2020 Digital Money Forum
January 7, 2020, Las Vegas, USA
2020 Digital Money Forum
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All Roads Lead to Decentralization
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About speaker

Alex Mashinsky
CEO at Celsius Network

Alex Mashinsky is an entrepreneur who has founded several notable technology firms in the United States. He founded Arbinet in 1996 as a commodity exchange for telecommunication companies to trade unused long-distance minutes. Mashinsky's other company, VoiceSmart, was one of the first firms to offer telecommunications switches to handle ordinary voice as well as Voice over IP call routing.Mashinsky later founded GroundLink in 2004 as a service to book an on-demand limousine and car services from a computer or smartphone. He was also the founder of Q-Wireless, which later became part of Transit Wireless. From 2014 to 2015, Mashinsky served as CEO of Novatel. He currently serves as CEO of the Celsius Network which is a CeFi lending platform operated by use of blockchain technologies. Mashinsky lives in New York City with his wife Krissy Mashinsky and 6 children.

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Hi, everybody. I bought you some presents. So you get a t-shirts, she get, if you answer any of the questions I have about 10 of them. So if you get the wrong size, you can trade off when we finish the presentation. What's a quick background? My title is all roads. Lead to the centralization if you familiar with the phrase all the roads are all roads lead to Rome. That's what we talkin about, right? How we going to get there? Flickers not working. Can you advance the slide for me?

All right, here we go. So would I have done my most of my career has been developing Technologies, protocols infrastructure in the telephone business in the communication and internet business. I wrote the original voice over IP protocol 1994 October 1994. Anyone. Here uses voice of IV everyday. All of you probably 10 times a day. How much you pay for it? Nothing zero. But before voice over IP used to pay AT&T $3. A minute to call your neighbors or your family overseas.

How did we go from $3 a minute to zero? How do we take the power from the phone company and gave it back to all of you? Skype. What's up? All of these things are based on the Voice protocol, voice over IP protocol, okay? Which again, I collected exactly $0 for it by making the patent available to everybody for free. So now we going to moist money over IP right decentralisation Bitcoin. All that stuff is just money over IP. It's taking the power from the banks, from the centralized institutions, from the people control your

life and giving it all back to all of us. Anyone in for it, anyone interested I didn't hear you, right? So, so let's go through it. So the banks are really a masters of centralization. 700 years of centralization, where they took basically, All of them money for free. Most of us, give out money for free. To the bank's. Anyone here is earning more than one or one and a half percent, right? One person over there. Very smart, ask her afterwards, what you want a t-shirt for that? He's the one. Alright. Okay. You get a t-shirt for breaking

the what-do-you-call-it. Hopefully, I want to hit anybody with this, right, you ready? So so the point is, is that the bank takes your money and make a deposit lens. It to your neighbor gives you less than 1% charges her 24% on her credit card. It's not their money, it's your money is being given to your neighbor. All they're doing is introducing you to your neighbor. They get to keep 95% of the value. Anyone is happy with that. So, what are you doing about it? Nothing. Seven billion people

on this planet except that every day on your hard-earned money, the stuff you spend most of your time on you giving it for free, right? And that's what I'm here to show you how we can change that. If you look at the history of money, you will see that there is 2000 years of money. Being based on gold and went as long as money was based on gold, it was no problem, right? But then we invented something new, in 1971, we created money out of cotton, we did. We detach from the gold standard, it was invented here in the United States of America and since then

since 1971, the dollar lost 95% of its value because you can print as much money as you want, you want to go to war. Fine, let's bring 5 trillion dollars. Go to work, right? And I don't have a wanted budget deficit. What's Prince a trillion dollars a year? Create a budget deficit in the stand. That's what happened in from 1971. That was the separation. Huge separation between the rich and the poor and with Bitcoins trying to do what decentralization is trying to do is close. That Gap is to bring us back to a world where money's only

or value is only attached to see. Something that is actually has wart behind it. In the case of Bitcoin. Every Bitcoin that was created has exactly the full amount of work put into it. You cannot print Bitcoins out of thin air. There's no deficit. It's a deflationary currency. Now I know everybody taught you that deflation. There is bad. Be placing is bad for the government is very good for you. Going to stand. That's what people don't get. So let's go through it. Anyone here knows about the how fractional reserves work

