The following is a presentation of TFNN. The Tiger Technician Hour with your host, Basil Chapman. Call now. Call free at 1-877-927-6648. Hi everyone. Basil Chapman on this Thursday, the 10th of March. We're looking at the Tiger Technicians Hour. We're looking at the Dowdown 173 at $33,117. The S&P is down, let's see, $33 at $42,44. The QQQ is down $5.25 at $329.72. IWM Russell 2000, that's a small caps, down $187 and $198.39. You're looking at gold. The reason why I'm going through these right now. Gold is up. It's up $13. That's good. It's holding really well above the nine-period moving average. But on a purely technical basis, we had said about a day or two ago that they're laying up that spiked to the 2078-ish area. There should be some consolidation. That's got nothing to do with whether or not there's the icon of gold being a fear, a visual fear factor, geopolitically that is. What's keeping it up? Well, of course, the tensions around the world. We're looking at silver. Silver right now is trading up $0.46 at $0.2628. Also pulled back quite sharply from the 2750 something. 2749.5, almost 27.49. Off, but it's holding the nine-period moving average. You're looking at high-grade copper. Between the 14 and the nine-period expansion, moving average is still green. But it has pulled back quite sharply from the 5.02-ish level. We're at 4.64, up 0.07. We're looking at crude oil. Crude oil is up $1.88 at $110.56. All of these, Larry Perzevento, his story was scratchy yesterday, and today I think he's got a bad throat. So I just reconfigured all my whatever I was going to be doing after my show, and I will be doing his show. And I think what I'd like to do, I'd like to do for myself, in fact, I want to go through all the different commodities based on the Chapman wave with the daily, weekly, monthly charts, so we'll get to that. And I'll just tell you that in the crude oil, just on a purely technical basis, 102 to 98 should be key support. If it starts to pull back, something else is going on in the Russia-Ukraine situation. But in the meantime, just on a technical basis, there should be some digestive phase. We're looking at this is, the reason why I wanted to run through all these different, the preamble to my show itself, I usually like to go through all the different indices and key metrics that we're looking at in the different ETFs, et cetera. This is the most important for me. When Tommy O'Brien, and folks, if you want to really listen to a show that puts together fabulously the fundamentals and the technicals, Tommy O'Brien's market kickoff at 9 a.m. Eastern Time Fabulous Show. He was having some technical trouble yesterday, and I'd already done quite a bit of work, so I was able just to jump in. I had the pleasure of interviewing Teddy Kegstad, which Tommy usually does. And in that, I was saying to Teddy, we had made a fantastic call. Over a year ago, to say crude oil was going to 100, and just about a month ago he said, I think it's going even higher. Obviously, beautifully correct there. What I had said was, if I was looking at the monthly chart of bonds, we had moved over to bonds, the arch formation in the pattern that I call the dreaded H, and that's why I wanted to spend a little time on Larry's show talking about some of these things that have occurred, which are really important market-wide. So the pattern we're looking at is, come straight-line down, then you make an arch formation at either a peak A or a B. The first or second peak, you turn around and you start to roll over. If you take out the low on the left side, that can evolve into a very serious decline if it doesn't hold well. The Dow held the other day. The QQQ held by fractionally touching the left side low. The S&P didn't get to the low. That's the reason why I thought there was a chance now that we could have a lowercase H that goes to a lowercase M formation in the daily charts. But look at this. You see that move? Look, there's your first dreaded H in the bonds. I better check because this is a continuous contract. It gets smoothed out. So the high of March of 2020 was 179.70. Oh, let's say the same. So that is the exact number. It comes down to about 155, was it? 153 in June, pops up for two bars. That's two months. A minus because it fails and goes for the generate, takes out the left side low and then has almost a greater than a one to one to the downside. Goes to 133.19, rallies up to the most recent dive, 155.12. And then what does it do? It turns over and I'd say to Teddy, are we looking at, what are we looking at? Oh, was it the Euro, EUR, USD? Yes. Are we looking at the same sort of thing? That if Euro rolls over and starts to take out key support, maybe 1.08, it could go quickly to test the left side low of March of 2020 of 1.063. This is a EUR dollar currency pair. So I said, the way I'm looking at it looks to me like, and we were up at about 137 or something. So it looks to me like the bonds could in fact roll over and take out that left side low of 133.19. Well, today's low is 134.06. Oh, I put in PC. We can't do that at a trough seat. Can't do that just yet. So let me get rid of that. Let me get rid of that. And that's where it looks like we're headed there. Look, look at the pace in the monthly chart of that roll over on the right side. This is the quadrant. And this quadrant of the ellipse or the arch formation is accelerating. And it was the thing I was fearing most on, what are we, Thursday, on Tuesday that instead of holding when I was being interviewed by Tom about 3.20, I said, I'm watching this right side low, because if it stops here, that's really important. You could have a pretty decent rally. But if it keeps going, we will attack the dowels, what was it, 32.272 or left side low. Well, this is the same pattern. And we're already at 134.21. We just fraction over a point away from the left side low. And that is just saying to us that bonds, if you go to the TNX, this is the 10-year yield. Look at this. Look at that move up. It's at 20.02, 2.002. The last high was 2.5 something, 2.5, we're going to put it in. 2.06. Huh, this is quite something. And the monthly chart looks like it's turning up. You're able to go to a higher high. I'll be back, buzzer chopping dowels down to 186. We'll be right back. Are you looking for a way to consistently add winning trades to your portfolio? 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I had a question when I look at the... I'm going to see if I can do this now. The two-minute chart of Chevron, A, B, C in the Chapman Wave, where are we the question was? Peak, E, I've got... Peak, E, and now we're pulling back on the two-minute chart. No, you just missed the Chevron Wave instant restart. It doesn't matter, it was the same thing, because there's a down arrow and then an up arrow. Now, I don't see that one penny moves as easily, yeah, as if it's a quarter of a point, like the S&P, E-mini. But anyway, Peak, E, and its pullback from the height that was made of 173.87. If the 9-beauty moving average across is negative, 170.10 to 169.30 would be the next key support level. Okay, but what I really wanted to show you is using the Chapman Wave methodology. Here we go. This is... Let me just... I've got it all notated. I can't really trade at the same time, unfortunately. But I'll be doing this by using Tri, but today was just too many things going on. So I wanted to show you patterns. And the patterns I'm talking about in the monthly chart, there's no difference here in the daily. There's no difference to the one-minute chart. Look, let me show you this. You see this E-mini? It could be anything. It just happens to be the E-mini. We go to a trough at about 8.10 this morning, around about 4.22, let's say. And then it starts to move up as the MACD goes up and the stochastic goes up. And what do we get? We get A peak B peak C peak D and the Chapman Wave methodology. I'll just show you this because we always have new people coming in. In the Chapman Wave methodology, we try to identify the lowest low and then we count each successively peak. We alphabetize them. Basically, I'm grading each peak. So what happens is it starts off as a buy signal after the low is made and certain conditions are met. And that buy signal, you want to see upgraded to a buy mode and that implies that it should go to at least a D. It could go E, F and G or it could recycle to the Chapman Wave. Instant restart, Chapman Wave, flat base restart, a whole bunch of things. It doesn't matter. The objective is to get you a D and then we reassess. So, and it's as simple as that. There's nothing more complex than that except your obligation is to count each successively higher peak and trough. So, within this context, look how many As we had. We had A, parallel high, parallel high, then a lower high, then a parallel high. So we had four As that didn't take out the left side low and then we went to B, C and D. Pulls back, goes to E and I drawn in the smaller rectangle. I made this bigger as I was doing more work on it this morning and then I got the big rectangle from the large rectangle can have a whole series of higher highs and higher lows as it starts the stair step move going back to the previous high and that was the rule of thumb there. So, the previous high was at 8.35 this morning, 42, 47.00 around number high, pulls back sharp to the 42, 20-ish area and then what does it do? It breaks above the rectangle and goes to this dojo candle. I could have called it an F, but it broke out so nicely and the 9 was still over the 14. I decided I'd call it a B. And then I was busy, busy, busy because of my doing the show and all that and look what happened here. We had an inside peak A, peak B, peak C, peak D very quick, one bar rest, new high, one bar rest, new high and underneath the previous high and then what does it do? It goes all the way to the 42, 55 was at 56, 42 56.25 level of 10, 20. Now it's pulling back but still walking the 9 and 14 period exponential moving averages at this particular time. So, one of the things that I said to subscribers, why we went along certain positions yesterday and one of them I said this is for everybody one was for traders, one was just because we had no idea, we still have no idea where it's going to go to on the upside was because the risk reward said that if certain conditions were met right now under these horrendous conditions internationally and I'm talking about, now I'm talking about humanitarian, usually