1 00:00:01,500 --> 00:00:03,100 Welcome. Welcome back everyone. 2 00:00:03,200 --> 00:00:07,900 I am Caspian Sea and I'm joined as usual by my partner in crime. 3 00:00:08,200 --> 00:00:11,500 Who's sitting right across from me today, that part's not usual 4 00:00:11,500 --> 00:00:14,400 know that is very unusual. Mr. Bennett Tomlin. 5 00:00:14,400 --> 00:00:16,300 How are you today? I hate know the answer. 6 00:00:16,300 --> 00:00:17,600 I'm doing great. How are you doing? 7 00:00:17,600 --> 00:00:21,900 Casts doing good. We've had a long day but we have 8 00:00:22,000 --> 00:00:24,400 more to talk about. Feels like we've been talking 9 00:00:24,700 --> 00:00:29,400 all all day, but we have a lot to talk about today. 10 00:00:30,400 --> 00:00:33,500 So let's get started. Um all of the Auditors seem to 11 00:00:33,500 --> 00:00:37,000 be Vanishing from the cryptocurrency industry which is 12 00:00:37,400 --> 00:00:39,800 you know for such a vibrant Innovative scene. 13 00:00:39,800 --> 00:00:41,900 You would expect that the Auditors would want to be a part 14 00:00:41,900 --> 00:00:45,100 of it so why don't you why don't you get us started? 15 00:00:45,900 --> 00:00:49,400 Well, I guess let's start with finances. 16 00:00:49,400 --> 00:00:54,500 Auditors, Masters, who was also used to sign off on the Trump 17 00:00:55,200 --> 00:01:00,100 financial statements and now now and then they started doing 18 00:01:00,200 --> 00:01:04,200 Sorry, finances proof of Reserve statements, which they are what 19 00:01:04,200 --> 00:01:05,099 they are. You know. 20 00:01:05,400 --> 00:01:08,300 And now they after doing one of those have decided that 21 00:01:08,300 --> 00:01:10,700 cryptocurrency is too risky for them. 22 00:01:11,700 --> 00:01:15,600 Which you know, says it's something we don't have to get 23 00:01:15,600 --> 00:01:19,500 into exactly what it says but it says something there's other. 24 00:01:20,100 --> 00:01:24,300 There's other Prager metis is the other one that is absolutely 25 00:01:24,300 --> 00:01:26,900 100% confirmed. I believe to be quitting. 26 00:01:26,900 --> 00:01:28,700 The cryptocurrency industry. Is that right? 27 00:01:29,700 --> 00:01:35,200 Yeah, that they were there. Supposedly they were the first 28 00:01:35,200 --> 00:01:39,600 metaverse Auditors and even they have decided that it is too much 29 00:01:39,600 --> 00:01:43,600 for them to be in the cryptocurrency space. 30 00:01:44,500 --> 00:01:49,300 They can't do it anymore. Yeah, not again, not not super 31 00:01:49,300 --> 00:01:52,700 surprising. What do we got? 32 00:02:03,600 --> 00:02:06,400 I don't know what we're gonna do about that. 33 00:02:10,400 --> 00:02:13,400 Okay, so regardless the other one that I want to talk about is 34 00:02:14,300 --> 00:02:20,200 one confirmed seemingly but is our Menino which Forbes reported 35 00:02:20,200 --> 00:02:26,500 with two sources uncannily like unknown sources but two sources 36 00:02:26,500 --> 00:02:31,700 claim that our Menino which was like the king of getting 37 00:02:31,700 --> 00:02:35,900 involved with Currency companies was also deciding to wind up 38 00:02:35,900 --> 00:02:41,600 there cryptocurrency business. They do real-time reserves for 39 00:02:41,600 --> 00:02:47,400 TUSD and neck so so I don't know what those two companies are 40 00:02:47,400 --> 00:02:49,400 going to do, maybe, I guess nothing. 41 00:02:49,400 --> 00:02:50,800 They don't have to do anything, do they? 42 00:02:51,100 --> 00:02:53,500 They never had to do this in the first place, right? 43 00:02:54,100 --> 00:02:57,800 So, yeah. Pretty Prager metis. 44 00:02:58,600 --> 00:03:05,900 Are Menino and Hey, Theo has arisen and last Masters and then 45 00:03:05,900 --> 00:03:11,500 the last one is BDO who again, unconformity, but the suggestion 46 00:03:11,500 --> 00:03:14,300 has been that. It looks like they are also 47 00:03:14,300 --> 00:03:16,500 going to wind up there cryptocurrency. 48 00:03:20,300 --> 00:03:26,300 Auditing Services which we know exactly who claims to be using 49 00:03:26,300 --> 00:03:29,500 video and loves to brag about it which is tether. 50 00:03:29,600 --> 00:03:33,800 So if If they're getting abandoned, what does that mean 51 00:03:33,800 --> 00:03:35,500 for together? I think, is the question. 52 00:03:36,200 --> 00:03:39,800 Well especially since tether is legally audit or legally, 53 00:03:39,800 --> 00:03:43,200 obligated to provide these assurances under the New York 54 00:03:43,200 --> 00:03:46,300 attorney, general. And so more came in, can't do 55 00:03:46,300 --> 00:03:48,600 them anymore. Mha can't do them anymore. 56 00:03:49,000 --> 00:03:52,600 The only people that are left. Like, who's left where they 57 00:03:52,600 --> 00:03:55,300 going to get their assurances from Scientology? 58 00:03:56,200 --> 00:04:01,000 Well, I'm I'm, I'm fascinated by the idea that this is gonna 59 00:04:01,000 --> 00:04:04,100 happen. The I don't know what they would 60 00:04:04,100 --> 00:04:07,500 do, maybe they go revert back to their top. 12 auditor that they 61 00:04:07,600 --> 00:04:11,200 briefly were bragging about. I'm not exactly sure if I go to 62 00:04:11,200 --> 00:04:13,600 their transparency page. No that's not going to have it o 63 00:04:13,600 --> 00:04:15,200 is it? Reports and reserves. 64 00:04:16,100 --> 00:04:19,000 There we go. So let's look at all of them. 65 00:04:19,000 --> 00:04:20,300 How many of they had done so far? 66 00:04:20,300 --> 00:04:23,100 One that certainly doesn't count. 67 00:04:23,100 --> 00:04:25,700 One, two, three, four, five, six, seven, eight. 68 00:04:27,600 --> 00:04:35,900 That is So they're almost done. In February of next year, tether 69 00:04:35,900 --> 00:04:38,400 essentially no longer has to do these assurances, right? 70 00:04:38,600 --> 00:04:41,000 According to the New York attorney general's deal. 71 00:04:41,200 --> 00:04:44,500 Yeah, they had to do two years and after that they're free they 72 00:04:44,500 --> 00:04:48,100 can go back to getting lawyers to sign letters getting their 73 00:04:48,100 --> 00:04:51,600 Bank to sign letters ignoring it entirely. 74 00:04:51,700 --> 00:04:54,000 Like I wonder if that's what they do. 75 00:04:54,100 --> 00:04:55,600 I mean they're right at the tail end of this. 76 00:04:55,600 --> 00:04:58,200 If video decides to quit on them. 77 00:04:59,600 --> 00:05:01,600 No fine, Howard. How are they supposed to have 78 00:05:01,600 --> 00:05:04,600 unrivaled transparency? Then I mean, do they need 79 00:05:04,600 --> 00:05:06,700 unrivaled transparency? At that point. 80 00:05:08,100 --> 00:05:10,800 Um, I don't know what their, I don't know, I don't know. 81 00:05:10,800 --> 00:05:13,100 With unrivalled. Transparency means for them. 82 00:05:13,100 --> 00:05:14,500 Right? And I don't know what their, I 83 00:05:14,500 --> 00:05:15,500 don't know what they're actually off. 84 00:05:15,500 --> 00:05:18,300 I don't know what they're actually offering of value 85 00:05:18,300 --> 00:05:21,500 besides. Not, you know, not being 86 00:05:22,100 --> 00:05:24,200 properly audited. Like, I don't think their 87 00:05:24,200 --> 00:05:28,300 transparency is what is driving, any use case for them period. 88 00:05:29,400 --> 00:05:31,900 Yeah, but like broadly, there were only a few firms, who would 89 00:05:31,900 --> 00:05:34,500 do anything like audit firms, who would do anything in the 90 00:05:34,508 --> 00:05:38,200 crypto space, and we're talking about four of that select few, 91 00:05:38,200 --> 00:05:40,500 who would do anything. And they have all basically 92 00:05:40,500 --> 00:05:42,300 said, no, this is too risky for us. 93 00:05:42,600 --> 00:05:45,700 This is not worth it in there. All withdrawing from the space. 94 00:05:47,500 --> 00:05:50,300 It says something, you know, I don't know what it, I don't know 95 00:05:50,300 --> 00:05:52,400 what it'll end up meaning, I don't know if there's other 96 00:05:52,400 --> 00:05:55,700 Auditors who will end up taking these people's place, it is 97 00:05:55,700 --> 00:05:57,600 curious why all of them are quitting at once. 98 00:05:57,900 --> 00:06:00,400 I guess it's not, everyone's just gonna say it's FTX, I don't 99 00:06:00,400 --> 00:06:02,800 know if it's, I you would think that. 100 00:06:02,800 --> 00:06:08,400 So when we've seen other odd accounting fraud, like with 101 00:06:08,400 --> 00:06:16,600 Arthur Andersen in the late 90s and early aughts, Not every 102 00:06:16,600 --> 00:06:19,000 accounting. Firm was getting slapped in 103 00:06:19,300 --> 00:06:22,000 smashed with fines. They weren't all committing, 104 00:06:22,000 --> 00:06:26,300 massive frauds at the time so I'm wondering like are they all 105 00:06:26,300 --> 00:06:27,800 bouncing? Because they all feel like they 106 00:06:27,800 --> 00:06:32,800 might Be doing like the same, they might all get in some 107 00:06:32,800 --> 00:06:35,900 serious trouble right now, all of them, like, I'm genuinely 108 00:06:35,900 --> 00:06:39,000 curious, I think there's a possibility that they're trying 109 00:06:39,000 --> 00:06:41,900 to avoid them potentially getting in trouble. 