 Great. Welcome everybody to Digital Asset News. My name is Rob and there's a lot of things we need to go over today, so let's just jump right in. First of all, we're going to say a quick look at the market and see exactly what's going on. It's pretty much sideways. Then we're going to talk about New World Order with El Salvador and what's going on over there. And then we're going to dive into the interview that I did with Alex Machinsky. This was pre-recorded, and I'm glad I did it because Alex's computer took a dump right in the middle of our interview. So we're going to talk about a ton of different things. And we're going to go over some recent FUD that have been spread potentially about Celsius and then getting bailed out from the Luna fiasco with over $500 million. Alex is going to talk about that. We're going to talk about fractional reserve lending if they're doing that. We're going to take a look at stablecoin regulation, what Alex believes. Then we're also going to talk about Alex's $100,000 Bitcoin price prediction at the end of this year, which, sure. And then after that, we'll do a little voyage or quick take, and then we're going to talk about Celsius liquidations, and we'll do the Q&A at the very end. So just so you know that this video is live right now. But the interview that we are going to show with Alex, five different questions, that was pre-recorded. So we'll go over all that. So let's just jump right in, shall we, and get into it. So first up, let's take a look at the market. Today is just one of those days. And of course, you know this because you look at your portfolio all the time. But Bitcoin is above $30,000. That's great. They're above $2,000 fantastic. But you can see in 24 hours, pretty much see a red like we are used to now because we are in a bear market. And that is just what it is, except for chain up 10%. Congratulations chain holders or maker 2.6%. Great. And that's what's going on. And like we've been talking about here, I think the S&P is correlated. And you can see that it's down a little bit. Also NASDAQ is down as well. But I mean, that's just how it is moving forward. I'm not too optimistic in the short term, but the long term, sure, anything can happen. And that's what we have as far as the market itself. Now I just want to do a quick take. And this is a tweet from the president of Al Salvador, Naim Bukele. And he says this, tomorrow, 32 central banks and 12 financial authorities will meet in Al Salvador, discuss financial inclusion, digital economy, banking in the unbanked, the Bitcoin rollout and its benefits in our country. That is fantastic news. And I like to see these types of things. Over on Simon Dixon's channel, go check him out. He's always, there's a link in description. There's a couple of YouTubers that I watch. Simon's one of those guys. And he says it's the next Bretton Woods type of meeting. Could be true. But I will say this, when we talk, when we get excited about this, 32 central banks, 12 financial authorities, it sounds really good. And it is good. Here are the countries in the central banks that he's talking about. Banco central, Tomei Principi, Banco central, the Paraguay, Angola, Ghana, Namibia, Uganda, Guinea, Madagascar, Haiti, Burundi, Eswatini, Central Bank of Jordan, Legambia, Honduras, Madagascar, Rwanda, Pakistan, Egypt, Jordan, Nigeria, Congo, Armenia, and Bangladesh. Well, the Bangladesh bank, that's pretty big. That's a lot of people. So I know like, when people are reading this, they're probably like, well, that's not like the superstar, all-time, great, huge, big central banks, but it doesn't matter. Really doesn't matter. If you take some of the GDP and the financial inclusion that is going through each of these different sectors, individually, some of these may not be the heavy weights that you would like to see. However, it's like, to me, it's kind of like a bundle of sticks. It's pretty easy to break one stick. But when you have 44 of those sticks bundled together, it's pretty hard to break. So when the IMF comes a call in, hopefully they can have this nice coalition move forward. And that's what's going on in the world news. So now I want to take a little bit forward into the Alex Mishinsky and Digital Asset News interview. And I got to tell you this one, it had it all because there is just, it's like a novella. And if you know what that is, it's like soap opera. And there's a lot of things that are going on. And Alex makes a good point about people just kind of attacking and going through the motions. And he's right. But he's got a lot of great answers. And a lot of people message me about this situation. And they wanted me to ask him some very specific questions, such as fractional reserve lending, such as the Terra bailout. And if they were investing themselves, the run on Celsius, and what is just happening behind the scenes. And of course, also, we also talked about institutional investors, and to be an accredited investor in what happened in the United States, and what they see is going on, and where they're going forward. This is just me rambling. Let's just listen to the video, and you can make your own decisions. And then after we talk about, after the video is done with the interview, then we'll do a quick Q&A. And I want to get, like Alex said, a quick take. And then we're going to talk about Celsius liquidations, and specifically, my loan. So we'll do that at the end, after the Mishinsky interview. So go ahead, Nance. You can answer any question you have in the comments, and I'll answer them as best of my abilities at the end of the show. So let's get into it, shall we? And go from here. But as promised, what I want to do is bring CEO of Celsius on Alex Mishinsky. Alex, thanks for coming back on the show. I think this is like your fourth or fifth time or something like that. So thanks for coming on, man. Yeah, Rob, I'm a regular. And the best part was you proved to everybody that's a real pull by throwing something in it. So maybe you should do that again, just for those who think it's a fake background. Yeah, so everybody's like, it's fake, it's fake. And it could be. But it's not. So I have to do that. And then everybody says, just of proof of work, you did proof of pull. Proof of pull. So listen, I mean, that's the good news. Let's jump into some uncomfortable stuff and let's talk about a little bit of fun. So there's like five things we want to go over today. First of all, let's tackle the fun, different things that are going on with run on the banks or run on Celsius and Terra Luna. I'm going to ask you about should stable coins be regulated. I think that's something that's important, especially after Terra. We're going to talk about how generate