17 Burst results for "William Bitcoin"

"william bitcoin" Discussed on The Pomp Podcast

The Pomp Podcast

05:38 min | Last month

"william bitcoin" Discussed on The Pomp Podcast

"We were going into secondary and tertiary markets cleaning up real estate blight. This was just vacant dead property and we could go in and and revitalize it and those businesses exist today. I think fast. But now since i've been gone since two thousand fifteen but it's continued to prospering grow very proud of that and they have two or three hundred locations now and if you look at real estate in that strategy like what would you do today. If you're a young person interested in real estate like how would you think about where to actually go look for real estate and then like how to finance it if you didn't have a ton of money to To go do it. Yes so if you if you have a business. Most of the time a bank will allow you to owner finance a property. Now they will let you do it over and over again until you start to generate real revenue in the company but you should have a shot at at owner financing like doing a startup right now with a hospital system and fortunately or unfortunately the the real estate i've targeted or community banks They're they're going out of business left and right. They fit perfectly for what i'm trying to do. Which is an iteration of fast med. It's called my care. Three sixty five and we're able to provide primary care services with extended hours nights and weekends seven days a week in community banks which allows for the flexibility of drive component. If you can imagine testing for cove etcetera immunizations not having to come into the facility. So it's It's been a lot of fun to To be on the sidelines for a little while but now come through and be able to do some cool things with telemedicine and primary care For example before we let you go. What a what's gonna happen to bitcoin later this year bullish bearish sideways backwards. Folic parabolic somebody say. Yeah no i. I got pizza and cheesy bread. Domino's pizza and cheesy bread bet with mark eusko that bitcoin six figures. I got the six figure. Bet this thing's going going to the moon. So it's it's single best investment that i've ever seen in my life and i'm just excited to To have opportunity on a little bit of it. I have to ask before we let you go going parabolic when we first met your twitter handle something else. It was like jay williams or something where did going parabolic coming from. Because i might be outside of chilean air energy. That might be the second coolest phrase that i've heard a long time. I don't know. I think we were just talking about it. The term parabolic came up. And then you know. My twitter handle was at jay. Williams fast med f. s. t. m. e. d. or something and i just want with it suits me. I like fast. Cars pit vipers. Bmx the whole nine yards. Man masks like you guys all right. Any last the last words of advice for for young people about bitcoin. investing risk management. People want to know if riffraff is a bitcoin investor. And anything else now. Why are you guys are young. You gotta go for it.

mark eusko Domino jay williams twitter Williams
"william bitcoin" Discussed on The Pomp Podcast

The Pomp Podcast

03:33 min | Last month

"william bitcoin" Discussed on The Pomp Podcast

"Week with advanced care providers doing most of the care and ended up selling that business a number of times ending in two thousand fifteen for right about a half a billion bucks so it gave me an opportunity to hang out with on beers by mcdonald's turn it into laundry mat with some friends and learn about bitcoin mining naciria mining the mcdonald's that That we got through that in their very casual we went to Charlotte and i'll never forget this. We pulled up to it. And jason was like this is a good one and i was like what kind of run down he goes. Yeah let me show you. And the three things that he he Immediately called out was one. It was like a structurally sound building was really big. The whole thing too was have massive parking lot and then three was. He's admirably says something to the effect of like look around and we looked around. There's always busy goes if everyone goes down. We all go down together around here. Like mcdonald's put it here right like they must've done studies. And and all this stuff in terms of foot traffic and driving and and demographics of the neighborhood like all that and Mcdonald's wasn't leaving the area. They were just going across the street so in ended up. Who was like look. You gotta sri sound building is really big fits what we need to got big parking lot and like. I think it was acre to come that it came with and then it basically wasn't mcdonald's so that all the democratic said he's like we just ride their coattails. Appreciate you studying the the local area for us. You don't want to and it goes back to the original question. You asked me around like if i was a twenty five thirty year old. What kind of strategy would i deploy. This is one of those strategies because i'll ask pomp as a young person who got invested in a pretty significant piece of of infrastructure commercial real estate. How many mortgage payments have you made on that zero zero zero so you don't need money to make money..

mcdonald Charlotte jason Mcdonald
"william bitcoin" Discussed on The Pomp Podcast

The Pomp Podcast

04:59 min | Last month

"william bitcoin" Discussed on The Pomp Podcast

"What are like the big takeaways in your mind for folks who are trying to figure it out right you spend a lotta time bouncing being an entrepreneur and investor like any kind of lessons that you've learned over the years that you think are worth people knowing having you and i talked about this a lot but i think people focusing on debt to income ratio is wonderful lesson that you can teach them. You know if you're making sixty thousand dollars a year don't spend sixty five thousand. I'm making it a hard fast example here but we can spend an hour talking about this but it's it's something worth talking about really focusing on income ratio saving appropriately and living within your means. Jo-john you guys any questions. That was my question but was what what advice. He would give them like things about like. He's obviously doing well for himself right. I'm talking to jason now but but yeah it was just that like i think a lot of the younger people that watch this show right they come out and they say Maybe i don't have a business idea. Maybe i'm an entrepreneur. Maybe i'm just working Saving investing stuff like that. And there's no get rich quick but like what are the tools that i need to be able to invest intelligently. What ought to be focusing on. Should i be just investing in the snp. Should i be looking at alternative asset stuff like that but it seems like jason just wants people to know not to spend more than you make what what do you think about from an investment standpoint..

Jo jason john
"william bitcoin" Discussed on The Pomp Podcast

The Pomp Podcast

02:11 min | Last month

"william bitcoin" Discussed on The Pomp Podcast

"And you know they be creating a lot of money here if they were bitcoin miners so I'm sure they would have to deal with different. Regulatory pressures from their competing. You know the from the competition in this space. I think it's It's more complicated than even. I've considered at this point. Yeah what else are you excited about in the bitcoin crypto world man. This is a ton of things going on. Like i know i take a lot of flack for being focused in the nfc space. I think it's a huge innovation that's going on. I'm going to stand by that. I've seen probably three or four. Great disruptive innovations in my time one was the first company i started second was the internet third was bitcoin and actually think. Nf teaser big deal. So i don't know i. I'm not trying to make friends. Give give us the thirty second pitch on why you think are the fourth technological revolution behind bitcoin in again. I don't even know if it's behind bitcoin. I don't know where. Nf diesel will reside. It's probably not inefficient place to put them in bitcoins block reward but beyond that. I think the the fractional zeeshan of assets is is really intriguing to me. And i'm just watching it happen with silly japex at this point. Yeah and so the idea around. Fractional ization is similar like what the collectibles rally roads alz. What other ones do we know. There's a bunch of businesses like that what masterworks etc like they're all creating fractional ownership of various assets where you're talking about is doing that for digital assets through the versus doing it with the physical collector items or pieces of art. Yeah i mean matt. Masterworks doesn't have a blockchain behind it. In any way at this point they're just creating they're buying a piece of blue chip art and they're making llc and distributing shares. Got it and then in terms of how you spend your time on a daily basis a.

