So, this is a kind of golden goose here, this commodity labor power, because of this aspect of it, which is that if you're a buyer, you get something, it's used value, which has the capacity to create more in value than what it costs you to acquire it. If there is an excess, you get it as the buyer. Marxian theory, in a sense, Marxian theory, or Marxian value theory, is a way for the workers to understand what it is they're getting rid of. It teaches them, if they struggle with it, it teaches them that what they're getting rid of is this wonderful golden egg, okay, which the use value is going to the buyer. And that's not, they're not the buyers in capitalism, it's going to the buyers who are the capitalists. So it teaches them what they have lost in capitalism, but it also gives them another kind of incentive. They can begin to ask themselves, individually and collectively, why can't they be in the position to buy their own labor power? And if that were the case, if they were in the position, not only to sell as a collectivity, but also as a collectivity to be in the position to buy their labor power, they would then acquire its use value, this golden egg. Well, when workers are in that position, not only to sell their labor power to themselves, but also to acquire the use value of labor power to themselves, that's called communism. So Marx is providing a theory, this interesting economic theory, which he thinks may be able to liberate workers, give them a freedom from class exploitation, and put them in the position in which they can get the use value, and hence the surplus of their own labor power. Let me return then to these exchanges, okay? What makes a coat equal to linen, what makes a Mercedes equal to a toothbrush, can't be the different use values of each, you know, as I said, because those use values are different. Indeed, the seller is alienating the use value of the commodity in order to, in order to get rid of it, okay? So step one is what makes C equal to L, what makes toothbrushes equal to Mercedes, can't be these different use values, okay? Indeed, in order to have exchange to begin with, you have to have different use values. In your readings, you'll notice Marx continually says that, the things have to be different, have to have different use values in order to have exchange, otherwise you'll have coat for coat, linen for linen, that's not interesting. So the moment, so you need different use values, then the moment there is exchange, then you're alienating, you're separating the use value for each of the sellers, okay? It's the buyers that are getting the use value. Step two, okay? These different use values are a product of concrete labor, if you recall, that's how we started. Step three is the unique qualities of coat and linen and toothbrushes and Mercedes and all the other commodities you can think of are a complex product of the specific kinds of labor engaged to produce those specific kinds of qualities associated with each of these commodities. So when we equate these different commodities having these different use values, okay? We not only abstract from the use value for the seller of the commodity, we also abstract from the concrete labor that produces that particular use value, hence step three. We are left with only one thing then in considering these exchanges, which is, let me put it together, abstracted concrete labor. Marx calls that for sure abstract labor and that's what's common to all the commodities in capitalist society. So the reason, the answer, why one cloth, one, I'm sorry, one coat is equal to 20 yards of linen and so forth, is that both commodities have in common a common substance which is this kind of labor in general to produce that commodity which Marx calls for short abstract labor. He measures that in time so he argues that what all these commodities have in common is the socially necessary abstract labor time, socially necessary abstract labor time to produce a commodity. That's the missing property that he's come up with. He presents then an abstract labor theory of value and just to go back to that foot note again, that's to be compared and contrasted with a non-Marxian neoclassical economic theory which confronts these same equations and that non-Marxian theory comes up with, if you have studied this or you will study this, a utility theory of values or you have an abstract labor theory of value versus a utility theory of value and we can go back to the first part of this course and ask that interesting epistemological question of which one of them is right and remember what we did. You can't answer that question. You have two different theories of value with two different consequences on our lives. Let me give you the finally to wrap this up. Let me give you the example staying with Coates and Lennon here. So let me get rid of these two equations if I may and let's go back. We have this labor process that we've talked about in the course but I'm going to change it. If you remember this is the labor taking place times its productivity gives its wealth but I'm going to change the L now. This is going to be because we just did it abstract labor to produce, in this case, let me start with the coat. And the productivity of this abstract labor. Suppose it takes one hour of labor in general. So it takes an hour. That's the socially necessary abstract labor time. This is the assumption. It takes an hour to produce one coat. So let me write this carefully. It's trivial but it's important to see it. One coat per one hour of abstract labor then multiplying through we have the result of one coat. By the same logic we have the labor, the abstract labor to produce, I'll use a different letter here, what was it, the Lennon. Suppose it takes one hour of abstract labor and one hour we get twenty yards of Lennon per that same abstract labor. And that gives us the twenty yards of Lennon. So let's go back. What is Mark's done here? When he examines, let me put it over here. Can we get that on the camera? Okay, good. So when he has one coat equals twenty yards of Lennon, let's take each of these, let me get the same L here so I don't get you all followed up, one coat equals twenty yards of Lennon. Let's take the perspective of the coat maker. The coat maker produces a coat. What is the cost of doing that in terms of labor? It takes one hour. What kind of hour? Abstract labor, labor in general, that which is common to everybody. So we're abstracting from the concrete labor. So we're just asking the question, how much labor does it take on the average social labor to produce a coat that takes an hour? That's what we just did. So the coat maker gets rid of that, it's getting rid of an hour. And what is he, she, acquiring? Twenty yards of Lennon, he asked the question. In Moxian terms, what is that worth? Well that notion of worth is abstract labor. So the seller of the coat is acquiring the Lennon, twenty yards, and that's worth, we just did it, one hour of the same kind of labor, labor in general, because that's what it took to produce twenty yards of Lennon, right over here. So what Marx has done here is to establish an equivalence in the market, very, very important. That is, and this goes for all commodities, what the seller sells is precisely equal to what he, she, gets. So the coat maker gets rid of an hour of labor, of his or her labor, and acquires an hour of labor from the other producer, in this case Lennon. So the market is a place, or sometimes Marx calls a sphere, of equivalent exchange. That's what Marx literally constructed this. No one gets cheated, no one gets exploited in capitalism in the exchange of commodities. That's so important, let me do it again. No one gets cheated, no one gets exploited in the exchange of commodities in capitalism. Everybody is treated fairly and justly in the market. Irrespective of what you may have heard, Marxism is not a theory that is going to argue that the market in capitalism is a place of exploitation, that's just wrong. What the market does is redistribute value from one party to the other in this equivalent way. So the conclusion of this is that exploitation, which we've talked about in this course, has to occur outside the market in a different sphere. So the market of commodities between buyers and sellers, that equivalent exchange becomes a condition of existence of a profound inequality and exploitation, which is going to occur outside the market and for Marx, as we're going to see very quickly, is going to occur in production. Let me do that again. The market is a place of equivalence, no cheating, which is going to become a condition of existence for a profound inequality and class exploitation that's going to occur outside the market in this sphere of exchange. Let me pause until the next lecture.


