Tenancy con and I'm the very first speaker of no pressure. I guess the bar is really, really low because there isn't a bar. So I guess it's all going to be up from here. Thank you for joining me today. My name is Bob Walker. I'm a field CTO at octopus deploy. And today I want to talk to you about lessons learned with multi-tenancy. And I need to look at my slides before I start talking sometimes. So just kind of a little bit about me. I've worked for a number of different companies before I worked for octopus deploy. I'm a developer at heart. I started off as a developer way back in the early, early days of dot net. In fact, I remember learning about dot net and university going. Have you heard about this brand new thing? The very first job I had, we converted classic ASP pages to ASP.net web applications. Now, the funny thing about this is that every company that I've worked for, we've done multi-tenancy in some form or fashion. But the way that we approached solving multi-tenancy was very different. So I'm going to take you on the developer journey, so to speak. Because I saw we have a lot of platform engineers. You have a lot of SREs. So I kind of want to give you the perspective of the other side, what it's like to be. But really the goal for today is I really want to make sure that everyone doesn't make the same mistakes that I've made over the past 20 years. So don't be like me is essentially the goal of today's talk. Or really don't be like past me.   And so I would make a number of mistakes. And the whole point of this talk again today is to walk through the different approaches of multi-tenancy and learn from some of the mistakes that I've made. And some of the things as platform folks, as DevOps folks that you need to keep an eye on, especially when you start talking about multi-tenancy. So first we're going to talk about the key different approaches with multi-tenancy. And then then we're going to work on the three most common ones that I've encountered. And then finally, the evolution of multi-tenancy specifically once we started talking about Kubernetes. So let's talk a little bit about the approaches of multi-tenancy. In my career, these are the three most common ones that I've been involved with. And this is the single website, single database, which I haven't had a ton of experience with. I've only had worked at one company where we did this. The single website, multiple database. And this is where everyone signs into the same UI. And then they get a different database connection or they're hosted on a different database. And then we have finally the isolated infrastructure, which is probably what a lot of folks have most knowledge with today in terms of different namespaces. Every customer gets their own sandbox. And what I also want to do is I've put together kind of different ways to rate multi-tenancy and the different approaches. So the very first one that we're going to talk about is the tenant maintenance or how long it takes for a tenant to be added, updated, removed, along with the underlying platform costs that go along for the ride. Then we're going to move on to code complexity. How does that impact your code decisions? Because some multi-tenancy decisions, it's a pretty big choice on what you're going to do because it can be very, very expensive. Then we get to move on to crosstalk. And this is probably the thing that drives me the most batty as well as makes me the most scared when it comes to multi-tenancy, which is when one tenant can see or access another tenant's data, either intentionally or unintentionally. We'll talk a little bit about the noisy neighbor and some experience I've had with that, as well as this. We'll be talking about deployments because I work for a deployment company. So we'll be talking a little bit about deployment time and the impact that has. And then finally, we'll talk about contractual complexity.  It sounds like I'm going to say we're going to talk about this and this and this and this. It does typically go pretty fast. And what I've done is I've put together sort of a rating when it comes to each of these approaches. Oh, good, it did turn out pretty good on the slide. Awesome. And from the looks of this, you might be saying, oh, my gosh, isolated infrastructure, that's definitely going to be the way to go. That's how I should do it going forward in the future. But in some cases, the single website, single database approach, that might be a pretty good approach as well. I'd say out of all of these, I actually have the most experience with single website and multiple database. And my goal is basically dissuade you from doing that today. In terms of like the different experiences and the different companies that I've worked for, this is the approach that we took for each of these different ones. And I think it's very interesting that companies still make the different decisions that they do today. So first up, we'll talk a little bit about the single website and single database approach. And if you forgot the diagram, don't worry, you're going to see this diagram an awful lot. This is where everyone signs into the same website. And then we just show the data based on some sort of credentials. Now, in terms of tenant maintenance, if you're worried about how am I going to scale and how can I have customers self-serve in terms of multi-attentancy, this approach is going to be the best approach you have because all of the logic to add a new tenant is going to be within the same code base as the application. It's incredibly easy for a tenant to self-service, add themselves, make some changes, or to have your support people make changes because again, it's all in the same UI. And it's as simple as adding or updating or changing a record in a database. But that has a cost. And that cost is extremely high code complexity. And one of the mistakes that I made is one of the company that I was working for, I was brand new to the application. I thought I knew what we needed to do. And it was like, we just need to get this feature out the door. We just got to get this feature out the door. And it's just for this one customer. That's all we have to do it for. And so I hard-coded the customer ID. So where it says where tenant ID is for every query, I hard-coded where tenant ID equals 045. I can remember that number probably till the end of my days. And we pushed that out to QA. And the number of tickets I got coming in from QA was just astronomical. Like, are you out of your mind? What did you just do? And I was like, what's the problem? You know, this is just for this one customer, not understanding all of the business rules. So not only is your code complexity incredibly high, but now you have to train all of your developers to make sure they don't make the same mistakes over and over again. If you have an existing application, doing something like this requires a significant amount of effort and time. Within Octopus Deploy, one of the things that we did is we added a new feature called Spaces. And for all intents and purposes, they walked and talked to a lot like different tenants. And so every single one of our queries, instead of where tenant ID, it was where space ID equals. And then as we were doing this, we go, oh, my gosh, our permissions model needs to change. Because how we've done it in the past isn't going to work. So we had to retrofit our permissions model. And then we had to add in more complexity on top of that. And so what should have taken a couple months ended up taking nine, 10, 11 months to fully get out the door. The last thing is that authentication and authorization has to be perfect. And it requires a significant amount of effort to get perfect. Because if it's not perfect, then you have the risk of crosstalk. And I've rated these as a medium. And this was kind of one of the things that people pushed back on for me. I said, why is this a medium? Why isn't this incredibly high? Because the chance of someone doing something like I did where a hard code and an ID number, that could happen. And it's really easy for that to happen. Or from a security point of view, someone could assign somebody the wrong tenant, either intentionally or unintentionally. Or there's an avenue of attack. But the key difference here is that something like that is typically found during the testing phase. And you can put a ton of automation around it. And it's pretty easy to find. You can also find that during code review stages or any number of those different things. And if an issue is found where a tenant's data was incorrectly written to the wrong tenant or whatever the case may be, it's typically easy to fix because you're updating the same database as everybody else. But while it's only a medium for crosstalk, the noisy neighbor risk is incredibly high. So at the company that I worked for, we had reporting capabilities. And we had, this was a company that provided software for oil industry, the oil industry. And so you can imagine some oil companies are bigger than the others. And one of the bigger oil companies decided to go, I want five years worth of data. And so that consumed all of our database resources on one of the web servers, all of their resources. And so we started getting in at all these tickets from people saying, we're getting all these timeout errors. We're getting all these timeout errors until we looked into it and said, this one customer asked for this one thing. And we basically bricked our system because everything is shared, everything. But one benefit, very easy deployments because you have to update one code base, one database. If I need to make a change, I need to make some sort of migration scripts. There's one database for me to target. In fact, what I can do is I can come in, probably take a copy of that database, scrub it for PII data, and we're done. I get a testing database. I can get multiple copies of that, write my migration scripts. Very easy to do. Now the migration scripts might take a while to run because databases in this approach, you're measuring in the hundreds of gigs, not the tens of gigs. But it's typically pretty easy to get out the door. And you can probably knock out a deployment. And if you do everything automated and you have it perfect, probably 30 minutes. Not a big deal. This was one of the funnier ones that I didn't realize was sign off when it comes to contractual complexity. Because I was all about automation. We want to get things out the door. We want to get things up to station. We want to get things out to production. We want to deploy faster and faster and faster. We couldn't do that because we had to have customers sign off on all of these changes. So it didn't matter how fast we pushed things out the door if we had the slowest customer that took two weeks to finally approve every last little thing. And so we started getting upset with that customer going, all right, we're going to start adding feature flags to disable that functionality and tell you sign off on it. Well, now we just add in more complexity to our code base. The other problem is, is your data lives side by side with other customers. And that's really hard to get approval when you start talking to some of these companies and they start talking about data sovereignty laws. And you're saying, wait a second, your data lives, my data is going to live with my other customers? I'm PepsiCo and Coca-Cola is going to live in the same database as me. I don't think so. And so this is typically why people will shift their logic to go, okay, we're going to have that one website, but then we're going to have multiple databases. Every customer gets