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Johny Fernandez: I'm Johny
Fernandez. We're trying to

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figure out how to do this thing
again. It's been a while. Yeah,

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it's been almost not almost a
year. It's been since last year

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Sean Murray: Since last year

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Johny Fernandez: It has. Well,
I'm happy to be back, Sean.

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Happy holidays. Happy New Year.
We're starting 2022 strong.

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Sean Murray: Yup, it's
happening.

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Johny Fernandez: It's happening.
We're here. I'm excited. We have

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a bunch of stuff to get through
today. But first, I want to ask

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you, how are you?

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Sean Murray: Doing pretty well.
Doing pretty well? Nice. Yeah.

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How about yourself?

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Johny Fernandez: Doing well
can't complain, you know, just

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trying to get back into the
swing of things, trying to make

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this the year.

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Sean Murray: The year of Johnny,

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Johny Fernandez: Johnny's year

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Sean Murray: Reminds me of a
Seinfeld episode. The summer of

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George the summer. I've never
seen Seinfeld this was supposed

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to be the summer of George.

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Johny Fernandez: I say that I
said every summer, though.

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Sean Murray: Really? It's yeah,
the summer of Johnny.

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Johny Fernandez: Yeah. And I say
that Johnny spring. Pretty much

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the whole year is my year.

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Sean Murray: All right. Well,
we'll see how this year shapes

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up for you. A lot of potential
right now.

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Johny Fernandez: First thing I
got a haircut.

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Sean Murray: Yes. You got Johnny
Bravo,

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Johny Fernandez: Johnny Bravo
over here. Johnny Bravo bringing

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you the news on deBanked. TV.
Alright, so let's start with

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Daily Funder in 2021. We have
reported, and we found that we

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surpass 2 million annual
pageviews. Congratulations.

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Sean Murray: Thank you. Thank
you take a picture. Yeah, so

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this number is actually on par
with where we were the year

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before. Okay. So we typically do
2 million plus pageviews per

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year on daily funder. And so
this is just, you know,

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affirmation, reaffirmation that
Daily Funder continues to

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provide a valuable service to
the non bank, Small Business

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Finance community. Yup. We do
have a lot of people who post on

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there, that's for sure, but also
a lot more who don't post on

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there. Like, if you go on to the
forum, you'll see that there's

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activity on there every day, but
what you don't see is all the

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people who are who are looking
at each individual thread. Yeah,

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what does it all add up to add
up to it adds up to millions of

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page views on the site each
year. And what's interesting

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about that is, we're not
optimizing for page views. When

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you hear like a Silicon Valley
Tech company, give you stats on

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like page views, they're
optimizing for that number, they

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set out a goal, how do we reach
a certain amount of page views

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to generate a certain amount of
impressions, you know, for ads,

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and so forth? Right? So they
they do what they can to inflate

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that number? Yeah, we don't do
that. We don't have a goal of

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how do we inflate the pageviews
so that we can go turn around

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and tell somebody else? You
know, look how many we got,

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therefore pay us X amount of
dollars. Yeah. So this is like a

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naturally organic figure, a true
snapshot of what people are

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clicking on in a given year, and
it amounts to more than 2

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billion in the end of the year.
And it's just like the year

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before, it shows that the
industry isn't slowing down.

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Johny Fernandez: Yeah. So for
the people that are impatient

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and think you can get to this
amount of views in a year. How

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long did it take you to gain
this much momentum?

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Sean Murray: Oh, you know, I
don't, you know, I haven't

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looked at that stat. I haven't
looked at the trajectory, the

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trajectory to get to 2 million
per year. But you know, this

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form really started to pick up,
you know, around like 2016, 2017

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or so. Yeah. So we've been,
we've been at pretty high level

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for more than five years. Yeah.
The trick with a social network

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is that you got to have
everybody else on it. Because

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you can't just recruit users to
the site. And they're not their

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friends not be on the site.
Right. So the trick is that you

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have to kind of get everyone and
their circle on the site at the

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same time. Yeah. So it's not
just a matter of how quick can

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you get the pageviews? In
general, when you're building

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like a social network of
community, it's about how

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quickly can you get someone's
friends to join with them so

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that that user doesn't
immediately leave after they

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join? Yeah, because if Facebook,
if you joined Facebook, and you

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didn't know anyone on there, how
much longer would you stay on

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Facebook?

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Johny Fernandez: You're not
gonna stay there too long.

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Sean Murray: Like I don't you
know, I tried it. You know,

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Johny Fernandez: It was okay. It
was okay. But you know, I could

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I've been on websites or apps. I
don't know anyone. And you can

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kind of meet people, but it's
like, oh, I want like someone

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that I know that I have a group
of people. Yeah. Yeah. So but

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that's how Facebook was in the
beginning. remember? I remember.

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Sean Murray: Yeah. Well, when I
first joined Facebook, you know,

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it's 22 years ago. It was
actually 18 years ago. I only

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know that because I got an
anniversary pop up on my

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Facebook, my personal Facebook
and I, I shared it. And I was

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like darn, you Facebook for
reminding me how long I've been

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on here. It's been but I've been
on Facebook for 18 years.