yield, how you guys do it. And we're going to take a look back at an interview we did two years ago, man, 2020, if you can believe that. And then I'm going to get your opinion on the economic outlook for 2022. And then just some quick advice, not investment advice, just investment opinions. So let's start with this, huh? First of all, let's tackle the fun. There's things going on. And it looks like this. This was a tweet that was sent to me. Actually, I had no idea this was actually even going on. This is Corey Clipston. Clipston, Clipston. I believe he's part of the swan, organization, Bitcoin, something. Anyhow, he's also a gentleman that said that Cardano was a Ponzi scheme. And he says this, there wasn't a bank run at Celsius Network this time because their management team was able to get 500 million out of the Luna UST Ponzi at the last second. Celcians, you're lucky. You're relying on luck and active management to keep your rehypothecated coins saffo. So a couple of questions, Alex. This begs the question. What is Corey here talking about? And was there any type of shenanigans going on with Luna? And before we even answer that, you did call him out and said, Hey, do a debate. We'll debunk your conspiracy theories. And he said 30% of all Bitcoin is lost because people listen to you on Bitcoin Maxi. So let's dive into it. Huh? What do we got? Yeah, I don't know how Corey has time for this, but look, we have USD and Luna listed in our wallets. And when people give us USD, we stake it to earn rewards, just like you would do yourself, right? So we do it on behalf of our community. The difference between doing it yourself and us doing it for you is that we monitor it 24 seven. And when we started seeing a DPEG, we pulled everything out and we did that on behalf of our community. Now that instead of instead of everybody in crypto celebrating that we have Bitcoin Maxi saying, No, you know, this is horrible. And you know, you don't own your own keys. Like not everybody can own their own keys. Not everybody can know knows how to manage their own keys. So for the 95% of the people that do not cannot do it well, Celsius is there to help them out for the 5% who are Bitcoin Maxis. We don't want you at Celsius. We're not here to fix your problem. We're here to fix the problem of the 7 billion people on the planet who cannot manage keys. So you stay in your lane, we're going to stay in our lane. There isn't we have enough fighting going on with regulators and banks and other people are trying to take us down. The last thing we need is for internal fighting to create problems for the crypto community. Yeah. And I think I think that I believe more people can cuss you their own Bitcoin if they really want to go through the process. But the problem is, and like I've given this example before, there's a difference between somebody like me, somebody like you, and somebody who's single mother, you know, three kids working two jobs and trying to go to school at night and going, You know what? I want to deal with that either. So I think there has to be a bigger tent and allow a little bit of inclusion. So I think that's what we're going here. Am I right? Yeah. And again, if you hold 20 different assets, are you going to monitor all 20 of them to make sure that nothing going on? There's no hacks, there's no scams, there's no this, there's no that. No, you're going to outsource all of that to somebody like Celsius. And again, we should get a badge of honor, a medal for my team, my security team, my risk team should get a medal for being one of the first to pull out all of that, all these coins out of those protocols. Yeah. So I know like you talked about, you said that you guys had invested into Entera, and you'd have been, you know, probably getting some yield. When did you guys just decide or look at and go, You know what? This doesn't look, this isn't good. We need to get out of here. So first, we never invested in Terra. Jump, three-arrow capital, Galaxy invested in Terra. Celsius has never invested in Terra. I posted several tweets, Celsius Network posted several tweets debunking the FUD that Celsius somehow gave loans to Terra or invested in Terra. We don't do that. That's not our business. So anyone who says that, despite us posting this on our website is lying, lying intentionally to create FUD, to create a run on the bank, because they don't want you to give your keys to somebody else. They rather you lose your money than hold the keys with Celsius. That's how much they hate Celsius, right? So stop listening to Corey, unfollow Corey. You want to deliver a message to Corey, unfollow him right now. When he sees, he's doing all of this just to get more followers, right? He's just, he's just trying to get a bunch of people to follow him and he's creating FUD across the entire community. Unfollow him, he's going to shut up. Okay. So I just want to make sure that was crystal clear moving forward. But there is a bigger question, which is USD, which is the stablecoin. And the question that I have for you, which is what a question that I'd actually asked to my community, which was, do we need stablecoin regulation? And there is pros and cons for everything that we talked about. But so far with 2000 votes, we got people who say yes. And I can understand why people don't want regulation, because when we get regulations, and as we get over regulation as a problem. Alex, what do you see here? Do you think that stablecoins are okay? And we should just let, just let the market decide, let a couple people get burned, and then just move forward and then say, they'll learn at some point, do your own research, or should we have some sort of clarity in the market? What do you say? So first of all, it's important that everybody understands that just because somebody claims that they're a stablecoin, it does not mean that they're a stablecoin. Right. And we, the people that are using crypto have to understand the difference. Right. So there's stablecoin coming three different buckets. Right. One bucket is stablecoins that are issued in exchange for a dollar that is being deposited into a bank account. That's USDC, TUSD, USDP, and so on, right? These are Paxos, Circle, and TrueUSD. Those are the issuers, right? And they use banks like Silvergate Bank, where the dollar is actually held in that bank. So it doesn't matter what USDC trades at. You can always go to Silvergate and always get a dollar for your USDC. Right. So that's one category. And people have to understand that that category cannot be pegged because you can always go and get the dollar from the bank. Then there are coins that are overcollateralized. Die is overcollateralized, right? So it has Bitcoin or Ethereum, wrap