On The Brink with Castle Island - Weekly Roundup 09/22/23 (SBF family in focus, Tether is lending again, BTC security budget) (EP.454)

Episode Date: September 22, 2023

Matt and Nic return for news and deals. In this episode:  We recap the conferences  Nic's Columbia lecture snafu The Bitcoin security budget debate  One theory for what might provide Bitcoin with long term security FTX sues Joseph Bankman and Barbara Fried Tether has resumed their lending operations Did SBF's parents make him do it?   HK is creating stablecoin legislation USA vs Singapore Content mentioned:  David Morris tweetstorm on SBF parents Evanston Capital, Investor Participation Trends in Blockchain VC Anatoly Yakovenko, Solana co-founder: 'To keep the next great American founder in America, Congress must regulate crypto. But first lawmakers should learn how it works' Sponsor notes:  Coin Metrics STATE OF THE NETWORK — A Glimpse into Coinbase through Coin Metrics' Data In Coin Metrics State of the Network Issue 225, we highlight pivotal data underscoring Coinbase's current market position    

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 Concentute Easy. You're printed a couple trillion dollars, and all of a sudden, people start to worry. So out of this worry, we have something called the Bitcoin. Welcome to On the Brink. I'm Matt Walsh.

And I'm Nick Carter. And this episode is brought to you by Coin Metrics. And here is the Metrics Minute. All right. So we're diving into Coinbase data. Coinbase has obviously evolved their business model over the years. Trading activity remains the main source of revenue for them. 330 million of their total Q2 revenue of 700 Q2 revenue came from trading, although they've diversified their revenue. Coinbase's liquid staking derivative CBEath has gained significant traction with the supply approaching 1.3 million. Their staking activities contributed 13% to their net revenue.

They've also launched base, their L2 network. It's averaged 25 eth and daily fees, makes up over 1% of all Ethereum fees at the moment. Despite ongoing regulatory hurdles, they've maintained their stronghold as a major exchange. More on that in the coin metrics, state of the network. That's your metrics minute. Yeah, go check out that state of the network. Always a good newsletter. I did see on Coinbase this week, I think they finished that tender offer where they bought back

some of their debt at a pretty steep discount. Pretty smart move there. Interesting use of funds. Makes sense. Well, another busy week. So we were both down in New York. You were at the RWA summit and Mainnet and just bouncing around. Yeah, I mean, I've been on the road for two weeks now. Just nonstop. Reaching the end now. My last stop here in Boston. God's be praised. I'm so ready to go home recording this in person it's a throwback but i do feel like you just need to with that much travel you're just bound to get sick so you look like you're i'm getting healthier you're getting sicker unwell yeah i'm deeply unwell i uh yeah it's a miracle that i was able to do my keynote at uh at may night yesterday so we'll see how the video comes out but i actually my prep for that

keynote was I sat in one of the quieter conference rooms at Mainnet and I took a nap for two hours. You took a nap for two hours at Mainnet? Wow. So I just sat down, quote unquote, listened to a panel and I slept. Wow. Did anyone disturb you? No. And then I woke up five minutes ago for my talk and I went and did it. I mean, this jet lag from Singapore is no joke. I've never felt this way before. I'm going to bed at like 7.30 waking up at 4 o'clock, just full of energy. It's worse on the way back. It's terrible. Yeah. It's terrible. I mean, I'm getting up. It's, it's, I kind of like being up before everyone. I'm very productive. But yeah. So how'd the talks go? I sign up for eight talks, sorry, 14 talks over a two-month period. And I have done eight of them. Wow. So one more today,

Boston Blockchain Week? Oh yeah, Boston Blockchain Week. So shout out to Ian Kane and the Cubic team, Boston Blockchain Week in Quincy this year. Which is kind of like Boston at a stretch. It's a presidential city. So John Quincy Adams and John Adams both originated from Quincy. So did Quincy was it named after John Quincy Adams or was he named after Quincy? I think Quincy was named after John Quincy Adams.

I think the whole thing was called Braintree. and there was a split. All right. Well, chime in on that one, Brink Nation, if you know the answer. So you'll be giving a talk on stable coins today at Boston Blockchain Week? Yeah. So, you know, I'd really been doing my best to devise original talks for every single one of these. And I have a run out of material.

