On The Brink with Castle Island - Weekly Roundup 11/01/24 (US Treasury on Stables, Polymarket volume, Singh Sentenced) (EP.571)

Episode Date: November 1, 2024

Matt and Nic return for another week of news and deals. In this episode: We check in on the presidential odds State races to watch As part of their quarterly earnings release, Microstrategy announced a plan to raise $42 billion in the next 3 years in order to buy more Bitcoin. The raise will be evenly split between equity offerings and sales of fixed-income securities. Coinbase pledged a future donation of $25 million to Fairshake to be used for the 2026 midterm elections. Nishad Singh, the former director of engineering for FTX, avoided prison time following his guilty plea and cooperation in the investigation into the exchange's collapse. Blackrock's IBIT Bitcoin ETF saw $872 million of net inflows on Wednesday, which marked a new record for the fund since the launch in January. The US Treasury released a quarterly fiscal report this week that had a section dedicated to digital assets, noting stablecoins growth has caused "a modest increase in demand for short-dated treasuries." The Bank for International Settlements announced they are no longer working on Project mBridge, a cross-border payment network for CBDCs backed by China, Hong Kong, UAE, Saudia Arabia, among others. Content mentioned: Treasury Presentation to TBAC Fortune, Wash Trading on Polymarket Blockchain Association, Regulation by Enforcement Sponsor notes: Polymarket and the Power of Collective Intelligence: In Coin Metrics' State of the Network issue 283, we dive into how Polymarket's prediction markets operate on Polygon and analyze data behind the 2024 U.S. Presidential Election Withum's Digital Currency and Blockchain Technology Team specializes in crypto-assets, offering accounting, tax and advisory solutions to fortify trust in a dynamic industry. Contact them today to get started. - withum.com/crypto

Matt Walsh and Nick Carter are partners at Castle Island Ventures. All of these expressed by them or the guests on this podcast are solely their opinions and do not reflect the opinions of Castle Island Ventures. Guests and host may maintain positions in the assets discussed in this podcast. You should not treat any opinion expressed by anyone on this podcast as a specific inducement to make a particular investment or follow a particular strategy, but only is an expression of their personal opinion. This podcast is for informational purposes only. Brought down by bad mortgage investments, Lehman, which has 25,000 employees will be liquidated.

The federal government loans American International Group, AI, $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 quantitative 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 the Bitcoin. Welcome to On the Brink. I'm Matt Walsh. And I'm Nick Carter. And if you listen to this show, you know that we take tax accounting and auditing very seriously. And when it comes to digital assets, building up trust with your counterparties like custodians, brokerages, and regulators is very important. And that's where Witham comes in. They're a top 25 accounting tax and advisory firm, and they have a team of professionals that is

dedicated to the digital asset and blockchain industry. They help some of the highest profile companies in our industry with tax advisory, accounting for token sales, stable coin audits, financial statement audits, and much, much more. Wetham's passionate about this space. They're passionate about helping you and your company achieve your goals. So head over to withem.com slash crypto to learn more. All right. Coming down the home stretch here.

Yeah, by the time we release this next episode next week, we might have a winner. Oh, fingers crossed. I would hope so. Do you think it's going to be one of these things that just drags out for a week? Yeah, I do, actually. I think it's going to be like 2000.

We're not going to know until January or something. I don't know if I can take that, man. No, my heart can't take the stress here. That's crazy. Well, this will be the, hopefully the last podcast before we have a new president in waiting, I suppose. Yeah, I mean, it's tight. Trump's coming down. He's sold an awful lot on the poly market.

He's trading at 60 cents on the dollar. I don't know what happened, but it's been a kind of. collapse in Trump land recently. Yeah, these prediction markets, I don't know what to make of them. And the polls seem like they're very tight, but I don't know whether to trust the polls or the prediction markets. So Trump had to tweet today. Today is the 16th anniversary of the Bitcoin White Paper.

He had a tweet about it. He says, we will end Camel's War on crypto and Bitcoin will be made in the USA in all caps. It's kind of surreal to see that from a former president. I mean, if you zoom out a little bit, that's kind of nuts. It is crazy. And he had a free Ross hashtag, I think. Yeah. Speaking of, I guess we can get into this later, but Nishad Singh got zero years.

