Everybody forced here up in a box of 2023 black football for Kurt W. Here we go. Kurt It's fine anything you Richardson RPA All right, so now for the parallel to 75 is Kenneth Walker the third Tucker Kraft rookie. It's up reduce All right into the hits now rookie Jersey on the futuristic to 99 Jaden Reed Jaden Reed 83 of 99 futuristic Ricky Jersey God Dalton Cade rookie auto redemption. It would be nice to get that one in person Dalton Cade definitely Bill's fans like him and rookie patch autograph 79 of 199 is Jonathan mingo Three color patch rookie auto to 199 on the mingo, right? I'll send a boxing wrapper. I mean, that's whiting on the corner there Not sure if they'll replace it, but it's worth a shot That'll do for the box appreciated Kurt's we'll get those out to you


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So, how you been man? How's everything? Good. Busy. Good boy. Yeah, lots of work to do still. So, how about you? Yeah, I would say the same. Not quite, I would say as busy as you, but very interested in seeing the more development and excitement within the space, especially since the launch of, well, the announcement of the so-called launch of Facebook Libra, which kind of prompted this talk for us. Let me ask you this. What's your take on that? Well, I think there's like, there's a number of interesting like perspectives coming out still. I think people are kind of looking at it. Some people are responding to it saying, well, this is like Facebook traditionally extracts value and it's going to continue to use this to extract value. And then there's also people talking about like the governance structure and the bodies in the governance structure. Obviously having an economic incentive to do so. I think like for me, you know, the thing that I always kind of look at is, so they introduce Libra, it's a stable coin, it's feedback from a number of currencies. In that opportunity, I think the single greatest opportunity in my mind is to not just have a stable coin that is kind of borderless or in a borderless, but more is like to rethink the way we structure the internet and value distribution systems of the internet. And like to quantify that, I think last year, the statistic in 2018, Facebook generated $55 billion in advertising revenue. I think Google did $46 billion. But I think the question is, is like why do we, like software is becoming ubiquitous, like everything has chat functions, everything has video messaging, it's not that hard to do this stuff anymore. And so to rebuild these types of infrastructures, so then the question becomes is like, why don't we build a system that benefits everyone rather than just benefiting one person or a company? Like how do we build an internet co-op so that all network participants based on their proportional usage benefit from the economic value of the network? Which then leads me into kind of like the topic that I want to talk about is can you go into and explain the whole process of how buns started and what you guys are doing and where you guys are currently and what's kind of the futuristic roadmap with buns? Sure, yeah. So buns started as a Facebook group. It was really simple. Emily Bitz, she founded the Facebook group, the first one. It was the number of other groups were founded by other people who believed in similar things, but it was a binary economy. So people could just like post stuff that they weren't using anymore and other people would be able to make them an offer for it. And we launched the buns app I think in 2016 and that was our first, like we almost look at like Facebook and because we came from Facebook. So we almost look at it like we wanted an alternative where we could build a sustainable community and have that community benefit from its existence rather than Facebook. Like to demonstrate this, to kind of make clear what I mean by that is like Facebook, if you run a Facebook group with like hundreds of thousands of people in it, you actually have no mechanism by which you can monetize that group. And what that means is like the people who are actually doing the work to maintain and create quality of that group are actually not being compensated for it because that's Facebook's business to advertise to that group, not there. So we wanted to create a kind of a home where that could be sustainable. We thought that, you know, we often joke like we're a fork of our own community for Facebook. We looked at it saying like, hey, how do we win at something, you know, head toe-to-toe as a really small company and we beat Facebook at something and we said, look at them at bartering. So in 2018, we built the bartering application up to the point where it had a billion transactions, a million transactions a year, not a billion, excuse me. And then we started to explore the need for a currency and a medium of exchange because as we approached a million transactions completed in the bartering economy, the classical economics issues associated with bartering like medium of exchange, value disparity, divisibility of goods starts to present themselves. So we started to level off the transaction velocity and we needed our own medium of exchange to be able to create kind of that to relieve the bottleneck. So when we looked at it though, we said like, okay, well, we could use dollars or Fiat and a lot of people to transact just like any other classic marketplace, but that's, you know, that's been done. So really like what would happen if we really did kind of take on some of the decentralization ethos around you know, the distribution of value derived from the network being paid to people, particularly from data and attention and then use that as the medium of exchange in the network. So, you know, by using this application, you passively earn this value and then you can use it with each other in the network. So that's kind of how we ended up where we are at a really high level. And so how does Bun's work right now? So yeah, so there's a the application centralized just kind of works better that way. I think the throughput probably bottleneck at most any public chain right now. Like in the last 13 months, people did 4.7 million transactions in bits. There are some coffee shops that are doing like 30 percent of their monthly transactions now on the currency. So it's been, you know, quite a quick growth from like the prior year doing 1 million transactions to 4.7. So the application, the currency is centralized on the application today, but we have a bridge where you're able to send bits from the application to Ethereum mainnet. So if you want to hold the ERC, ERC223, you can. Bits we never sold to anybody. We never did a token sale. We wanted to create a currency where by people again could earn the value derived from the network rather than having to pay. Because I think like the two big technologically prohibitive, there's two big prohibitive factors to adoption of cryptocurrencies as we understand them. And I'm extracting, I'm using like a very abstracted definition of the term cryptocurrency. Probably like Libra would define it. And I think the two big prohibitive factors are technical barrier to participation, meaning like the technical knowledge required to be able to participate in the space is quite high. And I think secondly is no one really talks about this is you have to buy it. Like it costs money to get currency rather than rather than having the opportunity to earn value on the future value of the network's throughput. So I think those are the two big barriers and we wanted to reduce those so that we could create what we describe as probably the most usable currency. And I mean right now, right now there's over 375,000 users on the Buns app. And you know, I think there's over 110,000 active wallets now. So it's grown quite a bit. And as Buns, you guys control for stability, so it's dollar for dollar? Yeah, so it's actually not not it's not dollar for dollar. It's more like penny. So essentially the way it works is like a business who wants to reach like, let's say a business wants to reach Facebook. This is the best analogy.  Facebook keeps that as profit. That's the social contract. The social contract is you get to use Facebook for free and Facebook gets to monetize your data and information and attention. With Buns, it's a bit different.  And when they do that, let's say they spend $10,000 to advertise $6,000 gets turned into 600,000 bits, which gets circulated to the community. And once it's expired, that 600,000 bits has been earned based on the number of impressions or CPM rates. Then that currency is now in full full circulation.  There's like, I think there's like 100 over 155 different locations in Toronto, Ottawa, Vancouver, Hamilton, Montreal and San Francisco now. And so if I go on the Buns app right now for people who don't know and I want to for example do bartering, let's say I got like brand new really good sharpie markers, right? They go for like, I don't know, $15. Do I, does it automatically then put like the Buns amount? So if I say this is $15 Canadian, how does that process work? So like, you know, the interesting thing about how the currency value came to be is it was the weirdest thing. It sounds kind of silly, but a lot of the stories are quite organic here. But we never were like, okay, we're gonna set it to one bit is equal to one cent. What happened was like, we, you know, we created the ERC 223 contract. You can look it up on ether scan. We're like, okay, let's go talk to a business who would want to accept this and explain to them what we're doing and then have them upload an item and set a price to it. And the first shop was a coffee shop and they uploaded an item that was a cup of coffee for, they typically charged $3.25 for it. So it was $3.25 is what they put in without any decimals. And then as we started to talk to other businesses, they use that cup of coffee as a reference point. And so they're using that same value and then the community started adopting that value based on the redemption rates. So, um, but yeah, like when you post that item, you go to the buns app, you post your marker, you say how many bits you want for it. And people can make you offers for it. They can directly message you and negotiate and they can send you bits both through the chat or in real time or in real life when they meet up with you. And some people will even pay you for like delivering things to closer to where they are, right? But is it within the app that let's say it's like a thousand bits? Does it give you the equivalent of a Canadian value? No, no, it's not like it's we never listed it on an exchange. I mean, obviously you could take you can transfer your bits through the bridge to a theory mainnet and hold them as Years, 223 and if you wanted to you could sell them on a dex or something, but we don't have any formal exchange support Just because that really hasn't been our focus. I think In like sub 1% of the total supply of bits is in circulation. So it's like it's still really early And we're not in a rush to to have it listed on an exchange That's your guys What's your guys like issuance rates? Are you guys trying to figure out like how much do you guys have? A formula or system you've created for how many bits are you will be creating? Yeah, there's the well that contract is governed Already, it's already published. You can look at it on ethers scan. There's scan. There's 200 billion bits as a fixed supply but When a business essentially when a business buys Advertising or wants to reach our community 60% of the value that they spend goes directly to our users and bits So And so let's say I'm a coffee shop somewhere in toronto and i'm accepting bits What a why then as a coffee shop do with the bits So there's a couple things So you can use the bits to so okay You know you have a let's say you've done a bunch of service news and you've seen some ads and you've sold some stuff And you've got a bunch of bits now you can walk in a coffee shop And let's say you spend the same classic amount of 325 bits and you buy a cup of coffee The business has the ability to redeem with us the bits But they also have the ability to do other things with the bits Like they can use the bits to turn on modules that will help them generate more value from the community They can use the bits to reach more people to come into their shop and spend more bits at their location But they do have redemption like a contract that allows them to redeem against treasury with us And so if they want to reach more in the last 13 months people have earned and spent Over 1.3 million dollars Wow. Yeah impressive And so if i'm a business and I want to then Target and acquire more users geographically obviously since i'm a coffee shop and let's say I don't know like This month somebody you know total $5,000 worth of bits people have spent on my coffee shop Yeah, how does that process work if I want to get more users from the bit platform into my coffee shop? Yeah, so these are things that we're working on right so There's we designed about 40 different modules that are specific to both brands and retail locations So like bigger and smaller some of them are chains some of them are not Well, like the classic example of something we're working on is and then we took the first step to doing this by building a merchant app So we piloted a merchant app where the retailers could use the app to maintain Or like quickly check out customers rather than just having a static qr code with an open wallet um And so that merchant app allow will allow them in the future in the near term will allow them to Do things like if you're a coffee shop.  