WEBVTT Kind: captions Language: en 00:00:00.000 --> 00:00:04.350 align:start position:0% foreign 00:00:04.350 --> 00:00:04.360 align:start position:0% 00:00:04.360 --> 00:00:11.530 align:start position:0% [Music] 00:00:11.530 --> 00:00:11.540 align:start position:0% 00:00:11.540 --> 00:00:14.330 align:start position:0% from<00:00:12.540> the<00:00:12.660> last<00:00:12.780> talk<00:00:13.019> we<00:00:13.320> get<00:00:13.440> we<00:00:13.799> arrived<00:00:14.160> at 00:00:14.330 --> 00:00:14.340 align:start position:0% from the last talk we get we arrived at 00:00:14.340 --> 00:00:17.210 align:start position:0% from the last talk we get we arrived at this<00:00:14.519> slide<00:00:14.759> and<00:00:15.000> having<00:00:15.299> a<00:00:15.599> test<00:00:15.780> for<00:00:16.260> non-mev 00:00:17.210 --> 00:00:17.220 align:start position:0% this slide and having a test for non-mev 00:00:17.220 --> 00:00:19.130 align:start position:0% this slide and having a test for non-mev news<00:00:17.460> but<00:00:17.699> in<00:00:17.820> this<00:00:17.940> talk<00:00:18.119> I'm<00:00:18.420> done<00:00:18.660> talk 00:00:19.130 --> 00:00:19.140 align:start position:0% news but in this talk I'm done talk 00:00:19.140 --> 00:00:20.570 align:start position:0% news but in this talk I'm done talk about<00:00:19.380> you<00:00:19.800> know<00:00:19.859> sorry<00:00:20.100> but<00:00:20.460> this 00:00:20.570 --> 00:00:20.580 align:start position:0% about you know sorry but this 00:00:20.580 --> 00:00:23.090 align:start position:0% about you know sorry but this formulation<00:00:21.060> of<00:00:21.240> a<00:00:21.420> movie<00:00:21.600> is<00:00:21.900> meat<00:00:22.260> so 00:00:23.090 --> 00:00:23.100 align:start position:0% formulation of a movie is meat so 00:00:23.100 --> 00:00:25.609 align:start position:0% formulation of a movie is meat so specifically<00:00:23.760> what<00:00:24.000> it<00:00:24.180> means<00:00:24.480> uh<00:00:25.320> why 00:00:25.609 --> 00:00:25.619 align:start position:0% specifically what it means uh why 00:00:25.619 --> 00:00:28.250 align:start position:0% specifically what it means uh why because<00:00:25.920> it's<00:00:26.400> like<00:00:26.580> a<00:00:26.820> party<00:00:27.000> guy<00:00:27.420> you<00:00:27.960> know<00:00:28.080> a 00:00:28.250 --> 00:00:28.260 align:start position:0% because it's like a party guy you know a 00:00:28.260 --> 00:00:30.170 align:start position:0% because it's like a party guy you know a guy<00:00:28.560> at<00:00:28.740> the<00:00:28.920> corner<00:00:29.160> of<00:00:29.220> a<00:00:29.400> party<00:00:29.519> thing<00:00:29.880> they 00:00:30.170 --> 00:00:30.180 align:start position:0% guy at the corner of a party thing they 00:00:30.180 --> 00:00:32.210 align:start position:0% guy at the corner of a party thing they don't<00:00:30.300> know<00:00:30.480> this<00:00:30.779> is<00:00:30.960> not<00:00:31.080> Mev<00:00:31.679> while<00:00:32.040> the 00:00:32.210 --> 00:00:32.220 align:start position:0% don't know this is not Mev while the 00:00:32.220 --> 00:00:34.430 align:start position:0% don't know this is not Mev while the other<00:00:32.340> people<00:00:32.579> all<00:00:33.120> of<00:00:33.300> us<00:00:33.480> are<00:00:33.899> like<00:00:34.020> yes<00:00:34.260> we 00:00:34.430 --> 00:00:34.440 align:start position:0% other people all of us are like yes we 00:00:34.440 --> 00:00:36.170 align:start position:0% other people all of us are like yes we know<00:00:34.620> and<00:00:34.860> we<00:00:35.040> don't<00:00:35.100> care<00:00:35.340> it's<00:00:35.640> a<00:00:35.880> good<00:00:36.000> name 00:00:36.170 --> 00:00:36.180 align:start position:0% know and we don't care it's a good name 00:00:36.180 --> 00:00:38.930 align:start position:0% know and we don't care it's a good name and<00:00:36.600> it's<00:00:36.899> uh<00:00:37.559> you<00:00:37.800> know<00:00:37.860> memes<00:00:38.399> are<00:00:38.520> important 00:00:38.930 --> 00:00:38.940 align:start position:0% and it's uh you know memes are important 00:00:38.940 --> 00:00:40.850 align:start position:0% and it's uh you know memes are important memes<00:00:39.480> are<00:00:39.660> more<00:00:39.780> important<00:00:40.140> than<00:00:40.379> you<00:00:40.739> know 00:00:40.850 --> 00:00:40.860 align:start position:0% memes are more important than you know 00:00:40.860 --> 00:00:43.729 align:start position:0% memes are more important than you know arguably<00:00:41.399> uh<00:00:42.300> many<00:00:42.660> other 00:00:43.729 --> 00:00:43.739 align:start position:0% arguably uh many other 00:00:43.739 --> 00:00:45.790 align:start position:0% arguably uh many other since<00:00:44.219> in<00:00:44.520> our<00:00:44.579> life 00:00:45.790 --> 00:00:45.800 align:start position:0% since in our life 00:00:45.800 --> 00:00:49.090 align:start position:0% since in our life and<00:00:46.800> then<00:00:47.040> but<00:00:47.520> there<00:00:47.820> are<00:00:48.059> also<00:00:48.420> another 00:00:49.090 --> 00:00:49.100 align:start position:0% and then but there are also another 00:00:49.100 --> 00:00:52.010 align:start position:0% and then but there are also another extreme<00:00:50.100> in<00:00:50.340> the<00:00:50.520> community<00:00:50.760> are<00:00:51.360> vouching 00:00:52.010 --> 00:00:52.020 align:start position:0% extreme in the community are vouching 00:00:52.020 --> 00:00:55.729 align:start position:0% extreme in the community are vouching for<00:00:52.320> a<00:00:52.500> formalization<00:00:53.280> of<00:00:53.520> family<00:00:53.640> right<00:00:54.739> so 00:00:55.729 --> 00:00:55.739 align:start position:0% for a formalization of family right so 00:00:55.739 --> 00:00:59.389 align:start position:0% for a formalization of family right so some<00:00:56.219> common<00:00:56.699> pitfalls<00:00:57.420> on<00:00:57.719> this<00:00:58.199> uh<00:00:58.860> on<00:00:59.100> the 00:00:59.389 --> 00:00:59.399 align:start position:0% some common pitfalls on this uh on the 00:00:59.399 --> 00:01:01.010 align:start position:0% some common pitfalls on this uh on the world<00:00:59.520> on<00:00:59.820> the<00:01:00.120> definition<00:01:00.239> of<00:01:00.480> the<00:01:00.660> word<00:01:00.780> and 00:01:01.010 --> 00:01:01.020 align:start position:0% world on the definition of the word and 00:01:01.020 --> 00:01:03.229 align:start position:0% world on the definition of the word and maybe<00:01:01.140> is<00:01:01.559> that<00:01:01.739> we<00:01:02.100> give<00:01:02.340> up<00:01:02.520> on<00:01:02.699> the<00:01:02.879> clarity 00:01:03.229 --> 00:01:03.239 align:start position:0% maybe is that we give up on the clarity 00:01:03.239 --> 00:01:05.810 align:start position:0% maybe is that we give up on the clarity of<00:01:03.480> the<00:01:03.600> notion<00:01:03.899> we<00:01:04.140> over<00:01:04.440> formalize<00:01:05.339> it<00:01:05.519> such 00:01:05.810 --> 00:01:05.820 align:start position:0% of the notion we over formalize it such 00:01:05.820 --> 00:01:08.630 align:start position:0% of the notion we over formalize it such that<00:01:06.060> we<00:01:06.360> lose<00:01:06.600> some<00:01:06.840> memes<00:01:07.260> right<00:01:07.740> with<00:01:08.040> it<00:01:08.460> is 00:01:08.630 --> 00:01:08.640 align:start position:0% that we lose some memes right with it is 00:01:08.640 --> 00:01:11.149 align:start position:0% that we lose some memes right with it is no<00:01:08.820> longer<00:01:09.060> a<00:01:09.360> mean<00:01:09.540> term<00:01:09.960> and<00:01:10.380> it's<00:01:10.619> lost<00:01:10.860> in 00:01:11.149 --> 00:01:11.159 align:start position:0% no longer a mean term and it's lost in 00:01:11.159 --> 00:01:13.490 align:start position:0% no longer a mean term and it's lost in and<00:01:11.340> we<00:01:11.580> are<00:01:11.700> getting<00:01:11.880> lost<00:01:12.180> in<00:01:12.420> the<00:01:12.600> detail<00:01:12.960> of 00:01:13.490 --> 00:01:13.500 align:start position:0% and we are getting lost in the detail of 00:01:13.500 --> 00:01:16.550 align:start position:0% and we are getting lost in the detail of the<00:01:13.619> real<00:01:13.799> value<00:01:14.100> of<00:01:14.460> defining<00:01:14.939> mevs<00:01:15.720> so<00:01:16.260> in 00:01:16.550 --> 00:01:16.560 align:start position:0% the real value of defining mevs so in 00:01:16.560 --> 00:01:18.289 align:start position:0% the real value of defining mevs so in this<00:01:16.680> talk<00:01:16.860> I<00:01:17.159> will<00:01:17.340> give<00:01:17.520> a<00:01:17.700> clear<00:01:17.939> definition 00:01:18.289 --> 00:01:18.299 align:start position:0% this talk I will give a clear definition 00:01:18.299 --> 00:01:21.109 align:start position:0% this talk I will give a clear definition of<00:01:18.720> Mev<00:01:19.260> that<00:01:19.500> points<00:01:19.920> to<00:01:20.040> a<00:01:20.280> solution<00:01:20.520> to 00:01:21.109 --> 00:01:21.119 align:start position:0% of Mev that points to a solution to 00:01:21.119 --> 00:01:23.270 align:start position:0% of Mev that points to a solution to points<00:01:21.840> clearly<00:01:22.320> to<00:01:22.500> the<00:01:22.619> solution<00:01:22.979> recipes 00:01:23.270 --> 00:01:23.280 align:start position:0% points clearly to the solution recipes 00:01:23.280 --> 00:01:27.590 align:start position:0% points clearly to the solution recipes that<00:01:23.880> uh<00:01:24.240> how<00:01:24.540> we<00:01:24.780> should<00:01:25.020> solve<00:01:25.619> an<00:01:25.920> EV<00:01:26.159> and<00:01:26.939> uh 00:01:27.590 --> 00:01:27.600 align:start position:0% that uh how we should solve an EV and uh 00:01:27.600 --> 00:01:30.070 align:start position:0% that uh how we should solve an EV and uh I'm<00:01:27.840> not<00:01:28.020> gonna<00:01:28.619> give<00:01:28.920> a<00:01:29.159> mid<00:01:29.400> curve 00:01:30.070 --> 00:01:30.080 align:start position:0% I'm not gonna give a mid curve 00:01:30.080 --> 00:01:33.530 align:start position:0% I'm not gonna give a mid curve