Honest Money Update: History, Regulation, and Expansion

Bobby Gray: And welcome to another edition of the Honest Money Update Hour with, with your host, founder, fearless leader, Bobby Gray. Thanks for joining.

Bobby Gray: The first problem we're dealing with this morning is that I'm on my second cup of coffee, but it is only half-calf.

Bobby Gray: And that's because, guess who's here? My wife, Kira, came out for a visit, and I haven't seen her in three and a half months. It's the longest we've ever been apart. We're pretty good at this divide-and-conquer thing.

Bobby Gray: But it's been a long time.

Bobby Gray: And she doesn't drink caffeine. She'll drink half-calf when she's with me. But that means that even though I'm wrapping up cup number 2, I'm really…

Bobby Gray: just wrapping up cup number one, in terms of normal caffeination, so if it seems like I don't have my act together yet.

Bobby Gray: And maybe why.

Bobby Gray: But of course, that is offset by the fact that my beautiful lady is here, to see me. We're gonna spend a couple weeks together out here, and then we get to go back through…

Bobby Gray: London, England, as we meet up with Council and sit down with our friends at the SEC, which I'm very excited about.

Bobby Gray: If you're new here, if you haven't caught any updates in a while, then, then you might not understand what all that means, but if you've been sticking around, it means that,

Bobby Gray: It means that we've got an opportunity to bring our friends at the regulatory, you know, office up to speed on what we're doing, who we are.

Bobby Gray: What we're doing, how we're doing it, why we're doing it, all that stuff, which they may or may not so far understand.

Bobby Gray: And of course, because we're talking SEC, I'll remind you and everybody else that this is not a security, it's not an opportunity to invest.

Bobby Gray: I'm going to talk to you about what's happening in our world on this call, and my thoughts and opinions about it. So feel free to join in, feel free to listen in, and participate and learn a little bit.

Bobby Gray: But anyway, we get to sit down with our friends at the SEC. Now, that's really important because, you know, from the 50,000-foot view.

Bobby Gray: It's really easy.

Bobby Gray: to treat Texacoin and the work that we've done over the last two and a half years.

Bobby Gray: just like everything else that's come along in this space, you know, if you know the story about me and my work starting the American Open Currency Standard back in 2008,

Bobby Gray: That came on the heels of my very brief time with the Liberty Dollar. And the Liberty Dollar founder went to jail.

Bobby Gray: And, I picked up… Almost right where he left off.

Bobby Gray: And just go through a quick timeline with you, because I don't have anything else on my list to talk about today.

Bobby Gray: So we get Story Hour with Bobby Gray.

Bobby Gray: The quick history is that, you know, I was born in 1980,

Bobby Gray: I knew from a very young age that my life was gonna be different, and I was not gonna do it like almost everybody else. I don't know when that…

Bobby Gray: registered, I don't know why, I constantly think back about, like, why I ended up different. Everybody else goes that way, I want to go that way.

Bobby Gray: you know, where did I start with this attitude of…

Bobby Gray: I don't know, whatever it is. It makes me me.

Bobby Gray: So, from a young age, I knew that that wasn't gonna happen. Dropped out of high school at age 17, 1997, started my own tech business, did that for a couple years, moved to Texas, started a family, did that for a couple years.

Bobby Gray: And then I got to 2007.

Bobby Gray: And in 2007, I just… I guess it was the right time to be going through that whole questioning of the American dream.

Bobby Gray: Because the rest of the country was going through it as well. Banking crisis, mortgage crisis, I was right there. I had an adjustable rate mortgage. We just got our mortgage approved. We were, like, impossible to approve, and the bank came back and was like, you want this thing? You just sign this, and we were so excited. You know, we had no business whatsoever getting a mortgage, but they gave us one.

Bobby Gray: It was adjustable rate, didn't even know what that meant back then.

Bobby Gray: And so, you know, we signed the papers, and there we are as happy little Texas homeowners, and, you know, next thing you know, the mortgage…

Bobby Gray: monthly payment, like, triples. And it was hard for us to do it before, and then all of a sudden, it's impossible. And I'm like, what is this? Well, it's an adjustable rate mortgage. Welcome to 2007. And so,

Bobby Gray: And so we lost our house back then, and that was very sad, because we're young, we're trying to do the adulting thing, we're raising a family, we had my youngest brothers and sisters living with us as well. And we're just starting to, like, grow up. You know, what is…

Bobby Gray: What's a moment in a person's life where they transition from Foolish…

Bobby Gray: you know, ignorant and wild-eyed and big dreams child to, to a… to an adult, to somebody that's trying to take life seriously, make good adult decisions. Like, when does that happen? Is it age 18 when you're old enough to vote? Is it age 21 when you're old enough to drink? Is it…

Bobby Gray: sometime shortly thereafter, when you finally go, alright, I need to figure this out. For me, I was 27.

Bobby Gray: And it happened because… I was, like, 26, 27. Because of the mortgage thing, it happened because of, you know, the things that were happening in my life. I've got two young children now, got a wife, and I gotta figure out how to do this. No one's gonna do it for me. I've always been self-employed, I couldn't get a job if I wanted to go find a job.

Bobby Gray: And so, you know, this was the… this was the moment in my life, personally, think about when it happened for you, that I woke up.

Bobby Gray: Then I put my childish ways behind me, and I said, I gotta be an adult now, playtime is over. And…

Bobby Gray: When I began that kind of maturing transition, I…

Bobby Gray: I don't remember why. I felt like something was wrong, and I went into this deep dive to find the problem. But I went into documentary overload. I watched every documentary I could get my hands on, from Who Killed the electric car, to why we fight, to,

Bobby Gray: Inconvenient Truth, I mean, one side of the aisle to the other, the super size, like, everything I could do. It was all I did all year long, was just watch documentaries and said, oh my gosh.

Bobby Gray: Everything is wrong in the world.

Bobby Gray: And there were really two documentaries that stood out to me. I'll give them to you kind of in reverse order. The first was a documentary called Zeitgeist.

Bobby Gray: That one's heavy. Don't start there.

Bobby Gray: And the second one was called America From Freedom to Fascism, and that was really great.

Bobby Gray: And if you watched my little speech that I gave at the Ron Paul Birthday Barbecue, I talk about, you know, that being a pivotal moment in my life back in 2007 when I watched this movie. And the movie's about a guy that sets out to…

Bobby Gray: Discover whether or not there's an actual law that requires Americans, normal Americans, to pay a federal income tax.

Bobby Gray: And I don't wanna, like…

Bobby Gray: Give you the spoiler, but watch it if you like, and decide for yourself, you know, what might be the truth.

Bobby Gray: And I watched this movie, but in this movie, I discovered a couple things. Number one is this Texas congressman, Ron Paul. And number two was, you know, the idea that there's something wrong with our money.

Bobby Gray: And I never… in all these documentaries that I watch, I never stop to think that maybe, you know, there are all these people out there hacking at the branches of evil.

Bobby Gray: And nobody dealing with the root.

Bobby Gray: And the root, of course, of this evil… is money.

Bobby Gray: And when I figured that out, oh man, I was excited. I was excited, because nobody was doing anything about it.