Uh-oh. So eight talks in, and we are now duplicating some of our talks. That's all right. I don't think a lot of the Boston Blockchain Week people, were in Singapore. That's right. Probably not. So you also gave a lecture at Columbia. So you're a college professor these days as well. Yeah. So this has become a source of some controversy. I saw that on Bitcoin Twitter, which I 100% knew was going to happen. So Amid Malikin is the professor at Columbia Business School. He invited me to talk. I actually spoke there last year as well.

and he took a picture of the slide with by far the most controversial slide. So he's a very 101 level lecture. It's a one to one level class. And my mandate was just talk about Bitcoin, talk about the sort of values underpinning Bitcoin, talk about how it is today, where it's going. And I had one slide on sort of like the security budget, which I think like anybody that's smart acknowledges is a problem there, or at least there's some questions.

And then I talked around some of the solutions that people have quote unquote proposed. And look, I think if you say there's no problem, then I just think you're just straight up wrong to say that. Like if fees were high and stable and growing, then, you know, okay, we wouldn't be having this conversation, but it's not the case. Fees are typically low and then they spike

and then they come down again. So if you think fees are going to replace the block subsidy, you need to explain to me how that's going to happen. So I just mentioned a few proposed solutions. Obviously, the hardcore bit corners, they extrapolated a lot from a single still image of a slide and lost their minds for the 100th time. And the thing that's confusing to me is like, why did they still care, I guess, like what I think? Because at this point, it's been years of them, like, losing their minds of me. Years. So, like, why still try to tone police me, is my question, because I don't care about the hardcore bit corners. Like, I don't need them for

anything. You know what I mean? Like, we don't really do those kinds of deals, like, those sort of like hardcore maxi Bitcoin-only deals. So I'm just sort of like over here, you know, puttering along, you know, doing stuff that I was done, like, pretty much same. that I've always had, being pretty open-minded, and they're still losing it, which is the thing I don't understand. Okay, you feel betrayed. I'm not like a maxi, whatever. So when do you stop feeling betrayed and you just move on? That's what I want to know. I don't know. It's sort of a religious movement. A lot of those hardcore bitcoins have their their bitcoins with ripple right now, which is tough. That's got to be really hard. Yeah. You swan those ripples are your castoree.

I don't know about that. Maybe they're like the all-corneres. It could be. But anyways, I thought the first bullet was sort of the mainstay Bitcoin view. It's just that fees will materialize on the network somehow. Yeah. I mean, the other thing, frankly, is that a lot of, you know, some of those folks have the view that just if the price just keeps on going up, like, exponentially, then that solves the problem.

Yeah, maybe. That's true, technically speaking, right? Well, it depends how you reason about the security budget. So if you care about the security budget in Fiat terms, like in real terms, the price of Bitcoin going up if it offsets the halving every four years. So if Bitcoin compounds it more than 100% growth every four years, which historically has done, obviously not in the last couple of years, then you're good.

Like the security budget will go up in dollar terms. Not necessarily real terms, actually. but if you care about the security budget as a ratio relative to the market cap of Bitcoin, like the analogy would be like if the bank has a lot of money in it, you might want the thickness of the walls to be proportional to that, right? It's still decaying. Right. And so you may care about the security budget in Bitcoin terms, not dollar terms, right?

This is a talk I gave it MIT in 2019. Like, I don't know why the maxis isn't, did they not watch that talk? But to push back on that a little bit, so I don't have the view per se that Bitcoin is just going to go up like 20% a year every single year. I think that that's, that might happen. It's just a bold assumption to predicate Bitcoin security. Yeah. But, you know, to your point on how do you denominate the security budget, you'd be buying A6 as a nation state attacker with dollars, probably not Bitcoin, right? So I think it's a valid argument that.

But my point is the value of the prize. let's say that's the value of all the bitcoins is going up. So you may want the security to be stable relative to that. I see. Make sense? So there's actually a third model. So that's called, I think, I call that the stock model. And then there's like the,

there's the model where you compare the security spend to the value of all the transactions. And this is actually in the academic literature, which I don't think the maxis read. I don't think they read the literature. There's a famous paper by Eric, Buddhist, which he argues that the security spend on Bitcoin should be proportional to the value throughputed by the Bitcoin network, in which case you'd want the security spend to be rising

relative to transaction value. Fair enough. Because that's like the prize, so to speak. And so I would have to look at the data. I don't think it has been rising relative to that. Anyway, the point is the obvious best thing to happen here is four fees to continue to march upwards and rise. And the way to achieve that is to increase economic and what I call semantic density of Bitcoin.