their own database or every tenant gets their own database. And it makes a degree of sense when you go down this approach. And in fact, I thought this was the right approach for quite some time because, oh, yes, we have one code base to manage and every customer gets their own database, win-win. Your tenant maintenance that goes from a low to a high because your note can no longer easily self-service. You need to add in automation because now every time you add a new tenant, you have to create a new database and that's not an easy thing to do. On top of that, you have to start worrying about how am I going to manage all of these hundreds if not thousands of connection strings? And unless you have automation, it's just not possible. Your code complexity, well, good news is it drops down from a high down to a medium because there's no more customer-specific ware clauses. And this was, to me, the biggest appeal. This is why I was completely on board. Every multi-tenant application that approached this, I was like, yes, no more ware clauses. I'm going to solve it with this problem. I wasn't thinking about the additional layer that you have to add in there where now you have to manage your connections. When someone signs in, what connection string do they get? Okay, let's make sure they're assigned to that correct thing. You also have to have feature flags. That's not an option because everyone's using the same user interface. In your authentication and authorization, it has to be perfect all day, every day because of the two, between the single website and single database and this approach, you have a much higher chance of cross, excuse me, the risk of crosstalk is much, much, much higher. And the problem with crosstalk in this approach is that it's much more insidious to find. So one of the applications I was working on, I'm trying to avoid company names, not to get people into trouble. So sorry for the vagueness at times, but one of the companies that I was working for, we had, we discovered a core bug in the .NET session management where if the right condition happened, the wrong connection string got to the wrong session somehow. And we didn't even know this was happening until someone called us up and said, why am I seeing this financial data stored in this particular, in my particular record? There's no way we could test for that. I mean, how could you test for a core bug in something that's gonna happen if there's 2001 space Odyssey where everything had to line up just perfectly? Once we figured out what the issue was, Microsoft was like, oh yeah, we have a patch for that. Go ahead and install the patch. You're like, well, that would have been nice to know. But then we had to fix the data. We had to get the data from one customer's database into another customer's database. And that was not an easy thing to do. That took another week for us to solve that because you have one chance to do it right outside of backups and everything like that, but you wanna keep the downtime to a minimum. And it's not like you're gonna add a ton of automation to that because that's not a problem that's gonna happen every single day. But one good news, excuse me, is the noisy neighbor problem. That goes down from a high down to a medium because although the CPU and RAM resources are shared, every tenant, they can get their own isolated database resources. If you're doing something like Azure SQL, you can even assign it down to the DTU level where this customer gets 100 DTUs and another customer gets 50 DTUs if you're going down that approach. But again, back to that one user who wants five years worth of data, it's still gonna have all the CPU and RAM resources consumed as it's processing through all of that data. Deployment time was another one of those fun things that I didn't think about until we started having to do this for 100 plus tenants where we had to update every single tenant's database because everyone was using the same code. And you had to do it all at once at the same time. And so if you enjoy getting up at 2 a.m. Saturday or 5 a.m. Sunday because I had to do that to update the schema for every one of these customers, then I could update the actual code, then you kind of get into that. And then for contractual complexity, the good news is the data is isolated from other customers. So that makes things much easier. But at the same time, if they have sign off, which happens quite frequently, especially for business to business, you don't have a good way of handling that. So again, you're back to the whole feature flag thing. So let's talk about isolated infrastructure. So I suspect that's probably what most folks in this room are pretty familiar with. And this is where we have every customer gets their own namespace or every customer gets their own sandbox in some form or fashion. They get their own database. Now in terms of tenant maintenance, creating a new infrastructure for a tenant, especially if it's doing things like where I need to stand up a Kubernetes cluster or I need to stand up some new VMs, whatever the case may be. Unless you have automation, that's going to take a significant amount of time. And for us, for OXPUS Deploy, we actually had to create a completely separate application. We have cloud platform application because we needed the capability for someone to sign up for a brand new cloud instance and be up and running within, I think our goal was 60 seconds. So we have an entire platform devoted just to doing that, to managing all of this isolated infrastructure because once you start doing this stuff at scale, you're talking thousands, when I'm talking, when I'm in scale, I mean I'm thousands of customers. You need to have something to manage all of that for you. And this is not something that you can just whip up in a week. This is an ongoing application that we have resources, an entire team devoted to just managing this. And we actually went through two versions of this. We were actually on V2. The first version had some quirks, but it gets better. And like I said, we have an entire team devoted to it. The good news of this approach is although this is rather expensive, there's almost no code complexity because we don't have any customer-specific ware clauses. We don't have to have any sort of fancy interface or some sort of layer that's managing the credentials for us. That said, one company that I worked for, every single customer, they got a fork of the code base and they got their own. Please don't do that. That isn't incredibly hard to manage. So this is a low-code complexity as long as you don't do that because once we did that, then every time we added a new feature, we had to then merge that across every single customer. And no matter what, you're still going to need feature flags for tenant differences. I don't think there's any way to get around that, especially if you're going to have a single code base. Unless, again, you want to fork the code base, then you don't have to worry about feature flags.  The other good news is that there's no crosstalk. The chance of a customer talking to another customer is really, really low because everyone has their own credentials, they're in their own sandbox. Now, there's some arguments to be made about namespaces and I can completely understand that. But generally, the chance of one customer accessing another customer's data is exceptionally low. On top of that, there's no single place where the customer can access all of their credentials. It's typically going to be in that cloud platform system that we have that there's no customer access to it. And if one tenant's compromise should only impact that one tenant. You also have really low noisy neighbors because, again, something like Kubernetes or if you're doing EC2 instances, everyone gets their own dedicated resources. So if one tenant's consuming all of their resources, well, that has no impact on the other tenants. And we actually see that quite frequently with an octopus cloud where one tenant is consuming, they're doing all kinds of crazy stuff and everyone else is perfectly happy but that one customer is going, I'm getting these weird time-out issues. Strangely enough, the deployment time, it's not high, it's more of a medium and the primary reason behind this is because you can update individual tenants. And those are relatively quick. When I say relatively quick, I mean about five to 10 minutes. But it can take days or weeks to update all of your tenants unless, again, you have it automated.  But again, you can do more of a rolling deployment on something like that. It makes things much easier in that case. So although it takes a day or two to get everyone updated, you can do this on a rolling schedule. You don't have to come in on a Saturday at 5 a.m. I meant to put down low contractual complexity, not high.  So you don't have a low contractual complexity risk on this, sorry. Because you can deploy to each tenant as they sign off. If they're not ready to go, you just don't deploy to that one tenant, but everyone else gets the features and functionality. No need to add any extra feature flags. No need to worry about your data because that's completely isolated. So I'm going to spend the last couple minutes talking a little bit about the way that multi-tenancy has evolved, especially the last five to 10 years. So when you look at these different approaches, if you were to ask me five to 10 years ago, which one would I pick? I would 100% pick either single-website multiple database or the single-website single database. And that's primarily due to... Wow, that did not come through. That's primarily due to just an old-school way of thinking. Because again, I was originally a developer back in the early days of .NET, where we had to have... We were talking... Actually, this was pre-dated virtualization. And so everyone would be... Everyone would have their own servers and everything like that. So I was like, how can I prevent all of that from happening? Today, with the tools and the functionalities available to us with cloud providers, with Kubernetes, with dockerization, with infrastructure as code, I would 100% do the isolated infrastructure. I think that's the best approach to go with. But if you do this, especially if you're running things at scale, you really need to invest in that underlying platform, that octopus cloud platform. It's going to take money. It's going to take time to build. But if you want to do it at scale, that's the only way to really do it. And I'm not saying... When I say octopus cloud platform, I mean there's a separate tool that we're not octopus deployed. It's just something that we have internally. I just want to make that very punnily clear. I'm not trying to sell you anything. This is an internal tool that we have, that we control, that we manage. And it's really important that if you're going to go with this approach, you need to have something similar. But not all use cases are the same. Ultimately, the question is, where should multi-tenancy complexity live for you? Should it live in the code base? Or should it live in your infrastructure? Which is the best approach. And there's a lot of different things to consider. But I'll just wrap it up with just saying, please don't pick the single website multiple database approach. It's really the worst of both worlds. You still have to build the tenant infrastructure management system. You still have all the code complexity. It makes things just so much more complex. So please don't go with that approach. Don't make the same mistake I did. So thank you very much. If you're interested, link to my slides.