Uh can be offered a coffee or target that person with advertising letting them know that hey You know you passed by my shop today. I accept bits actually and you can buy coffee there Um, so what it allows them to do is to build more community around their local business And like one of the important things I think what we see about these stable coins And I actually think this is a hugely missed Conversation piece is that it the thing you don't want to do if you're going to take a whole bunch of value That would typically go to a company like facebook and you're going to redistribute it What you don't want to do is have that money go back into centralized organizations What you want to do is to have it circulated at a geographic level where where the where the application is proportionally used That way we create more resilient localized economies rather than Having the the the value redistributed where a class that we would have been centralized and then all of a sudden Recentralized because it all goes to amazon So I think there's key things and nuances here that although it's you know attractive to just kind of put it into uber You know as an example like part of uber and have them accept it or something I think that's attractive as an idea because people use uber a lot But I think really what we need is to have software systems that benefit localized economies Where they're earned and used Yeah, it's also the buying power too right like you look at the stablecoin or even like the u s dollar What's the buying power u s dollar in toronto versus the buying power of a u s dollar in bangladesh Etc. Right different scales of economy over there Um have another question Sure, since you said it's not correlated to the canadian price How does one like say say i'm a neophyte a newbie and i'm logging in i'm like i do have a bunch of stuff I want to sell or barter et cetera a specifically sell Um since I don't know i'm not in inundated in the community. I'm not you know I'm not familiar with how the bits derive value Um, how do I know that what to set my item as for the amount of bits? I think a lot of people look to each other to get a frame of reference. Um There are blog posts and stuff that we kind of explain what we're doing So and we we try and ensure that those are circulated with the advertisements and the applications so people are educated But we don't put like an explicit value because we don't really know like this is kind of one of the things where Uh, you know at the time like a year and a half ago when we started a year a year and a bit ago when we started doing this You know a lot of people were like hey like you know listen on exchange have an explicit rate So that people know but I think really people look at each other's posts and are like hey That person's kind of charging about this at this for it or if I go and spend at this retail location I can kind of get this out of it So there isn't really an explicit rate when you're posting an item that we would quote Um, and I think it's a purest form of like Liz or fair capitalism. We don't know we don't know like I think that And like I think we we're stabilizing the redemption rate like that's what we're doing now But it doesn't mean that that's the true rate. I think I think like it's it's naive to believe that we you know We know that And I think it's it's a bit of a social experiment in that regard But I think pretty quickly people understand what the value is based on like what the merchants are taking the currency at and then they're either you know Charging more or charging less depending on that one of the really interesting things also is like how people Like this is one of the recent observations We have like a team of researchers we work with at mit and like we started looking at gift cards and whether or not people would accept Uh take more bits or less bits than the value of the gift card um Because the bits would have because of the number of retail locations that it's accepted at has a Perceived greater value than a card that is isolated to one specific company And so it's just super interesting to see what's happening and allowing people to kind of make their own decisions rather than prescribing You know the rules up to the logic um Yeah, have you noticed uh, so let's say do you finish a transaction and I earn a bunch of bits Have you noticed the ratio of how many people reuse these bits versus how many people want to cash out for let's say Redemption of fiat or whatever they want Yeah, we we closely monitor. Um, so I think like the vast majority of the value is being held onto by users and used peer to peer Um, so I think there's like typically two things I think like when you first use the application and you earn some bits and then you go buy a cup of coffee for the first time You're like I think the realization people have is like oh wait a minute like I can actually use these And I think I think then like the next piece is like can we rewind when people like when you say like earn the bits Is there more than just one way of earning bits so I can go there sell this I earn a base There are other ways for me to earn bits. Yeah, for sure. Yeah, so every day There's something called the real airdrop where you can answer questions and typically they're sponsored by businesses Look, we've done work with like Lyft wealth simple coho Borowell open care There's tons of amazing metro Tons of amazing partners have literally looked at this and said hey, this is an alternative to traditional advertising whereby The community is benefiting like we want to get behind this So we've made it possible for businesses to participate in this space in a meaningful way But so the airdrop the typically that every day there's a question asked It's multiple choice question when you answer you get to see how everyone else in the community responded. There's You know a huge number of people that do that every day That data is like targeting data That you know brands can use to be able to respond to your response itself So let's say the question is like hey, which one of these suite of microsoft tools do you use most frequently and you say office? And i say excel maybe tomorrow we'll see an advertisement for a surface pro But you see office and i see excel on the computer like so contextualizing things Based on our preferences. So there's the daily airdrop. There's the traditional feed ads So there are ads as you scroll through the application and as you see them And again attention economics dictates that that value is yours to be paid for those Um, when you activate your wallet when you or you invite someone to the network You get bits when you What else if you have something that comes really popular There's a small bonus for that to you. So really like it's data attention and contribution to the network Are the three key pillars? That make a network valuable and those are the three key pillars that pay out bits in in in response to interacting with them So currently right now is just It's just for products, right? So I have a physical product product I can sell are you guys planning in the roadmap? People post services people post apartments It's like there's a lot of just pretty much a classified you can post whatever you want you can post whatever you want Yeah, I think the idea here is is like Um, it's just like it's a marketplace. Um, but what we're about to launch is going to be really interesting Next in the next three weeks.  Let's say you you happen to run like car spotting group and I run Toronto foodie group Maybe nissan wants to reach your customer base and they can show advertisements for nissan cars to your community So 60 of that money would go to your community of of that 60 percent Maybe 10 to 10 to 20 percent would go to you as the administrator So all of a sudden if they spend $10,000 you're taking home 2000 of it that month Um, he gets $4,000 of it and bits and let's say I run the foodie group and Maybe law blahs wants to reach that community by saying like hey, we have this new artisanal cheese that you guys have all been looking for and and uh by by having them Advertised to my group. I earn a percentage of the total fee a gain that would be taken by the community So commute to community marketplace where we can cross promote each other Yeah, it's a social community. So essentially it's very powerful like facebook groups But the difference is that like and I keep I keep making this analogy It's like what we're really looking to highlight is You know facebook is like a social application and a marketplace combined And buns is a market marketplace and now we're going to have a social application now as well associated on the same app So when you have two things that are comparable The question becomes which one do you pick the one that doesn't pay you or the one that does it does pay you? and The hypothesis here is that crypto economics or value distribution systems will actually likely Have a significant effect on what we understand about network effects Because when you have two identical not identical, but you know nearly at parity platforms Uh, and one compensates you the economic incentive will likely create new new forms of network effects as part of our recovery You and I were talking about earlier a little bit about ubi, you know, so we spoke about libra before the call we're talking about ubi and He mentioned as well as uh, we as a user even though it's an opt-in We're not forced to use facebook or twitter etc. It's an opt-in. We can opt out whenever we want. Yeah We're not we're not betting or benefiting from it. But what's What do you envision like how do you see? Like if you had that magic wand, how would you envision the future with like a web three stack? Sure Well, I mean, I think like, uh, you know, there's a number of amazing infrastructure projects like polkadot and ethereum And there's tons of different stuff and stuff that's being worked on I think the question on the infrastructure side is who's going to achieve scalability Um, but I think if we imagine reimagine the future of the internet, it's not just about the infrastructure It's actually also about who we're like how the value distribution system of that that that kind of Ecosystem goes and I think dows are like the first kind of shot at that Um, but I think the the answer around ubi is really quite simple Is like on an annual basis last year in 2018 325 billion dollars was spent on digital advertising Of which pretty much zero went to people who use these platforms And when we look at a platform like facebook and we say, okay, well facebook's work worth huge amounts of money Um, and yet if we removed all the people from the platform, it would be pretty much worthless So clearly people are creating the accrued value, which means that data is almost like work or data is money Um, and so then the question becomes is what happens if we took that 325 billion dollars? And which is reoccurring. It's not just a one time one time thing All right, this is like annually that the demand for grow digital advertising is only growing And so what happens if we redistributed that to our network participants? That would actually be a sustainable There's an existing demand to do this today to digitally advertise And all we have to do is create an alternative whereby the value to paid to advertise Is distributed to users rather than centralized in a company as profit And the reason that it's almost impossible for these companies to replicate this I think Is because they're so deeply entrenched in the capital markets that for them to all of a sudden come out and say Hey 60 percent of the 55 billion that we made last year from digital advertising is now going to go to people They're stuck And so our opportunity like blockchain represents The fundamental building block a trustless building block theoretically For us to make change Because we no longer have to have you know one entity we trust to do this And I think the question then is like, okay If we agree that that it's a great foundation to make change The question is what do we was what do we won't really want to change? And I think the answer is like We should have better distribution value distribution systems so that these companies don't become mega monopolies Centralizing value, but instead benefit the local economy Proportionally to where the software is used and if we can achieve