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Mandala Reborn: A New Dawn!🎙
Recorded: Aug. 31, 2023 Duration: 1:17:49Space Recording
Full Transcription
You won't just go down to zero and you'll be stopped out little by little to another level of protection for users so they don't lose all their liquidity in one shot, especially if there's a market spike.
And just in general, educational pieces, we're going to have a lot of educational videos and documentation on how to margin trade and how to understand the margin system that we have working.
Because it's a very expansive system with a lot of different types of trades, a lot of different buttons, a lot of different activation panels, and we want people to understand every single one.
So I hope that wasn't too long-winded, and I hope everybody goes back and reviews that and listens to what I said.
I mean, it's important to have all these layers and kind of have people understand them.
And probably, you know, guys, for everyone listening, create an account.
There's quite a few, you know, educational pieces there.
Like, take your time to read them.
They're not that extensive.
They're not that, like, if you're going to trade, if you're going to take on this endeavor, you know, might as well get educated.
So just take the time to really understand what you're doing and then jump on, of course.
You know, you're going to be fine.
You're in good hands, right?
But you also mentioned the regulations and this kind of – I don't know.
Like, I feel like the U.S. has always been looked at as this hub for innovation, for, you know, a lot of cool stuff coming out of the U.S.
So why do you think they're lagging right now?
You know, why do you think, like, the European Union and people in countries in Europe are taking a more proactive approach?
Or maybe are they taking a more proactive approach?
What are they doing different?
And why is it much easier in Europe to kind of regulate and create rules than it is in the U.S.?
And, yeah, sorry, but I am taking advantage of the fact that you are a full-fledged lawyer.
So, you know, feel free to, you know, take that as you may.
Sure, no problem.
And one other thing I wanted to mention before we get off the margin topic, you can create a full demo account that mimics and mirrors the live accounts.
So definitely go in there, play around with that, and, you know, take advantage of everything on that ecosystem.
And one other thing, too, that we have, which I'm sorry, I'll go back to that question in a second.
I totally forgot to mention is that we are also going to be offering copy trading.
So if you're a copy trader or if you have really good trading strategies set up, our new exchange, you will be able to implement those with your own parameters and set them up for your own closed or public usage.
So it's a pretty exciting ecosystem on the margin side.
Just wanted to add that in as well.
Now, why is the U.S. behind other regions of the world in terms of regulation and in terms of, you know, proper oversight over crypto in general?
Could it be because our last two presidents have been geriatric nut jobs that care about the almighty dollar?
And sorry, it's my own personal opinion coming out here and keeping it as a world reserve currency?
Of course.
And allowing big bankers and big banks to catch up to the innovators like Grayscale and like Arc Finance and all the, you know, Gemini and Coinbase.
And listen, the U.S. hasn't always been behind in crypto, right?
I mean, we had some early players in the industry, some big ones that were begging and crying out for some regulatory guardrails so that they could develop in a sandbox that was, you know, conducive to, you know, being a tech giant and a tech leader.
We have great minds in the U.S.
We have, you know, brilliant minds in the U.S., but they're all going overseas or they're all starting overseas companies because the U.S. is a scary place to operate in as a blockchain or Web3 or a crypto company right now.
You have the SEC running around rampant, just suing everybody.
And what's nice is that judges are now fighting back.
And, you know, like the XRP case, we saw the Coinbase case, the statements from the Coinbase case here.
I expect Coinbase to fully win their case as well.
And, you know, we see the legislators fighting back as well, too, with the Digital Asset Responsibility Bill and other bills that have been worked on by groups of lawyers such as myself and, you know, people that are experts in the industry.
I hate to use that term, but, you know, there's not a lot of legal experts in the industry.
It's a fledgling industry, but, you know, having been in since 2015, it means something, right, to helping with this stuff.
So, you know, we see Europe, they have younger, more dynamic leadership, you know, across different countries.
I mean, we see a lot of prime ministers and presidents in their, you know, early 40s to 50s rather than getting all these old candidates that we have for our main parties here.
And same with Congress. I mean, we have, you know, octogenarians and septogenarians that are legislating these things in Congress and don't understand what they're talking about.
So I think it's just more of a youth movement in other regions of the world and understanding that this tech allows countries and regions to play catch up to the U.S. and even surpass them.
So I think that's why they understand that blockchain and crypto is the now and the future.
And they're putting these regulatory guardrails in place so that people can, you know, feel welcome to build and create and innovate.