formalization<00:01:31.080> nor<00:01:31.680> am<00:01:32.100> I<00:01:32.340> abandoning<00:01:33.119> our 00:01:33.530 --> 00:01:33.540 align:start position:0% formalization nor am I abandoning our 00:01:33.540 --> 00:01:34.789 align:start position:0% formalization nor am I abandoning our memes 00:01:34.789 --> 00:01:34.799 align:start position:0% memes 00:01:34.799 --> 00:01:37.789 align:start position:0% memes so<00:01:35.520> what<00:01:35.820> is<00:01:35.939> Mev<00:01:36.540> so<00:01:36.960> by<00:01:37.079> the<00:01:37.200> end<00:01:37.320> of<00:01:37.439> the<00:01:37.619> talk 00:01:37.789 --> 00:01:37.799 align:start position:0% so what is Mev so by the end of the talk 00:01:37.799 --> 00:01:40.609 align:start position:0% so what is Mev so by the end of the talk you<00:01:38.100> will<00:01:38.280> see<00:01:38.460> that<00:01:38.640> Mev<00:01:39.180> is<00:01:39.420> Al<00:01:39.600> Capone<00:01:39.960> evil 00:01:40.609 --> 00:01:40.619 align:start position:0% you will see that Mev is Al Capone evil 00:01:40.619 --> 00:01:43.210 align:start position:0% you will see that Mev is Al Capone evil deity<00:01:40.920> and<00:01:41.280> Lewis<00:01:41.579> the<00:01:42.119> 16th 00:01:43.210 --> 00:01:43.220 align:start position:0% deity and Lewis the 16th 00:01:43.220 --> 00:01:48.830 align:start position:0% deity and Lewis the 16th so<00:01:44.220> uh<00:01:44.520> this<00:01:44.880> is<00:01:45.000> me 00:01:48.830 --> 00:01:48.840 align:start position:0% 00:01:48.840 --> 00:01:51.710 align:start position:0% uh<00:01:49.680> yeah<00:01:49.920> so<00:01:50.159> so<00:01:50.280> to 00:01:51.710 --> 00:01:51.720 align:start position:0% uh yeah so so to 00:01:51.720 --> 00:01:54.469 align:start position:0% uh yeah so so to um<00:01:51.780> start<00:01:52.259> we<00:01:52.560> see<00:01:52.799> that<00:01:53.040> so<00:01:53.399> so<00:01:53.640> why<00:01:54.119> Al 00:01:54.469 --> 00:01:54.479 align:start position:0% um start we see that so so why Al 00:01:54.479 --> 00:01:57.649 align:start position:0% um start we see that so so why Al Capone's<00:01:55.079> Mafia<00:01:55.500> is<00:01:55.740> Mev<00:01:56.280> so<00:01:56.820> because<00:01:57.000> Mafia 00:01:57.649 --> 00:01:57.659 align:start position:0% Capone's Mafia is Mev so because Mafia 00:01:57.659 --> 00:02:01.130 align:start position:0% Capone's Mafia is Mev so because Mafia extractable<00:01:58.200> value<00:01:58.439> you<00:01:59.040> know<00:01:59.159> CCM<00:02:00.140> arises 00:02:01.130 --> 00:02:01.140 align:start position:0% extractable value you know CCM arises 00:02:01.140 --> 00:02:04.190 align:start position:0% extractable value you know CCM arises from<00:02:01.560> arises<00:02:02.460> when<00:02:02.820> one<00:02:03.060> agent<00:02:03.479> or<00:02:03.720> Collision 00:02:04.190 --> 00:02:04.200 align:start position:0% from arises when one agent or Collision 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symmetric<00:02:12.959> sophistication<00:02:13.680> between 00:02:13.910 --> 00:02:13.920 align:start position:0% on a symmetric sophistication between 00:02:13.920 --> 00:02:16.910 align:start position:0% on a symmetric sophistication between agents<00:02:14.520> so<00:02:14.819> very<00:02:15.780> easy<00:02:16.020> examples<00:02:16.500> include 00:02:16.910 --> 00:02:16.920 align:start position:0% agents so very easy examples include 00:02:16.920 --> 00:02:18.770 align:start position:0% agents so very easy examples include sandwich<00:02:17.099> internalized<00:02:18.000> front<00:02:18.060> running<00:02:18.300> or 00:02:18.770 --> 00:02:18.780 align:start position:0% sandwich internalized front running or 00:02:18.780 --> 00:02:20.630 align:start position:0% sandwich internalized front running or in<00:02:19.140> traditional<00:02:19.739> Finance<00:02:20.099> we<00:02:20.340> see<00:02:20.520> that 00:02:20.630 --> 00:02:20.640 align:start position:0% in traditional Finance we see that 00:02:20.640 --> 00:02:22.910 align:start position:0% in traditional Finance we see that people<00:02:20.819> trading<00:02:21.360> one<00:02:21.959> strategy<00:02:22.500> is<00:02:22.620> actually 00:02:22.910 --> 00:02:22.920 align:start position:0% people trading one strategy is actually 00:02:22.920 --> 00:02:24.589 align:start position:0% people trading one strategy is actually people<00:02:23.340> trading<00:02:23.760> on<00:02:23.879> the<00:02:24.060> limiting<00:02:24.420> other 00:02:24.589 --> 00:02:24.599 align:start position:0% people trading on the limiting other 00:02:24.599 --> 00:02:26.990 align:start position:0% people trading on the limiting other booths<00:02:24.959> in<00:02:25.200> Balance<00:02:25.500> so<00:02:26.220> which<00:02:26.819> is 00:02:26.990 --> 00:02:27.000 align:start position:0% booths in Balance so which is 00:02:27.000 --> 00:02:29.869 align:start position:0% booths in Balance so which is essentially<00:02:27.480> a<00:02:27.959> form<00:02:28.500> of<00:02:28.800> one<00:02:29.220> Asian<00:02:29.580> gaining 00:02:29.869 --> 00:02:29.879 align:start position:0% essentially a form of one Asian gaining 00:02:29.879 --> 00:02:31.850 align:start position:0% essentially a form of one Asian gaining knowledge<00:02:30.120> of<00:02:30.239> another<00:02:30.480> agent's<00:02:31.080> utility<00:02:31.560> or 00:02:31.850 --> 00:02:31.860 align:start position:0% knowledge of another agent's utility or 00:02:31.860 --> 00:02:34.010 align:start position:0% knowledge of another agent's utility or intent<00:02:32.280> right<00:02:32.520> when<00:02:32.879> you<00:02:33.000> see<00:02:33.180> more<00:02:33.360> bid<00:02:33.660> than 00:02:34.010 --> 00:02:34.020 align:start position:0% intent right when you see more bid than 00:02:34.020 --> 00:02:35.690 align:start position:0% intent right when you see more bid than us<00:02:34.260> on<00:02:34.500> the<00:02:34.680> books<00:02:34.920> then<00:02:35.040> you<00:02:35.220> take<00:02:35.400> the<00:02:35.520> best 00:02:35.690 --> 00:02:35.700 align:start position:0% us on the books then you take the best 00:02:35.700 --> 00:02:38.570 align:start position:0% us on the books then you take the best us<00:02:35.940> and<00:02:36.239> you<00:02:36.420> make<00:02:36.599> the<00:02:36.780> best<00:02:36.959> bit 00:02:38.570 --> 00:02:38.580 align:start position:0% us and you make the best bit 00:02:38.580 --> 00:02:40.729 align:start position:0% us and you make the best bit um so<00:02:39.060> then<00:02:39.420> evil<00:02:39.900> deities<00:02:40.200> are<00:02:40.440> more<00:02:40.560> like 00:02:40.729 --> 00:02:40.739 align:start position:0% um so then evil deities are more like 00:02:40.739 --> 00:02:43.190 align:start position:0% um so then evil deities are more like why<00:02:40.980> is<00:02:41.160> it<00:02:41.340> that<00:02:41.459> maybe<00:02:41.700> so<00:02:42.660> monologue<00:02:43.080> is 00:02:43.190 --> 00:02:43.200 align:start position:0% why is it that maybe so monologue is 00:02:43.200 --> 00:02:44.990 align:start position:0% why is it that maybe so monologue is terrible<00:02:43.500> value<00:02:43.739> is<00:02:43.980> a<00:02:44.160> value<00:02:44.280> that<00:02:44.700> was 00:02:44.990 --> 00:02:45.000 align:start position:0% terrible value is a value that was 00:02:45.000 --> 00:02:46.910 align:start position:0% terrible value is a value that was surrendered<00:02:45.540> to<00:02:45.720> the<00:02:45.840> monologue<00:02:46.319> IE<00:02:46.739> on 00:02:46.910 --> 00:02:46.920 align:start position:0% surrendered to the monologue IE on 00:02:46.920 --> 00:02:49.190 align:start position:0% surrendered to the monologue IE on coordination<00:02:47.340> within<00:02:47.879> your<00:02:48.000> mechanism<00:02:48.420> your 00:02:49.190 --> 00:02:49.200 align:start position:0% coordination within your mechanism your 00:02:49.200 --> 00:02:50.630 align:start position:0% coordination within your mechanism your allocation<00:02:49.620> mechanisms<00:02:50.099> for<00:02:50.280> people's 00:02:50.630 --> 00:02:50.640 align:start position:0% allocation mechanisms for people's 00:02:50.640 --> 00:02:53.150 align:start position:0% allocation mechanisms for people's preferences<00:02:51.180> so<00:02:51.599> one<00:02:51.840> example<00:02:52.200> of<00:02:52.319> this<00:02:52.560> is 00:02:53.150 --> 00:02:53.160 align:start position:0% preferences so one example of this is 00:02:53.160 --> 00:02:55.490 align:start position:0% preferences so one example of this is the<00:02:53.580> negative<00:02:53.940> externalities<00:02:54.660> caused<00:02:55.140> by<00:02:55.260> any 00:02:55.490 --> 00:02:55.500 align:start position:0% the negative externalities caused by any 00:02:55.500 --> 00:02:57.410 align:start position:0% the negative externalities caused by any expressive<00:02:56.040> mechanisms<00:02:56.700> so<00:02:57.000> for<00:02:57.180> example 00:02:57.410 --> 00:02:57.420 align:start position:0% expressive mechanisms so for example 00:02:57.420 --> 00:02:59.270 align:start position:0% expressive mechanisms so for example suppose<00:02:57.900> you<00:02:58.080> have<00:02:58.319> a<00:02:58.379> random<00:02:58.620> ordering<00:02:59.099> then 00:02:59.270 --> 00:02:59.280 align:start position:0% suppose you have a random ordering then 00:02:59.280 --> 00:03:01.910 align:start position:0% suppose you have a random ordering then people<00:02:59.580> uh<00:03:00.239> spam<00:03:00.540> the<00:03:00.720> network<00:03:00.959> and<00:03:01.500> and<00:03:01.680> that 00:03:01.910 --> 00:03:01.920 align:start position:0% people uh spam the network and and that 00:03:01.920 --> 00:03:03.710 align:start position:0% people uh spam the network and and that is<00:03:02.040> the<00:03:02.280> only<00:03:02.340> way<00:03:02.700> they<00:03:02.879> can<00:03:03.060> express<00:03:03.300> their 00:03:03.710 --> 00:03:03.720 align:start position:0% is the only way they can express their 00:03:03.720 --> 00:03:05.869 align:start position:0% is the only way they can express their preferences<00:03:04.560> and<00:03:05.040> it<00:03:05.400> is<00:03:05.580> very 