that we're literally going to have three impacts It's going to be environmentally more sustainable Economically more sustained environmentally more sustainable because secondary marketplaces are great for creating better distribution of goods at a local level So we don't need to ship everything We have better peer-to-peer relationships because people are transacting more Um economically more sustainable because it's getting super expensive to live in cities And if all of a sudden your passive behaviors on the internet are earning you You know if you're an administrator, maybe you're earning comparable to like 2000 bucks a month that'd be huge Um or and maybe if you're just a regular, you know passive person on the application Maybe you earn 50 bucks and you buy like lunch every month or two um and then lastly um It's we have the economic benefit the environmental benefit and the social benefit I think there's like this this problem around social applications where like we actually have no mechanism to actually really Connect with each other at a localized level. So all their social functions are focused on local geography We'll we almost describe it as like a neighborhood network where You know, there'll be a building for like, you know, one york street if you live there Or you know upper beaches or like queen in ostington area and then there'll also be social interest groups So like things that we're interested in like toronto classic car club or toronto blockchain group And like we're already seeing in the beta people are creating these kinds of groups so but I think What I see in the future is Uh kind of like a take back with like this new infrastructure being built Our opportunity in it is to ensure that we don't migrate the existing problems from the existing infrastructure like the practices Of setting value we want to create new practices on this new infrastructure That benefit everyone everyone because You know, I think everyone in no one will on the infrastructure. That's the idea And I always had this idea before where it's like I think uh stos are interesting, but not how people are approaching it. I think we're super early But I had this idea before where it's like Okay, let's say you and I were starting a new facebook as of today And we don't have to start off in this like crazy decentralized way because we're not there yet and it's uh collusion issues with like starting up a team And uh just scaling issues when you're all decentralized and all the big protocols are are suffering this issue Yeah, my thinking was like, okay So you're familiar with like brave or the trend idea of like monetizing your data Same thing where you guys are you know monetizing my my intellectual knowledge with the surveys that you guys give me And I get my bits. Yeah, but now imagine where it's like, okay, this is cool because that's currency give or take Uh if the currency is pure liquid on exchanges fluctuates a dollar today is 22 cents tomorrow And maybe two cents in a week in a week from now. Who knows a crypto market fluctuates. Yeah Um We'll be more interesting where you have two options where it's like, okay, you have your local token You have then the option within your ecosystem. You can switch the token over to any crypto bitcoin ETH whatever you want, you know, it's your choice. However, with an stio when it's done properly I wouldn't have more skin in the game. I love the platform that I'm using. I want to own a piece of it So let's say hypothetically through me contributing on this network. I'm earning. I don't know 500 bucks a month, whatever, right? Yeah, you're gonna add a month. You don't want bits. You want so it's a two token system, right? Yeah, you want bits. You want bonds Yeah, so I I'll take but I want to split. I want some cash. Let's say I take 200 bucks I want 200 bucks some cash, but the 300 bucks. Give me some stock Yep, so this is something we talk about a lot Um, we're actually have quite a number of plans to do something to this effect So really what you want is you want you do want a two token system You want a system whereby somewhere by you have a stable unit of value that can be transparently earned not just bought but earned Network for participation data and attention because it has a very real market that we identified earlier Which is that 325 billion dollar annual reoccurring revenue market Then you want a token that represents the total network value or the or or The and that's almost like a stock or a security token that represents not just the stable version But like if all of a sudden tomorrow 15 million more users start using bunz app um That that token because of the number of new Uh more people the 15 million people add attention and earning capacity to the network Which we can fulfill with advertising increases the value of that security token So very much like and yes, and you could you could essentially take your bits and buy buns So we we often talk about it in terms of bits tokens and bunz tokens Bunz tokens have not been something we've openly discussed, but But it is something that works early the infrastructure. I would say the infrastructure is not there yet Then it's also like a psychological game too is like I think people need some time to wrap their head around the fact that A they're earning Let's say You can call a point space whatever they're earning value in a system Yep, and they can move that value from point A to point B. It's up to them How they decide to move value at the exact same time now they have it's it's not on the public and traded tsx It's it might be something different like a red d reg a some own st. Oh offering Where they can actually own ownership inside of this Yeah, I think it's going to be a long curve before people kind of get uses in the type of system Yeah, I think like if we go back it's like I I agree with everything you're saying about this and like this is something That's very much an ongoing conversation internally here Um, I think really if you look at it what you're looking to do is essentially this you're looking to create an alternative to traditional advertising models and networks And what you want to do is instead of centralizing the value you want to distribute the value the best you can While making sure that the business or the operation of the company currently is still sustainable And then what you want to do even further than that is not just distribute the ongoing value But it's distribute the equity value of the company to its participants So everyone has not just an income but a form of ownership of the total network Um, and so really like the way we look at it is you know There's a lot of platforms out there that are social community oriented and none of them compensate people So really like the the differentiator that the moat between facebook and buns Is uh distributing value derived from data attention and contribution to the network Because because it's something something that facebook simply can't copy Because if they did theoretically Cause massive issues And like wouldn't it be something it'd be something amazing and I mean maybe maybe buns is it maybe buns won't be it I don't know But wouldn't it be amazing if we saw this suite of software be held as the Alternative to traditional software as we understand it today whereby everyone owns it And everyone benefits from it Just for their current behaviors today like that that's I think the key here because then all of a sudden you have a sustainable form of income That's based on past behaviors Yeah, it's an opt-in co-op as opposed to a forced one. Yeah, we talk about it as an internet co-op Yeah, that's really what it is Yeah, I think once uh, you know, we do have like certain legal frameworks in Canada like the jobs act But it's complicated in the states of reg a and reg d Um, I don't think so tech wise are quite there. Yeah, but I think I think the writing's on the wall and I think the ingredients are in the recipe if you look at what's happening with The lack of trust in facebook you look at them Um, I don't be a following following but the issues with free speech, you know, they're targeting people either you have a Either you have a blanket law that applies all or you don't have it at all. Yeah, and I so Yeah, no, I agree, right? Go on to write. I'm gonna do Yeah, it's okay. Um, and so for me, I think I think the narrative Is hyper accelerating where people are just fed up with facebook twitter, etc We need a better solution is and like the problem is this though I think like the problem is that like We look at facebook and we see a lot of it's really easy to bash facebook But really like it was this important mission critical stepping stone in how we got here Yeah, like it's so like amazing amazing things were achieved through what they did but like the missed opportunity Was like these companies promote like we're going to change the world. It's going to be a better place It's you know, we're all about environmental sustainability. We're all about community We're all about cannot whenever I hear that That's like negative social signal to me. It's like, yeah, why do you why do you have to tell me this? Yeah, and so I think like I think whenever whenever I totally agree with you it is But it's like, yeah, we're we're all it's like I'm a socially conscious entrepreneur. I'm like Okay, like yeah by default you should just be a good entrepreneur I don't get it like why do you have to label yourself like like even google?  What if feeling like what if we did this a bit differently whereby We really actually paid the people the value rather than The network earning the value while still making it a sustainable operation like wouldn't that be something different friend and I think like people are beginning to look for alternatives because There's something fundamentally unagreeable about that amount of centralization of value when we know That without people that value would not accrue so yeah, that that's the the kind of the That that's I think with the root of a lot of where this is coming from I think it's not just also it's not just like, you know, there's a huge amount of mistrust in facebook Then blockchain came around and there's a ton of hype and crypto and people were talking about ubi Like it's not a coincidence that all these ideas are being discussed in parallel um, I think really what's happening is like we're looking to As we move from one infrastructure stack call it web 2 to a new infrastructure stack call it web 3 We have an opportunity the change is opportunity We have an opportunity in that change to make more changes And I think the question is we need to know what we want to change about it and to me the obvious thing is Like wouldn't it be amazing if people we can make people's lives more affordable affordable We could create a more sustainable environmental future and we could connect people meaningfully locally Like those three things are worth doing because they're having hugely negative impacts on the world today Yeah, that's a major trend of a noticing too. I think you know Globalization had its benefits for global economies But at the exact same time we've negated localization Yeah, like specifically with tariff rules and certain tax like it's cheaper for us in canada from a taxation And trade agreements that we have to import apples than is for us to buy apples and agar falls Which is pretty fucked up. Yeah, it's like mega falls is 70 kilometers. How the fuck's the more expensive? Yeah, so this is something that comes up quite a bit like One of the things that we're doing with the reason we built a pos app like a merchant app for our businesses Is we wanted to give them the ability to bring their inventory online Because like something very special happens in the internet when new inventory comes online And a good example is uber or air bnb Um, like when that inventory inventory comes online, it wasn't previously on the internet like it has a very you know interesting effect Because it could create again it creates an alternative to what we understand as the marketplaces today And so when we launch the merchant app, we actually give the merchants the ability to Bring items online. So essentially the way we think about it is like imagine, you know, six months from now When all of a sudden, uh, you know, you have all the stuff that is typically available Through, you know, all these centralized platforms that ship things in like amazon or whatever else And instead you can get it locally you'll actually be able to get it cheaper and faster theoretically Um through this network because you have new inventory available in an aggregated marketplace at a local level Um, and that that could actually at you know, with the right enough density in population enough density in usage You actually could create a competitor to amazon from that Um, so these are like some really crazy ideas, but by essentially by bringing new inventory online Essentially, you're you're going to reduce again the environmental impact of