T Minus Ten Days: Court, NectarPay, and the Equal Exchange of Value

We are doing the job today that Congress would not. Private currencies circulated long before governments have directed themselves to interfere. Thousands of community currencies were created, circulated, and traded in places where the scarcity of dollars was interfering with humans' desire to live. And they didn't have time to sit around and wait for the government to fix the problem. All I ask is that you stay out of the market's way. The people in our world are very happy to go right along saving you from your own destruction by producing value against all odds, regulations, codes, and challenges that you throw our way. The date is set. Our answer has never changed. Leave our money alone. It doesn't belong to you and it never will. There you go. How do you like that intro? That was good. Yeah. Pretty good. The ten day countdown has begun. Here we go. What's up, everybody? Bobby Gray here joining you live as usual from today, Indonesia. Of all places, I'm in Indonesia today. We'll talk about why. In the next few moments, it is Thursday, August eight. I got to check my calendar because for me, of course, it's from the future. I'm in Friday, August seventh over here in in sunny Southeast Asia. hopefully my internet connection holds up it's always the biggest challenge in these emerging markets and uh and developing nations the internet it comes and goes on its own schedule and you think with all this starlink satellite stuff now we'd have you know more reliable connections but We'll see if we can get there. Also, I've got a new camera that I'm playing around with today. So my camera's up here and all of you are down here. And so if I am going like this a lot, it's my bad. It's just because I'm messing around with a new temporary setup while I'm on the road. And that's going to continue for a while. Next week, I'll be joining you from Amsterdam as I'm preparing for our big day in court. We've waited months. this moment and it is almost here and so every day we're going to be releasing a new fun video to share the upcoming um event with you our community and the rest of the world so that's what that new video is about i hope you enjoyed it um i watch it and it sends like chills down my spine chills It's powerful stuff. I mean, when you stop and think that. Fourteen years ago, little Bobby Gray testified in the halls of Congress about honest money. And it's really mind blowing to think of how far we've come. I mean, a year ago, we were on stage at the Ron Paul barbecue talking about that same event. And this clock keeps going. Time just continues to run. And we continue to march towards our bright future. But that future is brought to us. by and with honest money, and that's a really important thing. So we're going to have another day in court. We're going to have our opportunity to share our story with the Texas State Security Board folks, with the administrative law judge that will be overseeing the case, reviewing the facts, reviewing the evidence and figuring out for the first time that we're not a scam. We're not a Ponzi. We're not a rug. We're not a pyramid. We're not a, you know, We're not a meme coin. We're not an NFT. We're not all of these things that they've probably seen time and time before. And that's really the biggest goal. The biggest goal is to help the regulators understand that there are like three versions of crypto. There's like the scam version. which is terrible. There's like the everybody else version, including the administration that's in office today. They do it a particular way, pre-mine and pump. And then there's the community currency way. And it's the way that Texacoin did it. Very, very few other groups do it that way. Very few other groups do proof of work mining anymore because it's hard. It's requires a physical infrastructure that can't be faked, can't be bypassed. We'd like to bring this project to market in five minutes. How do we do it in five minutes? You do proof of stake or you create a token on an existing chain. If you want to start from scratch, it takes work and massive amounts of money, resources and like good old fashioned roll up the sleeves effort. It's not easy to do what we did. That's why most people don't do it. And that's why we're winning, because we persisted, we persevered and we made it. We talked about that the last couple of weeks. We're not I don't think we're going to like like ring the we won bell much more as we get closer and closer to the hearing. I think we'll reserve the rest of the celebratory like champagne bottle popping for after we get a verdict. And an outcome in this case that we're really prepared for, we really want, and we're really excited about, which of course is the full victory. Now, we might get something other than the full victory, and it'd still be a win. Maddie, have you seen that happen before in any of these cases that you've participated in? Yeah, I mean, that's pretty typical that it's not a complete victory, but yeah, I've also seen it go the way of complete victory. And so, yeah, I think like there's ways to move forward that you've outlined on these calls before, no matter the outcome. Well, the biggest one that we're hoping for kind of right out of the gate is, and just so you guys know, I don't wear expensive jewelries when I'm outside of my home, Singapore. More on that later. The biggest thing that we want kind of right out of the gate is for them to classify Texacoin not as a security. You know, when the SEC in March came out with their crypto guidance, they labeled a whole bunch of coins as being digital commodities, Bitcoin, Litecoin, Dogecoin. a bunch of other ones that i can't think of off the top of my head and then also xrp which was really strange to see that included in that list because it's in my opinion totally different from you know these other projects um but of course as a litecoin clone we're looking at that and saying well that seems pretty straightforward that litecoin's not a digital commodity texacoin is not a digital commodity and so you know that would be a really great uh win right out of the gate for them to say okay we're we're not actually talking about texit coin here we're talking about the sale of mining packages that mine texacoin you know that was really what you saw over and over and over again in that cease and desist and so you know they might go through and say okay that's not a security that's not a security that's not a security all of these things are fine blockchain mint produces copper coins not a security let's focus on this one thing And if it ends up, the one thing that we focus on is the sale of mining packages in Texas. And we figure out that they're not happy with that. They don't want to see that continue. And so be it. It's a big world. There's a lot of opportunity for community building and growth all over the place. And so we could see a partial victory that doesn't give us everything that we want, but at least gives us some clarity and some you know, ability to move forward into the future without, you know, without this uncertainty kind of hanging overhead. There's Tim. Morning, Tim. Hey, guys. Hey. Welcome to another call. You were wearing a cool hat a minute ago. What happened to the cool hat? Well, I didn't know if it was really good. You look like vanilla ice, like an aging vanilla ice right there. I didn't know if it was professional enough, so I was taking it off. And his cool flat brim hat. Look, man, it's Thursday night. It's our call. We get to do whatever we want. You want to wear like your mankini, your bright green mankini to the call? So be it. It's