 And what about what's happening with rates? Because I know it's very difficult for the central banks to raise rates at the moment, but at some point with regards to carbon inflation, that is one of the weapons they have. I think rates went up slightly in the UK again recently. Do you think there's a chance that rates will go up significantly or do you just think it's just not palatable? So I think they're going to try to raise rates and still something breaks. So in the 70s, they were able to raise rates because debt as a percentage of GDP was low. You could put rates in the double digits and that interest expense was still relatively small. I mean, it put the economy into a recession, but it didn't put you into a depression. Whereas in the 40s, when you have sovereign debt, it's 100% debt GDP. And it's even worse now because of all this private debt. If mortgage rates are 10-50%, if treasury debt is 10-50%, everybody's insolvent. And so I don't think they're going to be able to get to positive real rates, meaning rates that are higher than inflation levels. They're certainly trying to uptick them, but of course they're doing it rather slowly. As you said, 8% inflation and they're like, okay, 50 base points here, 50 base points here, which is funny because that's actually the fastest they've done it in 20 years. In the US, we haven't had 50 base point hikes for like 20 years. But it's also woefully insufficient. And so I don't think basically I think that regardless of what they do with rates, that's not what solves this. This is bringing more energy abundance and commodity abundance to markets. And in the meantime, I think they're going to try to protect their currencies until you sort of get outright recession or you get credit markets freeze, or you get sovereign bond markets get illiquid and messy. Right? So in the United States, that could mean that, you know, whenever you see the dollar gets too strong, foreign sector doesn't buy a lot of treasuries, banks are already stuffed full of treasuries. Who's the marginal buyer of treasuries? So you get less liquidity in the market gets messier. And then as I said with Europe, I mean, who wants to buy Italian sovereign debt? Not me. Who wants to buy that and hold that for 10 years? And so who wants to buy Japanese government bonds at 0.25% for 10 years when they have 200 some percent at the GDP? I'd rather buy Bitcoin for 10 years. Okay. Amazing. Really, really helpful. What are you optimistic about, Lynn? Energy. Energy investments. Bitcoin. Long term. Good real estate healthcare. Healthcare stocks, things like that. I think that there are... Why? Because you think we're going to get stressed and sick and beaten garbage? But it's just an era that I think is profitable and that is, you know, unfortunately, it's, you know, they have a lot of ways to get a lot of money. But is it something that generally tends to be more profitable during economic difficulty? Because I know, for example, during recessions, it's good to invest in dominos. Well, it's one of the... So healthcare is one of those like mandatory expenditures where people are not going to cut down on their healthcare as much as they're going to cut down on their retail spending when energy price gets high. So I'm rather defensively positioned. When we look at long term, I'm optimistic on just human ingenuity, right? So I think we're going through a quote unquote, fourth turning. So a time period where we're examining our existing institutions. All right. So first of all, let me bring this back again real quick. Okay. So first of all, well, I guess no one could hear me in the very beginning. Sorry about that. Looks like there was a glitch with either me or YouTube, but I think we're okay now. I'll check in the comments and I think we're okay. That's a bummer. Oh, man. Technology is awesome until it's not. So let's do a quick recap, shall we? Let's just do that. So the market sucks. It's going sideways. I was talking about crypto-quant over here. There's two things I really care about. Leverage ratio, we're at an all time high. So people are leveraged like crazy. If you're long or short, I don't care what you do, I'm not your dad. But someone's going to lose. Also, there's this thing called the market value to the realized value for the ratio. Historically, values over 3.7 are the price top and one indicates a bottom. And I talked about this. I said, remember that thing? I don't know if you heard about this. It was called coronavirus. It was a big thing back about a year ago or so. And we bottomed out at 0.85. That was the bottom. And then we're seeing that again almost here. We're at 1.2 somewhere around there. So I can't tell you when the bottom is, but I think, damn, we're pretty close. And that was the thing that I was talking about. Also, I said, hey, look, this is, I think we're correlated. We were correlated yesterday, not so much day because the stock market's closed. If you don't really care about that, go into fractionalized share of art. This is what I own. I have a Banksy and I have a Baskia. It's fractionalized shares. If you don't understand how to buy art, it doesn't matter. Just use MashaWorks. Link in the description. Looks just like this. Bing, bang, boom. There's a video I did which explains exactly what I'm talking about. I have 5% of my portfolio in this. And the reason is, is because it's got a 19.9% price appreciation year over year. I will take that as opposed to the 8.5% craziness inflation and the nonsense that's going on in the markets right now. Anyhow. And then lastly, Guy, thanks for showing up for a Coin Bureau for DCA. And we did that yesterday. Link in the description. Okay. That's how I should do every show. Just go over like that. So there we are. Sorry about that. It looks like the audio was a little bit off in the beginning so I just did a little recap. So that was Lyn Alden, one of the smartest people in the space. And she was on what Bitcoin did. Link in the description. You can watch the whole thing. And it's very pretty fascinating. And just so you