shipping But you're going to have things readily available faster and cheaper, especially with 3d printing. Yeah, so Like my last business was in china was in clothing, believe it or not. We had specialized underwear And uh, you know supply chain nightmares, right? Guangzhou to we actually Our business is crazy. We shipped from china made in canada stamp made in canada shipped back to hong kong We sold to the asian markets and um, yeah, yeah, um, but You know, if you look at a lot of stuff like you look at ali baba ali express Except for a select few items majority of that is all oil based products Right, you look at stuff on amazon ebay, you know sunglasses plastic jewelry Cups like regular stuff to people buy right? Yeah, a lot of that stuff can be fucking 3d printed right here Yeah, there's there's a lot of I think like we're still at this inflection point where We have an opportunity to really change the way we look at things I think there's it just it just has to be has to be profitable. That's the only difference, you know I mean like once once a tech is is Uh, matured enough and the scales of economics make sense then it's going to become ubiquitous Yeah, I also think though that like by refocusing Like when money goes into one of these large like kind of monopolies be it a marketplace or a managed marketplace Or a social network. You're really what you're doing is you're extracting value from a geography Because that wouldn't you know would otherwise have been spent within a local economy And now it's being centralized into like an irish bank account by a san francisco company that domiciles there So I think the the opportunity is also to create simply more resilient economies by having a higher velocity of transactions happening locally with local business owners and entrepreneurs that then Focusing on and the key is that they have to be cheaper and easier than the existing competitors Yeah, and that's what software does right so I think so I think somewhere in between Learning from web 2 and using those strategic advantages in our favor while adopting these mentalities of web 3 where Like we don't need a company. We don't need another company that makes 200 billion dollars a year We don't need that what we need is to recirculate 150 billion of the 200 billion dollars to people in canada or to people in america or to people wherever in the world And have those that that proportional usage Create more affordable lives for everybody. That's what I think Yeah, the thing is like you look at taxation you look at for them going to ireland, you know 1% or has majority of them like amazon walmart to do ip like leasing deals between different jurisdictions, right? So they have no, uh What's it called no no profit? Yeah The human psychology No matter what from a game theoretical model People will go where they can save money. That's it, right? So the more you squeeze squeeze people the more intellectual capital disappears. It's simple as that and so I think one thing and and this is why I'm big locally. This is why I've been screaming here for In canada for a long time other places exist. Singapore is one example. No place is perfect, but I'll use singapore as an example Um, I think in canada. We have a golden opportunity since we have such a diverse background of different people different ethnicities different cultures Very small population fucking huge landmass We have Canada is one of the biggest issues of great startups starting here and disappearing because the opportunity is not here Yeah, um, we need to start creating economic zones If you want to incentivize company and like big companies is easy for them They have the profits like you like fuck if I wanted to do what they do It's going to probably cost me like a million dollars a year just to run the the financials and the legal team to have that afloat Yeah, and uh, they need we need to have economic zones here where it's like, hey listen And they've done this in some areas in new york david rose Uh, uh, one of the original angel investors in, uh, united states wrote the book I think so like he's he's been doing angel investors since day one. I think dust was i forget his book's name. Um And so it's like, okay.  Whatever you make doesn't matter But there's there's criteria is higher locally Uh, you know, we'll make we'll make we'll make proper criteria, but the incentive it's all about incentive You know, um, Warren Buffett's partner charlie monger has a great saying show me the incentive I'll show you the outcome. Why would a big multi? Corporate, uh, national company that has billions of dollars in public trade. Why would they take a 25 cut? They wouldn't The incentives incentive is not there as simple as that you can scream and shout all you want You think you go after them. Good luck with that. It's not there's no incentive for them to give the government 25 percent Of their, you know, whatever they made a hundred billion dollars. Yeah But what happens if we do make incentives where it actually makes sense for the company to make even more money in the future? Yeah, I mean like I think this is interesting because like What we're essentially I think those economic incentives need to exist at an individual level and at an organizational level Mm-hmm. And so like at an individual level I think you're you're echoing what I was saying earlier around When you have two platforms that are, you know, feature ubiquitous meaning they're identical almost and capability for both social Social market social application and marketplace. Which one will you choose the one that pays you're the one that doesn't Well, this goes back to nature like you look at something called gall's law Yeah, there's no complex organism every wall from another complex organism Everything came from a singular cellular organism and slowly evolved over time If you look at like the human body from the mitochondria within our human cells and going all the way up into let's say Red blood cells and then the muscle tissues and into skeletal tissue, etc Eat from from the very small microscopic level within the mitochondria all the way up to my muscle tissue They work in a hierarchical level. Everything's connected. Everybody actually has skin in the game. One thing fails.   I'm like, but you have nothing to lose So you're screaming all day. No shit, right? If you have something to lose He won't be screaming. You'll be protecting what you have to lose. So imagine like if you have like, I don't know I don't know like a million canadians that have like buns stl like a stock of buns, right?   They have skin in the game.  Yeah Yeah, I think um like So we actually have this conversation quite a lot and they get kind of again, it's resembled the co-op ownership It resembles the st. Oh Um, and I think it has implications for sure um, but I think like there's there's two there's always two pieces to this like Well, I think most importantly the most important thing I think to take from this conversation is that like We need an alternative Is we don't have one you can like right now that we don't have a good alternative to Create a new narrative whereby the people that use a network benefit And be you know possibly there's the ability for them to be able to convert their bits to buns tokens And also if you don't have bits to be able to buy buns tokens with some sort of crowd sale Like even that kind of model we've discussed Um, and I think it's important because what it does is it it gives people again It gives what you're saying it gives people skin. It gives them a reason to have um excitement that that the network work could work will continue to grow and we've actually seen this be a highly successful um kind of model for growth and for profitability of company Um, because now people are cheering for it because they feel that they economically benefit with a multiple Not just the stable coin If it succeeds as a platform It's a mythology or it's a narrative. It's a psychological trigger where I am not a user I'm the owner. Yeah, and like I this is one of the things I actually try really hard Like do is make sure we call them people like because like they're just like you and I everyone who uses this like and like You know, I think like over 20 of toronto now uses buns Uh, and like so I think like when we look at it. We really want to do something that um, and it's it's not entirely like, you know Altruistic like, you know 40 of the money right now goes to the operational side of our business and 60 goes to the community So the lion's share is going to the community But you know, we have a long way to long way to go to getting to the point where even more goes to the network But obviously right now we're at the early stages and we've got to do quite a lot to build And get that infrastructure stood up to where we're satisfied that it can scale and others others can take it over Um, but I think that the idea there is definitely that Uh that in like, you know in early meetings. I always said things like I would love for this to end up where Everyone and no one owns it And uh, you know that it has a positive impact on local economies Wherever it's used. Um, and I think That narrative is becoming more and more likely as we close the gap between like what facebook is today and what buns is And as we kind of release our social functions, you're not going to be able to run social groups on buns You can run them on facebook You can post up for sale on facebook or you can post up on buns And this one pays you and this one doesn't and like as that narrative begins to to favor Uh, the you know, the economics begin to favor the individual dual rather than favor the profit of the company Um That in itself is going to be the most important thing that we can achieve at my belief This is the most important thing we can achieve out of this technology And like I continually caution people do not migrate existing systems like for like on chain It's irresponsible because we know they're not sustainable Um, and so we need to make changes and we need an alternative alternative narrative And that alternative narrative is that people matter more than profit Um, and that that that will be A great business model in and of itself Because you're you're you're putting the economics of the the person first and aligning the company's incentives to the person's incentives Beautifully said, uh, if people want to find out more information about buns can evolve help you guys out What's the best resource? You can download the buns app. Uh, it's for ios and android or you can go to bunz.com Or bunz if you're canadian, right? Which one's the canadian american version? B where the zed where the zed is it? Yeah, we're the yeah, i'm pretty yeah Yeah, so bunz for the american folks, uh, bunz for the canadian folks um You can download in the ios or android app store Uh, if you activate your wallet, uh, you can enter the handle z e r o c o o l zero cool That's my username and you'll get a referral bonus Um, but yeah, use it post some stuff that you're not using anymore transact with other people locally tell your friends and Like let's change things piece by piece. I mean day by day I appreciate thank you so much and talk to you soon. Yeah, my pleasure. Thanks so much for the time


Thank you. Willie? That was spectacular. Really. Please, another round of applause for Willie. Please. My name is Jorge Jarizati and that was spectacular not only for the quality of the music. It was spectacular because what it represents. This music represents the battle of my people. It represents the battle for freedom. It represents the battle for a better country in which we all have freedom. Social, economic and political freedom. And we all have the opportunity to be happy and to prosper in Venezuela. This music represents everything for us. It represents the fight of my generation. A generation that we only want a different kind of country.  FI represents the values that I want for my country. Of a free society. And the fact that you are here is the fact that you care about those values. Values that change life. Values that change the life of millions of people. The people who need us the most. The people who are struggling every day. And that I'm sure that with freedom there will be better off. And there will be a great country, a great Venezuela tomorrow. I also have, for Lawrence and with my friend Javier, who can come to the stage, a gift, a special gift from the Foundation for Economic Education. So please, Javier. Well, there's many things that FI Foundation have been, I mean, all that support and help to the people to Venezuela. So we want to thank FI Foundation, all the staff from FI. And also you, Larry. Thank you so much for all the support. Sorry. Oh my gosh, thank you. Thank you, Javier. Thank you. Thank you so much, Jorge. This is on behalf of 35 million people. Thank you so much. Thank you.  And I promise you that the day is coming when we will be doing a FI seminar in Caracas. We will. We will. Thank you. Thank you.


