Crypto Hipster Presents…Shooting from the Hip! Episode 8: Safeguarding Investors Against Pump and Dump Schemes by Building a Best-in-Breed, Multiple Asset-Backed Cryptocurrency, with Jack McInerney

[00:00:01] Hello everybody and welcome to the Crypto Hipster podcast. This is your host Jamil Hasan the Crypto Hipster where I interview founders entrepreneurs

[00:00:09] executives thought leaders artists you name it all over the world of crypto and blockchain

[00:00:16] globally and I have an amazing I always have amazing guests on my show. I have another amazing guest for you

[00:00:23] He is the principal of renewal renewal coin group. His name is Jack

[00:00:29] Mika Nerney Jack welcome

[00:00:32] It's actually pronounced Mac and Ernie

[00:00:35] It's you you pronounce it in the Scottish way

[00:00:39] Scots

[00:00:40] Have MAC we have MC so you're forced to put either an I or an A between it and if it's followed by a

[00:00:48] consonant

[00:00:49] It's a

[00:00:51] I'm sorry. It's I like McDonald's if it's followed by a vowel

[00:00:55] It's an A so it's Mac and Ernie. So you remember my name is three people

[00:01:01] Jack Mac and Ernie Jack Mac and Ernie

[00:01:05] I'm a junior my father taught me that

[00:01:09] How was it thinking the Sesame Street, but hey it works

[00:01:12] Or if you want to visual think of a jack in the box putting a big Mac into Ernie of Sesame Street. I

[00:01:18] like it too

[00:01:21] Nice well pleasure to have you here. Thank you for joining me and

[00:01:26] Let me kick things off and I was asked the first question

[00:01:29] You had amazing answers they're buddy so different but what is your background?

[00:01:33] And is it a logical background for what you're doing now?

[00:01:37] Well as Liam Neeson likes to say over a long career

[00:01:42] I've developed a certain particular set of skills that led me to this point that make me a nightmare for my competition. I

[00:01:50] I

[00:01:51] Out of college in my 20s and 30s. I spent nearly two decades at the biggest

[00:01:57] derivative exchanges on the planet the Chicago border trade the Chicago mercantile exchange the Chicago board of options and

[00:02:05] Spent a little time and some minor exchanges. So I've seen the big and the small

[00:02:09] While I was there I retired out of there as a

[00:02:13] divisional seat chairman of the index debt and energy markets

[00:02:18] But while I was there, I'm one of the few if only

[00:02:23] Pit brokers to every ever write a

[00:02:27] commodity futures contract that got

[00:02:30] certified by the CFTC and actually traded on two different exchanges and that was a currency

[00:02:37] Index contract. So here I am at the end of my career in currencies again

[00:02:44] But I traded the Swiss Frank the Deutsch mark the Canadian dollar while I was on those exchanges and I traveled setting up

[00:02:52] exchanges

[00:02:53] around the world in Ireland the Ukraine

[00:02:56] Taiwan a few other places near and far, but I've had a dual-track career of

[00:03:03] finance and technology on the finance part was the

[00:03:07] Exchange parts, but I was also a state banker for three years

[00:03:12] Where we did industrial revenue bonds, which are

[00:03:16] Documents that are a thousand pages long and will cure insomnia

[00:03:20] Reading those will put you to sleep

[00:03:22] On the tech side I worked for a little place called Lucent Technologies

[00:03:27] huge telephony place and I also

[00:03:32] Found it and executive produced

[00:03:35] 738 television shows on one of the world's first internet TV networks called in time TV

[00:03:42] We did medical talk shows. So we had a one-hour shows

[00:03:47] Nephrology

[00:03:49] cardiology

[00:03:50] Pulmonology people called us the organ of the hour network

[00:03:57] We never had one on reproductive health, but that would have been interesting

[00:04:01] Oh

[00:04:03] Yeah, so so my on the educational side mine I

[00:04:09] Majored in computer science for my undergrad my graduate

[00:04:14] Degree is in information systems and structures or what some people call a big data degree

[00:04:20] But it lends. It's the closest degree you can have to crypto

[00:04:24] So as I like to tell people I'm one of the

[00:04:27] 917 Americans that can actually explain the blockchain to you

[00:04:31] The problem is it takes four hours to do it and it's so crushingly dull. You may lose the will to live

[00:04:42] Let's talk hashtags over lunch, yeah, let's not say we did

[00:04:47] So that's roughly my background

[00:04:52] I love it. I built databases at AIG for 20 years. So I

[00:04:58] You know, I probably wanted us to 917 as well

[00:05:04] Did a little of that it loosened

[00:05:07] nice so

[00:05:09] You called yourself and I'm gonna quote you. Oh

[00:05:13] Yeah, the world's biggest crypto skeptic. Yes, and now you find yourself back in crypto back back in

[00:05:22] Currencies so yes, I had to renew a coin, you know, what's that all about?