if they're, I don't know what their price is. Of course, you have the price for so much for seven days. Seven days is a little over $600. A week? Or one week. One week in the newspaper plus online. What size is that? And I will just let you know that last time we did not go for seven days. We didn't do the last time. So you could do a smaller half a day. Right. You know, where Valley News are like $150. And that goes for three days. So you want all these ads running for a month? I mean, I think you... I mean, you're probably getting most of your... I would say your local people, you're probably, you know, the first week or two that you're running. You probably get a majority of them, right? So we could do two weeks at the Rutland Herald, two weeks at the Valley News, and two weeks at Seven Days. And we'll just go for a smaller ad for the cost of $600. Right.  And those were all the associations and associations. Plus indeed, did you have another online presence besides those, Chris? Well, I'll just list the ones, I'll list the ones that they did last time that we aren't talking about right now, which we'll see. So last time they had... Of course, this was a national one. There were two advertisements we did with two national accounts last time, which was LinkedIn and ICMA, which we're not doing this time because we're not going nationally. Right. ICMA has... I mean, they're still here regionally, but I think that ICMA is certainly regionally. It's across the whole state of the country. But how do we get the same thing with your leads? Because last time we went with ICMA but we did not go with LinkedIn. We went with Rutland Herald last time. We went to Randolph Herald last time. We did not go through seven days. We went to the Valley News. We went through jobsinvermott.com. And then we went through the different municipal associations that the states got one. So they did Massachusetts, Maine, New Hampshire. The lead themselves has a newsletter and website. I think that we would... Will the lead put ours on there for free being that we're a member? Yeah. Yeah, so we'll get that one anyways. And they had some other ones that they went through like UVM, Norwich University, Vermont Law School, Rockefeller College and SUNY School. You know, so there were a couple of schools that they went through last time, which I don't remember anybody saying that they got it from there. But those are more. Yeah. Do you want the one from that? Do you want the Herald local paper or not? It's getting smaller and smaller here. Yeah. So I just wonder with that, I think that the majority of the individuals that read the apparel will know that the town about was looking for a town janitor. Yeah, because we started the article. So you can also put it on the town's website. So that was kind of the... You know, that would put our potential cost in the $3,000 or under. Or last time, I don't have the exact figure, but between the advertising and what not, we were in the $10,000 to $12,000. It was a relief. We do want everything. Now, a lot of... The good thing is a lot of the templates we have from last time. So it comes to the interviewing process. We have a lot of the questions and everything already that I'm sure Paul's got. And you know, we can make some modifications to those and as we, you know, a month from now, we can start doing that and things. But it also tells us what we can ask and what we can't ask. You know, all those kinds of details are all in this packet. You also had spoken about, or it came up about, the committee. And I had a question. Why don't you make a comment? So I was a little confused. In case someone asks me, I want to be able to say this. I was on the impression that you had a committee that was five other people. So there was ten of you all together. And I asked the question, do you see people that interviewed by ten people? And someone said, well, not everybody came at once. And I'm thinking, well, that's not, how could they have any say they would have to see every candidate or how would they be any good to you? So I was curious about maybe what I misunderstood. So what we did last time was we had the full committee. And I don't think we had five board members and I think we had four from the community that ended up. So it was nine of you? Four from Lisa. Lisa, what about you? Yeah, so we had five. Yeah, so we had ten. And what we did with the ten was we established, you know, the league sent us all the questions and stuff like that. So we went through there to see if we wanted to ask all the questions or not. So we developed that as a committee. But then based on schedules, everybody's schedule is being visited, we did interviews, you know, during the week. Some of them we did, like, during the working day and some of them we did, like, in the later afternoon evening. And we divided that up to have four or five members in each one of those. So there were some cases that I think I went to all of them, but one. But there were some cases that some of us went to all of them. Some might have answered one. But ones that weren't there we took notes so that we were able to share with others so that we could build in. And that's kind of the way we went with it. We're starting to do a little different situation at that time because it was a lot of wonder when you were working.  Well, the other thing too is it's your schedule. So you certainly can, you know, I think that people that are applying for this a position like this are realizing they're probably going to interview in the evening, you know, because, you know, in the past when I assisted in this all of them were set up at like the earliest I think might have been five. You know, when people got out of work and then that's the way they were interviewed and sometimes we would try to stack up the forms. So maybe they would see that the most they ever saw was two or three people in one night and that was it. But we had a schedule so they would call and make an appointment and you would do that form. But I do know you had some interest last time I think Penny Griffin asked, maybe somebody else at the meeting asked about a committee so certainly that's something you're going to want if you're going to put the ad out you're going to want to put that on your next agenda to maybe make that determination or... I wouldn't give me a list of the board that wants to go a different route. I would think that we want to get the information out there now on, you know, the town manager hiring committee. I got a lot of good feedback last time from, you know, I mean we have all the rights to just do it ourselves and not include anybody but I think that we had, surprisingly we had some really good feedback and some really vital members last time and I was, when I went into it last time I was thinking, oh boy, you know, I think we had 32 or 34 candidates and then the first meeting we had everybody had to pick ten into all of us and then we sat down and we were like, oh, this is going to be all over the board but believe it or not, once people went through that I mean, I would say a majority of us had the same ten or twelve people, you know, there might be one outlier then that person had to make a case of why they thought, you know, and then believe it or not once we started going through the process the committee that we had we're thinking almost through the whole, you know, again, and then at the end we had pretty much, you know, we had narrowed down to two candidates that's a good thing even though I thought it would be like everybody would be fighting over different candidates and welcome to the board I thought it went really well I've seen it done both ways where just the board did it and I've seen it where it was the committee but it was only what they did not it was they added the two people to their board so I know certainly another town has been sometimes the employees have, you know, wanted input and I think the way that I've seen it handled in another town is very, that's the various the thought was allow them to perhaps present to the committee a couple of questions they do work with the person maybe they have a question that somebody can think of so they were able to propose a couple of questions in the end I don't know but it was a way to be help people feel and I don't think the number last time I don't think we just said we wanted to have 10 I think it just ended up being 10 once we had I think we had five people so how do you do that input? No, I just think it just naturally became 10 which actually in some case worked out well because we would have you know, first we started with the phone calls we'll ask the phone the first round so we had 10 interviews at different kinds so it was nice that some people could make on Monday so how do you determine committee's I've seen form in the past people that were interested came to a specific select board meeting and were interviewed by the board and they asked a couple of questions like why are we interested in this and they had determined in advance how many people they were looking for and then the select board decided who was going to be on the committee I'm trying to think I don't know if we had I want to I don't know I almost want to think that the individuals did come to a select board meeting and had just like any other committee member had some sort of letter of interest okay yeah a letter of interest I can remember at least one person that came and then I think we were actually shocked to see that we got five committee members for committee members last time so part of that so part of the outreach you could just whatever you want is what would make happen but you could put something out on Facebook and on the website saying that you are anyone interested in being in a town hiring committee must submit a letter of interest prior to whatever the date is or we'd say prior to or attend the July 8th select board meeting yeah so that would be the letter so some of the letters may not be in your packet you may have seen it that night but you're trying to give them enough time yeah so we close this July 31st are closed our deadline to why we're going to want to have at least one meeting if not two by then for the committee to start working on questions in the first round interview and stuff so can I ask why you put it on a short deadline to stop advertising why not stop advertising in the primary gap for the group because you also don't have to have a saturation bomb in advertising discussion if you guys have that sort of reach a different group I don't think you have to have the add-out within two weeks because people don't necessarily look at everything each week I think you could skip a week here or there yeah that's true they do the two weeks you could do one week not a week and then the second week to kind of cover your money and not your people looking to pay for them but we just thought it was just let the word out don't give enough resume that you like we've got another ad see what else comes and we didn't go to a deadline or a level of how many selections each board member had it really just happened the people I like these two gaps and you took all the the passion from the various people and the discussion really developed on its own with people pitching their guess at the end of the month at about 10 but I mean it was like we didn't have to say pick the top 10 well in this case we don't really know how many applicants we're going to get because they have so many maybe that's why we had we went national last time so we had 32 or 34 that ended up the people we had the people's work were determined to sound like you were really going to look at you got to pass a lot of paper and meetings I know you guys are going to get