►
From YouTube: Governance and Risk Meeting: Ep. 56
Description
Governance Segment
- Rune Christensen brings us his Devcon5 presentation and will talk about the launch of MCD
Risk Segment
- Vishesh Choudry: State of the Peg
We'll then spend the rest of the time in a general Q&A session.
Discussion Threads: https://forum.makerdao.com/t/565
Podcast version: https://feeds.soundcloud.com/playlists/soundcloud:playlists:623643288/sounds.rss
Summaries: https://community-development.makerdao.com/governance/governance-and-risk-meetings/summaries
Transcripts (Delayed by 48 hours): https://community-development.makerdao.com/governance/governance-and-risk-meetings/transcripts
Foundation Proposal: https://community-development.makerdao.com/governance/core-principles
Governance and Risk Framework - Part 1: https://community-development.makerdao.com/governance/governance-risk-framework/part-one
Website: https://makerdao.com
Twitter: https://twitter.com/makerdao
Forum: https://forum.makerdao.com/
Chat: https://chat.makerdao.com/home
Email: info@makerdao.com
A
Hello,
everyone
welcome
to
the
I
should
say
October
11th,
because
that's
where
it
is
where
I
am,
but
it
was
called
the
October
10th
edition
of
the
scientific
governance
and
risk
meeting.
My
name
is
Richard
Brown
I
am
the
head
of
Community
Development
at
maker
Dow,
we
have
a
special
guest.
Today,
ringg
Christensen
will
be
joining
us.
We're
going
to
talk
about
a
recent
announcement.
Some
some
of
our
closest
air
fans
may
have
noticed
in
crypto
Twitter
in
the
last
24
hours.
A
We're
going
to
have
a
slide
show
we're
going
to
talk
about
what
those
slides
have
in
store
for
us
and
what
the
implications
are
for
the
future
of
maker.
Doubts
is
going
to
be
a
big
one
for
us
after
that.
We'll
talk
a
bit
about
the
peg
with
vamps
sort
of
a
shesh
and
then
have
a
general
Q&A
session.
I,
don't
want
to
waste
too
much
time
with
the
general
preambles,
but
I
will
do
it's
a
condensed
version.
A
We
are
intensely
interested
in
getting
as
much
interaction
with
the
community
as
we
possibly
can
in
these
calls.
So
please,
if
you
have
a
question,
we
want
to
hear
them
type
it
in
the
chat
and
aside
as
opportunities
arise.
We
will
read
those
questions
out
for
you.
If
you
have
access
to
a
microphone,
please
feel
free
to
type
up
directly
and
let
us
know
what
you're
thinking
but
I'm
going
to
hand
it
over
directly,
actually
so
rune.
Why
don't
you
take
it
away
for
us?
Let
us
know
what
you've
been
up
to
recently.
B
All
right
so
I
yeah
sure
we
ready
to
launch
x
on
November
18,
and
that's
why
you
know
all
of
us
ended
up
being
up
this
late.
It's
the
1
a.m.
it's.
Obviously
we
want
to
also.
There
is
much
personal
information
with
the
governments
community.
You
know
immediately
following
the
announcer
we
made
your
Def
Con.
B
Just
so
you
know
so
you
you
can
all
really
start
internalizing
what
it
really
means
from
a
like,
a
governance
perspective
since
BET's,
you
know
it's
a
little
bit
more
than
a
month,
so
it's
exciting
and,
of
course,
also
means
that
there's
a
lot
of
things
we
need
to.
You
need
to
get
ready,
but
also
I'll.
Just
like
talk
in
general
about
not
just
like
you
know,
I
mean
obviously
we'll
talk
about.
B
You
know
now
it's
coming
and
what
that
specifically
flutes,
but
also
like
what
it
really
enables
and
what
the
launch
of
MCD
really
means
for
define
general.
As
you
know,
it
really
opens
up
for
the
full
scope
of
all
the
coalfields
features
that
were
always
meant
to
be
done
with
Niger.
So
let
me
just
try
to
share
share
with
screen.
B
So
this
is
actually
a
different
version
of
the
slides
than
what
I
used
to
do.
That's
because
the
DEF
CON
we're
only
allowed
to
use
like
their
own
preset,
it's
kind
of
tough.
What
do
you
call
it
like
like
preset
type
of
slides?
So
this
is
where
their
own
design,
which
is
actually
looks
way
better
than
what
we
have
a
difference.
B
So
that's
also
pretty
good,
and
but
so
I'm
gonna,
like
I'm
gonna,
be
going
through
sort
of
the
content
of
the
presentation,
but
in
a
much
more
casual
format,
and
then
I'm
gonna
pause
and
constantly
look
at
like
have
a
look
at
chat,
see
if
there's
any
specific
questions,
and
so
that
we
can
just
sort
of
get
a
little
bit
deeper
into
this,
and
the
talk
I
did
was
really
about
define
in
general.
But
of
course
now
we'll
just
focus
a
little
bit
more.
B
So
what
this
facility
means
for
maker,
okay,
so
I
mean
the
first
thing.
That's
really
important
to
do
is,
of
course,
just
like
take
a
step
back
and
think
about
what
the
point
of
everything
we're
doing
is
right,
and
you
know
major
and
defy
is
like
one
of
the
core
characteristics
is
that
it
has
this
permission
and
also
to
parent
a
decentralized
aspect
to
it
right.
That
means
that
inherently
it
it
deals
with
issues
like
financial
inclusion
and
the
unbanked
being.
B
You
know,
you
know,
having
means
a
bit
term
essentially
of
rent
and
inequality
and
how
with
would
maker
and
defy
what
we're
doing,
is
we're
building
a
better
system,
and
then
we
are
really
allowing
everyone
to
leapfrog.
It
leapfrog
into
it,
because
there's
this
equal
access
for
everyone-
and
that
is
just
you-
know,
a
really
important
fact
of
the
whole
thing,
because
it's
not
just
like
that.
B
I
mean
it's
really
important,
but
in
terms
of
like
the
motivation
that
individuals
have
to
be,
you
know
have,
so
they
can
be
a
part
of
it,
but
it's
also
actually
a
crucial
factor.
Even
it's
a
place
into
two
governments,
other
systems,
because
there
has
to
be
that
element
of
when
you
are
managing
and
when
you're
governing
maker.
There
is
like
a
greater
purpose
to
it
and
just
like
maximising
very
character.
It's
because
the
whole
point
is
with.
