What is up Polaris? Hello, hello GM from me. All good, how are you? I'm great. There are a restaurant week or cocktail week was last week and I worked 16 to 18 hours a day.
And I can barely speak English, which is the only language I speak right now. And I have put in my one year notice with my group, which means I'll be out of the restaurant industry one year from today. Fully.
Oh wow, that's a huge move. So what have you planned? Very planned to have to move or is it just going to be like? No, I don't know. I might just I think I'm just going to move to a Pacific Island like somewhere in Southeast Asia and do nothing for a while and see what what I'm
pointed towards. I've never idled before. I've only ever worked. And if I wonder in the absence of working for money to pay bills, what I would be inclined to do.
So what I'm going to do, so one year from today, I'm going to move overseas for as long as it takes for me to just figure out what it is I actually want to do. It might be restaurant work still, but I think I need to hit the reset button and figure it out.
which is the first time I've ever done anything like that. But very much needed, I think. How about you guys? How was your recote? What's going on first?
Good GM GM, he done knee hip plurus. Um, I think it has been um, quite cold, it's been raining. So yeah, I think um, um, trying to cope with the whole sec issues.
Corvind Binance and the likes so. But try to shake it over and let's get some warmth. So that's kind of the opposite here. It's been a normal temperature, but Canada is on fire. So it's been really
smokey here because all the smoke is going to upstate New York or a lot of it anyway. And it was you couldn't see you know half a mile. It looked like being in the middle of a campfire. And for a few days there I couldn't even open my windows because I could barely breathe the air out.
but it was really scary actually. But we made it. We made it and the air is more or less clear despite the wildfire is still kicking at the moment. They'd say that it's going to go until September-ish, which is, wow, that's a lot of fire, you know, that's wild shit.
That does it very long time. Actually, I thought you in the US. I didn't know you in Canada. Oh, yeah, I am in the US, but I'm so far in northern New York state that it's basically in Canada. So we're I'm only separated from Ontario by Lake Ontario.
So it actually a lot of work went to New York City first before it came up here. I can't quite like the trade winds if that's the right word for it. So it came from far away, but it was very strong.
You feel bomb. And I think that's through that, the one of the effects of them. This is not your disaster. Like you could actually know be in that particular place, but you could feel like you're playing effects.
We passed Gladys Star on Oda Heroes. Yeah, it was really it was really something we don't get a lot of that around here in fact for the cocktail week that we had we had a bunch of speakers flying from the west coast to give seminars and the funny joke was that they flew away from where the forest fires you
usually are to the new place where now the forest fires do occur because on the west coast I mean that's where that always happens never on the east coast and certainly not in Canada so this is kind of a strange occurrence but it was a it was a funny joke about it not so funny subject because you have to make light of those things but otherwise
a pretty typical week in the world of me and other really just watching what finance, not even what finance is doing, watching what the SEC is trying to go after and who they're dragging through the fires with them and then what the effect that's having on
the market if any, you know, long term anyway. I know there are going to be people who flee out of their positions because of this, but if anything, I think that just opens it up for more entry for other people. So, you know, this DCA time, I guess. But I guess
If there is a conversation to be had about whether or not tokens that are not proof of work are going to be getting the treatment, you know, this is players to or first does anybody have any input on like what what this actually means long term or short term for anything that's proof of stake because it seems
proof of stake is the definition of what the SEC is going after. And I think Ethereum was only not included in this because the case has been going on that they're trying to build for so long that Ethereum back then was proof of work and they just didn't have it included. I feel like they're going to go after it though at some point.
Sorry bro, I my internet for some reason when he was talking earlier I couldn't I have to disconnect and reconnect again. You know, problem. So what was he saying? Have you got any plans about? Oh, they're just gonna go with the plan. Yeah, well, it's kind of both. I'm just gonna go with the
the flow, but I really, I want to just jump around from Malaysia to Indonesia to Philippines, check out Thailand, Taiwan, go anywhere I can go without a visa, basically, and just kind of like live in Airbnb for a few months, and find out not only what it feels like not to work,
Because I don't think that I've ever just I've been working since I was 12 and I'm 38 so like every day of my life I've woken up and like there's a purpose There is a goal and I'm gonna try to achieve that But I want to know what I do when I'm not burdened by purpose and goal and what that what that does to me like where do I
point when in the absence of a direction what direction do I choose and I don't think there's any way to do that except for like putting yourself in that situation so that's the goal to put all jump around and figure that out and the other goal is just to see what it's like to live somewhere that's exactly the opposite of where I live now because I feel like that's an experience that could
be enlightening or will be enlightening. I've visited a lot of places but I've never been somewhere for more than two weeks and waking up there on the 15th day I'm sure feels different. So that's about it. Yeah man, I'm glad that you're doing stuff like that because that sounds like
like a life-changing experience you're planning to do. We show all the best for that. And as far as the second question regarding the SEC's concern, and he said that they haven't grabbed Ethereum, they've grabbed other...