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Johny Fernandez: That's good.
That's good. But

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Sean Murray: But yeah, it's
called it's called the network

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effect. You gotta have your
network on the on the platform.

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And if you do that automatically
creates, you know, organic kind

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of exponential growth all by
itself by achieving that network

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effect. That's the most
challenging part about a social

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network. Just happened to be you
know, right time, right place.

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People wanted this type of
dialogue online and Daily Funder

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was a perfect place to have it,

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Johny Fernandez: Especially for
the industry because the

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industry is very unique. And
there's not anything like this.

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Yeah, anywhere else. Yeah. I
mean, you can try other website

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like Reddit, but it's not the
same. It's not specifically for

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the industry.

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Sean Murray: Exactly. It's this
one is particularly for of a

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small business finance industry.
I know some people are, like all

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about MCA on there. And that's
certainly a big part of it. But

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it really is small business
finance in general. And that's

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been one of one of the key
ingredients to making it

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successful. Just focusing on a
key niche. Yeah. And also,

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because we're independent, we're
not owned by like a funding

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company or something. We don't,
we don't have that incentive to

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try to drive these users to
whatever our secret business is,

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you know what I mean, we're not
like, at the end of the day, we

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want all the users to send us
deals, because we don't do any

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of that. Yeah. So I think that
had anyone else been where we

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were years ago, when they
started the site. I think it

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would have been easy to have
started, like a funding company

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and use the site to harvest
Yeah, those users to try to

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build your individual financial
funding company. That was never

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my objective or agenda. You
know, we've kept it pure, and

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we're happy to have kept it a
valuable service to the

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community.

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Johny Fernandez: Yeah, no, it's
great. It's great to it's great

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to see that. And it's great to
see so many people using

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especially, you know, it's such
a unique community and the

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interactions that you can get
people you can meet it's, it's

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sometimes it's fun. Sometimes
it's not, but it's a great

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source, for sure. Resource.

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Sean Murray: Mm hmm.

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Johny Fernandez: So the next
question I have for you, okay,

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is what would you do with $96
billion?

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Sean Murray: What would I do
with $96 billion?

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Johny Fernandez: would be
billions,

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Sean Murray: I well I probably
wouldn't be in here. I wouldn't

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be sitting in the room. $96
billion. What would you do?

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Johny Fernandez: I don't even
know.

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Sean Murray: Your mind literally
just went to a place.

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Johny Fernandez: I'm like, what
would I do with that much? The

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one thing that comes to mind is
like, I'd probably invest in

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real estate. As a real estate
agent. That's probably where I

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would put my money. Yeah. And
then make more money.

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Sean Murray: 96. Bill, but, but

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Johny Fernandez: Yeah, like, he
maybe can buy a couple a

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continent like, yeah, I don't
know. Like that. That's, that's,

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uh, I don't know. So you don't
know. And I don't know. Well,

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so. We're going to talk about
the CEO, He's based in Asia

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Binance. His name is Changpeng

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Sean Murray: I don't know how to
pronounce it.

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Johny Fernandez: Changpeng Zhao.
Okay. All right, we're trying

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our best here with
pronunciation. He's worth an

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estimated nine $6 billion. Now,
this is all according to

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Bloomberg that he exceeds to be
one of the richest person in

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Asia. But this figure of $96
billion does not include his

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personal crypto holdings. So
they're saying that it can he

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can be worth even more than just
$96 billion. This may not even

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be the surface of what he's
right, what he's worth. And, you

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know, to his company, it's the
world's largest cryptocurrency

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exchange with a 24 hour trading
volume of $106 billion as of

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January 6, according to
CoinGecko, and it's generated at

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least 20 billion in revenue last
year, according to Bloomberg $96

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billion. That's wild.

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Sean Murray: Yeah. Have You Ever
Have you ever used by Binance

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before?

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Johny Fernandez: I've not used
not used Binance before have

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you?

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Sean Murray: So I have for a
journalistic experiment a few

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years ago, probably had to be
like, maybe it was 2017. Okay,

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that's five years ago now. So
they have two different versions

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they're the they're the one
that's offshore. There's binance

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US, which is in the US and
finance. The offshore one is the

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one that everyone's talking
about. That's like the major

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one. If you're in the US, you're
not supposed to be able to use

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that one. Yeah, yeah. So the
reason we're bringing this up,

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because supposedly not including
his crypto holdings, he may

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already be like the 11th,
richest person in the in the

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whole world. And you know that
to me, that number, it sounds

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it's great. An entrepreneur can
make so much money by being at

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the forefront of technology,
revolution, all that stuff. But

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something something funny, yeah.
About that whole thing. Yeah.