Bitcoin or Ethereum. And basically you get die when you overcollateralize. Same thing with USDT. It's an overcollateralized token. And even when it traded, it never pegged because even when it traded at 95 cents, the people who bought it at 95 cents when you sold it to them went to Tether and got 100 cents. So just because it trades at a discount exchange does not mean it's depegs, right? When Tether stops paying out 100 cents in the dollar, you can say USDT depegged. The third category are people who just pretend to be stable coins. They call themselves stable coins. They're undercollateralized. And because of that, when everybody, when the music stops and everybody wants to run and get their coins back, there's not enough dollars for everybody. That is the third group. And those are the people we have to worry about. So yes, we need regulation. It's coming no matter what. Doesn't matter if we do a survey, we don't do a survey. Too many Americans lost billions of dollars and the regulators are already drafting laws. I bet you in the next two or three weeks, you will see draft laws being issued by regulators, by law makers, I mean lawmakers, not regulators. Yeah. And I got to agree here. I'm getting pretty tired of the things that are going on. And like, I know people don't like regulation, but it's coming whether we like it or not. And I think that is just how it's going to be. All right. So that takes care of a little bit of fun, a little bit of regulation. Let's move into just a little history. And what I want to talk to you about is how Celsius generates yield. And actually, I don't know if you remember this, but not too long ago, my man, you were on my show. It was in November 2020. I asked you this exact same question. And it was a long, it was a long interview. I mean, we're looking at about 45 minutes to, yeah, about 48 minutes or so. And I'm going to just play back exactly what you said so people can understand. So I'm not putting any words in your mouth. So just take a listen. It's like 45 seconds. So we create yield in a very simple way, right? We lend coins or dollars to institutions or individuals, and they pay us interest, right? And we have to worry about them returning the asset, the underlying what we lend them, and the interest that is accrued or accumulated on the asset. So the interest is yield, right? So if we, if I gave you $100 and I charge you $10 a year, that's a 10% yield. And if I earned 10%, I'm going to pay 8% to the community. It's as simple as that. There's no, there's nothing else complicated or like sophisticated computers doing algorithms or any of that stuff. It's very, very simple. It's hard to become an institution that borrows from Celsius. We reject over 50% of people that come to us and say, I want to borrow coins from you because we think that those counterparties are too risky. And in most of the cases, they are just small hedge funds or small institutions who don't have a balance sheet. And we just feel it's too risky to lend them coins. And the decisions we make every day are, should I lend to some of the more to the some of the largest institutions of Wall Street or my customers, or should I take a small customer instead? And the answer almost every day is I rather lend more to a billion dollar balance sheet company and take more risk with them than on board a $5 million or $10 million hedge fund. So that's kind of half of the equation. The other half is what we call margin lending. So if you give me one Bitcoin and it's worth $18,000 and you want to borrow money from me, I can lend you $9,000 or 50% LTV. Right? And I'm still going to charge you 9% interest or 10% interest. And again, in this case, I have an asset. I have a very liquid asset that I use as collateral. And you are a retail borrower. This is not institutional. This is retail borrowing where you can borrow dollars or stable coins against your main assets. Yeah. And pretty much that's it. So same thing, Alex, has anything changed from the days that we just talked about a couple, about a year and a half ago or so? No, nothing has changed. And like I said before, for example, when Luna came to us asking for very large loans, we said, no, we said it's too risky, you don't have enough collateral and we're not going to do it. Also, retail customers that come can only, they cannot borrow Bitcoin or Ethereum from us. They can only borrow stable coins or dollars and only up to 50% LTV. So again, if you have $10,000 worth of Bitcoin, the max will ever give you is $5,000. Right. Yeah, because there's different levels, right? I mean, we're talking about loans here, correct? Yes. Yeah. So like, I mean, you have a 2x, 3x or 4x, you want 10,000, you want to, if you want 10,000, give us 20,000, then the rate's going to be 8.7%. If you want a lower rate, give us triple. So 30,000. If you want a really low rate, I think it's like 1%, 2%, maybe it's changed, you got a 4x. So there's always a collateralization. The question that I have is when we put our crypto on Celsius and it's rehypothecated like you talked about there, when you give that to some type of industry or these large institutions, do they give you any kind of something kind of collateral in exchange for that? Yeah. So let's say, dig into it. So first, we do a lot of DeFi. So on DeFi, you have a lot of collateral on the other side, right? So we do a lot of, we borrow, we are a borrower as well, right? So sometimes we go and borrow dollars and we give these coins as collateral for dollars that are lent to us from different institutions, right? So, but when we work with large institutions, again, based on their balance sheet, they have different tiers, right? If you are a multi-billion dollar institution, we may require very little collateral from you compared to if you're a very small institution. So, but you have to understand, for example, if you take a loan against Cardano, okay? The rate we charge you is 0.1%. We charge you almost nothing. Why? Because we don't need to rehypothecate Cardano, we can just stake it. So we get the staking rewards and you get the dollars. So everybody wins and because of that, the rate is so low, right? So it's a win-win relationship and not everything is rehypothecated just because Corey or somebody else tells you it is doesn't mean it's true. And Celsius has invented this business. We created the yield business. We invented this whole idea that you can earn yield on Bitcoin and Ethereum and all these other stuff. And we're very proud that again, millions of people are now using these services and we have a lot of competition. We have a lot of, there's a lot of people are copying Celsius, but no one does it as well as Celsius. You can talk to us, 1-866-HODL