What's really interesting about Bitcoin is it's a monetary battery. It's a way of taking trapped energy and converting it into value. Because in this new world, by the way, like, the geopolitical is no longer about physical or access to energy. It's about the access to compute and connectivity. There are these people out there who are yelling about Bitcoin as a systemic hedge. Well, guess what? Bitcoin is not a f***ing systemic hedge. If you hold your Bitcoin at a financial institution. My name is Giovanni. Today, we are going to talk with Meltem Demiros, venture capitalist and chief strategic officer at CoinShares. How are you, Meltem? Hi, Giovanni. I am well. How are you? I'm great. A couple of days ago, we saw prices on oil futures crashing in negative territory for the first time in history. What kind of impact does this event have on the narratives in the investment world and on Bitcoin in particular? Here's what's happened, basically. The last century of human history from a political and economic perspective has been defined by the hunt for natural resources and particularly oil, right? Oil has fueled the growth and development of the modern industrial post-World War II as world as we know it. And what I think has been so interesting to watch. And again, this is my take and I try to be non-judgmental. So if I sound judgmental, I don't mean to be. The access to oil that certain economies have had has resulted in a complete perversion of their markets, of their development. And we see some of the world's most brutal, most persistent dictatorships and tyrannical regimes have been supported by the cash flows that come from their oil. In the U.S., in particular, the advent of post-World War II U.S. policy was really shaped by the drive, the quest for access to oil to fuel American growth. And what I think has been really fascinating to see is sort of three major components. The first is, over the last 10 years, the U.S. has become mostly energy independent. And that has been in large part due to the shale revolution, which is what I worked on in the earliest part of my career, was onshore shale oil and gas production in the United States. So that's been interesting to watch, but that production has all been fueled by a lot of debt and a lot of these companies are now in junk bond territory. They're defaulting on their debt. And a lot of people don't appreciate that the energy industry today, the onshore U.S. energy industry refinery, is that whole energy value chain comprises 10% of our GDP. So it's a big hit to the U.S. economy and it'll be very interesting to see from a policy perspective what the government does to prop up and defend the U.S. energy industry and energy sector, because energy independence is a really important part of the political narrative. The second piece is from a geopolitical perspective, all of a sudden there are a number of states that will not exist anymore. Venezuela has just lost its only source of revenue, its oil, right? Iran, Iraq, two countries that have been in turmoil for a very long time, they've been living in a very precarious sort of piece, if you can call it that, that's now gone. And then the other country that I think people don't talk about enough is Nigeria, right? Nigeria is a country that has grown a lot over the last decade, but still is extremely dependent on oil revenues and that revenue is now gone. The only two countries that can really stand a chance in surviving this current climate in terms of their oil industries are Saudi Arabia and Russia, right? And so I think what you're seeing play out, what started with a price war between those two nations is now playing out in a full-scale global war. And again, the political positioning around this, the new narratives that get created as many OPEC member states sort of cease to function as we know them, I think that's what's going to be really interesting because the world as we know it, that post-World War II world, doesn't exist anymore. It's not going to exist anymore. So there's this huge amount of uncertainty, but also this really fascinating opportunity that's going to emerge. And then the last piece that I really think about is, you know, there have been several repricings of oil and energy in human history, but what I think is really interesting is we're not just seeing a repricing of oil, we're seeing a rethinking of the entire energy value chain. And I think one place where that ties into Bitcoin is the way that Bitcoin functions. When I think of Bitcoin, it's not just money, it's not just a payment network, it's not just a store of value. What's really interesting about Bitcoin is it's a monetary battery. It's a way of taking trapped energy and converting it into value. So you see this, for example, you know, people mining in places where there's access to hydropower, geothermal power, wind energy, or other trapped natural resources like some of the opportunities we're seeing in North Dakota where people are using stranded shale gas to fuel Bitcoin mining. So I think there is this really interesting narrative that's developing around the future of compute and connectivity, as I like to call it, and the Bitcoin network is really a primary example of how that might reshape the world. Because in this new world, by the way, the geopolitical is no longer about physical or access to energy, it's about the access to compute and connectivity. And I think this is where what China has been building is really fascinating because they're very much focused on winning the digital race and they're very much focused on powering the world's compute and connectivity and using that to reshape the political landscape. These dramatical changes that we have been seeing in the investment narratives, do you see them as something that is not temporary, is going to last like in the future for the future decades? Because some people say these changes will just be temporary right after this COVID-19 pandemic will be over, things will just get back to normal, economy is going to just get back to normal, you don't believe so. The idea that there is something called normal and that we will go back to it is preposterous. I think it's