Do you feel like the EU is taking on more risk?
Should perhaps the EU kind of take more of a conservative approach similar to the U.S.?
No, not at all. I think the EU is building properly.
They put a task force in place.
I mean, I was at a conference in 2018 in Malta on behalf of actually my law firm and Mandala and, you know, was there meeting with the minister of finance and the prime minister and the law firm that we were working with over there at the time.
And we were talking about regulation back then.
So I think they kind of bungled it a little bit, unfortunately.
But it was it's been in the works for years.
I think that's the the the the takeaway from that is that a lot of these have been very deliberate actions and well thought out action.
Excuse me. And I think it's not rushed or hurried.
Right. A lot of these things they put in place, like the EU is putting the micro regulations in place.
They were voted in a couple of months ago and they're not going into effect until December twenty twenty four.
A lot of them. So there's a period of coming into compliance that projects that are existing can take advantage of and get their paperwork together,
get their company organizational structures together and things like that and get the proper filings done.
So I really do think the EU is is taking the right approach and being leaders, whereas the U.S. is just you have Gensler running around and saying you're a security.
You're not a security. You're like an orange grove.
You know, you're like a ticket to a concert, basically.
He doesn't know that there's no rhyme or reason. Right.
So that's what we're seeing now.
Gotcha. Gotcha. Yeah. I was only asking because, you know, I see banks in Germany stopped, you know, giving support to Binance.
And so it's not all, you know, peaches and cream in Europe either. Right.
So there's still a lot of a lot of growing to do there.
But really exciting stuff, though.
You mentioned something and I don't want to let it slide.
You mentioned you're going to have copy trading there.
So how far can can I customize my copy trading?
Can I set certain commissions?
Can I set, like, limits?
Can I, like, give us a little bit more of a scoop on that?
Because it's exciting stuff.
Yeah. I don't want to gloss over that.
Yeah. Short answer is yes.
Well, you can set up a copy trading strategy, import it to our platform and set whatever parameters you want.
I mean, there are a ton of parameters you can set.
You can set a minimum deposit order.
You can set custom commission.
You can set a markup.
You can set a margin stopout call.
You can set your stop losses, your trailing stops, your, you know, your take profit levels.
You can set all kinds of, you can set the length of the program.
You know, you can, I mean, you can customize it however you want.
There's a lot of customization.
So I definitely invite people to sign on to the demo margin trading platform and play around with copy trading and check out the parameters.
So, yeah, it's a pretty diverse and extensive system.
You can set it to whatever pairs you want.
You could set it to whatever sub markets you want.
I mean, there's, there's a lot you can do with it.
Right.
So it's kind of just like everything else on our platform, fully customizable.
And to, you know, you can give your sub traders the best possible user experience and, you know, set it, set a competitive rate.
Or, you know, if you want to be greedy, not set a competitive rate, but people probably won't use it.
So it's, it's one of those things that you have full control over.
That's, that's really, really, really exciting stuff.
So I'm going to bring up some community.
I'm seeing all sorts of requests come up.
So I'll, I'll let a few community members ask some questions and I have a few of my own.
I have Aisha up.
Aisha, you had a question for Joseph.
Go for it.
And then I'll get back to a few of mine.
Yeah.
Thanks, Acti.
Okay.
Are there any plans to introduce a community driven widget layout sharing feature, allowing
traders to share their widget configurations with others?
And will third party developers be able to integrate their widgets for traders on Mandela
Exchange?
That's a great question.
Yeah, we always are, you know, very cognizant of what our community wants.
And there is some leeway on the backend to, uh, you know, obviously on the front end, if
a user wants to set a custom layout, what's cool is it does save and it does not revert
back when you close the, uh, when you close your account log off or you, uh, or the system
times out, whichever, or you stop using it.
It sets in a certain way.
Right.
So it does save it auto saves.
You are going to be able, and we are working on that with a development team so that we will
take suggestions from our community.
And if there's, you know, a few suggestions that come across that are, uh, similar in nature,
right.
We will suggest that to our development team and see if we can build a custom widget that, uh,
caters to all of those suggestions.
So yeah, there is some leeway there and we always are open to suggestions.
Now, can a third party developer come in and play around?
I mean, somewhat, uh, we have our API, uh, infrastructure or API guide.
Uh, it would kind of be more of a separate build, uh, not building on the Mandela platform
directly.
