Week 125: The Hearing Recap — They Had Nothing

what's up everybody bobby gray here joined by my My really great friends or besties, as you heard them referred to over the last couple of days. It is Thursday, August twentyth, where you are most likely. It is Friday morning, two a.m. here in Amsterdam. And thank you very much for tuning in. I'm tired. I'm tired, guys. It's been a it's been a bit of a week. And. And I wouldn't dare miss this Thursday night call for the world. Man, that is for sure. So thanks for being here. Thanks for taking time out of your schedule to tune in to a discussion about honest money, Texacoin, what's gone down the last couple of days and what the future has in store for us. What's up, guys? How's it going? Fantastic. So. I made it just in the nick of time. I just got out of the pool. Now you're just bragging. I just got out of bed. I took a nap earlier. I'm like, I don't know if I'm going to make it back up, but here I am. So let's get right into it because we've got people tuned in that I'm sure are extremely curious. about our tape. We've had to stay very, very quiet this week. You know, there are rules about witnesses and recording and all kinds of stuff like that. So hopefully you guys follow the rules as well. I know I certainly did. And and so a lot of you tune in at home. I think at one point I saw what, eight hundred and fifty people watching the the live YouTube stream. Did you guys see any different numbers from that? I think I saw at least the one hundred people had had tuned in to day one before they took the stream down. So that's pretty impressive. And then on Twitter, our day one announcement had a one hundred and twenty four thousand views. Well, that's fire. Wow. And Avi, our attorney, who's a rock star, and I asked him to join us on tonight's call. Unfortunately, he is on a plane right now traveling back to his homeland. But, you know, he made it clear in his closing remarks, like the world is watching this thing. We don't have any case law on, you know, like. what this thing really is. And I don't want to get into arguing and re-arguing the law. So let's watch out for that. Let's skip that. But he made it clear that the world is watching. And it's because it's Texas. It's not like West Virginia or like Rhode Island is getting into some sort of deep conversation about crypto assets and proof of work mining. It's the great and mighty state of Texas. You know, this is the number one place where the crypto guys are building their data centers and the mines and all that stuff. And so it's relevant to us, our work, our story, but it's relevant to the whole industry as well. And so the world was watching. Maybe you were watching. I was certainly watching. I was more stressed out, like... while everybody else was going. When I was doing my part, it was like, okay, it's stressful and I just got to tell my story and be honest and I'm fine. But I'm sitting there like, and everyone else is getting grilled. By far, that feeling was strongest when the prosecution's witnesses were on the stand. And we'll get into that, I'm sure, in just the next few moments. But it's been a great week for us. And know some of the bad news that we got yesterday is or today is that we're looking at september october november december four four full months until we get not not a verdict mind you not a verdict but a what did the judge call it do you remember what the actual word was A recommendation. Yeah, a recommendation. A recommendation. And so the way the process works is the judge takes all this information and goes through the evidence. Then she gets briefings, reviews, you know, our briefing, their briefing, and then we get another round of like rebuttal briefings. And then has sixty days to make a recommendation. It's not a ruling. It's a recommendation that goes back to the TSSB, which they can listen to or they can ignore. What are you talking about? But that's how it works. That's how it works with these state agencies and the oversight that. that's given to the State Office of Administrative Hearings. So it's very confusing. We're learning all this real time firsthand. You are, I am, our community is, and maybe some people around the world as well. But I'm asking the great state of Texas to set a great example. I told them in kind of my closing remarks that I get on stages all over the world. I speak from one side of the world to the other. I was in Toronto and I was in Singapore. I was in Austin and I was in Bangkok, Thailand. Like we go from one side of the planet to the other telling people about the great state of Texas and why it is the best place to call home for a cryptocurrency. And yeah, We're inviting the community to come out and build in Texas. You can get a fair shot in Texas. And then you see what happened in these last four days and you go, I don't know how fair it actually is, man. That might not have been the most fair thing that I've seen go down lately. So we'll get into that as well as I'm sure in the next few moments. But it was a good week for us. We won't have, like I said, an answer for a while. But if you watched it and you saw what I saw I think it's pretty fair and safe to draw a couple conclusions. But before we get into that, I want to talk with you guys and see what your conclusions were. Maddie, I'll have you go last. Gage, I'm going to ask you to go first because you missed most of it, only a few minutes of it. You were kind of on standby there as a reserve, as a, you know, as a final, like, below that could have been dealt if absolutely necessary um and we'll talk why you didn't in the next few moments but uh but then we'll go to Jay because Jay you were able to show up there for Wednesday and Thursday is that right correct he was there for the full thing so so let's go in that order um and just give me your your first-hand impression what you caught what stood out for you and um and we'll we'll start there what's uh gage what was your take like yeah so i miss i miss all of you and i missed the first two days and um i think i got confirmation that i wasn't going to be called so i watched most of the third and fourth day And I think I caught the last two witnesses that the TSSB called and then from there forward. And I think it was pretty obvious that the people that they got – well, one thing that was very clear to me on the amount that I got to watch was they were very, very – uneducated like they just didn't do that much research into our project and they've had this entire amount of time to do it and it just felt like they didn't do the amount of research that they probably