00:03:05.869 --> 00:03:05.879 align:start position:0% preferences and it is very 00:03:05.879 --> 00:03:08.330 align:start position:0% preferences and it is very one-dimensional<00:03:06.660> way<00:03:06.900> right<00:03:07.379> so<00:03:07.800> you<00:03:07.980> have<00:03:08.160> a 00:03:08.330 --> 00:03:08.340 align:start position:0% one-dimensional way right so you have a 00:03:08.340 --> 00:03:10.009 align:start position:0% one-dimensional way right so you have a kind<00:03:08.519> of<00:03:08.580> a<00:03:08.760> shrink<00:03:09.060> transaction<00:03:09.540> quality 00:03:10.009 --> 00:03:10.019 align:start position:0% kind of a shrink transaction quality 00:03:10.019 --> 00:03:11.690 align:start position:0% kind of a shrink transaction quality trilemma<00:03:10.500> and<00:03:10.680> there<00:03:10.920> are<00:03:11.040> of<00:03:11.220> course<00:03:11.340> many 00:03:11.690 --> 00:03:11.700 align:start position:0% trilemma and there are of course many 00:03:11.700 --> 00:03:13.369 align:start position:0% trilemma and there are of course many other<00:03:11.879> examples<00:03:12.360> for<00:03:12.540> so<00:03:12.780> for<00:03:12.900> example<00:03:13.080> in<00:03:13.260> the 00:03:13.369 --> 00:03:13.379 align:start position:0% other examples for so for example in the 00:03:13.379 --> 00:03:15.229 align:start position:0% other examples for so for example in the traditional<00:03:13.800> high<00:03:14.159> frequency<00:03:14.519> trading<00:03:14.940> arms 00:03:15.229 --> 00:03:15.239 align:start position:0% traditional high frequency trading arms 00:03:15.239 --> 00:03:16.790 align:start position:0% traditional high frequency trading arms race<00:03:15.360> example 00:03:16.790 --> 00:03:16.800 align:start position:0% race example 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spreads<00:03:27.120> for<00:03:27.300> users<00:03:27.659> so<00:03:27.900> the 00:03:28.130 --> 00:03:28.140 align:start position:0% charging higher spreads for users so the 00:03:28.140 --> 00:03:30.589 align:start position:0% charging higher spreads for users so the externality<00:03:28.920> is<00:03:29.459> transferred<00:03:30.360> from 00:03:30.589 --> 00:03:30.599 align:start position:0% externality is transferred from 00:03:30.599 --> 00:03:33.009 align:start position:0% externality is transferred from sophisticated<00:03:31.200> agents<00:03:31.739> to<00:03:31.920> unsophisticated 00:03:33.009 --> 00:03:33.019 align:start position:0% sophisticated agents to unsophisticated 00:03:33.019 --> 00:03:35.630 align:start position:0% sophisticated agents to unsophisticated agents<00:03:34.019> there<00:03:34.440> are<00:03:34.560> some<00:03:34.680> other<00:03:34.800> examples<00:03:35.220> and 00:03:35.630 --> 00:03:35.640 align:start position:0% agents there are some other examples and 00:03:35.640 --> 00:03:40.030 align:start position:0% agents there are some other examples and so<00:03:36.120> finally<00:03:36.480> Louis<00:03:36.959> XVI 00:03:40.030 --> 00:03:40.040 align:start position:0% 00:03:40.040 --> 00:03:42.710 align:start position:0% value<00:03:41.040> arises<00:03:41.640> from<00:03:41.879> the<00:03:42.060> fact<00:03:42.239> that<00:03:42.420> the 00:03:42.710 --> 00:03:42.720 align:start position:0% value arises from the fact that the 00:03:42.720 --> 00:03:45.050 align:start position:0% value arises from the fact that the coordinator<00:03:43.200> so<00:03:43.620> for<00:03:43.860> example<00:03:44.099> the<00:03:44.519> sequencer 00:03:45.050 --> 00:03:45.060 align:start position:0% coordinator so for example the sequencer 00:03:45.060 --> 00:03:47.030 align:start position:0% coordinator so for example the sequencer or<00:03:45.239> the<00:03:45.420> validator<00:03:45.780> has<00:03:46.200> the<00:03:46.440> ultimate<00:03:46.860> power 00:03:47.030 --> 00:03:47.040 align:start position:0% or the validator has the ultimate power 00:03:47.040 --> 00:03:48.830 align:start position:0% or the validator has the ultimate power of<00:03:47.220> deciding<00:03:47.760> what<00:03:48.000> the<00:03:48.180> ordering<00:03:48.540> or<00:03:48.659> the 00:03:48.830 --> 00:03:48.840 align:start position:0% of deciding what the ordering or the 00:03:48.840 --> 00:03:51.710 align:start position:0% of deciding what the ordering or the allocation<00:03:49.260> of<00:03:49.620> specification<00:03:50.340> on<00:03:50.640> status<00:03:50.879> so 00:03:51.710 --> 00:03:51.720 align:start position:0% allocation of specification on status so 00:03:51.720 --> 00:03:53.390 align:start position:0% allocation of specification on status so by<00:03:51.900> specification<00:03:52.379> on<00:03:52.620> state<00:03:52.799> I<00:03:53.040> specifically 00:03:53.390 --> 00:03:53.400 align:start position:0% by specification on state I specifically 00:03:53.400 --> 00:03:54.890 align:start position:0% by specification on state I specifically mean<00:03:53.580> which<00:03:53.879> specification<00:03:54.360> or<00:03:54.599> property 00:03:54.890 --> 00:03:54.900 align:start position:0% mean which specification or property 00:03:54.900 --> 00:03:57.289 align:start position:0% mean which specification or property does<00:03:55.140> the<00:03:55.319> next<00:03:55.500> day<00:03:55.680> satisfy<00:03:56.220> you<00:03:56.760> can<00:03:56.940> for 00:03:57.289 --> 00:03:57.299 align:start position:0% does the next day satisfy you can for 00:03:57.299 --> 00:03:58.970 align:start position:0% does the next day satisfy you can for those<00:03:57.480> of<00:03:57.599> you<00:03:57.780> familiar<00:03:58.379> with<00:03:58.560> programming 00:03:58.970 --> 00:03:58.980 align:start position:0% those of you familiar with programming 00:03:58.980 --> 00:04:00.589 align:start position:0% those of you familiar with programming languages<00:03:59.280> you<00:03:59.640> can<00:03:59.700> see<00:03:59.819> that<00:04:00.000> this<00:04:00.239> directly 00:04:00.589 --> 00:04:00.599 align:start position:0% languages you can see that this directly 00:04:00.599 --> 00:04:03.530 align:start position:0% languages you can see that this directly links<00:04:00.959> into<00:04:01.140> the<00:04:02.459> um<00:04:02.519> you<00:04:02.879> know<00:04:02.940> formal 00:04:03.530 --> 00:04:03.540 align:start position:0% links into the um you know formal 00:04:03.540 --> 00:04:05.449 align:start position:0% links into the um you know formal verification<00:04:03.959> you<00:04:04.260> have<00:04:04.379> a<00:04:04.560> program<00:04:04.920> and<00:04:05.280> the 00:04:05.449 --> 00:04:05.459 align:start position:0% verification you have a program and the 00:04:05.459 --> 00:04:06.890 align:start position:0% verification you have a program and the specification<00:04:05.879> that<00:04:06.180> the<00:04:06.360> next<00:04:06.480> state<00:04:06.659> must 00:04:06.890 --> 00:04:06.900 align:start position:0% specification that the next state must 00:04:06.900 --> 00:04:09.110 align:start position:0% specification that the next state must satisfy<00:04:07.440> so<00:04:07.980> then<00:04:08.099> some<00:04:08.340> examples<00:04:08.700> of<00:04:08.940> this 00:04:09.110 --> 00:04:09.120 align:start position:0% satisfy so then some examples of this 00:04:09.120 --> 00:04:11.210 align:start position:0% satisfy so then some examples of this include<00:04:09.540> that<00:04:09.720> the<00:04:09.959> validators<00:04:10.439> currently 00:04:11.210 --> 00:04:11.220 align:start position:0% include that the validators currently 00:04:11.220 --> 00:04:12.890 align:start position:0% include that the validators currently you<00:04:11.519> know<00:04:11.580> in<00:04:11.760> ethereum<00:04:12.180> or<00:04:12.360> other<00:04:12.540> chains 00:04:12.890 --> 00:04:12.900 align:start position:0% you know in ethereum or other chains 00:04:12.900 --> 00:04:14.690 align:start position:0% you know in ethereum or other chains accrue<00:04:13.319> value<00:04:13.439> because<00:04:13.799> they<00:04:14.099> have<00:04:14.280> the<00:04:14.459> power 00:04:14.690 --> 00:04:14.700 align:start position:0% accrue value because they have the power 00:04:14.700 --> 00:04:17.330 align:start position:0% accrue value because they have the power of<00:04:14.959> determining<00:04:15.959> what<00:04:16.440> content<00:04:16.799> is<00:04:16.979> in<00:04:17.220> the 00:04:17.330 --> 00:04:17.340 align:start position:0% of determining what content is in the 00:04:17.340 --> 00:04:21.469 align:start position:0% of determining what content is in the block<00:04:17.660> and<00:04:18.660> many<00:04:19.260> other<00:04:19.560> examples<00:04:20.280> for<00:04:20.699> uh<00:04:21.239> in 00:04:21.469 --> 00:04:21.479 align:start position:0% block and many other examples for uh in 00:04:21.479 --> 00:04:23.629 align:start position:0% block and many other examples for uh in in<00:04:21.660> chat<00:04:22.019> by<00:04:22.199> such<00:04:22.380> as<00:04:22.560> collocation<00:04:23.040> fees<00:04:23.460> and 00:04:23.629 --> 00:04:23.639 align:start position:0% in chat by such as collocation fees and 00:04:23.639 --> 00:04:26.150 align:start position:0% in chat by such as collocation fees and cross-chain<00:04:24.180> such<00:04:24.419> as<00:04:24.600> cross-doming<00:04:25.560> market 00:04:26.150 --> 00:04:26.160 align:start position:0% cross-chain such as cross-doming market 00:04:26.160 --> 00:04:28.370 align:start position:0% cross-chain such as cross-doming market makers<00:04:26.699> for<00:04:27.180> swaps 00:04:28.370 --> 00:04:28.380 align:start position:0% makers for swaps 00:04:28.380 --> 00:04:31.310 align:start position:0% makers for swaps so<00:04:28.919> then<00:04:29.160> we<00:04:29.460> can<00:04:29.580> see<00:04:29.759> that<00:04:29.940> Mev<00:04:30.540> arises<00:04:31.080> from 00:04:31.310 --> 00:04:31.320 align:start position:0% so then we can see that Mev arises from 00:04:31.320 --> 00:04:33.350 align:start position:0% so then we can see that Mev arises from