the new nft surged tenfold after mint -- attracts criticism. what is? ?troversy around it >> a simple question without a simple answer. bonk, what is interesting is when it made this nft mint, a lot around magic evening, which has been tied to solana. a lot of it comes back to the purpose of bonk itself. you have the idea that the meme crypto craze is back. the idea of having fun in the industry. what happened at the end of the day, after the listing of the nfts, a question became very straightforward and simple, the question of royalties and where it goes, what control the exchange has over the royalties as well as governance over the token itself. it is linked in some fashion, but doesn't govern the nft itself or the broader -- there are many communities to think about. but the governance of the nft community and its relationship to bonk has gotten very confusing after the listing itself has pursued. caroline: not complex at all. >> it has only been a day. it is a reality. 15,000 nft's. the purpose was largely without utility. the purpose was largely fo

those who chose the nfts were told their corresponding physical pieces would be destroyed. and they all have the possibility of being traded in for a physical artwork and these ones are the ones that people decided not to trade in. could riding on roller—coasters cause phones to call emergency services? according to the wall street journal, six emergency calls were made at one us amusement park after rides caused new iphones to react as though they had been in a crash. apple didn't deny the fault, and says the tech will continue to improve over time. and healthcare company haleon has teamed up with microsoft to make health products more accessible for blind people. in new enhancements to the free microsoft seeing ai app will provide important label information for more than 1,500 everyday products, including toothpaste and aspirin. birdsong and babbling water listen to that. gorgeous, innit? we all love a bit of nature, don't we? and programmes like springwatch, an annual tv show that watches british wildlife during the changing seasons, offer us a unique insight into these

coming up, rip to the nft etf. bloomberg. ♪ caroline: it was the first ever etf focused on nft's. it's closing. an ftc -- nftz is going to close in february. we know that nft's, the demand collapsed. is that why? guest: the ceo said the fund didn't attract assets. this was launched at the height of everything. he didn't speak the language, you were cool. now where are they? caroline: they're all talking about ai. guest: if a fund doesn't attract enough, it makes sense to probably close it. you put a lot of thought into it, he speak to the management and stuff so i'm sure they probably saw no future. i don't want to speak so much for them, but that's what the implication is. ed: is it that all etf's that have exposure with crypto are having problem's? guest: another crypto etf we wrote about, the ticker is wgmi. that was among the best if not the best performer. it doubled. it tracks a lot of mining companies and some crypto related firms and if you ask kwok, it's because bitcoins price is up 40% in january. perform

trump nft collection right here and right now they're called "trump digital trading cards.ture some of the really incredible artwork pertaining to my life and my career it's been very exciting. >> seth: that is very exciting [ laughter ] i bet lincoln's super [ bleep ] jealous he didn't think of that. [ laughter ] but real quick, which part of your life and your career is sunglass astronaut because i feel like i would have remembered that. also, got to love the timing of a former president launching his nft line the same week a crypto-scammer gets arrested "they got sbf? looks like there's an opening available, then! [ light laughter ] i'm also certain trump didn't look at the copy of his script until the cameras were rolling, as evidenced by this line reading. >> each card comes with an automatic chance to win amazing prizes l like dinner with me i don't know if that's an amazing prize but it's what we have [ laughter ] >> seth: "it's what we have. you know is it the best prize it's not but you know it's christmas. and on christmas, isn't what we have enough? you know." [

this could be nft, digital asset transfer and ownership, which is a huge amount of enthusiasm in theindustry this could be using crypto for the boring - >> quick question. you say they are diversifying. are they or are they trying to is there revenue coming from significant coming from other places >> there's subscription services they tried to towards. one question going forward, they talked about, in this round of layoffs, cutting in other places and saying some of the projects that were more ambitious that aren'tshowing the more near-term promise. they are scaling back. they will have to balance cutting costs and not necessarily investing in the growth, moon shot projects they may have done a year ago and trying to figure out what's going to work. one thing that brian armstrong did work is self-custodial wallets to adapt and say, if you don't want coinbase you can keep it with us and charge from that. they are trying to adapt to the new environment. >> we know what happened to the nft business thank you both >>> after the break, we head back out to the jpmorgan health care confere