nfc matt
"william bitcoin" Discussed on The Pomp Podcast

The Pomp Podcast

03:50 min | Last month

"william bitcoin" Discussed on The Pomp Podcast

"Hungry neighbor It's a pretty efficient little system at generates six point one five megawatts of baseload power off of a feeds doc that we get paid to take so people also are saying in the comments that you have a windshield on your face with those classes but talking about saudi aramco. We're just talking and it sounds like it's a no brainer for them to do this. To basically take the streams off of their oil production and then mind bitcoin like you one would divert it from damaging the environment and to is you would have a really profitable revenue stream. Is that your read on the situation. Yeah i mean there's there's been a number of companies that have popped up and have hooked gen sets up to flare gas in the permian. Some of your friends are doing that right now. When you're talking about the world's what second or third largest oil producer in the world they have a tremendous amount of flair gas coming off as a way stream byproduct of oil refinery so yeah makes total sense for them to get in the space. The operating conditions pretty harsh. Where they where they're located so but it's not impossible to set up. Yeah and when you think about pr ti or saudi aramco. Both of these are power generation businesses and kind of have unique aspect to them. Is it your opinion that every single power generation businesses eventually just going to go and have some aspect of their business be bitcoin mining or crypto mining or. Do you feel like. That's just a kind of bitcoin and crypto dream. That people think that's going to happen but it's unlikely to actually occur..

saudi aramco
"william bitcoin" Discussed on The Pomp Podcast

The Pomp Podcast

04:19 min | Last month

"william bitcoin" Discussed on The Pomp Podcast

"We're we're like spirit animals like whenever we met we. We're just like we're gonna be friends. That's great we've done. A bunch of investing together over the years spent way too much time together. i've got basically five people that i could just call it any point. They'll answer. I could just shoot the shit. Four of them happened at my last name. And then jason so We're going to bring them up here and there is jason. What's up all right. Let's talk about pr we we were just talking about..

jason
"william bitcoin" Discussed on The Pomp Podcast

The Pomp Podcast

03:30 min | Last month

"william bitcoin" Discussed on The Pomp Podcast

"What's up everyone. This is anthony pomigliano. Most of you know me as pomp. You're listening to the pump. Podcast simply the best podcast out there. Now let's kick this thing off. Jason williamson is an investor and entrepreneur. He has built and sold numerous companies including an approximately five hundred million dollar exit in the healthcare space. Jason and i have also worked together to invest more than one hundred million dollars in the bitcoin crypto industry. In this conversation we discuss bitcoin mining alternative power sources renewable energy tire recycling saudi aramco personal finance real estate and debt to income. Ratios a really enjoyed. This conversation with jason. And i hope you do as well before we get into this episode though. I wanna quickly talk about our sponsors first up. Is cracking for.

"william bitcoin" Discussed on We Study Billionaires - The Investors Podcast

We Study Billionaires - The Investors Podcast

04:45 min | 2 months ago

"william bitcoin" Discussed on We Study Billionaires - The Investors Podcast

"Huge regulatory issues. Coming up for defy. I think white nova 'grats in a comment today about it and i've been concerned about it ever since it's why pomp and i avoided the ico's educate me on this. Because i'm not. I'm not up to speed on some of this. Yeah just think there's am l. Kyc issues everywhere. When it comes to defy you got taxation black coal event going on. You've got people taking a theory converting it into a wrap. Btc product putting it on curve putting it in rensselaer. Now you've got a wb wrapped curve ran in a stake mechanism making one hundred and fifty percent. Py you know. It's like many have to unwind. There are all these fees associated with getting back to east no l. kyc allowing that to exist. Kinzler was before. He took the job that the sec was talking about specifically why he had many issues with a lot of this. So do you think that he's going to be coming out in the coming year and taking much more aggressive stance because since he's been there and nothing's really kinda come out of it. My concern is it's so nuanced so complicated that it gets lumped into like bitcoin. That's what kind of socks and try to stay kind of neutral and mike political perspectives. When we do these interviews but listening to elizabeth warren talk about like energy fund. It scares me if then she turns her focus on sif. I defy bitcoin or lack of understanding about like the moralizing power thing. That's going on right now. It's scary if you get into this complicated. Like hot potato game of defy and the tax ramifications. The easiest thing to do is shut down. Just say look. This is a an untracked. Darn pool of tax avoidance and money laundering. no. I think you're right because if you're not spending a lot of time to fully fully understand it takes a lot of time to fully understand a lot of this is just too easy to just lump it all together and luckily gins ler has the background from teaching at mit and some of his previous comments before he came into the job where he's has specifically said bitcoin is not like these defy type projects and ico's he has a very distinct the nation between the two at least in some of his previous comment. So hopefully he's the guy sitting at the head of the table kind of shepherding a lot of these conversations but as you well know they can go astray and go in many different directions with short narratives attached to them. Everything is converging. Now you're going to have these discussions this year on defy see fi stable coins central bank digital currencies. Bitcoin is a currency. Is it property. Because of the pressure that el salvador's putting on the world. Now what if. I go to el salvador. My selling them property or am i using money. It's money there right. So why isn't it money here. Like i'm confused. It's getting crazy but you know where where there's a lot of volatility and risk and not necessarily knowing the outcome is is where your massive rewards are like attached and tethered to so while you agree. That's why i'm like you know what getting the game by bitcoin. It's the single best advice. I can give you right now. Because buying bitcoin is is an investment in yourself when you buy bitcoin and you're a big corner in front of me. I know you have your crap together. I really start to think about you differently. Like i really don't have time for people who don't own bitcoin at this point. I don't wanna talk about anything else so if you own. Bitcoin are interested in it. You're not going to be interested in me. And why would you talk to me. Because i look insane with my good vipers and minority light and all the rest right a as dave coordinator jason. Thank you so much for making time. This was an amazing conversation. I thoroughly enjoyed this and we definitely need to do it again. My pleasure man. Hey so thanks for everybody listening into the show. If you enjoyed the conversation be sure to subscribe to the show on whatever podcast app. You're using we really appreciate that if you have time. Leave us a review. So thanks for joining us this week and we'll catch you next wednesday. Thank you for listening to ti to access our show. Notes of courses forums go to the investors podcasts dot com. This show is for entertainment purposes only before making any decisions. Consult a professional. This show is copyrighted by the investors. Podcast network written permission must be granted before syndication..