I think the, I mean who are you supposed to like grab when it comes to Ethereum like there's no no one to grab though like you can't really grab Vitalik and say the look you are someone who controls Ethereum because he doesn't it's like a decentralized consensus which comes up
with forever. So maybe when you look into the categorization of what is classified, what is the security and what is not a security, why do we need security and if you look into all of that context
I think the theorem doesn't really like, I mean you can't really grab any singular entity or a group and the how we test has like certain conditions. Also I think before you come
I think that like you know the how it is was like I believe 1938 or 1948 something like that which is pretty old outdated approach towards doing things in a communal manner
doing business in a communal manner that was there to protect people from pro-julant activities and stuff. So the fact that there's a congressman who started this motion where they want to take the chair
amount of SEC off because they feel that the SEC might be over exercising their use of power. So there's a lot of different variables towards this whole thing and yeah really interested like you know
to have further discussions to try to have a better understanding of the topic and why it's important to classify something as security and why it's not. On the other hand, just like six, seven hours ago, China just like, you know, done the first
on the Ethereum network, they have done this, they have launched their own personalized security token, which is going to be regulated by the Chinese government. So a lot of developers
So China is partaking in the Ethereum blockchain. First of all, and second of all, I guess that is something I called last week or was excited about last week, maybe not called, is that Hong Kong's opening of cryptocurrency legislation rather than
banning of it, you know, they're open to the concept of taxation and purchase and off-ramping and all that stuff might make way for China to have to follow suit to some degree in order to keep up economically or whatever. And I didn't realize that there was specific, like anything other than the consensus mechanism
to do with why the SEC was going after each of these. What is it like Avax and Cardano and you know, it was Salona on the list, I think Salona was up on the list, but they're all decentralized in terms of consensus and there really isn't anyone. I mean there's the Salona Foundation that you can go after or there's Charles Hoskas in I guess
assumes a bit of a metallic role, but all the consensus is still decentralized for the proof of stake mechanism. So like, where does that line get drawn? Do you know this? Because I really, I don't think I know nearly enough about it to even speak on it other than I see they picked some of the top dogs to make an example of, but they intentionally either left Ethereum
out this time for some reason that I don't really understand or they just didn't update their documentation quickly enough because it's tough to do that legally for when Ethereum became proof of stake because it was in the clear due to it being proof of work prior. Do you know that if there's some other designation that I'm missing other than that it's proof of stake?
I think if you look into what what classifies as a security and if you look into like you know different aspects of that then it might give us a better
understanding you know. So like for example, if it's if a coin is classified as a security then this regulation you know which can be enforced there are certain compliance requirements
the trading restrictions, if they fail to comply with the regulations then what happens is that they can be liable for legal consequences
There's investor protection. So that's why they have to go through a how we test to make sure that if someone is investing in an instrument, using an instrument or if they're investing in a
product or some sort of speculative asset then they need to make sure that they are protecting their citizens basically from that. So they have to make it go through a how it has
and that was created by the Supreme Court of the United States. What this test does is it determines whether certain transactions qualify as investment contracts and if they do, they fall
all under the regulatory purview of security and exchange commission. So if you look at the how we test, then you have to make it go through a certain criteria.
And as you make the asset the transaction or whichever particular like you know aspect of that asset class you want to like you know look into then you make it go through the how it is.
