets dismissed. We're gonna have a lot of problems Here's what's going on the Department of Justice Claims the case should be dismissed Because the refund has been issued the couple said in February they refuse a tax. This is the over overview So this is what's going on in December 2021 the IRS offered to refund Josh and Jessica Jarrett Taxes paid on rewards gained but not redeemed From staking on the tasos blockchain. So I need to make this really crystal clear for everybody What this is this is unrealized tax gains essentially So they were given rewards and tasos from staking tasos right not a big stretch in the imagination and What they did was they thought well I better pay taxes on this and you can ask there is one thing That two CPAs can agree on as far as tax laws and that is that the third one doesn't know what the hell They're doing so if you want to get a big argument going on about what is the proper way for tax laws Just get a bunch of CPAs together now Tell you a whole bunch of different stories and it's because we have no clarity and no guidance Because that is the problem right now which is going on in the states now in other parts of the world There is a bit more clarity, but the states were all over the place and it's just awful So what this couple decided to do is pay their taxes even though they didn't cash out their tasos They had gained tasos and said well, we're gonna pay taxes on that right now, which me personally I am not going to be paying taxes on Well, first of all Even though I'm in Puerto Rico, I still have Taxes and issues from the year prior, but I will not be paying taxes on unrealized tax gains for the For the rewards that I gained because I didn't cash them out to me. I just feel like that's unrealized tax gains Let me know what you think in the comment section. That's just how I see it So here's the problem with what happened here So the Jarrett said they would Refuse the refund because the IRS said we'll give you back this money It refused the refund of 3793 plus $208 an interest opting instead to try for a court ruling in their favor Why is it such a big deal because it's just 4,000 almost 4,000 bucks We'll get to that. So the proof of stake alliance, which is a partial funder of the initial lawsuit Said that the Jarrett's turned down the reimbursement The Jarrett's at the stage for a wide sweeping legal precedent. So real quick. This is what happened The Department of Justice says look We offered you the refund Whether you take it or not doesn't matter. We want the case dismissed if They come and say no, no, no, we're not gonna take that refund which they're not Then if they can do that that sets a legal precedent in the courts And if they can do that then that means that people like me and people like you The IRS can't come after us and go. Hey, you owe us much money because of of all these staking rewards So that's not how it works for this is legal precedent now if the Jarrett's do say hey, I'll take that $2,800 or whatever it was 4,000 close to $4,000 they get that money But that doesn't do anything for us because it can't set legal precedent So this I think if this case is dismissed then it's again I know a big problem as far as turmoil people don't know exactly what to do You're gonna go with the CPAs and go through this and then I get it Really what comes out is I get a bunch of questions and I'm like I can't tell you the answer because no one can give you the correct one and I will just say this I thought it was interesting though that the proof of stake alliance POS a came in and they had the partial funders of This case because if you're just a couple, how would you how do you go and and take on the Department of Justice? It's very tough to do that. So you need some deep pockets and the proof of stake alliance You know their website, but this is actually laid up pretty well. This was from May 14 2020 from Jason Brett Coinbase polychain and tasos meet with the SEC on blockchain and they're all part the Alliance of Coinbase custody crown of foundation polygons and tasos and others such as blah blah blah Are part of the proof of stake alliance? So you've got some pretty big hitters coinbase Cardano poly John poly John poly chain Tasos and a bunch of other ones by Nancy us and so on and so forth And they're looking to provide regulatory clarity because we know they know that we need it So again, not to be outdone though, but here's another example of how tasos goes in there and tries to meet with the Me with the SEC and and get things resolved and what do they do? Well, they They have people that say no, no, no, you're gonna do it this way So again, if this case is dismissed even though this couple has refused the actual Receipts or the Offering then that goes away and now it just leads up to a bunch of turmoil. So that's what we have I think this is a bigger case than that then ripple coming down the pipe it just for you know Just for staking limit you think about on the comment section and that is it for that also if if you're in the States and of course Taxes scare you Don't worry. There is a program I use it's called crypto trader dot tax and you can get 20% off It's what I use from the time that I set it up and it has direct API integration into all the different exchanges even Voyager Dexes Open C and all the different crazy NFTs that you bought well You can put them all together send them over to your CPA and then they cannot send it off the taxes There's a link in the description looks just like that and you can go ahead Also, if you're having problems, you think yourself, man, I don't want to pay taxes at all Well, great because I've got a crypto IRA for you It's also in the description also if you want to take a look at like someplace to actually store your funds there's these things called buying fractionalized shares of Art it's called Masterworks and you can find a link also and all those things in the description just like this and my real estate playlist So that's what we have. That's enough. That was my one-minute