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[Applause]

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hi<00:00:11.880><c> my</c><00:00:12.090><c> name</c><00:00:12.210><c> is</c><00:00:12.240><c> Akash</c><00:00:12.510><c> Patel</c>

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hi my name is Akash Patel
 

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hi my name is Akash Patel
Picard<00:00:14.340><c> out</c><00:00:14.519><c> so</c><00:00:15.000><c> this</c><00:00:15.570><c> is</c><00:00:15.840><c> a</c><00:00:15.869><c> review</c><00:00:16.260><c> of</c>

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Picard out so this is a review of
 

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Picard out so this is a review of
short-term<00:00:17.189><c> interest</c><00:00:17.490><c> rates</c><00:00:17.700><c> and</c><00:00:18.180><c> then</c>

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short-term interest rates and then
 

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short-term interest rates and then
theorem<00:00:19.439><c> defy</c><00:00:19.740><c> space</c><00:00:20.009><c> and</c><00:00:20.250><c> I</c><00:00:20.310><c> thought</c><00:00:20.570><c> I</c><00:00:21.950><c> would</c>

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theorem defy space and I thought I would
 

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theorem defy space and I thought I would
have<00:00:23.070><c> a</c><00:00:23.130><c> unique</c><00:00:23.550><c> view</c><00:00:23.849><c> because</c><00:00:24.119><c> I</c><00:00:24.240><c> see</c>

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have a unique view because I see
 

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have a unique view because I see
plumbing<00:00:25.140><c> a</c><00:00:25.230><c> little</c><00:00:25.439><c> bit</c><00:00:25.529><c> so</c><00:00:26.010><c> I</c><00:00:26.039><c> just</c><00:00:26.250><c> kind</c><00:00:26.430><c> of</c>

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plumbing a little bit so I just kind of
 

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plumbing a little bit so I just kind of
want<00:00:26.640><c> you</c><00:00:26.970><c> I</c><00:00:27.480><c> wanted</c><00:00:28.050><c> to</c><00:00:28.140><c> give</c><00:00:28.320><c> you</c><00:00:28.349><c> guys</c><00:00:28.500><c> my</c>

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want you I wanted to give you guys my
 

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want you I wanted to give you guys my
take<00:00:29.490><c> it</c><00:00:29.670><c> this</c><00:00:29.760><c> is</c><00:00:29.910><c> my</c><00:00:30.060><c> opinion</c><00:00:30.359><c> on</c><00:00:30.599><c> it</c><00:00:30.810><c> so</c>

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take it this is my opinion on it so
 

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take it this is my opinion on it so
again<00:00:30.960><c> this</c><00:00:31.590><c> is</c><00:00:31.710><c> not</c><00:00:31.740><c> financial</c><00:00:32.340><c> advice</c><00:00:34.610><c> again</c>

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again this is not financial advice again
 

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again this is not financial advice again
this<00:00:35.790><c> is</c><00:00:35.940><c> just</c><00:00:36.089><c> a</c><00:00:36.180><c> review</c><00:00:36.300><c> of</c><00:00:36.629><c> the</c><00:00:36.720><c> interest</c>

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this is just a review of the interest
 

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this is just a review of the interest
rates<00:00:37.199><c> and</c><00:00:38.570><c> you</c><00:00:39.570><c> know</c><00:00:39.690><c> just</c><00:00:40.080><c> what</c><00:00:40.470><c> are</c><00:00:40.620><c> those</c>

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rates and you know just what are those
 

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rates and you know just what are those
some<00:00:40.949><c> of</c><00:00:41.040><c> the</c><00:00:41.129><c> potential</c><00:00:41.519><c> risks</c><00:00:42.769><c> this</c><00:00:43.769><c> is</c><00:00:44.040><c> a</c>

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some of the potential risks this is a
 

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some of the potential risks this is a
little<00:00:44.370><c> bit</c><00:00:44.460><c> of</c><00:00:44.549><c> my</c><00:00:44.729><c> biography</c><00:00:45.720><c> that</c><00:00:45.750><c> like</c>

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little bit of my biography that like
 

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little bit of my biography that like
sixty<00:00:46.559><c> years</c><00:00:46.769><c> of</c><00:00:47.129><c> market</c><00:00:47.580><c> making</c><00:00:47.670><c> experience</c>

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sixty years of market making experience
 

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sixty years of market making experience
on<00:00:49.140><c> the</c><00:00:49.440><c> your</c><00:00:49.739><c> side</c><00:00:50.010><c> chains</c><00:00:50.339><c> of</c><00:00:50.549><c> Massage</c>

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on the your side chains of Massage
 

