I live in Colorado. So this is one of my first conferences for cryptocurrency in Colorado. I got to drive to the conference instead of fly. How's that? All right. All right. Thank you all for coming. I really do appreciate it. I didn't actually prepare a presentation, because I've been traveling extensively. And I always said, oh, I'm going to write this incredible presentation. And it's going to be just mind-blowingly amazing. But then I was in Switzerland. And then I was in Connecticut. And then I was in New York. And I actually just got in from New York yesterday. So I said, all right, well, let's do it extemporaneously. Let's just talk about where we came from and where we're going to go as a space. Because I've been in this space for a long time. We have Roger and Eric here and a few other guys. And we're all old enough in this space to remember when Bitcoin was under a dollar. And when you talked about Bitcoin, people said that thing you buy drugs with. And now we have ICOs and news and all this other stuff going on. So it's been an amazing ride. And it's been a heck of a lot of fun. I really enjoyed it. So where did we come from? And what's this all about? And where are we going? So we didn't start in 2008 or 2009 with Satoshi Nakamoto's white paper. The reality is the idea of money that lives on the internet started much, much longer a goal. It started in the 80s. See, the internet was all about moving information anywhere instantaneously. So we tend to build society around repositories of information. So you have libraries and institutions like universities and so forth. And that's where we'd all aggregate. So whoever lived close to that had an advantage over everybody else. Then the internet comes out. And you can move information anywhere instantaneously and it costs nothing. So as soon as that occurred and people got it conceptually, the cypherpunk movement said, wait a minute. Why can't we move money the exact same way? Why can't money be completely decentralized? So like all good scientists, like all good people who like thought experiments, what did they do? They started inventing things. So back in the 1980s, we had guys like David Chom and Hal Finney and others who said, how about we create digital money? The problem with digital money is you need a ledger, a database. You need something to store who owns what where. So it's entirely possible to allow the money to move anywhere. But just like kind of like email where emails have to live on a server, that ledger has to live somewhere. So the first attempts to create money online were things like DigiCash and so forth. And they had this idea of a token and the token could move anywhere, but they required somebody to run it. Now here's the problem with private money. Historically, it doesn't work out so well. Usually, governments shut them down and if they don't, the people running the private money, Rothschild's on back, what do they tend to do?  They do something bad with it. So the idea of digital money never quite worked out the way. Then we had a second wave of people, the PayPal generation, the Peter Teals of the world and the Eagle people of the world who said, all right, well maybe we can do this. And they worked really, really, really, really hard. And they pushed really, really hard. They were able to create some great companies. But again, these were centralized. The core innovation that Bitcoin brought is not the money part, the digital money part, but it was this concept of constructing a ledger that was decentralized and somehow secure. So even if Alice and Bob hate the system and they want to destroy it, they don't really have the ability to do that unless they get a whole lot of people involved in that process. And eventually there's too many people involved and the whole thing falls through. So that was kind of the concept. But then the first question you have to ask is, well, why is this worth anything?  I was a big member of the Libertarian movement. There's probably more than one gold bug in here, show of hands. Yeah, all right. And we always said, hey, only gold and silver is real money, right? Because it scares and you can't manipulate it. Well, what backs Bitcoin? Nothing, except for social consensus. And little by little, we got that consensus. Little by little, it started being worth something. Originally we traded Bitcoins on spreadsheets, not exchanges, but spreadsheets. And you'd buy 10,000 of them for $5 or something like that. It was a pretty interesting time. And if you lost a few hundreds, say, ah, it's only a few hundred Bitcoin, who cares, right? Then eventually things started getting a bit more formalized and the movement started growing and growing and growing and then slowly but surely, we ended up having this beautiful currency. When I professionally entered the Bitcoin space though in 2013, the big problem we had was that we came up against a wall of capabilities where people said, wow, it is so cool that we have this protocol to move money anywhere.  But I want to issue my own currency. I want to have an escrow contract. I want to do all these crazy multi-fig things to map onto my business domain. So how do you do that in a system that's blind, deaf, and dumb that you can't change the protocol of easily? It's really, really hard. So you had all these people that had color coins and master coin and alt coins come out and they tried to add a little bit more functionality through enormous pain. It was like putting nails in your hand. So we said, well, maybe there's another generation that we can do. Maybe there's some way where we can give people a programming language that can run on a blockchain and you could build whatever application you want. It's a pretty insane idea. But you know, we said, shoot, let's go for it. What was the historical analogy? It's more like the internet. The internet started with TCPIP, gave us a protocol to move data anywhere in the world. But it wasn't accessible for everyday people. You needed the web browser. And what happened to the web browser? It got a programming language. It got JavaScript. And then you could build Facebook and then you could build Gmail and then you could build all these great, beautiful applications. So analogously, what if we give a programming language to a blockchain? Then the world can build whatever financial applications they happen to want. This was the core thesis of Ethereum. And it's not something we came up with, like all great artists we steal. Vitalik and others, we took it from Nick Szabo. In 1998, he wrote this lovely paper, basically introducing the idea of the smart contract and saying that law will be automated. Contracts will be automated. We can actually enshrine them in code with a bunch of nuances about what has to still be done by people and what can be done in an automated capacity. So we had no idea how to do this. Circular learner had some ideas and other people did and we just gave it a shot. And Ethereum turned out to be one of the most successful open source projects of all time. So that's where we came from. We came from the internet, which gave us the idea that maybe we should have money move just as quickly. And then we realized that we want our money to do interesting things, not just move it between Alice and Bob. There's always a story behind that. And how about we decentralize that story so we don't have to trust just one person? Okay, but where are we going now? So after the web browser was invented, did the internet end? No, people had to build the Amazons and the Facebooks and the Ebays and all the great businesses, right? So what are the Amazons and the Facebooks and the Ebays of the cryptocurrency space? Where are we going with that? And that's kind of the core thesis of this talk is where do I feel things are going? So because people like a taxonomy, they like some sort of labeling systems, let's call Bitcoin generation one. And everything that came before that generation zero, kind of the proto Bitcoin stuff. Okay, then Ethereum is generation two. So Bitcoin was all about, let's move value between Alice and Bob. And Ethereum's all about, well, that value has a story behind it and let's program that value up into a story. The problem that we're having though is now governance and interoperability and scalability. Now we have something that's useful. We have something that potentially millions of people could indeed build businesses around. But the problem is that if you look at the total available resources that Ethereum has as advanced as it is, it will not scale to millions of users, much more billions of users. So generation three is all about asking questions of, how do you get these systems to talk to the old legacy systems that still have trillions of dollars of value available to them? How do you get these systems to scale so that when you add a user to the system it gains more resources like Bitcoin? And then it's also about the meta topic and it's something that's caused Roger and a lot of other people, a lot of heartache, which is governance.  There's eventually a guy or a gal at the top or a committee that says once they decide it's done, it's by fiat, they go and do it. Pretty easy, right? But how do you actually change the code, update the protocol, add more features and functionality, increase the block size, give yourself a richer transaction language when no one is in charge? Earlier today we had Roger's presentation about this island and it's a tremendously complex project but I think the hardest part of that project can end up being how do we all get along? Because we don't all get along. We have very strong differences of opinion. We come from different backgrounds. We have different religions. We have different incentives. If a person is making money off of your misfortune, you're probably not gonna just be able to go up to that person and say, I know your livelihood depends on this but can you please change for my benefit? You need a stick for that, right? So what's the stick there? And this is actually the crux of third generation cryptocurrency technology, where we're going. There's a lot of projects that are thinking about this now. It's about how do you pay for stuff? Like for example, who is paying for developing Bitcoin? It's a good question. Is it the companies? Is it the governments? Is it universities living off the NSF? It's a little bit of everything. Volunteers. So what happens when one person starts paying 85%, 90%, 95% of all of the development fees? How much control does that person have over the roadmap and where things are going to go? If your job depends on that one person, what does that mean for you and your principles? You know, as Andrew DePolitano mentioned, you have all these people like James Madison who come on in and they have great principles but then they're in charge of things and suddenly they change. Similarly, when people pay you, when people have financial control and influence over you, maybe you start making decisions a little differently. So that's a problem for cryptocurrencies because somebody has to be around to write the code. Somebody has to be around to vet the code. And what incentives do they have to do a good job? It's one of our big issues, right? So there's been some ideas like Dash, for example, was one of the first innovators here and what did they do? They created a treasury. They said, gosh, you know, we're paying all these miners to maintain the system. It's almost like a tax. Why don't we take a little bit off the top, the inflation that's created to pay the miners? And let's put it into a decentralized bank account, basically. And let's let anybody in the whole wide world send a ballot to that treasury. And if a person improves it, if the stakeholders, the owners of the token improve it, the ballot will actually pay them automatically. Well, guess what, they implemented it and now I think they have $20, $30 million a year to pay people building the protocol from the blockchain itself, not from a bank, not from a private entity, not from a government. So that's one side of it, the sustainability side. Can we build treasuries? Can we build financial systems that actually give people the funding that they need to work on these things? Furthermore, give people need the funding to market these things, to build their businesses on things, to migrate existing businesses to these things. The other side of it is, as I mentioned earlier, is this notion of soft forks and hard forks, changing things. What if I wake up and I direct my whole company and all our scientists to start working on quantum-resistant signature schemes? Because, you know, a quantum computer is gonna come out in 10 years and Shor's algorithm is gonna go ahead and end us all, because we're