Ask Nuke Anything: December 10, 2019

Date: February 2, 2020 / Category: Blog


1. (6:06) We’ll start with how do you see the future of Celsius?

Nuke: Oh, wow. Well, do we have five hours to speak about that? So let’s talk about what are we really doing here? So, you know, the reason you don’t see me at a lot of blockchain conferences is that I’m kind of tired of hearing the same things, the price of coins and people just don’t get it. They don’t get how deep and big the revolution that we’re bringing into the world. And when you think about the future of Celsius, I think about how will the world look like in 5–10 years? What is the impact of this decentralization? I still remember telecoms being bigger than banks, bigger than Google, bigger than anything. They were the kings of the world. So I certainly think that banking won’t disappear, but it will be replaced by something else. And I don’t think a lot of people understand decentralization the right way. Decentralization doesn’t mean that central companies will just disappear, it means that the power of these companies will be much weaker, the competition be higher. In order to facilitate all that, you really need a system that is open, transparent and let the end-users, the holders of the assets, decide what they want to do and what is best for them. At the end of the day, they won’t even need to decide and machine will just choose the best path for them to get the best results and I see Celsius playing part of this. In order for services to play a part of this we have to keep our eye on the ball and not be stagnant, not building another bank. But we need to think about decentralization and what we’re doing here. And I think we have some good ideas. Let’s talk about it. There probably be more questions. I’ll expand on that.

2. (8:16) People are asking what cybersecurity and security measures are in place to protect data.

Nuke: All right. So so when I talk about security and trying to be very, very careful, obviously, because I don’t know if who asked this, a hacker? *laughs* So you have to assume, right, that company like ours is always under scrutiny. You guys rightfully so want to know what funds are safe, that can be done the right way. And you know, bad guys are looking and say, oh, here’s the money. Let’s, try and hack those guys. So I’m happy to say that my guys have done an amazing job. Not just looking at being reactive to security, but security for me starts from the first line of code even before the first line and the way you think about building software, in coding, and we have processes and we have to understand we’ve made this processes as we go. Sometimes we were under attacks. Yeah, I’m saying it openly. There were hackers trying to hack us and DDoS attacks. Did any of you actually feel it? Well, you know, we had the 10 minutes here, 20 minutes there. But all in all, we managed to fight these wars for you guys. And more importantly, we always learn and adapt. So we add more security. And you can see that our long term users see that behind the scenes, we’re doing a lot of work. I’m very proud of what we achieved.

3. (10:00) Somebody is asking about a desktop version.

Nuke: Alright, for desktop version, we don’t have thousands of engineers, right? We’re not Microsoft. So we have to choose what kind of products, what kind of feature because every time you build another product to the stack, you have to support it. You have to put a lot of TLC [Tender Loving Care]. Definitely on our roadmap, probably 2020. We know we need to make sure we have enough resources, assets, to build and support. Just building it is not good enough to maintain that product. So desktop 2020 I would say depending on you know what happens,

4. (10:56) In our evolution to a DeFi ecosystem, what additional roles would Celsius have?

Nuke: Kind of behind the scenes. As I said before, we are looking at DeFi. And when I’m looking at DeFi I see a few problems. First of all, it requires a lot of trust in the smart contract to send all your money to smart contract. I think that what will happen is where you don’t have to transfer your funds and you will have your banking done from your wallet. How do we do this magic? I’m not telling yet. But we’re working on it. I talked about this a lot. Crossing the chasm, you know, what is crossing the chasm? Right now we’re a community of three, four million people in crypto. How do we cross to the 7 billion people and how do we deal with all kind of compliance and banks and governments trying to control this thing? Well, in my opinion, if you do it from your wallet, and you do it through smart contracts, from your wallet, you can solve all these problems and really provide banking to the unbanked and savings accounts for the underbanked or anyone actually it doesn’t matter if you’re the 1% of the 99% of banking.

5. (13:03) When will the draws be debited against interest earned versus principle.