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on the your side chains of Massage
change<00:00:52.850><c> okay</c><00:00:53.850><c> so</c><00:00:55.040><c> one</c><00:00:56.040><c> of</c><00:00:56.070><c> the</c><00:00:56.159><c> big</c><00:00:56.280><c> points</c>

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change okay so one of the big points
 

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change okay so one of the big points
that<00:00:57.150><c> want</c><00:00:57.420><c> to</c><00:00:57.479><c> make</c><00:00:57.600><c> is</c><00:00:57.869><c> courtesies</c><00:00:58.710><c> not</c><00:00:58.860><c> a</c>

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that want to make is courtesies not a
 

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that want to make is courtesies not a
currency<00:00:59.220><c> unless</c><00:00:59.879><c> it</c><00:01:00.269><c> hasn't</c><00:01:00.659><c> yield</c><00:01:00.900><c> so</c><00:01:01.500><c> try</c>

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currency unless it hasn't yield so try
 

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currency unless it hasn't yield so try
to<00:01:01.860><c> keep</c><00:01:02.070><c> that</c><00:01:02.250><c> in</c><00:01:02.309><c> mind</c><00:01:02.839><c> and</c><00:01:03.839><c> then</c><00:01:04.010><c> let's</c><00:01:05.010><c> go</c>

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to keep that in mind and then let's go
 

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to keep that in mind and then let's go
through<00:01:05.339><c> the</c><00:01:05.430><c> history</c><00:01:05.729><c> a</c><00:01:05.760><c> little</c><00:01:05.909><c> bit</c><00:01:06.060><c> so</c><00:01:06.540><c> you</c>

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through the history a little bit so you
 

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through the history a little bit so you
know<00:01:07.229><c> make</c><00:01:07.380><c> your</c><00:01:07.500><c> CDs</c><00:01:07.890><c> customer</c><00:01:08.490><c> of</c><00:01:08.700><c> January</c>

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know make your CDs customer of January
 

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know make your CDs customer of January
2018<00:01:09.930><c> with</c><00:01:10.799><c> a</c><00:01:10.830><c> rate</c><00:01:11.189><c> of</c><00:01:11.520><c> 0.5%</c><00:01:12.560><c> civilian</c><00:01:13.560><c> fee</c><00:01:13.710><c> by</c>

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2018 with a rate of 0.5% civilian fee by
 

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2018 with a rate of 0.5% civilian fee by
Ryuji<00:01:15.060><c> to</c><00:01:15.659><c> July</c><00:01:16.289><c> 2018</c><00:01:17.009><c> dye</c><00:01:17.729><c> supply</c><00:01:18.149><c> increases</c>

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Ryuji to July 2018 dye supply increases
 

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Ryuji to July 2018 dye supply increases
to<00:01:18.840><c> a</c><00:01:18.899><c> lot</c><00:01:19.020><c> of</c><00:01:19.109><c> fifty</c><00:01:19.380><c> billion</c><00:01:20.090><c> the</c><00:01:21.090><c> biggest</c>

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to a lot of fifty billion the biggest
 

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to a lot of fifty billion the biggest
use<00:01:21.539><c> case</c><00:01:21.750><c> for</c><00:01:21.780><c> dye</c><00:01:22.140><c> is</c><00:01:22.670><c> you</c><00:01:23.670><c> know</c><00:01:23.759><c> people</c><00:01:24.240><c> are</c>

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use case for dye is you know people are
 

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use case for dye is you know people are
basically<00:01:24.659><c> using</c><00:01:25.289><c> it</c><00:01:25.439><c> for</c><00:01:25.590><c> leverage</c>

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basically using it for leverage
 

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basically using it for leverage
so<00:01:26.340><c> they</c><00:01:27.060><c> lock</c><00:01:27.299><c> up</c><00:01:27.479><c> thirty</c><00:01:27.659><c> eight</c><00:01:27.840><c> they've</c>

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so they lock up thirty eight they've
 

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so they lock up thirty eight they've
been<00:01:28.829><c> died</c><00:01:29.219><c> they</c><00:01:30.149><c> sell</c><00:01:30.630><c> that</c><00:01:30.810><c> dye</c><00:01:31.079><c> and</c><00:01:31.499><c> buy</c>

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been died they sell that dye and buy
 

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been died they sell that dye and buy
something<00:01:32.159><c> else</c><00:01:32.369><c> usually</c><00:01:34.369><c> so</c><00:01:35.369><c> that's</c><00:01:35.939><c> another</c>

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something else usually so that's another
 

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something else usually so that's another
key<00:01:36.390><c> point</c><00:01:36.600><c> where</c><00:01:36.869><c> they</c><00:01:36.990><c> selling</c><00:01:37.289><c> it</c><00:01:37.380><c> to</c>

