All right, so let's get started everybody. Let's start just streaming the slide and let's get moving on. All right, everyone. So let me just share the screen really quick. Give me a second here. All right, give me one, there we go. All right, everybody, just give me a chat back so you guys can see the screen okay. That's all I need to check and we'll get started. Perfect. All right, everyone, just one last thing. All right. So everyone, my name is Faustal Pavlisi, president founder of Cybertree and Pacific City and I'm gonna basically talk about my favorite trading tools and how I use them in today's markets. Now I don't know if anyone here has watched me for the first time, please give me a chat back and let me know. Maybe this is just second or third time. If you're a student, let me know if you're a student but I always like to get to know everybody who was in logged in and we're gonna basically cover how to trade today's volatile markets. We're gonna talk about how to trade and how to look at things that are going on. Let me tell you, it's been a really exciting year, I mean, but last week we had some pretty good moving stocks and we're gonna show you some of them and we're gonna show you why people fail. Now remember, the reason why people fail in today's markets is because they just don't know how to play the game. I'm gonna talk about how to play the game but please keep in mind, just a quick little risk disclosure. I'm not making any guarantees or promises. This all varies student to student so just please be very smart and wise before you go out there and trade because there is a very high risk in trading. Now let's go right to the live markets. And I wanna kinda show you a couple of things here and show you what we're gonna be talking about. All right, so here's our book viewer and we're looking at the exchange. Could everyone see my execution system okay? Just let me know. All right, good.  It was this one stock today that made a nice little move today. Did anyone see the stock ST okay right here? And they see the stock right here, really, really nice move. You could see on the intraday, stock started around 9.30 this morning. Great little stock had a big, big run up right around this $10 and it ran all the way to a whopping $16 by 11 o'clock. Now, did anybody here trade the stock or knew anything about it, anything, anyone here?  Great run up. And you know what, it's okay if you said no because there's 20,000 stocks out there you probably don't know where to find them and where to look. Well, here you have a stock right here, had a big run. Now, how nice would it have been to come in this morning, find out about a stock called ST okay, and it goes up and you know what, you'll have to make the $4, $5, $6 on it. If you made a dollar on it on a thousand shares you're talking $1,000, quarter million dollar salary. You made 50 cents on a thousand shares, $500, $130,000 a year. But how do we know it's gonna go up? How do we know it's gonna continue to go up? Well, what we're gonna talk about is how to follow big orders. And right here on the left-hand side you'll notice that we're seeing all big buyers and all big sellers. And we're gonna focus on the big block orders, you know, where we're seeing them and you can see right here around $18. You have like a 13,000 shares, 8,000 shares but you have like 100 shares, 200 share buyers. You gotta understand something, what makes stocks go up and go down is buyers and sellers, okay? Big block orders, that's what runs up the stock. Now what I wanna also show you is something even more interesting here is a couple of interesting stocks that made some big moves. Now was everyone familiar with the stock DJT? That was the President Trump stock that, you know, if you heard here on Monday he had this big lawsuit, he got fined and he got out of the fine, everything. And now once again, if you like President Trump, you hate President Trump, traders don't care who or what, we are in the business to make money, okay? Now I made a, I wanna show you something, I don't know if anyone here is subscribed to our channel but I wanna bring on my Instagram channel right here. And I wanna play this video, a 60 second video, I don't know if anyone here is on my YouTube, here's my YouTube channel, everyone just click on it and make sure you subscribe to it. I just wanna play this little video really quick and if you read here in the bottom, news came out that his half a billion dollar fine dropped down to 100 billion, I mean to 100 million. So basically his company was going public, I did a video on it and a lot of our traders traded on it and you could see your early morning the stock had a really, really good pop early on. Then what happened is that the stock, as news came out, more and more people knew about it, it kept going higher, higher, higher, higher and now we're at $46, sellers are getting done, getting executed, getting executing but could this really big good news for whatever happened and make the stock continue to go higher and it sure did and you could see it. Then we came to this big, big order of 58,000 right there but guess what? This was all the day before, the day after, the day of, stock goes all the way to $55. Now, the thing is this, like I mentioned, if you are a fan of Trump, not a fan, it's not important. What's important is you're here to make money and if you look right here, the next morning they changed the stock symbol and here's the stock symbol, DJT and if you look right here in DJT, if I change it to a day chart, the stock ran to $72. Now we're talking about a stock, let me go back to before they changed the symbol, you could see it right here and you could see right here, it started right around 36, okay? And then obviously it got halted, they changed the stock symbol, went from 52 and now the stock is trading up to a high of almost $80 a share, that's about $71 a share. Now, the thing is that's what trading is all about.  We teach you how to figure it out on your own. What I'm here to do today is to teach you how to trade the right way, how to go into the market and how to trade today's volatile markets. So basically the thing we're gonna cover is following smart money, how why 90% of traders struggle, basically how to trade stocks using options and puts and calls, what makes these big iceberg orders and how to recharge very correctly. Now, for some of you don't know who I am, let me just kind of reiterate how I got started. I'm actually 52 years old and I've been doing this for 30 years with the longest running school in the industry. We're endorsed by every brokerage firm in the industry. We have a five-star rating on Google. Why is that? Because I teach you how to trade like today's volatile market makers. I was a market maker living in New York, I live in New York, I still live in New York. I'm surrounded by some of the best traders, great traders surround themselves, how to trade and what you're about to witness today, ladies and gentlemen, is that a lot of you here are reading charts backwards.  You need to know why they're going up and down. That's how you trade. Now, if you stick around to the end, everyone, I'm gonna give you access to my book, you can go to Amazon, you could buy it, how to beat market makers that own a game, it's a number one best seller, you could pay me $74, I'll be happy to take your $74, if not, I'll give it to you for free, just stick it around to the end, okay? Hopefully that's gonna be worth your while. Now, I'm also featured at NASDAQ, I do a lot of presentations regarding about the book viewer, I'm gonna spend a lot of time talking about it because this is the first step of a beginner trader. If you wanna know how to follow money, if you wanna know how to follow orders, you wanna know where BlackRock is, you wanna know where institutions are, where Goldman Sachs, this is where it all starts because that's, I was actually one of the beta testers that started this 30 years ago. Now, over the years, I'm first generation Italian, it's my parents came over here with $20 in their pocket and my dad always taught me, he says, listen, America is the country of opportunity, if you wanna be good at something you like, you have to surround yourself with people that are great at what they do.  