live. Couldn't stop you anyway. I'm going to end the stream just because I don't like your mankini. That's not what freedom is about. For the record, I have no mankini. Thank you. I used to have one. The videos are out there somewhere. They're not good. We'll come back. I was young. I was young once like the rest of all of us. Anyway, so we're at the ten day countdown. Let the countdown begin. Every day we're going to be doing something different and special on X. And our goal is to get some attention. You know, if this whole event that has rocked our world to the very core comes and goes without anybody else on planet Earth even noticing what's happening, then to me, that's a loss. You know, I was worried once we started to wrap our mind around kind of the legal side of this thing, I was worried that it was going to get dismissed and we weren't going to get our day in court. And was worried about that because you know you had this thing happen they make a big fuss about it it's all over the news fox covers it this channel covers it like it's big news you go out there and you search it it's news i can't apply for a bank account anywhere on planet earth today because you do one search and there it is it's news and so if it quietly drifts off into you know the the abyss the the void of you know old news it's a bit of a loss We want to win. We want to win big. We want to win loud. And we want the world to know that Texas coin is going up against the regulators in Texas. Texas is what the eighth largest economy in the world or something crazy like that. It's a big deal. It's not like we're in some town and they've decided that they didn't like our community currency around town in Iowa. This is the state of Texas, man. It's a big platform. It's a big forum. It's a big market for crypto. every crypto bro and their brother is working on getting a mine or an ai data center or something set up and i and i heard that texas just blocked all new data centers is that true is that news that you guys are tuned in on over there i don't know i haven't heard that so maybe my tick tock's lying but i heard uh that there was some sort of executive order that came out from the governor saying that we are going to freeze all new maybe issuing of permits for large-scale data centers Somebody want to fact check me on that and see if I can figure out if I'm making things up before we continue too far into that discussion. Anyway, it's a big state. Texas is no joke. And for us to be going up against the regulators in the state of Texas, it's big news. And we feel like there's a burden on our shoulders as well, because if we do well here, if we win, if we communicate properly if we bring in great counsel which we of course have with quinn emmanuel if we do a great job presenting what the texas state security board regulators have missed and and maybe don't yet understand with uh this ever emerging community that we're in you know the space might change the outcome of you know the regulatory by enforcement actions going forward and so we've got a responsibility to do a great job not just for us and our community but also for crypto at large and so we want to make a big deal about it we want to get um some attention we want to get some media coverage and that video was put together by our friends at luna that you caught at the beginning of this episode and we're going to post it if Luna's awake, I didn't want to release it because I love that video. And I didn't want to really good video. Yes. Yeah. It sends chills down my spine, man. Like I was there. It's crazy. It's crazy to think all those years ago, you were talking about the same exact thing that you sat down with me at the beginning of two thousand twenty five. And you're like, listen, this is simple. This is what I'm trying to do. Let me share with you. I mean, it's just amazing. Well, we're going to talk about how it is amazing, but it has oriented us today on a tough path. And that's really going to be the focus of what I want to discuss today. But before we get there, is there anything else we got to discuss? Housekeeping? Updates? The fact is... The fact check is in. It's a temporary freeze order by the governor pending an audit, not a permanent statewide ban on all data centers. But yeah, that does check out. Yeah. So the reason it's happening is because we always brag about Texas being this great place to do this project. And it's got its own power grid, which is true. But it's a fragile grid, man. And we've got shortages already. Like we'll get notifications from our electric providers saying that we need to do a power down. Like every couple of days, the region is short on power. We need you to turn those mines off. And so you'll see a dip in our mining power because we get an automatic turnoff notice from our provider saying there's not enough power to go around. And so when you're adding like acre after acre after acre of data center and AI, farms it's you know it goes quick and and i don't think that we're adding enough generation capacity fast enough so anyway i'm not an expert in this topic um you know from day one we set out to build a mine that was big enough to be respected and taken seriously but not so big that they were issuing you know these these temporary freezes um so that you know they can evaluate whether there's enough power left over for the school or the hospital to keep the lights on. So we'll see how that shakes out. But thanks for double checking that, Maddie. And Tim, thank you for those kind words about You know, that message, that message that has been congruent and consistent for a long time. And I give myself a little pat on the back for that one. We'll come back to that again in a few moments. All right, other housekeeping stuff. Tim, I was mentioning that you crushed it on Wednesday. Lenny VerMaas, Man, it was great so we did our first nectar pay in person and online training, where I went through the whole. Lenny VerMaas, scope of what we're going to be doing from start to finish, we had about people in person and we had about or online and from that the. in-person people we had uh twenty six that purchased a demo kit so that they could start sharing it with people and then we had uh seven people seven or eight people that were my full-time people so they didn't actually have to purchase the kit So remember, there's three ways to participate. One, we got a full time option if you're local. Two, if you just simply want to buy a demo kit for two fifty and then you can share that with businesses at your leisure, be a part of all the training. And then the third option is if you want to. Excuse me. The second option is when you sell a merchant, you earn one free Texacoin mining seed. So a thousand dollar value, a hundred mega hash gets deposited on your account for every merchant that you sell. The third option is if you want to earn cash and hash, you can buy a ten pack of the devices, the terminals. We discount them to three hundred fifty bucks a terminal. So that's thirty five hundred bucks. And then you're selling it to the business for four ninety nine. So you're making one hundred and fifty cash plus one free Texas coin mining seat. Thousand dollar value, a hundred mega hash. So we had a few people that bought the ten packs. But yeah, we're going to be off and running, Bobby. I mean, this is getting exciting. And you were able to go out there and do your thing, which is teach people how to sell. Yep. We took everybody to lunch. And then at right next to where the convention center was, it was a rockfish place. I didn't know if that was corporate or not. And so I asked the waitress, I said, Hey, is the manager