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That Binance not just the
company, because right, the

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company surely has value too
Yeah, he and he himself is worth

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96 billion, not including his
crypto. That's a lot of value to

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extract. Yeah. And you have to
wonder you know I'm just

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speculating here. If the users
on the site are perhaps

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sacrificing more in fees than is
really necessary. Yeah. For if

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the CEO has been able, he's only
44 If the CEO has been able to

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amass 96 billion not including
his crypto holdings in just a

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few years. Sure. He's certainly
a genius. But that number,

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something about that number
seems off to me. And I'm like,

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is this normal? You know, I
mean, like Hey, how can I

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normal? Well, it's not normal,
but among his peers, right? The

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two competitors, the Coinbase
CEO, Brian Armstrong is

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apparently worked 8.9 billion,
and the CEO of FTX is worth 15.4

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billion. So you take,

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Johny Fernandez: But I'm going
to cut off on that, because 96

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billion, doesn't even really
compare to any of these guys. I

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think so.

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Sean Murray: Okay, you're right.
But we have to consider we have

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to consider just the context,
that the CEOs of these companies

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are worth 10s of billions,
right. Then Then there's the

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company's value. That is all the
people who work for the company,

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right. So these companies are
making combined hundreds of

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billions of dollars creating
hundreds of billions of dollars

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worth of value, correct. I think
that is something's wrong with

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these numbers. Yeah, it's too
high. Yeah, it's, it's, how

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could they be extracting that
much value from this market?

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Because you have to wonder who's
getting rich in crypto. Right

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00:11:01,950 --> 00:11:04,500
now it's a bear market in the
crypto market, right? Ethereum

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Diplo $3,000. Today, Bitcoin
just dipped under 40k. And a lot

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of people in the crypto
industry, how are they investing

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in crypto they're holding or,
you know, Bitcoin or Ethereum,

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you know, and all the different
tokens and stuff.

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Johny Fernandez: But to
backtrack, because a lot of you

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know, a lot of people are in
crypto and those that are not in

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crypto. So when you say that,
that it's a bear market now,

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quick synopsis. What does that
mean?

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Sean Murray: It just means that
all the values of all the coins

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and tokens are going down like
bitcoins all time high was

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69,000.

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Johny Fernandez: So you're
you're questioning how are they

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being so much money if the
market isn't

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Sean Murray: No I'm not I'm not
questioning that I'm saying that

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the average person investing in
crypto is just holding the

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coins? Yeah, right. And some
people have lost a lot of money.

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But the CEOs of exchanges, yeah,
are making collectively more

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than $100 billion. So it sounds
like you take all the people who

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are losing money in crypto. And
then where did where did it all

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go? Well, it's pretty easy to
see. History. See just the CEOs

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forget about all the other
executives, surely they made a

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lot of money too the CEOs of
these three crypto exchanges

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that made more than $100 billion
in personal wealth for

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themselves. But this is this,
this is what it tells me. Go

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ahead.  holding crypto is not
the way to make money. If you

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hold a crypto and hope it goes
up, you're doing it wrong. The

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way to do it is to run a crypto
company, these guys have made

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hundreds of billions of dollars
combined. And all they're doing

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is extracting the value from the
people who are holding the

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coins.

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Johny Fernandez: So my question
is what, I've never even seen a

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billion dollars in my bank
account. So 96 or 15 or 20

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billion, like, what do you even
do with that much money?

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Sean Murray: I mean, I don't
know what you do with the money.

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But I'm just saying in general,
if people are like, Oh, well, it

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sounds great. You know, what
crypto should I buy? Don't buy

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any of them. Because the only
people making money are the

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people who are selling you the
Cryptos. Yeah. So you want to be

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the guy selling the crypto, you
don't wanna be the one buying

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into? Yeah, no, I mean, like the
exchange, not like buying crypto

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to sell to someone for more. I
mean, you want to run the

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exchange, you want to be the
crypto company, not the guy

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holding the token hope hoping it
goes up. Because that guy had to

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make $100 billion. The guy
running a crypto exchange made

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$100 million. Yeah. He doesn't
care if it goes up or down.

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Bitcoin could be worth $1. He
doesn't care he's still worth

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100 million. He doesn't care
about all your losses. Yeah,

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well, I'm just speculating,
maybe he does. Personally, I

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don't want to assign any type
of, you know, emotions to him.

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But I'm just saying in general,
this is what people should be

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thinking about in the crypto
market. These numbers don't make

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sense. To me, that's too much
value extracted. It means that

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there's a major inefficiency in
the market that is being

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exploited. And the person the
people holding the tokens hoping

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they go up are the weakest link
in the entire chain. While the

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people who run the exchanges are
literally making hundreds of

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billions of dollars.

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Johny Fernandez: I'm not, I'm
not gonna say much because I'll

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be very frank with you. I am not
buying into crypto at the

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moment. I was I never bought
into crypto but I have seen

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like, you know, the obsession
with it. And I've seen that, you

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know, people are holding on to a
lot of people dumped their life

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savings. It's just a very in

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Sean Murray: And where do they
go. We know where it is.

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Johny Fernandez: Yeah. And
literally like, like, Hey, I'm

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gonna be a millionaire. Cause I
have all my money in crypto.

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Sean Murray: No these guys are
gonna be millionaires the person

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00:14:30,600 --> 00:14:33,120
holding the token is not going
to be the millionaire. Yeah. So

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Johny Fernandez: Yeah. So. It's,
it's true. So that's how I'm not

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saying much. I'm letting you
speak because I my area of

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expertise is not in
cryptocurrency. But it's very

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interesting because numbers
never lie. That's it.