should have like they i think they walked into this courtroom expecting an open and closed case and for it to be in their favor before they got there and i think when they showed up at least when they got into a day or two of it or what i seen of it It just didn't go the way that they really thought it was going to go from the beginning. And I just don't feel like that they done as much due diligence as what they probably should have, you know, especially as far back as they started investigating us. Right. Oh, I was going to get back on on what you're saying and mention that because this didn't start six months ago for them. Started six months ago for us. When did it start for them? I think I heard somebody put in the chat like March or April of last year, like it was before summertime, right? March, twenty twenty five. Yeah. And so I mean, think about it. Back then in March, April of twenty twenty five, we had a couple thousand, three thousand, four thousand people, you know, and we we ten x from that, you know, and they got to watch all of this along the way. And I think back then we, you know, we were pretty small back in the early days of twenty twenty five still. I mean, with a couple thousand people, we had a little limited amount of hash power running at that time. And we came extremely long ways through twenty twenty five. And again, everything is transparent as it's been. You know, we have you to think for that, Bobby. We have you to think for a whole lot of stuff that got us through this case. One hundred percent transparent. and um you know you did a great job all the way through it and it came out in court that was probably the most exciting thing to see and then you know one one recap or one thought that i had is we went from from their side to our side when we started calling our people and we started with showing the facts i felt like the court case got a whole lot more boring out there for people when it was pretty cut and dried and just the facts It definitely wasn't as entertaining as their side of things, but that was a good thing. I think that was a great thing. I thought Steve Walsh did a phenomenal job up there. I wasn't in that position, and I'm sure he's never been in that position before, but it's probably not an easy position to just be in. I thought he did an exceptionally well job, and so I'm really proud of him. I thought he did great. He did great. And I was proud of him as well. And just so you know, like they were asking, hey, we don't really think we need Steve. What do you think? Should we cut him? And I said, absolutely not, man. Steve's a great guy. And we want to get as much out there in front of the world as we can about the mining sites and his work and what goes into building this stuff. I mean, proof of work. You talk proof of work and you know kind of in your mind what it means. But until you see those shipping containers, until you see... You know, the oil and the pumps and the amazing amount of time and effort that goes into building that stuff. You know, it's it's it's easy to brush off. And when you realize that a bunch of like normal nobody outsider people did that. it's pretty impressive so let's get that on the record we've been telling the world that we're building a mind we've been telling the world that it's not easy we've been telling the world that it takes time and now we have an opportunity to put that stuff on the record yes let's get it on the record man let's let's get as much of that as we can on the record and i think like you said he did a really great job um But again, as far as pushback is concerned, you missed the testimony of their chief investigator. He was the first one to jump on there for the prosecution after me. Is that right? Yeah, Mr. Fusilier. Fusilier. Mr. Fusilier. Fusilier. Who said that he's tuned in to what, ninety, ninety Zoom calls? Yes. You know, so this guy, this guy's been paying attention to us for a while. And I disagree that they went into this thing, this hearing specifically, thinking that they had a slam dunk case. Because you got to remember that there's a lot that happens before the trial. Once you get to the trial, the exhibits are set, the witnesses are set. You kind of know, you have an idea. we watch these trials on tv and drama and hollywood style and it's like wait your honor and like somebody comes in like at eleven fifty nine one minute before the execution and with this dna evidence that saves it's not really how it works like this is all pretty well set up so that when you get to the trial you know it's not a disaster it's not a circus and you have a feeling of what's going to happen like they knew by the time they got to that trial, they didn't have specific evidence. They didn't have expert testimony. They didn't have witnesses that were going to be able to say, you know, a, B or C. And so, Going into it, they should have known. They should have known that it wasn't going to be too different from what they got, which is weird, man. It's weird. We'll talk about my thoughts on why it's weird in a little while. But Jay, you were there. Gage, any other thoughts to throw in there? And feel free to interject any time along the way. Well, I thought Avi did an exceptionally good job closing. And in his closing arguments, really nailed home a lot of good points. And now I think in that closing, I'm connecting the dots where I think that chief investigator, you know, might have had a boo-boo or might have misspoken his testimony or something. I thought that was great of Avi coming back around and pointing that out. You know, I thought he did a great job closing, so. Yeah, we'll talk about what those things are when Maddie gives us a little bit more info. But, Jay, you were there for at least about half of it. I would like to say half because it was two days for them and two days for us. But we got a little ripped off there with the schedule. They took, what, two, three hours out of our clock on day three. And then we wrapped up early. You know, it's like, hey, you are you guys going to need two full days to like refute the unbelievably. insurmountable amount of evidence that they put up against you. And it's like, no, no, no, we're going to need about five minutes. So you really didn't catch half of it, but you were there for day three and day four. Tell me what it was like, man. Cause I wish I was there in that courtroom with you. Tell me what I missed. What was really interesting is I watched and listened to most of the first two days or a good portion of the first two days. remotely. It's a completely different energy when you're in the