Hey, BoloBuddy's thanks for watching. Oh Gotta figure out how to point. Look who's here. I don't have a name yet, but coming soon I'm still waiting on responses from people. I have a favorite, but I'm gonna give a Little more time for some more names to come in. So if you want to try to pick a name For the owl the new mascot the new BoloBuddy's mascot Go to my most recent Easter Bolo category video and put your The best name you can think of okay, and if you can think of like a cute phrase Kind of with a play on words or something like that to go with it That would be cool, too. So kind of playing around with some things here.  I mean some people really brought some great stuff And I'm gonna share those Bolo's with you. I have 35 Bolo items come in your way items that you should definitely be on the lookout for items that these resellers bought low and sold for Pretty good to really great margins. So Pretty impressed pretty impressed now I will also say that some items went for less than I expected and that's kind of a bummer but Everybody was awesome If you guys are watching thank you for participating. Thank you for being a part of the challenge Thank you for taking the risk of putting your items at 99 cents free shipping. It's a huge risk and Some of us including myself didn't get as much as we probably would have with a buy it now but we met a lot of great people we got new subscribers and Let's get into some Bolo's I'm gonna tell you where they got it what they paid for it and what it sold for and Most importantly, I am gonna show you their channel Just a quick blimp of their channel and if you guys would all go subscribe to them That would be amazing. Check out their channel. They are all resellers and they are all fantastic. So let's get started All right Let me get my screen share up. All right, the first person is OBX Picker and His store is My epic shop, which is a very cool name. That's his eBay store So he has this Richard Petty hat It's a snapback trucker hat and let me tell you it has the three stripes and the three stripes are Definitely a Bolo to look for people want those three stripes. So Yeah, this was a good one. I'm actually surprised it did not go higher It does have a little bit of condition issues. So maybe that was part of it. I Don't know that could probably be cleaned up pretty easy probably just from storage But yeah, those those three stripes are definitely something to look for you guys. Okay, so this sold Auction with all of these auctions were started at 99 cents free shipping. So this sold for 102 50 with 21 bids. Oh He got this at a private pick bought 75 hats for $60. So he has less than a dollar in it The next item is this nirvana Nevermind digital cassette and it's got the Cover that's kind of questionable and it seems to always be a Bolo when it's on the t-shirt So it doesn't surprise me that it was a Bolo on the cassette and This he got at Came from me and two other resellers bought out a radio shack less than a dollar an item interesting Okay, so this ended up selling for a hundred and eight dollars and nine cents with 37 bids The next item are these Ray Ban and my husband sports a pair of these that he picked up at a flea market and I think they are super super cool again I'm surprised these didn't go for more, but he picked these up at an estate sale for $5 and they sold for 75. So he still made a nice profit But could he have done better with a buy it now probably on all three of these items I'm gonna guess yes, but he's still made a great profit. So The next item is this a bowl of a watch and it's a women's Watch and this came from a yard sale He got it last year and he paid three dollars in a bulk buy at the end of the day So he sold it for sixty six dollars and two cents there you have it and The last item he sold is this rare vintage starter jacket for the Charlotte Hornets And we all know that starter jackets can most definitely be a Bolo They can get up there. So this came from when he said when I bought out a sporting goods store only paid 750 for all the inventory So he probably had less than 10 cents in this jacket and it sold for $52 free shipping All right, you guys this is OBX picker and I am going to link all of the eBay stores and the YouTube channels down in the description of this video So be sure to go down there and click on their channel and give them a sub alright, the next person is This is Philly Picker and He got this calculator for $30 on clearance at a local pharmacy and it sold for $79 So this would be an RA retail arbitrage and typically when you're doing RA your margins are not going to be as big but you can easily scan a barcode and have a pretty good idea of what that item is going to sell for and You know, you you may not be sitting on it as long as maybe another item just depends You have to be smart with RA because you can still sit on RA. I don't want to make you think that you can't So he sold this for $79 and had 30 in it The next item is this silver surfer It's a comic book. I do believe and it looks like it's graded at a 5.5 I know nothing about comic books or great. I think it's yeah it's comic or Grading or how any of that works, but this ended up selling for $76 with 23 bids and He purchased this for $35 at Paul Antonelli's YouTube auction The next item is this unpainted vintage lead minifigures and Wargame figures Two and a half pounds So there they are and he said that these were purchased in a $45 lot from Matt part-time pickers So apparently he had a Instagram post and was selling maybe a lot of things for $45. That's how I'm reading this and This ended up selling for $41 free shipping the next item is this Nintendo Wii game bundle and It's a Nintendo Wii with six games purchased for $15 at the Goodwill and sold for $87 free shipping The next item is this Nintendo DS. It's the metallic pink rose and This came from a garage sale for $5 and he sold it for $71 and 23 cents and The owner of these items are Philly Picker, so definitely go give him a sub alright, the next item is This is from reads oh, I always mess it up. I always want to say it backwards mindful recycle Okay, so we have this sports Walkman and we all know that well if you're in my Bolo buddies Facebook group I post about Walkman's so if you're not my Bolo buddies Facebook group There's a link down in the description, but they are definitely a Bolo. So this is a vintage Sony Walkman It's a sports one. It's new old stock. It's still sealed She picked this up at an estate sale for $28 and 88 cents and free shipping Now this was her big money Bolo the other four items She had this Disney store jacket, which was super super cute I'm guessing it would have done a lot better on a buy it now She had this other Walkman probably would have done better on a buy it now So I kind of feel like I feel a little bit responsible I know I'm not and I know that you know I gave everybody fair warning like 99 cents free shipping guys your item might not sell for as much as it would on a buy it now you know, but The GI Joe's was one of her items that went for 51 and These Lion King collectibles for 30 to 55 But the reason I pulled this up is because I was scrolling through her items and I was like educating myself So we've got this pink label Barber Streisand that went for 109 99 and these are not a part of the challenge I just want to show you guys because there's some big money Bolo's here that I thought it would be Important for us all to learn from so this Magnavox cassette player a Craftsman bench grinder have no idea what that is went for 149 99 This Cambridge cameo Bible went for 74 99 Star Wars Falcon went for 49 and the buyer paid shipping on all these look at this this Benjamin and Medwin copper brass handles their pots 210 50 and again, I don't know what she paid for any of these things, but I was just checking it out And I was like wow 399 on this one. It's a locomotive and tender Lgb 2028d. I don't know what any of that means, but it's a train Look at these Fitz and Floyd the old world rabbits set sold for 299 99 This huge Barbie lot. Oh my goodness. Look how many items are there vintage to now 185 dollars that sold for look at this magna light court covered roaster 222 50 That's cool And this Pendle Tim blanket that went for a hundred. So she definitely is a Bolo finder So head on over to mindful recycle and give her a sub All right. Who is next? Butterfly hustles. All right, so this is a big E Denim jacket and we all know that big E can be a big Bolo This one only went for seventy three dollars. You guys sometimes the big E's go in the thousands I'm not sure why this one only went for seventy three dollars I think probably a men's size small is a harder item to sell just because of the size but I don't know if anybody knows put it down in the comments, but it sold for seventy three dollars, which is still a Nice Bolo, I you know depending on what she got it for. Let's see she got it for free So yeah, that's definitely a Bolo for her. So yeah, you definitely want to be on the lookout for big E I do think they are starting to Reproduce the big E's so be careful and make sure you don't get a repop. This is so cool This is a vintage Reebok tracksuit and this item I'm guessing if she would have had to buy it now our best offer and waited it out Maybe she could have got a little more for this, but it did sell for forty one dollars. It's a super fun piece I love how she put it on a yellow background and she picked this up for six dollars and fifty cents And I think it was a thrift store so very very cool and This is a butterfly hustles on YouTube. So please go over and give her a sub and the next person is I think this is Sorry, there were 29 of us that did this challenge the flipping sports guy. So this we bundle It's a Nintendo Wii with the games and all of the accessories It ended up selling for a hundred and twenty seven fifty. He said I pieced this together from multiple buys By cost was about 65 and it was 19 to ship So the shipping did cut into his profits This was a 99 cent free shipping and he did take a risk by listing something that was heavy, but You know, that's you just never know. I don't know what we's are worth I know that a lot of the gaming items are pretty hot. So Okay, so this we guitar. This is another item. I hate shipping these so I don't pick them up I know that they can be a bolo He got this for four dollars At a local thrift store it cost him nine dollars to ship it and it sold for sixty one dollars The next item is another bundle. It's another game system It's a Sony PlayStation and it's got the controllers the microphones and the games This sold for a hundred and twelve twenty four and it says it was my ps2 From when I was a kid. Wow and the new accessories cost him ten bucks So that's fun, right? It was his very cool and These of Bolo's belong to the flipping sports guy and again, all of these will be linked down in the description So definitely go give him a sub the next item came from Jen and Jen's closet gems. I wanted to make sure I said it right and Jen Let's see The Pokemon Pulled out of a pack that cost four dollars with ten cards total. So technically paid about 40 cents for one card So this is a trainer card you guys I know nothing about Pokemon I know nothing about trading cards. So it says TCG battle styles. Oh How do you say that name is it? B. Oh, I know I'm saying it wrong. Oh, no, I Don't know PHO ebe I'm sure you guys will fill me in in the comments. Okay, so it's a a card and it sold for forty four dollars and When she did her video showing her items It looked like comps were higher So I think she was hoping that this was gonna go for a little more But given that she only spent 40 cents on it forty four dollars is pretty good profits All right, the next item are these coach sunglasses They were given to her free through Facebook marketplace Wow, I want somebody to give me some coach sunglasses free and here she's got them on she's sporting them She's missing her blue lipstick though She has some really cool blue lipstick. Okay, so these sold for forty five dollars free shipping Again, probably would have went higher with the buy it now But you just never know with auctions you guys and I feel like eBay used to be like big time auctions Please tell me I have my screen share on who I started thinking is my screen share on But I don't feel like eBay is known for auctions