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Welcome back everyone. 
I am Caspian Sea and I'm joined 

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as usual by my partner in crime 
mr. 

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Bennett Tomlin, wow, I screwed 
that up but we have a special 

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guest today. 
And to be honest, I'm just going

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to defer to Bennett so that he 
can introduce Our Guest today. 

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We are joined by owner of the 
Dallas Mavericks and the 

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favorite shark for our producer 
from his favorite TV show, 

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Shark, Tank, Mark, Cuban, how 
are you doing, Mark? 

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I'm Greg Bennett, how You I'm 
doing quite well. 

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So I think to start both cast 
and I are actually huge fans and

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one of the things we bonded over
was actually a movie, you 

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produced called the China 
hustle. 

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Yeah. 
And yeah, I mentioned this one's

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on Twitter and then you pointed 
out to me that you'd also ran 

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another website called share 
sloops that does investigations 

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into a bunch of different 
companies possibly committing 

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frauds. 
Yeah. 

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So can you talk to us a little 
bit about how you got interested

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in those types of frauds? 
And How you think about 

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shorting. 
So, let's start with share 

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sleuth. 
You know, for every hundred or 

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1500, whatever. 
The number is good companies. 

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There's always going to be scam.
Always, you know, why did we 

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Willie Keeler? 
No, that's not who it was. 

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Why did they why do people rob 
banks? 

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That's where the money is, why 
do people have scam companies 

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that are go public? 
That's where the money is. 

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And so there just wasn't anybody
who I thought was doing a good 

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job 1 and 2 was a no Unity for 
me to make money. 

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Most investors just don't do the
work when it comes to investing 

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questionable companies, you 
know, there was one of the 

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companies we did originally and 
I'm spacing the exact name of 

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it. 
But effectively, they were a 

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company that was coming up with 
some new energy, whatever. 

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And they had this big plant and 
they would that they announced, 

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and the stock will go up, then 
they do another press release in

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the stock will go up. 
This is around the 2006-2007 

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time frame. 
And so, What Chris who does all 

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this work for me did was he 
sent? 

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Somebody call somebody locally 
and said go look at the plant. 

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See if the lights are on. 
There are no cars in the parking

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lot in the middle of a Monday, 
afternoon or whatever, there 

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were no lights on the called the
utility company to check to see 

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if there are any utilities 
turned up. 

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No. 
So he wrote about it. 

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I shorted the stock and we've 
been doing that for the last 15 

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16 years. 
And, you know, shorty there's a 

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bunch of different reasons to 
shortest. 

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One is you think about 
valuation? 

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I usually don't short based off 
of value where I haven't in 

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years and years and years 
because you don't know what the 

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markets going to do. 
But then there are companies 

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that are just outright scams you
know or they're run by people 

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that have bounced from scam to 
scam to scam or they're run by 

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people who are really good at 
pumping up, stocks and allowing 

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somebody else to dump those 
stock and Chris has done an 

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amazing job of defining those 
networks. 

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And that gives him a Advantage 
and I just closed when I have 

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whatever position, I have, if 
any in the stock, some, you 

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know, there's just not enough 
money there to make it 

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worthwhile but we'll publish in 
any ways to try to protect 

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investors, you know. 
So that's why we did it. 

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My question is you like you 
said, you've been doing that for

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15 or 16 years now? 
So I guess I'm wondering it 

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must. 
It must have proven repeatedly 

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to have been profitable for you 
for you to continue to do it, 

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right? 
Yep, okay, okay. 

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Yeah, I'm wondering if you think
about share sleuth, like if 

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these tips and tricks and all 
this stuff, if you think about 

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it, similarly, to the China 
hustle, we're like you could 

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build stories about it. 
The same way that you did about 

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the China hustle or did you or 
is that just set? 

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The not wholly, different, 
totally different, no connection

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at all. 
Actually, I did try to hustle 

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more to embarrass the SEC 
because there are all these 

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reverse mergers that you could 
even audit their books, right? 

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You know, so and I would give 
the SEC shit. 

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For four years now. 
And it's the most obvious 

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hustle, ever that. 
They're just now starting to 

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address and they still haven't 
fully addressed it. 

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You can be a public company and 
your books not be audited. 

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And there's no way for investors
to even find out what your 

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actual p&l or balance sheet is 
in and that's fucked up, you 

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know? 
And I remember probably five or 

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six years ago, right before we 
did China hostile talking to Jim

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Cramer on CNBC. 
And I said, you know, at the 

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time for there was like four 
trillion out of fifteen trillion

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in market cap where Chinese 
related companies, Alibaba Etc 

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and I'm like Jim, there's no I 
did it financials that anybody 

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can trust and you know the 
government of China could just 

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say and tell him you know to do 
whatever they want him to do. 

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And you know, why are we 
allowing these stocks to be 

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traded in the you know on our 
big exchanges at all. 

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China didn't like it. 
The SEC do I liked it, but it 

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was a, but I did do it. 
You know, I did it really just 

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to embarrass the SEC but that 
was fighting them at the time 

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and it was just ridiculous that 
hypocrisy and the irony of it 

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all. 
And to this day, now, at least 

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have starting to try to address 
it. 

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But the concept that you can be 
a multi-billion, hundreds of 

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billions, whatever it may be 
valuation stock on a major 

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Exchange in this country and you
don't, you can't really test for

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trust the the financials. 
Is that the definition of 

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insanity. 
So, do you see any similarities 

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between those Chinese reverse 
mergers in some of the 

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multi-billion dollars back 
deals? 

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We've seen in the last year to 
go public? 

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No, no. 
They're different, you know, and

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I got offered to do a lot of 
facts and just refuse to do it 

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for a lot of reasons. 
There's a difference between The

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Vig that a faculty allows the 
creators and and the initial 

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investors to to gain versus 
having zero transparency. 

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It may not be great economics 
for investors with this back, 

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but at the same time it's 
transparent. 

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And as long as you have the 
transparency, you know, I think 

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that's what you need. 
Can't specs go public without 

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audited financials though, in 
the same way, that a reverse 

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merger can practice self-care, 
but you've gotta merge in the 

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company and then at that point, 
you've got to get audited. 

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Yeah, yeah, yeah, for your 
initial years filings, but 

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you're still Trading Post 
promises anything and everything

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but that's the ultimate 
speculation because there's no 

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Company for you to to examine at
that point in time and you're 

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trusting the people putting 
together the spec. 

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So, you know, that's just like 
hiring an advisor and you're 

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giving them money and saying, 
okay, go invest, that's a lot 

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of, you know, VC fund, same type
of thing, right? 

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You don't know until you know, 
well this this is a good point. 

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I'd like to make about this now 
that you've brought this up is 

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that I'm wondering you you're 
saying, well at least the SEC is

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starting to do some of this 
stuff now. 

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Do you just mean in regard to 
China? 

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Because I think China. 
Okay because then I feel very 

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frustrated with the way the SEC 
operates, I think it's a lot of 

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hypocrisy like you're talking 
about where if you have big 

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pockets and you can pay you just
simplify all of it, right? 

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There are companies that trade 
on exchanges, major exchanges 

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and we can argue and the SEC 
will argue what they do or don't

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do. 
And whether it is a, what, what,

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what value there is then, 
there's the bulletin board pink 

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sheets and OTC. 
He stalks then I'll get traded 

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where anything goes another 
analogy I used for crypto, 

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right? 
Because it's like, you think 

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stocks are safe, you know, once 
you, I don't even know the 

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number of publicly traded stocks
now because so many went public.

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Let's just say it's 6,000, 
right? 

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I'm betting. 
There are far more pink sheets 

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OTC bulletin board stocks that 
trade, and it's ridiculous that 

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there is no oversight other than
basic reporting. 

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Fireman's at best. 
Now you know it's harder to find

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pricing and everything but 
that's all the more reason. 

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When there's horrible price 
Discovery, there's more 

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opportunity for fraud, bankrupt 
companies, trade, and they 

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trade, millions, and billions of
shares. 

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It's insane. 
You know, I've said this for 

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years since I started battling 
the SEC, if the SEC you truly 

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wanted to protect investors. 
They go through a process of 

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making everything. 
They do bright line, there are 

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no bright line regulations, you 
know there. 

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The SEC is messed up made up of 
mostly attorneys, because that's

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how they want to approach 
things. 

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You know, they want to litigate 
to regulate, and to me that's 

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just wrong on a thousand levels.
And if, you know, furthering the

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hypocracy hypocrisy, you know, 
the SEC talked about wanting to 

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protect our markets. 
Well, if you look at things like

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insider trading as it applies to
other other countries, right, 

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and other markets where they 
don't have an SEC equivalent or 

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it operates, you know, with one 
tenth of the, the Chant of the 

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SEC yet. 
There are funds for those 

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companies countries that trade 
on the, on the major exchanges, 

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you know, develop marketing 
fund. 

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So, you know, pick a country 
that has a developing stock 

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market and there's an ETF or 
something for it. 

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And so the SEC approves an ETF 
to invest in companies that have

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no audit standards whatsoever 
and no oversight and allows any 

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Tom Dick or Harry investor to 
Just in that. 

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It's insane. 
It is absolutely insane. 

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The job of the SEC. 
Doesn't look at their job to 

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proactively invest, protect 
investors every completely 

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reactive. 
Yeah, that was, that was a 

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point. 
We talked about with Jim chanos 

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when he came on our show last 
week, where he was talking about

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how short sellers are really, 
the only ones with an active 

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incentive to go out and try to 
identify frauds, because they 

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can make money from it. 
And that The Regulators really 

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only come in afterwards, And 
document. 

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What the fraud was. 
Yeah. 

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And you know, there's 
whistleblower things with the 

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SEC and, you know, share slip. 
We've applied many times for 

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whistleblower reimbursement, 
because we found many things and

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they're like, well, no, you put 
it online. 

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First you got to tell us all 
these different excuses, right? 

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And it's just obviously, they 
don't want to write a check to 

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me, you know? 
And so I get that and I'm fine 

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with it. 
But yeah, the hypocrisy runs 

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deep in the SEC. 
Well, this this transitions us 

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to, I think, well, Our next 
topic, which you were famously 

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invested in iron and Titan which
was an algorithmic, stable coin 

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that collapsed. 
We recently had another collapse

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of a major algorithmic stable 
coin UST, Tara, Tara Luna 

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system. 
I'm wondering how you feel about

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the future of algorithmic, 
stable coins and whether or not 

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you think they're worth 
investing in now. 

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Okay, so there's two. 
First a question 1, I didn't get

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hit nearly as bad as people 
thought I did on Titan and I 

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made a lot of the money back 
being an LP but it was still it 

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was still however, played out 
depending on who you talk to 

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what it taught me was you know 
marketing matters in crypto and 

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when you add the word stable to 
anything particularly stable 

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coin it's a misnomer when it's 
applied to algorithmic stable 

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coins. 
So I said at that point in time 

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having been burned and learned 
that's a New crypto to burned 

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and learnt. 
I'm going to I'm going to 

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trademark that burned and learn 
but haven't been burned and 

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learned it. 
Became you start digging in 

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more, right? 
It's just like, when a stock 

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collapses and you realize why 
claps, and you try to not repeat

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that mistake. 
It became obvious that, you 

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know, you can it be? 
You can Define or create 

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algorithms that have any 
different type of output. 

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But when you call it stable 
particularly within the crypto, 

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Then people associate it with it
with stability and that's what 

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have to change. 
Has to change. 

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You can call somebody a know 
something now gorilla make token

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and have it be a function of any
number of other inputs great 

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00:12:14,600 --> 00:12:19,100
have at it, right? 
Because there are other tokens 

227
00:12:19,100 --> 00:12:23,600
that are some percentage of the 
lp fees, you know, in some 

228
00:12:23,600 --> 00:12:25,600
respects. 
That's an algorithmic token in 

229
00:12:25,600 --> 00:12:29,100
and of itself, right? 
And so you can have, you can 

230
00:12:29,700 --> 00:12:33,600
algorithm Get away, just don't 
call it stable and for stable 

231
00:12:33,600 --> 00:12:39,900
coins it should have a pic where
it's auditable definable and 

232
00:12:39,900 --> 00:12:44,600
trackable and I'm fine with the 
concept of stable coins but you 

233
00:12:44,600 --> 00:12:46,700
know there's no and it's not 
that you couldn't have an 

234
00:12:46,700 --> 00:12:51,400
algorithmic stable coin, that's 
pegged to the dollar and invest 

235
00:12:51,400 --> 00:12:55,500
in treasuries and you get an 
additional point zero one 

236
00:12:55,500 --> 00:12:59,700
percent of the treasury returns 
interest rates, right? 

237
00:12:59,700 --> 00:13:02,700
And that And of itself, might be
algorithmic and maybe or maybe 

238
00:13:02,700 --> 00:13:05,800
they invest that, you know, ten 
percent of the interest rate 

239
00:13:05,800 --> 00:13:10,300
they earned and Luna, right? 
And you get those Luna tokens 

240
00:13:10,300 --> 00:13:13,800
and that makes it algorithmic. 
It's the point that you have to 

241
00:13:13,800 --> 00:13:16,400
have it stable. 
If you're going to use the word 

242
00:13:16,400 --> 00:13:20,200
stable, there has to be a 
definable audible traceable Pig.

243
00:13:20,600 --> 00:13:24,700
And that just is not the case 
with all the algorithmic coins 

244
00:13:24,700 --> 00:13:27,300
that are out there. 
Now, when you've talked about, 

245
00:13:27,300 --> 00:13:29,800
like the appropriate regulations
for crypto before, you've 

246
00:13:29,800 --> 00:13:32,400
suggested add that you think 
stable coins are likely to be 

247
00:13:32,400 --> 00:13:36,200
the first thing to be regulated 
because they represent this huge

248
00:13:36,200 --> 00:13:40,600
pool of effectively US Dollars. 
It's not even, it's not the fact

249
00:13:40,600 --> 00:13:42,900
that they read what they 
represent, is just a misnomer. 

250
00:13:43,300 --> 00:13:46,500
That's it. 
You know, if you called quarters

251
00:13:46,500 --> 00:13:49,600
dollars, people are going to be 
misled. 