And that's how the securities and exchange commission basically justify their actions. So number one is that there needs to be an investment of money. Like there is an investment of money or some valuable
good. There are some expectations of profits so the investor expects to put profit from the investment. This profit is predominantly expected to come from the efforts of others rather than the investor's own effort.
to look into this point like for example you just buy the asset but you don't really have to do anything about it you know because the the asset works in creating value so that's what that point means and then
Whether it's a common enterprise, like for example, is the investment of the money in a common enterprise. This is often interpreted as meaning that the fortunes of all investors are linked together. And the efforts of others, any profit that comes from the investment is largely
or wholly outside of the Investors Direct Control. Instead, the profits come from the efforts of others. This means the efforts of the company or group that is creating or managing, in this case, a coin. If a cryptocurrency meets these criteria,
then it can be classified as a security and we've had a lot of examples in the past where the SEC has used the how we test to exemplify whether they should be
So what is it? I don't see how through the process should be classified as security.
I don't so you can in and out sorry as you said Hello, yeah, you've been in and out a bunch
What about now can you hear me now? Yes sir. Yes sir. So a lot of people like you know when this take on how it has came up a lot of people were like you know I mean that's back dated and like
you know so many like he said like Ethereum could fold under the same thing as well. So why is Ethereum not getting and that I believe is the discussion that you know there needs to be some up to
date understanding of the how we test and how it can be applied in the context of cryptocurrencies and then I believe that the like Binance and Coinbase are like
you know, fighting that close because like you know coinbase and is basically particularly like you know trying to like say that all of these conditions are slightly
different to the way cryptographically secured assets work. And like the way you mentioned, Dhani, that for example, Solana is decentralized and when people are
actually buying that but then they are turning around and saying that people are buying that because they feel that this can go up in profit and then Solana needs to justify that like you know that the technology is not there to make profit but then
We need to look at all these different contacts that like you know when you're doing business are you not in there to make profit? Yeah, of course, you know, so very good problem is that if if these I think I used to say or have been saying for months that the only actual utility tokens are Bitcoin
and Ethereum because no one buys it because they need gas but they do just not in huge quantities. Some people buy Ethereum speculatively and you can't stop people from speculating on anything. Bitcoin is property so far. That's what the government has said about it or the SEC rather. But if Ethereum
is the only token that people buy because they actually do need gas like transactions are expensive on Ethereum because it is sturdier and more robust and was more going on and so people are like I don't know and clienty use it more because of that increase in traffic is more expensive so long is not like that it's the bear
or eventually as much lower you need much less gas to do anything on it, but you still have to buy salonet to operate it. So theoretically, even though the scale is different in the way that people use the theorem in salonet, the concept remains that if you need to buy the token to use the system, it's not a
security. Right? Like buy the books. That's just the case. It is a utility token. You need to buy it in order to use it thing. If you want to buy more of it because you think other people might want to use it more, I don't see how that's the government's business in any way. And I don't even know why it's a long conversation. I would say that if
If like like Hedera hash graph for example since there are no or I don't think there's any gas fees on that any way there are a few systems that just don't have gas like they don't operate on that model Then I could see there being the case that like it's a stock more or less because when you buy a coin or a token
a piece of it, you're like you're trying to be a part of that thing. I don't really know where NFTs fit into this either. They just feel like art to me so I don't even know if that could technically be a security. That's maybe a longer story. But how is this that the governing bodies that are around this
have such diametrically opposed and changing viewpoints on this. If you watch videos of Gary Gensler teaching economics classes, he's talking about how cryptocurrencies are not securities, like confidently and specifically, and not that what like five years ago, right? So like what is going on with this and why is this
an issue and I guess furthermore, how does that change what we do? Let's say that Solana is classified as a security and thereby everything except Bitcoin and Ethereum for some reason is a security. What does that change about our daily lives? Do you know? Because I genuinely don't. I don't actually know how that would impact anything.
Does anybody know? Does anybody want to come up and talk about this? Because I don't even know where to get the information on that. I'm just trying to thank how to answer it correctly to be quite honest because on one side, if you do
say that there is an utility associated with it, then that gives the Security and Exchange Commission a reason to call it a security because you're promising something. If you don't promise anything, like for example
with Bitcoin or with Ethereum. I'm not sure with Ethereum but with Bitcoin there is no promise like you know it's like two entities agreeing towards a value of one product and as they agree towards it but you need Bitcoin to send Bitcoin right
So like there is a promise or a piece there. Like you need a theorem to send a theory. You need Bitcoin to send Bitcoin. You need slanted a sense of it. It's a utility token of itself. Everything is one. Yeah, but I mean it's like nobody's only two people are real on it.