like it used to be all right you guys Jen's closet gyms again head on over and give her a sub The next item, okay This came from the January house and he picked this up in a storage locker And when he averaged it all out, it probably cost him about 50 cents for this item So here's the weird thing about this item It's a it's got an error because this person is Not this person does that make sense the person on the packaging This is not Michael Myers. Who is it? It's Jason Voorhees Voorhees guys, I know nothing about these figures. So I apologize, but somebody in my Facebook group said oh they could have Just taken the plastic off and regluted on and I'm like and I don't think that January house did that But maybe the person that put it in the storage unit. I don't know if this is a known thing or not, but To me, I'm just like that's just something that somebody is Assuming or making an assumption about I Mean it makes sense because you could really pull that off and maybe do that But I would think if that were the case look you guys if that was the case You'd be able to see like where it ripped the packaging and you would be able to see glue, right? What do you guys think? I think it's legit. I Think it's legit and I'm certain that if he got it in the storage unit, you know, then it was something that happened before he got the item but either way a great 99 cent free shipping item and A very very cool piece either way, you know, because you are still getting the very cool packaging and the the figure but Again, I don't think that's what happened. But anyway, this sold for seventy one dollars 25 bids and free shipping The next item he sold and again, I really really think that He had awesome items that Could have went for more if just the right person would have been watching. I mean look how cool. This is sailors and soldiers diary from 1920 with that super cool pencil. I mean this is awesome and It only went for thirty one dollars But I will tell you ephemera can be a big money Bolo diaries depending on the content that's inside the diary big money, so I Was hoping he was gonna get really really lucky with some of these but unfortunately It only went for thirty one dollars, which is a bummer But a really really cool item and I really appreciate him bringing some, you know neat stuff that can you know teach help us learn and Here is the other item that also I thought could go for a lot of money. It's a vintage 1929 special policeman permit card again, just Really really cool Really really old and you're not gonna find these everywhere. I really thought this one was gonna go higher But again, you know, it takes at least two people to really really want the item and and bid it up so it still went for twenty seven dollars and He bought so for the diary he bought an ephemera lot at a live auction, so that cost him about twenty five cents So twenty five cents into thirty one dollars. I'll take those margins all day long and then the other one Same ephemera lot twenty five cents and sold for twenty seven, so that's still you know fantastic margins You know great. I mean it's a piece of paper. You know, I mean it's easy to list so go over and check out January house and he also does auctions on his channel, so be on the lookout for that and You can see he's got his what sold so you guys all know That if you watch my channel that what solds are a fantastic way to learn so All right, let's check out the next Person and the next reseller is Rachel Strickland and these Birkenstocks Birkenstocks are almost always a I Don't want to say big like huge money item, but they are a good selling item that can range But most of the time They're pretty good these sold for fifty six dollars These are men's and they're more of a mule style and they do have some condition issues, so Like that on the toe, but they still sold for fifty six bucks, so I have sold them in the past Typically when I find them at garage sales people are asking Really high prices for them, so I don't pick them up very much because I don't want to Pay as much as they're asking but she got these at a yard sale for two bucks So that was a nice find they sold for fifty six dollars The next item are these Tommy Hilfiger Vintage jeans their cargo jeans she picked these up at a thrift store for two dollars and fifty cents This item I'm guessing if it would have been at a buy it now or best offer Maybe it would have went for more. I don't know it's got some Looks like it's got a little bit. Nope. Maybe what is that red? Maybe that's just where I Don't know I saw this The little X but somebody might be able to get that out So yeah, they only went for thirty six dollars, so they may have gone for more with a buy it now But she paid two dollars and fifty cents, so she is still in the green The next item I was like, oh my goodness please cover the shipping and let it go for a decent amount because These things are big and I'm like she is so brave So it's a rock band PlayStation drum set with the pedal and the drumsticks No reserve free shipping It's sold for seventy dollars, so I don't know what it ended up costing her to ship. It probably depends on where it was going Hopefully it was somewhere close to her But she picked those up at a thrift store for ten dollars The next item is this custom faceless watercolor, so Rachel does paintings and their faceless watercolor paintings and she is really a great artist and Super super cool. I've never seen anything like it to be honest But she it's really really neat So I don't know if she like looks at somebody's picture and then paints them without a face but what a cool cool thing and She did a custom faceless watercolor, so the proceeds from this went 100% charity, so somebody got a really really great item for fifty six dollars So I thought that was gonna go much much higher, but I love this wedding one. Isn't that cool? So cool so yeah 100% of the proceeds went to charity on that one the next item is this ball.  I have no idea why this one was not I don't know if it depends on the age if it depends on the style but I was at the Goodwill Benz and I Think it was my thrift haul Against me and one of my subscribers went up to the Benz and battled it out I think it was in that video and I missed a huge beach ball And I looked the one up that I missed and it was selling for a hundred dollars Like sold comps and I was like oh my goodness. I know that beach balls are a bolo But for some reason this one only went for thirteen dollars and fifty cents So again, I don't know if it's the brand so before you pay up for a beach ball Definitely look it up and check the comps But I was bummed out on that one I thought that one was gonna go higher than that and she got this at a flea market for six dollars So that was kind of a want-want and I feel bad. I Hate that that happened. I was hoping that everybody was gonna sell their things for top dollar But I had a couple items that kind of want one too All right, you guys Rachel Strickland, okay first off I want to say that this girl has got amazing Thumbnails look at her thumbnails like they just totally catch your eye and then as I was scrolling down I haven't watched this one yet. It says dropping fine China. Look. She's holding a box. Is she gonna drop it? I just want to know is she gonna drop it So I'm gonna have to go and watch that how to ship breakables. That is a great thumbnail Like who else wants to go watch it to see if she drops the box and then looks to see if it made it. Oh My goodness, how fun is that? All right, let's see who's next Okay, we have Kidlets Kid lit. I always say kidlets. It's resale therapy kidlet. I can't remember all the channels. I'm sorry all right This is a AHP keepsake vintage 14 karat white gold diamond ring signed and it sold for a hundred and fifteen dollars and eight cents 29 bids, okay, wait you guys wait till you hear this The next item is this vintage Christian Dior gold tone black faux pearl teardrop necklace signed sold for $61, okay There it is All right, just wait This is a berry Kiesel stein cord tortoise and hair sterling silver pendant sold for a hundred and ten fifty now Here's the best part you guys she got these From a goodwill blue box She paid 35 or so for a five pound box So she had maybe a dollar fifty for all three pieces a Goodwill blue box. I've never gotten a goodwill blue box $35 for five pounds and All three of these items were in it. Is that fantastic or what? That is fantastic And here she is resale therapy kidlets. So head on over and give her a sub the next one if you missed the video I did a whole video on His five items and then I also did a featured seller video on Plush that he sells so if you missed that video, definitely go check it out These five will be repeats if you're seeing this video first But it is definitely worth going to watch it because he's got some really great plush that he Sold in his store. So these garbage pail kids It's 82 cards. It's a complete set series one Matt original Sold for one thousand four hundred and fifty dollars you guys So he mowed lawns as a kid to purchase these at a local drive-in At a driftwood dairy near his house. He said he believes he was eight or nine years old So this is his childhood collection. How fantastic is that? And it sold for one thousand four hundred and fifty dollars. Wow The next item are these Pokemon champions path elite trainer box. I think these are cards The Pokemon cards are from GameStop. They were fifty a box, but I had a coupon for fifty dollars So I paid nothing for Evie and fifty for Charizard Char, I don't know how to say the Pokemon Things but either way it sold for a hundred and ninety three dollars and sixty nine cents the next item is this Nintendo switch and This came from two hundred dollars for the games system or wait. No, I'm sorry Two hundred for the system off of GameStop Fifty for the games in the case was ninety five percent off So maybe a dollar so two hundred and fifty one dollars he has in it So this is a retail arbitrage your margins are not going to be as big with RA But he still turned two hundred and fifty one dollars and two three hundred and eighty four The next item is this GoPro hero and talk about a deal listen to this The GoPro was on sale for three ninety nine at Best Buy They gave a bonus seventy dollars back in gift cards Plus he had a hundred and fifty in Best Buy certificates So he paid a hundred and eighty and he sold this for four hundred and five dollars So it is a GoPro Hero nine the next item is this Sony PlayStation VR headset and This was a Christmas present a few years back the games were mostly from GameStop buyouts So maybe a couple of dollars each so probably about 30 into it and he sold it for five hundred and ten The buyer did not pay and I think he sent a second chance offer and sold it for four ninety five so And I think they paid So all of his items ended up getting paid for and this is zombie bargain hunter He sells tons of plush and he has also bought out. I don't know how many game stops So he has tons of games in his store. So definitely go sub him up and And That concludes this video I will have another video featuring some of the other sellers that were participants in this challenge so stay tuned for that and It's either I'm not sure which one I'm going to post first it might be this one or it might be one of those So just check my YouTube channel for that. All right, you guys. Thanks for being here Be sure to like comment subscribe and share and as always Thanks for watching


If you're struggling with lust, this one verse will give you two steps in order to conquer temptation. Watch and pray that you may not enter into temptation for the spirit is willing, but the flesh is weak. Step one, watch. What does Jesus mean by watch? To be alert, to be aware, to be discerning. For us, this means to be aware of the things around us that may trigger us to fall into temptation. A risque Instagram post. A song with explicit lyrics. A blockbuster movie with intimate scenes. Don't live on autopilot, become discerning about the media that you're consuming. Watch. Step two, pray. In Thessalonians, we're encouraged to pray without ceasing and this is especially important as we're faced with temptation. I guarantee you've experienced the weakness of your own flesh, but it is only through God that we can overcome temptation. You can't do it on willpower alone.