Bobby Gray: Okay, some people make gold and silver coins, some people encourage you to stack gold and silver coins, but there was only one guy

Bobby Gray: that was doing anything that I thought was meaningful in the realm of… this money problem.

Bobby Gray: Liberty Dollar is the guy, and you've heard this story before, so I won't bore you with all the details now.

Bobby Gray: But I will tell you that I studied it.

Bobby Gray: And I studied it. And I studied it because the guy had just gotten arrested. I think the reason I heard about the Liberty Dollar…

Bobby Gray: Maybe. To check the timeline on that one, but…

Bobby Gray: they got busted. They were in Evansville, Indiana, where they were running their office, manufacturing these coins, shut down, arrested.

Bobby Gray: The whole thing's closed, the guy's hauled off to jail.

Bobby Gray: And I got to know this story, I got to know this case, I got to… to kind of, you know, get a first-hand…

Bobby Gray: introduction to it, because I became a regional currency officer, RCO with the Liberty Dollar. And we had these, you know, 30, 40 of us that were distributed across the country that were, like, charged with helping spread, you know, this alternative currency.

Bobby Gray: And I was one of those guys. I was the guy in Dallas. I said, who do you got in Dallas? Nobody? Good, I'm your Dallas guy.

Bobby Gray: And it was extremely appealing to me, because when I saw the Liberty Dollar, I saw it just like a corporate barter network.

Bobby Gray: And I had a lot of experience in corporate barter, I was very good at it, and, you know, I was like, this is kind of like a barter currency. And the Liberty Dollar guys were really not happy with that characterization.

Bobby Gray: And they weren't happy with it because, you know, they're out there trying to pitch alternative currency, and the FEN, I mean, their company name before it was Liberty Dollar, was Norfed, National Organization for the Repeal of the Federal Reserve Act.

Bobby Gray: And I said, you know, look, if we keep going out there with this adversarial approach, we're gonna have limited success in getting people to listen to our story. And so, we really need to, you know, brand this thing a particular way, that it's gonna be more palatable mainstream.

Bobby Gray: And we need to change a couple things. Hate to say it, but we're gonna have to change a couple things, or we're gonna get busted.

Bobby Gray: So I guess I did discover them right before they got busted.

Bobby Gray: And the three things that I set out to do different from what the Liberty dollar was doing, or the three things that I saw as being extremely problematic for the Liberty Dollar, were they made their coins look just like U.S. currency, they called their coins dollars, and then

Bobby Gray: The big problem was number 3, which is they were encouraging people to go out and spend these coins at places like Walmart. In fact, you know, I will never forget that they bragged about more of the Liberty dollars being spent in Walmart than any other store.

Bobby Gray: And I thought that that was really dishonest. I thought that that was really unfair. You know, you've got a, you know, an unsophisticated person working the checkout register at a place like Walmart, you toss a coin into them that looks like a dollar, it says dollars on it.

Bobby Gray: Of course they're extremely likely to accept it at face value.

Bobby Gray: And you can get into all these arguments about, well, you know, the US dollar is fraudulent, and this one's more honest, because it's actually got real silver in it. You could get into those discussions, and I've had those discussions, and we can split those hairs all day long. But if you're passing something to somebody, and they think it's something different than what it is.

Bobby Gray: I think that that's dishonest.

Bobby Gray: Anyway, I saw that, they got busted, and I said, we gotta change this, or we're gonna get to the same place that they have reached.

Bobby Gray: And, so I started the American Open Currency Standard, and it was kind of the, you know, the follow-up to the Liberty Dollar. They were, you know, kind of

Bobby Gray: shut down, put on hiatus, and working through their legal challenges, and it took them years to do that. And so I started the American Open Currency Standard, and of course.

Bobby Gray: I changed what the coins looked like, I didn't call them dollars, and I traded them only in our private voluntary barter marketplace. And it was really easy for us to put merchants and businesses together to accept an alternative currency. There are tens of thousands of these businesses already across the U.S. right now that participate in corporate barter groups.

Bobby Gray: So I saw that connection, and I put those pieces together, and I went for 5 years without, without getting busted.

Bobby Gray: not only did I go for that long, but in year number 5, you know, I started in 2008, 9, 10, 11, 12, in 2012, I had the opportunity to testify in U.S. Congress.

Bobby Gray: about the work that I was doing with alternative currencies, and the open currency standard, and the success that we had with our voluntary barter currency. And so…

Bobby Gray: If you looked at those things, Liberty Dollar, AOCS, from a 50,000 foot view, it would be very easy to look at both of those things and say, you're doing the same thing. You're gonna get busted.

Bobby Gray: when you dig into the particulars of the case against them, and the law that, you know, covers things like counterfeiting, and you look at the facts and the evidence, you go, oh, okay, this is different. This is… this is not just different. This is very different.

Bobby Gray: And while we've made our job harder.

Bobby Gray: We also gave ourselves a higher likelihood back then, in 2008, 9, 10, 11, 12, that we weren't gonna get to the same fate

Bobby Gray: that… the liberty dollar reached, and of course, that was true. So, you know, so there are…

Bobby Gray: are, real differences between doing the right thing and doing the wrong thing. There are differences between staying within the law and breaking the law. And the video that I played here at the beginning of this call is interesting, because if I could go back and change one thing about it, and I'm not serious, Corey, unless you want to go back and change it.

Bobby Gray: There's a part in there that talks about knowing where the line is.

Bobby Gray: And,

Bobby Gray: you know, if you… if you understand what the rules are, then you can… you can be familiar with where the line is, and then you can not cross the line. And I would go back and I would change that, and I would say, you can push the line.

Bobby Gray: And you can also, once you know where the line is, you can be aware of what the consequences are if you cross the line.

Bobby Gray: You know, it's like, well, we don't want to break the law. Well…

Bobby Gray: What if they make a law that says you have to go out and kill 10 people tomorrow? Should you break that law? Yeah, you should probably break that law.

Bobby Gray: You know, every time a law comes down, you gotta ask yourself, like, is this morally good? Is this, is this…

Bobby Gray: ethical? Is this, you know, in any way contradictory with my values?

Bobby Gray: You know, you're forced to do that. Otherwise, we're Nazi Germany, go out there and kill people. Oh, yes, sir. Right away, sir. And guys, I don't know if you're paying attention, I don't know if I just see something different from this side of the world.

Bobby Gray: But man, it's sure looking weird over there. I don't want to get into it right now, but the point is that, like, if they make a law and they tell me to do something that I think is morally wrong, I'm gonna break that law. I'm gonna break it every single time, and I'm gonna sleep like a baby at night.

Bobby Gray: Doing the right thing.

Bobby Gray: So we're faced to ask ourselves that same question. Okay, we know what's legal, we know what's illegal, and then there's a line between those two, and our goal is to stay on the right side of it.

Bobby Gray: Now, what is right? Is right following the law? Is right following the moral code? Whose moral code are we talking about here? Bobby's moral code? My moral code? A Christian's moral code? A Muslim? Like, which moral code?