elizabeth warren jason Kinzler next wednesday today two this week this year el salvador single best advice dave one hundred and fifty percent central bank east no l. kyc dot com bitcoin ico year Kyc Btc
"william bitcoin" Discussed on We Study Billionaires - The Investors Podcast

We Study Billionaires - The Investors Podcast

06:43 min | 2 months ago

"william bitcoin" Discussed on We Study Billionaires - The Investors Podcast

"Thousand dollars. Bitcoin is probably an enormous hurdle for people. Bitcoins divided into one hundred million. To toshi's you can own some of this and owning some of it is critical. Like i just can't emphasize that enough and my i could spend another hour talking about self help in how to be motivated in going after life and all the rest of just like you can. But i don't want to miss this point by. Bitcoin owned bitcoin. Learn how to self custody. Bitcoin and what would you say for a person who who hears that. And they're saying well you know. I'm just i'm not there yet is is. It's something that you have to have just an intense amount of knowledge and hard work to really understand it so you have the conviction like the you obviously have. This is where i break from a lot of fundamental principles and get into some moral hazard where people will block me or think that i'm being irresponsible. I don't think you have to have a total comprehensive understanding bitcoin before you participate because it's really difficult. I'm saying by a little bit of bitcoin and learn along the way build this airplane while you're flying because i've been around since like i. I heard a bitcoin in two thousand twelve. I really started learning and studying two thousand fifteen. I still don't know at all like i'm learning every day. If i waited to buy bitcoin until i understood it taliban. I never own it like i've never owned. It goes back to to use starting your first company. It's very similar to what you were saying earlier in the best way to learn about. Bitcoin is to buy bitcoin the best way to learn about bitcoin custody. Bitcoin deal with an exchange. Connect your bank account to an exchange moves some sats from an exchange to some cold storage device. Think about how to protect your seat phrase like that's how you learn it's really through doing. This is a little scary right now. And i know if you bought bitcoin at the top at sixty some odd thousand sixty four thousand. I just want you to know. I did the same thing. I did the exact same thing. I bought the top of bitcoin every time. There's a top. And i do it with intention. So i'm right there with you. I don't ever wanna be like a guy that like. Oh he's saying this but doing that. I bought the top bought every top. Bitcoin i'm not worried about it. Just hold this asset. Never sell it. The thing we are all thinking about is like. How do we live off of bitcoin without ever selling our bitcoin. That's the discussions. I want to have what people like. What are the strategies in the future so that. I don't have to sell my bitcoin. But i can somehow monetize it borrow against it safely like really deal with maltese. Like is there a trusted party. That's an intermediary in this. But i still hold my keys those kind of discussions that we're going to have in the future because we're talking about owning new york real estate and i saw some questions people had posted as far as how you think about receiving an interest rate on posits. Your i think blocked by sent you a belt for receiving so much in year. Talk us through how you think about this from a risk standpoint because this if there's one thing that will you know get people on twitter emotionally responding. It's typically around this this conversation as far as custody you know what's a responsible level of deposits with a third party versus holding it yourself. What are some of your Thoughts on this jason. This is this is my opinion and this is. This is what i was doing for. I want to be known as someone who was pioneering in trying to create yield on his bitcoin and digital currencies. And when i say digital currencies. I'm talking about stable coins at first. Because i'm retired. And even though i'm building companies building pr ti since two thousand fourteen. After i left fast men. I don't get a salary right. I had an exit. And i still have young kids and a wife who has to the tennis courts and all the rest of the stuff like i still like watches and cars so i want to continue to create more wealth not tap into my principal and have a certain lifestyle. I got out of the stock market. I'm managing my own family. Trust and i'm looking at the fact that i have an increasing position in bitcoin. But there's no real mechanism to drive yield on it like really it's just a you buy the asset and you hold get it off an exchange you put it in cold storage in that stat. Block by comes around. And they have at the beginning like they're paying six percent a py. On bitcoin. Eight point six percent on stable coins. Yada yada yada. And there's a number of companies out there voyager celsius etc so not pumping any individual want. I i immediately said look. let's test. how stable this is so. I took two and a half million dollars. Cash turned it into g. usd which is gemini usd. It's a it's a stable coin that the winkle voss twins produced out of out of gemini in a dome assailed at block fine. They paid eight point six percent. Ap y in bitcoin so generated two hundred fifteen thousand dollars of bitcoin a year. Something like that. That's material so in my mind. I'm like okay data point. I can feel mine. Bitcoin with cash. I don't have to buy mining equipment. I don't have to buy two and a half million dollars worth of mining equipment. I can buy this interest. There's some risk you've got how is blocked five paying me point six percent. They have a whole world of re hypothecation strategies and lending mechanisms. They've done a pretty good job of that. An investor through morgan creek digital company. I took it to another level. I said look compounding is like one of one of the most powerful forces in the universe. Let's drive some yield on. Bitcoin as well so i had a stack bitcoin in. They're getting six percent. Hang me and bitcoin. So i had the cash started putting all of my cash. I don't know if you keep three months six months. A cash reserves blah blah. I took it all. So i was like ninety nine percent digital currencies and then i had my bitcoin asset shoved in a significant amount of it in a strategy to earn interest as well not popular. Right i don't know my private keys so from bitcoin maximalist situation. A big coin risk assessment. People just thought. I had lost my mind. It's not popular. I didn't have any loss of my principal blocked.

six percent two hundred one hundred million twitter sixty Thousand dollars three months Eight point two and a half million dollars eight point new york two thousand fifteen six months jason two thousand twelve five fifteen thousand dollars ninety nine percent one thing first company
"william bitcoin" Discussed on We Study Billionaires - The Investors Podcast