I still remember the first time I drove to the Foundation for Economic Education. I was with my buddy Carl. We drove all the way across the state of Pennsylvania. We didn't know what we were going to find when we got there. But what we discovered was a community of classical liberal ideas. We discovered Hayek and Bastiat and Mises and Albert J. Nock. We discovered communicators like Leonard Reed and Henry Haslett. But we also discovered a community, a thriving community of people that believed in ideas. And for me, that was the most important part of FI in my development as someone that fights for liberty every day. Of course today, the community for liberty is tenfold bigger than we could have imagined when I was 19 years old at my first FI seminar. Now we have social media. Now we have Facebook. Now we have an ability to talk to every student across the globe about these same ideas and the same people that turned me on to liberty when I was a kid. The Foundation for Economic Education is a key part of translating those ideas into a message that connects with people. A key part of bringing that community together through FICon. I'm proud to be an alumni of the Foundation for Economic Education. And I can't wait to see what they do next.


Welcome folks, we have the Dow Industries trading up $3.94, Nasdaq up $2.74, S&Ps up $7.70, Gold contract flat, 18.14 an ounce, Silver's up $0.03, $21.58 an ounce, both of them couldn't hold price, LightSweet crude down a buck and a half at $1.1254, notes and bonds, they continue higher price, lower price, higher yield. Ten year down 26 ticks, trading 18.27, 30 year up a full point, plus eight ticks at $138.21 and $King dollar, $King dollar is down at $812 ticks, trading 103.375, Euro is 105, Yen is 129.43 and the British pound is at 124 to 1 US dollar. We get up and take a look at the S&P folks, bottom line is that you are going higher with a nice contraction of volume, so this is setting up a B to C of an ABC structure on the way down, take a look at the spy, you've got 56 million shares right now and we had yesterday, so yesterday we had this, you did 78 million, you go over the high of the following day, you close underneath it, that's divergence because when I show you what happened was the NDX.  We go over to the NDX 100 and you're going to look at the NDX and this is where the divergence came in yesterday, is that you had the NDX bottom line pull back with light volume, never went over the highs, so you get out of today, you get another contraction of volume doing 48 million, you're over the swing, the swing there is that 302.99, you're 305, bottom line, that's saying okay, if you hold price, that's saying if you hold price, we'll get into the futures as soon as the program starts, actually not as soon as the program starts, we're going to do the crypto deal first and then we'll get into it. 315 is game inside the queues, we'll see how we get up into that area. Gold, gold contract is going to need more volume, gold has already rejected lower price at the finish of its ABC structure, that being said, bottom line, you get light volume today, you made it to 1834, couldn't hold price, you get 129,000 contracts, needs more contract volume than that and good old king dollar and this is where the divergence is because the dollar still has failed on price, the dollar is down 811.6, your bottom line to take this and if this closes in the week, under this 103, 700 area, well then guess what, you're going to have a failure and that very well, maybe the end of the dollar going top side, so the baby shakes out, stay right there folks, come right back.


This video is sponsored by Lupin, one of my new favorite jewelry brands, more on that later. Statement pieces are a lost art in fashion and you could argue it's a lost art in general. Like remember when game covers actually tried, they had their own art style and now we're just left with the main character's face on the cover, like come on man. Or when album covers went hard and now we're literally left with a blank screen. With the rise of minimalism and the issues of 2020, it has left a vacuum and time in which us, the people who enjoy fashion, have really veered away from these type of garments, even scared of it at times. But not to worry, this is everything you all need to know about statement pieces and this is literally where the fun begins. First off, I'm not saying that bold cover art or statement pieces don't exist anymore. It's definitely still there. What I'm really trying to say is most people play it safe nowadays and there's nothing wrong with that. I'm cool with simplicity. So first we must discuss what even is a statement piece? Uh, is it a unique print? Is it a drastic cut? Is it avant-garde? Is it a bold color? Well, answer is all of those. To keep it simple, it's really anything that strays from the norm and definitely pops on an outfit. And most of you guys will be able to tell. If you ever feel bored or stuck with your style, adding a statement piece is just refreshing. You'll definitely be able to think of new outfit ideas, help, you might even embrace color for once in your life. I like to think of this like trying a new hobby. Sometimes the best thing to do when you're stuck in life as an adult is just try something new. And statement pieces offer that. They also speak a lot about your character. It definitely communicates that you're willing to take risks, not play it safe and whenever done well will definitely showcase your good sense of fashion. And I'm not saying a minimal fit doesn't by the way, but that's just the power of the statement piece. You spend the same amount of money as you would a regular item, but you get more out of it internally and externally, but more later on why it could be dangerous and a bad thing. But let's get into the juices of statement pieces. Most of y'all are actually probably already embracing statement pieces. You're just doing it at a pretty light level that most people probably wouldn't consider a statement piece, but it is. And that is something like bold sneakers or colored headwear. I'm going to be using levels as an example. So level one, this is your low barrier of entry item, beanies, hats, kicks, accessories and colored pieces. You can still embrace minimalism, but make a statement. Just think of this like Nikki's, the pink print album. That cover art is just beautiful, yet so simple. It's just a blank or simple canvas with a bold pop of color. So if you want to embody this with your outfits, y'all know I talk about this all the time. You can put yourself a white pair of sneakers, any pair of black pants, and before you grab that neutral colored top, grab a colored one and there you go. Look at you. I guarantee you this fit works every time. In the case of this simple outfit, you're letting the color speak for your fit. Another thing that you can do is pull from a colored item and oh man, this is my favorite.  So check out this sling bag. I know 80% of y'all would avoid this color, but it's an accessory. It's not like an entire shirt or a pair of pants, right? So this on your body, you've got a bold statement, even if your entire fit's very simple and you can pull from that color and match it with a piece of headwear. In this case, I'm matching that yellow with a yellow beanie and it really looks like you know what you're doing while keeping your fit simple. And another way to keep it simple and look like you know what you're doing is to roll with jewelry. Something like these from the sponsor of today's video, Lupin. So Lupin is definitely one of my new favorite jewelry brands. They focus on high quality, minimal, handcrafted jewelry for men. Each of these items are created with sterling silver and that's the good stuff. So let's check out the difference in sound. I pretty much love all of their designs and they were kind enough to send over this rope chain, which I just put my jade pendant on because this brand does happen to be Asian founded and founded by three Korean women. Shout out to them. They also sent over this striking ring with an accent of black that makes it pop. Y'all know what I've been talking about lately. And this be water bracelet that I've been rocking so much. It's got a little pendant with the soy character, which means water. Y'all know I love Bruce Lee. It's definitely versatile. It goes with any outfits and it gives your fits a more upscale feeling. They've got a ton of other dough pieces as well. And this is a smaller brand. So go support them by clicking my link in the description. It doesn't matter if you're into street wear or men's wear. There is definitely something for you. And if y'all want to save some money, you guys can use my discount code FLOWERJONNYTIE for 15% off. Thank you Lupin for sponsoring this video. Okay now we're in level two, which is where the general public will definitely be like, okay, that's a statement piece right there. And that is when you take on unique cuts, designs, or patterns. And there's a few ways to go about this. Number one, roll with the piece's energy and match its vibe. So you can grab your Arcterix shell jackets or any shell in general and lean into that vibe. Embrace the functionality you get. Tech cargo, slings, face mask, full tech wear. Or let's just talk about these wild strap cargoes from Fried Rice. Yes, that is literally the name. Go check them out. Now I can remove the straps and enjoy its simplicity or I can go all out and roll with the vibe. And this is giving me that dark vibe like I need a trench coat and to keep everything black. So these are just like GTA covers and no, not the international version of GTA 3. I'm talking about the ones they've been consistently putting out. They embraced that GTA font and came up with their iconic cover art that matches the vibe. Or two, you let the piece do the talking and you keep the rest very simple.  Maybe a few accessories. Here you see me with a blue denim jacket that I got from my dad and pairing it with this bright green cap. Windows XP colors, you know, the reason why that wallpaper is so iconic is of course the composition, but really it's the analogous colors. In layman's terms colors right next to each other on the color wheel. There's also complimentary colors, yada, yada, yada. That's for another video though, or you could just roll with simple colors, maybe a graphic tee, but the simpler, the better and a fat statement piece.  Think of this like my beautiful dark twisted fantasy solid red color scheme with a simple square unique and bold art. And top tier is where you just go wild and you start to discover your own art style. This is bold pieces, bold cuts, wild designs, the whole spiel, and you combine them to make your own. And I'm personally not on this level yet. So I'm just going to be using Sam's because he knows what he's doing. Honestly, the more experimental you are, the better for this category. These are like the Metroid game covers or Kanye's graduation album, the OG Star Wars movie cover, police story, or of course, the Metal Gear series, not number four or five because that's just the protagonist's face. Those are great games, but you guys see what I'm saying? It's really a lost art. These cover arts will definitely catch your eye. It's going to break your neck. You definitely have to just grab that and take a look at it. Just like when you see someone walking down the street with a bold, bold outfit and it just strikes your eye. But as you can see already, these different levels offer so much more than just a simple white tee and a pair of jeans. But I'll be honest, here is when it gets dangerous. If all you have are statement pieces, you're going to suffer from analysis paralysis and not even be able to come up with a fit. So just be careful with your fashion consumption. This is why I personally like to stay in level one or level two most of the time. Headwear and small accessories are one more affordable and two can be paired with basics and still have a lot of weight to your fit. So be careful with it.  If y'all enjoyed this video, give it a thumbs up. Follow me on Instagram and Tik Tok at Fly With Johnny Tye. Definitely check out Lupin for their accessories and until then, stay fly, deuces.