110 00:06:43,000 --> 00:06:45,200 One of the things that's interesting to me is Francine 111 00:06:45,200 --> 00:06:47,800 McKenna and we've had on this show before a tree. 112 00:06:47,800 --> 00:06:51,500 The Auditors on Twitter was tweeting about one of the 113 00:06:51,500 --> 00:06:54,500 challenges for Auditors when you're assigned to audit like 114 00:06:54,500 --> 00:06:57,300 ft. Exes were one entity in these 115 00:06:57,300 --> 00:07:02,700 where it is a A. Combination of different related 116 00:07:02,700 --> 00:07:05,900 parties just auditing that entity doesn't actually give you 117 00:07:05,900 --> 00:07:08,200 that much insight. And this is the thing we talked 118 00:07:08,200 --> 00:07:11,400 about when David Morris was on to talk Enron is because of all 119 00:07:11,400 --> 00:07:14,200 the related party transactions. The Auditors didn't actually 120 00:07:14,200 --> 00:07:18,900 have a good understanding of the financial reality and Worldcom 121 00:07:18,900 --> 00:07:21,500 is a little bit different because they were just outright 122 00:07:21,500 --> 00:07:23,900 like creating numbers in their accounting system, that didn't 123 00:07:23,900 --> 00:07:26,000 make sense, but so is ft x, right? 124 00:07:26,000 --> 00:07:28,500 Yeah. And so maybe FTX made these 125 00:07:28,500 --> 00:07:30,900 Auditors realize, oh no, we were doing the same thing. 126 00:07:31,100 --> 00:07:33,900 You've done before in that, we fucked up before and we got to 127 00:07:33,900 --> 00:07:38,200 stop doing that before someone gets turned into Accenture 2.0. 128 00:07:38,300 --> 00:07:39,900 Hmm. Well, I mean, this might bring 129 00:07:39,900 --> 00:07:49,700 us to our next point which is financed which used excuse me. 130 00:07:49,700 --> 00:07:51,400 That I don't remember which auditing firm. 131 00:07:51,400 --> 00:07:55,200 It is matters. Is who did their proof of use 132 00:07:55,200 --> 00:07:58,100 measures to do their proof of reserves that proof of reserves 133 00:07:58,100 --> 00:08:04,200 was taken offline. But the entire sub domain firm 134 00:08:04,200 --> 00:08:07,300 answers, crypto business was just white gone, just gone. 135 00:08:07,600 --> 00:08:15,800 So, um, I am I guess, yeah, I'm wondering what could cause that 136 00:08:15,800 --> 00:08:19,600 but then I'm also thinking we heard from apparently, the CFO 137 00:08:19,800 --> 00:08:24,800 of Finance, right? We heard that, the CFO said the 138 00:08:24,800 --> 00:08:26,900 previous CFO. Sorry, not the currency about 139 00:08:26,900 --> 00:08:29,300 the previous CFO of binary answer it CFO. 140 00:08:29,400 --> 00:08:35,600 I have no idea. the previous seat CFO said that they'd never 141 00:08:35,600 --> 00:08:41,900 been shown the full financial documents which I don't, it's 142 00:08:41,900 --> 00:08:45,400 hard to imagine that looks like it's absurd. 143 00:08:45,800 --> 00:08:49,800 It is blowing my mind to imagine being the Chief Financial 144 00:08:49,800 --> 00:08:55,300 Officer of an entity valued at many billions of dollars, doing 145 00:08:55,300 --> 00:08:59,500 like tens of billions of dollars in trades monthly and you're not 146 00:08:59,500 --> 00:09:02,400 allowed to see the books. What what is your role in the 147 00:09:02,408 --> 00:09:04,400 organization? What do you actually do? 148 00:09:06,000 --> 00:09:09,000 Well, I mean, so, I think this is where we get back to what? 149 00:09:10,800 --> 00:09:12,700 Like what the role of an auditor is. 150 00:09:12,700 --> 00:09:16,600 Like it's funny because we reflect on it and then a full 151 00:09:16,600 --> 00:09:19,500 audit is a procedure that takes a long time. 152 00:09:19,500 --> 00:09:22,800 You have to like, go through all of the all of the entries, all 153 00:09:22,800 --> 00:09:26,200 of the ledgers, you have to figure out who was spending, 154 00:09:26,200 --> 00:09:30,500 what for what, who was buying, what for, what do the numbers 155 00:09:30,500 --> 00:09:33,100 match up with like, are you solvent? 156 00:09:33,400 --> 00:09:36,400 These are like questions that can actually only be answered 157 00:09:36,600 --> 00:09:40,100 with a full audit and so you and I were talking About this. 158 00:09:40,100 --> 00:09:44,200 And I was like, why are we? I guess we address this with 159 00:09:44,200 --> 00:09:47,000 Francine. Mmm but I was like, why, why are 160 00:09:47,000 --> 00:09:49,700 we seeing so much of this at a station? 161 00:09:49,700 --> 00:09:55,200 Assurance is like all this stuff that definitely is not an audit. 162 00:09:55,800 --> 00:09:57,700 Well, the answer is because they can't get audits. 163 00:09:59,100 --> 00:10:01,600 The more interesting question is, why can't these firms get 164 00:10:01,600 --> 00:10:04,400 audit? Is it because these firms are 165 00:10:04,400 --> 00:10:08,400 just stricken with fear about this new unproven 12 year old 166 00:10:08,400 --> 00:10:12,100 technology that they just can't wrap their heads around or is it 167 00:10:12,100 --> 00:10:16,400 that many of these firms have operated at Best in very gray, 168 00:10:16,400 --> 00:10:20,500 areas in order to continue their operations while we still have 169 00:10:22,000 --> 00:10:26,300 Grant Thornton auditing USD coin for the time being. 170 00:10:26,300 --> 00:10:27,900 Yeah. But now that Circle canceled 171 00:10:27,900 --> 00:10:30,200 their Back circles, probably not actually going to keep doing 172 00:10:30,200 --> 00:10:33,400 audits to just going to keep you in debt to stations because 173 00:10:33,400 --> 00:10:36,000 well, they were doing this back. They had to file with the SEC 174 00:10:36,000 --> 00:10:41,300 like their actual audited. Statements yes audited annually 175 00:10:41,300 --> 00:10:43,200 and subject to review by the SEC. 176 00:10:44,900 --> 00:10:50,600 I see huh? Yeah, that isn't up as like it 177 00:10:50,700 --> 00:10:52,400 but your foes they go. You're good. 178 00:10:53,900 --> 00:10:56,800 That is interesting. I hadn't thought about that. 179 00:10:57,000 --> 00:11:02,700 I do wonder if like now the now the go-to is just like Audit. 180 00:11:02,700 --> 00:11:06,200 Why like why would we get in at a station and assurance and 181 00:11:06,200 --> 00:11:08,800 audit? Why bother like, what are you 182 00:11:08,800 --> 00:11:10,700 really accomplishing? I guess they can keep 183 00:11:10,700 --> 00:11:12,200 accomplished trying to accomplish this. 184 00:11:12,400 --> 00:11:17,700 They can keep attempting to I don't know push whatever. 185 00:11:17,700 --> 00:11:22,300 This is on the greater public and expect everybody to kind of 186 00:11:22,300 --> 00:11:24,900 believe it. Maybe I don't know but like 187 00:11:25,000 --> 00:11:27,200 clearly it didn't work for buying ants kind of shot them in 188 00:11:27,200 --> 00:11:29,900 the foot. I would say really backfired for 189 00:11:29,900 --> 00:11:37,000 them almost but what is going on with Finance now, I think that I 190 00:11:37,000 --> 00:11:45,800 don't know, it's it seems like a lot. yes, it's they keep seeming 191 00:11:45,800 --> 00:11:50,200 to be behaving strangely likes easy going, watch out for 192 00:11:50,200 --> 00:11:53,700 exchanges, making big transfers before proof of reserves and 193 00:11:53,700 --> 00:11:56,000 then like two days later he's like, oh no, all these big 194 00:11:56,000 --> 00:11:58,700 transfers were doing or because we're trying to do our proof of 195 00:11:58,700 --> 00:12:04,700 reserves and then like it's it's kind of inexplicable the things 196 00:12:04,700 --> 00:12:08,000 he's been doing and the way they've been behaving, they got 197 00:12:08,000 --> 00:12:10,500 this one proof of reserves and now aren't going to be able to 198 00:12:10,500 --> 00:12:15,700 get any more for a while and, and You were looking a little 199 00:12:15,700 --> 00:12:17,600 more into the past of Finance recently. 200 00:12:17,600 --> 00:12:19,300 Well, I wanted to bring to talk a bit about that. 201 00:12:19,300 --> 00:12:22,300 Yeah, I wanted to bring that up because I was seeing him tweet 202 00:12:22,300 --> 00:12:26,000 about how they had no debt. They were, I don't know if he 203 00:12:26,000 --> 00:12:27,400 was quote. No, he's doing an interview. 204 00:12:27,400 --> 00:12:29,800 They have no debt. They have no investment. 