Price does not matter — When quoting a cryptocurrency’s value, most people will go right to the price. The price of cryptocurrencies, however, is irrelevant. If one is going to look at a metric for value, market capitalization is one of the only things that matter and lets you identify the relative value between cryptos. The price of one cryptocurrency being 1 dollar and another one being 100 dollars doesn’t mean anything about either’s value. The supply needs to be considered. Market capitalization is the price multiplied by the supply, a better way to value a cryptocurrency that can be compared against others.
Over the past few years, the Cryptocurrency industry has been making headlines nearly every week. Many people have gotten very wealthy investing or leading the cryptocurrency industry. At the same time, many people have lost a lot investing in the industry. In addition, more people have been scrutinizing the ecological impact of crypto mining, as well as its potential facilitation of illegal activity. What is being done and what can be done to address these concerns?
In this interview series called “5 Things You Need To Understand In Order To Successfully Invest In Cryptocurrency” we are talking to leaders in the cryptocurrency industry, as well as successful investors, who share insights from their experience about how to successfully invest in Cryptocurrency.
As a part of this series, I had the pleasure of interviewing David Steen.
David is a data-driven growth strategist that works with technology companies between 0–100M dollars in revenue to accelerate value creation, with a focus on FinTech, DeFi, and Crypto. As an entrepreneur from a young age, David has had multiple small businesses and has spent the last 11 years as a technical trader in cryptocurrency, derivatives, and foreign exchange markets. David started trading cryptocurrency in 2012 and has worked with multiple startups in the space, including in the areas of self-sovereign identity, anti-fraud, and gamification.
Thank you so much for doing this with us! Before we dig in, our readers would like to get to know you a bit. Can you tell us a little about your backstory and how you grew up?
I grew up in a small town in Upstate NY north of Albany. There wasn’t much to do there to be honest, especially in the winters. But, growing up there meant that I spent a lot of time online, which is how I eventually fell into crypto. I think that’s probably the case with most people who got into crypto early.
At 12 years old, I was obsessed with how I could make money online. I played a lot of video games at the time and figured out I could hack Xbox’s (sorry Microsoft) and at the age of 13 was making money on Craigslist, eBay, and through my eCommerce website. This eventually led me to Bitcoin, since the same people I was involved with when selling to the video games community were the same people that were playing around with Bitcoin back in 2012.
I immediately knew that crypto was the future and I wanted to learn how to take advantage of the opportunity. I taught myself how to trade. I played around with trading Bitcoin but quickly concluded that the market wasn’t quite where it needed to be to make a living off trading (maybe a bad assumption looking back). So, I dove into traditional markets instead and spent the next four years trading equities, derivatives, and fiat (FX markets). While that meant I didn’t become a millionaire catching the insane crypto rally that took place within those four years by actively trading crypto, I did learn a lot trading other markets which helped me when I began trading crypto again in 2017.
During those four years, I had the typical trading experience: Gaining a lot of money, thinking I knew it all, losing it all (multiple times), getting it back, and then losing it again. I did essentially get a four-year degree in managing risk during that time though!
In 2017, I made it my full-time job trading crypto and soon figured out I could be involved in the industry in other ways. I was joining Discord and Telegram groups of new, exciting projects and seeing how I could help. Since many of the projects operate in a very decentralized way, it was easier to participate and add value than I imagined.
While in college I found myself trying my hand at Business Development for a project called Internet of People which, at the time, was focused on developing a solution for decentralized internet. I remember everyone thought it was a joke when I told them since they saw something similar on the show Silicon Valley.
After college, I got hired to work at an AdTech company that was trying to develop a blockchain/crypto company and raise an ICO. The company failed pretty hard, but it was a fun learning experience.
I have since found my way to Orchid Black where I work closely with founder-led tech companies to help build data-driven growth strategies. I have been lucky to get to continue working with crypto/blockchain companies and FinTech companies in general.
Is there a particular book, film, or podcast that made a significant impact on you? Can you share a story or explain why it resonated with you so much?
My favorite crypto podcaster is Anthony Pompliano. I don’t really use Twitter that much oddly enough, so I listen to podcasts to keep a pulse on what’s happening instead.