And he got zero years of prison time. Caroline Ellison got, what, two years. Two years. The parents from hell, that investigation was dropped. And poor Ryan Salami is 7.5 years. That's crazy. Is he a candidate for clemency, actually? I don't think you might be.

Well, certainly not if Harris wins, but you would definitely think if Trump wins and he would be a candidate for clemency. Yeah, I mean, it's looking more and more political as these other convictions roll in. I'm getting more and more kind of scandalized by this whole thing. It's wild to me that Nasad Singh got zero years.

Talk about a bad precedent to set. I mean, this guy was involved in the fraud. Yeah, and Salami, I guess what, his crime was being a Republican or something? Like, this is ridiculous. Campaign finance, you know, but, you know, not involved in the fraud. It's very, very puzzling to me. If campaign finance was the problem, why is Barbara freed off the hook in that case? And you know who she was funneling through?

Is Nishad Singh? Yeah, I mean, she was completely off the hook. Yeah. Yeah. I don't know. It's just, it seems like a, it seems like a really bad precedent to set. It's like, Nishad was not the mastermind of the whole scheme, but he was a co-founder of the company and he was involved at every level of this fraud from a technical perspective.

And he had the campaign finance thing where he's funneling money for Bankman for his mother. And, you know, it's not like he blew the whistle on this whole thing. He went down with the ship. Yeah. It's not, he's a bad boy. This is preposterous. Well, more on that later. There are a ton of deals to get through, so I guess let's dive into those.

Yeah, a lot of deals. We're starting to ramp up on the podcast, too. So I did one with Pat Larson at Zen Ledger this week, talking about digital asset tax and compliance. And we've got a few more in the queue here. So we'll have some podcast density over the next few weeks here. Hopping into the deals. First up, we have Nillian, a privacy-focused decentralized network. there is 25 million from HackVC and others.

Then it's Gelato Network. This is a roll-up development platform that raised 11 million from HackVC, Anamoca, and iOSG. Then you have Glow Labs. They're decentralized solar power network. There is 30 million from Framework, USB and others. BitSmiley is a Bitcoin-backed stablecoin protocol that raised 10 million from NextGen, Gen, CA Capital, and MH Ventures. Then you have Blue Sky, of course, the decentralized social network app that

I guess Jack Dorsey sort of endorsed and then later abandoned. They raised 15 million from blockchain capital, alumni ventures, and true ventures. I thought he was involved in that, is he not? I think he had a thread recently about why it didn't work and sort of like leaving it to its own devices. But I guess they're still going. Do they have an app? I think so. Is there like a blue sky app?

I don't know. We don't have a community on blue sky. No. We do on Warcast. Blue Sky was a lot of people that are, I guess, upset about Elon buying Twitter, went to Blue Sky. I see. Okay. Next one up is Ellipsis Labs.

This is a defy infrastructure company that raised $21 million from Han Ventures, Electric, and Paradigm. Then we have Spire, an infrastructure platform for app chains. There is 11 million from Antigram, Maven 11, Bankless Ventures. Nitro Labs is a Solana scaling protocol. They raised $4 million from Lemnis and Amoka in Borderless. Then we have Phylax. They're a security protocol for decentralized applications. They raised $4.5 million from Figman Capital, Nacent, and Hash 3.

Chainway Labs is a developer of a Bitcoin Layer 2. They raised $14 million from Founders Fund, Maven 11, Marana Ventures, and others. Then we have CAP Labs. They're a stable phone, D5 protocol. They raised $2 million from Anagram, RoboVVVEVE. Ventures and SCB Limited. Deals keep on coming this week. Magma Dow, which is a liquid staking protocol on top of Monad, there raised $4 million from

Blackcelerate, Mailstrom, CMS holdings, and others. Then we have Sapien, a decentralized data collection network. There is 10 million from variant, primitive, and animoka. And the last one is Moonwalk Fitness. This is a Web 3 Health Accountability app. There raised $3.4 million from HackVC, reciprocal, CMS, and a number of others. Web 3 health accountability. I kind of need a Web 3 health accountability.