205 00:12:29,800 --> 00:12:34,800 Like, no investors in by Nance. And then I just was, like, wait, 206 00:12:34,800 --> 00:12:37,000 is that even true? I was just like, I want to fact 207 00:12:37,000 --> 00:12:39,900 check that. And the reality is like, no, 208 00:12:39,900 --> 00:12:42,500 it's not true. They do have investors but it's 209 00:12:42,500 --> 00:12:48,200 like for a totally Like stupid amount of money, it's for 88888 210 00:12:48,200 --> 00:12:50,500 dollars. Now being talked about why that 211 00:12:50,500 --> 00:12:55,100 is mainly simply just Chinese superstitious Superstition. 212 00:12:55,100 --> 00:13:01,400 Like it's a lucky number, so, you know, 88888 but why three 213 00:13:01,400 --> 00:13:04,800 funds were able to invest in the finance series? 214 00:13:04,800 --> 00:13:09,500 A that took place on September 1st 2017? 215 00:13:09,700 --> 00:13:12,000 Apparently, I like it. I don't know. 216 00:13:12,000 --> 00:13:17,000 I guess so. But it was a very, very small 217 00:13:17,000 --> 00:13:19,400 amount of money and it was three firms. 218 00:13:19,900 --> 00:13:23,900 One of these firms is called black hole Capital because, of 219 00:13:23,900 --> 00:13:27,800 course it is almost as good as the name is Wormhole. 220 00:13:28,300 --> 00:13:32,300 And what's interesting about this is that black hole Capital 221 00:13:32,700 --> 00:13:37,100 basically only made investments in 2016 and 2017, they made one 222 00:13:37,100 --> 00:13:41,000 investment in 2018, one investment in 2020, but they 223 00:13:41,000 --> 00:13:44,100 have it seems like they're gone. I'm not sure if they're gone or 224 00:13:44,100 --> 00:13:46,800 not, but It seems like they don't exist any longer. 225 00:13:46,800 --> 00:13:51,400 So that's one of the But one of the fun forms. 226 00:13:51,400 --> 00:13:53,500 Yeah, then the second one is fun city. 227 00:13:53,500 --> 00:13:59,400 Capital fun city capital also seems to only have invested in 228 00:13:59,400 --> 00:14:03,900 2017 and 2018 they did one again, one investment in 2020. 229 00:14:04,600 --> 00:14:07,900 So fun city capital. These are both Chinese 230 00:14:07,900 --> 00:14:11,100 china-based funds by the way, not that I mean it doesn't 231 00:14:11,100 --> 00:14:15,600 matter but it matters a little bit with how hard CZ tries to 232 00:14:15,600 --> 00:14:18,200 pretend there's no connections between finance and China. 233 00:14:18,600 --> 00:14:20,600 It matters a little bit. That that's where the money was 234 00:14:20,600 --> 00:14:21,900 coming from. I think that's right. 235 00:14:21,900 --> 00:14:24,200 And I do think we were talking about what it what this 236 00:14:24,500 --> 00:14:26,900 potentially could be, because it's not real Equity. 237 00:14:26,900 --> 00:14:29,800 Like there's not a lot of equity that these people hold for this 238 00:14:29,800 --> 00:14:34,100 little amount of money, or maybe it's more, it's outsized Equity. 239 00:14:34,100 --> 00:14:39,600 I have no idea really. But like, either way, I think 240 00:14:39,600 --> 00:14:44,700 it's, it seems like Quan Chi, which is kind of like you 241 00:14:44,700 --> 00:14:48,800 scratch my back. I'll scratch yours deal in China 242 00:14:48,800 --> 00:14:52,000 with its It's just kind of quid pro quo, kind of working 243 00:14:52,000 --> 00:14:57,300 together to make business of reality anyway. 244 00:14:57,400 --> 00:14:59,900 So these are two out of three of the funds that got in got an 245 00:14:59,900 --> 00:15:03,800 investment, both of them seem to have vanished and then the last 246 00:15:03,800 --> 00:15:07,800 one and we also have financing that they're not a part of the 247 00:15:07,800 --> 00:15:10,200 us at all. Well, one of the investors is a 248 00:15:10,208 --> 00:15:13,300 company called Limitless crypto Investments, which is located in 249 00:15:13,500 --> 00:15:18,000 Houston, Texas, the founder, Matthew Jordan American, dude, 250 00:15:19,000 --> 00:15:23,300 they Only made investments in 2017 and 2018 they have been 251 00:15:23,300 --> 00:15:30,000 gone for four plus years now. And so I guess the question is 252 00:15:30,700 --> 00:15:34,300 what are these companies? Why did they invest in finance 253 00:15:34,600 --> 00:15:38,600 and why did Finance let them invest? 254 00:15:40,600 --> 00:15:46,200 I think that the fact that they decided to do an equity round 255 00:15:46,400 --> 00:15:52,300 for such a de minimis amount for not even one engineer salary for 256 00:15:52,300 --> 00:15:54,900 one year. It's clearly not actually about 257 00:15:54,900 --> 00:15:59,200 capitalizing by Nance and so because of that, they are now in 258 00:15:59,200 --> 00:16:04,300 a position like so and as you mentioned the amount is 259 00:16:04,300 --> 00:16:08,600 symbolic, it's lucky. So I think the implication of 260 00:16:08,600 --> 00:16:12,400 them having this Equity round is because they were trying to 261 00:16:13,800 --> 00:16:17,400 maintain important relationships and they thought that these 262 00:16:17,400 --> 00:16:20,500 entities were ones who would be valuable to have a lined with 263 00:16:20,500 --> 00:16:22,600 them from the beginning. At least, that's the only way I 264 00:16:22,608 --> 00:16:25,500 can interpret them doing that low of an investment. 265 00:16:26,000 --> 00:16:30,700 It's it's really weird. I don't really know how to 266 00:16:30,700 --> 00:16:33,000 interpret it period other than what you said. 267 00:16:34,800 --> 00:16:37,500 It's confusing. I'm like I'm not I'm not 268 00:16:37,500 --> 00:16:38,900 exactly. I tried to get in touch with 269 00:16:38,900 --> 00:16:41,300 some of these guys. I haven't been able to reach 270 00:16:41,300 --> 00:16:43,400 them. Their websites seem to be very 271 00:16:43,500 --> 00:16:48,000 Very much dead. Their Investments are pretty 272 00:16:48,000 --> 00:16:51,200 poor for the most part, you know, they invest in like Ren. 273 00:16:53,400 --> 00:16:57,200 I'm looking at Limitless has stuff right now and let's see, 274 00:16:57,500 --> 00:16:59,700 Power Ledger. I don't even know what that is. 275 00:16:59,800 --> 00:17:04,599 But okay, Power Ledger, tase owes Republic protocol one 276 00:17:04,599 --> 00:17:08,000 chain. Wasn't that from 2017 one chain? 277 00:17:08,800 --> 00:17:12,000 I don't remember, man. 2017 was half a decade ago. 278 00:17:12,800 --> 00:17:16,400 We've been doing this for Half a decade Finance exchange is 279 00:17:16,400 --> 00:17:18,099 listed as their Investments as well. 280 00:17:18,900 --> 00:17:22,000 So yeah, I don't and I think all of it is just really confusing. 281 00:17:22,099 --> 00:17:25,800 Also, he clearly maybe they've exited but none of them, it 282 00:17:25,800 --> 00:17:29,600 doesn't show exits from any of their Finance Investments. 283 00:17:29,800 --> 00:17:33,400 So I'm not sure about that. Well, in which corporate entity 284 00:17:33,400 --> 00:17:36,800 did they invest in and does that entity still exists is that 285 00:17:36,800 --> 00:17:40,500 entity still a part of Finance Finance has switched like 286 00:17:40,500 --> 00:17:43,400 countries entities, everything like six times. 287 00:17:43,500 --> 00:17:47,000 Times may be the current Finance corporate structure doesn't have 288 00:17:47,000 --> 00:17:49,500 any Equity investors maybe. When they restructure, they 289 00:17:49,500 --> 00:17:52,600 either wipe them out or bought them out or did whatever they 290 00:17:52,600 --> 00:17:55,000 had to do. Maybe CZ is telling the truth. 291 00:17:55,700 --> 00:17:58,600 So and this was a naive question that I asked you the other day. 292 00:17:58,600 --> 00:18:01,500 Because I was also thinking about how there's by Nance Labs 293 00:18:01,700 --> 00:18:04,300 outside of, because he's talking about how there's no investments 294 00:18:04,300 --> 00:18:07,600 in by Nance and I was like well by Nance Labs exists and like 295 00:18:07,600 --> 00:18:10,300 what's the deal with that? And it's like, I guess it's 296 00:18:11,100 --> 00:18:14,600 supposed to be entirely separate from Finance itself, right? 