Nuke: Yes, we’ll talk about it later with the opening New York and, and other states, which required a lot of resources. Right behind that I have three features that between now and the end of the year, one of them is changing the algorithm on how we do withdrawals. So you’ll get your interest first. And hopefully by the end of the year, we can announce this as a feature.

6. (13:44) How can Celsius ensure to its depositors that you’re not fractionally lending Bitcoin?

Nuke: One of the things we do, we don’t leverage, we don’t do all these manipulations that banks do. We are fully collateralized with whatever we do. And I can tell you that the financial team is very busy always making sure that we don’t leverage and we don’t do any trickery. We are thinking of a full transparency for a blockchain. So this is a big project and we’re actually working with Scott Stornetta. For those who don’t know he invented the blockchain, Satoshi invented Bitcoin, but not the blockchain. Scott Stornetta invented blockchain and he’s advising us. I can tell you here that this project is actually about forcing banks to use that kind of technology. Okay, can you imagine the blockchain guys will force banks to do anything? So imagine one day that every bank need to report all its financial infrastructure on a blockchain with the block explorer that you can validate and maybe have some open-source books that can validate all the financials of any financial company. So this is one of our visions for Celsius and beyond

7. (15:42) What if Google quantum supremacy destroys blockchain completely? Have you thought about that?

Nuke: Love this question. Let me explain the question first. Quantum computers is a big arms race, like there was an arms race about the atomic weapons in the 30s and 40s, there is a big war going on to quantum computers. Why is the quantum computer important? Because it can answer almost any question that regular computers can’t. It’s pretty amazing technology, it’s very hard to grasp what it is. Quantum supremacy means that the first people or first group that achieves a quantum computer that can answer a question that no computer on earth or even all computers combined on earth can answer. Recently, Google announced that they did that. They answered the question that would take regular computers 20,000 years I think, and IBM challenged them saying it’s not 20,000 years, it’s 10,000 years. But why is it important for blockchain? Blockchain is based on hashing and crypto cryptography, and the war is that the machine can break any code in a few minutes. So here’s my answer. That was the grandness of the question. Right? So my answer is this. First of all, there are a few technologies and cryptographic technologies to basically be quantum-safe, I can’t remember the phrase. You can say evolution as Bitcoin now is not a Bitcoin that Satoshi invented. It’s evolved much as doing 20, 30, 60 projects around Bitcoin. So I suspect, first of all, blockchain will evolve to be a quantum-safe Secondly, quantum itself is probably, according to experts about 10 years away from being able to break the blockchain cryptography so we have about 10 years to improve. Who knows?

8. (18:23) What feature are you most excited about adding?

Nuke: One of the features we’re working on is the ability to purchase coins directly into the app. And this becomes like a box with tools. So initially, what we’ll do is we’ll enable in one exchange, probably Coinbase to move coins from your Coinbase account into your Celsius wallet and backwards. And also enable buying coins. And hopefully, if I think we’ve got cleared by compliance team to do coin exchange, swap coins, and we do it off Celsius. So we don’t want to get in trouble. But there are tools to do it off Celsius, but it would be enabled from the app. I’m excited about this because this is the start. It’s a great feature, but it’s also a big box of tools that are going to enhance and enable more and more capabilities.

9. (19:44) How experienced are the developers working on Celsius?

Nuke: When I started the Celsius with Alex and Daniel, the first thing we had to do is to find the developers This was obviously unlike my previous companies not something I could write the code alone and just flow with it. This was something that required a lot of expertise and bigger team and I found them Militia and was one of the best well-known blockchain guys. Ron was the director of engineering 20, 30 years of experience with databases and game theory. A lot of cool stuff during the ICO with guys like Mizar which I discovered are ninjas as we brought them as consultants, and I said to the guys, hey, you have to bring these guys to work for us. We can’t waste such a talent. So all the guys are ninjas. I personally also love the young guys. I think always bringing fresh faces and fresh approaches to the team is amazing. Some of my best hires are young guys up to the university or having one or two years of experience. We have a combination, lots of experience. There’s a lot of adults in the room.