I don't want you to be that person, okay? And if you did do it, hopefully this will be your last time that you do that again because it's about following the money because once again, I'm not here to talk about myself and telling you how great I am, this is about you. And what's about you is going out there and learning how to trade and by learning how to trade, it's gonna teach you how to invest in the market. Now, my question to everybody here is this, have any of you been trained by professionals? Have you taken any training courses? Just give me a quick yes or no. Larry, what drew my attention to that stock? That's a great question. That's what we, basically the news and knowing that he was a public company and knowing that I saw other institutions jumping in and running up the stock, that's what drew me to it. And once again, if you go to and subscribe to my YouTube channel, you can get watch that video and you'll learn more about it. All right, so lots of training you took in Thomas, couple of a lot of, wow, a lot of notes. Okay, well listen, but I got a lot of yeses, great. Well, let me tell you one thing. If you did learn from someone, great traders never stopped learning. So that's the best thing that we're gonna do. So my question, we always ask everybody is, what did you buy and sell this week so far? Did you trade this week? Did you make money? Did you lose money? Well, let me talk about a stock called CGC. This was a stock that we traded this week, beautiful running up stock. Look at this stock what it did today. Okay, I mean, on this day, this week it ran from $5 from 10 o'clock to two o'clock ran to 740, okay? Now, regardless of where it is today or yesterday, what matters is where was it on that day? And if you don't believe me, you can go back and you can watch our YouTube channel, you can log into our X and all these stocks are all listed on there, okay? Now, but there was other stocks out there that made big moves, V-E-R-I. Did you hear about that stock? This one ran from $3 to $5. So it wasn't even an expensive stock. Now, some of you, I hope you don't get discouraged be like, okay, what is this, a penny stock webinar? No, this is a webinar to teach you that you're risking more than you should. You're here to risk the least amount of money is possible to high amount of reward. How do I know that? Because I was a market maker.  Go ahead. As a business decision, I rather trade this stock, a lot less risk, more reward. Cause at the end of the day, it's all about making money. And you know what? They'll continue to go higher, like V-E-R-I next day, ran to sixth end and so on. Now, you're likely thinking something like, well, how did I miss 70% of these gainers, like TWL, right? I mean, how did I miss them? Well, the reason why you're missing them is because you don't have the proper trading tools. Everyone out there wants to go out there and opening up different brokerage firms and getting subscriptions to these chart tools and stuff like that. I wanna give you my secret weapon, okay? And these are my tools, my toolbox. Now, the tools I'm giving you is the same exact tools that market makers use every day. And who's the best traders in the world? Trading firms. How do I know that? Cause I work there. And this is all we work off. A scanner, a chart, and an order book, okay? I was taught something that was called tape reading. If you ever, you go read my book or if you read all the books I talk about, what is tape reading? Tape reading is we're just following orders. Where the big orders are on the stock which causes support from resistance levels. Now, the first tool I wanna cover is the scanner. Now, the scanner is, everyone has access to a scanner.  Basically tells you where the big buyers and sellers are. That's basically all it is. By knowing what stocks are moving in the market. By knowing what's moving in the market for the day, that's how you find it. Like one of you just asked me, how did you know about the Trump stock? Well, that was easy. He was on the biggest percentage gainers list. Now, some of you are probably asking, well, how did you know it was gonna continue to go up? Well, that's what we're gonna talk about next. But finding them is easy. You know what the hard part is? Picking the one that's gonna give you the least amount of risk with the high amount of reward. So what we usually do here at Sabatri University is that when we train our students and hopefully you will be one of them because I'm going to invite every single one of you to come watch us practice what we preach for one whole week on how we trade these markets by finding these stocks. And the main thing we're gonna teach you where half of the people fail is they trade stocks that are not tradable. And what do I mean by that? It's what we call the three T's. What are the three T's you ask? Tradeable, trend and trap. The first T is basically is the stock tradable meaning is it have a good spread? Does it have good buyers and sellers? Has good volatility?  And that's why scanning and going through and finding out what is POL? What is PRZO? Why is this up 161%? You know, what are these stocks right here? Who's running them up? These are things that you need to understand that we're gonna teach you in the trading room. And not only that, we also, you can go short. You know, whatever goes up must come down. And that's another big thing that we look at. So the next thing that's in our tool, which I know everybody's a big fan of is charts. Now, I could almost guarantee a lot of you reading charts backwards.  You know why I mean, why you're reading them backwards? Because everybody's here looking for supports and resistance levels. Listen to me carefully. Do you know what makes a support resistance levels? I'm gonna ask you guys a question. Okay, I wanna see how well you answer this question. Does anyone here know how what makes a support resistance level? Let's see if everybody, let's see how you answer this question. I'm gonna wait here and watch. Jean, you're right. Bill, you're right.  Joe, you're right. Mike, you're wrong. Bill, you're wrong. Michael, you're right. Timothy, you're right. Big orders, buyers and sellers.  Do you see buyers and sellers on a chart? Yes or no? Exactly. And do you think that just because you saw support and resistance in the past is gonna be indicative of the future? Because you know what? If those orders were not in the past and the future, the past is irrelevant because stocks get broken, support and resistance levels all the time. Now, setting up the chart, I always set up my charts as one minutes and five minutes. People like, why like a five minute chart? Well, you know what? When you watch a five minute chart, you're five minutes behind. Okay, so just keep that in mind. And then I like to look at a daily chart so I get an idea of where the stock was a little bit further and so on. So setting them up is pretty, we'll go through this live in our trading room when you come in there. But just finding them is not just all about trading them. Now you just need to know where to get and get out of them. By doing that, you need to have one of the most important tools are out there, which is the data. Now, who here has level two quotes? Anyone here use level two quotes? Timothy, I think you can show your professional short sellers move back and down the large institutions, purchase levels. Well, listen, we didn't get today yet. We're gonna cover that. Now, if you have level two, I got some bad news. It's been outdated since the nineties. By the way, what is level two cost? Nothing, it's free. That's exactly what it's worth, okay? And some of you are probably looking at this and probably say, you know what?  What you really need is this, okay? What you really need is something called NASDAQ Book Viewer. That's the really biggest tool in the toolbox. Now, I'm gonna be coming out with a video by tomorrow how to get it and download it. If anybody here wants to know where to get it, I'm gonna give you my email address so you guys can cut the line. Just email me, FaustoPSC2Corp, and I'll give you a detailed instructions how to get it. But let's talk about what basically we're looking at. We're seeing all the buyers out there and we're seeing all the sellers. We're seeing every order at every single price. So let's think about that for a second. By seeing all these buyers and sellers out there at each specific price, that is what's gonna tell us and give us a sense of direction where the big block orders are. Because that's what we need to find. Where are the big iceberg orders? Where are the 46,000 buyers for 1,300 orders out there? Because that's what makes support levels. That's what we're gonna look for. My email address, it's right there, I'll post a copy. I got my stamp in there, it'll put it in for you. There you go, thanks a lot. So let me just erase this. Let me go over a couple of more slides here. Now let me show you how we utilize this. So basically you got the buy orders, you got the sell orders. You got the bid price, the amount of shares and how many orders make up that shares. Whoever wants to buy the stock for the most amount of money's up on top. Whoever wants to buy for less money's down at the bottom like you see this big one right here down at 171.50. So you're looking at about 50% of the volume in the entire market. Now let's think about that, what I just said. 50% of the market? How