Hi and welcome to the session. I am Deepika here. Let's discuss the question. Question says, which of the given values of x and y make the following pair of matrices equal? A matrix of order 2 by 2 whose elements are 3x plus 7, 5, y plus 1, 2 minus 3x and another matrix is of order 2 by 2 whose elements are 0, y minus 2, 8, 4. Options are A, x is equal to minus 1 by 3, y is equal to 7, B not possible to find, C, y is equal to 7, x is equal to minus 2 by 3, D, x is equal to minus 1 by 3 and y is equal to minus 2 by 3. According to the definition of equal matrices, two matrices of the same order are equal if their corresponding elements are equal. This is the key idea behind this question. Let's start the solution. So, if given matrices are equal, that is, our given matrices are 3x plus 7 is one of the elements A, 1, 1, 5, y plus 1, 2 minus 3x. If it is equal to 0, y minus 2, 8 and 4, this will imply that 3x plus 7 must be equal to 0. Again, y minus 2 must be equal to 5 and y plus 1 must be equal to A and 2 minus 3, 2 minus 3x should be equal to 4. The relation gives x plus 7 is equal to 0 or x is equal to minus 7 by 3. Again, fourth relation gives 3x is equal to 4, which implies minus 3x is equal to 2, that is, x is equal to minus 2 by 3. From the first relation, we get x is equal to minus 7 by 3 and from the fourth relation, we get x is equal to minus 2 by 3. So, all the four relations does not hold for unique value of x. So, in other way, we can say there is no value of x for which both the vertex are equal. Hence, our answer is B not possible to find. I hope the question is clear to you. Bye and have a good day.


Don't let the narcissist distract you.   I mean you know the false self is false and If you're anything like me You don't want to live in a fake world You don't want to pretend or so The truth doesn't exist Because then that's not really living is it so don't blame yourself for that You're doing the right thing by not validating their false self but naturally when you do that it will trigger a narcissistic injury and It may develop in an obsession for them, but the thing is with these narcissists is When they get hooked on you They want to get you hooked on them. They want to make it so that you can't stop thinking about them. One of the main goals is To get you attached to them While they're not attached to you That's one of their main goals But you cannot let them distract you From your path and your purpose You've got to stay focused in your goals on your mission in life and if you've spent so much time around the narcissist What you no longer have a mission of your own And you've got to find one You've got to figure out what your purpose in life is What are you here to do Are you here to help or inspire people I? Think we are all here to provide some kind of service to other people so if you have spent so much time around the narcissist where you don't know what your purpose is and You're going for the devaluation or discard phase. I Think now is a time that you find out Because once you go for the devaluation phase The narcissist is going to do whatever they can to get you hooked on them To the point where you can't stop thinking about them They want you to develop an obsession Because if you've seen their behaviors You're going to know they're clearly obsessed with you And so They don't want to feel Alone in their psychosis and their insanity They will try and pull you into it and get you hooked on them as well and If you observe them, you'll realize that One of the main reasons why they're so hooked on you is because they don't even have a life They've got nothing going on in their own lives Everything just seems to revolve around you and what you're doing or what you're thinking about them They are very self-conscious people They're always looking at themselves and wondering what other people thinking about them One of their main focuses is Their image and reputation And so they're trying to get you to think about that too about yourself About how you're portraying yourself to other people. They're trying to get you to be self-conscious They're trying to get you to think if they like you if you're good enough When you shouldn't be worried about any of that All you need to worry about is your own path and purpose Focus on your own life how people perceive us usually has more to do with them anyway and If you've stumbled on my videos the chances are You probably do have codependency traits You may be a people pleaser so You know, I definitely want to get this message across in this video Like you don't need to be trying to please the narcissist anymore. I'm sure you tried enough To get them to validate you and it never works They just keep you chasing after their validation and that's all it's ever gonna be They just want to keep you running on their hamster wheel but instead of doing that Your time could be better spent Focusing on your own path and a purpose in life Focus on what you are here to do. Are you here to?


It's the perfect, the most perfect money we've ever had. It's the mother of all bubbles and is also the biggest bubble in human history. Over 50% of my net worth is in Bitcoin. 50%?  That's nuts. Bitcoin is the catalyst for the largest financial revolution the world will ever see. Or it's the most dangerous overhyped bubble in the history of modern finance. We bring you both sides of the Bitcoin debate in our point telegraph crypto duel. In this episode, Mike McGlone, senior commodity strategist at Bloomberg Intelligence, meets Francis Coppola, economist and writer. How sound are the economics of Bitcoin? Is that are manipulating the Bitcoin market? Will the crypto bull market continue in 2021? Pick your side in this coin telegraph crypto duel.  You know, you've never thrown a hard drive eight before. Why start now? I just told people I wanted a pizza and I want to pay with Bitcoin. I want to give you Bitcoin and you give me pizza.  Francis, you are a very harsh critic of Bitcoin. And in a recent interview, you said that the Bitcoin economics don't make sense to you. Can you explain why they don't make sense to you? Okay, can I make something clear to start with? I'm critical mainly of the economic paradigm that's been built, the belief system, if you like, that's been built around Bitcoin. Rather than of the technology itself, I do have some criticism of the technology itself. But there's a minor compared to this kind of hard money economics that's been built around it, which to me doesn't make a great deal of sense. And I'd like to explain why. And I spent my life writing about finance and money and economics, monetary economics. And I think in all the emphasis upon store of value on holding for the long term about Bitcoin as an asset, as a means of saving, I think what tends to get lost in all of that is what the purpose of money is. And there's a fundamental conflict between treating something as a long term store of value, an asset, and treating something as a means of exchange. Because the incentive structure around a long term store of value that you expect to appreciate over that time does not work for a medium of exchange. It disincentivizes the spending, the buying and selling the trade that are the whole basis of how an economy works. And incentivizes what we might term hoarding, hanging on to assets, and not moving goods and services around the economy. And I don't see how that is a recipe for prosperity in the longer term. So that's the fundamental conflict that I see at the heart of the hard money economics of Bitcoin. Lately, the narrative of Bitcoin as a means of exchange has taken a backseat compared to the one as a store of value. But I guess there are still people counting on Bitcoin in the future being as a valuable means of exchange too. But I would like to know what Mike think about it. So what do you think about Francis' criticism? I'm completely neutral in space. I'm a strategist at Bloomberg. My goal is to get markets right, but I'm more of a markets person. And one of the things, articles I like producing is I view Bitcoin as a collectible, a store of value, a reserve asset. I don't view it as money. And one of my favorite articles I penned, I just refreshed recently, was titled Satoshi Nakamoto's Mistake. Bitcoin is a collectible, not cash. Because what I think has been created here, something has declining supply and increasing demand. But you can exchange it much easier. They can virtually any store value in history of mankind, like gold on a universal basis, 24-7 price discovery, all that kind of stuff. That's never existed in history. And to me, that's part of the reason I think as a strategist, I don't really like to focus on is it great or not great, just basically this is where the price is going and why. That's my bottom outlook. And I see this asset being adopted as a store value, reserve asset, by most of the increasing amount of institutions on the planet. And I don't view it as money. It's something I'm going to be using day to day to buy a cup of coffee. You can do that. And the point is, if you want to liquidate it and exchange it, it's readily and easily available 24-7. And to me, that's what Bitcoin solves, is that type of problem in history where you can store some value, transport it easily, transact it easily, and across borders and across countries