I guess what I'm saying is I'm confused. I'm just confused why they're still having a conversation. - No, but it should be fairly cut. - Oh, sorry.
you are very in and out. Sorry, dude.
to like someone who would be like imagine like something that feels very bad but I'm thinking that I want to put on a flip flip, I want to take that bit, please.
location. Can you? Yes, yeah, now we can.
Yeah, so I think the confusion with that is like, you know, there's been ICOs, right? Where companies have promised that they're going to like bring the next groundbreaking evolution towards transactions and
And the SECs grabbed that and they said, "Look, you're trying to upgrade, you're going to try to sell something." And that can sound like you're saying that because of the high transactions which you can have, that can be deemed as a security because you're trying to
sell utility, you know, whereas with Bitcoin, right, the only reason it's a utility, we know about the utility because we understand that. But if we were to like deal with an entity which doesn't believe in BTC, then they would be like, no, we don't believe in it. Whereas with the, when E of
So as for example, they was launching their ICO. They literally like you know was filling how good of a network that is compared to other networks, whichever networks it could be. And as soon as you do that, you're like you know creating an advertisement, you're creating
commercial aspect or creating competition and as soon as that happens this means there could be so many different aspects towards that competition which could be used in a positive or negative manner and that could mislead the retail consumer to make wrong decisions. As a result the SEC has to kick in
and protect the users or retail users. So this is the rhetoric which is currently being used, which I can, which I understand. But I mean, as I said before, it's a pretty old low. It's an old low and it's an old way of protecting consumers.
because the way we used to consume back in 1938 compared to the way we are consuming now is a completely different ballgame. So how can we use the laws which were implied when people used to ride horse and cattle
and just about like one in a thousand person used to have a car and stuff. There was no access to internet, there was no shared resources, shared networks, shared socials where you could get access to information like the way we can
So, how can we apply the same rules which we had back then to now when everything else is changing? And I think this would be the conversation which needs to be had and I know like it's irritating that like you know why are we still having this discussion? But in
This needs to be clarified because it's causing a huge amount of turmoil towards retail users and the sentiment towards the industry in general. And it's affecting every single branch of that industry, whether it be NFTs, whether it
VT5 protocols, whether it be meme coins or whether it be like organizations which are using cryptographic proof to create groundbreaking technologies. It's all creating a bad sentiment and this needs to be
clarified this needs to be like you know to be to be this needs to be said in such a way that people understand it and they can make informed decisions accordingly you know currently we're having issues with
On one side we have one statement from one organization and then on the other side the congress is saying that this is wrong you know SEC is using is abusing their power so they need so the chairman needs to go and then all of that's happening and and then on the other side we
We have got development of the technology going fast. AI is developing countries or geopolitical locations are becoming more and more intra connected. So it would help to have more clarity.
I agree. I mean, I think clarity is super important. It seems to me that the boundaries have not been set appropriately. And because of that, we're having extended conversations about things that aren't relevant, like pointing out that avalanche and Cardano and
or the bitcoins different than any of them. Or the line is arbitrary is what I'm trying to say, because now Bitcoin is beginning to adopt smart contract-like things. So is Bitcoin going to be on the
shopping block is all cryptocurrency going to be illegal by some group standards. I mean, I know that's not possible because since it's decentralized, it can't be stopped. You can just be like banned in certain areas and in certain ways. It feels like a supreme waste of time. I guess it's the point I'm trying to make.
where needing to protect the consumer is one thing, but also people invest in stupid shit all the time. And it's not like the fact that it's legal means that it's going to be a viable business somehow. I get that there's
People are being swindled by shit coins like like PPPupu coin launches and a whole bunch of people go Yeah, or they like sheba sheba Elon or something they go I know these words out by that That's not like even if there's a curate ease and we find a way to sell those legally. It's not better
You know what I mean? It just feels like there's some fundamental motivation here that is not actually for the good of the consumer and is simply just to maintain control by the government. It looks like, you know when a restaurant you love starts not doing well as a restaurant and starts to have like a DJ night, all of a sudden it's a nightclub and you're like, what are you guys doing?
that's a little incongruent with what you normally do. Well, it's because they're broke and they're grabbing every branch on the way down from the tree as they fall out of it. They feel like they're losing relevancy somehow, so they're looking ugly in the death throws. And this feels like one of those governmental structure death throws where they're like, "We
don't even know why we don't like any of this stuff, we just want to yell at it. So they're just yelling at it and they're making a big stink about it and I think if anything that's more damaging to the public than anything that the public has gone through so far, including me. And I've lost a ton of money on this stuff, but that's learning experience and that's exciting and that's investing in any business. You know,#
You can buy a house and they can sink into the ground. If you're in the right insurance, you know, GFI, go buy a different house, right? This feels like under the guise of doing well for the people, this is something that the government has decided to do because they realize that they are no longer the government.