shillathon. Let's move on to our next piece Should crypto exchange is shut down? This one's also a pretty concerning issue what we have going on because we know that different governments and different agencies are trying to get the exchange to shut down to put things forth as far as Sanctions that are going on and I think this is a problem But then we have even more people coming down and I think it leads us to a bigger question is should this actually be done So here's what we have Crypto exchanges should be shut down if they don't suspend Russian accounts. So says bill Broder so Asset manager bill Broder who for years specializing in investor and major Russian firms told you about finance The crypto exchanges should be closed if they do not suspend accounts owned by Russians Coinbase and Binance rejected the call for a blanket freeze of Russian accounts But said they would comply with requests to suspend users specifically targeted by sanctions Although Jesse Powell from Kraken said hey, you know what if they if they tell me to I'll do it However, Bitcoin he states is the embodiment of Libertarian values which strongly favor individualism and human rights Which I think leads us to a bigger question right now and that is this And I'm just gonna ask the question because I don't have an answer for it But if you were able because that's what's great about blockchain technology You can get the information and everything's on a public ledger and you can figure out which wallets or which persons instead of shutting down the entire Russian population for all the crypto because let's be honest the rubles and shambles and without cryptocurrency a lot of people They're not going to be able to pay for goods and services and that's just how it is That's why you see there was a run on it But here's the question for you if you're able to shut down individual people Let's say that you could shut down the oligarchs Which are this not a ruling factor, but they're the social or economic elite in Russia What if you could shut down those people just for their for their crypto? Would you do it? Would you say that's okay? What if you could shut down? Putin's crypto account if you actually had one what if you could shut down individual people that are causing all the havoc that's out there Would you do it? knowing that What really makes crypto and digital assets great is the inability or should be the inability to shut things down Now again, you can't shut down wallets You cannot shut down an individual cold storage wall, but you can shut down centralized exchanges So that's the question for you. Would you do it for these people that are potentially have A concentration of power and wealth That is Causing problems throughout the world. Would you say to yourself? Yeah, I would do that I'd like to know what people thinks because that's not what crypto was designed to do It's for all the individuals to be able for economic freedom Even the people that could be labeled as potentially the worst of the worst and the most awful people in the world It's a it's an interesting question. So moving on This part right here Browder Broder Broder, I think that's the guy right there CEO of Hermitage Capital Management and prominent critic of Russian president Vladimir Putin said the crypto exchange Should face severe repercussions from governments worldwide if they continue to reject a blanket freeze of Russian accounts They should be shut down by the Western European European and US and UK regulators if they don't step in and do this and I will just tell you like a little backstory this guy he has gone against Putin for years and years and years and he exposed a high level of Problems and issue and corruption in Russia who would have thunk Corruption in the government agencies. That's that's him. That's unheard of so he exposed that and I read I saw the the piece on it actually his lawyer that helped him do that It was actually captured by Russian authorities and and tortured and eventually killed. So this guy is no fan of Russia itself but Man Russia almost shut me down Just getting that's Puerto Rican Wi-Fi. All right. So that's what we have right there Interesting about the comment section and let's move on to our next next the last piece. Is it all a Ponzi scheme? So this was actually an article an interview that we did with Simon Dixon and I broke it up into three parts I'm next if you don't know. He's one of the original people who invested into Bitcoin in like 2010 way long time ago Here is his Twitter account. Also. He's the owner of bank the future He's done some small investments in the very beginning like crack in bit for next bit stamp Ethereum those types of things and He's got a pretty good track record so far What we talked about in the very beginning the first interview was what it was like in the very beginning with with crypto and digital assets He talked about starting up his own bank Economists did a lot of different things and he said well Bitcoin made a lot more sense Now we get into the nitty-gritty, which is is it all a Ponzi scheme not just in crypto, but just in central banks Fiat currencies and everything in general and this is why I broke up in three three parts because there's so much good information there I had to so just take a listen to what Simon talks about here This is like I think it's like five minutes six minutes the most and then we'll come back and we'll finish up with some Scam alerts. All right, here we go Is it all a Ponzi because when you because you've gotten together with a lot of the leaders? throughout as far as like with Parliament and different organizations and of course that the different People that create the laws is this all a Ponzi scheme as far as the banks as far as the central banks as far as the fiat system And how is it all working right now because we're seeing a lot of things going on in the world as far as sanctions and things like that so for two decades, I've been obsessing over that question and People you go down the rabbit hole and it wasn't