and over time. Francis, so do you have any criticism towards Bitcoin as a potential store of value? I do a bit, because I think that what's kind of built into Bitcoin is long-running price stability. I know the price of volatility. I know there is this view that with greater market penetration, volatility would decline, but that's really a bit of a punt on demand. Because with a fixed rate of increase of supply, let's put it that way, for the next 120 years, halving at arbitrary intervals, the only thing that can adjust to changes in demand is price. And so you're going to see volatility in Bitcoin price ongoing and continual for forever. Just as, actually, you do with inflation rates under a gold standard, it's a similar kind of problem that some of the only thing that can adjust is price. For a long term, for a store of value, it depends how long you want to hold it for. If you want to hold it for the very long term, then short term or even medium term, volatility potentially isn't a problem. But that's not the only form of store of value. And if people need to liquidate some savings for personal reasons, just at a time when Bitcoin is on one of its downward turns, then they potentially could lose a lot of money. So I think we need to be clear about in what ways Bitcoin is the store of value, what sort of store of value it is. Maybe a very long term one, but not really a short or medium term one, because of price volatility. First of all, which has fallen earlier, and the simple rules of markets is you have supply and demand, both are uncertain, that's what creates volatility. If you have certain supply and you do, you have a certain supply schedule, that means 50% of that input for volatility is already gone. So by simple rules of economics and markets, volatility has to decline. So let me expand on that. Everything I do in markets is estimate supply and demand. With Bitcoin, I don't have to. I know what supply is, it's fixed. Only thing I have to worry about is demand. So by nature, by laws of economics, volatility and Bitcoin should drop and continue to decline. I think when people are missing, it's not a store of value yet. It's getting there because it's way too small. So I simply look at annualized volatility, 260-day volatility. If you do a simple regression on 260-day volatility for Bitcoin for the last 10 years, it's going to match gold in 2024, which is when the halving will be. The point is probably the price will be much higher. So number one, supply and demand means volatility must decline versus most other assets, partly because it's much easier to measure. Only demand matters. And number two, it's a new asset. It's not we're near the robustness. It doesn't have a lot of futures, not a lot of players, not a lot of people knocking around, been an offer yet that you do in big, robust, established markets, but it's getting there. So that to me is a key thing to remember about supply and demand in volatility. It's just a simple fact of economics. And I point out the actual trends. Volatility has been declining. And a key point also, and the key thing that really got me bullish 2020 was 260-day volatility on Bitcoin declined to the lowest ever versus the stock market, S&P 500 versus gold, and versus Crude Oil. So it's all relative factor. I mean, we had massive, last year was the biggest correction to stock market since 1933. Yet, Bitcoin vowed to decline. So it passed the test again. So I'd like to point that out. And now what's the key thing about scarcity and liquidity, that's the key thing that I think people need to be pointed about Bitcoin. Why it's so unique? It's scarce by measure of the defined, about defined declining supply via code. So it's making it scarce. But it's also liquid, which is why it's so attractive, which is why the whole world of institutions are starting to jump into the space and realizing this has never existed. To me, the key risk then is the technology, which I can't really predict. So I can see there is a stack disagreement between you two guys. You, Francis, think that Bitcoin's volatility is here to stay, and it will prevent it from becoming a reliable store of value. Well, you, Mike, you think that by economic loss, Bitcoin's volatility is bound to decrease over time. If I can just clarify, I agree with Mike that actually, as the market increases in depth, then you would expect volatility to decline. Okay, a bit like a young stream is very fast and furious, but once it becomes a mature river, the currents are bigger and deeper, and it's not so obviously volatile. It's actually a lot more dangerous. Undercurrents in rivers are way more dangerous than anything in mountain streams. But yes, the apparent, the surface volatility is not so obvious, so I agree with that. What I would say, though, is that the volatility is not going to go away. Like I said, it's a bit of a punt on demand this. The best example I can give, perhaps, is a housing market. Now, housing markets are very managed, but they do suffer from really quite severe volatility, wild swings at times, and have done history in a way bigger than any Bitcoin market. And like Bitcoin market and Bitcoin, they have a supply that doesn't easily adjust to a demand. Obviously, the supply of housing is not fixed, but it is quite limited, and it's quite difficult for it to respond. And one of the reasons why, certainly, where I live in the UK, we actually have supply that's practically inelastic because we're so restricted in what we can build. And it's pretty much accepted that the price rises we see in our housing markets are to do with the fact that there's insufficient supply and far too much demand. Now, Bitcoin is not immune from those sorts of laws. So if you have massively rising demand for Bitcoin, you will see massive price rises. And it is possible. You could have sudden reverses. So I, you know, in a way, it's maybe a view of what you consider to be volatility. I might say, yes, your price swings might get less frequent than they are at present. But when they happen, they might be a whole lot bigger than they are at present, and they're already pretty large. So, Mike, as everybody else in the crypto space, you are convinced that Bitcoin's capped supply is set in stone. While you Francis, I was following some of your tweets where you were questioning the immutability of Bitcoin supply. Can you refresh for us this argument? Okay. I think you have to look at Bitcoin as a technology now. And bear in mind that the declining supply, declining rate of increase of Bitcoin, no, the progressive harvings, don't unwind until about the year 2140, by which time Bitcoin will be extremely old technology. The idea that the people 120 years from now, who don't, who aren't even born yet, will decide that what matters to us about the supply of Bitcoin also matters to them. It is a very considerable bet, I would say, on the persistence of a technology unchanged and immutable, because that is what this depends upon over the course of more than a century, and I don't really buy that. So, my guess would be either that the $21 million cap just will become irrelevant because the technology will be obsolete. Or that the community will say, actually, we don't want sky-high transaction fees. So, we'll lift the cap because, hey, these guys, they were a bit obsessed about that back in the early 21st century. But we don't care very much. So, Mike, are you not concerned that the technology of Bitcoin might eventually be modified by the future generations and thus this fixed supply will no longer actually exist? So, we're at a really early stage in Bitcoin. And I'm thinking 10, 20 years, price much more like to go higher. Technology shifting, technology always adjusts. Like Ethereum had issues, other cryptos had issues. One thing I hear from the technology people is, you never get it right the first time. And Bitcoin has been through a lot of those knock them down issues which it bounced right back. So, big picture, that's a great point. Short-term, it's in early stages of adoption. I mean, I think that's the kind of thing we worry about when or when it becomes part of the gold standard and being bought by central banks, which is evidence that's happening in some of the peripheral central banks already. Most notably in China. Yeah, I guess that your argument reminds me of some people that are already worried about Bitcoin being banned by some governments. And usually Bitcoin supporters would respond to that saying, let's wait Bitcoin to become really big actually because only if it becomes big then it might become a problem for governments. And then in that case, people should be worried about whether it could be banned. But right now, I guess it's too early for worrying for that. But moving on to the following topic. So, let's talk about institutional involvement in the Bitcoin market. Because as we saw, probably one of the main triggers of the latest Bitcoin surge is actually institutional involvement. Mike, in your analysis, in your latest analysis, you said that GBTC, the main investment vehicle used by institutions to get Bitcoin exposure, is showing a rising tide supporting Bitcoin price. But what if these institutions are actually buying Bitcoin only for speculation purposes and then they will be taking some profits at a certain point? And don't