to the stream line and get just to the facts that's true and it does happen but honestly what will happen is if they don't get handed they want to go back out and they'll use the same process they'll just re-advertise that's almost the same if you get too many set rules people focus too much on the rules well last time last time going to the league anyways they did a one month advertisement of deadline application and the timeline was set up for six months starting to finish and it ended up taking seven months is what my notes I went back so we're thinking that it's going to be the idea for the deadline because right now Theresa agreed to stay on with us through the end of the year the other time we're thinking six months to try and try and do this and we've gone we've done it two ways two town managers are going Keith came on that was a relatively quick process they went regional they got three or four individuals and they hired Keith and then last time it was we went you know we went how did you guys reach further well last time it was a little different because we had last time we had a longer well last time we knew Keith had given us the other town manager had given us plenty of time to start a search because he was retired so we went nationally on that and Greg he was looking for he was on one of the municipality sites once you get into the league they hit their different municipalities a lot of them piggyback on top of those so so that's how he came across that he was looking to come out here was he I don't know I don't know how do you determine who's really good at doing the job and who's really good at getting the job well believe it or not believe it or not I mean we talked all night but last time it was kind of interesting was when we we had so many applicants that we said listen everybody picked ten you know so we all picked them and believe it or not a majority of us had the same top three people and I can tell you that those top three people none of them made the final interview so it's kind of an interesting process that's what I mean those are people who are good at getting the job and in those people I would say every single one of us had one, two, three we're all local we had a very large resume of disability experience and they got weeded out early in the middle of the process it's just a kind of an interesting process the way it goes as you're going and you get to there's a big difference between reading something on paper and actually doing the first interview or just skype you know we interviewed one of the first ones and he clicked within the first question and I was kind of turned off because he didn't know anything about that we would think that if we were going to apply to be the town manager of Bethlehem there was all those things I can tell you that Greg he he had taken some in-depth time to study what we were doing for the water issues we had and he moved a lot of the information and it was kind of cool because the two candidates that we came down to Greg and another lady from New York completely didn't have the exact qualifications that we intended to look for but through that process and the lady from New York she had a substantial financial background so it was just weird it's cool how that process went I think it's personal we were talking about this today there were going to be both hired people several people and it's funny how really this resume we think this is your first and then you meet him and you're like you know the dynamic and what you need to fit in so I think it's interesting the way that it becomes a organic process that way sometimes just 500% just by talking to their referrals so we'll put that over and figure it out next meeting anybody that's interested prior to July 8th or 10th of July 8th meeting and I know you have somebody on the agenda already so maybe 6.30 but something's on something 6.15? two rivers is on a 6.15 oh sorry actually I told two rivers you was that late I said take five minutes to prove the agenda which is 6.10 the villain's going to take you two minutes because you're already going on and it's Peter Gregory from two rivers trying to find if it's one of you or someone in the audience to take over Carl's spot on the two rivers you know going to the meetings so I think there's like nine here so he's going to come in and do that so I figure we do him so does anybody other than I'll go through the two pieces of paper that I gave you the town manager job description is really just a blanket town manager job description that the link has just two quick things I know you said you're going to put that cover piece together but second line second paragraph where you got it oh god wait off wait off I put it in there intentionally just to see recent I had it back how quickly would Paul get it back all the pages on the back side of the description under the job description under the job description and I'll see hopefully I'll probably have to retake the whole thing because I don't think I have the original draft that the lead gave us so I'll do that other than that everybody's good with that so you'll just sort the add-in and I'll tell her where you want it advertise as much as you go to the app one way to see me from retaking that but also might just be an interesting approach to this would be instead of stating a bachelor's degree it's not required in that way to say we'll consider the right applicants if they don't have a bachelor's degree it's better working on that but just instead of worrying it's not required because they prefer we'll consider for the right applicant yeah and you say prefer then by reading that you know that you don't have to but that's where some people will read themselves out exactly and you'll find an e-mail address for whatever you want to write an e-mail yeah I'll I'll look for one tonight because I gotta go work I'll get out of here I'll figure out some sort of gmail account that has something to do with Ethel Town Manager or something let me work on it if you're wanting this e-mail and what it is I'll fill in the blank on it so that should give us going on the timeline and then really the next thing we'll have to do is just establish the committee and then give a committee meeting so we'll have yeah so I'll tell Kelly what the places are and you're going to send her the ad and I'll ask her to post this on Facebook and on the website about the hiring committee and probably Lisa's probably going to put that that or that that you're looking at what's that? can I do it under your name? Moos, yes that's the same you're your primary alright select four meeting minutes from the 10th of June everybody have any babies all night available or entertain a motion to accept that's the 10th of June second David the constable reports any question about the ticket is the SL2 SL3 what is all of that? my guess is the code sort of depends on what type of ticket it is would be my guest number that would be something to use in the process it could be whatever the fine is maybe it's a that's my buy song I didn't ask Oscar but my guess is it depends on the ticket maybe whether it's traffic these are dollar figures yes and also that could also be because the state keeps a percentage of the ticket maybe that's also how it varies I don't know what's your name whatever the total tickets are it does depend we don't get that whole $8,000 the person keeps their $8,000 it's like that I figured it was $0.046 I don't know what the codes are but I didn't notice that two different trailer trucks pulled over around that time so we didn't have time to do it yeah I'm not sure do you have a question about where you could get them for student work? I saw him he got one down in the work zone one day right down where McCullough is there oh he did thank you so yeah I don't know all about that okay but some of the feedback I got so far from individuals was that well I wouldn't say necessarily him in general but the constable has been doing a good job I think there's a lot of people still that don't know who he is right I'm sure don't know my name other than the person that they were mentioning how it was can they be certain that business is back to school you know I think people won't that one was neat the other day Oscar had somebody pulled over in the work zone down here and inside the work zone was Mark who was the one who shared it I don't know that was so funny so they both were in the same work zone the same time but that was kind of neat so but he's definitely getting around and I think the longer he's here but okay so perfect thank you so what happened so you could just be the now you're in your bed he even says hi Chris yeah thanks lovely so these minutes from May 20 correct me what words oh sorry yes because I think that's the pin we had one yeah that was her so that was Mrs. Hamel I fixed that and I oh I know I think yeah that's why everybody got the projections just make sure everybody saw it I'm just asking for a list from each of you of what you believe to be of the outstanding items I'm trying to create a list of them Paul gave me his list Greg didn't talk about it he had a couple things that he gave you that I asked him about and so what I'm trying to do is they're telling me what they think is outstanding items that you've been working on that you haven't come to a close something like that obviously the nuisance ordinance is one of them I know that you know basically talking about the nuisance ordinance which I knew about Paul had a couple on heads and I can't remember the list I had a couple things from Greg too so I'm just trying to type it up so I'm trying to get everybody's thoughts on one list and then I can give it to you if something that you saw in your packet you know it'd be nice to let you know something does evolve the radar and we can say okay this is what's what's happening with nuisance policy and where we're at with it and then it stays on this list until you take care of it it's kind of nice so that things don't fall by the wayside and also we have agreement that we're not rolling out new policies so I'd like to know what we're we're all in agreement you can't say oh please we're gonna I know one thing that one thing that we'll have to add to that list of continued discussion maybe as soon as we get through a little bit of the FEMA stuff was the capital building fun foot print that we were looking at which was mainly looking at public works which shows the data it's not meant about drugs being out there that was on business I think that's the one thing that'll drive the memory and you can say oh yeah that's this or maybe something else but yeah it was on this list that was that as well as you know the process of the potential ordinance and we were gathering some information in regards to other ordinances local or regional examples but the language could look like and for us to kind of kick it around I know that kind of guy that's what Paul said I didn't know how far I know what kind of guy put back a little bit when everything else happened you did I actually saw it in a packet I was going back looking for stuff for you guys for the town manager search and I saw it and I liked it and we used to keep a list too because we need one because things get ahead of you and then what do we do with that and what happens to it so I thought it would be nice to have that so we could all be on the same page two or three years old and then it just yeah then I could tell once you go over it must be something to keep in then I saw that it never surfaced again so I was just curious to see if we were going to start with that the only reason why I say those two is we kind of have a deadline to get those done before before the morning and they're on the list