here? And she said, yeah, he's in the back of the kitchen. I said, Hey, when you get a chance, can I talk to him please? And so he came out and I started talking to him. I said, you see our group here. I said, this is, you know, we want to do this multiple times. But I said, I see that you guys don't take crypto. He goes, yeah, we don't take crypto. I go, are you guys locally owned or what's the deal? And he says, well, it's a few investors that own this location and a few others. And I said, well, man, I'd love the opportunity to talk with them, to share with them that you guys are just getting killed with all your credit card fees, man. And you guys got to get replaced. We want to do this. And he says, well, you got to get in touch with Mike. And so he gave me Mike's contact. It's that easy. And then today I had the kids go around. I don't know how you do it, man. That's the magic of a good salesperson. I go in there. Hey, can I talk to the manager? No, I'm sorry. No soliciting. Have a nice day. Dan, let me let me tell you something else. We had the kids go out there today. The first time we had Samantha, Raina and Trey, they went out today to start getting business cards for me from business owners or the decision makers. They came back and they had eighteen different contacts. OK. And I said, wow, that's really great. She was dead. You couldn't believe how many of the actual owners were at these businesses. I said, sweetie, that's great. That's what we're looking for. I said, well, how many of them told you no or not interested? She said, well, there's like eight of them. And I said, well, that's okay. That doesn't mean no. It just means that they probably were busy. They were probably busy. But that's the thing. I would tell people no. If somebody came in right there, you've got it. There's a certain way to do it. But my point is, is it was very refreshing to see that the owners, when you go to the right businesses, the owners are right there. So you get access to them. And then if you use my teachings and my trainings, it's simple, guys. I mean, it's a home run. A lot of times, no means no, except when you're like selling, except when you're trying to communicate features and benefits to a potential customer. Yeah. You know, I was taught when I was young that if you are in a sale and you're not and you have never been thrown out of that sale, then you're not a very good salesperson because you don't know where the line is. Like when they're calling for security or like picking up the phone and dialing the police to have you removed from the premises. That's when you found the line. Until then, you haven't pushed hard enough. you always hear about three or four no's before you hear the yes and what's funny is is my wife tells me the same thing she goes she'll tell me something and i'll just immediately say no right and i don't mean to i just say no that's just what we're ingrained to do as guys i have that conversation with kira a lot too like the kids are like hey mom can i go have a sleepover no i'm like whoa whoa whoa Where did that no come from? That's like a leftover relic of like your parents telling you no. They just said no to everything. And it never made sense to us when we were, you know, twelve, fifteen, seventeen years old. Like explain it. Like how about how about a trade? Well, you can do it if you clean your room, get the dishes done and take the trash out. And all of a sudden now you've you've got a green light for your sleepover. Right. It's know it's an equal exchange of value and that's what i want to talk about tonight and sometimes it's difficult to like you know stop someone who's busy living their own life doing their own thing get their attention for a few moments and say are you tired of getting ripped off from the banks are you tired of having to wait for your money and are you tired of the chargebacks like i'm excited to find out as we get into this project what the number one benefit is that resonates with the merchants you know if you go out there and you say no fees they're like yeah it's only two point nine percent well it adds up maybe it does but it's convenient for the okay yeah The chargeback thing so far as I've heard has really been the major thing that resonates. It's a big problem. There's nothing worse than doing the job, working hard, delivering the value to the customer, having them smile. Thank you very much. We'll see you again. And the next thing you know, you look at your statement and there's a chargeback. And there's a chargeback fee. And then your bank looks at you like you're some sort of criminal. And you're like, I didn't do anything. Well, it says here that this was not an authorized charge. Then you go, I don't I don't know what to tell you. And so that's a real frustrating thing. But to be honest, man, I think that on the back end, when business owners see what kind of foot traffic that we when I say we, I mean, crypto is going to bring into their door. I think that's going to be the game changer for them. One of the best parts of the training was Tim explaining to people how they could get past the gatekeeper. And he said that there was a most extreme hook that you could give them to get yourself in the door with the owner. Tim, you want to say what that is? No, no. What I was explaining to the group was is from I was a GM and I had three or four people that were out in the front. And so they knew that if somebody was coming in and trying to sell something, they knew not to come back and get me. They weren't supposed to get to me. And, you know, it only took them one or two times when that happened. Then I said, what are you doing? These people are not supposed to get to me. Right. So that never happened again. But the only time that I would come out of that office is if I needed to put my fixer hat on. Right. Because maybe there was a problem or something that they needed help with. My sales reps needed. And so then I would come out to try to help out the customer or do whatever. And so what I was saying is, is when you walk in confident, when you ask the front desk person, you say, hey, I need to talk to the manager or the owner. Are they in? And if you just do it confident, they're like, yeah, but what's this about? No, this is something the manager needs to hear or the owner needs to hear. Can you go get him, please? You're just seeing simple. But it's the truth because they're getting ripped off. They're getting ripped off from credit card fees. I mean, the other option is you walk in there and you say, hey, I need to talk to the manager because you're getting ripped off. I've caught someone ripping you off. Somebody's stealing from you. Do you realize you've been getting stolen from? Thanks. Banks have had their dirty little fingers in your cash register for the last like a hundred years. It's all about getting around the gatekeeper. Then when the person comes out, you qualify their time. You just say, hey, Joe, I'm Tim with Nectar Pay. I know a lot of people try to sell you stuff. I would love to send in a couple dozen people over the next couple of weeks with you. And it only takes me five minutes to explain that to you. Do you got five minutes? Yeah. And then either they have five minutes or they don't. But that's how you get around the gatekeeper. And it works out pretty good. And it's always the hardest in the beginning. Look, we're going to bring crypto to the masses. This is what we've been talking about the last couple of weeks. You know, look, as we grow up, we figure out what we are, who we want to be. We become more confident in some of our planks and positions. And what we've really identified is, is