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even blaming the banking crisis on crypto so they've the the United States authorities have firmly pointed their guns at crypto is it a scapegoat or was it a [ __ ] around find out moment for crypto in your mind or a little bit of both I I don't know I just think that they were probably the ones that were the most threatening to The Establishment okay and they were the ones that In fairness to The Regulators did push the boundaries more than any other sector of the startup economy and yeah so now they're paying the price for them the bill has come due for them think about it the more I think it's probably not a coincidence that you're seeing all these concerns about D dollarization at the same time they're cracking down on crypto so look there were a bunch of crypto companies that might have done Shady things but I think we all agree that coinbase was not one of them coinbase was the gold standard in terms of doing everything right and they've just agreed asked over and over again for a regulatory framework they're just like tell us how to operate and we'll do it so I think charmath is right that they're effectively Banning crypto in the United States they're going to drive all these companies overseas which is terrible for American innovation I don't know exactly where blockchain and crypto are going to go from here but I think that we should find that out in America you know we don't want that Innovation going offshore you bring up a really good point too it's just like coinbase played by the rules stood in line tried to do the right things it seems that every step along the way right everything from board composition to Executive composition to how they try to interact with the Regulators yet they were probably the furthest away from getting a license the one that came the closest was the one that was the most fraudulent which is FDX fascinating how is that even possible he had skills in gaming the system yeah he's splashing cashy splashy cashy well he he ponied up large amounts of money because it wasn't his money so it was easy for him to make huge donations but he knew how to play the game to quote SPF he said this is the dumb game we woke westerners play we say the right shibles so Everyone likes us that's the game he was playing which is my my whole concern about if we jump the gun on regulating AI too quickly it'll turn into another you know woke game that everyone's gonna play so here's uh here's how the world Works regulate yourself behave yourself act in the interest of consumers or get regulated or smashed and I think we've gone over this we talked about it in fact last week whether the movie industry crypto AI regulate yourself behave properly don't push the boundaries too far you can bend the rules but you don't want to break them I think the regulate yourself that you use the MPAA I don't think that's the right example I think if you're going to regulate yourself look at the tobacco industry they tried to regulate themselves but what they did was just lie to maximize profit in an area that was much less benign than movies and content Maybe you could have some lascivious content in a movie or a video game or an album but that was a lot less harmful than smoking which not just impacted the smoker but it turned out the secondhand smoker as well or the secondhand smoke so it touched everybody right you could be in a restaurant not smoke and yet have years of your life taken so I think that the self-regulation for areas that impact everybody independent of whether you participate in the system or not is where you have to look for good examples Jason and I'm not sure there are many good examples of software allegation those kinds of systems I mean I like your workshopping it here I mean some restaurants would have a smoking section in a non-smoking section before there was regulation right and I think if crypto had just thought had been more thoughtful about hey which tokens nft projects were going to support which ones we're not going to that maybe they would have avoided a little bit of this I'm not sure you know it's it's hindsight's 2020 here but a little more regulation I don't think those smoking non-smoking sections work too well the smoke went all over the place it was can you remember you remember coming out of a bar and you woke up the next day and your clothes smelled like smoke
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