the other one I have was on your agenda it's personal preference for you whatever you want I see on this agenda the way it's normally done there's no room for I guess this is the time to bring up your concerns I don't know what other places we used to slot something in there that said it was right within the meeting that said slot for concerns so if there's something that you saw you heard whatever you could bring it up but maybe this is the time we would normally do that is that how you normally deal with that maybe we've always been kind of kicking around with other business we'll just anything that we're not going to move forward or make any motions or any heads up on maybe we want to add next time it's kind of where we've done it I'm just curious about that so John you have been am I not on the agenda? no did you not get your phone I called and left you a message on your voice mail and the agenda the copies were there I was curious but I'm sure it's worth it well that's up to this board I mean we can fit in under as long as we're not kicking action I think we can talk about it in other business I just I appreciate you guys um looking at the I was of course disappointed that you couldn't see what what we needed to do um it does leave me a bad talk because I can't where we can pay what we're paying now but we're not going to be able to take care of the rest of it did you guys have to come up with a figure in the the message that I left was um for you I can tell it was just basically that it was something in good faith that they had taken a look at your numbers and worked with Greg had done and kind of looked at it and came up with a number and also agreed to evade the interest in penalty and um they had felt that you had had opportunities while maybe you weren't getting the response you desired from the town office and or manager could have come to a select board meeting anytime and brought that to their attention so the kind of was enough they had looked at Greg some knows that Greg had taken along with yours and they kind of had come up with a number I mean I think the challenge was that um you know it stemmed through three administrations here so there's you know it stemmed 11 years I think worth of time so so we can involve we bought the two property and the house we bought I'm sorry it started in 2001 right yeah the buildings that we bought were both in distress because you know them people the holding house the water and taxes were killing them as well so I how we came to our conclusion was we looked over that time period um and through your account you know through the NEMRIC system and it was I don't have it all in front of you right now but there was a period of time at the beginning I'll say maybe it was the first three or four years where there was no activity on the account no adjustments were made nothing was done we were just busy working yeah and then there was a period of time but we were in the town hall trying to sort that in what I'll call the middle uh which I think was exactly two years yeah it was eight quarters there was eight quarters where there were adjustments being made on the account if everyone went back to court they'd make adjustments and they'd take it off and there was no rival reason to it right and it was it was frustrating but we were just kind of putting our nose in the grass and just trying to keep going and we sort of we decided we could try to persevere it's fine but that did and that's how I invested pretty much everything here and now we're on the narrow thread of losing I mean I think you guys have a handle that that I'm only here we just hope we can pull through it and we pay it anyway but through a bad decision my part of it that was an offending member who damn near financially killed me and so any financial cushion that we had you know probably spent a lot of time doing that forensic work to really come up with accurate figures the best that we could I mean without the survey we still didn't kill that a year and in his article we should have made copies but we just I've never dealt with that and please I'm not a responsible person you're holding it back because you're the latest you know you know the stack of people that have dealt with us but I never lost all that that kind of mission never occurred to me that I should copy copies of that stuff so had we had it this would be a straightforward issue right and I think that's kind of how how we came to our decision was as I was saying it was the the first part where there was no adjustment made there was nothing you know granted we don't have anything of record we don't have anything of record there's the middle piece which was I know it was eight quarters because that's what we talked about that there were adjustments being made on the account something was being done that's all we know and then there was the the last part of it which was what we deemed from when Greg took over until now which Greg's the first person that could make any sense of it right so so there was always a part so what we went back through is we because we don't know what was being adjusted or not adjusted eight years ago or whatever so what we did is we had we went back through our system to see and we pulled up some other accounts in town what were some of the other accounts doing during those time frames were there adjustments being made or not being made because I guess what we were thinking was maybe there maybe maybe just do our adjustments on your account but nobody else's nobody was pulling the tablecloth out from the fully leg and table with all the glasses and plates we had people living in that building and Betty Chase had been there for 35 years we didn't know how to kick her out the business move would have been to kick everybody out do all the work in one bit of shop and then came in we were thinking we were going to do that but you get to know these people Shayna Stone raised her kid there another single model raised her kid there that's all they ever know so we decided to work around and the building service they didn't say we had nodding to the wiring and so we wound up doing all this stuff sort of fast afterwards to fix the system so that's kind of earlier that you were worried if you were setting the precedent I don't think anybody has to build into your that they restored it the way we have you know with people I think on our end of the things had had either the town or you had 100% written documents that said had you had stuff or one form of communication from the town we have electric bills I understand but the electric bills won't I know they tell a story but they don't they don't necessarily say that they don't necessarily say that there's a communication between you and the town other than we know that there were certain periods that there was some communication that did happen so had had in our position anyways had you had something that said hey I talked to you so and so on this date and they we were going to make this correction and then the next month there was another correction if you had something like that it would have been a lot easier for the board so what we had to look through is because the setting precedent thing would be if you come in with in this case your utility bills and say well I'm paying the utility bills when there's no tenants in there so I'm willing to act if the town wouldn't break the corroboration of evidence so what I'm just saying is the town has some cold bill here because it didn't keep the evidence and that's why we made a good fake gesture but what I'm saying is had the board awarded you in this case I would believe all the money oh what is that to stop somebody else from coming in and saying hey I got some utility bills during the 90's and you guys you know help us out I mean I could bring people in it would testify to those those apartments were because I say she's been there since the beginning she knows exactly what we've done so then have her come in and testify to you guys that the corroborate was those electric bills and our main corroborate the fact that those apartments couldn't have been rented and that's where the corroborate was and we understand and when we say a good fake gesture or offer it wasn't this we just picked the number and put it on there we went through the the eight quarters there was eight quarters that there were adjustments being made and we went through those eight quarters and said okay if these adjustments were being made during these eight quarters this is what the value would be and that was the figure that we came up with and then we decided as a board that we would credit you for that eight quarters that there clearly was communication because we could prove that something was happening on your account right that we would credit you those eight quarters of of monies and any penalties or interest that would come here in the town the only way to know that is that at that time responded before that but I understand and I'm not in the position to know what happened in the second part of it I believe because I would like to talk about the water and sewer and you know more about it and if there's no real information about what's happening what kind of what the long-term health is because I mean if the you know it's quadruple now that's what about 400% of what it was when we first purchased these buildings if that trend continues it makes the business model not work so I haven't had to move on to the other thing I came up with this we didn't have to get rid of it but we had to deal with the one kitchen interior of a single family house which wouldn't do you guys any good because it loses income and that wouldn't be my choice but I'm trying to figure out how do I get out of this mess I can tell you on our end of the thing currently anyways the board has granted approval to credit your account the monies that we came up with which I do appreciate that the assessment that we have done independently of you know I don't know about the surveys and who tells what or how often it came in but we're able to credit you that and feel confident that if another owner came forward that we would be able to treat them the same exact way that you were treated but there are other ways I'm sure you know if there is a hardship with the water or sewer at those residents I can you know catch up or pay those down I'm saying there are opportunities that we're more than willing as a board to work with you to get you in hopefully a better position of working I appreciate all of your help everybody I interact with you I live in New York for a while so I want to get more people it's nice to meet you I was 35 years ago my worry is that two grand is left to whatever it is it's going to accumulate all the families in problems right now we're hanging months on why we think we're going to stop this we have we haven't gotten anything back that reflects that so I was going to go talk to you about that um but I'm so worried that that is too this outstanding part it's just going to pop a lot and it's so various we're going to have a fifth apartment going in there hopefully October whatever and if I could get some cash together put some solar panels on keep hammering down my expenses you know so there's that some solar panels maybe out of the heat issues possibly get some TV panels take care of the house bills tighten up a little bit more so I'm spending less on pellets I can maybe get this to a point where it's actually almost profitable I'm selling assets right now just to cover bills and I can't sell assets to the cover bills continue to fix up both the broken actually have the second building have some kind of poor situation for all these food and to smother stuff I just think it would be good