room. It completely changes the energy field. It's amazing how tense it feels and how it's just fun. I mean, I thought I'd get bored. Maybe, you know, I'm known to nod off when I'm bored. I couldn't stop thinking about it. I literally was on the edge of my seat the whole time. It was really interesting. As a matter of fact, the most boring part of the entire thing was our expert. Because everything he said, I knew already. So it's like, you know, I don't know. Why do you need to say all this stuff? But, you know, you have to educate those guys. Now, be honest. Be honest. Who does a better job explaining proof of work blockchain crypto mining? Me or the expert? Oh, it's you by far. And you do it in an entertaining way, too. And that guy was dry as a bone. Well, that's what you want out of your CPA, though, right? You want him to be dry as a bone. The judge was riveted to him. And she was riveted to Steve, too. and the other things uh that i took away from it was you know really and i'm biased but i felt like our case was just ridiculously stronger than theirs i couldn't believe their witnesses and how and how how they would stretch the truth and add things and insist on on being inaccurate to be nice. Even when questioned again and again, one of my favorite moments was, so you're saying that the two guaranteed investments are government bonds and Tegzitcoin. And everything else is a risk. was one of my favorite moments i want to say really quick though before i get through i talked to someone who will remain nameless um after this thing was over somebody who has experience in those courtrooms and they said that the tssb is just not used to people putting on this strong of a case and um that person was really the he felt like they were shocked Yeah. How strong our case was. It's almost like playing poker, you know? Yeah. You're sitting down at the table and you don't have a hand, but you fire, you know, a sizable bet out there. I'm in ten thousand dollars. And then like the professional to your to your left goes, I raise I'm all in. That's when you go, OK, OK, I fold, I fold, I fold, I fold. You don't call that bet when you got nothing. You don't re-raise. You just fold. You did something exploratory. You got caught with your hand in the cookie jar. You just fold that one and you walk away. And, you know, Avi covered that in his closing statement as well. It's like, what are we doing? I mean, he mentioned frivolous a couple times. And that's a funny word. That's a real thing under Texas law. And it's something that I can tell you right now we're already – we're already working on. And I'll give you a little bit more on that in a while. One thing I want to say is I thought it was super interesting that the judge asked. She took the time to ask Steve extra questions. Right. And she didn't our expert witness, especially on some. She could have because there were some things in his testimony that she could have, you know, asked or got more clarification on because we all knew her background. She's not a crypto person. She's not a securities expert judge, you know. Yeah. Yeah, I thought that was super interesting that she took the time to ask him extra questions and she seemed very, very interested in his answers. You know, the whole team actually his whole testimony. So, well, look, when you go into these things as a witness, your job is to just tell the truth, be likable and be credible, you know, because people lie. Oh, I swear to tell the truth. Oh, yeah. How about this softball? No, no, no, no. That wasn't me at all. I don't remember living at that time. No, we're not naming names here. You're sure about that? Yep. So anyway, you just have to be likable and credible. And Steve's a real likable guy. He's a real credible guy. And, you know, look, what he said kind of brought some tears to my eyes. But what he feels, I'm sure, is like that for a lot of other people. Yeah, he stated he was a good representative of all of us. That's absolutely right. It's absolutely right, because, you know, he got involved. He dipped a toe in the water. He learned more and then he became passionate about it. Right. He works on it, you know, eight days a week and he enjoys it. He gets paid for it. That wasn't always the case. It's not the case for a lot of people. know sure it'd be nice to get a cushy salary hanging out with your bros and building crypto mines but like you know that isn't always what it was for him it's what it is for a lot of people that stick around and put in the effort and i think it's really important to show that this is a community project and when you put in the extra you know the time you get a lot out of it You know, whether it's a feeling or friendship or enjoyment with community participation or a monetary reward. Like we said that we were going to do all those things and we did it. And to hear it firsthand from a guy that comes off very likable and credible on the stand, you pay attention to that. And I think that's really great. Back to the expert. You were talking about the expert. I wanted to say something about the expert. I was just saying he was driving. Yeah. Yeah. Look, he did, he did what, um, you know, he went there and he evaluated the chain. Uh, and to be honest, I never read his report. He did a very nice report. I never read it. Um, And he was able to verify through chain data, chain analysis that we build a real system and it really minds blocks and it's really improved over time and it's real, real, real, real, real. And that was nice. It was nice to have all that on the record and I'm glad that that happened. But you're right, Jay, it's electric in that courtroom with the tension and I wish I was there. What else did you observe, enjoy? I could probably come up with a dozen, but we're going to have an hour tonight. And Maddie's got much better notes than I have. But the other thing I have to say, and I'll be kind of general, so I'm not pointing any fingers. But when somebody asks you, did you have a life-changing event in such and such year at such and such place? And you go, I don't recall. I don't know how you can see that as anything other than a blatant lie. Apparently, I don't recall us taking the fifth now. That's what it is, to be honest. And, you know, look, I don't know if some of these witnesses for the prosecution knew what they were getting themselves into. They obviously didn't. You know, you can talk a mean game on social media as some of the witnesses did. And then all of a sudden you get a call. Hey, would you like to testify? Yeah, I want to testify. Let's go. And it's like, you do know that