On The Brink with Castle Island - Weekly Roundup 01/21/22 (Congressional PoW hearing, Walmart's Metaverse, Twitter NFTs) (EP.279)

Episode Date: January 21, 2022

Matt and Nic return for a busy week of deals and news. In this episode:  We cover the witness selection for the House energy hearing on Bitcoin mining The SEC goes to war with its employee union The SEC rejects the Skybridge Bitcoin ETF proposal GBTC is trading at a 30% discount Walmart is building its own metaverse Twitter rolls out NFT avis Crypto dot com's ad copy We correct the record on Ari Juels' Congresional testimony on PoW Content mentioned in this episode:  Ari Juels' congressional testimony The House Energy Committee's memo on Bitcoin mining  The House Hearing 'Cleaning up Cryptocurrency' Sponsor notes: Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Learn more at fireblocks.com

Brought down by bad mortgage investments, Lehman, which has 25,000 employees, will be liquidated. The federal government loans American International Group, AIG, $85 billion. This is a different kind of market, and the Fed is asleep. The federal government is stepping it to stabilize Fannie Mae and Freddie Mac, the two mortgage giants that have been threatened by the housing crisis. The Bank of England has pumped 75 billion pounds more into Britain's ailing economy with a new round of constituted easing. You print a couple trillion dollars, and all of a sudden, people start to worry.

So out of this worry, we have something called a Bitcoin. Bitcoin. Welcome to On the Brink. I'm Matt Walsh. And I'm Nick Carter. And this episode is brought to you by Fireblocks. More on that company later in the episode. Fireblocks just an awesome name. It is good and it's a good company too.

Good, good key management. This isn't even the ad yet. We're going to get to the ad later. It's a free ad right there. It's a free ad. So you had a busy week. You're just all over the place this week. You're on Yahoo Finance.

You wrote an article for Newsweek. I mean, just a busy guy. Yeah, this is a week to remember. I mean, it was the hearing week. If some people wanted me to testify, but Congress had other ideas. So, yeah, what's the backstory there? Some people wanted to testify,

but Congress said, no, we don't need this guy. Yeah, my name was put forward, along with a lot of the other actually much more qualified people. You know, actual Bitcoin miners, big industrial ones. based in the U.S. and Congress didn't select any of them. Instead, they selected the chief scientist of Chainlink. There's nothing to do with mining. It doesn't know anything about mining. They selected a very small miner, like a tiny minuscule. And Brian Brooks, at least, who, you know, is relevant to the

hearing. And some political operative no one has ever heard of. And so it was a really odd and someone who runs a utility company. So it was a very odd witness lineup, certainly not the best. And I think unfair because, not, you know, because I was excluded, but because the house memo, you know, directly attacked a couple miners by name, but they didn't get the chance to defend themselves. So that felt pretty unfair. Is this going to be one of these things that gets any legs,

or is this kind of just a random hearing that we're never going to see anything as a result of. It depends on political wins here. So this issue could sort of be abandoned if Democrats, you know, turn their focus elsewhere, like, you know, not getting crushed in November. So maybe in another year could really gain steam. I know the White House is thinking about this Bitcoin mining issue. But I don't know if Congress really has a, you know, a huge broad mandate to do all the sweeping legislation right now. They seem to be struggling to get anything through. So I think right now the political context is such that it's actually unlikely that we get any really aggressive coordinated action against the crypto industry, especially because

crypto people aren't necessarily partisan. It draws on all sort of facets of society. So I think we might be okay for now. In other, so it was all about mining, I guess, this week. So you also had Daniel Roberts from Iris on the podcast to talk about mining and just general sustainability. That was a good episode. Yeah, I really encourage people to listen to it. It's one of my favorites in the mining miniseries. Iris is a fully sustainable miner. And not only are they fully sustainable, they also make sure that they're not driving up power prices in any of the places they're operating. So, you know, they're really directly addressing these problems. And in fact, they try and find places where, you know, there's a situation.

where they're actually stepping in to avoid left by a prior industry. So in British Columbia, Daniel talks about this in the episode. They were filling the gap left by the outgoing paper and pulp industry, which was very energy intensive. They left. That meant that the power prices, the power companies had to increase prices for regular households because all of a sudden this big buyer of energy had departed.