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key point where they selling it to
 

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key point where they selling it to
they're<00:01:37.799><c> selling</c><00:01:38.039><c> it</c><00:01:38.130><c> to</c><00:01:38.249><c> market</c><00:01:38.549><c> maker</c><00:01:38.700><c> so</c>

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they're selling it to market maker so
 

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they're selling it to market maker so
initially<00:01:40.229><c> market</c><00:01:40.619><c> makers</c><00:01:40.890><c> were</c><00:01:41.179><c> loaded</c><00:01:42.179><c> up</c>

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initially market makers were loaded up
 

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initially market makers were loaded up
on<00:01:42.539><c> duck</c><00:01:42.780><c> and</c><00:01:43.020><c> they're</c><00:01:43.649><c> they're</c><00:01:44.039><c> about</c><00:01:44.219><c> five</c>

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on duck and they're they're about five
 

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on duck and they're they're about five
big<00:01:45.179><c> market</c><00:01:45.569><c> makers</c><00:01:45.840><c> in</c><00:01:45.960><c> the</c><00:01:46.020><c> space</c><00:01:47.299><c> so</c><00:01:48.299><c> this</c>

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big market makers in the space so this
 

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big market makers in the space so this
is<00:01:48.569><c> a</c><00:01:48.600><c> quick</c><00:01:48.840><c> chart</c><00:01:49.289><c> to</c><00:01:49.469><c> show</c><00:01:49.499><c> you</c><00:01:49.740><c> kind</c><00:01:50.159><c> of</c><00:01:50.189><c> the</c>

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is a quick chart to show you kind of the
 

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is a quick chart to show you kind of the
growth<00:01:50.609><c> of</c><00:01:50.939><c> dye</c><00:01:51.179><c> supply</c><00:01:51.569><c> over</c><00:01:51.780><c> time</c><00:01:51.990><c> you</c><00:01:52.649><c> know</c>

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growth of dye supply over time you know
 

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growth of dye supply over time you know
start<00:01:53.009><c> sub-zero</c><00:01:53.369><c> coast</c><00:01:53.670><c> about</c><00:01:53.939><c> 80</c><00:01:54.149><c> million</c>

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start sub-zero coast about 80 million
 

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start sub-zero coast about 80 million
currently<00:01:55.609><c> this</c><00:01:56.609><c> one</c><00:01:56.999><c> is</c><00:01:57.749><c> to</c><00:01:58.139><c> look</c><00:01:58.350><c> at</c><00:01:58.619><c> the</c><00:01:58.920><c> the</c>

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currently this one is to look at the the
 

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currently this one is to look at the the
blue<00:01:59.369><c> line</c><00:01:59.609><c> is</c><00:01:59.819><c> basically</c><00:02:00.060><c> telling</c><00:02:00.689><c> you</c><00:02:01.020><c> the</c>

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blue line is basically telling you the
 

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blue line is basically telling you the
civilian<00:02:02.759><c> fee</c>

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civilian fee
 

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civilian fee
interest<00:02:03.429><c> rate</c><00:02:03.609><c> right</c><00:02:04.060><c> so</c><00:02:04.329><c> most</c><00:02:04.689><c> of</c><00:02:04.780><c> the</c><00:02:04.899><c> time</c>

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interest rate right so most of the time
 

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interest rate right so most of the time
is<00:02:05.700><c> half</c><00:02:06.700><c> a</c><00:02:06.729><c> percent</c><00:02:07.149><c> 2018</c><00:02:07.899><c> it</c><00:02:08.170><c> it</c><00:02:08.619><c> went</c><00:02:08.920><c> to</c><00:02:09.039><c> two</c>

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is half a percent 2018 it it went to two
 

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is half a percent 2018 it it went to two
and<00:02:09.340><c> a</c><00:02:09.369><c> half</c><00:02:09.519><c> and</c><00:02:09.729><c> then</c><00:02:09.789><c> back</c><00:02:10.000><c> to</c><00:02:10.179><c> half</c><00:02:10.360><c> a</c>

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and a half and then back to half a
 

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and a half and then back to half a
percent<00:02:10.810><c> in</c><00:02:11.230><c> 2018</c><00:02:12.540><c> 2019</c><00:02:13.540><c> is</c><00:02:14.530><c> where</c><00:02:14.799><c> it</c><00:02:14.920><c> gets</c><00:02:15.069><c> a</c>

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percent in 2018 2019 is where it gets a
 