أسلام عليك يا أسلامي أسلام عليك يا أسلامي أسلام عليك يا أسلامي أسلام عليك يا أسلامي أسلام عليك يا أسلامي أسلام عليك يا أسلامي أسلام عليك يا أسلامي أسلام عليك يا أسلامي أسلام عليك يا أسلامي أسلام عليك يا أسلامي أسلام عليك يا أسلامي أسلام عليك يا أسلامي أسلام عليك يا أسلامي أسلام عليك يا أسلامي أسلام عليك يا أسلامي أسلام عليك يا أسلامي أسلام عليك يا أسلامي أسلام عليك يا أسلامي أسلام عليك يا أسلامي أسلام عليك يا أسلامي أسلام عليك يا أسلامي أسلام عليك يا أسلامي أسلام عليك يا أسلامي أسلام عليك يا أسلامي أسلام عليك يا أسلامي أسلام عليك يا أسلامي أسلام عليك يا أسلامي أسلام عليك يا أسلامي أسلام عليك يا أسلامي أسلام عليك يا أسلامي أسلام عليك يا أسلامي أسلام عليك يا أسلامي أسلام عليك يا أسلامي أسلام عليك يا أسلامي أسلام عليك يا أسلامي أسلام عليك يا أسلامي أسلام عليك يا أسلامي أسلام عليك يا أسلامي أسلام عليك يا أسلامي أسلام عليك يا أسلامي أسلام عليك يا أسلامي أسلام عليك يا أسلامي و now this enmity came out into the open again because Sa'ad bin Ubada was the leader of the Khazar tribe Bashir ibn Sa'ad who was from us he came forward and pledged allegiance to Faisal Khalifa when he pledged allegiance a few other people pledged allegiance as well and then the tide had now shifted why Sa'ad Khalifa stood up and said I want you to you know this is the authority of Quresh Faisal Khalifa stood up and he holds on to the hand of the second Khalifa and Abu Badab Najara and he says these are the two people that I think one of these two would be good as Khalifa so choose one of them instead of or before anybody would reply to that the second Khalifa himself stands up and he holds on to the hand of the first Khalifa and pledged allegiance to him and says that I've pledged allegiance to you because there's nobody more superior and better than you out of all of us when he does this now there's a dispute and a disagreement between the Ansar so as we said the Ansar when the Aus and Khazar tribes they had old enmity but the Holy Prophet had removed this enmity now because Sa'ad bin Abu Badab was the leader of the Khazar tribe Bashir ibn Sa'ad who's from the Aus tribe he takes this opportunity to pledge allegiance to the first Khalifa when he pledges allegiance to the first Khalifa now there's a divide between the Ansar some people are arguing that no Sa'ad bin Abu Badab should be the Khalifa other people are arguing no it should be this person why because it's not from our tribe after all this commotion first Khalifa is announced or proclaimed as the Khalifa now they return this is Monday 28th of the day the Holy Prophet Islam passed away after they return back from Saqifa it's very late at night the next day Tuesday 29th of Safar is the announcement to the leaders of all the tribes that after the Prophet Abu Bakr has become the first Khalifa you all are invited to come and pledge allegiance to him all the leaders of the tribes they all come and pledge allegiance so out of the people on the second day when they're invited to pledge allegiance to the first Khalifa towards Abu Bakr is not just a ordinary way of demanding allegiance but rather second Khalifa has gone round and said if you don't pledge allegiance you'll be killed if you don't pledge allegiance to the Abu Bakr you'll be killed therefore there's people who don't want to they don't want to get into confrontation or to argument or to argue they all come and pledge allegiance now on Wednesday 30th of Safar they sit down and they ask who hasn't come to pledge allegiance after this invitation of pledging allegiance has taken place there's still some people who haven't come to pledge allegiance say who hasn't come to pledge allegiance so you say well this person this person this person has not come so they say nobody from the Bani Hashim has come to pledge allegiance so they say well let's go to forget all of these other people they're not very important come to the area where Bani Hashim live and we have to go and get allegiance from them so this is now Wednesday 30th of Safar a group of people who came by the second Khalifa come towards the house of Fatima Salamun Laleha in order to ask Imam Amirul Mu'mineen to pay allegiance to Abu Bakr when they come Fatima Salamun Laleha refuses to entertain them refuses to answer them and says that Imam Amirul Mu'mineen come out when they face this refusal then they say we're going to burn the house down they gather the wood and they set fire to the wood and the house does burn down Fatima Salamun Laleha in order to save her hijab comes between the wall and the door the nail in the door goes into her ribs crushes her ribs and as a result of that the baby is miscarried so on and so forth Imam Amirul Mu'mineen is then taken from the house forcibly dragged into the mosque and then he's told that he has to pledge allegiance Imam Amirul Mu'mineen replies that if I do not what would happen they say we will kill you Imam says if you kill me you will have killed a servant of God and the brother of Holy Prophet of Islam second Khalifa replies we consider you a servant of God but we do not consider you the brother of the Holy Prophet of Islam one of the narrative states that after the after the after the after the after the after the Imam Amirul Mu'mineen at no point that willingly offers allegiance nor is it any Imam who offers allegiance to anybody else however this is what transpired after the Holy Prophet passed away but all of this gives us an insight into how quickly people forgot how quickly people became intimidated after the Holy Prophet and when this was the state with Imam Amirul Mu'mineen then what about those who followed him and believed in him and accepted him as the Imam so Imam Amirul Mu'mineen he goes through these difficulties he's dragged out of the house in order to be brought into the Masjid and his followers of course would have gone through and did go through much more difficult situations that they're intimidated forced into silence not able to speak out or say anything if they say anything they're threatened to be killed threatened to be excommunicated from society and be made a pariah in their own society amongst the emphasis and the idea that we have within the school of Ahl al Bayt of the great day of Eid the greatest day of Eid being Day of Ghadir it is important to highlight it's not the day of the appointment as such of Imam Ali as the successor of the holy prophet but rather declaration of it and there is a difference because the study of the Seer the biography of the holy prophet peace and blessings be upon him and his holy progeny reveals a very important fact and it is a fact because agreed by Muslims Sunni and Shi'a from day one the prophet of Islam in numerous occasions would inform the Muslims that after me it's Ali ibn Abi Talib after me it's Ali ibn Abi Talib take for example when Allah says to him وانذر عشيرتك الأقربين inform and declare the message to your tribe to the members the leading members of Quraish when he invites them in the house of Abu Talib and he says to them I've come to you with the message of salvation that there is no lord except Allah and I am the messenger who amongst you believes in me and you know follows me and so that he becomes my vice-gerrent my brother my successor after me nobody responds except on three occasions Imam Ali عليه السلام then he would say Ali is أخي وزيري وخليفة من بعدي and then they would mock they would say to Abu Talib look he is placed your son as what as أوهد yes you are presented similarly when it comes to the prophet of Islam leaving Madinah and Imam Ali عليه السلام staying in Madinah for the battle of Tabuk and when the prophet in a hadith which is متواتر established authentic known as أنت مني بمنزلة هارونة من موسى you are to me like what Aaron was to Moses except that there is no prophet after me which was mentioned in numerous occasions we have these incidents throughout the lives of the Holy Prophet life of the Holy Prophet all throughout maybe possibly over 20 years that was continuously emphasized for Muslims to recognize and not to be surprised on the day of Ghadir not to be somehow where did this come from that's why it is we don't have evidence that you know people came to the prophet on the day when they had this they came to the prophet and said that's very surprising large number except the very small isolated people whom Allah punished but the majority vast majority including some well known companions came and gave their allegiance and went to that particular tent and recognized that it was something that's not new but it was made in a special occasion after the pickle image of Hajj highlighting importance and of course the prophet of Islam would leave the world you know shortly after that within 30 months or so a bit more than 2 months so they find that that was more of a emphasis rather than a new announcement for people but it was of course linked to the Quranic verses which highlighted that it must have been done must be declared and indeed what it highlights to us as well is when Allah says to the messenger he says if you don't do so that means if the prophet had a choice if he didn't have a choice the Quran would not say to the prophet if you don't do so it would be a waste to say that if the prophet was somehow compelled to make this particular