Iris stepped back into that, thus driving down prices for households. So there's just so many interesting nuances about how energy is priced and distributed. And yeah, this was really, I think, you know, I think Iris is one of the more thoughtful Bitcoin miners I've ever encountered. Yeah, that was a fun one.

Well, talk about deals. Good Lord, there's a lot of deals this week. Yeah, incredibly. This might be our record week in terms of number of deals. Why don't we kick it off? the big one here, so FTX, which is, of course, the crypto exchange, derivatives and spot. So they've set up a $2 billion fund to go out and invest in crypto startups. And it's going to be led by Amy Wu, who used to be a partner at light speed. So talk about an incredible

amount of capital to start to deploy into the early stage ecosystem here. So what a great thing for the industry. Yeah, it feels like every week there's a new multi-billion dollar fund announced. No pressure. Next up, we have burnt financing. They're an NFT protocol built on Solana. They raised $8 million from Animoka brands. Alameda multi-coin. Valor. Valor Capital.

Valor Capital, Figman, Spartan, Hashki, and others. Mechanism Capital is launching a new $100 million fund. It's exclusively going to be focused on the play-to-earned gaming space. So another trend that we're seeing here is just sector-specific funds getting off the ground. So funds that only do gaming, funds that only do D5, funds that only buy NFTs. So it's an exciting thing to see this specialization happening within the industry. Yeah, that's a sentence that would have made sense to absolutely no one five years ago. And probably to a lot of the mainstream doesn't make sense still, but it's happening.

Yeah. So next up we have Luca. They're a blockchain data and software accounting company. There is 110 million from Marshall Waste, summer cash. Capital, Miami International Holdings, and others. That one went off at $1.3 billion. So congrats to the Luca team. Next one up is Rain Financial.

This is a Bahrain-based cryptocurrency exchange. They raised $110 million. It was a Series B from Paradigm, Klinner, Coinbase Ventures, Global Founder Capital, and CMT Digital. Then we have Web3 Off. They raised $13 million in a Series A from Sequoia, India, USV, Multicoin, FtX, and others. They used to be called Taurus, and I'd say Web3. is a much better name. Tourist kind of reminds you of the old cars, the tourist cars. That was my favorite car when I was a kid, the Ford Taurus. Ford Taurus, yeah. My mom had a

sable. My mom had a sable wagon with the back facing seats. It was awesome. So next up, we have Anamoka brands, actually. I feel like we mentioned them in the deal section every week. So they're a blockchain development studio and investment group. There is 359 million from Liberty city ventures, Tentie Holdings, Sea Ventures, Gemini Frontier Fund, and others. And that was a $5 billion. So, congrats to the Anamoka team. What a huge raise that was. Next one up is Encore. This is an NFT gaming company that raised $10 million from Galaxy Interactive and Anamoka. So Anamoka raising money and deploying money in this ecosystem, one of the most active investors in the space.

Then we have Metaplex. They're an NFT protocol. They raise $46 million from 90 individual investors. I had you been a lot of Zoom calls, huh? Just doing Zooms. Next one up is Coin House. This is the French crypto trading company that raised 17 million from true global ventures, consensus, and others. Then we have Autograph, podcast favorite Tom Brady, his NFT platform. Autograph raised 170 million from A16 Z, Kleiner Perkins, and others. What a big raise. This is kind of tough for me. I just feel like we should have been in this deal. You know? I need to see it.

Tom Brady shows up and he has a business plan. You just do the deal. It doesn't matter what it is. Could be like an organic tomato farm. I'm in. He doesn't eat tomatoes. He doesn't. Well, yeah, I guess that's a bad thing.

That's like specifically something. He doesn't like, yeah. I knew that. I don't know why I said that. I thought you knew TV 12 better than that, but he'll be playing. He'll be playing this weekend. TB12. we're rooting for them.

All right, the next one up is Inflection. This is an early stage venture fund. They raised a $42 million fund. So congrats to the inflection team. Next up we have Poap, a proof of attendance startup. There is 10 million from Archtype, Arctypear Sport, Sound Ventures, cloud currency, 1KX, Delphi,

six-man ventures, and others. Poap, this is cool. This is kind of an interesting primitive, of proof of attendance protocol within the Ethereum ecosystem. So that's a very cool deal. I noticed you couldn't say archetype there. That was interesting. It's usually me that stumbles over the names.