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percent in 2018 2019 is where it gets a
lot<00:02:15.310><c> more</c><00:02:15.340><c> interesting</c><00:02:15.519><c> and</c><00:02:16.680><c> and</c><00:02:17.680><c> we'll</c><00:02:17.860><c> get</c>

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lot more interesting and and we'll get
 

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lot more interesting and and we'll get
into<00:02:18.129><c> the</c><00:02:18.250><c> story</c><00:02:18.519><c> block</c><00:02:18.879><c> so</c><00:02:21.150><c> again</c><00:02:22.150><c> this</c><00:02:22.269><c> is</c>

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into the story block so again this is
 

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into the story block so again this is
just<00:02:22.660><c> a</c><00:02:22.930><c> dye</c><00:02:23.110><c> USD</c><00:02:23.620><c> price</c><00:02:23.890><c> from</c><00:02:24.370><c> BitFenix</c><00:02:26.790><c> this</c>

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just a dye USD price from BitFenix this
 

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just a dye USD price from BitFenix this
is<00:02:28.060><c> to</c><00:02:28.420><c> remind</c><00:02:28.900><c> everyone</c><00:02:29.230><c> kind</c><00:02:29.620><c> of</c><00:02:29.680><c> what</c><00:02:30.640><c> the</c>

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is to remind everyone kind of what the
 

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is to remind everyone kind of what the
chart<00:02:31.120><c> looked</c><00:02:31.420><c> like</c><00:02:31.629><c> for</c><00:02:31.959><c> eath</c><00:02:32.170><c> during</c><00:02:32.709><c> this</c>

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chart looked like for eath during this
 

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chart looked like for eath during this
time<00:02:33.010><c> period</c><00:02:33.280><c> so</c><00:02:33.489><c> 'if</c><00:02:34.180><c> you</c><00:02:34.870><c> know</c><00:02:34.959><c> to</c><00:02:35.049><c> us</c><00:02:35.290><c> a</c><00:02:35.410><c> big</c>

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time period so 'if you know to us a big
 

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time period so 'if you know to us a big
fall<00:02:35.799><c> from</c><00:02:36.040><c> 1200</c><00:02:36.700><c> all</c><00:02:37.120><c> the</c><00:02:37.299><c> way</c><00:02:37.420><c> down</c><00:02:37.599><c> to</c><00:02:37.810><c> about</c>

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fall from 1200 all the way down to about
 

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fall from 1200 all the way down to about
80<00:02:38.349><c> and</c><00:02:38.500><c> then</c><00:02:38.920><c> it's</c><00:02:39.519><c> back</c><00:02:39.730><c> up</c><00:02:40.049><c> to</c><00:02:41.049><c> kind</c><00:02:41.500><c> of</c>

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80 and then it's back up to kind of
 

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80 and then it's back up to kind of
around<00:02:41.829><c> 200</c><00:02:42.629><c> so</c><00:02:43.629><c> again</c><00:02:43.900><c> this</c><00:02:44.019><c> is</c><00:02:44.170><c> another</c>

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around 200 so again this is another
 

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around 200 so again this is another
truck<00:02:44.650><c> just</c><00:02:44.829><c> come</c><00:02:45.040><c> again</c><00:02:45.489><c> describing</c><00:02:46.030><c> the</c>

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truck just come again describing the
 

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truck just come again describing the
youth<00:02:46.269><c> type</c><00:02:46.540><c> egg</c><00:02:49.709><c> soon</c><00:02:50.709><c> you</c><00:02:51.310><c> know</c><00:02:51.459><c> the</c><00:02:52.049><c> orange</c>

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youth type egg soon you know the orange
 

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youth type egg soon you know the orange
lines<00:02:53.290><c> the</c><00:02:53.530><c> peg</c><00:02:53.769><c> so</c><00:02:54.340><c> it's</c><00:02:54.519><c> kind</c><00:02:54.760><c> of</c><00:02:54.790><c> there's</c><00:02:55.299><c> a</c>

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lines the peg so it's kind of there's a
 

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lines the peg so it's kind of there's a
better<00:02:56.019><c> shot</c><00:02:56.410><c> here</c><00:02:56.910><c> okay</c><00:02:57.910><c> so</c><00:02:57.940><c> this</c><00:02:58.930><c> is</c><00:02:59.109><c> kind</c><00:02:59.290><c> of</c>

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better shot here okay so this is kind of
 

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better shot here okay so this is kind of
one<00:02:59.470><c> of</c><00:02:59.500><c> the</c><00:02:59.620><c> most</c><00:02:59.739><c> important</c><00:03:00.370><c> shards</c><00:03:00.670><c> have</c>

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one of the most important shards have
 