Bobby Gray: Guys, that's all something that you've got to figure out for yourself. I do it my way, and that works for me. But the point is that if I could change something about that video, I'd say, look, you know where that line is, and you can decide if you want to push that line, and you know what the consequence is if you cross that line.

Bobby Gray: Because, that's what I did.

Bobby Gray: Back with the Liberty Dollar. You know, it was real obvious, stay away. This equals a problem. This equals dangerous territory. Participation in this means you might go to jail, just like the other guy. Doesn't matter what you change.

Bobby Gray: I said, well, someone's gotta push the line.

Bobby Gray: If you've ever sent me a message on Telegram, you'll know that, you know, my little bio there is that a rational person would bend themselves or would follow the rules.

Bobby Gray: They would bend themselves to the laws of, you know, kind of the prevailing thing of the day. An irrational man.

Bobby Gray: would bend those rules to himself, and that's why all progress is dependent upon irrational men. Guys that look at a problem and go, yeah, that's not how we're gonna… that's not how we're gonna solve it. We're gonna… we're gonna fix this.

Bobby Gray: And then they're gonna watch out for everyone in the world telling them that they're wrong. They're gonna watch out for the law telling them that they are breaking it. They're gonna watch out for, you know, every other challenge you would come across in the normal course of starting and operating a business. Like, it's gonna be hard. It's gonna be uphill. It's not gonna be easy.

Bobby Gray: But that's what irrational people do. They defy the odds, they go, well, 1 in 10 chance of, making it a year, 1 in 100 chance of making it 5 years?

Bobby Gray: let's go for it. I'm that guy.

Bobby Gray: So I don't know why, it's always been different for me, just how it is. But but that's what I saw back with the Liberty Dollar, and then I saw the same thing again once I finally took off the blinders.

Bobby Gray: and began to really study and embrace the possibility of cryptocurrency. You know, for me, it was really funny because, you know, I remember, like, getting into it.

Bobby Gray: getting into crypto, and I felt dirty. I felt dirty. I felt like I was giving up on gold and silver, abandoning my gold and silver friends, and I connected with my friend Arlo down in Austin, who was one of the first people I met with the Liberty Dollar.

Bobby Gray: And I took him out to lunch, and bought him lunch so that I could warm him up for, like, this, hey, I'm getting out of gold and silver, I'm going full crypto conversation.

Bobby Gray: And I, like…

Bobby Gray: like, opened the can of worms, and he's like, oh, really? I've been in it for 8 years! Welcome! It's so, so good to see you finally showed up!

Bobby Gray: And I was so relieved, I was like, oh, okay. And then again and again and again, I talked to my gold and silver friends, and most of them have dabbled.

Bobby Gray: We're investors, we're speculators, you know, we're involved in this money conversation, so of course, you know, only a few of us still have on these blinders. And so, it was very comforting to see that I wasn't, wasn't the, you know, the only one that had begun to embrace

Bobby Gray: this strange form of money. And, you know, I felt… I felt like I was home again. I felt… I felt good about it. And,

Bobby Gray: And so anyway, so I got into it. I began to embrace it, and when I… when I started to…

Bobby Gray: Look at it.

Bobby Gray: not as a skeptic, not as a, like a hater, but as somebody that was maybe trying to figure out how to fit this square peg that is, you know, modern crypto into this round money, honest money… round… round honest money hole.

Bobby Gray: Man, I was really… I was…

Bobby Gray: really paradigm shifted. And that's what happened. You know, so I, you know, resisted it, like many of you, for a very long time. I didn't get it. I didn't want to get it. You know, for me, anything that's real, you can hold in your hand. And so…

Bobby Gray: I finally got rid of that, and then I began to ask myself the question of whether or not it could do

Bobby Gray: the job that I was trying to do with honest money better, faster, easier. You know, if we've got all the traits of good money in cryptocurrency.

Bobby Gray: then can it accomplish the goal that I have of community currencies and, you know, all that? Better

Bobby Gray: And faster, and more easily.

Bobby Gray: And… the answer was yes. The answer was a really, really big yes.

Bobby Gray: And so, you know, it was a little difficult to make pace with that at first, and it was really difficult taking that story and possibility back to other people that still had the horse and buggy blinders on.

Bobby Gray: But I looked at it, and I said, there's really something here, we need to be aware of it. The world's going digital, we gotta move fast, we've only got so much time left before, you know, this dollar is done completely. We gotta get rich now. People have gotten rich in Bitcoin and crypto. Crypto might just be the best money that planet Earth has ever seen. I'm the guy for the job! You guys need me!

Bobby Gray: That's when I started Texacoin. So…

Bobby Gray: So I started Texacoin, and of course, I put it together in a fashion that looks a lot like…

Bobby Gray: The projects that have come before that have been busted and have put people to jail.

Bobby Gray: sent people to jail. And so everyone's like, what are you doing? That's gonna get busted. You're gonna go to jail. I said, I don't think so. I've studied these things. I've studied these things.

Bobby Gray: And there's some really important differences between us and them.

Bobby Gray: And I got a, interview request from somebody from the Dallas Morning News that wanted to, like, know what the foundation of our, you know, our legal defense was going to be. And, set up an interview, and then…

Bobby Gray: The legal team was like, what are you doing? Like, stop it. You shouldn't be talking to the press. So, okay, okay, sorry. But I feel pretty good about our legal defense.

Bobby Gray: I feel pretty good about my understanding of it. I feel pretty good about my ability to communicate it to a reporter, and… or the SEC, or the TSSB.

Bobby Gray: And then I thought about it, I'm like, you know, this reporter…

Bobby Gray: It's not gonna go out of his way to make us look good.

Bobby Gray: That is absolutely not gonna happen. He's gonna be there to find a way to twist up whatever I say to make me look absolutely terrible. That's what sells newspapers.

Bobby Gray: you know.

Bobby Gray: I don't have any friends in the Dallas Morning News, I don't have friends in politics, so, you know, there's no… there's no reason or incentive for him to go against this TSSB narrative.

Bobby Gray: So maybe I should not do it. So I canceled it. But if he wants to know what the answers to the questions are, tune in in the next couple seconds, and we will see if we find them. But…

Bobby Gray: But I understand this conversation inside and out, I know what we did, I know how it's different, and I know why. I know why they never kicked the doors in and arrested anyone.

Bobby Gray: And the answer to that's really simple, because it's not a fraud. We watched a video at the beginning of this call about, you know, risk versus scam, and, you know, there's a very, very fine line, and I'm listening to it. I'm like, Moons, and Lambos and private jets, check, check, check, no working product. I'm like, check for a while.

Bobby Gray: It's hard to tell the difference. Sometimes you gotta take these things on faith. Sometimes you gotta go for it, you gotta take that leap, you gotta… you gotta, you know, do the math, calculate the risk, and YOLO your way into something that seems different. It's the same way for Bitcoin back in the day.

Bobby Gray: Anyway, so, long story short is I study these other projects that have come before us that have ended in disaster. And I go, okay, well, they messed up here, here, here, here, here, here, here, here, here. And if we change those things, if we're fundamentally different about those things.

Bobby Gray: I think we'll be okay.