you're going up against like some of the best litigators in the world, right? Like, oh, well, they didn't really tell me that. And they're going to go through everything. I mean, dude, the stuff that our team found, I was like, oh, wow. oh god they're good at their job for sure oh man like and it's not like it was irrelevant you know look if if my personal bankruptcy uh or sorry my corporate bankruptcy in twenty thirteen would have had a an effect on your ability to make a good decision Then maybe people in your world would like to know if you went bankrupt and you surely tell everyone you meet. Hi, I'm Jim and I went bankrupt and blah, blah, blah, blah, blah. Like like you didn't do that, did you? Like what? What a simple thing for the you know, the the teams that were vetting these people to figure out. I don't know why we figured it out and they didn't or they didn't care. Look, I went personally bankrupt in two thousand and seven as well. I had a bunch of credit card debt. I was a stupid kid. And I look back and I'm like, you went bankrupt for like such a small amount of money, man. Couldn't you figure that out? Like, why did you put this terrible thing on your permanent record for like thirty eight thousand dollars of credit card debt? Like, OK, well, back then it felt like it was crushing my whole life. So Sure. I get it. But but the stuff that our guys dug up was just really top notch. I mean, they had one of the witnesses asking a question on a live Zoom call recorded about risk and guarantees and all this stuff. And it's like, oh, man, how did you find that? So the other thing I found interesting about the witnesses against Texacoin is if I'm not mistaken, only one of them was actually from Texas or in Texas. So here we are, we're trying to protect Texans, but we can find one Texan out of thirty thousand who will say, oh, man, I feel like I got ripped off. That's a little wild, man. And I think Avi mentioned in his closing remarks that they didn't even have a reliable internet connection most of the time. It's like, okay, if you're going to testify, then sit down somewhere in a fixed location and get your microphone set up and remember to mute it when we go off the record so that you can take a call from your attorney without us all hearing the conversation. Yeah, I don't know why that's the case either. Look, I'd love to think that it's because everybody in Texas except for one person loves us. That's obviously not true for sure. And look, as we make jokes about this and give our two cents, I want to remind people of kind of two things. Number one... is we take this process seriously. I hope you guys see that we invested our community resources intelligently. We hired the very best we didn't. I mean, look, we talked to a bunch of attorneys before we concluded that these were the right guys for the job. We had a rock star team. They were going through and we got this guy and this guy and this guy and this guy and this guy. And, you know, we'll try to keep our name tags on. But good luck. You know, so we take this process very, very seriously. We invested really good resources in the process going a way that we wanted it to but the other thing is that this like doesn't change the fact that we have work to do the price of txc is in the crapper like we're still way way far off from our all-time highs we're still You know, looking at a long path in front of us of the work that we need to do to accomplish our major goals like we got through one challenge. We got through one thing, but that doesn't mean the job is done. And so we can pat ourselves on the back a little bit. Obviously, we'll pat ourselves on the back a little bit more when we get to the verdict and we'll talk about what we think is going to happen. But I do want to remind people that the job's not done. We just got past one dragon, one beast that we knew we were gonna come across at some point in our journey. is now behind us. And so we got work to do and we'll take a little bit of a victory lap here because we got to celebrate guys. We got to be proud of ourselves. We stood tall. We put up a good performance. We, we, we stood our ground and we need to notice that, remember it, memorialize it, share it, be proud of it. Like, cause it's part of our fabric now forever. forever and i hope we get clips i hope we get recordings i hope we get all that stuff because because there's a lot of really classy material in there um but the job's not done the job's not done until i can look you guys in the eye and i can say i did everything that i was going to do and we'll talk about that we'll talk about the new transformer getting to victoria We've accomplished our major goals of getting people to actually use honest money. And the price accurately reflects the work, the effort, the results, the time, the community, the cash, the markets, all of that. Like it doesn't add up right now. It really doesn't. You know, we're just getting to the point now where like, okay, the price on the open market is like maybe equal with the actual cash assets that we have like in hand. that we're still planning to use for the benefit of our project and community. That's a ridiculous thing. So let's let it be. But let's remember that the work's not done. In fact, we're just still getting started. So having said that, Jay, back to you for another moment or two, closing remark. Anything else? I got two things I'll say before we go. The first one is I'll echo what Gage said, that Avi's closing was just magnificent. And he was very brief. He didn't overdo it. One of the things I noticed about the other side was they would talk something to death. He was very good about not doing that. The other thing I'll say is if you ever get a chance, I'm fixing to ruin Matty's life. If you ever get a chance to buttonhole Matty and pick his brain, you want to learn about crypto, that guy has forgotten more than the rest of us know. He really is really interesting and he really understands a lot of things that are valuable. He should probably do a weekly Zoom of his own just explaining to us what we don't know. That's a good idea. We might have to put him to task on that. Thank you. Unfortunately, he's very busy doubling and tripling the size of our X engagement and making sure the community on X especially stays engaged. But we'll see if he's got time in his schedule to take you up on that request because he is. he is good um and that's one of the reasons why i like him so much it's one of the reasons why i wanted him on our team so much you know because look you could take our crypto experience like the rest of us