B
We
need
to
get
past
something
like
the
financial
crisis
right
and
the
fact
that
that
maker
for
the
middle
east
is
built
as
a
financial
system
that
isn't
just
meant
to
benefit
exactly
those
that
have
whatever
their
you
know
the
the
authority
over
it
right
or
like
the
the
privilege
taxes.
That's
something
that
if
we
can
maintain
that
in
the
entire
the
culture
of
the
governments,
that
really
helps
us
ultimately
always
keep
the
eye
on
like
the
long-term
goal
right
make
sure
of
it.
B
B
Even
though
this
is
just
like
a
bunch
of
you
know
some,
like
some
young
people
from
India
that
had
nothing
other
than
effectively
connect,
sativa
and
also,
as
you
might
have
seen
her
in
the
Foundation's
announcement.
The
foundation
is
launching
a
new
version
of
voices.
That's
actually
taking
the
same
approach
of
trying
to
bundle
in
all
the
you
know
the
CPS.
You
know,
but
also
like
the
decentralized
exchange
like
all
these
different
functionalities,
into
a
single
front
end.
B
That's
then
optimized
for
easy
usage
so
that
we
can
make
defy
a
little
bit
less
complex
and
a
little
bit
less
about
having
tons
of
taps
over
at
the
same
time
or
like
train
them.
But
then
it's
dead
just
like
easier
access
to
sending
you
between
protocols
and
then
finally,
what's
like
what's
done,
it
very
cool.
Is
the
of
course,
the
fact
that
there
is
also
started
to
be
this
crossover
between
teach
fire
in
the
real
world.
B
The
maker
is
already
seeing
this
in,
like
lots
of
funk
like
on
all
friends
and
it's
something
like
coinbase,
meaning
that
there
really
is
is
like
high-level
acquittee
into
into
the
fiat
currency.
You
know
traditional
financial
system,
but
also,
for
instance,
the
the
crypto
debit
cards
that
support
die.
That
are
pretty
cool
in
that
you
see
this
of
the
composability
deep
I
actually
like
reach
into
the
real
world.
B
B
Make
sure
please
check
to
see
yeah
I
can't
figure
out
uncheck
the
woodshed.
Oh
thank
you,
okay,
so
I'm
just
going
to
check,
chat,
occasionally
and
and
really,
if
there's
something
specific
you
want
to
to
discuss.
This
is
on
release
to
make
your
covenants
in
terms
of
Newsline
high
level
topics
and
just
it's
time,
written.
B
B
B
Well
then,
right
but
then
so
the
big
challenge
is
crossing
the
chasm
right.
So
now
all
this
stuff
works.
We
have
composability,
we
have
a
sprawling
your
system,
but
then
there
we
need
to
just
like
scale
from
a
couple
of
millions
to
you
know
millions
and
billions
in
died
supply,
and
that's
a
really
like.
That's
a
that's
a
tough
task
of
these
me.
B
B
B
Is
talked
about
that
that
is
obviously
like
one
of
the
really
big
kind
of
like
kelly
unlocks.
We
really
see
a
lot
of
things
coming
together
and
love
value
being
created
out
of
blotching.
It's
not
just
regulation
but
brilliant,
there's,
some
real
cool
value
creation
happening
and
then
getting
to
organize
real
assets
under
the
budget.
It's
kind
of
like
the
next
really
huge
thing,
because
this
is
how
we
achieve
achieve
scale
billions
of
alright,
and
we
all
know
it's
only
the
deep
governance
community
of
makers.
B
B
The
real
will
quickest
II,
like
the
banks
and
the
financial
institutions,
actually
then
essentially
about
the
technology
into
the
whole
coals
and
become
kind
of
like
these
service
faced
shells
around
defy
protocols,
because
it's
just
so
much
more
efficient
like
especially
when
you
think
about
that.
We
can
combine
this
term
PlayStation
then,
with
the
composability
again,
like
really
just
create
a
whole
new
level
of
efficiency,
and
then
it's
really
important
to
talk
about.
B
For
instance,
you
need
to
really
have
total
understanding
and
a
complete
grasp
of
the
regulatory
implications
of
doing
that
and
less
because
you
would
expect
governments
to
go
nuts
and
crackdown
or
crypto
and
seize
all
the
collateral,
something
even
though
I
mean
that's
an
edge
case,
but
but
it's
kind
of
like
I
mean
it
really
is
something
that
applies
all
good
and
doesn't
necessarily
apply
that
much
more
to
real
assets
than
to
something
like
centralized
exchange.
It's
like,
but
it's
really,
the
really
big
is
recalls
and
how
to
actually
enforce
you
know
the
claimed
honor.
B
But
the
what's
what's
happening
in
relation
is
this
regulation
at
the
edges
right?
So
so
we
see
that
regulators.
They
want
to
always
regulate
the
stuff
that
they
can
hold
off,
including
centralized
exchanges
right
and
also
you
know,
when
you're
doing
something
like
security
tokens
really
loving
bill
either
they
want
to
like
really
determine
entirely
or,
if
not,
that
they
want
very
strict
regulation,
specifically
in
the
issuance
and
redemption,
and
that's
also
something
like
centralized.
B
It's
just
very
important
to
not
have
all
your
eggs
in
one
basket
by
so
that
you
can
actually
so
that
the
you
know
the
the
fundamental
dynamics
of
make
your
governors
and
they'd
send
its
building.
The
mayor
can
kick
in
and
whatever
loss
ends
up
happening
in
the
Arab
League
whenever
some
to
the
Flex
element,
a
curse
can
then
be
absorbed
by
yeah
holders.
B
You
can
learn
from
that
particular
lesson
right
and
the
governance
going
forward
can
then
incorporate
that
into
all
future
decision-making
and
then
there's
an
oh
yeah,
this
slides
little
bro,
but
then
there
are
some
except
like
they're
they're
real
examples
already
of
how
regulation
is
reconciled
with
decentralized
platform
right.
Sir
there's
traditional
Kryptos
like
attorneys
and
easy,
was
just
declared
a
commodity
to
date,
right
which
is
like
big
news
again,
even
though,
in
the
event,
we
kind
of
already
knew
that.
B
But
it's
like
that's
really
the
example
of
like
where
regulators
are
really
heavy
as
long
as
there's
something
they
can
regulate
so
liquid
for
the
knees.
This
is
a
most
exchanges,
well
they're
happy
to
leave
the
protocol
alone
because
they
they
know
they
can't
regulate
it
anyway.
They
don't
they
don't
want
to
look
stupid,
trying
to
regulate
something
that
they
can't
physically
or
whatever
really
see
me
regulate
and
then
also
like
USD
see
a
compound.
It's
a
very
cool
example
of
regulation,
interacting
with
defiant
and
actually
enabling
it.