now. You can call us at any time. If you have a question, you can book an appointment with a loan specialist. So no one does that in crypto. Try to call Coinbase. Let's see who is, if anyone is going to answer you. Very doubtful. Yeah. So that's good. So I just wanted to alleviate some fears because I know people, the questions that they would ask me was like, ask Alex about this. And of course, that's my job is to dig into it. Because the big thing they were asking is like, well, is it like fractionalized reserves? We're not doing fractional reserves. Anyone who thinks we can doesn't understand our business. Yeah. So like, and the big thing there is collateral, right? So if you look at something like this, John puts in a thousand, banks lend it out. There's no collateral there to Sue or John. And those are on the bank and that doesn't make much sense. But if you have collateral, depending on which these multi-billionaire organizations, you still have collateral. I think that's the big distinction there. And look, last week, you know, we announced our numbers every week, right? So last week, we had 1.1 billion in withdrawals, people withdrew to make sure that we can pay them back. And then they waited a few days and they put back like almost $400 million, right? So every winter, we went through five winters. And every winter, people test us in the drawdowns because they want to make sure that we have ample liquidity. We still right now have billions of dollars in liquidity. So anyone who wants their coins back, Celsius can always provide you all your coins back. We're not, fractional reserves is exactly what they can do. They give you a 30-year mortgage. They cannot go and liquidate your house and give you back your dollars, right? So banks operate very, very differently than Celsius. And that's why we're not a bank, right? We don't have, we don't create leverage by lending dollars that we don't have. Yeah. Perfect. Makes sense. Now, this is a two-parter and actually, because we're going to talk about the accredited investor, which this only pertains to U.S. citizens. If you're outside, this does not pertain to you whatsoever. So just remember, on April 15th, there was a change. And if you were not an accredited investor, you could not gain yield on anything that you deposited on April 15th or after. However, anything that you put in before, like myself and a bunch of other people, you would still gain that yield, even if you were or were not a accredited investor. And then, of course, you can go through the process of filling out paperwork. So the question that I have is a couple. First of all, what happened? How did those regulators come forth? And then how is that working out? Or how are you guys working with them to go someplace as far as like to make it happen later on? Well, again, this is not something special to Celsius. Every other company that provides yield basically agreed to do the same thing, agreed to not rehypothecate new transfers from non-accredited investors, which is what you just described. And we agreed to do this with all the different states and all the different regulators and so on and so on. Same thing BlockFi did, same thing Crypto.com did, same thing Nexo and Voyager and everybody else. So we're all basically doing the same thing. The one thing that Celsius is doing differently is that first, all of our other services are still available. So you can do swaps, you can do loans, you can do on-ramps, which we launched now in 40 states. And on top of it, you'll be able to do staking. That means that you'll be able to stake end of July. We're launching a new version in which you, the retail non-accredited US user, can earn staking rewards on all the coins that are stakeable. Bitcoin is not stakeable, you will not be able to earn anything on Bitcoin. But for most others, you will be getting very good rewards and we're going back to where we were before. But again, those coins are not being rehypothecated, like I said before, right? Because they're just being staked. Yeah, I think it's an interesting situation. I know BlockFi and the other ones that you just mentioned, they're definitely not doing it season assist and all those things. And then with Voyager, I'm not for sure exactly how they're working out. I had Steve on the show about a week ago or so. And he talked about sending things out, rehypothecate, but they're not doing any kind of loans. So I'm not sure how that's working out for them. But I know with the other ones, not happening. And then just as a follow up, how is this looking as far as like working with the regulators? What do they want to see? What do they want to have you guys do so you can actually get this back into play? Well, the regulators are asking very specific questions. And they usually give you instructions to basically say, do this, don't do that. Right? And we are still thinking that we are a good actor, right? We are here to follow all the rules. We just want the rules to be clear, just like we talked about stablecoin. The rules on stablecoins are not clear. And that's why people come and claim that they're a stablecoin and they're not, right? So I think we're going to get much more clarity both on the federal level and on the state level. And every time such clarity appears, we go and we change our product or service to make sure we fully comply. Yeah, clarity. I keep talking about that. No one believes me. That's all we like to have. All right. So then let's move on a little quick, quickly. I know you're a busy guy. Economic outlook for 2022. And there was, you were on Kitco news not too long ago, and you had talked to the two hosts there and you said, this is what I see. And I, I agree with you on one part. The second part is a little bit, we'll discuss that real quick. But this is exactly what you said. This is a minute or so. Just take a listen. Put it into the market and taking liquid out of the market. All of that with us shutting down the ninth largest economy in the world, Russia, we basically shut it down. That's a huge recessionary pressure on our economy. So I do expect a recession next year, 2023. I don't think there's anything the Fed can do. We will have a recession next year. So to be clear, you believe that there will be a recession next year. Therefore, you've gotten out of equities, but you still think that this is good news for Bitcoin and the crypto markets? Yes. So I think Bitcoin and Ethereum are going to do very well in this recessionary environment. Into, so from now to the recession and during the recession, I think we definitely going to hit all time highs. All time highs are not that far from where we are at $67,000. And the question we don't know is what happens