Digital Spacecast

Austin Writes an Article, We Chat Chia and Crypto and even a bit of Accounting

March 21, 2022 Jerod Moore (aka Digital Spaceport) + Austin Braunschweiger Season 1 Episode 9
Digital Spacecast
Austin Writes an Article, We Chat Chia and Crypto and even a bit of Accounting
Show Notes Transcript Chapter Markers

Austin has written an article recently and we chat about this in depth. We also cover the recent Chia AMA that I did with Kelly Ann Collins and Rowdy Rondy Cipher. We dig into a surprising amount of Crypto accounting talk also. Not to be missed!

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Austin. How are you doing today? Doing pretty good. How are you doing? Oh, man. I just got off a crypto Twitter binge there, so it's like you kind of blackout. You go on Twitter later on, you might look back and be like, Did I say that again? That I post a picture, that I posted a picture of that by the way, that's fair wording for some of the things that I've got on you. Just February, professor. So folks, if you haven't seen it, now would be a great time to look at Professor X. I think you should just get it out there for everybody. I mean, the audience they've seen here, they've seen the Amarillo. Is that how you pronounce it? Amarillo. But it's kind of hard to pronounce, but. Yeah, so we basically. Me and my business partner, we run a accounting firm and we have a video series called Engine Mind, which means not going to make it. Essentially, we're going through the story just of our business, my business partners. His name is Jeremy, and he's been the one kind of creating this. And it's been really fun. You know, we've been really transparent where we're just really documenting the story of our company, the struggles that we encounter. We are documenting like like I think a few episodes ago we went through our whole financials and then soon we're going to be going through our budget so stay tuned for that. So tell me a little bit more about in GMA because I also have this sneaking suspicion you guys are going to make it. Is that just me being optimistic? Okay. So I would say that. Okay. So first of all, when you look at companies just historically and the likelihood that they're going to make it, most of them actually don't. No, they do not. And for most companies, it takes around two years plus to actually become profitable. Okay. Right. So with that in mind, you know, yeah, we we did not pay ourselves in the beginning we needed to rack up cash and we could afford not paying ourselves. My partner Jeremy, actually, he was still working a full time job while we were starting this company. When he quit, we had a huge client. And, you know, that's when he was able to quit his job was because we had this huge client and and really, like, we actually, like, ended up losing that client. But, but yeah. So I think you're right, though. And I talked to a to Jeremy about this, and it's like, well, it's just a matter of time. And that's, that's what this game is. All businesses have that feeling. I've owned a business my longest running business for 12 years. And it is definitely that feeling. It's always like it's a matter of time. Eventually you build up enough of a nest that you're like, okay, that time is like years, so. Exactly. And really, you know, what we always tell our are our clients. And we also have to tell ourselves is that, you know, when your business is, you know, cash negative, like every month, you are, you know, spending more money than you're making. There's always levers that you can pull to ensure the solvency of your company. Right. You know, when you look at a financial statement, generally speaking, especially a service industry, type of business, the number one expense that your company has is payroll, right? So that's always the first lever that you can pull that will have an immediate impact to your PNL. So. So, yeah, so, you know, that's kind of what we're doing and, you know, link in the description if you want to check us out Absolutely. Yeah. And folks do check them out if you are looking for payroll accounting kind of stuff. Now, you're not like a tax filing firm, but you do yeah. Like payroll and stuff like that, right? Yeah. I mean, we do payroll and we do bookkeeping, but really like our like a value that we provide as we create a accounting system for your company. We create that like accounting system so that we can in turn tell the financial story of your company. And that's what we specialize in is financial storytelling. Most people don't understand what goes on in their business. Month-to-month and we meet with most of our clients on a monthly basis, walking them through the story of their company so that they know and can make decisions for tomorrow. So. Right, yeah. I had that set up with my company in I think 2013. It was about 2013. I had several large clients. I brought on a bookkeeper for about a year and I had payroll, I had employees, so I had to make sure everything was working fine and it was complex, but I'm glad I did it. The QuickBooks, it looks like I'm about to transition out of mainly because almost all of my payments nowadays are automated directly to the bank account and the reconciliation is not complex. Where it used to be fairly complex, I would be, you know, I had accounts receivable, I'd send out tons of bills. Now it's almost everything's automated, so it's like it's simplified my businesses and I have hosting subscriptions and other things. I guess now YouTube, I guess YouTube might actually be one of the more complicated accounting kind of things that I've undertaken. But yeah, it is something that as a business, you want to have at some point in time for sure. So you have clear line of sight and you're making sure that you're paying. And QuickBooks has just been they've just been on this continual push to move you towards a subscription. And now they finally done it to me. There's no way out of it. It's the same subscription. It's the same rate. Whether you go online or desktop. So I'm probably just going to say goodbye to them because I only send out invoices to one client. In that client, I can probably just put on a Stripe payment system and have them automatically pay me at any rate without having to actually send them invoices. It'd probably be easier to be honest with you. Yeah, definitely. We see for, you know, companies that you know, have like just a few select clients, not very complicated