to have more things going on it's not right now it's kind of a movie set I mean there's a lot of the space is a lot of the doors we just want the best for the town and we just want to survive ourselves and we practice town and try to live so and there's certainly a way as far as we can work out a deal where we're not charging the penalty we can work out if you guys can do like that you can let them do something great sit there and we can figure out what's going on that would be extremely helpful sure we can totally do that yeah and I said before and I don't know if you've been here in the meetings that like Dylan he's been and we're and I think I mentioned this when you would come before the board the first time Dylan wrote us that I can't speak for all five of us but so far we have been more than willing to work with anybody that it wants to refurbish and make our downtown an improvement to it and if that is redoing your units or buying a building we're willing to work with you we do obviously have some limitations to what we can do but I know so far today we've wanted to work with the owners as much as we possibly can and in some cases of that is some people right now see it as a little bit of a negative thing but the first things was really to figure out how much was it costing us to do water in this town we were printing money when it came to water bills and the next step we're in right now is which we're doing the engineering on is actually moving forward with our phasing of getting our water system upgraded to where it should be so there is a long time yeah absolutely in the last select board meeting they have the engineers here and stuff you can see but certainly I call the office I have a couple meetings like this week but if you call me when it works for you come in and we'll totally work this out we'll make a plan and see what else the town can do so if you come and see me I'm happy then so I would say make a time to see Therese and I'm sure through some of those issues with you well my first question is a note I tried to get to see you guys but I got a step walker wouldn't go up to the stairs oh no they wouldn't just come in or follow whatever and we'll work it out John I didn't know that you were I thought you were just taking interest in the meetings they didn't really have time there well I knew I had a lot of fun I got your meeting it was your cell phone but I got your my cell phone is I think you replaced it was the message that it was the number that we had that you left before I think since the battery the battery doesn't work for me well I'm sorry John I don't know we're happy to even any other business coming forward boys did work at the cemetery what they did looks nice but it's not complete I got a C-Soul I'm not going to sell any more plots but there are internal places what they did they made a path this walk so a truck to the liberal vault can't be there I thought the minutes said that it was all like a walking like a path so that we could access it so I was just curious about that because I thought about the term of trucks getting in there they can I think all we talked about that time was for walking individuals as well as the the navigation we're going to carry this man I'm just saying it's something that on that list probably needs to be addressed I think the big thing with the Cherry Hill Cemetery is as we know there's there's multiple issues there and I know when I first started getting on the board it started popping up and it sounds like there were years of you know, maybe there was communications in the town just didn't do anything with it I don't know how that went but I know when I got on the board that came on to the radar again when Keith was here when we went up there and did some forward work of things yeah, so I've talked to Kurt several times now and because of the group that we transplanted was going to be here in the next week or so I asked if it was possible that could be resolved there's a good pitch from the back to the front when they built the road they saved some material and there is an uncalled hole there called a piece of pipe that dumps water in both ways on that cemetery so I asked them if they would consider building that road so it was a constant pitch to a cult around the cemetery you thought that might be possible okay but along with that I still think you've got to get an intern to try so there's some more work because you don't come back well I mean because I'll need to double-track to see what it said and now this my understanding was that it was just it was just for people to watch but I can I don't know how that needs to be it needs to be it needs to be able to I wouldn't I don't know when I would rush into that but they'll look at that would be great except if we're going to dump all that water in the middle of there it's already wet you dump that water in there too I'm hoping there's a moment to run across from those whatever that group is yeah so is that something that you're going to be able to pursue I'm not sure I can get it done but I'm going to drop it that's great go Nate I think that's great now without a lot more yeah all that's good thank you I'm glad that you're here I think it's we need to talk to somebody about it alright so I need motion to enter executive session to discuss the evaluation of the town and the department heads and public officers so all in favor alright


What's up everyone? It's your girl Kenzie here from Layton Sports Cards, and I'm ripping a personal for Dean L We've got a 2023 top Star Wars signature series box. All right best of luck Dean. Thanks again for hopping in Let's see we can get here We have a Mon Mothma Mon Mothma that's gonna be Caroline Blaskaston That is Star Wars return of the Jedi Mon Mothma Alrighty that'll do it for you Dean. Thanks again for hopping in congrats, and we'll get this card right out to you


fairly easy consequence of the theorem of Christian Jornet that we'd already proved the T of 1 theorem for square functions. You get the singular intervals from the square functions. OK? All right. So now, from almost immediately in the sense that you're going to do it as an exercise, I hope it's not too bad. So some corollaries. OK? Let's recall the definition of the color on commutators. All right? We had these operators c, a, k, f of x is defined to be, I'm going to run out of room there, so let me write it here, 1 over 2 pi i, principal value, integral on the line of 1 over x minus y, a of x minus a of y over x minus y to the k, f of y dy with a-lipschitz. OK? Notice that we can also consider the case k equals 0. In that case, we just have a Hilbert transform with a slightly different constant. The usual Hilbert transform constant is 1 over pi. OK? All right? So the theorem is, the numerology is 325. This is originally due to Calderon. There exists some constant c1, a universal constant. All right? Such that these Calderon commutators are bounded on L2 with L2 operator norm, less than or equal to c1 to the k, times, of course, the Lipschitz constant to the k. Of course, that's just homogeneity, right? You have to pick up the Lipschitz constant to the k power. All right? And that's an exercise. You prove it using the T of 1 theorem. It's an induction argument. This is one of your exercises. OK? So maybe I'll just give you a heuristic. Let's take the k equals 1 case. OK? So remember that the first commutator really is a commutator. It's the derivative, at least formally. It's the derivative operator composed with h. And then you take the commutator with the operator of multiplication with the Lipschitz function a. OK? So if we apply this to the constant function 1, this becomes what? This being by the definition of the commutator, this is d by dx h of a times 1 minus a times d by dx of h of 1. But that's 0, all right? But also, the derivative commutes with h. Well, except I don't know. I have a constant. Sorry. Let me do it this way. I think 2i. OK? And then this is a true statement. So the derivative commutes with the Hilbert transform. And this is just h of a prime. But we know the Hilbert transform is bounded at line 2. A is Lipschitz, so a prime is in L infinity. So this is in BMO by Petrie-Spandstein. And then you're done because this is an anti-symmetric kernel. So we bounded this as immediate. And t star is just negative of t. So if t of 1 is in BMO, then you have anti-symmetry, then so is t star of 1. OK? So then it's just an immediate application of the t of 1 theorem. Well, except that you need to justify these manipulations. All right? OK? And so the way you justify the manipulations, one way to justify the manipulations is to smoothly truncate the kernel here, introduce a smooth truncation, integrate by parts. You get bounds independent of the truncation. And then you play an induction game. Reducing the k plus 1 order of commutator applied to 1 to the kth order of commutator applied to a prime. OK? Modulo some errors that you get from the truncation. All right? You prove a bound independent of the truncation. So that's how the exercise works. OK. And as an immediate corollary of that, we have this is in the notes. This is called theorem 326, which is that if the Lipschitz constant of a is strictly less than 1 over c1, where c1 is that c1, then the Cauchy integral operator, written to graph coordinate parameterized version, CA, is bounded in L2. OK? And the proof of this is just using the fact, as we observed earlier on the first day, that CA is the sum k runs from 0 to infinity of negative 1 times CA, negative 1 to the k times CAk. All right? And now you just sum the Neumann series because you get convergence here if the Lipschitz constant is less than this, strictly less than this constant c1. OK? Now, it was interesting that Calderon actually, he was working on this problem well before the advent of the T of 1 theorem. So he didn't have this technology available. And his argument actually reverses the order. He proves this by hand. And then from that, you get the other thing. OK? But T of 1 makes things a little easier. In fact, it makes it a lot easier. OK. But now, of course, we'd like to do more than just have to be restricted to this small Lipschitz constant case. And in fact, the theorem is true in general, for an arbitrary Lipschitz function. The Cauchy integral operator is bounded on L2 for any Lipschitz graph A, or for any Lipschitz function A. OK? That's a theorem of, well, a very famous theorem of Corifian Macintosh in my air. We will at least, we will prove it, maybe, modulo a little bit of waving my hands and leaving you to check the notes. OK? But the first, the way we're going to approach that theorem is via an extension of the T of 1 theorem called the T of B theorem. OK? So where somehow you can increase, you can generalize the class of testing functions that you work with, not just the constant function 1, but more general functions that have some suitable non-degeneracy property. OK? So we need a definition. So we say that a function B in L infinity of Rn is a creative if there exists some positive constant delta such that the real part of B is always bounded from below by delta. OK? So it's bounded above because it's L infinity, but the real part is bounded below. All right? And similarly, we have that B in L infinity function B is pseudo-accretive if there exists a standard modifier pt and a constant delta such that the modulus of pt of B is always bigger than or equal to delta. Yes, this is uniform in T. Yes, thank you. Uniform in T. And finally, we say that B is dyadic pseudo-accretive if, again, uniformly in T, At of B is bigger than or equal to delta in modulus, where At is the dyadic averaging operator, meaning what? Meaning that At f of x is, by definition, the