afterwards. How much resistance we're going to have at $70,000, $80,000, $90,000. I think we are going to break $100,000. I know I've said that last year, but we had a few macroeconomic events that basically kicked the can down the road. But we will see Bitcoin over $100,000 this year. Alex, come on. Come on. $100,000. So tell me the bull scenario. I got to hear it from you. So could we get there? Is it a possibility? Because man, I just don't see it. So let's think about what just happened. So basically on top of just the drawdown, on top of the Nasdaq markets crashing 25%, we had the Taraluna dump $3.5 billion in a few hours, not even a few days. And so we know what the bottom is. The bottom, under all circumstances, is $25,500 for Bitcoin and about $18.50 for Ethereum. And again, all these coins already moved from the weak hands to the strong hands. Anyone who was on margin got liquidated. Anyone who was a tourist bought a ticket and is flying back to fiat land. So now all these coins have moved to strong hands. And every day, new people, more than ever, are joining. You can look at the number of accounts being open. You can look at the users with large balances. They're all accumulating. So when you are going through a flash crash like this, you're basically taking out, there's no more sellers, right? There are very, very few sellers. And all that remains are buyers, right? So because of that, you're going to reach new all-time highs. Now, again, I might be wrong on 2022 and it might be 2023, but my point is that sooner or later, you're going to see the decoupling between what's happening in the stock market and between what's happening everywhere else. And again, we talked about it before, how the crypto market is watching the stock market. The stock market is watching the Fed. The Fed is watching inflation. And the minute we start seeing lower numbers on inflation, right? The next month, we just had a number. It was lower, 8.3 versus 8.5. We're already lower than the previous high bar, high water mark for inflation. The next number should be 8 or 8.1. Then it's going to be 7. something. The minute the Fed starts seeing that, they're going to be much more comfortable at pulling back, not doing as many rate hikes, not pressing on quantitative tightening, QT versus QE. And all of that is very good for Bitcoin. If you go back to March 2020 and you look at what was the first market to recover, it was not the stock market. It was not the commodities markets or the bond market. Crypto was the first market to recover after the drawdown. So because of all these things and the five winters that I went through in my career, crypto winters, that's what I'm predicting. Yeah. So we've been right in just that predicting. No, it sounds good. I hope you're right. I mean, I've been, I think we've had about, you've had like a couple more or one or two more crypto winners than I have, but we've been here and we know how it goes. But I got to tell you, man, I got to tell you, when we take a look at this, I mean, look, the CPI is going to come out every month, the PPI was the leading indicator. And then of course, the Fed's going to come out and here's the dates for all their different meetings. I just see these dates as, and I hope you're right. I hope it comes down because the CPI numbers weren't that there was a little bit elevated than what they thought. So if it is right and it comes down, yeah, maybe you can actually work out all of this is already priced in to the numbers. It's priced into the NASDAQ. It's already priced into Bitcoin. None of this stuff is new news, right? So again, we have the inflation monster. If think about it as a dragon, right? It's a dragon with three heads. And we just say the dragon. Every month it goes by. The rates are lower. That's us laying one head of the dragon. We just need three months, consistently three months of lower inflation numbers. Yeah. Well, I'll say, I mean, people, I've heard that too. It's all priced in. And I hope you're right. But I remember that when Jerome Powell came and spoke with the Volcker Institute, he talked about Volcker, the former Fed chairman, and he said, this is what we need to do. And it was a pretty, not like a soft landing they talked about. Once that happened, the prices did drop, but they recovered. And I think it comes out of this in the long run. Does it really, really matter? I think in the next three to five years, that's more of the investor, which is more the people that you're going for, more of the people that are on this channel. But I just, I hope that you're right. I just don't see it right now. And especially with like these crazy numbers, like the price to earnings ratios, you know, Apple in March, 17x, 30x, 23x, the Fed gets in there, they buy these ETFs, they print the money. I just don't think that these inflated prices, I agree with you that people are going to get out of equities like you did. And like, well, I don't really go into equities that much. But where is that money going to find a home? We can all say crypto, and I hope it is, but I just not for sure. And that's why I DCA every day and do some other large things every week. But that's what we got. Okay. So the last one, any advice or any investment opinion? We can't give advice here, right? Any investment opinion for the for the recent investors, especially the ones that got in 2022? Yeah, so look, it's very hard when this is your first time, you feel an idiot, you feel horrible, you feel like you bought at the highest prices. But the people in the last five drawdowns, last five winters, crypto winters felt exactly the same way. And yet each one of them is still above the prices that they paid. The high for the last market, the peak for the last market 2017 was 20,000. So if you bought a 20,000 and then you saw it go down to 4,000, you really felt like an idiot. But then it went to 65,000, right? So all you have to do is decide, okay, how much exposure do I have? Do I want to add to it? Or I'm just sticking with what I have and diversify, right? So if you have too much, then you need to sell. You need to reduce your exposure. If you're not sleeping at night, you need to sell right now and take the loss. Because it's more important that you have a piece of mind, then you try to become a millionaire or a billionaire just because you think it's going in this direction or that direction. Yeah. And if Alex is right, everything's going to be pretty good. And if I'm right, you're going to get some pretty great discounts. So in all honesty, if you just take a look at Alex's investment opinion there, which is if you're overstretched, maybe you shouldn't be so stretched. And then maybe you can just slowly get into