transactions. QuickBooks is a little much for them, however, for, you know, companies that have, you know, hundreds of transactions on a monthly basis, we definitely see that QuickBooks actually, that's the software that we use for our clients. And, and it definitely helps a lot with that. But, you know, if it's simple and it's then like everything's integrated, it's not really, really needed, right? So, yeah. So let's get back to Tia here. You wrote a scathing article and I'm going to start salutations. I'm going to go with that. It was a salacious article on sheer price. And so it's all about the win Lambo, folks. Go and check that out right now. Hit pause on the video. Go check that out. Read it, come back, hit play. Because that will be the context of everything else that you're going to learn here. So why don't you walk us through why you feel the way you feel? Well, I mean, I think that that there's a lot in that article. I feel like and like a lot of points, but I think I think if I were to sum up some of the major points, I think that one big argument that I make is that there's so much cheer in circulation right now that's that's being minted and that's coming into circulation. And, you know, I think that there's not much that you can really use to for at this moment. You know, if you look at other proof of stake type coins to participate in consensus, you have to buy large sums of the token and lock it up And so, you know, with with the type of crypto that that you really can only really transact with. Of course, like you can mint cats and you can trade cats. That's pretty cheap. You don't really have to spend a ton of skates to meet some cats. That's actually really very cheap. It's super cheap. And so it's like, you know, how I see it is there's not too much use. There's not too much need for for people to utilize the the the blockchain in its current state. There's still like a lot of features that that haven't been built out yet. There's so much Chia that's being minted that you know, there's just not enough buying pressure to support this much chip coming into circulation. And so I am planning I don't know if you know this, this is a horrifying concept from an accounting perspective. Yeah. So tell me how dumb I am. I have a WooCommerce store that I've been silently developing behind the scenes on my website. And Josh, who is behind the countless project, has created a WooCommerce Go Be Integrated plugin. That's really cool. That is really cool. Also accounting nightmare, though. Yeah. See there, I thought it would be. Yeah. And accounting that. So let me just ask your question really quick. The scale of accounting nightmare. Record the basis at the time of acquisition. Should I actually clear that out daily at a specific time and then record that to book? Or do you think I should just carry that? I know I should be consistent with whichever of those I do, or I shouldn't just vary them around. That will create a real nightmare. Well, I think that you definitely need to have a goal in mind. Like, for example, let's say if your goal is to fund the purchase of more exits, then, you know, it might just be good just to like hold it, right? But whatever that equates that comes in, whatever that exchange rate is and we're talking in the U.S., that's the amount of income that you have to claim. And then when you transfer that to a different coin or to Fiat, then you also have to claim that realized gain or loss on the transaction like like you would if you were trading stocks. So, okay. So yeah, that's it's essentially recording like you would be for a security. And that is going to be kind of a short term capital gains tax implication if you're taking that money and taking it out at that point in time also. So that's another thing to keep in consideration. So I definitely think I probably need to hire somebody to talk to me about that particular aspect. Is that something I can contact your company about? So that's a specialized thing, right? You don't specialize in, in, in crypto companies I mean, I do think that, you know, we have a good enough understanding to help people with that. But I don't know if if it would be beneficial for you to because I mean, it all really depends on the scale that you're doing this, right. If you have, you know, hundreds of transactions going through on a daily basis, yes. You need to hire like a third party to do this for you full time. If I have one transaction on a daily basis, I'm going to be like when that's how I view starting this out. So that's that's been pretty realistic. But also, I mean, I think I'll be selling some stuff that is fairly high value through the store. So it could be a larger transaction volume of that. And I, of course, will accept fiat if people want to pay through Fiat, it's not going to be like you have to pay me with exit. I think that you I think that you should just keep track of everything. I don't think that you really need to hire someone, the hiring someone comes into effect when you have to, you know, file your taxes and they're going to probably hate you. My my CPA, that that does my personal taxes is not very happy with with you know, like the fact that I have a two year farm and I mine and you know, I trade this and that, he's not happy at all with it. But yeah, I've got a family member and they track of it. I'm crazy. It's like, yeah, but I'm not really I don't think but you know, I think it's the trading of it that really sets off the alarm bells right there it is the trading of it. It makes it 20 times more complicated. Like if you just farm Tia or like, like you mind any other coin and you do nothing with it. It's very easy. It's beautiful. And this is not financial advice, not financial advice, not financial advice, but it's it's a lot easier to track in my experience when that's all that you're doing. But if you farm and then you end up transferring it over to like the Coinbase and then you trade a few things on Coinbase, and then you end up, you know, moving that, that like those around, it's like, okay, you're getting into some pretty complicated finance statement recording and just tracking. And there's the there's software that helps with that, but you still have to go in there and double check everything to make sure that it's all good. I use that software. It's not perfect. And boy, if you've been staking, oh, wow, you've got problems there. So I'm lucky that I'm not staked on anything currently, although