 All right, everybody. So welcome back to the second stream for the day. Listen, we got a lot of things to go over. So let's just jump right in. There was an interview with BlackRock CEO, Larry Fink. BlackRock being one of the largest asset managers on the planet with almost 10 trillion assets under management. And he said this on live TV and just to give you some context about what we're going here when I'm talking about it. And of course, the thumbnail and the title and all that stuff. This was from July 14, 2023. Now, I can't tell you all the things that Larry has said positively about Bitcoin. But in this one, I mean, we know that he said that gold is a digital asset, that tokenization of real-world assets is going to be the next big thing. And this one talks about how crypto, Bitcoin, whatever you want to say, will transcend anyone currency. Now, I know there's a lot of people out here that will say, hey, Bitcoin isn't crypto, get it straight. But in here, it leaves things open to interpretation. So he says, and this was an interview before we get to the live one, he says, we believe we have a responsibility to democratize investing. The last five years, more and more global investors are asking us about the role of crypto. I think this is very funny. He says here over the last five years, more and more global investors are asking us about the role of crypto. I find that funny because just two or three years ago, he was saying, we've asked all our investors and zero people have any type of inkling to get into Bitcoin and digital assets. But now all of a sudden it's five years. I'm going to let that one go. And like I said, I do think a lot of crypto is an international asset. More importantly, because it's so international, it's going to transcend any one currency in currency valuation. International crypto products can transcend the problem of a dollar devaluation. And again, crypto is an international asset, a very hard asset. So this was an interview he did. This was today, two hours ago on CNBC television. And he's here with Jim Kramer. I try to cut him out as much as possible. But it's about nine minutes long. I linked in the description, he listened to the whole thing. It's interesting, but here's the crux of it. At the very end, what he's going to talk about is what I feel the best investors do, which is they are hopeful and they stick around for the long haul. And they don't look at a day-to-day operation. I mean, unless you're a scallop trader, I suppose. But the hard core or the investor that looks for the long term is usually the one that usually works itself out pretty well over the long haul. And what he's going to talk about here as far as hard assets, hard assets. And what did he talk about before as far as assets? Crypto, Bitcoin, digital assets. So I'm going to have you take a listen to this. This is a very short clip. It's only about a minute long. And then we'll go over some other things about the SEC and grayscale and the appeal process and all that great stuff that's going on right now. So just take a listen. Let me make sure you can hear this. And off we go. I think the traditional reallocation, I think the 60-40 type of thing, I think, or a long-term investor, long-term view, who can tolerate market volatility, you should be at least 80% in equities or hard assets. It could be real estate, it could be infrastructure. And if you could really tolerate it, in my mind, you should have been 90%, 100% in equities. Now, a lot of people can't afford that type of volatility. This is a radical view. And yet it's an empirical view. It proves that you've got to have a 10-20-year view. Okay, I'm a hopeful person. I believe that in 10 years and 20 years, humanity is in better position than it is today. With that view, I want to own hard assets. I want to own equities. I want to be a part of this autonomy. I mean, that's it. That's the whole thing. And he's telling you, which I think was pretty interesting, where he says, you want to be into 80% to 90% of equities and assets, which I think is one of those thought processes that right now is not going over very well. I think a lot of people are looking at bonds. They're looking at T-bills, they're looking at Treasuries, and they're going, you know what? I think this is the better option. Here's Larry Fink, who's so far been doing, I guess, okay in his investments. And he's sitting here telling you, you can do that. But over the long haul, I think these are things that get into assets 80% to 90%. So I can get behind that. I thought I was a little crazy what he said there for that last piece, 80% to 90% of equities. Even I'm not going to do that. I'm not going to get 90% into crypto. Just not going to do that. I have a lot of it into crypto, but I still believe in diversification. I don't know if we're going to have a recession or whatnot come up, but I diversify a little bit. Crypto, equities, precious metals, real estate, land, business. And I think with that, and I follow my rules, I think things work out. Anyhow, let me know what you think about that in the comments section. And also today, this is the final day for the SEC to appeal the grayscale decision. This is from Eleanor Tarrant. She is a Fox Business Journalist. She says, yes, the SEC has until, I didn't know this, I thought it was just until COV. But the SEC has until midnight tonight to appeal the grayscale decision. Now I'm going to guess that this is in the New York federal court. I believe it is. That means