10. (21:43) Is there an app upgrade on the way that will make it more responsive?

Nuke: Yes, so I have to explain something about the latest release. We’re going to release another version this week, hopefully tomorrow. See if that works out. I have to explain something about this latest couple of versions. You didn’t see that but there was a lot of war going on under the hood. I’m going to be a total geek for a second. So we used, we used a platform called Expo, which initially was an amazing platform for us because it allowed us to do iPhone and Android and update the app without going to the store. And it was perfect for us. But then at some point, when we evolved, and we extended our capabilities, we had to make a decision and move out of Expo. And that was an amazing hard to do, because we have to almost rewrite the whole app. The version that we released a couple months ago, was actually a complete rewrite. You didn’t even notice that it was a complete rewrite. We’re still having some libraries replaced. The version we’re releasing now is completely React Native. All modules will change. So to answer the question, we’re working on this all the time that good performance will improve. I know we have some issues with camera for example, that’s the remnants of that the old libraries did not perform well. I really want to take a month in January, although it’s Christmas in Serbia, so maybe January a little bit of February to just improve the app instead of adding more features and you know, and have a better user experience for users

11. (23:41) What do you do to prevent your CEO from running away to a faraway country with all of our crypto?

Nuke: Alex? Is he traveling? He’s not listening right? All right. Good. So Alex is not listening so I can say whatever I want. Alright, so first of all it took us a year and a half to get Alex from New York to New Jersey. So just crossing the bridge. Secondly, Alex in New York for the last 20 years, he has six kids. Yeah, yeah, no surprise he keeps saying that. So he has six kids at home and we just need to make sure he has more kids. But seriously, I just wanted to say seriously, even if something happens to Alex, the company’s fine. I don’t want to talk about how we do practices and stuff. But there’s the concept that this company is not dependent on one guy, there’s no one guy in the company that can take the money and run. Also, I have to say that the money in Celsius by design, if you guys know how Celsius works is there’s no one big safe with the whole 400 million dollars sitting in gold bullion or Bitcoin bullion whatever. So it’s just not possible.

12. (25:04) How many Cel tokens will ever be created?

Nuke: Let me explain something about ERC 20. In ERC 20 you can define your token in several ways there’s something called minting coins, I can create as many coins as I want and some people burn coins. So if you’re Binance you can create as many BNB. You can have them manipulated or not manipulated, but they control the economy like that. When we deployed the Cel token contract by definition and according to a white paper and our promises to the community, we did not put a minting capability on Cel token so you can look the smart contract is there you can go to any block explorer on Ethereum look at the contract. And you can see there’s no minting capability. There is a burn capability we actually burn the 4 or 5 million tokens after the ICO. We did some accounting and we founded 5 million tokens can be burned. So it’s a one-way street. That’s a very scary operation. We can burn tokens, we cannot mint, there were 700 million created, we burn the fuel so you can look at the Eth explorer.

13. (26:44) Do you plan to make your APIs available to developers?

Nuke: I’m a big fan of Stripe. If anyone knows what stripe is, it is a financial product that is very developers oriented. So you can pick up stripe SDK and build a financial tool. And we’re big fans of that. So we actually are hiring very soon. And I know quoting Daniel spoken about hiring and spending nothing. But we’re hiring a lead in our group to just deal with API integrations and all that because we’re big believers in that. Right now. We have a whole website, you can go check it out, go We have a current API to allow companies the ability to make interest on your coins. We’re going to add similar off the shelf type API for lending and borrowing and know that so we have big, big plans for this. We want to be much more developer-oriented. At some point, I think we said just can be just developer-oriented company and having a community build for us. So big plans on that, I hope 2020 is the year of the API facilities for sure.

14. (28:30) Why is DAI not earning 8%?