declaration but Allah SWT if you don't do so and your entire 23 years all that you have done is nullified, is zeroed is annihilated and this is held celebrated, discussed intellectually with evidence and presented so that people are able to understand the beauty, the magnificence the special day known as the day of Ghadir the day of Wilayah the day of God's selection of Imam Ali AS on earth as his vice-gerent and his representative if you were to ask me what is the most important part of the sermon or what is the important context of the sermon it's quite straight forward and simple that you can see from the sermon that you must understand, acknowledge and accept the authority and power Allah SWT has over you you have to then accept acknowledge the power and authority that the Rasool AS has over you and that combined that Divinely power and authority that Rasool AS has now been transferred to أمير المؤمنين so whatever authority and power Rasool AS had over the Ummah now belongs to Ali AS and for you to disregard that or for you to not acknowledge that or for you to turn your heels it's like turning your heels against the Prophet AS it's like turning your back in your heels you might as well just spit at the authority that's in front of you and it is total disrespect and having total disregard for the religion of Islam and for the will of Allah SWT when we look at the wealth of narrations that exist that is agreed upon by all Muslim Sunni and Shi'a we come to the conclusion that the day of Ghadir should be a day of celebration reflection intellectual study and understanding by all Muslims it is not a day that should be limited to a group of people only or within the school of Ahl al-Bayt it is a important day to bring the Muslims together under the beautiful banner of willaya and the love and the respect of the Ahl al-Bayt all Muslims celebrate and follow or claim to love the Ahl al-Bayt when it comes to a day like a day of Ghadir irrespective of people's understanding of what actually Ghadir means or what actually happened on the 18th of the Hajj they should come together and perhaps study and analyze and celebrate the great personalities of this day the Holy Prophet and Imam Ali to be upon them there is no doubt that it is to do with these two holy individuals if there is a disagreement as to what it actually means theologically then that can be discussed but at least let's look at the greatness of these two holy individuals and what does that mean for us and learn from them so it's the day that should bring people together and there is no harm in that one is able to present and learn from the other and have an open mind in discussions the Quranic message is such that of reflection that of contemplation and pondering the Quranic message is say come let's discuss in a calm manner unemotional let's present the evidence and it's up to the person to accept or not but they should be able to willing to look at the evidence that is presented before them and make their own conclusions through dedicated and biased research


Live from Las Vegas, it's theCUBE. Covering Adobe Summit 2019, brought to you by Adobe. Hello everyone, welcome to theCUBE, live conversations here. We're covering Adobe Summit 2019 in Las Vegas. I'm John Furrier with Jeff Frick, co-hosting for the next two days, wall-to-wall coverage around Adobe Summit. A company that has transformed from making software to being a full-blown cloud and data provider, changing the user experience. This is our keynote review. Jeff, this morning was the keynote with the CEO. Shanta Ngu Narayan took over in 2007 from Bruce Chisholm Cube alumni. What a transformation. They actually did it. They kind of kept down low, but over those years, absolutely changed the face of Adobe. We're seeing it now with a slew of acquisitions. Now, 17,000 people attending this conference. This is kind of an interesting story. Your thoughts? There's a lot of interesting stuff going on here, John. I think fundamentally, they took the risk. They changed your business from buying new license every year for 800 bucks, 900 bucks, whatever used to be for Creative Cloud, to go to an online model. I think what was interesting about what Shanta Ngu said is when you're collecting money monthly, you have to deliver value monthly. And it completely changed the way that they paced their company, the way they deliver products, the way their product development works. And they moved to, as we talk about all the time, instead of a sample of data that's old and making decisions, now you can make decisions based on real-time data in the way people are actually using the product. And so they've driven that transformation, and then now, by putting their whole suite in with these gargantuan acquisitions of Marketo, now they are helping their customers really make that transition to a real-time, dynamic, digitally-driven, data-driven enterprise to drive this customer experience. It's interesting, Adobe's transformation is real, it's legit, it happened, it's happening. It's interesting, Jeff, you and I both live in Palo Alto, and I was looking through my LinkedIn and my Facebook, there's literally dozens of friends and or colleagues over the years that I've interfaced with that all work at Adobe. Between all the acquisitions, they've built quite a huge company, and they brought a different set of experiences. And this is, to me, the big story that hasn't been told yet at Adobe. And again, this is our first time covering Adobe Summit, and excited to be here and continue to cover this. But here's what's going on, that's really important. They transformed and are continuing to transform, but they did it in a way that was clever, smart, and very predictive in their mind. They took a slow approach to getting it right. And we heard the CEO talk about this. They had an old software model that was too slow. They wanted to attract a next generation of users, and they wanted to reimagine their product and their ecosystem, change their business model, and change their engagement with customers. Very targeted in its approach, very specific to their business model, and the goals were, innovate faster, move to the cloud, move to a subscription-based business model. But that's not it. Here, the story is the data equation with some kind of nuances in the keynote, like we didn't get the data right initially, we got cloud right, but data is super important, and then they got it right, and that's the big story here is the data-driven. And this is the playbook. I mean, you can almost substitute Adobe for your company if someone's looking to do transformation. Pick your spots, execute, don't just talk about it. Right, right. Yeah, they call it the DDOM, the data-driven operating model, and he pulled up the dashboard with some fake data and talked about the management team runs off of this data. And when it's everything from marketing spend and direct campaigns and where people are sampling, there was a large conversation too about the buyer journey, but to me, the most important part is the buying act is not the end of the story, right? You want to continue to engage with that customer wherever and however and whenever they want to. There was an interesting stat that came out during the keynote where, you know, the more platforms your customer engages with you, the much higher the likelihood that they're going to renew, that they're going to retain. So to me, I think, you know, we talk a lot about community and engagement and this experience concept where the product is a piece of the puzzle, but it's not the most important piece. It might be the piece in which the experience is built around, but it's just a simple piece. I think the guy from Best Buy was phenomenal, the story of the transformation of that company, but they want to be your trusted provider of all these services. At $200 a year, they'll come take care of everything in your home. So, you know, they don't just want to ship a box, say goodbye, they want to stay engaged. Well, let's talk about that use case. I think the Best Buy keynote, Best Buy was on the keynote with the CEO, but I think that what I was teasing out of that interview and you just brought it up, I want to expand on that. They actually had massive competition from Amazon, so you think, oh my God, they're going to be out of business. No, they matched the price. They took price off the table, so they don't lose their customers. If you want to buy it on Amazon, you can still come in the store in an experience. They shifted the game to their advantage where they said, we're not going to be a product sales company, we're going to sell whatever the client, customers want and match Amazon's pricing and then provide that level of personalization. That then brought up the CEO's personalization piece, which I'd like to get your thoughts on because you made a stat around their emails. He said, quote, personalization at scale. That's what they're doing. And he talked about, they used to do an email blast and it was an email blast. Now they have 40 million versions of that email that go out, 40 million versions. So it is this kind of personalization at scale and the 360 view of the customer's been thrown around. We could go in the archives, we've been talking about that forever, but it seems that now the technology's finally getting to where it needs to be. The cloud-based architectures allow people to engage in this omnichannel way that they could never do it before. And you're seeing, as you said, the most important thing is the data architecture that can pull from disparate sources. They talked about it in the keynote, they showed as they actually built their customer profile as the person was engaging with the website as they gave more information so that they can customize all this stuff before that person, of course then they always mentioned, but don't be creepy about it, right? Don't go too far. So really delivering this mass personalization at scale. And I think one of the lessons that's coming out, a lot of our interviews on theCUBE is, get the cloud equation right first, then the data one. And I think Adobe validates that here. In my mind, we're going to continue to investigate and report that dynamic. The hard news, Jeff, at the show was, Adobe cloud experience is generally available. And I thought that was pretty interesting. They have multiple clouds, remember they bought Magento and Mercado and a variety of other acquisitions. So they have full on advertising cloud, analytics cloud, marketing cloud and a commerce cloud. And underneath those key cloud elements, they have Adobe Sensei and Adobe Experience Platform. And we have a CUBE alumni coming on to talk about that. And that's making up there kind