absolutely preposterous. The idea that there will be a V-shaped recovery, as people are calling it, is also preposterous because this is the first time in a very long time that every human being on the face of this planet has gone through collective shared experience together that has defied all of our expectations around what normal is. What we're living through is a world where everything that's happening has defied our expectations of what is possible and I don't think you can underestimate the psychological impact that has on people's mental models. And so I think this idea of normal doesn't exist anymore. So what's going to happen here in the United States? We're going to start giving people money. Like we're going to give people monthly checks from the US government. We will never be able to stop doing that. It will be politically impossible to stop doing that. So again, like here's one example of something that will never allow us to go back to normal. Normal doesn't exist anymore. So how is this change in people's mentality going to influence their attitude towards cryptocurrency and Bitcoin according to you? Yeah, I think number one is one of the biggest sort of arguments we've heard from investors, allocators, people who really think about investing in terms of portfolio construction is number one, their concept of risk has changed entirely. If we look at the investment universe, the idea of risk-free return doesn't exist anymore. Bonds fixed income with interest rates at zero, there are really no really low risk, stable fixed income generating assets anymore. So in this world, I think people are moving further out on the risk curve. And that's one component. So when risk gets repriced, when risk fundamentally changes, I think people start to rethink portfolio construction. And the first place we're seeing this argument around portfolio allocation, like what does high risk even mean? A lot of asset classes that we thought were low risk, i.e. ETFs, are actually really high risk, right? Corporate bonds, which we thought were low risk, are actually really high risk because for the last decade, since the great financial recession, people have been levering up and financing working capital with borrowing, right? It's like a complete perversion of how corporate financing is supposed to work. So I think again, this concept of risk is fundamentally changed. Risk weights and portfolios have changed and the yield you can earn for different types of risk has changed. So people are going to have to adjust their portfolio allocation models and that's not going to happen this week or next or the week after. Like no one's convening their investment committee to have a risk review conversation right in this moment and to reallocate everything. But it will play out over the next year or two or three as we start to realize what the new normal looks like and what the price of risk actually is. That's one. The second one that I want to touch on quickly is volatility. So the other thing we always hear about Bitcoin is Bitcoins of volatile assets far too volatile, can be stable store value, blah, blah, blah. I think the Bitcoin store value narrative still has a long way to go but I think what we're seeing right now is volatility is off the charts everywhere. And actually Bitcoin does not look so volatile in this environment. It stayed fairly range bound over the last sort of few months and that's been a consistent trend over the last few years, right? Bitcoin's volatility has sort of been lower and lower and part of that is due to the maturing of the market around Bitcoin. It used to be just like in the oil industry, right? You started with physical trading where people just traded the actual physical crude and then you started to create derivatives. So you started to create a paper trading environment where people could hedge, manage risk, et cetera, but then also speculate. And then now what you see is the majority of volume of trading is actually not the underlying physical, it's the derivative, right? And the same thing in Bitcoin now, you have options, you have futures, you have a lot more sophisticated strategies that people can apply to not only manage risk but also to start to deploy more sophisticated trading strategies. So I think that volatility story starting to evolve and Bitcoin's volatility no longer being viewed as abnormal is something that's really going to impact the mindset of investors. We had Anthony Pompriano not long ago on our channel and he was kind of projecting similar scenarios. He said that eventually the US dollar will fail. You know, the US dollar will fail, right? And whether we like that or not, that's just how history has played out. Maybe you don't have such a maximalist position on Bitcoin and the dollar as Anthony has, or maybe you do. So the US dollar is an interesting one. Look, for all intents and purposes, the US dollar is the global currency. It's what everyone wants to hold. It's what everyone prices their debt in. It's what everyone prices their supply chain in, right? The dollar is what fuels the global economy. And actually, if you look at what's been happening to the dollar, a lot of people didn't notice this, but last year, Rosneft, which is Russia's largest oil and gas production company, actually made an interesting change where all of their contracts, which used to be priced in dollars, are now priced in euros or rubles. Interesting. And if you look at what China's been doing with their Belt and Road Initiative, right? Financing infrastructure in many developing countries through lending and through actual foreign direct investment. I think one of the interesting things that's been talked about for a long time, but is now really starting to become clearer, is China using digital renminbi as a way, right? A renminbi priced debt as a way to sort of drive adoption of renminbi as a more widely utilized global currency. But at the end of the day, again, things take time to change, narratives take time to shift. I actually think the dollar is in a stronger position than ever before, because while the dollar may, oh yes, we know all of these facts about money printer go brew and endless sort