297 00:18:14,900 --> 00:18:19,400 These should not be yes. Like by Nancy, u.s. is totally 298 00:18:19,400 --> 00:18:21,300 separate from by Nancy. Even though we saw some 299 00:18:21,300 --> 00:18:24,100 interesting transactions happening with that this past 300 00:18:24,100 --> 00:18:25,900 week. Let's so yeah. 301 00:18:25,900 --> 00:18:28,800 And what your I'm going to pull you away from mine and slabs for 302 00:18:28,800 --> 00:18:30,500 a second and we can go back. I promise fine. 303 00:18:30,500 --> 00:18:34,200 That's fine. But Finance u.s. is buying 304 00:18:34,200 --> 00:18:36,000 voyagers assets. Yeah. 305 00:18:36,000 --> 00:18:39,500 Guaranteeing their liabilities assuming the court accepts it 306 00:18:41,100 --> 00:18:44,000 It's a weird interesting to me because originally coined as 307 00:18:44,000 --> 00:18:46,900 reported that Finance was the one considering it and it was by 308 00:18:46,900 --> 00:18:49,700 Nance that was originally putting in the offer before ft x 309 00:18:49,700 --> 00:18:52,300 one. And like by Nan slabs, as you 310 00:18:52,300 --> 00:18:54,000 mentioned is their Venture Capital arm. 311 00:18:54,000 --> 00:18:56,500 The one you would expect to be doing Investments you know 312 00:18:56,500 --> 00:18:59,500 expect the exchange itself to necessarily be doing Investments 313 00:18:59,900 --> 00:19:03,600 and then instead of by Nance it's Finance us which is 314 00:19:03,600 --> 00:19:07,200 challenging for me because the reason you would buy a defunct 315 00:19:07,200 --> 00:19:10,100 lending platform is because you decide that whatever the gap 316 00:19:10,100 --> 00:19:14,200 between assets, Liabilities is it's worth closing because the 317 00:19:14,200 --> 00:19:16,200 customer relationships, the customer data. 318 00:19:16,200 --> 00:19:19,800 Whatever is going to be more valuable but by Nance u.s. 319 00:19:19,800 --> 00:19:24,300 shouldn't be able to service a lot of the customers of Voyager 320 00:19:24,300 --> 00:19:26,900 because Voyager wasn't like exclusively in the United 321 00:19:26,900 --> 00:19:29,100 States. It was out of Canada on a ton of 322 00:19:29,100 --> 00:19:33,300 their kind of their clients and stuff, we're not in the US. 323 00:19:33,600 --> 00:19:36,900 So what Finance u.s. is going to have a bunch of new customers 324 00:19:36,900 --> 00:19:40,200 who can't use by Nancy us. And then, because by Nancy, u.s. 325 00:19:40,200 --> 00:19:41,100 is totally. Separate. 326 00:19:41,100 --> 00:19:43,500 They're definitely not going to direct them all to finance. 327 00:19:43,500 --> 00:19:47,700 Right? Like, it's, it's confusing. 328 00:19:47,700 --> 00:19:51,700 Yeah, Voyager was Canadian and listed on a on the Canadian 329 00:19:51,700 --> 00:19:53,400 Stock Exchange. Right? 330 00:19:53,400 --> 00:19:56,200 Am I getting that right? Yes, I don't know. 331 00:19:56,600 --> 00:20:01,200 It is it is, it is difficult to parse why they would do this. 332 00:20:02,800 --> 00:20:06,500 I know his suggestion is, hey, hey Burrito, cut it out. 333 00:20:17,900 --> 00:20:25,200 Cats man, I love my cat but anyway sorry I lost my train of 334 00:20:25,200 --> 00:20:29,100 thought there. Yeah, okay so it's confusing to 335 00:20:29,100 --> 00:20:31,400 me. It's confusing to me why Finance 336 00:20:31,400 --> 00:20:34,300 us would buy this Canadian company. 337 00:20:35,600 --> 00:20:39,300 And how they intend to utilize this in a positive way for 338 00:20:39,300 --> 00:20:41,200 themselves. That's, that's the business 339 00:20:41,200 --> 00:20:43,800 question, right? Because it's not about like, oh, 340 00:20:44,100 --> 00:20:46,700 is this to help the customer? Because I never believed that 341 00:20:46,700 --> 00:20:49,500 when these CEOs, or whatever, say it's to help the people. 342 00:20:49,500 --> 00:20:52,300 Like, no, it's not. I need to understand why this 343 00:20:52,300 --> 00:20:53,900 helps your bottom line. I'm not sure. 344 00:20:53,900 --> 00:20:58,400 I totally understand that with this, but let me get back to 345 00:20:58,408 --> 00:21:01,500 this other point, which was binding on slabs, which has a 346 00:21:01,500 --> 00:21:05,700 fun named startup fund. So they gave that a lot of 347 00:21:05,700 --> 00:21:08,300 thought. Well, now they also have the 348 00:21:08,300 --> 00:21:13,300 Industry Recovery Fund. Well, is that from Finance Labs? 349 00:21:13,300 --> 00:21:14,900 Yes. Oh, well, that hasn't been 350 00:21:14,900 --> 00:21:16,800 listed yet. Okay that's good. 351 00:21:16,800 --> 00:21:19,600 Is it as it probably hasn't actually been set up? 352 00:21:19,900 --> 00:21:22,500 The probably never actually set up like an entity for the fund. 353 00:21:22,500 --> 00:21:24,800 It was just easy going. Yeah, maybe we'll throw some 354 00:21:24,800 --> 00:21:27,600 money in their wallet as they're confirmed wallet for the, for 355 00:21:27,600 --> 00:21:29,600 that fun. I don't think so. 356 00:21:29,600 --> 00:21:32,700 And they're not using that to do to do this purchase as they 357 00:21:32,700 --> 00:21:36,900 haven't said, they are as far as we And also that would eat away 358 00:21:36,900 --> 00:21:40,900 the entire half of it, I would eat away half of the Recovery 359 00:21:40,900 --> 00:21:42,800 Fund that they had created, right. 360 00:21:44,300 --> 00:21:47,900 Is it the only doing 500 million for Voyager that they're bit? 361 00:21:48,000 --> 00:21:50,600 I thought they were paying a billion and their Industry 362 00:21:50,600 --> 00:21:53,400 Recovery Fund was a billion. It's too, isn't it isn't that 363 00:21:53,408 --> 00:21:55,300 their claim? I thought the goal was that, 364 00:21:55,300 --> 00:21:57,600 eventually they'd find other people ended up to that get, 365 00:21:57,600 --> 00:22:00,100 they never found other people. Fair enough. 366 00:22:00,200 --> 00:22:02,600 Okay, so by not Finance Labs has this startup fund. 367 00:22:03,600 --> 00:22:07,000 And there's two investors in it for apparently money, raise 500 368 00:22:07,000 --> 00:22:09,200 million. Apparently, this is all I assume 369 00:22:09,200 --> 00:22:12,100 is all outside capital. I have no idea, actually, but 370 00:22:12,100 --> 00:22:20,800 500 million dollars and the two companies, rdst, Global and 371 00:22:20,900 --> 00:22:27,700 Breyer capital. There. 372 00:22:28,600 --> 00:22:35,500 I mean DST I can't imagine possibly spent half of it. 373 00:22:35,800 --> 00:22:38,800 It didn't spend 250 million dollars on this Briar Capital 374 00:22:38,800 --> 00:22:43,900 has one to ten employees. And I don't know, I don't even 375 00:22:43,900 --> 00:22:49,400 know what they have assets under management but I don't think 376 00:22:49,400 --> 00:22:52,800 that these are ginormous companies so that 500 million 377 00:22:52,900 --> 00:22:55,400 mostly probably came from Finance. 378 00:22:55,400 --> 00:22:56,700 I would assume. Yeah. 379 00:22:59,100 --> 00:23:01,500 Well, maybe by NASA's just making so much money that you 380 00:23:01,500 --> 00:23:03,200 just can't even understand it Cass. 381 00:23:03,200 --> 00:23:06,500 Maybe there's just so many fees and so many opportunities for 382 00:23:06,500 --> 00:23:08,500 money, this is the pushback that we got. 383 00:23:08,700 --> 00:23:10,100 This is the real pushback that we get. 384 00:23:10,100 --> 00:23:12,000 And so, let's, let's actually acknowledge that as like a 385 00:23:12,008 --> 00:23:14,200 possibility. Like, maybe they genuinely are 386 00:23:14,200 --> 00:23:18,500 making so much money that they can dump 500 million dollars 387 00:23:18,500 --> 00:23:21,200 into a fund at once. Like maybe that actually isn't 388 00:23:21,200 --> 00:23:23,300 that much money to. They can't show it to their CFO 389 00:23:23,300 --> 00:23:27,200 that they're doing that, right? And I guess I'm curious. 390 00:23:27,200 --> 00:23:31,800 Why? Why I'm curious why they are not 391 00:23:31,800 --> 00:23:38,200 just hiding their financials. But like, It just doesn't seem 392 00:23:38,200 --> 00:23:41,100 like the most prudent thing to do. 393 00:23:41,700 --> 00:23:44,800 And why are they asking for help to establish these recovery 394 00:23:44,800 --> 00:23:46,900 funds? If they have so much money that 395 00:23:46,900 --> 00:23:49,300 they can just dump 500 million dollars into a start-up fund at 396 00:23:49,300 --> 00:23:51,600 once? It doesn't seem super realistic 397 00:23:51,600 --> 00:23:54,300 to me, but I'm not sure. Maybe I don't have like, they 398 00:23:54,300 --> 00:23:57,200 are the number one Exchange in the world and crypto currency 399 00:23:57,200 --> 00:23:58,600 exchange in the world. Yeah, they're up to what? 400 00:23:58,600 --> 00:24:02,500 Like, 70% of total volume. That's decentralization. 401 00:24:04,400 --> 00:24:08,200 Who doesn't want fine? It's controlling basically the 402 00:24:08,200 --> 00:24:10,700 entire Global Market for cryptocurrencies. 403 00:24:10,900 --> 00:24:13,700 I can't think of anyone who would be better suited for that 404 00:24:13,700 --> 00:24:20,700 job but you have a theory right now about Finance, I'm not sure 405 00:24:20,700 --> 00:24:24,200 if you want to talk about it in full but let's just say, no I 406 00:24:24,200 --> 00:24:26,400 can talk about that. Okay, so there was some writers, 407 00:24:26,400 --> 00:24:29,400 reporting suggesting that a couple of different prosecutors 408 00:24:29,400 --> 00:24:33,100 were ready to indict finance and CZ and money laundering charges. 409 00:24:33,900 --> 00:24:36,400 There was also reporting that the indictment was being held 410 00:24:36,400 --> 00:24:38,300 up. Because of the money laundering 411 00:24:38,300 --> 00:24:41,000 and asset recovery service. Part of the Department of 412 00:24:41,000 --> 00:24:44,000 Justice who needs to sign off on this type of indictment for 413 00:24:44,000 --> 00:24:46,400 money, laundering indictment for something this large. 