vulnerable to it. Great! I can get all this great research done, go to crypto 17 or Eurocrypt or ACNS, wherever and show off my cool new signature and we've done all that hard work and now I have this beautiful code that's written and I'm ready to go. So then who do I exactly go to, to put it into Bitcoin or to Ethereum or to any other cryptocurrency? I can go to Reddit. Anybody been to Reddit and had arguments and debates on Reddit? Was that fun? No. Okay, well, we know where you come from. All right, what about Bitcoin Talk? Anybody there? Anybody have fun on that? Okay, I don't know. Like, what is the canonical place that one goes to resolve these types of issues? Well, we don't have one. That's one of the biggest concerns, actually. It's a big metaproblem. It's why it's been so hard to upgrade Bitcoin in a certain respect. You have incredibly brilliant people who have damn near unlimited financial resources and great networks at their disposal who have come up with proposals for how do we scale Bitcoin? And they're really, really at a deadlock. So much so, there's now another Bitcoin version called Bitcoin Cash. They couldn't agree. It went down to the wire and it's split into two completely different cryptocurrencies. Similarly with Ethereum, we had some debates about something. I disagreed with the Dow bailout. And guess what? There's Ethereum Classic now and Ethereum. By the way, Coca-Cola Classic's better than New Coke, right? By ETC. So anyway, that's one of the biggest issues is you need to have some sort of mechanism to decide how do we change things once people propose it? That quantum immune signature scheme, I'll go ahead and propose it, Bitcoin Improvement Proposal or Ethereum Improvement Proposal. You need a system to allow you to do that. So the third generation about cryptocurrencies, the things that are coming, the ones that are really gonna be valuable, the ones that are really gonna change things that allow us to grow and actually allow these things to get enough users where they can start influencing law and governments and central banks. Those require governance. Those require scalability. Those require interoperability. The final thing we'll talk about. What is interoperability? So let's say he's Bitcoin and these two guys here are Ethereum. The problem with Bitcoin is it's blind, deaf and dumb. It doesn't know there's a whole world outside of it. It just thinks that Bitcoin is the only thing that exists. Even clones of Bitcoin like Litecoin where very little things have been changed. They can't talk to each other by design. Ethereum's a little bit better because you have programmability. So you can kind of write a smart contract up and you can build a relay or something like that, but they're very expensive to run. So you need some accommodation for identity and metadata and accommodation for relays and other standards that will allow these blockchain systems to talk to each other. Because at the end of the day, we're gonna end up having thousands of them. Some of them are gonna be private permission systems running between the banks. Some of them are gonna be completely open ledgers like Ethereum. Some of them are gonna be like semi-public, semi-private like Ripple, for example. And every single one of them has value and stories locked up in them. And interoperability is incredibly important. Or else you have two parallel financial systems that war with each other. One of which doesn't really do much for the other. So I think that's where we're gonna go. Now, what research is being done? One of the advantages I have running my company, and this is my third company. I originally started Ethereum with Vitalik and before that Invictus Innovations with Dan Larimer and we did BitShares. With IOHK, we're a research company. We have three research centers. One at Tokyo Tech, love Japan. One at University of Edinburgh, love Scotland. And Greece is awesome, one at University of Athens. We have a bunch of scientists. So we have the luxury of actually looking into the tech and the science and getting a sense of what's real, what's not real, what's possible, what's not possible. And the good news is that I think within three to five years, almost all of these problems can actually be rigorously solved. The reality is we've already figured out how to scale to billions of users. I assume everybody here has either a Twitter profile, LinkedIn profile, or a Facebook page. Well, guess what? They figured out how to scale. And we can do the same thing. We just have to make some adjustments because the trust model is different. Similarly, the network protocols have to be completely overhauled and refined and how we store data and even the architecture of a blockchain itself probably has to be changed. But again, all these things can be solved. What can't be solved in a lab is the social stuff. And that's actually the really exciting thing is how do we actually get people to coordinate? How do we actually get consent? Like voting, for example. How many people here voted for the current president we have? How many people here voted for another candidate? How many people here wish we had more than the choices we had in 2016? Right, so it's not who you voted for, right? It's who's on the ballot and how does the person get to be on the ballot? So similarly, maybe I can get my quantum immune signature scheme on the ballot, but maybe he can't, even though his is better. So you don't even get to pick. You don't even get to choose. So who gets to vote? How do you get things on the ballot? The ordering, whether it's Condorcet or Borda or a linear preference ordering style system or a plurality system, all of these things are deeply interesting and really matter. But the most exciting thing about cryptocurrencies is this is like societal evolution, Darwinianism in real time. It's so fast. When we first started, we were talking about how do we issue an asset? Now we're talking about how do we buy islands and build our own governments? It's been five years. Think about how quick that is. And there's actually some legitimacy here because we can build our own money. We can make our own laws. We can do our own things. So that's why I'm in the space. That's why I started Input Output and this is why we do what we do. We're taking care of the science side, but you guys, the entrepreneurs are gonna have to figure out about the social side and propose a lot of different systems of ways to govern things. And the good news is you now have a set of tools that nobody in human history has ever had before. Everybody in the planet has access to the same information. Everybody in the planet has access to the same units of value and the same marketplaces. That's never happened before. So anyway, thank you so much for your time and I'll be glad to take any questions that all you guys have. Do you wanna come up to the mic or? Okay, for Ethereum Classic? Yeah, so the question was, so first off there's a token called ERC20 on Ethereum. So these guys wanna issue their new token, let's call it FooCoin and it's the best coin ever. Basically the way you do that on Ethereum is to use a standard called ERC20. In the Ethereum Classic community, we noticed that there were some minor problems with the ERC20 that we created a different standard called ERC223. They're equivalent to each other. I think ERC223 is a super set and I have no problem with it being a standard, but it's ruled in a centralized way. So that's one of the things we're gonna talk about in Hong Kong in November.  What happens in Hong Kong in November? Oh, there's an Ethereum Classic big event. All the developers are coming together and so forth and we're gonna talk about the future of Ethereum Classic and the roadmap and standards and things like that. I don't know, I mean I would be in favor of a standard. To be honest, we have to change the entire virtual machine. So we did with University of Illinois around a champagne, a project to formalize the EVM using something called K and we were able to write this really dense white paper that showed that the spec that Ethereum currently has isn't so good and there needs to be considerable improvements to the EVM. Once that's done, it makes more sense than to create a token standard because the token standard would be a consumer of the underlying infrastructure and if we make the infrastructure better, we may be able to create a better meta-token. Next question. All right, you first. Please talk more about the ETC developers. So I'm a Solidity developer myself. Okay. I didn't go with ETC at all. I'm still bothered that they still have language up on the Ethereum.org. So how do you like Solidity? Do you like your tooling? Oh yes, wonderful, yes. I'm gonna go with it. But I would love to look at ETC. But I don't know anything about the Q and A. So my company has a research team and a development team. It's called the Mantis team. We built 100% new code Scala Client, which will be released here in November. So it's on par with Parity or Geff. We have six full-time Scala developers who developed that. And there's two other teams, the Ethereum Commonwealth team and then there's the ETC Dev team, which was the original team that actually precipitated the fork and most of them are volunteers. And so one of the things we're gonna talk about in November is formalizing things, getting some permanent funding for people and also what is the vision in the roadmap. Like for example, Metropolis has just come out, so we have to make a move to that. The other thing is that Proof of Stake is coming with Casper, but the community is very keen to stay with Proof of, excuse me, Proof of Stake is coming with Casper. The community is very keen to move to, stay on Proof of Work. But for it to do that, we need a scalability roadmap for it. So the developers are quite good because some of them work for me. I'm not gonna complain about them, but it's early days. You know, there's probably another six months to a year to really build a strong identity. And at that point there'll be rapid divergence between the two platforms. As for programming languages, one of our hopes with Gregori's work over at University of Illinois is to give you the ability to write smart contracts in the languages you've come to know and love, such as Java C, JavaScript and so forth. To me is a little crazy to say, hey, there's this whole new platform, throw away everything you've ever learned and learn this new thing for an unstable language with bad infrastructure that's really hard to debug. And oh, by the way, code is law, so if you make a mistake, you're brutally punished by Old Testament gods. Lots of laws, no mercy. So instead, what I'd like to do is say, hey, how about we formalize something with K? And then any language we've actually written in K, we can use a technique called semantics-based compilation. And it'll allow us to auto-build the compiler from that to the EVM. So we've already have committee semantics for Java, JavaScript and C. And actually a language we created, functional programming language called Plutus, specifically for smart contract development. So once we have the SBC stuff done, you can just write smart contracts in those languages and they run on the infrastructure. That's our hope. And then to add new language support, you just write the semantics in K which takes about two to four weeks. So our hope is we can have a huge, huge supply of languages that developers can use and they're not forced to use bamboo or viper or solidity or all these other things. Now it is a natural question to ask about SDKs and syntactic sugar and other things to make it a little easier to run the smart contract. But there's also a lot of open questions about resource awareness and static analysis and dynamic analysis and so forth. Those are all academic questions that never were actually rigorously stated when we created Ethereum. So that's one of the deficits we're trying to make up with teams at Carnegie Mellon and University of Illinois and so forth. Do you have a particular question or? Is the conference open to Ethereum? Yeah, anybody can come. It's an open conference. We're not aggression people here. If you show up, you can do whatever you want. Just keep your shirt on. Yes, in the back, what's going on in the state level? So when cryptocurrencies first came out, they were novelty and a curiosity but nobody really paid any attention to them.  