Um, but of course they can, you know, they can use our API and, and build.
To their heart's content and, and utilize the features that we have available.
Awesome.
And do you have any intention of integrating AI powered widgets?
Uh, that's a good question.
Um, you know, I, I definitely have been looking at them in general.
Uh, you know, I understand the value prop of them.
That's really something that we have to look at with our development team to see, uh, you
know, where that is in the roadmap.
What's cool about, uh, our, our partners is that they build, uh, you know, based on customer
suggestion a lot of the time.
So if we bring that to them, you know, we can really check if that can be integrated into
our, uh, into our ecosystem and how, and kind of give us a time and a roadmap.
So yeah, that's definitely something we can put on the list and ask, you know, if it's feasible
and if so, when got it and what mayors are in place to address the potential latency and
order execution delays that might arise from sourcing liquidity from multiple exchanges.
And can you elaborate on the process of maintaining accurate and synchronized real-time market data
when aggregating liquidity from various sources?
Uh, yeah, somewhat, uh, I can go into a little bit of how it works.
We're actually, uh, our, our exchange right now, we are sourcing from Binance and we will
be continuing to source from Binance at this point.
We do have backup, uh, exchanges that we can source from some of the other large names in
the industry.
Uh, I, I believe our backup right now is set to EOB and then we have other options on top
of that.
If a pair is down on an exchange, you know, it automatically reverts to that through our
liquidity hub.
So it's all an automated process, um, and it will just source from the backend.
So, you know, we don't expect to have any really downtimes unless the parent, you know, less
parent exchange, of course, is, um, is under maintenance.
And even at that point we have fail-safes cause it will revert to the next exchange line that
we have it set to.
So there is some, uh, you know, some level of, a big level of control with our backend
and, you know, we are sourcing from various liquidity hubs.
So we don't expect any slippage on the pairs we're sourcing or minimal slippage.
Of course, if there's a big trade executed and really no latency, uh, in terms of, uh, you
know, downtime for trading.
I understood.
Okay.
Last thing for me, will new mental exchange also incorporate point systems?
For traders, which can provide them various benefits on the platform, uh, like discounts,
et cetera.
Uh, yeah, uh, we actually have some documentation up on that right now.
It's not so much of a point system, but it's the holding of our token.
It's something that we've had that's been tried and true for the last few years, but
we are adding more use cases and more functionality to the token is, uh, on the new platform.
Um, and there are the, the referral programs that I, uh, everybody should go take a look
at now that registration's open.
So there's a lot of ways to earn and get trading fee discounts and earn from others as well.
Others trading, uh, and then of course, like we talked about, we're going to have the staking
platform on the CD five side where a portion of our fees are going to kick right back into
that rewards pool and buy up a mandala off the, off, off the market to put into that rewards
pool.
So yeah, it's very symbiotic.
Uh, the, the, the more trading there is in general on the platform, the more ways and
the more that people will earn back.
Awesome.
Thank you so much for answering all my questions.
Thank you, Isha, for, for those questions.
Yeah.
And, and speaking of APIs guys, like with these broadcasts, we try to keep it a little high
level.
So if you are on the development side, or if you're curious more to kind of learn more about
the APIs and all of this in depth, uh, you can go to the official website, mandala.exchange.
And if you scroll all the way to the bottom in the support section, there's a link for
the API documentation.
There's, it's quite extensive.
And if that doesn't answer your questions, just go join the communities.
You know, there's a lot of people there that are more than, uh, willing to, to, to help
you out.
So, uh, Joe, I, I forgot to ask, well, I forgot to, I sort of assumed that the token, the MDX token
is going to be available.
Uh, like your, your, your native tongue is going to be available on, on the exchange
off the get go, right.
As soon as people sign up.
Yeah.
Uh, we're trying to open deposits, uh, really soon here and yeah, the, the token will be
available for deposit withdrawal and then, um, trading as well.
So yes, the, the token will be available.
Um, and we'll have, you know, like I said, the same use cases as brought over from the other
exchange, plus these expanded use cases and functionality as we go.
Right.
Right.
Uh, great stuff.
Okay.
Um, Mr. Ahmad, uh, I brought you up.
You have a good question for, for Joe here.
Uh, go for it, sir.
Yeah.
We have a few questions.
Okay.
How does the introduction of new independent Mandela exchange impact users access in various
countries or region?
That's a great question.