know, that was probably the more positive things that she was talking about. If you watch the whole thing again on this show, we try to give you not too much hope and not too much fun. So you make your own decisions. But I got to tell you, it was not good as far as the outlook for the future. So I'll have you listen to it. But there was one more piece I really want to talk about, which was Peter here's seems like a nice guy. He's got a great show. But in this snippet here, these Mark are Peter. Peter and Lyn are pretty big Bitcoin maximalists. Just that's how it is. Some people are. What are you going to do? And there is this one point where they start to realize that, hey, maybe Bitcoin can't do everything. Maybe there's room for other things, which is pretty amazing to me because you don't really hear Bitcoin maximalists say that enough or at all period. I mean, look at Max Kaiser. Everything is like the worst thing of all time. What's this Bitcoin? So there's a snippet right here. He's going to talk about exactly why other chains are actually good. So let's take a listen. Let me share my screen again so you can hear it. This is about two minutes or so. You said Bitcoin and stable coins. This is something Alex talks about a lot. He talks about the fact that an insert in jurisdiction and stable coins are super important. People are struggling with economic difficulty. Bitcoin isn't always the greatest tool for them because the price is volatile. Some of certain jurisdictions, I think he's mentioned Palestine to me specifically. Maybe even Turkey recently, he said there's a lot of popularity with regards to stable coins. For me, it gets into this kind of weird place whereby I'm a Bitcoiner, but I absolutely support and agree with everything Alex says about stable coins. But then I have to square this circle around the protocols which they tend to live on, which tends to be Bitcoin protocols, which we can all be very critical of. You've done some great studies on Ethereum and potential issues with scaling that as a platform. But at the same time, if that is a tool that has become a tool for human rights and freedom, I'm kind of conflicted between criticizing these platforms and saying, when recognizing they are actually helping people. Do you understand the conflict I have? At the end of the day, there are people making use of stable coins. One of the big markets is just crypto trading. That's where a lot of the Ethereum ones are used. The ones that go on Tron are optimizing for lower fees. They're the ones that a lot of people in developing countries are actually using as dollars. They're using them for savings, things like that. As you point out, there's a lot of problems with the underlying foundation that they're on. But the whole point of a stable coin, so Bitcoin is the most decentralized. It's the one that's globally decentralized. Whereas what a stable coin is basically doing is saying, okay, so it's centralized, but the central hub is outside of the country that is confiscating your dollars and is having a currency crisis. If you're, say, Nigerian and you hold tethers or something like that, they perceive that as safer than if they try to store dollars in the local bank. There's a precedent of countries like Lebanon and Argentina and they have a currency crisis. They say, oh, you have dollars in the bank. We're going to go ahead and convert them to local currency at the exchange rate we pick. Any attempts to protect yourself from that inflation just fails. They'd rather have this peer-to-peer version with the central hub outside of the country. Of course, they have to rely on that hub. They have to rely on that protocol. It's not an ideal long-term solution, but it's obviously an important bridging tool for the environment that we're in right now because a lot of people, if you make $400 a month and you have $400 expenses a month, you can't risk volatility for that, right? And especially if you're trying to save for a three-month, six-month, 12-month period, being 100% in Bitcoin is challenging and that's where stablecoins can be useful for them. And so it's serving a purpose. And then there's all sorts of technologies like Taro and things like that that could eventually bring them back to Bitcoin and Lightning. I mean, they originated on Bitcoin. They moved out to where market activity made it cheaper. Maybe they'll come back. Yeah. So I couldn't agree more. And that's the thing. I know, I mean, Bitcoin Maximus will say, there is only one way. There's only one path through and that is through Bitcoin. I just don't believe that to be the case. I think technology and as things move forward, I think there's going to be room for others. So this is a prime example of what they say. And actually, it makes sense, admits it, right? You can't put everything into Bitcoin, especially in your third world country. I mean, it's great if you're like, let's take Turkey, for example. Turkey, they're inflation right now. It stores a 73%. So if you have your money, I think the Turkish lira, you're in pretty bad shape. So if you didn't swap it over to, I mean, at the minimum to a Bitcoin, then you're hurting a lot. And I think the better option probably, and that just depends if you do that like a month ago, you'd still be down what, 10%, 15%. But if you put in a stable coins, you wouldn't be down at all. So again, there is a room for other chains besides Bitcoin. And I have to agree with Peter and Lynn and what they talked about. So again, if you liked part of that conversation, there's a link in the description. You can watch the whole thing. It's fascinating. It's really good. But I will tell you when you want to talk about do your own research, that is a part of it. And you will not like everything you hear. But I think you have to hear both sides of the same story because Hopium can only get you so far. All right. So that's it for that piece. Let me know what you think. And then let's move on to our next piece. Thank you, New York. Thank you, New York. This one's pretty good. I love to peruse the