GuShiio.com In the short term, the market is a popularity race; in the long term, it is a trade-off mechanism for value.
Compiled and compiled: Deep Trend TechFlow
Guests:
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Haseeb Qureshi, Managing Partner, Dragonfly
-
Robert Leshner, CEO and co-founder of Superstate
-
Tarun Chitra, Managing Partner, Robot Ventures
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Tom Schmidt, General Partner, Dragonfly
Podcast source: Unchained
Original title: The LA Vape Cabal vs. Millennials – The Picking Block
Broadcast date: February 7, 2025
background information
welcome to The Chopping Block! This is a show hosted by crypto industry experts Haseeb Qureshi, Tom Schmidt, Tarun Chitra and Robert Leshner, focusing on discussing the latest hot spots in the crypto industry. In this episode, we analyze the market turmoil triggered by Trump’s trade war,The turmoil caused Ethereum and copycats (other cryptocurrencies other than Bitcoin) to plummet, while Bitcoin remained strong. Why do shanzhai perform poorly? Is this the flow of funds to high-quality assets, or is there another underlying reason?
In addition, we explored the unique impact of the Los Angeles Vape Cabal on Meme culture, discussed whether the new leadership of the U.S. Securities and Exchange Commission (SEC) will truly change the rules of the crypto industry, and analyzed the Binance scandal. Finally, we examine whether the Meme cycle is really over, or whether this is just another stage in the endless casinos of the crypto market.
Market fluctuations and trade wars
Haseeb：
Trump launched a trade war against U.S. allies and China, in which the trade war against allies was suspended for 30 days. However, the crypto market fell sharply due to the impact of tariff policies. The price of Ethereum once fell to $2100, a one-day drop of more than 20%. The price of Bitcoin hit as low as $91000, setting a record for the largest single-day liquidation in cryptocurrency history.
What do you think of the current market situation? Will this situation be short-lived? Are we entering a new stage? Will this change your view of the trajectory of cryptocurrencies during Trump’s presidency?
Robert：
I don’t think the trajectory of cryptocurrency development under the Trump administration has changed significantly. David O.Sacks held a press conference and made it clear that the cryptocurrency industry will continue to advance at full speed. At the same time, Hester Peirce spoke in an important policy statement from the U.S. Securities and Exchange Commission (SEC) about the SEC’s future role as a cryptocurrency regulator.
The only change was this unexpected tariff policy, which triggered a large wave of market speculation and liquidation. However, from the overall macro environment, the situation has not changed fundamentally, and the Trump administration’s tariffs are seen more as a negotiating strategy than a long-term policy.
Bitcoin dominance and shanzhai downturn
Haseeb：
However, the performance of altcoins remains sluggish. In contrast, the NASDAQ index fell 2% on the day due to tariffs, but with the lifting of tariffs in Canada and Mexico, NASDAQ quickly recovered most of its losses. The rebound in the crypto market was only 50% of the loss, indicating that market sentiment was very fragile.
Robert：I’m not sure if technology-driven cryptocurrencies have really crashed. Many of the declines occurred in Meme, and those holding Meme were in panic.
Tarun：People who hold Ethereum are also panicked.
Haseeb：Bitcoin reached 103000 when Ethereum approached 4000. Ethereum’s performance gets worse and worse every time Bitcoin prices re-test highs. Now Ethereum is back at 2500, but the market seems to be comforting itself that it’s okay, Ethereum is fine.
Robert：Judging from the current situation, most of the capital is flowing to Bitcoin. The current market sentiment is that investors are dumping underperforming assets and diverting money into Bitcoin. The macro narrative of Bitcoin is very attractive. Today’s press conference even mentioned that the United States may set up a sovereign fund to invest in Bitcoin, which may be a key path to bringing Bitcoin into the mainstream as an important asset.
Meme and market sentiment
Haseeb: Tom, what do you think of the overall market sentiment?
Tom：I think the market as a whole is somewhat depressed, especially when faced with uncertainty. If you look at Polymarket’s forecast for tariffs, you will see that the market is highly volatile. This is not just a standard wave of reckoning, but a general sense of uneasiness. Although you mentioned that the stock market is recovering, it is actually still concentrated on MEG7 stocks.In this case, investors chose high-quality assets. Under this uncertainty, investors ‘risk tolerance is reduced.