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Sean Murray: I would want to be
the guy if I would, I would

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00:14:48,030 --> 00:14:50,130
create a crypto exchange don't
buy a token.

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Johny Fernandez: Yeah. And that
is good to know.

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00:14:51,510 --> 00:14:53,430
Sean Murray: Save your money and
start a crypto exchange make

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00:14:53,430 --> 00:14:56,610
hundreds of billions and sell
tokens to other people. Yeah,

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00:14:56,670 --> 00:14:57,360
that's how it works.

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Johny Fernandez: Yeah. And make
money. So speaking of making

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00:15:00,540 --> 00:15:03,780
money saving money. The next
topic of conversation were gonna

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00:15:03,810 --> 00:15:08,790
jump into is the New York
commercial financing disclosure

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law. So that has been a big
topic. We spoke about it last

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year, we spoke about it at
Broker Fair. It was supposed to

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intended to go into effect at
the start of the month. But

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there has been another delay.

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Sean Murray: Yeah, well, it was
originally right. The New York

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financing the New York
commercial financing disclosure

300
00:15:25,200 --> 00:15:29,010
law was supposed to go into
effect starting January 1.

301
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However, at the end of last
year, I think around, what was

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00:15:32,730 --> 00:15:37,320
it October, November, they
reached the conclusion that they

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were going to give everyone a
six month break, because they

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know that they hadn't given
anyone enough time to start

305
00:15:43,470 --> 00:15:46,080
implementing all the different
requirements. Also, they didn't

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00:15:46,080 --> 00:15:48,570
let anyone know what all the
requirements were. Correct. They

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had put out a proposal. They had
solicited feedback on the

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00:15:52,470 --> 00:15:55,890
proposal, it seemed like they
were confident that what they

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00:15:55,890 --> 00:15:58,620
had proposed was just going to
be the law. That's what it

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seemed like, yeah. And there was
all these there was all these

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00:16:02,340 --> 00:16:05,970
mix ups about they closed off
feedback, remember?

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00:16:06,000 --> 00:16:09,180
Johny Fernandez: Yeah, they were
people, people did not know

313
00:16:09,180 --> 00:16:12,060
when, when to comment. They
didn't know where to comment.

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You know, some of the people
that were, you know, in

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00:16:16,980 --> 00:16:20,370
government were just confused in
general, other people didn't

316
00:16:20,370 --> 00:16:23,910
know what's going on. So it was
a big, massive confusion. But we

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00:16:23,910 --> 00:16:27,030
do know that yeah, comments will
be on the proposed regulation

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00:16:27,060 --> 00:16:31,440
will be accepted through
December 20. So yeah, December

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00:16:31,440 --> 00:16:31,980
20 right.

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Sean Murray: So they were
accepted. Yeah.

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00:16:33,840 --> 00:16:35,880
So they won't be accepted until
December 20.

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They were last year last year.

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00:16:37,200 --> 00:16:40,380
Johny Fernandez: Correct. We're
still we're in 2022. Last year,

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00:16:40,410 --> 00:16:44,880
and now there's, you know, it's
delayed again. Yeah. So you're

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00:16:44,880 --> 00:16:48,840
not a lawyer. I'm not a lawyer.
We are not lawyers, again. So to

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00:16:48,840 --> 00:16:54,000
emphasize on that. But what does
this mean? It was delayed again.

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00:16:54,510 --> 00:16:57,000
Sean Murray: So what's unique
about this particular delay is

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that they did not give a date
for when the law itself will be

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implemented? This, this change
was put out on December 31st. I

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00:17:07,200 --> 00:17:09,900
don't even know if it's up on
the New York State website yet.

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00:17:10,710 --> 00:17:14,490
Basically, the I think the
Deputy Superintendent sent out a

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00:17:14,490 --> 00:17:19,800
letter to a lot of lawyers and
CEOs within the the non bank

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00:17:19,800 --> 00:17:23,700
finance industry, basically
saying, Hey, we've read all your

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00:17:23,700 --> 00:17:27,180
feedback. Yeah, we've got a, you
know, we've got a lot more to

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00:17:27,180 --> 00:17:30,930
work out than we thought we did.
And so what they said they would

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00:17:30,930 --> 00:17:34,980
do is that they were going to
issue a revised proposal

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00:17:34,980 --> 00:17:38,520
sometime early in the new year.
That could be January, February,

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00:17:38,520 --> 00:17:41,700
March. I don't know when they
didn't say when, and that

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00:17:41,700 --> 00:17:44,190
everyone will have the
opportunity to comment yet

340
00:17:44,190 --> 00:17:45,900
again, just like they did last
year.