My favorite part about podcasts like Anthony’s is that he has on a lot of developers and technical people who speak about the hardcore technical topics. This helped me understand the technical workings of some of the main blockchains, consensus algorithms, and cryptocurrencies in the space. I think it’s important to have at least a high-level understanding of how the tech works in this space if you’re going to invest or work in it, no matter what your role is.
Is there a particular story that inspired you to pursue your particular career path? We’d love to hear it.
I don’t remember exactly when it was or what triggered the epiphany, but I eventually realized that trading is not the career path I wanted to take. I realized that I could spend all the time in the world on learning how to be a better trader, but there’s only ever going to be so much that I can make in a year by trading without taking on too much risk and eventually hindering my long-term performance. Especially when you consider with the fact that you’re competing against big players with a lot more data and computing resources (i.e. AI/ML). While I always sort of knew this, I was trying to find out what that magic annual return number was and get as close as I could to it.
Even if I was able to consistently beat the market by five or ten percent, is it the best use of my time? Especially considering how mentally taxing it is. You could trade for 10 years and be beating the market indexes every year but then have one bad year that takes out years of gains.
While I didn’t give up on investing, I did give up on trying to trade frequently and beat the market. I’d much rather spend my time doing something valuable that has meaning. I think this is a trap that a lot of traders fall into, especially in the crypto space where it seems like they can keep sustaining the gains they’re seeing over a long period. Even though they’re just riding the wave up like everyone else and their high trading frequency is probably actually hurting them.
Can you share a story about the funniest mistake you made when you were first starting? Can you tell us what lesson you learned from that?
Back in 2018, I won an airdrop lottery from a small altcoin that ended up becoming worth over 30,000 dollars in a couple of weeks. Rather than selling it, I held on to it thinking it would go up some more. Well, the project completely failed and all of it became worthless.
I learned that if you’re given a free lunch, you better take it.
None of us are able to achieve success without some help along the way. Is there a particular person who you are grateful towards who helped get you to where you are? Can you share a story about that?
Close to the end of my stint with the AdTech startup where we ended up going bankrupt, I had a pretty life-changing LinkedIn message that changed the trajectory of my career. My good current day friend and colleague, Nick Tarsi, was doing business development for the firm I now work for (Orchid Black) and happened to come across my profile on LinkedIn.
I was about to attend a tech conference here in Tampa called Synapse Summit and Nick somehow got the list of attendees like the savvy BD guy he is. So, he messaged me and said that he’d like to connect before the event to hear about what I was doing. Really what he was doing was trying to get to the startup I was working with to see if Orchid Black could help us grow. He had no idea that we were about to close our doors and had only about a month of runway left. We joke now that if he had been about six to eight months sooner, we might not have ever gone bankrupt.
Once I started talking to Nick, I sensed what he was trying to do and knew he was a little too late. However, I investigated what Orchid Black was doing and thought the idea of growing and scaling tech companies while taking equity for driving value creation was interesting. So, I turned the tables on him and sold him on an interview!
Are you working on any exciting new projects now? How do you think that will help people?
Yes, I am working on a few exciting projects, but one is aligned with my past and could change the lives of millions of people. RiskSmith is building a new type of investing platform that’s changing the way people look at the markets.
We’ve seen a lot happen in the retail investment space recently where you have players like Robinhood getting busted for exploiting its customers. They are essentially using behavioral science to their customers’ detriment by gamifying investing in a way that influences them to make risky decisions.
Most retail investors aren’t familiar with how to invest in a way that sets them up for long-term success because they aren’t keen on risk management or what risk even means. RiskSmith is bringing intuitive risk management to the masses. This is going to have a profound effect on wealth creation for those who use it and it’s truly a 180-degree pivot from where the rest of the financial services market has been. The business model in this market has been based on preying on the habits of retail investors and manipulating their behaviors, such as how the financial news media creates a lot of hype or fear and profits from it.
RiskSmith, on the other hand, is using behavioral science for good. It will be interesting to see how it will change retail investor habits.
Ok super. Thank you for all that. Let’s now shift to the main focus of our interview. The cryptocurrency industry seems extremely dynamic right now. What are the 3 things in particular that most excite you about the industry? If you can, please share a story or example for each.
#1 — How DeFi is enabling liquidity for almost anything
In the future, almost everything will be tokenized so that it can be transacted digitally. The innovation of DeFi has allowed us to reimagine how liquidity is aggregated and provisioned.