Now we have things like capital controls which are actively being evaded in Ukraine and in China and in other countries where this matters a lot. A friend of mine runs an exchange in China and he told me the horse story of what recently happened there. So after China started getting very aggressive on things, he got a call up and said, you will show up on Tuesday to this office building. He said, okay, you ever get a call like that or a government official calls you and says coming on Tuesday, not could you come in on Tuesday? That's the difference between China and Japan. So he shows up and there's this U-shaped table and there's all these Chinese bureaucrats at the table and they just start yelling at them for 45 minutes to stabilizing the peace, destroying cultural harmony. And at the end of all of it, they said, on Friday, come back with a plan to shut your exchange down. No debate, no questions. And he said, where is all this coming from? And they said, it's not us, it's Beijing. And they implied heavily that it had to do with capital controls as well as the leadership conference. So we are seeing more authoritarian governments or governments that really like control over money, taking a second look at these things and saying, well, maybe they aren't such a good idea to run after all and we want to control them through some sort of back channel. Problem with this technology is it's extremely difficult to control. So the minute that people actually get these nos, they get these things in their mind, they get incredibly creative with ways to evade things. But nonetheless, we see a lot of crackdown coming from a crackdown against ICOs saying, hey, these things are securities to crackdown against the free trade of these things, to crackdown against operational components. Like there's a big open question of what's gonna happen to the mining pools in China. If the Chinese government's now anti-Bitcoin, a very substantial part of the mining capacity is in China.  These things are warehouses, they're huge. So they require some sort of buy-in from the local government. So the short answer is I actually don't know what's gonna happen in a global sense, but I can speculate that what we're gonna see is a transition where more laissez-faire libertarianist governments like Switzerland will continue to embrace and reap enormous financial benefits as a result. More ossified countries like the UK and the United States will doggedly hold on to regulation for a bit until they're forced to throw in the towel as they did with the internet. And authoritarian countries like Russia and China and other words will try to find a niche where they can control it. And how they can control it and where and how the cronies can make money, it will be very legal. And where they can't control it, a lot of people will go to prison. Does that kinda answer your question, Max, or do you want me? That's a very good, yeah, if it happened, yeah, of course, Bitcoin would probably have a 10 or 100X minimum. As with all things, central banks have a diversified monetary policy and it depends upon the particular central bank and its role geopolitically. I believe that there's actually some Caribbean central banks that have already considered or have used cryptocurrencies as a part of their portfolio. Gabe Abed would know more about that. But then in terms of the Federal Reserve system, they tend to be a little bit more conservative, but it's not outside the realm of possibility. The US government also still does own some Bitcoin, usually because they seize them from people and that's how they end up getting them. Good old civil asset forfeiture, right? Or these things. But it brings up a broader question of, okay, is Bitcoin the standard to go with or maybe do you go with a portfolio or maybe they just create their own asset like this notion of a banker coin where the central banks create a settlement unit and that becomes the reserve. I actually don't know. Frankly, I don't think the central banks themselves know. If you talk to a lot of the local central bank guys because the Federal Reserve's a little bit decentralized, the ones outside of DC and New York, they're actually very pro-competing private currencies because they've always tended to be a bit more libertarian and conservative. The ones who are like in with the banks, they think these things are competitive threats and not so good. So they historically say, no, no, no, we want nothing to do with this. We should have already shut this down.  Jamie Dimon's comments don't exist in a bubble. They're just a reflection of the environment that those people tend to live into. The last point is actually this notion of an internet of value, this idea of the liquification of value. So I was recently in Europe, I went to many different countries. I never actually bought any local currency. I didn't use any paper money. I used my credit card. So what if on your phone, you can have this idea of a universal wallet and anything you own, whether it be gold, silver, dollars, euros, what have you, it becomes a token in some capacity and you can store all of them as you store Bitcoin on your phone. And what if there's a whole network of decentralized market makers floating all around? So what does that mean? It means that you can move at any time to one portfolio to another portfolio. So you can live in Ukraine but have dollar-based assets and gold-based assets. You can live in Russia, have real estate in South America, some of your primary money. And here's where it gets really cool. Because this is all decentralized and because we have decentralized market making, when you go to Starbucks to buy something, you can have your token that represents real estate in Argentina and you can be in the UK and pay them in pounds sterling. They didn't know they accepted that. Just like when I pay with my card, they get paid in euros or Swiss francs or dollars or these types of things. So if we're capable of living in a world like that, we have to actually start asking, why does the central bank matter? Because at any time, I can just create any portfolio I want on my phone and there's this huge global financial web that can move anything to anything. So I don't really have to care what's going on with the dollar. It doesn't matter to me, it's as consequential as what's going on with the drachma. By the way, it doesn't exist anymore. Question in the back. The first question is what is a cryptocurrency? There's a lot of ideas on it, but we didn't exactly get from God golden tablets that told us the 10 commandments of cryptocurrency. So the challenge is not only developing standards and there's actually been some attempts, like the IETF has some people thinking about it. The W3C has the interledger committee and the web payments committee. So there actually are some real legitimate standards, efforts that are occurring, but the bigger concern is, what is a cryptocurrency in general? What properties does it have? What properties doesn't it have? And how do you formalize that in a way that we can understand and actually iterate on top of? So there are some projects that are actually trying to solve this problem in a very abstract way. There's a project called Tesos. They recently raised about over $200 million. And what Arthur is doing is he's created a formal language that a machine can understand that he can actually define a consensus protocol and a transaction language and your network stack in a way that a computer can understand and create a mechanism to change it to a new configuration. Now, if that work is sufficiently abstracted and that work is sufficiently good, meaning it's at bedrock, then that can become the foundation upon which all of these things can live and then you would be able to actually create standards and standards pass towards particular different things. There also is an important thing to distinguish between private infrastructure and public infrastructure. So private infrastructure like IBM Fabric or Bletchley or what R3-SEV is doing and so forth, this is all about, I have a group of enterprises or an enterprise that's large with many departments and we have coordination and synchronization problems where we can't agree on a common ledger for something like settlement. So let's create something that's not in anyone's control that allows us to vastly reduce settlement times or other problems between our databases and systems. What in the world does that have to do with Bitcoin or Ethereum? In some respects, there's some technological synergies there that are valuable, but in other respects, that's a closed trusted system that defeats the entire point of what cryptocurrencies are about. So we're probably gonna see enterprise standards form differently like with the Ethereum Enterprise Alliance and others from cryptocurrency standards. And we haven't quite yet seen a cryptocurrency standards body materialize. Now IOHK because we love formal languages and we're all Haskell developers and we do high assurance code. We actually are thinking about how one would model a both a smart contract as well as a full on cryptocurrency protocol. And we've even written a paper called an ontology of smart contracts where we try to abstract it to its bedrock. But it turns out to be a devilishly hard problem and it's something that we really enjoy thinking about. Sure. Okay, real quickly and then these guys down here. Well, everybody who's ever had a problem with mining in Bitcoin now gets to say ha ha and we move on. Bitcoin is the most resilient thing I've ever seen in the world. Bitcoin was a person.   It's like China bans Bitcoin. It's like we're really serious this time and this is one of the biggest trading markets and it goes down $1,000. And then I get a call from Bloomberg and they say, what do you think about this? And I said, guys, don't talk to me for three days. Call me back. And three days later it's back up at $4,000 and they never called me back for some reason. But no, I mean, this is the reality of things. So if the mining pools get hammered or hit, what's gonna end up happening is we'll change the algorithm or we'll see a relocation of mining hardware to different countries that are a bit more stable. Being very pro-America, maybe they can come to the United States and that'd be great and we can work something out there. But the point is that Bitcoin will live on. Either the consensus algorithm will have to change, maybe go back to a GPU standard. Maybe it'll go to some sort of hybrid algorithm like we have one called Twins Coins that we'd be happy for them to use or maybe even proof of stake. Or we'll just see a relocation of the hardware with a temporary drop of hash rate. If the hash rate drops by 60%, we're at Bitcoin last year. Was Bitcoin last year secure and work? Yeah, okay. So it's an event and Bitcoin is very good at surviving events. Somebody here had a question? Yes. I see a government given this question on it seems that that is a threat is the power, right? Right. So that's controlled by some sort of currency and one of the reasons people went to Iraq was to keep them going off of the dollar standard. And Libya and Syria? Yeah, Libya and Syria. So this is a question, and then there's something like a comprehensive body. So my question is, is there a way that you see to play nice with this other force that wants that control and what does that scenario look like?  When you have all the leverage and all the control, why would you in any way shape or form want to give some of it up? Cryptocurrencies are a continuation of a longstanding philosophy born out of the internet called the cypherpunk movement which says we should be self sovereign. We should be in control of our own destiny and our own money and our own power. And the reality is the tighter the government gets, the more they seize people's assets and the more people they throw in jail, the better our technology will get. We have a great micro example of this already. History, it doesn't repeat it rhymes. So what was the prior lyric? Well, it was Napster. So you have these people say, wow, we can now share information anywhere on the internet. So they created centralized servers to do this.  And what did we create? We created a bit torrent. And now more people watch Game of Thrones illegally than they do legally and HBO has never made more money. What does that mean? It means the old model of thinking expired due to innovation. So if the government really clamps this hand down, what are we gonna see? Huge investments into ZK Snarks. Huge investments into anonymous transactions and anonymous network stacks and so forth. And now we live in a paradigm that's so dangerous to the government because not only do we have control over our own money, the government doesn't know how much money you have. Think about that. Because I can just have 12 magic words in the back of my mind that have $5 million on them. No wallet, no nothing. I just remember 12 magic words that can at any time regenerate my cryptocurrency wallet. And now I have access to that $5 million. So I just have a shirt on my back.  