I've been slipping on the getting the steps in. Shout out to KW on that one. On the news front, actually before we dive into the news, we have our metrics minute, courtesy of coin metrics is all about polymarket. Of course, the name when everyone slips these days. They have attracted a ton of attention in the lead up to the elections with over 200 million in open positions

or capital actively at stake across its market. markets. Polymarket drives 13% of all polygon transactions and consumes a quarter of the network's gas. In July, when Trump's odds peaked at 70%, Bitcoin price movements were correlated to that market at a rate of 0.45, showing a positive relationship. In October, correlations between Bitcoin and Trump's odds have dropped to near zero. Interestingly, On polymarket, there's been a lot of discussion around wash trading, which we'll get into, but the TVL has skyrocketed from about 25 million to over 200 million recently. So I would argue that wash trading or trading volumes is not the metric to monitor, but rather TVL.

I'd see metrics minute. Interesting metrics minute. So the price of Bitcoin was moving this week. So as a time of recording, we're a little bit over 70K, but we got all the way to like 73. point two or something. Yeah, it's been a roller coaster, I think election night. We could see some intense swings. So prepare yourself for that. What do you make of the movement this week? Obviously, the open interest was up. And so it seemed like there's a lot of leverage coming into the system. But, you know, the micro strategy news, which we'll talk about, could have been driving

this, maybe some people front running that story. Yeah. I mean, I guess that's the first story of the week is micro strategy wants to raise $42 billion in the next three years to raise more Bitcoin between equity offerings and the issuance of bonds as well. Not really sure what to make of that. You know, we should we should do just a full-blown episode on micro strategy because it is one of the more fascinating just financial engineering experiments, I guess, that has ever happened. Maybe we get Quinn Thompson back on the podcast. He's a good follow on this at Lacker Capital. But yes, it's called the 2121 plan. So they're targeting 21 million of at the, it's basically a shelf offering of equity, like at the current mark equity offering, plus $21 billion of fixed income

securities. So total of $42 billion over three years. Obviously there has to be a market to absorb that. But it's, yeah, it's crazy. I mean, it's basically going to be a even bigger version of what it is now. Yeah, I don't understand it at all. So yeah, I think we should have someone on to discuss it. So as of September 30th, micro strategy held 252,2,220 Bitcoins with a market value of about $16 billion. It's just a staggering amount of capital. So in the third quarter there is $2.1 billion through equity and debt and they were able to expand their Bitcoin and holdings by 11%. You know, they have the operating business and they're servicing the cash flows and this debt is being issued at sub 1% you know, coupons. So I guess they can keep on going

here as long as they have the cash coming off the core business to be able to service the debt. Yeah, I suppose if Bitcoin is growing faster than the interest rate on the debt, then it's sustainable, presumably. Is that the calculus? That's sort of the back of the envelope, right? They're not really willing to sell the Bitcoin to deal with the interest payments. My question on this, and it's a knowable, the answer to this, but at what point does Sailor lose control over the vote here at the board? Or does he just never lose control?

Does he have the vote forever regardless of what percentage of the business he owns? Yeah, that's a good question. Actually, I feel like we should know the answer to that. Because that's just a lot of dilution coming. I mean, it's basically it would be $42 billion worth of dilution because these are generally speaking convertible notes that come in as equity after. So it's a big swing, put it that way. So on the asset management side, I bit BlackRock's Bitcoin ETF. They had $872 million of inflows on Wednesday. it's a new record for the fund.

The ETFs have just been scooping up Bitcoin. I think I saw on Twitter, actually, they're on track to surpass Satoshi's holdings of Bitcoin next month with 1.1 million Bitcoins collectively between all of them. So I guess part of this is probably just a little bit of leverage coming into the system, I suppose. I wonder who is buying these. the other part of this is we don't even talk about it on the show anymore,

but every couple of weeks you see new wirehouse platforms adding Bitcoin ETFs, new RIA shops adding Bitcoin ETFs, new products coming out. So Bitcoin ETFs are just clawing ahead within TradFi in terms of just access points. Yeah. There was, I want to talk about this Fortune article on Polymarket. Did you see it this week? I did. So I like Leo Schwartz. I think he's a really solid journalist over there at Fortune.

My issue is not really with the article itself. It's more with the commentary around it. And I think people are using this to try and discredit the prediction markets. So the article basically says that Chaos Labs and Incidigil both basically completed investigations, finding that there was a lot of wash trading. KEL Slabs found a third of the volume on the presidential market to be washed trading. And, you know, this is being used in the broader discourse

to basically say that polymarket is not an accurate representation of, you know, the presidential odds, which is interesting because obviously Trump's odds are coming down now. I've seen some people on the left say Trump is going to use basically the conspiracy is Trump is, somehow inflating the odds on polymarket or people that are pro-Trump, and that Trump would then use that as a pretext to claim that the election was stolen if he loses. So that's kind of the conspiracy I'm seeing a lot.