252
00:13:50,400 --> 00:13:52,300
Yeah, I guess. 
Now that you that, now, that you

253
00:13:52,300 --> 00:13:55,000
say that I'm like, reflecting on
how we have money market funds, 

254
00:13:55,000 --> 00:13:59,100
and while they might be set to a
dollar for each, you know, share

255
00:13:59,100 --> 00:14:01,300
or whatever it's called. 
Money market fund, it's not 

256
00:14:01,300 --> 00:14:05,100
called a u.s. dollar derivative 
or something like they don't 

257
00:14:05,100 --> 00:14:06,100
call it. 
What it isn't. 

258
00:14:06,500 --> 00:14:09,600
There are some funds that have 
been pegged to the dollar that 

259
00:14:09,600 --> 00:14:12,400
broke the dollar and people have
been. 

260
00:14:12,400 --> 00:14:14,400
I don't know if anybody went to 
jail or not but it wouldn't 

261
00:14:14,400 --> 00:14:17,800
surprise me if somebody did. 
You know in 2008, a lot of that 

262
00:14:17,800 --> 00:14:19,200
happened. 
There's been other times when it

263
00:14:19,200 --> 00:14:22,700
happened so it's not unique to 
crypto. 

264
00:14:23,100 --> 00:14:28,000
But how you name something in 
this day and age matters and you

265
00:14:28,000 --> 00:14:31,700
just can't call it stable? 
That's the whole thing. 

266
00:14:32,000 --> 00:14:35,500
You know, you create an 
algorithmic that algorithmic 

267
00:14:35,500 --> 00:14:39,200
coin and call it algo coin, and 
do whatever you want with it. 

268
00:14:39,200 --> 00:14:41,500
You could be, it could be 
tighten the exact same way. 

269
00:14:41,500 --> 00:14:44,300
You could be Terror and Luna 
relationship the exact same way.

270
00:14:45,000 --> 00:14:46,500
Boom. 
Then you just, you know, you 

271
00:14:46,500 --> 00:14:48,000
plays the game, you takes your 
chances. 

272
00:14:48,900 --> 00:14:53,600
So like in that vein, what I was
trying to get at is you 

273
00:14:53,600 --> 00:14:56,200
suggested that the acid facts 
table Queens, the circle, the 

274
00:14:56,200 --> 00:14:58,800
tether that whatever they should
be auditable, have their assets 

275
00:14:58,800 --> 00:15:01,700
in a place where professionals 
Make sure they're there so that 

276
00:15:01,700 --> 00:15:04,600
people know the dollars worth of
dollar in the case of something 

277
00:15:04,600 --> 00:15:07,300
like an algorithmic stable Queen
you're suggesting that basically

278
00:15:07,300 --> 00:15:09,800
those shouldn't be marketed as 
stable Queens. 

279
00:15:09,900 --> 00:15:12,300
Yeah. 
What is the like how do you 

280
00:15:12,308 --> 00:15:13,800
think about the regulatory 
framework? 

281
00:15:13,800 --> 00:15:16,300
That makes it so people can't 
call Tara. 

282
00:15:16,300 --> 00:15:22,200
You passed a law saying that if 
you suggest that, you are pegged

283
00:15:22,200 --> 00:15:25,400
to something. 
And you try to reflect on a 

284
00:15:25,400 --> 00:15:30,400
day-to-day basis, a particular 
amount of some other type of Of 

285
00:15:30,400 --> 00:15:32,800
assets. 
You have to be trackable, 

286
00:15:32,800 --> 00:15:37,600
traceable, auditable, and so, 
then just go after like, 

287
00:15:37,600 --> 00:15:40,100
criminally or civilly, those who
are violating that. 

288
00:15:40,100 --> 00:15:43,900
And like you just said, plus the
mark, you know, the industry, 

289
00:15:43,900 --> 00:15:47,300
the crypto industry is evolving 
enough and maturing enough that 

290
00:15:47,300 --> 00:15:48,900
it would self-regulate, but 
yeah, you're good. 

291
00:15:49,000 --> 00:15:53,500
But only after the feds went 
after 125, people, whatever it 

292
00:15:53,508 --> 00:15:55,500
may be. 
Well, when you say it would 

293
00:15:55,500 --> 00:15:58,800
self-regulate, like how do you 
decide that just mean like like 

294
00:15:58,800 --> 00:16:00,800
short sellers like Cher? 
Careful. 

295
00:16:00,800 --> 00:16:03,700
He's like Jim chanos your you 
know with social media. 

296
00:16:03,700 --> 00:16:07,400
Now there'd be enough of a 
Groundswell of people who would 

297
00:16:07,400 --> 00:16:11,500
call people out that are 
misleading investors because you

298
00:16:11,500 --> 00:16:14,000
know there is enough 
self-interest in this industry. 

299
00:16:14,000 --> 00:16:16,600
There's always scammers and you 
know any place where there's 

300
00:16:16,600 --> 00:16:18,400
money there scammers. 
Right. 

301
00:16:18,400 --> 00:16:21,900
But there are enough people who 
want to see it succeed that 

302
00:16:22,400 --> 00:16:25,200
they're going to they're going 
to help educate people. 

303
00:16:25,400 --> 00:16:28,500
And I think that's happening 
more and more as you know, more 

304
00:16:28,500 --> 00:16:33,200
people get burned and learn I 
like that more and more now, 

305
00:16:34,000 --> 00:16:35,800
but, but you get my point, 
right? 

306
00:16:35,800 --> 00:16:38,300
When I say self-regulate, I'm 
not saying don't have any 

307
00:16:38,300 --> 00:16:40,900
government intervention or 
regulation at all but what I'm 

308
00:16:40,900 --> 00:16:44,600
saying is, you know, it's like 
insider trading, there is no 

309
00:16:44,600 --> 00:16:48,300
real law and Insider trade but 
you know companies do training 

310
00:16:48,400 --> 00:16:50,900
on what you should not do, you 
know? 

311
00:16:50,900 --> 00:16:55,300
And people generally who trade 
stocks in any volume, understand

312
00:16:55,300 --> 00:16:57,900
generally what they can't do 
Merc. 

313
00:16:57,900 --> 00:17:01,600
Can you discuss what you think 
some Would be useful bright 

314
00:17:01,600 --> 00:17:05,300
lines that could be passed that 
would help make crypto safer for

315
00:17:05,300 --> 00:17:07,700
the average investor who's 
interested in it. 

316
00:17:07,700 --> 00:17:10,900
You can't right now other than 
the stable coin stuff, it's 

317
00:17:10,900 --> 00:17:14,300
really really difficult because 
it's social media, you know, 

318
00:17:14,599 --> 00:17:17,400
it's not like it was 20 years 
ago. 

319
00:17:17,400 --> 00:17:20,700
Even where even if you were 
trading online, you went through

320
00:17:21,800 --> 00:17:26,700
some sort of trading company or 
broker or Banker that had rules 

321
00:17:26,700 --> 00:17:29,500
in place. 
And so, you know, it's really 

322
00:17:29,500 --> 00:17:33,200
difficult because Is anybody can
create a token and whether you 

323
00:17:33,200 --> 00:17:36,700
want to Define that token as as 
an equity that needs to be 

324
00:17:36,700 --> 00:17:40,900
registered or not, you know, 
depending on what it does it's 

325
00:17:40,900 --> 00:17:43,100
going to be really really tough 
right now. 

326
00:17:43,400 --> 00:17:47,100
But it's no different than, you 
know, an entrepreneur who comes 

327
00:17:47,100 --> 00:17:50,700
on Shark Tank and has sold 100 
shares of stock to all their 

328
00:17:50,700 --> 00:17:53,600
friends and family. 
And then I destroy them because 

329
00:17:53,600 --> 00:17:58,000
the companies are choke. 
Ya, any entrepreneur, create any

330
00:17:58,000 --> 00:18:01,700
company that they want and self 
Shares locally to friends and 

331
00:18:01,700 --> 00:18:04,300
family, just like any token, 
entrepreneur can do the same 

332
00:18:04,300 --> 00:18:08,200
thing, okay, do you think 
something like, you mentioned in

333
00:18:08,200 --> 00:18:11,300
a thread back in September of 
last year having some kind of 

334
00:18:11,300 --> 00:18:14,300
proof of authorship in identity 
for like specific smart 

335
00:18:14,300 --> 00:18:18,500
contracts and tokens where 
people are aware, if there's 

336
00:18:18,500 --> 00:18:22,000
changes to the token and imix or
the code or things like that. 

337
00:18:22,100 --> 00:18:24,900
And that seemed to overlap 
pretty meaningfully with the 

338
00:18:24,900 --> 00:18:29,300
token, registration proposal, 
that Sam bank manfried proposed 

339
00:18:29,400 --> 00:18:31,400
recently. 
Where to get listed on these 

340
00:18:31,400 --> 00:18:33,600
exchanges, you would need to 
have a lot of that type of 

341
00:18:33,600 --> 00:18:35,300
information. 
So is that kind of what you 

342
00:18:35,300 --> 00:18:39,100
think of as a starting point we 
have because what I also said, 

343
00:18:39,100 --> 00:18:41,500
was it was analogous again to 
the stock market, right? 

344
00:18:41,500 --> 00:18:44,100
Where there's going to be 
different tiers, and different 

345
00:18:44,100 --> 00:18:48,100
confidence levels. 
And so, if you register, then 

346
00:18:48,100 --> 00:18:52,500
you're going to be on the NASDAQ
or, you know, that New York, 

347
00:18:52,500 --> 00:18:55,900
Stock, Exchange, whatever it may
be, and that will give a 

348
00:18:55,900 --> 00:18:59,100
different level of confidence. 
If you choose, not to, and 

349
00:18:59,100 --> 00:19:02,300
you're just a private, Up like 
everybody, and their brother, 

350
00:19:02,300 --> 00:19:05,200
creating their own company, then
that's your choice as well. 

351
00:19:05,300 --> 00:19:09,000
But you're not, you know, if you
know my 12 year old son, Jake 

352
00:19:09,000 --> 00:19:11,400
creates a company and sell 
shares of stock. 

353
00:19:11,500 --> 00:19:16,000
And somebody, you know, tries to
sell those shares to somebody in

354
00:19:16,000 --> 00:19:18,700
New York, right? 
There's no reason for them to 

355
00:19:18,700 --> 00:19:21,700
have confidence in anything that
that person trying to remarket 

356
00:19:21,700 --> 00:19:25,100
those shares says. 
But if you know, the equivalent 

357
00:19:25,100 --> 00:19:30,400
would be for a token, right? 
So what's a recent token, And 

358
00:19:30,400 --> 00:19:35,300
that came up that's relatively I
don't you know pick anyone that 

359
00:19:35,300 --> 00:19:39,000
now has you know a multi-billion
dollar market cap. 

360
00:19:39,200 --> 00:19:41,600
If you want to have some 
confidence in that that it's 

361
00:19:41,600 --> 00:19:44,700
real register it make it 
auditable. 

362
00:19:44,900 --> 00:19:47,900
Have you? 
No pay ten thousand dollars or 

363
00:19:47,908 --> 00:19:50,400
twenty thousand dollars in cash 
not tokens. 

364
00:19:51,200 --> 00:19:54,700
So that there's the third party 
that works for this exchange 

365
00:19:54,800 --> 00:19:58,700
that goes and does an in-depth 
audit so that there's some level

366
00:19:58,700 --> 00:20:00,100
of confidence aren't there 
already. 

367
00:20:00,300 --> 00:20:04,400
The Auditors at least security 
like, like security Auditors and

368
00:20:04,400 --> 00:20:07,600
stuff that are looking over 
these coins and and certifying 

369
00:20:07,600 --> 00:20:10,100
them with their, like, security 
passing Audits. 

370
00:20:10,100 --> 00:20:13,300
And I think one is called a 
like, sir Decay or something 

371
00:20:13,300 --> 00:20:16,600
like that, like, another. 
But the point is, we don't know 

372
00:20:16,600 --> 00:20:18,900
which ones are the good ones. 
And I was going to say that they

373
00:20:18,900 --> 00:20:21,900
often do these Audits and then 
they say, like, yeah, this thing

374
00:20:21,900 --> 00:20:25,400
is passed, and it's fine. 
And then the coin, utterly 

375
00:20:25,400 --> 00:20:29,000
fails, and so it becomes a 
matter of like there's New York 

376
00:20:29,000 --> 00:20:32,000
Stock Exchange. 
There's NASDAQ and then there's 

377
00:20:32,000 --> 00:20:33,800
everything else, right? 
Right. 

378
00:20:33,800 --> 00:20:37,400
If you, if you pay the listing 
fee and you pay the amount of 

379
00:20:37,408 --> 00:20:42,100
money to get on the NASDAQ, it 
may not have 100% certainty. 

380
00:20:42,100 --> 00:20:45,600
That it's not a scam, but at 
least when it goes public or 

381
00:20:45,600 --> 00:20:49,900
List, there's some level of 
confidence because of the amount

382
00:20:49,900 --> 00:20:52,000
of money that had to be paid to 
get that listing. 

383
00:20:52,700 --> 00:20:55,700
So, you're seeing likely in the 
future, kind of a splitting of 

384
00:20:55,700 --> 00:20:58,100
the crypto Market. 
We're the ones who have gone 

385
00:20:58,100 --> 00:20:59,400
through this registration 
process. 

386
00:20:59,400 --> 00:21:01,100
We have identified. 
Teams have gone through these 

387
00:21:01,100 --> 00:21:03,000
security audits are going to be 
listed on the top tier 

388
00:21:03,000 --> 00:21:06,300
exchanges, there's going to be 
other tokens listed on offshore 

389
00:21:06,300 --> 00:21:09,000
exchanges and exchanges that are
difficult to regulate and then 

390
00:21:09,000 --> 00:21:13,100
the remainder right problem, 
Bella Noche, exchange like that 

391
00:21:13,100 --> 00:21:16,000
exists, right? 
FTX wants to be a by Nancy wants

392
00:21:16,000 --> 00:21:17,900
to be. 
It coin based could have been it

393
00:21:17,900 --> 00:21:21,400
and they fucked it up, right? 
So, you know, there's a lot of 

394
00:21:21,400 --> 00:21:24,800
ways that it could have 
happened, but there's no direct 

395
00:21:24,800 --> 00:21:26,500
path of least resistance right 
now. 