you think that that would cause a major price collapse? Mike? Well, that's one of the lessons I learned day one in the trading pits in the 80s is separating the trees from the forts. You're talking about a few potential iterations in trees that are unlikely. Now, first of all, GBTC is not the best way to measure what institutions are doing. That's really the U.S. massive amount of wealth in wealth managers and people like my parents who are retired in 401Ks, just getting in the space. It's their only vehicle. They don't typically trade. They buy and hold in a timeframe usually five, 10 years. That's what I see in GBTC. Now, if you want to see the shorter-term, you look at futures. But from an institutional standpoint, not only is the anecdotal like we have Fidelity, we have the major places in the world, the Bloomberg Galaxy Crypto Index. Every day I hear about more money tracking this index. Lately, it's been BlackRock. It's the days that ticking off corporate treasuries like microstrategy, things like that. These kind of places don't look to sell in the short-term. And one thing you have to remember, if price goes down and there's increasing demand, that increases demand. That's one thing, the bottom line, that Frances might be able to relate to is a classic economist. I come from a farm background. When prices are low or corn, I might plant beans. And if they're high for something else, I plant there. Prices really are part of that supply-demand mix. Prices go down here. That's what I'm expecting. Bitcoin to probe around 30 and find more of those institutions getting back in or looking to join versus around 40. They'll mostly say now I'll wait and scale in. So that's the key thing to remember is, yeah, if there's more sellers, price go down. But I'm a strategy, so I see more buyers. So, Frances, don't you think that this massive involvement of institutional capital into Bitcoin is a reason good enough for retail investors to sleep better at night? No, I honestly don't. And I'm going to explain why. That big institutional investors at the moment, I mean, you have to look at the dynamics of the last year, what's been going on in monetary policy, what's been going on with governments and what's happening to interest rates. And Bitcoin cryptocurrencies, like all other assets, have been driven up by the extraordinary amounts of QE the central banks have been doing. So we've got institutional investors who are desperately looking for yield. They're looking for high-yield assets to spice up portfolios that aren't earning anything. And Bitcoin is one way of adding some yield to a portfolio that's otherwise earning nothing. So you have to bear in mind that that's what's going through the minds of institutional investors, really, is how they're going to deliver the returns they promised to their investors, to their, yeah. And price is moving in the wrong directions. They will run because that's what they do. They'll run to something else, as Mike said. Now, retail investors may not be able to get out that easily. They may not be able to protect themselves. I didn't think right now that crypto is a good place for retail investors who don't know what they're doing. Yes, I want to expound on that. I view Bitcoin as the one word to describe it, accumulate. And I think everyone in the planet has to accumulate Bitcoin and never think of selling. And let's think of, remember, we're both speaking from countries that have major currencies. My friend Cliff over here, he's from Zimbabwe. He loves Bitcoin. There's a good reason. And there's a reason because it's been one of the few safe places that him and his relatives have been able to hold their wealth versus all these currencies in the planet that had depreciated. But I think what you described to me, Francis, is a bit of the perfect storm that's hitting Bitcoin is insurance companies. I mean, you're not getting anything in your t-bonds anymore. So you've got to diversify. And what I sense is the world's investment community has realized I probably should put one or two percent in this space because if I lose it, it doesn't matter. But if it keeps doing what it has been doing, which I don't see why it should stop, it'll make a difference for my portfolio and for my clients. So we all know that there are some very harsh Bitcoin critics who are convinced that Bitcoin will eventually fail and its value will go to zero. So Francis, what do you think? Can Bitcoin go to zero? I did not think that its price would crash to zero. You'll find that on a PSI vote for another complication. Because Bitcoin's price ultimately is held up by faith, by belief. And there is a strong core of communities, and we do have to thank the maximalists for this, whose belief is strong enough, I think, to maintain a floor on Bitcoin's price, which is above zero. I don't know where it is exactly, but it's above zero. And I think we've seen that with every previous crash that it has not gone to zero. Because at the bottom of the pile, there's always been some people who will hang on to it. This is where we hold them! Can I expand on that? One thing I've been impressed by, I was no zelt like a convert. I was very much against, didn't really agree with Bitcoin five, six, seven years ago when I heard about it, when it first got the price of gold. But every day that goes by, and you look, I look at coinmarketcap.com, and I see all these coins. There's 8,000 of them now. Most of them to me are just complete bogus. I get that. But they hold their value. Why? I don't know, but they're holding their value. It's things like Dogecoin. There's just so many of these bogus things that are holding their value. So the space is very comparable. And Bitcoin is unique and different. It's no one else's project, it's no one else's liability. But I keep, I've seen this happen. And one thing I want to bring in this conversation is this concept of crypto savings. Now I have Millennial Sons. And the first crypto savings account was launched in 2017. And every day that goes by, that they pay 6% to 8% on holding Bitcoin, money has to flow that way. Now I understand it's close. There's four or five big ones now. It's close to $15 billion. But Millennials, a lot of Millennials who know a little bit about the space, when they hear value stocks, they say, excuse me, but I'm getting 6% to 8% of my Bitcoin and my crypto savings. Why would I consider that? Yes, there's risks. Life is about risks. But money will always flow to where it's treated best. And every day these things don't fail. It keeps going that way. It's sec lending, from what I understand. I have small amounts in these accounts just because I need to learn about them. But they're paying me 6% to 8% on my Bitcoin. That means if you hold a one Bitcoin and it's paying you 7% a year, 10 years from now, you have two Bitcoins. Mike, in your latest Bitcoin outlook at Bloomberg Intelligence, you said that the only threat that you see to Bitcoin at this point might be a technological glitch or something similar to a risk-off environment like the one we saw at the beginning of 2020. So these, according to you, are the only two things that could prevent Bitcoin continue its rise. Francis, do you see any other threats apart from these two that could prevent Bitcoin going up in 2021? I'm personally of the opinion that while we have the environment that we do, while the pandemic continues, while we continue to have governments, the central banks, pouring money into the financial system, everything's going to go up, including cryptocurrencies. So the risk I see actually comes from things like Tether, where I think that those, and also the excessive type of leverage that we're seeing in Duffy, things like that actually, because those things can end very badly. And when they do, you tend to get a crash in the underlying assets. So the question is whether we're building up the kind of fragilities that we had in the housing market in 2008, really. A lot of people are concerned that the Bitcoin market could be manipulated and that there are a lot of allegations around saying that actually Tether, the main stablecoin, could be behind a sort of fraudulent scheme that it's aimed at pumping artificially the price of Bitcoin. So I guess that you partly refer to this kind of allegations. I would like to know what Mike thinks about it. Let's first of all look at the facts. Tether has been exist on the back of Bitcoin. Bitcoin was first. It's the first blockchain, first cryptocurrency. Tether right now is number three listed on coinmarketcap.com. It's about $25 billion. The significance is it's a small fraction of about the $600 billion in Bitcoin. So the fact that Tether might be manipulating the price of Bitcoin does not make sense. It's like saying that little fish has put kick in the whale around. So number one, that does not make sense. And number two, look at volume on Tether. That's indicative of what the market wants. Volume on Tether is averaging $118 billion. Let's compare. That's almost 70% more than Bitcoin. So most of everything, that's just an example of what the market wants. It wants a digital version of the dollar. It also solves a potential problem of CBDC, Central Bank Digital Currencies.  