“The Bottom IS IN”

by birtanpublished on September 29, 2020

today I have a special conversation for
you it is with Tom Shaughnessy of Delphi
Digital they're an independent research
firm in the digital assets
cryptocurrency space we had a chance to
talk about how Delphi digital number one
called the bottom of Bitcoin which is
pretty awesome how he researches crypto
currencies because that is something he
literally does on a daily basis both for
retail investors as well as primarily
for institutional investors and water
institutional investors actually
interested in and we dive into a lot
more you're really gonna enjoy this
conversation so let's hop into it let's
kick things off with the concept of what
you do at Delphi digital an independent
research firm I don't think that's
something that a lot of people in
encrypt ocorant see you are are familiar
with what exactly are you and the team
at Delphi digital doing as an
independent research firm yeah well
Bobby thanks for having me on it's a
pleasure to be here so basically what we
do is pretty simple we're all X Equity
Research X finance Wall Street guys we
all came together with the goal of
bringing institutional level quality
research to the crypto space we saw that
it was lacking we wanted to bring that
caliber of analysis and research and
depth into the space because frankly we
were looking for it and we couldn't find
it awesome and one of the I think really
cool things about what you guys are
doing is you're kind of catering it or
almost allowing the adoption for it for
two different sides of the house like I
myself have a Delphi membership which is
pretty cool but then you also have like
the institutional and of research can
you talk a little bit about of how you
maybe approach the market from a
research standpoint by I think what's
really interesting is allowing kind of
the average Joe to get the quality
research that you put out while also
catering towards maybe the more quote
unquote sophisticated investors yeah
well thanks for being a member Bobby
appreciate having you on so basically we
figured out that there's this two tiers
to research there's the retail tier and
that's fine people that are
investigating investing on their own
they want quality research at a great
price point and that's what we offer so
our research tier has a lot of great
content
you know we put out really in-depth
thought pieces that we call insights
that are not so much educational but you
know analysis heavy every two weeks we
just sit it on ZK snarks my partner
video and Neil did one on gaming prior
to that we also include things like a
weekly commentary and our proprietary
Bitcoin outlook and my partner Kevin as
I just mentioned our weekly commentary
there and a couple other things but on
the other side of that we have our
institutional offering which has all
those things but we release the you know
analysis heavy token of course to that
user base and that user base is
primarily crypto hedge funds venture
funds banks and firms that are looking
for basically what they're used to from
the sell-side research shops of the
world awesome and going to the point
where you said you know you do the the
bit law or Bitcoin outlook report two
things I think we can bring up here so
number one there was in I think this was
you know one of your one of your
partner's at Delphi published this but
in December essentially called the
Bitcoin bottom with his you see XO
analysis on Bitcoin and said you know we
believe the bottom will be in error we
have indications at the bottom ly and in
q1 of 2019 and then again in early April
and of restated we continue to believe
that the bottom is in when you're
evaluating these types in of kind of
scenarios and doing this research like
what type of what type of information
are you guys taking in to kind of draw
those conclusions and and how have you
done so so effectively so far at this
point yeah well I mean there's there's a
lot to unpack there so you know every
research report we do has a different
set of sources so if we want to start
with token reports that depends on the
project recovering so we recently wrote
an institutional report on stellar I
didn't think it had value going in we
concluded that it you know there's no
reason to own the token whatsoever but
for a token that's in the top ten and
for so many institutional investors and
index weapons to hold it it would just
blow my mind that people didn't you know
understands that this thing will likely
never have value at all and there's no
reason it should hear my opinion
obviously not
advice but the point is every token
project is different institutional
equity research world you'll start with
10-qs and 10ks and annual reports and
earnings and conference calls and you
know you have your slate of where to
begin in crypto every token report is
different so we need to check the
founders we need to check the website
the foundation is our white paper or a
purple paper or a yellow paper all the
sources are really different and to be
honest that keeps it fun of interesting
but it also creates a lot of headaches
on you know is this are these statistics
legit are these sources credible can we
actually run with this full time so you
know that's kind of the the push and
pull on how we get our research but you
know a lot of it is you know spending
hours among all of ourselves compiling
all the data we can figuring out what's
important and then figuring out what to
exclude you know between the guys when
you write a report it's always annoying
to you know see what your slides cut out
of the report but we have to keep it
pointed for our readers if that makes
sense yeah absolutely and as like an
independent research firm I would assume
that you know you're doing your best to