this next year, I'm going to have a nightmare. I have a feeling that's in the works. That's next year's problem though, so I'll deal with that then. All right. So let's talk about a little bit more about the article here. So I think there are more things coming in the immediate horizon because I know that I'm not the only person that has this kind of proclivity towards selling things in that denomination or that denomination set. And I think that there could be even like a bigger company that is working behind the scenes on integrating and making that kind of a little bit more turnkey for people that I've got to dig deeper. But definitely there is some ways that you can get rid of your search for stuff but I agree the stuff aspect of it is hard. I've already gotten feedback based upon the Twitter spaces that we did yesterday. Now it's 2200. It was 1900 like several hours ago that has legs that spaces is getting pumped out there like crazy. And I absolutely am so glad that I did that. But there have been questions coming in to me that I have, you know, and folks, my DMS and stuff are always open. You can hit me up, I get like terrible amounts of spam. If you send me an email Don't be surprised if I don't respond. If you hit me up on my Twitter DMS, I can ferret out that spam. It's just a lot of spam. I will also join Charlie to the Discord as well. Because we're always in there. Yeah, yeah. Hit up the desk. We have a ton of fun in the Discord. Also, we do like. Yeah, I mean, but definitely if you are interested in that, feel free to reach out to me. I can point you to some guides about how to get started. There's a lot of people that just don't even know how to buy it. Like, seriously, just buying is a huge problem for a lot of people. So even on ramps to exit outside of the farming community are an issue. Yeah, and I talk about this to in my article and you know, and, you know, I think that she has tried to address this problem, you know, by partnering with Stabling, but I just still don't feel comfortable using stabling and, you know, with just the, the technical issues that they've had, that lack of support. If you've had a positive experience with stabling, please reach out. I would love to hear about I have experience. I know my name was rough. So tell me about your experience. I was doing a video on it actually, like right off the bat and I authorized my bank account, popped up a giant JavaScript. Oh, this doesn't work. I was like, Oh, son of a bleep. So I was like, Okay, maybe it was just the plaid service because they use plaid to plug into your your bank account. And I was like, Maybe I'll just try a different bank. Maybe it's that bank I tried through the digital spaceport, you know, account that's at a actual credit union that's crypto friendly. So I like I'll just try to chase. Chase is actually not that bad as far as crypto. I mean, they're not going to, you know, endorse that necessarily outright. But I don't I've never in the many years I've had Coinbase ran into a problem with Chase, so I connected it to chase different air but in there. So I was like, Okay, well, I'll give it some time. Every month I've gone back and checked. Neither one of those two accounts are capable of pulling up the records. It gives me some like returned to zero table when it was expecting a value. And I'm like, Oh my gosh, you've got to be kidding me all this time. And it's still up. Like on an engineering standpoint, you log all of the issues that happen on your servers, right? And then you go and you go through them and you delegate them out to people. You grouped them together and you say, this is a issue set that's common and it's happening. You delegated out, you have engineers fix it. Things get fixed that way when you run a software service company. And like, that hasn't happened. So that right there has me clued in that there could be something like, I'm not happy with what's happening over at Stable myself either, and I don't actually recommend it to people when they're interested in getting onboarded to exchange as that just for that reason. Yeah. And you know, I think that the proof that that that like people are having issues is, you know, like I just look at hash green and how screen publicizes the amount of volume X $2 pair that's occurring and you know in the past 24 hours only 32 X volume and the USGS that was exchange in the past 24 hours it was only $2,100 do they have a total of all transaction values? Do they keep that metric in report that that'd be interesting if they did like all the credits they did but I think they have it internally but they don't publicize that. But you know, I mean I look at a like a like a lot of the cats and there's like there's not too much activity now to be fair. There's, there's other exchanges, there's offer pool, there's offer being so like this isn't the only one. But I mean, still like that is not a lot of volume. I mean, in just a number of transactions so far today on the 18th one, two, three, four, five, six, seven, eight, nine, ten. Right. You know, I think that that's I mean, you're looking at primarily, in my opinion, people that are interested in getting through that channel into the catch that like the offer file ecosphere. I think that's like a stage two after you on board people like people ask me I've been telling them in the past gate now I'm like, okay. It's like, you know I tell people coo coin I coin I don't know if they allow withdrawals because I think they've they've gone back and forth they have on withdrawals but that's how I've I've purchased in the past and I've only purchased once and not a lot, but I just want to try it. But yeah, I mean, I think that that like, it's just really hard to get your hands on it, especially if you're in the U.S. It's even harder. And that, that's crazy, right? That is crazy. Yeah. The only way is to farm. I mean, like the only easiest way is to farm. But there is a lot of time and cost to go through that process of farming. Right? It feels like there should be like a somebody who's willing to be like an old fashioned broker. I'm not going to do this myself, folks who don't ask me to do it. I don't think Austin's going to do it either, but he might. So maybe you ask him. His Twitter account is a what is that? He runs Fargo, a branch swag. Yeah. Yeah, I'll just link it. Don't try to spell it. Yeah, but I mean, there's like a more traditional, like, hey, you want to h tell me how much you