Some of these words I've never heard pronounced out loud. I've just read them in books. That's it. So I don't know how to say them. Well, this next one, I think I have the hard one to say it's Steppen. S-E-P-N-S-T-E-N. That's a Solana-based gaming platform. They raised $5 million.

It was from Sequoia, Fulius Capital and others. So step-in's actually pretty interesting. It's pitched as a move to earn an FT gaming startup. So you are rewarded for going on runs, basically. Hold on, so you get tokens for going on runs? Yeah.

I think the catch is that you have to, you know, buy an NFT in the first place to be eligible to earn. But yeah, it's a new category called Move to Earn. Apparently you can earn, you know, 20 to up to 450 a day, according to the press release running, basically. Well, this is the type of thing that makes people that listen to this podcast that aren't in the crypto industry just think that everything's insane. That's the craziest thing I've ever heard.

So people just pay you for going for runs? Well, I think venture capitalists do. effectively. Okay. So yeah. I mean, presumably it's sort of predicated on the value of the token and that value has to come from somewhere,

you know, so it's not just out of thin air, like there's someone at the other side of that trade. But yeah, for now, you can apparently earn, you know, real value for engaging in exercise.

This week I would have no tokens. It's been a tough week. me. Yeah. Not enough steps. Yeah. Next up we have Soma Finance. They're crypto exchange.

They raised 6.5 million from Anamoka, Kinetic, G.S.R. and others. Aldous Huxley reference here is that what we're doing with the Soma name? Brave New World. Didn't know you're the literary type, Matt. I am. How many books did you read last year? Come on. I think I skimmed a few and I bought a lot of books.

you know they're on the shelf that's really what books are for I think it's display yeah I need to get a better bookshelf I don't have one behind me during this setup we're not doing it on YouTube yet which apparently we should be people we hear you we hear you in our mentions that we should be doing this on YouTube it's we've been told we're gonna do that eventually we need better cameras though we our setup is not conducive to YouTube right now yeah we just need someone to tell us how to do it that's it so Last deal of the week, we have Aleph.im, a cross-chain, decentralized storage, and computing network, $10 million raised from Stratus Technologies, Z prime capital, and others.

When your business is scaling up and your portfolio is growing, you don't want to waste precious time on manual crypto treasury management or settlement. Fireblocks can handle that for you with smart custody solutions for your crypto business, along with industry leading security technology. Whether you're starting a new fund or expanding operations, Fireblocks offers scalable solutions for companies of any size. From day-to-day crypto transactions to the most advanced DeFi strategies, Fireblocks is here to give you a competitive edge. They'll take care of the backend so you can focus on the big picture. Visit on the brink.link.link slash Fireblocks to learn more. Just a busy deal week. That was a ton of news, or a ton of deals rather. So they keep on coming hot and heavy.

Let's hop into this interesting story. It's kind of an unusual story. So the SEC is kind of embroiled here in some controversy just within the agency. So the union that represents employees of the SEC, apparently they took an unusual step last month in signaling out Gary Gensler, the chairman of the SEC in the way that he's managing the agency. And they're now in federal mediation. So the union and the SEC itself are in mediation over pay and benefits.

And it sounds like the issue here is that cancelor is just driving people with excessive hours and unclear mandates. So it's sort of a it's like a white collar rebellion. I don't know what's going on here. But I think people are saying this is crazy. And you're kind of driving us to the bone for your own political ambitions. It's sort of the read between the lines, right? That's, yeah, that's quite, I didn't know that. the SEC had a union.

I did not either, actually. I had no idea that this was a thing, but I kind of, you've heard this like kind of whisper campaign, right, that people are really unhappy over there, particularly at the lower and mid-levels and that they believe that there's a lot of political aspirations, maybe would be the way to talk about it at the top and that there's a lot of things that are being tossed on their plates.

And obviously the funding just hasn't been there. So Gensler has this, you know, incredibly ambitious regime here. He has a lot that he wants to do, but I think he only got something like a 5% budget increase from last year in order to do it. And it looks like it's, well, why don't you just work twice as many hours and get the work done is kind of his attitude. These disaffected and disgruntled SEC employees should consider coming to work in the crypto space, just saying. They should, but I don't know. We need the smart ones that actually understand about cryptocurrency to stay at the SEC so they don't allow anything crazy to happen, right? It's sort of a double-edged sword.

