0:06
I was in Hawaii when it happened. I was like on a beach.
Search this video
0:08
And then uh like Luna crashed and I was like went to zero like literally zero. And I was like, oh man.
0:15
And like for a day or two, I just like um like it like kind of [ __ ] up my vacation in a way, but not cuz I was like doing something.
0:22
Like I didn't even have access to my like my wallet's not just like on in the cloud.
0:25
So like I just wasn't home.
0:28
I couldn't even sell if I wanted to or couldn't do anything really.
0:32
Um and then I didn't even want to be doing something.
0:33
I was like, I want to be enjoying this vacation, you know, whatever. what happened?
0:36
Can you tell tell me like you had told me you're like, Luna's kind of cool.
0:39
And you were you told me like six or eight weeks ago.
0:42
Yeah, actually so I did something cool too in the last few days. You'll see it come out.
0:45
I I I went really over the top with a piece of content.
0:50
I haven't done this since I did that Clubhouse thread that was extremely over the top, but I was like, I kind of find this entertaining and this might hit.
0:56
And the Clubhouse one like really hit hit like I don't know, like 20 million people saw that thing.
1:02
I did that again with the Luna stuff where I recorded I basically I'm creating like a almost like a John Oliver style show.
1:09
You know, his show Last Week Tonight or whatever.
1:13
Where he just kind of like dismantles one topic for like 15 minutes and it's like but peppered with jokes.
1:18
I did that on the Luna thing.
1:18
So that's going to come out last day or two.
1:19
But that was a very fun exercise to try to So tell me what happened.
1:24
actually try to be funny.
1:24
But the story is I guess for for those who don't know.
1:27
Okay, so um Here's the short version Here's the short version of the story.
1:31
Short version of the story is you have Bitcoin gets big, has this like anonymous creator and it's supposed to do like one thing really well, which is like basically this like digital gold.
1:42
And then you have Ethereum gets really big and it's got this guy Vitalik.
1:43
He becomes the next cult hero.
1:45
First it was Satoshi for Bitcoin, then it becomes Vitalik.
1:49
And and Vitalik solves a major problem with Bitcoin, which is that he makes it programmable.
1:52
And Ethereum takes off and Ethereum's more programmable form of money.
1:56
But both Bitcoin and Ethereum have like one major problem, which is that they're not very good as actual currencies, right?
2:03
They're called cryptocurrencies, but you don't use them as a day-to-day currency.
2:07
You don't use them to go buy stuff.
2:09
And this is for like a variety of reasons, right?
2:10
Like Bitcoin, if you try to spend it, you'll get taxed as if you just sold a home every time you do a transaction.
2:14
And then the merchant doesn't want it because they're like, "Oh [ __ ] what?
2:17
Tomorrow this is going to go down 20% price?
2:19
Like, dude, I'm not trying to invest.
2:21
I just need the money to pay for tomorrow's inventory."
2:23
Like, "I don't want to take this in my coffee shop."
2:25
And so, it's not really you Those aren't really used.
2:27
So, basically there's this idea of creating stable coins, which is a coin that's always going to be worth $1.
2:32
And like, this is the spoiler, it's like, you know, you don't want it to not be worth $1, which is what happened with with the Terra project.
2:40
But like, um you know, it's supposed to be worth $1.
2:44
So, the way that most people did it, the big ones, USDC, Tether, those are the two big ones, they're like, it's basically like a like a like a safety deposit box.
2:51
You give them a real dollar, they'll give you a digital dollar.
2:55
And if you ever want your real dollar back, they're like, "I promise, it's in the bank vault.
2:58
Whenever you need it, come back and redeem it."
3:01
And um and those kind of have some controversy because crypto people don't like it because it's like, "Well, how do I know you're not lying?
3:07
Like, how do I know you didn't just take all that money in the bank vault and go spend it or invest it in some risky way?"
3:11
And that's why people think Tether did uh does.
3:13
And and also they're like, "Dude, what if the government just cracks down?
3:17
This one company, like, they could just like, they have to operate in some country like, it's centralized."
3:24
The whole it's Yeah, it's centralized.
3:25
This centralization thing isn't real at that point.
3:28
So, okay, so that's the pro So, the pro argument for this project that came out That's The project's called Terra, and one of the currencies called Luna.
3:33
So, the idea was we need a decentralized stable coin.
3:37
We need decentralized money.
3:39
mean that one person invented Terra, and then another person invented Luna using Terra's technology?
