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  • because I worked for the banking industry for 15 years, I was there in new york city with you uh for four years in the nineties, working for bankers trust, I was trading fixed income derivatives, lots of treasury bonds, Euro dollar futures.


  • Then I moved on to credit default swaps uh in London and I did that for about nine years here, luckily I escaped 10 years ago um and became a broadcaster, even though I dressed like a banker these days.


  • But you know, Alex, I've seen the underbelly of the banking industry from the inside and I've seen how they've built up this, this crazy monopoly, almost a mind game around their customers for hundreds of years.


  • And with you, you've said with Celsius, you are quote going into the ring with the largest banks in the world, the ones that kept more than 90% of the total value created with my money.


  • You say it's pretty much daylight robbery and that you built Celsius to give consumers what banks never could Alex walk me through.


  • What is it exactly that Celsius does, and maybe you can explain this mindset that not everyone sees of what the banking industry is and maybe what it could be sure, and like you said, you know, it better than most.


  • There's no grand secret here.


  • I mean, banks are exceptional charging us fees, charging us different transactions that from which they generate their fees, they also make money on our money, right?


  • So they know how to create yield from the uh um that they managed.


  • Uh It's the problem is not without that is all fine.


  • The problem is who do they give those fees to or that income?


  • So today, basically 100% of that income goes to their shareholders, they pay dividends or they pay bonuses.


  • And the problem is that they caught in that catch 22 where every quarter they have to deliver higher and higher quarterly dividends to their shareholders, otherwise the shareholders are just going to leave.


  • so and who they take it from, they take it from us.


  • So we get charged within activity fees with checking fees, withdrawal fees, you name it, right?


  • The overdraft fees and so on.


  • So what we decided to do it, that's Celsius is really create a network in which we consolidate all of these the same type of a um that banks get right, we just handle digital assets instead of dollars, we create yield or create income on those assets, just like banks do, but we give most of that back to the people who gave us the money in the first place.


  • And really I I built it for myself, I have over 300 million of my own uh digital assets in C as a user.


  • And then a million people showed up and said, hey, can I get a seat on the bus right next to that looks pretty good.


  • uh and now we, we've paid over $800 million dollars in interest In less than four years, which would make us one of the largest banks in the world, we're not a bank, but I'm saying in terms of paying interest would make us probably top 10 because banks pay so little to their customers.


  • This is some impressive numbers.


  • And you have something I think called your triple entry accounting system.


  • So people can go on your website right now and I can literally see the top earners on the Celsius platform, including you, right?


  • And I can see how I rank against you and you're trying to make it even more transparent than say double entry is.


  • Right?


  • So the beauty of the Blockchain is that it's already public ledger, it's public information.


  • So why not tie all of our activity with verification or confirmation from the public ledger.


  • So the equivalent to what we do will just explain it on the bank side, just to shock you even more.


  • The equivalent to what we do would be that you walk into your bank branch, you give him that check that you want to deposit.


  • But you make it conditionally say, look, I want to know what you're going to use this money for.


  • I want to see how much you earned on my money.


  • I want to see how much you paying me out of those earnings and I want to know who is everybody else and how much did they earn?


  • I want to make sure that if I gave you 1% of the pool, I'm getting 1% of the interest.


  • Right?


  • So that level of transparency has never existed in any financial institution.


  • And if we are really building an open ledger and we're supposed to trust each other and everything else.


  • Triple entry accounting system is the future.


  • Uh Celsius sent to standard for that.


  • It's a public well we have a it's open source so anyone can come and help us develop this further.


  • We want this to be an an industry standard.


  • And all these things that Celsius does makes it harder and harder for the banking system To keep doing what it's doing because people are not just comfortable with earning 8.8% on your stable coins right?


  • That's 100 times more than your bank pays you.


  • But also you can verify that everything C does is the way it's supposed to be.


  • Yeah.


  • What a concept.


  • I mean when I got on the trading floor in 1993 at bankers trust, I noticed the phones that they gave us Alex.


  • They had these clickers on the phones and you've probably seen these before.


  • And I remember thinking first, what are those four?


  • And I asked some trader and he yelled at me, I'm sure and he said there so your customers can't hear what you're saying in the background and I'm telling you Alex, that device is symbolic of the whole banking industry because for the next four years as I traded I realized our real power was our customers not having information, it was the regulation or non passing through of that information that allowed us to make the big spreads that allowed us to take big chunks and it was that lack of transparency that has built the banks for hundreds of years.


  • And so that concept you say it's like unconceivable to a traditional banker that you would share all that information because it wouldn't be very pretty if they give you the answer.


  • Right, well look, banks sit on their toll collectors right there.


  • They're basically intermediaries to sit on all the money in the world, one or another, any amount of capital it needs to move from A to B.


  • Goes through the banking system.


  • So like you said, they have this amazing monopoly, but instead of using that to do good, they were just using that to extract tolls and pay themselves ridiculous amounts of money while not paying us anything.


  • If it was a fair deal, if we were getting 50, of it fine, you know like we, you know, we pay the piper and we move on, but every year banks have reduced what they pay customers.


  • And and and the amazing thing is that if you think about banks, banks earn last quarter, all commercial banks earned record profits.


  • Yet they paid us record low interest.


  • So how do those two uh calculate.


  • And one more point is that Every 10 to 15 years we, the people have to bail them out so they pay us nothing.


  • The charges fees, they get huge dividends.


  • And then every 10 to 15 years we have to write a check for a trillion dollars or $5 trillion dollars to bail out the banks because they made a mistake.


because I worked for the banking industry for 15 years, I was there in new york city with you uh for four years in the nineties, working for bankers trust, I was trading fixed income derivatives, lots of treasury bonds, Euro dollar futures.



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