that we're an on-ramp to the world of crypto. We're an onboarding arm for crypto. We have a story out there that people want to hear. We've got a background and expertise in a side of this industry that crypto doesn't understand with alternative currencies and with complementary currencies, with community currencies, like that's what I know how to do. And we're embracing this reality that our story is out there to bring everyone else into crypto that hasn't, you know, gotten off the bench yet. They're still on the sideline. They heard about it in twenty twelve or twenty thirteen. They had a friend that got in and got rich. They heard about it again in twenty seventeen. It was exciting. More people getting rich. They're on the sidelines still because they just don't understand the tech. And then even today, we've got a new series of problems with, you know, seed phrases being developed, generated poorly. We'll talk about that in a second. But even through all of the noise or through all of the challenges, the ups and downs, we still have a conversation that people are willing to listen to. So as we're going out there, whether it's bringing people in to build a mine or it's bringing people in to build a merchant network or bringing people in to build a community of consumers that want to support those merchants, that's what we are. We're a group that knows how to bring new people into this world that's very exciting and very scary and very complicated. And that's what our skill is. Our skill is talking to people. So if it's getting past the gatekeeper at the local mom and pop, or if it's talking to the waitress at the restaurant and inviting them to start to learn about crypto or tipping the bellboy, whatever it is, we've got a conversation that casts this really wide net and brings people into this exciting world. Yeah. And think about this. I can't wait, Bobby, till we start getting the testimonials from businesses to show how easy this works. Because think about it. When they start wrapping their mind around the fact that, you know, let's say they let's say that they spend, you know, they run three million dollars in credit cards a year. That's about a ninety thousand dollar credit card fee that they're paying a year. If we just converted ten percent of that or twenty percent of that, that's nine or eighteen thousand dollar savings. What could a small business do with that extra money? Right now, margins are so tight. You know, everybody's looking to cut their bottom line and to bring in more customers. That might mean the difference between they take a good family vacation or not, or they're pouring more money back into it. It is the difference. It's not might be. It is. Look, I don't know how many of you know this, but when I was a younger man, I was a professional hypnotist. Say what you want. I helped people stop smoking. I was good at it. And that's all about sales, man. That's the best sale of all time as far as I'm concerned. Getting somebody to believe that nicotine is not physically addictive is a pretty, pretty big sale. And the number one reason why people came out to quit smoking was because it was expensive. Back then it was five bucks a pack. And what is it today? Six, seven, eight, nine, ten dollars a pack. And so they'd come out and they'd say, I want to quit. I say, why do you want to quit? Well, it's very expensive. OK, great. What I need you to do every day when you don't buy that pack of cigarettes, I need you to put that five dollars up on top of the refrigerator in like a jar or something. I need you to set it aside because if you don't see that savings build up, it's not real. But if you're watching that five, go to ten, go to fifty, go to a hundred, there's a vacation in there somewhere. All of a sudden, your family's patting you on the back saying, good job, Dad. Thanks for caring about your health and your wellness. And he's thinking about the money and the vacation and the fishing trip. And it's like, whatever the reason is for you, make it real. Because it is real and it does add up and it does matter. And it could that two point nine percent, that little teeny tiny amount that the banks are just skimming off the top. That could be the difference. And it probably is for a small business owner between taking some time off with the family this year, you know, having a breath, sitting somewhere and just breathing. And remembering what this beautiful thing of life is all about. And they don't know how easy they don't know how easy it is. That's what we're bringing to them. We're about to turn the eyes open to a ton of these businesses. And I can't wait. It's going to be exciting. The savings is one part. But like I said, I think the real benefit for the for the merchant is going to be the new business. You know, the crypto community. Look. Love them or hate them. I struggle with my relationship with the mainstream crypto bros. I believe in their heart of hearts. They do care about honest money. I think that they showed up in crypto for lots of different reasons. Maybe they love to trade. Maybe they love the cultural significance of these collectibles. I didn't understand Beanie Baby collecting. I didn't understand Pokemon cards, but other people did. And that was fine. And so I don't know why people show up in this crypto conversation. Some of it get into it for the reasons that we did. Not everyone. And that's okay. But I believe in deep down in the heart of hearts of those people, even if they showed up for some completely selfish profit driven reason, which is great. We're all about making money here, too. I believe in their heart of hearts. They care about honest money and they would love to see more merchants and businesses accepting crypto as a payment. I would go a little bit out of my way to support a business that spoke in my language because we all know. that as more people join the crypto community, there's more innovation, there's more development, there's more capital that comes into those spaces. There's just more to do. And so that's our job. Our job is to do the dirty work of going out there and inviting new people into the space whether it's you know a normal person and getting them into a texas mining opportunity or it's a merchant inviting them to cut down on those you know fees getting skimmed off the top or if it's a consumer through crypto pop i think we covered crypto pop here last week clip that a little bit yeah i think so right I don't remember. Where was I last week? Whatever it is, whether it's a miner that's helping build out the infrastructure, a merchant that is accepting the payment, or a consumer that's going out there and supporting those merchants, we know how to do that. It's a hard job. It's a thankless job sometimes. It's a profitable job if we do it right. but it's what needs to get done in order to grow crypto. Nine year low for crypto retail adoption. And we have the ability, we have the tools, we have the mechanism, we have the story, we've got the leadership, we've got the products, we've got the tech, we've got the infrastructure to change that and to have a real impact on bringing new people into the crypto space. And so that's our job. Whether you like it or not, that's the job that we have to do. Great job on Wednesday, man. I really am happy for you. I know that you've been like a fish out of water for the last six months. Six months ago, almost to the day, we got the cease and desist from the state of Texas. They said, shut it down. And we said, okay, okay, okay. We did it unilaterally across the board. We didn't just stop in Texas. We stopped everywhere. And that was an extremely painful thing. And I'm about