3:45
Terra's like the name of the company, Terraform Labs.
3:46
It's like a group of people who came together said, "We're going to create a stable coin."
3:49
And then the stable coin, one of them like, it's called UST, so you think about it like the US dollar version of Terra, UST.
3:54
And so that was their stable coin.
3:57
That's the thing that's always supposed to be $1.
4:00
Luna is the like Luna's the thing that backs it.
4:04
Okay, so remember I said like the in the other version, what backs the digital dollar?
4:08
It's a real dollar in a bank account.
4:09
And the way that the US dollar used to work was what backs the US dollar?
4:12
Gold in Fort Knox, right?
4:14
And that that was before we got off the gold standard.
4:16
But the idea is like what gives this currency any value is is like backing currency.
4:21
And so they were backing it with Luna.
4:23
And Luna was meant to be this like it's like two they they basically created two coins.
4:26
The stable coin and then Luna which goes which can actually go up and down in price as a stabilizing mechanism for the stable coin.
4:33
So whatever, these are some details they're not super important to the to what actually happened. So was one guy, right?
4:38
Cuz I saw like Oh, he's like the founder, but like there's a team, right?
4:42
There's a it's a company. Okay.
4:44
It's like a startup, right?
4:44
Mark Zuckerberg, that's this guy Do Kwon. Got it.
4:47
So Do Kwon, who's Do Kwon?
4:47
He's pretty interesting character, right?
4:49
Cuz he basically it's like Stanford computer science graduates.
4:54
He starts working on some like mesh networking internet thing like that was his first startup.
4:59
And then he's like, oh no, crypto is like the future.
5:02
I'm going to create the stable coin project.
5:03
So they come out with this idea and there's basically some people are skeptical cuz they've seen this uh decentralized stable coin, this this uncollateralized decentralized algorithmic a bunch of buzzwords, but that's how you describe it. Stable coin fail before.
5:18
There was a project like this called Basis Cash maybe 5 years ago.
5:23
And Basis basically raised like I don't know, 80 million dollars or something like that from like tier like I don't know, Andreessen Horowitz and a bunch of other VCs, but they didn't even launch.
5:31
They were like they were like, oh like that we don't know if this algorithmic thing will will hold.
5:35
So they kind of returned 85% of the money as like a failed project.
5:39
Um so that was like the last big version of this that had come out.
5:43
And then Terra comes out.
5:45
And so Terra the the difference was they were like, "Look, this works as long as there's demand for the stable coin."
5:51
And so, they were like, "Where's the demand come from?"
5:52
And at first, this I guess I said it was a short version, it's actually the long version story.
5:57
But at first, he came out with this with this idea that was like, "Look, we'll use it for e-commerce because in e-commerce, every time there's a transaction, you know, there's like a 3% credit card fee, basically.
6:06
We can do it at 1% if we use crypto."
6:08
And so, it's like for a merchant, that's like, you know, that's real money that you get to save if somebody uses this this this option.
6:16
And what they did was they were like, "Yo, we'll pass the savings to the customer and to the merchant, 50/50."
6:22
And then they like went and talked to all these e-commerce companies in Korea, where they're from, and they got like 27 large e-commerce companies, including the second biggest one in in Korea, to use them.
6:31
So, like imagine like the the like not Amazon, but like let's say eBay. They got eBay to use it.
6:35
So, everyone was like pretty hyped.
6:37
They're like, "Oh, [ __ ] this is crypto with a real worth real world use case.
6:42
Finally, like real world use case, this is the were hyped on it? I was hyped on it.
6:44
And this guy, cuz he was on stage, he's like, "Look, crypto's full of a bunch of projects that have no real world use cases and very low user bases.
6:50
We have like a real problem that we're solving and we're going to have and we have real user we have 2 million people using our payments app to do this in Korea."
6:57
And I was like, "Wow, awesome. I buy in."
7:02
And then things started to get a little weird. invest in?
7:03
Can you You want to say or I I started I started with 25K, and then I had an opportunity to put in another 200K as part of like a bunch of VCs were buying uh Luna, like they invested in the company and they were got they got to buy Luna at basically like a 40% discount to the market rate.
7:19
So, at the time it was trading at like almost $100, we got to buy in at about just under $40.
7:23
Uh but it was like locked up, like it was going to be released over the number of years. So, You did that? I did that.
7:30
So, I was like, "Oh, dude, I like this project anyways.