The famous Stanford Marshmallow Experiment tests children's self-control. I've got this beer here for you. You're welcome to drink it any time, but if you can wait five minutes until I get back, I want to give you second beers and reward. Two beers? Two beers. Can you do that? Easy, right? Easy. Alright, I'm going to be right back. By placing a marshmallow in front of a kid and waiting to see if he or she would eat it, researchers found that children who were able to wait longer for the reward tended to have better life outcomes. Now that these kids are all grown up, we thought we'd try the same experiment with beer and see if anything has changed.


This is stock number 9085, a 2007 Chevy Silverado 3500 crew cab long box Duramax diesel. This truck has 6.6 liter Duramax diesel with the LBZ motor, which gives you 360 horsepower. From this HD video, you'll be able to tell that this truck is super clean all the way around. It does have the factory fog lights, no dents or dings on the front bumper. This truck has 6 brand new Edvanta HTR 700 tires, these are 215.85 R16s, and they have all the tread on them. We put these on in our service shop, see the frame and underbody, very, very clean on this truck. This was originally a Florida truck, so it's never seen salt. The grille is in very nice condition, passenger side fender, very nice, and that tire is brand new as well. So this is the classic body style, O7 you could get the classic or the new body style. This is the classic, which gives you the LBZ motor. Now why that's important, it's the pre-emissions diesel, so there is no particular filters or anything like that on these O7 classics. That's kind of why they're highly sought after. Silver birch is the color, no dents or dings down this side, very, very clean. We take these HD videos so if you are far away, even if you're close by, you can see the undercarriage of the truck, you can see the body, all the rockers look really good. You can see an inch of corrosion on this truck. The back tires are brand new as well, frame and underbody, very, very clean. We sell these trucks all over the United States, so we want to make sure you get the most accurate representation of these vehicles as possible, so that when you get here, there's absolutely no surprises. We have the Nasta chrome step bars, I always want to show these little lips under here, absolutely no corrosion underneath these lips, because that's usually the first place it starts, duly tubs in nice shape, no cracks or dents, has chrome tipped exhaust there, rear bumper is very, very clean, no dents or dings on that, has a full towing package, which includes receiver hitch wiring and of course the transmission cooler, along with the six speed automatic Allison transmission. We got the spring bed liner in here, fifth wheel bed rails, we also have the wiring for a fifth wheel or a gooseneck, bed is very clean and down this side of the truck is just as clean as the passenger side, has a nice heavy duty mud flaps on it, especially trucks like this that are highly sought after, we want to make sure we give the most accurate representation, that's why we do the HD videos, back tires are brand new as well the rest of this duly tub is just as nice as the passenger side, no cracks, no scuffs, no dents, very, very nice, has the telescopic tow mirrors, these are manual telescop, also fold in, but they are power mirrors and have the built in directional signal, you can see just how clean this kick panel is, how clean lower lip is on this door, inside this truck has the LT3 package, the LT3 package gives you the dark charcoal gray leather seats, there are no rips or tears in these seats, both of these seats are heated power and memory driver seat, carbines very clean, no rips or tears and it does have an aftermarket brake controller, now how did you get this truck so clean, well it's only got 29,000 miles on it, that's one of the reasons, but also being a Florida truck, never seen any corrosion or anything like that, very nice inside has the multifunction steering wheel, you get the six disc CD changer, dual climate control, cigarette lighters never been used, smells very clean in this truck, also you get the Bose sound system, passenger seat very clean as well, no rips or tears on that, and you get the on-star compass temperature mirror, clean that camera lens off just a little bit for you, power windows, power locks, power mirrors, take a quick look at the back seats and then we'll check under the hood, back seats are just as clean as the front, no rips or tears back here, it does have the latch child safety system, these seats do fold up and down for extra storage, and if that driver seat is up a little bit farther, it goes down completely flat, has latch child safety system like I said, and we got a fixed glass rear to frost window factory floor mats throughout back here, and of course you get the rear audio controls, and there's that built-in directional signal in that mirror, under the hood we have the 6.6-liter Duramax diesel LBZ motor, gives you 360 horsepower, engine bay is very clean, she runs very smooth, they're very nice, this truck has been fully safety and inspected by a service shop, has a fresh oil and filter change, all the fluids have been checked and topped off, truck has been fully inspected, has six brand new tires and is 100% ready to go, and to see more pictures of this truck or one of our other 400 new and used cars, trucks, SUVs, Wranglers, minivans, you name it we got it, go to our website www.SummitAuto.com full pictures and descriptions of every single vehicle on our lot, videos of every single used vehicles that we have, all at SummitAuto.com thank you so much for checking out my video, if you want to make this truck yours give us a call right now<PHONE_NUMBER>, ask for one of our sales associates to make this truck yours today, once again that number is<PHONE_NUMBER>, thanks for checking out my video and if you like it you can go check out more at our YouTube channel which is youtube.com slash Summit Auto, like, subscribe and share, and in fact in a second you'll see a link to subscribe to our YouTube channel on your left, a link to more heavy-duty truck videos like this one on your right, and if you're not on our website already on the bottom a link to this truck on our website click those, check them out, we look forward to helping you with this 2007 Chevy Silverado 3500 crew cab long box dual rear wheel, thanks again


The police command in Jigawa has confirmed the death of 21 people in a road mishap in Guaram local government area. Only one of the passengers, a 26-year-old, is reported to have survived. The police public relations officer of the command, Lawan Shiso, explains that the incident happened when a bus with 18 passengers and a lorry fell into a broken covert with flawed water. Hello, hope you enjoyed the news. Please do subscribe to our YouTube channel and don't forget to hit the notification button so you get notified about fresh news updates.