three<00:04:31.560> distinct<00:04:32.220> properties<00:04:32.580> the<00:04:32.820> mafia's 00:04:33.350 --> 00:04:33.360 align:start position:0% three distinct properties the mafia's 00:04:33.360 --> 00:04:35.870 align:start position:0% three distinct properties the mafia's monologue<00:04:33.780> and<00:04:33.840> the<00:04:33.960> Monarch<00:04:34.440> so<00:04:34.979> now<00:04:35.220> a 00:04:35.870 --> 00:04:35.880 align:start position:0% monologue and the Monarch so now a 00:04:35.880 --> 00:04:38.629 align:start position:0% monologue and the Monarch so now a little<00:04:36.300> bit<00:04:36.479> more<00:04:36.660> formalized<00:04:37.400> suppose<00:04:38.400> that 00:04:38.629 --> 00:04:38.639 align:start position:0% little bit more formalized suppose that 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align:start position:0% function then we know that the monologue kick<00:04:47.639> straddle<00:04:48.060> value<00:04:48.240> equals<00:04:48.780> the<00:04:49.020> welfare 00:04:49.310 --> 00:04:49.320 align:start position:0% kick straddle value equals the welfare 00:04:49.320 --> 00:04:51.469 align:start position:0% kick straddle value equals the welfare that<00:04:49.560> is<00:04:49.740> achievable<00:04:50.520> by<00:04:50.759> the<00:04:50.940> best<00:04:51.120> possible 00:04:51.469 --> 00:04:51.479 align:start position:0% that is achievable by the best possible 00:04:51.479 --> 00:04:53.689 align:start position:0% that is achievable by the best possible mechanism<00:04:52.020> for<00:04:52.620> our<00:04:52.860> game<00:04:53.040> to<00:04:53.400> allocate 00:04:53.689 --> 00:04:53.699 align:start position:0% mechanism for our game to allocate 00:04:53.699 --> 00:04:55.189 align:start position:0% mechanism for our game to allocate specifications<00:04:54.240> on<00:04:54.479> State<00:04:54.720> minus<00:04:55.080> the 00:04:55.189 --> 00:04:55.199 align:start position:0% specifications on State minus the 00:04:55.199 --> 00:04:57.590 align:start position:0% specifications on State minus the welfare<00:04:55.500> of<00:04:55.860> the<00:04:55.979> current<00:04:56.160> Monarch<00:04:57.120> and<00:04:57.479> the 00:04:57.590 --> 00:04:57.600 align:start position:0% welfare of the current Monarch and the 00:04:57.600 --> 00:05:00.110 align:start position:0% welfare of the current Monarch and the monarchy<00:04:58.199> V<00:04:58.320> equals<00:04:58.740> to<00:04:58.860> the<00:04:59.040> uh<00:04:59.340> of<00:05:00.000> the 00:05:00.110 --> 00:05:00.120 align:start position:0% monarchy V equals to the uh of the 00:05:00.120 --> 00:05:03.770 align:start position:0% monarchy V equals to the uh of the current<00:05:00.240> Monarch<00:05:01.220> minus<00:05:02.220> the<00:05:02.479> welfare<00:05:03.479> that 00:05:03.770 --> 00:05:03.780 align:start position:0% current Monarch minus the welfare that 00:05:03.780 --> 00:05:07.909 align:start position:0% current Monarch minus the welfare that that<00:05:04.500> already<00:05:04.919> existed<00:05:05.580> you<00:05:06.360> know<00:05:06.800> in<00:05:07.800> the 00:05:07.909 --> 00:05:07.919 align:start position:0% that already existed you know in the 00:05:07.919 --> 00:05:09.950 align:start position:0% that already existed you know in the original<00:05:08.040> game<00:05:08.460> in<00:05:08.820> without<00:05:09.120> our<00:05:09.840> current 00:05:09.950 --> 00:05:09.960 align:start position:0% original game in without our current 00:05:09.960 --> 00:05:11.930 align:start position:0% original game in without our current Monarch<00:05:10.500> has<00:05:10.740> a<00:05:10.860> coordinator<00:05:11.280> so<00:05:11.580> you<00:05:11.699> can<00:05:11.820> see 00:05:11.930 --> 00:05:11.940 align:start position:0% Monarch has a coordinator so you can see 00:05:11.940 --> 00:05:14.629 align:start position:0% Monarch has a coordinator so you can see those<00:05:12.560> closely<00:05:13.560> tied<00:05:13.800> to<00:05:14.040> the<00:05:14.220> idea<00:05:14.520> of 00:05:14.629 --> 00:05:14.639 align:start position:0% those closely tied to the idea of 00:05:14.639 --> 00:05:17.570 align:start position:0% those closely tied to the idea of externalities<00:05:15.419> right<00:05:16.139> and<00:05:16.979> then<00:05:17.100> from<00:05:17.340> our 00:05:17.570 --> 00:05:17.580 align:start position:0% externalities right and then from our 00:05:17.580 --> 00:05:19.129 align:start position:0% externalities right and then from our definition<00:05:17.820> we<00:05:18.300> know<00:05:18.419> immediately<00:05:18.780> that 00:05:19.129 --> 00:05:19.139 align:start position:0% definition we know immediately that 00:05:19.139 --> 00:05:21.350 align:start position:0% definition we know immediately that Monarch<00:05:19.620> EV<00:05:19.740> plus<00:05:20.160> monologue<00:05:20.759> extractable 00:05:21.350 --> 00:05:21.360 align:start position:0% Monarch EV plus monologue extractable 00:05:21.360 --> 00:05:24.110 align:start position:0% Monarch EV plus monologue extractable value<00:05:21.600> equals<00:05:22.259> the<00:05:22.800> wealth<00:05:23.220> of<00:05:23.400> the<00:05:23.940> best 00:05:24.110 --> 00:05:24.120 align:start position:0% value equals the wealth of the best 00:05:24.120 --> 00:05:27.110 align:start position:0% value equals the wealth of the best possible<00:05:24.780> mechanism<00:05:25.139> in<00:05:25.500> our<00:05:25.680> uh 00:05:27.110 --> 00:05:27.120 align:start position:0% possible mechanism in our uh 00:05:27.120 --> 00:05:30.110 align:start position:0% possible mechanism in our uh in<00:05:27.660> our<00:05:27.840> game<00:05:28.139> minus<00:05:28.919> the<00:05:29.160> welfare<00:05:29.580> of<00:05:29.759> the 00:05:30.110 --> 00:05:30.120 align:start position:0% in our game minus the welfare of the 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00:05:39.830 align:start position:0% plus monarchy V is innate to the game e and<00:05:38.100> does<00:05:38.280> not<00:05:38.460> depend<00:05:38.820> on<00:05:38.940> Virtual<00:05:39.360> on<00:05:39.660> our 00:05:39.830 --> 00:05:39.840 align:start position:0% and does not depend on Virtual on our 00:05:39.840 --> 00:05:42.170 align:start position:0% and does not depend on Virtual on our choice<00:05:40.139> of<00:05:40.320> the<00:05:40.440> mechanism<00:05:40.800> and 00:05:42.170 --> 00:05:42.180 align:start position:0% choice of the mechanism and 00:05:42.180 --> 00:05:45.290 align:start position:0% choice of the mechanism and um<00:05:42.300> and<00:05:42.780> finally<00:05:43.080> uh<00:05:43.680> defining<00:05:44.100> a<00:05:44.220> mafia<00:05:44.580> EV<00:05:44.820> is 00:05:45.290 --> 00:05:45.300 align:start position:0% um and finally uh defining a mafia EV is 00:05:45.300 --> 00:05:46.670 align:start position:0% um and finally uh defining a mafia EV is a<00:05:45.479> little<00:05:45.600> bit<00:05:45.660> hard<00:05:45.840> but<00:05:46.020> harder<00:05:46.380> but<00:05:46.560> the 00:05:46.670 --> 00:05:46.680 align:start position:0% a little bit hard but harder but the 00:05:46.680 --> 00:05:48.469 align:start position:0% a little bit hard but harder but the intuition<00:05:46.979> in<00:05:47.160> the<00:05:47.340> mafia<00:05:47.580> if<00:05:47.759> it<00:05:47.940> depends<00:05:48.360> on 00:05:48.469 --> 00:05:48.479 align:start position:0% intuition in the mafia if it depends on 00:05:48.479 --> 00:05:50.870 align:start position:0% intuition in the mafia if it depends on the<00:05:48.780> specific<00:05:49.139> sophistication<00:05:49.800> details<00:05:50.520> or 00:05:50.870 --> 00:05:50.880 align:start position:0% the specific sophistication details or 00:05:50.880 --> 00:05:53.210 align:start position:0% the specific sophistication details or the<00:05:51.060> power<00:05:51.240> of<00:05:51.479> agents<00:05:51.960> that<00:05:52.380> is<00:05:52.560> existent<00:05:53.039> in 00:05:53.210 --> 00:05:53.220 align:start position:0% the power of agents that is existent in 00:05:53.220 --> 00:05:56.150 align:start position:0% the power of agents that is existent in m<00:05:53.460> so<00:05:54.240> what<00:05:54.960> this<00:05:55.080> means<00:05:55.380> is<00:05:55.500> that<00:05:55.680> how<00:05:55.979> much 00:05:56.150 --> 00:05:56.160 align:start position:0% m so what this means is that how much 00:05:56.160 --> 00:05:59.210 align:start position:0% m so what this means is that how much exposed<00:05:56.820> knowledge<00:05:57.060> or<00:05:57.300> last<00:05:57.479> look<00:05:57.800> One<00:05:58.800> agent 00:05:59.210 --> 00:05:59.220 align:start position:0% exposed knowledge or last look One agent 00:05:59.220 --> 00:06:00.710 align:start position:0% exposed knowledge or last look One agent can<00:05:59.340> have<00:05:59.520> over<00:05:59.699> other<00:06:00.000> agents<00:06:00.360> or<00:06:00.539> their 00:06:00.710 --> 00:06:00.720 align:start position:0% can have over other agents or their 00:06:00.720 --> 00:06:03.529 align:start position:0% can have over other agents or their coalitions<00:06:01.259> so<00:06:02.160> then<00:06:02.340> we<00:06:02.580> can<00:06:02.639> see<00:06:02.820> that<00:06:03.000> those 00:06:03.529 --> 00:06:03.539 align:start position:0% coalitions so then we can see that those 00:06:03.539 --> 00:06:05.689 align:start position:0% coalitions so then we can see that those three<00:06:03.720> values<00:06:04.080> have<00:06:04.320> very<00:06:04.560> have<00:06:05.100> distinct 00:06:05.689 --> 00:06:05.699 align:start position:0% three values have very have distinct 00:06:05.699 --> 00:06:07.730 align:start position:0% three values have very have distinct sources<00:06:06.180> and<00:06:06.539> those<00:06:06.720> sources<00:06:07.080> of<00:06:07.259> value<00:06:07.440> are 00:06:07.730 --> 00:06:07.740 align:start position:0% sources and those sources of value are 00:06:07.740 --> 00:06:10.129 align:start position:0% sources and those sources of value are non-overlapping<00:06:08.639> thus<00:06:09.300> we<00:06:09.600> can<00:06:09.720> call<00:06:09.960> them 00:06:10.129 --> 00:06:10.139 