In most of the western countries, certainly U.S., there's privacy laws. Tether might be solving that problem, allowing people to transact in the dollar without having to have issues like banks, or banks just kind of allow, what Fed does is allow, the government allows banks to trade in dollars. So to me, the key point for me was Tether was, it really hit me. I was in 2018, the market was collapsed and I was in Hong Kong. Every market was going down except Tether market cap was going up and everybody I spoke to poo pooed it. And then in 2019, the New York Attorney General came down and crushed like they were gonna, it wasn't holding its funds or whatever it was all, just came down and guess what? The market didn't matter. That's when it was about $2 billion. So to me, when the market doesn't care, I don't care. And I've heard people pressing Tether forever, I've heard interviews, but it's being held by clients who want to use it and do use it. It's not exchange, it's people, it's the global infrastructure like Bitcoin. People want to use this and they're using it. And to me, it's indicative of where everything's are going to digital currencies, maybe CBDCs, but this might solve the US dollar problem of privacy. And Francis probably has some good comments on that one. Got quite a lot of comments on that. The first one I want to pick you up on is your market cap point because in the market cap Bitcoin also includes, of course, quite a lot of Bitcoins, rather a lot of Bitcoins that are not in circulation. They never move and some of them have been lost. So yeah, what Tether is influencing is your flow. Not your stock. So you need to be careful to compare like we like here, the actual influence of Tether is on the flow, not on the stock. So I actually think that Tether could move the price. That said, the way in which it does so, I think is, it juries out on this manipulation thing. My own analysis is slightly different. Mike, and you might be interested in this because my own view of Tether is it does affect price or rather Bitcoin price affects Tether because it's a volatility play. Yeah, and so you're going to have Tether issuance increasing on both sides of a price swing. So it will tend to amplify price moves in Bitcoin. It might not start them, but it will amplify. I wrote about that recently, but it was a bit of a nerdy point to be honest. But one thing about Tether facilitates trading amongst cryptos, which I'm not a fan of, not a fan of trading at all. But key question I'd like to ask ourselves, what's Tether fails tomorrow? What does that mean? Sure, the whole market would collapse. It means there's only one safe store value left, Bitcoin. All that money that's left would probably go flow to Bitcoin. It's not going to XRP. That's true. And I think that's a very fair point. I've seen that made a number of times that if Tether did go down tomorrow, then the price of Bitcoin would go up, not down. And I tend to agree with that, mainly because actually, I suspect it is damn difficult to get your Tethers out in the form of dollars. I know people have decided, if you actually look at Tether's legal documentation, they don't guarantee to redeem USDT in the form of US dollars at all. Well, I think Tether has some serious tests coming up actually, because he's got a lawsuit hanging over it. And further investigation by the NYAG investigation is ongoing, and it keeps on coming up with delaying tactics. It's just come up with another delaying tactic to try and delay having to produce some documents, which he can't actually produce. So I wouldn't be too sure that Tether wouldn't be clamped down on yet. I think it's distinctly possible that it might be. The question is what that means for Bitcoin. And like I said, the question, there are two things. One is I'm completely clear for me that there is no responsibility whatsoever from the Fed or anyone else to honor the, to support the Tether peg. If the Tether peg breaks, nobody, absolutely nobody, is going to bail out the holders of USDT in dollars. So then it's just a question of where they go with their Tethers and whether they can buy Bitcoin with them, whether anybody will buy USDT. Because I mean, you've got to look at both sides of the trade here. So I think it would be incredibly disruptive for crypto markets because so much is built upon Tether. It's quite hard to see how it would play out. But what I want to get across to people is no way could this be regarded as something that the Fed would bail out as it did in the shadow banking crisis for 2008. It's just not big enough and it doesn't pose enough of a financial stability risk at the moment. But the banks might embrace stablecoins, which I heard has been recently part of legislation. I don't disagree. We can consider one huge side of the normal bell curve of risk. How about the other side or something in between? Embrace it with regulation. To me, that's more likely. And I think that's really what's going to happen with Bitcoin is it's with the US, particularly because countries like China are against it. And those are countries that are major arch rivals and have a major issue with the reserve currency, which is the dollar. We can remain many of the other ones. Thanks a lot, Francis and Mike, for the great discussion. I look forward to have you on again on our show. Thanks for having me. It's been a pleasure. That was Mike McGlone, senior commodity strategist at Bloomberg Intelligence and Francis Coppola, author and economist. I'm Giovanni, your host. If you enjoyed the interview, don't forget to smash the like button and subscribe to our channel.


Oh my gosh, yeah, that's a lot of it You ready? We're gonna double up You got him. Oh, is that a good one? Oh Dude, he slammed it. Oh God, they're good ones too. Yo, what's poppin boys and girls ladies and gents welcome back to another episode of kicking their bass TV Thank you guys so much for the support if you guys are new to the channel hit that subscribe button hit the notification Bell also hit the like button if you guys have been enjoying the content just got back from iCast We had a great time. I will have to say that the Bassmaster Classic has to be my favorite I just love going there mean a ton of supporters. It's just a lot of fun to me The but iCast was fun, you know, it's just a bunch of industry people's very private invites So but we had a good time and we're finally back doing some fishing. I'm excited about it today Got my man Fletcher with me. What's going on guys? I want to check out Fletcher's channel I'll link them down below, but we're gonna go out here today We got a little bit of wind bluebird skies. It actually feels great. It feels good with the wind today It might be fire, you know this spot is looking juicy We're thinking about where to come and Fletcher actually put in here last week Can you caught some really good fish? So we're gonna have some fun We're gonna get out here hunt for these bass and more importantly try to catch these big ones It's gonna be a blast. Let's hop on the boat and get it started All right, Fletcher, you ready? All right get on first. Do we have everything? Let me double-check. Hold on Needed my agua. I guess yeah, I think we're solid I'm waiting for that one day where I just push off too hard and you go right in It'll happen. I'm sure hopefully not with the big camera So we're gonna start off cranking guys we're gonna fish right out here in the middle There's a lot of fish to stack up We got some wind today, and I think it's gonna position this fish good I think we're gonna bite it's gonna turn this crank bite on that wind flowing up in here Got a bunch of wind pushing up in this bank to this grass gonna be really good Some of these laydowns if you guys want to check out any of the baits or rods I'm using in this video. I have my link and discount code down below and go get anything off the striking and lose website So we're gonna go ahead and rig this up I'm actually gonna put this on my custom black and Mach 1 combo I was gonna rig it up on the kick in their bass combo, but I have a Texas rig on there And I think I'm just gonna keep that on and throw this bad boy right here This is gonna be better off for me cranking. There's a good chance. They might be pushed up closer Yeah I think we start off here see All right, here we go guys I gotta Set up this reel. I've only thrown the fluke on this bad boy. This is a brand new line and also a brand new reel So I got to get everything set up, right? Especially with this wind today Usually what you'll notice if you put some new line on a reel, it's gonna cast a lot better But sometimes it can take a second To get it dialed in and even get the line just all tightened up and thrown all right So get this thing rigged up start casting and see if we can just start on these cranks And we'll switch up to something else here in a bit and this isn't working Right behind us and they should be out here do with this wind Really good. I feel like once we fire a few of them up. They're not here. We could just go over there See it on the corner up there Is that bait or bugs? Oh, I got him. It was like a decent one too, dude. He clobbered it Yeah, I think it's a small one. That's not bad. Dude not bad at all. That's a that's pretty good one It's it's so funny because sometimes you'll get them on that crankbait you get them hooked so weird It's not that one. Oh, man I'm about to say if you can get your