I'm talking about just we try to talk about it market-wise, but here I'm talking about humanitarian and I just want to add I had spoken about this a while back I said why, a couple of days ago, why on earth aren't we sending hundreds and hundreds of thousands of drones? Why can't we send drones? Why can't the drones go over those tanks that are all that equipment, 40 mile long equipment, just bam, bam, bam, bam, bam, finishing them off? I mean you don't even need anything you don't need fighter planes anymore because of the cleverness and the brilliance of the way people are able to use drones I've got that out the way and not only that I need to also add, television changes everything and if you can see war up close it creates a guilt that these people are going under such duress and here we are we're just sitting and watching it eating something at the same time I mean, wow all I can say is every administration around the world at this particular point has to be saying we've got to do something so at least it looks good I mean if nothing else but on the humanitarian side how can we do nothing? It's just pathetic anyway so what we're looking at here is that the TNX has rallied this is the tenure yield and a lot of the loans are based on the tenure yield it hasn't broken to the upside yet and bonds are close to breaking to the downside so that just says to me that no matter what the Fed says they have no choice because normally under these conditions we just flood into the safety of bonds as stocks go down we're not seeing that at all we're seeing in fact money go out of bonds go out of stocks and start going more into commodities etc but even there the commodities right now I'll probably say gold is one of the as a fear factor icon that's probably one of the better places at this particular stage but in the meantime back at the ranch there's something very important because that monthly chart is only getting stronger look the stochastic is finally at 83% in the monthly chart the magnet is rising the histogram is flattening out it's not sliding it's not gaming yet there's a month early in the month not even halfway through the month but the history and the vertical lines the 0% line at 1.05 it's really very strong moving up you cannot ignore and that's the reason why I'm saying that the Fed is really caught but don't we always say this we used to joke about it because it was Iraq IRAQ we used to say the Fed caught between Iraq and a hot place now what we're looking at decades later what we're looking at is the Fed is really stuck between conditions of inflation that are just staring them in the face anybody who's been to a supermarket lately anybody who's filled up with gas you know I don't know why we haven't opened the spigots I mean just say you can open the spigots at least but do something enough for that we're going to go back to the markets and now I want to talk about just briefly we've got two real where is it now having fun trading the markets but having trouble finding like-minded individuals to discuss your trading and investment ideas with 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of its kind program the art of timing the trade charts allows you to scan thousands of stocks for Fibonacci formation setups including guardleaf, ABCs, butterflies and much more the art of timing the trade charts is designed to help you when scouring the markets for stocks just beginning to form the trading patterns that many investors spend days, weeks or even months searching to find and right now we're offering licenses available at only $79 a month we are so confident that you're going to love this new charted software that will even give you a 30 day unconditional money back guarantee don't miss out on this incredible new piece of software get your copy of the art of timing the trade charts today by visiting tfnn.com this segment is brought to you by Think or Swim for more information just click the Think or Swim banner on the front page of tfnn.com I'm going to go back and we're going to go straight to Brent Brent I'm sorry I didn't see that you were cold I hope you haven't been waiting too long how are you I'm doing great that was not a problem I was just listening to your analysis which I enjoy listening to you so yesterday we're looking at THOR as THO is a symbol it's thought industries RV recreational vehicles and Brent had a position in that and we were looking at and I mentioned that there were certain levels that I was looking because this is one that is consistently under all conditions failed to hold rallies it's made lower lows lower highs in every time frame and if ever the left side low that held the arch formation that this time that was three days ago had held the left side low this is the moment that it needed actually introduced speed is really important here it needs to move very quickly to the upside and it's in the area that so far from my perspective what I've been looking at was the whole recreational side of the comeback kid for outdoor activities and recreation this was right in the sweet spot of that category and it should be doing very well and today it's down 237 and 84 point 90 so and it didn't do well yesterday for the moment we spoke it just kind of stalled and then it closed towards the low of the day so what is your position now I just wanted to let you know I don't know that I necessarily made it clear exactly what I do with these I was actually yesterday probably not too long after we talked so I looked at the time stand so I got in it has it on eastern time so I got in at 9.57 and was out at 10.57 7.57 my time so exactly an hour and I got in at 2.50 on the calls there were the 90 calls for you know the monthly ones the March 18 calls and then I I sold them at 4.25 so when I looked at it I was like a 70% gain for about an hour so I don't hang around in these things when I get what I want I've been watching it pre-market and it had gotten up to that level around 91 and so I bought in it was about 87 and change and I got out at 91 change so that's all I wanted it to do got out and then I just now kind of move on to other things I was watching it today and I was hoping because I know that you you have a plan but you always have a backup plan to say if such and such does happen this is what I want to do even if the time is quicker than I was expecting or if it starts to fail this is what I want to do so I was hoping that you had at least you know got got rid of some of the position but that's congratulations you did very nicely so what I would say to you is I would keep it on my list but I don't think under the circumstances that I'm looking at right now it just doesn't seem to want to participate because it would give you clues that it's suddenly in the sweet spot of what fund managers are looking at and what would happen is every pullback would be met with buying it would slowly creep to the upside and if there was another sell-off it would be higher than the previous one and then it would go a little higher so I haven't seen anything like that with this at least since we spoke yesterday but keep it on the list because within the context of spring coming now of course this is probably to do with I'm not even sure with a lot of most of their sales are winter or summer I'm suspecting that it's probably spring-summer is where they do better or that's where they use the most but that would be a not just a clue to though industries and recreational vehicles it would probably be a clue to what's going on outdoors and remember the only other thing I said is I'm not sure if these are the people that would be affected by higher gasoline prices because it's a fun thing to do and you just account for it or you just you go there for a shorter period of time or whatever it is but this is saying that everything is working against it at the moment but I'm going to do once again I did that yesterday I'll do it again 6 which is 6 flags entertainment is down 17 cents at 39.40 I probably would say to you it's in the lower range of the rectangle formation from here from the 36 level is where it should bounce and it did bounce yesterday and bouncing off the load today but it's still down I probably put the two together maybe I shouldn't but kind of in my thinking here I put the two together and if 6 flags entertainment starts to trade it's at 39 right now 39.40 at any time in the next 2 weeks I give it a little bit of time starts to trade in the 42.80 to 43 now actually I'd say 43.10 to 43.80 area that would be assigned to say hey maybe things are maybe the activity outdoors is being represented by this and I'd probably say that I'd put the two together and see if Thor can finally break the pattern of lower highs and low lows and instead make a higher high because even if it goes above yesterday's high that'll be the start of saying whoops this is a nice turnaround because it's starting to make a higher lows and higher highs but that's kind of the way I think about it but thanks for bringing it to our attention congratulations that you did the trade very well but I that monthly charts is and the weekly and the monthly charts are saying it needs a lot more in fact it needs 3 weeks of holding above I would say 3 weeks of holding above 97 to 100 testing 100 to say ah finally it's changing the course of its weekly chart from low lows and lower highs to at least higher lows and maybe higher highs I hope that helps you it does yeah I think the key for me was just being as nimble as possible and I was just looking while I was listening to you and I was on hold I did a trade it was a little on the GLD and I bought it like 10.09 and I sold it at 10.20 so whatever that's like you know about 12 minutes and it went from I bought it 74 cents and sold it at about 10 so I just these are the things I just do them kind of quick I don't you know what I get what I wanted to sell it make a little money just move on to the next thing so I think that's the key you can't get too comfortable and stuff is sitting there you know especially with options you got to be fast you got to be fast but I have to congratulate you because that 200 period moving average in the one minute chart on the GLD was resistance but it's holding above the it's got the green nine period exponential moving average and I suspect that it's just about in leg this is leg D this is about to have a bit of a breather so you got hey what nice timing congratulations that's