that that is 3pm over there right now. So if they're going to do this, they're cutting it down the wire. If they don't, then in seven days from now, the case will be closed and grayscale can start working with the SEC staff to get the process of approval rolling. No, grayscale would work with two SEC departments on this, corporate finance and trading markets. So now some people have said, hey, at midnight, if they don't appeal it, looks like we get that spot ETF, Rob. No, it's not how it works. All that says is that they're going to get the option to move their grayscale trust into a spot ETF. And that's pretty much it. And of course, the SEC could still disapprove them. Now, I think that at some point, we will get a spot ETF approved. I don't know when that is. I don't think it's going to be in March, but that's just me. I'm like the only person on the planet that thinks that. But I hope I'm wrong because I'd rather be wrong and rich than right and poor. So let's hope that also goes through. And then on top of that, I just wanted to speak real quick about Web3. Now, on this channel, we've been talking a lot about Web3 and gaming. I watched Crypto Stashes. I've never seen a guy so happy to stream and play games. This guy really, he found the perfect niche for him. And on this channel, we've been talking about how Web3 gaming is going to do very well. And we think that really comes down to the games before sucked. And you just got to make games that actually look good and people want to play. And there's this game that's been coming out forever called Big Time. AAA ranked game. I know some hardcore gamers will say, no, it's not. But I mean, look, I think it looks pretty damn good. And it takes years to do this. And right now, they're about to roll it out at the right place at the right time. This is a, they're in beta. It looks like there's going to be rolling things out. And I'm guessing in 2024, we're going to see a lot more of these games that have been in production for two, three years. And you can see right here, it looks pretty good. I'm not going to delve into it. You can watch the video I linked in the description. And the things that Stash goes through and plays and that's not the big thing. The big thing was this, games have real world utility. It's not linked to any kind of four year cycle. It's not linked to a having. It's linked to the game and how good it is. And I thought, I still believe it's going to be very big. And on top of that, the big, the big time gaming token just got released on two big platforms, OKX and Coinbase. And you know how it went? Went pretty damn good. So what's the day? The 13th? This was yesterday, day and a half ago, I don't know. So we started out at a five cents a nickel. And then we topped out at 31 cents, not bad. I'll use some quick math. That's like a six X in a day. And then of course, now we're down to 24 cents. But again, I thought these things would do very well. Could this crash tomorrow? Yes, it could. Will it be pretty big in the future? I believe so. Am I 100% sure? No, because I don't have a crystal ball. But again, look towards those games that people actually want to play and are playing. And the Web 3 is just cherry on the top of the cake, I guess. So these are things that are going on. And then also as a reminder, tomorrow, I'll be drawing the 100,000 sweat coins, which I also think is going to be very good. And I'll be drawing that live on the stream. Just know that there's a tweet that you have to enter if you want to win. It's going to be 5,000 sweat coin per individual. That means there's 20 winners. Plus we're drawing the NFTs. All you have to do is go to the tweet, follow news assets, what economy, comment below, fill out this form, I'll draw tomorrow. And then as a reminder, I will be having orderly, which is who sweat coin teamed up with with their app. So you're going to be able to now earn sweat coins, but you're going to be able to trade those sweat coins for things like near and USDC. And it looks like a fiat on and off ramp. I'll let you know when that actually comes in. So again, tonight is the deadline to enter for this. That's why I'm talking about it right now. So if you want to try to win, there's like 30 winners for that between the sweat coins and the actual NFTs. Anyhow, good luck. Draw tomorrow. And then also, you know, we've got DeFi and now we've got Game of Fi and whatever Fies are out there. What about analytic Fi? This is a piece I came across about Coinbase Ventures and the base ecosystem fund. I found this pretty interesting because I like this project. Base ecosystem fund announces the first six investments. Base, if you don't know, is the Layer 2 solution that was developed by Coinbase. You can't buy it. It's not a token that you can actually get, but it's built on optimism. And it's had quite a lot of traction with different companies coming in. What I found about crazy about this is this article. This was five days ago. I missed it somehow. The base ecosystem fund, one by Coinbase Ventures, aims to invest in the next generation of on-chain projects building on base, which a lot of people will seem to want to do. We've received over 800 applications for our base ecosystem fund. And we picked six. Six out of 800. Avantus, BSX, onboard, open cover, paragraph, and trueflation. I find this interesting because I use trueflation all the time. We've talked about this website for quite a bit of days, especially leading up to different CPI numbers