quite recently 2021 everyone was trying to have an nft for their business.k in 2017 long island iced tea rebranded its company name as long block tea and we quÉbec to the 1990's where a company had a strategy or change his name to dotcom. these fads do come and go as this one with staying power? do you think the or here to stay? ed: case-by-case basis what the ai does and the valuation. the buzzfeed story, i'm a journalist, you're a journalist. being replaced by ai but i get the business. you look at the market, yeah. caroline: i think it's going to be games and quizzes we hope that's going to be putting those ai applications. what worries me is here comes the scavenger hunt the acronym you are using when you summarize what your business does on a bloomberg for example and what c3 ai, ai. no wonder it's getting a lot of interest. ed: there real momentum behind this stock. i think the friday rally jim to run 18%. 40% over a few month basis but the day percent up 60% so far in january. caroline: i go to the recommendations, only one buy on this. the analysts l

fundraiser and uh also apparently nft fundraiser and uh also apparently nft fundraiser and uh also apparently president zielinski said that he liked president zielinski said that he liked president zielinski said that he liked how i how i how i i trolled a russian propagandist into i trolled a russian propagandist into i trolled a russian propagandist into oblivion oblivion oblivion and i think i think he was referring to and i think i think he was referring to and i think i think he was referring to where it goes in but uh i wouldn't call where it goes in but uh i wouldn't call where it goes in but uh i wouldn't call it trolling i would say it's more like it trolling i would say it's more like it trolling i would say it's more like being a uh like a social media warrior being a uh like a social media warrior being a uh like a social media warrior maybe than being a troll a troll's got maybe than being a troll a troll's got maybe than being a troll a troll's got kind of a negative connotation yeah so kind of a negative connotation yeah so kind of a negative connotation yeah so they asked me i

angeles continues continues her string of prosecutions in the state where we charged the developer of nft with defrauding his customers in a pool scheme, and left week we charge for individuals in the united states and canada were sending tens of thousands of dollars with the cryptocurrency to aid isis. alongside our partners in law enforcement, where kinetic -- committed to caring out sophisticated and technically demanded prosecutions that match the tempo of the criminals. our partnership with the national currency enforcement team enhances our work in the space, and we forward to our continued collaboration. finally, i wanted to commend, from my office the u.s. states attorney alexander midland whose detailed and said and assistant united states a current marty mcconnell along with inset scott my slick, and matthew black/white for their excellent work on this case. i would turn the podium over to fbi associate deputy director, brian turner. >> thank you. i am pleased to represent the fbi here today, as a part of this and smidge of the rest of anatoly legkodymov. the arrest that is the

no nfts. >> no nfts. chai comes back, but let me tell you why. this next story is interesting.ll barr's spin. we didn't know "the new york times" working on the real epic story. you print it out, ten pages. it shows why even with the full and combined power of not only the doj but the intelligence agencies, barr failed. fell flat on his face and is under new heat because of this "new york times" reporting. this "new york times" reporting for adults who are undetectable, cabenuva is the only complete, long-acting hiv treatment you can get every other month. cabenuva helps keep me undetectable. it's two injections, given by my healthcare provider, every other month. it's one less thing to think about while traveling. hiv pills aren't on my mind. a quick change in my plans is no big deal. don't receive cabenuva if you're allergic to its ingredients or taking certain medicines, which may interact with cabenuva. serious side effects include allergic reactions post-injection reactions, liver problems, and depression. if you have a rash and other allergic reaction symptoms, stop caben

and nft is how do you differentiate a photo. if i take a picture and send it to all of you call -- all of you. all of you have the same picture. but do we differentiate when picture from another picture. you can do that digitally by having a digital signature. were you have numbers and letters that have an identifier that is different. there is an infinite number of letters and numbers and you can create uniqueness. a digital asset is a unique asset. that is why it is called non-fungible token. just a fancy way of saying it is unique. you can tell digitally that is unique because it has a digital signature. that's it. why is it important? it is important and a digital world to understand if you're getting something. if you're trading a digital dollar, you need to know that it is a unique dollar. as opposed to another dollar. otherwise, you can't account for a dollar being account -- passed from one person for another -- to another. that is one of the reason why bitcoin works. because you can't account for it ended an intensive w