that's great to hear congratulations all right very nice action so it's a pleasure talking with you and I really appreciate your time just have yourself a great day and a great rest of your week we'll talk to you soon and I must say if I'm busy talking training maybe that's the inspiration because you were playing something completely different to THL congratulations speak to you soon take care Basil folks the dollar is now down $290 as it is down to $48 this is a real struggle and what we're looking at that peak either we were talking about a little moment ago at about $10 $19 $25 $45 are you in the market for 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since of last year. This is one of those, we used to have General Motors every year we'd have General Motors for a little bit and then get out of it. And then I switched to Bank of America. We've done that for years, we've had it. This is a longest period. I actually waited to get in. We finally got into 31.18 February 2021, so it's over a year ago. And we've taken a little bit off all the way up. It hit 50.08. But now we've taken a lot more. Reason being that the financials have a couple of aspects here that one side is positive, the other side is negative. The positive is that yields, when yields go higher, it kind of favors some part of the bank's portfolio and that usually helps. It's not 100% accurate, but that's the way I like to do it. I always thought Bank of America is good because it's got the other aspect, it's got the Merrill Lynch part of it, or the Merrill they say, which is the brokerage side of it. I think that's a positive looking out. But most importantly, 38.36 was the low of September the 20th, 2021. It ran up beautifully to peak F top at 48.69, not about the 3rd of November. It comes back down to a recycled trough D. That was about around about the 20th or 19th of December. And then it has a beautiful peak, A peak, B peak, C peak, D, the 4th IS peak at 50.08 on the 10th of January comes tumbling down to 42.59 above the 200 period moving average, but below the left side low of around about the 19th of December. And within two days, it's back above it, and it has a really good rally. And the rule of thumb is that when the arch formation goes below the left side low, it can run. This is a full buy signal that goes to a buy mode. It's probably only going to go rally to a resistance level above or a gap or a dojo candle. But this went all the way back in a V shaped pattern. That's what we're looking at to test. And I've discussed this over and over again. So many charts have gone back to the previous highs, whether it was yearly weekly or daily and then reversed. And what did it do? 50.08 was Bank of America's high on the 10th of January. Eight points down. It goes to 42.59. Within two weeks, rallies back up and goes to where 50.11. What I like to do is to check. I go vertically like this. I take my note. You can do you need all these notes. You don't need not you don't need anything. You just need the vertical line. And you can do this printed in a piece of paper and draw it. And you say, What will the technicals doing on the 10th of January? That's either positive or negative to the high that was made on the round about the eighth or so of February. Well, this MACD did rally, but it was lower than it was back on the 10th of January. The stochastic ran up above 80%. And almost immediately in fact on that date was already about to cross negative. It was a red candle. The on balance volume wasn't anywhere close as high as it was back at the high of January 10th. And that was a signal to say, Be careful. One of the reasons why we took a little bit off to glue off the other day. And now what we're looking at is the beautiful arch for this is the lowercase h that goes to lowercase m successfully. In fact, the double m and then fails and takes out all the left side lows are important. So all the way down the 42 area. And what does it do? Three days ago, it goes to 38.21. 38.21 is just below the 38.36. It's the exact reverse of what happened on the upside. The only difference now is that the weight of the move down and the speed and the momentum to go to this trough D went to a peak D on the upside. Trough D on the downside is saying that unless and now you need speed, the same speed on the upside of the downside, you need to continue that speed. Because if it stalls, instead of having a pretty decent bounce, it's still twice now at the 41.44, 41.41, 9 periods for a pink 9 negative 9 period moving average and the 14 is a 42.36 by Tuesday. I'm going to give it a full half day today, Friday, Monday, and during my show Tuesday. So it's like three sessions. Let's say it needs a very before fall. Let's call it a call today a session for sessions. It needs to get and touch 42.30s. It doesn't even break it but it just has to touch it to say, no, no, no, you got me wrong. I do have some internal strength. But if you put it in the context of momentum, look at this move to the right side that and I had a chat with inside wedge target resistance line that it went below in a shorter period of time. And now it's gone above. And that's just saying, be careful because if Bank of America and this I think is one of the better banks, I mean, this is real quickly. If you want to compare it to JP Morgan, JP Morgan, it's just making absolutely considerable into a peak D in the last rally and it's plunged. It's down to 132 level. It hit 126, I think of seven just three days ago. That is a horrible look at the in the right. You can see just right here. So the XLF the question was XLF. How's it doing? And my answer is, I think that the financials are having a problem here for a number of reasons. And we might just find that in fact, it's Russia related. And Goldman Sachs said they're getting out. Is that what they said? This is a very negative chart formation, trying to form some kind of a base just below the left side low of 300 in this call about 320. It's trading right now 328 having gone to the 318 level just the other day. This is not good. So I'm saying this is part of the whole portfolio of things that I'm looking at. And when I get when I am, I will have a chance, I believe to do. Yes, I will. I'll be able to do Larry show because Larry's voice kind of conked in and he's not able to do his show. And I said, you know what? There are so many things I want to look at. I want to go through the grains. I want to go through platinum palladium. I want to go through just based on the Chapman wave methodology daily weekly and monthly charts to just show you here week. This is Chapman wave Roman candle that I discussed. I said this particular I was discussing it with Tom in the interview on Tuesday. And then I completely forgot I was about to do like we moved to another thing that this candle isn't just a perfect Chapman wave Roman candle. And then if we were trading for a shorter time period halfway into the week of 1238, there's a real good chance within two days with test and break the left side law. Well, we did that. And now we just got 1910. So that's the patent. I want to talk about all these things. And I'll do that during Larry show. Me time we've got Amazon. Amazon talks about a split. And it's up 136 at 2921. It's making lower lows and lower highs. That's a problem put together with the financials that I think are under pressure. This is a tough market. Believe me, I'll be back in a moment. Sharpening your skills as an investor is like getting better at playing a musical instrument. You have to practice sure, but you also need excellent instruction from experts. At TFNN, you'll get advice and guidance from the authority and technical market analysis. And it's not just dry tedious text either. TFNN airs live financial content streamed live on TFNN.com and TFNN YouTube channel with Tiger TV live every market day from 830am to 4pm Eastern for free. Each host is an experienced trader and gives their take on the market while taking calls and questions live from around the world. From the moment the market opens until the closing bell sounds, Tiger TV has eight different shows with expert hosts to help you make the right moves with your money. 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That's<PHONE_NUMBER>. This segment is brought to you by Think or Swim. For more information, just click the Think or Swim banner on the front page of TFN.com. So, in this little final section, we've got, before I actually do Larry's program coming up, we're going to be looking at, let me just do this. Look, in the financial sector, I was just talking about the Blackstone Group, which is financial sector mergers and acquisitions has held really well. It is a dreaded H in the potential, in the weekly chart, but look at that. That is so different to BlackRock also in the financial area. BlackRock trading down from a high that was made up in the nine, say, 60s, trading it right now at 688, a completely different pattern. So, even in financials, you can get very differing different chart formations. So, that's what I want to mention. The other thing I wanted to do is IYT. IYT is the Transportation Index holding, even now, holding quite well down 17, says it's 252. But if you look at DSX, which is in the shipping area, there's a Diana shipping, it's near, it's recent highs. So, the whole area of shipping and products being shipped is still very important in context. Therefore, if you're looking at, say, a CSX, which is the rails, pulling back today and certainly after three days, or four days ago, being hitting about the 38, 60 area, trading now 33 down, what is it, 12%, a rate of 13. This is saying that although CSX is close to its highs, it's being impacted everything's being impacted. So, what I am saying is just be really careful out there. So, we've just very selectively gone long, we've really had longs, but more trades than anything else. Most importantly, we're going to be talking about when I get back for Larry Show, we'll talk, so many people have asked us, asked me, where would you, if you've gotten out of gold, or at least have got out quite a bit and you want to get back in the GLD, where would you re-enter?  I know what you can do Larry Show, and you Larry can do it as well as he does, of course. I will do my best, we'll be back in a moment for the, uh, change what you see, Larry Presidento's show, I'm wrapping up, pack the dishes out, check out the other people that use that are the best.