We Study Billionaires - The Investors Podcast

08:01 min | 2 months ago

"william bitcoin" Discussed on We Study Billionaires - The Investors Podcast

"El salvador's made bitcoin and they're using it over. You know zap and strike over the lightning that it's amazing and if anyone's ever used the lightning network all you run your own node and ever and ever use like i have a node and use the zap wallet but it is instant transfer. There's no ten minute block time or forty five minute delay. Anything instant transfer. It's pretty amazing. It's really fascinating. So i always bring that up because anti-big corners talk about the fact that it you can't move money over the bitcoin our blah blah blah blah blah blah blah. But this is the beginning. And i think bitcoin is the end as well. It's the beginning and the end. Somebody might be listening to this that to. Here's your story and they're motivated. And they're saying i want to go out and i want to be a minor explain from your vantage point. The challenges that a person like this face is how realistic something like. This is just kind of i. I guess. Put the reality check into what this would be for a person like that. If you wanna do it adds scale. This is an expensive endeavor and there are a lot of technological hurdles infrastructure hurdles that you're going to have to overcome to do this right so if you want to hook up a few rigs at your house you can do that. You got to get an electrician and you have to buy them from amazon. And you could do that. It'll cost you if you buy some s. Nineteen there about eight thousand dollars each so. It's expensive you'll make change every day. You know you'll get dusts. dusted bitcoin. Right but at scale. This is a big endeavor right and just to frame this buying megawatts of power. If you went to a data center a new said i want one and a half megawatts of power. They may charge. You hear north america anywhere from six to fifteen cents a kilowatt for that. So you're talking about paying somewhere between eighty thousand and one hundred thousand dollars a month in a power bill so just again just two megawatt megawatt and a half of mining your megawatt you'll be able to maybe stand up two hundred two hundred and fifty of those s. nineteen. Take about three thousand. Give or take watts to the wall. So two hundred two hundred fifty times eight thousand dollars. So there's your capital expense for just the machines right and power supplies now you need some kind of racking system to set them all up right. So that's gonna be more infrastructure you'd then commit all of that to this environment and then tied to a mining pool pay the mining pool one percent and off you go now you're a minor that's probably over-simplified as we're thinking about this price action right now and we're thinking about the cap ex associated with doing this type of business in the capital outlay that's required to do this type of business upfront and then the loan that's maybe borrowed against because that is super cheap right now if you're borrowing and so now you've got to continue to make those payments and now you're just you basically have been pulled shouted all down move or sell it all that's really expensive super expensive and if you've been collecting bitcoin in holding in your treasury you now got to sell it and i just painted a picture for one megawatt were talking about our five hundred megawatts while thousand megawatts three thousand megawatt mine so take everything i said in just multiply like it's simple math. This is a heartbreaking scenario for people who were like. this was their their escape from. Poverty was their holy grail moment. And it's been taken from them because of the government's initiatives and intentions and bitcoin loves freedom. And it's going to naturally migrate to wear. Freedom is set true a couple last questions here because men that our went really fast the first thing i want to tie so i'm down in florida on vacation. I go into a sunglass shop because my sunglasses broke. And there's a kid in front of me and he's asking the guy hey. Do you have pit. Vipers here and i was like whoa. So this isn't just the jayson williams thing like this is. This is a really popular. And so i asked the today's hey pit vipers so i immediately asked him i said. Are you a bitcoin. And he goes no man. He's like look to me. Like what are you. What kind of questions that. I just want to get some sunglasses and These really popular and he goes. Oh yeah like these really the most popular sunglasses for like my gender. He's he's obviously young guy and he's to say. This is the most popular sunglasses from generation as i. I know the guy who's like behind some of this. So were you an investor. Did you stand this up. I know this is kind of an off. The wall question at this just happened to me. Yeah so i was not an investor. But i will say this to you that i stumbled upon the website which was like nineteen eighty. Ask video game website. It's really it's done by intention. I just said those. Are the most ridiculous randy macho man. Glasses ever like. I want to get a pair. And so i do think sometimes just to decompress and and i like to have fun. I would wear around and they were ridiculous. It'd be at the beach you know drinking and natty light and i've got the sunglasses on and people are just cracking up. But no i. I will take credit for starting the pit. Vipers kind of the whole launch. And that's that's me. I definitely will take that one. I would vipers everywhere every everybody rocks the pit vipers so this goes into my next question so dave portnoy when he goes on his variance. He's always talking about the parabolic guy with his ugly sunglasses right. He's like he's playing the whole thing so my question for you is. What kind of salad dressing does dave actually like his salad. He puts week sauce on his salad. Which is something that you may not see but they produce at barstool specifically for dave. So that's what. He uses a pork forum because he drops it a lot. I think that's all we've got all right on a serious note. That was fun on a serious note. You are a guy who's extremely successful at which you've done in your life. What is some advice. People were hearing this people. Look up to you. What some some of the best advice you can give them and just things that maybe they can really kind of internalize or maybe take away from the conversation that can carry them through the rest of their life. We're at an amazing moment. When i was in college the internet was born. The internet was there. And i had no resources but i realized that would be a big thing so like you and i are sitting here. We're talking about something that i would expect. And it's it's overwhelmed your life. It's everything to you like. You're not thinking about i need to go. Buy a mall. Does not like something that you're out like hunting for the next piece of real estate. Like i just can't imagine you're doing that. My single best advice right now beyond believe in yourself and all those cliche things like it's really by big klein. This is an amazing moment. Right now and you're not priced out. It seems expensive right now and soon people will be thirty five.

two hundred six five hundred megawatts amazon forty five minute florida one percent two megawatt one megawatt one and a half megawatts thousand megawatts ten minute thirty five north america nineteen dave today eighty thousand eight thousand dollars single
"william bitcoin" Discussed on We Study Billionaires - The Investors Podcast