cast back. He's not he's pretty fat, too That's what that's a two-pounder Fat guy. That's a good one Not bad. Yeah, they sometimes you hook them so weird on that crankbait and they just don't fight Or they have their mouth open it gets all the water in there I don't know. Not a bad fish guys first one today Nice little two-pound bass on the crankbait. We started off with these crankbaits But we'll end up switching up here later in the day But we're just seeing what we can put together we started off down there There was a lot of wind pushing up in that corner But we couldn't see any bait over there and Fletcher saw a little bit of bait on this graph Right over here where it's calm and then we actually saw some bait flickering at the top and sure enough Got this bad girl to bite Thank you, baby first fish today get back in there. Oh my god That is not what you want Just gonna call it I don't know if that one's worth messing with Well Yeah, I think we're gonna be firing them up now. They're sitting right down there Look at it look at them barely Try it There you go, perfect. I honestly wanted that fish to do that All right, I think we're firing You'll catch them on that drop though. I was a two cast in a row. I had that one hooked in Do right when I hit the bottom just load it up on it again So Fletcher is gonna switch up to the dropy. I think you're gonna catch them on a good though I'll throw two two different things I think this crank be to be firing them up. That's the thing That was the sad part about that cast that you backlash on too because I was like you're probably gonna throw in there and get hooked up now Just let it look let it rip Dude, that's like a heat dude. That's not a chat Look at him.  That's a solid 15 inches hanging out his mouth We're just walking around with it. Like what is he gonna even do with that? Well, he's trying to figure it out That's ridiculous. He's just like rinsing it off in the water. They have a small that's hold all day Yeah, I don't know how he's Look at him dude. That is a bass Must have been like a dead bass or something. I highly doubt he I'm impressed if he actually got a thing alive Yeah Honestly, that's impressive guys. We got a school of fish up here. I Saw it earlier and I just thought it may might have been some wind and then fletcher just always like is that bait and they just started You got something you can I'm gonna throw the drop shot in there. Yeah, they'll eat it We never catch them under this bridge. Oh my gosh, yeah, that's a lot of it You ready? You got him. Oh, is that a good one? Oh Dude, he slammed it Yours was big oh gosh Dude, that's a good one. All right, hook one that one that you had I think was good, too I mean, this isn't like a monster, but it's solid two and a half Dude he hammered it to do it like not even oh my god There we go There we go guys look at that. It's a good little fish Butcher had one on he was pulling it. I know you have your drag loose, but There we go, look at that. It's not a bad one Two two and a half pound is long and just fat Nice buddy. Thank you My third one on a crank bait They're down there the bait we saw All right, if I get a bite this cast, I don't know. I think you'll get He hammered or he's blowed up on it. I know there's more down there. Gosh. Yeah, they're good ones, too, bro It's like just tie-on. You got a tie-on They're down there they're good ones to do they're all like two and a half plus look how they're eating it That's exactly all that one before Yeah There we go guys look at that That's a pretty fish see that do that's the thing with that crank bait bite It just fires them up like this is fourth fish today and both of them were back to back and that was just a pretty one It's all the two two and a half Yeah, you got it.   Did you feel a hearty hit it? Yeah I just got slam-fletcher. Oh, that's a good fish. It's a good fish. I just got rock told on I'm gonna double up with you That's a good one. That's like a three-pounder. Oh You did look better when I Got hammered right there. It's okay. Nice. Yeah, that's a good fish No, I heard that Weird I thought he came all for me I took my hand off the reel and it just started un-spinning. Oh, that's all that. Oh Did you see that I've never seen nothing like that you're back up a little bit there. I think they're right here, dude Dude that fish hammered me and I literally watched him come up like this and try to eat it again That was like almost a three. That's about the same size as yours. I Right where I landed That's exact. This is a biggin. He's running at me. Oh, no, he's not though the way he ate it though It was just like You want to know it's funny that cast I kind of did a sporadic retrieve like kind of sped it up really fast He felt good. He felt like a biggin This is the bite that we wanted to get on Took us a second to find them, but See I'm like reeling it really fast and I'll pause it kind of giving it like a Poppy retrieve. All right, so we just came over on this other end You know working our way trying to follow this bait follow these fish I'm gonna put on one of these lipless current baits.  It's got a couple little holes that fish are stacking But I think this lipless right here. This red eye shad is gonna get them a lot better The crankbaits just been picking up a bunch of slop and I Think this would be the better option Out here Frank dude, I didn't even move my bait. Did you see that? I never do that feels like a thing I never really I clicked my bait dude, and he had it He is fighting like a crazy man. I mean it was a full cast Dude, he might be good Oh, dude, that's a good that's one today. It looks like Oh look at him with them That that's a that's a 2021 that's a 2021 clip You can't do that's not even Dude, that's not even right Mine's barely hooked You say give me that boy Dude, that was perfect. I'm about to say I saw him flash. He was just going right down on it, wasn't he? Yeah, he went straight for it. He turned I just saw his tail kick and then stomp nice Look at that little double. Oh, that's crazy. That fish followed this one in and we're lucky that we saw him the second time You know usually see him one time and they spook, but he stayed around. Yeah, he was hanging out He wanted to take that trap out of his mouth To give him the next best thing. Let's go. That's nice. That's pretty cool Guys, that was crazy. That's like that's gonna be like one of the highlight clips of 2021 that was pretty crazy I mean the fish wasn't big. I wish he was like big with them like a three four pounder But I mean heck That's crazy. I showed there was some fish out there stacked up I bet you they're just in that creek channel, man It just drops off really fast in the like seven eight foot from like two foot.  Yeah, which is I think like kind of right where the edge is Dude, that was just all on out a weird catch like it I never cranked my reel like I threw it and I let it sink a second cuz I was like I'm gonna work it on the bottom I click my reel and he just already had it.  It's so important and what I noticed when I caught that fish Right here. There's a little spot on if you guys can see that this hook got tangled up all around it and kind of frayed my line So we're gonna go ahead and retie. I'm telling you it's worth retieing because one you don't get you won't lose the lure And two you won't lose the fish Last thing we want to do right now is hook like a five six pounder and then watch it break off That would just upset me. So you gotta play it smart retie because we're wondering what I'm tying. It's a standard uni knot My favorite knot of all time Tie right on there. We're good to go All right, we're whipping out the kicking combo real quick. We just came back to where we were, you know We're catching all these fish right next to this bridge. I don't really see the bait that we saw But it can only go so far. I'm gonna flip this crawled towards some of this shade and he's lay down See if there's anything up in there I'll just soon. There's a few fish Up in that stuff.  