Haseeb: Do you think this is the new normal in the market? Will this situation not improve until the macroeconomic stability is stable? I thought the current government’s policies were favorable for Bitcoin, but now it seems that all assets are falling.
Robert：
That is, why do they fall? The downwind factor is huge, and the overall market is so market-driven, random and unexplainable that yes, there is indeed a huge downwind factor now that should come from the policy side. Except for almost everything that went up after the election, almost everything went up after the election, except for Ethereum. You know, Bitcoin has gone up to $100,000, and Solana has gone up to around $215. In most cases, this is the case.
Haseeb：But even a strong token like Solana has not performed well since the election, and now Bitcoin is really the only one supporting the entire market.
Robert：Almost everything is based on Bitcoin.
Haseeb：
I think we can all agree with the current market situation, that is, the market is continuing to decline. Tom’s point of moving to high-quality assets is very accurate. This phenomenon not only appears in the crypto market, but also in the stock market. If you just look at the overall data, you may mistakenly think that the market is doing well. In fact, the total market value of the crypto market seems stable, but in the daily market value changes, Bitcoin’s performance masks the collapse of many altcoins. For example, Bitcoin may have only fallen by 1%, but many altcoins may have fallen by 15%.
Maybe my thinking is that once the macroeconomic story stabilizes, maybe after we gain strategic bitcoin reserves, you will see the atmosphere shift towards higher risk tolerance and towards more tech cryptocurrencies. Because to some extent, what the market is looking forward to is strategic bitcoin reserves, which is a big news that everyone is waiting for with breath. Every meeting, every announcement from Trump or David Sachs, is waiting for clear news about this momentous event. Once we got the news, it was like, oh, no other really big event was going to happen now.
Tarun: I noticed an interesting phenomenon. There are many copycats to choose from now, so it is difficult to see the surge in single tokens.
Haseeb：
I disagree with this view. There have always been a lot of tokens on the market, and this is not a new issue. Good tokens attract capital, while poor tokens are eliminated by the market.
If the theory that too much altcoins cause market weakness is true, then the tokens on the front page of CoinMarketCap (the top item in the market cap) should perform well, while the lower-ranked tokens perform poorly. This is what you call the decentralization effect. But in fact, what we see is a strong performance of Bitcoin, while all altcoins as a whole are sluggish. In contrast, in previous cycles, all tokens typically went up and down together, rather than diverging as they are now.
In fact, the idea that there are too many tokens on the market has always existed. The crypto market has never lacked tokens, and I never thought the number of tokens was a problem. Just as the stock market does not allow only good stocks to obtain funds because there are too many stocks, this theory simply cannot explain the operation of the market.
Tarun：
Haseeb：
I completely agree. Therefore, some people believe that the intervention of Pump.fun has led to poor market performance. There is now a chart circulating on the Internet, showing that after Pump.fun entered the market, the market began to decline.
Normally, when Bitcoin performs strongly, copycats will follow suit after a period of time. We have experienced both the Bitcoin season (a period when Bitcoin dominated the market’s rally) and the copycat season in the past. But in this cycle, there seems to be no real shanzhai season, except for a brief rebound in altcoins after the launch of the Bitcoin ETF last year, which quickly subsided.
Robert：
This is one of the reasons why I think mining tools are more valuable than other investable asset classes. As you said, the list of traded assets is endless, and it will remain endless even in another 100 years.
The infrastructure that supports the trading of these assets accumulates a lot of value, while the value of the assets themselves is random.This means that how assets accumulate value is unpredictable. If you have an endless list of assets, some of which will be given value, they will be traded and become tools for speculation. But in the long run, the median or average value of these assets will not be high。Therefore, infrastructure is the more long-term value part.
Haseeb：
However, I have noticed that many people think Memes are outdated, and almost all Memes have performed poorly recently. People feel that the opportunities to make money trading Meme are rapidly diminishing.When the casino effect of the market changes, such as when people suddenly feel that slot machines are no longer attractive, this sentiment can shift very quickly.
Tom：
Meme’s complexity is becoming increasingly professional. Once upon a time, Meme was a creative and community-driven field where someone could launch Meme with a good idea and possibly achieve success, or even build a community around it. But now, it all seems to be very organized and industrial, which may be one of the reasons why people feel tired of Meme.