Hello, and welcome everyone to our webinar, Digital Assets in Asia, Corporate Treasury and Investment Trends. I'm your moderator, Rishi Ramachandani. I'm leading the charge here with BlockFi's Asia expansion. And I want to start by thanking everyone in the audience for taking the time to listen in. We have a range of people dialing into this webinar from all over the world, ranging from high net with individuals, institutional investors, family offices, and leaders in the financial industry. For the audience, I encourage you to please feel free to submit your questions throughout the webinar. There is a Zoom Q&A at the bottom of your screen. So we already have a handful of questions that have come in by email over the last couple of days that I'll be throwing in there. And yeah, we have an amazing group of panelists here. We have Mark Robinson, the COO of SBI Digital Assets Holdings, Ran Yee, the COO of Wutrade and Kronos Research, and Ben Zhu, the co-founder and CEO of Bybit. We're all very excited to discuss the investment trends that everyone here is seeing at an institutional level, specifically in Asia, and dive into the corporate adoption of Bitcoin as a treasury reserve. So I'd love to start by giving everyone on the panel the opportunity to introduce yourself to the audience. It would be great if we hear a little bit of background on yourself, how you got into crypto, and in the current form that you're at now. So maybe we could start with Ben. Hi, everyone. This is Ben. I'm the co-founder and CEO of Bybit. We are a crypto derivative exchange. It's a pleasure to be on today's panel. Although the topic might be a little bit not in my familiar space, but I can obviously comment from an industrial person perspective. My background, I was running a crypto, not crypto, forex exchange for about eight years before starting up Bybit in 2018. Got into the crypto space and really see the potential and the future of Bitcoin and the technology. And that's why I decided to come in and set up Bybit. So we are focused on the derivative track. And yeah, so glad to be here. Thank you. Cool, I'll move on to Mark. Hi, guys. Nice to meet you. My name's Mark Robinson. I'm the CEO of Digitwas at Holdings, part of the SBI Group. We're really focused on the institutional markets space globally, looking to build a whole ecosystem around the institutional marketplace, particularly focusing on clients such as yourselves today. My background is I've been in traditional financial services for over 20 years, starting off back in the Lehman Brothers days and then building out a quantitative frame brokerage for Nomura, moving over to JP Morgan as well. And then getting into getting in on the SBI side, focusing on the traditional exchange business, looking at the market microstructure. Then SBI started getting very heavily involved into fintechs and digital assets in general. And so I helped establish our retail crypto exchange here in Japan. And then for the last two years, we've been really expanding our business model out. So now we're responsible for all of the digital asset initiatives for the SBI Group globally. Very nice to meet you all. Great. And lastly, Ran. Hi, everyone. Glad to be here. I'm Ran from Chronos Research and Wutrade. Chronos Research is a quantitative trading firm based out here in Asia. We are primarily high-frequency traders in the cryptocurrency space, though now we have a variety of lower-frequency type of strategies. And about two years ago, slightly less than two years ago, we created an institutional trading platform called Wutrade. And Wutrade has been in operations for a while now. And we're trading a spot, a levered spot, aiming to deliver the deepest liquidity at the cheapest cost to institutional traders. A bit of we have 80 people in total in Asia. And a bit about me, I'm from traditional finance as well. Start off back right before the financial crisis 06 in fixed-income derivatives. So at the epicenter of the disaster and then moved on to institutional asset management in the States and later on in China and joined the crypto space at the height of 2017 and, again, experienced that roller coaster. But now we have a trading business and also an institutional trading platform. Glad to be here. OK, great. That's awesome. That's a really good range that we have here. We have Mark representing a large corporate, Ran representing a large buy-side firm, and Ben representing one of the largest futures platforms. And myself, one of the largest lenders in the digital asset space, but all of us with some traditional finance background there. So going off that, let's just drive straight into it. For the first topic, I'd love to talk about what have been the key drivers of the increasing institutional attention that the digital asset industry has gotten. And we'd love to hear about what you're seeing globally and specifically what you're seeing over here in Asia. Maybe we could start with Mark. Sure, no problem. So I think to answer this question, you have to look back over the last few years and really what's been happening in this space. I think now we're entering a period within this broader digital asset world where stability and confidence into the marketplace is starting to gain momentum. Even just up to a few years ago, there was still a lot of discussions around the legitimacy of digital assets as a trading methodology and whether or not it was just a short-term trend or whether this industry was actually here for the long term. And I think now you see some of the larger players, some like PayPal, for example, has been very vocal about getting into this space. It adds that extra layer of legitimacy into this overall platform. One of the reasons, for example, why SBI has been very aggressive in building out digital asset holdings in Asia is because we're actually getting a lot of demand from institutional clients saying that they want to get more and more into this space. They may not necessarily say it as publicly. However, what they do want to do is they want to deal with venues that have a strong reputation behind them, not just necessarily in the digital asset space but in the traditional asset type space as well, someone like SBI has. And so when they're trying to convince their internal risk management team and their compliance teams to suddenly start increasing the percentage of their total trading portfolio into digital assets, it's generally an easier conversation to have when they're saying that the counterparty would be someone like SBI versus a shop that's not quite as established as us. But I think we are still very much on that cautious verb. So one area that the industry still does need to be very careful on is the whole security element side of things. I think if you get another big hack coming in into the press and especially now with digital custody playing more and more of a prominent role in this space, that can quickly change the comfort level that we're slowly seeing being adopted by institutional clients at the moment. So I definitely think we're heading in the right direction and we are seeing more and more momentum. We get inquiries on a regular basis in Asia for what we're looking to build and provide to our clients. But it is still at that very delicate stage right now. Yeah, I couldn't agree more. I think it's, you're right, it is delicate because I think we're getting more, well, the thing is we're getting more sophisticated players coming into the space. And what we've seen over here at BlockFi was a while ago, we saw a lot of HFT players come in. And Ryan, I'd love to hear your view on that. Have you seen a lot of your, I guess, ex-colleagues or your traditional finance competitors start to come into the crypto space? I know you guys were early. Yes, certainly. So one of our co-founders, Mark, he came from Citadel. And having traded there for 10 plus years, I guess we were considered early. But then we've seen a lot of HFT players come in, whether they're crypto-native, like Alameda or the traditional guys. I think guys like Tower and a bunch of the traditional HFTs are trading in crypto in a proprietary way. And I think it's very natural we're more risk takers and it's in this prop and they'll come in and try to generate fractions of basis points trading in the markets. So we see a lot of that. And obviously the past year and this year, we've seen a lot of changes in the microstructure of markets where you can see some of these more institutional guys come in and it's not just the HFTs, it's the CTAs or the larger traders, the arbitrageers and such. So we've seen them, there's a lot of high frequency traders in the market currently. And it's a much different environment than what we saw two, three years ago. But obviously liquidity has improved quite a bit. So it's a better trading experience for the average trader because there's so many people making markets in crypto today. Okay, great. And Ben, I'd love to hear about on the future side, what are you seeing over there on the institutional? Has there been interest? Where has it really been coming from for the future side? Yeah, there has definitely been growing a lot of interest. I think that the main driver is obviously number one, Bitcoin and digital assets getting more widely accepted. So like Mark said, it's easier to convince the team to try out this area at least. I remember when we first launched, not too long ago, a lot of institutions contacted us and they want us to do many things for them, including they wanna know who's their counterparty, who they're trading with because they need that, that, that. But six months, one year passed and somehow they just all came, still came in. And obviously I think when we talk to them all the time and we get a lot of institutional requests around work with us very closely, Kruh knows, you know, we'll trade and all that. So we work with pretty much all the major players because we do have one of the best liquidity for Bitcoin or USD pairs. So I guess the most thing attracts them is that the liquidity is much better than a year or two years ago and then also all the different tools are there. Also the option markets is much more sophisticated, much more sufficient. And also you have different tools, bulk orders and all these type of things. So, you know, it's a different scene and because it's getting more widely adopted, much larger size can't be traded. I was also talking to Paradon, one of the both older guys and they, you know, they do quite a bit of volume as well. And they were telling us how they work with exclusively with institutions and a lot of these guys are coming in simply because they want to come in before but the tools, the weapons are not ready but now it's getting much better. So, and also the wide adoption. And I think the whole COVID is really sort of expedite the consensus on crypto and the general beliefs. I guess we will get into later on this on today's topic. Yeah. Yeah, I couldn't agree more. I think one of the things you touched on was the counterparty, right? Back a couple of years ago, everyone's asking about the counterparty risk. I think that's one of the biggest things within the digital asset space that a traditional finance, especially institution looks at. We definitely got that question a lot and there's ways to address it and the ways to establish yourself better. But I'd love to kind of go off that and Mark, you talked a little bit about the risks but maybe kind of dive into the risks from an institutional standpoint but also what are they thinking about