of money printing and how that debases the monetary supply. But at the end of the day, the US dollar is still better than everything else out there. And I think what people don't recognize when they make these statements in investing, everything is relative, right? Everything is relative. And if I look at the universe of options available to me, if I have a million dollars that I need to have available to me and I need to hold it in a currency, what currency am I most likely to choose? Today, it's going to be the dollar. It will 100% be the dollar. Maybe the Swiss franc, maybe the euro. You're not holding it in pesos. You're not holding it in renminbi. You're not holding it in rubles. You're not holding it in Naira. I think when people talk about money, people don't recognize you're constantly making choices based on the options that are available to you. So to me, when we talk about the death of the dollar, right, what you have to look at is in the universe right now of available options, the dollar is your best option. And so until that starts to change, I don't see the dollar losing supremacy. Now that could very well happen, right? But it really depends on how our narrative shift again and what happens to people's mental models as the world we live in starts to change. You identified the life cycle of crypto as alternating periods of hype with inflated prices and more sober periods when prices realign with the real values of these technologies. Where are we right now? We've been in a protracted period of realignment, I would say, or revaluing. And I think the jury is still out on how long that will take. I know there's a lot of enthusiasm around the halving, but I actually don't think the halving is a short to medium term price catalyst for Bitcoin. Because again, everything is relative and the majority of inflows that we see into Bitcoin is not people buying Bitcoin directly, they're buying derivatives. And more importantly, if we look at the future curve, the price people are willing to pay for futures contracts or Bitcoin in the future is actually lower than the spot price of Bitcoin today, which is an indication of people's sentiment. Now again, that's not a perfect measure, but if I look at just generally the sentiment around Bitcoin, a lot of the enthusiasm is still retail investors, it's still sort of native to this industry. So I think it's going to take some time for the Bitcoin narrative to play out. The other piece that we can't underestimate is I think if we look at the regulatory landscape, there are a lot of sweeping changes that are being enacted. Governments are using this opportunity to sort of crack down in different ways. If we look at the numerous bills that are on the floor in the US, there are threats to encryption, encrypted messaging, practicing communication, but also there are threats to Bitcoin. There's a bill on the floor right now that would mandate that every Bitcoin transaction that touches a US company or a US client would need to be tracked and monitored, which would mean Bitcoin is no longer fungible because we can track where the Bitcoin came from and we can do a lot of forensic monitoring. So to me, there are still a lot of existential threats to Bitcoin right now that need to be overcome by building better tools, better technologies, and people are building them, we're investing in them. I'm very excited about these developments. But again, you have to view Bitcoin through the macro lens. And I think right now the narrative around Bitcoin is starting to form, but it's not mature yet and there are a lot of threats that just haven't played out yet. Actually, your thought reminded me of an interview we filmed recently with Daniel Jeffries, who is like a futurist, and he actually expressed the same concern that in a situation of emergency, the state can become Bitcoin's worth enemy imposing this kind of very draconian laws which will eventually kind of crack down on Bitcoin. If they begin to put in capital controls, for instance, and people try to use cryptocurrencies to evade those capital controls, governments will swiftly move to destroy all centralized exchanges and local Bitcoin operations. So it's interesting hearing the same opinion from you. This is what's been playing out since day one of Bitcoin, right? And it's not just unique to Bitcoin. I think one thing that people don't appreciate is as exciting as Bitcoin is in so many regards, at the end of the day, one of the biggest challenges we have is just human behavior and human expectations. If we look at what we've seen in regards to privacy, right?  Like people are downloading TikTok on their phones. People are uploading content and tagging it with their IP address and all sorts of data about themselves. Like people have zero concept of privacy and take no steps to protect themselves online because it's hard, it's not easy, it's not innate. Same thing with Bitcoin, right? There's a lot of conversation in Bitcoin circles about privacy and security. Most people hold their Bitcoin on an exchange. There are these people out there who are yelling about Bitcoin as a systemic hedge. Well, guess what?  Financial institutions are regulated by the federal government and when the federal government doesn't like what's happening, they can seize or freeze those assets. And so what I think is really interesting to see is there are a lot of people who are like, it's trying to sell this narrative around Bitcoin as a systemic hedge when in fact they're taking their Bitcoin and they're shoving it right back into the financial system which effectively negates that sort of argument. I'm not saying that all Bitcoin should be self-custodied or that that's appropriate for everyone, but I think there are these really interesting cognitive dissonance moments in Bitcoin where what we're saying and what we're actually doing don't add up, right? And this is the problem is there's this reality distortion where people are not being very realistic about the path that things will go down. And what I worry about is what are the implications of that longer term? Yeah, I just think that's very interesting. Bitcoin's not going to be a systemic hedge if you