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one of the most important shards have
where<00:03:01.569><c> things</c><00:03:01.900><c> got</c><00:03:02.049><c> a</c><00:03:02.109><c> lot</c><00:03:02.319><c> more</c><00:03:02.349><c> interesting</c>

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where things got a lot more interesting
 

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where things got a lot more interesting
so<00:03:04.980><c> as</c><00:03:05.980><c> you</c><00:03:06.280><c> can</c><00:03:06.400><c> see</c><00:03:06.579><c> the</c><00:03:06.730><c> orange</c><00:03:06.970><c> line</c><00:03:07.709><c> kind</c>

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so as you can see the orange line kind
 

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so as you can see the orange line kind
of<00:03:08.829><c> around</c><00:03:09.310><c> April</c><00:03:09.970><c> you</c><00:03:10.420><c> know</c><00:03:10.540><c> we're</c><00:03:10.750><c> hitting</c>

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of around April you know we're hitting
 

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of around April you know we're hitting
about<00:03:11.410><c> 95</c><00:03:12.280><c> cents</c><00:03:12.639><c> on</c><00:03:12.790><c> the</c><00:03:12.910><c> peg</c><00:03:13.150><c> and</c><00:03:13.450><c> this</c><00:03:13.720><c> is</c>

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about 95 cents on the peg and this is
 

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about 95 cents on the peg and this is
kind<00:03:14.109><c> of</c><00:03:14.170><c> where</c><00:03:14.739><c> it</c><00:03:14.829><c> gets</c><00:03:15.010><c> a</c><00:03:15.069><c> lot</c><00:03:15.190><c> more</c>

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kind of where it gets a lot more
 

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kind of where it gets a lot more
interesting<00:03:15.790><c> because</c><00:03:15.970><c> the</c><00:03:16.299><c> market</c><00:03:16.630><c> makers</c>

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interesting because the market makers
 

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interesting because the market makers
basically<00:03:17.440><c> get</c><00:03:18.280><c> overloaded</c><00:03:19.060><c> with</c><00:03:19.419><c> dye</c><00:03:19.630><c> and</c>

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basically get overloaded with dye and
 

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basically get overloaded with dye and
again<00:03:22.030><c> the</c><00:03:22.450><c> purpose</c><00:03:22.630><c> of</c><00:03:22.930><c> a</c><00:03:22.989><c> mark</c><00:03:23.200><c> maker</c><00:03:23.440><c> is</c><00:03:23.829><c> to</c>

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again the purpose of a mark maker is to
 

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again the purpose of a mark maker is to
essentially<00:03:26.560><c> you</c><00:03:27.010><c> know</c><00:03:27.130><c> provided</c><00:03:27.880><c> quiddity</c>

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essentially you know provided quiddity
 

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essentially you know provided quiddity
but<00:03:28.569><c> not</c><00:03:28.720><c> really</c><00:03:28.900><c> cold</c><00:03:29.169><c> long-term</c><00:03:29.980><c> positions</c>

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but not really cold long-term positions
 

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but not really cold long-term positions
so<00:03:31.030><c> then</c><00:03:31.180><c> the</c><00:03:31.329><c> maker</c><00:03:31.480><c> token</c><00:03:31.840><c> holders</c><00:03:32.139><c> their</c>

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so then the maker token holders their
 

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so then the maker token holders their
only<00:03:32.910><c> option</c><00:03:33.910><c> was</c><00:03:34.090><c> to</c><00:03:34.150><c> increase</c><00:03:34.599><c> interest</c>

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only option was to increase interest
 

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only option was to increase interest
rates<00:03:35.250><c> cause</c><00:03:36.250><c> people</c><00:03:36.730><c> to</c><00:03:36.819><c> close</c><00:03:37.000><c> off</c><00:03:37.239><c> their</c>

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rates cause people to close off their
 

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rates cause people to close off their
CDs<00:03:37.870><c> thus</c><00:03:38.109><c> by</c><00:03:38.349><c> diavik</c><00:03:39.099><c> bring</c><00:03:39.639><c> it</c><00:03:39.849><c> back</c><00:03:40.060><c> from</c><00:03:40.239><c> a</c>

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CDs thus by diavik bring it back from a
 

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CDs thus by diavik bring it back from a
95<00:03:40.750><c> cent</c><00:03:41.079><c> price</c><00:03:41.319><c> back</c><00:03:41.650><c> to</c><00:03:41.799><c> $1.00</c><00:03:42.540><c> so</c><00:03:43.540><c> another</c>

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95 cent price back to $1.00 so another
 

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95 cent price back to $1.00 so another
good<00:03:44.380><c> sharp</c><00:03:44.650><c> is</c><00:03:44.829><c> this</c><00:03:44.980><c> charm</c><00:03:45.280><c> from</c>