7:32
If I get to buy at 50% under market, like hell yeah, sign me up."
7:37
And also like these are all like tier one like crypto investors.
7:39
Like these are I mean, this they raised a billion dollars, right?
7:43
From it from from investors.
7:44
So, it wasn't like some random project.
7:46
It was like, "Oh, well, these guys are smart. They're doing it. All right."
7:49
Like that's that validates my my belief.
7:51
Okay, I'm going to go ahead and and and do this.
7:54
And for a while, it looked like a genius move because Luna was trading at I don't know, it hit like $116.
7:59
It was like one of the best performers last year.
8:03
So, how much were you up by?
8:04
In about a year and a half, Luna went from under a dollar to $116.
8:07
So, it did like a 100x in one year.
8:09
I was in at like the kind of like the 30 35 dollar price point overall. Uh 40% of 30 or 30? No, no.
8:18
Mine I my price point my actual price point was like $35 blended.
8:22
So, then you were you went from 250 to like 750? Yeah, exactly.
8:25
My 200 my 250 was like 750 grand. I was like, "Oh, great. It's doing well."
8:29
And like this was just the start.
8:30
It was like it was growing really fast.
8:32
Like not just the price, but like like the number of people buying the stable coin was going up.
8:36
Like it went like I think the the the stable coin had like I don't know, 18 billion dollars of of TVL or something like that.
8:43
So, it had gotten pretty big.
8:46
But they had I I kind of noticed I was like, "Wait, they don't talk about the e-commerce thing ever anymore."
8:49
And that's because kind of like didn't work.
8:53
Like they basically it was like working slowly, I think.
8:56
Like uh merchants like kind of care, but not enough.
8:58
Consumers didn't really change their behavior.
8:59
So, it wasn't like a sexy growth story.
9:01
I don't think it was working.
9:02
They just stopped talking about it.
9:03
And they started talking about like um So, what they did was they were like, "All right.
9:08
No, instead we'll serve the crypto community itself with a savings rate."
9:11
So, it's a savings account.
9:11
So, basically there was a savings account on on the network that was like, "If you deposit your stable coin here, you get paid 20% interest on your stable stable coin."
9:20
Which is like kind of amazing, right?
9:22
Because like if I take my dollars, I go to Bank of America, Yeah, but that sounds like some Ponzi scheme [ __ ] Sounds like it, right? But it's not. I'll tell you why.
9:29
So, it was like Bank of America gives you 0. 02%. This was giving you 20%.
9:34
And uh and so a lot of critics said exactly what you said, which is oh, this is a Ponzi.
9:38
And I will argue it is not a Ponzi.
9:41
It was even better than a Ponzi.
9:45
So What's one up from a Ponzi?
9:48
Okay, so a Ponzi It's [ __ ] stealing. Yeah, basically.
9:49
So a Ponzi is customer A gives you money, you use that money to pay out customer B, then customer B gives you money cuz they have faith in it, use that money to pay out C and D.
9:59
So you're taking one customer's money and paying out the other. This is even better.
10:01
They just created a currency out of thin air, printed like a billion of it, then and then they just gave it away, right?
10:08
Like and like the market believes it has value.
10:11
So Have you seen on what's that where they have Paddy's Paddy's dollars?
10:15
Yeah, Paddy's bucks in Always Sunny, yeah. Paddy's bucks. It's Always Sunny, yeah.
10:18
That's exactly what happened.
10:18
They just created their own currency and just collected the dollars.
10:21
In a way, that's what all currencies are, right?
10:22
The US dollar Every country does this.
10:23
They create their own currency and you if you believe it's valuable, then it becomes valuable.
10:26
If you if you cease believing it's valuable, then it'll devalue, and we see this in different countries.
10:31
And that's what happened here.
10:31
For a while, people believed it was valuable and they kept investing in it.
10:35
Um and two things happened.
10:35
One was everybody knew that this 20% savings rate is not sustainable because what they were Okay, the the the reality the joke that that was my joke version of description.
10:45
The reality was when they raised a billion dollars from investors, they basically were like, look, this savings rate is really good customer acquisition.
10:51
So it's a marketing budget.
10:52
Just like Uber subsidizes your rides, like why was an Uber ride back when we all started using Uber like $12 when a taxi would have been 28?
11:01
It's like because VCs were basically giving Uber money and they were losing money on the rides and that's what That's what Terra was doing.