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00:17:46,020 --> 00:17:48,690
Johny Fernandez: But hopefully,
we're hoping that this time,

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00:17:48,690 --> 00:17:50,910
there will be clear instructions
on the cost

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00:17:50,970 --> 00:17:53,190
Sean Murray: Yeah, well,
exactly. Yeah. Last time, part

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00:17:53,190 --> 00:17:55,650
of the problem was they didn't
even tell people how to comment,

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00:17:55,650 --> 00:17:58,620
where to comment, who to comment
to? It turns out we were the

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00:17:58,620 --> 00:18:02,640
people that told everyone Yeah,
who do you even talk to? And

347
00:18:02,640 --> 00:18:05,550
that the original deadline had
passed. I didn't even know that

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00:18:05,580 --> 00:18:09,030
by the time you and I found out
the deadline was over. Yeah. And

349
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then I reached out to him. And I
said, you could still you could

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still, you know, offers to feed
some feedback. Yeah. But I have

351
00:18:14,640 --> 00:18:18,840
a feeling that they started
getting a lot of responses after

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00:18:18,840 --> 00:18:22,110
we published that. And that's
when they probably got so much

353
00:18:22,110 --> 00:18:24,630
information that they were like,
Okay, wait, we really got to fix

354
00:18:24,630 --> 00:18:29,760
this up. Because according to
DFS, they said they actually

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00:18:29,760 --> 00:18:33,240
reached out to California's
state regulators, because

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00:18:33,240 --> 00:18:35,610
California had a similar law
that they had to implement and

357
00:18:35,610 --> 00:18:38,160
they're like, Well, how did you
guys do it? Yeah. And California

358
00:18:38,160 --> 00:18:41,280
had to tell them, we couldn't do
it. It's been four years in

359
00:18:41,280 --> 00:18:44,220
California since they passed a
similar law. Yeah. And

360
00:18:44,220 --> 00:18:47,280
California to this day has not
been able to implement it.

361
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Because it's too complicated.
Yeah. So I think that probably,

362
00:18:50,310 --> 00:18:53,670
and I'm just speculating, I
think that probably worried New

363
00:18:53,670 --> 00:18:56,160
York State's regulators a bit
that they're getting into

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00:18:56,160 --> 00:18:58,440
something that's a little bit
more complicated than they first

365
00:18:58,440 --> 00:19:00,600
thought. Yeah. And they said,
Okay, let's, let's just make

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00:19:00,600 --> 00:19:04,380
sure we get it. Right. And,
like, well, you know, like I

367
00:19:04,380 --> 00:19:06,720
said, there's going to be an
opportunity to comment on a

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00:19:06,720 --> 00:19:10,470
revised proposal. And then there
will be a new date given for

369
00:19:10,470 --> 00:19:12,780
when it will be implemented. I
don't know if that's going to be

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later this year. Next year that
we don't know there's been no

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00:19:15,960 --> 00:19:16,620
dates given.

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00:19:16,680 --> 00:19:19,680
Johny Fernandez: Yeah. So that
definitely be interested to I

373
00:19:19,680 --> 00:19:23,910
will be interested to see what
exactly happens. So you know,

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00:19:23,940 --> 00:19:26,970
everyone that we've talked to
especially, you know, at Broker

375
00:19:26,970 --> 00:19:30,450
Fair, that was the hot topic of
conversation was the law like,

376
00:19:30,480 --> 00:19:34,740
how just was gonna impact the
language? Doing business in New

377
00:19:34,740 --> 00:19:37,650
York? How will it get impacted?
Is it worth it? What if you do

378
00:19:37,650 --> 00:19:40,050
business in Florida, but you
some of your business touches

379
00:19:40,050 --> 00:19:43,740
New York, like it was all these
questions? All like the language

380
00:19:43,770 --> 00:19:51,480
of the of, you know, the law and
whatnot was very, I don't wanna

381
00:19:51,480 --> 00:19:54,600
say confusing, but it just
wasn't clear. So we'll see what

382
00:19:54,600 --> 00:19:57,900
happens. It definitely will be
interesting. Yeah. Because I

383
00:19:57,900 --> 00:20:01,260
know a lot of people were
questioning like, how their

384
00:20:01,260 --> 00:20:02,850
business was gonna was gonna get
affected.

385
00:20:02,970 --> 00:20:05,820
Sean Murray: Yep. Well, it's yet
to be known because they're

386
00:20:05,820 --> 00:20:07,470
revising the entire proposal.

387
00:20:07,500 --> 00:20:09,090
Johny Fernandez: So and this
could take, we don't even know

388
00:20:09,090 --> 00:20:10,140
how long this could take.

389
00:20:11,010 --> 00:20:12,990
Sean Murray: It could take, it
could take six months, it could

390
00:20:12,990 --> 00:20:14,160
take a year, we really don't
know.

391
00:20:14,190 --> 00:20:15,690
Johny Fernandez: Yeah, so it'll
be interesting to see. But

392
00:20:15,690 --> 00:20:18,210
obviously, once you find out
more, we'll let you guys know.

393
00:20:18,870 --> 00:20:21,900
We'll put it on debanked.com.
And you can read it there too.