At Audiology Associates at Prestonsburg, you can live your life the way you want and find the freedom of better hearing. With 40 years of being in the hearing care industry, you'll experience patient care that is specific to you with exceptional follow-up care that ensures your hearing and balance needs are being met. Audiology Associates at 1428 Northlake Drive in Prestonsburg. November is Lung Cancer Awareness Month, which works to raise awareness about early screening and preventative measures. We spoke to Public Health Director Tammy Riley about the importance of raising awareness. Lung Cancer Awareness Month is so important to Pot County residents because early stage awareness and diagnosis is so important. The outcomes are so much improved with an early diagnosis. So, raising awareness of risk factors and how to get early detection or how to seek early detection if you have one of the high risk factors. The number one risk factor for lung cancer is smoking and nearly one in three Pot County residents are smokers. My number one advice would be, you know, don't start smoking and if you are a smoker quit as soon as possible. The Pot County Health Department has the freedom from smoking. American Lung Association approved curriculum for smoking cessation. The program is completely free for Pot County residents and includes nicotine replacement products if you are a participant. Julie Cheney heads that program and they would just need to call the health department to get registered for our next cohort. We did have one cohort that started in October, but we'll have another one in the near future. So, we want to get as many Pot County residents that are smokers to consider cessation. For more information, go to Pike County Health Department on Facebook. Reporting for Mountain Top News, I'm Brianna Robinson.


Well, welcome everyone to the session on open source blockchains emerging role as the platform for digital currencies. I'm Karen Ohtoni. I'm with Hyperledger, which is a sister project to Phenos at the Linux Foundation. I'm here with Makoto Takamiya from Soar Mitsu. We're going to have a discussion today on CBDCs, digital currency, DeFi, and hear about the CBDC project that Makoto has been building for the last couple of years. We are recording the session previously to the live time, but Makoto and I will be available in the chat to answer your questions during this session and also if we have any time at the end before the next session starts. So let's get started then Makoto, please introduce yourself and share a little bit about Soar Mitsu, what you do there. Soar Mitsu is a member of Hyperledger and you're very involved with the Hyperledger technology community with the distributed hyperledger Eroha. So please share a little bit about your involvement in our community. Yeah, sure. So it's great to be with you and thanks a lot for the introduction. So my name is Makoto Takamiya. I'm the CEO of Soar Mitsu and for those who may not know, Soar Mitsu is, I'd like to describe it as a boutique fintech startup. We were originally based in Tokyo, Japan, but now we're actually in a few different countries. We are still a very young company, we were founded in 2016. And actually just a few months after being founded, we joined the Hyperledger project, which was actually a great honor for a small startup like ours. I'm actually a computer scientist by background. I studied and grew up in California, actually, and I got my computer science degree. And then after that I moved to Japan and worked in the research lab studying neuroinformatics actually for more than seven years. So it's been an interesting journey that brought me into blockchain. But I've been in this industry since 2013 and it's been really fascinating. I've had the honor of being part of many different open source blockchain projects. I can talk a little bit more about my company and what our vision is. So we kind of wanted to build our own kind of vision of blockchain. This was back in 2016 and we were focusing on digital identity at that time. And none of the current blockchains at the time were really meeting our needs. And so that's kind of where, through discussion with our engineers, that's how we built this project called Iroha that then we gave to Linux Foundation with other Hyperledger members back in 2016. And that got accepted as one of the open source platforms in the Hyperledger project. So it's been a long journey, but it's been very interesting. Well, thank you for that introduction. So before we dive into talking more about your specific project, we might have some newcomers to the topic of DeFi also known as decentralized finance to peer-to-peer payments and CBDCs, central bank digital currencies. Maybe you could just give a sense for, what are all these terms that people are throwing out there? DeFi now encompasses stable coins and cryptocurrencies and all kinds of different things. And maybe just kind of level set for the audience here about what's going on in the peer-to-peer payment space right now. So when people think of blockchain and peer-to-peer cryptocurrencies, they typically think of Bitcoin which of course is the most famous and kind of archetypal example. But since Bitcoin, there's been quite a lot of innovation over the past 12 years. And so since the Bitcoin white paper came out and it's just so much that it's hard to even figure out where to begin to talk about. But some of the more recent and exciting trends are DeFi or decentralized finance. And this is an idea where you go beyond just having a cryptocurrency and maybe some peer-to-peer payment system that's using the blockchain. And you actually provide more robust financial services on top. And an example would be like a peer-to-peer loan where you could have one token as an asset that's a collateral and you can either mint or provide a new type of token from this collateral. And this is just managed automatically by the rules of the system. So you don't have to worry about things like people defaulting on loans or financial crisis like we had in maybe 2008. On the other hand, if you build the rules of the system in a bad way you can have new types of financial crises. So it's quite an interesting playground that's doing quite a lot. Now in the DeFi sphere there's many different types of applications. And of course things like stable coins for payment are very interesting. And there's different types of stable coins. So stable coin typically is pegged to some type of index like for example, the US dollar and it could either be backed by real dollars like an evolved or something or it could be backed by another type of currency that's actually equal to dollar or even worth more than the dollar. Like something like a synthetic asset that like if you want one dollar but you only have ether then you can actually put in like maybe $1.50 worth of ether into a smart contract and then you can mint a new type of dollar stable coin. And the innovation here is really not so much as in these financial mechanics but rather the concept of composability. So by having this on a blockchain and all these clear inputs and outputs from these different applications you have what IBM I think used to call the API economy. You actually have a way to create a digital economy where everything is just connected by these kind of like API calls or by interfaces and you can build a really, really complex applications that even the designers of maybe a piece of it couldn't have envisioned before. And that's kind of like it going on in the public blockchain space. So there is some work in the Hyperledger project that's contributing that but there's also many more public blockchains in this. So for example, of course the work in Ethereum which now it's very closely related to Hyperledger. And then there's Polkadot which is doing some really interesting work there. So our company actually works very closely with Web3 Foundation which is a nonprofit in Switzerland who's working on building this kind of interledger Polkadot and Kusama protocols which is really an exciting ecosystem. And then you've countless other platforms. Now this innovation is being done in the completely open and dare I say, rather unregulated space.  And this is really exciting because people are testing new things that never existed before. But on the other hand, there are very serious financial institutions that are looking at some of these concepts and figuring out how does this fit into existing financial markets infrastructure. So central banks are one of these and many central banks around the world are studying so-called central bank digital currencies and ways to take some of these concepts of tokenized money and build this into the infrastructure of their national economies, which is quite a new idea. There are assets that have value, like cash or nothing new, but doing this in a digital form is very new for banks to look at. And so it also has new challenges, especially regulatory challenges, but it's also has quite a lot of very potential to this that didn't exist yet. And so the whole the whole DeFi space and the C base I think are very hot buzzwords now. In fact, these, I think this has been, and I would say in the blockchain space. Well, thanks for sharing a little bit about the evolution of what's been happening in digital currencies. As you mentioned, you know, Bitcoin kind of started this. It is an open source technology. It's public, nobody owns it, right? There are controls and everyone can take part in it and contribute to it and add to it. Do you think we could have gotten to the point of central banks really digitizing their currencies without Bitcoin if we didn't have that start in this open source technology that Satoshi developed? Well, yeah, that's a good question. So it was really Bitcoin that started it all. Obviously a lot of the ideas were not completely new to Bitcoin, you know, the idea of, you know, digital money or even like a tokenized form of assets or tokens was nothing 100% new. There were other types of applications, but really what Satoshi was able to do was, you know, make this in a way where there's no central authority to take the responsibility or the blame for building something like that. And that actually is what in many ways enables DeFi or decentralized finance applications because a lot of these experiments and ideas you couldn't actually run, you know, because the legal structure hasn't potentially caught up to that in many areas. So Satoshi created really like a worldwide, you know, new type of supranational currency and, you know, more than 10 years later, you know, Facebook came out to do the same and they still, you know, still haven't been able to succeed in that because of the regulatory hurdles. And so, but Satoshi didn't ask anyone, he just put it out there. But yeah, the fact that it's open source gave a lot of resilience to Bitcoin, obviously. No one would trust closed source payment system like that because, you know, money is all based on it's really a form of trust. Right. And I would say that without Bitcoin, central banks wouldn't really be considering a tokenized version of central bank liabilities either because, you know, as we all know, a digital central bank money already exists, especially