it. I think it's a winner of a situation no matter which way or who's right in this situation. Alex, thanks so much for being on the show. I think the fifth time. Rob, thanks for educating everybody. I think you're doing God's work, taking your time and making sure that people are thoughtful, that they learn about the issues, and then they can go and make the best decisions for themselves. So I really appreciate the content that you create. And I watch it regularly. So thanks for having me back. All right. Thank you. All right, everybody, let's jump back. Great. So there it was. So that, of course, was the pre-recorded video. I want to say thanks again to Alex for stopping by. That was good. I like when he comes on and answers some questions. There's some things I looked at the chat. People have some more questions about, and we will go over that. But before we do that, I just want to do a Voyager quick take and talk about Celsius liquidations and whose fault those are. So there was a part in there when Alex was talking about BlockFi and Nexo, and they've all agreed that they're not going to lend out or rehypothecate. And he's right on those platforms. But I had on Steve Urlich, he's the CEO of Voyager. And when we were talking these things, I could have sworn he said a specific not overlay or what they were actually doing or what they were continuing doing. So what I'm going to do is I'm going to, this is a, it's less than a minute, and it's Steve talking about how they're actually still giving yield to customers. Now, mind you, Voyager is only in the United States right now, but this is what they are doing. This again was only, well that wasn't a week ago, it was probably about three big sales. This is before the European Europe trip. So just take a listen to this. But we differ from those guys in quite a few different ways. One, probably the most important way we think is what we do with the assets. We strictly lend the assets to major parties where others were actually prop trading and they were actually, you know, I think Block 5 might have had 5% of GBTC at one point in time. And people are doing things with derivatives on that. We haven't done any of that. And we believe they're customer assets. So the way to generate the rewards was to lend them out. To me, I think the differences are, as I said, how we do the assets, how we talk to customers, our information that we put out there. I think one of those parties didn't, you know, didn't properly disclose or said that they were fully collateralized when they weren't. You know, we lend it. That's what we do. And so we think there's significant differences. Yeah. So there you go. Again, I'll have Steve back on. As far as I understand, they're still getting yield as opposed to some other ones. But that's, that's what we have. And just want to do that little quick take. And lastly, I want to talk to you about Celsius liquidations and what's going on because people didn't get liquidated as things were, were going, were going down. Now, as you know, I haven't been here for a while. I've been over, took a trip over to Europe to go to talk at guys events and meet some people from Swissborg was excellent and do a little traveling throughout Italy and France. So during that time, I got margin called for my Celsius loan, which I took a loan out on Ethereum because if you'd watched the video where we had purchased a home in Puerto Rico, we had used that loan to fund the entire purchase of a home in Puerto Rico. And then, of course, we use that as an asset because we do short term rental. So it's not a for us, it's houses aren't really liabilities for us. They're actually a generating asset because we put them on Verbo and Airbnb and things like that. Anyhow, so we have, we've had multiple we've had multiple margin calls throughout the time because when I did that, it was around end of November early December, when I did the loan. And I think Ethereum was probably, correct me if I'm wrong, we're 3400, 3600. And of course, as the price goes down, you get margin calls. So you got to reallocate not funds, but more Ethereum for more collateral and more and more and more and more. And especially as it starts to drop down. And Celsius does a great job. They notify you like every single hour, like, hey, you are outside the margin. And you have to, you know, put more in. And I was doing that, I was doing that. And then as time went on, I thought I was fine. I didn't check some things. And over a span of 72 hours, I was traveling and really just not paying attention. I got liquidated my entire loan. And that happened to all of my Ethereum. And it is now liquidated and sold. And that's what happened to me. So I want to tell you whose fault is that? That's my fault. That's my fault for making that mistake and not being on top of it. A lot of people will blame somebody else. And it's nobody's fault on my own. That was just it. And I Alex is on the show and I could have just said, Hey, man, could you do me a solid and undo that? But why would I get any kind of special privilege? I didn't even bring it up. So I'm just telling you right now, just to show you that one, be responsible. And two, if you're going to do these things and you're going to take loans out. See, for me, to take that loan out and put that into a generating income asset like a home, it's not so big of a thing because we're still going to generate funds and it's all okay. Now, if I were to take that money out and buy out a Lambo or something stupid, then I got problems. But that's not the thing. And also remember that when you get liquidated, some of those Ethereum were from after I actually moved to Puerto Rico. So those that I moved after Puerto Rico, those will not be taxed because that's Puerto Rican law for taxes. But the ones that I accumulated in the United States, I will have to pay a short term capital gains tax because I was liquidated. And that's exactly what happened. So push comes to shove when people are saying, you know, Celsius will give these sweetheart deals to people. Oh, they won't. No, they won't. Trust me, I'm pretty sure they knew exactly who I was. They're like, listen, man, you didn't call them, you didn't answer the margin call liquidated, hit the button, off you go. My fault. So that's what we got. And that's what's happening in my world. Now let's go into a little Q&A and take it from there. Shall we? All right, that was fun. So I had some starred ones I want to show to everybody. These are pretty good. Guitar Noah says, Hey guys, just got back from vacation about ready to retire early. I'm going to cash in my 156,000 Luna. I haven't checked in about a week, but they ship me worth at least $1,000. Yeah, that's funny, man. And