Bobby Gray: Okay, I think we're gonna be okay. So, so what are those things? Well, first of all, the first one's very, very easy. Don't…

Bobby Gray: Don't commit fraud.

Bobby Gray: Don't, don't let it be… don't let it become… don't start something that's a fraud.

Bobby Gray: And the number one thing that I found by studying every single one of these cases again and again and again, all these guys, crypto, crypto mining, it was… there was always some sort of fraud at the core of it. Now, it's easy to read through the case files and get that opinion, because…

Bobby Gray: of the way that, you know, the facts and evidence are presented by the, the people prosecuting those deals, it's easy to, like, be like, oh, it's fraud, clearly fraud, because you can accuse anybody of anything.

Bobby Gray: But I had first-hand knowledge of a couple of these projects, firsthand. And so, I know

Bobby Gray: know more things than the average guy might be able to read in an indictment. And so, I know…

Bobby Gray: By living through

Bobby Gray: 2017, 2018, how and why and where a project could become fraudulent, how it could go from totally meaning well, totally good, totally legit,

Bobby Gray: and devolve into a fraud. But the number one thing at the core of every single one of these cases is something that's a fraud, something fraudulent.

Bobby Gray: And that's a really big deal, for two reasons. Number one, that's morally wrong. Defrauding people is morally wrong, and if you do that, you should get in trouble, you should go to jail. Number two is that the fraud thing is what gives all of these

Bobby Gray: Cases, all of these indictments, some sort of big, juicy thing for people to bite into.

Bobby Gray: At the core of our case, at the very core of our case, especially now, post, you know, SEC guidance, whatever the number is, at the core of our case is a technical question, is a technical question.

Bobby Gray: And it ignores… and when… by saying that the core is that technical question, it skips over all kinds of other really, really, really important and good, not defense stuff that we have, but just, like, structure-type stuff.

Bobby Gray: Look up the word safe harbor.

Bobby Gray: see if the word safe harbor, means anything to you. We won't get into it now, but, words, words safe harbor.

Bobby Gray: So, at the core of all these things is this element of fraud.

Bobby Gray: And…

Bobby Gray: That's really important, because we didn't have that. That's why the doors didn't get kicked in, that's why people didn't get arrested, that's why assets and property weren't seized.

Bobby Gray: That's why I'm able to freely move around this beautiful planet of ours without getting stopped at borders and checkpoints and, thrown into a cage, because there was enough fraud. The fraud makes it really easy to kick the door in, arrest everyone, FBI's there, DOJ's there, womp, womp, bomp, done, done, done.

Bobby Gray: Okay, so once you eliminate that, you get to the core of our issue, and it's a technical question. Who plugged the miner in? Did Bobby and his team plug the miner in, or did you plug it in at home?

Bobby Gray: Because the SEC, especially now, have already said crypto mining, not illegal, crypto, not a security. All these things are good.

Bobby Gray: But they haven't clarified whether or not cloud mining is a security. It is still today

Bobby Gray: Completely un… you know, un…

Bobby Gray: specified, it's okay. It's okay. We'll get to court someday, maybe, or maybe not, and we'll have an opportunity to figure that out.

Bobby Gray: And really it comes down to this Howie Test thing, which is, you know, the four prongs that make up a security. There's an exchange of money in a common enterprise, with an expectation of profits that are done exclusively from somebody else's work.

Bobby Gray: And so, if you have all four of those things, it's likely a security. Does it mean it's a security? No. Does it mean you're gonna get busted by the SEC? No. It just means that you're probably a security. If you fail any one of those four, any one of them, it's not a security.

Bobby Gray: You have to satisfy all four of them, and there's a big thing, it's like, well, just because you tell people it's not an investment, just because you tell people it's risky, just because you tell people, you know, whatever, doesn't make it not… they look at.

Bobby Gray: form over structure, structure over form? I'm not sure which way it goes.

Bobby Gray: But anyway, the core of our thing.

Bobby Gray: Given all of the clarification.

Bobby Gray: And, guidance, now that we've gotten from the SEC is one question. One question. Did Bobby plug it in, or did you plug it in at home? Plugging in at home? Totally fine, totally fine, totally fine. Bobby plugging it in? Oh, now we got an issue. That's it.

Bobby Gray: And it's a boring case, and there's gonna be technical, mumbo-jumbo, there's gonna be expert witnesses talking about the complexity of proof-of-work mining, and power contracts, and this and this, and this, and this, and this, and this, and this is all this stuff. It is boring. A jury's gonna be there going.

Bobby Gray: Huh? What are we talking about? Did the guy steal from everyone? No? Can we move on? Can I get back to work?

Bobby Gray: And that's why the doors didn't get kicked in. That's why that this thing has not devolved into a rest. Now, I could change at any moment, I have no idea, I could be…

Bobby Gray: unavailable on next Thursday's call, because Bobby's in a cage somewhere. Who knows? But the point is that, it was never a fraud.

Bobby Gray: And that's really important, because that's morally wrong, and it also takes the teeth out of any kind of action a regulator could hope to, you know, sink into a big, juicy case like… like this. But from the 50,000-foot view, you don't know those things.

Bobby Gray: You look at it, you go, crypto? Scam. Mlm? Yeah, scam. Mining, we've seen this playbook before, go shut them… well, hold on, hold on a second here. They don't have guaranteed income.

Bobby Gray: They don't have, you know, money that they promised to you from… that they're taking from the new guy that's coming to the old guy.

Bobby Gray: they shut all their sales off, and, you know, they didn't have all these people that were pissed off about not getting to mine still works, they still have technology, they're still traded on exchanges.

Bobby Gray: So, there's a lot that goes into… Goodbye, my lovely wife, I'll see you in a couple hours. There's a lot that goes into who we are and what we are that have kept us from the doors getting kicked in. It hasn't kept us from…

Bobby Gray: You know, some very, very serious reputational damage, and it hasn't kept us from millions of dollars of legal fees.

Bobby Gray: But it has kept us from…

Bobby Gray: having the doors kicked in, people arrested, cars hauled off, which has been good. And I'm happy about that. I thank my friends at the regulatory bodies for being at least a little bit… a little bit cautious with their application of the sledgehammer that they wield.

Bobby Gray: So thanks, but I get to meet those guys, on the 11th of June.

Bobby Gray: And then I'm really hoping that I get a copy of the recording. I'm really hoping. But I get to meet them, I get to sit down, I get to talk to them, I get to explain to them who we are and what we're doing, and we're not their enemy. We're not here to… to end the Fed, we're not here to, you know, like.

Bobby Gray: do anything other than give people an option and an alternative. That's it. That's it. You know, we don't have a gun that can force people to comply and accept our currency.

Bobby Gray: We don't have an army that's gonna be, you know, deployed on you if you should…

Bobby Gray: threaten the hegemony of our currency. Like, we don't do that. All we've got is each other and our willingness to volunteer and do things a little bit different. That's all we got. And with that, look at how much we've done.

Bobby Gray: Pretty impressive. Pretty impressive. And so I want to share that with our friends over at the SEC. I want to show them what they might not understand. I want to help them, completely understand, as our attorneys are already doing, that this is not the test case that they're looking for. And that's really what it comes down to for them. They're looking for a win.