much smarter and better trading decisions have you able to see 50% of the market out there? That's what trading is all about. Now let's tie it in with a chart. Let's look at this example AMD. AMD started at 179, it came all the way back down and it decided to stop at 175. Why did it stop at 175 and went back to 177? Well, it must have had something to do about this big buyer at the bid for 44,000 shares. See what I'm saying, ladies and gentlemen? That's how you basically follow the orders. That's how you basically follow the money. It's not the 300 share buyer or the 600 share buyer or not even the 1,000, it's the 44,000. Now let's look at another example on a resistance levels. Look what I wrote up on top, sellers equal resistance. Am I saying you guys read backwards? You're looking for resistance, but you're not looking, and then equal sellers. Well, that's the opposite way of reading it. You can't have resistance without sellers. And in this Tesla trade, you could see how the stock went from 166 all the way up to 175 and then after like, I don't know, 11, 12, one, they never want to go past 175. It just sat there and actually started dwindling down. Why is that? Maybe, just maybe because, I don't know, 163,000 shares are looking to be sold at that price and there are 1,000 orders out there. Look at that number carefully. Think about this for a second. How much smarter and better trade incisions if you just had something that just told you to do that?  Because the smart money is where the orders are. Let's go over a few more examples and some better ones. Okay, let's look at Apple, for example. So we have Apple that's trending down, right? What's the first thing we need to know? Oh, let's look at the past, let's look at support. Well, great. How about just going right and see where the orders are? And right away, would I need to look at a chart or an indicator or anything else? I look on the buy side, I work my way down, 170,000 shares, 4,000, about 5,000 orders out there at 170. What do you think's gonna happen at 170, everyone? When we get down to that price? What do you think's gonna happen? Stocking to go up or go down? Thank you, Mike, you're up. Margaret, you're right. All of it. We didn't get to spoofing yet.  You didn't even look at a chart yet, right? Well, look what happened when we implemented a chart. Hit the support level and went right back up, okay? Now, regarding about spoofing, I just wanna bring that up. First of all, is spoofing legal? Are you allowed to spoof? Anyone here know about spoofing? Spoofing basically saying put in fake orders out there. No, it's a completely legal. If you get caught, you're gonna find millions and millions of dollars. Let me explain something to you about trading fellow traders. If you feel, and I'm gonna save you some time, you could probably log out right now and don't please don't take it in a bad way that I'm a little brash, but I'm just being very honest. I was just raised that way, okay? I don't like to give any fluff. I don't like to pat people on the back. You know what? When you lose money, I don't need a pat on the back. I gotta make sure I'm doing it again. And that's what I'm trying to pass on to you. So let me kind of explain something to you. If you feel that you're in a business where you're dealing with liars and cheaters and thieves, what are you doing in this business? Why do you even bother? Go back to work at McDonald's. You know what I mean? There's a lot of money to be made in here. The biggest, richest people in the world, the top 100 billionaires in the industry are in the finance industry. It's not Bezos. He's the richest person, but not everyone that's in the business with Bezos in is the richest person, okay? Everybody's in finance. Okay, that's where it comes down to it. Your issue is you just don't know how to play the game. So I don't know what you're reading on the internet or videos, everyone was like to put fear in your eyes. I just tell you how to play the game. But how do I know that? Well, first of all, who's the person that told you that? How did they know about? Were they a market maker? You know what I mean? Like, they just gotta play the game. That's all. And sorry if I'm going a little bit over and beyond with that, but I love that question.  And I really like to be clear on it because some of people here are just, you know, just need to know the truth. So when it comes to trading, I have a question to ask everyone. Did I lose anybody yet? Anybody get lost? Well, regarding about futures, Timothy, I'm like, I love your questions and stuff like that. Listen, if you're doing something like I mentioned earlier if you heard what I said, if you're not making money within three to six months, you got two issues. You had someone that didn't teach you well or two, it's not your style. And that goes for anything, options, anything else. Now, how about resistance? Let's talk about resistance levels. So here we have Coinbase going up, great run up, right? Everyone know Coinbase, everybody's following Bitcoin and everything, they're on a huge rally. You could trade stocks too. Well, the thing is, listen, nothing keeps going up forever. We're gonna hit resistance levels. Well, when we got around 270, Coinbase got us 292,000 shares seller out there. And by the way, getting back to the spoofing, Timothy, I'm trying to bring this up. I'm not picking on you, but you had some great questions. Do you think 318 people are on cahoots with each other? Cause that would be absolutely amazing. I'd never seen that before, I've been doing for 30 years. Number two, if anybody questions me that you think this is fake, well, when I will invite you into my trading room, what we'll do is this, I'll find a 92,000 share seller out there with 300 orders and we'll use your money and we'll see how fake it is. You want to take that bet? No problem, I'm just playing with you, Timothy. I'm not, you got great questions and the reason why a lot of people lose money in trading and that's why I'm trying to hear to give you the facts. And a lot of people don't sometimes need to hear the truth because they get the wrong information about how to trade. Now getting back to this Coinbase, if you didn't see that resistance levels and you had it here at $250, you had a $20 profit and you didn't take it, guess what?  Where does it come down to? Following the money. Now who here wants to book the order? Who here wants to get it?  You can go to NASDAQ, you can go buy it and waste your time. What's gonna end up happening? Take my email address, let me email you. Just write down, so send me a book viewer, do it right now as we speak, okay? Cause it's fresh in your mind. Or write down a piece of paper. Okay, I don't know if you have email up and running but I wanna give you guys a good workshop. I got a whole series of workshops that I did, that I just started this week, a whole new series of them and I wanna send them to you because you know what?  Listen, you know what?  Oh no, I'm just gonna buy it and drive it. Yeah, well, let's see how that works for the 18-year-old kid and see if you just gave him the keys to his coffin. You gotta, let us just teach you to do it the right way. Now how can we learn more about, how can we see more of these things? Well, not too much to ask, right? Everybody here is going to be invited into my trading room. That's basically what I wanna do.    And the thing that we teach you more than anything is this. We don't tell you what to buy and sell. We teach you how to buy and sell. We don't show you winners. We teach you how to stop losing. It's called money management. That's how everyone blows up their account. Everybody likes to show off money. By the way, if you see people on the internet showing you cash and, hey, look at this stock and that stock, you know what? That doesn't make you money. You know what makes you money? Someone teaching you how to stop losing it. You have to learn how to stop losing first before you can start making money. So if everyone here can get an opportunity, I want you to subscribe to my YouTube channel, make sure you ring the bell, give us a thumbs up. We do alerts, we're live every single morning. We give live audio broadcasts, everything else. And then if everything, you know, listen, you wanna break yourself in, maybe not ready, whatever it is. It's a good way to get started, but I want you to get into my trading room. Now, before I do that, I just wanna go to the markets really quick. Just one last thing before I wanna do it, before we call it a day, all right? And get you guys registered. I wanna show you one more thing. It's called level four. Now, has anyone ever seen level four before? Anyone see level four? So I wanna bring up a stock like Tesla. Anyone here do some swing trading? Okay, so look at Tesla right here. You see this little red line right here? You are seeing right now, we are approaching 130,000 shares seller. And he's been holding down this stock since 11 o'clock. Now, if that seller gets done for 124,000, guess what? The next seller is gonna be at 182 for 69, then 185 for 150, and then 190 for another 130. So you could see like, well, is this 3,000 share seller gonna make resistance? Well, probably more than yours.   