So discontent at the SEC, discontent with the SEC from out here as well, transitioning us to our next piece of news. They rejected the Skybridge Bitcoin ETF proposal. We kind of expected that there's the fidelity proposal outstanding. Probably going to get rejected too. I guess we've, I mean, no new news here other than they just keep on rejecting these things. We'll see what happens with this Fidelity proposal. For my money, that was the best research proposal out there in terms of the lead lag indicator between the futures market and the spot market.

So I think Fidelity has a strong case, but it's structurally, it's, you know, it's a little bit different from Skybridge, but yeah, not by much. So probably you shouldn't be getting too excited about the Bitcoin ETF. By the way, GBT discount, pretty ugly, huh? Yeah, 30%. I believe as of today it's quite incredible I mean that thing is bleeding right now

the the kind of announcement that they're going to buy back share just didn't do anything there yeah I mean most many close then trust traded a discount to the valley of the underlying

but this is a pretty egregious case and you do wonder what threshold of discount eventually triggers some activists to come in and try and undertake a campaign. Although, as we've said in prior episodes, there's nothing in the charter

that allows shareholders to trigger dissolution or liquidation. Yeah, I don't think there's anything there. There historically was, and then it got amended out, unfortunately, for the activists out there. I mean, I'm sure they don't enjoy having this trade at a 30% discount over there. makes it really difficult to raise additional capital.

But yeah, it's ugly. I don't think any activists would be successful, though. It would have to be a soft campaign. They would have to convince Grayscale itself to wind down the trust, which I don't think they want to do. Yeah, I mean, of course, they still have the management fee coming off the trust. So I'm not sure whether they do that.

So Walmart is apparently deploying its own cryptocurrency. currency and NFTs and maybe even Metaverse, like a virtual version of shopping in Walmart. I'm not sure that's sort of the most

exciting prospect is virtually shopping in Walmart, but they're apparently all in on Web3. Walmart is making some moves here. It's hard to tell. So this came from a patent filing and it's hard to tell with those if it's real or not. Is this just someone sitting down in the

lab churning up patent filings and getting them out there. Maybe there's a patent program where people get paid to come up with ideas and they're running off and patenting them. If you go to the U.S. patent website and you type in Bank of America and blockchain, there's a staggering amount of blockchain patents, by the way. And if you cross-reference that to like blockchain engineer on LinkedIn for Bank of America, there's not a lot of those. So there's more patent filings than there are blockchain people at a lot of these places. One of my favorite dystopian patent filings is the Sony patent. I don't know if you've seen it,

but basically it describes a flow in which you're watching TV, a commercial comes on, and you're instructed to say the name of the brand to end the commercial. That's cool. And so the patent, cool, I don't know about cool. I mean, so the patent has this guy watching TV, a burger comes on the screen, TV says say McDonald's to end commercial.

He stands up, cheers, and says McDonald's, and then he goes back to watching the movie. That's pretty dystopia. Yeah, the lesson is not all patents become reality. Hopefully this one doesn't. Can you imagine, you know, you're forced to sort of actually physically engage the screen in order to move on to the next thing?

It's even harder for me to imagine a Walmart NFT platform. Like, why would that be something that people want, but who knows? So, well, I mean, elsewhere in Big Tech, NMFT news, Twitter now lets you incorporate your NFTs held on OpenC into your profile picture. So that's actually live. I didn't see that. Is that fully rolled out?

That's rolled out as a couple hours ago. They're hexagon shaped as opposed to circles. What I was thinking of doing was taking my existing AVI, deploying it as an NFT, and then making it by NFT profile picture. So it's the exact same picture just with a hexagon shape. Oh, that's pretty meta. Yeah, that's pretty good. Yeah. So speaking of meta now, Facebook is apparently going to create an NFT marketplace. So these tech firms are all in on NFTs. Well, a couple of them probably got a glimpse at this open sea revenue run rate and profit margin and said, well, that looks pretty good. And let's get after it. Yeah. So the Twitter got a lot of hate for it. But,

I think this is one of those cases where the gamers and sort of the NFT haters are actually not going to be able to change anyone's mind. I mean, Twitter is the center of discussion for sort of all crypto things. And so that constituency, you know, has a lot of clout on the platform. And so no matter how many people are angry about the purported environmental impact of NFTs, they're not going to get their way this time. Isn't it funny that the discourse has shifted platform? over the course of the crypto industry.