However, similar criticism of arguments like Pump.fun for extracting value can be made to centralized exchanges, which are also slowly extracting value from the system. However, people don’t usually make the same criticism of exchanges, except for exceptions like listing fees. I think exchanges do make some reinvestment in ecosystems, such as incubation projects or investments, but the scale of this reinvestment is obviously not comparable to the value they extract.
Robert：
All of this reminds me of a classic saying by Warren Buffett:In the short term, the market is a popularity race; in the long term, it is a trade-off mechanism for value.In the cryptocurrency space, this popularity race is particularly evident. People often speculate based on the cuteness of the icon or the novelty of the Meme, relying entirely on imitative social consensus in the short term rather than making judgments based on the potential value of the asset.
In the long run, however, markets will eventually return to a value-weighing mechanism. For example, Bitcoin is a typical case. It continues to attract large capital inflows and becomes the dominant force in the market, which shows that people pay more attention to its intrinsic value in a long-term perspective. Therefore, we can see that in the crypto market, short-term popularity effects and long-term value orientation have formed extreme polarization.
Cultural phenomena in the field of encryption
Tarun：I want to look at this issue from another perspective. When you talk about Meme users, you seem to default that their goal is just to make money.
But I thinkBecoming the first person to launch some kind of Meme can actually gain a kind of cultural recognition.This led me to think that one of the most failed and consistently failed investments in the crypto space is blockchain games. Although such games can quickly become popular in a short period of time, users are lost and the gameplay disappears. I think Meme may start with financialization and then add some gamification elements through these live broadcasts. If you watch these live broadcasts of the LA Vape Cabal, you will find that this is completely different from traditional investment behavior. Many people buy Meme not to make money, but because they want to integrate into a certain group and become a member of it. It’s a strange subculture, and I think some people don’t even mind losing money.
Against the background of the rapid increase in the number of assets, there is indeed a peculiar phenomenon, that is, I am the first value in this asset. This phenomenon is completely different from other parts of the token economy. I think the significance of this behavior goes beyond whether I can make money from this coin, but I don’t know how to accurately describe it for a while.
When you watch these live broadcasts, you will find that some people are still smiling happily and even seem to be enjoying it.
Haseeb：It reminds me of the scenes in the casino where drunk people are playing blackjack, and there are indeed similarities.
Robert：Yeah, they’re cheering, but only if they still have the money in hand.
Haseeb：As long as you have money, you can have fun in the casino, right? But in the end, you will still be asked out, and there will be no free drinks.
Tarun：I think your casino metaphor is missing a little bit, which isThe rate at which new slot machines are introduced does not match the rate at which the number of participants is growing.This is strange because as the number of users increases, the number of games available seems to be growing.
Haseeb：It’s like a game changing skin. For example, you walk up to a slot machine and discover that it is Robin Hood themed, while another may be something else. Essentially you are still playing the same game, just with a different skin.
Tarun：
Recently, the Vape Cabal in Los Angeles has also launched Meme, and they launch and trade coins on live broadcasts. And there were really people buying it. Although they said I was losing money and I would lose money, they still bought it because this group told them to do so. I think people are involved not simply to make money, but for other motives.
I’ve been trying to understand. Obviously, there are strong social elements in the process of launching these coins, such as you have to broadcast for me or make a TikTok, which is completely different from the promotion methods of other cryptocurrencies. I think this may be the key.
Haseeb：
This also happened during the NFT boom, when a larger cultural phenomenon emerged, not just NFT traders, they only cared about making money. But some cultural symbols allow people to make their NFT collections highly tribal and even create a strong sense of belonging. In any huge craze, these cultural appendages will always arise. But I don’t think these cultural phenomena are the root causes of the current Meme craze.The real causal basis is that people want to make money.
The data I have seen shows that during the Meme craze, about 60% of traders lost money, and only about 3% of traders have ever made more than $1000 in gains. So, most people don’t make money in this casino. This is the same as in real casinos, it’s just a mathematical rule. But for most people, this is not their subjective experience. By the end of the NFT craze, everyone’s general feeling was that I couldn’t make money through it. Once Meme also makes people feel that its expected value is low, your subconscious will begin to adjust its judgment on it.