[00:05:27] What makes such a unique opportunity and why?

[00:05:30] As a skeptic are you building crypto? Thank you for asking me four questions at once

[00:05:37] Gotta you a member of the press

[00:05:41] Let me start with my crypto journey my first I have two crypto journeys. My first one is simply watching the price. I

[00:05:48] Knew what Bitcoin was right off the bat because of my academic trading and my banking

[00:05:54] career

[00:05:55] And when Bitcoin hit $300 I laughed out loud

[00:06:01] When my ex-wife who was right about everything

[00:06:04] Was buying it next to me in bed at 3500 bucks a coin. I giggled at her

[00:06:10] She she was a surgeon and she knew what to do with a scalpel and I slept next to her

[00:06:14] So I didn't have the guts to laugh at her. So I just giggled

[00:06:18] When Bitcoin hit 30,000 I laughed hysterically

[00:06:23] When it hit 68,000 I stopped laughing had a moment of reflection and asked myself Jack

[00:06:31] Is the rest of the world world crazy and is Jack right or am I missing something and

[00:06:39] After a moment of meditation

[00:06:41] I determined that yes

[00:06:43] I was right and the rest of the world was still crazy and this thing was going to bomb and it then went proceeded down to

[00:06:52] $13,000 and I felt vindicated. Well last month it hit $73,000 so much for vindication

[00:06:59] So that was my first crypto journey

[00:07:02] My second crypto journey is what psychologists call a triggering event. I

[00:07:08] Was at a corporate function. I think at a law firm

[00:07:12] and

[00:07:13] You know after hours kind of like a cocktail party introducing new customers or clients or whatever and

[00:07:20] The place is packed and I'm sitting there minding my own business having my adult beverage and

[00:07:29] I'm getting cornered literally in a corner

[00:07:33] And this guy turns around and he's in my face and it's Bob and Bob is what we call a Bitcoin maximalist

[00:07:41] Now there are several

[00:07:43] definitions

[00:07:44] Let me treat you to my definition of Bitcoin maximalist

[00:07:49] Is anybody who's purchased Bitcoin under $200 and

[00:07:54] To the person they all think their geniuses instead of very very very very very lucky

[00:08:00] And they say the same things like I saw the wave. I saw the future. I said they're having visions

[00:08:07] And and they sit and proceed to then say this will cure poverty

[00:08:13] It'll cure cancer

[00:08:15] It'll stop the whales from being new it'll take straws out of turtles noses or what you know, it'll calm the seas

[00:08:24] Okay, and these are people you should just calmly agree with and try to walk away from so

[00:08:31] But I couldn't so I was trapped

[00:08:34] so

[00:08:35] Since I was there. I decided to ask the question I

[00:08:40] go Bob I

[00:08:42] Actually know what's going on from an academic granular perspective. I can tell you how hashtags work

[00:08:49] I won't because it would bore even you but I just have one question and

[00:08:56] I'm using my hand at my chest and I raise it to my forehead during this conversation

[00:09:03] I'm parallel to the ground for you audio listeners and

[00:09:08] I asked Bob

[00:09:10] How can 100,000?

[00:09:14] Mostly young men with advanced computer skills and

[00:09:19] diminished social skills

[00:09:21] Who couldn't find a prom date to save their soul?

[00:09:26] Who've never met each other?

[00:09:28] How can they take something that are just lines of symbols not even computer code

[00:09:33] Take it from dust and

[00:09:35] Make it worth 1.2 trillion dollars and then have it get cut in half and then have it go back up

[00:09:44] To over a trillion dollars. How is this metaphysically possible?

[00:09:50] And you'll probably want to watch the video cast of this when it's ever posted you audio people, but

[00:09:57] Remember I'm cornered Bob's in my face. He gets closer in my face

[00:10:02] He takes out his two hands and starts moving them toward my face in parallel fashion

[00:10:07] And he has an answer for this question and the answer is

[00:10:13] And I try to do this without cracking up

[00:10:16] And he goes Jack and he gets his cultish look in his eye very religious cultish luck and he says Jack

[00:10:24] You have to think of it this way

[00:10:27] you have to think of it as

[00:10:29] 21 million people pushing behind it and then he just keeps moving his hands in my face for another five seconds very awkward and

[00:10:39] I'm looking at him when he finishes this answer. I was surprised. He had an answer and I go

[00:10:47] Bob that's fascinating. I then point to my point to my cup and say what my grandfather said at these situations

[00:10:55] I have to go to the bar and take the air out of my glass

[00:11:00] Meaning get a refill. That's an a very Irish way of saying I need another beer

[00:11:06] So I go to the bar. I then go to the door. I get out of there and I go home

[00:11:13] And as will Rogers said the humorous from the 1930s they called them humorous then and before comedians

[00:11:21] And he said I never met a man. I couldn't learn something from I learned a lot from Bob that in that very brief encounter