Nobody even knows I have it. So what does that do to our taxation system? Which is predicated on the fact that they know how much you make. It means we have to move to a sales tax, doesn't it? So maybe we'll get a fair tax out of it.  KYC and AML are built on the paddle tail system. So let's say Michael there runs a bank, which he actually did, he created Emirates Bank. There's a great story about the Prince of Dubai or something giving him a stamp. But anyway, let's say he owns a bank. Well, what does the regulator do to Michael? They say, Michael, that guy over there, we're a little worried about him. You need to tattle on him. You gotta fill out what's called a SAR, suspicious activity report. So the regulatory bodies, they don't just sit down with binoculars looking for people, they let the banks tattle tail on people. But what happens when everybody's a bank?  That whole regulatory system that's been constructed starts evaporating, they lose control. And that's what I think is gonna happen.   And as a consequence, we're gonna see an exodus of capital from these locked down, terrible jurisdictions that want total control to jurisdictions that embrace freedom. And because those countries are prospering, they get more control in the overall macro economy of how the world works. And so we'll see a gradual movement towards freedom in a certain respect. This technology is basically like the antidote for the evils that we see in the system. At least in my crazy view. Yes, sir. Does that make sense to you or? Right, well, okay, you have a pile of gold. And when more people wanna buy that pile of gold, does it mean we get more gold in the pile? No. So we have a scarce resource. It's artificially scarce, but it's done in such a clever way that basically it is what it is. So if there's more global demand that comes in, necessarily the assets have to become more valuable. That does not mean they're less volatile, but quite the opposite. Usually when you have a big group of people come in, you see much more volatility until you create products to dampen the volatility in a certain respect. It's less of a question of how much is it worth? It's more of a question of what parts of the economy can it be used in or replace? So the point of Ethereum was we gave a better toolkit to people to do more. And similarly, if Bitcoin is to survive, it must adopt that same mentality over an arc of time or else what it'll become is digital gold. Basically it becomes an artificial store of value on the internet that we just through pixie dust and magic agreed is worth what it is and people buy and sell and trade it. But it will not be a payment system and it will not be a currency. That hasn't been invented yet. There's no cryptocurrency on the market or anything coming yet that's at that capability that can grow and replace PayPal and Visa and all of the other networks. I mean just think of it for a moment. You have to create a value stable currency if you plan to do lending. Imagine if you took a loan in Bitcoin in December of 2012 and you say pay me, I'll give you 10 and I'll pay you 11 back in December of 2013. You took $100, you have to pay back $12,000. Now let's do that again from 2013 to 2014 in December. You have to pay back $2,000. Does that make sense for anybody? No. So you need to actually dampen volatility and have value stability. That's just one problem. There's hundreds of them and so forth. So that's my overall view on these things is that we have a lot more to go but value is disconnected in certain ways from utility. It's very speculative right now. Yes sir. Which is bigger than any ICO by the way. Just a point that actually had a whole ICO market together. Bitcoin cash is worth more. No, no, no, no, you misunderstand completely. Where does value come from? It doesn't come from the fork. I can fork on the stage right now Bitcoin with my cell phone if I wanted to. I just push a few buttons, deploy another repo. It's done. The value is people. People live underneath and behind and prop up the cryptocurrency and what do we have going on in Bitcoin? We had two factions that really just stopped getting along a long time ago. It's like mom and dad are fighting a lot. And at some point mom and dad got to get a divorce. And they did. So mom took her friends and dad took his friends and now we got Bitcoin and Bitcoin cash. The reason why Bitcoin cash is worth something is because there's people behind it. So if you can resolve the governance problem you pull things together. People have an incentive to be together. If you can't, you pull things apart and we end up having hundreds of microcamps of people. There's still value there. Still trading going on and we have now an internet of blockchains. The question rather isn't will this continue to happen or not? It's a question of what will happen if we have good governance versus bad governance? But the value is always constant. It's nothing to do with the code. It's everything to do with the people. Bitcoin is right now the most primitive of all cryptocurrencies. And it's the most valuable. It's most primitive because it was the first. Ethereum is one of the most advanced. There's ones coming after it that are even more advanced, worth less than Ethereum. So it's not the technology. All right, one more question I already asked her. Yes, sir. Oh, with Bitcoin? Yes. Maybe we'll have another one. But what's she call it? Like Bitcoin Classic, Bitcoin Cash Squared. Tricoin. It'll be like, hey, man, I have the power. I don't know, man. I mean, I spent a long time in the politics. I know my current pretty well and he got kind of railroaded as well. And I gave up on it. That's why I'm in the altcoin space and we build things. Sergio Lerner is one of the best guys ever met in the entire space. He's down in Argentina. He's an incredible InfoSec guy. He discovered a bug where you could create billions of Bitcoins out of thin air. This is how long he's been in the space and he fixed these things, right? So he was actually one of the first guys to talk about turn complete smart contracts. This was six months before Vitalik. And what's the first thing Sergio did? He went to the core developers. How we should change the scripting language to allow us to have these new capabilities? No, so the problem is, even if you have good ideas or things are happening, these camps are so volatile and so difficult to deal with and they pull apart so much that I imagine we'll see more forks coming. They're not bad things. It just means the divorce happens. Mom and dad can get remarried. They can have more kids. They can live a prosperous life. It just means we don't consolidate all the value into one thing. It's only bad for the people who hold Bitcoin. All right, we good? Oh, okay, sorry guys. I wish I could take more questions. Thank you so much. That was a lot of fun. Very good, thank you.


But if I record this in QuickBooks, again, you could do it with a journal entry to just record a journal entry, but I'd like to have my revenue typically recorded within voices, because that's the form. So sometimes when I look at my reports and track the revenue recording, the journal entries are useful for that. And it's also easier sometimes to assign it to the classes and the projects and be able to sort the information also by project and customer. So we have our invoice laid out here, but I needed to make it go to work and process. So all I'm going to do is tweak this bottom bit. The bottom bit needs to be a tweaked. And then we're going to say this is going to be negative 25, 385.1. And this is going to go to class two. So now the invoice usually increases accounts receivable but it's zeroed out. So we're not going to increase the accounts receivable. All of this stuff is going to increase a revenue account because that's what the items do. And then the other side is instead of going to AR is going to go to work and process. So we just made a journal entry in essence with an invoice. All right, so let's save and close it. So then if I go back to my reports, we can see then what happened. Kay Paso, the work in process is impacted here, which is what we want to have happening. And I can see it broken out by class because I assigned classes to it. So it's a classy report, which gives us a little bit more information if there are multiple accounts with work and process in it. That's useful. Tap to the right and we can say, okay, now over here I've got my revenue broken out this way in March. So it's applied to the proper timeframe now because I'm saying this is the costs that we incurred in order to generate that revenue. And that's basically what we want. That's kind of what we're looking for. We can also do, if I duplicate this, our profit and loss by class. We can do a classy profit and loss. Let's take this for the whole year 12, 31, 25 and do this for the whole year because then I can see the multiple classes. So now you've got the multiple classes that add up, that's quite useful when we're trying to analyze our full job report. That's why the classes I think add another level that is useful. All right, so now let's go to the next step and we'll just continue on here. We're gonna build a client now. So now we're over here. This has been done.  Sorry, that's in some movie. I can't even remember what movie that is, but I think it had. Anyway, what am I on over here? I'm on, we're gonna build now for the next month, for the 30,000, so this was done and now I'm on this one, boom. So let's do that. We're gonna build them. I don't have much room on my worksheet over here because I don't wanna keep going down. So I'm gonna add another worksheet to the side. So to do that, I'm gonna put my cursor, so let's put it on P and I need like one, two, three, four. So I'm gonna put it on P, one, two, three, four and then I'm gonna right click on those columns and insert, boom. And then what I like to do is format them like these ones. So I'm gonna put my cursor on K over to N, K to N and then format paint and I'll put that right here so it widens out those cells. Ah, K, one, two, three, four. Home tab, format painter, one, two, three, four. Okay, so that looks good. Looks good, okay. So then I might be able to hide these ones. So do I need to hide it? Maybe I'll just keep them there. I don't really need to hide it, I don't think.  We can see what's happening. So then we're gonna say accounts receivable is gonna go up cause we're just gonna build a client. This is gonna be an invoice that actually goes out but the other side I don't want it to go to revenue this time cause this is just one that I wanna get paid on and not one that I wanna record the revenue because I've recorded the revenue with the other format according to the revenue recognition thing. So this is just gonna be paid according to our payment schedule of 30,000 cause that's what we told the client that we were gonna pay them and we're gonna stick to that. This isn't a government job that we completely underestimated cause that's what you do with those ones. We have clients that are actually want competent work done. It's not, we didn't get it because we know some politician or something and that's how we got the job. Any case, we're gonna say F2 plus F2 is gonna be 30,000. All right, and then the billing down here is gonna be F2 plus F2 and 30,000. So there we have it. Let's go ahead and do that over in QuickBooks and so we'll just bill the client. So now we're gonna actually send out the next bill for the following month in accordance with our payment structure. So I'm gonna send out another invoice but this is the invoice that's actually gonna go out to the client and I'm gonna base this one on the estimate that we originally made using our progress invoicing this time the percent will be 30%, 30%. 30% pulls it in, boom, nicely structured. This is gonna be date of four one and you've got this beautiful structure down here of our items that we're going to be invoicing for. Okay, so that looks good. This would increase the accounts receivable for that 30,000 and the other side would be going to the revenue accounts. And in this case, we want accounts receivable to go up so I need a 30,000 down here but I don't want the other side to go to revenue. So all of these I could like replace these with one line item that doesn't go to revenue but I kinda like the detail of having these line items here. So I'm just gonna say reverse that back out with just like a little journal entry at the bottom here reduce the revenue for the total amount of negative 30,000 and this is gonna be class number two and then I'm gonna put the other side into where I want it to go, which is the Billings account. The Billings account, boom. And that's gonna be for 30,000 and job number two.