ready to jump into kind of the the long version of the story that I want to cover in the next thirty minutes here tonight. And if you're just joining us for the first time, welcome new friends, Bobby Gray, Tim Blake, Maddie, all in. And we are joining you on our Thursday Night Live, which we do every week. It is what we call a proof of no edit. Whatever we say is what we say, man. It's no filter. There's no opportunity to pause and go back and rewind and delete. We're just normal people. We share probably too much with you and our community and the rest of the world. And we hold that as one of our highest virtues, transparency. Blockchain technology gives us transparency. Very few people actually use it. We use it, not just... in this live stream, but we take this live stream and we save it and publish it to the permanent decentralized web through IPFS so that it's out there forever. We do that through Stream TXC, a tool that we built to give ourselves the ability to own and control our data. Yeah, we're gonna save this to X and maybe YouTube and maybe Facebook, but we also save it to the permanent decentralized IPFS web, which is really cool too. But that's who we are. That's what we do. We care about honest money. We've cared about it for a very long time. Before you heard about Bitcoin, I was out there, the front lines helping businesses and small communities trade with each other using an alternative currency i started the american open currency standard in two thousand and eight to help small towns barter with gold and silver and copper coins that was slow it worked but it was slow in twenty twelve i created the original bitcoin coin maybe the most famous coin in the world today the same year i testified in u.s congress what is it, fourteen years and five days ago about alternative currency and the roadmap to monetary freedom in front of Dr. Ron Paul's very last domestic monetary policy subcommittee hearing on that topic. In twenty seventeen, I created cold storage coins. This is how I met Matty, giving the world an easy and reliable way to hold a digital asset in the palm of their hand. Powerful tool that creates a bridge between these two worlds of old and new. You've got know the gold and silver horse and buggy days that's worked as money for thousands of years and as we get into our digital exciting future you've got you know virtual currencies and you know when you think about money as being intangible and a bunch of zeros and ones it's a little strange and scary so i created a cold storage coin with a laser etched code on there that allows you to store any amount of crypto in the palm of your hand. So now you can take your digital asset and you can lock it up in your physical safe. We've never had one of those coins fail since twenty seventeen, nine years ago of manufacturing that product. We've done a good job because manufacturing integrity is our top priority. And it's the reason that I'm right here in Indonesia getting a new factory set up to make these things. I'm the only one that does the key jet, which is a really hot topic right now. I'll share my screen with you. real quick and we'll talk about why this is a very big deal today, because we've had this cold card issue go down in the last couple of days. And if you're not familiar with it, what are we up to? About one hundred and fifty million dollars of currency that was hacked off there. Most of it in Bitcoin. Is that right? Is there a new is there a new number? guys bueller uh not sure i think anyway um they had this this you know in when you're when you're doing these um these offline key gen things you've got um you've got to develop the seed phrase the the twelve magic words that unlock your crypto wallets and what happened with this cold card thing is they had a weak seed phrase generator and so you think if you asked a computer give me a random number just make up a random number it would do a really good job unfortunately sometimes it's like seven how about seven is that a random number well if you were like give me a random number between like one and and all of the numbers you would get something different than seven so if you use a weak uh seed generator it becomes predictable and so with you know everyone's been talking about quantum computing quantum computing is going to destroy cryptocurrency you're going to be able to crack a cryptocurrency private key in just seconds and and maybe that's true it's not here today and it's not commercially available maybe they're using it uh somewhere else and not telling us who knows but they're talking about quantum computing as being a major risk to crypto. And maybe it is, maybe it isn't, but it's not here in front of us today. What is a major risk for us today right now is AI going through all of these code repositories out there on the internet. You know, somebody makes something and they go i'm going to make my code public texacoin didn't do that for a very long time and i'm glad we didn't because of this exact problem so someone develops a project they make their code public and they say go ahead and audit it somebody goes and looks at it, looks good to me. Well, when you put something powerful like AI that's got all the knowledge of development to task at finding security holes in code, it finds security holes in code. What happened with this project is that it was able to find a weak seed phrase generation, um issue in one of these wallets and because of that they were able to guess not brute force like fine but guess the private keys of lots and lots of wallets out there and that was a real shame and so um we talk about in this blog post our position on it and it's a really important position so we go through the the version you know kind of the non-tech and the tech version of what happened. And we look at what other tech issues are out there, code bugs, operational mistakes, supply chain attacks, social engineering, design trade-offs. And then we look at the major issues that the crypto space deals with. We've got scams, projects built from day one to deceive, fake tokens, Ponzi schemes, rug pulls. The intent is theft. The code might be perfect, but the lie is the product. And so Of course, as we already know, talked about hundreds of times, the crypto industry is full of outright scams. The reason that there are so many in crypto is because you're talking about a completely liquid source of money. If you go out there and steal somebody's watch, you got to take it to like a pawn shop or a jeweler. You got to sell it. You got to monetize it. And that leaves a huge trail for, you know, investigators to find you. in crypto you're talking about you know this semi kind of anonymous semi uh completely private thing now i say that and everyone's watching the wallets where these you know uh hacked funds have gone off to and so we'll see how this all shakes out see if they get away with it um the second problem we deal with is hacks and bad actors external attackers exploiting a system for game they didn't build it but they found the weak plank and they crossed it And then we've got the third category, and this is the one that I really want you to focus on today. Honest mistakes, bugs, misconfigurations. You've heard issues with smart contract weakness being exploited. You've got oversight, plain old bad judgment by people who are trying to build something real. The result can be just as painful as a hack, but the intent was not theft. And first and foremost, you're gonna look at this and you're gonna say, oh, Bobby, you're splitting hairs there, man, because it doesn't really matter why hundreds of millions of dollars has now been taken and people are ending