So that's my long and short of it. I don't think this is for the people. I think this is them just being jerks. I haven't been able to buy ontology in the US because finance hasn't been sanctioned in New York State, which is silly. It's not protecting me. You know what I mean?
I just draw the line, tell me if it's a gas token that you need to buy to partake in something, whatever, I have to put gasoline in my car. I don't know what the regulatory structure is around that, but why is the public even in on this? Like, why is this new? Just do what you have to do as a government and stop making
us all think about it in like form sides take sides like whether it's good or bad or secure nobody even knows what I don't even know what a security is I understand the criteria that would make one and I know what the how he test is but do I know what that means in real life of security versus a commodity and how that affects
the way that people buy or just have no idea. And you know what? I don't want to know. Just stop making it half and half. Let's put these things in their boxes, right? Can I get a hell yeah? And somebody's anybody care about that? You know what I'm saying? Help us government. Don't hinder us.
So I feel the government actually, one thing is you could look back maybe two to three years time coming and would see that the state could go back reverse the order of finance operating or having no other old coins without proof of work operating. So I think this is just
and opposing for them to grab as many or by as many as they can then probably be actually happened to us here in Africa by as many as they can then at the certain point you know reverse back on your order. So the thing now is the way it says everyone is panicking we're all at a loss without you are a normal trader without you
or a merchant, everyone is at a loss because it's all affecting all our pockets. No one can actually assess this coin, no one can do whatever they want to do with their hard end money. So the way it says is taking out decentralization that's not on non-missity, crypto offers us as end users.
that's a mobility to own your own data. It takes that away from us based on what this sector is doing. And I feel the government is trying to find ways to regulate it. It's just really looking for ways to go around it and provide. It means to hold people to run some for particular things that occur in the crypto space. Well, do it.
It's the government's no mental control, everything. Give power to the people. Find we need to put in rules and regulations in place to help newbies or to help regular users of cryptocurrency to protect us as individuals. But we know there are some more that check
to actually put apart from this sec coming into ban or putting a policy to remove some particular ausgell or to create some scale up in the market. So by a few, this is just them staring up well and I think very soon that I think you're going to reverse their decisions and everything go back to the mouth. So now
everything he's going to be bullish. Not so bearish. So yeah, you could be right about that. I mean, anybody who does have the ability to put out a press release or get into the news about what the state of the market is or whether or not something is safe to
buy for the average consumer is really easy for governing bodies like that to be influential in their, and I don't mean governments necessarily like governing bodies like the SEC, the letter people, you know, SEC FBI, and ATF, all that stuff, they can say things and change the market just by saying it. So if they say that the following big
boy coins in the top 10 or top 20 are now securities and everybody's like, "Oh God, I don't know what security sounds like a scary word, security, home security." It's like an alarming, sounding thing, even if it's not a bad thing. I think they're just playing with us. I guess it wouldn't be the first time in human history. I'm not like a conspiracy
I guess I would call myself a conspiracy realist if anything, but I don't even have any thoughts like that. I'm just tired of looking at the headlines. It's like, you know when the news is just always bad news, it's all the same bad news from a different place and they repeat it. It's not like it's only bad stuff happening, but it's like the only thing you hear about. That's what I feel like about
the whole like is cryptocurrency or cryptocurrencies a security? Like are you even a government if you still are asking that question? What is your job actually? If you can't answer that one thing. What is the security is an exchange commission? If not the governing body that should know what a security is.
Get it off the chopping block. Just put it in its box. Figure it out, right? Sheesh. Alright, that's me. That's the end of my tie rate about it. We're not going to come to any answers here. I'm just like, "Whoo, I'm so tired of it. Just let us do our stuff. Like, how does progress happen? Like this?"