and add it up and get like one eighth of what uh maddie's experience looks like in different projects and that matters because he's seen it before like we've seen the map But he's been there. And so it's a huge, huge benefit for us to know what it's like. Talking about sudden wealth syndrome as well. That was a big thing for us too. Like, you know, back in the early days before a bunch of us got rich, it was like wishful thinking. And then it happens. And then you see people make mistakes because of sudden wealth syndrome. And then you're like, really? We didn't have time to... Plan for this and get prepared. Well, now we have time. Now we've got more time on our hands. So let's pay attention to that kind of stuff. Let's learn from people that have been there before and know where this thing can go. Remember, we're not making promises or guarantees about the future, but we know what happens when hard work meets opportunity. We get lucky. That's what my fortune cookie said. And so he's a guy that has been lucky before because he worked hard on things. And, you know, crypto opportunities are always there as the realm of this financial technology continues to develop. You know, pause for a moment and look at Bitcoin today. What has Bitcoin done in the last forty eight hours? Do we have any idea whatsoever as to why the price of Bitcoin is up? What, twenty percent? In the last three days? Yeah. Government's spending more money. A lot of it. Is that what it is? Well, yeah, it's going to be that. But also the sentiment out there that they just had this big White House meeting. I think that got a lot of crypto community people fired up. But yeah, they've been printing a lot of money. And as the interest rates- You don't get that green chart or that green candlestick thing happening without somebody making a very, very big buy. I mean, I'm looking at this right here and I'm saying, okay, somebody showed up to the party with really deep pockets and And this happened. Who was it? Why did it happen? It wasn't me. I don't have really deep pockets. I can't move. And one thing that happened is investors of Bitcoin and everything else in the world were really nervous about the yield curve being out of control, which means there's way more interest being paid on our forty trillion dollars of debt. And the Fed just stepped in yesterday and started manipulating the yield curve, bringing it down. And so that is part of the process of money printing and part of the reason why crypto exists. Satoshi, he linked an article in the first Bitcoin Black that was criticizing European bailouts of banks. So, yeah, it's all related. This is a perfect example of what I'm saying. Here's a guy who knows more than I've even heard of. Right. Yeah. Five days. Yeah. Which is interesting because the first block of Bitcoin actually came out in two thousand and nine. It was like January third or something. Two thousand and nine. Most people think it started in two thousand and eight. But no, that was Bobby Gray and the American Open Currency Standard in two thousand and eight. And then Satoshi, you know, followed in my footsteps just a few weeks later with Bitcoin. Didn't he release the white paper in oh eight, though? Yeah, yeah, yeah. Release the white paper in oh eight and then the first block was oh nine. But but you're right. I mean, we all saw the same thing back then. We all saw money printing as being the silent tax. That drives prices up because the people that have access early on to the money printer and the cheap money, they go out there and they buy all that stuff up and then it makes the price of everything else more expensive. And that's where the wealth gap widens. That's where, you know, we see more and more billionaires being cooked up and more and more people going into, you know, just poverty, just the middle class getting crushed. as the rich get richer and you know it's easy to hate the rich as an outcome of that but it's not really that it's the money printers that we should really be looking at and saying are these guys really doing something great or do they just have access to the printing press you know we call them cantillionaires the guys that are plugged into the fed How does money get to you and me? I don't get a check on the regular from the Federal Reserve. Like I ain't a banker. So we got to like work for it. We got to trade time and effort for our paychecks. The other guys, they just called their friend over the Fed like, hey, man, I need a bailout. I need like forty billion this week to make payroll. You got me on this one. Yeah, I got you on this one. What is it estimated that like half of the Fortune five hundreds in America are zombie companies, companies that would be bankrupt and worthless if not for ongoing cash injections? From the Federal Reserve. They're plugged into the money supply. We're not. But we made our own money, didn't we? Like we get to walk away from that. And that's what I testified about in U.S. Congress in twenty twelve. It was like, dude, why do we give these guys all this authority and control over our lives? Now, to a certain extent, we can't avoid it because when we go and mess around in the Middle East and we start shutting down straits, the price of gas goes up and we go yeah all right well i don't control that that little waterway i i guess i have to pay more for my gas i don't make it on my farm so what am i to do but it's not like that with everything we do have some control we do have some ability to impact value And it starts with honest money. And that's why we started this whole project in the first place. Love the Bitcoin concept. Cryptographically secure money. It's honest. It's fast. It's borderless. You know, it's accountable. You can easily convert it in and out of all these different things. Like, it's awesome money. But let's make sure that as it grows and succeeds, individuals are the ones that benefit the most. That's it. That's the premise of our project. That's all it boils down to. It's the same thing you guys already know, but like the outsiders and individuals version of it, period. All right. Enough. We're running out of time. Maddie, tell us. We've got twenty one minutes here left in the call. I don't need a full play by play, but tell me what it was like there for the whole thing. Your experience, what you thought highlights. Take us take us through your perspective of the last couple of days. Great. Well, I'm not a lawyer. This isn't financial advice or legal advice. And one of the themes is that Texacoin. Yeah. So I'm giving my personal opinions on what I heard and what I want. Thank