Robert：
This reminds me of the ICO boom in 2017. At that time, everyone was making money in ICOs, so the number of ICOs grew exponentially. But when the market began to shift and there were not enough buyers to support sellers, the ICO quickly collapsed. This has also happened during the NFT boom. This happens every cycle. Meme will end in a similar way——When there are more sellers than buyers in the market, the entire system collapses.
Tarun：This is like the hypothetical rational agent model in economics, but the people involved are not rational. And you will find that everyone in the comment section is discussing increasing shipments, and they even openly admit this.
Haseeb：If someone deliberately buys this kind of coin that drives up shipments just to be funny, these people will eventually lose their money quickly. It’s like a primitive jungle law that eventually these people will run out of money.
Tarun：
I do not disagree with this view. But when you enter these live rooms, you will find that the proportion of participants is completely different from the NFT scenario. People at the NFT will try to convince you that this is the future of art, or culture, and there is no such disguise here. Everyone just said simply: Oh, a certain KOL (Key Opinion Leader) said X, I’ll give it a try.” rdquo;
Haseeb：It sounds like it’s a culture, a subculture. Clearly, most people don’t identify with this culture or understand how it works. But those who understand will find it too funny. This is how to present yourself as an alpha person in this new economy.
Tom：This sounds like a Gen Z version of Wall Street gambler. Why do people post screenshots of themselves betting $50,000 on options and losing everything? It’s like a peeping pleasure in which you will find fun.
Tarun：That’s my point. This phenomenon is more like an interaction on Social networks.Losing money can also bring a strange sense of satisfaction, such as being able to show off your own painful experiences on social media.
Los Angeles Vape Cabal
Tarun：Everyone is discussing the process of discovering Meme through live broadcasts, and the culture is completely different from the past.
Tom：I understand your point, but I think the Meme craze also has some unique elements. For example, how many venture capital firms are buying Meme or talking about using Meme as a community launch tool? They try to use Meme to build great products. Everyone is trying to intellectualize the market, but in fact the market is a reverse causality. People equate price with product. Maybe I was wrong.
Tarun：Memes have certain unique characteristics that allow them to last longer. I think the growth rate and quantity of assets are closely related to this phenomenon.
Haseeb：We seem to have reached a consensus that we are in the late stages of the Meme cycle. But what I’m not so sure is that sentiment in the Meme market is indeed depressed right now. In fact, the mood in the entire shanzhai market is very depressed. Except for Bitcoin supporters, everyone seems to be pessimistic. So, if the macro economy reverses and the altcoins start to rebound, Meme may rebound with it. By then, we may completely forget these depressed emotions,Do you think this will happen? Or is the Meme cycle over and we need to find the next hot spot?
Robert：I don’t think that’s the end. Because new Meme is soaring to a market value of $500 million or even $1 billion every day. This phenomenon continues when you discover that something can reach a market value of $1 billion in a short period of time without any real value in itself.
Tom：
I think Trump has almost become the ceiling of Meme. Just like punk is the ceiling of NFT. As these trends advance, the way people conduct mental calculations will change. In my opinion, this is an indicator worthy of attention. However, in the crypto world,The only thing that remains constant is people’s endless desire for new games. I believe there will always be people creating new games to attract people to play.
Tarun：
Meme is somewhat different from previous crypto assets in some respects. Meme is easier to leave, but the complex structure of NFT is very unfriendly to novice users. However, I agree with Tom that there are indeed some indicators in the market and everything is linked to these indicators. If this key indicator falls, the entire market will also fall. But this is not quite the same as NFT. The NFT market is more volatile, and if key assets fall by 20%, other assets could fall by 40%.
In contrast, Meme’s market is now more liquid and it is easier to leave. So I don’t think the Meme market will collapse as quickly as the NFT did, but will gradually decline in a slow way. At least that seems so far.
Haseeb：What you said makes a lot of sense. I don’t think the Meme cycle is over either. If the market rebounds, the game will still be very attractive to those who don’t care about technical details. I feel like we have not reached the end yet. Although everyone is saying Meme is over, in my opinion, this is not the way the market ends.The real sign of the end of the market is that people no longer participate at all.
Millennials and the Meme craze
Haseeb: Can anyone explain the story of Jelly Jelly?
Tarun：
Sam Lessin is a partner at Slow Ventures, who is trying to promote a new video chat app through Meme. But this application is almost unusable. Obviously, there is a huge gap between user expectations and actual experience. And their promotional method is so embarrassing that it looks like something designed for the elderly and is unlikely to attract Meme’s traders. I think this is a failure.