They slap the heck out of that crank bait That fish is not tiny. This fish is tiny Look at this This fish is no bigger Than seven inches That was a boil. Yeah, there's a little small bass. They're like six inches. Oh, you got them Dude, what in the world's up with these tiny ones You know an army of them came after that thing there was probably like six or seven little micros interesting Another some out here. I just mark a ton back there right behind us Yeah Think that's a really big one. I didn't really get a good look on them, but I Can't tell yet. You don't feel like I'm just kind of lugging them in. Yeah, he's a big dude. That's a big Yeah, you can grab them I got them under the chin That's for You do it You can grab by the head Nice, dude, that's the ones we're looking for. That's the best one so far today guys There we go finally got us a big in today. That's exactly what we wanted and Fletcher was just talking about we saw some on the bottom right back there He saw it on his graph and I was chucking out here towards the middle because we've caught them really good And I chuck that trap on the bottom He's like maybe you should put on that 3xd and then this thing just gets ripped out of my hand About a four pounder. That's a that's a great fish right there. That's the ones we're looking for, brother Give me some. Yeah, let's get it on that red eyeshadow That gold body black back. Oh, yeah the t-tap Look at that. That's a good fish That's where we're waiting on dude. I'm using me a few more There she goes I had her hooked all weird dude I was like I'm pretty positive when she came up that it's a big in but I was like it doesn't feel like it She just hooked weird just the way she's fighting with their hooked like on the bottom Yeah, it's like right there, but that was good, man. Let's get another one. Well, there we go guys That's exactly what we wanted. We wanted a fish like that and sure enough. We got her See if there's some more down here Huh I'll just be hanging all out there in the middle, dude Uh-oh That's him, buddy. Oh my gosh. He came off. That was him It was a big and I never felt him bite. He was just walking with it. That was that was a big fish I stuck him too Why does it why do we always miss this fish? I don't know. We're always so like anticipating them too You know what I mean? Dude, that was a good that was a good bass. I felt him for two seconds. Even they move Dude hold on hold on Big and no, he's not the big but gosh Feels freaking I'm so used to this cranky fish Okay, well something I don't work it really slow I don't think I saw one that bit it before but he was walking with it too Here we go. Nice little fish guys First one on a soft plastic today


A Perfect Strain by Isabella Valancy Crawford Read for LibriVox.org by Carolin Francis O bid the minstrel tune his harp and bid the minstrel sing, And let it be a perfect strain that round the hall shall ring. A strain to throb in ladies' heart, To brim the warrior's soul, As dew fills up the summer rose, And wine the lordly bowl.  And let the light of Ruddy June Shine in his joyous eyes, If he would wake the only strain That never fully dies. O what the strain that woos the night To turn from steed and lance, The page to turn from hound and hawk, The maid from lute and dance, The potent strain that nigh would draw The hermit from his cave, The dryad from the leafy oak, The mermaid from the wave, That almost might still charm the hawk To drop the trembling dove. O Ruddy minstrel, tune thy harp, And sing of youthful love. End of poem, this recording is in the public domain. A perfect strain by Isabella Valancy Crawford, Read for LibriVox.org by Ernst Patinama, July 28, 2008, Amsterdam, The Netherlands. O bid the minstrel tune his harp, And bid the minstrel sing, And let it be a perfect strain That round the hall shall ring. A strain to throb in lady's heart To bring the warrior's soul, As dew fills up the summer rose, And wine the lordly bowl.  And let the light of Ruddy June Shine in his joyous eyes, If he would wake the only strain That never fully dies. O what the strain that woos tonight To turn from steed and lance, The page to turn from hound and hawk, The maid from lute and dance, The potent strain That nigh would draw the hermit from his cave, The dryad from the leafy oak, The mermaid from the wave, But almost might still charm the hawk To drop the trembling dove. O Ruddy minstrel, tune thy harp, And sing of youthful love. A perfect strain, by Isabella Valenci Crawford, Read for a LibriVax.org by J. C. Guan. O bid the minstrel tune his harp, And bid the minstrel sing, And let it be a perfect strain That round the hall shall ring. A strain to throb in ladies' heart To brim the worrier soul, As dew fills up the summer rose And wine the lordly bowl.  And let the light of Ruddy June Shine in his joyous eyes, If he would wick the only strain That never fully dies. O what the strain that woos the night To turn from steed and lance, The page to turn from hound and hawk, The maid from lute and dance, The potent strain that nigh would draw The hermit from his cave, The dryad from the leafy oak, The mermaid from the wave, That almost might still charm the hawk To drop the trembling dove. O Ruddy minstrel tune thy harp, And sing of youthful love. A perfect strain by Isabella Valancy Crawford, Read for LibriVox.org by Leni. O bid the minstrel tune his harp, And bid the minstrel sing, And let it be a perfect strain That round the hall shall ring. A strain to throb in ladies' heart To brim the worrier soul, As dew fills up the summer rose And wine the lordly bowl. O let the minstrel's voice ring clear His touch to gay and light, Nor let his glittering tresses know One streak of wantry white, And let the light of Ruddy June shine In his joyous eyes, If he would wick the only strain That never fully dies. O what the strain that woos the night To turn from steed and lance, The page to turn from hound and hawk, The maid from lute and dance, The potent strain that nigh would draw The hermit from his cave, The dried from the leafy oak, The murmured maid from the wave, That almost might still charm the hawk To drop the trembling dove, O Ruddy, minstrel, tune thy harp And sing of youthful love. A perfect strain by Isabella Valancy Crawford, Read for LibriVox.org by Mindy H. O bid the minstrel tune his harp And bid the minstrel sing, And let it be a perfect strain That round the hall shall ring. A strained throb in lady's heart To brim the warrior's soul, As dew fills up the summer rose And wine the lordly bowl. O let the minstrel's voice ring clear His touch sweep gay and light, Nor let his glittering trusses know One streak of wintry white, And let the light of Ruddy June Shine in his joyous eyes If he would wick the only strain That never fully dies. O watch the strain that woos the night To turn from steed and lance, The page to turn from hound and hawk, The maid from loot and dance, The potent strain that nigh would draw The hermit from his cave, The dryad from the leafy oak, The murmured maid from the wave, That almost might still charm the hawk To drop the trembling dove. O Ruddy minstrel tune thy harp And sing of youthful love. End of poem. This recording is in the public domain. A perfect strain by Isabella Valancy Crawford, Read for LibriVox.org by Rachel Linton, Bristol, UK. O bid the minstrel tune his harp And bid the minstrel sing, And let it be a perfect strain That round the hall shall ring, A strain to throb in lady's heart To brim the warrior's soul, As dew fills up the summer rose And wine the lordly bowl. O let the minstrel's voice ring clear His touch sweep gay and light, Nor let his glittering tresses know One streak of wintry white, And let the light of Ruddy June shine In his joyous eyes If he would wake the only strain That never fully dies. O what the strain that woos the night To turn from steed and lance, The page to turn from hound and hawk, The maid from loot and dance, The potent strain that nigh would draw The hermit from his cave, The dryad from the leafy oak, The mermaid from the wave, That almost might still charm the hawk To drop the trembling dove, O ruddy minstrel tune thy harp And sing of youthful love. End of poem. This recording is in the public domain. A perfect strain by Isabella Valancy Crawford, Read for LibriVox.org by Russell Wrightson. O bid the minstrel tune his harp, And bid the minstrel sing, And let it be a perfect strain That round the hall shall ring. A strain to throb in lady's heart To brim the warrior's soul, As dew fills up the summer rose And wine the lordly bowl.  And let the light of ruddy tune Shine in his joyous eyes If he would wake the only strain That never fully dies. O what the strain that woos the night To turn from steed and lance, The page to turn from hound and hawk, The maid from lute and dance, The potent strain that nigh would draw The hermit from his cave, The dryad from the leaf yoke, The mermaid from the wave, That almost might still charm the hawk To drop the trembling dove, O ruddy minstrel tune thy harp And sing of youthful love. A perfect strain by Isabel Valancy Crawford, Read for LibriFox.org by Secrets. O bid the minstrel tune his harp, And bid the minstrel sing, And let it be a perfect strain That round the hall shall ring. A strain to throb in lady's heart To brim the warrior's soul, As dew fills up the summer rose And wine the lordly bowl.  And let the light of ruddy tune Shine in his joyous eyes If he would wake the only strain That never fully dies. O what the strain that woos the night To turn from steed and lance, The page to turn from hound and hawk, The maid from loot and dance, The potent strain that nigh would draw The hermit from his cave, The dried from the leafy oak, The mermaid from the wave, That almost might still charm the hawk To drop the trembling dove. O ruddy minstrel, tune thy harp And sing of youthful love. End of poem. This recording is in the public domain. A perfect strain by Isabella Vancey Crawford, Read from the box.org by Varon Neil. O let the minstrel tune his harp And let the minstrel sing. And let it be a perfect strain That round the hall shall ring, A strain to throb in lady's heart To brim the warrior's soul, As dew fills up the summer rose And wine the lordly bowl.  O let the strain that woos night To turn from steed and lance, The page to turn from hound and hawk, The maid from loot and dance, The potent strain that nigh would draw The hermit from his cave, The draught from the leafy oak, The mermaid from the wave, That almost might still charm the hawk To drop the trembling dove. O ruddy minstrel tune thy harp And sing of youthful love.