kind of like remove any biases out of
out of the situation and provide the
highest quality content that you can so
like let's let's take the DES stellar
you know report for example you said
that was an institutional report I
personally haven't haven't seen that but
it sounds like the main conclusion from
the stellar report was that it might not
be a it might not be according to the
research something worth an institution
actually taking ownership in the excel
I'm token how do you go about that
research like you know maybe from like
you said looking at the white paper like
once you've once you've got about that
research actually like like let's say
how did you determine that this wasn't
something that were you know was maybe
an appropriate investment for someone
was there you know specific aspects are
points to that what were you looking at
where it was like maybe it was the
inflation rate or if it was the kind of
technical components of it how did you
kind of draw that conclusion essentially
yeah I mean to be honest it's a lot of
research but at the end of the day it's
kind of simple to figure out whether or
not
touken as value or not what a token may
or may not or when a token may have
value that would have gets that's when
it gets a little complicated for us and
that's where we shine like we did
reports on lumen engine where we have
detailed token economic models along
with aetherium which is public as well
but for seller in particular you know we
started at the basis you know what does
stellar being used for by two sets going
in was you know this is a philanthropic
token that's gonna be given away to the
world basically so that everyone could
have a bank account they're changing
their message a little bit to you know
more tokenizing assets and fiat but you
know there's just so many things that
stand out about the token not accrue
value it was just it's just so obvious
you know the first one is the foundation
is giving away like 90% of the xlm
that's a constant sell pressure the
other one is there's no reason to hold
the token after you're done transacting
with it the other one is that the
account balances for Excel lab to open
account and have a minimum who's so low
that there be no reason for a
significant portion to be locked up over
time so you know there's a lot of good
things with it you know it could be the
you know financial infrastructure that
connects the whole world but does that
mean that the token is going to accrue
value absolutely not so you had
mentioned one other token or project
before engine and and Illume too but
looking into engine I think it's it's
kind of an interesting example because
that was a a token that performed
extremely well in q1 I I believe it was
Q honor maybe in April to or is up like
300% maybe plus against Bitcoin and a
lot of that was on the back of the
announcement that you know they were
kind of included within the Samsung I
guess s10 or the kind of some aspect of
the galaxy phone as like a research firm
how do you look at whether or not
certain aspects of like news events are
like is that's something that you take
into consideration how do you maybe
differentiate between the the types of
news or kind of announcements that like
quote-unquote pump a cryptocurrency
versus things that may actually have
substance and help accrue value to token
holders yeah that's a great question I
mean so when
we're building a rapport you know we
don't assume that you know positive or
negative news will come out news is not
always positive for engine it was great
that you know we had our report out
before that announcement but we had no
idea that was coming out so our report
didn't include that but we tend to not
make expectations on on what news flow
or partnerships will be but we do
discuss about a lot about the
fundamental reasons or impacts of what
existing partnerships will have on the
existing token so French in particular
you know that was that was a detailed
report that was one of our best I wasn't
the lead analyst on it
it's the benefit of having you know a
large team that we could all focus on
sharing the research but you know the
valuer engine were pretty simple I mean
it's just depended on the number of game
developers backing their in-game items
with engine and just focusing on not
developing one product but an entire you
know gaming ecosystem so that kind of
goes well more into you know just a
one-off news release or anything like
that one of the things with engine in
particular you know as you're mentioned
you conducted some research on that
believed at the time of recording this
at least the time of our conversation
right now in chin is maybe a little bit
over a hundred million dollar market cap
coin when you look at institutional say
maybe larger investment interest in
digital assets is it primarily just
Bitcoin and maybe aetherium
or does it extend all the way down to
sizes like engine coin which are you
know only maybe a hundred million
dollars or so in terms of liquid market
cap yeah well it's a great question so a
lot of the focus is on Bitcoin aetherium
you know take your pick on a large asset
just because they're the largest there's
liquidity easy to understand people are
interested for the most part but when
you're a hedge fund or a trader or an
analyst you know they're most of them
aren't looking to get sold into an idle
ideology or follow a religion these guys
are here to make a trade make money and
get out so if we could find sub 50
million or sub hundred market cap coins
and we could provide you know great
analysis on that that's actionable
people will jump all over it
so you know it's worth keeping in mind
that you know well big
theory and others are great people want
you know outsized returns even on top of
that they want to be that one five or