before they enter and some of the barriers that we will still see this year and in the next couple of years until the last space can resolve them? Well, I mean, I'm a firm believer and from our clients that we've been speaking to, in order to get this more broadly adopted within the institutional space, you need to make sure that you're offering it in a way that isn't too different from your traditional asset types. So one thing that we've been trying very hard to do is to make sure that the onboarding process and procedures and even the protocols used to get connected are standard across the board and a very bread and butter to an IT guy that would actually need to be the guys actually getting connected into our ecosystem. So things like, starting things like fixing connectivity, being able to provide standard market data out to the clients, things like that is, it's all very simple things but doing it in a way that means that the actual implementation effort needed from an institutional client is not so different from if you're connecting to some other third party in the traditional asset class space. I think when you look at all of the players that are out there right now and all of the different opportunities that institutional clients can have access to, I don't think many of them are offering that type of connectivity in an easy, adoptable manner and I think as all of us on the core who've been in financial services well before, you're still, you've still got to fight for those resources to get connected to something new. So even if you're the trader, even if you're wanting to connect and have access to these assets, you're still fighting for the same IT resources to actually get you connected in the first place or do any particular development changes on your systems that you need to do. So I think that's an area that we still as an industry slowly getting there, but I don't think we're there quite yet. Got it. Yeah, I agree with you over there. Let's take a pivot away from this about the risk side. Let's talk about corporate treasury. So with Tesla and micro strategies making the headlines on the new large purchases of Bitcoin, a question I have maybe for Ran is from the HFT side and other is also how has the corporate adoption of Bitcoin as a treasury reserve impacted any of the market dynamics and how do you foresee this happening in the future too? For, I've always thought that and within a few years, possibly as long as three years, there will be widespread institutional adoption in crypto as an asset class and it's really come through in the past year back when we were managing assets for pensions and sovereign wealth funds, just in the traditional space. The consideration was simply, what are the sharp ratios? What is the diversification to the existing portfolio? So it's not just about returns, it's about correlations. And Bitcoin crypto has that, right? It has a negative or zero correlation to traditional asset classes, even though it'll probably get more and more correlated as time goes on because the traders and the investors in the space become more and more similar, whereas before it's completely different people. And you were seeing that happening and as infrastructure comes into, all fall into place with custodians, with traditional exchanges like the CME, with regulations, it's going to be, and guys like great scale with their index funds, it's going to be an institutional asset class.  I think probably a small piece. I think it's better for the industry from a marketing and branding angle and then just general, it gives general credibility, I don't think they'll trade a lot, right? Given that they're public companies, they're just coming in and they're buying it and they're probably going to hold for a while. I think the more interesting thing is when the guys like Vanguard or BlackRock, when they come in and offer all types of products that are more frequent in trading to their investors, it'll really, I think it'll really change the industry. Yeah, and then HFT's like, we're just there to make a spread, right? Fair enough. Mark, you would noddle along there. You want to add something over here? Oh yeah, I mean, I agree with everything Rand's saying. I mean, I think right now, where we are on the treasury side of things, a lot of people are buying and holding in these large numbers. What we do need is some of these larger institutional firms that are a little bit more active on the bulk, buying and selling side of things to really start getting this moving into what we all believe is going to be the direction that it's heading down. We are already seeing some of that, but I think we are really at the very beginning of the institutional adoption of this. I do think we've got a long way to go. We believe that it's going to still take about another two to three years before you see for adoption from institutional clients, but certainly this year alone has been a great kickstart for this. And we believe that the rest of 2021 going into 2022, we're going to start seeing a more gradual increase. And then by around 2023, I think is when you're going to start seeing larger mainstream adoption of this from an institutional point of view. Hopefully sooner, but who knows? Yeah, I think the way I saw it was two years ago, if you told me one of the largest companies in the S&P 500 is going to hold a large Bitcoin reserve on that balance sheet, I wouldn't bet against that. I just wouldn't have believed it. And now you have anyone who has S&P exposure suddenly has exposure to Bitcoin because when that price moves, then so do some of these companies like Square and so forth. So to me, it came quicker than I thought. So all these predictions that I love to put out there, I think they're going to hit quicker, which I'm happy about. But Ben would love to hear your thoughts on the treasury side. What are you thinking? Yeah, I think I speak through a general, whoever, someone who believe in crypto and Bitcoin. I think a company, institution or individual, we make decision based on same general rule.  And last year alone, 30% of the total US dollar ever created was created last year.  So we're going to restore it. And I think it's only a rational decision to at least put a partial of it to Bitcoin. So I think this whole thing shows the consensus is already forming and it's definitely going to go even faster. And so I believe not only companies, Apple and all these companies are going to start reserving Bitcoin. I think even smaller countries because whatever they print, nobody trusts it. And if everyone is starting to trust Bitcoin and this online form of gold, I think this, again, like Mark said, it's just starting. For me, I think Bitcoin eventually will get to the value of gold. So eight, 10 times, you know? So that's my point of view and it's already happening like very fast. So it's very rational from their side. I mean, our company, because we are a crypto company, we put a lot of our reserve on Bitcoin. So I guess for me it's normal. Yeah. And I couldn't agree with you more about the, you know, you say smaller countries, but it's the countries which have the more volatile currencies, right? Exactly, yeah. Argentina, the Nigeria, the ones with the currencies just so volatile that it makes sense. So over here at BotFi, we're seeing massive corporate adoption. Our wait list now on the corporate side is like two to three weeks just to get an account open and we're seeing corporates come in. Like we see all the news about the public stuff, right? But it's also all the private companies. We're seeing SMEs across churches, dentists, restaurants, and everyone looking to buy Bitcoin and then hold it on our platform, your earning yield, right? And it's for a number of reasons. It's for defense against inflation. Like you mentioned, it's the negative interest rates. It's also FOMO, you know? They're seeing that these big public companies are going in and they're thinking, wait, I have it on my PA. My PA has gone up. Why isn't my company doing that?  We should put some reserves in there. So it's really interesting to see. And on that note, we actually have a good question from the audience that I'd like to kind of throw in here is, do you see Bitcoin the only coin to be adopted by these corporates for Treasury Management or do you start seeing them adopt other coins? Maybe, Ran, if you have any thoughts on this. Just based on more like, what's kind of too big to fail? Then ETH is obviously the next one, right? There's more and more adoption. There's the index funds, the futures that came online. So then it's kind of too big to fail. So you can see that. And then there's all this utility that comes with the DeFi and such. I can also see stable coins, right? So it's probably, I think you can certainly put more stable coins and generate yield. So you have BlockFi for much higher than the average corporate bank account, right? Or the average CT and even DeFi if they're adventurous. So then I can see a lot of that happening. So then it's not a volatile asset. Mark, any thoughts over there about other coins being adopted by these corporates? I think it all comes down to risk exposure. And we kind of already mentioned around the liquidity side of things. I mean, I think if you're looking at it from a treasury perspective, I believe my view is that Bitcoin and Ethereum are probably going to be the standards. I think if you start then moving on around the trading side of things from an institutional perspective, then you can start adding a few extra coins to that list. But I think in terms of where do you want to put hundreds of millions of dollars? I mean, as an institutional client, you're more likely to go with what you would consider to be lower risk. And I think that that would be Bitcoin and Ethereum. Yeah, maybe it's considered on large caps, right? That's the way kind of some people would look at it. I've actually found it to be very interesting the same way on an individual level, people kind of go down that rabbit hole once they get in and they start looking at, within a few weeks or days or months, they start looking at everything. We have seen that actually happen with corporates also, which I found very interesting, where it's the same thing to go down the rabbit hole, not on a treasury management side, but we have seen them go down that rabbit hole where they start asking about all types of coins where you just wouldn't have expected them to. And it becomes a fine line between, I would say, investing in your treasury management and trading. Yeah, Ben, any thoughts on that? Any thoughts on these, the corporates or immediate institutions getting into any of these altcoins and what kind of that? I think any, my personally thought is any serious cooperation probably only take on Bitcoin, because at the end of the day, I still believe Bitcoin is the only true decentralized crypto asset. All the rest, you can dance around with it, but there are ways to, you know, affected and all that, and it hasn't been proved as Bitcoin has. So I think the first adoption wave definitely would hit Bitcoin. And then maybe gradually as the rest of them get more and more decentralized or more people using it. But I think in terms of treasury strategy, it's more of a defensive strategy. It's not really, if you want to go formal, obviously you can go crazy on an altcoin on a DeFi, but I think as the treasury, most corporations look at it as more defensive, you know, portfolio type of strategy. So taking on crypto assets is already a pretty bold move.  