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good sharp is this charm from
 

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good sharp is this charm from
which<00:03:46.319><c> a</c><00:03:46.470><c> strawberry</c><00:03:46.980><c> and</c><00:03:47.810><c> this</c><00:03:48.810><c> basically</c>

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which a strawberry and this basically
 

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which a strawberry and this basically
describes<00:03:49.769><c> the</c><00:03:49.950><c> dye</c><00:03:50.099><c> pack</c><00:03:50.430><c> and</c><00:03:50.730><c> the</c><00:03:50.819><c> different</c>

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describes the dye pack and the different
 

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describes the dye pack and the different
interest<00:03:51.420><c> rate</c><00:03:51.599><c> so</c><00:03:51.840><c> long</c><00:03:52.080><c> as</c><00:03:52.379><c> we're</c><00:03:52.680><c> going</c><00:03:52.830><c> on</c>

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interest rate so long as we're going on
 

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interest rate so long as we're going on
so<00:03:54.470><c> this</c><00:03:55.470><c> kind</c><00:03:55.769><c> of</c><00:03:55.800><c> middle</c><00:03:56.129><c> area</c><00:03:56.420><c> is</c><00:03:57.420><c> when</c><00:03:57.810><c> it</c>

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so this kind of middle area is when it
 

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so this kind of middle area is when it
was<00:03:58.019><c> around</c><00:03:58.260><c> 1%</c><00:03:58.620><c> defaults</c><00:03:59.340><c> 95</c><00:03:59.760><c> cents</c><00:04:00.090><c> they</c>

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was around 1% defaults 95 cents they
 

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was around 1% defaults 95 cents they
start<00:04:00.480><c> increasing</c><00:04:00.660><c> interest</c><00:04:01.110><c> rates</c><00:04:01.230><c> and</c>

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start increasing interest rates and
 

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start increasing interest rates and
finally<00:04:02.400><c> you</c><00:04:02.489><c> can</c><00:04:02.580><c> kind</c><00:04:02.849><c> of</c><00:04:02.879><c> see</c><00:04:03.379><c> the</c><00:04:04.379><c> peg</c>

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finally you can kind of see the peg
 

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finally you can kind of see the peg
lifting<00:04:05.129><c> and</c><00:04:05.250><c> coming</c><00:04:05.610><c> back</c><00:04:05.790><c> to</c><00:04:05.970><c> the</c><00:04:06.060><c> dollar</c>

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lifting and coming back to the dollar
 

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lifting and coming back to the dollar
and<00:04:07.680><c> and</c><00:04:08.370><c> you</c><00:04:08.640><c> know</c><00:04:08.760><c> eventually</c><00:04:09.209><c> they</c><00:04:09.330><c> go</c><00:04:09.450><c> to</c>

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and and you know eventually they go to
 

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and and you know eventually they go to
70<00:04:09.840><c> and</c><00:04:09.900><c> a</c><00:04:09.959><c> half</c><00:04:09.989><c> they</c><00:04:10.379><c> reduce</c><00:04:10.739><c> it</c><00:04:10.890><c> then</c><00:04:11.160><c> they</c>

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70 and a half they reduce it then they
 

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70 and a half they reduce it then they
go<00:04:11.459><c> all</c><00:04:11.700><c> the</c><00:04:11.730><c> way</c><00:04:11.790><c> to</c><00:04:11.940><c> 20</c><00:04:13.010><c> okay</c><00:04:14.010><c> so</c><00:04:14.069><c> what</c><00:04:14.610><c> are</c>

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go all the way to 20 okay so what are
 

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go all the way to 20 okay so what are
the<00:04:15.000><c> things</c><00:04:15.209><c> we</c><00:04:15.269><c> learn</c><00:04:15.569><c> there's</c><00:04:16.199><c> a</c><00:04:16.260><c> huge</c>

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the things we learn there's a huge
 

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the things we learn there's a huge
market<00:04:16.889><c> for</c><00:04:16.919><c> eight</c><00:04:17.160><c> colors</c><00:04:17.519><c> one</c><00:04:17.790><c> of</c><00:04:17.910><c> leverage</c>

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market for eight colors one of leverage
 

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market for eight colors one of leverage
long<00:04:18.510><c> and</c><00:04:18.840><c> probably</c><00:04:19.470><c> true</c><00:04:19.799><c> from</c><00:04:20.070><c> two</c><00:04:20.459><c> coins</c>

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long and probably true from two coins
 

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long and probably true from two coins
and<00:04:21.030><c> they're</c><00:04:21.510><c> willing</c><00:04:21.690><c> to</c><00:04:21.900><c> pay</c><00:04:22.049><c> a</c><00:04:22.079><c> high</c>