Basically, just put as much valuable data onto Bitcoin as possible, whether that's data in Bitcoin terms or like other forms of data, L2s, rollups, or even arbitrary data. And that was like my proposed solution of this years and years ago. The thing is like the maxis aren't operating in a way, the fundamentalists, that achieves this outcome either, right? because they just, they basically don't want people to use Bitcoin. It's like bad to spend your Bitcoin, right? It's a sin.

And they're like against L2s. Aside from Lightning, Lightning is the ordained L2. They're against all other forms of L2s. They're against roll-ups. They're against ordinals. So also they're not acting in a way that's commensurate with like achieving the good desired result here. So like that's the kind of funny thing is they're not,

most of them are on building things that are conducive to fees being increased on Bitcoin. We just need, yeah, we need Tim Cook to become a Bitcoiner so he can just arbitrarily timestamp data. Every time you take a picture, timestamp down to the Bitcoin blockchain, when that picture was taken, where it was taken. It's a great use case. So let me tell you what I think is actually going to happen here. I don't think fees are going to plateau because fees are kind of erased with bottom on L1s, as we've seen. We do see. spikes for fees with Bitcoin in line with the market cycle, but then they generally come down again. So I think you are dreaming. If you think of fees are going to be stable, just march upwards

forever. And so what I think is actually going to happen, I'm not saying I want this to happen. I'm not saying this should happen. I think what's actually going to happen is basically the largest entities custodians. I don't think they quote unquote mine altruistically or anything like that. I think they just do a more formalized version of what already happens, which is they react to network conditions in times of abnormalities. They come together and they agree on this chain or that chain is sort of the correct chain in a very organized, efficient way. And that's where the security actually ends up coming from. So basically the biggest Bitcoin firms that have a real stake in the network, they create some kind of task force where they react to if there's chain splits or there's competing

chain tips, they'll just ordain a specific fork. So they create a fork choice rule, which is more institutionalized than it is dependent on mining. And if you look at the hard fork in 2013, this is what actually happened. So in practice, this is what actually ends up being the main contributor to security on the network. just the orthodox market-based mining competition. It's actually the most influential entities that end up working together to cheaply, quote-unquote, defend against attacks. That's what I think is actually going to happen here. Well, if that actually happens, all I can say is that the market structure under which that will happen does not exist yet right now. Because we are moving towards

a paradigm where global custodians get into this, where big asset managers have a huge say in terms of how the network ought to operate. So I think the cast of characters in terms of who those big custodians, exchanges, asset managers are, that is shifting. Yeah, I don't think that's strictly a good outcome either because it basically means that Coinbase and BitGo and maybe Black Rock, et cetera, like they end up having a big say in the network. But that's what you get if you don't build the network in such a way that fees go up. So that's, yeah, that's kind of where I see this going, frankly. All right. So that's a couple weeks in a row of FETOC. So why don't we hop over to some deals of the week?

Started off with blockchain capital. So they have raised $580 million across two new crypto-focused venture funds. Just an awesome achievement, especially in this market. So really excited about the blockchain capital raise. Congrats, guys. Yeah, really great to see tough fundraising environment, amazing fundraise. Great outcome for them. Next up we have Bastion, a Web3 onboarding company. There is 25 million from A16Z, laser digital, and robot ventures. Then we have GRVT, which is pronounced gravity. Do you get that? I got it.

It's not grvd, grvd. Gervt. Gravity. This is a company that is building a cryptocurrency exchange. They raised $5 million from Matrix Partners, Delphi Digital, Susquehanna, HackVC, and CMS. Back on the board, CMS. All right. We have, next step we have after party, a Web3 platform for content creators.