for wholesale uses. And the idea of creating something like a kin to a bearer asset that's digital, I think is nothing that would be considered if, you know, Bitcoin has shown potentially the utility of something like this. And, but Bitcoin is just, you know, one small start. I really don't think it can be, you know, overemphasized how important composability is in these spaces. So being able to have some kind of token where the transfer of the token transfers the ownership in real time, you know, the transfer is the transfer not just to the token but ownership itself. That's really a very powerful concept in many types of financial markets infrastructure. And that I think is going to pave a way to a much, you know, huge revolution in global financial markets and hopefully, you know, increase the efficiency of things like payments and settlements and different types of fundraising that corporations do. Yeah. Yeah, you know, before DeFi became sort of the coin term the term that was being used is open finance. And it's a real change that was, you know, Bitcoin is part of the evolution and maybe it really kind of kickstarted things. But, you know, it's that openness that really is what's different about what's being done now and the fact that it's, you know, tokenized or digital, therefore more transparent and more accessible. Why do you think it's important though to use open source technologies versus, you know, something that a government is just building in house or a company is just building in house as their own technology? Why is open source important in digital payments and more specifically in CBDCs? Well, I would argue that not just open source but other types of open technologies are very important for advancing mankind. But just to specifically answer your question. So open source is really exciting for new innovative payment systems like blockchain-based or DLT-based payment systems that haven't existed before because if it's not open, then central banks or other types of corporations wouldn't want to trust, you know, a single vendor because the technology is too new. Most of the technologies we're talking about are less than five years old. And so if you're a central bank, you know, you're not gonna trust like a young startup like that unless you have guarantees that, you know, even if this company goes away, the core component is open and we can, you know, either take our own developers and continue it or there's a community around it and we can continue with that. So really it's about, you know, many people creating these building blocks and then allowing it to come together. Again, it's a composability and it helps people to collaborate. I'm just to give an example. I guess this couple of years ago, Hyperledger ERSA was, you know, was approved and it's a cryptographic library. It has many different types of complex cryptographic algorithms that have been vetted by professionals and, you know, writing your own cryptography is a terrible idea in any project. And so every blockchain project typically, you know, uses, you know, different libraries and sometimes even the same implementation or sorry, different implementations of the same spec can have minor differences on some edge cases and this makes it really hard, especially in blockchain because you have to get consensus about some data. It makes it really hard to get the exact same answer in some edge cases. And so Hyperledger ERSA helps a lot with this by standardizing, you know, some of the key algorithms that people use. If you're just using, you know, additional signature algorithm, you have it here in this library and you don't have to worry about, you know, is this who created this library? Is it, you know, can I trust it in my code or should I write my own algorithm that be crazy? But so Hyperledger ERSA has been really powerful and enabling many blockchain projects out there. And I think that's just one of, you know, dozens of examples of how, at least in the blockchain space, open sources helped significantly. Yeah, yeah, I think sometimes, you know, it can be seen as governments might see it as more risky to not have something that they are in control of or that's, you know, they can, you know, put their specific requirements on. So it's definitely something that I think, you know, a lot of we hear that a lot of banks are considering both kinds. And it'll be interesting because each government is taking their own approach to it. You know, the Bank of Information System just came out with a report where the Bank of England, Japan, Sweden, Switzerland, and the US as well talked about, you know, what are the core requirements that need to be there for an effective central bank digital currency, not just for the domestic use, but also to facilitate cross-border payment use. But, you know, it's still kind of up to those different banks to choose whether or not they're going to be doing something in-house, homemade, proprietary with the vendor, or something where they're leveraging open source with, you know, maybe even the help of some service provider to help them build it. I think the debate is still going on about what is more stable, what's more sure, what's more or less risky because there's real conservatism in central banks that, you know, they can't, you know, you can't mess up. You know, it has to be something that they feel very, very, very, very sure is stable and confident in. Yeah, so that's a good point as well. But it's also important to remember that technology is just one part of the larger picture and that technology changes very fast. So, yeah, the report you're referencing from the Bank for International Settlements, I think it was a really key report. It came out in October and had seven central banks including Bank of Japan as members of it. But it's a very interesting research report because it laid out kind of what are the, what are the desideratum or what are the desired features of different CDVCs? Yeah. CDVCs.  So none of these, you know, tokenized fiat currencies should, you know, of course change monetary policy or provide systemic risks.  And of course cost as well because, you know, if you have infinite money, you can do almost anything, but that doesn't mean that, you know, it's that you wouldn't have users if the cost was too high.  But yeah, I would, I don't think the report emphasized the technology enough. Of course I'm a technologist, but I do think that open technologies help a lot. Some central banks don't like openness that much because they're worried about security. And this is, you know, of course, security by obscurity. So it doesn't make sense to just try to, you know, hide things. You should have like real mathematically proven security in your system instead. But I do think a good argument against focusing on technology too much of these systems is that it, the technology honestly does change a lot. And that's for having different standards for messaging and interoperability between systems. So like inter-ledger protocols, the stuff, the stuff we've been focusing on as well is really key. And that also goes with the international payments as well. Right. Right. Well, let's get, let's get into some of the more specifics of what you've been doing at Soromitsu specifically with the Bank of Cambodia and the project Bakong, which just officially launched in October. It's been in operation for a year or so now at least in a semi-official launch, but officially last month is very, very exciting. And so please share a little bit more about how that project, you know, started off and where, what you've been building the last couple of years, leading up to this official launch. Yeah. So project Bakong in Cambodia is a, is a, you know, real-time payment system that anyone in the country can use just with their mobile phone, which is kind of a really interesting use case. Most central banks haven't really ventured too much into this space before. I think probably an easy way to explain this actually to show it, because I do have it on the app on my phone. Here, I'll just share my screen real quick. Yeah, that'd be great. Technology is driving us crazy, but you should be able to see my screen now. So what you see here is just the wallet screen. So it's very simple digital wallet. This is a white label app that the central bank, you know, provides to commercial banks. There's a commercial bank here at the top, Foreign Trade Bank of Cambodia. And then there's some balance like in Camarillo and US dollar. And it's really simple. You can send and receive money using QR codes. Anyone can scan this and send me money. And then you can also send, for example, some money here. I'll send two cents. I'm feeling generous.  And then actually it's already done. So it says success here on the screen. So people, this image of like blockchain being a slow thing for payments.  In the worst case, sometimes you're waiting like 40 minutes or an hour for your block to get mined. But because this is using a permissioned blockchain technology, it's, you know, much faster. And so it's just a two to three seconds. And that's from the whole stack. Like from, you know, my phone to the commercial bank, to the central bank, and then back to my phone. So it's really, it's doing quite a lot in that two to three seconds. But anyway, so this is the simple overview of the app. I don't want to spend too much time sharing it off, but the cool thing about this is anyone in the country with a Cambodian phone number can send and receive digital money now. And this digital money is actually, you know, the ledger is being managed by the central bank, which is really, really cool concept. It means that under the right circumstances in the future, this could be, you know, it can enable open banking like you discussed where through API access, you could, you could have digital money in your application in a safe and secure way, which is very, a very, very cool thing. But, but yeah, I don't want to talk forever about my own. And using it doesn't cost anything for just to send this? Well, I mean, that's, that's really up to the banks currently, because it's a new system. There's no transaction fees involved, but you know that like, it's not up to us. It's up to central bank and commercial banks. Now we've worked just to tell the story real quick of this. So the central bank of Cambodia actually, I guess from 2016 they were studying, you know, CBDCs and blockchain and different things like that. And they approached us and then from 2017 we worked on this. So it took, took a couple of years. And then we released the first pilot in July of 2019. And then, and then it's officially launched last month.  