[00:11:30] And what I learned was there are tens if not hundreds of millions of people who think just like Bob

[00:11:36] and I said maybe it's time to get over my skepticism and

[00:11:41] I said

[00:11:43] When the world is throwing money in the streets

[00:11:47] by fishing nets

[00:11:49] Catch the money. So what I did was I took a month off and

[00:11:54] Finally decided to make my parents proud of me took long enough and use my education and did a deep research dive

[00:12:01] in a very academic way on crypto and

[00:12:05] It was somewhat for you economists out there was somewhat of a

[00:12:09] condradian wave type of

[00:12:11] situation but those of you who know the economist can draw the of the Russian

[00:12:18] You would have violent dips in the price of Bitcoin, but

[00:12:22] Each dip only led to a higher high

[00:12:25] So it kept going up even

[00:12:30] Dips or what the pedestrians call winters

[00:12:34] So I read a Shatoshi Nakamoto's brilliant nine-page white paper

[00:12:40] epically compact

[00:12:43] Um

[00:12:45] Ethereum's white paper a few other white papers went to the University of YouTube watched the podcast the

[00:12:53] the channels

[00:12:54] Coin Bureau and all that other stuff and after a month of research I came up with four errors that exist in crypto

[00:13:02] And I said

[00:13:04] But above and beyond that I go wow this thing is a boom bus cycle

[00:13:08] And if you were looking at me although you can't on the audio

[00:13:11] I've a long white beard and I occasionally get mistaken for a resident of the North Pole by small children in shopping malls

[00:13:21] Yes, I'm a nice guy. I grant them every wish they want

[00:13:25] anyway

[00:13:27] the um

[00:13:29] so

[00:13:31] After a month I discovered there were boom bus cycles and I I'm saying to myself

[00:13:35] I've let through six of these through black swan events and

[00:13:39] The problem with crypto is 99 point 9 9 9 9 9 percent of them can survive a black swan event

[00:13:47] so

[00:13:49] price waterhouse

[00:13:51] Tells us that there are now over 1 million minted coins in the world of which 40,000 have traded on

[00:13:58] some exchange on the

[00:14:00] 544 exchanges

[00:14:02] Somewhere in the world. Well, that means 960,000 coins are just

[00:14:09] Psychic experiments. Yes. Can I can I do this for the fun of it? Anyway, the four errors are in no particular order naming ID

[00:14:18] our

[00:14:20] distribution and value and

[00:14:22] For the sake of time, let me just go over the

[00:14:24] Tube major ones distribution

[00:14:30] mining is a beautiful thing

[00:14:33] If you have two goals in mind

[00:14:36] one

[00:14:38] Set it and forget it. No one's heard of Shatoshi Nakamoto for over a decade mission accomplished

[00:14:46] The cyber punks are doing a really good job

[00:14:49] the second one is

[00:14:55] Undistribution is

[00:14:58] unhackability

[00:15:00] Wallets have been hacked bridges have been hacked exchanges have been hacked bank accounts have been hacked the

[00:15:08] Bitcoin blockchain never had it works the distributed method of it all God bless them

[00:15:15] It works and it's been brutalized and came up smiling. Okay, great

[00:15:21] The problem is there's no quid pro quo. There's no this for that when you mine

[00:15:27] You're called one a carbon criminal you get mined or you get reward by playing a game

[00:15:34] Okay, fine. You know considering the crowd of

[00:15:39] 100,000 skinny computer programmers. That's probably the way to go but for the rest of us

[00:15:47] Maybe not the best thing

[00:15:49] So the free market God blossom has come up with a cure for this

[00:15:53] Called ICOs and I EOs and I DOS central decentralized whatever same thing. So when you sell a coin

[00:16:02] You get something as the coin issuer now

[00:16:06] this became

[00:16:08] very possible in

[00:16:11] 2013-14 with

[00:16:14] And nobody knows how to pronounce this guy's name Vittoran booterac

[00:16:19] Ethereum

[00:16:22] the man from Toronto and

[00:16:25] He allowed smart contracts and a whole bunch of other stuff fine great

[00:16:32] So you can now get something for the coin

[00:16:35] Unfortunately, this is attracted every scam artist on the planet

[00:16:41] And which is why 99.99999 percent of coins fail

[00:16:46] And there's nothing more heartbreaking

[00:16:50] Than to have a middle-aged friend come up to you and say Jack I hate crypto

[00:16:56] I lost 30 40 50 thousand of my IRA my retirement funds in a scam

[00:17:03] I trusted somebody some people some system and it just heartbreaking. So

[00:17:11] That is the distribution problem, but it's been solved by ICOs

[00:17:17] But that brought on another set of problems

[00:17:21] The other thing is value

[00:17:24] You can have a little square stamp you can have two little square stamps

[00:17:30] The exact same size the exact same paper the exact same amount of glue the exact same amount of ink

[00:17:37] But because one is a different design than the other

[00:17:40] One is worth a penny and the others worth a million dollars

[00:17:44] Why is the one worth a million dollars because the last buyer said it was worth a million dollars and ponied up?