until my second decade that I discovered Bitcoin That gave everyone the example the world needed to understand some of the challenges We were trying to share with people So since the early days, I've been really for two decades now preaching and three things And that is that when you deposit your money at a bank the bank becomes the legal owner of that money Once they become the legal owner of that money, they can actually spend it as they choose And every time they you deposit funds at a bank. You're actually got somebody else's debt And so we end up in a scenario where governments have actually outsourced the process of creating digital currency So before Bitcoin, we were talking about digital currency in terms of a digital balance at your bank account which was compared to cash and The governments gave banks the ability to create digital currency every time they issue a loan And this ends up in a scenario where you have more debt than money in the world And when you have more debt than money, you always have to find a new market for your debt And so in the book I was trying to share with people that it looks like it's disasters that caused these increases in government debt individual debt Corporate debt central bank debt But you always have to rehypothecate in order to have an economy because money is that And so my my lifetime work has been trying to find and help people Give them Illustrations about the implications of it. So when the answer when the question is is it a Ponzi scheme? The answer is it by definition. It is a Ponzi scheme There is more more debt than money and in order to find the money to repay the debt You either have to have the destruction of the economy And there's all sorts of financial innovation that has happened over the over the decades To rehypothecate that take it from the individual to the corporation from the corporation to the government from the government to the central bank So when I look at all these financial events that occur, it really is just passing on the hot potato So you have in the 20s. You had all the individuals that were over speculating Regulations came through and then we have reforms where the money is actually moved over to more Keynesian thoughts of economics Keynesian states that in downward markets the government has to supplement The economy what everyone forgets in Keynesian economics is it says in the good times you need to repay the money So but they can't repay the money because it ends up in a depressive effect because money is debt And so every time you repay that debt money disappears from the economy And you have a some kind of systemic risk event And so you have that, you know that the the financial crisis was the repackaging of all the banking debt So essentially it was taking all the individual mortgages Package them up into products that was sold via investment banks to your pension fund Your pension fund is pulling together all the money that then becomes the package of the debt for all the individuals And then when the bank takes too much exposure It's insured the retail banks are insured by another Ponzi scheme where any 1% of federal insurance exists in order to cover It doesn't factor in a bank a bank failure It just factors in one bank going down at a time and therefore you need to rely upon either bail ins Which is the Cyprus case or bailouts Which is where you get taxpayers to pay and the government takes on the debt when the government can't take on the debt They need to rehypothecate it through the central bank and you end up exactly where we are today Where you have an economy where there is no return? There is one final outcome and this is why in 2016 I started trying to tell the Bitcoin community the significance of central bank digital currencies And central bank digital currencies are money that is created not by debt It is money that is created directly either by the government through some kind of fiscal and monetary union Or the central bank directs, but it's not backed by debt So what I see a central bank digital currency as is a deleveraging effect In order to unwind the debt based Ponzi scheme But you so you know if you have money at a bank and the bank goes bust You won't lose your money It will be replaced by a central bank digital currency But in the way of opting into that in order to deleverage the economy You have a fundamental shift in the way our economies are organized from a free market economy To a socialist economy to a communist led You know fully government controlled Fiat monetary system that then needs an honest money and sound money to compete with it And that brings us to where I see we're going over the next decade Shoo. That was scary. That was scary Simon. I gotta I gotta be honest with you That was that was super scary So look, I want to say thanks again for Simon to come on and drop some knowledge for us and with us because the those are the things that I Mean if we don't we're not careful those are things of where we're going also if you're looking for Simon Dixon he has his own YouTube channel. You can check him out also on Twitter I linked his YouTube channel in the description of this video and yesterday's video if you want to watch the first part about the History of how things were as far as Bitcoin goes. I'll link that at the very end and also at the very bottom There are different youtubers that I recommend and Simon is on that list so you can always find him down there and Also, just look at Bank of the Future You go and check out if I'm doing any kind of investments for that type of thing So that's what we have. Let me let you think about that scary Relevation revelation revelation from Simon and let's move on into our last piece before we get in the Q&A Scammers, ah, man, they're out in full force. So look if you if you donated to Ukraine for their For their funds as far as like what's for as far as like helping them out and and sending supplies and And food and medicine and all that you might have and there's an airdrop this it's called a Ukraine