They're not gonna go up because you want to go up When it's their time to go up and down in the day, they need revenue People want to see revenue after you show in revenue stock goes up Aurora shows revenue stock goes up BILZ goes all the way down. They start doing some big deals stock goes up Zina's gonna have their day It just isn't right now Might be tomorrow There might be a delayed reaction. Maybe it's gonna be tomorrow. I don't know. I'm not the guy that makes those decisions I'm just an investor like you guys, but what I do know they got another license What I do know is they've got the potential to get more licenses They got potential to get more space and they got the potential to continue to grow. That's what I do know and the other thing I know is Health Canada thinks enough of them to give them a license Which means that's more room for them to grow more revenue potential for the company And at the end of the day the stocks that have the most revenue are going to do the best Which is the reason why we see aphria doing well the reason why we see GW pharma By the way aftermarket today exploded up 12% This is the reason why we see this happening Because of revenue because of deals because of partnerships Bills had a big day today. Bev Canada had a big day today Aurora went up on use of strong revenue growth When Zina grows their revenues and they start to grow exponentially We'll see a higher price stock But licenses for whatever reason some might really pump a stock up some might not Unfortunately this license or the news of the license today for today It didn't have the result that we were anticipating. I think we all anticipated them having a much bigger result But I think that's what the market makers want They want you to sleep on Zina They want you to think it's gonna fail Just like BILZ Before BILZ had this huge explosion.  We all knew they were undervalued We all knew they were underappreciated. We all knew they were under exposed and they were gonna go higher It was just a matter of not a matter of if just a matter of when that's why they're one of my top 10 stocks in August 2019 yeah, I mean licenses May run a stock up right now right now. It may not run a stock up But when we see big partnerships when we see Huge revenue growth when we see a huge infusion of cash going to these companies The stocks will go up Well at the end of the day like I said, you know Organogram was down a lot and nobody talked about them and everybody said that organogram was a joke and Two years later and Two years later organograms on fire. I mean, how do you explain it? That's just the way it goes You know One man's trash is another man's treasure Today Zina's down a year from now Zina could be at five bucks Last month I had this was down all of a sudden I had this is up last month bills is down all of a sudden bills Is up I mean that's just the way the markets go They're not gonna go up because you want them to go up or because I want them to go up And they're not gonna go up when we want them to go up if it was that easy everybody would be doing it And I mean everybody But the fact is it isn't that easy The markets are not that easy Even Amazon goes down as you guys can see So when everything's at an all-time high you have to anticipate they're gonna go down when things that are all-time down You have to anticipate they're gonna go higher right now we just came through All-time highs in the overall markets and we've just come through all-time lows in the cannabis sector Yeah, you can't have a motion Can't have a motion emotion isn't gonna help you plus products your number one pick Your wife calls you emotionless all the time. I think if you got to be in the stock market You got to be somewhat emotionless Because all good long-term investors they don't get you know filled with emotion every time stocks go up or down They just learn how to deal with it So that's just part of being a long-term investor. I mean a Stock is like a baby you got to give it time to grow you got to give it time to develop you have to give it time to Grow and develop on its own and walk around on its own and make decisions on its own Xenobus is not even a year old Everybody's wondering why Xenobus isn't going up so fast Xenobus did their ITO in January They did the RTO in January We're talking about a company that's been in business as an RTO as a real business since the company formed From Bevil Agro into Xenobus in January. We're in August. That's eight months Eight months That's not bad That's not bad It's pretty good growth for eight months take a look at where Aurora was in their first eight months or canopy was in the first eight months or organogram was in the first eight months or med relief or med man or Anyone and everyone I mean they all had ups and downs Xenobus is just going through the same ups and downs as any other public company that is growing But I predict it's going to get bigger it's gonna get better it's going to continue to develop It's gonna continue to mature. It's going to continue to become what it's supposed to be Which is a top five LP in Canada What happened to HRV I jumped in today at 720. I don't know you guys got to let me know I'm not even looking at the markets right now. I just been chilling. I've been chilling. I didn't do any trading I've really been looking at the markets I know that the markets are gonna go through their summer slump And I'm just kind of enjoying August like everybody else because what are you gonna do right? I'm not planning on selling anything I'm not planning really in buying anything right now. I'm not gonna chase anything So I'm just chilling. Oh HRV got in trouble with the Fed. Yeah, I heard something about them losing Some licensing or something Yeah, it's not good. I Gotta look into it further and let you know Been kind of hanging out in the country hanging out by the beach hanging out by pools. So Haven't been as focused on the markets I wanted to just give it a break because I knew the markets were going to go through their summer slump and That's what they're doing Mind you, there are some sneak attacks BILZ Ianthus, Bevcana, Aurora, all had nice days today And I'm sure there's more if there's anything else you guys want me to talk about. Please let me know So happy I didn't get HRV last week dodged a bullet. Yeah, you did apparently But I still think it's a good company. I Still think Antrust is a good company. I think that they've made mistakes Still think Cureleaf is a good company. They've clearly made mistakes but If you're afraid of making mistakes, then you're afraid of making anything Hey, listen, man when they're jumping it's okay because I'm chilling so I'm holding stocks if they jump That's a good thing. I want them to jump And if it takes for me to chill and go to the beach for them to jump and you know what I'll go and chill for years I got no problem doing that So these stocks will make their moves when they make their moves and it's very difficult to predict when they're gonna make their moves But some of the bigger ones we could have predicted that they were going to have good earnings. I Believe that Aurora's earnings will be strong. I believe that can it be growths? Revenues will be strong. Clearly Aphria's revenues are showing to be strong Zenibus when they report I believe they will be strong and as these companies report more and more I believe that you will see this sector continue to gain steam again because now it looks as though stocks are moving up on acquisitions large partnerships and Revenue and profit So now's the time to position yourself Now's the time to position yourself don't get too Caught up in the emotions and the highs and lows of the summertime when we know it's going to be down because it's the summertime That's just what they do in the summertime In the summertime these stocks go down. It's nothing different than we've ever seen before they did start to resurrect last year at this time and We already have had somewhat of a resurrection. I mean in Canada. We were at 66 and Today we were at 71 it retraced back down to 70 It's a little bump up from the bottom. The top is 110. So we're very close to the bottom we're coming back up from the bottom a little bit, but I think we have a long ways to come back up and I believe we will the question is when Right now It's kind of looking like this could be the start here in August We're seeing signs of it But I still don't think there's enough people around to really make the market explode I think come September We're gonna see a huge explosion and you're gonna see the resurrection and it's going to be epic So August is kind of doing what I thought it would Sneak attacks, which is what we're seeing companies going up on strong news But for the most part The large institutional investors and the big money is gonna be on vacation and they're gonna be at the beach They're gonna be with their kids. They're gonna be enjoying the summer Because we've got three weeks left until everybody goes back to school, right? So Everyone's gonna take advantage and everyone's gonna try to make the most of the next three weeks. I Suggest you do the same if you can snipe a couple here and there then snipe a couple here and there But I anticipate the big moves are gonna be in September between September and December and Well, December September in January is Where I feel like we're gonna see some big moves in these markets in the cannabis sector specifically We still have October 17th. We have legalization of edibles as a catalyst and By December those companies will start being able to actually have them sold edibles will be able to be sold So I still think there's some big things coming and we have legalization of cannabis in the US as a catalyst So big catalyst coming stay tuned get your popcorn ready if you're not winning. You're not watching This is your boy rich from rich to be live. Don't panic about Xena not exploding. They might explode tomorrow They might just explode tomorrow The Canadian stocks are weird The way they put this news release out. It's almost as if it's gonna be a delayed reaction or there may be no reaction at all knows but The good news is they got the license Now they can do another 9,000 kgs So let's get to work Xenobus. Let's start pumping cannabis start pumping out CBD's Let's get it distributed through Tilray. Let's get it distributed through all your partnerships And anybody else that needs cannabis you can get it from Xenobus anyone else that needs CBD's you can get it from Xenobus It's true So hope you're having a great summer. Hope you're having a great day This is your boy rich or rich to be live for my backyard and We got about five acres here so we can grow some We can and If you're not winning you're not watching it's true. You're boy rich from mr. V live I did bring a BILZ first from the beach in the Dominican Republic. I brought you bills actually So I'm not surprised they're doing well brought you back can a first two they're doing well today I told you guys I ant this was one of my top 10 picks in August 2019 They had a nice day today. Aurora was one of my top 10 picks in August 2019 They had a nice day Aphria was one of my top picks of August 2019 they had an amazing last week. I Think today is just an adjustment day After yesterday the markets were opened in the US today. They were open in Canada markets had to adjust Tomorrow will be the real day So it'll be interesting to see what happens tomorrow Thank you guys for watching talk to you guys soon. This is your boy rich from mr. Stevie live I'm gonna go back to the beach for the next few days. So you'll see me at the beach because Like why am I wasting my time with these markets, right so Not that there's anything wrong with the markets I mean you can just see that there just isn't the same power right now in the markets that there usually is so Other than bills bills is definitely one that is going up regardless of what's happening around it So keep your eye on bills. They've if you want a momentum trade.  