Um, so as a regulatory attorney, I stay on top of, and this is part of my job, right?
Uh, this is part of what I do.
And then, uh, I have other lawyers and I law firm that also work on this.
We stay on top of regulation worldwide and see which countries are, uh, either unbanning
or, or, uh, allowing explicitly, uh, you know, through, through the central bank agencies or,
you know, federal reserve equivalents, allowing crypto trading and crypto banking, or ones that
are going the other way and banning it for whatever reason.
Maybe they're releasing a CBDC and they don't want the competition.
Who knows?
But we actively update our, uh, banned countries or restricted countries list.
And we have, uh, really actually updated it for the new exchange and taken some of the
countries that were on there before we've taken them off due to new regulatory releases
this summer and new regulatory, um, implementations this summer.
So we're very active in, in analyzing those lists and, you know, allowing slash disallowing
based on current regulatory status.
Got it.
Uh, I've heard you mention in a Twitter space that Mandela exchange will also have, uh, fiat
currencies, precious metal and forex trading.
Can you please elaborate on this?
Um, yeah, a little bit, uh, I can elaborate on that, but I don't, I don't want to right
now because, uh, we're going to, you know, we have some, some, uh, surprises for our users
as we move forward.
Uh, but there's going to be, uh, like I said, a lot more capability for our exchange and, uh,
uh, something that we're excited to bring to our community as we build that out.
So I don't want to elaborate quite yet, but, uh, if you stay tuned to our announcements
and you keep up with our socials, yeah, there might be something coming down the pipeline
with those.
Yeah, sure.
Okay.
I'm also curious to know if Mandela exchange has plans to maybe introduce a widget that
allows traders or users to generate annual tax report for simplifying the process of making
tax payments.
Yes.
Uh, we have a partnership right now with Accointing.
Uh, we are planning to integrate the new API, uh, that we have here for the 2023 tax season
as we open our new exchange.
So that, um, so that, that traders in different, uh, regions can use their tax accounting software.
It's really a nice accounting software.
And, uh, you know, we've given them our new API documentation and they're working on that,
but we're always open to other, um, you know, web three and crypto tax software companies
to join with us.
Um, part of my background is I am a tax attorney and I have some connections both domestically
and globally with other tax firms and tax software development companies.
So I'm talking, uh, speaking with them in the background right now to see what can be integrated
on the short to midterm and, uh, really, you know, make the accounting and tax, uh, filing and
preparation as painless as possible because we all know it's a pain point for crypto.
Awesome. Okay. I've also heard you saying through the space that the new Mandela exchange is
supported by your liquidity provider insurance. So could you provide an explanation of the implications
of this for the traders using Mandela exchange? Additionally, will there be any specific
restrictions on the amount of the deposits funds that will be covered by insurance?
Yeah. So, uh, we function, so we function under the, the licensing, uh, it's a joint licensing.
We have some licenses, our software provider platform provider has some licenses. So we function under that.
And then of course, um, sourcing liquidity from Binance, we are protected under the Binance liquidity
program as well. Uh, so it's kind of like a joint, um, I guess it's attacked from very different
vectors and protected in different vectors, right? So if something does happen, uh, you know, depending
on where the funds are, it would be covered under one of those licenses. And, uh, you know, obviously
there's this, uh, there's minimum deposit amounts that we have in terms of just depositing on the
exchange, but, uh, maximums are, uh, pretty open right now. Um, we do ensure in terms of insurance,
you know, it's really just the licenses that are, are provided for crypto right now. There are
cutoffs. It's token specific or pair specific. It's not just a blanket. Uh, so it's really token
by token, but, uh, yes, there are levels of insurance covered, uh, on our platform and on,
on the, uh, trading, uh, engine as well. Understood. Okay. Final thing. I was wondering,
will MDX token have any new use cases or functionalities on the independent Mandela exchange?
Yep. Uh, it's kind of what we've been talking about a little bit here. Uh, we're building up
different referral systems, different reward systems. And of course, uh, the staking that
will be launched on our CD5 platform, as well as there, uh, there's, you know, other functions
that we do plan in the future, but those integrations are not quite ready yet. So, uh,
you know, I'm going to hold off talking about them until they're further down the pipeline.
So, but we are, we do always have an eye on increasing functionality of our native token.
So that's something, yes, that we're looking at always. Yeah. Yeah. It's understandable. Thank
you so much for your time. Thank you. Thank you. Thank you for the questions there, Mr. Rahman.