Is this would build progress? No, it's with stifles progress. People don't like progress. Some people, 50% of people don't want things to change. I get that. We should not put those people solely in power. It should be 50/50. We have to have like
half excited new ideas and half we better not do this because we're scared of it ideas you know and I guess that's what it comes to how do we decentralize that's the let's let's make this SEC a Dow how about that let's talk about that players how do we make the SEC a Dow
And does that even solve a problem to decentralize that decision-making power?
See the thing is that I think with all of this what's happening is that we are beginning to understand the what can and what cannot be done with crypto.
So like having a decentralized organization which is allowing people from all across the world to be able to comment and be able to vote
on an organization which is responsible for securing a specific geopolitical locations, citizens,
spending habits on assets can become very disastrous because they could be conflicting point of views but at the same time
nodes and different cryptocurrency protocols can be used to enhance this experience of life which we have right now.
by connecting, by being able to send information in the secured environment without having the chance of being hacked.
these type of things are like you know the doable the
the minimum viable product of cryptocurrency. We need to focus on these things rather than speculation. I think what's going to be happening is that we're going to move from this stage of speculating on different assets to actual, like what can be done
by this technology. And as those concepts get highlighted more, we'll have a better understanding of where to invest or where to have a, like, you know,
Instead of like, not only to invest, but to also have a better understanding of your investment thesis. There are a lot of things which we can't do with cryptocurrency.
technology behind it. It can save a huge amount of admin and finances if done correctly. But at the same time, there are a lot of issues in the industry as well. And there's a lot of like
Instead of technology being run with innovation, technology is being run by hype and all of these factors which create an illusion of a bubble because everything is basic.
around non-existential, like you know, concept like, you know, everything's going to go up to the moon and all of that. I think this needs to slowly sizzle down and the
the builders who have been like trying to use the technology to like make a better experience, a secure experience, an immutable connectivity between one and two another. All of that eventually would like be needed in this society.
But again, these are like quite futuristic point of views and like you know, governments are run on bureaucracy and bureaucracy is pretty like slow and you know you got to get approvals and then you got to go forward and there's a lot of stuff happening so it can be very demoral
and we are in that stage currently of the cycle where all these new concepts and innovations are coming and then it's triggering different departments to react in a certain way to protect
innovation or protect the current monetary system. It happens in all different countries. But it's good at the same time as well because it means that like you know in 2016 no one was talking with this much
passion. There was not many people there. So compared to where we are at from 2016, there's been a huge advancements. And this used to happen all the time. You know, the price of BTC used to move up and down every time any news would come.
from anywhere in the globe, usually from China, if you would have any news and the price would just dramatically go down and then it would dramatically go up. And there was huge volatility.
But as first said that, like, you know, as they realize that what the technology is and as they face issues, different countries face issues, they will come up with different tactics of dealing with it. And if those don't work, those times,
There will know it as well because as you said how you supposed to control a decentralized transaction when someone wants to send something you can block it block a certain like you know internet address
from connecting to us another internet address but you know if you use a VPN how do you put how do you like stop your users from doing that. So these are quite a lot of questions which retail users need to understand and governments need to answer as opposed
I will accept that as the answer for the day, which is just that governments are slow and they don't know what's going on so they're making everyone else wait. And that's it because this has been going on since 2009 and probably fervent
at least since 2017 that the SEC has been like, what is it? Is it this? Is it that? They're just trying to scare everybody about it. It just feels like I'm trying to think of an analog that is equally frustrating and I can't think of anything because nothing is nothing other than this is this new.
But like, yeah, you can't just do anything. You can't just build a house in the middle of a city without all the permits and stuff. And I get that there's regulatory infrastructure that needs to be gone through. But this kind of transcends that. And I maybe I sort of get why the SEC is confused about it, but like they need to stop being
publicly confused because it's annoying for the entire world. And if we're talking about regulation, spawning and supporting innovation, this is not that. This is the opposite of that. This is not making anyone grow and form better. This is
If you're making everything just weirder, I think if they need to tax people, to tax them on the off ramp. If everybody needs their own CBDC, and that's the only way you can buy anything, then great, let's do that. Everybody can exist in crypto however they want, and then whenever they move money to their local
to do whatever they need to do with it, then there's taxation. Boom, I just solved the problem. So everybody can put money wherever they want because their adults, and they can figure it out. And when they pull it back to do something with their government and their local, then they can deal with that in that jurisdiction.