394
00:20:21,990 --> 00:20:27,390
So, yeah. Alright, so the last
topic of conversation. It's

395
00:20:27,390 --> 00:20:31,710
regarding a ban from the MCA
industry. Yes. This is regarding

396
00:20:31,710 --> 00:20:34,980
an alleged small business
financing scheme from RAM

397
00:20:34,980 --> 00:20:38,070
capital funding. They've been
permanently banned from the MCA

398
00:20:38,070 --> 00:20:41,400
space and debt collection
industries. So little bit of

399
00:20:41,400 --> 00:20:46,710
background, they are required to
pay $675,000 to the FTC charges.

400
00:20:47,130 --> 00:20:52,200
Some of the charges pretty much
say that the decepted use, that

401
00:20:52,200 --> 00:20:55,470
they use deceptive and illegal
means to seize assets from small

402
00:20:55,470 --> 00:20:59,700
businesses, nonprofits and
religious organizations. So the

403
00:20:59,700 --> 00:21:04,680
FTC alleges that since 2015,
they deceived small businesses

404
00:21:04,680 --> 00:21:09,090
and other organizations. And
yeah, they're banned from the

405
00:21:09,090 --> 00:21:09,510
industry.

406
00:21:09,660 --> 00:21:13,140
Sean Murray: Yeah. So this whole
thing is quite interesting. We

407
00:21:13,140 --> 00:21:18,480
have not seen a government
regulator ban. Someone from the

408
00:21:18,480 --> 00:21:21,990
industry. Yeah. What? I feel
like, that's, you don't really

409
00:21:22,020 --> 00:21:24,630
Yeah, you know, what's, you
know, what's crazy about it is

410
00:21:24,660 --> 00:21:27,180
usually when people say, hey,
you know, they've been banned

411
00:21:27,180 --> 00:21:29,460
from the industry. They're
talking about, like, indirectly,

412
00:21:29,490 --> 00:21:32,040
Johny Fernandez: Yeah, but it's
just like a government agency

413
00:21:32,040 --> 00:21:32,490
telling me,

414
00:21:32,910 --> 00:21:35,340
Sean Murray: Well, yeah, the
the, you know, it'll be like,

415
00:21:35,370 --> 00:21:38,130
it'll be so expensive to
continue. Yeah. So it's

416
00:21:38,130 --> 00:21:41,790
effectively a ban. Right? Or
they said they had to agree to

417
00:21:41,790 --> 00:21:43,890
something that would, that would
make basically make it

418
00:21:43,920 --> 00:21:46,980
impractical to continue
operating in this space. But

419
00:21:47,370 --> 00:21:49,410
this is an order from the
Federal Trade Commission. I

420
00:21:49,410 --> 00:21:52,590
don't know if you can see it, it
actually says the word ban.

421
00:21:52,620 --> 00:21:57,000
Yeah, in the order. It actually
says, Hey, you're banned. And

422
00:21:57,000 --> 00:22:00,480
then if you read underneath the
word ban, in the big title, it

423
00:22:00,480 --> 00:22:03,840
says, Therefore ordered that
settling defendants were acting

424
00:22:03,840 --> 00:22:06,360
directly or indirectly, are
permanently restrained and

425
00:22:06,360 --> 00:22:10,770
enjoined from that they can't
even advertise market promoted

426
00:22:10,800 --> 00:22:15,420
offer it provided arrange for
for assist in anything in

427
00:22:15,600 --> 00:22:18,540
related to it. Yeah. They can't
be like, Okay, we just won't be

428
00:22:18,540 --> 00:22:22,380
a funder we'll be a broker now.
They all would just be, you

429
00:22:22,380 --> 00:22:26,820
know, lead company. Yeah. Now,
it says you are banned from the

430
00:22:26,820 --> 00:22:30,960
whole thing entirely. Now,
granted, this is part of a

431
00:22:30,960 --> 00:22:34,320
settlement agreement. Right. So
this wasn't like a judge

432
00:22:34,320 --> 00:22:38,880
decided, I hereby order you to
be banned. Right. So the the

433
00:22:38,880 --> 00:22:43,740
defendants in this particular
order consented to this. And I

434
00:22:43,740 --> 00:22:45,810
think that the Federal Trade
Commission, they were the ones

435
00:22:45,810 --> 00:22:49,260
who brought the suit. They
worded it like that

436
00:22:49,320 --> 00:22:51,900
intentionally? Because it
certainly sends a strong

437
00:22:51,900 --> 00:22:54,600
message. Yeah, it wasn't that it
was, you know, it'll be too

438
00:22:54,600 --> 00:22:58,860
expensive to continue on. No,
like, No, you are hereby banned,

439
00:22:59,010 --> 00:23:02,460
banned, banned from the industry
in basically every way that they

440
00:23:02,460 --> 00:23:05,340
could think of they threw in
every type of term. You know,

441
00:23:05,340 --> 00:23:08,640
that would that would involve
somebody in the industry itself.