But
because,
when.
C
B
B
So
the
other
big
thing
other
than
to
organize
real
assets.
That's
going
to
really
you
know,
drive
maker
forward
and
allow
it
to
scale
like
it's
organized
real
assets
because
even
get
in
the
supply
side
right,
so
that's
how
we
can
get
the
dye
supply
control
into
dollars,
which
you
wouldn't
need
to
be
at.
If
you
really
wanna
serve
the
entire
global
economy
and
should
say
yes,
it's
is
then
how
we
scale
on
the
demand
side.
B
So
that's
why
we
need
all
the
different
types
of
demand
and
all
the
different
types
of
use,
cases
that
are
for
both
currency,
but
also
financial
services,
including
both
obviously,
a
gyro
die
and
Jen
die
and
gun
die,
but
the
possibility
for
many
relevance
to
deploy
other
stable
points
and
that
a
peg
to
all
the
different
local
currencies
so
that
we
can
get
closer
to
that
future.
Where
blockchain
isn't
this
frustrating
thing?
B
The
point
is
that
things
get
better
and
some
of
the
financial
layer
and
md5
delivers
this
like
invisible
service
that
provides
fair,
efficient,
C&L
yields
and
security
incident,
and
also
you
know,
there's
a
flow
of
course
also
be
synthetic
as
its
head
to
anything
else:
Allah,
don't
let
it
go
and
so
on,
and
it's
all
the
same
code
base.
So
it's
all
actually
for
maker,
it's
all
the
MTD
curve
breaks.
B
You
know
you,
couldn't
you
can't
imagine
something
like
let's
say:
60
different
gold
tokens
from
all
over
the
world
and
different
like
storage
facilities
and
jurisdictions
and
and
some
type
of
gold
into
laundry,
and
that
the
you
know
the
promise
there's
still
that
fragmentation
still
exists,
even
though
the
blockchain
of
course
creates
a
tremendous.
They
will
seamless
interaction
between
almost
different
forms
of
turbulence
mode,
and
then
a
synthetic
gold
could
very
easily
include
all
of
these
different
roles.
B
The
crudely
and
this
like
the
connection
to
the
real
world,
but
that
organized
essence
have,
but
it
actually
creates
at
focal
point
whether
that
are
pretty
cool,
really
light
and
machine
relate,
but
gold
specifically
and
then,
in
the
end,
that
results
in
a
very
easily
use
asset
for
real
from
regular
people
where
they
can
just
use,
is
very
cold
and
they
actually
end
up
like
not
relying
on
sunlight,
stable
on.
You
know,
kind
of
like
unknown,
opaque
paper,
gold
type
of
thing,
which
is
what
people
are
afraid
of
with
something.
B
Yes,
it's
right,
but
because
of
the
inherent
transparency
of
meager-
and
you
know
the
the
the
lofty
aspirations
of
maker
governance
towards
a
more
sound
form
of
of
risk
management.
It'll,
you
know
we're
possible
for
users
to
trust
the
fact
that
this
synthetic
acid
I
mean
if
they
actually
spend
the
time
they
could
on
it,
that,
yes,
there's
real
gold.
Primarily
you
know
it's
based
around
who's
like
that
verse
about
exposure,
real
gold
all
over
the
world,
as
well
as
like
a
very
sound,
and
you
know
strong
and
diversified
portfolio.
B
You
know
the
promise
of
defy
and
blockchain
and
your
even
Bitcoin
right,
like
digital
cash,
that
no
one
can
use
that
can
help
you
yeah
if
they're
currently
shut
out
of
the
financial
system,
where's
the
inflation
and
all
that
good
stuff.
And
then
this
is
a
low-res
version
of
the
the
new
MCD
logo,
a
new
dialogue
over
speaker
:.
B
D
So
just
saying
on
the
point
of
there,
being
multiple
likes
in
versions
of
MCD
deployed
or
with
the
same
government
system
sounds
kind
of
like
a
terrifying
amount
of
governance
in
terms
of
surveillance.
Cd
is
already
it's
already
gonna,
be
like
fairly
huge
and
fairly
complex
and
adding
like
multiple
things.
On
top
of
that,
it's
gonna
be.
A
A
It's
all
governance
in
dowse,
and
how
do
we
manage
the
things
that
we've
built?
There's
there's,
obviously
not
a
point-by-point
roadmap
of
what
governance
was
going
to
look
like
over
this
next
six
to
12
to
18
months,
because
I
think
that,
as
a
group,
we've
all
internalized
the
fact
that
we
need
to
lay
some
trails
as
we
go
along
there.
A
If
there
is
no
specific
plan
about
how
this
is
going
to
look
but
I'm
confidence
based
on
is
the
historical
record
that
we're
going
to
be
able
to
iterate
and
accommodate
the
additional
complexity
we're
going
to
or
about
to
have
a
crash
course
actually
in
the
next
two
or
three
months
about
how
to
get
this
thing
bootstrap,
but
as
it
becomes
more
complex,
we'll
bring
more
resources
online,
more
processes,
it's
going
to
be
a
learning
experience.
I,
don't
have
anything
more
concrete
than
that
to
add
is
intimidating.
B
Yeah
I
want
to
say
that
the
only
like,
obviously,
what
requires
is
the
wrists
means
right
and
that's
what
we
need.
Economic
is
logical
because
for
the
in
Kerala
perspective,
it'll
never
like
any
particular
member
of
the
government's
community
will
never
be
able
to
actually
fully
understand
everything.
Every
single
piece
and
like
all
the
different
and
adjusted
and
so
on,
but
honey
FEMA
will
likely
be
able
to.
B
And
then
we
basically
you
know
we
can
feel
confident
and
we
can
accept
the
fact
that
there
will
be
various
on
the
weight
right.
There
will
be
at
times
where
something
falls
through.
But
that's
that's
only
part
of
the
model
right
because
the
wait
week
and
we
don't
try
to
kind
of
like
somehow
prevent
that
from
happening
and
somehow
find
like
engineer
or
a
risk,
is
a
little
bit.
You
just
have
to
simply.
A
The
process
matures
we
start
bringing
more
and
more
teams
online
as
well.
Currently
we
have
the
interim
go
and
it's
facilitated.
We
have
the
interim
risk
teams
and,
as
the
community
and
the
foundation
continues
to
release
empowered
actors
into
the
ecosystem,
we're
going
to
have
more
and
more
teams
of
dedicated
individuals
taking
on
separate
aspects
of
the
ecosystem,
sponsor
it's
not
just
going
to
be
the
people
in
this
room
or
the
people
that
were
also
familiar
with
it's.