give your Bitcoin to BlockFi, right? And again, I think BlockFi is a great service but there are a lot of people who are like, I want to earn interest on my Bitcoin and I'm like, great, well, BlockFi is a bank. So you're effectively doing the exact thing that you didn't want to do in the front. Like we're recreating the exact same system we already have, but we're just using Bitcoin instead of another asset. And that to me is a bit illogical. On the other hand, technologies like DeFi, like MakerDAO also prove themselves not to be ready in a way because we saw on March 12th what happened with MakerDAO, so much money went lost and people don't trust these platforms still like the majority of the people probably don't trust this decentralized platform because they still feel more comfortable with a centralized custodial. Yeah, but I think what this highlights, right? And it's the same thing with lightning, right? Like we talked about, I'm really excited about lightning. I use lightning once a week when I buy stuff on Fold that I'm an investor in that company and I think what they're doing is great. But like lightning is an experimental technology. There's a reason that there's a limit to how much money you can spend on time because it's experimental. And I think one of the things that people don't realize all of this technology is still really experimental. I think it's really important. So I think with DeFi what I'm excited about is we're playing out certain narratives and DeFi is the tool that's helping us sort of explore these narratives. Just like Bitcoin five years ago was a tool that helped us explore new narratives but Bitcoin five years ago is not the same as Bitcoin today. There have been a lot of changes to the protocol. There have been a lot of changes to the applications that people are interacting with to access Bitcoin. And it takes time for things that are experimental and sort of help us understand the shape of this new reality to come to free oition and to be implemented in a way that's scalable, usable, secure, etc. So I think what I just find interesting, people in the crypto community will just throw money at things as we saw with ICOs and then when they blow up in their face they get upset and I'm like, well, what did you expect? And it's not a criticism. I think what people are doing on the experimentation side is amazing but I do think some of the investors who are throwing money at these things, particularly retail investors and people who've just been around crypto, they're not necessarily being very pragmatic when they're throwing money at these things. So it's sort of a two-sided thing. You know, for every market you have to have a buyer and you have to have a seller and the great thing about this is permissionless financial innovation. So if people want to build something and the people who are buying or putting their money in it aren't going to do their due diligence and they don't care about the security of their assets. I don't know what to say about that because that's the whole point of permissionless innovation. We're not going to tell people what they can and can't do but at the same time, if you lose your money because you made some poor decisions you need to take responsibility for that. So it's interesting. Again, it's one of these great narrative violations, one of these great contradictions of cryptocurrencies. It's like we want it to be permissionless and we want to have this medium for financial innovation, these new cryptographic financial primitives. But at the same time when things go wrong people don't want to be responsible and they want the government to build them out or they want to sue someone. Like those two things are contradictory to one another and you can't have it both ways. Of course. So you have been branding yourself for a while as a shitcoin minimalist. Can you explain what that means? Yeah, I absolutely can. So look, a lot of different protocols out there, a lot of different coins out there, a lot of different stuff out there. I think one of the interesting things that I've been watching when I started out is just Bitcoin, just Bitcoin. And then Ethereum came along and then Ethereum grew and grew and there was a lot of excitement around Ethereum and things built on top of Ethereum as ERC-20 tokens or other representations. Then there was this whole wave of new protocols and ICOs and then it was SAFTS and now it's utility tokens and all these other sort of iterations of this. At the end of the day, I still think Bitcoin is the heavy hitter. Bitcoin is where the liquidity is. Bitcoin is close to 70% of the market cap of the overall crypto market. And Bitcoin to me is still what makes the most sense because you can't replicate Bitcoin. And what I think is so interesting is everybody, anyone can make something and call it a cryptocurrency. Facebook's a great example, right? They came out with Libra. They're like, we're creating a cryptocurrency.  So when I say I'm a shitcoin minimalist, I think just ideologically speaking, what I'm trying to articulate in a humorous way because I like to have fun and maybe be funny. I also make fun of myself. So it cuts both ways. But I think really what I'm referring to there is there is only one Bitcoin. You can't recreate it. You can't replicate it. There is no better Bitcoin. There is just Bitcoin. And then there are other things, but don't call them Bitcoin. And what I take issue with is it's very sad actually. I have people who are new to Bitcoin who come to me and they're like, oh, I bought Ethereum. That's just like Bitcoin, right? And I'm like, no, it's not that it's bad. It's just that it's not Bitcoin. Being a shitcoin minimalist, then it's pretty much the same as saying being a Bitcoin maximalist or is there a difference? No, it's not. I'm not saying that all of these other protocols shouldn't exist, right? Like of course they should exist. That's the whole point here. Like I am not the judge. I'm not the jury. Again, if someone wants to create something and sell it and someone else wants to buy it, great. I don't... That has nothing to do with me, right? It's not my role to judge that. A lot of those things are not