[00:17:51] Okay, great

[00:17:54] Why is Bitcoin worth 60 70 80 thousand dollars whatever it is at the

[00:18:00] Erring of this audio well because the last buyer said it was worth it

[00:18:06] and why is

[00:18:09] 39,000 coins worth less than a billionth of a penny

[00:18:12] Because the last buyer said it was worth that it's simple economics. So

[00:18:18] so

[00:18:20] This is what

[00:18:21] renewal coin group calls level one coins or

[00:18:26] altcoins or

[00:18:28] As there may be small children listening to this do-do coins

[00:18:35] I'm a Catholic my you know, I still remember the nuns beating me. So I did I tried and never swear

[00:18:41] um

[00:18:42] so

[00:18:43] You have altcoins that can go to the moon or into the sewer and sometimes they go to the moon for a brief period of time

[00:18:50] known as a pump and then they go into the sewer known as a dump and

[00:18:55] This is a moral unethical and if not should be illegal. So that's level one coins

[00:19:02] Level two coins solved the problem. They're called stable coins now technically there's four types of stable coins

[00:19:09] Two of which are jokes

[00:19:12] Algorithmic coins cannot survive a black swan event

[00:19:16] I am a

[00:19:18] Kind of a data scientist and there's two things you never want in an ERD entity relationship diagram

[00:19:27] The two things you never want is one a black hole in which information goes into but nothing ever comes out

[00:19:35] That's called a waste of time

[00:19:37] The other thing in ERDs in

[00:19:41] Information science that you never want is something called a miracle a

[00:19:46] Miracle is where resources just show up at the exact right time from nowhere to save the day

[00:19:52] This is what we call algorithmic coins that suddenly there's just gonna be a big pot of money or coins or tokens

[00:19:59] That you can beat on endlessly

[00:20:02] Doe quack of Luna

[00:20:06] Demonstrated that that isn't going to happen. So they can survive black swan events

[00:20:11] The other one is the basket of alt coins a

[00:20:15] Basket of little bits of doo-doo is still a big pile of doo-doo

[00:20:19] So each one of those can go to zero so baskets don't work

[00:20:22] So the only two that work are fiat backed and our WA real-world asset back

[00:20:28] And you can back a coin with commercial real estate Picasso's Renoir's art

[00:20:35] sewer system bonds or precious metals and

[00:20:40] The big ones are precious metals like Paxos Perth mint

[00:20:44] the three Nigerian mines gold mines that have them

[00:20:48] Nigeria what could possibly go wrong?

[00:20:51] So anyway

[00:20:54] Um, we now have level two coins the problem with level two coins is they have a very high floor value

[00:21:01] But a very low ceiling of opportunity. They just stay wherever they're pegged

[00:21:07] Until some 27 year old NBA rips off 50 million dollars from the Treasury with his girlfriend

[00:21:13] It is arrested nine months later in Montenegro or something like that. So stable corns can collapse

[00:21:20] ouch

[00:21:21] So I'm looking at this and

[00:21:23] In a second moment of trying to make my parents proud of me and a yes, it took long enough. I

[00:21:30] Take a writing implement a

[00:21:33] Big blank piece of paper and I say okay Jack

[00:21:39] You're smart. You're creative. You got an education time to use it

[00:21:44] Solve the problem solve the problem of level a and level

[00:21:51] I'm level one and level two

[00:21:54] Create level three

[00:21:57] If you want it to create a cryptocurrency

[00:22:02] What would you do want?

[00:22:04] Well, I'm a greedy capitalist god bless capitalism. I'd want everything. I'd want the advantages of everything

[00:22:11] I want a very high floor value just like a

[00:22:17] Level two coin, but you know what the heck I'd like the ability to go to the moon

[00:22:22] Just like a level one coin. I'd want it all. How do you do that?

[00:22:27] Well, it took me a week, but I invented it

[00:22:31] There's a coin now what we call level three that has a high floor value that can never be picked pierced

[00:22:36] And the ability to go to the moon

[00:22:39] so

[00:22:41] what I invented was a

[00:22:44] Goldback stable coin when you sell a coin

[00:22:47] You get the scale equivalent of a hundred percent of gold backing it

[00:22:53] With a community shark tank on top of that

[00:22:58] So let me go over the shark tank first and everyone knows what a shark thing

[00:23:03] I was talking to a guy in Romania last month and I was explaining this and he's a very bright computer guy

[00:23:10] And

[00:23:11] He goes, oh, yeah

[00:23:13] We one of those in Romania. We have a Romanian shark tank. I go really there's 50 or 60 shark tanks around the world

[00:23:19] and

[00:23:20] The American Shark Tank is a ripoff of the British Dragons Den

[00:23:24] Which was a ripoff of the Germans Lions Den which was a ripoff of the Japanese Tigers with substance in the 1990s

[00:23:32] folks

[00:23:33] There's nothing new under the Sun

[00:23:36] so

[00:23:37] so

[00:23:40] How we plan to do it is we looked at it and had a Corella de Vil

[00:23:45] Moment for those of you who never saw the movie Corella

[00:23:49] It's take on the 101 Dalmatians

[00:23:53] Where a designer looks at her?