The
ecosystem
of
the
governance
ecosystem
will
be
expanding
significantly
over
the
course
of
the
next
few
months.
A
Can
be
mitigated
well
Rin
that
that
kind
of
ties
back
to
an
interesting
thread
I
saw
you
engaged
with
recently
about
the
relative
risks
between
government
intervention
versus
just
regular,
sPB's,
failing
and
or
behaving
incorrectly.
So
how
much
of
a
risk?
Do
you
see
this
sort
of
bugbear
of
the
u.s.
shutting
something
down?
Is
that
a
realistic
option?
If
so,
are
we
looking
to
other
jurisdictions
to
diversify.
B
So
I
mean
I
generally
think
that
the
more
critical
thing
to
do
like
because
it's
true
there
is
kind
of
like
just
going
like
the
geopolitical
landscape
in
the
world,
but
I
think
like
in
initially
that
what
we've
got
to
sort
of
hold
on
to
that
I
think
is
a
very
a
very
reasonable
and
sort
of
reliable
type
of
stability.
Is
the
rule
of
law
right
so
I
think
really
focusing
on
diversify
across
the
many
different
countries
that
have
very
strong
but
like
strong
track
record
on
rule
of
law
and
property
rights.
B
That's
going
like
this.
That
is
I,
see
that
as
being
like,
like
relatively
less
risky,
having
like
less
a
sort
of
that
more
outlier
Plex
want
total
risk,
and
that's
generally
the
big.
Like
the
you
know,
the
downside
I
think
there
are
some
obvious
kind
of
like
dunes
of
obvious
geopolitical
diversification
where
you
then
try
to
focus
on.
You
know:
I'm
like
China
and
Russia
right
like
in
particular
those
two
jurisdictions
right
there
like
Mary.
B
They
obviously
I
like
very
opposed
to
the
US,
for
instance
right
and
you
could
imagine
us
an
area
where,
like
a
crackdown
in
by
the
US
with
them
to
some
extent
like
some
I
would
like
be
seen,
then
interpret
there
by
by
by
the
the
rivals
of
the
US.
Yes,
this
is
a
project
to
support
right.
So
if,
if
maybe
the
letter
was
actually
cracked
on
crack
down
on
in
in
the
u.s.,
you
could
reasonably
imagine
that
then
in
China
you
know
they
would
then
think.
Okay
did
that
America
doesn't
like
this
project.
B
Never
ever
would
be,
but
what's
going
on
here,
and
maybe
something
for
us
to
support
symbol
but
and
so
and
I
think,
and
that's
certainly
like
a
belly
point
right,
like
a
valley
pilot
like
that,
like
the
way
to
think
about
some
of
the
very
last
very
holistic,
very
like
little
idea
of
how
to
like
the
direction
that
maybe
should
take
but
I.
You
know,
I
just
think
that
a
much
greater
type
of
like
a
much
greater
titles
of
the
crackdown
risk
is
really
like.
B
They
entirely
like
function
on.
You
know.
It's
like
this
private
economy
that
entirely
function
is
based
on
property
rights,
unlike
private
business,
to
a
very
large
extent,
then
that
fundamentally
right
relies
on
the
fact
that
they,
like
they're,
almost
like
I,
mean
it's
almost
like
that
every
every
corporation
is
like
a
mini
government.
That
is
a
user
legal
system,
and
also
it's
very
like
strongly
is
that
they
can
really
rely
on
this,
like
this
infrastructure
is
fundamental
for
the
economy
to
even
work
at
all.
B
So
what
that
means
is
that
it's
very,
very
expensive
for
a
country
like
that
to
start
causing
doubts
about
the
property
rights
right
and
about
the
rule
of
law
and
whereas
you
get
like
in
particular,
Russia
and
China
right.
Those
countries
don't
really
like
their
economies
on
set
up
like
that.
Also
they're
like
based
around
like
state-owned
enterprises
right
and
they're,
based
around
kind
of
like
this.
It's
a
singular
type
of
legal
construct,
which
I
mean
I'm
watching
like
China's,
literally
communist
right.
B
That's
set
up
like
this,
giving
regulatory
approval
and
one
you
know
one
point
sign,
and
then
this
like
missing
any
sort
of
initial
kind
of,
like
certain
events
that
you
know
like
major
governments
head
around
this
being
actually
a
very
reliable
guarantee,
because
it
happens
quite
often
that
there's
this
kind
of
you
know
that,
like
there's,
there's
one
one
order
of
business
and
then
because
it
whatever
in
it.
But
for
whatever
reason
you
know
suddenly,
your
business
has
been.
B
You
know
you,
the
state
has
bought
your
business
for
this
money
and
that
actually
happens
quite
often
in
these
types
of
economies
right
because
they
don't
really
lose
anything
from
it,
because
there's
no
there's
really
no
expectation
in
the
first
place
that
there
is
people
very
stable
so
anyway.
So
like
right
point
is
that
I
think
that,
but
that's
not
incentive
and
sort
of
like
the
cost
of
doing
a
crackdown
is
something
that
really
should
be
considered.
B
When
you,
you
know
when,
when
when
we,
we
decide
how
it's
best
to
allocate
the
exposure
of
the
culpability.
So
what
is
the
unicorns
right?
I?
Really,
like
the
really
really
incredibly,
the
important
places
to
look
at
a
neutral
or
like
not,
you
know
to
politically
not
very
aligned
countries,
that's
still
a
very
strong
property
rights
in
Louisville
and
in
particular,
Singapore
things
that
really
really
great
civil
right.
That's
like
a
very
interesting
jurisdictional
that
does
have
this
very
strong
business
friendly,
like
private.
B
This
is
for
your
track
record,
but
at
the
same
time,
isn't
really
in
the
like
that.
Much
to
believe
you
in
the
in
the
American
sphere
of
influence
and
I
mean-
and
there
are
other
examples
as
well,
but
Singapore
I-
think
it's
like
one
on
the
pissed
right
now
and
ultimately,
as
always,
I
mean
you
always
want
to
direct
like
you
always
want
to
diversify,
you
know.
So,
even
if
you
think
that
let's
see
Russia's
very
risky
and
they
could
tell
me
crackdown
and
they
feel
like
for
whatever
reason,
if
yeah,
if
they're.
E
B
B
The
collateral
like,
even
if
that's
a
realistic
scenario
for
for
like
Russia
Russia,
like
for
collateral,
that
relies
in
Russian
your
legal
system,
there's
still
some
amount
of
exposure
that
it
makes
sense
to
have
to
legislation
regardless
right,
like
there's,
always
some
level
of
exposure
to
almost
any
type
of
sort
of
jurisdictional
or
a
particular
like
situation
set
up
that
make
sense,
and
that
in
the
grand
scheme
of
things
like
in
the
in
the
context
of
overall
portfolio
reduces
there.