align:start position:0% non-overlapping thus we can call them 00:06:10.139 --> 00:06:12.409 align:start position:0% non-overlapping thus we can call them you<00:06:10.860> know<00:06:10.919> our<00:06:11.160> new<00:06:11.400> definition<00:06:11.580> collectively 00:06:12.409 --> 00:06:12.419 align:start position:0% you know our new definition collectively 00:06:12.419 --> 00:06:14.749 align:start position:0% you know our new definition collectively three<00:06:12.720> EV<00:06:13.020> Mafia<00:06:13.860> monologue<00:06:14.400> Monarch 00:06:14.749 --> 00:06:14.759 align:start position:0% three EV Mafia monologue Monarch 00:06:14.759 --> 00:06:16.730 align:start position:0% three EV Mafia monologue Monarch extractable<00:06:15.300> value<00:06:15.539> you<00:06:16.020> know<00:06:16.139> it<00:06:16.320> forms<00:06:16.680> the 00:06:16.730 --> 00:06:16.740 align:start position:0% extractable value you know it forms the 00:06:16.740 --> 00:06:19.430 align:start position:0% extractable value you know it forms the sum<00:06:16.979> type<00:06:17.160> it's<00:06:17.460> perfection 00:06:19.430 --> 00:06:19.440 align:start position:0% sum type it's perfection 00:06:19.440 --> 00:06:20.210 align:start position:0% sum type it's perfection um 00:06:20.210 --> 00:06:20.220 align:start position:0% um 00:06:20.220 --> 00:06:22.370 align:start position:0% um so<00:06:20.759> then<00:06:20.940> from<00:06:21.120> what<00:06:21.300> this<00:06:21.479> implies<00:06:21.780> is<00:06:21.960> that 00:06:22.370 --> 00:06:22.380 align:start position:0% so then from what this implies is that 00:06:22.380 --> 00:06:24.710 align:start position:0% so then from what this implies is that the<00:06:23.039> resolution<00:06:23.400> recipe<00:06:23.699> right<00:06:24.000> future<00:06:24.300> is<00:06:24.539> in 00:06:24.710 --> 00:06:24.720 align:start position:0% the resolution recipe right future is in 00:06:24.720 --> 00:06:27.590 align:start position:0% the resolution recipe right future is in our<00:06:24.780> hands<00:06:25.139> we<00:06:25.440> know<00:06:25.620> that<00:06:25.979> Mafia<00:06:26.819> plus<00:06:27.240> model 00:06:27.590 --> 00:06:27.600 align:start position:0% our hands we know that Mafia plus model 00:06:27.600 --> 00:06:30.770 align:start position:0% our hands we know that Mafia plus model plus<00:06:27.900> Monarch<00:06:28.380> is<00:06:28.500> 100<00:06:28.740> of<00:06:29.220> the<00:06:29.400> Mev<00:06:30.120> and<00:06:30.479> that 00:06:30.770 --> 00:06:30.780 align:start position:0% plus Monarch is 100 of the Mev and that 00:06:30.780 --> 00:06:32.990 align:start position:0% plus Monarch is 100 of the Mev and that monarchy<00:06:31.380> V<00:06:31.560> plus<00:06:31.800> monarchy<00:06:32.340> V<00:06:32.460> equals<00:06:32.759> to<00:06:32.880> the 00:06:32.990 --> 00:06:33.000 align:start position:0% monarchy V plus monarchy V equals to the 00:06:33.000 --> 00:06:34.430 align:start position:0% monarchy V plus monarchy V equals to the constant<00:06:33.240> depending<00:06:33.660> only<00:06:33.900> on<00:06:34.139> the<00:06:34.319> original 00:06:34.430 --> 00:06:34.440 align:start position:0% constant depending only on the original 00:06:34.440 --> 00:06:37.850 align:start position:0% constant depending only on the original game<00:06:34.880> but<00:06:35.880> the<00:06:36.060> percentage<00:06:36.539> of<00:06:37.080> malloc<00:06:37.620> versus 00:06:37.850 --> 00:06:37.860 align:start position:0% game but the percentage of malloc versus 00:06:37.860 --> 00:06:41.150 align:start position:0% game but the percentage of malloc versus Monarch<00:06:38.520> depends<00:06:38.940> on<00:06:39.180> M<00:06:39.360> our<00:06:40.080> our<00:06:40.620> choice<00:06:40.979> of 00:06:41.150 --> 00:06:41.160 align:start position:0% Monarch depends on M our our choice of 00:06:41.160 --> 00:06:42.969 align:start position:0% Monarch depends on M our our choice of the<00:06:41.280> mechanism<00:06:41.639> so 00:06:42.969 --> 00:06:42.979 align:start position:0% the mechanism so 00:06:42.979 --> 00:06:45.350 align:start position:0% the mechanism so you<00:06:43.979> can<00:06:44.100> already<00:06:44.280> see<00:06:44.460> that<00:06:44.699> there<00:06:44.940> is<00:06:45.120> a<00:06:45.240> nice 00:06:45.350 --> 00:06:45.360 align:start position:0% you can already see that there is a nice 00:06:45.360 --> 00:06:47.150 align:start position:0% you can already see that there is a nice link<00:06:45.539> with<00:06:45.780> the<00:06:45.960> notion<00:06:46.319> of<00:06:46.440> price<00:06:46.560> of<00:06:46.740> Anarchy 00:06:47.150 --> 00:06:47.160 align:start position:0% link with the notion of price of Anarchy 00:06:47.160 --> 00:06:48.650 align:start position:0% link with the notion of price of Anarchy In<00:06:47.280> traditional<00:06:47.639> mechanism<00:06:48.000> design<00:06:48.300> here 00:06:48.650 --> 00:06:48.660 align:start position:0% In traditional mechanism design here 00:06:48.660 --> 00:06:50.749 align:start position:0% In traditional mechanism design here right<00:06:49.139> although<00:06:49.740> in<00:06:49.919> traditional<00:06:50.340> mechanism 00:06:50.749 --> 00:06:50.759 align:start position:0% right although in traditional mechanism 00:06:50.759 --> 00:06:52.370 align:start position:0% right although in traditional mechanism design<00:06:50.940> of<00:06:51.300> course<00:06:51.419> like<00:06:51.720> the<00:06:51.900> you<00:06:52.080> know<00:06:52.199> there 00:06:52.370 --> 00:06:52.380 align:start position:0% design of course like the you know there 00:06:52.380 --> 00:06:54.350 align:start position:0% design of course like the you know there are<00:06:52.500> theories<00:06:52.800> you<00:06:52.979> want<00:06:53.160> bonds<00:06:53.580> so<00:06:53.880> they<00:06:54.180> have 00:06:54.350 --> 00:06:54.360 align:start position:0% are theories you want bonds so they have 00:06:54.360 --> 00:06:56.450 align:start position:0% are theories you want bonds so they have so<00:06:54.720> they<00:06:55.020> Define<00:06:55.199> price<00:06:55.560> of<00:06:55.680> energy<00:06:55.919> as<00:06:56.280> like 00:06:56.450 --> 00:06:56.460 align:start position:0% so they Define price of energy as like 00:06:56.460 --> 00:06:57.890 align:start position:0% so they Define price of energy as like the<00:06:56.639> division<00:06:56.880> but<00:06:57.180> now<00:06:57.360> we<00:06:57.539> are<00:06:57.600> interested 00:06:57.890 --> 00:06:57.900 align:start position:0% the division but now we are interested 00:06:57.900 --> 00:07:00.170 align:start position:0% the division but now we are interested in<00:06:58.199> values<00:06:58.860> so<00:06:59.160> you<00:06:59.520> know<00:06:59.580> I<00:06:59.759> kind<00:06:59.940> of<00:07:00.060> Define 00:07:00.170 --> 00:07:00.180 align:start position:0% in values so you know I kind of Define 00:07:00.180 --> 00:07:01.909 align:start position:0% in values so you know I kind of Define it<00:07:00.479> as<00:07:00.600> difference 00:07:01.909 --> 00:07:01.919 align:start position:0% it as difference 00:07:01.919 --> 00:07:04.550 align:start position:0% it as difference um<00:07:01.979> uh<00:07:02.460> and<00:07:02.699> then<00:07:02.880> finally<00:07:03.840> we<00:07:04.080> can<00:07:04.199> see<00:07:04.380> that 00:07:04.550 --> 00:07:04.560 align:start position:0% um uh and then finally we can see that 00:07:04.560 --> 00:07:07.189 align:start position:0% um uh and then finally we can see that Mafia<00:07:05.160> UV<00:07:05.639> is<00:07:05.940> also<00:07:06.240> a<00:07:06.479> constant<00:07:06.780> depending<00:07:07.139> on 00:07:07.189 --> 00:07:07.199 align:start position:0% Mafia UV is also a constant depending on 00:07:07.199 --> 00:07:09.350 align:start position:0% Mafia UV is also a constant depending on choice<00:07:07.560> of<00:07:07.680> them<00:07:07.860> so<00:07:08.100> since<00:07:08.520> the<00:07:08.699> sources<00:07:09.060> are 00:07:09.350 --> 00:07:09.360 align:start position:0% choice of them so since the sources are 00:07:09.360 --> 00:07:12.710 align:start position:0% choice of them so since the sources are distinct<00:07:09.900> we<00:07:10.500> can<00:07:10.620> adjust<00:07:10.919> the<00:07:11.880> percentage<00:07:12.600> of 00:07:12.710 --> 00:07:12.720 align:start position:0% distinct we can adjust the percentage of 00:07:12.720 --> 00:07:14.629 align:start position:0% distinct we can adjust the percentage of the<00:07:12.960> three<00:07:13.139> variants<00:07:13.620> of<00:07:13.860> MAV<00:07:14.280> by 00:07:14.629 --> 00:07:14.639 align:start position:0% the three variants of MAV by 00:07:14.639 --> 00:07:16.610 align:start position:0% the three variants of MAV by transforming<00:07:15.120> one<00:07:15.479> form<00:07:15.720> of<00:07:15.960> Mev<00:07:16.440> into 00:07:16.610 --> 00:07:16.620 align:start position:0% transforming one form of Mev into 00:07:16.620 --> 00:07:20.089 align:start position:0% transforming one form of Mev into another<00:07:16.800> but<00:07:17.580> in<00:07:18.479> our<00:07:18.660> designing<00:07:19.199> of<00:07:19.500> a<00:07:19.680> better 00:07:20.089 --> 00:07:20.099 align:start position:0% another but in our designing of a better 00:07:20.099 --> 00:07:23.450 align:start position:0% another but in our designing of a better mechanism<00:07:20.759> app<00:07:21.060> so<00:07:21.780> I<00:07:22.139> argue<00:07:22.440> that<00:07:22.680> ideally<00:07:23.099> we 00:07:23.450 --> 00:07:23.460 align:start position:0% mechanism app so I argue that ideally we 00:07:23.460 --> 00:07:25.610 align:start position:0% mechanism app so I argue that ideally we should<00:07:23.639> have<00:07:23.759> zero<00:07:24.180> percent<00:07:24.300> Mafia<00:07:24.900> zero 00:07:25.610 --> 00:07:25.620 align:start position:0% should have zero percent Mafia zero 00:07:25.620 --> 00:07:28.070 align:start position:0% should have zero percent Mafia zero percent<00:07:25.680> malloc<00:07:26.220> and<00:07:26.460> 