All right, does anybody want to vote me into the SEC chair so we can just get this shit over with? We get back to our lives because I'll just I'll propose that on the podium and I think we can all move on that way, right? I Understand that's not the case. I can trust me.
Even the SEC wasn't like intervening at that time Things did like you know take a bad turn a lot of celebrities were like you know given a huge huge amounts of money to endorse products
which probably were designed to extract every single value out of the retail customer.
you know, in 2017, 2018, all these ICOs.
They did that. So at that point, the retail customers came out and said, "Where was the SEC to protect us?" You know? But if the SEC had regulated it, do you think that there would have been protection?
Because I don't know of any Like we're if I put all my money into some eighty five thousand dollars over here We get like eighty five thousand pounds Even if you had like a billion pounds if the banks go bankrupt you can only get eighty five thousand pounds
So like if if I decide to invest in I don't know some ship is some freight company I say I download Robinhood which is protected and insured and you know right the governmentally regulated if I download Robinhood and I decide to
by $6,000 worth of united freight shipping company stock, just because I think that people are going to need to use boats to move things in the future or whatever. And then it goes down, it goes to zero, the company folds. What is it? What's the difference?
There's no insurance on that. There's no such thing. You invest in stuff and then it either goes up or it goes down or somebody wants it or they don't and then you move on. I just don't see the difference and I don't see how this is like helping people. What is every commercial on TV? Some person frolic
talking through a field trying to talk you into a disorder you don't have to be prescribed a medication that you're supposed to go ask your doctor about right? Did that's that regular that's regulated? It's not good. You know what I mean? Like you know it's not like better for anybody. It's they're trying to talk you into something. Everyone's always trying to talk everything and everything. That's why this.
I feel like Larry David I feel like the center of of curbure enthusiasm where everything everyone's just going about everything like oh yeah the SEC's back at it again and I'm like why is the yes easy doing this stuff because like I'm not anti-regulation I'm not anti-government I'm not anti-organization I like it's that
and I like when they function as the establishments are supposed to. This doesn't feel like that. That's all I'm trying to say. And I guess this is, we've come up to the end. First, players, does anybody want to tell me more about the SEC or about their daily life or something fun that happened to them today?
Yeah, let's end on something fun.
What's something fun? I got a new headset so my voice sounds really good I think right now right? Does it sound really good? Somebody give me a thumbs up if it sounds really good. I know it does you don't have to give me a thumbs up. Alright well it's been nice everybody I hope you have a wonderful day and we will see you next time.
you in the future. Adios Machacho is till Gary Gensler I said hello. Yeah, 100% take care everyone's been a nice chat and yeah it is a confusing one Donnie it's hopefully the regulator
is and the lawyers and all the people involved in this industry can come up with something which can be better for all of us you know there is a confusion out there for retail investors but you know yeah there should be everyone should all
be confused about investing in. There is no guidebook and you know from the future. You know you mentioned it like before before the normal normal user wouldn't have the option to like buy like you know stocks you would have to go to a brokerage firm
Those brokerage firms would need to have licenses issued by the government. And then they would give you advice depending on your portfolio, on how you're supposed to invest that money. All of that got bypassed with decentralization.
So there's a lot of factors which we need to keep in mind when we look at when the the security is an exchange commission is looking into that. The reason we need to look into the factor why was this exchange commission created in the first place? How do they
What's the real reason behind the creation and what's the current role in the current environment and the economy which we are living in? These are few things as food for thought
for everyone to like pondropon and then looking forward to seeing everyone on Thursday for a Thursday talk in the meanwhile look after yourself and have a great week.
Indeed, everybody have fun. Have a great week. The SEC is not here to protect you. They are not your friend. They are not trying to regulate anything. You still already can go buy your own stocks. You don't have to go through a financial advisor. You can go on Robinhood and ruin your life in a regulated way.
easily. I will finish on that note because this is absolutely no different. Nothing they're going to do is going to change that because everything is a risk including just being alive. So every day that you wake up look around you and go I can't believe I'm part of this video game. This is insane and it's so much fun and I can see colors
and I can hear sounds and I can love my family and I can get mad at my coworker and those are all unique to human life and that's very exciting. So don't stress yourself out about the SEC like I am today because it'll ruin your ability to love your family. Go love your family and we'll see you next week. Adios amigos.