All
this.
F
F
Use
to
to
offer
and
price
their
products
is
based
on
the
Fed
rate
and
effectively,
if
right
now
we're
talking
about
two
to
seven
percent
range
for
the
capital
cost
of
capital
from
traditional
sources.
If
it
goes
down
further
by
one
or
two
or
three
percentage
points,
it
might
be
very
hard
to
to
attract
such
collateral
into
multi-car,
don't
die
because
the
various
risks
that
are
added
when
this
collateral
is
tokenized
and
dealt
with
and
incentives
that
are
necessary
to
attract
a
good
amount
of
leaders
in
one
chain.
F
I
feel
that
it's
an
amazing
opportunity
for
motorcar
or
Die
to
to
demonstrate
that
there
is
no
reason
why
someone
with
a
stable
assets,
such
as
real
estate,
has
to
pay
70
percent
interest
rate
just
because
the
entire
economy
over
Tina
is
going
through
this
cycle.
So
the
question
is:
what
may
be
the
possible
steps
milestones
and
prerequisites
for
for
this
to
happen?
How
far
are
we
away
from
being
able
to
even
attempt
such
a
feat
and
what
kind
of
building
blocks
must
be
there
before?
We
actually
should
even
consider
working
on
it.
B
Yeah
right
so
I
mean
what's
interesting.
Is
that
what
I'm,
mostly
seeing
from
like
the
agents
from
the
community,
is
that
they
really
do
not
want
anything
to
do
with
their
own
currency
right?
So
they
they
really
just
want
to
like
switch
over
to
the
dollar.
And
that's
that's
my
eyes.
Having
this
like
organic
demand.
B
So
the
goal
is
to
get
again
makers
like
give
the
Dow
as
a
whole
to
the
point
where
everything
is
in
place
so
that
you
know
prevalence
can
like
pay
for
smartphones
machines
that
are
completely
decentralized,
so
I
feel
like.
But
that
are
you
know
that
are
independent
and
then
work
directly
for
the
Dow
and
are
able
to
like
efficiently
facilitate
deploying
news
and
30
assets.
And
then
it's
up
to
once
that's
in
place
that
is
very
easy
up
to
the
governance
process
like
horizon,
which
order
in
the
arrest
keep
taking
into
account.
A
B
As
I
mean
yeah,
like
I,
can't
really
answer
that,
because
from
what
I
know
about
the
tick,
it
really
shouldn't
be
that,
like
it
is
surprisingly,
we
are
surprisingly
close
to
being
able
to
do
it.
But
I
guess
that's
really
a
matter
of
priority
and
I
think
actually
it
would
be.
I
would
imagine
that
the
B
blocker
really
is
government's
like.
B
B
The
first
thing
that
needs
to
be
established
is
the
entire,
like
framework
and
the
documentation,
requirements
and
deterrent
documentation
framework,
especially
right
for
like
adding
some
new
technical
component
to
the
system
and
then
only
well,
that's
at
least
then
the
foundation
and
anyone
else
would
be
able
to
go
through
that
process.
To
then
propose
specific,
you
know,
is
there
a
minor
changes
to
the
system
and
ultimately,
then
also
that
then
being
dissertate,
listen
say?
Yes,
once
you
know,
what's
the
community's
comfortable.
D
And
something
you
said
there
was
really
interesting.
I
just
wanted
to
point
it
out.
Is
that
maybe,
like
the
friction
for
adding
collaterals
to
the
different
branches
of
MCD,
that
would
have
like
pace
or
like
maybe
realistically
a
gyro?
Wouldn't
you
just
be
able
to
kind
of
proxy
them
over,
and
maybe
the
only
real
difference
would
be
like
the
debt
ceiling.
Since
all
the
sort
of
risk
assessment
was
already
done,
you
would
have
to
like
totally
redo
that
process.
B
D
B
Yes
and
there
I
think
I
mean
so.
This
is
something
that
a
lot
of
more.
It
has
to
be
a
lot
more
thinking
down
on
this
something
right
but
I,
think
in
very
basic
terms.
They
will
both
be
collateral
types
that
are
essentially
the
same
risk,
regardless
of
what
what
as
if
you're,
generating
with
them
and
an
example
that
would
be
like
Krypton
or
like
stocks,
or
something
like
that.
B
Well,
then,
when
you
get
to
something
like,
let's
say:
bonds
for
like
government
bonds
in
particular
right
there's,
a
big
difference
between
risk
parameters
for
but
she
bills
back
in
a
US
dollar
denominated
pointing
right,
and
then
you
using
team
bills
to
baby
euro
right
and
same
for
like
German
government
bonds,
ISM
they
or
that
way,
and
even
more
extremely,
would
be
stable.
Core
needs
right.
A
You
also
touched
on
something
I
thought
was,
they
spelled
enforce.
Group
two
is
that
now
that
a
law
state
has
been
sets,
or
at
least
publicly
revealed,
it
lends
some
more
weights
to
my
constant
repetition
that
governance
is
about
to
start
in
earnest
and
we
have
lots
and
lots
of
work
to
do,
and
you
mentioned
migration
and
we
have
five
or
six
governance
calls
before
total
launch,
and
so
that
means
that
there's
a
significant
amount
of
work
to
do,
and
that's
going
to
be
the
theme
of
these.
A
A
Lot
of
really
interesting
work
to
do
too,
but
that's
probably
not
getting
to
that
today
considering
its
approaching
two
o'clock
in
the
morning
local
time
and
we
still
need
to
talk
about
the
peg.
So
thank
you
much
for
your
presentation.
That
was
great
thanks
for
staying
up
so
lake's
I
know
that
you're,
probably
one
of
those
popular
people
at
Def
Con
this
year,
so
I
appreciate
that
fish.
Are
you
on
the
phone
I
am?
C
Okay,
so
I
think
most
people
have
been
falling,
but
just
recap
anyway.
So
wouldn't
things
that's
been
interesting
lately
is
watching
the
dice
fly.
So
since
that
dip,
just
at
the
end
of
September,
it's
been
coming
up
fairly
consistently
to
about
81
million
as
of
a
few
days
ago,
and
then
just
in
the
last
couple
days
we
saw
you
know
a
couple
of
very
large
draws
pulling
out,
say
an
additional
three
and
a
half
million
and
died
bringing
the
supply
up
to
a
little
over
85
million
recently.