what is promising is you think of nfts.n ethereum before the crises started in lots of communities crypto will come back not because of blackstone and goldman and institutions it will come back because of retail again this is always started as a people's revolution. they are hard to knock down. people believe in the ecosystem. bitcoin as a value ethereum will be a major blockchain where things get built on top of. i don't think the industry goes away, but it has to prepare for choppy waters. >> mike, a story yesterday that binance is bleeding assets the cash swituation is worse thn c.c. indicated last month. what is your stance on binance >> i think binance is 60% of liquidity of crypto. no one knows factually my strong instincts are they have the cash to match the assets you have a business making $2 billion a month in free cash flow, it would seem very strange to put that at risk to steal a little bit of money. i think we make a mistake thinking sam ended up being a criminal and used customer money that everyone else was

fanatics -- in softbank backed nft firm.here's only one woman in the business who can take us through all these headlines peers sonali basak can we start with the jobs cut. we have come off the bank -- backs of amazon, absolutely dramatic move in share price on the back of dramatic moves. sonali: given silver gets exposure to crypto, a few interesting things are to note. $8.1 billion of run on deposits spend more than $700 million worth of loss on securities. interestingly you have analysts coming out and saying, there are very few banks who can sit there and take it billion dollars worth of withdrawals and run on deposits. there is a two sided story, but something to watch very closely. $8 billion in deposits usually leads to more runs on deposits. how did they stem the bleeding? genesis, the reason that is so interesting with the 30% stock cut issue is that broader issue. looking at systemic risk, not just the single one-off issues, genesis global trading is facing a lot of these cuts. genesis global trading did not halt t

there are many communities around here to think about the governance of the nft community and its relationshipotten very confusing after the listing itself has pursued. >> not complex at all. it was the reality. this is largely without utility. the governance and royalties are not as complicated as they are. >> we will get more in-depth in the world of crypto. the the faa system breaks down. it was related to the corrupted digital file. the reason for this breaded aircraft is a corrupted digital file. very much a tech story. >> let's get back to solana. austin is here to talk about it. thank you for being with us in new york. a straightforward question to start. what is the response to all of this? request the last half of this year has been a tough one for the global crypto community and for some users here as well. when you're looking at it, you are looking at people having fun with blockchain again. it is a main point i got airdropped to people to thousands and thousands of wallets on the ecosystem and it is something the community kind of galvanized behind and was able to really dig into.

maybe that is not as sexy as the nft's out there today, but i think it is cool and will build new infrastructure internet going forward. ed: the blockchain association executive director kristin smith here in san francisco. thank you. coming up, the swifties get revenge as the ticketmaster ceo apologizes for extreme price gouging. shake it off. this is bloomberg. ♪ >> i thought -- who thought taylor swift lyrics will be quoted on capitol hill? too much demand. [indiscernible] or is it too much control by one company? live nation controls a whole host of live venues across the u.s. but also owns ticketmaster, which is the only way to get the ticket when you are at that particular venue. people say there is not enough competition. seakgee -- seatgeek ceo says the only way to break up competition -- this argument was made in the 1990's. it has been revisited on capitol hill and it is the third straight time they will digest whether competition will help you get your hands on the tickets that you want. who would have thought politicians according swift, not just you? people arguing there is too much

before anyone is critical of things like nft's put things like peloton, things like the metaverse and vr, you've got to play with these things before you can have any viewpoint and i like the fact that i could be sat with just a small computer and through the wonder of vr and ar, i could have surround screens. i could be having a beautiful view while i worked. it's like if you are going to be in an airbnb and have a small office, you could do it to a wonderful degree. ed: for me, it comes down to the price point. $3000 for the apple ar/vr headset. i have experienced it down in east palo alto. i did feel a bit disoriented, but for me, what was amazing is the work out. the lightsaber games is one of the better expressions. a really interesting workout, sweating -- we will dig out that footage for another time. if you are watching this, and you are working in the realms of ar/vr, get in touch. coming up, what to watch in tech this year. two fed officials sharing some traders after signaling interest rates could top 5%. we will talk about this next. this is bloomberg. ♪ caroline: we start