Regarding JellyJelly, when prices fell, Sam Lessin, an early Facebook employee and a prominent venture capital partner, clearly wasn’t used to the pressure and even tried to recover the price through audio-streaming board meetings. This whole thing was simply one of the most embarrassing scenes I’ve ever seen.
Robert：He finally had to come out and apologize and say, Oh, I launched a Meme, but I have no idea how it works.
Tarun：I must admit, this is one of the most embarrassing venture capital moments in history. But this also shows that Silicon Valley venture capitalists simply couldn’t withstand the pressure of fighting and could only fall on the battlefield in the end.
Binance interacts with the Chinese community
Haseeb：
The recent focus of discussion in the Chinese community is Binance, especially Binance Labs. Binance Labs was rebranded as YZI, and now YZI is clearly the family office of CZ (Binance founder Zhao Changpeng). Many have criticized Binance for alleged insider trading, kickbacks and high listing fees. Some people claim that if your token wants to be listed on Binance, you have to pay a fee, and if the token price falls below the issue price after listing, this fee will be regarded as a margin. In addition, Binance Labs ‘inner circle, including employees, affiliates and family friends, seems to be making quick profits from some low-quality projects. These projects can easily pass the review even if Binance has a high threshold for listing coins.
As a result, there have been a large number of angry voices in the Chinese community. They are very angry because many of the projects listed on Binance have dropped by almost 80% to 90% in the past year. Not only did these projects perform poorly, they even became worthless. To make matters worse, the teams on these projects also disappeared and never fulfilled any promises. Many projects are random gamification projects that may have been popular in Asian communities, but are now in a very bad situation.
The core of the story is that you can see this anger. What I learned is that Binance Labs may indeed have some suspicious behavior. These allegations may be true or false, I’m not sure. But in the crypto space, overall antipathy is spreading. From criticism of Pump.fun to dissatisfaction with Sam Lessin, this sentiment now points to Binance.
Haseeb: Robert, what do you think?
Robert：I don’t feel that offshore entities always have greater freedom when interacting with ecosystems, which doesn’t surprise me. The real question is, will this method of operation work in the future? I doubt that.
Haseeb：
My point is that Binance’s executive team usually doesn’t respond head-on to these rumors unless it’s a major event like FTX. Their attitude is usually to continue building and ignore the noise.“” However, this time CZ and his team responded to the allegations on Twitter Spaces.
Although I cannot judge the veracity of these allegations, they do reflect a change in the overall atmosphere of the crypto industry. Now everyone’s mood is like turning on the lights after a party, suddenly realizing how much money they spent, and starting to complain about what the hell is this? Where’s my money? This is too bad.& rdquo; However, once market prices rebound, these complaints may diminish. As long as the market is good, people’s feelings of being exploited will not be so strong.But the market is not good now, so everyone is angry.
There will always be some unfair things happening, but the pressure seems to be even greater now. I think it’s a good thing that this pressure can prompt people to clean up their behavior. For Binance, as one of the largest crypto companies in the world, they clearly don’t want these things to happen.
New developments in cryptocurrency regulation
Haseeb：Finally, let’s talk about the latest developments in cryptocurrency supervision. Hester Peirce posted a blog post titled “Journey Begins,” detailing the SEC’s new crypto policy platform. This article is full of positive signals and basically expresses this attitude: We are ready, and although the details are not yet complete, we will be more supportive of the encryption industry. rdquo;
Some important changes we have learned so far include:First,SEC It is now stipulated that any new investigation requires committee approval; second, the SEC’s team of law enforcement lawyers has been reassigned.
In the article, Hester Peirce made some key points, such as: We will not tolerate fraud and deception, but if someone wants to buy tokens that lack clear long-term value, they should have the freedom to do so. Of course, they should not be surprised if prices plummet. In the United States, people have the right to be responsible for their choices, rather than relying on the government to tell them what to or not do, let alone expect the government to come to their rescue when things go wrong. rdquo;
she also mentionedThe No-Action Letter policy will return.Simply put, a no-action letter is a formal statement from the SEC that if a project complies with certain requirements, the SEC will not take enforcement action against it.
However, under previous SEC management, no-action letters were almost never actually issued. It’s more like a trap. They’ll say: If you want a no-action letter, contact us.& rdquo; Then you submit all the information, and instead they use it to investigate you.