and, of course, the FOMC meetings and things like that, where it takes a look and it aggregates all the information to get you real-world, real-time data as far as what the actual inflation rate is based on the chain link oracle pulling in data from a lot of different partners like JD Power, Zill, Trulia Cart, AAA, all this stuff. And it's free. Everybody likes free. So what I did was I reached out to Stefan Rust. I said, hey, man, I know we've been on the show before, but I want to talk about all this new upgrades that you've been doing and what the heck is all this going on and what's happening. So he said, sure. So he came on, we did a prerecorded interview. This is about 10 or 12 minutes or so. So just take a listen. I gotta tell you, I think if you're looking at something to actually, I'm going to let you listen to the video. That's the best thing. And then we go from there. And then after we get done with the interview, I'd like to talk to you about how Tarah Luna is targeting Citadel securities alleging a connection to the DPEG of their USD. Who's Citadel? Securities? It's the largest market maker in the world in more than 50 countries. Largest doesn't any market maker on the New York Stock Exchange. If this is true, this is huge. We'll get to that in a second. Let's take a listen to the interview with me and Stephen Stefan. I always say his name. And we'll go from there. Take a listen. So, Stephen Rust, again, coming back on the show, I want to say this is, I think, our third or fourth visit. I can't remember, but welcome back to the show, man. Yeah. Thank you for having me. I think this is going to be our fourth one this time. So it's so great. Look, you're always exciting to be back with you, Rob. Thanks for having me. Yes. And for some reason, we like, everybody likes to have you back because for some reason, this thing called inflation just kind of sticks around pun intended. So what I want to talk to you about today was there's some advancements that you guys got on the website, trueflation.com, 100% free website. There's some upgrades going on. And I want you to walk us through that. Jeff, no, love to. Love to. The team's working hard, constantly adding new data points, filtering through the data itself. It's really challenging. We've upgraded our systems as we then get into v4, which is the decentralization of the systems. And we're now running v3. I think on Monday or Tuesday, we'll have completed the final transition of all that data onto v3 from a back end. So this is the stuff nobody sees. But without this, we can't present the stuff that you see on the front end. And so some of the changes have had a significant impact. Perfect. So let's get into some of the changes as far as graphically and the graphical representation of what's happening. The first thing I notice when I go to trueflation is I get this. US inflation would aggregate, which is a little bit different from when I usually come in. And it takes a look at just like the basic US inflation rate, which is going straight down. So again, when I'm taking a look at this, and I thought it was genius, because when we take a look at the CPI numbers, inflation numbers, this is what we usually see. And again, of course, everybody, this has been SwemSite and the Cryptiverse links in the description 10% off the first month each care is signed up. But this part right here, this is what everybody hears about. Okay, the CPI, the inflation year over year, we started up here, roughly 9% a little bit over a year ago. And we keep hearing these reports about how inflation is going down. And it sounds fantastic. We're like, this is good. When we go up a little bit and everybody kind of says, well, not too bad, because we're only at, you know, whatever, whatever percentage we have, 3.7%. But if I take a look at here for the aggregate, aggregated data, it looks like I'm going to get exact opposite. What are we looking at here, Stefan? So what we're looking at here is we saw that same view and we constantly got feedback from our community that, you know, this is not reflective prices aren't coming down prices aren't coming down. What do you mean it's it's only 2.6% or 2.4% according to our numbers, where inflation's at, right? And it's like, how can you say that? And it's like, actually, what we're saying is that the prices are still going up. But they're only going up 2.4% as a percentage over last year. So take the price that was there last year and see how much more expensive that same item is compared to last year. And then what we've been told is actually, no, no, no, no, you can't do that, right? So what we've then gone back and said, let's have a look at how we calculate this and how we present this. And so what we've said is we got to aggregate the pricing, because in essence, not only are you paying 2% more this year over last year, last year, you're paying 10% more than you paid the previous year, which you're paying 8% more. So if you add all of that up, all of a sudden, you're paying 23% more for the all your items across all your baskets, your basket of consumption. And that's how much more you're paying. So that's a hidden tax of 23% that people are paying or a loss in income of 23% or a reduction in purchasing power of 23%, whichever way you look at it. That's ultimately what we've come to. And if you look at the data, here we do it not only year on year anymore, we've then looked at this month over last month, and then just pulled all of that together across each