But yeah, I think NBC central bank of Cambodia should really be, you know, congratulated because they had quite a lot of foresight for looking at this. And our engineers worked with their, their engineers and their team, you know, to realize this system. So it's really very, it's really very technocratic, public private type of partnership. And I think it is very successful. And it was based, you know, around open source technologies like hyperligerated, which is the blockchain that we use. Right. And, and how did the project evolve? So when they, when you started working on this with them in 2016, is it, is it the same thing that is now like did it first start off as, you know, let's just digitize payments and that then it became something else or what was sort of the evolution of the project? Well, it's, it hasn't really changed all that much. They had a very clear vision, I think from the beginning, which was that they wanted to have, you know, a retail accessible payment system, because there is very high unbanked proportion in the country. And, and, you know, things like credit cards are very rare in Cambodia. So it's hard to have a digital economy without robust digital payments. And I think they have the strategic vision and they saw the opportunity and they took it, which is very, you know, very forward thinking. Yeah, absolutely. I mean, it's from what I understand, the only officially launched CBDC other than the project Sand Dollar out of the Bahamas. These are the two that are live and available to all citizens. Is it exactly a CBDC or is it a little bit different than what the project Sand Dollar is doing or the Bank of England and Bank of France is considering just so that the audience can understand the particularities of what's similar different about what, what else they're hearing out there? Yeah, I think the system is very similar to project Sand Dollar in technical architecture. It's also similar to what people's Bank of China has, which is a, it's a two tier system. And for example, in China where any, and in Cambodia where you have a central bank running the master ledger and then all the consumers are intermediated by, by commercial banks who who manage the customers and onboard customers to KYC, AML, you know, all the traditional things. And then, and then, you know, the mobile apps connect to the central bank through the commercial banks. So it's kind of a two tier architecture that's actually fairly proven and scalable. I think it's a very, you know, reasonable approach. The only other architecture I would say that's viable is to do to do something a little bit more decentralized where you would have, for example, instead of the central bank running the whole ledger, maybe have commercial banks joining joining in on validation of transactions and things like that. So I'm not familiar with any central banks doing that. But I do know that over the years there's been proposals like that and there's been lots of experiments. There's quite a lot of very interesting experiments going on in the world, but to actually pull the trigger and make these things live, you know, it takes, it takes a little bit, it's not just a technological thing. It's also, you know, there's politics. There's, you know, other types of regulatory issues. Yeah. And that was something I wanted to ask is, you know, did the government of Cambodia create new regulations or change the regulations in order to make this project possible? Well, they didn't need to change too much. So this is really just, there's no changes in monetary policy because it's very strictly 100% reserved fiat. So it's kind of like just a stable coin or, you know, kind of it's very similar to traditional payment systems that already exist. And so central bank is allowed to build payment systems and that's their job. And so they did that. One thing that needed to be kind of approved by the regulatory side was this, it's, there's a two tier for onboarding users. So anyone with a phone number can sign up and use the system and you get a daily limit. So you have a very small limit of transactions. You can use it for buying some food or something, but you can't buy a car. But if you wanted to have higher value transactions, you actually have to physically go to a bank and do, you know, to KYC and onboard and then they, the bank will set the limit to, they can actually do, I think, anything they want. So it's a two tier system. So getting the slower tier accepted how to be done by the regulatory, the regulatory in the country. But, but yeah, I mean, it's, it's fairly low risk because low value transactions, you know, are really somewhat hard to use and important crime. And also to get a phone number anyway in Cambodia, you have to provide a passport scan. So there is, it is, you know, it's not an anonymous way to do payments because at the end of the day, if a police agency or something wanted to find out who made the transaction, they could do it. There's ways to find out. But it does have clear separation of data and who controls what. So the central bank doesn't really know the identity of anyone doing anything because, you know, that's done by the commercial banks who manage the customers. And so I think that's, it's always important to have, you know, some segregation between, you know, who can see what in the system. You don't want a single entity that has, you know, God like powers in any system like this. Yeah, absolutely. And, you know, you mentioned the financial inclusion aspect. You showed us the app and how it works. You know, could you share a little bit more about what this means for, you know, the average Cambodian day to day, you know, what does it allow them to do that maybe they couldn't do before? Well, I think it makes doing any kind of digital payment a lot easier. It wasn't completely impossible before, but it was pretty hard to do, especially in a real time way.  It's a little bit harder involving some SMSs and things like that. So that opens up a whole new way, a whole new area of digital commerce that didn't really exist before. So I think that's very exciting. Other ways that it helps are, I would say it helps kind of make all the, I don't know, the payments a lot faster and more efficient. So up until now a lot of people have used cash for everything. And in cash, you know, you have to carry it and do all these things and give change. And it takes time to do everything. And especially now with the pandemic, you know, people are worried about cash and then all these, you know, sanitary issues as well. And so just the, just the efficiency increase in the payment space, if, you know, if the whole population use this system, it could easily add, you know, 1% of GDP just by the efficiency in payment. Just, you know, the time wasted in, you know, giving change and going to the back. It's quite, it adds up at the scale of the economy. And so this, you know, can help just give more efficiency.  Yeah, no, that's so true. And it's really exciting to see, it'll be really exciting to see, you know, what we will begin to hear from Cambodians using this payment service, the impact of, you know, that efficiency of not having to go to the bank, of not having to take out cash or carry so much cash. There's security there too, right? Not having to have so much cash on your person. I wanted to also ask you, you know, oh, and by the way, I wanted to just let our audience know, if you want to learn even more about this, this case study, actually, we have a report, a case study that we've developed at Hyperledger on our website aboutproject.com. So that's another place that you can learn more before we go into my next question where I was just listening to this podcast, where I was coin desk money reimagined, and I was listening to the premiere of Bermuda talk with the podcast host and saying that, you know, they were actually moving away from building their own CBDC and instead are investing in private sector innovation coming to Bermuda in order to build stable coins and other forms of digital payments, rather than spending resources on building their own government infrastructure, which we talked about earlier, you know, is something that, you know, while working with open technologies can seem risky, it can also be very risky to kind of build your own with a technology that's changing so quickly, like you mentioned. And part of the thing, one of the things that the premier mentioned in that discussion was, you know, having to deal with that changing technology and the vendor lock-in. And so, you know, for anyone who is in government looking to use this, why does it benefit government to use open source technologies for these kinds of projects? Yes, that's a great question. And I think maybe it's overlooked by a lot of governments. Actually, I know the podcast you're talking about with the premier David Burt. And I had the honor of meeting him last year in Davos. I met all three of the participants on the podcast actually at the GBBC, the Global Blockchain Business Council in Davos last year, which was really a great opportunity. And I actually spoke to Premier Burt and one of his technical advisors who's there and quite a lot about their stablecoin regulation and also digital identity regulation that he talked about. But, yeah, they're, well, you know, Bermuda's a fairly small market. And so they do have perennial difficulties in getting like new services to come down there and set up shop just because there's so few consumers that it's hard to justify from a monetary standpoint. And so they're targeting a lot of kind of like super national services so things like stablecoin issuance where, you know, you can issue stablecoin that's backed by US dollars that are sitting in pink vaults or on pink balance sheets in Bermuda and then use these stablecoins all over the world with some clear or regulatory clarity, which is kind of a really cool thing. I think it's a good step in the right direction. I was a little bit disappointed that they don't support synthetic assets. So they actually do want, you know, fully collateralized, you know, stablecoins, which I think maybe is not the most interesting thing to me personally. But, yeah, they wanted to not build their own system or even choose, you know, choose the winner for anything like digital identity or with the stablecoins because they wanted different market participants to come in set up shop there and then compete and then have a clear and equal regulatory playground, which is kind of a cool idea. So their ideas like instead of creating a Bermuda and digital identity, you know, 100 companies can come and set up their own digital identity that's totally cool. We'll treat these as, you know, the ones we approve, you know, we'll treat these as a legal form of some kind of digital identity on the island. And so that's one way to do it. So you don't have any vendor locked in because you don't have any vendors.  