But now, Hester hints that the no-action letter will actually work. Although there is no guarantee that every application will be approved, she encourages everyone to try.
Another important change is thatSEC Retroactive relief may be provided for projects that issue tokens in good faith.She mentioned: If certain projects are willing to provide transparent information, such as disclosing ownership of tokens, open source code, etc., and agree to be regulated by the SEC, then we may agree that these tokens are not securities and allow them to continue to trade. rdquo;
Overall, these policies provide more flexibility and clarity to the crypto industry. This is exactly what everyone has been waiting for.
In addition, the article also mentioned some policies on lending and pledge, and even proposed establishing a Cross-Border Sandbox to deal with the reality that many crypto activities occur in multiple jurisdictions. To me, this article is like a long-awaited roadmap for the industry. Robert, what do you think?
Robert：
I agree with this. This is an excellent roadmap that demonstrates the regulatory direction of the SEC over the next four years. I think it involves many issues that have been discussed for a long time in the past but have not been implemented. However, during her tenure, Hester Peirce did not have much practical power because the committee was led by Gensler. Concepts such as safe harbors have long been proposed to provide a clear framework of rules for tokens that meet standards of good conduct, and society is gradually figuring out whether legislation or policies are needed.
It used to feel like there was always a threat behind it. I think this statement is a call for everyone to interact directly with SEC staff to figure out the rules together. What I find most encouraging is that this mentality has undergone a 180-degree transformation. In the past, dealing with the SEC meant huge risks and could even threaten the survival of the project. Now, this interaction may actually reduce the risk and even make the team feel that it is something worth looking forward to. This is really a very big change.
I think the most significant change is thatSEC Our attitude has changed from us holding guns in our hands and forcing you to register to us holding pens in our hands and wanting to solve problems with you”。This transformation is very healthy, and I appreciate it.
Haseeb：
This statement made me think that maybe in another six months or a year, we won’t talk about the SEC too much or pay too much attention to them. In the past, our industry was almost shrouded in the shadow of the SEC, and I think that will change. Going to the SEC used to be like not talking to them, just like people often say it’s better to have less trouble than to have more trouble.“”“” You’re worried that if you ask, you’ll get into trouble. So everyone chose to avoid the SEC and dared not ask for their opinions or suggestions.
But things may be different now. You can go directly to the SEC: I want to do this project, is that okay?“ quo; They may tell you the answer,It’s like getting free legal advice from a lawmaker.This is indeed a positive change. Of course, the SEC will still file cases and enforce laws, and there will still be fraud and some reverse cases.
These are all part of the normal operation of the market, and I believe that the SEC is no longer a terror presence that surrounds the entire industry, but a more normal regulator.In the end, we may just have to pay some legal fees, fill out documents, disclose information, and as long as we don’t violate the rules, we won’t have to worry too much about the SEC.
Tom：
I think Hester set the tone well in his first sentence. We are not the first line of defense, but we should move to more disclosure systems and people should be free to trade the assets they want to trade. This reminds me of Matt Levine’s stupid investment certificate concept.“” Matt Levine is a Bloomberg contributor, and his view is that the SEC can provide something called a stupid investment certificate.“” After signing, the SEC will tell you clearly: You may lose all your money. Are you sure you want to do this?”“ rdquo; If you answer yes, they will give you a symbolic reminder and issue you a certificate allowing you to make any high-risk investment.“”“” If you complain later, the SEC will reject you ruthlessly.“” The core of this concept is thatGive investors freedom and rights, rather than excessive protection.
Haseeb：
When it comes to freedom, I actually admire Meme very much. Many people have problems with Binance because they charge listing fees as gatekeepers. But I think if you want to be a gatekeeper, you should do it well. If you charge for not doing a good job, you deserve to be criticized. and The charm of Meme is that it has no gatekeepers at all. Everyone knows the rules: no one will protect you, and no one can complain if you are cheated. This is the concept of zero gatekeeping.
I hope the downturn in the market is only temporary, but I am actually very optimistic about the overall trend this year. From a fundamental point of view, many things are moving in a good direction. Whether it is Trump or external issues such as tariffs, there will be fluctuations and chaos, but they will eventually be resolved. For the industry, basically everything we really want is already in place.
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