We Study Billionaires - The Investors Podcast

07:59 min | 2 months ago

"william bitcoin" Discussed on We Study Billionaires - The Investors Podcast

"You got a magic machine and you can put this in here and get that. We built a precedent and we built it at scale. Also what you would see if you came to. prt is. I've got six forty foot cylinders and they rotate on an access point. They're all independent. So one of the things that i didn't like about massive industrial complexes they're all connected you've got like conveyor belts feeding into that and this and then it goes here and then that has to go onto here but if any of those systems breaks the whole plant goes down so i wanted to make sure that we had something called like a continuous batch system. That was modular is now. You're getting into lean six sigma types of your speaking a language. I don't know. I did the same thing with a hospital. Emergency room right. I said this thing is big and inefficient. Yeah are unhappy. Let's make it small. And and you know kind of tactically more replicate available and usable and so we took these systems these cylinders each one of them had its own programmable logic controller worked independent of the other systems. So there's some redundancy you had this forty foot chamber. You had an oil processing and containment system behind it then you have an emergency flare behind it. The cylinder rotates forward. You loaded with about three hundred whole tires. And that's really novel because no one had ever produced one of these tire disposal systems where you had no preparation of a tire. You could just take a dirty tire and throw it in my machine so you put three hundred tires in the machine. The machine then gets back into a vertical position. It's all done by computer. And then live closes on top of it. It informs a seal. We put a vacuum pump or some pressure and we we evacuate the atmosphere out of that vessel so all you have is tires and were. We pulled out the atmosphere. I insert a torch into the bottom of this giant cylinder. And you've got all the tires randomly inside of it. And i blast it with this torch and create like a coke layer. So it's not on fire. I'm blasting those tires with this torch for twenty minutes and creating kohl's like hot coals at the bottom. The cylinder is actually there's thermal concrete and some other really cool technologies in it but it's essence. It's just a green egg so after twenty minutes. Pull the torch out closed that port. And then i start to drag oxygen or atmosphere back over those hot coals. So there's no additional fuels there's no catalyst there's no other energy. I've spent twenty minutes of of some type of gas to create hot coals. Dragging atmosphere over that with vacuum pumps that becomes super hot at the base. Imagine blowing on coal against red hot. A tire is forty percent oil. It's got carbon steel kevlar. It's got a lot of things in it. That are volatile in terms of the synthetic polymer. That heat is monitored with about eighty different sensors up the stack of tires and up. This forty foot container is so are measuring the temperature differences up the staff and i over a eleven our process. Moving those tires down to this hotspot just using gravity and turning them from a semi solid to a gas not lighting them on fire. I'm heating them. And they turn into a gas. And then i'm pulling that vapor stream off at a certain temperature. It's around three hundred. Fifty two four hundred see and i'm pulling that vapor stream ost and collecting and cooling a fuel and that fuel is like a bunker fuel when i say bunker fuel that in a high sulphur fuel that you would use ship once it gets into international waters the vapor stream that i can't condense into into an oil and gas so it's all the butane propane 's methane. It's got a lot of the different combustible components. I can pull that in scrub it and combusted in terms of energy as well. So i've got liquid-fuel. I've got a gas stream and then after eleven hours i'm left with a carbon. That's like mid grade appalachian coal. So it's a solid feel and then steal. There's a fair amount of steel and a tire dump that out after eleven hours. I shake off the carbon. I sell the steel. They just come pick it up and give me scrap steel price. I use the solid fuels. Or i sell them into the solid fuel market to create power. I use these the oil either. Sell it into the blended fuels market or use it for our own energy use and the gaseous fuel. I use the vapor stream. I use for power as well. All of those things. I when i first endeavored to monetize them i thought i would just produce power for the grid but that led me to cryptocurrency mining. You know there's a whole nother track or discussion. That's kind of the story of pr ti in its evolution to that point where i had at scale taking care of ten percent of all the waste tires in north carolina so we have twelve million waste tires year. We were taking care of one point. Two million of those tires ourselves and i had a replicable model that could exist in certain environments. That would allow us permiting. Wow that is crazy okay. So let's talk about the transition to the crypto currency piece. Oh you're doing all these things you're doing these things successfully and how did you come across. Crypto currency is being another opportunity to leverage with the energy. Yeah so i had said to you. I was doing some early stage. Investing and one of the investments i had done is in technology that had made a claim i was a nail polish that could detect date rape drugs. It came out of. Nc state university. The claim was that a young woman or man could put this nail polish on dip it in their drink and detect six typical date rape drugs. I had invested in that company early. And we're working with the founders to perfect it. Mark cuban had invested in that as well a friend of mine and by no at this point friend of anthony's poblano had had said. Hey this guy named palm is leaving snapchat moving back to raleigh. You need to meet with him. Like i think you guys would get along. Well he put us in contact. This is like two thousand fifteen two thousand sixteen and we set up to meet in downtown raleigh for thirty minutes. We ended up staying for two and a half hours. It's like you meet someone and you usually. Yeah yeah it's like us talking right now. It's an easy we immediately said. We gotta do something together and what we did was we developed a concept for full tilt capital which was going to professionalize friends and family investing and we raised. I don't know about three and a half million dollars to go into early. Stage stuff being put it into like sixty different companies and then we had another maybe fifteen million bucks that we put into late. Stage stuff spacex reddit. Airbnb lift like a lot of cool stuff and man. We were deploying capital. We're kind of local heroes in terms of like the early stage venture stuff getting to know each other and then recognize that. There was a lot of.

Mark cuban north carolina raleigh thirty minutes twenty minutes Fifty two four hundred Two million ten percent two and a half hours forty foot chamber three hundred tires reddit snapchat fifteen million bucks Airbnb around three hundred palm anthony six typical date rape drugs first
"william bitcoin" Discussed on We Study Billionaires - The Investors Podcast