[00:23:56] Mother and they don't know they're related and the mother goes

[00:24:01] Oh, that's one of my designs and the younger the bill looks at her goes. Yes. I fixed it

[00:24:08] In a very catty moment, it's it's one of cinema's greatest moments

[00:24:12] So anyway, we looked at the shark tank and one of two things happened on a shark tank

[00:24:19] You get funded or you get humiliated

[00:24:23] One of the two and getting humiliated makes for great TV. It's like watching a car crash

[00:24:28] You just can't take your eyes off it even though you try not to look at it

[00:24:32] I believe they call it Gapers block

[00:24:35] So the American shark tank makes a hundred and twenty five million dollars a year and add revenue alone

[00:24:42] So that would go to buying more gold, which means we are one of the few

[00:24:47] Gold back coins where the amount of gold actually increases

[00:24:52] The pile from outside sources

[00:24:55] so

[00:24:57] You'll so you'll face a

[00:25:01] Sharks and they will say yes or no

[00:25:03] Well, we how we differs we will have a studio audience of accredited investors of 50 to 300

[00:25:11] Iran as

[00:25:12] So when a shark goes I'll give you a million for your project for so much equity for the next 90 seconds on the TV show

[00:25:20] Any of the piranhas can take a $5,000 bite out of it

[00:25:25] So if 20 of them step up the piranhas level goes from zero to a hundred thousand

[00:25:30] The sharks go from a million down to 900,000 the project still gets a million so you have many sharks

[00:25:39] but as all the

[00:25:41] commercials in the

[00:25:43] 1990s used to say

[00:25:45] But wait, there's more. I

[00:25:47] Hold in my hand this magical device called a smartphone

[00:25:51] There are now over six billion people who now also hold in their hands a smartphone

[00:25:57] Oh

[00:26:00] Remember I said I did a medical TV show of 17 years ago now

[00:26:05] we're going to put

[00:26:07] the show in the metaverse and over

[00:26:11] Social media so everybody will be able to see this and if you're allowed to set up an account you as a

[00:26:19] Minnow

[00:26:20] Will be able to take a nibble of a hundred dollars out of the deal

[00:26:24] So getting back up to 60,000 feet real quickly for a tangent

[00:26:32] When somebody creates a coin they normally create the coin and then they try to build an audience around it a

[00:26:40] Community of like-minded people who just love that coin

[00:26:44] For me and for us. That's insane

[00:26:48] What is far more easier is to find a really huge community and build them a coin

[00:26:55] So here's the memory quiz for the audience

[00:26:59] Remember Bob at the beginning of this audio who looked who put his face and hands in my face and said

[00:27:07] 21 million people pushing behind it, which was really only a hundred thousand I

[00:27:12] Asked myself

[00:27:14] Jack

[00:27:15] What if you had a billion people in a community?

[00:27:19] What if you had one billion people who thought the same dressed the same ate the same

[00:27:24] sang from the same hymnals

[00:27:27] Went to the same churches temples whatever

[00:27:30] And we're willing to die for one another and have a history of it and our old communities

[00:27:39] and more importantly have a persecution complex us versus the rest of the world and

[00:27:45] What if it was over a billion people?

[00:27:48] Where do you find a community? Well, we found four of them

[00:27:52] Hindus Muslims Catholics and Christians

[00:27:55] Which is why we minted the Hindu renewal coin the Christian renewal coin the

[00:28:01] Muslim renewal coin and the Catholic renewal coin. We minted them on Binance

[00:28:05] They're sitting there and we hope to launch in about 90 days

[00:28:09] So we will have four different shark tanks the Hindu shark tank

[00:28:14] The Catholic shark tank and so on and they are for individual communities and what this does is it?