their lives because of the consequences of this thing. And I go, yeah, no, no, no, look, it's terrible, but it could have happened to us just as easily. And so I like to stop for a minute, put myself in cold cards shoes. And if I can get past the question of intent, did they really say, maybe this was an inside job. Maybe they made up this weak entropy thing just to take people off the scent, throw them off the trail. I don't know. I don't know what's in their heart, but I know what's in my heart. And I know that if this had happened to me, man, I'd probably be the guy jumping off the bridge because it's absolutely terrible what has happened. But. If it wasn't intentional, we got to pause for a moment and say, look, they made a mistake. They made a mistake that cost people hundreds of millions of dollars, hundred plus million dollars. And that's a real shame. But we have to be careful because if we don't evaluate the risk and the intent properly, we're going to go backwards. And that's the most important thing that I want to talk about as I wrap up kind of this point. Because we're trusting each other in crypto. We're choosing each other over the banker. You don't know me. You don't know what's in my heart. I don't know what's in their heart. But we're taking this risk because we know that the banker has proven themselves to be dishonest. You don't know if cold card's dishonest. You don't know if I programmed a backdoor into the tools that I built. the banker the centralized financial system has proven its willingness to destroy value intentionally bailouts inflation frozen accounts arbitrary seizures policies that enrich the insiders while punishing savers it's not an accident they do it on purpose It's really important to understand somebody over there probably made a mistake. I don't know them. I don't know if that's true, but I'm willing to guess because I know that if it happened to me, it would have been a mistake. But we know for sure, without a shadow of a doubt, that the banker, the banking system, the Federal Reserve System, and the men in government who allow it to exist have systematically stolen from us over the last hundred and thirteen years since the federal reserve came out and before that and before that and before that again we know it for sure that's a really important thing guys because we don't know what this latest cold card thing was you know was the result of was it a bad actor was a bad code was it just a stupid mistake we don't know the decentralized community is not perfect it makes mistakes it gets hacked it produces buggy code and overhyped projects but it does not pretend to be your father does not claim a monopoly on trust it gives you the tools to verify to opt out to hold your own keys it's trust that's built on transparency and we're dealing with the wild west of money here i'll wrap this up quick But we got to take it on the chin and keep going. We have to persevere when things get bad, regardless of intent. We cannot give up on honest money. Sometimes we're going to win. Sometimes we're going to lose. Sometimes something is going to let us down and that sucks. But we cannot turn back to the same systems that created these banking problems in the first place. The answer is to learn to rebuild and to keep moving forward. We need to be willing to persevere, guys. Don't fall into the centralized exchange trap. Everybody right now is going, well, I'll just move all my money back to Coinbase. They're insured. They'll take good care of it. It's a trap. The same way I testified in Congress in twenty twelve about legalizing gold and silver was a trap. This is a trap. Exchanges are convenient. They're also single points of failure. They're targets. I mean, guys, BitMart just closed down. What, a week ago, two weeks ago? And what did they say? They said, orderly wind down. We still, personally, we still have two hundred thousand dollars stuck there. Our rep from BitMart has told us that the main wallet has been drained. That's not an orderly wind down. I haven't gotten my withdrawal. This is terrible. So be careful. If everybody goes where I'm moving back to the exchanges and they go, plot twist, counts frozen, game over, then the wolf in sheep's clothing got us. We got to take it like a man. I know it's tough, guys. If you lost in the cold card thing, I'm so sad for you. If you lost using one of my products, I would be heartbroken for you. But we have to keep going because honest money needs us to not give up. Totally, totally an important thing. All right. Any other thoughts or comments on that? Any other housekeeping stuff we got to cover? Oh, my friend told me I need to mention, I need to remind you guys that we are kicking off some exciting stuff. In fact, if you go out there right now on the interwebs, and you scroll down to our profile you will see that well you will see that wall street bets minutes ago posted about our little david and goliath case see an opportunity here i'm tuning in on the cool uh that's very very big milestone for us um you will see as we scroll down that we've got a contest to give away five thousand bucks to our community and i think we sent an email earlier talking about how we've got a giveaway for the sandcastle do you guys see that in the email So just want to mention this real quick. I don't have details on how to get involved, how to qualify, how to win. I don't know. I have no idea, but check our website, check the blogs, check the interwebs, check X and see if you can figure out what it is that you got to do to get your piece of the five thousand bucks or get your opportunity to go and hang out at the Sandcastle down in Galveston, Texas. I think we're giving away a four night stay at the Sandcastle. If you've ever been there, it's pretty cool. So check that out. Is there any other housekeeping I got to cover before I get into the last thirteen minutes of our program today? I think that's it. I think that's good. Yeah. So what I really wanted to talk about today before you guys distracted me is getting back to what I call an equal exchange of value. And feel free to hang around, guys. This is me going into sermon mode here. I sent an email out earlier today talking about equal exchange of value. And if you know me, you know that one of my favorite books is called Atlas Shrugged by Ayn Rand, a Russian philosopher that wrote this thing back in like the forties and fifties. And it was kind of based on her experience, you know, leaving Russia and going through the Great Depression here in America and seeing the systematic destruction of capitalism. And I'm going to drop Tim off of the stage here so that we can have more room for me. We are living through it today. We're watching these regulations come. We're watching them continue to, like I said earlier, systematically destroy money and value. And that's what happens when destroyers appear. amongst men in civilized society. They start by destroying the money. They destroy the money because money is the lifeblood of that society. When we want to trade with each other in a civilized nation, we've got money or we can use clubs and hammers and baseball bats. That's how it was before. And then there was a big shift, and that shift happened about the time that Alexander the Great was going out there and conquering the world. It was establishing civilizations and erecting cities and setting up commerce and trade routes and all this other stuff. And that's the world we live in today. And I'd rather live in that civilized society today than go back to the days of the raping, the pillaging that can happen at any time. You know, not having to worry about my door getting kicked