world airdrop So just be safe. There's an airdrop of it's called world token Appears to come from Ukraine's crypto addresses, but it may have been spoofed Ukraine confirmed the airdrop yesterday. So it's gonna happen. It's just that there's scammers out there that have no morals whatsoever And they're trying to have people interact with these smart contracts after raising more than 33 million in various cryptos from global donors Over 7 million donations were made hours after the airdrop announcement I mean I donated but that's not what I donated for I mean it is what it is So the airdrop started shortly after a coin desk report Ukraine appeared to be sending liquidity pools on uniswap with world tokens Blockchain Explorer, ethoscan is now tagged world tokens as misleading and that the tokens could be spam or phishing So just so you know, this was a tweet that I had seen I retweeted itself Watch out for this contract that's out there Uh, and I'll leave it up. Just follow me at news asset. You can you can find that on twitter Very simple. Also, if you want to take a look at where the official one is Most easy is just to follow Ukraine their official twitter account It's uh at Ukraine pretty simple and uh, that's the official one. They'll tell you all about it So that's what we have so be safe out there and that's it for today. So look Uh, that's it for the news went a little bit long But it is I mean a lot of good stuff a lot of a lot of information out there So this concludes the news part you want to stick around for the q&a great If not before you take off hit the like button You can dislike it. That's fine. Just tell me what the heck What went wrong and maybe I could fix it next time also consider subscribing a lot of things we talk about are time sensitive And that's it. So, uh, let's go into a little q&a. Shall we? q&a Just so you know All right Okay, so this is a great question Live long lifelong learner a question Chain link seems to have great utility true it does But the price action has been underwhelming. What are your thoughts still using continued dc ang yes, and here's Here's the thing about dc ang which what it's great because I mean I don't know what whales are going to do. I don't know if elon's going to come out and be like You know what the greatest crypto of all time is tasos or whatever? I mean, I just can't predict those types of things Like I mean you look at charts and tas and and see if it's right But I still dca and I dca the same things every day It's it's bitcoin ethereum chain link and a bunch of other ones and the reason why I like chain link right now is everybody Every most of the blockchains are going to need some type of oracle because they can't pull an outside real world data Without an oracle such as chain link. That was another one Um, I forgot the name of it, but it doesn't seem to be as great as you could think of So with chain link, I'm like well if everybody uses it At some point it's going to go it'll it'll go up. But right now if it's going sideways again For the price action as long as there's the utility is there Team is there tokenomics seem pretty solid or deep dive. You can take a look at the video before after this but uh I think this is the time when you want to actually get into it because it's underwhelming just like lifelong loner says These are the times when you have to go against what you usually go do and you're gut and say I think this could be good and i'm going to dca into it Not investment advice just investment opinion. Uh, this is where I've made all my money I haven't I know I don't chase pumps and uh, this is where it all comes from Uh gangster party. I love you. Love you too. Thanks so much And uh, this is another good assessment. It's never a bad time to buy a bitcoin So statistically no, I mean if you bought at 69 000 I feel your pain I also bought it on the high in 2017. Just wait a little bit. That's what I did I mean it took a little while, but uh, I mean you can do that or you can get into gold I I got into gold and silver. I'm not hating it, but it's not really much of an appreciation Ah, here's a great question Cheryl says what exchange you'd use for dca voyager You can also do it on gemini and coinbase, but voyager is just the simplest for me And I like using it because it's just so it's just so easy So I just set it up and every day around six o'clock in the morning at those seven cryptos get bought That's what I use, but you can do the same thing on gemini and coinbase. I think you need to do the same thing on finance still And then I had some Uh Cosmo chaos I got in the crypto for freedom seems to be hard to have any freedom lately. Yeah, it seems but Look, this is why in the mornings I always say it's going to be a great day because if you've got a roof over your head and you're healthy you're not being Being uh majorly oppressed or in war. It's going to be a pretty damn good day So right now we you know, we say like we want these freedoms and things like that. There's a lot worse places That's are out there. Just remember that But I I feel it would I hear just saying that I have three thousand. What do I invest into? Uh Can't give you any advice obviously But if I had three thousand the safest it and here's the thing it all depends on your goals We've got friends visiting from texas right now and they're asking about bitcoin and things like that Like what would you invest into? I'm like, well, what's your goals because my goals aren't your goals, right? Like Mike Novogratz's goals are vastly different from mine. So he Invested a lot differently as opposed to somebody else. So like You know, maybe You want to go for the long game for the long game you want to be a little bit safer Bitcoin ethereum are probably the safest plays in the most volatile market If you want to chop it up Maybe you do like 50 bitcoin ethereum and then the other 25 on some on some mid-term volatility and then 25 on some crazy ass volatility get into gaming and metaverse and even some some Some crazy meme coins if you