[00:28:21] Recycles the economy of each one. So when you're on the shark tank and you get funded

[00:28:29] two to five percent of the equity goes to the trust that

[00:28:34] Holds the goal

[00:28:36] So as we build up equity and will have 50 shows a year the American shark tank only is

[00:28:43] 23 and they'll have 87 projects a year will have 50 shows a year 10 each so 500 projects

[00:28:51] So we'll have a lot more projects than they do

[00:28:54] We think we'll have a 50% funding rate. We may have a 90% funding rate

[00:28:59] Who knows but I think we'll have at least 50 so in four years will have 1,000 bits of stock

[00:29:05] So we'll have the Hindu entrepreneur index will create an index out of these stocks

[00:29:11] That you can buy and sell just like the S&P 500. So when you think of

[00:29:18] Bitcoin light coin doge coin any other coin think of it as a thermometer

[00:29:24] colored in blue and

[00:29:26] all the value of it comes from

[00:29:30] being on the blockchain

[00:29:32] When you have a stable coin

[00:29:35] Like usdT or whatever it comes from the underlying thing. So imagine that in green

[00:29:44] With renewal coin

[00:29:47] The bottom part is yellow

[00:29:51] What represents gold per coin

[00:29:55] The middle part is the equities green and the top part is blue being the value of being on the blockchain

[00:30:02] So when people say well, why didn't you make it an equity coin or a gold coin?

[00:30:07] I say well, we give you that we give you the world within your community

[00:30:12] Since 1980 the price of gold has gone up more than three-fold almost four-fold now

[00:30:19] The S&P 500 since the 1980s has gone up 40-fold

[00:30:25] So what would you rather be in gold or equities? Well, you're in both. You don't have to pick

[00:30:30] so we sell that for you and

[00:30:33] This is where the arbitrage level comes from so as the equities grow the

[00:30:39] Base bottom price of the coin

[00:30:42] keeps going up

[00:30:43] The where it just can't go any lower

[00:30:46] 2007,000 10,000 years gold has never been worth zero

[00:30:51] Neither is the stock market stocks have gone to zero but not the market itself. So

[00:30:58] So any questions to this point?

[00:31:03] I'm overwhelmed you know you answered like you answered like five of my questions I

[00:31:08] I

[00:31:11] Try to think of holes that I could poke in and what you were creating here and you know

[00:31:18] How do we stop the criminality? Yeah, no, I mean I

[00:31:23] Was an ICO advisor on I see a bench and I mean that was crazy time

[00:31:28] It's because the projects like with most of the projects look down look down upon the ICO advisors

[00:31:34] I remember getting a contract where somebody was like

[00:31:36] You're gonna be your spot. He was an advisor are gonna be responsible for all of all of our expenses and I'm like no, I'm not

[00:31:44] You know, but it was scammy what you talking about doesn't seem in this not scammy but

[00:31:51] You know, you say you're gonna put everything on the metaverse and just do do these communities around the world

[00:31:56] All of them have access to the metaverse, you know

[00:31:59] Is is are they gonna have the opportunity to be these you know, which called piranhas or minnows

[00:32:08] Minnows

[00:32:10] And they're living in countries and you know where

[00:32:13] Where they don't have access to the metaverse so if you are a Hindu in North Korea

[00:32:19] Your SOL you don't get to be on it

[00:32:22] So our goal are as what is it our fat hairy goal is people say is it get 110 for one

[00:32:31] If that we have four times the audience of the American shark tank

[00:32:35] We have 10 million people if we have 1% of

[00:32:42] the tribe

[00:32:44] We're just blowing it out the doors. We have a hundred million people

[00:32:48] We are the biggest thing on earth at 1%

[00:32:54] So I don't really so there's not really a hole then so I'm just trying to see well, you miss the one thing of criminality

[00:33:00] How do we mechanically stop it?

[00:33:03] the scale

[00:33:05] So

[00:33:06] It's the go-to-market

[00:33:09] The gtm go-to-market

[00:33:12] most coins

[00:33:15] Drizzle a little bit at one penny as an example to the insiders

[00:33:20] That pay their expenses. They then go to the public at a dollar

[00:33:24] And then they artificially pump it from a dollar to 20 dollars. They dump it at

[00:33:29] 15 16 19 20 dollars get rid of their stash

[00:33:34] And then it just collapses on its own weight down back below a penny

[00:33:38] This is how the typical pump and dump works

[00:33:41] Okay, how do you prevent this?

[00:33:45] How do you structurally do this to where you can do a shiitoshi Nakamoto set it and forget it?

[00:33:51] We invented the scale we have 100 million coins. That's all there'll ever be 100 million

[00:33:57] And we don't clock it out every 10 minutes

[00:34:00] Someone can come in and buy it all the first day good luck

[00:34:04] But here's how it works

[00:34:06] We sell a bunch of coins at a dollar

[00:34:09] Then two dollars three dollars four dollars five all the way up to a thousand dollars

[00:34:15] This prevents the pump

[00:34:17] If you look at deeply into our

[00:34:20] asymmetric scale

[00:34:22] Um, it would cost around 30 million dollars to move it from 15 to 25 dollars

[00:34:29] So it's almost impossible to pump it. But even if you did

[00:34:34] You're now at 25 dollars and you're dumping everything. Okay fine

[00:34:38] It can only go down to no less than half

[00:34:42] It can only go down to about 13 dollars

[00:34:45] Because of the gold

[00:34:46] The trust will buy the coins in the open market and sell the gold because at every single level up