I was also wondering, Joseph, if, uh, if we got, uh, you, you did mention, uh, earlier that you already
sort of have the pairs and everything that is available on the platform, but if there's people
in the audience or people that want to, uh, kind of onboard with the, with Mandela, right? So what,
what, what, what are some, uh, what are some of the steps that they should take if they want their
token listed on your exchange or, uh, what are some of the requirements if you have, uh, some,
I don't know, stricter requirements now, since you move on from the Binance and, uh, yeah,
all the good stuff about that. Yeah. Um, so for right now, uh, as we launch a new exchange,
we are, uh, putting a moratorium on or, or, or a temporary pause, I should say on listing new
tokens as we get our first hundred pairs up, uh, simply for the fact that that's what the
ecosystem supports right now. Um, as we open up and, and, you know, kind of further the development
and we open up to more tokens, we will definitely reopen that application process and we will be
analyzing of course, other token listings, uh, and new token listings for our exchange. But for now,
we're just going with the, um, kind of the tried and true tokens and the ones that are,
that cater most to our user base. Uh, you know, we've done extensive analysis of what's traded right
now on our exchange and we're bringing over, you know, pretty much those top hundred pairs,
give or take, you know, three or four different pairs that may not be able to be integrated at this
time. But, you know, that's kind of what we're focused on and bringing our user base over and giving
them a great trading experience. And then after that, you know, we're going to open up it, uh,
down the line a little bit, open up new token listings again.
That sounds like a very good way of going about it. And, uh, I'm loving everything that I'm hearing.
And I hope everybody in the audience is getting, uh, a nice overview of, uh, what's been built and
what's, uh, out there for, for you to explore. Uh, now do, do engage with the, with the tweet guys.
Like there's a, there's a pin tweet right here. Uh, go ahead, create an account, see the dashboards
for yourself. Uh, try to get, uh, some of your friends involved, perhaps there's, uh, some, uh,
some juicy referral rewards there and, uh, more information on the website. I'm not going to
mention them again, just, uh, head on over. Uh, there's the official account for Mandela is also
in the audience here. So you can just click there and go to the first tweet, or you can just go to
the tweet here at, uh, at the top that we've pinned. Now, uh, Joe, uh, I know we, we kind of brushed
over things quite rapidly and I'm trying to get as much information out there and kind of, uh,
paint, uh, paint, uh, paint a good picture of everything, but is there, is there anything that
I might've missed or something that you feel is, is important to highlight that, uh, I haven't touched
on? Uh, there's always stuff we miss, right? We could, we could do this for five days and we'd
miss something. Um, I think we've touched on the major points and you know, it's like you said,
it's a, it's a rebirth, right? It's a new dawn for our exchange and a new, uh, step towards
independence, really that stepping out of the, the Binance ecosystem shell, uh, into our own,
really, it's kind of like stepping into a new pair of shoes, right? Or stepping into a new car.
It's, it feels great. We're very excited. And it's really a revitalization for them. I'm sure
the community as well as a team. And, uh, you know, I don't think we missed anything per se, but
you know, obviously to our community, there's always going to be the support links
um, please, I would say, please use them judiciously. If there's a question that can
be answered in the documentation, uh, to be read about the new exchange, please go there first.
Uh, but if there's something, you know, if there's something obviously really wrong,
please put a support ticket through. Um, and we'll, you know, we'll get to you guys, not a problem,
but, uh, you know, it's, I don't know the, just the expansiveness of what we're able to offer now
and the, uh, control that we have over, over the offerings is, is like I said, exciting.
And it's, it's an enormous opportunity for us in the industry. And, you know, we just,
we just feel good about it. We're ready to roll.
I love it. I love it. And by the way, guys, there's, there's quite a, a lot of things that
we haven't touched on, you know, but just go to the official website, go to mandala.exchange.
If you haven't already and look at some of the sections up there, you're, you're going to see a
section that says bots, maybe, maybe you're someone that would like to get involved with
those, you know, maybe, yeah, sure. You know how to use the APIs and you can build your own,
but I see there's quite, uh, some, some interesting solutions there. You know, there's, uh, there,
there's a lot that we haven't touched on, like dive a little bit deeper into the blog and the
announcement. So, yeah. Yeah. That's another thing. See, you're right. You've, you, you put something
up that we didn't talk about. There is bot integrations, uh, into our API backend for both the, um,
you know, for the, for the margin trading, of course, um, there's a bot infrastructure
integration and there will also be, uh, um, you know, through the API bot integrations for
our spot exchange as well. And we're working on making sure that those can properly integrate,
uh, with the communities that are already existing and, uh, you know, possibly some new ones too,
as we move forward. So that's another thing, uh, you know, like you said, the more we talk,
the more stuff comes up. So yes, that's, that, that is another, another feature that we have.