Bobby Gray: They're looking for a quick, easy slam-dunk win. This is not that case for them, because it was never a fraud.

Bobby Gray: Because we always did the right thing, because we always required your participation for this thing to work.

Bobby Gray: Because it was always real. We knew that we had risks, we knew that we had work to do to get the network built, to get the code working. Look at all that we've accomplished in these last couple of months. The network is now producing what it's supposed to be producing. The blocks are getting confirmed on time. The mining hash power is up. The mining is generating a profit now, so that we can cover the electric bill without having to use our

Bobby Gray: Reserves.

Bobby Gray: We've developed the Layer 2 code that we need to be able to roll out our downtown digital program, community currencies, it's all there, it's all done

Bobby Gray: And the timing couldn't have been better. And so, I want to just run through

Bobby Gray: A couple things real quick to show you the vast improvements that we've made in the last couple of months since we've been, you know, kind of operating under this, you know, this,

Bobby Gray: I don't know what you'd call it,

Bobby Gray: It's limp, limp, limp, limping along that we've been doing.

Bobby Gray: But guys, this is… this is really what I am most… excited about, this website.

Bobby Gray: honest.money.

Bobby Gray: It's a great website, it's an easy-to-remember domain name, it,

Bobby Gray: it's a hub that brings together, that creates an umbrella that's over all of the things that we're doing in the realm of honest money. And it's a nod back to the days of 2008, when I did it the hard way, with gold and silver and copper coins. And so.

Bobby Gray: The honest money ecosystem is a new phrase

Bobby Gray: That you're gonna hear a lot, because I'm really… I'm happy with it, I'm excited about it, I think it really characterizes what we're doing, with the things that we're putting together. Remember, when we started this, it was, you know, Layer 1

Bobby Gray: code and tech, mining, and the downtown digital. Well, we've had some time on our hands recently, and so that's expanded to include gaming, education and learning,

Bobby Gray: It's expanded to include a project now that does really great video streaming. We're gonna bring a whole bunch of other things into this realm as well.

Bobby Gray: And these are all things that allow people, some of them are in the realm of honest money, some of them are, you know, kind of contributory, to that same concept, but they're all inside of this realm of honesty, integrity, proof, transparency. You gotta remember, that's what blockchain promised us. Blockchain promised us

Bobby Gray: More transparency, more authenticity, more, clarity, more, you know, more…

Bobby Gray: Immutable proof! It's gonna make the world better, safer, stronger, blah blah blah. What is blockchain today? It's meme coins. It's meme coins, it's on-rams, it's off-rams, it's trading.

Bobby Gray: That's what blockchain is today. And I watched that. I had a first… Row seat.

Bobby Gray: Of watching this industry go from kind of this alternative dark web money, and that's a very common

Bobby Gray: complaint about crypto. Isn't this money for, like, the dark web, and for, like, money launderers, and, like, arms trading, and drug dealers? Yeah!

Bobby Gray: Yeah, it is.

Bobby Gray: where it started. You know, the first group of people that embraced crypto were people that…

Bobby Gray: Couldn't use banks, so it made sense.

Bobby Gray: But then it became a little bit more mainstream. People like you and me started looking at it and saying, well, there's a financial technology here that actually gives us the ability to do some really cool things.

Bobby Gray: Then the ICOs hit. People said, we can raise capital through selling these fake digital coins. That trend ended, and then the NFTs hit.

Bobby Gray: And then the meme coins hit, and now it's all banks, bankers, like, you know, when they celebrate that the biggest holders of, you know, Bitcoin and cryptocurrency are BlackRock, and…

Bobby Gray: Vanguard, State Street, and this publicly traded company who's just buying it to buy it. That's it.

Bobby Gray: It's lost its way. And that's good, because that creates an opportunity for me, and you, to do it better.

Bobby Gray: But, but, you know, this honest money ecosystem is taking blockchain technology, the financial technology that's at core of this stuff.

Bobby Gray: And reminding the whole world that we're supposed to make the world better, safer, more honest, open, and transparent with these tools. So let's embrace those tools. And, like I said, the umbrella that all of that falls under for me is what I call the Honest Money Ecosystem. And so if you go to Honest.

Bobby Gray: dot money, you'll find the Honest Money ecosystem. It's home of Texacoin, AOCS, Eddie Allen, Robert J, Bobby Gray, and the work of pursuing our moral obligation to spread peace and prosperity

Bobby Gray: through honest money. That's kind of a mouthful. I, like, asked AI, I'm like, how do I say this? I want people to understand that the reason I do this isn't just for fun, it's not just for profit, it's because I have a moral obligation, a duty.

Bobby Gray: To spread peace and prosperity worldwide, with honest money.

Bobby Gray: Not sure the right way to say that, but that's the point of the Honest Money ecosystem, and if you scroll down, you can see the projects. Texacoin, Iskander, Imagination, Crypto Use, StreamTXE, CryptoPop, Fair.Money, ZeroChill, Digital Downtown, Blockchain Mint, Heads or Tails, Boutine Coins, and Beavis.

Bobby Gray: And these are the things that fall under that umbrella right now. Now, there's a bunch of other stuff that I consider to be, like, tools and utilities, like, where is StreamTXC? Oh, that's right there. Where is Vote.txe? You know, that's a… that's another cool project that hasn't made it onto this list yet.

Bobby Gray: See if I can find that while I'm here.

Bobby Gray: Do-do-do, vote.

Bobby Gray: dot… Texacoin.org, there it is.

Bobby Gray: Vote.texicoin.org. A voting system that's built on the blockchain. Which blockchain? Well, Texacoin. Or Iskander, up to you.

Bobby Gray: And so, you know, everyone talks about

Bobby Gray: blockchain transparency, let's use it, let's use it for voting. We can create a new poll, we can use, you know, we can go to an existing poll, this is me testing it out, not quite ready for prime time. But again, this isn't even listed

Bobby Gray: in the drop-down of the Honest Money ecosystem. This is just a tool that uses our chain, and we've got lots of tools that are using our chain. And so, these are really the main projects, and I encourage you to go out there and check them all out, because there's a lot of cool stuff that we're doing right now. And not only are we doing cool stuff, but…

Bobby Gray: like, if you check out Texacoin, for example, you know, what we're building now is the instructions, the API, it's called, the programming instructions

Bobby Gray: on how to build on our network. You guys might remember, you know, and the government has questioned, like, if you're building a network, where are the instructions so that other people can build on it? If it's…

Bobby Gray: If it's public, then prove it. If it's not, it's Bobby's blockchain, and there's us looking at one guy. Well, it's public.

Bobby Gray: I just haven't gotten around to that part yet. Well, now you've freed up some time for me, and I've been able to get around to it. So there it is. So if you want to build on our network, scroll down.

Bobby Gray: Here are the specs, here are all the tools that you need, and then here are all the API calls. Here's all the OmniLayer stuff, this is our Layer 2.

Bobby Gray: Here is the information for, you know, publishing to IPFS and using this system for proof.

Bobby Gray: Here are all the API endpoints that we've got. They're all public. You don't need an API key to connect to them. Go use our network. Go and build.