11:07
They were losing money on this savings rate, but they were getting a whole bunch of new customers.
11:10
So like they got like 4 million people almost to create wallets on the network.
11:14
So it was like they were buying user acquisition.
11:16
Now, you could argue that was either dumb or not dumb, but it was definitely unsustainable.
11:21
And everybody kind of everybody smart knew that that's unsustainable, but it's like, hey, look, I get rewarded for being early here.
11:26
I'm going to get this subsidized earnings savings rate and that'll go away as this gets more popular, but like cool.
11:31
That's my benefit for being early.
11:33
That's how almost every crypto project works.
11:36
And it's how many many startups work as well.
11:40
Investors subsidize the usage of your free product until it's big enough where they'll start to charge or raise prices.
11:47
To and then to get to the kind of like fast forward to the crash.
11:49
I care I care about your take like what happened to you, but to get to the crash, what happened?
11:54
To get to the crash, okay, so all along the way people are like, "Hey, algorithmic stablecoins only work when demand keeps going up.
12:00
Once demand starts to fall, this thing will freefall.
12:04
So yeah, you have demand right now.
12:07
That's why everything looks good, but once this starts to fall, it'll create a death spiral."
12:10
Meaning, once people stop wanting USD, Luna's price will go down.
12:15
People will start Once Luna's price goes starts going down, people will start selling Luna.
12:19
And basically it's just like interplay between if if UST either started to depeg, meaning instead of being worth a dollar, it was worth 95 cents, people will not want it.
12:30
They'll lose confidence in the in the stablecoin.
12:30
And then as they lose confidence, they'll they'll sell, which will create more supply of Luna, which will cause the price of Luna to go down.
12:37
And then that will cause even less confidence in the whole project, and it'll just death spiral.
12:41
That was this is the belief.
12:41
And all along this guy, Do Kwon, who started off like, you know, seeming like this smart kind of want to change the world kind of guy, he'd become like kind of an egomaniac, and it was part of his persona.
12:52
Like he was like a Donald Trump or Elon Musk style guy where if you were if you disagreed with him, he didn't just say, you know, like, "I agree Let's agree to disagree."
13:00
Like he was like, "I will [ __ ] on you.
13:02
I will call you stupid and poor, and like I will make fun of you." literally what he said?
13:09
Yeah, he would call everybody stupid, poor, and he would basically god.
13:12
say, "You're all They're all fudsters just spreading fud, which is fear, uncertainty, and doubt, you know.
13:15
And look, they've been wrong all all the way so far.
13:19
They're going to keep being wrong."
13:20
And this is exactly what Elon did about people who were shorting his stock.
13:23
He was like, "Oh, it's going going the short burn of the century.
13:25
You guys are going to look so stupid.
13:27
And and and you know, people are betting against him, people betting for him.
13:31
So anyways Yeah, but he this guy forgot like the thing to make this work is you have to be right. Exactly.
13:36
And he was right for a while until And and by the way, it's really funny.
13:40
There's one Twitter account that wasn't just saying, "Hey, this ain't going to work."
13:43
He's like specifically laid out a like 15-step plan of like, "Hey, look, I did the math.
13:47
If somebody was motivated and had a billion dollars, they could destroy Terra, which is currently worth 40 billion dollars."
13:54
So they could If you put up If you had a billion dollars of sell pressure, I think you could crack the whole Terra project.
14:00
It would have to be like a smart, focused person who would have to time it right.
14:04
So And that's And basically he he he retweeted that and was like this is like famous last words.
14:09
So he goes, "Man, this is the most R-word thing I've ever read on Twitter."
14:16
Um Well "Billionaires, if you try this [ __ ] Yeah. Uh Really? Yeah. What a dumb idiot. Why would he do that?
14:25
Did you call him a dumb idiot?
14:27
Well, like but like why would you say something like that?
14:29
would do such name-calling?
14:30
How How can you How can you speak like that when you're like this like uh like a CEO of like a I mean it's like crazy.
14:36
Donald Trump called Mexicans rapists and stuff, dude. It's just like crazy.
14:38
Like people are crazy, they do crazy [ __ ] and then they're basically their fans, in his case we call them lunatics, were like, "Yeah."
14:43
And then like They They thought that was cool?
14:47
Well, I don't know if they thought that specific wording was cool, but in general his character I mean, he renamed himself Stable Kwon. He became a billionaire.