wanna send me the money? I'm going to take a fee on top of it. And then I'm going to send you have my check. You have bought like that. There may be a more traditional approach that could work to get people inbound. I don't know. I mean, that's only a scalable as the human behind it is, and that could run into a lot of problems if people are trying to transact or get on board at a high rate of volume. But it almost feels like that would be faster than some of the other things. Now all of a sudden you run into your money changer. Does that mean KYC, AML? I think it does. I think it does. There's too much regulation involved with that. And the the price or in the United States. Yes, correct. But the amount of liability that that person would have versus the amount of money that like they could potentially make, I don't think it's worth it. That's my own opinion. If you're subject to KYC and AML, which is I believe almost it's a hell of a lot of countries that are subject to that, then I think that that would be pretty darn hard to get into and come out on the positive with the risk that you would be taking. So yeah. Yeah, that definitely see, that's a problem. That is a problem. Needs to be easy. It really does. And I'm not going to sell them my exchange because no, I don't. I don't want to give them first of all, like the impression that I'm dumping my bags on them. And second of all, you know, I'm trying to hold my associates for as long as I can. Well, I'm, I'm in a accumulate mode up until like straight like straight the having is really kind of my target. Like, I have like theoretically a year and a day that's just taxing. But like real early, it's like the having is where I would actually be like, okay, maybe I could sell some. And that's just because it's going to become significantly harder. I talked to somebody today and they didn't even know that was happening. I think actually there's a probably very large portion of the audience that doesn't know that that's going to have happened. That is scheduled to happen sometime in 20, 24, correct? Yeah. Yeah. I'm pretty sure I should look in the white paper three years. It's, it's for sure every three years. So I think in two years from now. Yeah, I need to double check that. Yeah. You double check that while we keep chattering here. Yeah. So folks, if you have not taken the time to subscribe and hit like make sure you do that links to that medium article. Ah below there's a couple of things that I think I have to say that I'm like maybe I don't agree with. So there are some things that I think I, I don't know. Maybe it's that you are a very rational person that is looking for rationality in crypto. I do not think that rational city in crypto necessarily plays out like possibly other markets. I think that that is both a that might be a weakness that might be a strength. That's it's hard to classify what that is. But definitely rationality has not currently been exhibited in many crypto endeavors out there. I think we just saw two days ago or a day ago, whatever that was a rug, the AIP thing, I don't know if that was a rug or not. Like there was a huge space is saying it was a rug. Everything was probably bro. I was like, okay, dude, dude, dude, dude, dude. Like 400 million, like 500 million. I was like, okay. But you know, somebody, I arguably whatever's happened there is not necessarily rational on an ERC 20 to be tossing those kind of funds at it that volume dwarfs is volume on a daily basis. What happened to there currently like I think it was what, 8 million, 12 or 20 million, something like that for the daily volume on and they have like volumes that are in the like hundreds of millions on just that GRC 28 nothing. So yeah. Yeah. So, so just to go back to the having yeah. So it's every three years so it's been about one year so far. So after the next two years then we should expect a having and so currently today, just to kind of give you some background, the farming rewards per year is 3.36 million x h comes into circulation every year. Now the following year you could cut in half 1.68 million. So that's half. And you know, oftentimes people will argue that due to the amount coming into circulation decreasing, the price goes up because there's less supply that's being introduced. Right. I don't think that happens immediately. And looking at Bitcoin, that does not happen. And it does not as a matter of fact, there's usually like a lot of curmudgeonly activity around that. But if you look at what I do believe is fast emerging to be and with Chia, I think this is very arguable a third consensus, the third consensus model that is very viable, very large and will have very long history moving forward. I think as far as L ones, there has been a lot of, you know, bad things that a lot of volatility, not necessarily bad things, but a lot of volatility around those events. Yeah. And so I would like to go back to your point about the rationality of the crypto markets. And and I think you make a really good point and I appreciate that perspective. I do try and rationalize things. I mean, when you're sitting or at least for me, like when I'm sitting here looking at my, you know, gooey and I'm like, okay, estimated time to win, is this okay? So, you know, okay, so how much am I going to make right now? And I do that like multiple times a week, if not every day. And, you know, like, I factor in the total current net space. And so I wonder if all the windows farmers are doing that. I bet you anything they are because they're probably sitting behind their terminal looking at it all the time. Oh, my God. I mean, it's always here at my computer. It's always open. And so I'm always looking at it. I just hit a block like a few days ago, so I'm super stoked on that. But, but I, I like, I do try and be rational about it. Like, I'm like, okay, let's look at what we know right now. That's factual. Let's take a look at the past. Let's take a look at what's coming up and let's try and to do some things from that. And so that's what I kind of try and do my article. But you also make a really good point that rationality in the crypto space and even in just markets in general. Yeah, it's a hard it's a it's a fine line, you know, well, when things happen, when things move that generates interest, that interest sometimes has out outpaced effects on what the actual realized gains could be during that time frame. And so I know that I said some stuff to you months