of the months and added that up to where we are at 23.47% now. Makes a lot of sense. I can see now why the Fed is just so adamant about getting us down to this 2% level, because it's going to go up. And if you think about like 2%, well, it's not too bad, 3%, but it compounds over time. And we're all losing this purchasing power as time goes on. I got to tell you, when I took a look at this, I'm like, this is a lot of money that we're losing. And then I don't know if you want to jump all the way to this, but you guys did this personalized inflation calculator. If you could walk me through this one. Yeah, so we did this personal calculator. And the reason why is everybody has different spending patterns. Everybody has a different income. And so what we wanted to do was, how do I now personalize my expenses? I spend money different to the average household or the panel or the census data that Truflation uses. So what is it for me? How does it impact me? And so we just wanted to show people how it actually impacts you personally, show you your inflation rate and how much in terms of monthly dollar numbers you are losing and what you need to do to make up for that. And how more importantly, do you hedge that? Today, it's a very manual process. You have to unfortunately put everything through in there manually. And it's a bit tedious because it's a bit like a tax form. But we're changing that. We're going to give certain profiles of people. So it also automatically prepopulates it based on profiles. We're also going to enable the integration with credit cards with Expensify with zero if you're a small medium business. So you can not only do it as that individual or a household, you can also do it as a small medium business if you'd like to. Cool. And then we talked about this before, like you can see over here, like a year ago, roughly a year ago, October 17th, for the numbers I just put in, they were just made up. But that's an 11% increase I was spending a year ago. Now, of course, I mean, things have gone up, but it's come down a little bit. But I think it would be cool. And like we talked about this like a click on this and see how much I'm spending over here. It really is eye-opening. I mean, it is that silent tax, you're right. So if you look in it, I mean, in this case, you've got an annual household income of 50,000, you divide that by 12, you're looking at maybe what 48,000, 45,000, 4500, sorry. And what does that mean? Every month, you're losing $100 in purchasing power, right? So actually, you're walking away with $4,300 instead of $4,500 because you've got $112 that you've lost in inflation this month. And next month is going to be more, right? Because it's just compounds, because next month, the interest rates or inflation is going to go up. And yeah, we just don't think inflation is going away. Just given the geopolitical situation, the issues with supply chain, the on-shoring, that economies of scale are going to diminish. And as a result, supply chain, you can't leverage that. You're going to need to build out infrastructure to support that. And in order to support that, it costs you money with interest rates at the rate they are and takes time. And so all of that's going to have a significant impact on inflation. And 3% to 5% is the new normal, not anymore 2%. It should be a bit more positive, but yeah. But it's the truth. I mean, this is what's going on. So I get that you guys built a fantastic foundation here. And of course, it's most of this all free, all this data that you have for free. But at some point, you got to keep the lights on. So what's going on here as far as new? There's pricing here. And also it looks like some kind of token. What's happening? So we're going to continue to make the website for free. We're still going to give it to users for free. We want people to be able to access this information and be able to use this as an educational platform. But for individuals that want to use a more detailed calculation, they want to use this for investment decisions. We're going to ask them to subscribe to the data. At the moment you can download the data and you can subscribe to the data. So if you scroll down, you also get the ability to subscribe to the data. We're going to incorporate the download capabilities into the subscription capabilities and provide you with the ability to download three years of data and be able to customize the features, integrate your credit cards, store your history, so you can then see where you're at and just tweak it as you need, or have live integrations with your expensifier, zero, and thereby have significant value. We've tried to monetize this in the last three months. We've been experimenting, asking the community and what we've heard is I think they want that simplification just around subscription. So that's what we'll do. Ultimately, we've been funding this out of our own pocket and out of some investor's pockets. So that's how we've been able to make this available. Well, I can see that. And then of course, you guys have an enterprise solution moving forward for the big companies. I can get it. And of course, these are the big companies that I think will want to use this data as opposed to, because these are like the most up-to-date things. Now I think with the Fed, they're maybe looking a little backwards. I think helping these enterprise, they want to actually look a little bit more forward. So I get on top of that. But what's this then? You got the token itself. How