100<00:07:26.639> Monarch<00:07:27.539> where<00:07:27.900> the 00:07:28.070 --> 00:07:28.080 align:start position:0% percent malloc and 100 Monarch where the 00:07:28.080 --> 00:07:31.550 align:start position:0% percent malloc and 100 Monarch where the monarchs<00:07:28.620> profits<00:07:29.099> are<00:07:29.639> distributed<00:07:30.479> so<00:07:31.319> what 00:07:31.550 --> 00:07:31.560 align:start position:0% monarchs profits are distributed so what 00:07:31.560 --> 00:07:33.409 align:start position:0% monarchs profits are distributed so what this<00:07:31.740> specifically<00:07:32.220> means<00:07:32.580> and<00:07:32.759> why<00:07:33.060> is<00:07:33.240> this 00:07:33.409 --> 00:07:33.419 align:start position:0% this specifically means and why is this 00:07:33.419 --> 00:07:36.170 align:start position:0% this specifically means and why is this true<00:07:33.660> is<00:07:33.900> that<00:07:34.080> because<00:07:34.400> Mafia<00:07:35.400> relies<00:07:35.880> on<00:07:36.060> the 00:07:36.170 --> 00:07:36.180 align:start position:0% true is that because Mafia relies on the 00:07:36.180 --> 00:07:37.969 align:start position:0% true is that because Mafia relies on the existence<00:07:36.539> that<00:07:36.780> there<00:07:37.020> is<00:07:37.199> one<00:07:37.319> exposed 00:07:37.969 --> 00:07:37.979 align:start position:0% existence that there is one exposed 00:07:37.979 --> 00:07:40.490 align:start position:0% existence that there is one exposed knowledge<00:07:38.240> and<00:07:39.240> there's<00:07:39.539> unsophistication 00:07:40.490 --> 00:07:40.500 align:start position:0% knowledge and there's unsophistication 00:07:40.500 --> 00:07:42.650 align:start position:0% knowledge and there's unsophistication or<00:07:41.099> sophistication<00:07:41.639> between<00:07:41.880> agents<00:07:42.360> right 00:07:42.650 --> 00:07:42.660 align:start position:0% or sophistication between agents right 00:07:42.660 --> 00:07:46.370 align:start position:0% or sophistication between agents right there<00:07:42.900> is<00:07:43.080> a<00:07:43.319> symmetry<00:07:44.220> and<00:07:45.120> so<00:07:45.780> specifically 00:07:46.370 --> 00:07:46.380 align:start position:0% there is a symmetry and so specifically 00:07:46.380 --> 00:07:49.550 align:start position:0% there is a symmetry and so specifically once<00:07:47.340> you<00:07:47.460> have<00:07:47.639> this<00:07:47.940> then<00:07:48.560> the 00:07:49.550 --> 00:07:49.560 align:start position:0% once you have this then the 00:07:49.560 --> 00:07:51.110 align:start position:0% once you have this then the sophisticated<00:07:49.979> agents<00:07:50.400> are<00:07:50.580> going<00:07:50.759> to<00:07:50.880> charge 00:07:51.110 --> 00:07:51.120 align:start position:0% sophisticated agents are going to charge 00:07:51.120 --> 00:07:54.230 align:start position:0% sophisticated agents are going to charge sort<00:07:51.660> of<00:07:51.800> unsophistication<00:07:52.800> text<00:07:53.400> on<00:07:54.120> the 00:07:54.230 --> 00:07:54.240 align:start position:0% sort of unsophistication text on the 00:07:54.240 --> 00:07:55.790 align:start position:0% sort of unsophistication text on the other<00:07:54.360> agents<00:07:54.840> and<00:07:54.960> thus<00:07:55.199> this<00:07:55.440> hurts 00:07:55.790 --> 00:07:55.800 align:start position:0% other agents and thus this hurts 00:07:55.800 --> 00:07:57.529 align:start position:0% other agents and thus this hurts long-term<00:07:56.099> stability<00:07:56.460> of<00:07:56.699> the<00:07:56.880> domain<00:07:57.360> or 00:07:57.529 --> 00:07:57.539 align:start position:0% long-term stability of the domain or 00:07:57.539 --> 00:07:59.870 align:start position:0% long-term stability of the domain or long-term<00:07:58.080> prosperity<00:07:58.740> and<00:07:59.460> then<00:07:59.580> why<00:07:59.759> we 00:07:59.870 --> 00:07:59.880 align:start position:0% long-term prosperity and then why we 00:07:59.880 --> 00:08:01.370 align:start position:0% long-term prosperity and then why we want<00:08:00.000> zero<00:08:00.360> percent<00:08:00.419> monologue<00:08:01.020> is<00:08:01.199> because 00:08:01.370 --> 00:08:01.380 align:start position:0% want zero percent monologue is because 00:08:01.380 --> 00:08:04.430 align:start position:0% want zero percent monologue is because any<00:08:02.160> value<00:08:02.400> that<00:08:02.759> or<00:08:03.120> any<00:08:03.300> weapon<00:08:03.780> that<00:08:04.319> is 00:08:04.430 --> 00:08:04.440 align:start position:0% any value that or any weapon that is 00:08:04.440 --> 00:08:06.170 align:start position:0% any value that or any weapon that is tributed<00:08:04.979> to<00:08:05.160> the<00:08:05.280> monologue<00:08:05.699> is<00:08:05.819> forever 00:08:06.170 --> 00:08:06.180 align:start position:0% tributed to the monologue is forever 00:08:06.180 --> 00:08:08.330 align:start position:0% tributed to the monologue is forever lost<00:08:06.479> it's<00:08:06.780> not<00:08:06.960> recoverable<00:08:07.380> and<00:08:07.620> nor<00:08:07.860> is<00:08:08.160> it 00:08:08.330 --> 00:08:08.340 align:start position:0% lost it's not recoverable and nor is it 00:08:08.340 --> 00:08:11.950 align:start position:0% lost it's not recoverable and nor is it redistributable<00:08:09.080> so<00:08:10.080> then<00:08:10.319> uh<00:08:10.860> and<00:08:11.160> why<00:08:11.340> 100 00:08:11.950 --> 00:08:11.960 align:start position:0% redistributable so then uh and why 100 00:08:11.960 --> 00:08:14.809 align:start position:0% redistributable so then uh and why 100 Monarch<00:08:12.960> with<00:08:13.080> redistribution<00:08:13.740> is<00:08:14.039> that<00:08:14.280> if 00:08:14.809 --> 00:08:14.819 align:start position:0% Monarch with redistribution is that if 00:08:14.819 --> 00:08:16.490 align:start position:0% Monarch with redistribution is that if there<00:08:15.120> is<00:08:15.240> no<00:08:15.419> redistribution<00:08:16.139> to<00:08:16.319> the 00:08:16.490 --> 00:08:16.500 align:start position:0% there is no redistribution to the 00:08:16.500 --> 00:08:20.029 align:start position:0% there is no redistribution to the Monarch<00:08:16.979> then<00:08:17.639> uh<00:08:18.300> then<00:08:18.900> the<00:08:19.080> 100<00:08:19.199> Monarch<00:08:19.800> EV 00:08:20.029 --> 00:08:20.039 align:start position:0% Monarch then uh then the 100 Monarch EV 00:08:20.039 --> 00:08:22.010 align:start position:0% Monarch then uh then the 100 Monarch EV going<00:08:20.400> to<00:08:20.639> erode<00:08:21.000> the<00:08:21.180> incentive<00:08:21.599> for<00:08:21.840> people 00:08:22.010 --> 00:08:22.020 align:start position:0% going to erode the incentive for people 00:08:22.020 --> 00:08:25.670 align:start position:0% going to erode the incentive for people to<00:08:22.440> use<00:08:22.680> your<00:08:23.160> mechanism<00:08:23.520> right<00:08:24.000> because 00:08:25.670 --> 00:08:25.680 align:start position:0% to use your mechanism right because 00:08:25.680 --> 00:08:28.150 align:start position:0% to use your mechanism right because you're<00:08:26.220> essentially<00:08:26.759> creating 00:08:28.150 --> 00:08:28.160 align:start position:0% you're essentially creating 00:08:28.160 --> 00:08:30.230 align:start position:0% you're essentially creating reintroducing<00:08:29.160> the<00:08:29.340> value<00:08:29.580> that<00:08:29.879> they<00:08:30.060> would 00:08:30.230 --> 00:08:30.240 align:start position:0% reintroducing the value that they would 00:08:30.240 --> 00:08:32.149 align:start position:0% reintroducing the value that they would have<00:08:30.419> paid<00:08:30.660> to<00:08:30.840> the<00:08:31.020> monologue<00:08:31.500> by<00:08:31.919> having 00:08:32.149 --> 00:08:32.159 align:start position:0% have paid to the monologue by having 00:08:32.159 --> 00:08:34.730 align:start position:0% have paid to the monologue by having them<00:08:32.399> pay<00:08:32.640> to<00:08:32.820> the<00:08:33.000> Monarch<00:08:33.659> instead<00:08:34.140> so 00:08:34.730 --> 00:08:34.740 align:start position:0% them pay to the Monarch instead so 00:08:34.740 --> 00:08:36.290 align:start position:0% them pay to the Monarch instead so there's<00:08:34.979> a<00:08:35.219> different<00:08:35.459> you<00:08:35.820> can<00:08:35.940> see<00:08:36.060> there's 00:08:36.290 --> 00:08:36.300 align:start position:0% there's a different you can see there's 00:08:36.300 --> 00:08:39.589 align:start position:0% there's a different you can see there's uh<00:08:37.260> so<00:08:38.039> users<00:08:38.399> would<00:08:38.640> be<00:08:38.820> indifferent<00:08:39.419> between 00:08:39.589 --> 00:08:39.599 align:start position:0% uh so users would be indifferent between 00:08:39.599 --> 00:08:41.329 align:start position:0% uh so users would be indifferent between paying<00:08:40.200> to<00:08:40.380> the<00:08:40.500> monologue<00:08:40.919> in<00:08:41.099> the<00:08:41.219> original 00:08:41.329 --> 00:08:41.339 align:start position:0% paying to the monologue in the original 00:08:41.339 --> 00:08:43.670 align:start position:0% paying to the monologue in the original game<00:08:41.700> and<00:08:42.419> paying<00:08:42.779> to<00:08:42.899> the<00:08:43.020> monarchy<00:08:43.500> in<00:08:43.560> The 00:08:43.670 --> 00:08:43.680 align:start position:0% game and paying to the monarchy in The 00:08:43.680 --> 00:08:46.070 align:start position:0% game and paying to the monarchy in The Meta<00:08:43.979> game<00:08:44.159> so<00:08:44.880> you<00:08:45.180> know<00:08:45.240> this<00:08:45.480> kind<00:08:45.959> of 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Monarch<00:08:53.100> and<00:08:53.220> our 00:08:53.389 --> 00:08:53.399 align:start position:0% as to our choice of Monarch and our 00:08:53.399 --> 00:08:55.730 align:start position:0% as to our choice of Monarch and our definitions<00:08:54.000> so<00:08:54.480> as<00:08:54.660> we<00:08:54.779> can<00:08:54.899> see<00:08:55.080> that<00:08:55.380> the 00:08:55.730 --> 00:08:55.740 align:start position:0% definitions so as we can