They just got another license The news just keeps coming out. They just keep getting bigger. They just keep getting better and I love it Let's just keep rolling, baby Yeah bills up 45% today Dollar dollar bills y'all Dan Balls area and man Dan Balls area and don't bet against the best man bet on the best because the best is blessed It's true. It's your boy rich and rich TV life from my backyard five acres in God's country Vancouver British Columbia, Canada. This is organograms have by the way Where we have the best cannabis in the world. It's true It's true, and we were one of the first countries ever to legalize cannabis. It's true It's true one of the first in the world to legalize cannabis From my backyard is your boy rich and I'm out peace See, it'll be fine They just got another license. Let's just keep getting licenses, baby. Just keep growing and keep making revenue That's it. That's the name of the game folks.


You got it, we're live. Hey y'all, super excited about today's Zoom. Not only because it's the beginning of the year, it's the beginning of March. It is, we have some extensions of our promos. So I am very, very, very, very, very excited that you guys are all on today. We have two amazing individuals that are gonna be giving you some wisdom, perspective and guidance throughout today. And I cannot wait for you to hear from them. So I'm gonna keep my end really, really, really short and I'm gonna kick it over to them in just a second. But before I do that, I wanted to share a couple things. I'm just making sure that we're live here. I wanna share a couple of things and it's gonna make some noise one second. Apparently YouTube is running a bit slow today or it's my wifi, which it shouldn't be because I have really good wifi here. You guys still hear me okay? We're good to go? Good to go. Good to go, okay. So what are you recording, right? I think so, it's still trying but we're just gonna get going. Here we go. Started streaming less than one minute ago. It's streaming, it's just not showing it on my computer. So here we go. This is what I wanna do is I want to introduce these two young ladies but I also wanna just kind of put things in perspective, right? So over the last eight years, we have grown and shifted and changed.  Some of you are very, very new but I can tell you this is that the world around ketones and the keto conversation isn't going away. It's only getting bigger and bigger and bigger and bigger and bigger. I get calls with pharmacists, I get calls with doctors, I get talks with world-renowned experts with professional sports teams, moms and dads across the planet. This is only gonna get bigger and bigger and bigger. What changes how we have success here is how we change ourselves, right? The longer you've been in here, the more comfortable you get with the keto conversation and the more casual we take it. I know I can say I'm the same. I got a text the other day from my mom's neighbor actually and her son's been drinking ketones for six years. And when I met him, well, when he started, he had a very hard time communicating with anybody. He had a very time going to school by himself. His mom had to walk him into school every day. He had to have a lunch every day. She had to pack his lunch. He never went to an amusement park ride, never went anywhere.  And one of those things that she implemented was ketones. She implemented a lot of other things. She committed her energy and journey towards that. And he's been drinking ketones now for six years and he will not go a day without him. And most days he has to a day. He has friends. He's unbelievably doing amazing socially. He's amazingly, he understands the world. He's able to function at the very high level. And it made me kind of sit back and realize like she's not a promoter. She's never referred anybody. But her gratitude and what this has done for her has completely changed the trajectory of her life and her son's life. What's really neat about her is that I went and saw her last week or last year I was in town. I didn't see her. I went to see my family and she was there. And she goes, Dustin, she started telling me about how her life has changed. And it wasn't just about ketones. It's that she took all the information that she's gotten from our lives.  Basically she's not ever been to an event, never been on approved live. And she's, this lady has completely transformed her life. Reuvid has become part of who she is through us. And it was really interesting to me because I'm sitting there thinking like I'm worried about my volume. I'm worrying about my customers. I'm worried about somebody stopping smart ship. I'm stressing about all these things. And this woman's life will forever change. Her son may invent the next spaceship to Mars as far as we know, we don't know. But he's in a better place because of what we've done. And I can be mad that she hasn't referred to anybody. Why does she just refer people? Because I want to get better credit. I want to rank up. I want to hit multiplier, right? I could be disappointed about those things. But in those phases of her life, the most important thing for her was to take care of herself and her son and get them on the right page. And guess what, in a year from now or two years from now, she might be the best promoter we've ever had. And that might be the right time. That's your point. What I want to share with you all is that, is that you all listen, this thing right here is powerful. And if you ever get caught up in the mind mess up of I'm not on the leaderboard, I didn't do this, I should do this better, blah, blah, blah, blah, blah, blah. I want you to find a way to go back to your heart. And the best way to go back to your heart is to connect with the people that you're already helping and realizing. Listen, you're not gonna hear about all the winds.   You hear more about the crappy things happening in people's life and then you do the positive. And that's for us to be able to disassociate that and go, okay, so when you hear about five things negative, I want you to go and find five things positive or 10 things positive.  I didn't hear about her whole story. I get it in chunks, right? If that makes sense. Six years, I've only heard the stories, four different versions of her story. So it's only small amounts, right? So anyway, I want you to say, I want you to do this, I want to kick it over to these two amazing ladies. They're gonna help us kick off the month of March, not only is the Dollar Keto Club being extended, hopefully you guys are noticing more business conversations starting to kind of come up a little bit and that's on purpose. And it's not that we talk only about the business, it's just that it becoming more subconsciously built into our brain that we're here to not just, we're not just to sell ketones, we're here to build a business, we're here to change our lives in millions of people's lives around the world. So with that said and done, I'm gonna hand it over to Lynn and Liz. They're kicking it off, these two amazing, amazing, amazing people. I respect and honor and I couldn't imagine two better people to kick off and lead this Zoom today. So with that said and done, Liz, Lynn, it's all you. Hey, hey Dustin, hi everyone. How are we doing today? Is everyone happy it's Thursday? Come on, let's smile. I love you guys. Thanks Dustin, you're so right. The comp, the getting out of my head and getting into my heart was something that I have to remind myself sometimes because I get caught up in the minutiae of the numbers and the things that I want. And when I just get back in my heart and I start sharing with people, I know I'm gonna help them and eventually it's all just gonna roll around again. So I wanted to introduce everyone to my good friend Liz. Y'all probably know Liz, right? Hi Liz, how are you? She's gonna share a little bit today and then I'm gonna come back and share a little bit. But last week, if you were on the training with Dustin, we talked a lot about our stories and we know that facts tell and stories sell. I mean, that's kind of an old saying, but it's a true saying. And when we're in our heart, we can share stories. So let's talk about how many stories we gather up every day. We just got a good one from Dustin, a relatable story that we can share with people. But Liz wants to share her story and she has a few things she wants to share with you.  Go, go, go Liz, it's good to see you. Thanks, Lynn. Hey everyone, happy Thursday. Yeah, so what Lynn was saying last week, we did talk about stories. And I know Dustin has been just like, he keeps pushing this and pushing this. And I was one who didn't listen initially. I think part of the problem is is I was afraid that maybe my story wasn't good enough and two, my story was too long. I had too much stuff in there. So I really sat down and I worked with it after our call last week and I sent Dustin, I sent a voice message with my product story and also with my business story. I sent it to John and I sent it to Michelle and I sent it to Rob and yeah, I just, I kept fired it off. The one thing I did not do that Dustin asked me again is do this five times every day. Say this story five times every day so that I can just, at the drop of a hat, I can say, hey, have I told you my story yet and then just drop that story? Like it's second nature to me, right? So I am gonna share, I'm gonna share my product story. Dustin had indicated that I have just a little bit of a tweak to do and I'm gonna work with him on that on my business story. But my product story is this, before ketones, I believed that nothing would work for me when it came to fat loss. I then heard about the ketogenic diet, the ketogenic lifestyle and when I tried it, my body said, yes, this is something that I can absolutely work with. However, this did not, I was scared and I knew realistically that I was not gonna be able to follow that lifestyle 24 seven every single day. I don't think there's any of us on here that do follow that 24 seven, but then along came proven ketones and they've given me five plus years of control, clean energy and focus, the 45 pounds that I've released to have stayed off thanks to ketones and our community. And I'm happy, I'm energetic, I'm a healthy and active wife, mom and Nan, that's what my grandkids call me. And I get to keep up with our seven grands. I look forward to