Nuke: So there’s an argument about DAI being stable or not stable, I think for us, the risk involved is what is it stable on? Is it fiat currency or whatever that is based on Ether and algorithms and 50 people who vote on how to balance the rate? I’m not a big expert in DAI. But I think when we consider the return on the coin, we have to consider these things. The CFO and his team are doing a great job just assessing what interest return. At the end of the day, the interest that you see is 80% of our revenue, right? So if DAI is making 8%, it means that we can actually generate 10% by lending it or doing something else. We get 10% return and 8% of it goes back to you. This is on the spot we every week, we have an exco, we see the numbers and make sure that we’re 80% of our revenue, not profit.

15. (29:50) Hey, imagine it’s the year 2030 What does Celsius look like?

Nuke: I’m a big believer in DeFi. I’m a big believer. What we’re building I call it MeFi. So yeah, I think a lot of Celsius activities will be done from our wallets in 10 years you know HSM wallets and a lot of mobile devices are coming with the blockchain wallets. We have to plan along with that. And it’s going to be exciting and hopefully this year we’ll have some more news about this will still look like everything in crypto and blockchain a lot of things are experimental these days we don’t really know, we’re looking at the wind in 1992, we’re looking at how an iPhone looks like it’s very, very hard to do. But I think we have some glimpses of that of new technologies that we’re very excited about. I know I’m talking too much about it, but it’s one of my passions these days.

16. (31:02) When can we use Celsius Network for direct payments for products and services?

Nuke: We have to separate what crypto lets say Bitcoin and now Eth, is it a good payment mechanism? Actually not so much I mean I know there are a few projects, a few technologies but to become a payment mechanism Fiat is not going away anytime soon. You have to pay for clothing and for food and whatever in dollars, and the technology itself is not good yet. It’s going to be very, very hard to catch up. Not a lot of people understand that a lot of people don’t get prices and how to move coins around. What happens is we’re building financial infrastructure for machines. So I think that, you know, connecting that to the previous question, I think that crypto as things that is exposed to humans will kind of disappear into the background, to become the TCPIP of the internet. And people will use it will use to buy clothes to buy whatever, there will be some sort of a bridge, either for a Google Pay or some card. All money is digital, just need those bridges to do that.

17. (32:32) Will we ever see a non-crypto asset in Celsius?

Nuke: I have to kind of lift the veil. We actually had that discussion recently. Yeah, I mean, why not? In a sense, if you think about why not. If we discovered some system that works for the benefit of the community for the benefit of the people that is not greedy banks, why not expand beyond crypto? This is just talk, I mean we do not have plans to do anything like that but who knows?

18. (33:18) When a client asks for a cash loan, where’s the collateral stored, is it in a cold wallet?

Nuke: When you build a portfolio, let’s say you put 10 bitcoins in your account. Before you take a loan we take and invest those bitcoins for you so we can pay you 80% of what you make When we take a loan, or give you a loan, give you stablecoins, that crypto is locked from your account. You don’t earn interest on that collateral, but you have cash to use. So it doesn’t really go anywhere. I mean, it stays in our system. Now, you know, we don’t have to pay that interest. So it kind of makes sense. Our system is not that complicated, really. And I’ll answer a question that was not asked. How are we so successful with money and paid more interest to our community than all of our competitors combined? Some of them were in business before us. What they don’t understand that when Alex talks about working for the benefit of the community, and putting the users first and building trust and transparency, it’s not just business sales guy talk. It’s 60 people having this as our mission. This is what we work. So if a competitor hears that, they said, oh, that’s a good thing to say, let’s work for the benefit our community and then give them 20% of our profits. You’ve missed the point buddy, that won’t work. If you want to compete with us, you actually have to follow up on these things, and actually work for the benefit of the community.

19. (35:39) How can I become a member?

Nuke: Just download the app, sign up and get the 21st-century banking.

20. (35:55) Will there be a Celsius card?

Nuke: We’re not huge fans of minted cards and stuff. It is something we’re talking about as an easy way to take a loan and then turn it into Fiat assuming you’re taking stablecoins.

