 Satoshi gave us money that isn't debt and Philosophically why would you put debt on something? I like to use the phrase a fool and their leverage Bitcoin are soon parted Again a fool and their leverage Bitcoin are soon parted There and and the excesses that we've seen in this bull market are coming from a lot of leverage that didn't happen in the previous bull market We had the ICO issue in the previous bull market this bull market its leverage right we've seen more volatility and One of the big issues with that is that even those of us who are not leveraged Have the Downside of the fact that the price is more volatile precisely because of the running of stops In these leverage drawdowns, which we've we've just seen over the last month It increases the cost of capital for everybody in the industry when Bitcoin's price is more volatile as a result of the impact of Leverage moving it around Avante is fundamentally committed to not using leverage and If you're interested in understanding why philosophically I really would encourage you to go read Mises go understand the difference between Commodity credit and circulation credit commodity credit is absolutely fine It's not leverage one want going one to one leverage is fine Anything that that is circulation credit that goes above one times leverage in other words Certainly a hundred to one leverages way. You know is 99% circulation credit, right? That is creating claims to the underlying out of thin air it is fractional reserve banking and We are fundamentally committed to not doing that. There's a it is ultimately a commitment to solvency Instead of liquidity and what we've seen in this bull market is a lot of folks are obsessed with liquidity Satoshi didn't create anything that was designed to be leveraged and Really didn't care about liquidity one of the biggest takeaways that I have from this conference Is what Nick Zabo said yesterday when he said liquidity is a nice to have for a store of value But not a necessity you need to be able to use it when you need it But do we need all this daily liquidity that's driven by trading go back and listen to Nick's speech and go read Dermisus and learn about circulation credit Sam do you agree? Look, you can take the position leverage is bad. I don't believe that but one could believe that it's not a crazy thing to think However, were you to think that I think you probably also have to Be willing to sacrifice more than most people realize in order to get there I think you have had to sacrifice the majority of the growth that the industry has had to date If you were to make that trade and that might be worth it, right? If you think that it is very bad to have leveraged in the system that might be a tradeoff worth having But you can't just look at the draw from 60k to 40k and blame it on leverage Without remembering that the run-up from 10k to 60k Involved leveraged and we ended up higher than we started and and so just think about what you're throwing out You know with the bad parts that you know think about the collateral damage I'll say