back and you're like, Yeah, but it's years off. However, I now know that it's not years off. So do you remember us talking about it? We were talking about Game Tech. Yeah, Game five and you were like, It's years off. It's not this. It's definitely not. Okay, time, definitely not. But are you watching the videos that I'm doing and I am. I am the Green Weeds team. I know, but I want you to explain to our audience. I know them. Yeah. So definitely the you see, I forgot they were here right now. The Green Wings team has definitely put out something that is really cool. So far. It's a prototype metaverse it is going to have in portables, as in portables being things like in a t 3D WebGL kind of things. You can go right now today to the Green Wings website and play in their metaverse. How freaking cool is that? You can bring in your ready player. Me, I brought in my ready player me. I was able to fly around in their metaverse. Granted, there's not a lot of interactivity at the moment. There's a lot of programing. I'm sure that happens on the backend that is like that. That's their proof of concept is very fleshed out for a scalable, expanding world that is very large that you would be able to go into now bringing features into that, like the ability to buy things for Axia that would really game change. That's like the Decentraland effect, you know, creating their own tat, I think is what they will use for that in-game currency possibly. But certainly the conversation we had with Greg surrounding that, I think after I, you know, went and played that it was like a day later I couldn't get it into the video. But if you check my Twitter, which you should always be on my Twitter because it's lit, then you can it's like that's true. That's true. But that Twitter account definitely has a picture of me in my ready player me and I'm in the there metaverse. So I mean get game five stuff happening like today, not like in the future. And that's unity based. And so the ability to create more and more, you know, stuff on top of unity can happen pretty quick once you have the basis for a massive multiplayer and interactive space created. So yeah, I don't think years I'll say that. I definitely do not feel years, not on that one. That one's ready. That one's like, if I can get in and do it already, that's like that's there it is there. And it was super cool talking to Greg just about, you know, what the, the future could potentially look like, the near future. And it's just amazing to see what he's building and yeah, I'm just really excited to, to like for him to integrate like a cat into the metaverse. And then that's the in-game currency. I kind of you know, imagine because I have my, my Oculus, so I just can't wait to, you know, jump in there and, you know, start, start utilizing the Chia Blockchain while I'm also in the metaverse like that seems really cool. So. Well, you know, the other thing is like, so think about this. We've collected a ton of cats, right? Okay. I don't even know. I I've got all these unidentified cat wallets I need to go in and like figure out who they are, put their tail into the tails database. Excellent resource, by the way, out there, the tails database. Make sure you check that out. If you're finding that you've got cats that you don't understand what they are, find out what they are. I have no idea what I've purchased, what I've gotten, what I've received, but it's a ton of them. I've got multiple wallets. I have a cat only wallet that I can know. It's like you can only scroll so far and it's like, that's a lot of cats. So I think that we could see even, you know, the import ability of other cats into certain eco spheres. Like that's pretty cool. And if they're come in as some sort of a object that you can utilize or trade in that sphere, there's going to be like, awesome. Now, do you think that that actually incurs a tax liability? If I traded in-game NFT for another in-game NFT, please tell me a yes yeah. God damn it. What is this country coming to? I just wanted to have fun in the metaverse, see? And that's the thing with with, with all that fun that you're having, there's always going to be a downside to it, right? What if it has no value? So is it demonstrated value or is it stated as value? Like suppose Steve comes up with the cat and they say this has no value, but yet later on people can trade it for money. Does that put it? What do you think about that? Okay. So I want to draw a parallel here. Okay. I know if you've ever played Runes Game way back. Yeah. It's not recent. Okay. So the idea behind it is Runescape, this open world. It's a game that you can interact with. It's an RPG and as an in-game currency. Now you can go in the black market and purchase this in-game currency with real Fiat. Now, is that a taxable event? I mean, for the person selling it? Yes, technically, right. But for the person that is interacting with that currency in the actual game, it's not really supposed to be a tradeable in world thing, right? I mean, they're terms of service like you explicitly says that it's that you will get banned if you do this, I'm pretty sure. Oh, okay. But so it's like if if the intention of this is to be a stablecoin pegged at $0, the only value that it has is in this ecosystem. Then I would say no, but if you can buy that in-game currency with exchange, then yes, it has value outside of the game and therefore it is a taxable event. Now I'm looking at a moonscape right here in the U.S., not remember this, not the old school or the new one. So yeah, there is a moonscape one. And then runes came two and then Runescape three. So they don't have Runescape one anymore, but it looks like night and day different to old school Runescape. It's like old, old school and skate. But we digress. But one thing that I did want to kind of touch on is, is kind of the ability so like the people's ability to get it right. We were talking about that and you know, like I wanted to also provide additional argument to that. And, you know, if if you're someone who wants to sink their teeth into Asia and you want to, you know, be involved in the ecosystem, you might want to purchase the coin or you might want to farm like what? What's the most likely thing for someone to do? I mean, we just talked about how hard it was for you to buy it. So what is the next best thing to do is to buy the hardware associated so that you can accumulate it over time. Right. So would you rather buy this