21. (36:24) How do I calculate how much CEL I need? I assume to reach a new tier.

Nuke: You have a calculator in the app, I think it’s a relatively new feature one of the latest releases. So take another spin on that app is a calculator that tells you exactly how much you need and so on. And there’s a couple of tables that can guide you. I think you have everything you need. If you’re still confused, just send a note to our support and systems network and they’ll be more than happy to guide you.

22. (37:00) Would you agree that Celsius is like an improved digital version that our credit union where members benefit greater returns involvement and security?

Nuke: Alright, so when we wrote the whitepaper, just as in any startup when you start imagining how you going to change the world, the easiest way to explain to people is what are you, what is similar. It’s hard for me to think of an example now, but every startup knows that when you build something crazy and new, but people don’t understand that you say I’m like this, and that. When we wrote the paper, I have to admit I never heard of credit union. I come from Israel, maybe it’s a cultural thing. I don’t know. And when they explained this to me, I said yeah, that’s exactly what I’m gonna do. So, just so people know, when I was younger, and I won’t say my age or what younger means, but it used to be that not just credit union but also banks. When you made money when capitalism were working the way it was supposed to work, I made a salary, you know, made a buck, I put it in the bank, and then I have choices. I could lock it for 30 days, I could lock it for 60 days good luck at 90. I will keep it completely liquid. And in any of these cases, I would make up to 10% interest on my dollar. And in 2008 when the banks got bailed up by the government, they discovered something interesting that people will keep working with them even if they don’t pay that interest. So do you know what happened in 2009? One year after they got trillions of dollars bailout? They paid the biggest bonuses ever to the bankers. No, I don’t hate the banks, I think it’s a great business. They do what they do to make them a lot of money. And that’s our business model. People confuse us as customers of the bank and I think Morgan Stanley’s CEO was sitting in front of congress and saying no, this is not my customers, my customers are my shareholders. Well, you’re talking about when you build the business who’s making the money, the shareholders! They bluntly say that and guess what, we still have to work with them, because we don’t have an alternative. The mission was very valid and very true. That is, a financial system that works for the people, I’m very capitalist. Alex is capitalist and he says that. Now capitalism is great, but we need a capitalism that actually works in a fair way. Do we have time for an example? I actually found an example. Let’s say you have a Bitcoin let’s round up the numbers say you sell that Bitcoin for 10,000 bucks. And you know what happens next at the end of the year, in the US around April I think you have to pay taxes. And in New York, you’re paying state and federal whatever you end up with more than 30% so $3,000 of the ten thousand dollars you sold your Bitcoin go to Uncle Sam and his friends. Here’s what I found in America. Say $100,000, you know how much taxes you pay? Zero. You know how you do it? I’ll give an example, I’m sure there are 100 different ways to do it. There’s something called an opportunity zone, which I’m looking into now. It’s fascinating. So the government wants to encourage people to build buildings. That’s what the government needs to do. How do they get this? Well, they say, all right, Mr. Joe, you’re the one percenter if you give us $200,000 and you will lock them for 10 years and you make 8% on your investment. All your interest, all your investments are tax-deductible, and you will pay zero on your $200,000. Now, why is the 1% of paying zero while the other 99% are not allowed? Because this is how the system is rigged, and fixing that is a big, big problem. And I’m thinking of Celsius of starting over. So this was just a concrete example of things of them of the sausage factory, which is the world and capitalism works these days. It’s not fair. It’s ugly. It’s failing us. It’s not just the governments; it’s big corporations. We’ll see what Facebook is doing. See what Google is doing. I don’t think it’s bad people. I think just the evolution of business and the evolution of money. And for us at Celsius, we feel this is the most opportunity to change the world. Take it to a new direction and something more fair and more just, doesn’t mean we’re not capitalism. But capitalism needs to encourage merit. If you’re successful, you can advance in life then move forward. If you’re lazy, you don’t work, yeah, you can stay where we are. It’s fine, you know, make ends meet and whatever. But if you’re very successful and give the opportunity to my kids to future kids to advance in life, have a better life than you can succeed. And if you work hard, you actually can go somewhere.