C
So
those
are
positive
indicators,
I
think
and
given
all
the
buzz
and
you
know
the
appreciation
of
maker
price,
etc,
it
seems
that
there
is
a
renewed
sort
of
sense
of
positivity
may
have
something
to
do
with
the
multilateral
announcements
may
just
generally
be
market
conditions,
often
hard
to
parse
those
things
out
as
far
as
the
collateral
side.
So
what
was
interesting
was
around
that
same
time
frame.
We
talked
about
a
bit
more
collateral
being
added
to
the
system
as
an
apparent
risk
hedge.
C
Then
it
was
fairly
quiet
and
then
there
was
actually
a
bit
of
circulation.
So
some
more
collateral
was
added,
somewhat
louder
was
removed
and
then
again,
in
that
same
time,
frame
along
with
that
additional
increase
in
supply.
Some
more
collateral
was
added,
which
is
a
fairly
sort
of
expected
reaction,
because
there's
sort
of
that
equilibrium
risk
level
that
people
are
comfortable
with
maintaining
so
as
more
dice
drawn
out.
They
will
then
put
in
some
more
collateral
as
well
to
maintain
those
relative,
collateralization
ratios.
C
The
trading
volume
on
Dex
is
roughly
four
million,
which
is
a
little
bit
stronger
than
normal
I
think
the
normal
lately
has
been
one
to
two
million
a
day
and
in
the
last
24
hours
has
been
about
four
again
with
that
very
solid,
slightly
above
one
dollar
weighted
average
price
you
can
see,
the
spread
is
very
little
below
a
dollar
and
sort
of
spread
out
a
bit
more
over
a
dollar.
So
that's
a
that's
I
think
a
pretty
healthy
curve
for
the
peg,
so
I
think
the
state
of
state
of
the
peg
is
good.
C
Is
the
the
general
synthesis
and
then
that
same
curve
holding
steady
over
the
same
seven
day,
time
frame
as
well
with
roughly
sixteen
million
in
trading
volume,
which
is
again
a
little
over
two
million
per
day.
So
last
24
hours
was
a
bit
on
the
higher
end
of
that
again,
you
see
like
microstructures,
so
oasis,
holding
a
pretty
normal
curve
with
a
bit
of
a
skew
coinbase,
pretty
much
more
centered
in
the
weighted
average
territory.
Unis
whop
spread
pretty
evenly
all
throughout
and
sort
of
dominating
some
of
the
higher
and
lower
end
prices.
C
So
yeah
I
mean
these
are
generally
good
curves
for
the
peg
and
I
think
pretty
consistent
with
what
we've
been
seeing
lately
over
the
longer
time
scale,
as
far
as
what's
been
going
on
secondary
lending
platforms.
So
again,
this
has
been
a
pretty
interesting
state
recently,
since
the
stability
fee
has
dropped
to
10.5%,
because
that
borrow
rate
is
actually
been
more
expensive
generally
on
the
compound
holding
at
roughly
12
percent.
So
this
was
sort
of
a
curious
state
that
we
discussed
a
few
months
back.
C
I
believe
it
was
with
regards
to
the
compound
borrow
rate
being
more
expensive
than
the
maker
borrow
rate
generally
incentivizing
people
to
switch
over
and
refinance
to
maker,
though
it
seems,
new
positions
have
been
drawn
out
for
maker.
The
borrow
volume
for
compound
since
that
initial
hit
has
actually
just
been
kind
of
steady
lately.
So
we
haven't
really
seen
like
that.
C
Three
and
a
half
million
chunk
didn't
really
come
out
of
compound
per
se
and
and
it
was
sort
of
legitimately
the
overall
dye
lending
pie,
kind
of
grew
a
little
bit
which
is
appropriate
since
it
kind
of
shrank
a
little
bit
a
few
months
ago.
So
seems
maybe
some
of
that
latent
interest
coming
back
so
potentially
a
positive
indicator
as
far
as
what's
been
going
on
with
supply
so
again,
fairly
steady,
maybe
a
little
bit
of
a
slight
rise
in
activity
lately,
but
overall,
not
a
huge.
C
You
know
roughly
forty
nine
ish
Indian
leant
on
dy/dx
of
the
compound
verses
just
before
the
stability
fee
drop
roughly
forty
five,
so
you
know,
tops
a
ten
percent
slightly
less
than
ten
percent
change
as
far
as
the
excess
supply,
so
that
again
took
a
little
bit
of
a
hit
with
some
of
those
position
closures,
but
then
has
come
up
a
little
bit
more
recently,
because
again,
supply
is
increased
a
little
bit.
Borrowers
not
change.
Much.
C
Therefore,
excess
supply
has
a
slight
increase,
which
is
the
converse
of
the
utilization
rate,
so
dy/dx
utilization
rate
again
generally
very
unpredictable
thing-
was
a
bit
higher
recently
and
has
come
down
a
little
bit
just
in
the
last
24
hours.
Compound
took
a
huge
hit
during
September
and
then
was
kind
of
steady
for
in
beaning
of
the
month,
and
utilization
has
taken
a
little
bit
of
a
dip
in
the
last
couple
days,
just
through
that
renewed
supply.
C
C
But
this
will
be
interesting
to
watch
whether
we
see
an
actual
sustained
increase
of
transaction
volume
going
into
a
or
not
because
I
think
that'll
be
a
pretty
solid,
reinforcing
indicator
of
general
sentiment
and
usage
of
maker
and
die,
but
I
would
not
be
very
surprised.
This
is
just
number
of
transactions
versus
sort
of
evaluated,
but
I
would
not
be
surprised
if
this
this
continues.
A
sustained
pattern
into
October
and
that'll
be
I.
A
Right
thanks
reg,
that
was
great.
It
is
the
talk.
They
are
someone
think
of
really
that
everybody
local
this
date
I've
laid
everybody
else
that
stayed
up
or
probably
abducted,
of
their
meetings
and
or
their
day
Johnson
to
join
us
today.
This
was
great.
Thank
you
room
for
your
presentation,
but
we're
gonna
stick
around
for
yep.
Sorry,
fluorine,
we're
gonna
get
to
your
question.
A
second
we're
gonna
stick
around
for
general
cue,
a
brief
Q&A,
I
hope
and
then,
if
people
have
any
additional
questions,
the
conversation,
as
always
continues
in
the
forums.
E
A
D
No
hi,
this
is
florian
here
from
Berlin.
Thank
you.
Everyone
for
this
great
pause
and
I
had
a
few
questions.