The problem is, yes, there is probably wash trading because what people are doing is registering trades on polymarket. There's no fees, by the way, in order to season it for a potential future air drop, right? So this is behavior we see all the time on defy protocols is non-economically utilize the protocol, amass, a track record of using it to qualify for points or a retroactive airdrop. So that's why this is happening. Also, wash trading is you're buying and selling at the same time. So you're not really trying to influence the price. So I don't think this discovery at all discredits the price on the market. I don't think it invalidates. the odds that the market is outputting. So yeah, I just thought we should clarify that. Yeah, the idea of wash trading on a protocol

or just doing non-economic activity on a protocol for points is certainly not something that the mainstream press can even understand. Right. It's kind of like a, it's not even worth having that conversation. But yeah, this doesn't seem like market manipulation as much as it just seems like Sybil, tax in the hopes that eventually you would get a token. Yeah.

It's kind of weird how prominent polymarket is in the discourse now. It got way bigger than I thought. And it's odd seeing ordinary, for like, political pundit types of opinions on it. It's like kind of wish we could just limit it to people that have made a trade and understand how these market works. Yeah. Well, the other thing is you look at the other betting market. So if you go to like election betting odds.com, it has the aggregate feed.

And polymarket just has ridiculous volume advantage versus the other ones. But it's not like the other ones are wildly divergent in terms of who they're saying is going to win this election. Yeah, polymarket trades in line with the other prediction markets, Kalshi and predict it. And with all the bookies. Of course, you could say it's arbitrage. So, you know, polymarket is probably about 90% of the volume globally. And so they might be the tail of the wag is the dog. but yeah, I'm not seeing any big dislocations on polymarket that would lend credence to this theory.

Yeah. I mean, all the pollsters have this race a lot tighter than polymarket, though, as we said earlier. Right. Speaking of the race, Coinbase have pledged a donation of $25 million to Fair Shake to be used for the 2026 midterm. So they are looking ahead. That's good. I mean, you like to see this. You don't want to see the capital. dry up and go away. Depending on the outcome of this election, it's going to be some super important races coming up in the 2026 midterms. Probably going to be talking about a House and a Senate with a very narrow majority on one way or the other, whichever way this breaks. And you need to keep market structure bill top of mind for folks. You've got to get market structure bill done in the next few years here. Yeah, the crypto lobby is only a compelling

lobby if we are able to replicate, well, A, if we're able to swing any of these races, but also if we're able to do it over time. So what are the races that you're watching for Tuesday night outside of the presidential? Well, Ohio is really close, actually. It's a dead heat last time I checked. Let's see what the latest is there. Yeah, actually, just in the last couple days, Bernie Marino has crept up ahead of Sherrod Brown by about a point in the consolidated pool.

that would be fantastic, frankly, if we won Ohio and unseated Brown. That would also basically guarantee the Senate for the Republicans too. So that's your big one. Yeah. So that would be a huge one because Sherrod Brown chairs Senate banking. And if he loses and you have a red Senate, then you're going to get Tim Scott, I believe, would be the ranking member. So that would be a very pro-crypto individual at the head of that committee. The other one is John Tester in Montana.

And so John Tester has been one of the more anti-crypto senators out there. Yeah, she he's up. I'm looking at it right now, 50 to 45. So, you know, almost out of the margin of error at this point. So that looks like a pickup for the Republicans do. The other tight race is in Nevada, of course. How are we looking in Nevada? That one's, Rosen is favored, the Democrat 48 to 43.

So that looks like it'll be a Democrat win. Yeah, and Brown, I believe, is the other candidate there, and he's quite pro-crypto. Then you have Massachusetts. I don't know, Massachusetts doesn't look great to take down Elizabeth Warren. Yeah, despite Deaton's debate performance, he's down 36 to 58, So that's probably going to remain a Democrat stronghold. Did we talk about his debate performance?