[00:34:52] You're buying the what is known as the scale equivalent of 100 of gold

[00:34:58] Now when the equities come in

[00:35:01] And the shark tank is having their weekly shows and equity every single week

[00:35:08] If it just starts, um resting it

[00:35:11] The 25 dollar area

[00:35:14] the base bottom

[00:35:17] Strip and go naked buying will go from 13 and slowly rise to 14 17 20 dollars

[00:35:24] And have upward pressure because of the value increasing value of the equities

[00:35:33] Got it

[00:35:35] So you really have a range that the range of high and low so you control it. You're so it isn't I get it

[00:35:42] Yes, it's somewhat controlled not exactly controlled

[00:35:46] Yeah, and anyone can buy it at 27 127

[00:35:51] 927 and at a thousand dollars there's no more coins left and it just free floats

[00:36:01] And you'll have at least

[00:36:03] 500 dollars of gold backing each coin

[00:36:08] So I get it and I get the communities and I was wondering what the benefits are

[00:36:15] For the hindu and muslim communities

[00:36:18] You know there you are you're in

[00:36:21] wherever you're in goya

[00:36:25] And as eris dotl said

[00:36:27] You spend the first 40 years of your life trying to be a success

[00:36:31] In the last 40 years of your life trying to be significant

[00:36:35] so

[00:36:37] You're sitting there. You just killed it in the chickpea business or the sandal business or whatever it is

[00:36:43] you're sitting on some coin

[00:36:45] and you're looking at this tv show

[00:36:48] Of a bunch of your young members of your tribe trying to make it on that first

[00:36:54] entrepreneurial step

[00:36:57] You gonna help them?

[00:36:59] Yeah, why not?

[00:37:00] And you know all we need is one tenth of one percent

[00:37:05] To say yeah, I want to help

[00:37:08] I want to help rajee or ravi or whoever

[00:37:11] I uh, I want to help uh, mr. Patel mr.

[00:37:15] Kapoor miz

[00:37:17] Whoever I want to help them on their journey

[00:37:21] So instead of facing five arrogant billionaires who may just piss on your dreams

[00:37:28] You're now going it is a combination of crowdfunding and

[00:37:33] uh, shark tank

[00:37:34] So you have the wealthiest the middle class the piranhas

[00:37:38] And um the working class the minnows helping you along on your journey

[00:37:44] Also, if you're selling a consumable product

[00:37:48] Let's say you have some, you know

[00:37:51] The patelle sisters all six of them get up there and we invented a new lipstick that is

[00:37:56] Um meets this religious standard whatever

[00:38:00] And you're saying this to

[00:38:02] 20 million viewers

[00:38:04] You just got free advertising to 20 million possible customers and they're gonna buy your product

[00:38:11] So it's a feedback loop within the community. It's an economic feedback loop

[00:38:16] I understand that

[00:38:21] And in the muslim community things have to be chariot chariot compliant, right? No, uh, they have to be halal

[00:38:27] Haram is bad halal is good. So you'll go into a halal restaurant

[00:38:33] What a lot of people don't understand about halal

[00:38:36] Is it's more than just food? There's halal clothing. There's halal makeup

[00:38:41] There's halal makeup which is a huge market

[00:38:44] On there's a whole bunch of other halal products. So the muslim

[00:38:49] Shark tank we actually may

[00:38:51] Rename the halal shark tank when it gets started just because it's so

[00:38:55] pervasive and the other thing about you know, each coin has its own characteristics

[00:39:01] With three of them we can do dead instruments, but now with the muslim one

[00:39:05] um

[00:39:06] There is there is sharia lending which as a state banker we actually had a department of sharia lending. So

[00:39:14] Again, it's that liam nissan

[00:39:16] accumulation of skills over a long career that helped this project

[00:39:21] on 90 of um

[00:39:23] hindu's live in one country india

[00:39:28] Muslims are spread across 57 countries of which their

[00:39:34] majorities and another 50s 80 countries of which are their minorities

[00:39:40] so

[00:39:41] I have a chart which I should have available and I don't

[00:39:46] But your audio viewers couldn't see it

[00:39:48] Of 110 currencies that have lost value to the u.s. Dollar in the last decade

[00:39:54] During which time bitcoin went up 25 000

[00:39:58] So

[00:40:01] And considering 60 countries don't even use their own currency mostly islands

[00:40:06] They use the u.s. Dollar in the caribbean most of the time

[00:40:09] um

[00:40:11] That's basically every single, you know, it's maybe five countries that outdid the u.s. Dollar

[00:40:17] So if you're in a muslim country

[00:40:19] Like libya like lebanon like name it

[00:40:24] Uh, except the gulf countries you're your

[00:40:29] Currency your dnars your whatever are probably losing value

[00:40:34] So where are you going to store up your family's wealth?