want to be a gambler and then maybe in the mid range you you pick up some chain link and some Some cardano, maybe some solana maybe some tasos and and polka dot just depends on what you want to do So 3000 if I was going to be safe, I just put it mostly into I would Probably dollar cost average continuous into bitcoin ethereum. I want to be a little bit dangerous bitcoin ethereum solana Cardano tasos near and then I would also put into something else like Gensokishi newsflash. I want a bunch of it. I'm super biased So don't get into it because I said to it because you know, you got to do your own research all stuff and then, you know Sandbox and stuff like that There's better things out there than sandbox. So that's all I can say. All right. That's the second question People responsible should be called out in our countries exactly does You know, I don't want to say, you know, we should shut down every russian person out there Because what's that going to do, you know for crypto? What's it going to do for people? I mean they didn't it's not like the russian people are like we can't just wait for war the majority don't I mean some people do right even even in Switzerland I'm sort of there's like one swiss one swiss guy is out there going man I can't wait for war because we've been too We've been too neutral for way too long. It just depends. So yeah and Great comments slippery slope. That's true. Once you start to ban One group of people Putin oligarchs. Well, what about their Their handlers or what about the people that are Connect to them. Well, let's let's shut them down and then when you shut them down Well, you know what those people we don't like the other people that actually work with them We'll shut them down too before you know it slippery slope and then Ablamo so cryptos When you talk about blocking oligarchs, I guess you mean us billionaires more responsible than those you mentioned For instance, you quite quit uh, you want to promote and make propaganda about cup and bolivia. So look There is no There's no innocent people out there and I can understand why people's reluctance like well America bomb Things too. This is not a political channel. It's not what I'm trying to get into. But yes Every single country. Well, except for switzerland Really gets out there and uh mix it up with war and there's war crimes all over the place I don't really want to get into it because that's that's Just wasted time. All right Yesterday macron said to french people the price to pay will be very expensive for french very true And I think it's going to be how much can you endure as far as financially but really what you got to think about is Is it is it more important that you save money at the pump like in america? Or is it more important that you try to save lives in ukraine? And again, that's for your personal pain. Don't get me into that All right And that's question number three Let's see So here's a question number four. Rob. You heard about the consensus autocontrol. Yes. I just read about it today There is a minority shareholder and said that there is uh, some issues with uh, joseph lubin And consensus and how it actually benefited them Here's another surprise There's people on top who took advantage of people on the bottom crazy. So yeah, so consensus that's consensus is Joseph lubin was one of the founders and actually came in late as far as far as a theorem goes They created consensus which was you know supposed to help to expand the the reach of crypto and digital assets most specifically Ethereum and now that organization. There's an audit that says that's uh, joseph lubin May have benefited greatly as opposed to some of the people that were also shareholders I mean if you want to get into that I I honestly don't care. I mean on that one let those rich people figure it out I'm sure there's some people that got screwed over but not surprising uh And Next the last question. What do you think of moon beam? I don't That's all I got for you man. I don't think anything of it. I haven't looked it up. I haven't done any deep dives I don't own any of it. So again, I'm very biased But hey, at least you know, I'm honest You know, like, uh, I'm not going to tell you a bunch of stuff like this this this this And then it just pumps it up for no reason then people dump on you Like I usually hold it and unfortunately my problem is I hold it too long Last question. Thanks to the info bank of canon increase interest rates by a quarter point Quarter basis points yesterday waiting the Fed will follow suit My prediction is In a world 2022 The rates will be increased from point two five to one whole basis point And it will be done between one and seven times this year. That's it. That's all I can tell you now, I think The basis points is probably baked into the price at least two or three for The traditional market and for crypto, but if you start to see in those if the if The fed reserve drone power comes out and starts to raise a you know in the fourth fifth sixth seventh time Which he won't but if he something happens and he does Then you can see the market starts to really fall off the cliff But you he can't do it. He can't do it Because it'll be too much of a disruption and it'll collapse everything not collapse everything But it'll really spend in the spiral especially with which with what is going on globally So there's no way they can do it. I'm I'd be surprised if they raise it twice I'd be and actually I'm like 50 50. They're gonna even raise it once and I've got a bet with uh with a guy at coin bureau for a round of beers Uh that I don't think he's gonna raise it past Past one time. He thinks he is I think he's wrong. So we'll see how it goes Anyhow, that's what we got for today. So look if you like today's video give it a thumbs up thumbs down If you don't just tell me why and consider subscribing I mean there's about 1,500 of you here right now. So Why don't you give us a subscription? That's it. So thanks so much for watching. I appreciate it and I'll see you on the next one. Bye