14:52
He like got a million Twitter followers because he became a cult of personality, similar to Elon.
14:58
Oh my god, what an idiot though.
14:59
So anyways, he tweets it and he's really an idiot because he got He said, "This is the most R-word thing I've read on on Twitter all week."
15:06
Um And he goes, "Billionaires who follow me, go like um please go ahead and try this."
15:14
Um and like sure enough like 2 weeks later or a week later, it's like, "And try it they did."
15:19
So basically somebody or some group, it's not confirmed who it is, uh it's not confirmed also that there's a coordinated attack, but it does seem like it.
15:28
People started uh somebody started dumping like a billion dollars worth of the stable coin, which caused the peg to to go down, right?
15:36
When you have that much sell pressure, it won't stay worth a dollar.
15:37
It still slipped to 92 cents.
15:39
And then it's and then on on top of that they were also dumping Bitcoin, which was the reserve collateral that these guys are holding.
15:47
So, Bitcoin's price starts to go down, UST starts to break peg, people start to panic a little bit.
15:51
And they also started withdrawing from So, they did three things.
15:55
They took it out of Anchor, the the savings protocol.
15:56
So, you saw a billion dollars worth of whatever like withdrawals.
15:59
Then you saw them sell it.
16:02
Then you saw Bitcoin price tanking.
16:04
And all of a sudden people started getting a little worried about, "Oh [ __ ] is something bad happening to Terra?
16:09
Let me just go ahead and sell."
16:11
So, more people start to sell.
16:11
And so, you see like three, four, five billion dollars of sales happening at a very short period of time.
16:16
And this also co- coincidentally or very planned, happened right when they were doing like a kind of like Imagine you're like, "Oh, I'm just I'm moving houses right now."
16:24
I was like, "Oh man, the doors are open, huh?"
16:29
Because you're the moving truck's outside, so the doors are open.
16:30
That's basically what happened.
16:31
They were moving all their liquidity from the liquidity pool from one to another.
16:33
And so, there wasn't much there there was less shock absorbers than than you would expect when they started to sell.
16:41
And it went from over $100 to what? What's it at now? Less than a penny.
16:44
Like fractions of a penny. What?
16:46
Okay, so how much value was wiped out?
16:49
40 something billion dollars? 48 billion dollars? That is crazy.
16:53
stable coin went from selling So, that's Luna.
16:55
Terra, the stable coin, the UST was selling at you know, it's a dollar.
16:58
It's supposed to always be a dollar.
16:58
It goes to 92 cents, 85 cents.
16:59
So, I'm on I'm on the beach in Hawaii and I I'm just getting texts from Ben.
17:03
"Yo, Terra's de-pegging."
17:05
Um and it's like and then it goes down to 70 cents.
17:07
Then it shoots back up to 90 giving false hope for a second.
17:10
And then it plunges to 65, 60, 50.
17:12
And I think it's currently trading at 15 cents to the dollar or something like that.
17:15
You're you're you're out 250.
17:20
I'm at 225 something like that. How does that feel?
17:23
It would feel shitty of course right like you know lose 400 dollars when you're sitting in Hawaii.
17:27
She doesn't really care to know nor does she like want to know the details.
17:33
I told her I was like well from all of crypto I was like we lost several million million dollars in the last like three months cuz crypto has just been selling off like crazy.
17:41
And she's like okay so like should I shouldn't buy this bag or I should I was like I think it's a shouldn't right now.
17:46
Let's go ahead and hold off on that.
17:46
I was like that's the level of conversation we've had about the whole thing.
17:50
Like she's not she's she's stressed about micro stuff like if we're if we have like a late fee or a parking ticket she'll freak out.
17:57
But on the big thing she's like very chill.
17:58
She's like but how do you feel about that now now that you've lost you said several let's just say three million dollars.
18:03
Like I guess I couple couple feelings.
18:06
The first was I'm not surprised like we went in pretty eyes wide open which was this is a risk reward type bet and you don't just say that you have to like actually know what is the risk and the risk was always nobody's ever made an algorithm stable coin work.
18:19
And by the way there's a spoil one spoiler this guy Do Kwon turns out he was also the anonymous co-founder of basis to get that get that got leaked as well.
18:28
So it's like dude you know fool us all once you know shame shame on you fool us twice what the hell is wrong with you that's my take on it.
18:35
Did he did he tweet out like I'm I'm sorry I'm a dick or like did he acknowledge it?