daily exercise and I'm very excited for the future. So I added a little bit more than when I talked to Dustin and John and Michelle. But I think that's, I was like super excited and gave myself a big pat on the back to break that down so I can ramble that off within a minute. Now my next step is to of course, get on to saying this five times every single day, whether it's to myself every morning when I wake up or to Kenny or whatever it is, I'm gonna do it. The other thing I wanna mention is I just got together with a bunch of people yesterday, some new friends and we had a chat and we just threw off this conversation about what it is that we all do with our life and what we do as a business and what kind of challenges that we're facing. And through the conversation, we just asked each other to maybe throw some ideas to each of us. So I was asking for help, I was asking for suggestions. And what was really interesting is that it came up with every single one of us regardless of what our age was and how old we are, like how old we are, what type of education we've had, what we've done for in our, you know, in business in the past, we all had fears. It was really enlightening to know that I wasn't the only one that feared, you know, maybe what people think of me just stepping outside of my comfort zone to just dive in and do it, whether, even if I don't know what I'm doing, right? Just do it messy, just go in, even I was scared and nervous to tell people and be vulnerable, but it just, it worked. It was a great little exercise that we all did together. So yeah, and with that, you know, Lynn and I, we were having a little chat earlier and we talked about that. And Lynn, you know, she can resonate with that story. We've all had those fears. So just know that number one, it doesn't matter what anybody thinks of you. That's key. My biggest thing is I worried about what my family thought of me and I still have that family. So just go out there and do what you need to do and be you and don't care about the rest. That's awesome. That's awesome. Can anyone relate to what Liz just talked about in her personal story or with just operating out of a place of fear? Has anyone ever been fearful here for anything? I mean, how about when you took your first drink? Were you kind of fearful of like, what if this is what they say it is? What about when we decided to sign up as promoters? Was it something where you might have been a little bit fearful of, what if I don't know how to do this right? What if, what if that term, what if, is something that I've caught myself many, many times saying, what if, what if? Well, I heard someone say one time, what if it works? What if everything turns out perfect? What if everything goes exactly as you wanted to go? That hadn't happened very much in my life, right? That really hadn't happened very much in my life when I looked at some of the big things in my life but on a daily basis, it did because every day, to date I have gotten through every day perfectly 100% and here I am on day, how many thousands it is I've lived on this earth that I could do whatever it is I wanna do if I just put my mind to it. So, Liz, I think your story is totally relatable and I think that, it's another one that I have in my pocket now to share. I loved how you talked about for five and a half years you've released fat and you've been successful and how at the beginning you didn't believe it. Without sitting here and saying, I was skeptical, I was this, we hear that over and over so I love the way you put your story together. Listen y'all, we've got some incredible things some incredible opportunities that Prove It has given us now as promoters and I happen to be scrolling, I tend to scroll some people's stories and this morning on my heart, I know Ethan's on I was scrolling Michael Rutherford's today and I saw this yesterday but I happen to be on that trip to Costa Rica and Ethan and Michael did a little video did everybody see that video on Michael's stories or on his social media right now of Ethan Godwin and him sitting in like it looks like a whirlpool there's Ethan with the thumbs up. If you haven't first and foremost if you haven't seen it when we're done today please take like two minutes go on Michael's social media and you will find him and Ethan Godwin sitting in it looks like a whirlpool a natural whirlpool in Costa Rica and it's titled something like give up the credibility and become more relatable. I've heard that a million times.  That video turned it on for me. It literally made my brain think a different way because Ethan is someone who came here with a lot of knowledge about ketones and ketosis. He came here because see I can tell a story a little bit he came here because he wanted to prove it wrong. He came here because he didn't believe the science that we were creating this business around putting people in the ketosis without doing the keto diet. But what he learned and when you watch the video is that his business changed when he learned to relate to the people he was talking to rather than try to convince them the science or give them the facts. So I'm someone who people put a lot of credibility in when I'm talking for whatever reason I attract people that want me to tell them all the science and want me to tell them all the things and much like my amazing mentor Dustin I've done exactly what he told me not to do which was share the science, talk about the facts answer the questions. So today is a reckoning day for me become before you and say I'm going to work on relatability from now on. Is there anybody here that knows my story? A couple of people maybe, right? So my story is something I hope that you're able to share tell it Ethan say and tell it. I will give me a second but I wanted to just say everybody that's on this Zoom right now if you haven't met them or you don't know their story like we are all one team reach out and have like just a one-to-one conversation with them and say, tell me your story we don't have to be at an event to do that, right? Reach out to the person that you work with your approach amp and say, hey, you know what?  I think that when we practice with each other it gives us a stronger muscle that we can go out and talk to strangers about our story and share other people's stories. Now, I don't have to say I know this guy, Ethan Godwin he lives in da da da da da and I don't have to say all of that I can say, hey, my friend Ethan, right? His story is and I can tell Dustin's story and I know, I know Liz's story and I know Alicia's story and I know Carol's story and I know Dustin's story and I know Norma's story say I can go through here and say I know Samantha Rose's story I use them all the time because my story is not relatable I can be relatable but my story isn't relatable to everyone but I've lived for almost 60 years so if you've lived for more than 20 years and you're here you've got 20 years of relatability you've got 30, 40, 50, 60 years of relatability go back in your memory banks when someone says, I'm this, I'm that I'm a tired teacher well I know a couple of people that are really, really doing great in this business that were tired teachers that came here, right? I can share their stories so I just wanted to say today to everyone if you find yourself creeping into credibility use the stop technique that we almost all of us know from Joseph McClellan and stop go back to your heart and go back into your memory banks of your brain and find that relatable part of you that you can share or that relatable story that you can share and guess what that's gonna build in the long run? Your credibility, right? We don't have to show credibility by telling facts we can show credibility by our heart by our enthusiasm by our stick to itiveness stick to itiveness here by our consistency by just the fact that maybe we've we've had some success in the business maybe we haven't yet but our credibility that we're still here and that we're still hopeful we're still excited, right? Those things all build credibility with people and trust like, know and trust, right? So, I can tell you guys my story Ethan said, tell your story. My story changes depending on who I'm talking to is that relatable?  I can only see a few people here right now. So quickly I'll tell you though a relatable side to me, right? Some of my stuff is not relatable not everyone here has lost their child. Thank God. Not everyone here has rheumatoid arthritis. Thank God. Not everyone here is 60 years old. Thank God. Well, no, no, you're gonna be 60, right? We're all gonna age gracefully here. But for me, I think one of the most relatable things is that I was a 55 year old woman who had lost all hope to ever feel good again. I had accepted the fact that aging was upon me and I didn't know any way out. I tried everything that I could every potion, every drink, all kinds of supplements you name it, I tried it because I was desperate to not feel fluggish, tired, overweight.  And the good thing is that I shared that with other people that I was tired. So the person that introduced me to ketones knew that I was someone she wanted to tell that to. And she reached out to me with a pack and said, this is going to change the way you feel. Do you trust me to drink it? So with that said, how did you get brought in? How were you introduced? Maybe that's a relatable thing that you can share with the person that you're talking to.  Where are we? We're almost at the 25 minute mark. We wanna open up for questions in a second but I have a couple of things that I wanna share with you guys. You ladies and gentlemen, excuse me, that's my floor to you guys thing. Nashville.  