then I had put out a tweet that I had the interview with Alex on Twitter, following me at news asset. And someone said, and I said, I'm with Chewy. Chewy's fine. Chewy's my dog. I just got done with lymphoma treatment. Now he did a blood draw. He's just doing great. So here it gets into the more annuity gritty. So here's a great question from Palmic. How safe is it to earn yield on Bitcoin with Celsius? Well, first of all, if you're, like I said in the video, if you're not an accredited investor and you're in the United States, you're not going to earn squat because you're not an accredited investor. Now if you are an accredited investor in the United States, you can still earn yield. I still feel it's quite safe. The thing has happened so far. Hasn't been hacked. There hasn't been different issues. Well, we'll get to that in a second. So you'll be okay. And of course, globally, you can do whatever you want to. But I must stress, stress this enough. Nobody is 100% perfect. If you have any inclination or you smell anything wrong or you just don't feel like something is right and you trust your gut, then don't put it in Celsius. Just keep it on a cold storage wallet and then forget about it. And that's it. And that's, that's of course Bitcoin. On some coins, this is the problem with putting in cold storage and just forgetting about it. Sometimes there's like token swaps. And you're like, and if you don't pay attention, you miss the swap, like I did for zero token, I lost like a five to 10,000. I forgot much it was because I didn't do some stupid token swap because it wasn't paying attention. So just be aware of those types of things that could actually happen. Great. Rob, do you still trust Celsius for your funds? Yeah, but you know, after the, the Luna situation, I'm getting more and more risk aversive. So I be honest with you, I pulled some out. And I don't think that's, that's just me. Because I mean, I see the things that are happening. Even if we talk about do your own research and research, I guarantee a lot of people took a look at that at Luna and said, this looks pretty solid. And then some people out of Beck are black. What is the guy's name he's like, Nope, that's not a good project. And it is what it is. So I just want to be safer. It's not how much you make in investments. It's how much you keep. And then many says Cardano is the future. Hey, man, I gotta tell you, how many times has Cardano been down? How many times has Cardano been hacked? How many times has Cardano not meet their goals? Okay, you got me on that one. But you know, you see what I mean. All right, see, Molina says Alex is always available for the community. That is true. And I'm glad he came on because he's just like, Hey, I think there's a lot of problems and a lot of fun going on. And also people are scared because he we even talked after the show. And he's like, you know, the fear and greed index is nine. I was like, I had no idea. He said, I've never seen that nine and he's been crypto longer than I have. And I was like, Yeah, never have myself. So the fear and greed index is at nine. That if it's not capitulation, I don't know what is. And then Phantom says, I was swing trading off what wrapped Luna and Tara Luna, I feel so bad. They, you know, gonna be do the D gen play right ahead. And then someone else says, Mrs. Can you ask Alex, I have a pending soul transaction for five figures since Thursday, May 12th, I called Celsius three times email more, and they want to video my account, even the pending transaction on their side. So what I would do is if you have a Twitter account, put in that exact same message, tag me at news asset and I'll tag them and we'll see what we can do. Camera guy says, everything's a Ponzi. I do believe that's true. DJ says, I'm not accredited. Can I still comment? You can still comment. And then Dolph says, it makes a good point. Celsius security is built and proactively managed on military standards. So far has never been hacked. So far has never been hacked. That's true. Got to give it to him. Guitar. I realized this past week that I have a right to call myself a master genius level crypto expert compared to most crypto YouTuber and Twitter influencer. Probably true. Yeah, like I, my favorite saying these days is from Socrates. I know nothing the older I get. I realize I, how much I do not know how much is actually out there. Jason says no one accepts accredited investors need any yield except we're staking ETH somewhere like in Kraken. All of the yield accounts have been stopped for normal folks. Why is that? It's because first of all, that's, that's, that's America. That's not everywhere. Just so you know that. So the regulators were cracking down on the nexos, the block fight, and the Celsiuses and said, look, we don't like what you're doing. And when I look at these things, correct me if I'm wrong. Aren't they all doing loans? Celsius next nexo and block fight. But Voyager, again, they're doing the rehypothecation just like everybody else, but they're not doing loans. I don't know if that's something to it. Correct me if I'm wrong in the comment section. But yeah, it's regulators coming down and saying, stop doing that. And they want to see a bunch of stuff. Jackal says I'm sick of the s coins. Hopefully the regular is going to clean it up. Me too, man. Me too. And this market can truly grow. Look, a lot of things got to, got to fall to the wayside for us to get out of here. And that's what bear markets are for. Yeah. MS says, Rob, help me. I just keep seeing Rob help me. I don't know what exactly you want. Maybe you can put that in the comment section. And then when rock, when rock says, yeah, the government's going to clean things up. They do such a great job. So I will say this like regulation, I know a lot of people on my channel aren't like I talk about it. And it's like the most unpopular thing. And I still talk about it because I have a problem in my head that I just can't stop. And I will say this. Some regulation is pretty awful. Let's be honest, but there's some regulation. People say regulation, government sucks all the way around. Look, sometimes they do get it right. Like there's this thing called OSHA, Occupation, Self Safety and Health Act. This is the 1970 sign of law by Nixon. And it came into pass because in the 1960s, there was a two or no, five X increase in the amount of workplace deaths and illnesses, you know, things like asbestos and things that they shouldn't really be around. And of course, the corporations weren't going to help you because they're all about profit. Government did step in and go, look, you got to make this safe because people are dying way too much. And then of course, cancer rates