Yeah. Yeah. This leads me, there's another question from the audience that I'm gonna ask now because it's somewhat related or a good angle to go from here, but it's, they would love to hear about these, the level of sophistication that these traditional players coming into the space, these global macro funds, the level of sophistication they bring, are the crypto native firms able to keep up with them? Ryan, if you have any thoughts over there? I think the way we see it is there's certainly a lot more competition now, but then the market is growing faster than competition. So then we're not so worried about competition at this point. I think it's far from being saturated. Everything is growing very fast, the level of volume, activity, market cap. So I mean, we welcome a lot more, we welcome the traditional participants into this market. There's probably going to be better price discovery, less volatility and it'll mature as an asset class. So then in a way, we actually look forward to that. That being said, there's also a lot of time and energy and there's a lot of idiosyncratic risks with crypto as we, everyone on the panel all know. So then every exchange behaves kind of differently, the API is structured differently. In general, it's kind of not as mature as say the traditional exchanges. The APIs aren't standardized, it trades 24 seven and there's all types of risks that comes with crypto, right? And these are some of the things that a lot of guys are not, it takes time for them to, just to even connect to all the exchanges in the proper way without the standard fixed API and to just understand all the risks involved. So it takes time for them. Yeah, yeah, I think one of the biggest things that I've seen for them to wrap their heads around is that 24 seven Monday to Sunday. It's just they're still used to the Monday to Friday of the weekends off. And it's like, wait, I got to hire a 24 seven desk because at times you have to have someone there. You cannot afford to not have someone on the desk. And even if you're trading CME, you got to have someone there for the other stuff for the spotlight or anything else. So I found that to be very interesting with their infrastructure, this isn't built for 24 seven desk and it's hard to clap their heads around it. I just want to add one point is that it's actually better for the industry because a lot of the asset managers who have come in or will come in, they'll bring their clients and the capital with them. It's easy for say Tiger or Bridgewater to offer something to include Bitcoin in their existing like pure alpha portfolio or to offer a new product like say BlackRock. And then their clients are automatically inclined to invest in this novel new capacity constrained product. So then that brings a lot of capital into the entire market. So then it's a good thing. Oh, yeah. Yeah, yeah, definitely a good thing. Mark, any thoughts here? I think one of the, I think as institutional clients get on board and obviously their professionals in the traditional space. I think one thing that the broader market needs to try to adopt is really being able to facilitate these clients on a multiple fortitude of areas. So similar to if you're an institutional client and you'd want to, for example, let's say you're trading equity, you'd go to like say a Goldman or a JP for your all in one solutions and they'd be your broker to deal with everything that you need. That's something I think is still lacking in this market. I think right now traditional institutional clients, they're looking to kind of dip their feet in and offer subsets of the bigger ask. But they're not comfortable yet to fully offer everything. And I mean, this is one thing that we're doing under digital holder holdings is we're looking to basically work with those type of brokers as well as the high net worths and the hedge funds and HFT guys where we can kind of be the all in one solution for clients to come into. So if they need to do any type of brokerage or custody, we can facilitate that. If they need to get connectivity into the exchanges, we can work with them on that. So that we can kind of bridge that gap so that whilst they end clients are asking for a lot of these type of facilitation needs, they directly may not be offered to their clients yet. And so we can work with those brokers and help facilitate their clients needs on a much broader perspective. And obviously, because we have the SPI name, we have that level of trust behind us as well, that they can rely on. But I think with the sophistication of institutions, where they are right now will be very different in two to three years time. The way I look at it is back in the early 2000s, simple things and kind of going to run on the HFT side, no one was real things like co-location and things like that were kind of just about being asked for, but slowly getting adopted. Now as an equity venue, you have to be able to offer co-location if you wanna be able to provide a proper exchange in the equity market. I don't think we're there yet with crypto and digital assets in general, but I wouldn't be surprised if we will be there in a few years time. Whether that's three or five years, but I definitely think we need to get to that, or we will get to that point. And I think that's just a matter of time as you do get a wider adoption of this from institutional clients, then you're gonna start seeing the more competitive landscape come in. You're going to see, yeah, Bitcoin being a little bit less volatile than what it is now. But then you're gonna also have people start having a greater concern than they do now on things like latencies. John. And Ben, how about you on the sophistication, on these traditional finance guys as they come in, is there things that they're certainly asking you about that will help, I guess, develop your company into a space that the crypto and data firms are not really thinking about? Yeah, yeah, we've been asked many things. So to answer the question, I think who has got the edge? I think definitely crypto native guys have, because we're a different game here. We get approached because we still label Bybit as a more crypto native derivatives focus on crypto clients and all that. Whereas I guess some other exchange like Mark, SBI, they're more in the middle, but Bybit is over here. So I think if the traditional guys, if they want to come into the real battle world, they need to adapt and there are many things they want us to adapt to them, but we will simply not do because it will affect our efficiencies, it will affect our policy procedures. And there are so many things on the crypto end that are happening extremely fast, such as DeFi. I mean, you're in the whole DeFi business and you know, even someone in the industry don't understand what's going on in DeFi a lot of times. So if you as someone from outside a traditional world and you have the mentality of all these things ready and you want to implement that into working to crypto, I don't think you'll work, but I think what will drive them is the retail interest. You see the grayscale and everyone is, you know, very interested in doing. And just like what Ren said, BlackRock, well, if they offer a crypto type of product, although it's a little bit in their portfolio, I think a lot of people will be interested to buy. And just simply because they demand, they are forced to really come into this world and the exam and they might have to get used to how we work here. You know, everything fast-paced and API and all of that. So yeah, I think to be honest, when I started Bybit, I thought I would go towards the other side. I thought, you know, I'm going to build Bybit, we're going to build this whole fixed API, we're going to tailor solution to all the traditional institutions. But as we run, we're like, hey, the real business, the real people wants to trade is already there. So we just been forced to go that direction. And we haven't, we simply don't have the resources now to be able to cover both spectrum. And if I have to make a choice, I need to first satisfy my crypto users and my crypto clients. Yeah, so that, at least for Bybit, yeah. That's great. That's great to hear your view. I love the way you called it the battleground. I agree with you over there. I think I agree with you also in the sense that, you know, one of these large, large corporates are coming in. So we're seeing a lot of large corporates come in the US side, especially, they're looking at your Bitcoin ether. And in the meanwhile, all the crypto natives are like, that's great. You guys take care of that, we're going full DeFi. And for that, you need young, hungry people who are willing to stay up 24 seven, kind of learn, because it moves so quick that they just can't wrap their head around it. And, you know, hopefully that adoption, well, that adoption will come and it'll come before we all think about it. But it's very interesting to see the crypto natives just continue to keep running really quickly, far, far, further and further away because the industry's growing so quick. So we'll move on, we'll move on to investors in Asia. And what I wanna talk about is, you know, how would we describe the existing investor profile in Asia? How are they investing? What type of trades are they putting on? And I'm gonna go ahead and answer from a Block 5 view first to give you guys an idea of what we're seeing. But so in the US, we're seeing, I think in 2018, we were seeing a lot of more crypto native 2019, same thing, HFTs, all those guys started to come in, your traditional finance HFT guys came in. End of 2019, start of 2020, we started seeing more of the traditional firms come in. And the end of 2020 was basically when we saw all the global macro, the alternative asset funds and all of them keep their interest. And in Asia specifically, I think that trend hasn't followed as strongly. There's a lot of inquiries, but the money hasn't followed as strongly. But what we are seeing over here in Asia are the more family offices because I think they're able to move very quickly. There's a lot of family kind of generational wealth in Asia that we're seeing over here. And the types of trades that most of these guys start by putting on on the market neutral ones. So your fund arbitrage opportunities, your basis trading, the cash and carry stuff. And we all see them enter into that waste, they pass through the legal and compliance and everything and get that in. And then they start taking the more speculative bets. But yeah, I'd love to hear your guys thoughts on that. So basically the types of investor profile you're seeing and the types of trades they're putting on, maybe Ryan would start with you. If you think about who has the largest amount of crypto, a lot of it's exchanges, right? So then you see a lot of exchanges hedging or putting on trades or investing, minors, right? So then a lot of the largest minors are out here in Asia for ETH or Bitcoin. And they're heavily involved in the space, whether they're lending or investing or trading. Also very active in DeFi. And then I think it's more people like ourselves, like quant traders and large traders. So then when we go to some of the sort of VIP events by exchanges, it's sort of the same people that we run into. And these are the higher volume traders or the guys who have a ton of crypto. And I think an interesting thing that I point out is a lot of investors are Bitcoin maximalists or ETH maximalists. So they don't care about Tether or USDC or dollars. They just want to maximize their Bitcoin. So I mean, the