Remember the stock sons I was telling you about? Look at this seller for 500,000 shares at $10. Okay, you wanna see something pretty interesting? Look at this, what happened when the stock hit 10? Right here, everybody see that? What happened when it hit 10 back here on this day of 314? What did it do? Did it go up or go down? It's a simple question everyone. What did it do when it hit this high right here? It went down, okay? You know why it went down? Because this seller's been out there ever since for 500,000 shares. If you knew you coming up to a 500,000 share buyer, would you wanna own the stock? I don't think so. Now, look where we're over here on the buy side. Look at these red lines at $5 and $4, 545,000, 100,000, 140,000, 630,000. You know, we're looking at resistance levels, right? How about the support levels? Let's blow this up. What do you know? See big support levels at this price right here? You know what, let me kinda help out with the drawings over here. Right there, right there, right there. Do I need to spell it any more than that? So if you wanna know why support levels are there, well, maybe because those buyers are right there. And you know what? If it breaks five and you wanna know why this right here is at resistance levels, once you break a resistance support, well, why is it support? Well, maybe because it's 681,000 shares out there. Now, does that seem hard? Did that seem confusing? Think about it. Wouldn't it be great if you were a swing trader right now and knew that you knew where to support resistance levels on the stock long-term? These are things that we teach you at Cybertrain University. This is what makes you, this is what I teach you how to read the future. And it's just not me, fellow traders. This is how we'll shoot trades. And if you're not trading like this, you're trading blind. And that's why if you're ever on a webinar, you will never, I can guarantee you, will ever see so many brokerage firms and exchanges endorsing a school like Cybertrain University. And I could almost guarantee that when you look on a Google review on any school that trains you, you will never see a five-star rating. And number two, you might not even see a rating because their rating was so bad that you could technically take it down. So my advice to everybody here is this, everybody here has to learn from somebody, okay? You might learn from a few people. And if you are learning from someone now, why don't you find out who endorses them? Why don't you find out and check out the Better Business Bureau, check out the Google reviews, okay? And let me tell you, there's a lot of hatreds out there, you know? And there are a lot of jealous people out there. So you could read some good things about people and bad things about people. But let me tell you something, these brokerage firms, they do their diligence. They have a lot more to lose than us. If they did their homework, guess what? They did it for you.  And I'm gonna invite you for one whole week. And what we're gonna do in that week is we're gonna have live commentary from 9 a.m. to 10 30 and we're gonna have some live commentary going into the afternoon. We're gonna trade the most volatile times, no matter where you are in the world, no matter what time you're watching the show, 2.30 to 4 o'clock, we're gonna be there live. Now, we also have very famous gurus that will come on. You have Tom Sosnov coming on in two weeks. The founder of Thinkorswim from Tasty Trade, personal good friend of mine. You know, they just add a mesh. I mean, we have people to trade station, dot the J, all these people are good friends of mine. They love talking and educated, you know?   Why am I charging $9? Because I'll tell you why. I'm not looking for free people. If you're somebody that's looking for free stuff, you're in the wrong business, all right? There's no free lunches out there. There's no such thing of free employees. And you know what? Do people that want free stuff? Obviously, they're not very good at it, okay? You might think like, oh, but they dis-free, that free. I just always kinda ask everyone, how do you make money?  When someone offers you something for free, you guys gotta ask them a question. So how do you make money? I mean, you're giving this for free. Is it like an entitlement or something? Or like, I don't know, I'm just curious. So, but I'm not asking for $900 or $9,000. All I'm asking for if you're a real person. And this is basically an application fee for you to come into my trading room. And by doing that, you guys are gonna get a lot of, you're gonna get a lot of great stuff for $9. Basically, I'm gonna give you my book. So, you're gonna get it for free. It's a $47 value on Amazon. It's published by Wiley, it's a color book. You're gonna get that for free, okay? You're gonna get also workshops. You're gonna also get a traders work library. And as a bonus, I am going to give one last gift. Whoever registers right now, I will personally go on the phone with you and give you a personal coaching class. Now, why would I do that? I'll tell you why. The reason why I'm here is I'm not here to make $9. I'm here to recruit traders I could train that can be part of my team. So, I need to interview some of you here. And basically by knowing if you guys like what you do and you see what we do and you want, if you feel that this is something that you wanna do, we'll have that conversation, okay? Because I don't wanna waste your time. You wanna waste my time if this is not for you or not. But the $9 in application to get into the room, you're gonna be part of the team. You're gonna see where everyone's buying and selling. You're gonna see how they think for themselves. If this is something that you wanna do, we're gonna have that great conversation. And then guess what? If it's not for you fellow traders, I'll give you money back. I don't need your $9, okay? So all this, everything to teach you level three, level four, how to find stocks. Seeing like one of you mentioned to me, how did you find DWAC, the Trump stock or Sonos? How did you know it was going down? But how did you find that other stock that was running up? We're gonna show it to you all live in the market because we practice what we preach. Now, if anyone here has any questions, feel free to kind of just put in the chat room. I wish I knew this before I dropped 11,000 online trading cannery back in 2021. You know what, Timothy? Listen, I had people that dropped 50,000 OTA, okay? Listen, they're a good company to understand the basics. But on the other hand, they're a franchise, okay? Listen, I dumped a quarter million dollars for my son to go to college. You got a deal, okay? All right, so did you really learn anything out there? He's having a good time. You know what I mean? He helped him get his feet in the door and certain things, but he didn't really teach him for his career. It all comes from surrounding yourself with the right people. And you know what?  So look at it as an investment. Sometimes you got to take a couple of classes before you find the right person. You know what I mean? So don't mind that. What else? Wow, that was a great, a lot of great questions here. Dropped a lot on others, so yeah. Well, listen, question I have coming up cross here is how much money do I need to trade? No much money you need? Nine dollars. That's it, nine dollars. You don't need 900, 9,000. No, Mike, you don't need a brokerage account. We don't want you to trade. That's the lasting you want to do.  