They raise $5 million from blockchain and accrue. Then we have Free Attic. This is a platform for connecting Web3 startups to venture investors. They raise $3.6 million from A16Z, archetype, anagram, robot ventures, and others. Then we have CoinScan, a crypto analytics platform. They raise $6.3 million from Angels. Then we have a deal where the optimism protocol, the team behind, that the foundation there has sold a hundred and fifty seven million dollars worth of their

native token in a private sale to seven buyers then you have a central company focus on mavre infrastructure there is 5.15 million from mayven 11 and robot ventures deals are heating up I don't know I think the vibes are shifting here I don't know what it is fall air it's the interest rate environment it's the having on the horizon yeah Bitcoin ETF something's happening but the deal pace is picking up. That's right. Well, there really isn't a lot news-wise. I think the one big piece of news is, you know, we've been like banging the drum that the bankman freed parents from hell deserve more scrutiny than they've been getting. And they got it this

week. Let's cue up the FTX crime family. Well, uh, goodness, These guys are going to jail too. I don't know what else to say. So he's like the worst. This is the worst family on earth. Sam is going to jail for the rest of his life. Basically because his parents are really just criminals as well. It's I don't, this is the one of the craziest stories.

So what we're talking about, of course, is FTX estate has sued Sam Bankman Fried's parents. And there is a laundry list of allegations. here around them being deeply intertwined in this criminal enterprise. We'll get into some of the details here. But this is on the back of last week, Bloomberg had a very long form. I think it was a cover piece in Bloomberg Business Week around his parents and really the role that they played in this crime. And now we're getting into clawback territory. And I think this is probably just the beginning of it. So yeah, for now, you know, they're not actually facing any charges. So all these

are a function of the clawback lawsuit that was filed by the FTX entity against Joe Bankman and Barbara Freed. But man, they were more involved in this than people thought. I think we thought they were very involved, especially Joe Bankman, based on some of the press coverage that come out. But they were heavily involved in this business. super involved. So David Morris, whose handle is David Z. Morris on X. He has a great threat about this that dissects some of the allegations here. So I'll just bounce around a few of them. I mean, Barbara Freed described herself, this is just funny, described herself as Sam Bankman-Fried's partner in crime of the non-criminal sort. I guess the insinuation there for me is that the father was the partner in crime of the criminal sort. I'm not really sure. But I mean,

They were in the know here. So Barbara Freed was involved in in these straw donations, these political contributions. There's emails of her suggesting that some of these political contributions should come from other folks, from like Nashad, for instance. So that's illegal. That's insane. That's actually just illegal. And like Barbara Fried was a big Democratic Party fundraiser, fixer, bundler. obviously the donations were a huge thing that Sam was involved in. Clearly, like, she was, I think,

probably the genesis of that idea to get active politically. Completely. So there's a part here about Joseph Bankman being aware of these suspect loans to employees in September 2022. He said that, quote, Alameda has distributed a lot of money used to make political donations and that the two had talked, quote, about categorizing these things as loans. That's a pretty, that's a smoking gun type of an email right there on Joseph Bankman. Yeah, there's also a quote in here from the lawsuit, quote, Bankman had unfettered access to FTC's groups, financials, and corporate structure, which would have alerted him that money was moving between FTCS exchanges, FTCS insiders, and other legal entities. If you had unfettered sort of God-level access to the financials, you would have obviously

known that something sketchy was going on here. And there's no way for you to have not known in that case. Incredible. So Joseph Bankman in November of 2021, asked Friedberg, who's the lawyer, who's cooperating, how assets including the primary residence, which by the way they got, can be structured to be bankruptcy remote. So he got a $10 million gift and then he got a $16 plus million residence. And he's asking about how do we structure these to be bankruptcy remote. It clearly knew something was going on there. There's also the matter of the aunt. So Mr. Joseph Bankman's sister who oversaw a hackathon in Miami where they spent like two million dollars on a hack. Which, why did they not invite me to this? You didn't get to go? No. I wasn't invited either. I mean, how about the salary negotiation?

So Joseph Bankman was an executive at the company. So he's actually an executive while he was working at Stanford law, which he still is. He agreed to a $200,000 salary, but immediately pressured Sam for a raise to $1 million a year. Quote, gee, Sam, I don't know what to say here. He emailed his son. This is the first I've heard of the 200K a year salary, exclamation mark. Putting Barbara on this. Incredible.