thought process is like Bitcoin denominated or ETH denominated. There's no like dollar denominated. And they could care less about the fluctuation of Bitcoin. A lot of miners have that mentality, right? So then they're always wanting like yield in crypto terms instead of dollar terms. Got it. And going off that, Ben, I don't know if you're able to say who are the types of investor profiles that you see on your platform? Is it, I mean, obviously we have your whales and all, but on the, I guess on the institutional side, what are the types of clients you see trading there? Most of the clients, I mean, first, I don't see a big difference in Asia or Europe because a lot of times even the firms are in Asia and they're actually not an agent firm. They will be a European firm or whatever or they register in some island. I mean, this is very extremely often in crypto. So you don't tell who they are from. And a lot of times what I find really funny is that whether they claim themselves to be or some people make a referral, they always say they have this Russian big firm. And I'm just like, what's up with all these Russia firms? And when you talk to them, they're not really Russian. So I don't know what's going on. Why is a Russian always put this mysterious name to it? And everyone just go, whoa, okay. So, but to us, a lot of the institution we work with, they use a, they're either market maker or they pretty much market neutral on Bybit. They're doing arbitrage, they're doing market makings because also Bybit, I guess our fee structure, we offer a pretty good maker fee. So a lot of these guys come here to help us with liquidity. In terms of clients, we see, for example, Korean clients love to trade Ripple and they go crazy on Ripple. And we have a lot of Japanese clients demanding Cardano and these type of coins. So you definitely see a taste in different region. But other than that, I mean, we have all sorts of players on Bybit. And yeah, I don't really see the difference, you know? Yeah, not fair enough, but that's fair. Good to hear a few Mark, Mark, any thoughts on this on the investor profiles that we're seeing over here in Asia and the types of trades that they would put on? Yeah, so I would say we see going back for the last year or two, more high net worth type family offices as well, originally getting into this space. We are now seeing a few prop desks getting involved. Obviously you have the HFT guys as well. They've always been there. In terms of what type of trades, generally more often than not, they're doing some type of ARP strategy. Some of them are doing even long only strategies right now and others are happy to just kind of do a buy and hold right now. They're kind of depending on their risk tolerance or how aggressive they are on these strategies. But we are slowly seeing a broader adoption of different type of algo related strategies in this marketplace. But I think once again, I don't think we're there yet in terms of, I think if we ask this question in a year's time, it'll be very different to what we see today. Got it. Okay, great. Okay, so let's move on. Let's have some kind of open-ended questions that this is where your personal views kind of come in. And it is, let's start with you, Rand, on what is your view on where we are currently in the market cycle of, in the market cycle? Yeah, I think the audience would love to hear everyone's view on this. In terms of price? Mm-hmm. It's, yeah, it's very, our holding periods are too short. So then I don't wanna give any price estimates. Oh, no, you don't need to, like where are we anticipating that we're still gonna be a very much a bull market? You know, I personally think that we're still in the start of a bull market. I would say that we still got plenty of room to go. I really, it's really difficult for us to say because our longest holding period for our longest long-term strategy, like the CTA trend following, it's only the max is like two weeks. So then it's just difficult for us to answer. Yeah, but then like I'm personally a holler, right? So then I'm forever long in Bitcoin. I think if I were to be a personal view and not for helping- Yeah, please be a personal view. He's a personal view. This is learning to you guys, yeah. I feel like it's a bit later stage than probably the consensus because there's a lot of confidence and FOMO in DeFi in what we see in the primary markets and such. So then like I feel like it's later stage than it kind of reminds me of 2017. Not as, but I feel like it's a bit later stage than consensus, yeah. What about you, Ben?  Yeah, yeah, I'm holding Bitcoin. Little bit Ethereum as well, but mostly Bitcoin. I'll pass on for generations to something else. So I think eventually we'll pass gold. So I'm not too worried about the current price and all that. But a lot of people has been asking me whether I think we are too high or too low.   And most times they miss out on me, right? This is the general consensus. But I think at least on buyback, everyone is crazy bullish on our retails. So I would still think it maybe is the middle stage, but I don't know, a marketing change. Yeah, yeah, it's not a big deal. But what really I start to see is that, you know, when all these companies, Tesla and Square are putting on Bitcoin as reserves, it sort of linked the price towards their stock as well. So it's sort of, as more company adopt to it, I think it gives a even stronger foundation for Bitcoin. So at least I think this bull run might be more significant than the previous ones. So that's my thought, yeah. Yeah, it also feels like, you know, it feels a little bit, it's correlated in a way because of that, right? Because we started all these big companies come in. So it's more correlated than I think people realize and the bull only get more correlated, which is going to be quite interesting to see. But Mark, your thoughts on where we are in the market cycle right now? Well, I mean, you've had two conflicting answers right there. So I mean, for me, I think where we are right now, I think to be honest, if you go either way, I think if you start hearing more big firms publicly announcing what they're putting into Bitcoin, then I think you're going to continue to see a further dramatic increase in price. I think if we don't hear anything for a while, then you'll see the current price maybe hovering up and down, give or take, but I think you'll kind of see it where it is right now. I'm not going to speculate on pricing, but I kind of agree that we're maybe towards the mid stage of this price increase potentially. But I mean, tomorrow another big company and Apple could say, right, we're going to throw hundreds of millions of dollars into this and then of course you're going to see the price shoot up again. So right now, I mean, I think it's impossible to predict. It really depends on what comes out. Okay, cool. Yeah, I think we're all in the same sense that it's really unpredictable. It's news driven right now, which is always scary. And I agree a little bit with Rand that it does feel like 2017, but I also, I'm with Ben in the sense that I never want to miss out. So all right, last question and then we'll wrap it up is look, we've seen trends that have come around in the last couple of years or last year, even one is treasury management, the other one is DeFi that are really kind of blown up in the space. Is there any trends that you kind of foresee in the next few years? And maybe a trend that you would like to see and why? Ben, you wanna start? Our trend I like to see, okay. I think although we are coming into a crypto that we all believe in decentralized and how it's not supposed to be one player driven or two player driven, I start to see that the whole ecosystem system is becoming a little bit one or two, a few players driven. Although by the product or by the personal, I don't know how to say it, the hero type of thing in the industry. I think it's good, it's necessary to, it takes that to really grow the industry, but eventually I would still like to see it become really sort of more decentralized in a way like that. And I know I'm kind of hypocritical to say that because Bybit is completely centralized exchange, but we are also moving to that direction and hopefully by later of the year, we want to also change some of the structure within the company to demonstrate that we are willing to embrace the idea of decentralized and all of that. So we're gonna be announcing some big news by later of the year, but this is some sauce I've been thinking and hoping that the industry are moving towards to, yeah. That's great to hear. We need visionaries to move forward into the right direction. How about you, Ren? I'm really looking forward to like institutional adoption. So then just crypto becoming a mainstream masterclass. I mean, that's what I would really like to see happen and I think it will happen in just six time. And I would like to see it being integrated with DeFi as well. I think that will be really interesting. Like for us, we're trying to integrate DeFi and C5 liquidity where DeFi is really, it's growing a lot. And we think it's very, from a yield perspective, from a trading perspective, once all these layer twos and infrastructure upgrades, it's very powerful and it's just the beginning, right? So we really want to see more adoption in that. And then the institutions are the ones with the large sums of capital that can really just springboard the entire industry and legitimize it. So I really want to see those trends happen. Yeah, it's me personally too and I know BlockFi, we're definitely seeing that trend and we want to continue seeing it grow there too. Mark, take us home. So one area we've been spending a lot of resources on is around the tokenization side of the industry. I think right now what you're seeing in the token space is still very early stages. We've identified a number of key areas leveraging tokenization where it has direct benefits for institutional clients. So stepping away from the traditional trading side of what institutions are doing, but how can you leverage tokenization for other purposes outside of pure trading? And that's an area that we've spent a lot of time and energy on and that we believe we've identified a few areas that, and we're already working with a couple of very large institutional clients on this, where we can look to leverage this type of technology, not just from a trading perspective, but for other purposes as well. So I would like to see that adoption in the institutional side continue to gain momentum. We are literally at the very beginning stages of that. So over the next five years, I was certainly like to see that mature and continue to grow. I think once again, fingers crossed, no major incidences, but I would like to see going forward that, as Ram was saying, the Bitcoin slash digital assets, take your pick on which ones they are, are just seen as another asset type and can be more broadly adopted within the institutional community as well. Okay, great. Okay, cool, that puts us at our time. This has been a great conversation with a lot of insights from industry leaders over here. I wanna thank our panel participants for that time and sharing their knowledge with us. I don't know, most importantly, I wanna thank the audience for listening in. I hope you had a great time. Learned something new from these guys. And I think we're all on the same page when I say, we're all looking forward to the continued growth as well as the adoption by institutions. So thank you very much and take care.