you. Texacoin seems to have done a really outstanding job of giving disclosures voluntarily, of being very transparent. And so I made some notes here. They're kind of an overview and I'll run through them here real quick. This was probably the biggest crypto case to ever be live with video on YouTube. So that makes it really stand out. We had four lawyers who were defending Texacoin, and I came to learn that one of them was actually a judge in that building before that. And I think the other ones had all worked for the SEC and or the DOJ, which are even more aggressive regulatory bodies. And so these guys really knew what they were doing. When it came to the case, I was myself and arranger Kyle. was we were in the courtroom for all four days for every second of the trial. And that energy was exciting. And even through the boring parts, it was all super important to get everything on the record. Because if it's not on the record, the lawyers, they can't write it up into their summary to tell the judge, here are the facts and here's why a Texacoin did not commit fraud and is not a security. Now, when we get to like, what was the substance of the trial? One big part was the entities involved or who even are the respondents. And one thing that stood out is that the lead investigator for the Texas State Security Board basically He admitted that all of the entities that were listed, other than Bobby Gray, couldn't possibly even be entities that could respond to a legal case. You can't sue a blockchain. You can't sue a computer as if it's a person. And so that really stood out in the first part when Bobby was being interviewed. And then also on day two is, you know, the Texacoin is Bobby Gray when it comes to like, you know, the legal matters. And there aren't these three or four other entities of like blockchain mint or like Texacoin blockchain or Texacoin coin. They can't respond legally. So that was in our favor and that was particularly interesting. Another major finding in my opinion is that there was no fraud and that there was in fact radical transparency. And this is where it was uncovered by our lawyers that their investigator had actually known things in the cease and desist to not be true before the cease and desist was issued. And he let it let those things that were untrue get released anyway. And that made the entire thing, you know, kind of come into question in my in my mind. And definitely was a point for us. It really did. Let's pause there and ask ourselves why or how that happens. Because, look, like I said, we want to showcase Texas, Texas, fair place open for business. And then you say, well, how did that happen? If the lead investigator knew that the accusations made in the cease and desist were untrue, how did they make it in there? Whose call was that? How does that happen? Seriously, I'm asking you a real question. Does anyone know how that happens? I think... sometimes in legal cases like the regulator they don't have a case they just you know kind of make something up and hope that it sticks and uh you know like just having to defend yourself is the punishment and uh um but in this case i think what's going to happen is it's showing the world um you know that texacoin is transparent that there's this radical transparency that that when we say honest money when bobby talks about honesty know out of all ninety zoom calls that the investigator you know saw and everything he was exposed to and telegram chats he even went undercover uh to try to catch people doing things and he found zero times that bobby lied zero times that um that things weren't as close so Yeah, but you'd think that in ninety calls you could find something to show up with and put on the record, something, except for me mentioning an investment one time and the ROI like once or twice. What did you mean with the letter I? I'm glad you brought that up. Because another part that was clarified in this legal case, in this context, is that investment can mean different things. And it can be informally meant, like if somebody invests in a commodity like gold, that's not what the regulators are talking about when they say a regulated investment. There's an informal investment in commodities, and then there's a legal stock that has all these rules attached to it. You can invest in all kinds of stuff. You can invest in Beanie Babies. You can invest in Ken Griffey Jr. baseball cards. You can invest in... In your relationship with your spouse or child. Right. Exactly. Like you don't own the word investment, bro. It ain't yours. Right. Just because you said it like and we've talked about that on calls before. It's like you can't say invest. You can say invest. It doesn't make it a security. We shouldn't talk about it like it's a traditional investment. We should go out of our way to make sure that people understand that crypto is not anything like a traditional investment. But Avi covered that in his closing remarks where he said, look, it's not a question of whether or not every single purchaser of a mining package knew the disclosures or knew about these things. It's whether or not Bobby intentionally failed to disclose or intentionally lied about these things. I'm sitting there the whole time. I'm like, I'm waiting for it. I'm like, I had to have slipped up sooner or later somewhere. Somebody probably hit me while I was walking out of an event. Did you go bankrupt in, in, in what? No, I don't. I mean, what are you talking about? Oh, gotcha. Like, come on, man. Something you had something somewhere. I put together hundreds and hundreds of hours of calls that you, and you don't have anything. So, you know, that is, is really an eye opener because you go, huh, how did that get in there? And I covered that to a certain extent in my, in my closing remarks, as I mentioned a moment ago, I wanted to go deeper and it was probably not a good idea to go deeper. So I didn't go too deep in my little soapbox speech, but I, I did say like, come on, man, you're the commissioner of the Texas State Securities Board. You have the ability to jump up out of your chair right now and say, your honor, stop, stop. Don't throw our whole case away because we got a couple of things wrong. Give me an opportunity to correct these things voluntarily in good faith. Like we've seen it now. We've heard it. We know that minors were sent to people's homes. No one received any physical equipment whatsoever. I don't remember the exact line. Maybe you guys do, but like, it's just completely untrue. And so if you know, it's completely untrue, how about you change it real quick to not ruin your whole