Twitterverse and just see exactly what's going on. And apparently New York came out and said, hey, guess what? We don't want any Bitcoin miners here because the ESG issue, environmental, social and governance. And we don't think that has a place here in New York. So we're going to kick you out. Not really they're going to kick you out. The whole story really comes down to there's a moratorium and you can't start up new ones right now, especially if you don't use any kind of ESG compliance or renewable type of sources. So if you're using traditional electricity, coal and things like that, that's too dirty and you're not going to be able to open up a Bitcoin mining operation, which is fine. And I love this article. I'm not going to read it because that's the whole thing. That's exactly what happened. Now they could veto it. It looks like it's going to go through so far, but it could be wrong. Who knows? So what does that mean? What that means is that it's a big win for other states, just like there was a big win when China kicked all the Bitcoin miners out, even though 20% of the hash rate apparently is still in China because they're doing it on the ground. So it still leaves a vacuum and that means that there's job opportunities. So if you're a Bitcoin miner, it's just a quick message for everybody. If you're a Bitcoin miner and you're in New York or any other country that's just charging too much, there's this state and it's fantastic. We have low taxes. People are just great. We have a good governance system. And if you're looking for a place to set up like a Bitcoin mining operation, there is no better place than Texas. And there's a couple of different places that will help you with infrastructure. Just come on down. And you don't have to deal with those high taxes and the people that don't want you there because guess what? We want you here. So just come out of Texas, all you Bitcoin miners, and we'd be happy to have you. Job creation. So that is that piece. And I would just like to mention one more thing and that is that this ESG nonsense that we keep hearing about, it's a front. It's a fraud. It's fake. And we did a video about this two days ago. And what it came down to was the section of Deutsche Bank that deals with the ESG compliance. They are essentially picking winners and losers. And they just got rated two days ago because they found out that there was some shenanigans going on as to who they were saying was ESG compliant when they actually were not. And no one talks about it. I don't understand why this is a thing. So just watch that video, link in the description. You can understand what I'm talking about. And also lastly, I will just say this. This is from Cambridge, Bitcoin Electricity. I'm not going to go over why I think it's okay to use a bunch of electricity or Bitcoin. I just want to point out one thing. And that is that when you, in August 2019, did you know that China, the average monthly hash rate was 75%? That's a lot. That's a lot in China. And if you just scroll through to the latest, America now is 37%. China still is 21%. Again, underground miners. And then Russia Federation, 4%. And then there's little pockets around here. But I just want to say thank you quickly to China for blowing it. And allowing all those miners to escape over to here so that we can become the dominant force. Anyhow, I just want to say thanks. And that's it. So let me know what you think about that in the comment section. And lastly, we'll finish up with little positive news, maybe. But that's all how you look at it. This was a snippet of information I got from Beta Ray Mondo. And he tagged a couple of us and said, hey, I'm so happy. Reno introduces the biggest little blockchain, the first city run blockchain platform in the US. And I was like, oh, that's good. I just want to take a quick look at that. And this is from the city of Reno. I guess this is their online publication. And I found it fascinating that they put it out like this. But I think there's a little something to be desired. And I'll explain right now. So this was June 2nd. And it says the blockchain application, which is going to be run by the city, built by Block Apps, creates a single ledger documenting consecutive transactions in a designated process. This pilot project, which is free to the city, is unrelated to Bitcoin or other crypto. City departments will be able to access the same records through an online platform providing clarity and transparency. First, let's get something straight. So I don't think that's blockchain per se. When you have one ledger, that's not the whole point. The whole point of it is to be decentralized so it can be immutable. So you just have one ledger and go, whoops. And then you just change this or that or whatever else you want to do, right? That's the whole point. So I don't know if that's the newspaper, how they said that, but that's not correct. And then I did take a look at the actual Block Apps, the one who was actually running this for the city. And I do say pretty clearly here, a blockchain ledger is not stored in one central computer or database. So I don't understand what's on this one, but it's a step in the right direction. At least people are talking about it. But again, I believe that there's some more information and education that's needed before we talk about it. But that's my job and your job actually, too. So if you're here right now, you're not a crypto tourist. You're in here in the thick of the bear market and you're the one that we all have to rely on each other to educate people around us. And that's it. So look, sorry about the little audio issue, but hey, that's technology for you. But that is it for today. So if you like today's video, thumbs up, subscribe, all that great stuff you got to take off. It is Saturday. Get out of here. Enjoy the weekend. It's beautiful. Well, it's beautiful here. I don't know where you're at. But now we'll go into the Q&A section and I will answer as many questions to the best of my abilities, and we will go from there. So let's take a look.