[00:40:37] Are you going to store it in your local dnr which in you know, um,

[00:40:41] pakistan has lost 96 of its value in the last decade

[00:40:46] pakistan's a real pakistan's a nuclear power and they've lost 96 of their value

[00:40:51] And they're 240 million people. Are you kidding me?

[00:40:56] Uh, so if you're in pakistan, you're hoarding dollars. Well, why wouldn't you hoard?

[00:41:01] A currency that you can trade with

[00:41:04] Peer to peer without any any government interference without any banking interference

[00:41:11] So we will be the reserve currency for the tribe

[00:41:16] That sounds good makes sense to me. So

[00:41:19] you have

[00:41:22] All right, so

[00:41:24] I'm gonna talk about distribution, right?

[00:41:28] All this makes sense to me as far as the value perspective. Um,

[00:41:32] Everybody who's ever read our white paper has said it's the best white paper they've ever read in their life

[00:41:38] Very cool. So let's talk about distribution really quickly. Um

[00:41:42] You have a you don't have affiliations through universities, right? Yes

[00:41:47] And how that's how's that going to work?

[00:41:49] um

[00:41:51] Mostly through the shark pink

[00:41:53] Uh, the american shark pink gets 20 000 applications a year on average

[00:41:58] Because of who we are we may get a hundred thousand

[00:42:01] We may get a million

[00:42:04] Jack's too old and tired to read all those

[00:42:07] So it's it the we're going to have a filtering process. You put your application online great

[00:42:14] Then what happens?

[00:42:16] Well, somebody's got to read it

[00:42:18] We are going to multiple universities and we're going to have

[00:42:23] um nodes pods

[00:42:26] cloisters of

[00:42:27] mba students

[00:42:29] four or five in a cohort

[00:42:32] Get a hundred to two hundred to a thousand applications and they're going to go through them

[00:42:38] What's in it for the university they get mentioned on the show and they become world famous within their tribe

[00:42:44] What's in it for the professors they manage the student cohorts

[00:42:49] And they manage their success. What's in it for the students? They get college credit

[00:42:53] They get a few coins and they get a little tiny bit of equity

[00:42:57] In the things they approve if they're funded so they have an incentive to do this on the side benefits

[00:43:05] We took a little um page from the book of facebook

[00:43:09] For those of us of a certain age that remember the beginning of facebook in order to be on it

[00:43:16] You had to have an email that ended in edu

[00:43:20] Because it started in the ivy league

[00:43:23] They now have two billion people two billion people don't have emails that end in edu. They opened it up, but

[00:43:30] I remember sitting in a public house having an adult beverage

[00:43:34] uh 20 years ago

[00:43:36] And sitting next to this little girl who was all excited. I go, what are you so excited about? It can't be me, you know

[00:43:44] um

[00:43:44] And she said facebook is coming to our university next month. It's gonna be great

[00:43:50] What?

[00:43:52] And yeah, they were all excited about that. So when you have cohorts

[00:43:57] in graduate programs in universities

[00:44:01] They are going to be your free word of mouth advertising

[00:44:04] They are gonna light up social media and they're also gonna sneak in their friends

[00:44:09] We know they're gonna sneak in their friends. We want them to sneak in their friends

[00:44:13] Into the pipeline to get on the show to get funded

[00:44:19] so

[00:44:20] So yeah, there's there's burdens and blessings, but it's mostly a blessing

[00:44:25] So what I want to do is I want to invite you back on my show in six months to see how everything's going

[00:44:30] Okay, you got it. Would be would be happy to do it

[00:44:33] Awesome. So I want to I want to to be continued to my audio listeners to be continued

[00:44:39] So I want to I want to thank you

[00:44:41] I forgot to say where to find us

[00:44:44] Yeah, that's my next question

[00:44:47] I want to thank you very much for your time today

[00:44:49] Um, I really enjoyed learning about all this and how can people find out more information about you?

[00:44:54] Let me give you two um

[00:44:57] Two websites in my email address the two websites are

[00:45:00] www.indurenewal.com

[00:45:07] Second one is

[00:45:09] www.muslimrenewal.com

[00:45:16] If you want to reach me directly just

[00:45:18] type in

[00:45:20] ceo

[00:45:22] at

[00:45:24] renewalcoin.io

[00:45:28] And I'll get back to you within a week. Hopefully maybe a month

[00:45:32] I'm kind of flooded

[00:45:34] Awesome awesome. Awesome. I want to thank you very much. Um, yeah, thank you. This has been awesome

[00:45:39] Thank you, and uh, I look forward to uh, uh, having you call me in my private jet flying over asia

[00:45:46] In six months

[00:45:47] And maybe see you in nashville

[00:45:50] Oh, that'd be awesome

[00:45:53] Thank you. Bye. Thank you everybody and may your god go with you