Are they starting if it's for them or not? Abdul, thank you very much for sharing that. Abdul's a student here at Cybertrain University. It couldn't be happier. Thanks a lot, Abdul. I'm gonna share it just if the staff could just copy some students a year. And you know what? Our students are here for one reason. They're here because they know that they were you and they're looking to recruit traders themselves because trading's not a full-time job. So only about 20% of the traders in the room at a given time because some people live in different time zones. But when they are there and if we feel that you're qualified to trade, believe me, they're gonna be there to help you to succeed because if you're a good trader, two eyes are better than one. All you gotta do is click on that link right there or take your phone and scan that QR code. Now, a couple of other things too, ladies and gentlemen. When you register, I just wanna kinda give you a little heads up. We're gonna ask you five very important questions. Let us know if you've taken any training from anybody. Do you have level three quotes? Just a couple of simple questions. And then the next thing you're gonna be clicked onto is you're gonna need to make an appointment with one of the education advisors. You're gonna be able to talk to our staff. I know people spent thousands of dollars and everybody just knew that he didn't talk to anybody. But no, we have a wholesale staff. We have a whole education staff. And you know what? They're gonna walk you through the portal page. You want to have a great experience. You wanna make sure you know what you're getting self-involved in, you know? That's a difference. We're really big when it comes to customer service. That's why we have a five-star rating on Google. And that's why we're endorsed by all these brokerage firms. Because if we could teach you how to do things right, believe me, we make your life a lot easier for them. Does the book for you show New York Stock Exchange? Yes, it does, Steve. I don't know who trained you, but you could trade, it's not NASDAQ, it's not the NASDAQ market anymore. It's a global market. You could trade every stock and every single exchange. Some stocks trade more volume at other exchanges, but it's a global market.  That's a great question. But I'm bringing that up because that just shows that you need help. If you didn't know that, that means somebody didn't teach you how to trade. These are questions that you need to be answered so you know how to trade the market. If I can't be there at 7.30 a.m. at my time, is it worth it? John, you don't have to be here at 7.30. You could be at 7 at night. The market is open from 8 a.m. in the morning. We do a lot of pre-market trading till about 4.30 in the afternoon, Eastern time. There's gonna be a time when you could show up. Don't worry about it. Okay. Any other questions? By the way, I'm getting dinged on my phone a lot. I'm getting a lot of registrations. I wanna do a couple of shout outs really quick and thank some of the people that are here, that registering. So far, Scott Rogers from Wisconsin, I got your registration. Welcome aboard. Look forward to seeing you in the trading room. Jim Gray from North Carolina. Scott, your registration. Welcome aboard. Tamria Collins from Richmond, Virginia. Welcome. Who else we got here? I see all the guys are registering in here. Bishop with them. I hope I didn't mangle that. I apologize if I did. From California, you got your registration. Lance from Chicago. Welcome aboard. Bill from Buffalo, New York. Buffalo fan, hopefully. Right here. Welcome aboard. Guys, listen. I only could do 20 people for the coaching, but if you do go over, I know we have, I don't have many people in this room right here. We got close to over a hundred. But if I can't talk to everyone, don't worry about it. I will be able to still talk to all of you. We have other instructors here that'll be able to pick up the call and talk from there. You already have a 101 Jacqueline set up with me. Great. Good. I look forward to each other. I look forward to talking to Jacqueline. And hopefully we can make you a part of the team. Welcome aboard. My phone keeps ringing. It's ringing. Yup, hopefully everybody hears that. That's what I want to hear. I'm glad I got everyone's attention. And then also too, everybody, when you do register, we're going to give you access to an exclusivity on our YouTube channel and in our portal page to get some of these great little, quick little videos, workshops. People love the workshops. It's, they're fast or easy. And then when you go follow and watch our 60 seconds, your Instagrams, our Twitter's, our Shorts on YouTube, they're going to make so much sense. You're going to be like, damn, how did you find that one? How did you find that one? And it's going to be very addicting. What's, what, when you're going to, and let me tell you something, when you lose money, you're not going to be, you're not going to be disgruntled.   You know what they got me. That's fine, but you're not going to quit. What you're going to do is you're going to learn. You're going to learn that. So does it happen again? That's what we need to teach you. That's what I'm planning on next week. I think this was, will be great. Chris, welcome aboard. You got good Friday, that's starting this week. So the market is closed. We're going to extend it an extra day, but do me a favor. If it's fresh in your mind, get in the room as soon as possible. There's been a lot of fun going on. Okay. Good to hear. Excellent. All right. A couple of more shout-outs I'm going to do here. I've done a lot of people are registering. Who have you got going on here? I got Jan from British Columbia, Canada, a welcome Canadian. Yeah, I could tell you what I said your name is, Jan Jan. We got like 20% of traders in our room welcome Canada. So you're going to meet some really good Canadians. I know that some of you have issues with brokerage firms up there and stuff. I've been going to Canada for the past 20 years. I'll be up there. I'm actually coming up in September for a traders challenge. So in Toronto, finally found someone that want to do a competition with me. So I'll look forward to that. So hopefully we'll get to meet sooner than later. Steve, Steve R. from Las Vegas. Didn't have Vegas many times.  What else we got here? Just got yours. Yours just came in right now. Roberts, Robert C. from Calgary. Beautiful. Been to Banff many times. I've been to Canada so many times. Love it. Ever heard of a town called Kaluna? Make great ice wine. Scott Z. from Oklahoma. Scott, your registration. Who else we got here? Coming across. Pingling Jing from New York, New York from the city. From Manhattan. Welcome aboard. What else we got going on here? Carly B. from Rockville, Ohio. And Mohammed from California, West Hills. All right, guys. So I gotta get ready. I wanna go back to the trading room. Listen, it's gonna get kind of slow tomorrow because the big holiday, Good Friday, a lot of people start on vacation. I'm heading over to Florida. I see my in-laws and stuff like that. So I'm looking forward to meeting with them. I haven't seen them in a little while, but what's great about this job is you're doing it anywhere in the world. That's what I love about it. So with that said, everybody, if you didn't register, please, and listen, maybe not ready, whatever it is, that's fine. But you know what you gotta do, please? Go learn, okay? Watch our videos. Subscribe to our channels. You know what? If you're not ready, it's great. Listen, we're not asking for a lot of money. We're talking about $9. If you look at all this stuff you're gonna get, let me just show you all this great stuff you're getting. Here's your last chance. Traders talk either workshops, live trading in the room, coaching with me, go out there, do something. You know what I mean? But you don't have to spend a lot of money in trading, okay? And a lot of you here got the wrong brokerage account, you're trading in an industry and options, maybe not making money with it. Someone's teaching you different styles. Listen, you don't have to be a stock trader not to love to trade the stock market. Some of you said, well, I trade futures and I wanna learn futures. You know what? When you turn on a TV every day, what do they talk about? They don't talk about futures. They talk about the stock market. They don't talk about options. They talk about the stock market. But you know what does make those things move? The stock market. So if you're a good stock trader, you'll be a better futures trader, a better crypto trader, a better options trader, and in which a lot of you are, a better investor and a swing trader. So with that said, fellow traders, thank you so much for being here. I look forward to seeing you all in the trading room. If everybody else, I wish everyone a happy Easter, a good Friday, and trade safe, all right? And once again, and make sure you book your appointment. They're getting they book up pretty fast. So try to pick your time slot. If you don't know what time slot you wanna pick, just pick anything. You'll talk to an education advisor, convert it, and they'll be happy to change it for you. Just lock something in and just book any time. Doesn't matter. Just take something, even if it's not the right time and you could always change it later, all right? Thanks everyone. Thanks, Margaret. Thanks guys for being here. Thanks, Timothy. I look forward to seeing you in the trading room. I saw you registered. I look forward to seeing you then, and Chris and all of you and the staff. Thank you very much for making this very successful. Good luck everyone. And once again, enjoy your weekend. Happy Easter.