442
00:23:08,670 --> 00:23:11,160
And so if you're wondering, wait
what's the background? What are

443
00:23:11,160 --> 00:23:13,110
you talking? How did someone get
banned with this Federal Trade

444
00:23:13,110 --> 00:23:18,120
Commission stuff about the FTC,
which typically protects

445
00:23:18,120 --> 00:23:21,930
consumers got very active in
looking at small business

446
00:23:21,930 --> 00:23:25,650
financing, probably in the last
last two years? And they said,

447
00:23:25,920 --> 00:23:29,010
We're going to be looking at the
industry very closely. Yeah. And

448
00:23:29,010 --> 00:23:32,430
they came out and they filed a
couple lawsuits against some

449
00:23:32,460 --> 00:23:38,010
players in it. And in this
particular one, there was there

450
00:23:38,010 --> 00:23:40,620
was a settlement between I guess
it was two of the defendants in

451
00:23:40,620 --> 00:23:44,970
the FTC, in which they consented
to being banned. Yeah. Now the

452
00:23:44,970 --> 00:23:51,750
fine. You said it was like 600
675,000. Settle. That amount.

453
00:23:52,140 --> 00:23:57,630
That amount is low. Yeah. You
know, respective to the

454
00:23:57,630 --> 00:24:01,770
circumstances. But I think the
message that was sent is the

455
00:24:01,770 --> 00:24:05,730
ban. I don't think anyone has
ever seen a ban especially not a

456
00:24:05,730 --> 00:24:08,550
court order that says your
banned, you know, I just can't

457
00:24:08,550 --> 00:24:09,870
say that word enough. Because

458
00:24:09,900 --> 00:24:11,760
Johny Fernandez: I feel like
it's like a scarlet letter, your

459
00:24:11,850 --> 00:24:14,730
your banned. Well, let me ask
you this. If they decide, let's

460
00:24:14,730 --> 00:24:17,640
say design hypothetical, we're
not lawyers. We're just

461
00:24:17,640 --> 00:24:22,020
speculating here. If the owner
decides to start any business,

462
00:24:22,200 --> 00:24:25,950
you, you know, just start from
scratch all over again. Could

463
00:24:25,950 --> 00:24:30,180
you do that? No. Okay. Now he's
banned. He's, he's personally

464
00:24:30,180 --> 00:24:30,360
banned.

465
00:24:30,390 --> 00:24:32,010
Sean Murray: He's personally
banned and the company he worked

466
00:24:32,010 --> 00:24:32,700
for is banned.

467
00:24:33,150 --> 00:24:35,220
Johny Fernandez: So they're
banned. There's no way they can

468
00:24:35,220 --> 00:24:35,940
get back.

469
00:24:36,690 --> 00:24:41,550
Sean Murray: Hey, look, I'm not
I have a feeling that it

470
00:24:41,550 --> 00:24:44,490
probably wouldn't be a good
idea. Again, as a non lawyer

471
00:24:44,490 --> 00:24:47,490
reading the language, it's very
plain, you're banned. They

472
00:24:47,520 --> 00:24:49,830
describe all the different ways
one could operate in the

473
00:24:49,830 --> 00:24:52,590
business. It applies to the
person individually whether they

474
00:24:52,590 --> 00:24:57,450
create a new LLC or not. It
seems to me that it is you know,

475
00:24:57,450 --> 00:25:01,980
it is a ban just like Just just
as anyone would understand it,

476
00:25:02,010 --> 00:25:05,100
you know what I mean, that ban
in the ban of the banned. I

477
00:25:05,100 --> 00:25:08,640
don't know, I don't know, this
company. I didn't know them

478
00:25:08,640 --> 00:25:10,740
really beforehand. And I might
have heard the name thrown

479
00:25:10,740 --> 00:25:14,190
around. I don't have any
personal opinion as to who they

480
00:25:14,190 --> 00:25:16,920
are, what they did or anything
like that. The only thing that I

481
00:25:16,920 --> 00:25:19,920
know about it is that the end
result of a lawsuit with the

482
00:25:19,920 --> 00:25:23,280
Federal Trade Commission was
that they are banned. And they

483
00:25:23,280 --> 00:25:25,680
did a whole press release about
it saying that they are banned

484
00:25:25,680 --> 00:25:29,640
from what was banned from the
merchant cash advance industry.

485
00:25:30,000 --> 00:25:35,370
Very, very unique way to end a
case. Very interesting outcome.

486
00:25:35,910 --> 00:25:38,910
If you're out there wondering,
okay, you know, how did this

487
00:25:38,910 --> 00:25:41,760
apply to me? Just know that the
Federal Trade Commission they're

488
00:25:41,760 --> 00:25:45,150
watching, yeah, and what they
govern, they govern, they govern

489
00:25:45,150 --> 00:25:48,390
things that are untruthful. So
if you're making false claims or

490
00:25:48,390 --> 00:25:51,090
deceptive claims, if you're
telling people with a 99%

491
00:25:51,090 --> 00:25:54,990
approval rate, and there's not
the FTC could come after you

492
00:25:55,020 --> 00:25:57,810
right, if you're giving a bait
and switch, they could come

493
00:25:57,810 --> 00:26:00,660
after you if you misrepresent
the cost they can come after you

494
00:26:00,690 --> 00:26:03,660
to collect more money than
you're supposed to come after

495
00:26:03,660 --> 00:26:05,100
you right if you're doing
anything deceptive

496
00:26:05,130 --> 00:26:08,070
misrepresented risk
misrepresentative of what you're