DeFi has given rise to a way to incentivize immediate liquidity. As I explained in a recent article I wrote, “The Future of DeFi Beyond Crypto”, by having pools of liquidity that we can tap into without needing to match a buyer and seller, we increase the pool of assets that are liquidity-enabled.
We are already starting to see projects like NFT20 that enable liquidity for digital assets. In the future, we will have ample liquidity for our homes, for example. Our financial infrastructure will be so advanced through DeFi that we will be able to transact with the equity, or derivatives of the equity, of real estate we own.
#2 — Decentralized exchanges are becoming more efficient than centralized exchanges
We’ve recently seen the next evolution of decentralized exchanges (DEXs). In the past, first-generation DEXs like Etherdelta were inefficient. Trading cost a ton of money and order execution took forever because everything was done right on the Ethereum chain which is, well, slow.
Now, however, we’ve seen a lot of order book-based exchanges that are built on layer two networks like Polygon or built on next-gen, high-performance blockchains like Solana. This new class of DEX can provide an immensely better customer experience with fast trade execution and very low fees.
One DEX based on Substrate, Polkadex, is even able to run such a high-performance blockchain that they can allow high-frequency trading on-chain on their order book. This means we have not made decentralized exchanges not only just as good as centralized, but better.
This is exciting because it shows the possibilities for what’s possible with creating decentralized versions of centralized products and services that are more efficient and effective. In the past, we’ve often had to make efficiency a tradeoff for higher decentralization.
#3 — The creation of the Metaverse
One of the things that I have been most excited about for years and that I now see coming to an early reality is the establishment of the Metaverse. Or, in other words, a digital world of shared experiences that are all linked together. If you’ve seen the movie “Ready Player One,” you know what I’m talking about.
We’ve seen how projects like Decentraland have created digital real estate and now there are tons of things happening in the NFT space that are contributing to the Metaverse. There are digital art galleries opening up, for instance. Also, NFTs are starting to figure out ways to link each other in shared experiences. For example, one project has developed digital collectible NFTs that have a slot where you can put another NFT inside the picture that you can add if it’s in your wallet. This interlinking of NFTs and experiences is the start of a much bigger web that will one day be a consolidated Metaverse.
What are the 3 things that concern you about the industry? Can you explain? What can be done to address those concerns?
Concern #1 — Inequality as a result of decentralized decision-making
The level of knowledge required, and the learning curve associated with participating in the ecosystem is very high. For instance, when it comes to the governance of protocols and Decentralized Autonomous Organizations (DAOs), only a small portion of the benefactors of the technology are making the decisions.
Since many of the critical decisions that are made in the ecosystem are made by the community, it is important that the people making these collective decisions are making the right decisions. While making the ‘right’ decision is subjective, I think we can all agree that we want these decisions to ultimately benefit society and we don’t want the outcomes of the decisions to only benefit a small class of people.
While the effects of the decisions made in the current ecosystem are not likely to have significant impacts on society, the scope of what these technologies will someday influence will have a large impact on society in the future. Think about it. The open-source networks and infrastructure that will power much of what our future systems and applications run on will likely be governed democratically through DAOs and consensus mechanisms that will rely on the decisions that a group of people makes about the future of how the system operates. This can be great or very scary, depending on who the people are, how the decision-making process functions, and what their motivations are.
We can imagine a dystopian future where only an elite class of knowledgeable techies are responsible for managing our universally adopted systems and can create rules and outcomes that favor them at the expense of others.
One potential way to address this is the establishment of Self-Regulatory Organizations (SROs) or some other types of entities that focus on addressing fair and equal representation for the IT systems that we develop. We should focus on responsible technology development and utilize and/or create frameworks for creating ethical tech.
#2 — The amount of speculation built into the price of cryptocurrencies
When we are in a risk-on macroeconomic environment, meaning everything is going up and therefore people are willing to take more risks, we will have more speculation in general. What happens when this environment turns risk-off and people become risk-averse? People take money out of risky assets, market multiples contracts, and all the speculation that was built into the price of assets vanishes. What’s left is often a reflection of the intrinsic value of the asset, or some metric tied to the asset’s actual performance (in crypto, for example, this might be active wallet addresses).
There isn’t a whole lot we can do to solve the problem itself, but what we can do is realize when there is a high amount of speculation, so we don’t get burned when it subsides.