So, this is joint work with Coast John and Franz Hinson, both at NYU Stern, and Coast is also by the way here in case anybody wants to ask him questions too. So despite some of the math and the appendix, I think this paper is actually pretty straightforward. And the motivation for it comes from the obvious fact that, you know, Bitcoin's been around for over a decade, but it's still not particularly widely adopted. It faces, you know, as we say, a limited adoption. And we thought it would be worthwhile to think about for a moment whether this fact that it faces limited adoption after all these years is coming partially due to the fundamental economic structure of the way it's set up. And so that's essentially the research question here. And even simpler than the research question is essentially the key takeaway, which is to say, yes, we essentially at the highest level, we find that the underlying economic structure of Bitcoin is responsible for its limited adoption. And so in particular, you shouldn't necessarily expect that it's going to suddenly disappear. Now, within the paper, there are actually two main results that make this point. We have a number of supplementary supporting results, but they really are two to, I think, focus in on. And at a high level, the way to think about the first one is really just looking at Bitcoin as constructed. And so we showed theoretically that the Bitcoin as constructed is subject to limited adoption in the sense that that is an equally of outcome. And so you shouldn't be particularly surprised by it in reality. And you shouldn't be expecting it to change very much. Now, one reaction, though, sometimes is that well, perhaps a way around it is that Bitcoin has a maximal transaction rate, and perhaps relaxing that transaction rate would enable us to overcome this problem. And so we look into that, and that does not actually resolve the problem. You still get limited adoption, even if you allow for the transaction rate of Bitcoin to, for example, increase with demand for the system. And before I get into the model, let me just try to give you the basic intuition of both of these results at a high level. So for the first result, which again is Bitcoin is currently characterized or is currently set up, you should expect limited adoption as an equally of outcome. Well, so think about for a moment how you would overcome limited adoption in the first place. Well, at a minimum, what you need is you need more people to actually use the system by definition of overcoming limited adoption. But what would happen if a lot more people actually tried to use the system? Well, you get a lot more congestion, and that congestion would endogenously cause fees to go up. So this is a pretty straightforward point, and it's not materially different than the fact that, for example, when a lot of people want to use Uber, you get surge price, congestion is going to cause fees to go up endogenously. But remember that the mining network or the mining market is competitive, and it's characterized by free entry, and these fees are revenues for the miners. So this increased usage, which is going to generate increased fees is increased revenue, which is going to induce entry in the mining market. And what that means is you have more computers that are trying to solve this proof of work puzzle, and what it means then is that the network topology of Bitcoin is going to be more dispersed, and it's going to take longer to communicate information across the network, which is to say that it's going to increase the network delay of the system. And partially what we're showing is that the network delay of the system, when it goes up, it's going to actually become harder to generate consensus, which of course is core to Bitcoin making any sense. And if it takes longer to generate consensus, then ultimately users actually have to wait for their transactions to settle more than they otherwise would have. And I think as it's already come up, payment systems, the whole value proposition from a user perspective is speed. So you're not necessarily interested in waiting a long time, whether it's for traditional reasons or it's for something like consensus to be achieved. And so indeed, you end up getting limited adoption. And the system isn't really very well set up to absorb increased usage. Now, again, one way to react to this is to say, well, maybe you can alleviate some of that congestion by allowing the transaction rate to, for example, increase when there's more demand in the system. But that turns out not to work. And I'll spend a fair amount of time, hopefully in this presentation, discussing that. So for now, let me just say that essentially the reason for that is that an increased transaction rate leads to persistent forking. It leads to essentially more confusion, more disagreement, and therefore a longer time to generate consensus and still limited adoption. Now, the thing I want to emphasize here is that if you look closely at these rules, which at this point I'm only stating at a high level, what's driving them is really stuff that differentiates Bitcoin certainly from something like a centralized payment system. So what's really key is this need for consensus, which is not really something that would exist in a centralized payment system, and also the endogenous net curriculum. But hopefully that'll be clear as I move on. So let me actually get into the model. So the model has two types of agents, users and miners. So the miners are those that store and update the ledger, as we all know, and the users are just people who are trying to use the system or interested in having payments done on the system. And since we're studying Bitcoin, of course, we're going to model Bitcoin, but since we're studying adoption, we're also going to need to model an alternative system so that there is an adoption decision. And we are going to do that in a fairly reduced form capacity. So first, as far as the miners go, it's pretty straightforward, so I won't spend too much time on this. The key thing to know which is standard is that the miners are going to optimally process fees in descending order. So for example, if Catherine is going to pay a higher fee than I am, then she's going to receive service before I am. And the mining sector is competitive, so the number of miners are endogenous and determined by a free entry condition. As it pertains to the users, we're actually going to use a standard preference structure that is used in, for example, Huberman-Leschnoen-Malami. And so we're going to have a user preference structure characterized by three pieces. The first is that users do get an exogenous positive utility from using Bitcoin, characterized by this R next to the max. But other than that, as we say, it's a payment system. And so users don't like waiting. And so that's going to enter into the user utility in that second expression, which is the wait-dissutility. We're going to allow that users are heterogeneous in terms of their dissutility sensitivity, which is the CI corresponding to the user eye's dissutility per unit time. And of course, the total dissutility is going to be the sort of sensitivity multiplied by the actual expected wait, which is given by this W function.  And so users don't like waiting. And how do they alleviate their waits? Well, they can pay higher and higher fees. But of course, they also don't like paying fees, which is the last and third term in the user preference structure here. And so essentially users don't like waiting and users don't like paying fees. The more fees they pay, the less they wait. The less fees they pay, the more they wait. And so there ends up being an interior optimum, which users would pay if they were to use Bitcoin. But we're going to allow that there is an alternative. And we're going to basically normalize this outside option to zero and say that if the optimal fee generates a utility, which is negative, then the user abandons Bitcoin and uses something else. And that's the sense in which adoption is modeled in this paper. Now, one question I think that's always kind of important to think about when you're sort of examining a theory of paper is to say like, okay, so what's new and where are the results being driven from? And the truth is in this context, the key thing to keep your eye on is actually this endogenous wait function. Because apart from, for example, who are going to let you go and maul me, we're going to model the consensus process more thoroughly. And that's actually going to be very crucial to driving our results. So to dig into that, I need to talk a little bit about how we model the blockchain. And so as a first point, I think everybody here is probably already familiar with this. Of course, the proof of work puzzle is just a bunch of Bernoulli trials, which thanks to the Poisson limit there, and we know that when you have a lot of trials being done with very