case because it's patently provably false. And the guy's response, you remember what his response was? It wasn't up to me. I wasn't the commissioner then. It wasn't my fault. You're the commissioner right now, bro. And you were the chief of the enforcement division. So it was your case. It's not like Fusile was just like, hey, I have an idea. I'm just going to run with this project on my own and invest hundreds of hours and time researching this thing and going undercover without his boss signing off on it. That was your department. It was your responsibility then. And it's your whole department's responsibility today under your leadership. So do the right thing and toss out the things that are lies. Like Avi said, every day that we have this fraud allegation out there, it damages our reputation. It hurts our ability to... I'll give you a perfect example. You want a perfect example? I was supposed to speak on the stage as a keynote at the Bitmain, our vendor, World Digital Mining Summit. They pulled it. Compliance said, nope. Accused fraud, can't put them on stage. Well, yeah, but that was kind of just disproven. No, it hurts us every single day to have a fraud. Look, the security question, we'll get to it. The fraud is what gives it teeth. And that's a really big deal that I'm going to talk more about in the last nine minutes. Maddie, other observations. Give me a couple of minutes for a wrap up here. So you got a couple more minutes. Go ahead. Yeah, so one of the biggest points that was made is that all you got when you bought a mining package was TXC, which is a commodity. And that was like the headline of like how we responded to the securities case. And there are some areas where it overlaps, where we're arguing Bobby always told the truth, which he did. And there were disclosures that he would have to make if it's a security or something, which he didn't make those disclosures voluntarily. But the takeaway here is that All you got when you bought a mining package was TXC, the commodity, and that seems like a thing that's legal under Texas law. I think there was a question about like whether seat swaps or like, you know, they weren't in the cease and desist. The TSSB was like trying to make a legal theory on the fly. And I don't know that they gave a particularly strong or weak argument on that. um but the other thing that was i think really interesting is there was a lot of time spent on asking the question of like who does the work and that's to like see whether texacoin fits into the howie test the most interesting point that our lawyers have made uh i think is that even if somebody is uh putting a mind together for a mining pool which sure, people could do home mining and that's good. But even if somebody is putting a mine together, that amount of work is so small compared to doing these trillions of calculations every second by hand right you know like so is even operating a mining pool is that minor is is that a very small amount of work compared to the amount of work that it takes to produce the commodity of txc which is trillions of computations every second and so that i think is also like a really interesting argument that was made in our favor Yeah, it's good. And that was covered in the closing remarks as well. It's like, look, how can it be that if you plug it in, not a security, Bobby plugs it in. Oh no. Security shut it down. Like, is that really what we're talking about here? Um, so yeah, man, I, they covered all the basis. I was happy, um, with the, the introduction. I was happy with my part, you know, um, I was happy with, uh, happened with all of their witnesses. It was happening with our witnesses. Anything else, Matty, to add real quick? Can I say real quick? Yeah. So just real quick, I think I counted two cases where TSSB witnesses that were speaking against us were caught to have been extorting Bobby, to where they said, we won't testify against you if you pay us off. That was wild. And then I think I caught two cases where they were pretending like if they heard about the mulligan meant bankruptcy. They would not have bought mining packages. And it was discovered that they themselves had bankruptcies, these witnesses, and they didn't tell people about it, even though Bobby did tell people about it. Not just that they didn't tell people, but they thought it would have been important. They thought they should have been told, but they didn't tell people about their bankruptcy and didn't think that it mattered if they had not told people about their bankruptcy. Or they just didn't recall being bankrupt. Well, it's like... sorry thank you for going thanks for uh um i'm hoping to get a full report that we can put on the website on the legal page as you remember um you know we we've got a full kind of linear accounting of all of the stuff that's happened in this case um and so we want to get your take and a nice article that we can put on there but we've only got a couple minutes left in the call and i want to talk about fraud because this is really the big part. And the big part in my mind is out of the way and it's done. Now, has the judge ruled on it? No. Has the TSSB modified the parts of the cease and desist that address fraud? Not yet. But to me, it doesn't matter because you saw it. I saw it. eight hundred people or six thousand people on YouTube saw it, that there was no fraud. Now, Avi in his closing remarks says Bobby didn't lie. Bobby never lied. I'm sure at some point in my life I've I've told a fib or a tall tale or two. But when it comes to this project, I haven't. And that's not because I'm the most honest person on planet Earth. Maybe I am. I don't know. But it's because I knew from day one that the only shot that this project had was if it was the one thing that was brutally honest, the one thing that was brutally transparent, the one thing that went out of its way, out of our way. to be upfront with people. And it became a virtue. I started with that foundation and then it became a virtue. You know, I almost looked forward to like the disclosures on the Tuesday and Thursday calls. It's more bad news, guys. I hate to have to say this, but we flipped that switch we've been waiting for and it didn't work. But we got it wrong. Because it's real. How do you know if something's real? Well, because it doesn't always go the way you plan. You know, if you win every single time, you're either the greatest person ever or you're a liar. And so the, you know, the reality of reality is truthful. You know, the thing that makes life real is the sour and the sweet. Like, you know, we didn't always want to share