We
just
applied
em
as
a
collateral
for
the
MCD
system.
We
opened
the
threat
and
the
I
think
appropriate
parts
of
the
maker
forum
and
I
think
we
have
filled
out
all
the
questions
in
the
forum
and
I
have
two
questions
now.
One
is
what
is
the
process
from
here
once
that
we
have
made
this
forum
post?
What
does
it
continue,
but
what
is
there
what
is
going
to
happen?
D
E
So
the
process
from
here
is
after
MCD
launches
and
we
kind
of
go
through
migration
and
we
cover
a
few
collaterals
types
from
the
initial
collateral
set,
because
those
were
the
original
ones
that
were
audited
by
the
technical
review
team.
At
that
point,
our
risk
team
or
potentially
some
other
independent
risk
team
can
start
basically
picking
up
applications
from
the
forum
and
start
and
start
evaluating
them,
either
using
our
risk
models,
as
templates
or
potentially,
if
they
want
to,
they
can
create
their
own
risk
models
and
submit
evaluations
for
the
community
to
review.
E
But
essentially
the
answer
is
just
whenever
the
risking
gets
around
to
it
and
it
will,
at
the
very
minimum,
have
to
be
obviously
after
MCD,
launched
and
kind
of
a
few
operational
details
that
need
to
occur
after
launch.
First
in
terms
of
security
tokens
yeah,
that's
that's
an
interesting
question.
One
thing
that's
likely
to
be
critical.
There
is
to
have
some
sort
of
legal
focused
review,
some
sort
of
legal
risk
team
per
se,
and
that's
something
that
we
are
working
to
facilitate.
D
Cyrus
I'm
a
quick
clarification
question,
so
I
mean
sort
of
the
next
step.
I
think
I
missed
the
very
beginning
of
your
answer.
He
said
that
the
next
step
was
that
actually
a
risk
team
would
get
to
it.
I'm
not
sure.
Did
you
mention
the
asset
priority
poll
and
just
one
of
the
a
clarification
about
whether
risks
teams
work
on
stuff
outside
of
the
authority.
E
Yeah
so
then
I
mean
the
asset
priori
posed.
He
has
something
I,
I
kind
of
skipped
over
which
is
part
of
the
process,
but
that
priority
poll
isn't
locked,
isn't
set
in
stone.
Risk
teams
have
the
freedom
to
kind
of
evaluate
what
they
want,
but
that's
kind
of
more
guidance
towards
what
the
community
is
most
interested
in
and
which
is
kind
of
most
likely
to
be.
D
E
D
Okay
regarding
these
risk
teams,
which
will
do
this
analysis
on
behalf
of
the
community,
are
they
all
so
to
speak
in-house
from
the
maker
team?
Or
do
you
work
with
external
experts
and
is
there
anything
we
can
do
to
facilitate
that?
Since
we
I
mean
we,
we
build
a
security
token.
We
wrote
a
prospectus,
got
it
approved
by
the
financial
market
of
30
and
bring
a
certain
level
of
expertise.
E
D
E
E
Short
answer
is
that
yeah
there's
we're
going
to
need
to
have
external
risk
teams,
because
it's
not
feasible
for
our
in-house
risk
team
to
handle
the
entirety
of
MCP.
That's
not
practical.
It's
not
desirable
and
part
of
the
original
vision
has
always
been
this
network
of
independent
decentralized
distributed
regimes
that
all
kind
of
attack
areas
that
they're
experts
in
so
depending
on
what
your
security
token
specifically.
D
B
Just
have
a
few
comments
on
the
silly.
The
first
of
all
I
think
that
for
security
terms
in
general,
we
should
expect
that
I'll
take
a
like
there's
a
lot
of
technical
overhead
in
supporting
things
like
white
lists
and
like
back
doors
like
no
stuff,
because
then,
as
mayor
the
mayor
protocol
doesn't
need
it.
B
We
support
that
and
you
need
to
kind
of
build
this
entire
extra
adapter
like
you
need
to
be
very
specialized
and
advanced
like
that
for
us
for
that
kinda
stuff
and
that's
gonna,
be
one
of
the
really
big
hurdles
towards
onboarding
low
Security's.
So
that's
just
like
that's
what
that's?
What
I
would
expect
in
general
that
that's
gonna
be
one
of
the
really
big
things
that
are
gonna
impact,
the
timeline
real
or
less,
but.
B
That
is
not
always
a
guarantee
that
direct
that
something
actually
does
have
a
valid
legal
claim
and
the
way
I
imagined
you
saw
that
most
of
the
think
in
general
terms,
would
be
using
an
opportunity
aces
who
prove
the
chain
of
custody
right.
So
you
prove
that
look.
I
got
this
token
from
someone
who
got
that
also
may
go
from
issuer
and
I
can
true
that
all
of
us
in
sections
were
popcorn
and
it
all
might
you
know
you
know
I
know
who.
B
D
D
That
address.
To
do
potentially
a
video
ident
procedure
with
us,
and
if
that
person
is
not
on
the
blacklist,
then
we
could
service
that
person,
meaning
we
could
redeem
the
euro
equivalent
of
that
token,
and
our
black
list
currently
consists
of
US
citizens,
Australians,
Iranians
and
I.
Think
that's
it.
So
it's
as
there
is
a
certain
chance
that
a
token
holder
who
wants
to
redeem
cannot
redeem
it.
In
that
case
that
token
order
would
be
recommended
to
sell
the
token
on
the
secondary
market.
To
someone
can
we
do.
B
B
I'm
still
like
I,
still
think
that
it
really
like
the
edge
cases,
really
have
to
be
considered
where
you
know
what,
if
it's,
what
if
it
can
be
proven
that
it's
been
used
for
terrorism,
finance
and
something
or
that
right,
because
what
there's
no
checks
on
it
back
to
me,
like
let
any
other
cryptocurrencies
right
in
general
that
can
happen
like
I've,
definitely
run
into
there.
Definitely,
like
you
know,
their
their
situation
is
killing
like.
B
Thank
you
a
lot
of
like
there's,
there's
projects
doing
this
know
stuff
and
then
have
these
kind
of
tokens
and
other
situations
where
recently
you
end
up
you
and
you
do
end
up
in
in
like
a
scenario
where
you
want
to
be
really
careful
that
you
don't.
You
know
that
you
don't
basically
that
that's
something
that
relies
on
illegal
links
rate.
You
may
need
to
be
very
careful
about
being
very
swinging
and
so
well
like
so
basically
what
I'm?