for me. Some of those things maybe are for me. I don't know, but they're not Bitcoin. And so to me, there's what's happening in Bitcoin and then there's everything else. And everything else is far less interesting to me than what's happening in Bitcoin. But I'm not saying that Bitcoin is the only thing. What I'm saying is everything that's happening over here is just not Bitcoin. But if I'm not mistaken, you also disclose your investments into several other cryptocurrencies which are visible on your website. These are... Can it be also considered as shitcoin? Sure, yeah. And I'm very open about that. I think I'm one of the only people in this industry who actually discloses my own interests. And look, I think everyone who's involved in Bitcoin, almost everyone who's involved in Bitcoin has dabbled with shitcoins at some point. It's interesting. It's fun. Some of the projects I think are interesting. I'm investing in them as someone who is investing as speculator but also someone who's curious about what's going to happen with these projects. Tezos is a great example, right? But I would never go out and say, Tezos is just like Bitcoin. You should buy... I'm not telling people to go and buy these things because they're going to make money. I'm not telling people that Tezos is like Bitcoin. Tezos is its own thing and it's going to develop and mature and grow and maybe it'll succeed and maybe it'll fail. I don't even know what those things mean because there are many different ways you can succeed and fail all at the same time as we saw with ICOs, right? You could have ICOs that had great returns but were terrible and achieved nothing from a technology perspective or a practical implementation perspective. So again, what I'm just saying is those things are not Bitcoin.  They're interesting and they're fun but the majority of my time and energy goes into Bitcoin because I think that's what's most interesting to me. In an interview with Glamour, you said that the cryptocurrency world has become dominated and driven by greed. In another interview with Coindesk, you said that what keeps you in the industry is the passion, the intellectual horsepower, the curiosity, the ability to connect so many different ideas. But how can these two souls coexist in one industry?  Look, I think what's been interesting is there are people that I call Bitcoin tourists and then there are sort of Bitcoin lifers. And in each success, when we talked about narratives earlier, the narrative around Bitcoin and cryptocurrencies has evolved a lot since I first got involved. And it's funny because I talked to some of the people who I met in 2012, 2013, 2014, and one of the things we talk about, like, does this industry still feel like the industry we started in? What keeps us here? Why are we still doing this? Has it changed for the better? Has it changed for the worse? When we started in 2013, 2014, we had no money. Nobody thought we were cool. We were all poor. Like, I had no money. I was in debt. It was not cute. Companies had no money. They were on the brink of death. They had been pouring their energy into Bitcoin and then the gox crash happened and it was just a very difficult time. And then 2017 happened and everyone went crazy and all of these new people poured in. And some of them evolved and adapted some of the ethos of the original Bitcoin crowd but a new ethos developed and all of these new sub-communities formed. And that keeps happening. And then all the corporates came in and they wanted to enterprise blockchain. And then all of the traders and Wall Street people came in and they wanted to do regulated Bitcoin exchanges and then all the custodial people. Like, every iteration, there are these new people who bring their own lens, their own viewpoint and kind of evolve the culture. And yeah, a lot of it now is about speculation. It's about speculative trading. It's about making money, trading cryptocurrencies. And that's fine. You know, we live in a... We supposedly live in a capitalist society. I really think it's a socialist society but that's another topic. Like, we live in a country in America where people have the right to engage in free enterprise and make money. So, like, great. If you want to be greedy and make lots of money, great. Like, have fun doing that. But I do think for a lot of people, like, they are here because they are very, very, very passionate and very excited. And they spend a lot of their time and energy doing things that don't necessarily make them money. But that fuel their passion for why they're here. Like, look at me, for example. I'm sitting here talking about all sorts of stuff that is not me trying to sell my business. I'm talking about the things that I'm passionate and excited about because in addition to working in this industry, I'm genuinely passionate and excited about creating a narrative and creating, like, a future reality where some of the things that I care about become true. So I do think the two can coexist at the same time. It's just when one takes over, you get what happened in 2017. Which will happen again. It will happen again in the next Bitcoin boom. It won't be ICOs, but it'll be another idea that people use. You are saying that this speculatory side of this technology is like a necessary evil for the whole space to move forward on these cycles. But it's also human, right? Like, we're humans. That's what we do. That's how we behave. I don't know. Like, look at people buying. Look at Robinhood, right? If you look at, like, these investment communities, people are just on the internet. They're like, buy this option. Short SPY. Buy puts on this. And people just do it. Not because they know what they're doing, but because they think they can make money. Like, that's, we gamble. People buy lottery tickets. People go to casinos. Like, why do they do these things? They don't make sense. But it's part of human nature. I don't know. I can't explain it. That was Meltem Demirers, venture capitalist and chip strategy officer at CoinShares. Thank you for being with us. Thanks so much for having me. And hopefully we will see each other in person somewhere in the world when things go back to not normal.