414 00:24:46,700 --> 00:24:53,300 We also found out that Finance hired, the former head of em 415 00:24:53,300 --> 00:24:57,000 Lars to go and negotiate in Washington, to try to strike a 416 00:24:57,000 --> 00:25:01,800 deal, which is weird. And my gut instinct is that they 417 00:25:01,800 --> 00:25:05,900 are going to be successful in Striking a deal because we saw 418 00:25:05,900 --> 00:25:08,800 with bit mix, right? Like you can violate quite a few 419 00:25:08,800 --> 00:25:11,900 things and as long as you're eventually cooperate, the 420 00:25:11,900 --> 00:25:14,300 prosecutors are going to take the win over the death. 421 00:25:14,400 --> 00:25:18,600 You know they don't want to. And so like Well here here's a 422 00:25:18,608 --> 00:25:21,400 counter that I hadn't thought of when Initially had brought this 423 00:25:21,400 --> 00:25:29,900 up here, the two other people that were subpoenaed or indicted 424 00:25:29,900 --> 00:25:32,000 or whatever with Arthur. Yeah. 425 00:25:32,900 --> 00:25:36,600 Greg Dwyer was the one who went straight up on the like I don't 426 00:25:36,600 --> 00:25:38,700 even know. Did if he eventually got caught. 427 00:25:38,700 --> 00:25:41,300 I think he did. Maybe, I'm not sure, but the 428 00:25:41,300 --> 00:25:47,400 other the other guy, Samuel something he also didn't 429 00:25:47,400 --> 00:25:50,300 immediately get like they were all On the run. 430 00:25:50,300 --> 00:25:54,000 I think at first and I think Arthur was the first one to flip 431 00:25:54,600 --> 00:25:59,000 which again I think if you're the first one to flip it gives 432 00:25:59,000 --> 00:26:02,600 you some room for leniency in the prosecutors eyes, like 433 00:26:03,100 --> 00:26:07,200 Caroline is going to be treated way better than Sam is going to 434 00:26:07,200 --> 00:26:09,400 be. And it's not simply, it's not 435 00:26:09,400 --> 00:26:12,500 because she necessarily did less wrong, who knows? 436 00:26:12,600 --> 00:26:15,500 Yeah. But like it's because she went 437 00:26:15,500 --> 00:26:18,600 straight to New York, turned herself in and said, I'm 438 00:26:18,600 --> 00:26:20,400 talking, I'm Hansel. You everything. 439 00:26:20,400 --> 00:26:21,900 You want to see the secret signal? 440 00:26:21,900 --> 00:26:24,300 Check old wire fraud, I'll show you the secret here. 441 00:26:24,300 --> 00:26:26,100 Yeah. Come on. 442 00:26:26,100 --> 00:26:29,700 You know you want to see it. Oh, I think I think that could 443 00:26:29,700 --> 00:26:31,900 be part of this. And when you look at CZ like 444 00:26:32,900 --> 00:26:36,000 sorry, who's on, who's ahead of him like, who else would they 445 00:26:36,000 --> 00:26:39,900 want to catch besides easy? I can't think of anybody. 446 00:26:40,400 --> 00:26:43,500 I don't even, I don't even know if he actually is in control of 447 00:26:43,500 --> 00:26:47,200 Finance like he is but he isn't. I it seems weird. 448 00:26:47,200 --> 00:26:48,500 I we were talking about that too. 449 00:26:48,600 --> 00:26:51,000 I think he's in control of Finance. 450 00:26:51,000 --> 00:26:56,100 I think he might, I think there might be some people who at 451 00:26:56,100 --> 00:26:58,300 least have a say in what's going on. 452 00:26:58,400 --> 00:27:01,400 And he has to, at least hear them out. 453 00:27:05,200 --> 00:27:08,800 Like people he had to have a special Equity round with very 454 00:27:08,800 --> 00:27:11,300 symbolic number kind of thing. That's those painted reason. 455 00:27:11,300 --> 00:27:13,200 Is that what you're saying? That's something that rings a 456 00:27:13,208 --> 00:27:14,100 bell. Yeah, I mean. 457 00:27:14,100 --> 00:27:17,100 Yeah it's possible. And honestly I think this kind 458 00:27:17,100 --> 00:27:20,400 of segues us into like our last kind of challenging topic we 459 00:27:20,400 --> 00:27:25,000 wanted to talk about today which is like the role of regulators 460 00:27:25,000 --> 00:27:28,200 in like this kind of increasingly globalized thing. 461 00:27:28,200 --> 00:27:31,600 Like what is the appropriate response to a by Nance to an ft 462 00:27:31,600 --> 00:27:34,100 x to a tether and like what is that? 463 00:27:34,200 --> 00:27:37,100 That really mean, it's really, it's tough because I've been 464 00:27:37,100 --> 00:27:39,100 thinking about it and it's so it's so weird. 465 00:27:39,100 --> 00:27:41,700 The two side, the two heated sides that we hear on 466 00:27:41,700 --> 00:27:45,200 cryptocurrency Twitter. Like one side says, if you guys 467 00:27:45,200 --> 00:27:49,400 had figured out the right regulatory regime then FTX never 468 00:27:49,400 --> 00:27:52,300 would have left the us and this never would have happened which 469 00:27:52,300 --> 00:27:56,000 is like a pretty bold claim. But then also then the other 470 00:27:56,000 --> 00:28:07,900 side says like But like FTX happened out there in the wild 471 00:28:07,900 --> 00:28:15,000 was was like driven off because it was a bad actor and therefore 472 00:28:15,200 --> 00:28:18,600 regulatory regime is working perfectly fine and I think 473 00:28:18,700 --> 00:28:21,000 really, neither are exactly true. 474 00:28:21,300 --> 00:28:23,100 Like, I don't think actually either of those. 475 00:28:23,200 --> 00:28:25,000 I don't think it's a duality here. 476 00:28:25,100 --> 00:28:29,700 I don't think it's either or, and I think there's probably 477 00:28:29,700 --> 00:28:31,400 something. I'm in the middle of that, that 478 00:28:31,400 --> 00:28:35,500 is right. The idea that Ft x went into 479 00:28:35,500 --> 00:28:38,300 been a massive fraud if the US had a different regulatory 480 00:28:38,300 --> 00:28:42,800 regime is in sync, that's an insane thing, but they stole 481 00:28:42,800 --> 00:28:47,000 billions of dollars in customer funds would quadriga. 482 00:28:47,000 --> 00:28:51,200 Have not been a fraud if they had been set up in the u.s. it's 483 00:28:51,200 --> 00:28:54,200 absurd. And so like, that is nonsense 484 00:28:54,200 --> 00:28:55,600 and like on a more practical level. 485 00:28:55,600 --> 00:28:56,600 We talked about this a little bit. 486 00:28:56,600 --> 00:29:00,900 When John Reed's, Turk was on, they keep requesting regulatory 487 00:29:00,900 --> 00:29:05,800 Clarity, but they keep getting Clarity and Get like both 488 00:29:05,800 --> 00:29:09,100 Clayton and genzler been quite clear that basically every token 489 00:29:09,100 --> 00:29:12,100 they've seen as a security, which would mean all the 490 00:29:12,100 --> 00:29:15,100 exchanges trading basically any token need to be registered as 491 00:29:15,108 --> 00:29:18,500 Securities exchanges and that a lot of these issuances are 492 00:29:18,500 --> 00:29:21,400 probably illegal. They just fundamentally don't 493 00:29:21,400 --> 00:29:24,300 want that to be true and they're sore trying to ignore it so that 494 00:29:24,300 --> 00:29:27,200 they can continue to persist in the act in their activities in 495 00:29:27,200 --> 00:29:30,000 the hope that there won't be serious intervention. 496 00:29:30,100 --> 00:29:32,200 Because there hasn't been political will for serious 497 00:29:32,200 --> 00:29:36,500 intervention but even if there Air is like, what do you do if 498 00:29:36,700 --> 00:29:41,000 okay, X or Y, OB or Polonia? Acts are doing all sorts of 499 00:29:41,000 --> 00:29:44,200 weird stuff like that. Why would that possibly be the 500 00:29:44,200 --> 00:29:47,900 SE c--'s jurisdiction? Or why, why should they bother 501 00:29:47,900 --> 00:29:50,700 caring about it? Probably I would assume I guess 502 00:29:50,700 --> 00:29:53,300 I have no idea but I would assume most customers on those 503 00:29:53,300 --> 00:29:57,100 exchanges are not Americans. Like, I don't know, I don't know 504 00:29:57,100 --> 00:30:01,200 what role, the SEC plays in a global regulatory regime. 505 00:30:01,200 --> 00:30:04,200 We've the world is changed drastically. 506 00:30:04,300 --> 00:30:10,500 Since the SEC was formed even since the cftc and like for god, 507 00:30:10,500 --> 00:30:13,500 sakes the Department of Justice, like the world has the world has 508 00:30:13,500 --> 00:30:17,100 shifted dramatically and we're talking about like, you know, we 509 00:30:17,100 --> 00:30:19,100 talked about do Quan, you have Interpol. 510 00:30:19,100 --> 00:30:23,200 That's like the clearest International police force that 511 00:30:23,200 --> 00:30:26,000 exists. That's literally what it is, but 512 00:30:26,000 --> 00:30:30,200 even that you can seemingly outrun it. 513 00:30:31,900 --> 00:30:34,100 What Interpol is less than International? 