18:38
He's he's like look we didn't mean for this to happen obviously like we I have no cuz some people are like dude did you did you benefit from this in some way like cuz that happens in crypto people will like raise much money do much stuff and then like run away with the money.
18:53
His claim is no we didn't like we lost more than anyone on this whole thing.
18:58
I feel really bad that this happened and he's kind of just like you know tail between his legs a little bit and he's sulking and he's quiet he's much quieter now while everybody's like dancing on his grave deservedly so cuz he was cocky as hell right so like that's what's going on with him with me it's sort of like all right I lost all of this money, that's not good, obviously, but like, you know, doesn't feel good. It's sort of jarring.
19:17
Like, I've had startup investments go south, but it kind of happens over a longer period of time.
19:20
This is like, you wake up on Tuesday and like, one of your best-performing investments has gone to zero in 24 hours.
19:26
It was quite jarring to watch the price drop like a knife.
19:30
Um, and be pretty helpless.
19:30
Like, there's nothing you can really do about it.
19:33
Partially because my Luna tokens were locked up and partially because I was away from my computer, uh, you know, so, you know, whatever.
19:40
Wait, you're you're you're you're not I would like, I mean, I would lose sleep over that.
19:44
I would be like, almost almost not not quite scarred, but like, a little bit.
19:49
Like, it would almost be a it would be close to where I would describe it as traumatic.
19:55
Yeah, it's not that, um, for me.
19:57
And again, I think it's because I I mean, I write down whenever I do an investment.
20:01
Here's my Here's why I think it's a good investment and here's what could go wrong.
20:05
And the what could go wrong was exactly this, which is like, people think that there could be if if there was a bank run, that this would death spiral.
20:12
I see no reason that this wouldn't death spiral if there's a bank run.
20:15
I don't know what would cause a bank run, but it's possible.
20:16
And it's like, oh, what would cause a bank run?
20:20
It was like, either a motivated player created panic at a time when the project was vulnerable cuz all the the all markets, stock markets, crypto markets are all down and they were moving the liquidity. Right?
20:29
So, it's like, well, the risk kind of played out. Like, that's okay.
20:32
Like, it's like, you know, it's like I've had pocket aces get cracked before.
20:35
And I I wouldn't even call Luna pocket aces.
20:37
It's like, I had a flush draw that got beat.
20:39
Okay, you know, like, to use poker terms.
20:42
Like, I had a flush draw that got beat.
20:43
Like, that's what happens.
20:43
Even if I was a even if I had a 60% chance of winning, okay, I got my money in good, but like, it wasn't my life savings.
20:49
Now, there's a lot of people who lost a lot more money on this cuz they put in a lot of money.
20:53
So, to me, there's also like a postmortem of like, okay, there's some rules.
20:57
Like, you don't you don't put more than, you know, 15% in any one project because all of them have these like black swan risks.
21:03
And so, you never want to be that vulnerable to any one thing.
21:08
Is the majority of your net worth in crypto right now?
21:12
Uh it was until everything cut in half.
21:16
Not Not including private like not including private businesses.
21:19
No, of the liquid stuff, no.
21:19
It's a little less than half now.
21:21
It was a little more than half before.
21:22
So, you know, but like the stock market also hasn't done great. I don't know.
21:26
I haven't really got back Dude, I've lost so much I don't log into my thing anymore.
21:29
I just I don't even look at it.
21:31
Yeah, I'm not going to do it I'm not going to go trade right now.
21:33
So, you know, for mental health purposes I don't go calculate my net worth when it's when it's so far down.
21:40
You know, there is a good forcing function.
21:41
I'm like, all right, great.
21:42
Let me make sure I'm earning money. Working hard, right?
21:44
Like it's very easy when when like over the last year year and a half, let's say since the kind of COVID uh you know, money printing system.
21:53
I mean, the whole 10 years has been a bull run or whatever, but like the last year and a half like [ __ ] just inflated like crazy.
21:58
So, it was like, oh man, do I even need to work?
22:00
Like I'll just look up every day and I made a whole year's salary in a day.
22:04
Like, you know, it's it's kind of demotivating to work.
22:07
And then this is highly motivating to work when you start losing a year's salary per day, you know?
22:12
Like that starts to uh you know, like add up.
22:15
And so, yeah, I don't know.
22:17
Like that's I guess my full reaction to it.
22:20
That's exactly mine as well.
22:20
It's like you just just make more money. Yeah, exactly.