Bobby Gray: But not only did we do this here, but every one of these little microsites that we put together has got its own API as well.

Bobby Gray: And so, everything that we need To use our system

Bobby Gray: is all here, published now, so that the world can do what I'm doing, which is building and fleshing out the Honest Money ecosystem. All the tools that you need to increase transparency, to hopefully increase trust with your community, they're right there. You got an idea for a tool? Go and build it.

Bobby Gray: On last week's call, we went through some of the amazing…

Bobby Gray: advantages that we've got now with using AI. You know, I hate to be one of those guys beating the AI drum, but it's pretty cool. It's pretty cool. And…

Bobby Gray: You know, when you look at a development timeline, you say, alright, well, it's gonna take us 3 months to get this done, and 3 months to get that done, and 3 months to get that done.

Bobby Gray: Takes years of development for you to rebuild an original Layer 1.

Bobby Gray: What's the difference? Why did we bother? Because this Layer 1 supports individuals when people use it.

Bobby Gray: That's a big point, guys. That's the whole point. The banks aren't getting paid when the network gets more utility. You know, if people build on Bitcoin, who wins? Banks and foreign nations. If people build on Ethereum, who wins? Banks and foreign nations. People build on Texacoin, who wins?

Bobby Gray: You and I do. Individuals win.

Bobby Gray: That's why we did it, because we want to have a seat at the table, too.

Bobby Gray: So… Remind me to come back to, IDMC and this whole, legal stuff, I meant.

Bobby Gray: But, run back through real quick the honest money ecosystem pieces of the puzzle, a couple quotes on here, and then you get to my favorite part, the manifesto.

Bobby Gray: Read the full manifesto. It's a good document, guys. It, it really, identifies, you know, the core philosophy at the beliefs that drive us forward.

Bobby Gray: You know, it's why do I do this? Why isn't a rug pull? Why doesn't Bobby just get on a boat and sail off into the sunset? He's got plenty of money, like, why? Well, this manifesto will explain to you what you might be missing if you haven't figured it out already.

Bobby Gray: That we gotta do something. Somebody has to do something. You know, if nobody does anything, then evil wins.

Bobby Gray: And evil fights!

Bobby Gray: I don't know if you guys saw it this past week.

Bobby Gray: with the primary in Kentucky that went down, But…

Bobby Gray: Oh my gosh, does anyone want to talk about that? What a disaster.

Bobby Gray: What a disaster.

Bobby Gray: You know, there are very few good people in Congress, and usually the good people are really, really, really easy to identify. Look at Dr. Paul, you know, they call this guy Dr. No. He votes no on everything. How about we give an award to a really great person?

Bobby Gray: Well, let's see. Do we have permission to give awards to really great people in the Constitution? No? Then the answer is no. What?

Bobby Gray: It's weird stuff, man, just vote with the party line, just do what the party tells you to do.

Bobby Gray: Someone has to call.

Bobby Gray: BS. Somebody has to stand up. Somebody has to follow the rules. Somebody's gotta do it. One of those guys was Thomas Massey.

Bobby Gray: I knew him. Met him.

Bobby Gray: Knew him?

Bobby Gray: liked him, admired him, you know, he's one of those Dr. Pauls in Congress, and now he's…

Bobby Gray: On his way out.

Bobby Gray: And they threw a lot at it. Wow. And if you looked at the voting record yet, I mean, that's even more fun, looking at the number of people that showed up to vote.

Bobby Gray: Sure looks familiar.

Bobby Gray: Anyway, I don't know what's going on there, guys. The writing was on the wall for me back in 2013, when I left the U.S, and spent 7 years abroad. The writing's not on the wall for you today.

Bobby Gray: I can't imagine what else you need to see to understand fully and deeply that the U.S. is in trouble, and the looting…

Bobby Gray: That's happening right now, as the… as the house burns to the ground.

Bobby Gray: is kind of unprecedented. It's kind of fun to watch from over here.

Bobby Gray: Guys, you gotta remember, I started Texacoin because I thought our country was in trouble.

Bobby Gray: And I thought the only path forward, the only path that's gonna work, I thought about it front to back, the only thing that's gonna make this thing,

Bobby Gray: Not save it. There's no saving it, you can't save it. No empire has ever made it forever and ever. They have a run. Usually, the run is about 250 years, that's it. Guess what 2026 is? It's 250 years. It was a good run.

Bobby Gray: But it's probably over, and that's a difficult thing for you and me to make peace with.

Bobby Gray: It's uncomfortable, we've never seen a currency collapse, we've never seen a revolution, we've never lived through it. Many other countries have, almost all of them, in our lifetime.

Bobby Gray: But we've never seen it, so it's unfamiliar for us. It's scary. And so, we resist it. No, could never happen here. The dollar would never fail.

Bobby Gray: The dollar's lost 98, 99% of its purchasing power, pretty close to completely fail. Not quite there yet, pretty close.

Bobby Gray: So I started Texacoin because I saw that, and I said, we can do something about it. Texas isn't gonna put up with this.

Bobby Gray: Texans, man, we're different.

Bobby Gray: We're gonna, like, stand up!

Bobby Gray: We're gonna go it our own way. We're gonna take control of our border. We're gonna, like, ensure that Texans are insulated from this insanity of Washington, D.C.

Bobby Gray: And then… And then there was an election.

Bobby Gray: And we all said, huh, the golden renaissance is coming our way.

Bobby Gray: Where's your golden renaissance now?

Bobby Gray: How many people, be honest, by show of hands, be honest, I got 143 people on this call, by show of hands, how many people are more excited about the future today

Bobby Gray: Than you were on election night, 2024.

Bobby Gray: you're pretty sure… I got 2 hands… 4 hands, 5?

Bobby Gray: I got 6, 7, 8 hands.

Bobby Gray: I'm not, guys. I'm excited about the future, the future that you and I are creating, but I don't think the U.S. is, is in better shape today than it was.

Bobby Gray: A year and a half ago.

Bobby Gray: How little takes all set aside? Look, why do we talk about it? Why does it matter? Why are we getting into it? Can't we just stay out of that stuff? No, we can't. Because we, you and me, took our money and invested it

Bobby Gray: in a project in Dubai, 5 minutes before…

Bobby Gray: Dubai became a place where you absolutely don't want to be, and our business partners over there decided that they absolutely didn't want to follow through with their end of the deal. Why?

Bobby Gray: I don't know, maybe because we're blowing up the neighborhood?

Bobby Gray: you have to pay attention to this stuff. If we stick our head in the sand and pretend that politics doesn't exist, and it doesn't affect us.

Bobby Gray: We eliminate the ability to make good decisions, so I've got to pay attention to it. One of us has to pay attention to it.

Bobby Gray: And it's like, well, are we listening to CNN, or are we listening to Fox News? Neither! I don't tune into either one of them.

Bobby Gray: But the point is that, country's in trouble.

Bobby Gray: You know, no empire lasts forever, as sad as that may be.

Bobby Gray: We… did something about it. We hacked at the root.

Bobby Gray: We hacked at the root of evil.