#3 — Preserving privacy
There has been a lot of talk about data privacy recently, especially in the blockchain space. Since these are infrastructure-level systems that are being built, how they are being built from a privacy perspective is extremely important to our future as a society.
Governments will always want to try to limit privacy and corporations will want to control it. There are some good reasons for trying to limit it, like to reduce crime, but ultimately, we need to have systems in place that protect people’s personal freedoms. We don’t want to end up like where China is headed where we have a surveillance state that not only infringes on people’s privacy but can be used against them unjustly.
It is super important that innovators work hand-in-hand with policymakers to promote blockchain systems that promote privacy-by-design.
What are the “myths” that you would like to dispel about cryptocurrency? Can you explain what you mean?
One popular myth is that non-asset-backed cryptocurrency will never be able to replace fiat currency because it’s too volatile or because fees are too high. While some cryptocurrencies, like Bitcoin, may suffer from volatility and high fees now, that isn’t necessarily the case over time as they mature technologically and as the market capitalization increases. However, there are arguments that this alone is not enough, and that volatility or fees will always be an issue no matter how mature it gets. I don’t pretend to know the answer to that, but I do know there are other options that will solve the same problem.
One solution is in the development of purpose-built cryptocurrencies that are meant to act as currency for a medium of exchange. This might include building in features that would make it less volatile. This has already been done and is being worked on as we speak with non-asset-backed stablecoins. These stablecoins may use certain techniques to engineer the economics of the coin so that prices stay relatively stable over time. This might include dynamic or elastic supply and incentives/disincentives to control demand.
Other types of solutions include ways to circumvent Bitcoin and other cryptocurrencies’ weaknesses, such as second-layer solutions that augment the main blockchain to provide less friction in transacting. There are also theories about using BTC as an asset that acts as a reserve asset for a financial derivative that is used as a currency.
Whatever the solution ends up being, I’m confident that it will be solved. At the end of the day, much of what is wrong with crypto now is merely technology problems that can and will be resolved.
How do you think cryptocurrency has the potential to help society in the future?
Cryptocurrency has unlimited potential to help society, but I’ll mention one specific area that’s perhaps not talked about as much.
In the future, many organizations will be Decentralized Autonomous Organizations (DAOs). Organizations that exist on a blockchain and are run, essentially, by the community of people that own the tokens that give certain rights within the organization.
One major benefit to this type of organizational structure is that there is less room for bias and discrimination. In an open DAO, members could be anonymous and are only valued based on the outcomes they produce. Anyone could go to work for a DAO or multiple DAOs and provide value and get value back autonomously based on their contributions.
This levels the playing field for people across the world and will truly lead to a more globalized economy.
Recently, more people have been scrutinizing the ecological impact of crypto mining. From your perspective, can you explain to our readers why the cryptocurrency industry is creating an environmental challenge?
The first iterations of blockchains required lots of computing power to ensure security of the network, like Bitcoin. The consensus mechanism behind it, proof-of-work, is why Bitcoin and other blockchains like it take up so much energy. It requires a large amount of computational power for the cryptographic proofs that ultimately secure the network.
I don’t see the environmental challenges as a concern. Not that I don’t care about the environment, I really do actually, but that I think the industry is already solving this problem. The newer blockchains and consensus algorithms are very energy efficient and there’s really no need for an inefficient proof-of-work consensus algorithm like Bitcoin’s anymore. Bitcoin maximalists might argue with me here, but I’m not against Bitcoin at all. I just think it’s a dated technology that will either be replaced or will be updated to provide greater efficiency.
From your perspective what can be done to address or correct these concerns?
Like how every other technology has progressed, blockchain technology will become exponentially more efficient with the same level of security and decentralization. We have many other solutions today that are arguably just as secure as Bitcoin’s blockchain, such as the many variations of proof-of-stake consensus protocols.
The issue that has been debated other than security is decentralization. The good thing about proof-of-work, those who support it will argue, is that it allows for lower barriers for people to acquire the crypto and participate in the network up-front. Back in the day, people could mine bitcoins on their everyday laptops. This made it so that the distribution of BTC is much more dispersed among the population compared to other coins that started proof-of-stake or something else.
I believe that there are many other ways to promote decentralization, however, and that proof-of-work as we know it today will likely be obsolete soon enough. It’s only logical that blockchain technology will get more efficient and therefore more environmentally friendly, the same way that our factories have from the industrial revolution to now.