396
00:21:26,600 --> 00:21:30,000
Somebody, you know, the the top 
20 market cap toe. 

397
00:21:30,200 --> 00:21:34,000
Token should get together 
instead of very high standard so

398
00:21:34,000 --> 00:21:37,700
that, you know, they take on, 
you know, and they all kick in 

399
00:21:37,700 --> 00:21:40,500
and buy some insurance, right? 
So there's no rug pull, you 

400
00:21:40,508 --> 00:21:42,700
know, if there's a rug pull, 
everybody gets reimbursed or 

401
00:21:42,700 --> 00:21:44,800
whatever. 
It's going to add significant 

402
00:21:44,800 --> 00:21:47,700
expense. 
But you know, that's just the 

403
00:21:47,708 --> 00:21:51,000
price of Poker, if we want to 
really get this to Next Level 

404
00:21:51,000 --> 00:21:54,500
and like you maybe know G before
you end up kind of with like 

405
00:21:54,900 --> 00:21:57,600
pancakes swap Eunice swab. 
The decks is kind of the pink 

406
00:21:57,600 --> 00:22:00,000
sheets in the over-the-counter 
trades and then the more 

407
00:22:00,300 --> 00:22:03,900
Regulated where the feds can 
exert more influence on the 

408
00:22:04,100 --> 00:22:07,400
NASDAQ or NASDAQ equivalent, 
where a duck testicles. 

409
00:22:07,800 --> 00:22:11,200
I mean, you know, Sam and CZ and
all those guys. 

410
00:22:11,200 --> 00:22:13,800
Whatever. 
You think of them, they should 

411
00:22:13,800 --> 00:22:17,000
be creating their known New York
Stock Exchange where it's 

412
00:22:17,000 --> 00:22:20,200
expensive to get on, it's 
completely transparent. 

413
00:22:20,200 --> 00:22:22,200
You know, you eat your own dog 
food, everything is on a 

414
00:22:22,200 --> 00:22:25,000
blockchain. 
You know, they hopefully use the

415
00:22:25,000 --> 00:22:28,000
theory and more something that 
everybody, you know, can since 

416
00:22:28,000 --> 00:22:30,600
they're all Theory and based on 
that, they Are not. 

417
00:22:30,600 --> 00:22:34,200
But since, you know, they all 
can have one central point of 

418
00:22:34,200 --> 00:22:37,400
audit and make it expensive, 
don't make it cheap, make it a 

419
00:22:37,408 --> 00:22:40,500
hundred thousand dollars plus a 
year or a million dollars to 

420
00:22:40,500 --> 00:22:45,100
sign up and cash 100,000 plus a 
year to pay for all the audits 

421
00:22:45,200 --> 00:22:48,400
so that there's some level of 
confidence because the problem 

422
00:22:48,400 --> 00:22:50,700
crypto right now. 
Are, you know, even though, you 

423
00:22:50,700 --> 00:22:57,400
know, if ft x has gone down and 
finances had fraud, you know, 

424
00:22:57,800 --> 00:23:01,200
it's like anything else there, 
you know, you're Platform. 

425
00:23:01,300 --> 00:23:04,400
And there's going to be fraud on
the platform, and it's going to,

426
00:23:04,400 --> 00:23:07,400
there's going to be, you know, 
vulnerabilities that are 

427
00:23:07,400 --> 00:23:10,000
exposed. 
It's just that just happens. 

428
00:23:10,000 --> 00:23:12,300
Just like, I've bought, you 
know, I remember back in the 

429
00:23:12,300 --> 00:23:16,800
day, there was one company media
Vision, where they were. 

430
00:23:17,200 --> 00:23:20,700
I got crushed because turns out 
they were shipping product that 

431
00:23:20,700 --> 00:23:24,900
was bricks and boxes. 
You know, crypto isn't right 

432
00:23:24,900 --> 00:23:28,400
unique to scams, it's not it's 
just that it's so much more in 

433
00:23:28,400 --> 00:23:31,500
our face because of social 
media, In the same vein you're 

434
00:23:31,500 --> 00:23:34,400
talking about, you know, 
regulation coming in separating 

435
00:23:34,600 --> 00:23:36,700
cryptocurrencies. 
I think in crypto currency 

436
00:23:36,700 --> 00:23:40,500
exchanges perhaps. 
But what about the nft space? 

437
00:23:41,300 --> 00:23:45,900
Do you think I know you're a big
proponent of n of t, s, do you 

438
00:23:45,900 --> 00:23:48,300
think that is going to go in a 
similar Direction? 

439
00:23:48,300 --> 00:23:51,100
I mean, we already have. 
We have so many hacks, we have 

440
00:23:51,100 --> 00:23:56,700
so many lost, you know, board, 
apes or, you know, crypto 

441
00:23:56,700 --> 00:23:58,100
Punk's. 
You name it, right. 

442
00:23:58,600 --> 00:24:00,000
Do you see a similar kind of 
thing? 

443
00:24:00,200 --> 00:24:02,000
Happening. 
Or what, what do you think? 

444
00:24:02,200 --> 00:24:04,100
Big deal of people are making 
Outlook. 

445
00:24:04,500 --> 00:24:08,100
Big companies are getting hit by
ransomware and getting fucked, 

446
00:24:08,100 --> 00:24:09,800
right? 
And that's just based on 

447
00:24:09,800 --> 00:24:12,500
fishing, that's it. 
Somebody in the accounts, 

448
00:24:12,500 --> 00:24:16,300
payable department, clicked on 
the wrong email link and that 

449
00:24:16,300 --> 00:24:20,100
opened up the door for somebody 
to insert ransomware and that 

450
00:24:20,100 --> 00:24:22,900
hot this hospital or that 
hospital is shit out of luck. 

451
00:24:23,100 --> 00:24:27,300
Companies are getting thin 
invoices that aren't real and 

452
00:24:27,300 --> 00:24:31,300
they get paid because somebody 
in It's payable didn't really 

453
00:24:31,300 --> 00:24:33,200
know what they were looking at 
there. 

454
00:24:33,300 --> 00:24:36,800
You know, fishing opens up doors
to scams, whether you're in FTS,

455
00:24:36,800 --> 00:24:39,300
whether you're the payable 
department, whether it's an open

456
00:24:39,300 --> 00:24:42,200
door for ransomware, so that's 
not unique. 

457
00:24:42,200 --> 00:24:44,800
The bigger issue with NF. 
TS is. 

458
00:24:45,100 --> 00:24:48,000
We're going through, you know, 
Warren Buffett has this great. 

459
00:24:48,000 --> 00:24:49,900
Saying first, there's the 
innovators, then there's the 

460
00:24:49,900 --> 00:24:52,200
imitators, and there's the 
idiots, right? 

461
00:24:52,300 --> 00:24:57,100
We're going, we're evolving from
the imitator phase where every 

462
00:24:57,400 --> 00:25:00,000
block chain or level two, as got
to. 

463
00:25:00,200 --> 00:25:05,500
Van nft platform, right? 
And in order to drive volume and

464
00:25:05,500 --> 00:25:09,000
activity, to that platform, they
create all these different types

465
00:25:09,000 --> 00:25:11,400
of incentives and bring people 
in. 

466
00:25:11,500 --> 00:25:15,400
And that's created a distortion 
in the nft world where you've 

467
00:25:15,400 --> 00:25:19,400
got basically the same 
businesses being operated, not 

468
00:25:19,400 --> 00:25:23,300
just not theoria, more polygons,
but on by dance on, you know, 

469
00:25:23,300 --> 00:25:27,400
all of them, right? 
And, and, you know, at lazy.com 

470
00:25:27,500 --> 00:25:29,600
and you can check out my end of 
teas at lazy.com. 

471
00:25:30,100 --> 00:25:33,500
I'm Cuban. 
You know, we, we present and of 

472
00:25:33,500 --> 00:25:38,200
teas on a lot of different 
platforms but nft suggests 

473
00:25:38,200 --> 00:25:40,700
collectibles in the way. 
We're talking about them right 

474
00:25:40,700 --> 00:25:47,900
now and whether you know, there 
are good investment, it's just 

475
00:25:47,900 --> 00:25:50,300
like art. 
But at this, you know, or 

476
00:25:50,300 --> 00:25:51,900
trading cards. 
The beauty is in the eye of the 

477
00:25:51,908 --> 00:25:55,300
beholder with maybe a scarcity 
Factor attached, but right now, 

478
00:25:55,300 --> 00:25:58,900
which really making a confusing 
and difficult for people who are

479
00:25:58,900 --> 00:26:01,300
just trying to understand. 
In particular and even people 

480
00:26:01,300 --> 00:26:04,600
who have been in a while and 
have tried to make money is 

481
00:26:04,600 --> 00:26:08,700
everything is being replicated. 
It's being imitated from chain, 

482
00:26:08,700 --> 00:26:12,900
to chain, to chain two chain, 
and you haven't changed 

483
00:26:12,900 --> 00:26:15,800
imitating, other change, just to
create chains, right? 

484
00:26:15,900 --> 00:26:19,900
And we've evolved out of the TPS
thing, we've evolved out of the 

485
00:26:19,900 --> 00:26:23,700
costing now that aetherium is 
really quiet it down in terms of

486
00:26:23,700 --> 00:26:27,200
transaction fees and it comes 
down to okay why am I buying 

487
00:26:27,200 --> 00:26:31,000
this nft on this particular 
chain and The change know and 

488
00:26:31,000 --> 00:26:32,700
here's the underpinning of the 
problem. 

489
00:26:33,300 --> 00:26:37,500
The change know that there is 
not room for 100 different 

490
00:26:37,500 --> 00:26:41,100
blockchains. 
There is not room for 50 

491
00:26:41,100 --> 00:26:45,300
different blockchains. 
There is not room for 20 

492
00:26:45,300 --> 00:26:48,400
different horizontal block 
chains. 

493
00:26:48,500 --> 00:26:50,700
Now if you want to look at 
vertical applications that are 

494
00:26:50,708 --> 00:26:54,500
specific to, you know, maybe ICP
and others, that have specific 

495
00:26:54,500 --> 00:26:57,300
ways of doing things that have 
applications, that are better 

496
00:26:57,300 --> 00:27:01,100
suited for those chains, okay, 
maybe the total Will grow but 

497
00:27:01,100 --> 00:27:05,700
because they know that this is a
war for survival. 

498
00:27:06,000 --> 00:27:08,600
They're trying to replicate 
what's being done, where they're

499
00:27:08,600 --> 00:27:11,300
seeing activities in volume and 
creating incentives. 

500
00:27:11,700 --> 00:27:17,400
So, you know, all of them create
rooms places to MIT and sell and

501
00:27:17,400 --> 00:27:21,000
Market places for n FTS. 
And there's just too many and 

502
00:27:21,000 --> 00:27:23,600
there's just, no, they're all 
going to succeed well. 

503
00:27:23,600 --> 00:27:26,500
So here's a good follow-up 
question for that, because 

504
00:27:26,800 --> 00:27:30,000
you're talking about how nft is 
are almost exclusively. 

505
00:27:30,100 --> 00:27:33,800
Rusev lie for collectible, kind 
of, you know what, Nifty Nifty 

506
00:27:33,800 --> 00:27:36,500
purposes like that, right? 
And and I think Ben and I more 

507
00:27:36,500 --> 00:27:39,500
or less understand that. 
I think it's we might not love 

508
00:27:39,500 --> 00:27:41,400
it but it's it doesn't seem like
something. 

509
00:27:41,400 --> 00:27:45,000
That is unreasonable to me. 
Meanwhile though I've heard you 

510
00:27:45,000 --> 00:27:49,300
also say to look for utility in 
the nft space and so right, I'm 

511
00:27:49,300 --> 00:27:53,200
trying to, I'm trying to manage 
to combine those two concepts 

512
00:27:53,200 --> 00:27:57,200
because if it really is okay, 
really really, right? 

513
00:27:57,200 --> 00:28:02,400
Like if there is a Picasso Not 
that Picasso, you don't you're 

514
00:28:02,400 --> 00:28:04,600
not only conveyed Picasso that 
Picasso. 

515
00:28:04,600 --> 00:28:08,500
If you buy it out of one 
particular gallery and if you 

516
00:28:08,500 --> 00:28:11,900
get the almost pricasso from 
another gallery and then another

517
00:28:11,900 --> 00:28:14,800
type, you know, another piece of
art from another Gallery which 

518
00:28:14,800 --> 00:28:18,000
with each Gallery representing a
different Block Chain, right? 

519
00:28:18,000 --> 00:28:19,800
And so it has to be tied to 
that. 

520
00:28:20,300 --> 00:28:23,900
There's a limiting factor in the
Collectibles Market. 

521
00:28:23,900 --> 00:28:28,800
That all these n FTS are tied to
a particular chain and that 

522
00:28:28,800 --> 00:28:31,700
creates a lot of confusion Ian 
and people are trying to bridge 

523
00:28:31,700 --> 00:28:35,000
them, which to me is the worst 
thing possible because it's no 

524
00:28:35,000 --> 00:28:38,500
longer non fungible, right? 
Because if you bridge, yeah, you

525
00:28:38,500 --> 00:28:41,300
lock it into one Bridge hosted 
on the second bridge. 

526
00:28:41,300 --> 00:28:43,800
But if there's any transactions 
on the second third, fourth 

527
00:28:43,800 --> 00:28:46,800
fifth, or sixth bridge, that has
been connected to, you lose all 

528
00:28:46,800 --> 00:28:49,900
that transaction history or it's
just such a pain in the ass to 

529
00:28:49,900 --> 00:28:52,700
browse through it. 
You lose a lot of the value of 

530
00:28:52,700 --> 00:28:56,100
that and you still haven't 
addressed the issue of royalties

531
00:28:56,100 --> 00:28:59,700
for the original Creator, all 
that aside when it comes to you,

532
00:29:00,100 --> 00:29:04,800
Eddie and FTS are just an 
application for Collectibles 

533
00:29:05,000 --> 00:29:09,800
using smart contracts and in 
terms of what other utilities 

534
00:29:09,800 --> 00:29:14,000
that you can create using smart 
contracts with NF TS, you know, 

535
00:29:14,500 --> 00:29:18,000
with the Mavericks we created 
and ftes. 

536
00:29:18,200 --> 00:29:20,000
That what happens if you came to
it? 