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and they're willing to pay a high
 

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and they're willing to pay a high
interest<00:04:22.530><c> rate</c><00:04:23.150><c> close</c><00:04:24.150><c> to</c><00:04:24.300><c> a</c><00:04:24.330><c> ceiling</c><00:04:24.690><c> of</c><00:04:24.780><c> 15%</c>

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interest rate close to a ceiling of 15%
 

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interest rate close to a ceiling of 15%
for<00:04:25.680><c> CPS</c><00:04:26.750><c> but</c><00:04:27.750><c> the</c><00:04:27.900><c> normal</c><00:04:28.200><c> flow</c><00:04:28.350><c> of</c><00:04:28.380><c> Dianna</c><00:04:28.950><c> be</c>

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for CPS but the normal flow of Dianna be
 

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for CPS but the normal flow of Dianna be
with<00:04:29.310><c> dyed</c><00:04:29.490><c> admit</c><00:04:29.880><c> to</c><00:04:30.000><c> that</c><00:04:30.090><c> sold</c><00:04:30.330><c> mark</c><00:04:30.630><c> makers</c>

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with dyed admit to that sold mark makers
 

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with dyed admit to that sold mark makers
and<00:04:31.320><c> not</c><00:04:31.650><c> a</c><00:04:31.860><c> lot</c><00:04:32.070><c> not</c><00:04:32.340><c> oh</c><00:04:32.930><c> not</c><00:04:33.930><c> a</c><00:04:33.960><c> lot</c><00:04:34.260><c> of</c>

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and not a lot not oh not a lot of
 

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and not a lot not oh not a lot of
natural<00:04:34.650><c> flow</c><00:04:35.100><c> to</c><00:04:35.460><c> my</c><00:04:35.760><c> god</c><00:04:36.090><c> because</c><00:04:36.419><c> there's</c>

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natural flow to my god because there's
 

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natural flow to my god because there's
no<00:04:36.660><c> initial</c><00:04:37.110><c> yield</c><00:04:37.460><c> so</c><00:04:38.960><c> dice</c><00:04:39.960><c> of</c><00:04:40.169><c> light</c>

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no initial yield so dice of light
 

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no initial yield so dice of light
decreases<00:04:40.590><c> the</c><00:04:41.010><c> CDs</c><00:04:41.460><c> close</c><00:04:41.789><c> this</c><00:04:42.539><c> created</c>

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decreases the CDs close this created
 

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decreases the CDs close this created
opportunities<00:04:43.470><c> for</c><00:04:43.500><c> doubt</c><00:04:43.889><c> my</c><00:04:44.070><c> compound</c>

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opportunities for doubt my compound
 

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opportunities for doubt my compound
and<00:04:45.530><c> finally</c><00:04:46.530><c> longtime</c><00:04:47.280><c> owners</c><00:04:47.639><c> had</c><00:04:47.789><c> a</c><00:04:47.820><c> yield</c>

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and finally longtime owners had a yield
 

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and finally longtime owners had a yield
and<00:04:48.510><c> they</c><00:04:49.169><c> get</c><00:04:49.320><c> Dom</c><00:04:49.530><c> ahead</c><00:04:49.830><c> long-term</c>

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and they get Dom ahead long-term
 

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and they get Dom ahead long-term
contracts<00:04:50.729><c> compound</c><00:04:51.210><c> had</c><00:04:51.389><c> variable</c><00:04:51.810><c> interest</c>

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contracts compound had variable interest
 

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contracts compound had variable interest
rates<00:04:52.260><c> so</c><00:04:52.770><c> this</c><00:04:53.070><c> is</c><00:04:53.190><c> a</c><00:04:53.220><c> quick</c><00:04:53.460><c> chart</c><00:04:53.729><c> but</c><00:04:53.970><c> look</c>

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rates so this is a quick chart but look
 

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rates so this is a quick chart but look
the<00:04:54.270><c> yield</c><00:04:54.539><c> that</c><00:04:55.050><c> you</c><00:04:55.110><c> can</c><00:04:55.320><c> get</c><00:04:55.500><c> on</c><00:04:55.680><c> the</c><00:04:55.770><c> other</c>

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the yield that you can get on the other
 

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the yield that you can get on the other
platforms<00:04:59.419><c> you</c><00:05:00.419><c> know</c><00:05:00.539><c> so</c><00:05:01.200><c> dr.</c><00:05:02.010><c> kadar</c><00:05:02.580><c> then</c><00:05:03.120><c> the</c>

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platforms you know so dr. kadar then the
 