average over a cube q of xt, I'll explain whether it is in a second, of f, where q of xt is the unique half-open dyadic cube containing x with side length at the minimal one with side length at least t, in other words, with length of q of xt over 2 less than t less than or equal to length of q of xt. So it's the unique minimum-sized dyadic cube with side length at least t, which contains x. So in other words, we're averaging at a scale, at a dyadic scale, that's comparable to t. All right? By the way, I haven't apologized for this notation. It's not my fault. It's just part of the literature. We use queues two different ways. Queues are cubes, and queues are also these little wood-paley operators. Yeah, it's just convention in this subject. I hope that's not too confusing. The subscript t is always going to be the operator. All right? Otherwise, it's going to be a cube. OK? Notice that the point-wise acrativity implies either pseudo-acrativity or dyadic pseudo-acrativity and also dyadic pseudo-acrativity. For example, what's because the absolute value of pt of b is bigger than or equal to the real part of pt of b. But pt has a real kernel. OK? The convolution kernel here is a real valued kernel. So this is the same as pt of the real part of b, which is bounded below by delta, and the integral of pt is 1. So I should emphasize that we're here taking the kernel to be non-negative, with pt bigger than or equal to 0. OK? All right, similarly for at. On the other hand, maybe it's also worth mentioning that it's not enough to simply assume that the absolute value is bounded from below. Absolute value or the modulus of b is bounded from below. Think of a complex exponential where the modulus is 1. But when you average it out, you're getting a lot of cancellation. OK? All right, so somehow when you're talking about point-wise acrativity, the lower bound on the real part is saying something stronger than just lower bound on the modulus. OK? All right, so now that brings us to the next theorem, which is a so-called t of b theorem for square functions. And this is due to SEMS. OK, it's a t of b theorem because, as you might guess, instead of testing on the constant function 1, we're going to test on some b, and the b is going to be a credit or say pseudo-credit. OK? So the theorem says the following. Let theta t f of x be defined to be integral of psi t of xy f of y dy, where psi t, again, is a little with Paley family. All right? And suppose that there exists at least a pseudo-accretive function such that the measure, the n plus 1 dimensional measure d mu of xt defined to be theta t of b of x squared dx dt over t is a Carlson measure. OK? Then the conclusion is that, once again, the theta t's give rise to a bounder square function. OK? And the constant c, of course, is going to depend on the allowable stuff. OK? So where c is going to depend on dimension, the little with Paley constants for psi t, of course, the Carlson norm of mu and the L infinity norm of mu, and also the constant delta in the acrativity condition, or pseudo-acrativity condition. All right? So maybe just before we prove it, just a brief remark. Of course, the natural thing is to compare to theorem, I think, 3.1, which is the t of 1 theorem for square functions, the Christian A theorem. So this actually turns out to be a special case of this one. Right? If you take b to be 1, of course, that's accretive. OK? So this is actually a special case of this theorem. So before we prove it, maybe one more remark also. We proved t of 1 theorems for both square functions and for singular integrals. And in fact, it is indeed true that there is also a t of b theorem for singular integrals. That's harder to prove. We don't have time to do it. There's some comments about it in the notes, but no details. For our purposes, this is going to be enough. And this is actually not going to be a hard theorem, given what we've already done. OK? This is due to David, Jornay, and Semes. But we won't take time to talk about this. All right? OK. So how do we prove this t of b theorem for square functions? All right? Well, the proof is going to go via reduction to the t of 1 theorem for square functions. We're going to reduce matters to theorem 3.1. In other words, what do we need to show? We already know that we're given a Littlewood-Paley family of kernels. So it's enough to show that theta t of 1 of x squared dx dt over t is a Carlson measure, right? Because then the conditions of the t of 1 theorem over square functions are verified. And we just get the square function bound from that. OK? So somehow the idea is to control this guy by this thing that we know is a Carlson measure. We're going to control the Carlson norm of that by this Carlson norm. OK? Somehow. OK? All right? And this is where we use the pseudo-recreativity. All right? Since pt of b, the real part, or sorry, the modulus, is bigger than or equal to delta, therefore theta t of 1 is point-wise bounded by 1 over delta times theta t of 1 of x times pt of b of x. OK? OK. So therefore, if we fix a cube q and try to verify the Carlson condition on that cube and 1 over the measure of q integral from 0 to length of q, integral on q, theta t of 1 of x squared dx dt over t, is less than or equal to 1 over delta squared, 1 over the measure of q, integral from 0 to length of q, integral of q of theta t of 1 times pt of b squared dx dt over t. All right? And we have two minutes, and I think that will be enough. OK? So now we use a familiar trick, this idea of Carlson-Meier. OK? So we write theta t of 1 times pt of b as theta t of 1 times pt minus theta t, all applied to b, plus theta t of b. So now the contribution of this guy is OK by hypothesis. Right? Because we're assuming that theta t of b gives us a Carlson measure. All right? And now what about this part? Let's call this RT. And what you notice about RT, because pt of 1 is 1, this is kind of a familiar thing by now, we note that RT of 1 is 0. And also, the kernel of RT also satisfies the Lew-Wood-Paley conditions. OK, so now you just invoke the Phefermann-Steinlemma, which you did as an exercise. And you get that RT of b as a Carlson measure. OK? In fact, you can even control in terms of the BMO norm of b, but you don't even need something that strong. You just need the L of 30 norm of b. OK, so then you conclude RT b squared dx dt over t as a Carlson measure by the Phefermann-Steinlemma, which I think was theorem 222, I believe. OK, and then we're done. OK, so that's a good place to stop. Any questions? No? OK. Thanks. We've got one more tomorrow. See you there.


After several months of trending downward, we finally saw some bullish price action in January. It seems that markets were anticipating an imminent central bank policy pivot. However, the Bitcoin rally has already cooled down and it looks like the Federal Reserve has no intention to lower interest rates anytime soon. So how should we interpret these signals? Is Bitcoin bound for new lows? Or is this the beginning of the end of the bear market? And most importantly, how should investors prepare for the next parabolic bull run? I tried to find out in my conversation with Mark Yusko, founder and CEO of Morgan Crip Capital. I'm Giovanni. On this show, we challenge the ideas that shape the world of crypto. In each episode, we assess a crypto narrative, a macroeconomic outlook, or a potentially disruptive technology. Only the most solid ideas will make it to the other side. So the first month of 2023 was unexpectedly bullish for crypto, Bitcoin, but also equities. So what do you think? Is this the beginning of the crypto summer that you were talking about last year? Ah, great. So no, it's not the beginning crypto summer. It's a short squeeze, a good old-fashioned short squeeze, both in the equity markets and the crypto markets. Everybody was getting short towards the end of last year. I mean, it was just a horrific market, right? Bonds had a horrific market, stocks had a horrific market, crypto had a horrific market. Everything was negative. And what happens when everything's negative, people start selling for tax purposes towards the end of the year. Then what happens is you have to wait 30 days for wash sale rules, and then you can buy these things back. And so what happens, it used to happen all the time, Giovanni, in January. So everyone would do their tax loss selling in December. They'd wait their 30 days. And sometime in January, they would buy these assets back, and you'd get this big move in the things that had done the worst the year before. What I'm trying to say is, big short squeeze, hugely overbought, hugely overbought. Bitcoin says overbought as I've ever seen it. That is not a condition to start a long-term bull run. That's a condition for short-term weakness and a retracement, and then the start. But the pattern we need to look for, and we talked a little bit about this last time, is even though there's CHOP in spring, what you're looking for is a series of higher lows. Now, you like higher highs too, but that's not as important as higher lows. If you keep making higher lows, that means there's accumulation pressure in the market. And I think we're going to be range bound in this, call it 20 to 24 range for a while, then we'll be closer to that summer period. And I think that's just time, place and events, April-ish. And again, seasonally, Q2 and Q4 are the most positive for Bitcoin. So it's setting up to have a pretty nice move April-May-June this year. We are already noticing that this rally is losing steam. We are seeing that the price of crypto tend to remain quite depressed as long as there is this increase, this hike of interest rates. What do you think? When are we going to see a pivot finally? I think zero chance they cut rates anytime, anytime soon. The Fed clearly is not loosening, right? They're not tightening as quickly, but they're still doing QT, they're still shrinking their balance sheet, and they're still raising. But the PBOC has unleashed a huge wave of liquidity.  So used car prices are now plummeting. Because there's more cars coming in, China's reopening, all that good stuff. So I think by the end of this year, CPI is going to be close to, it could be zero, it could be negative, month over month, quarter over quarter. But trailing number is probably around 2%. That's not a situation where you need to be tightening. There will be a tailwind, I think, for digital assets. The market is saying by the middle of this year, the Fed's going to be cutting. Now, I think that's too aggressive, I don't think that's going to happen. It's possible, certainly possible. But I don't think it's going to happen. What I do think is very likely, very likely, is the Fed signaling that, okay, we're good. But that will be interpreted as we're going to cut, and then risk assets will explode again. I would like just to mention a survey by Bloomberg, according to which 70% of the investors that participated in this survey believe that the stock market has still to reach a bottom this year. And even around 30%, 35%, so the biggest cohort in this survey thinks that this bottom won't be reached until the second half of 2023. So basically, we saw that the crypto markets are highly correlated to the stock markets. And so if that survey is sort of correct, that means that the crypto market will also follow and touch a new bottom. Again, just totally disagree because crypto markets, particularly Bitcoin, are very uncorrelated to stocks other than for very short periods of time during deleveraging. The only time correlation rises is when Bitcoin is being forced to be sold because there's too much leverage. There's not as much leverage in the system as there was. We had a big deleveraging. In the crypto market, I'll argue there's very little leverage left, very little leverage left.  