I mean, the amount of money they siphoned out of this thing is remarkable. Is it, am I being conspiratorial in thinking that because Barbara Freed is a high level Democratic operative that she is being shielded in some way from the fallout here? I don't know what to think, but it's crazy to me that Stanford still employs these two. They're on leave. How are they still at Stanford? And there's a part in here about how they siphoned off money to make sure that there is political, or not political, but charitable contributions going to Stanford as well. Stanford actually came out this week and said they're returning that money. But this is the most brazen stuff. I mean,

do you think that there's a world where Sam just gets up there in his defense as my parents made me do it? Because this looks crazy. I think that is going to be his defense is that he was brought up in this whackadoodle consequentialist household where moral norms don't apply and they substitute them for insane you know, ludicrous philosophies where the ends justify the means. And his parents groomed him for this role. And I think he'll get up on the sand and say he didn't have agency. He was just doing what his mom and dad said. I mean, talk about an ethical dilemma.

So either you go away to jail or your parents go away to jail. Make your choice. I think he's serving them under the bus. Do you really think he's going to do that? I'm saying under the bus. Wow. I don't know. these are, a kid never had a chance with parents like these.

Yeah, I mean, ultimately, you know, we're all responsible for our decisions. So, you know, it's an interesting, like, kind of case study. If you're brought up with like a crazy lunatic philosophy by two insane parents and they, you know, like how much of it is your fault like nature versus nurture discussion there. Yeah, I think they'll be writing, you know, ethics books about this kid for the rest of his life here. I mean, this is crazy. So this trial starts on October 3rd. Kondesk has a nice piece breaking down how this trial is going to work, but that's coming up. Yeah, so we've confirmed that there will be no cameras inside the courtroom. I don't even think

audio recordings. Like, it's going to be basically the recollections of folks who are physically there. So we're not going to get very granular data from this trial, unfortunately. I wonder how they figure out who's allowed to be in the trial. the courtroom. First come first, sir. Maybe people just line up. People just line up and get in there. That's going to be very interesting.

So I feel like this industry is on the cusp of being able to heal once we get this guy in jail. Yeah. I mean, frankly, I think the parents, this lawsuit doesn't go far enough. The parents need to be brought to justice as well. I don't see a world where they're not. I mean, if a fraction of the allegations in this lawsuit are accurate, these guys will be incarcerated. I mean, there's just no two ways about it. They're, they're clearly criminals if this is true. So that's the FDX crime family. Other pieces of news, Tether is engaging in lending again.

So they kind of said they would stop doing that and now they're doing it again. Well, what's the, I did not even see that story. What, uh, what are they lending? There is a Wall Street journal article that came out this morning. titled Tether is Lending at Stable Coins again. Okay. So they did say they would stop. I mean, I guess the thing is like, if you think of them like a bank,

banks don't just hold all assets in short duration treasuries. Yeah. Banks engage in lending. Obviously, that's sort of like the fundamental premise of banking, is that not all of the funds are liable. to be redeemed all at once, which is true. Like people don't just normally withdraw all their funds from the bank in a rush.

And Tether recognizes this. And so by taking some more duration on their assets, they can get better returns. So they are now lending again. Well, this will be a source of never-ending Twitter drama, I'm sure. a couple interesting reads that I'd recommend. So Evanston Capital folks put out a really good piece, investor participation trends in blockchain metric capital.

So if you're a VC nerd and want to see capital analysis of what's being put to work over the past couple of years, check out that piece from Evanston Capital. Also, Solano co-founder, Anatoly Yakovenko, had a piece in Fortune. We'll link in the show notes entitled to Keep the next Great American founder in America. Congress must regulate crypto, but first lawmakers should learn how it works. Pretty accurate, I would say. Yeah.

I agree with that. I don't know if you've been monitoring what's happening in the House, but I don't feel very positive about these crypto bills getting anywhere. And I don't really feel positive about anything getting anywhere, based on how things are going right now. Yesterday at Mainnet, Bebek Brahmaswami, a Republican candidate for president, spoke. He said he would be massively slashing the size of the federal government, including the SEC. I think Senator Gillibrand is due to speak today. Also, it may not. That'll be fascinating.

The SEC was in the news this week. It's maybe the first week in a long time. We haven't had a big SEC story. But one of the folks who's on the executive side of the division of enforcement suggested that there would be more enforcement actions coming down against crypto intermediaries and kind of these so-called exchanges. So I wonder if that means maybe there's some defy protocols in the crosshairs here. I think we have another week in the calendar year for SEC enforcement actions. Yeah, we'll see what they come up with. Also, the government might be furloughed.

That's the thing. Yeah, the shutdown. There's going to be a shutdown. That's what I was referring to in the host. They just can't agree on anything. So there's a continuing resolution. resolution proposal that has all sorts of stuff in it that's not going to pass the Senate. The Senate's going to send something back with Ukraine funding.