Yeah. And if I'm remembering correctly, cause I've been, uh, a trader on, on Mandela myself,
there's always some trading competition just around the corner. So you're, you might want to
just, uh, you know, take, take advantage of, uh, of the link up here, create your account,
uh, maybe hit that, uh, subscribe to, to the newsletter, you know, tick, and perhaps you,
you'll get to, you know, benefit from all these, uh, all these mini incentives that kind of add up.
I would say, you know, there's a bunch of little things that add up to a lot and,
you know, trading fees are low. Uh, the platform has deep liquidity,
quite a lot of pairs. So basically anything you can think of is, is already there. Uh, sure.
If you're more on the D gen side and whatnot, you know, you want, you might want to stick to the
decentralized exchanges, but, uh, if you're looking for the blue chips, if you're looking for, uh,
you know, if you're serious about your, your DCA through this market, then definitely,
you know, definitely, uh, go to Mandela and, uh, start your journey there, you know, start off with
the big dogs. I encourage everybody to just try out and see if they like Bitcoin first, you know,
and then, uh, dive a little deeper and see if you like, uh, something else. Right. So, uh, yeah,
I think, uh, you know, we, we, we managed to kind of paint a nice picture of, uh, what's there.
There's quite a lot. There's the copy trading that I'm excited about. There's going to be margin
trading and futures trading that I am excited about the CD five rollout. That's coming pretty
soon from what I I've heard, you know, the bridge is something that's definitely that's going to get
people excited. Like once that's up and operational, I'm sure people will, people will love it. And,
uh, quite, quite a lot more, you know, there's a, there's a lot of steps here that the team is
taking to really put out, put out some, some cool products for everyone to engage with. So
definitely, definitely do check them out, you know, mandala.exchange and, uh, create an account,
uh, even play around like, like Joe said, you know, you don't have to deposit, you don't have to do
all of this, but, uh, if you want to learn a few new tricks, if you want to dive a little bit into the
documentation and try your hand at, uh, engaging with the APIs, maybe, you know, like, uh, there's a,
there's a lot of room to, to expand and there's a lot more probably to, to, to talk about here,
but, uh, I hope we kind of gave everybody a nice idea of what's coming and what's, what's changed
for mandala. And I did start, you know, with, with the question for Joe that, uh, you know,
if it was a easy decision to sort of move away from, from finance and all that. And, uh, I believe Joe
was, was more than fair into saying, you know, that, uh, it's never like an easy decision, but, uh,
you got to grow, uh, you know, you got to grow, you got to expand, you got to spread your wings.
And yeah, uh, you want to provide people with the best solution that you see fit. And I think,
you know, uh, people like Joe and the team at Mandala, they have extended experience in this
space. You know, they've proved that they are worthy of your thrust. So, uh, do go out there and,
uh, see, see what's being built, see what's being offered. And, uh, Joe, uh, I want to thank you
for, for being here, you know, thank you for, for taking the time of your day to actually come, uh,
speak to some of our, uh, community here. And I'm, I'm super grateful that you kind of joined
some of our aquarium sessions on, on Wednesday, because, uh, he, it's like he said, you know,
there's a, there's a lot of regulations still to be done out there. There's a lot of rules,
there's a lot of uncertainty. So, uh, um, uh, I want to ask you like, what's, uh, what's something
that's really, what's something that you're bullish on for, for 2023 and going into 2024?
Uh, crypto. No, I mean, I'm, I'm bullish on getting some guidelines in place that make sense.