The article discusses a bias correction method developed for climate impact modeling within the Intersectoral Impact Model Intercomparison Project, ISIMIP. The goal is to correct simulated historical data for systematic deviations from observations using transfer functions generated to map the distribution of the simulated data to that of the observations. The bias correction method preserves the warming signal and applies it to future projections in the agriculture, water, biome, health, and infrastructure sectors. The proposed methodology is a modification of the transfer function approach used in the Water Model Intercomparison Project, water MIP. The article discusses the potential and limitations of the applied bias correction, including its ability to represent trends in long-term means, but struggles with adjusting variability, which may affect small-scale features or extremes. This article was authored by S. Hempel, K. Freeler, L. Warsawski, and others. We are article.tv, links in the description below.


Hello everyone my name is Anand Sartopay. With this video I wanted to share my feedback related to the NPTEL course certification and my views towards it. Till now I have completed over 10 NPTEL courses and from that the main objective behind doing that was to gain knowledge and expertise from the educators in this field especially related to the recent and current technologies that we are facing today. My perspective towards the advantage of the NPTEL course is first you have access to a very good library of courses which you know involves the current technologies which you will face in the real life. Second the educators are quite good and they are able to clearly convey the information so that you can understand.  Fourth you have access to the forum or the forum which where the other students can connect with you and even the mentors answer your query so that you know you will be able to get proper feedback. The thing is there is a proper feedback and a good course connection so that you are able to get from the start let's say zero to the end which is as much as you want to go higher and I usually do my courses over the period of time usually at the nighttime when I reach home from college and the test or the quiz I usually perform on the weekends because it will need more focus. One thing I do is when I am seeing a course I maintain a notebook and I take it as a normal course when you go for a normal course you also carry a notebook and jot down the points that you find important okay so I do the same when I am viewing the videos and then during the weekend I attempt the quiz and the notebook helps quite a lot sometimes I am stuck in some problems so I can always get a feedback through the mentors or the other students so it's useful and I usually watch the videos from my home I do not usually utilize the college infrastructure and I usually stream the videos so it helps me to be current and understand the flow it is also possible for one to download the video and see it maybe on a mobile device or on your computer I definitely use the forum for a lot of purpose and I am able to get a solution and feedback as to or even the explanation as to the reason behind the terms and the parameters and things like that for the assignment as I have mentioned I usually do it over the weekend and I take the help of my notes which I have prepared over the course while viewing the videos I find the assignment quite good with because it aligns with the with the video that I have watched previously so it's like a good flow that is there so one can easily attempt it on its own and also one more thing you get feedback within within one day after the deadline so it's quite useful I have utilized other MOOC platform such as Coursera and edX and when comparing NPTEL with them I find NPTEL is quite at par with them first thing is the course content is aligning with the recent technologies it is not like a course which tells you only theory you know you get a lot of knowledge through it and which you can apply in the industry and there is also testing of the same other difference I feel that NPTEL will also add more practical approach more practice practicals into it they have done it through the programming courses which I have taken for example C++ which had the practicals and you have to do the practical approach and you know run the code so that you can get the output which is quite good one way they can improve this also have a compiler there and there itself so that they can get the instant feedback and everything will be like in an online form apart from that everything seems quite good and at par with the competitors so it's I feel one of the great benefits one more benefit I will like to add that the cost for the certification is quite less quite minimal and that is very good a person not don't have any excuses to not take the course and get through the certification because I tell you you go to the course you complete the course and then later on you are able to give the exam by going to a physical location so this is an added advantage with other more courses does not have when you go for the physical examination and the certificate that you obtain is more beneficial when you are giving everything online it gives it gives more authenticity to your to your studies to your certificate than when you do it just online I have definitely recommended NPTEL to many friends of mine and many of them as successfully completed quite many courses from it and it definitely helped them to definitely help them to gain more perspective and knowledge regarding the field and it's always an bonus and an addition for your progress in education as well as career from the education perspective you are able to show the certificate in the college itself and you get quite applause for the same because while managing the college you are doing something more value addition this is I say value addition value addition when you do through the education and from the career perspective when you take the certificate to an industry they will definitely recognize it that's something very important because this is something you have done then the exam you have given physically and you get a get get to build projects there were there are more knowledge that you gain if you do this course and the bookish knowledge is very different from this the bookish knowledge will just get you the degree and through this you are able to enhance your knowledge so that you can apply it in the real world and my suggestion for the students out there will be definitely should try the course you don't have to go for the certification off-run you can first start with the course and then if you feel comfortable then you can go on and with the certification and the fees are quite minimal and good and my feedback for the NPTEL educators and and the platform itself is just go on be the best add more courses I think this is done on a regular basis the number of courses are increasing linearly and exponentially and one thing is maybe if possible to add more interactivity in the form of live development I think NPTEL has also started with the providing jobs in internship opportunity so this is a quite good part and I wish you all the best for the same thank you


I would like to demonstrate to you how to configure and manage libraries which you are using during work with stn32 cube IDE. Let's start stn32 cube IDE. I would select one of the existing work spaces which would contain at least one active project. Now on the screen we can see the workspace with three projects. One of those is active. This is g0 underscore PWM. So let's start first with the configuration of repository location and the internet connection. So to do this let's go to window, preferences, stn32 cube. And from this set of settings let's select firmer update. Within firmer updater we can select the firmer installation repository. So this is the location of all cool cube libraries which you are using during your development. By default after the installation of this stn32 cube IDE there is a quite long path selected. So I would suggest to select it according to your needs, to your preferences later on. Within this window you can select as well the connection mode. Offline mode means that your application will not connect to the internet all the time. So it can work offline. Then check automatic settings. I would suggest to select the manual check. Just avoid any delay during the startup of the application. And select no auto refresh at application start. Just to save some time during startup of complete application. You can check as well whether there is a proper connection of your application to the servers to grab data. So we just can just press check connection. And if everything is okay you should see this okay icon on the button. In case there is X button, X mark it means that there is something wrong with the connection. Just have a look into this network connections and configure properly your proxy entries if any. Proxy settings you can collect from your IT department. One important point within this firmware updater settings is that you can perform the firmware installation repository configuration only in a case if there is no active device configuration project. In fact device configuration file. So for example if I would open IOC file from this project and I will go to window preferences. You see firmware installation repository is unaccessible right now. And there is a warning that we should close IOC editor. Okay so I close it. I come back to this again and now I can edit. Now let's have a look on the repository management. How we can add, how we can remove libraries, how we can update them. To do this we need to go to help and select manage embedded software packages. As you can see at the moment it is unaccessible for us which means that we need to open any of the IOC files to make our device configuration or STM32 cube MX application running. Okay so now we see some IOC file opened. Now if we go to help we can see manage embedded software packages active. Okay I select this option. And now I can see the new window which contains two tabs STM32 cube MCU packages which is related to the cube libraries for all STM32 devices. And there is another tab STMicroelectronics which contains some additional packages related to additional components coming from ST like BLE sensors, MEMS sensors, NFC components. So those are the software packages which allows communication, which allows cooperation between STM32 devices and some additional components. We will focus on STM32 cube MCU packages and let's go to the G0 section. I will just unscrew it. I can see at the moment if I will scroll down I can see that within STM32 G0 there are three libraries available. Version 1.00 then 1.1.0 and 1.2.0. The most up to date one is 1.2.0 and this one is already installed in my repository. This is visible by this green square over here. I can download another one. I just press within the another square. This marking means that this library has been selected and can be installed now. To install this library I need to go below and press this install now button. To remove the library I need to mark it first. It will have this red X on it and then I need to press remove now. Sometimes it is not possible to perform the installation of the library online. This is why it is possible as well to install the libraries offline using already downloaded zip files. All of the libraries are stored on ST servers as zip files. Those can be downloaded separately from the web. And then once you've got such a zip file you can install it from this point using this from local option. In this case you are just selecting the location of this zip file, press open and it will be installed automatically. We can check as well the available updates on existing libraries on the tool itself. To do this we need to go to help check for updates. In my case there is one update available. I can check by using this refresh whether there is something new coming. There is no other update so I can decide to install it just selecting this and press install now or ignore it. I would select the second option. I will not use this library for a while. Help check for updates is important if you select that within your repository configuration manual check for updates. Because it allows you to check whether there is something new, something more updated within the tools you are using in the time which is most suitable for you. Thank you for watching this video.