does this work? Yeah. So we want to fund this. And we've been building a community around this. We've been working with data sources and data aggregators as partners in helping us aggregate 18 million items and have three price feeds for each of the items. And so how do we reward them? How do they get rewarded for working as hard as they do to help make this become a reality? How do we work with and decentralize the data so it becomes number one, censorship resistant, but also it stays up and running so you can't shut it down. And it remains permissionless so anybody can upload data. So we've been focusing really, how do we decentralize the storage of this data and put it on the blockchain so it becomes transparent and immutable? One of the things that we're seeing is governments are going back six months, as far as six months back, to change the data that they have been publishing and announcing publicly. And of course it's like, oh, we changed the data, but it's on page 27 in small format. As a footnote, we changed the data. So nobody really sees it and nobody pays attention to it anymore because it's not frontline news. And so that's why we believe that putting this on the blockchain is really important. How do we fund it and how do we give everybody participation in this is through a token. And so we've been working on our tokenomics to make this possible and we will be having a listing for Truflation in the not too distant future. And we're just working through the details, what it takes and waiting for the right time as well. There's not much liquidity in crypto at the moment. So we're just waiting for the market to pick up a little bit and see when the right time is there. This is not the right time. You've got a good point there. So real quick, with the token itself, you've got pricing over here. Do you pay with that in a token or this is in dollars or can you do both? At the moment it's in dollars. You can pay however you want. You can pay in crypto assets. You can pay in fiat assets and you can pay in TFI. You'll get a discount if you pay in the TFI token. So that'll be discounted. And all the participants that are building this utility will be rewarded for their work and their efforts to sustain the utility with the fees that are being paid. I can see why maybe your partner is pulling data from you and you're pulling data from them. Maybe that would be what they do moving forward. Interesting concept. Yeah, I can see that. All right. Especially as more real world assets move on chain, we're going to see some sort of shift between at the moment the power dynamics are definitely in the fiat world for real world assets. All the pricing are determined over there, but as they get tokenized, pricing is slowly going to shift on chain. And then ultimately, how do you blend the two together and then come up with an accurate price reflection between those? That's going to be all about calculations, weightings, the right kind of indexing tools and the right presentations of that. And we think we've got a competitive advantage and the leadership role in that space to be able to really help people navigate and understand the intricacies associated with it. That's true. I never thought of it that way because if you don't get the accurate data, you don't get the accurate numbers correct. Then of course, the people that are pulling these real world assets, they're like, well, you got one thing over here. We got one thing over here. This is some government data that we think is right, but we're not for sure. And now here's stuff that's actually on an immutable ledger. So maybe we'll just use this and we'll go with this. Okay, that makes sense. All right. And you're making billions or trillions of investments based on the data that you've got. Do you think it's better to have fresh, daily updated data, more accurate reflection where you have insights into the methodology? You have transparency associated with that data and you're making investment decisions based on that? Or you're making investment decisions between on stale data. It's six months old. It gets edited back. It changes. You don't know it's intransparent how it's calculated. It's in some nebulous fashion calculated in some nebulous fashion. We just think that you don't want to make investment decisions based on the latter data. You'd hopefully make it on the former data because ultimately that gives you the better insight and the compound that has a significant better impact. Well, and you know what? It's a good point. And it's something we talked about last time you were on here because people would tell me they're like, I'm not going to use truflation because the Fed doesn't use truflation. So why would I care about that? I'm like, well, that is true. But if you want to see where things are actually going so far, truflation has been pretty darn accurate. And then you've had Danielle Neymar-Tino Booth, she's pretty much saying, hey, they've been correlated up to 0.97, which is pretty much positive correlation. And I can see it. If you want to know where things are going, I think it's take a look at this site. So yeah, all right. Yeah, we've had a number of, I mean, we've had a number of hedge funds that us, we've got a number of Wall Street entities, big firms that are household names, especially, and then also big institutions that are household names equally so using our data. And so they validated it and proved it. And what they actually prefer is not the actual data