That works if you have something that there's a clear market demand for like stablecoins or even digital identity, which, you know, you can use anywhere in the world supposedly. So these types of applications make sense. For something like a domestic payment system, it's a little bit harder to justify. So, like, you'd have to actually have a vendor come in and actually make the sacrifice to actually pay the money and set up a system here in this country, which is not the biggest place in the world. And so, yeah, so having everything open source allows maybe the government of a small nation like that to be able to, maybe they could build their own system even using these composable parts that other companies have, like for example that we made and then made open source because then you don't have to worry about having a license that you have to keep buying or some kind of proprietary system that you're not sure what the quality is. Right, right, it's again, kind of goes back to there's so many different approaches to this and each government is really taking, you know, just not too far away. We have projects and all are out of Bahamas that's taken a very different approach. So it's very interesting to see what's being done or what and what will be coming out more and more. We just heard actually there was news today that the Bank of Australia is developing something with a couple of vendors. So it's not clear yet what technology they're using. Seems like it may be something Ethereum based but will it be public, will it be permissioned? That's for us to continue to follow and find out as central banks explore the many different ways in which you can go about digitizing your currency. So before we wrap up here, I wanted to see, you know, what are some of the, you know, you are part of this project one of the few formally officially launched CBDCs out there. What are some of the lessons learned that you have in building the technology, implementing it, working with governments that might be helpful to anyone else who's exploring that. Yeah, so I think one of the things that really led to the success of the project was being able to work directly with the government and really have the central bank being one of the core stakeholders. So having that kind of buy-in from the team that actually has to run the system is very important. And I don't think we would just have been wasting our time without having that very special support and actually having them work on it. So I think being able to find the right stakeholders, being able to find people with the passion and then a clear use case that also is easily just viable, makes sense. So in Cambodia, financial inclusion is a big problem. And this is a clear solution. It's not just about using technology for the sake of the technology. You want to use it to solve a real need that people have. And if you do that, then it's not really, you know, the rest will kind of come into place, I think in many ways. But I think it's really important for small companies too not to be afraid to try to do big challenges because you know, technology is not evenly distributed. And a lot of small companies have really stayed the technology that sometimes no one else has. And that should be appraised and, you know, understood by the market and different participants as well. And never be afraid to make things open. You know, a lot of people said, you know, why did we spend so much money and time on open source? And for us, really, well, part of it's just my own philosophy. And I really like, for example, what Tesla did with making their patents open and things like that. And really, life is really short and you don't want to waste time. So it's really important to be able to have others reuse some of the effort that you've done and even contribute back to it. And it's that collaboration I think that really makes life worth living and without that collaboration, you're just fighting the whole world always and that's not a very fun thing to do. Right. And, you know, we are here at a Linux Foundation event and our the DLTs that we work with are part of the Linux Foundation I think that's been part of the history of open source technology is that it fosters and really builds innovation and allows that progress to happen in a way that's much more accelerated, I think, that's been stated over and over that the innovation accelerates when people have more access to how things are done and can kind of look under the hood and then see okay this is what I could now take this and improve upon it and it just really accelerates from there in a way that probably or really can't, I think in a way where you've only got a few eyes looking at it rather than the world's view on it. It increases security quite a lot too and that's something I didn't touch on but I don't think that could be overstated either that having for systemically important infrastructure you want the core part to be open source is my personal opinion. Right. Well, you know trust, transparency and security is the promise of digital currencies. You know, there's different concerns that different people have for that security and that transparency. Some people don't want governments being able to see who they are and how they're spending their money. Startups and financial institutions have had major issues with security breaches and transparency as well. So just to wrap up our discussion here, what is the outlook what's next for Project Bakong and also what do you sort of see or are you excited about in the DeFi CBDC peer-to-peer payments space? Okay. Project Bakong, just to further expand increased users there's some usability increases that can be done by making specific applications for businesses and payment terminals and even integration with card networks. These are all things that I'm very excited on over the next year. So that should be fun. In the DeFi space we talked too much about it but we're doing some really cool stuff. We're working on we got a grant for DEX decentralized exchange in the Polka.Ecosystem that's called FocusBot. So that's actually in the future we're hoping to use Hyperledger Eroha version 2 as part of that ecosystem. So that's really exciting project that we're doing other than that, we're also doing some I would say pretty cool experiments with decentralized economics system called SORA and a few different things. So we make a quite a lot of open source applications as well. So besides just Hyperledger project we also contribute to other types of open source. So we're working with Web3 foundation and also protocol labs on Filecoin. So we're doing some cool things. It's my dream that many of these pieces and ideas can kind of come together and as part of this we're working on Hyperledger Eroha 2 which is kind of taking some of the things that we've learned and improving on them creating new ideas and I think Eroha 2 is going to be very the philosophy is very different. It's going to be really hard to compare it to other systems when we're done. It's going to be a fun year over the hopefully. Hopefully next year it's going to be better than 2020. It's hard to be worse but I mean I think we all I think we all hope for that. Yeah so yeah I think I'm really excited about being in the space and the technologies in a good place I think. There's nothing short to read about on this topic and I'll be sure to post some of the things that we've referenced in the chat here during the event the case study on Project Bakong some information about Hyperledger Eroha the podcast I mentioned so if anyone wants to learn more and continue their reading or listening I'll share the links there. Thank you so much Makoto for sharing what you've done and your insights on launching one of the first CBDCs out there and thank you so much. Yeah thanks, it's a pleasure to be on and enjoy your Thursday everyone. And thank you to Open Source Strategy Forum for having us as well.


What's good Josh boros back again with another video? So we're gonna check out ten iconic wrestling spots recreated years later now Obviously this video was filmed like two months ago, but I did see the ricochet spot With Logan Paul Where he jumped over the top rope in like this superhero fashion and Logan Paul selling the shock of it But he just jumped over the top rope landed on his feet and walked up right to Logan Paul It is pretty much guess you can say a recreated spot that he did in NXT with Velveteen dream where he pretty much they was having a back-and-forth promo Ricochet jumped over the top rope anything you could do I could do better type situation And I don't think Velveteen dream could do that better because the way he did that was so cool So it was dope to see that he actually did kind of the same type of spot similar spot on the main roster It was pretty cool to see so I'm pretty sure that clip would have probably been in this video if This wouldn't film two months prior So we're gonna check this out appreciate all of the support by wrestling flashback go subscribe to him Link to the original video down below. We're gonna get right into this Callbacks to the past are something wrestlers often utilized Yep Such as by paying homage to those who came before them see Darby taking his heels nice Recreating moments from famous matches or segments Yeah We'll highlight examples of each today as well as several other callbacks along the way as we look at ten iconic resting spots That were recreated one year on from the Montreal screw job The WWF had lost both men who were involved in the notorious survivor series 1997 event Bret Hart had gone to WCW while Shawn Michaels was forced to retire due to a back injury This left the WWF needing another top star to join the already red hot stone cold Steve Austin The rock was set to be that guy and his crowning moment was to come during the final of the deadly game tournament at the 1998 survivor series with a vacant WWF title was on the line on the night the rock was up against mankind in the main event during the match The great one applied a sharpshooter and just like in Montreal one year prior Vince McMahon ordered for the bell to ring despite the wrestler Who was locked in the sharpshooter never having submitted? Yeah, it was all a ruse as the rock turned heel by joining forces. Yeah, and he joined with Vince McMahon With the McMahons to form the corporation becoming the new WWF champion in the process The company has since tried to reenact the screw job numerous times ha ha ha Good old Vince 1998 was the only time it turned out well This was due to how well the angle was executed and since the screw job was still fresh in people's minds Especially given that the infamous resting with shadows documentary Highlighting Bret's tribulations in Montreal was set to be released just one month later sticking with Bret Hart and the survivor series I believe he tried to do a similar thing with seeing punk and John Cena situation tried to do like a Little Montreal screw job or whatnot, but John Cena stopped that in his tracks The 1996 event where the hitman battles stone cold Steve Austin in a classic encounter Which is remembered for its creative finish where Bret counted the million-dollar dream by scaling the turnbuckle to force a pin and earn him the victory This was a callback to four years prior as the excellence of execution used this same strategy to evade Roddy Piper's sleeper hold and ultimately defeat hot rod for the intercontinental championship at WrestleMania 8 It seems been a counter other wrestlers have implemented as a tribute to Bret's original spot Also the spot with the ring bell from Bret and Piper's match would later be recreated with a title belt during CM Punk's clash with Adam Page at AEW double or nothing 2022 one of the most memorable segments in raw history is when Kurt Angle sprayed the alliance with Milk back in August of 2001 Milk or Mania is running long, love it Dairy Queen Angle parody the time Stone Cold gave the corporation to the hero Both great segments Vince McMahon Women on the on the mat was always fucking priceless. So recreated years later Austin While Angle had his fair share of milk bashes Including on the