coin, this this this digital asset that could potentially go to zero? Or would you rather buy hardware or just utilize, you know, stuff that you have laying around to accumulate this digital asset that could go to zero? Right. And the argument like is that it has value outside of itself. Right? It does. It does. And you can transact that. And like, seriously, it's it has a longer lifespan than most people might think. And a hard drive is very capable of living a very long lifespan unless you keep them inside of a very tightly enclosed cabinet, possibly with a really dangerous fire hazard level of cords coming out of the back of it. Then then everything's at risk because I feel tell it. I feel it's your cable management. Is it gotten better or is it the same part? So as so I'm waiting for my buddy that that I got my half of the rig from. He forgot to include a huge 24 strip or like a 24 plug power strip. So right now it's like, you know, external outlet plugged into external out like outlet and it's just like a huge absolute mess. But this weekend I'm going home to where I grew up and I'm picking up that 24 plug strip and I will be very excited to not have as much of a fire hazard. Look, if it will be a fire hazard after night. You know, if you I, here's one thing I would say, if you organize and get some Velcro, Velcro is great. If you can find like some cheap Velcro, they sell it at Walmart for like $3 for a big fat roll of it and you can just cut off pieces, then you can bundle up into logical little groups. You're kind of USB and keep that separate, separate and then like this, right? Yeah. Nice focus that that's not enough. But yeah, it's definitely not enough. Definitely not enough. Not for that pile of like. Yeah, I agree. But yeah, but that that'll that'll save you so much organizational stuff right there. And I use Velcro like all the time on my racks and stuff. I braid most of my Ethernet cables when I do them so that they stay tight for each like cluster and group of them. That goes to a specific server. I mean, you don't need to braid them or anything like that. That's overkill to be honest with you. And honestly, USB cable is you don't want to braid those. And also there's little power wires. You would not want to braid those. But definitely I think that you've got a mess. But how are your temps are you temps good? They are. I'm actually pretty happy with them. And the reason why they're good is because I leave the cabinet open. And so like the front, if it's closed it's like a little bit of a mesh and then the back is like completely open. And so if you want to see what my rig looks like, hop into the discord. I have some pictures there. And but in the rig pics, folks in the race, we want to see your rigs as well. But but yeah. So, you know, I have fans that help push the air from the front all the way to the back, if I could put it on top of the drives and have air flowing up. That's kind of what I think would be best. But there's not enough room for it. But generally speaking, depending on the time of day, I think during the hottest time of the day, it's like 45 degrees Celsius at worst. And normally it's around 40, maybe as low as 37. So honestly, I'm pretty happy with those temperatures and I can fit another seven hard drives. So, you know, let me add to the heat load. I love it. I do, I do want to get more. But, you know, I think I've settled down a little bit with like buy. I haven't bought anything like in months actually here's my and here's what I anticipate. There's and this is like we we had a huge event when people got into this and like I had this conversation with somebody today and it didn't occur to me that there are tons of people that might be newer to crypto that do not understand scale effect of your farm or your mining operation. And this person made a statement, they said, my, my Chia Farm doesn't pay me back. And I'm like, wait, but hold on a second. So let's say you want to make a specific amount. So a lot of people just kind of throw stuff at stuff in there. Like it's not magic and it's not huge. And I don't understand why. So I talked through this with the person. I'm doing a whole piece on this, so make sure you it's up to the channel, folks, and that bell rang it up because this is going to be something you definitely need if you have not got this concept in general crypto before A, this will be an eye opener for you. A lot of people don't understand. I said, let's target $100. You want to make $100. And I was like, Okay, how many s 19 are you going to need to make $100? And it turns out you need about $74,000 worth of S19 to make $100 a day. Turns out you need somewhere around $72,000 worth of hardware for chia and it turns out you need somewhere around 69 and a half thousand dollars worth of GPUs for doing if this is scale effect. So this is, I guess when I've said it in the past I haven't like drawn out this comparison of this is what it takes to make blank a day. This is a common artifact of the crypto sphere. This is why when people saw it Chia, they may not have realized implicitly why they were so drawn to start up a 40 terabyte farm and feel like they were going to land on that. A lot of people did not Lambo, but they did set up a 40 terabyte farm and they thought they were going to Lambo. That's because it was so outpaced. It was ridiculous. It blew the earnings of whatever other cryptos you were looking at out of the water for a two week period. So that's exactly what I was expecting. When I saw that huge peak, I was like, Oh, this is not going to last. There's no way that they're going to be able to change the dynamic of what hardware is able to earn and tie back to people it is amazing how almost every single crypto out there that is a major player in crypto has that kind of bar minimum to it. That is very consistent. It scales with the other cryptos over time, and that is really in effect. I mean, when we were seeing $50,000 or 45 to $50,000 BTC in the November ish I believe timeframe, we're seeing three ish, almost $4,000 eth like Chia was back in that time frame more than it is now also. And I mean I was doing this like in my head and I never thought to myself I should share it until recently when this person said that and I was like, wait, they don't, they don't understand the effect of like scale amplification of whatever crypto mining operation you're going to do. There is a scale amplification effect. There is pretty much across the