Now, is there still leverage left in stocks? Yes. Could that deleveraging cause people to sell Bitcoin? Less. Why? Because they're already sold. So now what we have is a holder base that's very different from the holder base of stocks and bots. I would like just to make sure I understand. You can accept a scenario where in April, May, we're going to see this crypto summer getting the first movements while stocks are keeping on falling. I think Bitcoin and equities are going to be very, uncorrelated this year. And I think this is a big year for Bitcoin. There are some pessimistic views on 2023. So you seem to see it more as a sort of spring where things are going to start moving. For others, it's going to be an year of apathy. So according to Jason Yanowitz, who is the co-founder of Blockworks, basically 2023 is going to be the last phase, the last year of the bear market, which is the worst part because the previous part was the most dynamic part where everybody gets basically pushed out from the market. While the worst part is the apathy. So where prices are flat, prices are not moving and so people start losing hope. According to this vision, the real movements in the market are going to happen not earlier than 2024. What do you think about this vision? I love Yano. I talk with his partner every Friday on the margin. I don't think that view is technically accurate, that the last phase of the bear market is the toughest part. My belief is we start out of that cycle a little bit earlier. I think the market always anticipates the halving. So if the halving is, maybe you're right, maybe it is March, April, but sometime in that Q1-ish zone of 2024, nine months before that is usually when the beginnings of summer start to, the crocuses start to pop and the buds are, this year, there's going to be a lot of taxes paid because last year was so crappy. So I think there's not going to be a lot of downside pressure in March, April this year. So my guess is we'll probably start earlier rather than later. If I have an early summer, as opposed to a late summer would be my guess. Okay, and that's interesting because now I would like to go more into the numbers. So basically, looking at the price dynamics of Bitcoin historically around the halving, what I notice is that the big move is happening not before the halving, it happens usually after. In the last cycle, during the year prior to the halving, the price of Bitcoin raised of about 17%, while the big move, the big price movement happened right after. So in the year after the halving, we saw around like a 550% increase of the price. So if history is going to rhyme, as you said, that means that, yes, we are going to see probably some price movements from now to the halving, but that's not going to be like an explosion. It looks a bit unlikely that we're going to reach the 100,000 mark by the end of the year. If the halving number is 100, all right, if that's the target, and then we back up from that, we say, all right, well, where are we today? We're at 23,000. Where should we get by the time the halving occurs? Could we be back to 50,000, 60,000? That's a pretty good guess. Then as we approach the halving, we start to accelerate into the target, and then we parabolic past it. The fair value is 100K per Bitcoin. How close we stay to fair value is the question. Do I think we get there by the end of this year? Probably not, but could be surprised, right? Let's see what investors should do in terms of building their crypto portfolio. Just give a couple of tips on how to build this portfolio for people that just went into the market, and they are basically waiting for the next crypto summer to start. Don't wait. Don't wait. Buy. Buy some today. Buy some tomorrow. Buy some the next day. Buy some next week. Buy some next month. Don't buy it all at once. Pick a number, right? I say three to five percent, whatever the number is. If you're younger, that number can be higher. I'm talking a three to five percent core position Bitcoin, higher if you're younger. That's what I'm talking about. Now, beyond that, you want to invest in Ethereum as a platform that builds out the infrastructure around the digital future? Great. You still believe that the most significant portion should be in Bitcoin and not in Ethereum. I'm asking because there are a lot of people that actually think that Ethereum will outperform Bitcoin this year. Law of small numbers says Ethereum will outperform. It's a smaller asset base if there's a bull market, it will likely outperform. History tells us the smaller market cap assets outperform in bull market. If you want to own a core asset forever, accumulate Bitcoin. If you want to have a portfolio of other technology investments that you think have a higher upside potential, own some other things. Own Ethereum, own Avalanche, own Polkadot, own Cosmos. Mark, it's always a pleasure to discuss with you these issues and I'm really looking forward to see how your outlook plays out in 2023. Probably you're going to talk again in the next few months and see at what point we will be. So thanks again for coming on our show, Mark. No, thank you. I really enjoyed it and look forward to the conversation in the summer.


Hello, all let's welcome Dmitry who will present the Russian crypto algorithms in the open source world Good morning. Yeah, that works. I will be speaking about the Russian crypto algorithms Some of you may probably know the world ghost some of you have visited the red heart death conference where one of my colleagues was speaking about the ghost cryptography in the open as a cell and the Requirements and the needs to support them. So I'm a software engineer, of course I work in the mostly in the embedded Linux world working now for more than 14 years and unlike Another Dmitry Ghost crypto algorithms started initially as a hobby time project for me Unlike Dmitry, I'm not affiliated with any of the commercial companies any of the actual developers of the Russian crypto algorithms, so it's just my spare time project and For some part of the history is quite important because I view it from not from the developers point of view but from the user and software developer point of view So the world ghost means government standard it there are standards for a lot of things started from the food from building from construction and In the last 20 years, we have started to have standards both on the crypto algorithms. Yeah, just like NIST Russian crypto algorithms have developed the full set of crypto primitives and Crypto algorithms on top of that. Yeah, just again just like NIST just like the rest of the world we have digital signature algorithms Based on the discreet algorithm problem on the elliptic curves. We have symmetrical encryption algorithms and we have hash functions On top of those standards. Yeah, those are standardized We are building a set of the recommendation for the standards are amendments for the current crypto standards like the others that you use in their everyday life like public encryption the certificates cryptographic message Syntaxes and all the all PCS extensions and last but not least and one of the most important topics is the CLS extension this TLS surface use and I will come to these a little bit later So let's start from the kind of history. Yeah, I promised to NICOS some kind of myth-busting. I Won't be going in a real deep technical details if you want we can speak about that after the short talk So the first myth crypto algorithms are all invented by the Russian secret service agencies to Be able to undermine of the cryptography users and to be able to actually read Russian email read and assign all the Russian Opposite sites certificate, etc. No, that's not actually true So the initial set was developed really by the secret service, but for the last 15 years The crypt algorithms are developed more by the commercial companies. Yes, they have licensed from the FSB But they are not the agents. They are just Security engineers like we are Crypto algorithms are ghost crypt algorithms are unsecure thanks to the works by a Nikola Kotoa and by the Most by him. It's like how involved in the a you see of that. Okay, it's easy to break Ghost crypto because once you have to power 64 Cypher text and plain text pairs You can get the key in two power 222 24 operations. Yeah, that sounds true, but once you have to power 64 plain Cypher text operation pairs, you don't need any more the key you have the dictionary and in fact Up to according to the current current Crypto analyst results all current standards are safe because well, we have to use them by law and the car for the Secure information and if if there will be any on security if there will be any actual Crypto analysis results our commercial companies would be against using them and For now we are safe and last The one of the most important myths that was brought Is brought regularly into the ITF meetings when another guy tries to write an RFC about the Russian Chinese Japanese any other Crypto standard. Okay, the rest of the world does not need the national crypto of the national another National crypto standard. We already have a yes. We have the SHA. So why do we need your? Crypto standard. Why do we need another SM primitive gas primitive? Camelia seed you name that well first We need Crypto agility if the if we all live in the AS and SHA world We are lower the possibilities to actually create new things to create diverse Software that will support more than just AS and SHA and different Sometime in the future There will be an interesting crypto analysis result for the AS for the SHA Well, we will be doomed because the software will not be able to be updated We have seen that several times when software was just using the SHA one and now With the a lot of with the addresses in the generation of collisions for the SHA one though that software Authors have started thinking. Okay, how can we upgrade if we did not embed the actual property that is SHA one So Crypto charity is important Second it's a full stack alternative if you do not trust American standards, you can use this one. You can use them together. You can use any combination of the ghost and Knees standards, but tell you would like in your own software again This is just another full set of primitives like the Chinese guys did and they are bringing that to the open as well the rest of this crypto software and more importantly as we open the Path to the Russian crypto to the IETF standards We have started seeing more and more interesting ideas and important ideas generated by the Russian crypto community by the Russian crypto engineers I Would name several of them one of the Rookine for the symmetric crypto for the symmetric encryption for the symmetric keys That means that once you use Predefined amount of the plain text you should rekey. You should change your key in the Predictable way so that there is no possibility to have an actual dictionary attack to have the twins attack on the on the Plane and cipher text amount that you have generated The multi linear Galo mode MGM And all are naming are the current our IETF drafts the MGM is a is an alternative to GCM mode It has the lower throughput compared to GCM, but it has more strong It is more strong compared to the GCM it cannot it uses the encryption both for to actual encrypt the Plane text and to generate the Mac value and so it is not as susceptible to the possible attacks as the GCM is TLS external Rookine this should be most probably interesting to the Incompetent to the previous talk and To the TLS users because it actually allows you to and enforces you to change the TLS keys that are used for to encrypt