in at any moment and having somebody steal all my stuff. That's pretty cool. That's a benefit that we have of living in today's world, as well as iPhones. iPhones are pretty cool, too. I use an Android. It's pretty neat. The flip one, right? Everyone's like, what kind of phone is that? It's the Z Fold seven. Anyway, we. Notice that these destroyers attack money because money is the way that we take our time, our energy and our value that is created in excess and we keep it safe over a long period of time. You know, money is stored value. It is stored work, stored effort. If I come up with a great idea today and I launch that idea and it creates a profit, I save that profit. If I save that excess so that I can use it later, so I can take the family vacation. If I save that profit and I try to spend it later, but it's not worth anything that I've been stolen from. And that's what happens with the destroyers. They show up and they destroy money. So I got to keep working harder every day just to maintain the same quality of life that I had yesterday. You don't feel it real time, but if you're in the Weimar Republic and you're getting your paycheck and you're running to the factory gate to hand it over to your wife so that she can go and cash it and buy anything whatsoever before that money is completely worthless. I mean, they were burning wheelbarrows full of currency back in those days because it was cheaper than buying firewood. And that's what they do. They destroy money. They destroy value. They make it so that we don't have a moment to sit down and take a deep breath. It's what the destroyers do. Anyway, I like this book. I learned a lot from this book. It's kind of, you know, become the cornerstone of my philosophy, which is objectivism. And one of the core premises of that book is this idea of an equal exchange of value. And I believe that we need to have an equal exchange of value in everything that we do, in every relationship we have. If it's not equal, if it's lopsided, it ain't going to last forever. It's like I said in Congress, things that can't go on forever simply won't. And so if you've got to, you know, lopsided relationship between your husband and your wife or your mother and father or your children or your teacher or your employer, if that relationship is lopsided, if it's not an equal exchange of value, if you don't feel like you're getting as much out of a relationship as you're putting in, you've got a lopsided unequal exchange of value there. Whatever it is and everything that every part of your life. I know it's a tough way to look at it. Objectivism could also be explained as the virtue of selfishness. That's me in a nutshell. Let there be no confusion. But I believe in this equal exchange of value. And I want us to get back to this equal exchange of value. And I'll give you kind of, you know, the quick version in the last seven minutes we have here of why it's so important for us to discuss this today. Because when I started this project, I invited friends and family to participate. I talked to my neighbors. I said, look, we're going to do this thing. We're going to like crowdsource a crypto. i don't know how to do it i've never done it before i don't know much about crypto i don't know anything about mining we're going to figure it out but i know that we're going to need a bunch of cash to do it so if you put in a thousand bucks i'll give you a kind of a you know an incremental and prorated and pro rata share of the mining output not going to guarantee you profits i'm not going to give you u.s currency i'm just going to say if you put your cash in then you're going to get some of the daily output of the mine. And it's worthless. It's Texacoin. It has no value. We're not mining Bitcoin. We're going to start our own new thing. And people did it. And it was great. And then they started referring people and they started referring more people. And all of a sudden, this thing grew. Over a couple of years, we went from zero to one hundred fifty million bucks. We went from zero to fifty thousand plus in our community. We went from zero to one hundred cars. We went from zero to a hot air balloon. We went from zero to one hundred and sixty five people traveling to the other side of the world to go to Token Twenty Forty Nine, an event in Bangkok. We did it. We're not done, but we did it. We've changed a lot over that period of time. we built this really killer uh referral program some people call it an mlm some people call it network marketing some people call it referral marketing some people call it whatever they want but if you want me to feel sorry or bad about creating an incentive for you to go out there and help grow our community it's not going to happen love it or hate it it's worked in the past the other ones were scams i don't know why they didn't follow through we did And so we built this really killer referral program that allows you to go out and share our story with other people. Hey, we're starting a new crypto. It's like a Bitcoin time machine. It's run by a guy that actually seems to give a crap about honest money. Do we know what's in his heart? No, but we can watch what he's said over the last seventeen years, eighteen years and decide for ourselves if we think he's being honest and upfront with us. We can be transparent and share all of this stuff with you and everybody else in the world, where the money goes, how much of it comes in. It's all out there. And so. We built this really killer referral program and it worked and we paid out a lot of money in commissions. And eventually we ended up calling it like the magic money plan because it works so well for so many people. And then all of a sudden on February eleventh, twenty twenty six, we got a cease and desist from the state of Texas and we stopped. We shut it down across the board. Now, that's a real problem, because when I started this, I was the only guy doing it as a full time job. There wasn't much in it back in the beginning, it was work and we were losing a ton of money. I put a million dollars out of my own pocket. into this project. And then all of a sudden, another hand went up. I want to do this full time. Whoa, whoa, whoa. Are you sure about that? Are you sure you want to take that risk? It's one thing to put a thousand bucks in. That's what somebody might spend on a bad night at the casino. It's a whole other thing for you to quit your job and go all in on your day's work with Texas coin, man. That's a scary thing. Are you sure you're ready for that? You are? Well, let's go. I can't promise you we're going to make it, but I can promise you that I'm going to work hard every day. I'm going to be upfront with you about the risks. I'm going to be upfront with you about the potential rewards. Let's go. And then there's two and then there's three and five and ten and twenty. And then all of a sudden, hundreds of people are working full time to help our project grow. And then it stopped. All of a sudden, February eleventh, shut it down. And we went from people making a huge amount of money on one end of this exchange of value spectrum to almost overnight, instantaneously. Zero. And that was a very, very painful thing, extremely painful thing. And I feel bad about that because I know how important it is to keep up with your bills and your obligations and pay the rent and keep the electric on. The family is, you know, not real happy when the lights get shut off. And I know how painful that was. And I know what the consequences were for a lot of the people in our community that took the plunge and came with us full time and then said, whoa, what? No, no, no. They just said Texas. Just