Recently, more people have been scrutinizing cryptocurrency’s impact on illegal activity. From your perspective, can you explain to our readers why cryptocurrency, more than fiat currency, is seen as an attractive choice for criminals?
Crypto is seen as attractive for criminals because it can be transacted pseudo-anonymously or potentially even fully anonymously when using privacy-based cryptocurrencies.
However, using cryptocurrency for illicit activities is a worse choice than using fiat currencies in most cases. This is because most blockchains are not privacy-enabled and anyone can easily track every transaction by the inherent nature of the public blockchain. While users still have pseudo-anonymity because the users’ Personally Identifiable Information (PII) isn’t directly connected to each transaction and instead is just wallet addresses, this doesn’t mean it’s untraceable. It’s far from it. Analytics firms like Chainanalytics and other private entities have built specialized tools to track blockchain transactions and indirectly tie PII to blockchain transactions that look fishy.
If I were a criminal, I’d want to be dealing in cash, not crypto. And as it turns out, most criminal enterprises do use cash much more than they use crypto, regardless of what the media wants you to believe.
From your perspective what can be done to address or correct these concerns?
I am admittedly a big proponent of privacy-based solutions. Yes, privacy is good for criminals but it’s also good for everyone else. Criminals will be criminals regardless. The smart ones will find ways to keep their privacy no matter what we do. We shouldn’t sacrifice everyone’s right to privacy because of some bad actors that will always exist no matter what.
I’m not sure what the answer is but I know that as long as it’s profitable to catch criminals, there will be a private industry that builds innovations to catch them, like Chainanalysis.
Ok, fantastic. Here is the main question of our interview. What are “The 5 Things You Need To Understand In Order To Successfully Invest In Cryptocurrency?” (Please share a story or example for each.)
#1 — Price does not matter
When quoting a cryptocurrency’s value, most people will go right to the price. The price of cryptocurrencies, however, is irrelevant. If one is going to look at a metric for value, market capitalization is one of the only things that matter and lets you identify the relative value between cryptos.
The price of one cryptocurrency being 1 dollar and another one being 100 dollars doesn’t mean anything about either’s value. The supply needs to be considered. Market capitalization is the price multiplied by the supply, a better way to value a cryptocurrency that can be compared against others.
#2 — Understand what is reasonable from an upside perspective
As mentioned above, the market cap can be used as a relative measure of a cryptocurrency’s value. One of the things I see the most that kill people is when they invest with an unreasonable or improbable upside target.
A common example is when I hear someone buy, for example, Cardano at the current price of 2.86 dollars and expect to sell it at 28.60 dollars within a year. While a 10x return in a relatively short period isn’t uncommon in crypto, understanding what investments realistically have that type of potential is the key. Anyone who’s been around for a couple of years knows that there are certainly many opportunities to make these types of returns investing in altcoins, but some people try to seek these types of returns in assets that don’t have that type of growth potential.
So how do you understand what is likely in terms of potential upside? One way is to look at relative value. Let’s go back to the Cardano example. Currently, ADA sits at 2.86 dollars which equates to almost a 92-billion-dollar market cap. That doesn’t mean a whole lot until we start making comparisons.
Let’s take the market capitalization of the entire crypto market as an example. According to Coinmarketcap, this is currently almost 2.1 Trillion dollars at the time of writing this. That means Cardano makes up about 4.4% of the entire crypto market. That’s significant given how many coins there are in existence.
So now let’s think this through. If Cardano was to 10x and go from 2.86 dollars to 28.60 dollars, that would mean a market cap of about 920 Billion dollars which is nearly half of the entire crypto market’s market cap today. I don’t think you need to be a math or finance genius to realize that becoming that big in a year or two is likely. Even if we consider the total crypto market cap would grow during that period, the nominal numbers are just so high that it doesn’t make sense.
It’s another story when you have crypto that’s worth 50M dollars in market cap and grows into a 500M dollars coin; 400M dollars worth of value in a 2 Trillion dollars market isn’t that much.
Comparing an investment to the entire crypto market cap is just one example, but you can apply this in other ways. Another way you might apply it is based on sector or crypto types. For example, if you compared an Oracle token like Band Protocol against the entire market of Oracle tokens. This is like identifying relative market share without requiring revenues. While this isn’t always a good way to go about it, it can be a quick gut check to let you know if your expectations for growth are reasonable or not.