Bobby Gray: And you'll see that quote.

Bobby Gray: On the bottom, there are thousands hacking at the branches of evil to one who is striking at the root.

Bobby Gray: And we got 2 appearances here, 13 years apart. The conversation has not changed just the tools. There's…

Audio shared by Bobby Gray: And now…

Bobby Gray: being in 2012, testifying in front of the U.S. Congress

Bobby Gray: House Subcommittee on Domestic Monetary Policy and Technology, and there's me in 2025, August 9th, almost exactly 13 years apart.

Bobby Gray: Talking about… The tools that we have today.

Bobby Gray: And our ability to finance the next chapters of freedom and liberty

Bobby Gray: with our understanding of blockchain technology and how important it is for the honest money conversation. But anyway, give this page a read when you get a chance. If you really want to know what's going on in here, and it's not political, it's not, go this guy in bed, shame on that guy, it's not anything that you'll read about on Fox News or on CNN.

Bobby Gray: It's different, so give it a moment, check it out when you have a chance, and read the Honest Money Manifesto that, that I put together there, that really shows you the philosophy behind the work that we're doing. But that is the honest.money page.

Bobby Gray: I'm very, very happy with it, because we finally have a home.

Bobby Gray: It's like, you know, where's all the open currency stuff? Well, I think if you go here and you forward slash AOCS,

Bobby Gray: You'll get to…

Bobby Gray: the archive of a lot of the stuff that I did back in the day, and it's a pretty long archive.

Bobby Gray: I dug it all up off the internet, and I said, it's got a home. Let's put that stuff there and share that. But here are the major projects that we're working on right now. And like I said, guys, there's a lot of stuff.

Bobby Gray: Cryptou, you know, the training and education portal, StreamTXC, the video portal, that's all there. Cryptopop, the work that I'm doing out here in Singapore, Fair Money, Zero Chill is getting ready to launch its first game in the next day or two.

Bobby Gray: Now that our testnet for ZCU, our EVM, is online, something we'll probably talk more about next week. Digital Downtown, Blockchain Mint, lots of projects here.

Bobby Gray: And, the full story on why we're doing it, why, why we keep working, even though it would be really easy to rug, pull, and run, we persevere, we persist.

Bobby Gray: So

Bobby Gray: So I'm very happy about that. We've been here for about an hour now. It's a big, exciting day. Today, I signed the lease for our office that we're opening in Singapore. Remember, guys, from day one, we talked about manufacturing Texacoin in Texas. The mine is working better than ever. We're getting down to the last couple, of weeks now of getting the four new containers installed, putting the next 800 ASICs online. That brings us

Bobby Gray: right there to the line of following through this thing not being a fraud, and how exciting it is to be involved in a project that's not a scam. It's hard, it's not easy.

Bobby Gray: We've got our own setbacks to deal with, we've got lots of challenges. No one said that the path to the top of the crypto world was gonna be easy, but it is real.

Bobby Gray: And when you're dealing with something real, when you're dealing with people that are intellectually honest with you, you know, I want to go to war with this guy. I pulled this guy up here. I don't know if anybody knows him or has seen him around, but this guy, I think this guy is Ben McKenzie.

Bobby Gray: And he's from One Tree Hill, maybe? Armchair expert, that's funny.

Bobby Gray: But he's become the face of the anti-Bitcoin crusade. Has anyone come across this guy yet?

Bobby Gray: And he does such a great, eloquent job of definitively proving

Bobby Gray: why cryptocurrency's a scam, and he has it… all wrong.

Bobby Gray: And I'm… I'm… I'm gonna… I'm gonna pick him as my guy to go after. We're almost the same age.

Bobby Gray: Born two years before me, a year and a half before me, so that means we kind of are cut from that same generation, that… that, zennial micro generation, where we grew up low-tech, and we got to embrace high-tech stuff at a young age.

Bobby Gray: But I think he's being dishonest. I think that he's really well-spoken, I think that he's got a lot of good information, and I think he just comes to the wrong conclusions. And I'm excited to pick him as the guy that I'm gonna take on as I, share the truth about what cryptocurrency gives us.

Bobby Gray: and carry forth this story to the world, you know, from one side of the planet all the way to the other. That's what I'm doing over here. I'm opening an office so that we can help with some finance and accounting work with the projects we have going on. I'm doing it because we are going to start educating

Bobby Gray: this community here. Singapore's got a great, digital community. I'll show you Crypto Pop.

Bobby Gray: is one of the projects of the Honest Money ecosystem. That's not it. CryptoPop is here, working on wrapping up the website.

Bobby Gray: But you can go to the mission page, and you can understand that, you know, Singapore is one of the most digitally advanced societies in the world, but when it comes to Web3 and on-chain literacy, everyday Singaporeans have been left behind. It's not an accident. The Monetary Authority of Singapore has rightly imposed very strict rules

Bobby Gray: on how digital payment token services can be marketed to the public, because it's highly risky, and maybe not suitable, and not suitable for the general public, according to MAS.

Bobby Gray: And so, we're taking a very measured approach, a very careful approach. We're not here to piss off the Singapore government. We're here to bring our Singaporean friends into the Web3 economy. And we're gonna do that through experience, through lifestyle, through luxury, through food, through boats, through parties, through…

Bobby Gray: all kinds of pop-up events, and when people participate, they will get the proof of participation token, which has no monetary value, but it will allow them to continue to participate in increasingly fun, enjoyable, and valuable experiences, with us here. So that's…

Bobby Gray: In a little bit, I gotta jump in a taxi and head that way, and take care of that lease signing, and start the next chapter for us. But remember, we talked about this from day one. Mine it in Texas, market it on the other side of the world. The marketing strategy here is education only, but…

Bobby Gray: It's not the only country in Asia. In fact, they call Singapore the tiny red dot. You got Malaysia right here, you got Indonesia right here, 100 million people, 100 million people, you got Vietnam, you've got all of these Asian…

Bobby Gray: countries with growing, developing populations that are looking for opportunities, looking for getting their seat at the table as well, and they're all looking at Singapore

Bobby Gray: for leadership and guidance. And if we can put together a really great education platform here, and we'll watch it, we'll use it as a pilot, and spread that out to other countries in the neighborhood that, that give us more access to sharing some of those opportunities with the public. Not in Singapore, rules are very strict, but outside of Singapore, we'll be able to share more with the public. So that's what I'm doing here in Singapore. I've got a lot accomplished in the last few months, guys.

Bobby Gray: And, again, in about 3 weeks' time.

Bobby Gray: I'll have an opportunity to sit down and help our government understand why Texitcoin is not

Bobby Gray: the test case for them to pursue right now. You want to go and find an easy win? There's lots of other projects out there. If you want to find a project that's real, that's intellectually honest, that is asking people to take a journey and help them crowdsource.

Bobby Gray: You know, a next top crypto?

Bobby Gray: That's DEX equipment.

Bobby Gray: My job is to communicate that to those guys. I think I'm the one that can do it the best.

Bobby Gray: And, of course, I will share the outcome of that in just a couple weeks after it goes down.