of the new platform, cloud platforms, experience cloud they're calling in. But the CEO had an interesting quote, I want to get your reaction to that. He said, quote, people buy experiences not products. So that's why they're calling it the experience cloud. I hear you in the office all the time talking about this, Jeff. So it's about the experience, not the product anymore. It is the passion that you can build around a community in that experience. My favorite examples from the old days is Harley Davidson. How many people would give, you know, their left pinky to have their customers tattoo their brand on their body? Right, and the Harley Davidson brand is a very special connotation and the people that associate with that really feel like a part of a community. The other piece of it is the ecosystem. And they talk about ecosystem and developers and open source. If you can get other people building their business on the back of your platform, again, it just deepens the hook of engagements. It opens up your innovation cycle. And I think it's such a winning formula, John, that we see over and over again. Nobody can do it by themselves. Nobody's got all the smartest people in their room. So get an engaged community, get an engaged developer ecosystem, more talk of developers, and really open it up and let the creativity of your whole community drive the engagement and the experience forward. We will be following the personalization at scale, Cube alumni, former Cube alumni who's not at the show I wanted to get his opinion, Satya Krishnaswamy, he's head of personalization at Adobe. I pinged him on LinkedIn. We're going to get him on the Cuban studio. So keep on, we're going to follow that story. I think that's huge. This notion of personalization at scale is key. And that brings us to the next big news. The next big news was from our friend, former CEO of Marketo, Steve Lucas, Cube alumni. They launched a account-based experience initiative with Adobe, Microsoft, and LinkedIn. And I found that very interesting. I was talking with Ron Miller at TechCrunch on Twitter about this. LinkedIn's involved, but they're keeping it in LinkedIn. Again, the problem with data is you have these silos, but you have to figure out how to make it work. So I'm really curious to see how that works. So that brings up that. But I think Steve Lucas was very aggressive on stage, but he brought up a point that I want to get your thoughts on. He said, we're a B2B company, but we're doing B2C metrics. The numbers that they were doing at Marketo were in the B2C range. So is this notion of B2B, B2C kind of blurring? I mean, everyone is a B2C company these days. If everything's direct to consumer, which essentially what cloud is, it's a B2C. Yeah, well, it's interesting. I guess we've talked about the consumerization of IT. Again, check the tapes for years and years and years. And the expectations of our engagement with applications is driven by how we interact with Amazon, how we interact with Facebook, how we interact with these big platforms. And so you're seeing it more and more. The thing that we talked about in studio the other day with Guy is that now too, you have all these connected devices. So no longer is distribution this buffer between the manufacturer and the ultimate consumer of their products. Now they're all connected. Now they phone home. Now the Tesla says, hey, people are breaking in the back window, let's reconfigure the software to have a security system that we didn't have yesterday that wasn't on our roadmap, but people want and now we have it today. So I think Steve's perception is right on. The other thing is that there's so much information out there. So how do you add value when that person finally visits you in their journey? And let's face it, most of the time, a predominant portion of their engagement is going to be electronic, right? They're going to fill out a form. They're going to explore things. How are you collecting that data? How are you managing? How are you moving them along? Not only to the purchase, but again, as I was like to say, it's never the order, it's the reorder and it's ongoing engagement. And that's their journey. They want to have this whole life cycle of customer experience.  This is a cloud show. Let's play it in simple. This is cloud technology. It's a data show. We've gone to all the cloud shows, Amazon, Google, Microsoft, you name it, CNCF, Linux Foundation. This is a show about the application of being creative in a variety of use cases. But the underpinnings of the conversations are all cloud. Right, and they had, you know, and to show their commitment to data and the data message, right? They had another CUBE alumni on Juul up. We used to have her on a to-do summit all the time. And she talked about the data architecture. And again, some really interesting facts. Goes right to cloud.  Get out of the way. Let the cloud babysit your infrastructure. And she talked about a modern, big data pipe. And she's been involved in the to-do. She's been involved with Spark. She's been involved in all this progression. And she said, you know, every engagement creates more data. So how are you collecting that data? How are you analyzing that data? And how are you doing it in real time or new real time? So you can actually act on it. So it's very much kind of pulling together many of these themes that we've been covering for years. And the last two parts of the keynote was, you had a CIO discussion between Cynthia Stoddard and... Atticus. Atticus. Both of them. Right. Again, both big Amazon customers, by the way, who have been very successful with the cloud. And then you had Angel Talk and Engineering. That's all there. My takeaway from the CIO one, Jeff, I want to get your thoughts on, because it can be long on the tooth sometimes, the CIO conversation, but they highlighted that the cloud journey is there for the Adobe and into it. But the data has to be integrated. They talk about data variables, the commonality of data. And she mentioned three or four other things. And then they made a point and said, quote, data architectures are valuable for the experience and the workload. This is critical. We're hearing this over and over again. The data's not about which cloud you're using. It's about what the workload is. Right, right. The workloads are determining cloud selection. So if you need one cloud, that's good. You need two clouds. It's all dependent on the workload, not some predetermined risk management, multi-cloud procurement decision. This is a big shift. This is going to change the game in the IT landscape because that changes how people buy. And that is going to be radical. And I think Adobe's right on the right wave here. They're focusing on the user experience, customer experience, building the platform for the needs of the experience. I think it's very clever. I think it's a brilliant architecture. Yeah, and she said that the data strategy lagged. The reporting lag, they were trying to do this DDOM. They didn't have commonality of data. They didn't have really a data architecture. So again, you can't build the house unless you put in the rebar, you build the foundation, you get some cement. But once you get that, that enables you to build something big and something beautiful. And you got to pay attention. But really, we talk about data driven. We talk about real-time data. They're executing it and really forcing themselves by moving into the subscription business model. All right, final question. I want to get one more thought from you before I weigh in on my answer to my question, which is what do you, in your opinion, what was the most important story that came out of the keynote? One or two or one story? Well, again, John, I was in the TV business for years and years before getting into tech. And I know the best buy story and what came before them and what came before them and what came before them. So what really impressed me was the digital transformation story that the CEO shared. First, to basically try to get even with their number one competitor which was Amazon in terms of pricing and delivery and then really rethink who they are as a company around using technology to improve people's lives. They happen to play in laundry, they play in kitchen, they play in home entertainment, they play in computers and education. So they have a broad footprint and to really refocus. And as he said, to be successful, you need to align your corporate strategy and mission with people's strategy and mission. It sounds like they've been very successful in that and they continue to change the company. I agree and I would just kind of level it up and say the top story in my opinion was the fact that Adobe is winning, they're innovating. And if you look at who's on stage like Best Buy and to it, the people around them are actually executing with cloud, with data at a whole nother level that they've gone the next level. I think the big story here is Adobe has transformed and continues to do transformation. And they're just at a whole nother level. And I think the story is Oracle will be eating their dust because I think they're going to, you know, and I think Salesforce should be watching Adobe. This is a big move. I think Oracle is going to be twisting in the wind from Adobe's success. Well, like I said, you know, they tie the whole thing together from the creativity, which is what Creative Cloud is to the delivery to then the monetization and the measuring. So now they've, you know, they've put those pieces together. So it's a pretty complete suite. So now you can tie back. How has my conversion based on what type of creative? How is my conversion based on what type of campaigns? And again, the 40 million email number just blows me away. It's not the same game anymore. You have to do this and you can't do it by yourself. You got to have automation. You got to have good analytics and you got to have a data infrastructure that will support your ability to do that. So just a little report caught on Adobe, old software model that's over. They have the new model and it's growing revenue supporting it. They are attracting new generation of users. You look at the demographics here, Jeff, this is not, you know, a bunch of 40-something pluses here. This is a young generation, new creative model and the products and the customer testimonials standing on the stage represent, in my opinion, a modern architecture, a modern practice, a modern cloud kind of capability. So, you know, Adobe is certainly looking good from this keynote, I'm impressed. So, okay, two days of live cube coverage here in Las Vegas for Adobe Summit. I'm John Furrier with Jeff Frick. Thanks for watching. We'll be back after this short break.