514 00:30:34,200 --> 00:30:36,900 Police force and more of a way for police forces, around the 515 00:30:36,908 --> 00:30:39,300 world to communicate. They've got a few of their own 516 00:30:39,300 --> 00:30:42,500 agents but they're not like really an investigator to ever 517 00:30:42,500 --> 00:30:48,100 like serious independent Force while 195 different countries 518 00:30:48,500 --> 00:30:51,300 are on board. Yeah, would probably like, okay, 519 00:30:51,400 --> 00:30:54,500 some level of cooperation with that, right, right. 520 00:30:54,500 --> 00:30:58,800 But yet do Quan is in Serbia or Kosovo anyway. 521 00:30:59,400 --> 00:31:03,400 But but my point being here. That we've seen previous, we 522 00:31:03,400 --> 00:31:08,000 view you Talked about pokers Black Friday being an example of 523 00:31:08,000 --> 00:31:10,900 like regulators and law enforcement agencies working 524 00:31:11,500 --> 00:31:15,500 across the globe. So yeah, enforce actions on 525 00:31:15,500 --> 00:31:19,800 these illegal money, transmitters and services 526 00:31:19,800 --> 00:31:22,600 providers and stuff. Yeah, but in order to pull it 527 00:31:22,600 --> 00:31:27,300 off, it was like a many part investigation, involving all 528 00:31:27,300 --> 00:31:30,300 these, all this Global cooperation, and you kind of 529 00:31:30,300 --> 00:31:33,000 need to get the buying in then for wherever these individuals 530 00:31:33,000 --> 00:31:36,300 and companies and stuff. R2, like let you go ahead with 531 00:31:36,300 --> 00:31:39,600 shutting it down for political and other reasons. 532 00:31:42,300 --> 00:31:45,900 And in many of those and like, so back to like you mentioned, 533 00:31:45,900 --> 00:31:48,500 these other exchanges will be okay, exploding X, whatever. 534 00:31:49,000 --> 00:31:51,900 My guess is, many of them have. At least one u.s. person 535 00:31:51,900 --> 00:31:55,400 treating them, right. Like someone has been able to 536 00:31:55,400 --> 00:31:59,700 evade their kyc or whatever and so they probably could get a 537 00:31:59,708 --> 00:32:02,300 Nexus right? But like is there the political 538 00:32:02,300 --> 00:32:06,200 will to go after a bad actor? Just because an American happens 539 00:32:06,200 --> 00:32:09,000 to be using it for this company that's outside his ass. 540 00:32:09,200 --> 00:32:11,000 And is it worth it? Worth the resource? 541 00:32:11,000 --> 00:32:13,200 What and what do you do? How do you even enforce that 542 00:32:13,200 --> 00:32:15,000 action, right? Like if this is a Chinese 543 00:32:15,000 --> 00:32:19,400 company or Singaporean company or like a company in a country 544 00:32:19,400 --> 00:32:23,500 that isn't keen on working with you financially to stop them, 545 00:32:24,500 --> 00:32:26,600 what how, how would you possibly make a? 546 00:32:26,700 --> 00:32:30,500 That's I mean that when the China hustle came out like 547 00:32:30,500 --> 00:32:32,600 that's a, I don't know, everyone should watch it. 548 00:32:32,600 --> 00:32:37,200 It's a pretty great documentary and it's just about these short 549 00:32:37,200 --> 00:32:42,500 sellers who essentially the only way one especially once I Once 550 00:32:43,300 --> 00:32:46,400 they're able to, these companies are able to list on America, the 551 00:32:46,400 --> 00:32:51,100 American Stock markets, and It ultimately hurts American 552 00:32:51,100 --> 00:32:53,800 investors. But the worst thing that The 553 00:32:53,800 --> 00:32:56,800 Regulators can do is kick, then delist them from the exchange. 554 00:32:57,100 --> 00:32:59,600 Like nothing happens to them back in China. 555 00:32:59,600 --> 00:33:02,100 China doesn't care when they steal a bunch of American 556 00:33:02,300 --> 00:33:04,800 consumers dollars. It doesn't matter to China. 557 00:33:05,000 --> 00:33:08,800 And so I think like it's perhaps the ideal outcome, right? 558 00:33:08,800 --> 00:33:10,000 That company. Exactly. 559 00:33:10,200 --> 00:33:12,400 And so that's I guess that's what I'm saying is like, We're 560 00:33:12,400 --> 00:33:15,500 entering a global. I like a strong globalized 561 00:33:15,500 --> 00:33:17,600 world. Now I think we were opening up 562 00:33:17,600 --> 00:33:20,800 to globalization and like the early aughts and like it started 563 00:33:20,800 --> 00:33:23,600 to spread through the internet and communication and now we 564 00:33:23,600 --> 00:33:29,000 just see like true globalization and I just wonder like, it seems 565 00:33:29,000 --> 00:33:31,300 like Regulators are just going to be endlessly. 566 00:33:31,300 --> 00:33:35,700 Chasing And trying to put out fires that I like it. 567 00:33:35,700 --> 00:33:40,400 I don't even know how they could and like just bring this kind of 568 00:33:40,400 --> 00:33:42,300 back together. One of the complaints that you 569 00:33:42,300 --> 00:33:46,200 mentioned is that there is no regulatory Clarity but like I 570 00:33:46,200 --> 00:33:49,300 think there has been clear communication and what US 571 00:33:49,300 --> 00:33:51,800 exchanges are supposed to do, and they don't want to because 572 00:33:51,800 --> 00:33:54,100 doing that means they can't compete with the exchanges that 573 00:33:54,100 --> 00:33:57,400 aren't in the US, right? And like, I think this is going 574 00:33:57,400 --> 00:34:00,300 to become increasingly a problem because regulators and lawmakers 575 00:34:00,300 --> 00:34:04,100 now have this clear example of a bad Actor and FTX and Alameda 576 00:34:04,100 --> 00:34:07,200 that they can point to to justify a whole bunch of other 577 00:34:07,200 --> 00:34:10,800 stuff that's going to primarily affect the companies that are 578 00:34:10,800 --> 00:34:15,699 easy to go after. Not by Nance, not will be not 579 00:34:15,699 --> 00:34:20,800 Polonius, not just in Sun, not any of those people because that 580 00:34:20,800 --> 00:34:24,000 requires internet International coordinated, law enforcement 581 00:34:24,000 --> 00:34:25,500 efforts, and that's a hard thing to do. 582 00:34:25,600 --> 00:34:29,100 So I think part of where my issue comes from though, with 583 00:34:29,100 --> 00:34:34,800 the way American Regulators have handled all of This is the best. 584 00:34:34,800 --> 00:34:38,000 The best example I have in my mind right now is moonstone, 585 00:34:38,000 --> 00:34:41,400 Bank where you have, I'm just going to run it, run through it 586 00:34:41,400 --> 00:34:43,900 really quick. Basically Alameda. 587 00:34:44,000 --> 00:34:48,100 Research invested 11.5 million dollars into a very small Bank 588 00:34:48,199 --> 00:34:51,199 in Southeastern Washington State. 589 00:34:52,000 --> 00:34:56,000 It was valued at twenty times Book value which is unheard of 590 00:34:56,100 --> 00:35:01,000 in banking in most Industries. It's just unheard of evaluate 591 00:35:01,000 --> 00:35:03,400 the bank at 115 million. They had ten million dollars in 592 00:35:03,400 --> 00:35:06,300 customer deposits and then seemingly and one can confirm 593 00:35:06,300 --> 00:35:10,500 this because of Bank, secrecy laws, but seemingly that allowed 594 00:35:10,500 --> 00:35:14,700 Alameda, research and FTX to deposit funds onto Moonstone 595 00:35:14,700 --> 00:35:20,300 Banks platform into their bank. And who knows what kind of you 596 00:35:20,300 --> 00:35:23,200 know, suspicious activity reports were conducted, who 597 00:35:23,200 --> 00:35:27,000 knows like who knows what that? That investment allowed Alameda 598 00:35:27,000 --> 00:35:29,700 research to do. But that isn't the end of the 599 00:35:29,700 --> 00:35:33,600 story because the person who owns moonstone Jean Charles 600 00:35:33,600 --> 00:35:37,900 Payne who is a French Bamiyan citizen. 601 00:35:37,900 --> 00:35:40,200 I actually have no idea if he's only French or if he's French 602 00:35:40,200 --> 00:35:43,500 Bamiyan or if he has who knows how many citizenships he has. 603 00:35:43,800 --> 00:35:46,000 But he's not American is what I will say. 604 00:35:46,300 --> 00:35:49,400 And I don't know, like, I don't want this to sound, maybe it 605 00:35:49,400 --> 00:35:51,600 will, maybe it will sound this way, but it's like I would 606 00:35:51,600 --> 00:35:56,200 prefer if there were really, really strict regulations 607 00:35:56,500 --> 00:36:01,500 around. Whoo, What foreigners can buy US 608 00:36:01,500 --> 00:36:06,400 banks that are federally Federal Reserve regulated, and this guy 609 00:36:06,400 --> 00:36:10,700 owning or being chairman of the board for deltek Bank & Trust, 610 00:36:10,700 --> 00:36:14,300 which is one of the most mentioned banks in the Bahamas 611 00:36:14,300 --> 00:36:17,000 leaks. It's troubling to me that the 612 00:36:17,000 --> 00:36:18,700 Federal Reserve was like, yeah, it seems fine. 613 00:36:18,900 --> 00:36:21,100 It seems like a fine cat, let him by Moonstone. 