Bobby Gray: So that's it for today. Thanks so much for tuning in. I don't normally do questions on Thursday night calls. I don't even know if we have questions active anymore. Don't bother putting them in, because I'm not going through all of them. Why is Texas planning to get into online casino gambling? We're not. I can't hear anything.

Bobby Gray: That might be a problem on your side, no question, just wanted to say I'm very excited about the Honest Money domain, thank you. Things are fine here in Cabo, yes!

Bobby Gray: Good. When the new mine sites are powered up, will our earnings still cover the power bill? Yes, of course. We're profitable now. So, so just a real quick,

Bobby Gray: thing about that, which is very relevant to us because we're building a mine. We've got about 472 ASICs right now that are, like, plugged in, and…

Bobby Gray: able to be mining coins. I think only about 445 of them are actually active today. We've got a tub of 20 that are down, and then we've got, you know, intermittent problems with a couple of them here or there.

Bobby Gray: You know, so they go offline. So we gotta, like, plan a maintenance routine to go around to the different sites and, you know, replace a circuit board, or a power supply or, you know, a network cable or something like that, because, you know, that's what you need to do. You need to maintain it.

Bobby Gray: And so… We're adding, in the very near future, another 800 on top of that, so we're almost tripling

Bobby Gray: the size of the mine. Now, the power bill will go way, way, way up as well. That's obvious and proportional, because we gotta pay for increased power. But, here's the stuff that doesn't increase. Number one, we don't need to add more people to the team to maintain it. We've already got a team of three people, and they're taking good care of it. Number two, we don't need more infrastructure from

Bobby Gray: like, land, we don't need infrastructure from, like, pool servers. You know, our monthly, hosting bill's, like, 15 grand a month now.

Bobby Gray: Well, that's a lot, but if that 15,000 is powering 472 miners, you know, you can do the math on it, 15,000…

Bobby Gray: Divided by 472.

Bobby Gray: You know, you're talking about $31 per miner just for the infrastructure that powers our network. Well, if you take that $15,000, which isn't gonna go up, and divide it by, you know, 800 or more, what's that, $1,272?

Bobby Gray: Now that cost drops down to a third of what it is, $11.79.

Bobby Gray: And so, you know, you get to amortize those costs against a bigger install base. So the electric bill goes up, but our, you know, fixed overhead costs stay the same. So that's why we have incentive to get more of these installed, more of them hashing. You know, if we install another 800 times 3.5 kilowatts per hour, times 24 hours a day, times 30 days a month.

Bobby Gray: We're talking about…

Bobby Gray: 2,016,000 kilowatt hours, and we're paying 677 cents, so our power bill's gonna go up by $136,000.

Bobby Gray: Once these additional 800 units are installed. And remember, we've got 200 more to install after that, and once that's done, we have now installed as much or more power than we've actually sold.

Bobby Gray: So that's a big… couple big milestones there.

Bobby Gray: But the power bill will jump by $136,483, plus or minus.

Bobby Gray: And so that's a big jump. But remember, it's just the power bill that jumps. We're not adding any more manpower, and we're not adding any more infrastructure to, to that cost as well. And so, you know, with 472 miners mining right now, we can do the math real quick on the pool website.

Bobby Gray: and see, you know, what our output is. It's real easy to do it, anyone can do it. Just go to pool.textcoin.org, and you see what the current hash rate is right now, and you can see how much crypto we've been able to acquire from that. And most of that's ours, there's some other people that are tuned into our pool right now.

Bobby Gray: But, a Litecoin… Litecoin right now… is worth…

Bobby Gray: $54.22, and so we got 39 Litecoin blocks in the last 30 days, so 39…

Bobby Gray: times 6.25 Litecoin per block, times, $54.14.

Bobby Gray: We got $13,196 of Litecoin, okay? Not enough. Then we've got 82 Doge blocks. Well, there are 10,000 Doge in a block, so that's pretty easy math.

Bobby Gray: 82 times 10,000, and then a Dogecoin today on the open market is worth 10.5 cents. So, 82…

Bobby Gray: Times 10,000… Times 10 and a half cents.

Bobby Gray: is $86,100!

Bobby Gray: Plus… The money we got from the… Litecoin, which is $13,196, $13,196,

Bobby Gray: We got $99,296 worth of revenue in the last

Bobby Gray: 30 days. Okay, well, let's start subtracting out expenses. $70,000 for the electric bill in Conroe, $8,000 for the electric bill in Mansfield, about $7,000 for the electric bill in McKinney, $15,000 for the AWS infrastructure, and we've got 3 guys, let's say, you know.

Bobby Gray: Savvy chunk. 6, 7 times 4? 25,000 bucks?

Bobby Gray: For 3 guys?

Bobby Gray: You know, we lost $25,704. So, losing money is not good. It doesn't sound impressive, but…

Bobby Gray: We turn on these extra 800 miners.

Bobby Gray: And, you know, let's say, what was our revenue? Our revenue was $99,296, so $99,296, and we've only got, right now.

Bobby Gray: 440 miners hashing, so we take 99,296 divided by 440,

Bobby Gray: 440 give us $225 of profit per month, okay? So, let's just isolate these new miners for a second. Multiply 225 by 800. We're talking about an additional $180,538 per month. What do we talk about as far as the electric bill?

Bobby Gray: The electric bill, Was going to be… Just remember, $180,538.

Bobby Gray: 800 units times 3.5 kilowatts.

Bobby Gray: Times 24 hours a day, times 30 days a month, times .06…

Bobby Gray: 7-7. Electric bill's $136. So $136,000.

Bobby Gray: 483 minus $180,538, and we've got an additional profit just from plugging in these new units of $44,000. So remember, we were losing $25,000 right now once we add in our manpower, our hosting infrastructure, and the electric bill.

Bobby Gray: We add an additional $44,000 on top, so put that against the loss, and we're actually up, once those other 200 miners are installed, about $19,000 a month.

Bobby Gray: And so it'll be a big, big upgrade for us to get those installed, because it covers the rest of our overhead, which is really great. So we're really happy now.

Bobby Gray: The key is to stop burning through those TXC resources so that we get to start putting those resources towards our marketing and promotion plan. Everyone wants to know when, when, when. There's a lot of irons in the fire right now, guys, a lot of things happening.

Bobby Gray: Soon, soon, soon. We'll tell you, probably next week, more about the big initiative that, that has really taken the place of the work that we're doing with Downtown Digital and McKinney.

Bobby Gray: And it's good. It's good stuff, it's good all the way, and the software that we need to run it is now done.

Bobby Gray: I thought it was gonna take a week. My hope was to get it done before my lovely wife arrived, and I have gotten it done, ahead of schedule. So…

Bobby Gray: That is it for our Thursday Night Update with Bobby Gray. Thanks for tuning in. Always a pleasure to be here, always a pleasure to share my evening with you. Thanks for sharing your evening with me. And I will catch you guys back here. What's going on this week? Anything happening this week? I know we got the West Coast Tour kicking off in a couple days.

Bobby Gray: I don't know, but another month, another month closer to getting some good insight on the things that are happening in our world. Thanks again for tuning in, everybody, and have a wonderful night. I'll see you guys again next week.