FRMO Corporation (OTC:FRMO) Q2 2023 Earnings Call Transcript

So having a high ESG rating is not the same thing as having probity and what that lacked is probity. So I don’t think this is in any way going to lessen or diminish or delay the growth of cryptocurrency as an asset class, because it has absolutely nothing to do with cryptocurrency and it’s just that’s not made clear in newspaper articles, whatever, probably because the people don’t realize who write them, what actually happened, but basically it’s a case of investment. Now, if you wish to verify what I said, the bankruptcy trustee that was appointed to liquidate FTX testified before the United States Congress and that testimony is in the public domain, you can read it and everything I just told you, that’s where it comes from, so it is testimony under oath.

It would be really great if the articles referencing this subject could include the appropriate testimony from the bankruptcy trustee, but it didn’t for good or real, but it would be really nice if it did, so maybe at some point, someone will write about that subject. But anyway, that’s where we are. So I don’t think this is a setback for cryptocurrency because it has nothing to do with cryptocurrency. It just so happened this person was involved in cryptocurrency, but there are people who steal dollars and they do it all the time. You don’t say, I’m going to stop using United States dollar because someone stole all the money in a company and nothing but dollars in it. So I don’t think you should reach that conclusion with crypto. And I understand in the real world people will reach that conclusion, but I don’t think in any way this is going to diminish the progress, that’s being made in crypto.

And you can see it if you follow what’s happening on Chicago Board Options Exchange and you’ll be seeing other things happening in due course in other publicly traded exchanges. So just have to keep your eye out for that.

Thérèse Byars: In a 2021 interview, Murray Stahl gave the, gave with a podcast called In the Area, one of the topics covered was the disintermediating effects that Bitcoin and openly discoverable blockchain transactions would have on society in the context of inverting the many to 1, individual to Google to advertising relationship into a one to many individual to advertisers relationship. Wherein advertisers directly pay individuals for the right to advertise to them based on their transaction history. Is management currently investing or investing in or looking at companies that would be along the path towards facilitating this kind of shifting advertising dynamics? For example, for an example though not at all a recommendation, there is the opensource brave web browser’s basic attention token, which seeks to build out a distributed micro/nano payments ledger of crypto tokens minted on proof of user attention given to advertises.

Murray Stahl: Yes, well I’m, I looked at that, I haven’t bought that yet. I’m not sure that’s the right way to achieve it. There are many, many different approaches to this subject. I’m confident someone is going to come up with an approach or I’m confident many people will come up with approaches. My own view is, the way it’s going to start, it’s going to start with assets that people have. They might not even know that they have. So for example, X, Y, Z individual has a subscription, maybe it’s a software, maybe it’s to an online magazine, whatever, they’re not even aware that they’re paying $20 a year on their credit card. They don’t even look. And I believe someone is going to start mining that data, put it on a blockchain, so everyone can look and they’re going to become cognizant that they have assets.