537
00:29:20,000 --> 00:29:23,400
If you came to a math game, this
past season and you were there 

538
00:29:23,400 --> 00:29:26,600
before the end of the first 
quarter and you scanned in with 

539
00:29:26,600 --> 00:29:29,900
your Ticketmaster ticket, right?
Digital ticket. 

540
00:29:30,000 --> 00:29:33,600
Then we set to your ticket 
master account, where we created

541
00:29:33,600 --> 00:29:38,200
a polygon wallet, we sent you an
NF t for that game. 

542
00:29:38,600 --> 00:29:42,300
Now that n of T is free with 
your ticket as long as you show 

543
00:29:42,300 --> 00:29:44,100
up, right? 
So we're rewarding people who go

544
00:29:44,100 --> 00:29:48,800
to the games with the nft by 
having that nft you now qualify 

545
00:29:48,800 --> 00:29:50,700
for a lot of different 
opportunities with the 

546
00:29:50,708 --> 00:29:53,900
Mavericks. 
And so like somebody who came to

547
00:29:53,900 --> 00:29:57,000
all 41 regular season home 
games, we just sent them a 

548
00:29:57,000 --> 00:30:00,800
special signed jersey that we 
created, they They were getting 

549
00:30:00,800 --> 00:30:04,100
that but that was one way for us
to create some utility for it. 

550
00:30:04,400 --> 00:30:06,700
They'll be game so Rewards 
program. 

551
00:30:06,700 --> 00:30:09,700
It's a Rewards program, so and 
that's utility of your Rewards 

552
00:30:09,700 --> 00:30:11,800
program, you know. 
So they'll be able to get, you 

553
00:30:11,800 --> 00:30:14,300
know, a preseason games, we 
don't sell as many tickets for 

554
00:30:14,300 --> 00:30:18,100
and we have empty seats. 
The people that have the most n 

555
00:30:18,100 --> 00:30:20,700
FTS because they attended the 
most games or purchase them from

556
00:30:20,700 --> 00:30:24,000
other people who did, they'll be
able to get free tickets or 

557
00:30:24,000 --> 00:30:26,200
reduce caustic. 
So that's, that's one basic 

558
00:30:26,200 --> 00:30:28,600
application. 
We can evolve from there to 

559
00:30:28,600 --> 00:30:32,800
actually use the nft He's as the
tickets which in turn impacts 

560
00:30:32,800 --> 00:30:37,000
the resale, which allows because
it's an mft on a smart contract 

561
00:30:37,100 --> 00:30:40,800
allows us to earn a royalty or a
commission. 

562
00:30:40,900 --> 00:30:44,400
Every time it's resold which we 
can't get right now when a 

563
00:30:44,408 --> 00:30:48,400
traditional even digital ticket 
is resold on outside of 

564
00:30:48,400 --> 00:30:50,200
Ticketmaster. 
So that's it. 

565
00:30:50,300 --> 00:30:51,700
I was worried. 
This is where you were going to 

566
00:30:51,700 --> 00:30:57,700
go, but we will do. 
So just guessing because we were

567
00:30:57,700 --> 00:30:59,900
prepping for this interview 
yesterday in Cass. 

568
00:31:00,100 --> 00:31:04,000
Like made me try to come up with
the like best justification for 

569
00:31:04,000 --> 00:31:07,800
nft tickets and my answer was 
like right now Ticketmaster the 

570
00:31:07,800 --> 00:31:10,600
other companies, take all the 
secondary sales and so if you 

571
00:31:10,600 --> 00:31:13,400
set it up with a royalty that 
goes back to the original issue 

572
00:31:13,400 --> 00:31:16,500
or they can get all those 
secondary sales instead of them 

573
00:31:16,500 --> 00:31:18,500
going to Ticketmaster. 
So it was that that's why we 

574
00:31:18,500 --> 00:31:22,500
were laughing when you said that
and we also were discussing that

575
00:31:22,500 --> 00:31:27,400
that Ticketmaster is essentially
monopolistic in its behavior. 

576
00:31:27,600 --> 00:31:30,500
And that that is that in and of 
itself is kind of a a broken 

577
00:31:30,500 --> 00:31:32,200
system. 
And so I think when you got 

578
00:31:32,200 --> 00:31:35,100
access, if your you've got AG 
that owns access which is a 

579
00:31:35,100 --> 00:31:36,800
competitor, but I get your 
point. 

580
00:31:36,900 --> 00:31:39,900
But wait, there's more Right? 
Tickets are with one example. 

581
00:31:40,100 --> 00:31:43,300
I think textbooks college, 
textbooks are going to be 

582
00:31:43,300 --> 00:31:45,700
enormous. 
So imagine why. 

583
00:31:45,800 --> 00:31:47,900
So you take a digital? 
Well, let's look at the way 

584
00:31:47,900 --> 00:31:50,900
textbooks are done now, right? 
Member when you were in college,

585
00:31:51,000 --> 00:31:54,000
you had to buy a book that was 
ungodly expensive and made no 

586
00:31:54,000 --> 00:31:56,500
sense, and then you had to make 
the decision. 

587
00:31:56,500 --> 00:31:59,700
Do you want to buy new or used? 
You get through the semester? 

588
00:32:00,000 --> 00:32:02,800
And you realize, fuck, I wrote 
in it, I'd have my doodles. 

589
00:32:02,800 --> 00:32:04,500
I'm going to try to sell this 
shit. 

590
00:32:04,500 --> 00:32:07,800
So now you got to find either go
back to the bookstore on campus 

591
00:32:08,100 --> 00:32:11,900
and get 20 cents on the dollar 
or 50 cents on the dollar and go

592
00:32:11,900 --> 00:32:16,200
and slap around all that shit. 
And, you know, just say what a 

593
00:32:16,200 --> 00:32:18,400
rip-off, right? 
Nobody ever dealt with textbooks

594
00:32:18,700 --> 00:32:21,500
and didn't say what a ripoff. 
Now, back to what Bennett said 

595
00:32:21,500 --> 00:32:24,700
about the original issue or with
tickets, what about the original

596
00:32:24,700 --> 00:32:26,800
author? 
And publisher of that textbook? 

597
00:32:26,900 --> 00:32:29,600
Every time that textbook is 
resold, you know, how much they 

598
00:32:29,600 --> 00:32:32,300
earn Earn. 
Euro. 

599
00:32:32,300 --> 00:32:37,900
So now do this. 
So take take a 10 ft including 

600
00:32:37,900 --> 00:32:44,400
it a reader that you know, how 
you can export a file from an N 

601
00:32:44,400 --> 00:32:46,500
of T. 
You can unlock something in an 

602
00:32:46,500 --> 00:32:50,200
mft. 
So with your nft, you go and you

603
00:32:50,200 --> 00:32:53,600
go to text books.com. 
I'm just grabbing that name out 

604
00:32:53,600 --> 00:32:58,400
of nowhere and you get your, 
your, your sociology 101 

605
00:32:58,400 --> 00:33:04,100
textbook and it cost you. 
Dollars instead of 300, does it 

606
00:33:04,100 --> 00:33:05,400
matter? 
If you were the first second, 

607
00:33:05,400 --> 00:33:09,500
third 50th, 100, user of that, 
and the publisher and author, 

608
00:33:09,700 --> 00:33:12,800
get their 30 percent or 
whatever, 50 percent, whatever 

609
00:33:12,800 --> 00:33:18,600
it is relative to textbooks.com 
and you just set with it in that

610
00:33:18,600 --> 00:33:23,400
n of t, a digital reader, that 
has the text of the textbook and

611
00:33:23,400 --> 00:33:26,600
looks for the nft to make sure 
you actually own the nft, you 

612
00:33:26,600 --> 00:33:29,400
just in extract it. 
So it's custom the readers. 

613
00:33:29,400 --> 00:33:32,800
The only thing that can read 
that file and checks for the nft

614
00:33:33,200 --> 00:33:35,600
you go through, if you want to 
print it out, you can find, you 

615
00:33:35,600 --> 00:33:38,200
know, waste all the paper. 
That's kill trees that's up to 

616
00:33:38,200 --> 00:33:40,700
you. 
But if you want, if you want to,

617
00:33:40,700 --> 00:33:44,300
then you get to your class and 
then you refill it cash. 

618
00:33:44,300 --> 00:33:47,000
We sell, is it Bennett? 
Buys it the fifty percent 

619
00:33:47,000 --> 00:33:49,200
royalty goes to the author and 
the publisher. 

620
00:33:49,700 --> 00:33:53,800
We're already looking to try to 
license Pub textbooks and the 

621
00:33:53,800 --> 00:33:58,900
college to be able to do this. 
So that is a far far, far better

622
00:33:58,900 --> 00:34:02,100
application than the way. 
Done now. 

623
00:34:02,200 --> 00:34:03,500
Well, I have two questions about
that. 

624
00:34:03,500 --> 00:34:08,100
So one, I assume that most 
colleges for the by now are 

625
00:34:08,100 --> 00:34:10,900
moving, our, I would hope are 
trying to move away from actual 

626
00:34:10,900 --> 00:34:14,600
physical textbooks, maybe I'm 
wrong, but you're okay. 

627
00:34:14,699 --> 00:34:17,500
I would hope that they would be 
making that movement at some 

628
00:34:17,500 --> 00:34:21,900
point when they're forced to. 
And I want to know what, you 

629
00:34:22,800 --> 00:34:26,199
know, if cash transfers the file
to Bennett. 

630
00:34:26,600 --> 00:34:28,800
Nobody makes any money. 
Well, can't they sold like, 

631
00:34:28,800 --> 00:34:32,000
can't the way Amazon has done 
Kendall like Ain't they lock 

632
00:34:32,000 --> 00:34:34,400
this up? 
In some sort of way that you 

633
00:34:34,400 --> 00:34:37,500
cannot just pass this off. 
Isn't there a way outside of NF 

634
00:34:37,500 --> 00:34:39,600
T's? 
Plus my second question about 

635
00:34:39,600 --> 00:34:43,100
this would be n FTS. 
Would like you're saying promote

636
00:34:43,100 --> 00:34:47,000
this idea of the author getting 
the resale value or like getting

637
00:34:47,000 --> 00:34:50,199
some sort of royalty on the 
resale of this? 

638
00:34:50,199 --> 00:34:53,100
But the open market, you were 
talking about the open market 

639
00:34:53,100 --> 00:34:57,100
here and so I assume actually 
that the prices for these n FTS 

640
00:34:57,100 --> 00:35:00,900
would spike every time the 
semester is starting and then 

641
00:35:00,900 --> 00:35:02,600
plummet. 
Really they're after something 

642
00:35:02,600 --> 00:35:05,600
like the fine because you're 
still getting your royalty 

643
00:35:06,000 --> 00:35:08,700
because I talked to a publisher,
the lifetime of a book typically

644
00:35:08,700 --> 00:35:12,000
is five years and so they price 
it knowing that it's going to 

645
00:35:12,000 --> 00:35:15,800
last five years in any given 
college for any given class. 

646
00:35:16,100 --> 00:35:19,300
So that's why it's so expensive 
because it's expensive to print 

647
00:35:19,300 --> 00:35:21,400
them. 
It's expensive to ship them, 

648
00:35:21,600 --> 00:35:23,100
it's expensive to deal with 
them. 

649
00:35:23,100 --> 00:35:26,800
It's expensive to, you know, if 
there's an update to kill the 

650
00:35:26,800 --> 00:35:30,600
books that are no longer valid, 
write all those things have and 

651
00:35:30,600 --> 00:35:34,300
have a If expense and in terms 
of why not just do it without 

652
00:35:34,300 --> 00:35:37,600
crypto and just do it with 
Amazon, they're terrified of 

653
00:35:37,600 --> 00:35:41,500
Amazon, they don't see you talk 
about centralized versus 

654
00:35:41,500 --> 00:35:45,200
decentralized, right? 
They see Amazon as a threat, not

655
00:35:45,200 --> 00:35:49,100
an opportunity. 
And so by doing it on crypto 

656
00:35:49,300 --> 00:35:52,500
where you just have a standard 
nft, you have a standard reader 

657
00:35:52,500 --> 00:35:55,800
that is safe enough to protect 
the tax or they can create their

658
00:35:55,800 --> 00:35:57,800
own for that matter, they can 
use your own custom. 

659
00:35:57,800 --> 00:35:59,400
It doesn't have to be someone 
else's. 

660
00:35:59,700 --> 00:36:03,400
It's just has to be Tractable so
that it can be used with the 

661
00:36:03,400 --> 00:36:06,200
text. 
Now, all of a sudden, you know, 

662
00:36:06,200 --> 00:36:09,600
you can buy and sell any numbers
and it's cheaper. 

663
00:36:09,600 --> 00:36:13,700
It's a whole lot cheaper because
you don't have to the revenue 

664
00:36:13,700 --> 00:36:15,300
doesn't have to cover five 
years. 

665
00:36:15,600 --> 00:36:17,900
It just has to cover two years, 
right? 

666
00:36:17,900 --> 00:36:21,300
The original sale and because 
you're getting 50%, maybe three,

667
00:36:21,500 --> 00:36:24,700
but the profit margins on that 
because there's no physical book

668
00:36:24,700 --> 00:36:28,200
like that are enormous the 
marginal cost to deliver. 