and to make each of the messages or each set of the messages in progress of the TLS transmission And the Another one of the password-integrated K exchange protocols of the CP says P a key This is now published as an RFC And You can also use that it was created by the Russian Clip to engineers Okay, the OSS port why do we need it? Why do we want it? Why do we? Why do we work on our spare time to provide the open the open source support for the ghost? It provides additional tests it provides additional test cases and test situations in the new TLS and the open SSL for the open SL it is more quite important because ghost crypto was initially created as the separate ghost engine and Dmitry and Detos Wagner from the Crypto com have faced a lot of the issues with the actual External engine support in the open SSL Gust engine was wasn't is used for some of quite some time as the main test case for the external engine support in the open SSL Gus support provides us a way to replace commercial software as I said In Russia, it's mostly developed. Gus support is mostly developed by the commercial or software vendors It's Closed source you cannot get the source you cannot read what's inside and if you want to check The signatures if you want to read the encrypted data You have to either use that commercial closed source software or you have to write your own support for example to check that The signature on my hem radio license is valid. I should I had written support for the For the August signatures in the gonna tell us That's just again that just to verify that my hem radio license is valid and Last but not least is fun So the current status Open SSL it was the primary target by my colleagues Twos it is supported science 20 or 420 or 5 It has a really long history because to actually support the guest algorithms the ghosted digital signatures My colleagues had to invent the and to enforce the use of the algorithm neutral API for public key encryption in the open SSL so that was a really long long long term project for them, but they Were successful and nowadays open SSL has the algorithm neutral public key Functions you can use them and you should use them for the success in the public key function set instead of the individuals Encoded, okay. This is this uses RSA that uses DSA. This is elliptical for digital signatures Oh, and nowadays they have another set of Public encryption and you have to add this and oh and you have to add this oh and this goes more and more and to a nightmare Libre SSL a fork of the open SSL by opening BSD guys They have thrown away most of the engine support. They have thrown away the external engines. So oh When that when that fork started we had to actually rewrite the ghost engine piece of code into the core Libre SSL functionality and Libre SSL was was one of the first major crypto library structure open source crypto libraries to gain the full ghost crypto support new TLS another major TLS implementation conflict has the Public key support it has the signature support and for the TLS Of the patch set is ready. It's waiting on the git lab Now is as a git lab magic based on the new TLS site. We are waiting for the I and a Numbers to be assigned to the actual TLS cyber suits So that will not be just using the private numbers in the in the final opens all software about really be using the assigned numbers and We will be using that so the main test suits of to check To cross check the open SSL and new TLS support for that lipstick creeped Software created by Werner Kohl another low-level library. It doesn't have TLS. It doesn't have actual PkC as a just low-level algorithms And it was one of the first targets by me to write to go support because it allows us to use the new PG With the ghost it allows us to use the rest of the software with new PG without actually having to implement it's in the clear part train the Rest of the KD the rest of the GNOME are software XML sex signatures for the XML for the XML There's a long there is a nurse now see on that and there is support in the XML sec library That was a great part bright okay on the other part of the Crypto library that is used by the new TLS and by some other projects the net library Unfortunately, the patches do exist the patches were accepted in the new TLS tree but the net Is slow and accepting them so GNOME TLS is using them. It's gonna is has the necessary code bundled instead of using the part of the net library Born SSL. Yeah, another boring story Night that my colleagues know me had time to port the open as a cell Code to the born SSL to another open as a fork it should be easy and it should gain us the Go support in chrome and chromium, but it just it is not yet done and We don't expect any serious problems except the code acceptance in the Google Street an SS the very famous and very big crypto library. It was the former standard for most of us Patches do exist for a really long on time since 20 or five. I think at 20 or six But the mazilla guys are very slow and very reluctant in resistance to accepting them most of because they do not see see the need to have another national National code and because of the Issues with the quality of the patch as well. They work, but They are not accepted Bint 9 DNS sec, you know that You know that both there is a guest RFC on the DNS sec The RFC is old. It uses the old and obsolete guest algorithms and Bint has dropped Bind has dropped the support for the guest encryption We should be updating both the standards and the bind 9 with the new algorithms and last but not least There is no open source a psec software that actually supports Russian crypto we are working on that there is a plan to write a new set of standards on the a psec using the a ad algorithms by using a d mode, but currently there is no a psec Yeah, last but not least of my marketing department has insisted on inserting this slide. So Yeah, thanks to them for allowing me to come to false damage to speak to you So that's all for now that I wanted to talk about the ghost crypto I did not go into technical details in my talk, but if you if you want we can discuss that either right now or later Any questions Any questions hello, so I don't know if this is a bad question, but can you share your thoughts on telegram? Sorry, what about telegram Ah Well, we are using 4g and Fiji that are developed by major vendors. There is no as far as I know there is no specific set to include the 3g 4g 5g messages So there are there is no special for phone encryption. We know The Backbone uses the famous SS7 protocol and so you don't have to really change encryption if if you can tap into the Phone providers by law By using the infamous SORM system for operation Instigation Matters which you have to install if you are the internet service provider or the telecom provider There is no special set of crypto standards Yes a question about have you had any pushback from the NIST or other government organizations? Well pressuring people not to accept the ghost standard not as far as we know so in fact Every well most everybody creating their own national standards and NIST is one of them NIST and I say Is pushing for accepting national standards because Accepting Russian standards into itf is a way to also accept and assay standards into itf So it's not good. It's not bad. It's just another argument for them So they yeah, they do not recommend using that of course because they have their own set of recommendations But there is no real pushback Hello, thanks for your talk. I wanted to ask how much comparative Crypto analysis has been done on ghosts compared to the NIST submissions Of course the amount of crypto analysis is so much lower And so the amount of public crypto analysis much lower compared to NIST I Do not have a full list of references to the crypto analysis with me in this slide said We can talk about that afterwards. I haven't on another set of slides created by one of my colleagues but Well, we all have received the crypto analysis both internally and externally Any other question? Do you do have any information comparing to AS or say salsa church algorithms in terms? comparison tables or benchmarks What is better other benefits? Okay, if you compare the If it compared to the AS it's quite interesting because If we do not use AS and I instructions the comparison will be much part and part because We use the more of the same constructions everywhere both AS and the latest items Kuznetchik Grasshopper, but if we allow one to use the AES and I instructions We allow one to use the PCL mild D a set of instructions specifically written to support ultra-fast AS. Yeah, of course AS will be One decimal order at least a faster than compared to the grasshopper the implementations that merged into the Libre script into the Nutella as into the Libre's a cell and I do not have an assembler optimized instructions So it's plain C. You can use that to actually understand the Algorithm you can use them to actually check what's work and how it's working and to actually analyze the set of the Instructions a set of algorithms and of course you are open to write the assembly in optimized way the open SSL engine has received the some parts of the assembly optimization and It is now getting a closer and closer to the AS implementation the open SSL So something that I always wonder about like the stuff like good to go cypher suite is the following So there are eight countries in the world that have a larger population in Russia There are 11 countries in the world that have a larger GDP than Russia Would what if all of those countries also had the same idea of coming up with their own crypto suite? Would it be desirable for like something like the public internet for all of them to also? Incorporated in crypto libraries That would fragment the internet quite heavily, right? I Couldn't get the last place Oh, sorry. Oh, I'll repeat the question. Sorry. I'll hold the microphone bit closer So there are eight countries that are larger than 11 ones that have a larger GDP What if each of those countries also made their own crypto algorithms and also put laws in place that required the use of Those crypto algorithms in their country would that be a workable sweet situation for the internet as a whole? I do not think that it will make the situation worse Chinese Government agencies are currently pushing the SM to SM friend SM for Signature hash and encryption standards into the major crypto libraries I Do not know about India well, well, we all know about United States and so that needs this and then I say I push and they're all of their standards into through the Open benchmarks or through the just through the RFCs. So things will not be worse You do not have to actually use them as the system administrator of the server You do not have to put a law of the crypto algorithms. In fact, so you Nearly all web service more probably have the limitation for the server suites in the configuration file to use only a specific set that this system in of them seems Sees as strong enough Good enough to be supported on on that web server. So no, this doesn't open a can of worms This doesn't open a full set of the eight nine ten crypt algorithms Japan has tried creating the Camelia and related said but they have mostly stopped doing that and they have I think mostly stopped Enforcing the use of the Camelia in the open internet. So there is Camelia GCM standardized, but it is not actually used So again If we support these if we allow one to use These primitives it doesn't enforce one to use them It does not enforce And it doesn't allow you to use them by default because you will not be allowed to or connect for example to the google.com By using the ghost cyphers So, let's all thank Dimitri