higher
and they want to make outsized returns
there and to that point of the
institutional investors I think you just
released a piece recently that covered
some different thesis –es around how
you know institutions might be looking
at digital assets what emerging trends
do you see from the larger investors in
the space right now is there any that
stick out to you as far as like whether
it's growing interest or specific thesis
is that they're looking at or like you
said are they simply just looking for
outsized returns regardless of you know
ideology or anything like that yeah do
you mean like crypto funds in general or
just broader institutions and legacy or
so let's let's take it maybe to broader
institutions and legacy because I think
yeah I think that might be somewhere
where maybe the crypto funds I feel like
it's you know we kind of hear from them
all the time at least that perfer for me
I feel like the crypto funds are very
vocal in terms of what their thesis is
are and why they're making those
investments because that's almost like
the marketing aspect to me at least I
think there's a lot less visibility into
what like the you know traditional
entrenched players are doing or thinking
and I would love to hear if they're you
know if there's anything maybe that that
you hear that you see is like an
emerging trend from the the traditional
players yeah well I mean one of the you
know on the grounds trends that I see
every day is the conversations were
having with institutions you know
existing large banks that are any crypto
or are in crypto the conversations are
changing a lot so like a year ago or two
years ago it was you know what's Bitcoin
and this is a joke you know whatever and
now when you sit down across from people
at major banks they're like wow what's
the impact of you know JPM coin how can
we get involved what's the status of
Custody solutions when is an ETF for
futures you know what's the status of
all these things so the conversations
are changing a lot from big banks
thinking this is a joke to thinking it's
real and I know people you know you
probably hear that a lot but sitting
cross some people and just seeing the
level of questions just increase in
complexity I always see that as a good
trend but overall you know the story on
Bitcoin is easy to sell it an
institution uncorrelated returns on
something that can't be changed and it's
digital it's just an easy sell and it's
easy to explain is JPMorgan coin is that
one of the events in which I kind of get
the impression that while a lot of
people brushed it off that turned a lot
of people in the traditional finance
world you're gonna turn their heads and
say hey what's happening here what's
what's going on with this cryptocurrency
space again did you get that impression
as well or I mean at first I took it as
a you know at first I took it as you
know what's the point in XRP anymore
even though there was no point to begin
with but you know now there's a bit less
of a point with GPM coin but I think the
real thing is that a lot of people say
you know all this is a press release oh
JP Morgan wants to be involved but you
know this is a big shift from where they
were two or three years ago and having
GPM coin in place allows them to scale
it up to you know JP Morgan was a lot of
money around the world every day ya know
could be a big deal
and and to what you just said you know I
I was of the opinion and I still am of
the opinion that it is highly
competitive
to what ripple and XRP are building and
I think JP Morgan is probably better
position to actually execute on that
vision what are your thoughts on I guess
that the competition specifically there
between something like GPM coin or maybe
the entrenched banking players versus
what ripple is building and how that
translates to X are peas and have
utilization because we all know that x
RP was specifically gifted to ripple and
they have nothing to do with each other
yeah I mean it's worth noting that
ripple has a lot of money through XRP so
they're able to execute on partnerships
you know and hire a huge sales force to
do that and they have been successful in
launching a lot of partnerships but you
know the final mile there they have been
able to deliver probably because it's
not worth it but it's worth keeping in
mind that ripple is also in the crypto
echo chamber gear right so major
institutions like JPMorgan have
relationships with not only customers
but institutions that you know dwarf
Ripple orders of magnitude you know
they're they're a massive existing
banking player ripples a tech startup
with a lot of XRP that has no reason for
retail holders to hold it and they're
pumping it so I think it's worth keeping
in mind that crypto the crypto echo
chamber should not discount how powerful
existing institutions can be when they
get involved with crypto if JPM coin is
to take off or to drive an ecosystem
around it that could be really powerful
they have a ton of clients ton of
institutions and obviously you know
zillion dollars yeah speaking of
somebody else who has a zillion dollars
who is also a traditional player but not
in the the finance base Facebook they
had their I think it was f8 the other
day and then also the additional news
came out about its project Libra or
whatever they're calling their their
Facebook coin duck bucks whatever it
might be
do you feel like that if that is
executed on is that something that is a
value add to the cryptocurrency space as
a whole where you're kind of thoughts on
on Facebook coin yeah I mean I
personally think Facebook coin could be
huge I think it's more to build out and
protect Facebook's ecosystem moat
potentially be more competitive with
peers whether it be on advertising or
user lock-in are things like that then