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platforms you know so dr. kadar then the
main<00:05:03.360><c> controllers</c><00:05:03.900><c> basically</c><00:05:04.380><c> degrees</c><00:05:04.740><c> from</c>

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main controllers basically degrees from
 

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main controllers basically degrees from
20<00:05:05.160><c> percent</c><00:05:05.460><c> down</c><00:05:05.639><c> to</c><00:05:05.700><c> 10</c><00:05:06.060><c> but</c><00:05:06.960><c> the</c><00:05:07.020><c> cool</c><00:05:07.260><c> thing</c>

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20 percent down to 10 but the cool thing
 

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20 percent down to 10 but the cool thing
is<00:05:07.590><c> now</c><00:05:07.620><c> we</c><00:05:07.830><c> find</c><00:05:08.220><c> out</c><00:05:08.400><c> to</c><00:05:08.580><c> weight</c><00:05:08.760><c> flow</c><00:05:09.060><c> which</c>

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is now we find out to weight flow which
 

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is now we find out to weight flow which
is<00:05:10.280><c> their</c><00:05:11.280><c> sellers</c><00:05:11.610><c> attack</c><00:05:11.910><c> for</c><00:05:12.120><c> leverage</c><00:05:12.450><c> the</c>

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is their sellers attack for leverage the
 

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is their sellers attack for leverage the
buyers<00:05:12.900><c> have</c><00:05:13.139><c> died</c><00:05:13.320><c> for</c><00:05:13.800><c> one</c><00:05:14.250><c> hi</c><00:05:14.460><c> Neal</c><00:05:14.729><c> and</c>

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buyers have died for one hi Neal and
 

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buyers have died for one hi Neal and
these<00:05:16.260><c> are</c><00:05:16.440><c> quickly</c><00:05:16.770><c> couple</c><00:05:17.550><c> of</c><00:05:17.669><c> the</c>

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these are quickly couple of the
 

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these are quickly couple of the
platforms<00:05:18.240><c> you</c><00:05:18.330><c> can</c><00:05:18.510><c> easily</c><00:05:19.139><c> use</c><00:05:19.320><c> with</c><00:05:19.860><c> two</c>

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platforms you can easily use with two
 

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platforms you can easily use with two
clicks<00:05:20.580><c> of</c><00:05:20.639><c> a</c><00:05:20.700><c> button</c><00:05:22.010><c> this</c><00:05:23.010><c> is</c><00:05:23.160><c> a</c><00:05:23.190><c> big</c>

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clicks of a button this is a big
 

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clicks of a button this is a big
explosion<00:05:23.880><c> of</c><00:05:24.180><c> protocols</c><00:05:24.599><c> and</c><00:05:24.780><c> we</c><00:05:24.900><c> have</c><00:05:25.020><c> a</c>

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explosion of protocols and we have a
 

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explosion of protocols and we have a
bunch<00:05:25.260><c> of</c><00:05:25.349><c> places</c><00:05:25.740><c> where</c><00:05:25.860><c> you</c><00:05:25.889><c> can</c><00:05:25.979><c> earn</c><00:05:26.220><c> up</c>

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bunch of places where you can earn up
 

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bunch of places where you can earn up
like<00:05:26.880><c> high</c><00:05:27.060><c> yield</c><00:05:27.889><c> okay</c><00:05:28.889><c> so</c><00:05:28.950><c> final</c><00:05:29.400><c> thoughts</c>

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like high yield okay so final thoughts
 

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like high yield okay so final thoughts
they<00:05:31.710><c> get</c><00:05:31.860><c> a</c><00:05:31.889><c> person</c><00:05:32.370><c> on</c><00:05:32.520><c> currency</c><00:05:32.880><c> unless</c><00:05:33.240><c> it</c>

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they get a person on currency unless it
 

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they get a person on currency unless it
has<00:05:33.570><c> healed</c><00:05:33.960><c> and</c><00:05:34.229><c> I</c><00:05:34.830><c> believe</c><00:05:35.130><c> kind</c><00:05:35.490><c> of</c><00:05:35.550><c> yield</c>

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has healed and I believe kind of yield
 

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has healed and I believe kind of yield
as<00:05:35.970><c> a</c><00:05:36.000><c> killer</c><00:05:36.270><c> out</c><00:05:36.479><c> it's</c><00:05:36.840><c> gonna</c><00:05:36.930><c> bring</c><00:05:37.229><c> a</c>

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as a killer out it's gonna bring a
 

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as a killer out it's gonna bring a
billion<00:05:38.099><c> users</c><00:05:38.280><c> to</c><00:05:38.669><c> here</c>

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[Applause]

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you