board so that is something that will be gone into in detail. We'll have spreadsheets around that. Also, folks make sure, like I said, hit that notification bell. Make sure that you follow that if this if this sounds like you have no idea what the fuck I'm talking about. Make sure you hit that notification bell because you definitely need to know what the hell is going on. Yeah. When you are building any sort of a crypto operation, for a long term period of time, I'm in this long term. I know that you're in this long term like farmer life, right? Honestly? Yeah. You know, I think that looking at this on a short term basis is just not the way to go. You just went when trying to approach mining crypto just in general, like mining or farming. I think it's really cool to see the comparability of chia mining or chia farming, Bitcoin mining and Etherium mining it's it's incredible actually to see how close they all are and the fact that she is better than Bitcoin. And so is that only in the EU or is that also in America? As well? In America, Chia is better. And now this was as the calculations I did yesterday. So the equilibrium point between exchange and Chia are I'm sorry and bitcoin was 11.2 $0.05. So that's where you hit that cross. So if you're electricity rate per kilowatt hour was above that. That was as of yesterday then you are better off being a chia farmer. So that says something about the scale of costs moving forward. If you have an electricity rate that is higher than that, you're going to be losing out potentially what your return daily on investment looks like. So that and that's where that that's that's me my my bill is double that so I'm out I'm I'm on Bitcoin. It's dude you would never want to be mining Bitcoin. Those are three kilowatt machines to get even like started on and like most household circuits really aren't geared towards them like they really need like a warehouse to be honest with you. If you want to run it, you need a warehouse. You don't want to be running three kilowatts on a circuit and just like, oh, I'll add another one. Oh, and my wires burned up and I got a fire. I mean, that's like that. That's a real thing. That definitely happens but you know, the point where it happens for Ethe is different. 22.5 cents was where that crossover equilibrium point happens for Ethe. Now, in the United States, the average electricity rate, $0.13 per kilowatt hour. So, yes, even more profitable. And we've seen that in the analysis that I've done. However, it has what going on, what's going to merge is coming up. And I mean, just yesterday I was reading like some tweets from Sun of Attack and I was like, whoa, I saw one that was big and stood out to me right away. I was like, that's huge. So whenever Merge goes live and you've got your 32, we've staked hooray. I can stay locked. Yeah, yeah. You're locked up in that. I don't know how long that lockup is, but there's going to be a temporary lockup in there. So that's you know, I think the people from ETH see what they're doing is like super dangerous. Like, I cannot imagine they're sleeping well over there. I think that that is it's interesting to me. I mean, I, it's interesting to me. We'll see what happens. I could be wrong. And again, none of this is financial advice, but there is definitely an impetus. I mean, I think it was Vitalik on the cover of Time magazine is solving the world's problems. What? I don't think that at all. But whatever if people want to attribute Chiro stuff to somebody, I let them win. Win, Bram, yeah. Yeah. I think I think he could eventually make it. Eventually. Look, here's the here's the reality of what has happened to Bram. This is the reality. And so, all joking aside, what Bram Cohen did with, you know, BitTorrent, it changed the world old and people didn't realize it. I don't know if he thought of it even when he was doing it and mean got it. Just been like, this is cool. I'm going to do this. Like, seriously, it could have just been like that. But I mean, that created pressure that the MPAA and the RIAA had to ship. Like, you enjoy your Netflix, you enjoy your Spotify. Well, okay, maybe I don't enjoy my Spotify as much as you can. Again, hit me up on my Twitter. You'll find out why they like Spotify is so pigeonholed. I'm like, Oh, I want to listen to the same song for the 15th time. No, I don't. But it's going to make me there's no reset. And that's how it really gets the Can I just start over? You know, I not just start over on Spotify, but he forced the industry to digitize and offer things in a competitive fashion to what people were able to get with BitTorrent, whether that was the intended goal or not. If you enjoy Netflix, if you enjoy Amazon Prime Video's, if you enjoy your iTunes, if you enjoy your everything almost, you should really thank him for what he brought about because that's squarely on him. The massive uptake that we've seen. Yeah, I don't know if he's really like, I mean, I don't want to maybe he's like wildly genius and he's just completely playing it all under the covers. It could be. And he's just thinking, oh haha, I know that this is, I know she is going to change it. Like seriously, she is going to change everything about cryptocurrency, about way, the ways people transact with data layer, the way that businesses and organizations can synchronize data sets. I mean, there is tons of amazing things that are coming down the pipeline thanks to Chia. It is great technology. Kat is great technology yet so is good and Chia is built upon and expounding upon that. That is just something that, you know, it's, it's a win. This combination is a win long term and I would love to see it go get to it. Do it when when TIME magazine win win, win win. Oh, I thought you were you saying like when I thought you were going to go win Bram covered well also that to them yeah when Bram covered time I know, but we'll see these things just take time. So did you did you get a chance to listen in to what we did yesterday? About the the spaces, the OR Yes, I thought the spaces was fantastic. The only thing is I just wish it was longer like this. Wish it was longer. You don't understand marketing yet, but you will. You will you get a lot of money more? I don't know, really actually do. That's. Yeah, that's that no lie you do. Got it. But I think that also it was geared towards a more entry level audience. Yeah. Kellyanne definitely has a different audience than our typical audience, and they