their focus on crypto I don't think
they're really too interested in crypto
to be honest but the point is Facebook
has the UX salt on a global level with
billions of users so if I'm able to send
money through Facebook Messenger to
somebody else that's massive but I also
think it could be a huge bit coin and
crypto on rap because if we could
educate you know a billion people with
one update or two billion people with
one Facebook update on crypto or
Facebook coin that does a lot for you
know the next mile where these people
move Facebook coin say into Bitcoin or
crypto and then become you know
hopefully web 3 native it's built out by
them yeah absolutely that makes sense
and one thing from the standpoint
Atlee
I think that's been interesting now is
the additional entrenched players in the
finance space that have been getting
into the crypto world you have like
fidelity and you have ice through backed
and got some of these other players as
well and there was research that came
out yesterday I'd be interested just to
hear your thoughts on it so as fidelity
investments put out this like survey
report where they said seven out of ten
respondents found some aspect of digital
assets attractive and then you know
forty I think was forty seven percent
said the digital assets were innovative
technology and forty six percent said
that they thought the most appealing
aspect was like you said before kind of
a low correlation to other aspect or a
low correlation to other assets was the
most appealing characteristic and seems
like a lot of these institutional
investors prefer or not necessarily
prefer but have some level of interest
in digital assets is that something that
just from your conversations in the past
that you would agree with as a whole to
be honest the staff seem a little high
that's what I was thinking you know I
yeah they they seem a little high to me
it's I guess there's fidelity this great
work fidelity has been involved I think
since 2014 mining and and you know they
have hundreds of people building out
their solutions there so nothing bad to
say about fidelity I think they're
progressive but the survey just the
numbers seem a little bit too high I
mean I don't even know if I would be
able to to get those polling numbers if
I went to ten random funds that's it's
it's interesting too because I think you
know it speaks to what they wanted to
speak to so I'm sure there's other you
know might be some selective bias there
but then you know when you do think
about the correlation of digital assets
to other assets per se I think there is
a big argument now because they're
they're kind of has been an argument of
what will happen to to Bitcoin and other
cryptocurrencies market actually takes a
turn for the worst which it really
hasn't done and in quite some time
really since for the entire
existence history of Bitcoin since like
2009
what's your team's thoughts on that and
what is the impression that you get from
other people about the actual you know
potential correlation there of Bitcoin
to the global equities market yeah it's
a great question my partner Kevin every
time I see him he always says you know
bitcoins a risk on asset and I laugh but
I mean it's true but it's just like his
tagline at this point he wrote a great
institutional post about this but net I
think if we were to go into a recession
I don't think Bitcoin would would fare
well in the short term you know as
people are trying to pay their bills and
you know eat I don't think that they're
gonna be investing money and magical
internet money when they need you know
food on the table but long-term I think
that global issues are great for crypto
because the next turnaround people are
gonna say you know we just went through
this huge issue or this major meltdown
or this problem or I don't trust my
government because I've actually seen in
practice I've haven't just heard about
it because I think a lot of people in
crypto didn't really live through 8
Perot 9 with you know mining your
responsibilities I know other people
have but younger kind of haven't so I
think once we go through that people are
gonna stay on the next turn around wow
you know maybe I should allocate a
percentage of my savings this is
something that my government can't touch
or that the central bank can't change
and I think that's a powerful long-term
driver for crypto on a macro level and
on a macro level when you look at what
drives adoption additionally I think
there is a there's kind of a big debate
and it's at least my personal opinion
that there isn't really solid evidence
one way or another right now like what
is going to bring the next level of
adoption and if you look at 2017 I
wouldn't necessarily call that adoption
a lot of that was respected just kind of
like industry-wide speculation and it I
think it helped to bring a lot of talent
into the industry and help to people you
know it kind of helped to bring people
to actually build out legitimate
infrastructure and try to develop
solutions that people might need but do
you personally have any thoughts on what
might occur in like that next
a larger wave of individuals into like
the digital assets ecosystem is that
something like you said where it is some
type of of a macro level financial you
know financial slowdown where people
eventually start putting assets into
Bitcoin or is it something you know else
Facebook coin
what do you thoughts there yeah I mean
to be honest I think it could be either
tech focused or financial focus so tech
focus maybe it'll be a killer app or
another use case maybe it's lightning
taking off maybe it's maker down
building out defy with their partners on
the tech side or maybe it's Facebook
coin on the macro level maybe it's a
country meltdown or a recession or