It used to be that Reddit was where everyone just spoke and hung out. And Twitter was around back then. It's just people didn't talk about crypto stuff on Twitter. Yeah, I don't know what changed really. I used to be on Reddit a lot more. But it certainly is not the center of the discourse now. No question about that. And then I don't know, Discord is trying to do it.

All these DAOs pretty much have their engagement on but it's not very friendly and it's um there's a ton of spam on there so it strikes me that there's an opportunity for a crypto native social network here where people would actually just congregate and it seems like a very low-hanging fruit shout out gm dot xyz recommend it gm is is really cool yeah um but yeah discord turned away from crypto or web three I think that's going to be their loss. So another news this week, another hack. So crypto.com, which that company is just growing like crazy.

They were actually hacked this week to the tune of $34 million. I don't know exactly what the vulnerability was, but it seems like they caught it pretty early because they have a lot of assets on platform. But $34 million loss from a hack. Yeah, crypto.com are the ones with those ads with Matt Damon saying, the copy in the ad really bothers me because he says in the ad

that, you know, explorers since the time of the Romans have been saying the following, fortune favors the brave. But that's not the expression. It's fortune favors the bold. So I don't know if they just got that wrong or if fortune favors the bold

was somehow copyrighted or encumbered by some IP. Yeah, that just always bothered me. You could say fortune does favor the brave, though. I mean, it's not an inaccurate statement. That's a valid thing to say. That's just not the idiom. So, you know, it's just like saying the dog is out of the bag. It's like, no, it's the cat is out of the bag.

Like, we have rules in our society. What do you think this conversation was like with Matt Damon and his agent? When it's like, all right, crypto.com showed up. They have a bag full of money. It's just more money than you've ever seen. And he's like, who? Who is this? Yeah, I don't think he cares, honestly.

I mean, it's, you know, at least it's not like a burger joint or something. Yeah, I mean, here's the idea. We're going to have you on the moon on Mars. Just saying fortune favors the brave. And it's an ad for a cryptocurrency platform. And we're going to give you $50 million on a hardware wallet for it. Like, what relation? What's the relationship between,

Mars and explorers and cryptocurrencies. It's very diffuse. The moon. It's like, because this is all going to outer space, right? The price is going up beyond our atmosphere. And they say since the time of the Romans, too. I mean, was that the first time, you know, the, I mean, has anyone even said Fortune Favors the Brave before, before the sad? I don't know. I think you could go back to the cavemen, the hieroglyphics, they were writing fortune favors the bold, not the brave. The bold, yeah. I mean, it bothers me like a fair amount, honestly. A lot of people hate the ad.

The ad's gone sort of semi-viral on the socials, but not in a good way. So I want to talk about the hearing a little bit. The hearing occurred today. Yeah, let's talk about this. So the Bitcoin mining hearing or whatever. was called. So I think it wasn't as bad as a lot of us thought it would be. That said, one of the witnesses made some questionable comments in his testimony. And I think that we need to correct the record now. You're not going to let that pitch go by. All right. So who was Ari Jules?

Was it R. Jules who had some of the questionable things about proof of work in there? Yeah, all right. So Ari Jules, I don't know why he's on this panel because he's not a miner. He's more of an academic. He doesn't do anything related to Bitcoin mining. His only connection really is that his, you know, he claims to have formalized the term, proof of work, certainly didn't invent the idea. That honor goes to Dwork and Neor, 1992. Adam Back was the first one to really reference it. in the context of digital cash, 1997. There's other cryptographers that, you know, had similar schemes, revest and Shamir in 1996. So, you know, I don't know how much of a claim to fame merely coining the term proof of work is. That doesn't seem like a huge contribution to me,

but that seems to be his eligibility for this. He's granted on that. But yeah, he's basically, his main thing is he's the chief advisor to Chainlink. And suffice to say in the testimony, he was very hostile to proof of work. He said, or he's the chief scientist at Chainlink, sorry. So he said, quote, in the case of Bitcoin, just four entities called mining pools today control a majority of the mining power and thus technically can control the whole system,

which is basically like, I think, an extreme misrepresentation of how these things actually work. So miners can very easily move between mining pools. We've seen that happen in the past. We've seen miners desert mining pools at short notice. So mining pools don't have the ability to force mining units to remain within the pool. I mean, they can leave instantaneously, effectively. So if a mining pool starts misbehaving, creating, you know, bad blocks or doing reorgs or misbehaving, the miners presumably would just leave. So I think it's totally false to make this claim. At a minimum, very misleading. So another thing, he obviously says, you know, we have a more efficient, energy efficient alternatives and proof of work. But then if you go to,