614 00:36:21,300 --> 00:36:25,100 Well, and what was interesting is after like protest had the 615 00:36:25,100 --> 00:36:28,000 conversation with the Federal Reserve in which Washington DF 616 00:36:28,100 --> 00:36:30,700 fi there was this piece and Shadow Banker by a former 617 00:36:30,700 --> 00:36:33,900 Federal Reserve chairman where they basically described what 618 00:36:33,900 --> 00:36:36,600 Moonstone was about, how a company could come in. 619 00:36:36,800 --> 00:36:39,500 Purchase one of these small banks that already has OCC 620 00:36:39,500 --> 00:36:41,600 approval. Apply at the FED for fed 621 00:36:41,600 --> 00:36:44,100 approval that basically gets rubber-stamped. 622 00:36:44,100 --> 00:36:46,700 And if you're lucky the more thorough analysis, the FED might 623 00:36:46,700 --> 00:36:48,800 do isn't going to come for a couple years. 624 00:36:49,100 --> 00:36:52,300 And so you have a couple years where you can hypothetically, of 625 00:36:52,300 --> 00:36:56,300 course do absolutely chaotic things before The Regulators. 626 00:36:56,300 --> 00:36:58,000 Like, look at the data retrospectively. 627 00:36:58,100 --> 00:37:01,900 And go. Well that was crazy and she or 628 00:37:01,900 --> 00:37:06,200 he was it was a she yes, she argued that this is like not 629 00:37:06,200 --> 00:37:07,900 uncommon. That is a thing that is 630 00:37:07,900 --> 00:37:13,000 absolutely happened before. And I am just like Doesn't that 631 00:37:13,200 --> 00:37:16,500 my question for some of these Regulators was like, okay. 632 00:37:16,500 --> 00:37:19,300 So what new tools would you need to be able to have caught this 633 00:37:19,300 --> 00:37:22,300 stuff that you didn't catch. And almost all of them are just 634 00:37:22,300 --> 00:37:25,800 saying, like, well, nothing we don't really want to catch it. 635 00:37:25,900 --> 00:37:28,000 Well, I don't know if that's their, I think their answer is, 636 00:37:28,000 --> 00:37:30,400 they don't need new tools, which I think is a fair response. 637 00:37:30,600 --> 00:37:33,600 They're probably right, they probably don't need new tools. 638 00:37:33,800 --> 00:37:37,100 They aren't doing their job but they're they don't under not 639 00:37:37,100 --> 00:37:38,800 interpreting. That is what they're saying. 640 00:37:38,800 --> 00:37:41,300 They're they think what they're saying to me is like we do it 641 00:37:41,308 --> 00:37:43,400 perfectly. Find job, leave us alone but 642 00:37:43,400 --> 00:37:44,800 what they're actually saying to me. 643 00:37:44,800 --> 00:37:50,200 What I actually here is we don't regulate like that's not the 644 00:37:50,200 --> 00:37:55,400 federal reserve's job, is it? We deal with monetary policy, we 645 00:37:55,500 --> 00:37:59,100 check interest rates and blah, blah blah, like yeah and big 646 00:37:59,100 --> 00:38:02,900 huge portion of that is Regulation. 647 00:38:04,000 --> 00:38:06,600 Yeah, and honestly it kind of comes back to what we've talked 648 00:38:06,600 --> 00:38:10,700 about in here before is that broadly in the United States? 649 00:38:10,700 --> 00:38:13,800 And I think globally there hasn't been the political will 650 00:38:13,900 --> 00:38:18,800 for like serious regulatory intervention since like at least 651 00:38:18,800 --> 00:38:27,500 Reagan right like chaotic cat. And so, because of that, lack of 652 00:38:27,500 --> 00:38:31,200 political will any Regulators who would have been interested 653 00:38:31,300 --> 00:38:35,400 in doing Really strenuous regulation, really thorough. 654 00:38:35,600 --> 00:38:39,100 Looks at all these things have are incentivized, not to stay 655 00:38:39,100 --> 00:38:41,000 with. The Regulators are incentivized 656 00:38:41,000 --> 00:38:46,000 to find other roles and other things to do, because often it 657 00:38:46,000 --> 00:38:50,500 can be challenging for those individuals to advance in those 658 00:38:50,500 --> 00:38:52,600 types of roles. One of the things that struck me 659 00:38:52,600 --> 00:38:55,800 in Reading, Sam Cooper's book. Willful blindness is that many 660 00:38:55,800 --> 00:38:58,700 of the top like RCMP investigators, who started at 661 00:38:58,700 --> 00:39:00,900 you like identified the Vancouver model of money 662 00:39:00,900 --> 00:39:04,200 laundering, Eventually got forced out because they were so 663 00:39:04,200 --> 00:39:07,100 frustrated at continually running into walls and their 664 00:39:07,100 --> 00:39:09,600 superiors and stuff and being unable to pursue the 665 00:39:09,600 --> 00:39:11,600 investigations and go after that kind of thing. 666 00:39:11,600 --> 00:39:14,500 And I and in the United States, I think that problem is a little 667 00:39:14,500 --> 00:39:17,300 more diffuse but like especially when you have a political 668 00:39:17,300 --> 00:39:21,200 climate where there is not even agreement on what that 669 00:39:21,200 --> 00:39:24,500 regulation should exist, you can't even get both parties to 670 00:39:24,500 --> 00:39:26,200 agree that there should be regulation. 671 00:39:26,200 --> 00:39:28,000 Let alone what that regulation should be. 672 00:39:28,000 --> 00:39:30,900 It becomes very challenging for The Regulators to operate 673 00:39:30,900 --> 00:39:33,000 becomes very challenging. Lunging to get Regulators the 674 00:39:33,000 --> 00:39:35,300 resources they need. And when you start to develop 675 00:39:35,300 --> 00:39:38,800 that culture, more resources, won't even necessarily fix the 676 00:39:38,800 --> 00:39:41,700 problems because you lack the like institutional will and 677 00:39:41,700 --> 00:39:43,400 knowledge to pursue that kind of thing. 678 00:39:43,700 --> 00:39:45,600 So, this is a kind of what we keep coming back to. 679 00:39:45,600 --> 00:39:47,900 I think we talked about this when Rohan was on because he was 680 00:39:47,900 --> 00:39:50,700 talking about deal, the former head of the mint who, like, came 681 00:39:50,700 --> 00:39:52,200 up with the state quarter program and really 682 00:39:52,200 --> 00:39:55,100 reinvigorated. The mint is we should expect 683 00:39:55,100 --> 00:39:57,200 more from our Regulators. We should demand more from her 684 00:39:57,200 --> 00:40:01,600 bureaucrats but it is very challenging. 685 00:40:01,800 --> 00:40:04,400 To find bureaucrats and Regulators right now, who want 686 00:40:04,400 --> 00:40:08,700 to do those challenging things? Yeah, the pushback I got from 687 00:40:08,700 --> 00:40:11,500 regulators and I talked to them was really disheartening and, 688 00:40:11,500 --> 00:40:17,600 and the, the lack of it. They, it seemed like they were 689 00:40:17,600 --> 00:40:20,600 definitely not motivated. And I like, I don't know what to 690 00:40:20,600 --> 00:40:22,300 say about that. You know, you hope that these 691 00:40:22,300 --> 00:40:25,600 people actually love their jobs and care about what they're 692 00:40:25,600 --> 00:40:27,800 doing. There's that dirty money episode 693 00:40:27,800 --> 00:40:32,700 about HSBC, which I urge everybody to watch And in that 694 00:40:32,700 --> 00:40:36,500 episode, it's just a dude. It's just a dude who has no 695 00:40:36,500 --> 00:40:39,800 special banking education. Like didn't going. 696 00:40:40,000 --> 00:40:42,200 Didn't get any special degree to be doing what he's doing. 697 00:40:42,200 --> 00:40:44,900 He got the job because they wanted to find someone who 698 00:40:44,900 --> 00:40:47,200 wouldn't be passionate about what they were doing and they 699 00:40:47,200 --> 00:40:49,200 thought will hire this guy off the street. 700 00:40:49,400 --> 00:40:53,600 He'll check the Stars minimally and if it doesn't match, then 701 00:40:53,600 --> 00:40:55,900 he'll let it go. But he just started noticing all 702 00:40:55,900 --> 00:40:59,000 these really weird things that were just slightly misspelled or 703 00:40:59,000 --> 00:41:03,200 slightly slightly off kilter and he just started pursuing it and 704 00:41:03,200 --> 00:41:04,800 it's screwed their whole business up. 705 00:41:04,800 --> 00:41:07,200 And that's where you're like, why aren't their Regulators who 706 00:41:07,200 --> 00:41:12,300 were at least like you don't want the Mexican drug cartels 707 00:41:12,300 --> 00:41:16,200 and the Colombian drug cartels moving billions of dollars into 708 00:41:16,200 --> 00:41:18,600 the US banking system. You don't want that. 709 00:41:18,600 --> 00:41:21,500 Stop it from happening. And why aren't you? 710 00:41:21,500 --> 00:41:23,500 And I don't. And it's like, it is lack of 711 00:41:23,500 --> 00:41:25,700 passion. Its lack of motivation is lack 712 00:41:25,700 --> 00:41:29,400 of but if caring and its lack of reward for caring, right? 