fanatics slashing nft firm candy digital. only one woman can take us through these headlines, sonali basak, silver gate absolutely dramatic move in the share price. >> there have been a lot of concerns around silver date for a while, given their exposure to crypto. $8.1 billion of deposits, and more than $700 million of a loss of securities because they had to sell. but you have analysts saying very few banks could take 8 billion dollars worth of withdrawals, so there are two sides, but it is a story to watch closely because usually a run on deposits leads to more runs, so how did they stem the e outflows? genesis is looking at systemic risk, not just single one-off issues. genesis global trading is facing a lot of these cuts. global trading did not hold its activity. it was genesis lending, the subsidiary, the had halted withdrawals. so the fact that you are now seeing issues here financially, and looking to cut jobs for a larger part of this digital currency group empire is the heart of the issue. >> hello from las vegas. a

background and servicenow and ebay and bought artifacts, talking about early days of metaverse and nfts nobody's talking about that anymore in this bear market and valuations have gotten wrecked so where are you in that transformation metaverse still the future of retail to you? >> we never thought it would be future of retail, sara look the way we think about it. there's the physical world nieky nike the leader. we're a leader in the digital word and then 9 virtual world we think is an incremental and augmented thing. we want to be a leader there in our industry just as we have been a leader in physical and digital but view this as a long-term orientation. as you know, we acquired artifact, created nike virtual studios and taking a long-term view where we want to be able to offer virtual goods to consumers in a more democratic way than has been done to date. nike's always been a democratic grand. jordan is democratic brand, converse a democratic brand. whether launching virtual goods to use in gaming or other environments or whether it's for collectors, we're taking a long-term view yo

maybe that is not as sexy as the nft's out there today, but i t is an example of one that i think is and will build a new infrastructure for the internet going forward. ed: the blockchain association executive director kristin smith , here with the two of us san francisco. thank you. coming up, the swifties get revenge as the ticketmaster ceo apologizes for extreme price gouging. shake it off. this is bloomberg. ♪ if your business kept on employees through the pandemic, getrefunds.com can see if it may qualify for a payroll tax refund of up to $26,000 per employee. all it takes is eight minutes to get started. then work with professionals to assist your business with its forms and submit the application. go to getrefunds.com to learn more. >> who would have thought that taylor swift lyrics will be quoted on capitol hill? well on tuesday, they were. there was a hearing. was it that bots were sucking up the tickets, or is it that there is too much control of one company, live nation? it controls a whole host of live venues across the united states, but it also owns ticketmaster, which

does it feel someone terms begun outspent the ended up being or nft trading cards. runaway. does this feel different than how he handled his previous campaign? >> first of all, happy new year to everybody. it certainly feels different. it was not really impressive fail ability. it wasn't you find the one question that i want to answer. and i will answer it. it does feel different. he looks and sounds like someone who is under fire. not just, legally from his own party. he looks like someone sounds like someone who is being ostracized, alienating, and marginalized. and that is essentially where the republicans are. he refused in these, midterms the 2022 midterms. and that has to -- his ego. we have seen, based on his tax returns, what was lost for years. all these things make for very different donald trump, a very different press posture. and i imagine is only going to get worse from here. >> what you normally see from trump's a media availability that will go on for however long the president wants. where he picks apart point by point all the information that is co

. >> nfts, another money maker for the former president.ppreciate your time and expertise. thank so much. >>> that will do it for me at this hour. we thank you for joining us. "katy tur reports" is here next. "katy tur reports" is here next. my network has gone kaput! (cecily) oh, you tried to save a buck on it? (einstein) i got what i paid for. not so smart. (cecily) nah, you're still a genius. but, there is a smarter way to save. (einstein) oh?! (cecily) switch to verizon! for a limited time, get welcome unlimited for just $25/line. (einstein) $25?! (cecily) and it's guaranteed for 3 years! (einstein) brilliant! (cecily) well, you would know. (einstein) i'm switching! (cecily) i think the bike's probably faster. (vo) now is the best time to switch to verizon. for just $25 a line. guaranteed for 3 years. the savings that last. on the network you want. verizon. i was born on the south side of chicago. it has been a long road, but now i'm working for schwab. i love to help people understand the world through their lens and invest accordingly

the ridiculousness of his recent announcement running for president again and him hawking digital nfts- like rent, he is clearly still in control of what's going on here. kevin mccarthy went out of his way to thank him and acknowledge how much of a role he played in all of this. so why would this not grow? one of the concessions that mccarthy gave away was that his speakers pack, his leadership pack, could not get involved in primaries. that right there helps those, the crazies in close primaries, have a leg up because they want have to compete against the money from the leadership packs. so there is another example of how it's possible for these people to hold elective office in more than one place. but it's up to their constituents, obviously. they're the ones voting this bill and. >> give us the big perspective here, after all the infighting we saw, what does this say about the state of our politics generally, specifically the republicans? how do you receive the congress functioning under their control? >> i don't see the congress functioning over the next two years, i think that's