23. (43:25) I’m new to coding, do you have any suggestions on getting into the industry? How can I join the team?

Nuke: Coding’s been around in the late 90s, early 2000s, there was the dotcom bubble. And everybody said, I’m joining a high tech I’m going to be a millionaire. I’ll just learn to code and I’ll be rich. Well, probably more true if you have a passion for building. You have to can feel it, you have to be a builder. I sometimes treat this as an art, you know? So if you have the passion, it doesn’t matter which software, you know language, it’s just the tools like what screwdriver do I used to build the desk. But if you have the passion for coding, if you look at it as, hey, I’m building something. When I was a young kid, my favorite toy was Legos. If you like to build stuff and build-out of Lego and who knows one day you can change the future of financial industry, just writing your code, right? It’s much easier than when I was young, you have YouTube, you have Google. All of these things is so easy. I have a bad memory. I can’t remember you know, even though I’ve done it for a gazillion years I sometimes forget the most basic commands and I Google it and I’m faster than anyone, I don’t need memory. All of this learning stuff that’s exciting but you have to have the passion first.

24. (45:13) Is learning code is what made you lose your hair?

Nuke: No, age made me lose my hair. *laughs* No, no. One more note about that. That’s the most actually I shaved my hair before I lost it because I thought it was a way to save money and barbers I haven’t paid a barber in 20 plus years. Then when I when I did it, by the way Michael Jordan, you made it cool.

25. (45:53) How many developers do you have?

Nuke: Yeah, I talked about it got about 25 in Serbia, great guys. We got the product management in Israel. It’s amazing guys doing some crazy stuff and all in all we’re just under 30.

26. (46:15) When will be assets in the coming soon section of the app be?

Nuke: How do we decide what coin to add? So the first thing we need is one of our custodians. Basically, we’re using BitGo, that’s the main custodian and we’re adding another custodian called prime trust. Just to open in New York, we’ll talk about that in a second. But we need those custodians to support this coin. If they don’t support this coin, we don’t want to deal with the process of managing it. We don’t need to deal with the license of custodianship or trust license. First thing is, is having a good relationship with the BitGo management and BitGo support them say, all right, when can we have that coin and put it on the roadmap and it’s worth it. So that’s the first thing. When we put something into coming soon, something that we say this is an asset we can support technically. An asset we like there’s enough volume we don’t like assets with low volume. And we think there’s a future and most importantly, we can actually make revenue on that coin so we can give a 2% of that to you guys. Sometimes it’s hard. Like I said, I saw a question there about Paxos for example. So we love Paxos. We want to support it. We just want to make sure that if we add it to the wallet, we can actually make money. If we can’t make money out of it, what are we doing? You can just put it in any other wallet, it doesn’t matter.

27. (48:27) What is the worst-case scenario for Celsius?