#3 — Understand your investment theses
Understand the crypto sectors and pieces of the technology stack for certain use-cases (e.g., DeFi). Like the equities markets, understanding what sectors to gain exposure to is important to diversification and understanding where to place strategic bets.
For example, you may not want to unknowingly be placing too much exposure into end-application DeFi projects or specific NFT projects. Rather, you will want to diversify not only across sectors but across the technology stack. That could mean investing in smart contract platforms which drive both DeFi and NFT applications, as well as other protocols/infrastructure that enables DeFi and NFT use-cases. In DeFi, most consumer-focused projects are using several other DeFi protocols to enable their technology. If you invest in these protocols, your risk of a particular use-case failing is mitigated since the protocol may enable a myriad of use-cases and business models.
If you are unsure what NFTs will look like in 10 years, you may want to invest in the infrastructure instead of specific NFTs or applications that could eventually become obsolete or go bust.
#4 — Invest in what you know and research like hell
“Invest in what you know” is a classic Warren Buffet investing principle, but it’s important, even in crypto. Many people who invest in crypto don’t even understand what they’re investing in. I’m even guilty of this. I have invested in some very complex crypto projects that, while I understood from a high level, I didn’t know all the details or care to dive as deep as I should have. This has cost me money in the past.
Take this scenario that I’m sure probably burns a lot of people. There was an exciting project that I wanted to invest in. The valuation looked great. I did my research on the technology, the value proposition, the team, etc. Major VC funds were invested in it. Overall, it looked like a perfect 3–6-month timeframe investment. Well, I forgot to look at one thing. The freaking supply emission schedule! In other words, how will the circulating supply increase over time? It turned out that the month I invested was the month that the advisory board’s token got unlocked, meaning they could start selling them. Suddenly, there were 20% more tokens in circulation which sent the price downward. My analysis did not take this into account.
In crypto, there are so many more factors to take into consideration in each investment compared to other asset classes like equities. The complexity can also be much higher, such as with DeFi products.
#5 — Knowing what you need to know to understand your investments
To truly grasp the theses of the many different cryptocurrencies and tokens that are shaping our future, investing in them requires an understanding of not only finance, but of economics, technology / IT / cryptography, futurism, and sometimes even philosophy.
It is a unique industry that encompasses a varied amount of expertise. To truly understand what you are investing in, it’s best if you have some knowledge of the topics above.
What are the most common mistakes you have seen people make when they enter the industry? What can be done to avoid that?
Investing in coins that have recently made very big gains. While there is something to be said about the following momentum, most of the time if you are investing in a larger coin that has just gone up 300%+ in a matter of days, you’re setting yourself up for disaster. In these cases, you’re probably too late once you hear about a huge price increase in the media, depending on your timeframe. Either way, at that point, if the market as a whole hasn’t also gone up equally as much, there are probably better entries out there.
If you want to get good entries, it’s usually best to do so in periods where there is consolidation in price. That’s sometimes easier said than done, especially depending on the timeframe you’re investing in.
Do you have a particular type of cryptocurrency that you are excited about? We’d love to hear why.
I am excited for anything that fuels the DAO ecosystem. Whether that’s infrastructure for DAOs or DAO governance tokens themselves. I think the DAO trend is just starting and we will see a mania the size of the NFT mania, or maybe even bigger.
You are a person of great influence. If you could inspire a movement that would bring the most amount of good to the greatest amount of people, what would that be? You never know what your idea can trigger. 🙂
If we all paid a bit more attention to the types of products we’re using and their effects on the environment, maybe we wouldn’t use certain chemicals, like glyphosate which is found in Roundup herbicide. Chemicals like this are contaminating our oceans and soils and contributing to death of animal ecosystems and harmful effects to humans.
We are very blessed that very prominent leaders read this column. Is there a person in the world, or in the US with whom you would like to have a private breakfast or lunch, and why? He or she might just see this if we tag them 🙂
I think it would be cool to meet Anthony Pompliano, he’s like the Joe Rogan of crypto. I’d like to get a drink with him and get his perspective on the future of DAOs.
Thank you so much for these excellent stories and insights. We wish you continued success and good health!