A little bit easier on the boys side taking on DL Silas has he's been coming off the bench lately because of some minor injuries, but he looked good on Saturday takes the pass from Paul Messague races ahead and strikes with the left jacks go up three to nothing. Later on in the half has starts off the play up to Ethan Mach over to Logan Mitchell. That is quality soccer right there. Bemidji takes care of business winning seven to one. They also play Cathedral in the semis tomorrow. If you enjoyed this segment of Lakeland news, please consider making a tax deductible contribution to Lakeland PBS.


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Welcome folks, we have the Dow industry trading down $193 and NASDAQ is off $61, S&Ps down $25. Gold contract down $15.40, trading at $2,165, we have silver down $0.12, $25.03, flat, cop is flat, holding its price, $405 a pound, LightSuite crew has got a bid up $1.50, $81.22 barrel notes and bonds, 10-year note down $23 ticks, trading $1106, the 30-year down a full point, plus $15 ticks, half a point at $115.25. Now they both are down on price, you get a contraction of volume, but they're not holding price at all, so they're probably going to the bottom of their consolidation out here, and $king dollar. $king dollar is up $583 trade, $103.72, Euros 108, Yens 148, British pound is out here at $127-1 US dollar. We go over and take a look at the spy bottom line, you get a sideways move, you got light volume, this price, this market still wants higher price. So you're down $2.50 on the spy right now, you have pulling in $57 million, you know, that's some volume, but the bottom line is that you're going into 80 and 90 million, so that's coming down on light volume. And the X100, we go over and take a look at the 3Qs, which you have with the 3Qs out here, they're not down as much as they normally would be in the correlation of the S&P actually.  We go in and here is the culprit here. Let's just go over and figure out this good old US dollar, because with the dollar, the dollar is up a half a penny right now, so the range that you're going to watch like a hawk now is less than this. It's the 1.0, yes, the <IP_ADDRESS>0, man, <IP_ADDRESS>0 actually, because if you're a gold bull or a bull in the marketplace, you do not want this going back inside that range, because that's going to basically put a hammer in on the trend going higher. So we'll see where this shakes out. The dollar today though has price spread for sure. Stay right there, folks, come right back.


heart courage or enthusiasm effort a vigorous or determined attempt and Those are two things that a lot of Ravens fans have questioned with Miles Boykin this offseason and I try to figure out why I know some people say oh he just ain't got that much hard. He ain't got it.  Or are you his buddy where y'all talk on the phone every single day and he gives you an update of everything going on in his life? If not, then I don't think a lot of us have any room to talk Now if you weren't the biggest fan of him on the football field, okay, that's one thing But for people to question his heart and to people for people to question his effort. I think that's wild But Miles Boykin He was having an interview with the Ravens yesterday And he confirmed that he will be coming down here Now I was working gonna come through to South Florida to come train with Lamar Jackson and the rest of the Ravens teammates, too And there had been just people just really Going in on Miles Boykin and again, like I said, was he the greatest player last year? No but Was he a rookie last year and A run heavy offense where he got far and few opportunities. Yes So again, like I said earlier if you you're not the biggest fan of him as a player Okay, that's fine. But Still this is early It's very early This is literally his second season with Miles Boykin.  I know people even questioned In the in an interview he had a couple of weeks ago people questioned it like hold up What's wrong with this dude?  This guy ain't about to let his get out of shape I'm sure he played ball in high school But then when he got on another level on the collegiate level You know, he had to take care of his body Well, see what have been kicked off the team and Then on a professional level, I'm sure miles Boykin sees what the Ravens see I'm sure he paid attention to the Ravens vision and what they let him know without saying a word Because if you watch the draft if you watch free agency thus far Then you see that they are giving miles Boykin a shot Because what wide receiver free agency the Ravens pick up besides their own that they brought back They brought back the Anthony Thomas and they brought back Chris Moore No offense to either one of the two but neither one of those two are taking miles Boykin spot Neither one of those two were heavily involved in the offense last year That's the only two receivers that the Ravens signed and Those are not out. They're not even outside guys Then you go to the draft First round a lot of people wanted the Ravens to take a receiver Did they do it? No second round.  We got your back now have us Show us the miles Boykin that we want to see so he said that he's been working out with trace McSorley Now I saw a thread I'm sure the guy was trolling because he had to be but then when I kept reading the thread. I'm like, hold up.  So what's the problem with him working out with him? He was like he said that's not good enough And it's like for some people if they if they get stuck if they get set in their mind on How they feel about somebody Sounds like you're talking about Lamar Jackson, right? But if some people get set in their mind how they feel about somebody no matter what that person does It'll never be good enough ever They could work the hardest they could improve the most they could do their thing but it will never Be good enough Miles Boykin is gonna be just fine And again since he's coming down here This is what he should be doing Does everybody else gonna be down here? I mean, I'm still waiting on the invite for one of the Ravens players I come through They need somebody play quarterback. Hey, I do it. They need somebody play cornerback. Hey Hollywood Boykin Snead Nothing personal, but I don't mind making y'all look bad. I Don't I don't mind. I don't mind locking y'all down Especially since we probably not gonna have the second annual team keep it clean flag football game this year I mean, well, it's about to be June already. So yeah, we probably not gonna have it. We'll see but most likely not So I don't I don't mind going to lock the Ravens receivers down get him a challenge. I can make them even but not seriously though This is good. I'm glad that he's gonna be joining the rest of the team. Oh And I think that was another thing that the other guy He had to have been trolling but again, maybe he wasn't but he was like Miles