Um, for, you know, for this asset class, we all love this asset class. We, we, we, we eat, sleep,
and breathe this asset class. And I'm excited that, uh, you know, that it's bringing some
stabilization, whether it's some ETFs, whether it's the pushback and rebuke of the SEC in multiple
by multiple, you know, judges and multi and the judicial system in the U S uh, whether it's the,
um, you know, the global sandbox that we're, they were allowed to play in, whether it's different
countries lining up Bitcoin specifically. And of course, uh, looking at Ethereum and XRP, uh,
ripple as different payment rails, um, you know, and other tokens too, you have your H bars, you have
your, uh, stellar. I mean, you know, these, these, these payment systems are coming into vogue and
people are really signing on and, and diving into them and, you know, more than dipping their feet,
really they're, they're, they're now taking the leap of faith. Cause I think crypto has proven itself
as an asset class and that's what I'm excited about. Yeah. I love it. And you mentioned ETFs,
you know, I don't want to let you off the hook here. Do you think, uh, this, all this going back
and forward with DTFs and being approved and sending it back and all that, is this, is this a
normal legal dance in your view, or is it under more scrutiny because it's crypto and web three?
Yeah, of course it's under more scrutiny because it's crypto. Absolutely. And it's also gamesmanship.
It's, uh, listen, the SEC is letting the traditional players catch up. Uh, it's just what it is,
right. There's always the innovators that get screwed over at some point and these delays are
screwing over their first mover advantage and, you know, allowing the black rocks and the, the other
big players to, to, to catch up. Um, this is what happens with any, you know, financial and, uh,
economic structure, right. It's always happened. It doesn't matter, uh, which asset class you talk
about, whether it's been, you know, moving off the gold standard to paper, whether it's been moving from,
uh, you know, notes before that to the gold standard, uh, there's always been a, where the
big boys get a chance to catch up or the influence influential and powerful get to catch up. And that's
what we're seeing now. We're seeing these stall tactics, but you know, I think we're honestly,
at least in the U S starting to see a younger dynamic judicial system that doesn't
cater to the traditional players somewhat. Right. I mean, look at what happened with SPF. He got thrown
back in jail because he was acting foolish, right? Traditionally, somebody with that much money and
power would buy their way out, but the judge had no sympathy for, and I think we're seeing that across
the board a little bit more here. Uh, you know, as, as we get, and people, some people will disagree.
That's fine. Uh, you know, there's, there's plenty of different takes on this, but my take is we're
seeing people care about the little guy a lot more and really start to take care of him a little more.
I love that. Do you think, do you think Mr. Gary Gensler is going to ease up once, uh, all his, uh,
quote unquote friends are going to be on board and have their positions?
Do you know when he'll ease up when he's out of, when he's out of office, that's when he'll ease up
and he'll go back into the private sector and he'll go back into teaching at, you know, prestigious schools
and say, Oh, I was always a fan of crypto, you know? And it's just, unfortunately with people that have
that much experience, there's always a job open for them. Right. Uh, but yeah, it's, it's just
the dynamic that's at play and the constituents that he has to cater to. Uh, so I think he'll
ease up when he's out of office again. Yeah. We, we've seen it with former heads of the SEC.
We saw it with Jake Layton. Uh, you know, we saw it with, uh, you can just go down the line,
you know, when we've, we've seen it. So it's not, it's, it's not unprecedented.
Yeah. I, I, I think I agree with that sentiment, you know, and I'm not going to push any forward.
I don't want to poke the bear too much, you know, because I, I feel, yeah, some people,
and yeah, you included, of course, it all comes from experience. I guess that's how we form this
kind of strong opinions on, on these things, you know, and sometimes we'll look at them and, uh,
yeah, we might have a bit too strong opinions on them, but, uh, there's, uh, there's not much we can do
there. I guess we're, uh, we're all waiting for much clearer regulations.
We're all waiting for a much, uh, uh, you know, um, an environment where people can engage and be
safe and, uh, have everything sort of laid out. And yeah, um, it's, it's great. It's great to,
to even move the needle forward a little bit, right? Little by little, it's, uh, it's how we're,
we're going to win the race. It's a marathon. It's not a sprint. And, you know, people,
people like Joseph, people, uh, like, you know, teams behind the Mandala exchange and everybody
building these cool defy products for us, you know, we're, we're at the tip of the spear.
We're still early guys. And, uh, there's, there's a lot to learn for everyone. So what I encourage
everyone to do is, you know, just go out there, find something you like. It doesn't have to be
trading necessarily. It doesn't have to be defy, you know, but as long as you're in the web three
crypto space, I can assure you that, well, for one, the pay is better, you know, that the people are
much smarter and they're a lot more friendlier, I would say, you know, and everyone's DMs is open.