people that are on a global basis that
can use on wraps actually buy crypto
stellar could be a great bit coined
hundred for the developed world in a
sense but the point is that I don't
think it really matters what it is
because I view us in kind of like this
mega high-growth petri dish of
technological revolution and I think
that something will come out of it and I
don't think you'll be able to find a
higher growth tech area anywhere so I
think people should you know take a step
back and just look at you know the
thousands of teams building on this the
institutions on a tech level and then on
a macro level and say you know is this
something that I really don't want to be
a part of and it's hard to say no to
that for sure somebody who spends a good
amount of your time I'm sure diving into
research whether like you said before
white papers yellow papers you know
speaking to different sources things
like that if I am just regular Rob at
home you know somebody watching right
now and I want to do my own research on
a crypto currency or a project whatever
it might be what types of steps would
you recommend an individual take to
conduct that research is there any the
best practices that you have yeah I mean
I would start conceptually with the idea
that don't go in with any opinions or
expectations because a lot of what's
written by teams a lot of what some well
a lot of what's written by teams is like
opium or wrong or
positive a lot of that's what's on the
message boards is being shield by people
left and right
Twitter has some really smart people on
it but the majority are pumping bags
left it right that is bad in a bear
market which is good but you know that's
the point the other thing is I would
focus on project specific sources first
compile as much data as you can throw it
on a word doc get ten pages data
whatever and then start over and go with
people's opinions on it you know read
blogs about other people that have
written on the topic and just compare
contrast and form your own views and the
best thing you could do is to have your
own opinion regardless of what people
say on Twitter or LinkedIn whatever
because nobody wants to follow a robot
or somebody preaching someone else's
bags people want other people with
opinions even if you're wrong that's
fine you'll learn more that way anyway
what would you say would be right now
one of your I want to say unpopular
opinion but like more controversial
opinions something that you think is I
would say maybe that the vast amount of
of crypto Twitter believes in but you
think is is totally wrong because you
have researched it and come to X Y Z
conclusion yeah I'd probably flip the
question around on on what's something
that I like that I don't think a large
majority of people like I'll take it is
your Segway but uh you know I'm a huge
fan of what Tesla is doing I'm very
aware that there's a slim chance that
they succeed because you not only have
to argue that some are contracts at a
high level or worth it you also have to
argue that they'll be able to beat a
theory when they're competitors I do
think the chances are slim I do think
it's an amazing hedge on a theory and
could be an outsized return
you know there's issues there especially
with their programming languages it's
just too hard to develop on but they
have you know five to ten or probably
around five maybe not ten different
solutions they're working on like smart
pie and marigold and things like that to
make it easier to work on the platform
that just opens up the developer
ecosystem so you know I'm a sucker for
finding a gem in the rough and I think
that that could be a potential outside
return but as always do your own
research and it's not advice as a as a
proud tezo's bag holder
currently I enjoy you you know I enjoy
the confirmation bias here I think that
pride just go out and to X my bags right
now at esos and just don't think so I

advice from you it's financial advice
for me I'll shift it to you easy yeah
there we are
I'll take blame for everything that's
that's funny and I would say you know
when you are looking at the frequency of
research how often did things change
because I do feel like this this
industry moves so damn fast and even
like the thesis is that that investors
have like 2017 was we've gone from even
when we look at like let's say a theory
I'm like it was the decentralized world
computer it was daps now it's now defy
decentralized finance open finance
whatever people want to whatever people
want to call it I feel like the the
reasons and the justifications for
holding certain cryptocurrencies changes
you know some projects have guns from
payment fees to governance and like it
evolved so quickly how do you keep pace
with the the fast-moving nature of of
the industry and kind of allow your
research to keep pace with that as well
it's a great question it's hard you know
I think it's one thing we're stepping
back is I don't think there's an issue
with narratives changing as long as
they're proactive you know the internet
started as communication for scientists
right and now we have all the way up to
you know we had email than static web
pages or whatever the order is and then
now we have Facebook but the point is
that the narrative for the internet
changed over time as it grew and the
technology improved so I don't think
there's anything wrong would say the
narrative for different cryptocurrencies
changing you know if you want Bitcoin to
be a medium of exchange that's fine but
I think it's now story value and I think
that's fine
atheria was you know take your pick on
what it was for smart contracts or you
know financial system but that was
powering defy I think that's fine but
there's other narratives that like Traub
xrb stellar like questionable narrative
on whether or not they could be