December 9th Where Kurt celebrated his birthday in his hometown of Pittsburgh for when the Alpha Academy began eating Angle's birthday cake Kurt brought in some dairy reinforcements with the return of the milk truck driven by fellow Olympic gold medalist Gable Stevenson the two Olympians dows the Alpha Academy in milk making for an incredibly funny segment Kurt had previously recreated another of his classic segments earlier in the year. It was a wholesome callback to 2002 where Edge Had insoles directed at Kurt on the back And yes, I do suck An x-entry also involves Edge as Rey Mysterio's decision to team with the rated R superstar Clash of the Castle 2022 instead of his son Dominic proved costly as this was the final straw for Dom turning on his father Dominic would give Edge a low blow before nearly taking Rey's head off with a clothesline Great great spot, bro. Great segment. He got some real good heel heat, bro This spot solidified. He got some real good heel heat and ever since then the heel heat has just been It's been constantly growing. It's the best thing that happened for Dominic Literally the best thing that happened for his career You know at some point, hopefully, you know His in ring wrestling will grow and progress to match the character because right now He's still the chicken shit heel But it's going to be interesting to see if he can get out of that and become The this heel that can actually dominantly Win matches like like believably win matches in like a dominant fashion. That's what I meant to say So it's going to be interesting to see how he plays, you know, his career plays out But right now he's still doing some great stuff, man He'll turn against Rey just as it had done for Eddie Guerrero on smackdown in May 2005 There's no doubt that Eddie Guerrero has no respect for Steve Geez It was a thing tribute as fashionistas Dom was already known for recreating some of Eddie's famous spots Dominic began his heel run sporting a haircut similar to Guerrero's back when Eddie first turned heel in WCW during the late 90s Being a heel allowed Eddie to find himself as a character and the same could be said for Dominic As his character worked dramatically improved after joining the judgment day and beginning his feud with Rey No, who sucks a father who lays his hands on his own son? Stereo Guerrero are known for their iconic match at Halloween Havoc 1997 they also previously fought each other at WrestleMania 21 in Los Angeles, California Much like Rey and Dominic ended up doing in 2023 there We saw numerous references great great match such as Dominic's Latino He and Halloween Havoc 97 inspired attire while Rey entered via a low rider with the famous lychee and steel theme playing in the background This was such a cool moment, bro Dominic grew up idolizing both Rey and Eddie while for Mick Foley His boyhood hero was Jimmy superfly snooker Foley was such a big snooker fan He hitchhiked 12 hours to see superfly challenged Don Morocco in a cage match for the intercontinental title It's crazy that back then you could hitchhike to certain places and you he didn't really have to worry about too much nowadays Better uber you better fly you better do something that hitchhiking stuff new Madison Square Garden on October 13 1983 Mick watched on in awe snooker who despite losing the match climbed to the top of the Cage to hit the signature superfly splash. It was a defining moment in my life I wanted to be a wrestler, but even more I wanted to make people feel the way I had just felt It's a moment Foley would never forget and one he paid tribute to during his cage match against Hunter Hurst Helmsley at Summer Slam 1997 which emanated from East Rutherford, New Jersey around eight miles away from msg When Mick watched snooker in 83 that's really resting his mankind scale the cage as the fans chanted superfly Damn Foley called it the greatest moment of his career up until that point so much so that he would actually do it again In a match against the rock in ken chamrock She's oh my god The impact three years after foley's tribute snooker superfly splash would be honored again This time by fellow pacific island wrestler rikishi rikishi's cousin the rock made his triumphant return to the ring at WrestleMania 28 versus john sena in a match dubbed once in a lifetime the finish came It definitely wasn't once in a lifetime Only to eat a rock bottom allowing the great one to get the win one year later rock and sena squared off again at WrestleMania 29 we saw a call back to sena's failed people's elbow when the rock attended john's move the five knuckles Shuffle this backfired when sena countered with the attitude adjustment creating a brilliant fault. You knew who was going to win the second match WrestleMania 28 sena once again tried his luck with the people's elbow However, he wasn't going to make the same mistake twice But rock still had sena scouted scoring a rock bottom that gave us another epic nearfall The rocks most synonymous Steve austin their legendary clash at WrestleMania 17 was a dramatic send-off to the Attitude era during the match the rock for austin in the sharpshooter a bloody rattlesnake battled and crawled to try and break the hold It was a scene reminiscent of austin's WrestleMania 13 match with bret hart four years earlier on both occasions Steve fought to survive sporting a crimson mask with blood dripping down his face Unlike in the match with bret at mania 17 austin managed to escape the sharpshooter by forcing a rope break Nevertheless, it was a fantastic callback to an iconic moment The rock would also apply the sharpshooter when he and stone cold went one more round at WrestleMania 19 Another of resting's most iconic moments occurred when seth rollins turned on the shield on raw in june 2014. He did one of the greatest heel turns Of all time. It's one of the greatest heel turns of all time Genuinely people were shocked and it's still if you go back and watch that clip you can hear someone saying Seth is about to hit the Roman with the steel chair is by first hand roman reigns in the back with a steel chair and act that shocked fans Yep, there you go. No Seth continued the assault smacking dean ambrose and reigns in the back with the chair multiple times The two men paid homage to this moment in their match at the 2022 royal rumble Great match too when rollins dressed up in the shield attire entering through the crowd the same way The faction used to do and with the role so good playing him to the ring then after the match reigns attack seth with a chair Mirroring the original chair shot roman received at the hands of seth as well as the subsequent beating That's all the steel chair One year later at the 2023 royal rumble rollins chair shot to turn on reigns and the shield was Again This time at the hands of the honorary youth and this is why it was it was just another call back Oh, so good sammy zane zane had spent months trying to be so good One of the biggest pops but sammy had no choice But to turn on the group after roman tried to get zane to injure his former best friend kevin oans It was an all-time segment that was enhanced by the direct callback to reigns being turned on Listen to that Oh man roman reigns man. You gotta be careful. You trust brother Next we'll look at a spot that was also recreated at a royal rumble event taking place 19 years after the original moment It happened when the hurricane was the 23rd entrance in the 2021 royal rumble match Hurricane looked to perform a double choke sam on bobby lashley and biggie But the two men didn't budge as they worked together to eliminate a hurricane from the man This was a hilarious reference to the 2002 royal rumble where hurricane also entered from the number 23 spot Here he attempted to choke sam both triple h and stone cold Who each briefly sold the effects of the choke before dumping hurricane out the ring for a funny and memorable moment Our last example involves one of the most famous spots in monday night raw history It took place on may 2nd 2005 when shelton benjamin wrestled shorn michael's in a stellar match That ended with shelton going for a springboard only to be met with a sweet chin music instead Michael's in benjamin worked again on the january 23rd raw from 2006 and just like before Shelton springboarded off the ropes the crowd rose expecting a repeat of hbk and shelton's last encounter However, benjamin smartly avoided the super kick their original springboard super kick spot was reimagined at wrestle mania 39 In logan paul and seth rollins match at the end of the bout This is a good match too. The ropes toward rollins seth then spectacularly countered by nailing paul with a super kick Close to the last This match contained another shorn michaels nod when logan paul made his entrance on a zipline Just like michaels had done before making a heart of wrestle mania 12 and that brings us to the end of this video As always if you enjoyed the video man, this was great as always go ahead Go ahead and give my boy a like because this video deserves it Go ahead and like link to the original video down below. Love the callbacks callbacks is what makes wrestling What it is, you know I'm saying having those callbacks and being able to remember those certain spots or segments like I remember that you know I'm saying so a lot of times they're not as good as the original or sometimes Sometimes they can be just as good as the original depending on the crowd and the atmosphere Oh, wait, so comment down below. Let me know some other wrestling callbacks. You can remember. Like I said, I did Talk about the ricochet one He did on this week's um monday night raw his callback to when he flipped over the top rope to you know, show Velveteen dream He's that guy. He did the same thing to logan paul this previous uh monday night raw So let me know down below some other wrestling callbacks or spots recreated Years later. Oh what now, but I appreciate all love sport bro 250k and i'm still young speedy youtube wrestling champion world Appreciate y'all kicking me see y'all next one. Peace


It's just, you know, the change is the mindset, but the number one thing is we got the community behind us and whenever the kids see the community and the support we get just traveling also, I mean, it's unbelievable. And the things that the coach staff do, we're just teaching them discipline, number one. Never quit. And I don't care if we're up by 100, but we'll never quit. I never run a score up, but we'll never quit, you know. And you know, that's a big compliment to our guys because they're binding to everything we're trying to teach here and stuff in our community, man. I can say it a hundred times, they've been behind us a hundred percent. Basically what we're doing is like we're playing in the district. I know we can't play Hazard or Pipeville, but we're playing Jenkins and South Floyd. We took care of one and we got South Floyd coming up. You know, that's in the back of their head and, you know, if we can handle them too this year, we'd be third in the district. And of course we're not in it, but we'd be third in the district, you know. So we got a little bit of that going on here and we're still playing for something. So, you know, basically we're playing to get third in the district.