We Study Billionaires - The Investors Podcast

08:17 min | 2 months ago

"william bitcoin" Discussed on We Study Billionaires - The Investors Podcast

"It. Just walk us through this decade plus of that experience so you like so many things happening at once over the. Let's call it fifteen years that i was building that company that it's going to be. It'll be too much to unpack but just imagine opening up a doctor's office. You've got a technology package. You have to have some type of charting system. You have to have some type of recruiting. Hr culture all of those things. Right you're building. I had no business training. So i'm winging with a bunch of college friends at first but over time when the system starts to break and new technologies. Start the show themselves. You're just implementing as you go right so you're essentially building the plane while you're flying it. Most people are uncomfortable doing that. I meet sounders. That they're stuck in prototype forever. Brazing enormous amounts of capital to protect perfect their crass than there are those who don't know what they don't know and and rush basked in the wrong direction and the same people that don't know what they don't know russia the right direction and build something extraordinary right for me retrospective late. We got it right more than we got it wrong preston. We built these systems. We adopted electronic medical rectors. We went some traditional x ray to patch systems and digital x ray. We went from you. Know trying to train people how to code to Having cooling algorithms assist people to how do you deal with real estate. Do you buy all the buildings. Do you build them to know. Or is there some plug and play when we went into our blitz scaling phase blockbuster video stores went out of business so those were like in this perfect location for the kind of retail play. I was doing so. I just went out and warehoused all these blockbuster video stores so that we could open up. And you're just recognizing kind of patterns and and aligning these things but again it takes different mentality. You know someone whom feels very comfortable. Not knowing has the self confidence to stand before his mistakes make corrections. The confident like changing his mind. Like these are like mantras. I always reserve the right to change my mind. Say it all the time to people because it's kept me out of trouble in my life but yeah that fast med was an amazing moment. It took me from this start that i had in life to someone who had options selling company was the hardest thing i ever did because when i raise some capital in two thousand and ten i had the sign a ten year non compete so my ten year non compete started in two thousand ten. I exited the whole company in two thousand fifteen. So i had five more years where i was blocked out of healthcare so everything i knew my whole adult life. I spent working on that business preston. And after i sold it in two thousand fifteen i was done like couldn't work in that space any longer. Follow the money to do that right. And so that's why you had to go off in a completely different direction and twenty-fifth truly different direction. So i've had some patents that i've written robotics and synthetic polymer science and i was really interested in doing some type of renewable energy thing but i didn't want to. I don't know how this is going to come off. I didn't wanna do something that had any subsidies that that needed any type of government support to survive. It's pure free-market capitalism. Like if i'm going to build something. I'm going to build it so it's profitable anti elon mosque before it was popular right right. Yeah it was like. Peter drucker right. My first social responsibility is to be profitable after unprofitable. Then i can go give all my money away. But let's let's deal with that i so yeah man that's where the idea for. Pr guy came up like. Let's take this massive worldwide problem of trash tires. You can use of an equation like one tire per year per person is disposed of around the world for the most part so here in the united states we dispose of about three hundred and fifty million scrap tires a year. That's not counting the blemish tires that come out of the factories or heavy industrial tires. These are passenger. Tires are light truck tires and twenty percent of them end up on the side of the road in water on lakes in the woods. And and then we don't have a nice are good solution for them. And that's where i was born. So where in the world do you get this idea. Because most people have maybe one brilliant idea but then don't have the means to executed in their lifetimes and here you are still very young pointy fifteen and you're already on this second idea that you're ready to kill it so like how did you grasp this idea. I was always interested in like early. Stage seed investing. So i i would tell you like starting in two thousand twelve to two thousand fifteen. I had been looking at things that were interesting. Putting small amounts of capital fifty or one hundred thousand dollars into things so i had arrived at some areas of interest for me energy robotics medical applications service offerings. I forgot some restaurants and stuff like that. That is probably not as impressive but that that was really it so i had developed a bit of cognitive diversity in in my own kind of approach to things and thought i had a good solution i had looked at some patents that Had made some claims on how they dealt with synthetic polymers and tires and and d. manufacturing them and i thought we could hit rate on them so i just hired a bunch of organic chemists and we sat in a room and and broke this thing down and came up with something that i thought was viable on paper. Then i took like a fifty gallon barrel. Cut a tire into a force and insulated look like a satellite and heated it externally until we got the temperature round three hundred c internally and i started to pull vapor stream off of it and condensed that into a really crappy oil. That was the beginning of it. I had that on the back of a pickup truck and then we went to scale by put a bunch of money and bought ten acres of land close to where i live and lived in that field. A four year really lived in a i had a very small team of engineers and we we perfected the technology. I want to get back to this. When i'm hearing this my background coming up with us military backer and it's all about leadership and it's all about being able to prioritize and like separate which variables are important and just being able to synthesize. What's important and what's not important in. Get to the point. And you have this spades at such an early age. I was formally trained on this for years. And i would argue still very lacking in many areas. But when i'm hearing this this does not happen. All these things do not happen unless you just have like this natural gift for leadership. So where did you learn that. I don't know press. I can just tell you that looking back like if you were ever pick up game like pickup basketball game or like. I was the guy that that people would pick jason on my team. And then like i would be the guy picking the teams as i started to get. Alder just naturally happened. You'd essential sense. Yeah and and my mode has been conflict. Resolution focus on aligning goals. Finding everyone's unique motivation pushing hard in that direction. So when you find someone's unique motivation you align goals and you resolve conflict with like absolute intensity. Those are fun people to be around and if you share success along the way and everyone understands what winning is oh my goodness you can build some amazing team so really for me. I don't need to be the smartest guy in the room. I just wanna be a part of the team and sometimes on the quarterback. Sometimes i'm just running the ball heart so zig humility. Do.

twenty percent two thousand one hundred thousand dollars twenty-fifth fifteen years Peter drucker jason fifty two thousand fifteen four year ten acres five more years ten year second idea fifteen about three hundred and fifty one brilliant idea fifty gallon barrel three hundred c two thousand twelve
"william bitcoin" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