497
00:26:08,070 --> 00:26:11,910
actually offering the FTC the
federal regulator can come after

498
00:26:11,910 --> 00:26:16,380
you not criminally, but civilly
Yeah, and the end result of such

499
00:26:16,440 --> 00:26:18,690
of such a thing is I'm sure they
spent tons of money on

500
00:26:18,690 --> 00:26:21,420
litigation to get to that point
and at the end of the day, what

501
00:26:21,420 --> 00:26:22,920
happened they got banned

502
00:26:25,050 --> 00:26:27,690
Johny Fernandez: What a way what
a way to go all the way to go

503
00:26:27,690 --> 00:26:32,370
well that's all we have for
today. Interesting stories I

504
00:26:32,370 --> 00:26:36,000
always my personal this is a
personal opinion type of stories

505
00:26:36,000 --> 00:26:39,780
are these in a Ponzi scheme or
sometimes seems because it's so

506
00:26:39,780 --> 00:26:44,520
interesting, just the result of
it? It it always just ends up

507
00:26:44,520 --> 00:26:48,690
being it's just always there's
always a wild storm Yeah. And

508
00:26:48,690 --> 00:26:51,960
like how much people get set in
and the guys how they think and

509
00:26:51,960 --> 00:26:55,860
it's just my journalism
background just comes out I'm

510
00:26:55,860 --> 00:26:59,880
like, how did they get to that
point, it's it's always

511
00:26:59,880 --> 00:27:03,150
fascinates me. So but with that
being said, obviously if you

512
00:27:03,150 --> 00:27:05,940
want more information regarding
you know, some other stories

513
00:27:05,940 --> 00:27:08,820
that we've done other videos,
you can go on deBanked.com. Also

514
00:27:08,820 --> 00:27:11,820
check us out on our social media
platforms. And also don't

515
00:27:11,820 --> 00:27:14,550
forget, if you have not
purchased your Miami tickets,

516
00:27:15,150 --> 00:27:19,770
for deBanked Connect Miami, you
can do that online. The website,

517
00:27:19,830 --> 00:27:20,730
remind me of the website

518
00:27:20,760 --> 00:27:22,320
Sean Murray: deBankedmiami.com.

519
00:27:22,350 --> 00:27:24,870
Johny Fernandez: There you go.
And obviously, we are all going

520
00:27:24,870 --> 00:27:27,360
to be there. It's going to be an
awesome event. People have been

521
00:27:27,360 --> 00:27:30,690
talking about it, they're
excited for it. So that's the

522
00:27:30,690 --> 00:27:31,350
next event.

523
00:27:31,380 --> 00:27:32,970
Sean Murray: It's two and a half
months away already.

524
00:27:33,030 --> 00:27:34,020
Johny Fernandez: It's crazy.
That's like,

525
00:27:34,020 --> 00:27:35,190
Sean Murray: So you're gonna buy
your ticket now.

526
00:27:35,220 --> 00:27:39,630
Johny Fernandez: And it's gonna
be at the JW JW. JW. Marriott

527
00:27:39,630 --> 00:27:43,830
Marquis. Got it. That's, that's
a mouthful. But yeah, please

528
00:27:43,830 --> 00:27:47,370
don't miss out on that tickets
are still available. And it's

529
00:27:47,370 --> 00:27:49,230
gonna be in Florida who doesn't
want to be Florida in March. I

530
00:27:49,230 --> 00:27:52,770
want to be in Florida in March.
So I'm excited for it. Yeah, so

531
00:27:52,770 --> 00:27:55,200
don't forget about that. And
then if you have any other

532
00:27:55,260 --> 00:27:58,290
ideas, if you want to chat with
us, please let us know. contact

533
00:27:58,290 --> 00:28:02,130
us via social media or reach out
to us on debanked.com So from

534
00:28:02,130 --> 00:28:06,270
all of us here, happy 2022 first
stream of 2022

535
00:28:06,480 --> 00:28:08,940
Sean Murray: I know it's gonna
be a wild year. I know it.

536
00:28:08,970 --> 00:28:11,970
Johny Fernandez: I feel it. I
feel it's gonna be it's, it's

537
00:28:11,970 --> 00:28:16,440
gonna be my prediction it's
gonna be what we perceive as

538
00:28:16,440 --> 00:28:17,940
normal, but just a wild

539
00:28:17,940 --> 00:28:18,840
Sean Murray: Gonna be a roller
coaster.

540
00:28:19,440 --> 00:28:22,140
Johny Fernandez: Alright. What's
your name? For those that don't

541
00:28:22,140 --> 00:28:22,410
know you?

542
00:28:22,440 --> 00:28:23,460
Sean Murray: I'm Johnny
Fernandez.

543
00:28:23,490 --> 00:28:26,310
Johny Fernandez: I'm Sean
Murray. I'm Johny Fernandez,

544
00:28:26,340 --> 00:28:29,760
that's Sean Murray. We'll see
you guys next time. We'll see

545
00:28:29,760 --> 00:28:33,090
you guys soon. So take care and
happy 2022