669
00:36:28,200 --> 00:36:33,000
One more book is de minimis. 
And so there's a thousand 

670
00:36:33,000 --> 00:36:38,600
reasons why using n ftes for 
textbooks in College and after, 

671
00:36:38,900 --> 00:36:42,200
you know, are better, and it's 
the same for a lot of 

672
00:36:42,200 --> 00:36:44,900
professional books. 
You know, you're taking the ls 

673
00:36:44,900 --> 00:36:49,000
80s yada, yada yada. 
So, you know, that's the second 

674
00:36:49,000 --> 00:36:52,800
application, where the utility 
is far greater, when you're in a

675
00:36:52,800 --> 00:36:55,900
decentralized manner and it's 
more efficient, because if 

676
00:36:55,900 --> 00:36:59,300
you're using smart standardized 
smart contracts, it's going to 

677
00:36:59,300 --> 00:37:02,700
be really, really easy to resell
without Going to any, you know, 

678
00:37:02,700 --> 00:37:06,700
of three, four, five different 
used book resellers or back to 

679
00:37:06,707 --> 00:37:14,400
your college. 
I got more that was just it, it 

680
00:37:14,400 --> 00:37:16,600
makes sense to me. 
And, and it has a natural 

681
00:37:16,600 --> 00:37:19,400
feedback mechanism that kind of 
drives down the cost of 

682
00:37:19,400 --> 00:37:22,800
textbooks in general. 
Because if they're getting 100% 

683
00:37:22,800 --> 00:37:26,600
of the initial sale and say, 50%
of all, secondary sales, they're

684
00:37:26,600 --> 00:37:30,700
incentivized to continue to 
issue more of the tokens more of

685
00:37:30,700 --> 00:37:32,700
the textbook. 
Cook until the initial sale 

686
00:37:32,700 --> 00:37:36,100
price starts to approach the 
used price so that they're 

687
00:37:36,100 --> 00:37:39,200
capturing 100% of that, 
basically, instead of 50% of the

688
00:37:39,200 --> 00:37:40,500
lesser amount. 
Yeah. 

689
00:37:40,900 --> 00:37:41,900
Yeah. 
So you can resell it. 

690
00:37:41,900 --> 00:37:44,100
It's easier to resell students 
or happier. 

691
00:37:44,300 --> 00:37:47,700
There's more cycling a money at 
school, you know? 

692
00:37:47,800 --> 00:37:51,400
Because that money that go that 
sunk into a 300 dollar textbook.

693
00:37:51,400 --> 00:37:53,700
That should be $60. 
It's 240 dollars. 

694
00:37:53,700 --> 00:37:56,500
That could be spent elsewhere or
60 if they bought the youth 

695
00:37:56,500 --> 00:37:59,900
textbook for $120. 
There's just so many Downstream 

696
00:37:59,900 --> 00:38:04,300
benefit, you know. 
Another example is, I invested 

697
00:38:04,300 --> 00:38:08,000
in a an application called D 
climate, and it's part of Dart 

698
00:38:08,400 --> 00:38:09,100
D. 
Arbor. 

699
00:38:09,100 --> 00:38:12,400
I forget the exact name you can 
go and Mark Cuban.com and I got 

700
00:38:12,400 --> 00:38:14,700
all this shit listed that I've 
invested in. 

701
00:38:15,000 --> 00:38:20,100
And and so let's just say I want
to buy whether insurance for the

702
00:38:20,100 --> 00:38:23,400
Mavericks because in Dallas 
people won't drive in the slope 

703
00:38:23,400 --> 00:38:25,400
the snow. 
And so let's just say for the 

704
00:38:25,400 --> 00:38:27,200
cold months in the Maverick 
schedule. 

705
00:38:27,400 --> 00:38:31,400
I want protection for up to a 
million dollars for any given A 

706
00:38:31,400 --> 00:38:35,800
game where the temperature is 
under 25 degrees and the 

707
00:38:35,800 --> 00:38:40,500
precipitation is over 2 inches. 
Meaning we have two inches of 

708
00:38:40,500 --> 00:38:45,400
snow which for data for us 
means, you know, 20% or more of 

709
00:38:45,500 --> 00:38:47,600
potential game. 
Attendees are not going to show 

710
00:38:47,600 --> 00:38:49,800
up. 
Now it's a it's almost 

711
00:38:49,800 --> 00:38:53,600
impossible to write that 
efficiently and quickly and you 

712
00:38:53,600 --> 00:38:56,400
talked about centralization like
any insurance product 

713
00:38:56,600 --> 00:39:00,000
centralization, means you've got
to, you know, get a salesperson,

714
00:39:00,000 --> 00:39:02,800
get it approved, yada yada. 
We're working. 

715
00:39:02,800 --> 00:39:04,600
So that you set up a Nordic 
Oracle. 

716
00:39:04,600 --> 00:39:08,000
We're here are the different 
options for, you know, here are 

717
00:39:08,000 --> 00:39:10,900
the different dates here, you 
know, if you put in this, it's 

718
00:39:10,900 --> 00:39:14,400
almost like an when you use 
options on stocks or or crypto, 

719
00:39:14,400 --> 00:39:16,500
right? 
For this expert for this 

720
00:39:16,900 --> 00:39:18,800
expiration day. 
Here's that the money. 

721
00:39:18,800 --> 00:39:21,100
What it cost, here's that this 
premium that premium, this 

722
00:39:21,100 --> 00:39:23,700
premium here. 
This is, this is what you get 

723
00:39:23,700 --> 00:39:26,300
paid. 
When these these different 

724
00:39:26,300 --> 00:39:28,600
things happen, right? 
We different triggers happen. 

725
00:39:29,000 --> 00:39:32,200
It's just a, no. 
Now you go to One platform, you 

726
00:39:32,200 --> 00:39:35,200
connect your wallet, you by your
insurance or you will be able to

727
00:39:35,207 --> 00:39:38,800
do this and it's simple. 
You don't want you able to do 

728
00:39:38,800 --> 00:39:42,600
that now if you don't mind my 
asking no you know you can it's 

729
00:39:42,600 --> 00:39:44,600
just a pain in the ass and a lot
more expensive. 

730
00:39:44,600 --> 00:39:48,500
What is what is the what what 
why why is it more expensive now

731
00:39:48,500 --> 00:39:50,300
to do this? 
Then it will have to find an 

732
00:39:50,300 --> 00:39:54,600
insurer who's willing to do it. 
And then I've got they've got to

733
00:39:54,600 --> 00:39:57,400
get five people, not fun three 
people to approve it. 

734
00:39:57,500 --> 00:40:00,300
It's not that you can't do it. 
It's just, you know, crumpled 

735
00:40:00,300 --> 00:40:03,400
crypto and a like this. 
Defy selling you can't borrow 

736
00:40:03,400 --> 00:40:05,500
money or you can't just use your
credit card. 

737
00:40:05,700 --> 00:40:07,600
It's just faster quicker. 
Simpler. 

738
00:40:07,600 --> 00:40:11,800
Sometimes just you know, if you 
have thousand dollars in US d.c.

739
00:40:11,900 --> 00:40:15,300
to borrow $500 at, you know, 
variable interest rate. 

740
00:40:15,300 --> 00:40:18,800
That's probably going to hover 
around 2.5 percent and just pay 

741
00:40:18,800 --> 00:40:21,100
it back when you need to without
getting hit with all the 

742
00:40:21,100 --> 00:40:24,100
incremental charges, it's not 
that you can't do it elsewhere. 

743
00:40:24,200 --> 00:40:29,300
It's just it's easier and what 
so like for the example you gave

744
00:40:29,300 --> 00:40:31,200
their like buying weather and 
show insurance. 

745
00:40:31,300 --> 00:40:34,200
For the Mavericks is the 
insurance product itself. 

746
00:40:34,200 --> 00:40:39,400
Like a D5 product that's using D
climate as the source of Truth. 

747
00:40:39,400 --> 00:40:42,000
Or is it like a regular 
insurance company who's using 

748
00:40:42,000 --> 00:40:48,000
that as like the source of Truth
or Insurance just pull pulling a

749
00:40:48,100 --> 00:40:51,600
capital right? 
And just risk management at that

750
00:40:51,600 --> 00:40:54,400
point in time. 
So it's algorithmic if you will 

751
00:40:54,600 --> 00:40:58,000
where they're saying here's, you
know, based off of, you know, 

752
00:40:58,600 --> 00:41:01,200
200 years of weather history. 
Here's what we think. 

753
00:41:01,600 --> 00:41:04,900
And you know the American 
Airlines Center, the weather is 

754
00:41:04,900 --> 00:41:09,100
most likely to be on January 
7th, the day of the game. 

755
00:41:09,200 --> 00:41:13,300
And here's the the likelihood 
that you'll have the temperature

756
00:41:13,300 --> 00:41:17,600
will be under 25 degrees and two
inches of precipitation. 

757
00:41:17,900 --> 00:41:25,700
Very, very slight, you know, but
they know how to what's the word

758
00:41:25,700 --> 00:41:27,100
that insurance? 
You they know how to do the 

759
00:41:27,100 --> 00:41:30,100
math, right? 
You know, they can figure it all

760
00:41:30,100 --> 00:41:33,500
out and assign the The, the risk
and charge a premium and just 

761
00:41:33,500 --> 00:41:36,300
make that an algorithm that pops
up, that makes it easier to buy.

762
00:41:36,600 --> 00:41:41,100
So, I guess, my, my struggle is 
so like, then for something like

763
00:41:41,100 --> 00:41:42,900
this for your buying, the 
weather Sharon's weather 

764
00:41:42,900 --> 00:41:47,700
Insurance on chain through this 
protocol as soon as the oracles 

765
00:41:47,700 --> 00:41:50,300
post that the weather due to hit
whatever conditions were 

766
00:41:50,300 --> 00:41:52,800
specified. 
Then it automatically transfers 

767
00:41:52,800 --> 00:41:55,500
the funds that were previously 
escrowed over again, you can see

768
00:41:55,508 --> 00:41:57,600
the simplification there. 
Oh shit. 

769
00:41:57,600 --> 00:41:59,200
The weather and Dallas is bad 
this week. 

770
00:41:59,200 --> 00:42:05,800
I want to cover myself and Their
algorithms are what's fucking 

771
00:42:05,800 --> 00:42:10,800
spacing the word that insurance 
company you use, anyways, but 

772
00:42:10,900 --> 00:42:14,100
it's their right. 
And look, there's there's a 

773
00:42:14,100 --> 00:42:17,500
simplification that comes with 
wallet attached transactions, 

774
00:42:17,700 --> 00:42:21,600
you know, we never really 
discussed the fact that going to

775
00:42:21,600 --> 00:42:23,200
a website, connecting your 
wallet. 

776
00:42:23,200 --> 00:42:25,600
And I'm not saying you take your
big investment while people 

777
00:42:25,600 --> 00:42:27,400
should have multiple wallets, 
right? 

778
00:42:27,400 --> 00:42:30,300
Just like, you know, you have 
maybe have different credit 

779
00:42:30,300 --> 00:42:32,900
cards with different. 
It's just to protect yourself 

780
00:42:32,900 --> 00:42:35,700
when you give one to your kid, 
or cousin or friend or whatever.

781
00:42:35,900 --> 00:42:39,200
But the idea of just going to a 
website, connecting your wallet 

782
00:42:39,200 --> 00:42:43,200
and immediately transacting in, 
it's done and, you know, 

783
00:42:43,200 --> 00:42:46,200
preferably on a low gas 
platform. 

784
00:42:46,700 --> 00:42:49,600
There's, there's that 
simplification in speed of 

785
00:42:49,600 --> 00:42:52,700
transaction, there's a lot to be
said for that, and I think 

786
00:42:52,700 --> 00:42:56,400
that's going to have an impact 
on e-commerce as well. 

787
00:42:56,800 --> 00:43:00,600
Because right now, you know, the
big simplification is you go. 

788
00:43:01,300 --> 00:43:05,600
And you can use PayPal with your
login and maybe you're already 

789
00:43:05,600 --> 00:43:09,800
sending your browser or, you 
know, you or Chrome fills in all

790
00:43:09,800 --> 00:43:11,600
the blanks. 
And we think that's super easy 

791
00:43:11,600 --> 00:43:13,600
and all we do is put in the CVC 
code. 

792
00:43:14,000 --> 00:43:17,700
But damn, you know, if you're 
not using credit and, you know, 

793
00:43:17,700 --> 00:43:22,000
you just connect your wallet, 
that's faster and easier and 

794
00:43:22,000 --> 00:43:24,600
that's one of the things we're 
looking at different companies 

795
00:43:24,600 --> 00:43:26,500
where, you know, my e-commerce 
is. 

796
00:43:26,800 --> 00:43:29,300
Okay, connect your wallet. 
I don't have to show all the 

797
00:43:29,300 --> 00:43:31,100
shit, you know, you know, maybe 
I want you. 

798
00:43:31,300 --> 00:43:34,600
Obviously I get your name and 
address to ship you whatever, 

799
00:43:35,000 --> 00:43:38,400
but if I if it's just a wallet 
connect pay transact, yes, 

800
00:43:38,400 --> 00:43:42,500
approve, sign, you know, sign it
through the wallet. 

801
00:43:42,500 --> 00:43:46,800
Done, to me, that's a better way
to transact isn't the trade-off 

802
00:43:46,900 --> 00:43:50,400
though that like, it's, it's 
more potentially catastrophic 

803
00:43:50,500 --> 00:43:53,300
because like when you're paying 
with a credit card you can part 

804
00:43:53,300 --> 00:43:56,000
with money. 
So if I'm going to shop for, you

805
00:43:56,000 --> 00:43:59,900
know, of a textbook and of tea, 
right? 

806
00:44:00,000 --> 00:44:03,100
I, you know, if you only Have 
one wallet and that's your bank 

807
00:44:03,100 --> 00:44:05,900
and everything. 
That's catastrophic if you're 

808
00:44:05,900 --> 00:44:10,000
going to go by nft textbook it's
like how much cash do you carry 

809
00:44:10,000 --> 00:44:13,500
with you when you go out if n? 
If any anymore, right? 

810
00:44:13,500 --> 00:44:15,000
You're not going to carry with 
everything. 

811
00:44:15,000 --> 00:44:18,200
You've got your bank account, 
your if you have half a brain at

812
00:44:18,200 --> 00:44:20,300
all, you're separating and 
segregating. 

813
00:44:20,500 --> 00:44:23,400
So, you know, okay, this is my 
shopping wallet. 

814
00:44:23,400 --> 00:44:25,400
If I'm going shopping and I'm 
not going to spend more than 

815
00:44:25,400 --> 00:44:27,100
$100. 
I'll just use u.s. 

816
00:44:27,100 --> 00:44:30,200
DC and transfer it to my 
shopping wallet and when I'm 

817
00:44:30,200 --> 00:44:33,200
done with it, I Back. 
But I think, what would the 

818
00:44:33,200 --> 00:44:35,200
point that Bennett is trying to 
make right now is about 

819
00:44:35,200 --> 00:44:36,800
reversibility? 
Maybe I'm wrong. 