I thought he was great in those two debates. I didn't watch it. I mean, but also Elizabeth Warren is not my senator. Yeah, it didn't get a lot of coverage. It wasn't even, I don't even think it was on TV. You had to watch it online, but he did quite well. So did you see this U.S. Treasury report recently on all sorts of things, but had a section on stable coins and tokenized T-bills.

It was crafted for the Treasury Borrowing Advisory Committee, which I don't know what that is. But this report was like a love letter to CBDCs. Yeah, I love the fact that people are so online in this industry because this is on page 118 of a 300-page PDF that the Treasury put out. And there is a section on stable coins. Yeah. I mean, kind of a tough conclusion to it.

Yeah, I thought it was pretty sanguine about stable coins. I mean, certainly demonstrate an understanding of the sector. Talked about the growth there. They said it's resulted in a, quote, modest increase in demand for short-dated of treasuries. But they don't really like stable coins very much. They cited this Gorton and Zhang paper, which I really hate, which is basically this paper saying that stable coins violate

the NQA principle, which NQA stands for no questions asked. So basically they say that stable coins are not a good monetary product because they can depeg. And so they think, these economists think that you have to constantly reassess the viability of stable coins. So they're not a good medium of exchange, which is like, it's like a classic like this works, this doesn't work in theory, but it works in practice. And it's like, well, just look at the real world data. I hear like tens of millions of people use stable coins pretty much every day. They're not considering what some economists say about the theoretical viability of stable coins at all. They just use them because they work.

So it's such a ridiculous thing to say. Yeah. There are a few slides that outlined kind of how the industry works that I thought were pretty good. But I mean, did you catch the private blockchain part? Yeah. I mean, they really like private blockchains. They have this matrix of entitled Optimal Blockchain Design and the variables are private, public, permissionless, and permissioned.

They have a giant X on the public and permissionless quadrant and a big old tick mark on the private and permissioned quadrant. And it says ideally managed by a trusted government authority. It's like, I don't even think you can call it a blockchain at this point. Like, what year is it? I mean, it's such a ridiculous thing. It's like you take a bunch of, of academics and theoretical people and they're telling you how something ought to work when

in practice is just going to work how people want it to work ultimately right it's a public open access network and people have found ways to issue stable coins on them within the bounds of the law i might add it's like having a pizza manufacturer say look the way you have to eat this pizza is you have to cut it up with a fork and a knife and then eat it and that's the way you do it and it's like now people just are going to eat it yeah it's going to Take the pizza and eat it. I know it's just arrogance that we hear from central bankers and like financial regulators all the time, which is like, all right, this thing that's like going on in the world, billions of dollars, people are using it, tons of capital deployed, lots of smart. Okay, forget about that thing.

What about our theoretical thing that's better that, you know, conforms to our priors of how these systems should work? So we're just going to completely ignore the deployed, you know, in production system that people are using. and we're just going to decide that the better way to do tokenized treasuries in this case is on some kind of a DLT, like central bank consortium, despite the fact that none of these things have ever come to fruition at all. Yeah.

It totally reminds me of these purveyors of private blockchains in 2015 and 2016 where you get these pitches and it's like, yeah, like Bitcoin, that's a really cool proof of concept experiment, but that's never going to work for a financial institution. So we're going to build a permission private blockchain and you're going to issue assets onto that chain and like that'll be how it works we're just going to push this on you and you'd see these charts where it just be public ex out private yes

yeah and you know like it's interesting because all these cbdc pilots that have been announced and i think cato has a good tracker of these i mean it's just they're not going anywhere you know and in places where cbdcs have been deployed they only work if there's coercion involved so clearly no one really wants these things people do want stable coins stable coins work because of the permissionlessness the fact that you can hold them in a non-custodial wallet that they can easily be proliferated globally so it's it's like the thing about that people like about stable coins is a thing that would not exist with the cbdc so it's just baffling that they think they have a better solution and also on that note this week the b iS said

that they're no longer working on Project Embridge, which is this cross-border payment network for CBDCs, which was backed by China, Hong Kong, YoE, Saudi Arabia. So these things, these CBDC pilots are just not getting any traction at all. I mean, because ultimately who is going to run these private networks? You're talking about an actual significant expenditure by the government to deploy a technology project, and that doesn't always work out very well. And so unless you're going to lean on your banking sector and force them to do something, which in a lot of countries you wouldn't be able to do, there's just no path to market for this stuff. And a lot of the use cases, it's impossible to build a business case around. So if you're a bank and you're looking at one of these private

chains things, it's like, am I going to make any more money doing this or am I just going to have to spend a bunch of money on IT integration to a new platform? And who's in charge of this thing again? Oh, we have like equal ownership on this private chain. Like what if it goes down? Who do I sue? It's The whole thing is just so not viable. Yeah. So there was an interesting dashboard this week published by the Blockchain Association, which is tracking the SEC's anti-crypto crusade, as they call it, basically looking at Gensler's regulation by enforcement approach.