low success probability, and a lot of them are being under a short period of time, that that's approximately Poisson, which sort of gives rise to the Poisson process. And so people tend to model the block production rate for an individual miner as following a Poisson process. And that's also what we're going to do. But the key distinction from papers like movement less known maul me is in the next step, which is to say that, okay, we agree that individual miners block finding processes are approximately Poisson. But usually registering the aggregate block production process, because that's determining what's actually ending up on the ledger. And what most papers say here is, well, okay, so you have a bunch of miners, each of them have block production processes that are Poisson and independent. And the sum of independent Poisson processes is also Poisson process. So the block production rate aggregately is just a Poisson process with the sum of the parameters of the individual miners. And we're going to point out that that's not exactly right. Now, why is that not right? Well, in a word, forks. So of course, a fork is an instance in which you have, say, two blocks that are not on the same chain. And so what that means is that it's not the case that the sum of all the blocks produced by every miner is equal to the total amount of blocks, because it's possible that two blocks produced by two different miners are inconsistent and correspond to a fork. And therefore, the total number of blocks is actually strictly less than the number of blocks produced by each miner. And so we're going to incorporate this into our analysis. And it's going to be very key for driving our results. And so I should say here, particularly, you know, presenting virtually it to lose with Catherine and Matthew and Christoph here with their paper, The Blockchain Folk Theorem, that also looks into forks that in their paper, the forks are being driven by minor incentives. And we're actually going to abstract completely from that in our analysis for two reasons. One is we think they did a good enough job of studying that so we don't see the point in also studying it. But secondly, we're actually going to purposefully make as generous of assumptions about minor incentives as possible to think about whether Bitcoin can achieve widespread adoption. Because of course, if it can't, even when you make generous assumptions on minor incentives, then it certainly isn't going to be able to do it when you introduce the potential for minor incentives to drive problems. So we're going to abstract from those sorts of minor incentive problems generating forks. And the way we're going to the sorts of forks we're going to be concerned with are forks that arise essentially for technical reasons, which is to say, we're going to model network delay, which is the time that it takes to propagate information through the network explicitly. And we're going to model forks that arise from it. So to be a little more concrete on this, let me use an example. So imagine, for example, the Bitcoin network has only two miners, let's say it's me and Catherine. And I produce a block, let's say, at t equals zero and she produces a block at t equals two. Now, do these two blocks correspond to a fork? Are they going to be inconsistent with each other? Well, the answer is that if we're trying to coordinate in the sense that each of us is going to accept any block so long as it's consistent with the ledger that we already have, then the answer is it depends. And it depends on network delay, which is to say that if you assume that information is instantaneously propagated through the network, so that, for example, the block that I find at t equals zero is instantly transmitted to Catherine, then that means that when she solves her puzzle at t equals two, it will actually be the puzzle that corresponds to a blockchain that includes my block and the blocks will be consistent and it'll be fine. It won't be a fork. However, if it took me, for example, five seconds to transmit that information to her, then the puzzle that she solved at t equals two does not incorporate my block. And so her block is necessarily going to be inconsistent with mine and my block is going to be inconsistent with hers. And what's even worse is that she's going to think her block is first because she didn't hear about my block until t equals five, and she produced hers at t equals two, whereas I'm going to think my block is first, right? So we have, if you like, an honest disagreement. And that's where the forks in our model are going to arise. But let me be a little bit more formal about this, which we do in more detail in the appendix. So you can think about, well, imagine you start from a point of consensus, where everybody in the network agrees to the state of the ledger. And so at some point, of course, somebody's going to produce a block and you can ask the question, well, if everybody's trying to coordinate in the sense that I was describing, then what's the probability that the network uniformly actually accepts the block, that we don't have a fork? Well, it's just sort of repeating the exercise that I just sketched out with two people, except with more. And it turns out that the probability of agreement on that block is exponentially decreasing in two quantities. So one of those quantities is network delay, which hopefully is straightforward, right? The longer it takes for you to propagate a block through the network, the more time that is transpiring over which somebody could produce a block without knowing about your block, and therefore could end up disagreeing with you. But what's more important, particularly for that second result, that second main result, which I want to focus on, is that the probability of agreement on a block is also decreasing in the transaction rate of the blockchain. So that means that if you speed up the blockchain, you're going to increase disagreement. And I think it's an important point, and it is sort of key to what's driving our second main result. But I also think a moment and think about whether it's coming out of something parametric from the model or whether it's really some point arising from the fundamental structure. And if you think about it for a moment, I think you realize that this actually comes out very much directly from the way Nakamoto envisioned the whole system to work. Why do I say that? Well, so the whole point of the proof of work puzzle as it's devised, which is why it's a useless puzzle that you solve by brute force, is that there's not supposed to be anybody in the network who gets an advantage in solving the puzzle relative to anybody else. Now, an implication of that fact is that if you want to speed up the blockchain, then you necessarily have to speed up every miner in the network. In practice, of course, everybody's going to try to use the best computational power, and so they are actually going to be approximately equally likely to solve the puzzle, but so you cannot have one miner sped up while another one is not. You have to speed every miner up to speed the network up. And what is the implication of that? Well, so if you speed up the network, you will get blocks faster, but you will also make it essentially impossible to propagate blocks through the network fast enough to not have a disagreement. So one way to think about it is you want the first block to come faster, but the moment the first block comes up, you suddenly want everybody to stop so that that first block can be propagated through the network without disagreement. But you can't just turn it off. You can't just slow it down. And in particular, one of the reasons you can't is because the rest of the network doesn't even know that the block has been discovered. And the problem is that you're not able to convey the block fast enough. And the reason you're not able to is precisely because you sped it up. So it's sort of building in a self-defeating aspect that undermines the ability to speed up the blockchain. So we model network delay in the paper in a fairly parsimonious way so that we can capture sort of arbitrary market structures and formally state the definition of an equilibrium. And we show that it exists and is essentially unique. And here's a restatement of our first result and some intuition, which I'm going to skip over due to time. I want to focus on the second result, which again basically says that even if you allow for the transaction rate of Bitcoin to vary with transaction demand, then up to Bitcoin remaining decentralized, Bitcoin is going to necessarily experience limited adoption. And so just digging in a little bit further than that and using some of the structure I just explained for the forking probabilities, within the model this endogenous expected wait time that W of f and f negative i on the user preference slide, it's going to decompose into two parts. One is what we're calling the expected traditional wait time. And the other part is what we're calling the expected consensus wait time. And so one of the key points here is that if you had a centralized system, this thing we're calling expected consensus wait time would not exist. So what would you have? Well essentially you have a number of users that are in some sense higher priority than you are and you've got to wait for them to get processed and then you would get processed, right? And that's how it would work basically in a centralized system and that is still part of the story here. And that makes it very easy in effect to sort of overcome things like limited option. Why? Well, so for example, you know, you have 10 people ahead of you in line and it takes maybe you take maybe 10 every second, that's a one second wait and that's probably fine.  