Everyone's here trying to network. Everyone's here trying to build a much better environment for,
for all of us. Right. So I want to thank the Mandala team for, for being here with us. I want
to thank you, Joe, for, for being here with us. I want to thank you for entertaining some of my, uh,
perhaps the sillier questions, you know, and yeah, you're, you're kind of preaching to the choir here,
you know, but, uh, I love hearing it. So I'm still going to do it. So before, before I let you go
there, Joe, uh, is there anything you, you want to leave our audience with or anything? Yeah. Like
I said, maybe I've missed or a bit of a nugget of wisdom, not just in the right direction before we,
we kind of close things out here. A nugget of wisdom, huh? Um, a nugget of wisdom. Yeah. You're
still early in the process. All right. Well, you know, listen, uh, crypto is at its second or
third iteration now with layer twos and web three, right. Uh, you know, integrations and ZKs all over
the place. I mean, look at what's happening to, you know, uh, ERC, uh, you know, layer twos and,
and optimism rollups and stuff. We're, we're so early guys. There's, there's a world of brilliant.
And I always tip my hat on these things to developers. You know, I don't care if you're
back in front end, full stack, you guys are brilliant. And if you're listening,
give yourselves a pat on the back. So, you know, you, you, you're the backbone of our industry.
And, you know, as much as I know business and law, I can code my way into a paper bag and then get
stopped. Uh, I can read code, but I can't do it. I can't do it. Uh, and that's fine. Um, but you guys
have helped to, you know, build an incredible, you know, global accessible, uh, I mean, just
amazing, amazing asset class and ecosystem that we can use for in all these vertical marketplaces
and all these vertical and horizontally integrated industries. And thank you. You know, it's,
it's, it's, it's made our lives better, uh, made it easier to transact on a global scale. And it's,
it's, it's helped us connect in a way that we couldn't before. You know, I can give somebody,
uh, I've, you know, my law firm works with other projects, of course. And, and one of the projects
they're working with in the Cardano ecosystem is, is, is in Africa trying to help, you know,
bank some of the unbanked there. And I can give somebody, you know, a phone and, and limited
connectivity and they can transact, uh, you know, with an on-chain, off-chain ecosystem, like,
like, like ripple, uh, like the XRPL. If you guys are familiar, you know, you can,
you can run a store, you can, you take real time transactions. And, and that was never doable
before without a bank and without a, a, you know, walking in somewhere and having a brick and mortar.
So thank you guys. Um, I guess my nugget of wisdom is, is like I said, we're so early guys,
uh, you know, keep doing research, keep finding projects you love and get into them. Uh, you know,
get into the communities. Uh, yes, most of them are very engaging. I will say to be careful.
There's some tribalism, uh, don't step on the wrong toes in a community because there's still
some people that will snap at you and it's, it's getting less and less, but it's, it's an unfortunate
reality, right? In any industry you have those, but you know, by and large, we're a friendly group.
Um, you know, we'd love to have you guys on board and please, uh, you know, if you're looking for a
home to trade or if you're ready to trade on Mandala, please come to the new exchange and we'd love to have you.
So that's my closing. Thank you. Thank you, Joseph. Yeah. Amazing. A hundred percent.
You know, we, we got to give a props for props to, you know, there's a lot of people out there
building these new standards, creating these cool tools for us, banking the unbanked, doing
a lot of cool stuff all around the globe, not just in Europe and then the States and all of that. So
wherever you are out there, wherever you're tuning in from just, uh, you know, engage a little bit more,
learn a little bit more, dive a little bit deeper, talk to the developers, talk to the community,
engage with everyone. And you'll see that it is actually a much friendlier space and we are
trying to push the needle forward. We are trying to make the world a better place here, you know,
with, with all our DeFi products or all the tokens or all the integrations, all the APIs and everything
everyone's building. So, uh, thank you, Joseph, once again, for being here. Thank you to the Mandala
team for agreeing to come on for, for this amazing space. And, uh, remember guys, everything you hear
on these broadcasts is meant for educational purposes only. We don't provide any financial advice
here, but we do provide you with some links. So go up there in the Jumbotron, click the link and, uh,
join Mandala or perhaps just go to Mandala.exchange and, you know, navigate your way to the socials from
there, talk to everyone, engage a little bit more and, uh, you'll see it's worth it. So, uh, thank you
everybody for tuning in and, uh, we'll see you all in the next one. And once again, thank you, Joe,
for being here and, uh, take care everybody. Cheers. Thank you. Have a good day, everybody.
An evening.