Boykin should have been down there He should have been down there in Florida with the rest of them but again Never good enough, but he was training up up in Baltimore He's training up there with trace And shout out to trace to Trace working on himself trace working on his game That's good for the great for both of them. I Like that. I love that and again another big thing in this day and age of so She'll media and we've talked about this before on here But another big thing is that a lot of us tend to get caught up in what we see There could be a million other things going on in the background that we don't see but we focus on what we see because it's Right here present in front of us and that's understandable a lot of a lot of people are visual Whether your visual learners or whatever, but a lot of people are visual just period Seeing is believing, you know the phrase So a lot of people since they see Hollywood working out Then they believe that oh, he's the only one working out He again, I've seen people question Snead. What's he doing this offseason? He must not be working out people obviously have question Boiken. What's he doing this offseason? He must not be working out People have been questioning these guys just because they don't see all the videos on Instagram or Twitter or on YouTube or Facebook Or whatever they don't see all the videos of them working out.  He ain't trying to be no real receiver on the Ravens. Oh, man He ain't showing no effort He's not showing any heart But again every workout just because I saw a funny meme the other day and it said It said if you if your workout if you didn't post your workout on social media Then it ain't real it didn't happen And I mean and and that is the sort of era that we're in with a social media Because I mean, I'm sure you all have seen it. I know a lot of my friends that do it Not me personally because I don't go there but When people go to the gym People go to the gym and I'm sure those of y'all that go to the gym y'all see it up close and personal You'll see people more focused on with their phone taking angles of Oh, man working out. Yeah Hitting the hitting the treadmill. Whoo. It's gonna be a long day today Whoo trying to lift weights with one arm. Oh grime old season, baby I know y'all know what i'm talking about and I know y'all got plenty of hey, some of y'all might do it yourselves But to each his own but some people feel When they do go to the gym They have to post it They got a show. Hey, I went to the gym today so in Retrospect with with with us that are the audience that are watching that stuff We can end up being guilty of feeling like oh, okay. Well If since this person they posted their workout Maybe this other person Who yeah, I know I know they I know they work at they worked out before And they've had to be in good shape, but since they didn't post it. Maybe they didn't go Maybe they're not at the gym all I mean while that person is lifting weights staying in shape getting right But they just didn't do it for an audience They didn't put it on social media So it is what it is But I'm excited for Boykin. Um, he I think he has been Hmm Well, him and Hollywood Hollywood has been talked about a lot. I was getting ready to say I think Miles Boykin has been the most talked about Ravens wide receiver this off season But I don't even think that I think he's been the the most questioned Ravens wide receiver this off season Because there are a lot of questions What's he gonna do in that second year? How's that jump gonna be? And again, it's not it's not all on him. It's on LeMard, too There were plenty of times Miles Boykin whether he was open whether he had a step on his man, whatever And LeMard either didn't hit him or LeMard didn't even see him So he he didn't have many opportunities last year He didn't have many But again with this the way that this off season has gone so far He should have plenty or more He should have plenty more I said plenty of more. That was a mistake.  We're getting there. We're getting really close We're getting very very close Every single day we get closer Of course the reopening is in phase one Coaches can't come back yet. Now, there's have been talk about coaches possibly being able to come back next week We'll see what happens with that But we're getting that much closer that much closer So we'll see how everything transpires But again, like we talked about yesterday in the video about the Ravens reopening patients We've got to have patients. They got to have patients And we just got to take a wait and see approach Miles Boykin, I am rooting for Miles Boykin heavy um, especially since Ravens have never been able to do right With a receiver like him I think that that's that's one of the biggest reasons I'm rooting heavy for him because Ravens have never been able to do Right with a wide receiver like Miles Boykin He's like six four six five fast Got pretty good. Well, hey, he had pretty good hands in college And it's not like he got drop issues. I mean his drops.  Well, not on the Ravens Raiders it worked out the Ravens began his transition to tight end, but That didn't work out for other for other reasons but um It just with their bigger frame receivers, but they were fast or not. It just it hasn't been it They ain't been able to get it done And also another reason I'm really rooting for Miles Boykin is because under Eric Dacosta He seems to have really gone young at the receiver position And and that's exactly what I wanted him to do and same for the past two years and then he did it starting last year So We'll see how everything works out Team keeping clean appreciate y'all I love y'all And just like Miles Boykin is going to be saying that bwi soon I'm out


This same light bending leads to the warping of light from distant galaxies as the light encounters supermassive galaxies on their path to us. This is called gravitational lensing. Here's a clip that shows how this lensing works on a grand scale. A distant galaxy would be seen here on Earth directly if there were no intervening massive cluster to bend the light. But with such a cluster the light from the distant galaxy gets bent into rings and arcs to continue on to the Earth. This is Able 1689, 2.2 billion light years away. It's one of the most massive galaxy clusters known. The gravity of its trillion stars plus dark matter acts like a 2 million light year wide lens in space. And here's another cluster, 5.7 billion light years away. It's the latest from Hubble on gravitational lensing released in late 2015. These foreground galaxy clusters are magnifying the light from the faint galaxies that lie far behind the clusters themselves. These faint lensed galaxies are around 12 billion light years away. It's the gravitational lensing that allows us to see that far back in time. Without the magnification these galaxies would be invisible for us.