One person, maybe maybe I take a picture go through it later. On the point is at the bank is allowed to take $1 from your make $10 by creating fractional Reserve, what? People don't understand. And that's why people say, while the bank is a powerful. How would you one guy going to fight against the bank's? How can you win against the bank? Well, the point is, when you remove a dollar from a bank, they have to collapse $10 worth of obligations, that created. That's the part. We all have. Just like when we left AT&T and all of our friends left AT&T because they also

start using Skype or Whatsapp, they had to come up with new services and you wasted to get back to us, right? So, the banks don't have a monopoly. The banks do not have something that cannot be replaced with something better. Actually, this system is a system that is causing most of the problems. We have mother financial problems we have because we're creating death that week. Not stand behind. Sao Tome, World assets, 255 trillion. How much do you think in debt? Around the world. Huh, 800. While you're exaggerating a little bit but you get a t-shirt for that

for at least at least going going, ready up, I didn't practice. So no, it's about about the same amount. Meaning all is well, if you guys think that we have actually when you look behind the car thing, right there, there's nothing there because all we did is printed to Medicine on a dead which also created all this value in the stock market. You can see when the government is printing money in the stock market goes up. When the government is trying to suck money out of the environment out of the economy, the

stock market is going down the government. Just printed 400 billion dollars the New York fair to anyone heard about it. I had a t-shirt for you. If you have you heard about it was all over the news now. Yeah. So the problem is we can't live in an environment exists on the left Banks. All the banks are over 200 billion in 1990, we are left with four of them. That's the reason the pigs can pay you nothing cuz there's no options, there's no Alternatives. Now, everyday when you do it, make a transaction, you choose, you vote with your pocket. Are you

voting to support the banks and centralization or you voting to decentralize? Anyone hears voting to decentralize, how many people, I don't have enough t-shirt. I don't have enough t-shirts for all of you, but right to this is not a little thing, this is a big thing, everyday, use a credit card everyday, you make a deposit, your voting, for more centralization, you're voting for lower interest rates, for for you to get for the money. That's what you voting for because this for banks, guess what? They're going to end up with One Bank, do what we going? These four

Banks charge the poorest Americans last year. 34 billion dollars in just overdraft fees. So these Bank winning grab 34 billion from the poorest Americans and gave it to home to go to who's the largest shareholder of Bank of America Wells Fargo It's now it's a guy that actually owns this town 2 EP sells all the electricity in this down. Warren Buffett, your friend, Warren Buffett. He's the guy who collects the most money out of the bank by being the largest shareholder. Collecting quarterly dividends If you don't believe me, look it up.

So, anyway, the point is there a lot of ways for us to improve this? A lot of ways for us to fight this. We just need to get together and act as one. If all of us use a voice app, then the phone companies have no power. If all of us use decentralized applications, like, for example is, plenty of them is plenty of companies that do that. You can then make the change. I'm going to skip a few flight cuz we don't have enough time. But this was telling you write 24% in the banking model, you get 1%, we replacing that with something with

beaurepaires 9% and the deposit or get 7, isn't that a fair more fair system? The depositor get 7% if you download the Celsius out right now, whatever you deposit in his being sent out you get to keep 80% of that. I think that's a much more fair system than what we have today. If you look at the last 10 years, with Satoshi enough time to go through all of it, but basically we have to hand over the Baton four times. We had the anarchists then we had the Libertarians then we had the speculators, right? And then we had the institutions. But basically, which

we do not have enough users in the Crypt, the world in the decentralized movement to get to mass adoption. It when we need to do is replace that with me to create a killer up in my view. Interest income is the killer up. 7 billion, people need interest income. They want to earn more on their hard-earned money and that's what no one is. Providing not here and not in Europe and not in Asia everywhere. The world is going to negative rates, and it's all because none of us got together and decided, we not going to take this anymore. I'm mad as hell, and I'm not going to take this

anymore. And I didn't want, I want against the phone companies, right? That was when I started the company of my company arpanet, 1995 people laughed at me like you going to take on the phone company's. I was 25 years old, you know, and now people laughing at me. Again the saying, are you going to take on the you going to take on the banks? Well, we have eighty thousand users from 170 countries and they gave us already over four hundred million dollars instead of giving it to the bank. Please send it to us and said here, take care of my money, take care of my Bitcoin, take care of my theorem