820
00:44:36,800 --> 00:44:39,400
But I think Bennett is, is 
touching on the idea that with 

821
00:44:39,400 --> 00:44:41,300
your credit card or your bank, 
you can reverse these 

822
00:44:41,300 --> 00:44:44,500
transactions if it goes astray 
versus can't. 

823
00:44:44,500 --> 00:44:45,600
Yeah. 
Right. 

824
00:44:45,800 --> 00:44:48,700
Well and if that's true and if 
I'm buying something from 

825
00:44:48,700 --> 00:44:52,100
Bennett and Bennett, fuck me, 
well then I've got lots of ways 

826
00:44:52,100 --> 00:44:55,700
to respond to that or if it's 
just a, you know, an honest 

827
00:44:55,700 --> 00:44:57,700
mistake, the Ben is probably 
going to return the funds. 

828
00:44:58,300 --> 00:45:01,100
You know, I'm not saying by go 
this to go on the dark web and 

829
00:45:01,200 --> 00:45:05,400
And, and by, you know, whatever 
it is, you shouldn't be buying, 

830
00:45:05,600 --> 00:45:08,400
I'm saying this is, you know, a 
normal transaction. 

831
00:45:08,600 --> 00:45:13,200
So imagine it's Amazon and it's 
just cheaper if it just comes 

832
00:45:13,200 --> 00:45:15,900
out of your polygon wallet and 
that's it. 

833
00:45:16,300 --> 00:45:19,400
Don't you think that this is so 
much different than the original

834
00:45:19,400 --> 00:45:22,200
intention of like Bitcoin for 
instance. 

835
00:45:22,200 --> 00:45:25,200
Like what you're talking about 
doing is having these wallets 

836
00:45:25,200 --> 00:45:28,800
that essentially I mean to me it
sounds like in a lot of ways 

837
00:45:28,800 --> 00:45:31,100
could very well Doc's. 
You like it would be used. 

838
00:45:31,300 --> 00:45:34,000
Rewards points, you'd be giving 
people your address your name, 

839
00:45:34,200 --> 00:45:36,600
you'd be logging this wallet in 
and connecting it to a bunch of 

840
00:45:36,700 --> 00:45:39,900
who knows sites. 
Like, it seems like this is 

841
00:45:39,900 --> 00:45:44,400
very, very far from the idea of 
like private money. 

842
00:45:45,000 --> 00:45:46,600
First of all, I don't care about
that shit. 

843
00:45:47,000 --> 00:45:51,300
I care about that and, you know,
there's a lot of things that, 

844
00:45:51,300 --> 00:45:54,800
and after Inception, you know, 
we started started audio net, 

845
00:45:54,800 --> 00:45:56,900
which was the very first 
streaming business. 

846
00:45:56,900 --> 00:46:01,900
And in 1994 early 95, we thought
that our First Source Of Revenue

847
00:46:01,900 --> 00:46:06,000
was going to be kind of being 
Muzak for eCommerce sites 

848
00:46:06,000 --> 00:46:08,800
because that would help you buy 
more or you'd have a voice of 

849
00:46:08,808 --> 00:46:12,200
God, talking about the product. 
Nobody wanted to pay us to do 

850
00:46:12,200 --> 00:46:14,000
that, but they wanted to hear 
the Cubs games. 

851
00:46:14,000 --> 00:46:16,400
And they wanted to hear this or 
that and the office because we 

852
00:46:16,400 --> 00:46:18,800
were the only place that you can
listen to anything, you know, 

853
00:46:18,808 --> 00:46:21,500
because you probably didn't have
a radio or TV and your desk and 

854
00:46:21,500 --> 00:46:25,100
so what you initially think is 
going to happen in any business.

855
00:46:25,300 --> 00:46:29,000
I'm sure when you guys started 
cryptos crypto critics Corner, a

856
00:46:29,000 --> 00:46:31,400
lot of things went in a lot of 
different directions than What 

857
00:46:31,400 --> 00:46:33,800
you initially expected? 
That's just the nature of 

858
00:46:33,800 --> 00:46:35,600
business. 
And that's being an entrepreneur

859
00:46:35,600 --> 00:46:38,400
and that's being opportunistic, 
that's being Innovative. 

860
00:46:38,400 --> 00:46:41,400
You take things in a different 
direction Than People expected 

861
00:46:41,400 --> 00:46:44,700
them to. 
Y'all the Bitcoin Max you shit 

862
00:46:46,000 --> 00:46:49,400
scared. 
It's like, you know, hey, you're

863
00:46:49,400 --> 00:46:52,800
an inflation hedge, not United 
States. 

864
00:46:52,800 --> 00:46:56,300
You're not, maybe in Venezuela 
integrate inflation hedge, but 

865
00:46:56,300 --> 00:46:59,900
not in a result Nation with the 
reserve currency, its you just 

866
00:46:59,900 --> 00:47:04,200
not. 
Yeah, that's that's one of those

867
00:47:04,200 --> 00:47:07,200
narratives for Bitcoin, that's 
been around for years and every 

868
00:47:07,200 --> 00:47:10,000
so often, I checked the data to 
see if it's gotten any better 

869
00:47:10,000 --> 00:47:12,300
like when you overlay inflation 
against bitcoin price. 

870
00:47:12,300 --> 00:47:17,200
And so It hasn't so far. 
It is not an inflation, but in, 

871
00:47:17,200 --> 00:47:21,800
in high in, you know, countries 
where there's super inflation. 

872
00:47:21,800 --> 00:47:24,500
Right? 
It is ahead and so is the US 

873
00:47:24,500 --> 00:47:30,300
dollar and so is any, you know, 
remotely stable asset but dulled

874
00:47:30,300 --> 00:47:33,400
think about this goes been 
saying this a hedge to inflation

875
00:47:33,500 --> 00:47:38,800
for a millennia and it's still 
not and you know, commercial 

876
00:47:38,800 --> 00:47:42,200
selling that, that's what they 
think it is and it's not, you 

877
00:47:42,200 --> 00:47:45,400
know, It goes back to stable, 
Point versus not having the word

878
00:47:45,400 --> 00:47:47,400
stable. 
There's things that just if 

879
00:47:47,400 --> 00:47:49,500
people repeated enough they 
think it's true. 

880
00:47:49,600 --> 00:47:52,600
You know, that's that's why 
companies by marketing, you 

881
00:47:52,600 --> 00:47:53,900
know? 
Because they hope that if you 

882
00:47:53,900 --> 00:47:55,500
save enough, everybody's going 
to believe it. 

883
00:47:56,100 --> 00:48:00,700
Yeah, we have, we have one last 
question. 

884
00:48:00,700 --> 00:48:02,900
I released, I have one last 
question for you. 

885
00:48:06,100 --> 00:48:11,300
You know, crypto critics we're 
doing our best Mark, we're doing

886
00:48:11,300 --> 00:48:16,400
our best. 
Well, this, this question 

887
00:48:16,400 --> 00:48:19,300
actually doesn't necessarily 
relate to, although I think it 

888
00:48:19,300 --> 00:48:22,500
does in some sense because 
Venture Capital has really 

889
00:48:22,500 --> 00:48:25,800
started to dive deep into 
cryptocurrencies. 

890
00:48:26,300 --> 00:48:29,700
I think, as of late, and we, 
recently heard about block, Phi,

891
00:48:29,700 --> 00:48:32,000
I think they there they got 
devalue, right? 

892
00:48:32,000 --> 00:48:35,400
It went from a 3 billion dollar 
valuation to a 1 billion dollar 

893
00:48:35,400 --> 00:48:38,400
valuation 52. 
I'm wondering if we're what was 

894
00:48:38,400 --> 00:48:40,000
it? 
Five to one, they were raising 

895
00:48:40,000 --> 00:48:43,500
it 50 few months ago. 
Thank you. 12:55. 

896
00:48:44,400 --> 00:48:47,500
Do you think there's a 
distortion right now in private 

897
00:48:47,500 --> 00:48:52,800
markets via venture capital or 
do you think it's just simply as

898
00:48:52,900 --> 00:48:54,400
murky and messed up as any 
other? 

899
00:48:55,400 --> 00:48:58,000
Well, first of all, the question
should be, is there ever a time 

900
00:48:58,000 --> 00:49:00,400
when VC's? 
Don't distort, Capital markets 

901
00:49:01,000 --> 00:49:07,000
and the answer is no, and the 
more money VCS have and the more

902
00:49:07,000 --> 00:49:10,900
money that's out there, then the
more Distortion happens. 

903
00:49:11,100 --> 00:49:13,800
I mean, look on Shark Tank. 
The companies I invested I just 

904
00:49:13,800 --> 00:49:15,800
have to bang on them. 
You know, you go for 

905
00:49:15,800 --> 00:49:18,000
profitability. 
You don't go for your next race.

906
00:49:18,000 --> 00:49:20,800
You know. 
You've got to be profitable to 

907
00:49:20,800 --> 00:49:23,500
survive. 
You can't just, you know, have 

908
00:49:23,500 --> 00:49:25,400
one company. 
I'm trying to bang on them right

909
00:49:25,400 --> 00:49:28,400
now. 
No, you can't just buy sales by 

910
00:49:28,400 --> 00:49:31,100
and sales will die at some 
point. 

911
00:49:31,400 --> 00:49:34,600
It's like there's a company that
came on Shark Tank ring and they

912
00:49:34,600 --> 00:49:37,000
were like, don't you feel bad 
that you did invest in ring and 

913
00:49:37,000 --> 00:49:40,200
Shark Tank at a 7 million dollar
valuation when they sold for a 

914
00:49:40,200 --> 00:49:41,900
billion? 
I'm like no no I don't feel bad 

915
00:49:41,900 --> 00:49:44,500
at all. 
As they had to raise hundreds of

916
00:49:44,508 --> 00:49:47,600
millions of dollars to do tens 
of millions in revenue and I 

917
00:49:47,600 --> 00:49:51,100
would have been diluted till you
know the next you know, 

918
00:49:51,107 --> 00:49:53,500
Evolution started all over 
again. 

919
00:49:53,500 --> 00:49:56,400
It was there was just no chance 
and so it's the same. 

920
00:49:56,400 --> 00:50:03,400
Now when you know, QE basically 
is Ubi for rich people, you 

921
00:50:03,400 --> 00:50:05,600
know? 
And when Cuba QE is happening 

922
00:50:05,600 --> 00:50:09,400
quantitative, easing e easing 
where appreciable asset 

923
00:50:09,400 --> 00:50:12,500
Skyrocket and particularly you 
know, it's been over an extended

924
00:50:12,500 --> 00:50:14,500
period. 
Period of time that money's got 

925
00:50:14,500 --> 00:50:19,600
to go somewhere and people tend 
to take on more risk and be 

926
00:50:19,600 --> 00:50:22,700
willing to try more things. 
So they give their money to VCS 

927
00:50:23,000 --> 00:50:27,000
and VC's, go have to go big or 
go home, because if you don't 

928
00:50:27,000 --> 00:50:31,300
over perform, I'll perform that 
money is going to come right out

929
00:50:31,300 --> 00:50:33,800
and you're going to be 
embarrassed, you know, and now 

930
00:50:33,800 --> 00:50:35,600
we've seen what's happened with 
Arc and we've seen what's 

931
00:50:35,600 --> 00:50:40,100
happened with tiger, where 
they've just gotten destroyed, 

932
00:50:40,700 --> 00:50:43,200
but you never see, Warren 
Buffett gets asteroid like His 

933
00:50:43,200 --> 00:50:47,600
portfolio may go down because he
just looks at it completely 

934
00:50:47,600 --> 00:50:50,400
different way and I tend to look
at it more that way and like 

935
00:50:50,400 --> 00:50:55,400
right now in terms of my 
investment philosophy you know I

936
00:50:55,400 --> 00:50:57,300
don't want it all to go rushing 
back up. 

937
00:50:57,500 --> 00:50:59,600
I know a lot of people do and I 
feel I feel horrible. 

938
00:50:59,600 --> 00:51:02,300
People hate me for saying that 
and it's the same thing with 

939
00:51:02,300 --> 00:51:04,900
stocks because stocks have 
collapsed more than crypto has 

940
00:51:05,100 --> 00:51:07,300
particularly the primary crypto.
You know? 

941
00:51:07,300 --> 00:51:11,100
There's, you know, Netflix and 
Amazon and you name it. 

942
00:51:11,100 --> 00:51:15,300
I've gotten destroyed You know, 
some enormous percentage of the 

943
00:51:15,300 --> 00:51:19,600
NASDAQ to tech stocks than 
NASDAQ are down 50 60, 70, 80 

944
00:51:19,600 --> 00:51:22,600
percent. 
And so, you know, I'm of the 

945
00:51:22,600 --> 00:51:26,100
Warren Buffett school where you 
wait for blood in the street and

946
00:51:26,100 --> 00:51:30,200
you know, I sold a bunch of 
stuff and how you know, did try 

947
00:51:30,200 --> 00:51:33,700
to catch a falling knife and you
know if I think it goes down to 

948
00:51:33,700 --> 00:51:37,300
a below a certain point where 
it's crazy not to buy like I did

949
00:51:37,300 --> 00:51:41,900
in 2008 like I did you know 
other times I'll buy you know to

950
00:51:41,900 --> 00:51:45,000
20 March 20 when everything was 
crater and I was buying. 

951
00:51:45,300 --> 00:51:49,900
And so that's the way I look at 
it but I do want to fuck with 

952
00:51:49,900 --> 00:51:51,800
Bitcoin, don't come on, come on,
come on. 

953
00:51:53,600 --> 00:51:56,200
I mean we've said all these 
things about Bitcoin before on 

954
00:51:56,200 --> 00:51:59,700
the show that it's not actually 
an inflation hedge that the 

955
00:51:59,700 --> 00:52:03,300
volatility has not gone down 
over time that it has not gotten

956
00:52:03,300 --> 00:52:05,900
cheaper to use that. 
It's still very challenging for 

957
00:52:05,900 --> 00:52:09,100
like a basic user to get set up 
with a wallet and stuff for 

958
00:52:09,100 --> 00:52:13,900
Bitcoin and like that bitcoiners
are not Particularly passionate 

959
00:52:13,900 --> 00:52:16,700
about making the experience 
easy. 