shut it down in Texas. Let us do it everywhere else. Please. This is our money. And I said, we can't. We can't do it because we don't know what we did wrong. And we don't want to continue to get in trouble in all these other places. Let's pause, find out what we did wrong, make the changes we need to make, and then continue moving forward. We're still today paused. And what happened was during that pause, we went from this comp plan that everyone loved to, well, we've got to find something other than dollars every week paid out to us in USDC as our incentive. And we went all the way to the other end of the spectrum. We weren't talking about weekly commissions anymore. That was a huge virtue for us. Man, we're doing these weekly commissions, week in, week out, hundreds. I guess we paid out, what, seventy five million, something like that. And then all of a sudden we go almost overnight to there's no more commissions. This is all now about honest money. We need something. that keeps us moving forward that's not a weekly commission. And that's a tough thing to go from doing really well with this project to I need you guys to dig deep and do it, not for yourselves, but because of honest money. And we can do it in our lifetime. It's not really gonna help us that much, but it's gonna help our children and our children's children. And so we went from one side of this exchange of value spectrum all the way to the other. And that was a painful thing. i'm sad about that and i want to change that we've gotten a lot of information a deep understanding of the law securities since that happened and i'm here tonight with the one minute that i've got left in our time together to tell you that we are going We're going to do it again. We're going to do it bigger and better and faster and further and wider than we did it before. We're going to go back. We're going to bring that thing back from the, hey, look, we're just doing this for honest money. We're going to meet somewhere in the middle with an equal exchange of value because this project is great. It's done so well. with its mission of onboarding new people into this crypto community. It's an exciting space. We want you to be there. Crypto has got a huge upside. Honest money is a very important thing. And we have the ability, we have the tools today. The financial technology exists right now for us to take back control of money. It's not just a powerful thing. It's not just a profitable thing, but it's an important thing because we've never had this before. Today we have it. And we have the story to take these tools out there further and wider than crypto was ever able to go before. We've got a community of more than fifty thousand people that are ready to do it. So long as we get back to an equal exchange of value. I need you guys to be ready to come back off the couch and get back to work. OK. We are T minus ten days from our hearing. We're going to continue to hold off on the sale of Texit coin mining until that hearing is complete. So we've got about fourteen days until our next chapter begins. I'm not going to get into all the details tonight, and I think that I wish I had more time to tell you more about my ideas when it comes to an equal exchange of value. But what I'm going to do this week is I'm going to call every person that I referred and brought into our community. I'm going to let them know that I'm still here. I'm still working hard for our success. I'm still committed to honest money in our lifetime. I'm still the founder and fearless leader of Texacoin. And I need their help because with fifty thousand people, guys, we're one of the biggest communities in crypto. But when we went from massive amounts of weekly cash paid out to crickets and we just need you to keep the faith in honest money, it was amazing. an extreme change and it caused us to kind of lose a lot of the momentum and a lot of the passion from our community. We're going to get that back. I don't think it ever left with a lot of people. They've been waiting patiently for some clarity, as you have and I have as well. And we're going to get that not through an act of Congress, but through our own efforts in Texas court in ten days. Stay tuned in over the next couple of weeks, guys. It's going to be an extremely exciting time to be part of the Texas coin community. I'm glad you're here. We've got three hundred fifty six people watching this thing live. It's the biggest the biggest live we've done so far. Right, Maddie? I think so. I'm guessing that that retweet from our friends over at Wall Street Bets might have had something to do with that, which is very cool. But I do think that this is crypto's best bet. Look, here's where we are today. And I'll wrap it up with this. Where we are today is we're going into court with the Texas State Security Board on the seventeenth, eighteenth, nineteenth and twentieth. It's open court. You want to show up, come show up. I don't know if you'll be able to get in, but it is public. The price of Texacoin before we had the cease and desist was about a dollar, eighty cents, ninety cents, dollars floating around in that range. When the cease and desist happened, we dropped down to twenty cents and then we kind of, you know, have been stair stepping our way down to about eight, ten cents since then. Today, we're what, twenty, twenty five, thirty cents. If you think what we're doing is good and you think we've got a real shot at winning, I would encourage you to consider picking up a handful of TXC on the open market. Okay? It's available on a bunch of exchanges, XT, Weeks, Byconomy. You can get it on the DeFi market. I want you to consider that. And if you decide to do it, I want you to stay tuned in to what happens in court on the seventeenth, eighteenth, nineteenth and twentieth of August. Now, we won't get a verdict for a couple of weeks. until after that. So it's gonna be early September that we actually find out. But you can watch along the way and see if we're doing the right thing. See if we're doing something good. See if our evidence that we present, which we'll bring to you as close to real time as we possibly can once the hearing kicks off. You can see if you think we're gonna win. And if you think we're gonna win, then you can of course guess as to what you think will happen with the price of TXC after that. I'd like to think of it as crypto's best bet today. We've got a very identifiable event coming up. It's public. Everybody knows about it. We don't know when we'll get the verdict on that. But we know it'll happen sometime two, three weeks after the hearing concludes. So I want you to evaluate it. If you think we've got a shot, come on a journey with us. If you think we've got no case whatsoever, then steer clear. That's the bet. But tune in, guys. There's a lot of things happening in the text point community. I'm very honored and very happy to to have. Made so many friends along the way, done so well with with our mission of honest money, you know, a little bit different from what I did in the past with gold and silver. we're going into the digital future it's exciting it's fast it's so much better than what i ever did before with gold and silver and i'm happy to be here i'm happy to be the founder and the fearless leader of texacoin and stay tuned in guys and we'll be back next week for The final countdown. But join us on X. Check it out. We've got some contests and promotions going on. Share the story, our message far and wide. And let's get back very soon to that equal exchange of value. Thanks for joining. Bobby Gray here. It is the sixth of August. Ten days till our big hearing. Thanks, everyone. Have a great night.