Just speed up the thing and it'll be fine. But here you have the second term, what we're calling the expected consensus wait time. And this is, for example, a specific parameterization of the model but the main point is more generally true. It's just this is very clean, which is the expected consensus wait time is essentially exponentially increasing in the transaction rate of the blockchain. And so it's not an accident that the forking probability was exponentially decreasing or sorry the agreement probably was exponentially decreasing and this is exponentially increasing, those are very closely tied together. But the point essentially is that you have sort of exponentially higher disagreement as you speed up this blockchain because the blocks are coming so fast that there's just no ability for the system to converge. And it does eventually converge with probability one, but the time it takes exponentially increases. And so in fact, if you do the exercise that you might do in a centralized system of speeding up the blockchain by taking the transaction rate to infinity, that first term does vanish, but the second term explodes. And so the whole thing ends up being self-defeating. And if you try to speed up the blockchain too fast, you're just going to get persistent forks, essentially exponential confusion and the system will become unusable and the wait times will be too large and you'll still get limited adoption. So now we actually have another sort of supporting result that I think really hammers this home, which is because we model network delay fairly parsimoniously, you can also sort of in the model turn it off, which is you can basically assume that everything is instantaneously propagated. And indeed, if you assume that everything is instantaneously propagated, then limited adoption basically disappears. And then the intuition is fairly straightforward. If you speed up the blockchain and you don't have to worry about consensus, then you then you remove all the congestion. So the fees go to zero. And because the blockchain is moving so fast, your weights are also going to zero. So everybody essentially ends up adopting, which is actually in line of what you would get if you tried to do this exercise of speeding up the blockchain. And for example, Uruman Leshnoyan-Mohalmi. But a key point here is that network delay is sort of a fact of reality. And it's particularly relevant in a case like Bitcoin, where you have an endogenous network size. And the whole need for consensus is very much foundational to Bitcoin. In fact, more generally, of course, certainly permissionless blockchains. So what's really driving these results are very core features of Bitcoin, at least as compared to centralized systems. And so I think they're important limitations to internalize when we think about these sorts of systems. And so the goal actually here is not necessarily to be particularly pessimistic, I should say. I think the point really more was to was to highlight that there are certain technical features like network delay that do have actual meaningful economic implications. And particularly given that most of what's being studied in practice now is not Bitcoin. And it's sort of alternative protocols, and sort of let's say more interesting ideas. It is important, however, to keep in mind some of the limitations that arise due to things like the need for consensus and think about how those things vary when you think about newer protocols. And so the hope for this paper is that it provides some sort of formalization of this limitation that can then be used when we think about more modern protocols to see whether we're actually we're actually overcoming this kind of key problem of limited adoption. And one way to put it is, for example, like you wouldn't want a doctor trying to prescribe a solution to a problem without actually first having diagnosed the problem properly, right. And so the goal here is to sort of diagnose it in the case of Bitcoin. And yet it's not really something you can overcome in the in the typical in the current Bitcoin scheme, but that doesn't mean that, for example, you know, Algorithm doesn't overcome it or something like that. So so, you know, we think more than anything, this is this is a useful formalization to take forward when we think about more modern blockchains. So with that, I'll stop here. Thank you.


Today, we're going to talk about tempo squats. So this is a variation popularized by a man named Joel Jamison from 8weeksout.com. He wrote a book called Ultimate MMA Conditioning where he outlines many different conditioning methods and how they're impacting the different energy systems of the body. One of his aerobic methods is tempo squats. Basically it looks like this. You're moving really, really slowly on the way down and on the way up and you don't stop ever. You just keep going. So seems simple, seems kind of boring when you watch it, but when you do it, even after you do one round, you're like, this is easy. And then by round three, you're crushed. So if you have this continuous movement, right, you don't clear out these byproducts quite as well, and that fatigue just accumulates so bad. I remember seeing my good friend Cody Benz doing 185 on his back squat, tempo squats.  They're good too. You can hold a kettlebell really low. I've gotten a pretty good forearm soreness from doing that.  Barbell work works or barbell movements work really well because the weight sits on the most of your body, right? And so the big parts of your body can support it instead of relying on your arms to do this. So why would I do tempo squats? I mentioned it's an aerobic method. You can read Joel's book if you want to go into the nitty gritty, but what I like about it is it teaches the aerobic system to work as hard as it possibly can. So I keep this fatigue building and I can't get...so there's two types of muscles. Let's do this. This is one of the things that he outlines in the book, right? So two types of muscles, fast twitch and slow twitch. Slow twitch muscles are fast, slow twitch muscles are still pretty fast, but not quite as fast as the fast ones. And the big other thing is the fast twitch muscles get bigger and stronger. So they're fast, they're bigger, they're stronger. The slow twitch muscles might not be as big, might not be as fast, but they are very fatigue resistant. They don't get tired quite as easily. So if you're doing a sporting event, like let's say MMA, and I might write a book about it, right, the type one, the slow twitch fibers, they fight off that fatigue. And when you're in the middle of a fight, you cannot gas out because there's no coming back from that, right? You'll never feel quite as good. You'll never be quite as fast. You'll never punch or hit quite as hard. So I take tempo squats and I teach these slow twitch muscles how to keep going. And I focus on fatiguing those. Most of the fatigue, I would say that you're feeling is coming from fast twitch muscle fibers here because those are going to give out quicker than all the other ones. But you need to keep going and you need to keep the load light enough so that you can continue to move and not have to pause and clear out some of that noxious feeling that you have. You have to continue to move so that you load the slow twitch muscle fibers so that you continue to deprive them of oxygen, force them to keep going, and give them some mechanical stress that says, all right, we should even make these muscles bigger. And so if I have bigger slow twitch muscles, I have bigger muscles that don't get tired. And training in general does that. I don't know if tempo squats really do this for slow twitch muscle hypertrophy. Maybe they just increase the oxidative capacities, the fatigue resistance of the fast twitch muscles. Maybe there's some sort of combination. But this is a great method for generally working on your aerobic endurance work capacity.