05:14 min | 9 months ago

"william bitcoin" Discussed on Bloomberg Radio New York

"Labor Department says initial jobless claims and regular state programs rose by 23,000 Steven Stanley. Is chief economist at Amherst, Pip on securities on on Bloomberg Television Radio this morning, he said, there may be other things going on with that number. I think with the claims numbers, you know, a big part of the issue is changes in the program. Extra benefits that were on offer earlier in the year just lead to a lot of unusual activity People filing that were ineligible before probably long a lot of people filing that didn't You know, I shouldn't have gotten benefits, so the levels of those claims numbers were definitely off. Recapping S and P up 19 at a record of 5/10 of 1%. I'm Charlie Pelant. That is a Bloomberg business. Flash this his Bloomberg Business Week with Carol Massar on Bloomberg Radio. This Bloomberg Business Week on this Thursday, Carol Massar, along with Bloomberg, Quick, Take Anger Tim Stenkovic and top story this hour and I guess Maybe it's going to be safe to say it's been a tough story this weekend is gonna end up being one of the top stories of this year. I think that's fair, right. We're talking Bitcoin, right? We're talking big coin, and we saw Cryptocurrency exposed Doc soaring today as well. We talked about that a little bit earlier, Bitcoin topping $23,000 per token. Having only surpassed the $20,000 milestone for the first time. That was yesterday s, so it is really just moving up as Bitcoin surges to record high, Scott minored. Our audience knows him well chief investment officer over a Guggenheim Investments He believes the world's largest cryptocurrencies fair value still has a long way to go. He shared this with our colleagues over on Bloomberg TV. We made the decision to start allocating toward Bitcoin when Bitcoin was a 10,000 except a little more challenging with the current price closer to 20,000. But having said that, or fundamental work shows that Bitcoin should be worth about $400,000. $400,000.400,000 dollars in my understanding is Scarlet fu over Bloomberg TV when she heard that was like what she was. We played this on quick take this morning because it's just the reaction is really one of, you know, Whoa, $400,000. This is something that you know is a $23,000 now, and that's got a lot of people scratching their heads. Exactly. So let's get into what we need to know about the rise in Bitcoin. Joining us is Bloomberg intelligent commodity strategist Mike McGlone. He's on the phone from Connecticut. Mike so good to have you Here with us A first of all, um, what's behind the rise? Is it just a basic supply and demand or what's going on here? Hi. Hi, Carol. That's a lot of it. Bottom line. Basic. Supplying the man is this year we cut supply by a half in the last time we did that. 2016 in 2017 Bitcoin increased from 21,000. So I think we just broke above that 20,000 threshold. So what was resistance is now probably going to be key support for next year. And then you open. The man is really picking up from institutions have become a bit of institutional formal and factor is the macro look at death to GDP. Q. E M empty All that's very positive for Bitcoin. I think what we're seeing also is there's a migration from what a lot of assets that used to be more focused on gold going to the new digital version. Why is Why is that you said that What's going on is good for Bitcoin. Is it just seen as a now? New safe haven or what? Yeah, well, it's it's a new safe haven for a future that's becoming more digitalized. As I think of what's really happened this world. People don't want to really touch paper money, So everything is going digital. We don't really want to play with money. And then it's also that store value so it's got the macro economic factors so I looked at it like to say is it's not really a store of value yet because it's too young, but it's getting there. So based on my projections. About William Bitcoin, which is about 2.5 times that of gold on a annualized basis will probably match the same Balto the gold in about four years. So basically by tell me get to the next election. Next time that supply will be cut in half. Wow. So apart from foam Oh, what are institutional investors seeing as the purpose for Bitcoin and other crypto currencies when they're building portfolios? It's a store of value that has not really found its price Shit. It's in that price Discovery stage kind of unique space, and it's kind of scary to me. It's like it's become almost two bulls, but I don't see the barest case unless it's something I can't predict. Like in the technology, some kind of failure, some kind of hack. Maybe some kind of banning. But other than that supply and demand and just looking forward to this future going digital, it's a way to transport and really hold on to wealth. But on the Somme driver in your head or on your phone in the past, you know, Gold's a little clunky and then you have this world of what's the what are the competition of competitions of stock market an all time high? And negative Earth zero Banyuls. So it sounds like you're saying there's room for this to go higher. Not necessarily kids. Too much concern about it going lower at least long term because I have friends. You know when when this happens, I I always get friends texting me. Hey, should I pi Bitcoin? Is it too late to buy Bitcoin? Obviously, I'm not giving financial advice. You're not.

Bloomberg Bloomberg Television Radio Bloomberg Radio Bloomberg TV Carol Massar Mike McGlone Steven Stanley William Bitcoin chief economist Charlie Pelant Labor Department Amherst chief investment officer Cryptocurrency Connecticut Guggenheim Investments Tim Stenkovic Gold Scott
"william bitcoin" Discussed on 760 KFMB Radio

760 KFMB Radio

01:50 min | 2 years ago

"william bitcoin" Discussed on 760 KFMB Radio

"True today of seven sixty the attorney general's currently being grilled what's now William bar said quote spine did occur in origins of Trump Russia investigation. What's next? So that's the story. The attorney general is saying that Trump campaign was spied on by the then current administration is a big one day em seven sixty talk and breaking news. The Armstrong and Getty show. Here. You don't welcome. Fail. The gentle strings of brothers, for example. Trying to figure out how to turn down the volume TV in the lunchroom. Somebody's got the volume cranked up so loud lunchroom pump, it pump planum inmate trying to hear it over microwave very loud. Very important here. The news here not at about walking tubs at a very high volume. That's probably not necessary. There's your freedom woman quote of the day from Justice. William Douglas this twice William bitcoin. I love this. I love it. I love it since when have we Americans expected the bow submissively to authority and speak with awe and reverence to those who represent us. A love that. That's why we'll generally when we talked with Senator. We'll greet him. Senator. How are you mind? If we call you, Jim. Almost always say, yes, they're name isn't Jim confused. My name is.

William bitcoin attorney Senator Jim William bar Trump William Douglas Russia Getty Armstrong one day
"william bitcoin" Discussed on Crypto Voices

Crypto Voices

04:50 min | 3 years ago

"william bitcoin" Discussed on Crypto Voices

"This attornal conflict. And I think it's extra pretty intrinsic to the protocol on. I would say the fact that bitcoin actually does have this kind of well, understood essence or set of core values that that's what makes it pretty remarkable. It's a it's a great debate. I believe we always I mean, even ourselves are always thinking of this the plus off co questions of William bitcoin and other we've seen the recent split in bitcoin cash is community ABC am bitcoin s s via whatever. And so do you think that for bitcoin to retains to retain its essence, whatever it may be into state together in the Senate in sales that doing? Hard forks and fragmenting the community every six months or every year. It's kind of goes against the whole the whole idea of a protocol, and especially money like protocol or software of money. I'm kind of thinking I'll tell the question here ever myself right now. No. It's a good question. I I I think these things much like a language, right? And if you have a if you have hard fork diplomacy with the English language, and like my town start speaking dialect, which is unintelligible by the the dominant faction, then we're putting ourselves at a huge disadvantage. So, you know, diplomacy by fork is like the worst kind of diplomacy and people find it very elegant because it's like well the market decides. And it's like a few Tarki, and it's like a prediction market, and it's great. But ultimately, the loser should not. Really? Persist indefinitely. I don't think there's any stable equilibrium between the losing four and winning four. I think all the valley, you know, ends up accruing to the winner. So and, you know, something we have now work affects whereby each participant in our benefits from the being more and more participants. And I think that really is a thing because that just comes down to the liquidity and the optionality of of your money. Those folks degrade that as well. And they forced businesses and exchanges to make a difficult choice. And it's just a ton of overhead for all of those entities. So fork diplomacy in my view, just kinda sucks. Even though it might appear conceptually quite Algan. And I think forbid Quinn to really work longtime. It can't have that. Because you know. I mean, if you even think about knock amona consensus, it's designed to ensure that there's only one canonical chain. And the problem is that if you don't have convergence you get this tree like structure like this never ending fractional of different forks. And that's kind of what we saw with bitcoin cash is like someone made the point that like they are the schism factor faction like the pro schism factions. So then they were guaranteed to keep using that philosophy when other disputes arose. So it's like no surprise to anyone that they ended up. Splitting again because that was kind of essential to the the bitcoin cash. Vision that the disagreements should be mediated by splits. So that it was inevitable. I think and the Dow comes are very very poor. So yeah, you know, to the to the extent that we kind of want bitcoin work long term. I think we should really try and minimize fork diplomacy. I don't think it works. Very well for me. It was interesting to see this to see. This the fork diplomacy being used in. All this cryptocurrency protocols because after researching awhile around the the idea of open source software, and the the even the calls in the industry of open source software forking in open source project has always been frowned upon. When it was it was something to be avoided almost at all costs. And one of the reasons that was also in the end there was avoided was because there was almost no possibility of actually monetize ING. For it was difficult to have any more monetary reward of doing a fork in April, but I'll come bitcoin twenty eight twenty eight and now all these other cryptocurrencies, it seems that forecast listen on a very short term, it makes sense because you can somehow having monitor reward, although I don't think over a longer term horizon. This can can prevail which I think it's also European. Yeah. I would say we've seen a few examples of forks which seemed to to defy gravity so to speak where the some of the two forks was greater than the original..