Nuke: As a CTO I always need to look at what is behind the corner, what is the dangers? There’s a few of them, compliance and regulators. The way I look at dangers is who can shut you down. Then when we answer to ourselves these questions, then we can address them and act accordingly and protect you and us and everyone in the Celsius community. So compliance and regulators I’ll address each one and what we do so since day one, we paid lawyers, I wish I was a lawyer. I could’ve made a lot of money. *laughs* Sorry, guys, I have some friends who are lawyers. But we have to pay a lot of money to lawyers to give us good guidance and sometimes I don’t know, but at least you get some sort of opinion that you paid a lot of money, that if the regulators come and say, all right, we did everything we can. And so far, we’re very, very diligent and spent a lot of money on legal advice and did a lot of stuff. I wish I could’ve done like 10 times what we’re doing now but sometimes you have to play by the rules, and we believe in that, some of our competitors don’t do that. Check our competitors to see if they’re telling the truth. But we are very, very diligent and we have one of the best compliance officers. So compliance is one thing. The other thing is security can a hacker come tomorrow like super-duper hacker I know some guys in Israel. By the way. side note, one of the guys who did an audit early on for our system is the guy who was mentioned in Mr. Robot season one episode one, his tools were Russian, they’re not by name, but he’s still so that super-duper ninja hacker, he did one of our audits so. So this is something that always securities talk most every time I visit the guys and talk to the guys in Serbia and Israel and around the Celsius offices always talking about security. And we do several things. It’s not just being mindful about security. It’s also you know, how do we treat code? How do we treat assets? How do we move assets and so on? Very much security conscience. So far no major incidents whatsoever. So, kudos to the guys doing a really, really good job. So security is number two. And number three is I don’t know, natural disaster? We have an answer to that, we have offices all around the world. We’re spread. So you know, when a volcano erupts in the middle of Manhattan we’ll still be fine. So thanks for this question. I know this is a major thing, but I know that unlike banks, the government will not bail us out. So we need to be clever, more clever than banks and we’re trying to be and that’s the beauty of this whole crypto industry. At least honest players in the crypto and I’m glad to be part of that.

28. (52:03) What are the various CEL treasuries used for?

Nuke: We recently did another audit part of it is being driven by the Celsius community they actually forced us to reorganize some things so they can track better and say oh you guys were watching. The treasure is basically if you look at the whitepaper, we just model them according to the how they named in whitepaper so you look at the white paper said X amount to Team X amount to treasure X amount to this and you can look at this wallet there we publish the Ethereum addresses. You can just look at the blockchain and see the treasuries by name. If you don’t know the name, go to Celsius or go to our website. So just look there and you can see exactly what each wallet means.

29. (53:05) Will we be able to direct deposit our checks that we can close our bank accounts?

Nuke: Yeah, soon. We still need those rails between fiat and crypto. We have to play carefully but yes, I think eventually that would be the end of banks.

30. (53:40) Any final words from our CTO?

Nuke: As I started and saying this is not a Mashinsky only operation. There are a lot of people passionate people working day and night. You know answering your concerns building the future. We have to be very smart about scaling. Nobody asks about scaling. Let me answer that. Scaling is probably the hardest thing to do. And you know, I think one of the one investor we used to say that if scaling is your problem, we don’t have a problem ran the company instead you know, that’s upscaling is very hard but scaling smartly is even harder. And it’s kind of a mental challenge you know, how do you invest your resources? How do you say no to features that you know are great but you know that if you say yes to them, you’re going to diminish the quality. How do you do all this with not 2000, 3000 engineers but 20 very dedicated guys? How do you deal with marketing with the lending, by design Celsius and doing everything you know, we had competitors doing only lending on the interest out of investors. We want to build a whole flywheel. And to do that we did something that when you start a startup, the first thing everybody says to you, focus, right? When Alex when Alex came and said, no, we’re going to do everything because every piece of this is important for what we call the flywheel. I told him, you’re crazy. And the second thing I told him, You lucky that I’m crazy. So we built a bunch of crazy people, highly professional people and highly skilled people to do that. So the most challenging thing was to do it smartly and say no to certain things. And be you know, how do I set the priorities and how do I not do it while not burning my people you know, some sometimes people work in this company to 20 hours, 18 hours a day. But that’s not sustainable. So you need to make people work reasonable time because we’re running a marathon, if you’re on a sprint full sprint, I do 20 hours of sleep two hours a day, you’ll burn out in the month. So all of this you have to be very well. adjusted it.

About Celsius Network

Celsius Network is a democratized interest income and lending platform accessible via a mobile app. Built on the belief that financial services should only do what is in the best interests of the community, Celsius is a modern platform where membership provides access to curated financial services that are not available through traditional financial institutions. Crypto holders can earn interest by transferring their coins to their Celsius Wallet and borrow USD against their crypto collateral at interest rates as low as 4.95% APR.

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