960
00:52:17,000 --> 00:52:20,200
They kind of like what about its
challenges but what about 

961
00:52:20,200 --> 00:52:23,400
lightning and strike? 
You know, you know I look I 

962
00:52:23,400 --> 00:52:27,900
don't I'm actually more positive
on bitcoin than probably most 

963
00:52:27,900 --> 00:52:31,000
people, you know, there's a lot 
of arguments to be made about 

964
00:52:31,000 --> 00:52:34,300
how it's not, you know, 
decentralized and this and that.

965
00:52:34,500 --> 00:52:38,200
But you know I think it's a 
better store of value than gold 

966
00:52:38,700 --> 00:52:43,800
and when people just not saying 
much Type people at the money 

967
00:52:43,800 --> 00:52:44,800
somewhere. 
Sure. 

968
00:52:45,200 --> 00:52:49,100
And if you look across the 
spectrum of assets and whether 

969
00:52:49,100 --> 00:52:52,400
you have a hundred dollars to 
invest or 100 million to invest,

970
00:52:52,500 --> 00:52:55,400
you know, when you look across 
the Spectrum, it's difficult for

971
00:52:55,400 --> 00:52:58,400
people just to put the money in 
the bank and there's risk is 

972
00:52:58,400 --> 00:53:01,600
other than treasuries, which are
paying, what 2.9%, where you 

973
00:53:01,607 --> 00:53:03,600
lock up your money for 10 years,
right? 

974
00:53:03,700 --> 00:53:07,100
You know, that's not really 
attractive either. 

975
00:53:07,200 --> 00:53:09,600
So people are going to make 
choices of where to put their 

976
00:53:09,600 --> 00:53:12,600
money and the question becomes 
what? 

977
00:53:12,900 --> 00:53:17,500
And when and right now, I don't 
think it's when, but I do think 

978
00:53:17,500 --> 00:53:23,100
Bitcoin is usurping gold as a 
destination as a store value 

979
00:53:23,400 --> 00:53:26,800
because go, you know, people 
talk about, well there's no 

980
00:53:26,800 --> 00:53:31,500
utility on bitcoin and, you 
know, I'm can argue a whole lot 

981
00:53:31,500 --> 00:53:32,900
of that. 
There's a little bit of utility,

982
00:53:32,900 --> 00:53:37,100
not great, but if you look at 
gold it's not like people need 

983
00:53:37,100 --> 00:53:40,400
jewelry, right? 
It's not like that, the need, 

984
00:53:40,400 --> 00:53:42,500
right? 
That's that's just vanity. 

985
00:53:42,900 --> 00:53:47,100
And so, you know, there's their 
equivalent of my mind so I think

986
00:53:47,100 --> 00:53:50,100
Bitcoin from a pricing 
perspective, I think we'll hold 

987
00:53:50,100 --> 00:53:52,400
a lot better than people expect.
Here's a question. 

988
00:53:52,400 --> 00:53:55,500
If we want to try to go a little
bit more in the cryptocurrency 

989
00:53:55,500 --> 00:53:58,500
direction, I have a question for
you, because I think Bennett and

990
00:53:58,500 --> 00:54:01,900
I talked a lot about the scams 
in the frauds and the big big 

991
00:54:01,900 --> 00:54:05,100
overarching problems that we see
with the industry. 

992
00:54:05,100 --> 00:54:09,300
So, stable coins, things that 
present systemic risk in our 

993
00:54:09,300 --> 00:54:14,300
eyes and I'm wondering if you 
think about those kind of Black 

994
00:54:14,300 --> 00:54:17,100
Swan events regularly. 
If this is something you you 

995
00:54:17,300 --> 00:54:20,900
think about is like when you're 
trying to consider risk you know

996
00:54:20,900 --> 00:54:23,000
your risk assessment in the 
space, right? 

997
00:54:23,000 --> 00:54:24,700
So when you look at Bitcoin is 
just the things. 

998
00:54:24,700 --> 00:54:28,200
I've said it's store value and I
think it's better than gold 

999
00:54:28,200 --> 00:54:30,700
because it's more transferable 
easier because look, it's not 

1000
00:54:30,700 --> 00:54:32,900
like people actually hold bars 
of gold. 

1001
00:54:33,500 --> 00:54:35,200
Go. 
You know, the buying and selling

1002
00:54:35,200 --> 00:54:38,800
of gold is All Digital 
transactions and so and it's all

1003
00:54:38,800 --> 00:54:41,700
fractionalized in virtualized. 
So, they're six, and one-half 

1004
00:54:41,700 --> 00:54:44,700
dozen the other And so I think 
there's always going to be a 

1005
00:54:44,707 --> 00:54:49,000
market for simple store values 
other than cash because people 

1006
00:54:49,000 --> 00:54:52,300
are willing to other your homes 
even because people want to take

1007
00:54:52,300 --> 00:54:55,500
on some risk to try to get some 
appreciation because that's the 

1008
00:54:55,500 --> 00:54:56,600
only way you're going to get 
wealthy. 

1009
00:54:56,600 --> 00:54:59,600
If you're just, you know, if 
you're working every single day 

1010
00:54:59,600 --> 00:55:02,700
and trying to save money for 
retirement, it's harder to point

1011
00:55:02,700 --> 00:55:05,900
nine percent for 10 years. 
And so, you're going to does 

1012
00:55:05,900 --> 00:55:08,000
that therefore, is that your 
assessment? 

1013
00:55:08,000 --> 00:55:09,800
That's your risk. 
Assessment is like, well, I 

1014
00:55:09,800 --> 00:55:12,100
care. 
I care more about the idea of 

1015
00:55:12,100 --> 00:55:15,700
like Elation, trying to find a 
place to put my money in the 

1016
00:55:15,700 --> 00:55:20,200
meantime, as opposed to like, 
well, if tether blows up and 

1017
00:55:20,200 --> 00:55:23,600
USD, see blows up and the all 
the algorithmic stable coins 

1018
00:55:23,600 --> 00:55:27,700
blow up and the whole Market 
goes down, 75%, you like your 

1019
00:55:27,700 --> 00:55:29,200
that's not a top concern for 
you. 

1020
00:55:29,200 --> 00:55:33,500
Well, you know, first, if you 
SDC is transparent like they 

1021
00:55:33,500 --> 00:55:40,400
say, they are now if there's 
fraud like what Tara that was 

1022
00:55:40,400 --> 00:55:44,100
meant to blow up today of 
started, I got, you know, the 

1023
00:55:44,100 --> 00:55:45,500
only thing I'm mad about with 
Terrors that. 

1024
00:55:45,500 --> 00:55:48,000
I didn't short it, you know, I 
got it, the opportunity to 

1025
00:55:48,000 --> 00:55:50,900
invest in anchor and I said, no,
because you can't keep on paying

1026
00:55:50,900 --> 00:55:55,400
20% with no source of income. 
But at the same time, if you 

1027
00:55:55,400 --> 00:55:58,600
think about it, think about what
I just said about ring and how 

1028
00:55:58,600 --> 00:56:00,700
people were investing, hundreds 
of millions to do tens of 

1029
00:56:00,707 --> 00:56:03,200
millions in Revenue. 
It's the exact same thing, 

1030
00:56:03,500 --> 00:56:05,500
either. 
You subsidize sales of a 

1031
00:56:05,500 --> 00:56:10,700
product, which we've seen with 
VCS and Silicon Valley time and 

1032
00:56:10,700 --> 00:56:13,400
time again, right? 
We're raising All this money 

1033
00:56:13,400 --> 00:56:16,600
dadadada da where you know, 
we'll make it up in volume. 

1034
00:56:17,400 --> 00:56:21,300
That's just what's happened with
crypto people put up money and 

1035
00:56:21,300 --> 00:56:24,400
they subsidize it with rewards 
and they're buying the rewards 

1036
00:56:24,400 --> 00:56:26,800
back from their customers, 
hoping, they create enough 

1037
00:56:26,800 --> 00:56:29,400
transactions, right? 
And they make it up somewhere, 

1038
00:56:29,400 --> 00:56:32,000
anchor wanted to do with through
loans and they couldn't do it, 

1039
00:56:32,000 --> 00:56:34,000
right? 
So that was ripe for failure. 

1040
00:56:34,200 --> 00:56:35,700
U.s. 
DC is not trying to do those 

1041
00:56:35,700 --> 00:56:37,800
things that I can see. 
I mean, are you guys seeing 

1042
00:56:37,800 --> 00:56:41,300
anything untoward about USD? 
See, I'm wondering why they want

1043
00:56:41,300 --> 00:56:43,800
to go public. 
Wondering why circle is so 

1044
00:56:43,800 --> 00:56:46,400
desperate to go public. 
I'm wondering to make sense from

1045
00:56:46,400 --> 00:56:49,500
from their perspective, you'll 
get a multiple of whatever 

1046
00:56:49,500 --> 00:56:52,700
earnings you have based off the 
scale from the public market 

1047
00:56:52,700 --> 00:56:55,300
that you don't get from crypto. 
But then the fear becomes 

1048
00:56:55,300 --> 00:56:56,800
something. 
I think, I guess this was part 

1049
00:56:56,800 --> 00:56:58,700
of the question about the 
Venture Capital as well. 

1050
00:56:58,900 --> 00:57:01,500
I think the public perception 
and feel free to correct this 

1051
00:57:01,500 --> 00:57:03,100
perception please. 
But I think the public 

1052
00:57:03,100 --> 00:57:06,800
perception is you do around a 
you do around be you, do around 

1053
00:57:06,800 --> 00:57:11,100
CDE, whatever and then you go 
public and you dump on retail 

1054
00:57:11,400 --> 00:57:15,000
and and that I don't know if 
there's truth to that or not but

1055
00:57:15,000 --> 00:57:17,300
ultimately, you look at 
something like coinbase and you 

1056
00:57:17,300 --> 00:57:18,100
go. 
Oh, wow. 

1057
00:57:18,100 --> 00:57:22,000
So that went up to like 400 and 
it's trading at $69 right now. 

1058
00:57:22,000 --> 00:57:25,600
Like it seems pretty and they 
did a direct to direct listing 

1059
00:57:25,600 --> 00:57:28,000
as well where they got. 
They, they had to dump their 

1060
00:57:28,000 --> 00:57:32,200
shares. 
So I think that that's the 

1061
00:57:32,200 --> 00:57:34,300
concept. 
I'm kind of referring to is that

1062
00:57:34,300 --> 00:57:37,000
it feels like everybody's but 
that's the way the whole public 

1063
00:57:37,000 --> 00:57:39,300
market works, right? 
Unless you're the entrepreneur 

1064
00:57:39,300 --> 00:57:41,400
that created the company and 
just took it public. 

1065
00:57:41,600 --> 00:57:44,200
So that It's not just retail 
investors. 

1066
00:57:44,200 --> 00:57:47,300
There aren't enough retail. 
Investors who are buying to sub 

1067
00:57:47,300 --> 00:57:51,400
to support the entire Public 
Market there just aren't right? 

1068
00:57:52,000 --> 00:57:55,800
And when they go away, Marcus 
Decline and you can see that 

1069
00:57:55,800 --> 00:57:59,100
reflected in Robin Hood, right, 
where you see the volume just 

1070
00:57:59,100 --> 00:58:02,900
dry up at Robin Hood, and the 
challenges that they've had, but

1071
00:58:02,900 --> 00:58:05,700
at the same time, I don't 
necessarily think that's a 

1072
00:58:05,707 --> 00:58:09,500
reflection for U STC or any 
crypto company going public 

1073
00:58:09,600 --> 00:58:13,300
because you, you know, assuming 
the SEC can Somewhat do their 

1074
00:58:13,300 --> 00:58:16,400
job, you've got to file all your
reports, and you've got to be, 

1075
00:58:16,400 --> 00:58:19,000
you know, have some level of 
transparency and you've got to 

1076
00:58:19,000 --> 00:58:22,600
be able to demonstrate that 
what, you know, if you SDC goes 

1077
00:58:22,600 --> 00:58:25,400
public and they're not doing 
what they're saying, they're 

1078
00:58:25,400 --> 00:58:28,100
doing, they're going to jail, 
right? 

1079
00:58:28,100 --> 00:58:31,300
So u.s. 
DC going public is a positive 

1080
00:58:31,300 --> 00:58:34,200
for the crypto industry and I 
think it returns to their 

1081
00:58:34,200 --> 00:58:35,800
investors. 
You're right there. 

1082
00:58:35,900 --> 00:58:38,800
But it also allows them to earn 
a multiple of their earnings, 

1083
00:58:39,000 --> 00:58:41,500
which you can't do. 
As a private company and 

1084
00:58:41,500 --> 00:58:44,200
liquidity that comes That. 
So if they want to go out and 

1085
00:58:44,200 --> 00:58:46,800
buy tether and then all of a 
sudden bring it in in there 

1086
00:58:46,800 --> 00:58:49,900
under their umbrella where you 
know, that's another however 

1087
00:58:49,900 --> 00:58:53,100
much is left until they're sixty
two billion dollars and they 

1088
00:58:53,100 --> 00:58:55,300
want to say, okay, we're going 
to take you, we're going to 

1089
00:58:55,300 --> 00:58:59,500
change it so you know it's it's 
dollar-for-dollar in treasuries 

1090
00:58:59,500 --> 00:59:04,500
and USD real US Dollars. 
Okay, there's something to be 

1091
00:59:04,500 --> 00:59:07,100
said for that too. 
But yeah, I don't look at going 

1092
00:59:07,100 --> 00:59:11,400
public as being a problem that 
or it's a reflection of the fact

1093
00:59:11,400 --> 00:59:14,100
that they're dumping On 
individual investors because 

1094
00:59:14,200 --> 00:59:16,800
they're just, you know, 
companies have trillion dollar 

1095
00:59:16,800 --> 00:59:19,700
market caps. 
Now, there's just not enough 

1096
00:59:19,700 --> 00:59:23,700
buyers to retail buyers to 
support that. 

1097
00:59:24,300 --> 00:59:26,500
But you let me, let me just 
finish answer your question. 