and we pay them interest between 3 and 7%. You can run it to why? Because we give 80% of what we learn to the depositors. It's a very simple concept. It just no one has done. As we know it was crazy enough to give 80% to the depositor, you know, why can't I made it percent? If you can give him zero, So are all of my special effects in the working here. Can you skip the slide Alright, so we need to get some acid option to get there. You know, we already went through two steps with Bitcoin, then we had experium, right? And

now we need something to cross the chasm. We need something to get to mass adoption and they got in my view, we need to give people something that everyone on the planet needs insurance will be for doomsday, which is Bitcoin is not something everybody needs, okay? A smart contract that does magic stuff like a Siri. I mean, is not something that everyone need, but you tell people, they can earn real interest on their money. And if this is an organization that act in their best interest, at all times Celsius represents the depositor. We never represent anybody else. Do you think

JPMorgan represents your best interest? How about Wells Fargo? I said bad things about Banks. Everyday, don't worry. You know, you're you're fine. You're allowed to say that, right? But all of us have this hate relationship. Not love hate. Just hate relationship with our banks. Anyone here hates the banks. Come on. Here we go. All right, over there. All right, I'm sure hit everybody who hit that hates a bank, right? So the point is, we're not doing anything about it and all I'm asking, I'm asking is to go and quit your

job and do what I'm doing. I quit Arena public companies to make several million dollars a year. I quit, all of that to start Celsius because no one else was doing shit about it. My wife still asked me. Why would why you doing that? So he's the solution security token. My answer is no security. Dog is not helping you any one here so I can help you with anything. Libra, anyone here is a big supporter of Libra. Good. Cuz if you're the one that was coming to get you, you know, I mean that's bulshit from the guy who brought you fake friends and come on, you know,

in fake news. He's going to bring you a fake blockchain. Seriously. Stablecoins are stepping stone. Stable coins are in easy way for most people. Don't understand Bitcoin, you take your dollars. They going to an fdic-insured account with a custodian like coinbase and then you earn 7% on that you can get the same Dallas to your bank and then learn 1%. How hot is that buy USBC from coinbase deposit? It and you are 7% seven and a half hours. Should you right now? Sobor at 9 get paid

7. These all the coins we have download the wall, it's really easy to Celsius Network. And again, we've done over four billion dollars in loans. Ask your bank, how much they've done their loans to Lander that to steal from you? They take your money and they just am. I? Am I lying? JP Morgan made 30 billion and profit from your deposits last year. In profit, did they send you a thank-you? Note a toaster anyting, right? That So the point is, you, you want. Someone is actually

representing your best interest. I'll skip a few things to remember, right, cryptocurrencies? I like going from VoIP to Moines, right? Exchanges are a place where they socialize losses, where we are a place where we socialize prophets, right? Decentralization is a war. It's a war between toll collectors and users. You are the users. Let's stop giving all of our money for free to the toll collectors. Next hundred million users are going to come from from all of us joining and they're all looking for Less volatility and more utility.

Right? Bitcoin is just a doomsday insurance policy but it's a great one but we need all this other use cases stablecoins are here for everyday, interest group that had to replace the middleman with middleware. Write a prediction, Bitcoin will replace gold steering wheel. Replace the bearings living with banks is like living in a bad marriage. Anyone here? Interested in that. Right. So BTC, the deflationary currency. Low inflation is good. For the already rich law on employment is, right is only good for the status quo. It's not good for any of you. That's a

fat man date that you think the FED is acting in your best interest. You don't understand anything. The Fed was created by the largest bank in the United States. If you don't know the history of the federal, look it up, right? The dollar is a horrible store Valley of lost 95% of its value, right? The Bitcoin is a bad store is a bad sort of payment but it's an excellent store of value is just had its 10-year anniversary, Top 9 million percent. The best stock which is Netflix is openly 4000% during the same. Of time. 2000

times better than the best stock on Wall Street. Death is boring from the future. Every time we go to war every time we pray in dollars. All we doing is stealing from our children and grandchildren the kicking me off States. I got to go. Let me go to the punchline. Stop asking what's the deal she can do for you. Ask what you can do for Satoshi, vote with your wallet and here a few more t-shirts. Thank you very much. I'll be here to answer your question.

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