Item No. SCP-636 Object Class Euclid Special Containment Procedures The building containing SCP-636 has been officially condemned for its opponent's mold contamination, and the lot fenced off to prevent unwanted intrusion. A minimum of two armed undercover guards are to be posted at ground level, and any unauthorized individuals attempting to enter the building must be detained in question. Any experimentation on SCP-636 must only be performed with prior permission from at least two level-3 personnel. Description SCP-636 is a maintenance elevator at the ██████ Hotel located at ██████. Unlike the other elevators in the building, SCP-636 contains a magnetic card reader, which when used with a Pacific card key will cause the elevator to move to a third subbasement beneath the building. According to the building plan, there are only two subbasements beneath the building, and the owner of the property was not aware of an elevator with magnetic card access. Whenever any individual attempts to access this floor via SCP-636, the elevator appears to work normally. However, upon reaching the non-existent floor, all contents of the elevator, including any personnel or remote monitoring equipment, will disappear. Exploration of the elevator's shaft itself has yielded no useful information. While the shaft does extend to a third subbasement level, there are only blank walls of that depth, and video cameras placed within the shaft have shown no unusual activity when the elevator reaches the bottom. Furthermore, SCP-636 were periodically moved to the third subbasement level on its own. Upon its return to ground floor, the elevator car has occasionally contained anomalous objects as documented below. SCP-636 came to the Foundation's attention on ██-█████, following the disappearance of two elevator mechanics during routine maintenance of the building's elevator systems. A two-man initial exploration team was sent into SCP-636 and subsequently lost, after which the site was placed on lockdown and the owner and all witnesses given Class A amnesiacs. Current containment procedures were put into effect shortly afterward. Addendum 636-01 Log of notable anomalous events Date ██-███, 2000 Description SCP-636 called the bottom floor for approximately six minutes before returning to ground floor. Upon its return, the fully disassembled parts of two helmet-mounted video cameras were found on the floor of the elevator car. Analysis of the components confirmed that they belonged to the members of the initial exploration team. Three cards and recording media of the cameras were blank. Date ██-██, 2000 Description SCP-636 called for approximately two minutes before returning to ground floor. According to the testimony of the armed guard stationed at ground floor, the walls of the elevator car were covered with hundreds of human eyeballs that tracked them for several seconds before the doors closed, and the elevator recalled to the bottom floor again. The elevator car was found empty afterward. Date ██-██, 2000 Description SCP-636 returned after four minutes and 17 seconds, and contained approximately 11 kilograms of shredded Egyptian cotton fabrics soaked with blood. Analysis of the blood samples were inconclusive, as recovered DNA did not seem to match that of any known terrestrial animal. Date ██-██, 2006 SCP-636 returned after eight minutes and 42 seconds. Upon opening, a naked and emaciated male later identified as Agent ██ of the initial exploration team began pounding on the buttons and screaming that he had to go back. Agent ██ managed to disarm and kill one guard and injure the other before running back into SCP-636 and disappearing.


between you and the employer to see there is a compensation in either way round. However, we have what you call two forms of the companies. We have what you call a good and a bad company. Depending on which kind of company you are working for. If you are working for a good company, they will give you half of that compensation. And if you are working for a bad company, it will definitely sell you. We are calculating what you call a physical ticket. So you have to consider both those factors at glance.