Ooh, I'm gonna get to see y'all. I'm making it happen. We're gonna be there the 31st of March and the 1st of April, right? We're gonna be staying at this incredible place. I checked it out. I'm so excited for that. It looks really cool but make sure you get your tickets and make sure that you get booked. I'm gonna tell you all right now, I don't know where you're coming from in the United States. Southwest has some really good flights going into Nashville right now. I got my flight going in for $61 and coming home for $97. Doesn't mean you're gonna get the same one but check it out, check it out. That makes it a little bit easier on the pocket book but we're looking forward to seeing you and I know we're gonna get some incredible training. We're gonna get to be together. We're gonna master mine. We're gonna have fun. We're gonna watch Dustin dance and that's worth the price and admission, okay? All right, so talked about Nashville. Liz, do you wanna talk about the promos that we have right now really quickly? Remind everyone about the business splits. Do you wanna do that or you want me to? If you can to, I wasn't prepared for that but I would love it if you could do that. I'm looking forward to seeing Dustin dance. I'm telling ya, we had a good time last time we were in Nashville. All right, so the five promoters, does everyone know about bringing up five promoters and the recruitment round table? Is everyone aware? If you're not put in the chat, tell me. If you know already and you don't want me to go over it, I don't see anybody chatting. I love it. Everybody's so aware here, yay. That's awesome. Yeah, good leaders. Okay, and about the business splits, right? You know that we're back to, we don't call it the Dollar Keto Club anymore but we have the dollar promotion to become a promoter but the great thing is if that promoter, your new promoter comes on with the Max Pack, they're gonna get $50 off. That takes it down below $500, I think. And then you're going to get a $50 bonus. On the mega, it's $100, same thing. So in my conversations with people, I'm letting them know that they are going to not just get the normal percentage off, which we offer a great discount. They're getting another 50 or another $100 off. That changes people. It's a coupon, right? It's a $50, I've got a $50 coupon for you. I've got a $100 coupon for you. And yesterday, I have to tell you, I signed up a promoter with yesterday afternoon and when she realized that she was getting extra off, she got an extra box. So we can always encourage them, hey, you might want to go ahead and grab that ampule that you want or maybe a box of protein, something like that. Okay, let's see, I'm looking at my notes. I got Nashville, check, check, check. All right, let's do some questions, Liz. What do you think? Because I know one of the things that we do sometimes is open it up for questions because I think when we get into a mastermind situation here with this particular training, it's great to hear some questions. Who's got a question? Just, I can't see anyone, except a few people in front of me. Liz, you've got the board. Maybe you can see who's raising the board.  But yeah, just go ahead and unmute yourself. Cool. No, you guys are all good. We're all rock stars. I have a question. I do have a question because maybe someone can share. I would love to hear what someone's strategy is for this month because I don't know about y'all, but when they talk about the recruitment round table, I thought about the nights of the round table, right? I thought about the nights of the round table and I was like, I want my chair there. I'd love to hear if anyone has any great suggestions on what they're doing to flip the conversation so that they're bringing in the business conversation, and not just product conversation. Anyone want to share? Hey, Lynn, can you guys hear me? Yes. Okay. Because I'm in a mall, so sorry for the background noise, but this is what I've been doing and it starts a lot of situations. Hi, guys. I've been starting off, and I can't remember where. I learned it from Mandy Mitchell, I think maybe, or Katie Vollen, but when they want to sign up online, I say, okay, do you want to start as a promoter? You'd be like, start as a promoter because we're having an awesome discount right now since you're interested in buying one-in-one box of ketones. This is what this is as a promoter. And then some of them are like, no, I just want to go ahead and just order my two boxes. But probably four out of six conversations, they're like, well, what is a promoter? What is that like what you do? What is that? And like, do I have to do that like what you do? And then you just go into that conversation and explain to them. And so it's already planted in their mind that, you know, maybe they could become a promoter. Maybe they didn't, I've only had one startup right there and then like that, but that conversations have started. Awesome. That's awesome. So you just added a simple question, which was just not a question that would make you nervous or anything, all you said was, did you want to join me as a promoter or do you want to join me as a customer? And I think that that's brilliant. And I think I've heard some other people do that, but who else here is implementing that? Anyone implementing that? Awesome. I just saw Crystal raise her hand. I love that Crystal. Yeah, Carrie's raising her hand. So I've been talking to my team a lot about that. Carrie, you want to come off of mute? I'm going to ask you if you don't mind. Carrie, so when you asked that question, what point of the conversation do you ask that question?  When do you do it? I actually, I kind of do it more at the end. So when I get somebody that is interested and especially when I start talking about the smart ship and to receive free product, this is how I ease into it. I always say, well, you can also receive free product and give them the spiel about how to do that. And then I say, and I always recommend not just getting two customers, but getting three or four because you don't want to, you don't want to be upset with somebody that has to stop smart ship because life happened. And I never want to feel that way. So I like to get two, three, four customers underneath me. And if you're going to do that, you might as well be a promoter because you can make 20, 40, 60 bucks depending on if you want to continue on and doing it. I said, then it also opens up that you get to be in all of the secrets. There's all of these meetings and you get to know things firsthand. And if this isn't something that you think right now is a big business, but at least you know when a sales about to happen, you know all the good stuff. So if you want to do that right now, it's only $49 or it's a dollar. And I'd kind of just go into that and they're just like, really? And so mine's more at the end because I'm trying to get better at doing more of the business, but of course I'm still doing a lot of the ketones. Ketones, that's how I get them into it. But then, but I usually always ask that question. And I have had, and one of them is on here, Ms. Brenda. She became a promoter without even telling me she was going to become a promoter because I planted that seed in her head. And I mean it, 100% mean it. It's not like a game or anything. Because why not make 20 to 40, $60 if you're also going to refer customers? Absolutely. That's a nugget, y'all. Did you hear that? It's a very easy conversation. When they're ready to sign up as a customer, Norma just said it and Carrie just said it. It's the perfect time to offer them the opportunity to join you. I like that, I like that too. Sorry, Lynn, I like that too, Carrie, because you're not putting any pressure on them at all, right? There's no pressure. It's just like, hey, just thought you should know. That's, I like that. Absolutely. And I think if they say, no, I'm not ready to do that, but guess what you just did? You just dug a little hole and you just dropped the seed in there and now we just have to keep watering it, right?  I just want to get the two boxes, have a great experience, perfect. We have an amazing call tonight for our brand new customers. I'd love for you to hop on and listen. Do you have time at 8 p.m. Eastern time tonight, right? Because that's the next little drip, drip, drip, right? I just watered that seed I already planted. Then they're gonna hear again, well, guess what? Somebody that orders two boxes today can become a promoter later today and maybe they want to just get that max pack and get started. Okay, maybe we lost a great opportunity for them to understand the whole mega pack situation, but for me, I would much rather somebody come in when they're ready and when they're ready to go and figure this and be excited about it, then feel like, ooh, right? So I love that you did that with just bringing the conversation in towards the end when it's so natural. So find that, for me, it's like, find the natural point in the conversation. Sometimes it's that pleasant pause when they're thinking about, okay, I'm gonna get two boxes.  Do I just get two boxes? Do I get four boxes? What do I do? Has anyone ever experienced that? Anyone? I like, I watch people's eyes all the time. I watch them and I'm like, they're thinking and they're thinking about it. And that's for me the perfect time to say, you know, I might have not mentioned, you can join me on my team and we can go share this with a lot of people and change lives. Would you like to do that? So that's sometimes how the way I bring it in too. But listen, Liz, I'm gonna let you close this out or not let you. I'm gonna ask you to please close this out. Does anyone else have a question based on all of that before we go? I wanna be mindful of everyone's stuff. Oh, sorry. Can I say one thing too, Lynn? Sure, and I have to say when I first started, I, because everybody says this and I'm sure you can all relate, I don't wanna sound silty. I don't wanna push anything. I don't wanna do those things. I'm gonna say when I, what I just said was just natural. I wasn't, I am not at the time. I mean, now I know, oh, I need promoters but I literally have been doing that since basically day one because I want people to be able to have a little bit of extra income. And I would flat out tell them because if you become a promoter, I don't get basically money.   And they actually, and that's very relatable to, oh, well, yeah, my friends wouldn't wanna give somebody that they have no clue money but that genuinely was coming out of my heart. Like I really don't want to. I would rather you, and invite the conversation that this is such an awesome company that they allow these things to happen. Even if you, this isn't something that you wanna make huge. Again, it's gonna do something for you by doing the 20 to 40. So when you say sprinkle on, sprinkle of these things. At first, I'm like, well, I don't wanna mislead my friends and family. You're truly not. You might hear little words like that and you feel like, oh my gosh, I'm being selzy because I'm thinking that way. It's just a different way of thinking because I'm doing exactly what Lynn is saying but I've never thought of it that way. And I bet you a lot of you who do not like to be selzy or pushy think that way also, well, I don't want to. It feels like you're almost manipulating them. You're not. You're expanding something that they would have never had the opportunity to have before. And if you start thinking of it that way, that's where you're feeling it from your heart and you're not, you're not being selzy. You're just being honest. You can make money with this. You can get your product for free. You can enrich your friends and family's lives. Truly. I love that. I love that, Carrie. The other thing too is, is that really to just think about and I always go back to this too, is that it's not sales, right? You're offering, if it's, like you say, it's coming from your heart. And also if you are talking to somebody and it's just about the ketones and it's not even got anything to do with the business, you're offering them a service, right? So sales is service really, even if it's not, even if there's not a product involved, it's still a service. So yeah, just think about it that way and let it, like Carrie said, let it come from your heart. So I thank you. I appreciate it. I think Lynn had, oh no, you're still there, Lynn. I thought maybe Lynn had to drop off. She's got an appointment. So thanks so much for sharing that with everybody. That was awesome. And thank you, Norma. Thank you, Lynn. Thank you, John, for letting everybody into this, into this meeting. And I hope you guys all have a wonderful day. Hey everyone. We'll see you in Nashville. Bye. See you there. Bye.