And they claim that $426 million have been spent in defensive litigation in the crypto space to date. I believe it. I bet it could be more than that. I mean, I bet ripple alone has spent over $100 million. Yeah, I mean, it's an eye-popping amount. There's been some debate as to, let's say, if Trump wins, whether he can fire Gensler on day one. And a lot of people are saying, you know,

you can't legally fire at the SEC commissioner. I think you can. I think you find a way to force him out. I don't, do you think he'd want to stay? I mean. Right. I mean, and if Trump wins, I think they could, you know, go into the record.

and release, you know, a bunch of documents that make them look bad as well. There's a lot of ways to, you know, run a pressure campaign. The mechanics of how that would work would be interesting. Obviously, there are some candidates that have been whispered as potential shortlist candidates for SEC. SEC is a very important post. I mean, there's, there is actual, like, things they could do at the SEC that would promote the industry pretty materially.

You could start with no action letters. You could put out proposed rules. You could testify in. front of Congress and when they ask you questions, you could say, look, we don't really have the mandate for this. So you guys have to pass some laws. There's a lot of things the SEC chair could do. How about Howard Lutnik as the chair of Trump's transition team? How good is he? I saw that. I mean, he's on the economic policy stuff, I think he's making a lot of sense. I wonder if he wants a spot in this administration.

I think you'd do a great job, although I guess he would have to step down from Canter, he did that, right? Well, the thing is when you get the tap as Treasury Secretary, you get to sell your holdings with no taxes. Hank Paulson was able to do this when he left Goldman. He was a partner at Goldman. You got Taft to be Treasury Secretary for Bush, and he had like $500 million worth of Goldman stock

that he was able to sell with zero tax. So it's the best trade ever. It's a nice perk. So that's why, you know, Jamie Diamond, Ken Griffin, all these guys will have interest in a post, I would imagine. I just love Lutnik's speaking style. I think he's such a compelling speaker.

Yeah, I listened to him on the Palm podcast this week. Palm's been on a little bit of a role here with getting big podcast guests. So that was a good one. There was an interesting letter from Chad Cascarilla of Paxos this week to both VP Harris and Trump basically saying that Paxos has been kind of forced out of the U.S. I mean, they've been harassed in so many different ways. Paxos is one of the most hard done by companies in the space as it relates to regulatory. These guys have been trying to do it the right way for ages, you know, dating back to 2015 with Edbit.

So just totally knee-capped on this SEC case against finance, where they named the Paxos powered stable coin of security. Yeah, I mean, in so many different ways Paxos have suffered under adverse financial regulation. this country. I mean, they were, I think, maybe the first Bitlice recipient in New York. Were they the first? They were one of the first. Yeah, a license. And they had to go overseas to issue their new stable coin, had to go to Dubai. I mean, it's very telling. Yeah, she's been hamstrung from NYDFS on assets they can list on their exchange as well. So just a lot of stuff. Another interesting story this week. So the CFO of Florida's public investing, arm. His name's Jimmy Petronis. I guess he went on CNBC and he said that the state holds about

$800 million in quote, crypto-related investments in their portfolio. Staggering number, he said he wouldn't be surprised if that amount would grow if President Trump were to be reelected. Pretty crazy. And he's the guy that sent a letter a couple months ago that Florida should put a portion of their state retirement system into cryptocurrency. So this guy seems to know what he's talking about. That's remarkable. All right. So that's it for the week.

Everyone get your rest this weekend. I don't know. It's going to be a late Tuesday night. I think it'll be a late Wednesday, Thursday, Friday night, too. Yeah, it's, I'm nervous, man. I'm nervous. Ready for this low-level latent amount of stress to dissipate. just being able to underwrite the future one way or the other will be helpful i'll say that yeah

all right everyone have a safe and healthy weekend we'll see on monday