. >> highlight to this point was probably that astronaut nft he put out. hampshire this week. interesting, what are we hearing in terms of other republicans jumping in? nikki haley flirting earlier this week. mike pompeo a book out. mike pence in the news, one because he's thinking of returning. no one's jumped in yet. what's the timetable? >> exactly right. you know from covering these things it's starting to get a little late. we might expect other republicans to have announced by now in past cycles, but the theory of the case for some, they want to see the contours of trump's campaign and how it starts to shape up in the coming months and whether and how he really takes off or if he starts to really kind of peter out. i mean, you mentioned nikki haley. certainly someone who has expressed interest in jumping in, but that hasn't stopped others from her state, of course, as we just talked about, from supporting trump already in his re-election bid. former vice president mike pence, of course, a number of stories about him courting different parts of the re

and they're not doing nft and they're not going -- if it turnses out that a shotgun can take thing down, we're going to buy a thousand shotguns and go dow it. that's the type of creativity that needs to be in there on a regular basis. but in terms of systems, it does come down to, obviously, we need more missileses and more missile defense systems. there's nothing militarily sophisticated about that, we just need to make them. it does get sophisticated in terms of you need to make them better. if you have a better missile that's harder to shoot down, you need to make more of those. something better at shooting it down. that's where a lot of the innovation is. it's a transformation from massing a lot of prior power in one place to distributing that and increasing the lethality in that way. and that changes a lot of things. it doesn't mean that we don't need aircraft carriers of f-35s. we might need fewer of them, they might not be as necessary in as many places but we immediate to start thinking in those terms -- we need to start thinking about in those terms. when i was talking about na

free money, crypto, nfts, it was whatever you wanted to make of it, and hiring got out of control, recruitingrketing, selling general administrative. if you see a company like google with, what, 150, 160,000 employees, facebook, meta, microsoft, all of them are going to want to prune at the margins and i'm not saying that to sound callus or mercenary. but when their stocks are down significantly, they're all publicly traded. they don't like to say we're kowtowing to wall street, but they have to keep a high profit margin. of course it's going to ebb and flow. and you have a moonshot wing of the company where they might be less apt to go out and do research and development and funky things in solar and rockets or whatever it is that they're doing and they want to get back to the core knitting of internet advertising which is in a slump right now. so it's understandable. >> morgan, we mentioned 190,000 jobs cut across the tech industry since the start of 2022. do you see this extending into other areas of business? >> that's the key question. anybody who is focused on the economy is asking righ

nfts, nonfungible trumps. el low, everybody. it's your favorite president donald john trump.s a good impression of me. there's this one guy, he's 23 years old. he does an impression of me on tiktok, whatever you want to call it. i think it's okay. he's also the winner of kenan thompson's ultimate comedy experience and has been touring the nation, spreading laughs and commentary along the way. he's also been on the simpsons, doing a first voice there. i got say, matt, welcome to "the beat." your voices are pretty uncanny. thank you. great to be here, great to meet you. ill i'm thrilled. >> there's so much we can talk y a little bit of something i have seen you do well. this is not fake, the real mitch mcconnell. >> there's no question, none that president trump is practically and morally responsible for provoking the events of the day. >> let's hear it. >> well, listen. president trump is morally responsible for provoking the events of january 6th. but he's less responsible than the african americans who provoked it because trump is an american. not an african american. >> so

interest to a galroup called galaxy digital he said, over the past year, it has become clear that nftsa stand-alone business remember in january of 2022, fanatics acquired tops trading cards. after also acquiring the rights to produce mlb trading cards ruben wrote, divesting allowed us to ensure owners were able to recoup most of their investments in fanatics, especially in an imploding nft market >>> apple's market cap hanging around the $2 trillion mark after dipping below that level earlier this week. it came one year to the day after the market cap topped the $3 trillion level. the stock giving up 27% in the last year. joining us to talk about apple and big tech is alan patricof, the co-founder and chairman for prime time partners and was an early investor in apple and, allen, when you look back -- it's good to see you when you look back at the last, n i don't know, take your pick, is it more complicated than that, what's happening to tech right now? the advances are coming across qua quantum leaps. the stocks have plummeted. it's all about the fed anyway, isn't it or do we look at