bad news with people. Like we told them, Hey, we're really excited about acquiring this hydroelectric facility in Gonzalez. Hey, it didn't work out. Here's what happened. Here's what we thought. Here's why we talked about it. And we feel a little stupid coming back to you and telling you that it didn't work out the way we wanted, but you have to hear from us because if we're always telling you everything went exactly the way it was playing, you know, it's fake. I, um, published this a long time ago, and I forgot all about it. And I didn't think our attorneys had access to it, but this is the MindTXC welcome brochure. I call it the glossy brochure. The success of TextPoint depends on a passionate growing community. Every new minor who joins us brings us one step closer to our goals. Share your excitement with friends, family, colleagues, and invite them to be a part of this revolutionary journey. I wrote this and I didn't know if our attorneys had it and it wasn't evident. I feel like I really missed the boat on this because it gets into our core values, character, transparency, honesty. We won't sugarcoat things. You may not always like what we have to say, but you can trust that we'll always tell you the truth. Whether it's good news or bad, we'll keep you informed as our mission progresses. Knowledge is power and making good decisions requires good information. We believe that nothing is worse than misleading our community or allowing bad information to shape important decisions. With us, you'll always know where you stand and what's happening but the next part's my favorite one these are the core values that define texacoin and we expect them to be reflected in our community of miners we're in this together watch our backs hold us accountable and together we can achieve a future built on trust integrity and success uncommon results require uncommon integrity let's set a new standard One that others will look to as a beacon of what's possible when character, transparency, and honesty lead the way. Guys, that's why we won. That's why we won. The verdict's not here yet. The order's not modified or set aside. But it doesn't matter because it's all public. It's on the record. You got to watch it. I watched it. We won. We showed the world that honesty matters. Transparency, character matter. Because when you show up with those things, you leave them with nothing. We're talking about building the future of money here, guys. We know that it's not gonna happen like a walk in the park. We know there's gonna be resistance. We know there's gonna be people there pushing back, whether they're trolls on the internet or they're undercover investigators who are willing to lie or overlook lies. And they can sleep at night with that. I don't know how they do it. It's not for me. It's all good. But we know we're going to be challenged on this thing. It's not like the banks that have been robbing the American people blind for the last hundred and thirteen years are just going to be, oh, sorry, we didn't know. We we thought we were doing good. I don't know. Like, they're not just going to step aside and be like, yeah, please, please, please fix everything for us. There's going to be resistance. But when you show up with character, transparency, and honesty, it will light the path and other people will join us. We're going to ask them for money. We're going to ask them to reach into their pocket if they're not in Texas and put some cash on the table. We're going to ask them to make a commitment of time and energy and resources to help move this project forward. And the only thing that we promise them is that we're going to be honest, we're going to be transparent, and we're going to work hard every day for our success. And if you want to roll up your sleeves and join us, that's called Texitcoin. That's what it is. That's what you get. TXC every day in your wallet if you join the mine, or the ability to look at your friends and your family and say, yeah, I did that other stupid thing and that thing with the pyramid and the lines, I did that, but now I'm in Texitcoin. And I'm held accountable to a standard of character, transparency, and honesty. And our people stood up in court. They didn't back down. They didn't surrender. They fought for what's right. And that's what the whole world saw in the last couple of days. And they're going to see it a lot more as the clips gets chopped up and we get the record and we start writing the reports. And win or lose, guys. know look i told you a while ago we'll shrug it off we'll take it on the chin it doesn't matter because you saw it i saw it they had nothing zero zero dishonesty zero lies and that means zero fraud whether the judge is willing to agree to that or not or they're willing to do the right thing and modify it based on all the stuff that they know who knows it's outside of my control but i know in my heart i did the right thing I know in my heart I told you guys and the four hundred forty six people that are listening right now to watch my back and to hold me accountable. And if we did that, we could win. Could not guaranteed, but we got a shot. And we're going to keep working hard towards our goals every single day. Guys, thanks for tuning in. We're out of time. I had a great week. I'm tired. I'm not done. Every birthday, Dr. Paul. Birthday. According to Eddie. Happy birthday, Dr. Paul. I got one thing to say. I got one thing to say, Bobby, because I didn't get it on the record, but I want to say it now. Say it. It seems like appropriate timing. Well, guys, when you take a mission as important as honest money and you pair that up with the financial technology of our time, you get Texacoins. I want to leave you guys with that. Stole my words. From that smart guy right there. We could end our call with that, but we're out of time. You guys are great. Thanks again. I'm leaving Amsterdam in a couple of days and journeying back to Asia for Bitcoin Hong Kong. And I thought I was going to be speaking at the main event. Maybe not. But either way, guys, we got a lot to look forward to in our bright future. Thanks so much. Matty, do we have an outro video ready to take us away? I do. I want to just tease that I heard that there might be some big announcements on Saturday night. So people will want to tune in again on these channels that you're watching now. And you're right. And thanks for remembering that. And I feel bad that I didn't spend any time on that, guys. Let's just say we're back, not in Texas, but everywhere else. And we'll talk more about it soon. All right, Matty, take us out, man. What do we got?