through his testimony further, he says, it's difficult to compare the security of proof work and proof of stake directly. The two systems are incomparable in the sense that their security relies on different sets of assumptions. So he directly contradicts himself because, and earlier on, he's saying effectively proof of stake is more energy efficient than proof of work, which basically implies that they're giving you the same product and proof of mistake is doing it more cheaply and with less resource use. But then later on, he says the product is different. He admits that the product is different. You're getting different settlement assurances, right? And they can't be compared. So he compares them. And then later he says they can't be compared. So it's totally

self-defeating. And then, you know, he makes some other really vexatious comments. Like he says, there have been no foundational attacks against important proof of stake systems, whereas there have been multiple successful attacks against medium-sized proof-of-work systems. And both of those things are wrong. So, you know, there have been attacks against like totally meritless and effectively more abundant proof-of-work systems like Bitcoin Gold. Nobody ever cared about Bitcoin Gold, Ethereum Classic. So, yeah, those were minuscule, you know, proof-for-work systems that followed bad security practices by being GPU-mineable. But it's just not the case that there haven't been. any issues with proof of stake. EOS suffered cartilization. That's an obvious. You could describe that

as an attack or failure mode. Steam it suffered an actual takeover thanks to validators colluding, exchanges effectively colluding. A number of proof of state blockchains have been deduced, including Solana recently multiple times. Proof of state blockchains go down. They get halted all the time. So to say that there's never any abnormalities or issues with proof of stake is completely false and betrays ignorance or willful misrepresentation of reality. And to imply the Bitcoin security-wise is on the same par as something completely worthless like Bitcoin gold is ridiculous. There's a huge difference between being GPU minable. And, ASIC mind. So, and this is written testimony that he submitted to Congress under, you know,

the penalty of perjury. So I think it's, it's, you know, pretty, pretty unfair to make these claims. And then he went, you know, in his actual verbal testimony, repeated a lot of this stuff. So anyway, I just want to respond to that because of all the testimonies that were published, This was totally full of misrepresentations, basically. So I didn't watch the hearing, but I assume there wasn't a lot of pushback. This was just kind of an information gathering, listen to the statement type of a vibe. Yeah, I mean, the way it works is they read their statements and then the members of the committee get five minutes to ask questions to the witnesses. And they generally ask, they'll sort of identify a witness, they think, is friendly to their cause.

and they ask them sort of leading questions. But I don't think a lot really gets learned. That doesn't seem like a model that's very conducive to learning. You're constantly shifting who's asking the questions. It's got to be hard to be a politician that needs to ostensibly know about a lot of different categories. You know, you jump from one agricultural hearing to another one about financial services.

And, you know, you could see how some of them would listen to that and just categorically agree that proof of steak is better than proof of work. Yeah, I mean, some of the, some of the representatives that were involved, like Darren Soto, you know, have a background in this stuff, part of the blockchain caucus. But the majority of them, you know, it was clear that it's not a focus for them. So I don't know how we expect to have an erudite discussion. But I will say that I thought most of the speakers acquitted themselves.

Well, especially Brian Brooks, who did great. One story that I forgot to mention here in the deal section is that Omniacs, our friends over at Omniax, Hugh Lang and John Burnett, they have sold the company to Gemini, and their Gemini is going to be launching Gemini Prime. So these guys were over at State Street before when we were at Fidelity. So huge congrats to Hugh and to John for selling Omniaks. Yeah, so big congrats to Omniaks. Great outcome for them.

So I think that's it for the week. Kind of just a busy deal week with not a ton of other news. the industry this week, but it's just the news is a lot of startups are getting off the ground. There's a lot of stuff being built, and there are a bunch of pools of capital that are becoming activated to invest in a startup. So overall, it's, you know, it doesn't matter what the price is doing these weeks. You're just getting entrepreneurs just flooding into the industry. It's kind of the vibe. So we have kind of an interesting episode coming out Wednesday, actually, not Monday. So, but that accompanies an announcement.

So stay tuned for that. Very exciting. Exciting stuff. All right, everyone. Have a safe and healthy weekend. And we will see you next week.