went up and there was different problems with insurance, whatever. So with OSHA, I think they kind of got that right. Now, did they overstep at some point? Sure. Because who's who's really going to be perfect? But I think, I mean, just for stable coins, if they're going to say, look, show us what you're backed by and let's see the books, okay, good, you're good to go. That's it. It's like, it's like restaurants. Jesus. You know, like, I mean, there's the food inspectors, health and food inspectors. They're not going to be like, well, you're just going to leave that meat out for 10 days. Sounds good to me. Now they go in there and just make sure that it's okay so people don't get salmonella and puke their brains out. I'm just saying, Regulation Ken has his place. Anyhow. Hey, one mole, let's hear. I haven't seen you in a long time, buddy. What's up? Ain't the herb says, Rob, you said you dropped out of Celsius when they want accredited? No. Exactly what I said was, I wasn't going to put the paperwork in to be qualified as an accredited investor. Now I could, but to me, I'm like, what does that do for me? Because a lot of the people that watch this are not accredited investors. So like, I'm just going to gain the yield and let you guys just lay in a squalor. And then someone said, no, no, no, Rob, just get, be an accredited investor and then donate to charity. Like, no. So if I can't do it on a platform, right, I'm just going to take my money someplace else and just use someplace where I am. Or I'm going to stick it out and just go, you know what, you really should let everybody do this. And that's why I was asking Alex about the accredited investor status and what the regulators want to see. So that's it. And then for everybody who says there's a problem with Celsius as another person says, my Celsius transfers are fine. Moving parts to Cold Wall. I've been doing this for a while now. Yeah. But then on the flip side, hey, five days waiting for Solana and they're being difficult. Got you. And then Alex Kimmerle, who asked this question 20 times, I appreciate your tenacity says question, what's your strategy in a five sigma crypto moonshot? Do you have institutional borrowers include call options and collateral or hedge in Celsius? How to stop clients, rug, pull coins on you. So I asked a specific question to Alex because I'm like, are you doing a fractional reserve lending? Meaning when I give you my crypto and it just sits there, right? Are you lending it out just like what a bank would do and not ask for any collateral? He's like, no, we ask for collateral. But let's be honest, there's some multi-billion dollar institutions where we're not going to require as much collateral as say an institution that maybe has like only $500 million or whatever assets that are management that they do have. So he goes, yes, we're going to ask for collateral. And when those things come in, we're going to margin call you. And if you don't pay up, we're going to liquidate you. Happen to me, like I just talked about. So if you think there's like comes to kind of sweetheart deals, maybe I don't have the books. I don't know what's what's going on. But I will tell you, I mean, I take it from me firsthand, they will liquidate you and they will cover that and they will pay off all their debts and bills and give them back to the people, which is the community. Another question, how much USC did Celsius have? I don't know if this is the thing, but I asked him that specific question. I want to make a crystal clear. I said, Alex, when you were in this situation, when did you figure out this was like like a bad deal for your investments for Tara? Now, I believe I said USD. And he says, no, no, you didn't hear me. We didn't do anything with them. We didn't invest in Tara. We didn't give him anything like that. We didn't have on the books. So if they were staking, I mean, that's that said, they'd be the same thing as if they had it. But he says, we didn't have it. We didn't get into it. We didn't loan out to it. So I can ask him again. But that's what it is. All right. And then Dutch says, Alex, talk about the mining EPO. This is one of those things that we talked off-camera, and we forgot to talk about, which is they are Celsius into the Bitcoin mining operation. So right now they were generating revenue from Bitcoin mining, which I think is a pretty good stance. And it's quite lucrative to do it the right way. So there was a news release just came out, they're going to do a mining IPO and generate a bunch of revenue and good for them. But Alex said he couldn't really talk about that because, of course, the SEC would be down his throat. So I'll just mention right there. Also, he did say, which I had no clue, that you can now buy crypto on Celsius in 40 states. And I think it's like super low for the rights. I don't know. I haven't done it yet. So I can't tell you what it is. And then Alex Kimberley says, maybe Rob will grow some balls and make Alex discuss the systemic risk. So I did that talk to him about that. And I could have him on again. Hopefully I answer your question. Tale says, ask him how it's USD. They added some of questions. Zero is gone. Again, I believe he said they didn't have any type of investment into it. They didn't loan anything out to Doquan and those other things. So what I miss. I'm okay, Rob. Thanks. Yeah, you're welcome, buddy. All right. In a three Sigma moonshot, the collateral won't cover the loan. So please explain to me what you're talking about. Exactly. So three Sigma moonshot. I'd like to know exactly this. You know what? So here's the thing. If you don't feel like it's for you, don't invest into it. So Alex, I think you've got, you've already made up your mind, essentially. Maybe you're in between. I have no idea. So don't invest into it and tell everybody to not invest in a Celsius if you think that is what it is. Okay. I think that's it. It was an expensive trip. But again, you know what? Who knows might be a good thing. We can actually go down. Maybe I'll pick it up for a little bit better or maybe, you know, honestly, still a pretty good deal. I was picking up, I was picking up Ethereum for like 100, 150 bucks back in 2018, 2019. So sure, whatever. And again, I like those assets that actually generate revenue like houses, which I would not, I would not advise to invest into now. All right, everybody. So we're coming up on the hour. I think that's pretty good. And that's all we got. So if you liked today's video, give it a thumbs up. If not, give it a thumbs down. Just let me know why and go from there. Subscribe, all that great stuff. And everybody, thanks for being positive in the comments. I appreciate it. I'll see you in the next one.