see that the 00:08:55.740 --> 00:08:58.370 align:start position:0% definitions so as we can see that the welfare<00:08:56.040> of<00:08:56.279> the<00:08:56.660> game<00:08:57.660> without<00:08:58.080> the 00:08:58.370 --> 00:08:58.380 align:start position:0% welfare of the game without the 00:08:58.380 --> 00:09:01.490 align:start position:0% welfare of the game without the mechanism<00:08:58.800> depends<00:08:59.459> on<00:08:59.580> E<00:08:59.760> right<00:09:00.120> so<00:09:00.660> now<00:09:01.140> we 00:09:01.490 --> 00:09:01.500 align:start position:0% mechanism depends on E right so now we 00:09:01.500 --> 00:09:03.730 align:start position:0% mechanism depends on E right so now we assume<00:09:02.040> that<00:09:02.399> the<00:09:02.760> mechanism 00:09:03.730 --> 00:09:03.740 align:start position:0% assume that the mechanism 00:09:03.740 --> 00:09:06.350 align:start position:0% assume that the mechanism represents<00:09:04.740> a<00:09:04.920> domain<00:09:05.220> or<00:09:05.399> a<00:09:05.580> builder<00:09:06.000> or<00:09:06.180> some 00:09:06.350 --> 00:09:06.360 align:start position:0% represents a domain or a builder or some 00:09:06.360 --> 00:09:08.570 align:start position:0% represents a domain or a builder or some just<00:09:06.600> some<00:09:06.839> Coalition<00:09:07.140> of<00:09:07.380> Agents<00:09:07.800> then<00:09:08.339> we 00:09:08.570 --> 00:09:08.580 align:start position:0% just some Coalition of Agents then we 00:09:08.580 --> 00:09:11.090 align:start position:0% just some Coalition of Agents then we can<00:09:08.820> give<00:09:09.120> a<00:09:09.420> kind<00:09:09.720> of<00:09:09.839> and<00:09:10.260> have<00:09:10.500> a<00:09:10.620> notion<00:09:10.920> of 00:09:11.090 --> 00:09:11.100 align:start position:0% can give a kind of and have a notion of 00:09:11.100 --> 00:09:13.130 align:start position:0% can give a kind of and have a notion of Internet<00:09:11.640> domain<00:09:12.240> correlation<00:09:12.600> Factor<00:09:13.019> K 00:09:13.130 --> 00:09:13.140 align:start position:0% Internet domain correlation Factor K 00:09:13.140 --> 00:09:17.110 align:start position:0% Internet domain correlation Factor K where<00:09:13.380> k<00:09:13.620> equals<00:09:13.980> one<00:09:14.160> if<00:09:14.940> the<00:09:15.899> mechanism<00:09:16.320> is 00:09:17.110 --> 00:09:17.120 align:start position:0% where k equals one if the mechanism is 00:09:17.120 --> 00:09:20.210 align:start position:0% where k equals one if the mechanism is monopolistic<00:09:18.120> across<00:09:18.600> all<00:09:18.779> domains<00:09:19.380> so<00:09:19.980> here 00:09:20.210 --> 00:09:20.220 align:start position:0% monopolistic across all domains so here 00:09:20.220 --> 00:09:22.070 align:start position:0% monopolistic across all domains so here we<00:09:20.459> are<00:09:20.580> kind<00:09:20.760> of<00:09:20.820> cheating<00:09:21.480> a<00:09:21.660> bit<00:09:21.779> we<00:09:21.899> are 00:09:22.070 --> 00:09:22.080 align:start position:0% we are kind of cheating a bit we are 00:09:22.080 --> 00:09:24.889 align:start position:0% we are kind of cheating a bit we are including<00:09:22.620> time<00:09:22.860> as<00:09:23.279> another<00:09:23.519> domain<00:09:24.120> so<00:09:24.360> K<00:09:24.660> is 00:09:24.889 --> 00:09:24.899 align:start position:0% including time as another domain so K is 00:09:24.899 --> 00:09:26.750 align:start position:0% including time as another domain so K is kind<00:09:25.080> of<00:09:25.140> like<00:09:25.260> and<00:09:25.380> this<00:09:25.560> discounted<00:09:26.399> and 00:09:26.750 --> 00:09:26.760 align:start position:0% kind of like and this discounted and 00:09:26.760 --> 00:09:28.970 align:start position:0% kind of like and this discounted and dimensional<00:09:27.240> preference<00:09:27.600> curve<00:09:27.959> and<00:09:28.440> an 00:09:28.970 --> 00:09:28.980 align:start position:0% dimensional preference curve and an 00:09:28.980 --> 00:09:30.889 align:start position:0% dimensional preference curve and an example<00:09:29.279> of<00:09:29.399> the<00:09:29.580> prismic<00:09:30.000> curve<00:09:30.540> you<00:09:30.660> can<00:09:30.779> see 00:09:30.889 --> 00:09:30.899 align:start position:0% example of the prismic curve you can see 00:09:30.899 --> 00:09:33.650 align:start position:0% example of the prismic curve you can see on<00:09:31.140> the<00:09:31.320> top<00:09:31.560> right<00:09:31.680> corner<00:09:32.160> and<00:09:32.640> then<00:09:32.820> k 00:09:33.650 --> 00:09:33.660 align:start position:0% on the top right corner and then k 00:09:33.660 --> 00:09:35.449 align:start position:0% on the top right corner and then k equals<00:09:34.080> zero<00:09:34.380> if<00:09:34.620> the<00:09:34.920> mechanism<00:09:35.220> is 00:09:35.449 --> 00:09:35.459 align:start position:0% equals zero if the mechanism is 00:09:35.459 --> 00:09:38.030 align:start position:0% equals zero if the mechanism is powerless<00:09:35.880> so<00:09:36.720> then<00:09:36.899> what<00:09:37.320> this<00:09:37.500> implies<00:09:37.860> is 00:09:38.030 --> 00:09:38.040 align:start position:0% powerless so then what this implies is 00:09:38.040 --> 00:09:40.670 align:start position:0% powerless so then what this implies is that<00:09:38.279> by<00:09:38.519> forming<00:09:38.880> a<00:09:39.060> larger<00:09:39.360> Collision<00:09:39.839> means 00:09:40.670 --> 00:09:40.680 align:start position:0% that by forming a larger Collision means 00:09:40.680 --> 00:09:42.829 align:start position:0% that by forming a larger Collision means the<00:09:40.860> correlation<00:09:41.339> has<00:09:41.580> a<00:09:41.760> higher<00:09:42.060> K<00:09:42.240> and<00:09:42.660> this 00:09:42.829 --> 00:09:42.839 align:start position:0% the correlation has a higher K and this 00:09:42.839 --> 00:09:45.110 align:start position:0% the correlation has a higher K and this enables<00:09:43.440> them<00:09:44.220> to<00:09:44.459> do<00:09:44.519> more<00:09:44.700> credible 00:09:45.110 --> 00:09:45.120 align:start position:0% enables them to do more credible 00:09:45.120 --> 00:09:46.389 align:start position:0% enables them to do more credible extortions 00:09:46.389 --> 00:09:46.399 align:start position:0% extortions 00:09:46.399 --> 00:09:49.670 align:start position:0% extortions so<00:09:47.399> what<00:09:47.880> this<00:09:48.060> means<00:09:48.360> is<00:09:48.480> that<00:09:48.779> the<00:09:49.140> Monarch 00:09:49.670 --> 00:09:49.680 align:start position:0% so what this means is that the Monarch 00:09:49.680 --> 00:09:52.550 align:start position:0% so what this means is that the Monarch is<00:09:49.920> red<00:09:50.220> value<00:09:50.519> for<00:09:51.000> your<00:09:51.720> Collision<00:09:52.200> of 00:09:52.550 --> 00:09:52.560 align:start position:0% is red value for your Collision of 00:09:52.560 --> 00:09:55.009 align:start position:0% is red value for your Collision of Agents<00:09:52.980> you<00:09:53.220> know<00:09:53.279> forming<00:09:53.700> the<00:09:53.940> mechanism<00:09:54.779> m 00:09:55.009 --> 00:09:55.019 align:start position:0% Agents you know forming the mechanism m 00:09:55.019 --> 00:09:57.590 align:start position:0% Agents you know forming the mechanism m equals<00:09:55.560> to<00:09:55.680> K<00:09:56.120> multiplied<00:09:57.120> by<00:09:57.360> the<00:09:57.480> original 00:09:57.590 --> 00:09:57.600 align:start position:0% equals to K multiplied by the original 00:09:57.600 --> 00:10:00.350 align:start position:0% equals to K multiplied by the original monarchy<00:09:58.260> Family<00:09:58.620> Medicine<00:09:59.339> forms<00:10:00.000> the<00:10:00.180> grand 00:10:00.350 --> 00:10:00.360 align:start position:0% monarchy Family Medicine forms the grand 00:10:00.360 --> 00:10:03.410 align:start position:0% monarchy Family Medicine forms the grand Coalition<00:10:00.899> so<00:10:01.620> then<00:10:01.800> uh<00:10:02.279> of<00:10:02.519> course<00:10:02.640> this 00:10:03.410 --> 00:10:03.420 align:start position:0% Coalition so then uh of course this 00:10:03.420 --> 00:10:05.030 align:start position:0% Coalition so then uh of course this implies<00:10:03.779> the<00:10:03.959> users<00:10:04.320> can<00:10:04.560> also<00:10:04.800> be<00:10:04.920> the 00:10:05.030 --> 00:10:05.040 align:start position:0% implies the users can also be the 00:10:05.040 --> 00:10:06.769 align:start position:0% implies the users can also be the Monarch<00:10:05.399> if<00:10:05.640> they<00:10:05.820> have<00:10:06.000> a<00:10:06.120> large<00:10:06.240> enough<00:10:06.420> K 00:10:06.769 --> 00:10:06.779 align:start position:0% Monarch if they have a large enough K 00:10:06.779 --> 00:10:09.050 align:start position:0% Monarch if they have a large enough K right<00:10:07.220> and<00:10:08.220> similar<00:10:08.640> probability 00:10:09.050 --> 00:10:09.060 align:start position:0% right and similar probability 00:10:09.060 --> 00:10:10.750 align:start position:0% right and similar probability researchers<00:10:09.660> or<00:10:09.839> Builders<00:10:10.200> you<00:10:10.440> can<00:10:10.620> imagine 00:10:10.750 --> 00:10:10.760 align:start position:0% researchers or Builders you can imagine 00:10:10.760 --> 00:10:13.610 align:start position:0% researchers or Builders you can imagine different<00:10:11.760> mechanisms<00:10:12.540> than<00:10:13.080> what<00:10:13.440> is 00:10:13.610 --> 00:10:13.620 align:start position:0% different mechanisms than what is 00:10:13.620 --> 00:10:15.350 align:start position:0% different mechanisms than what is currently<00:10:13.980> being<00:10:14.160> played<00:10:14.519> in<00:10:14.640> the<00:10:14.700> Meb<00:10:15.120> field 00:10:15.350 --> 00:10:15.360 align:start position:0% currently being played in the Meb field 00:10:15.360 --> 00:10:16.930 align:start position:0% currently being played in the Meb field so 00:10:16.930 --> 00:10:16.940 align:start position:0% so 00:10:16.940 --> 00:10:19.009 align:start position:0% so essentially<00:10:17.940> the<00:10:18.120> inter-domain<00:10:18.660> correlation 