in terms of how we calculate it, but they're actually looking to have our aggregated data volumes calibrated towards that of how we believe they institute the government is going to be announcing it. So that gives them a lead time of maybe somewhere between three to six months ahead of where the government will be coming, because we have fresh data, it's up to date, and it's using the similar methodology based on our assumptions and the based on what we see just using fresh data. That's all, that's the only difference. That's a huge leg up. Stephen, you've said a lot of stuff in the last 10 minutes or so. I think I'm going to let everybody digest that and we'll have you back on when the next, you know, let's have you back on the next CPI stuff rolls out. Yeah, we can talk about it. Well, there's an FOMC meeting on, I think it's November 1. There are two more FOMC meetings this year, November 1, and I think December 13. So maybe we'll have some insights around that. So I will reach out to you when we get close to that time and hopefully you'll have me back on. Let's do it. All right. So everybody, you can find Trueflation. There's a link in the description to the website and all the different sociables. But again, Mr. Russ, thank you so much for stopping by the show yet again. Appreciate it. Thank you very much. All right. So I hope that made sense. With Trueflation, again, it's 100% free website. And I'll just be honest with you guys, for 99% of us, we're not going to pay $117 it is per month to do economic models and do all these things. That's just the truth. But for big businesses and corporations and things like that, they will probably get involved. And then of course, with the token, it's a little bit different. And I think for the businesses to get in with the token and to stake that token and to use that to get real world data on there, which they also use chain link to pull that data as far as oracles and move it around or to quantify that information. I think this could be for some other, I do not believe this is for like again, a ton of just the retail investors. I just thought it was very interesting. And of course, the website is done very well. Now, the token hasn't been released. I'll get Stefan back on the show and we'll talk about that. But to me, it would be a utility token. And that is what it would do if somebody wanted to invest in that as somebody else, but mostly it would be for utility. So let me know what you think about that in the comment section. And then lastly, before we get into the Q&A, let me go over the Terraluna, which was interesting story and take this with a grain of salt. So Terraform or Terraluna targets Citadel securities, alleging potential connection to the DPEG. Maybe this is what happened for the collapse of Terraluna was that Citadel securities caused the DPEG and caused everything to crash. Again, Citadel securities, largest market makers in the world. It's in 50 different countries, largest designated market maker on the New York Stock Exchange and one of the biggest market makers, I believe, on Robinhood. So this is what we have. Terraform labs follow for a motion to compel Citadel securities to provide certain data responsive to a third party subpoena, which argues to be vital. The company serves subpoenas of both Citadel securities and Citadel Enterprise Americas, specifically targeting trading data related to the May 2022 DPEG. Ah, good times. Terraform is pointed to publicly available evidence suggesting that the head of the Citadel entities, Ken Griffin, very common name in the circles of traditional finance, intended to short UST at or above the time of the DPEG. Evidence suggesting one Citadel security may actually have had a connection to the DPEG despite the fact that Citadel securities publicly denied ever having traded in UST during that event. They claim that a document, though it's unclear what type of document was produced, and they can prove these things. Now, that sounds like a pretty good story. And of course, we'd be very quick to jump on that and say, that's got to be what it is. It's got to be them because they're huge and they can do those things. And they're the ones that we should blame. Hold on. Here's where it gets wonky. Terraform clarified that it issued subpoenas to certain market participants with two going to the aforementioned Citadel entities. The firm cited a discord chat screenshot in the filing showing a anonymous trader who claimed to have lunch with the CEO of Citadel, Ken Griffin. The screenshot, which is just quoted in the filing, allegedly claims that Griffin planned to soros the F out of Luna UST in response to initial subpoenas. Citadel told Terraform, Citadel has no trading in the Terra financial instruments or the Terra native tokens that therefore has no responsive documents. So again, take that with a great assault. If it actually turned out to be true, it would be a blockbuster. And it would be interesting to see that one of the biggest market makers on the planet was responsible for a crypto project to DPEG and cost a ton of people billions of dollars. Anyhow, let me know what you think about that in the comment section. And that's it for today. So look, like today's video, give it a thumbs up, consider subscribing. Everybody talk about is time sensitive now. If you want to stick around, we'll do a little Q&A. I'll answer all your questions to the best of my abilities and we'll go from there. All right, what do we got? R.S. Cazen. Cazen.