1098
00:59:26,500 --> 00:59:30,000
So when I looked at so Bitcoin, 
I look at the store value and 

1099
00:59:30,000 --> 00:59:32,800
the Maxis for the most part, 
we'll just hold on because their

1100
00:59:32,800 --> 00:59:35,800
cost, you know, they probably 
already sold what they need to 

1101
00:59:35,800 --> 00:59:38,000
sell. 
And they don't want to pay taxes

1102
00:59:38,000 --> 00:59:41,700
on anymore. 
And so, you know, they're 

1103
00:59:41,700 --> 00:59:44,300
probably going to hold on. 
The data from wallets supports 

1104
00:59:44,300 --> 00:59:46,700
that, right? 
The longer people hold the 

1105
00:59:46,700 --> 00:59:50,800
longer, they hold right. 
They do hot and etherium, you 

1106
00:59:50,800 --> 00:59:54,800
know, the concern there and I 
own a lot of ethereum is more on

1107
00:59:54,800 --> 00:59:58,300
the utility, right? 
So what drives me in and out and

1108
00:59:58,300 --> 01:00:00,500
I'm waiting more on the 
sidelines, I've sold a bunch of 

1109
01:00:00,508 --> 01:00:04,300
my theory. 
Mmm, fortunately is looking to 

1110
01:00:04,308 --> 01:00:07,900
see the applications that drive 
transaction usage, you know, 

1111
01:00:07,900 --> 01:00:11,200
because it was defying was in 
ftes and that was driving a ton 

1112
01:00:11,200 --> 01:00:14,900
of transactions. 
And now that Defy is no longer 

1113
01:00:14,900 --> 01:00:20,700
being subsidized, you're seeing,
you know, 2% 3% and where you're

1114
01:00:20,700 --> 01:00:26,100
seeing 10 15, 20 %, or more a 
PR, it's or yield rather. 

1115
01:00:26,900 --> 01:00:29,900
It's because somebody 
subsidizing in their coin, 

1116
01:00:29,900 --> 01:00:32,700
right? 
And they're doing it to orders 

1117
01:00:32,700 --> 01:00:35,700
down where instead of just 
writing you a check or sending 

1118
01:00:35,700 --> 01:00:38,400
you money, they're just saying, 
okay, we're going to give you 

1119
01:00:38,400 --> 01:00:41,100
our token, we want you to hold 
it and we'll create some 

1120
01:00:41,100 --> 01:00:44,500
inflation and We're hoping that 
there's somebody there to buy it

1121
01:00:44,500 --> 01:00:48,100
at some point in time. 
That's just that's a recipe for 

1122
01:00:48,100 --> 01:00:50,900
failure, you know. 
So when I see some of these 

1123
01:00:50,900 --> 01:00:53,600
chains that are just offering 
tokens, they better have raised 

1124
01:00:53,600 --> 01:00:56,200
a whole lot of money. 
Otherwise, you're going to fail,

1125
01:00:56,500 --> 01:01:00,400
but on the flip side, you've got
an F, TS on a theory. 

1126
01:01:00,400 --> 01:01:03,600
Mm, and you've got other defy 
and you've got other 

1127
01:01:03,600 --> 01:01:07,500
applications that are working 
that can generate transactions. 

1128
01:01:07,600 --> 01:01:11,300
So then it just becomes what new
applications will generate 

1129
01:01:11,300 --> 01:01:13,900
transactions. 
And that's what I look for D Phi

1130
01:01:13,900 --> 01:01:19,100
and then of teas are no longer 
enough for it to for it to just 

1131
01:01:19,100 --> 01:01:20,800
say, Okay this makes it a 
no-brainer. 

1132
01:01:20,900 --> 01:01:23,400
We have to see the following 
transactions and that's why I've

1133
01:01:23,400 --> 01:01:25,700
said we're in a lull period. 
Just like we were on the 

1134
01:01:25,700 --> 01:01:28,900
internet where after e-commerce 
and search engines and some 

1135
01:01:28,900 --> 01:01:32,600
basic stuff, it took some time 
for and some technology 

1136
01:01:32,600 --> 01:01:36,200
advancements for the internet. 
Really just start getting some 

1137
01:01:36,500 --> 01:01:39,500
really Advanced applications 
where people said okay I have to

1138
01:01:39,500 --> 01:01:42,500
use it you know and then mobile 
took it to a next level. 

1139
01:01:42,600 --> 01:01:45,200
Eccentric cetera and that's what
we need in crypto. 

1140
01:01:45,200 --> 01:01:50,000
You need those applications. 
My last question I think is a 

1141
01:01:50,000 --> 01:01:53,400
few months ago when you were 
talking at the at Wharton's 

1142
01:01:53,400 --> 01:01:55,800
blockchain accelerator you 
mentioned that you were 

1143
01:01:55,800 --> 01:01:58,100
recommending that your portfolio
companies. 

1144
01:01:58,100 --> 01:02:00,800
Take a portion of the cash, they
raised put it into u.s. 

1145
01:02:00,800 --> 01:02:04,600
DC and lend it out to start. 
Earning the yield is that still 

1146
01:02:04,600 --> 01:02:07,900
a recommendation you would make 
or has the rising risk-free rate

1147
01:02:07,900 --> 01:02:11,800
and collapsing, defy yields made
that less appealing, way and 

1148
01:02:11,800 --> 01:02:13,000
Regulatory. 
Concerns. 

1149
01:02:13,000 --> 01:02:14,300
Yeah, the regulatory concerns. 
No. 

1150
01:02:14,300 --> 01:02:16,900
But the the the Fallen defy 
rates, yes. 

1151
01:02:17,400 --> 01:02:21,100
But you know, there are still 
places where, you know, you know

1152
01:02:21,100 --> 01:02:23,100
how with stocks. 
You can loan them out and you 

1153
01:02:23,100 --> 01:02:26,000
get paid a vague for a stock 
loan, right? 

1154
01:02:26,000 --> 01:02:29,100
So if I own 100 shares of 
something, I can go to my broker

1155
01:02:29,100 --> 01:02:31,400
and they have a stock loan 
department and the people who 

1156
01:02:31,400 --> 01:02:35,000
want to short it will borrow it 
and you have to pay in order to 

1157
01:02:35,000 --> 01:02:36,200
borrow it. 
Right? 

1158
01:02:36,200 --> 01:02:38,700
Well the same thing happens in 
crypto the exact same thing with

1159
01:02:38,700 --> 01:02:43,800
tokens you know. 
So if I own it And somebody and 

1160
01:02:43,800 --> 01:02:47,700
I don't and somebody in won't, 
but if somebody wants to buy it 

1161
01:02:47,900 --> 01:02:50,200
with the short it, you know, 
they're going to have to pay to 

1162
01:02:50,200 --> 01:02:52,400
borrow it from somebody who owns
it. 

1163
01:02:52,700 --> 01:02:55,400
And so the same thing happens 
with USD. 

1164
01:02:55,400 --> 01:02:59,600
See the same thing happens with 
tether and so I think u.s. 

1165
01:02:59,600 --> 01:03:03,000
DC in particular is stable. 
So we're you know, for myself 

1166
01:03:03,000 --> 01:03:07,000
personally even and companies, 
it's like okay if you guys can 

1167
01:03:07,500 --> 01:03:11,100
integrate do this easily in your
cash management, put some of it 

1168
01:03:11,100 --> 01:03:13,700
in crypto automatically Lee loan
it out. 

1169
01:03:13,700 --> 01:03:17,400
And, you know, if it's on Ave, 
it may only be 2 percent. 

1170
01:03:17,400 --> 01:03:21,600
But if it's through a sec CES 
centralized exchange, you might 

1171
01:03:21,600 --> 01:03:24,300
be able to get six, seven, eight
percent, and at that point in 

1172
01:03:24,300 --> 01:03:26,600
time. 
It's worth it. 

1173
01:03:26,600 --> 01:03:29,400
And I've said this, and I'm 
trying to find somebody to do it

1174
01:03:29,400 --> 01:03:35,200
the right way. 
Integrating QuickBooks into, you

1175
01:03:35,200 --> 01:03:39,100
know, a cash management system. 
That simplifies all that. 

1176
01:03:39,100 --> 01:03:42,300
So that, you know, you sell your
USD, see when you need to pay 

1177
01:03:42,300 --> 01:03:45,200
your Roll and you buy it when 
the revenues come in or your 

1178
01:03:45,200 --> 01:03:48,200
receivables come in and you're 
making that, you know, four, 

1179
01:03:48,200 --> 01:03:51,400
five, six, eight percent that 
can be real money depending on 

1180
01:03:51,400 --> 01:03:54,100
the size of the company, but 
it's also found money that 

1181
01:03:54,100 --> 01:03:58,200
you're not making right now and 
to me there's utility there as 

1182
01:03:58,200 --> 01:04:00,600
well. 
Make sense will cast. 

1183
01:04:00,600 --> 01:04:05,200
You got any other questions? 
No I unfortunately I don't so 

1184
01:04:05,200 --> 01:04:07,200
yeah. 
No no checkmating you mark 

1185
01:04:07,200 --> 01:04:09,900
sorry. 
Where's the crew? 

1186
01:04:14,300 --> 01:04:17,500
We tried, I don't know, I think,
I mean I think we're trying, you

1187
01:04:17,500 --> 01:04:21,900
know, it's better for us to ask 
these questions and hear honest 

1188
01:04:21,900 --> 01:04:26,000
answers from whoever we're 
speaking to and let the audience

1189
01:04:26,000 --> 01:04:28,900
decide how they feel about it. 
I think is kind of, kind of what

1190
01:04:28,900 --> 01:04:29,900
we wanted. 
All right. 

1191
01:04:30,700 --> 01:04:33,600
Yeah, I mean, we'll look at the 
social media and half the people

1192
01:04:33,600 --> 01:04:37,000
think I'm a moron and half, the 
people think most of being a 

1193
01:04:37,000 --> 01:04:39,600
moron and maybe part of what I 
said, was no, I mean, I think 

1194
01:04:39,600 --> 01:04:42,900
you gave some really sound 
arguments Nelly. 

1195
01:04:42,900 --> 01:04:49,600
So yeah, we appreciate you 
coming on so much though. 

1196
01:04:49,600 --> 01:04:51,300
Mark, thank you for, thank you 
for joining us. 

1197
01:04:51,300 --> 01:04:54,300
Really. 
Hey, I love cynic man. 

1198
01:04:54,300 --> 01:04:55,900
I love people who question 
everything. 

1199
01:04:55,900 --> 01:04:59,000
The only way people get better 
and industries and businesses 

1200
01:04:59,000 --> 01:05:02,400
get better is by questioning 
Authority, right? 

1201
01:05:02,400 --> 01:05:05,600
You have to, you have to, you 
have to let me put in one quick 

1202
01:05:05,600 --> 01:05:07,200
plug. 
I'll reply glaze e.com. 

1203
01:05:07,300 --> 01:05:10,700
If you want to, you want to 
highlight your your n FTS use 

1204
01:05:10,700 --> 01:05:15,200
lazy.com, but I dated a company 
called cost-plus drugs.com and 

1205
01:05:15,200 --> 01:05:19,200
what Cost Plus drugs does is 
completely disrupt the whole 

1206
01:05:19,200 --> 01:05:22,200
drug industry. 
So if you have any prescriptions

1207
01:05:22,200 --> 01:05:26,800
at all for any medications, go 
to Cost, Plus drugs.com, if we 

1208
01:05:26,800 --> 01:05:31,600
have it, all of our medications 
are priced at our Cost Plus, 15%

1209
01:05:31,600 --> 01:05:35,000
plus three dollar handling fee 
+5 dollars shipping period, end 

1210
01:05:35,000 --> 01:05:38,800
of story and we're probably less
expensive than your insurance 

1211
01:05:38,800 --> 01:05:42,400
copay and if you don't have 
insurance for definitely less 

1212
01:05:42,600 --> 01:05:45,200
Anything you're spending, you 
know, we're approaching a 

1213
01:05:45,207 --> 01:05:48,900
million customers and we've only
launched in January. 

1214
01:05:48,900 --> 01:05:52,600
So go to Cost Plus drugs.com, 
look up your prescriptions and 

1215
01:05:52,600 --> 01:05:56,000
even if we don't have them sign 
up for an account because you'll

1216
01:05:56,000 --> 01:05:59,500
put in the prescriptions that 
you take medications you take. 

1217
01:05:59,600 --> 01:06:02,500
And when we add them, we're 
always adding new drugs will 

1218
01:06:02,500 --> 01:06:04,300
alert you on it. 
So thanks for letting me do my 

1219
01:06:04,300 --> 01:06:06,000
little pitch for go to cos plus 
drug. 

1220
01:06:06,500 --> 01:06:09,100
And again, thank you so much for
joining us today. 

1221
01:06:09,200 --> 01:06:11,000
That was, it was a great 
conversation. 

1222
01:06:11,500 --> 01:06:13,100
I enjoyed it, too. 
Thanks. 

1223
01:06:14,000 --> 01:06:19,100
Hmm. 
Hey, since Mark, Cuban was 

1224
01:06:19,100 --> 01:06:22,600
allowed to do his pitch. 
Apparently BT has informed me 

1225
01:06:22,600 --> 01:06:29,600
that my role has shifted from 
CFO co-founder and co-host to 

1226
01:06:29,600 --> 01:06:35,500
now being Chief add reader. 
It seems like a downgrade fine 

1227
01:06:35,500 --> 01:06:39,800
with it. 
I guess I'll read the copy here,

1228
01:06:41,300 --> 01:06:44,600
as Chief add reader. 
I'd like to say that we have 

1229
01:06:44,600 --> 01:06:47,600
won. 
Trillion subscribers on YouTube.

1230
01:06:48,000 --> 01:06:51,100
Okay Bennett is a data scientist
so I apologize. 

1231
01:06:51,100 --> 01:06:54,600
There's obviously not a trillion
people in the world or that many

1232
01:06:54,600 --> 01:06:57,800
people on YouTube. 
Obviously continue. 

1233
01:06:58,500 --> 01:07:01,100
And we have fifteen trillion 
subscribers, across various 

1234
01:07:01,100 --> 01:07:07,100
podcasting platforms. 
Whatever, if you hit the like or

1235
01:07:07,100 --> 01:07:11,400
subscribe button and leave a 
review, we promised to buy casts

1236
01:07:11,400 --> 01:07:14,900
a dog house to sleep in. 
Okay, cool. 

1237
01:07:15,100 --> 01:07:18,500
Cool. 
Well hit like subscribe, 

1238
01:07:18,500 --> 01:07:20,000
YouTube. 
I don't know this.