William bitcoin Algan Senate ABC Quinn Dow six months
"william bitcoin" Discussed on Crypto Voices

Crypto Voices

04:41 min | 3 years ago

"william bitcoin" Discussed on Crypto Voices

"This attornal conflict. And I think it's extra pretty intrinsic to the protocol on. I would say the fact that big actually does have this kind of well, understood essence or set of core values that that's what makes it pretty remarkable. It's a it's a great debate. I mean, I I believe we always I mean, even ourselves are always thinking of this the playoff co questions of William bitcoin and other we've seen the recent split in bitcoin cash is community going to see 'em bitcoin s s via whatever. And so do you think that for bitcoin to retains to retain its essence, whatever it may be instant together in the Senate in sales that doing? Hard forks and fragmenting the community every six months or every year. It's kind of goes against the whole the whole idea of a protocol, and especially money like protocol or software of money. I'm kind of thinking I'll tell the question here ever myself right now. No. It's a good question. I I think these things much like a language, right? And if you have a if you have hard fork diplomacy with the English language, and like my town start speaking dialect, which is unintelligible by the the dominant faction, then we're putting ourselves at a huge disadvantage. So, you know, diplomacy by fork is like the worst kind of diplomacy and people find it very elegant because it's like well the market decides. And it's like a few Tarki, and it's like a prediction market, and it's great. But ultimately, the loser should not. Really? Persist indefinitely. I don't think there's any stable equilibrium between the losing four and winning four all the valley, you know, ends up accruing to the winner. So and, you know, something we have now work affects, you know, whereby each participant in our benefits from the being more and more participants. And I think that really is a thing because that just comes down to the liquidity and the optionality of of your money. Those folks degrade that as well. And they forced businesses and exchanges to make difficult choice. And it's just a ton of overhead for all of those entities. So fork diplomacy in my view, just kinda sucks. Even though it might appear conceptually quite elegant, and I think big Quinn to really work longtime. It can't have that. Because you know. I mean, if you even think about knock amona consensus, it's designed to ensure that there's only one canonical chain. And the problem is that if you don't have convergence you get this tree like structure like this never ending fractional of different forks. And that's kind of what we saw with bitcoin cash is like someone made the point that like they are the schism factor faction like the pro schism factions. So then they were guaranteed to keep using that philosophy when other disputes arose. So it's like no surprise to anyone that they ended up. Splitting again because I was kind of a central to the the bitcoin cash. Vision that the disagreements should be mediated by splits. So that it was inevitable. I think and the Dow comes are very very poor. So yeah, you know, to the to the extent that we kind of want bitcoin work long term. I think we should really try and minimize fork diplomacy. I don't think it works. Very well for me. It was interesting to see this to see. This the fork diplomacy being used in. All this cryptocurrency protocols because after researching awhile around the the idea of open source software, and the even the cost in the industry of open source software forking in open source project has always been frowned upon. And it was it was something to be avoided almost at all costs. And one of the reasons that was also in the end there was avoided was because there was almost no possibility of actually monetize ING. For was difficult to have any more monetary reward of doing a fork in April, but I'll come bitcoin twenty eight twenty eight and now all these other cryptocurrencies, it seems that forking listen on a very short term, it makes sense because you can somehow having monitor reward, although I don't think over a longer time horizon. This can can prevail which I think it's also European. Yeah..

William bitcoin Senate Dow Quinn six months
"william bitcoin" Discussed on CRYPTO 101

CRYPTO 101

02:19 min | 3 years ago

"william bitcoin" Discussed on CRYPTO 101

"G seven? Yes, exactly. It all starts with the website, right? Because you are required to disclose what jurisdictions you're operating in. And if there is a registration number or license number, you disclose that. So there's all these measures and disclosure requirements based on regulation that you need to provide. So it's actually very easy and obvious for a customer to come in in, see, okay, where's this service located under? What license doing operate? What are the things that happen? If I want to ask that local regulation, if it's properly operated or not an all those things will need to be disclosed in the website and their corporate pages. Well, and all of these things are there even when you want to trade equities commodities when you go to any website? It has which section while by since number, what registration number, if something happens. You can contact for example into Japan, Japan, financial service agency. It has all these things there and if it doesn't, that means it's not regulate right. So it will be up to the customer's decision. Do I want to go with an unregulated exchange or do I want to go with brecca data exchange? It will be up to the customer. Let's go into a little bit about how your exchange works. There's something that your staff told me about why we're having our pre interview meeting is they talked about this world book. Can you go through a little bit about what using your exchange is going to be like and how it differs from some some of the exchanges that are out there right now. Yes. So I don't know all the other changes out there, but Williams bitcoin oldie or Ethier or a few others. It was okay. Every exchange had the same currency pair. And whether if you had to, you're not was up to the side of that exchange, but in a world where everything is becoming focused when there's over two thousand odd, unique tokens out there and you have some token, you want to sell it or buy it Asom price when there's no liquidity. Unfortunately, you can't. You cannot sell or buy it, and that's going to be a big problem. And it's a problem for the industry self and it's not only for the group to industry. It's a challenge for all financial.

Japan Asom Ethier Williams