that has come out has been interest in digital art, spiked partially by the markets exuberance for nft'scome up that market, we can have a more qualified conversation of what works in that medium. we are in a position to have a great conversation about that. we have a sector in the art fair dedicated to digital art, and it features a galleries focused on our produced in digital media. haslinda: if i am looking to buy my first art piece, what should i be looking out for? >> we have galleries from around the world, so there was a huge amount of choice out there. for people just starting on their collecting journey, we created a sector called new now, they are dedicated to works priced under a certain amount. we hope there will be something for everyone. we have works up to tens of millions or a few thousand. haslinda: magnus renfrew from art sg. let's take a look at how markets are doing. trump addition because rates could go beyond 5% and stayed there for quite some time. asia into bull market territory. yesterday. in the fx space, the dollar down for a third date, lifting asian currencie

technology including the first broker-dealer exchange in canada and the holdings that developed the nft technology and circle the company that brought to the u.s. a bc stable claim to market i've also invested in multiple tokens, infrastructure block chains. i am of the opinion that crypto block chain technology into anddigital payment systems wille the 12th sector within a decade. many of these technologies are going to disrupt the existing financial services sector with faster, more efficient, more productive and more secure ways of investing, paying, transferring and tracking assets. as you are aware, bitcoin is not a claim it's software. block chain is software. in the last 30 years every american enterprise with major efficiencies using various versions of enterprise software and crypto is no different. the potential of these technologies is astronomical and scale. in august of 2021 nearly three years after he started allocating to the sector i entered into an agreement to be a paid spokesperson. i was paid approximately 15 million plus approximately 3 million to cover portions of

and with no one approaching to appear to speak it does not appear we have any members nft public with us in the hearing room who want to speak. sf gov. tv do we have any callers in the queue and they are indicated we have one caller with their hand raised. and caller you'll have three minutes to speak on this regular calendar. >> caller: david again, so as a form of resolution, i want to turn to that for a moment. i think the third whereas should be resolve clause at the end of the second whereas it should say something therefore, resolved the commission establishes and i will substitute july for june in that third paragraph so established the july 2023 through december 2023 and that say sanitation and streets founder of regular meetings and further be it resolved that the schedule of meetings will be posted online so. that's to clean up the language, i would also suggest either now or in the future that the 6 listed dates, i don't think they need to be in the resolution itself, but perhaps, they can be reflected in an attachment and referred to in the resolution say something like as

naming rights of the miami heat arena, i think you will spend 135 million, and nft partnerships with golden state warriors and washington capitals, 210 million sponsorship of the mercedes, some -- endorsements and ads with tom brady, naomi, stephen, curry larry david, it goes on and on. do you know the total amount of ftx how much they spent on sports endorsements and arena naming rights? >> we don't have a full tally of that. is just an accumulation of data. >> do you know if you all spent more on -- >> i can't tell you what was made paid encrypt towards versus cash. >> -- i think you doubled the number of u.s. users. is that true? >> i don't have data on that. >> do you think it's financially responsible to be spending hundreds of millions of dollars on these kinds of sponsorships and quote on quote partnerships while they have not been able to cover customers deposits? >> no. >> personally it all sounds like a lot the houston astros playing at and one park. i represent the -- the third poorest congressional district mr. ray. this impacts every day folks like my residents to really

all of these bad headlines since launching the campaign, the dinner with the white supremacist, the nftr events. he did offer a media availability near mar-a-lago, and basically all the media skipped it. just a couple fringe right wing online publications went to hear him speak. so what could he do to change that, to get attention? do you really believe that the act is tired? or is it perhaps when legal peril comes in a perverse way, it's an indictment that could get people to stop talking and caring about trump again? >> first of all, i think some of it has to do with his track record. was it -- we can't undermine or down play the effect that simply republicans have gotten off the band wagon because he's a proven loser. to your point, i do think he should get out there. some of this may be laziness. it may be fatigue. boredom, not just boredom with trump but from trump. why isn't he out there holding more rallies. that is a question, if he were aggressive or energetic, would he be in better shape. i don't think we can answer that. i do think, however, that his act is also tired. that t