713 00:41:29,400 --> 00:41:31,400 Because these things are so set up to be. 714 00:41:31,400 --> 00:41:36,000 So resistant to, that kind of thing like, Government is about, 715 00:41:36,000 --> 00:41:39,800 I like I guess I think of these people who are in these 716 00:41:39,800 --> 00:41:42,300 positions, making a hundred twenty-five thousand dollars, a 717 00:41:42,300 --> 00:41:46,000 year with Benefits getting the best medical getting a nice 718 00:41:46,000 --> 00:41:49,000 retirement. Like that is the benefit of 719 00:41:49,000 --> 00:41:51,800 working within government. Like that doesn't mean you get 720 00:41:51,800 --> 00:41:54,600 to just sit and be lazy and not care about your work. 721 00:41:54,700 --> 00:41:57,300 It means that's the incentive and you should still be 722 00:41:57,300 --> 00:41:58,500 passionate. Meanwhile. 723 00:41:58,500 --> 00:42:01,800 Yeah like Jerome Powell is a sent a millionaire or whatever. 724 00:42:01,800 --> 00:42:06,800 I don't know man I like I definitely think That we're 725 00:42:06,800 --> 00:42:13,200 witnessing systemic failure of the regulatory system us and 726 00:42:13,200 --> 00:42:17,100 otherwise dare Act. And the Bahamas is a joke is a 727 00:42:17,100 --> 00:42:21,800 joke, the entire Caribbean in general, like almost all of 728 00:42:21,808 --> 00:42:27,500 those countries just the banking structures and the offshore, you 729 00:42:27,500 --> 00:42:31,500 know, captive insurance and just the wildest schemes. 730 00:42:33,000 --> 00:42:38,100 To totally flout Financial regulation and nobody cares. 731 00:42:38,300 --> 00:42:43,400 Nobody cares whether it's there or here or in Europe or in in 732 00:42:43,400 --> 00:42:44,600 Asia. I don't know. 733 00:42:45,300 --> 00:42:47,200 And I don't know what the, I don't know what the solution is 734 00:42:47,200 --> 00:42:49,600 in the end. I guess that's at the kind of 735 00:42:49,600 --> 00:42:51,100 bring this back to where we started. 736 00:42:51,800 --> 00:42:54,800 We were seeing the global. Is it globalization take its 737 00:42:54,800 --> 00:42:57,900 toll on all of this stuff, taking its toll on Regulators 738 00:42:57,900 --> 00:43:00,000 abilities to accomplish their goals. 739 00:43:00,400 --> 00:43:04,700 I mean, how do they fix it? They can they turn this around? 740 00:43:08,400 --> 00:43:11,900 I don't know. I really don't know that we can 741 00:43:11,900 --> 00:43:16,500 turn around the regulatory. Some of the regulatory issues 742 00:43:16,800 --> 00:43:24,400 because like We are so fundamentally divided and if you 743 00:43:24,400 --> 00:43:27,500 look at like the Supreme Court decision on the EPA, their 744 00:43:27,500 --> 00:43:31,400 General tenor seems to be that they are going to reduce every 745 00:43:31,400 --> 00:43:35,000 Regulators power to the bare minimum interpretation of the 746 00:43:35,000 --> 00:43:37,100 very letters of the law that created them. 747 00:43:37,600 --> 00:43:39,700 And like, even in the case of the SEC, we've talked about, 748 00:43:39,700 --> 00:43:42,800 like, they part of their mandate, at least, their soft 749 00:43:42,800 --> 00:43:45,700 one is that they're not supposed to like, bankrupt or takeout 750 00:43:45,700 --> 00:43:48,400 companies. Like they are not supposed to do 751 00:43:48,400 --> 00:43:50,100 that, if the company is still existing. 752 00:43:50,600 --> 00:43:53,800 And like so when you can't really clearly tell what your 753 00:43:53,800 --> 00:43:56,600 intervention is going to cause can you really intervene in that 754 00:43:56,600 --> 00:43:58,700 way? And that's also kind of true 755 00:43:58,700 --> 00:44:03,400 when it comes to like Brito, like judges. 756 00:44:03,400 --> 00:44:09,300 Like it's very rare in America for there to be a case where the 757 00:44:09,300 --> 00:44:11,500 final sentence is like killing me. 758 00:44:11,500 --> 00:44:14,500 Corporate dissolution, right? Like a corporate death sentence, 759 00:44:15,100 --> 00:44:19,100 that is a penalty that can be used, but it's very rarely used 760 00:44:19,100 --> 00:44:21,200 in America. And I think it's kind of related 761 00:44:21,200 --> 00:44:23,700 to the same kind of things. We're seeing here is that 762 00:44:23,700 --> 00:44:27,600 there's this kind of expectation that you shouldn't go after 763 00:44:27,600 --> 00:44:29,800 these people. You shouldn't try to destroy 764 00:44:29,800 --> 00:44:32,100 this value. It More important to protect it 765 00:44:32,100 --> 00:44:33,700 than to punish some of this bad behavior. 766 00:44:33,700 --> 00:44:36,600 And that's true. Even when the bad behavior like 767 00:44:36,600 --> 00:44:38,800 HSBC, which you talked about before? 768 00:44:38,800 --> 00:44:42,700 The cartels had boxes that were designed to be like one inch 769 00:44:42,700 --> 00:44:45,400 smaller than the teller window in each Dimension that they 770 00:44:45,400 --> 00:44:48,800 would stack full of 20s, wrapped in elastic bands, and shove 771 00:44:48,800 --> 00:44:51,500 through there, like it was blatant and they're fine was 772 00:44:51,500 --> 00:44:54,600 large, but it was a fraction of the amount they laundered. 773 00:44:54,600 --> 00:44:57,700 Yeah. I mean, I guess I wish that more 774 00:44:57,700 --> 00:45:02,700 of these, more of these Leaders and law enforcement agencies 775 00:45:03,100 --> 00:45:08,300 were going after going after these companies that were 776 00:45:08,300 --> 00:45:12,200 committing this stuff and doing these these wrongs and not 777 00:45:12,200 --> 00:45:14,600 necessarily trying to put them out of business. 778 00:45:14,600 --> 00:45:17,500 But like I don't know. People should get in trouble for 779 00:45:17,500 --> 00:45:19,800 this stuff. It's so it's silly to me. 780 00:45:20,000 --> 00:45:21,400 It's silly to me and I know it's thick. 781 00:45:21,400 --> 00:45:24,100 It's a classic like white collar, crime. 782 00:45:24,100 --> 00:45:29,100 People, you're killing me. Oh, this is my little white 783 00:45:29,100 --> 00:45:36,000 collar Criminal come here. But yeah no I think you're right 784 00:45:36,000 --> 00:45:38,300 that like you want these people have consequences, you went 785 00:45:38,300 --> 00:45:40,800 there to be punishments but like it's a challenging thing to 786 00:45:40,808 --> 00:45:44,100 develop the political will for and like if we lack it to even 787 00:45:44,100 --> 00:45:47,800 do it internally in America, like trying to Envision some 788 00:45:47,800 --> 00:45:50,700 Global cooperation between Regulators that results in some 789 00:45:50,700 --> 00:45:54,300 kind of serious impediment to buy Nance will be Polonia X or 790 00:45:54,300 --> 00:45:57,200 whatever is spun up. Now, that ft x is gone. 791 00:45:57,800 --> 00:46:00,500 I really struggled to Envision. What that would look like? 792 00:46:00,600 --> 00:46:06,000 like, I mean, I hope I hope that I don't know. 793 00:46:06,400 --> 00:46:07,500 I don't know what we're going to see. 794 00:46:07,600 --> 00:46:16,900 I'm I'm I'm I'm reaching a weird hopelessness wave right now. 795 00:46:17,200 --> 00:46:20,900 But we'll see how that pans out. I think I said to you, there's a 796 00:46:20,908 --> 00:46:23,200 specific bank. I would rather see that bank go 797 00:46:23,200 --> 00:46:25,700 down then. See tether go down at this 798 00:46:25,700 --> 00:46:27,400 point. Like not that tether can 799 00:46:27,400 --> 00:46:32,200 burrito. That's who I really want to see. 800 00:46:32,200 --> 00:46:35,200 Go down now is burrito. Had enough of this nonsense. 801 00:46:36,900 --> 00:46:41,000 She's gonna just keep going. Hey gal, get over here. 802 00:46:46,300 --> 00:46:49,500 Okay, well I think that's going to probably do it. 803 00:46:50,700 --> 00:46:56,300 We thankfully before this took a complete turn we were able to 804 00:46:56,300 --> 00:47:01,400 discuss the Auditors finance and the future of future of 805 00:47:01,400 --> 00:47:03,600 regulatory regime will see how that. 806 00:47:03,800 --> 00:47:07,100 Turns out, I don't think I don't think it looks good. 807 00:47:09,000 --> 00:47:11,800 Thank, thank you all for tuning in. 808 00:47:12,500 --> 00:47:15,700 I'm probably going to re-upload this in like an hour or so, to 809 00:47:15,700 --> 00:47:18,300 fix some of the freezing we had in the beginning and maybe some 810 00:47:18,300 --> 00:47:20,600 of the audio issues. So if you experience those in 811 00:47:20,600 --> 00:47:23,200 the beginning, check back on our Channel and like an hour. 812 00:47:24,800 --> 00:47:06,100 Thank you all. Turns out, I don't think I don't 813 00:47:06,100 --> 00:47:11,400 think it looks good. Thank, thank you all for tuning 814 00:47:11,400 --> 00:47:13,700 in. I'm probably going to re-upload 815 00:47:13,700 --> 00:47:17,300 this in like an hour or so, to fix some of the freezing we had 816 00:47:17,300 --> 00:47:19,400 in the beginning and maybe some of the audio issues. 817 00:47:19,600 --> 00:47:22,000 So if you experience those in the beginning, check back on our 818 00:47:22,000 --> 00:47:25,600 Channel and like an hour. Thank you all.