The House is not going to go for it. And we're going to have a government shut down. Isn't it great that we live in a world where the government just turns itself off periodically because they can't agree on anything? Well, it's like you at Mainnet. Sometimes you got to turn yourself off and have like a two hour now. That's the equivalent. Recharge your batteries.

You're going to recharge your batteries. Everyone go home. You guys have been spending a lot of time chasing down crypto criminals. just take a little time out. Take a breather. Yeah. So elsewhere in regulatory, Hong Kong has said they're creating a stablecoin legislation or regulation next year. I saw that. So I think stable coin regulation is a great place to start for any country. That should be pretty easy. That's an easy win. You track deposits, track founders. So they already is a dollar stable coin in Hong Kong called First Digital. So this is kind of the thesis I've been promoting with all my talks. Like

people want dollar stable coins, it appears. They seem to have the most liquidity, like 99% of stable coins or dollars. So you're seeing dollar stables issued outside the US, tokenized euro dollars. Euro dollars. That's all they are. They are next-gen euro dollars. Now, the problem is a lot of people don't know what Euro dollars are. So that's true.

That's the whole, that's a whole branding challenge. Yeah. Listen to that Josh Younger, uh, Oddlots episode. Euro dollars or dollars that are held. outside the U.S. banking system. They're all by European banks. Yeah, it doesn't help that there's like a, the Eurodollar futures is like a slightly different concept.

Yes. It's like the year dollar instrument as well. That's like when people talk about your dollars today, they're often referred to that. So it gets very confusing. It does get pretty confusing. All right. So what's on top?

You've got a busy weekend of sports. The, the pats are 0 and 2. Okay. Yeah. So I might actually start watching football again because my commanders, I guess they're called. The Washington football team. They are 2 and 0. Yeah. Which is pretty, that almost never happens.

So. I think it's going to be a great comeback when the pets end up at 15 and 2. Okay. It's got, there's some, there's some stuff to work out, though. There's, you know what doesn't help jet lag? Staying up late, watching a Patriots game, and then they lose. How do you follow football if you're in Singapore? I don't know. I was thinking about that. I mean, how do you even...

Can't. How would you even keep in touch with people on this side of the world? It's very difficult. You're having calls at 8 a.m. and it's 8 p.m. their time. Yeah. It was pretty eye-opening being over there. Like, you're totally disconnected from the West. Being a week removed from it, I still can't say enough positive things about the vibe in Singapore. Yeah. So... The crypto scene in Singapore is so good.

I mean, people are making fun of us a little bit because they're like, oh my god these americans go to singapore and like they're so impressed by the authoritarian nature but it's like it's just so striking like i you know flew back to new york from hong kong i'm walking through like soho nice part of new york right there's like a literal dumpster on fire a dumpster fire oh nice literal one there's a dumpster fire wow there's a homeless guy who uh what's what's the euphemism uh like that we're using for homeless now there's like a new term i i think you can use homeless like un-sheltered person who's shelter challenged or something. A shelter challenge person. A shelter challenge person. And he has lit a dumpster on fire. And he lit himself on fire.

Wow. And so his like pants were on fire. He's like patting it out. I'm just like beholding the scene. There's trash everywhere. This is New York. There's trash everywhere. The little dumpster fire guy lit himself on fire. He was fine. I'm like, yep, I'm back in America. Welcome, welcome home. Meanwhile in Singapore, you walk down the street, they open the door for you and say, hey, can we onboard you to a cryptocurrency exchange because we support this? Can we, do you want to start a company here? Can we give you some tax credits? Many passers by, we're saying this.

Just listen, can we, we are very, we're doing a stable coin bill. Let me tell you about it. I understand that we can't do Singapore here, but can we do like 20% of Singapore? Just a little bit closer. Just give us a little Singapore. The government is embracing of the innovation over there. It's great. And they came down on the three arrows, guys.

It's great. They clean up the bad actors, bring in the good, keep the subways clean. You could, like I said, you could literally just sit down on the subway floor, put your meal on the platform, and you could eat it. Yeah. So just give us 3% of Singapore. I'll take it. I'll take it.

All right, everyone. I think that's it for the week. Have a safe and healthy weekend. We'll see you on Monday.