definitely are interested. And I mean, I think it was 2.2 thousand last time that I checked that had gone through that stream and it continues to rise. So that is good outreach. I am continually telling people to step outside in a positive fashion and let people know about China because that is a great way to get interest in the ecosphere. And there is huge like people don't know about it. I think the farmers and miners of cryptocurrency are pretty well informed about it. I think other people outside of that have not even a clue about it. Zero. Yeah, yeah. It's amazing. I mean, I told my brother about it. He was like, I want to buy some. I was like, it's kind of hard. He was like, Can you just send me some lines? Like, Movie man, but no maybe for his birthday, his birthday's coming up, he might get some XP. So the only thing okay, so the only place where you can buy exchange is in the US, but you can't take it out of And I don't like telling people to do that if it's not their keys. So your keys, not your coin. I'm going to pass on that like legit, legit. All you can do is trade it for other things and then like can you send other things out of I know you can probably get, you know, dog out of You can probably get tether out of their circle. You could probably get BTC if you want to incur some fees, you can probably get ETH if you want to incur a lot of fees, but it's you're not going to take that exchange and do anything with it. That's not really your exchange. Yeah. And that's just, that's just raising the wrong way. So I'm a I'm going to say pass on that for sure. Yeah. So is there anything else you wish you would have included in your article? Because I believe that if I'm not mistaken, Medium has an edit button, but let me challenge you with this. Like I mentioned, marketing, leaving them wanting more when next article. Well, so in answering first your question about do I wish I missed or have I miss anything that I wish I would have included? I don't think so yet. You know, I've I've heard a handful of perspectives, yours and then a few others as well. And you know, I think that really good perspectives that I need to sleep on more. But you know, I like this my first time writing something. So please be nice if you're going to give feedback but you know I like I think that this breaks folks be gentle when you touch them. I do my feelings get hurt actually. But but yeah. So so I mean I don't really said that I believed that for a second there. I was like, oh my God, I'm horrible. I'm just absolutely the worst for him to deal. Oh, well, but, you know, I think that this might be something that I do when I feel like I'm ready to write something. This. So pretty much after I wrote my Twitter thread like a few days after I started writing this. So it's been about a month since I originally did my my Twitter thread, and I wrote a majority of it actually right after my Twitter thread, but then kind of sat on it for a while because I like I really wanted to ensure that I was being thoughtful about it. And I also wanted to wait until the price hit another all time low because I felt like it was more relevant to post it at that time. So I wrote most of it a while ago and then added and like polished, you know, over the past month. But, you know, another thing, if you're seeing that people aren't finishing the reading of it like their time on page is really low or something, you might add some more pictures because pictures, there's ripeness here for pictures. You could throw in some really great pictures. Maybe that's that's really good advice. I think for my next one, I'll throw in some more Lambos, maybe some wins. I dig the green Lambo. I've got to say, green Lambo is hot Lambo. I did not see a green. I've never seen a green Lambo. I've seen a lot of Lambos in Austin, like a freakish amount, which is crazy because the roads around here are not really great for anything like it. They're great for getting hit with rocks but yeah, there's a ton of lambos on the roads around here. It has gotten a little bit crazy. I think I need to adjust my insurance on my car. Also, I don't know if I get in an accident with a Lambo. Going to be a world of shit all right. So folks, make sure you hit us up. I tell people where they can find you and get more information about you. Yes, you can find me on Twitter. That's a Bron swag on Twitter. And then on Medium. I'm Austin Brown Tiger. It's quite a long one, so just go to my Twitter to see most of the stuff on there. You can also find us in the discord. We hang out there a whole bunch. That's where we mostly engage with people. So please hop in there. Come say hi, talk about the price of TIA, talk about hardware. Like if you have any questions. We're always here to just help people out and and introduce people to the community. So yeah, and there's a lot of people there other than me to ask also. So you do not have to just straight up DM me your incredibly complex questions. There's tons of really smart people there. Yeah. But I would also say you want to drop your website for your accounting business also. Oh yeah, sure. So my accounting company, the website is a a r l o dot SEO, so ma loco. I feel free to check that out. And if you need accounting, well let me know I'm here to help you tell the story, the financial story of your company. So and they have a really good I am wildly entertained with your business partner and what he is putting together. I have not watched the one from today, but I am looking forward to it. And I know me and my wife are going to sit down behind the TV and watch it here in a little bit. So yeah, that it's literally a sit down behind the TV and watch it on the back of it. Thank you. Yeah, no, it's very interesting. He's got he's really good at YouTube. He, he kind of is. He, he was really good at keeping people engaged and like it's always he's this ran with this thing. And I just I feel so like entertained and I want to know what's going to happen. And I'm like, in the company, you know, can we release the TV Guide next step of the day without my shirt yeah, pretty much. All right, everybody, make sure that you hit us up by the things in the leagues below and have a great rest of your day.

Intro and some non chia Accounting Stuff Talk
Chia Signals to Look For before rocket
Chia Halving as a Concept
Are Crypto Markets Logical?
Chia Onramps for buying
Chia farming vs Bitcoin vs Ethereum
Is Bram Cohen Changing the world with Chia