successful so I think it's worth you
know taking a view of if a narrative
changes make sure it's a narrative that
changes forward and not backward because
there's no point in justifying a
narrative if it's not going to be
successful when you look at what's
happened recently with I don't want to
say like I wouldn't say like regulatory
uncertainty in some respects but it
seems like there is there's always been
a lot of like risk I think inherent risk
in the crypto markets just there's not a
ton of regulatory clarity there's seems
like now with the bid for next Heather
type of situation there's potentially
some legal risk you know there's a lot
of jurisdictional risk things like that
across the board like how do you
evaluate that as a researcher like let's
say you're looking at finance coin B&B
and I think you know certain people have
think it's like multi coin capital had
you know big thesis on on a lot of the
details and why they're you know very
bullish long term on a finance coin and
then on the other end of the spectrum
you have people that are claiming it is
the most obvious illegal secure you know
unregistered security on the planet and
all types of you know things like that
how do you look at the way whether it's
you know the law is structured or there
you know jurisdictional risk how do you
take that into account when you do your
your research yeah it's it's a great
question
so I mean we approach this with the with
the concept that the legal laws are the
laws around all of this can change at
any second and they're currently not in
stone and that's a huge risk for the
whole industry so that's what we start
as BMV is an interesting one working on
a report now on it so stay tuned know if
you use one way or the other yet but I
mean that's an interesting one I mean
they've changed their headquarters five
times now they're in Malta
nobody knows where their servers are
they have IP all over the world like you
know I don't even know how a country or
jurisdiction would even enforce a change
against them so that's something like to
keep aware of but you know there are
honey pots that governments could attack
if they really wanted to start messing
with these things do I think a
government could take down Bitcoin
probably not I don't think so but if a
government took down coinbase that would
have a huge impact on the price of
Bitcoin I think I'm not sure whether it
would go one way or another but the
point is that I think people have to be
aware that you know we can't live in an
anarchist type view forever
we need the government to get involved
and put out clear regulations to take
care of a lot of the shady stuff going
on nobody wants to lose their money on
icos
nobody wants to deal with pump it up
schemes nobody wants you know people
want regulatory clarity and I personally
don't think the u.s. is going to come
down negative on crypto at a high level
just because I don't think they're gonna
cede potentially the greatest technology
in our lifetime to another country
totally yeah that's I I think I'm in
agreement on that as well so it's been
interesting to watch like the regulatory
landscape unfold has the last question
here what is one thing that you're
watching I guess most intently in the
next six month in the industry I'm
watching the developers everyday when a
mean fought with Lane on Twitter I
didn't care about their argument I was
wondering where Lane was going and if he
was staying with the area I follow the
developers as closely as I possibly can
when I spoke about Tesla's before make
their language is easier I follow that
because I want to know if it's easy
enough that developers will switch or
once he 2.0 comes out if these
developers are going to rewrite their
contracts for aetherium
developers in my mind are the absolute
lifeblood of not only mutating and
evolving the protocols but in building
the applications and use cases on top of
them and you need developers even on
Bitcoin Bitcoin has lightning labs and
block stream take your pick this is for
every protocol here and people need to
follow them closely a really good point
and maybe I said last question but I'm
gonna ask one more question based upon
that how would you recommend an
individual follow the developers you
talking about Twitter github or their
you know certain areas or
recommendations where you actually keep
track of these developers on a
continuous basis I wish there was an
easy metric I really do you know that
gives that gives me a job right but yeah
you know one of the cool things I guess
you could watch
is you know take the top 5 10 20
projects or teams building on a platform
and see where they go over the next year
if they stay somewhere that's great if
they leave maybe you should start
looking at the project that they're
going to you know follow maker down you
know maker dows on aetherium maker now
or never switch to another platform or
protocol that would be bad also bet for
aetherium good for the project that
you're potentially going into yeah yeah
I know that makes makes a bit of sense
hopefully I mean maker down seems like a
pretty big part of the etherium
ecosystem right now so that might be
might be a rough move they ever did
leave but oh yeah no I believe it's just
well I really appreciate the time if
anybody is looking to find you and
Delphi digital where could they go about
doing so yep I'm on twitter at
Shaughnessy one-one-nine I know that's
hard to spell so I guess just go if
you're want the video you can see it
above on the podcast I'll put a link in
the podcast for yes awesome thanks Bobby
and Delphi is just Delphi digital i/o
awesome well thank you so much for the
time I really appreciate it and I hope
you ever go with everybody

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