B
What
I'm
saying
is
that
I
think
that
so,
whether
or
not
that
is
actually
a
concern
that
ultimately,
you
know
that
that
becomes
serious
enough,
that
if,
for
instance,
let's
say
it
would
have
a
big
impact
of
what
kind
of
risk,
whereas
it
could
be
given
to
this
kind
of
acid.
Rather
no,
that's
the
case
because,
of
course,
that's
impossible.
Wiedersehen
that
would
require
I
can
probably
go
risk
analysis
right,
which
is
about
which
is
a
part
of
the
whole
that's
kind
of
the
process.
We
try
to
set
up
right.
B
So
there's
there's
s
as
an
assistant
goes
through
the
unborn.
There'll
actually
be
you
know,
and
they're
even
will
once
once
major
evidence
is
ready
for
it
major
eligible
even
p-please,
like
about
you,
might
like
a
decentralized
team
that
is
directly
employed
by
records
and
then
actually
do
this,
but
I'm
legal
risk
analysis
but
I
think.
But
if
we
assume
that
there
is,
it
turns
out
that
there
is
actually
like
this
kind
of
like
an
actual
edge
case
situation,
where
tokens
become
implicated
in
some
sort
of
crime.
B
But
for
whatever
reason
it
turns
out
that
there's
actually.
But
it's
not
it's
not
desirable
to
get.
You
know
turbines
with
an
eagle
tokens
that
ultimately
based
on
legal
claim
into
a
CDP,
but
where
they
might
have,
you
know
they
might
have
been
involved
in
something,
but
that's
against
the
law.
Where
the,
where
the
claims
person
we
exercise,
then
one
solution
would
be
to
them.
B
Basically
built
like
built
I
can't
wait,
I
can't
I
see
you
cannot
like
that
compliance
layer,
but
that
particular
like
just
first
pursue
you
the
point
where
it's
either
it's
used
in
a
CBP
so
that
when
they
as
an
intercept
EVP,
there
is
a
check
done
to
make
sure.
Can
we
actually
can
really
see
that
there's
a
very
clear
you
know
like
like
aboveboard
compliance
or
you
know,
no
crime
has
been
committed
or
whatever
right
like,
based
on
really
like
best
best
effort
before
it
enters
the
CBP,
so
that
we
can
feel
very
secure.
B
The
designs
been
generated
out
of
this
isn't
going
to
suddenly
become
invalid
or
like
in
solvent
because
turns
out
that,
due
to
some
some
some
issue,
the
legal
claim
is
no
longer
as
strong.
And
ultimately,
this
is
a
kind
of
question,
but
in
the
end,
it's
not
really
like
black
and
white
front,
because
you
can
only
think
it's
always
a
risk
decision
by
a
careless,
but
it's
possible
that
it
impacts.
Ultimately,
the
risk
families
might
be.
Something
like
disability
fee
depends
on
this
on
the
debt
ceiling
with
no
service
and
I.
B
D
Cool,
thank
you
rune.
We
are
happy
to
have
these
discussions
with
the
risk
team
and
also
very
good
for
looking
forward
to
kind
of
just
maybe
set
up
a
general
kind
of
framework
for
other
security
tokens
to
come
around.
These
questions.
I
think
they're
very
important
to
be
answered.
Thank
you
so
so
we're
gonna
I,
have
a
quick
question
related
suggest
the
the
governance
roadmap.
D
So
we
I
know
we
released
the
roadmap
on
our
website
and
that
cover
is
like
several
votes
that
have
to
happen
before,
like
the
real
launch,
for
example,
like
yes,
our
initial
values,
the
collateral
inclusion
poll,
you
know
and
then
in
general
kind
of,
like
the
risk
assessment
of
the
initial
collaterals
and
like
all
of
their
tunable
parameters,
which
also
include
stuff
like
auction
parameters.
So
do
you
with
the
November
18th
launch
date?
Is
it
I
guess
what
I
guess?
B
Yeah
so
I
mean
reason.
Is
that
the
basic
thinking
right?
It's
that
the
launch
of
entities
are
obviously
not
gonna,
I
mean
it?
Will
it
will
like
I,
think
it
will?
It
won't
be.
You
know,
MZ
will
absolutely
be
very
functional.
I
like
thank.
It
uses
the
liquidity
switch
over
to
new
guy
and
there'll,
be
you
know
the
dicing
rain.
B
There
has
to
be
a
very
clear
conversation
about
what
are
the
most
important
parts
to
get
to
this
very
rational
point
as
quickly
as
possible
and
in
the
very
beginning
you
know,
I
think
they
clearly
like.
Obviously
the
priority
has
to
be
just
the
migration
itself,
and
that's
really
the
big
challenge
isn't
just
how
do
we
even
securely
launch
entity
at
all
right
and
that's
also
situation
where
we
actually
want
to
do
that
sooner
rather
than
later,
because
this
is
the
bigger.
The
ecosystem
grows,
the
bigger
of
a
challenge.
B
That
actually
is
like
you
know
that.
Can
that
works
from
right?
You
know
that,
but
you
can
get
so.
This
is
rational
consensus
around
quite
easily,
but
I
think
there's
a
you
know,
because
it's
already
very
difficult
to
wrap
your
head.
Around
governance
of
the
major
parameters
like
like
stability,
fijian
and
versus
liquidation
ratio.
Then
I
think
in
general
that
you
know
it's
important,
that
that
government's
doesn't
get
too
distracted
by
the
smaller
details.
Right
and
rather
foot
gets
the
bigger
the
bigger
things
right
at
first
and
then
ask
their
some
of
them.
B
As
the
the
bandwidth
is
there.
We
can
increasingly
explore
analytics
setting
the
getting
the
frameworks
in
place
for
how
to
Peaks
the
more
with
the
the
smaller
of
the
variables
in
the
system
and
in
general
I
mean.
In
fact
this
is
not
even
like
this
is
not
even
a
dynamic.
That's
just
like
that's
like
unique
to
too
much
rightly.
The
system
will
always
be
flux
and
they'll
always
be.
This
need
to
like
constantly
think
about.
Are
we
actually
setting
these
various
parameters
correctly?
B
A
Alright,
I
think
this
might
be
a
good
place
to
stop
it's
half
past
the
hour,
thanks
again
rune
for
the
presentation,
thanks,
everybody
for
your
great
questions,
I
also
want
to
thank
you
Florian
for
joining
the
call.
I
think
that
was
a
in
interesting
milestone
for
us
to
have
a
collateral
partner,
commit
misc,
some
questions,
those
rates
as
I
said
earlier,
a
police
team,
the
conversation
forums,
that's
where
governance
happens
in
earnestness,
where
the
deep
debates
are
occurring.