00:10:19.009 --> 00:10:19.019 align:start position:0% essentially the inter-domain correlation 00:10:19.019 --> 00:10:20.630 align:start position:0% essentially the inter-domain correlation Factor<00:10:19.500> represents<00:10:20.040> your<00:10:20.220> collective 00:10:20.630 --> 00:10:20.640 align:start position:0% Factor represents your collective 00:10:20.640 --> 00:10:22.550 align:start position:0% Factor represents your collective bargaining<00:10:21.120> power<00:10:21.300> which<00:10:21.779> determines<00:10:22.260> how 00:10:22.550 --> 00:10:22.560 align:start position:0% bargaining power which determines how 00:10:22.560 --> 00:10:24.829 align:start position:0% bargaining power which determines how the<00:10:22.680> Monarch<00:10:23.040> is<00:10:23.220> set<00:10:23.399> up<00:10:23.580> who<00:10:24.060> we<00:10:24.300> thrown<00:10:24.660> as 00:10:24.829 --> 00:10:24.839 align:start position:0% the Monarch is set up who we thrown as 00:10:24.839 --> 00:10:28.009 align:start position:0% the Monarch is set up who we thrown as the<00:10:25.019> king<00:10:25.560> and<00:10:26.459> how<00:10:27.120> the<00:10:27.300> Monarch<00:10:27.660> is<00:10:27.779> set<00:10:27.899> up 00:10:28.009 --> 00:10:28.019 align:start position:0% the king and how the Monarch is set up 00:10:28.019 --> 00:10:31.130 align:start position:0% the king and how the Monarch is set up within<00:10:28.380> the<00:10:28.500> game 00:10:31.130 --> 00:10:31.140 align:start position:0% 00:10:31.140 --> 00:10:34.670 align:start position:0% so<00:10:31.560> then<00:10:31.740> however<00:10:32.160> the<00:10:32.700> okay<00:10:33.420> so<00:10:33.660> so 00:10:34.670 --> 00:10:34.680 align:start position:0% so then however the okay so so 00:10:34.680 --> 00:10:38.269 align:start position:0% so then however the okay so so there<00:10:35.220> are<00:10:35.580> some<00:10:35.700> caveats<00:10:36.300> to<00:10:36.660> the<00:10:36.959> choice<00:10:37.560> you 00:10:38.269 --> 00:10:38.279 align:start position:0% there are some caveats to the choice you 00:10:38.279 --> 00:10:40.190 align:start position:0% there are some caveats to the choice you know<00:10:38.339> how<00:10:38.580> much<00:10:39.060> coalitions<00:10:39.779> can<00:10:39.899> you<00:10:40.080> have 00:10:40.190 --> 00:10:40.200 align:start position:0% know how much coalitions can you have 00:10:40.200 --> 00:10:43.730 align:start position:0% know how much coalitions can you have right<00:10:40.500> so<00:10:41.160> you<00:10:41.640> can<00:10:41.760> imagine<00:10:42.000> this<00:10:42.740> formalized 00:10:43.730 --> 00:10:43.740 align:start position:0% right so you can imagine this formalized 00:10:43.740 --> 00:10:45.110 align:start position:0% right so you can imagine this formalized as<00:10:43.800> a<00:10:43.980> corporate<00:10:44.279> game<00:10:44.519> where<00:10:44.700> the<00:10:44.820> core<00:10:44.940> of 00:10:45.110 --> 00:10:45.120 align:start position:0% as a corporate game where the core of 00:10:45.120 --> 00:10:47.150 align:start position:0% as a corporate game where the core of the<00:10:45.180> game<00:10:45.300> might<00:10:45.540> not<00:10:45.660> exist<00:10:46.079> if<00:10:46.560> we<00:10:46.740> have<00:10:46.920> too 00:10:47.150 --> 00:10:47.160 align:start position:0% the game might not exist if we have too 00:10:47.160 --> 00:10:50.690 align:start position:0% the game might not exist if we have too many<00:10:47.339> inter<00:10:47.660> inter<00:10:48.660> domain<00:10:49.320> correlations<00:10:49.800> so 00:10:50.690 --> 00:10:50.700 align:start position:0% many inter inter domain correlations so 00:10:50.700 --> 00:10:53.630 align:start position:0% many inter inter domain correlations so uh<00:10:51.360> this<00:10:51.899> kind<00:10:52.079> of<00:10:52.200> reminds<00:10:52.620> us<00:10:52.740> as<00:10:53.100> the<00:10:53.279> you 00:10:53.630 --> 00:10:53.640 align:start position:0% uh this kind of reminds us as the you 00:10:53.640 --> 00:10:56.710 align:start position:0% uh this kind of reminds us as the you know<00:10:53.760> original<00:10:53.880> notion<00:10:54.480> of<00:10:54.600> there<00:10:55.140> exists 00:10:56.710 --> 00:10:56.720 align:start position:0% know original notion of there exists 00:10:56.720 --> 00:10:59.990 align:start position:0% know original notion of there exists anatomicity<00:10:57.720> of<00:10:58.019> coordination<00:10:58.440> and<00:10:59.160> in<00:10:59.519> and 00:10:59.990 --> 00:11:00.000 align:start position:0% anatomicity of coordination and in and 00:11:00.000 --> 00:11:02.509 align:start position:0% anatomicity of coordination and in and efficiency<00:11:00.540> and<00:11:01.140> this<00:11:01.320> also<00:11:01.620> relates<00:11:02.100> back<00:11:02.279> to 00:11:02.509 --> 00:11:02.519 align:start position:0% efficiency and this also relates back to 00:11:02.519 --> 00:11:03.949 align:start position:0% efficiency and this also relates back to you<00:11:02.880> know<00:11:02.940> a<00:11:03.120> notion<00:11:03.420> I<00:11:03.540> would<00:11:03.660> like<00:11:03.720> to<00:11:03.899> call 00:11:03.949 --> 00:11:03.959 align:start position:0% you know a notion I would like to call 00:11:03.959 --> 00:11:05.990 align:start position:0% you know a notion I would like to call the<00:11:04.140> incompleteness<00:11:04.740> theorem<00:11:05.100> of<00:11:05.220> Meb<00:11:05.640> ratio 00:11:05.990 --> 00:11:06.000 align:start position:0% the incompleteness theorem of Meb ratio 00:11:06.000 --> 00:11:07.329 align:start position:0% the incompleteness theorem of Meb ratio so<00:11:06.120> you<00:11:06.300> can<00:11:06.360> see<00:11:06.480> that 00:11:07.329 --> 00:11:07.339 align:start position:0% so you can see that 00:11:07.339 --> 00:11:10.790 align:start position:0% so you can see that the<00:11:08.339> game<00:11:08.519> e<00:11:09.180> cannot<00:11:09.600> continue<00:11:09.839> if<00:11:10.320> there<00:11:10.620> is 00:11:10.790 --> 00:11:10.800 align:start position:0% the game e cannot continue if there is 00:11:10.800 --> 00:11:13.970 align:start position:0% the game e cannot continue if there is not<00:11:11.700> enough<00:11:11.880> competition<00:11:12.540> what<00:11:13.500> this<00:11:13.680> means 00:11:13.970 --> 00:11:13.980 align:start position:0% not enough competition what this means 00:11:13.980 --> 00:11:16.490 align:start position:0% not enough competition what this means is<00:11:14.100> that<00:11:14.339> you<00:11:14.880> can<00:11:15.300> increase<00:11:16.019> the 00:11:16.490 --> 00:11:16.500 align:start position:0% is that you can increase the 00:11:16.500 --> 00:11:18.350 align:start position:0% is that you can increase the coordination<00:11:17.040> but<00:11:17.519> it<00:11:17.820> does<00:11:17.940> not<00:11:18.120> always 00:11:18.350 --> 00:11:18.360 align:start position:0% coordination but it does not always 00:11:18.360 --> 00:11:21.230 align:start position:0% coordination but it does not always increase<00:11:18.779> if<00:11:19.260> efficiency<00:11:20.040> of<00:11:20.700> the<00:11:20.820> allocation 00:11:21.230 --> 00:11:21.240 align:start position:0% increase if efficiency of the allocation 00:11:21.240 --> 00:11:23.090 align:start position:0% increase if efficiency of the allocation in<00:11:21.480> reality<00:11:21.839> and<00:11:22.140> even<00:11:22.320> if<00:11:22.560> you<00:11:22.800> try<00:11:22.980> to 00:11:23.090 --> 00:11:23.100 align:start position:0% in reality and even if you try to 00:11:23.100 --> 00:11:25.610 align:start position:0% in reality and even if you try to eliminate<00:11:23.700> the<00:11:24.240> efficiencies<00:11:24.959> caused<00:11:25.500> by 00:11:25.610 --> 00:11:25.620 align:start position:0% eliminate the efficiencies caused by 00:11:25.620 --> 00:11:28.190 align:start position:0% eliminate the efficiencies caused by your<00:11:25.980> extra<00:11:26.459> coordination<00:11:27.120> by<00:11:27.720> using<00:11:28.019> some 00:11:28.190 --> 00:11:28.200 align:start position:0% your extra coordination by using some 00:11:28.200 --> 00:11:29.990 align:start position:0% your extra coordination by using some another<00:11:28.440> credible<00:11:28.980> commitment<00:11:29.399> or 00:11:29.990 --> 00:11:30.000 align:start position:0% another credible commitment or 00:11:30.000 --> 00:11:31.790 align:start position:0% another credible commitment or coordination<00:11:30.540> device<00:11:30.839> in<00:11:31.200> The<00:11:31.320> Meta<00:11:31.620> game 00:11:31.790 --> 00:11:31.800 align:start position:0% coordination device in The Meta game 00:11:31.800 --> 00:11:33.110 align:start position:0% coordination device in The Meta game then<00:11:32.100> you're<00:11:32.279> just<00:11:32.459> transferring<00:11:32.940> the 00:11:33.110 --> 00:11:33.120 align:start position:0% then you're just transferring the 00:11:33.120 --> 00:11:34.610 align:start position:0% then you're just transferring the monologue<00:11:33.600> its<00:11:34.079> credible<00:11:34.260> value<00:11:34.380> in<00:11:34.560> the 00:11:34.610 --> 00:11:34.620 align:start position:0% monologue its credible value in the 00:11:34.620 --> 00:11:37.610 align:start position:0% monologue its credible value in the original<00:11:34.980> game<00:11:35.519> to<00:11:35.760> the<00:11:35.940> Monarch<00:11:36.600> in<00:11:37.019> the<00:11:37.200> rapt 00:11:37.610 --> 00:11:37.620 align:start position:0% original game to the Monarch in the rapt 00:11:37.620 --> 00:11:40.130 align:start position:0% original game to the Monarch in the rapt game<00:11:37.800> right<00:11:38.220> so<00:11:38.459> this<00:11:38.760> kind<00:11:39.000> of<00:11:39.120> provides<00:11:39.779> a 00:11:40.130 --> 00:11:40.140 align:start position:0% game right so this kind of provides a 00:11:40.140 --> 00:11:43.370 align:start position:0% game right so this kind of provides a ground<00:11:40.260> for<00:11:40.560> us<00:11:40.680> to<00:11:41.100> refute<00:11:41.760> any<00:11:42.000> you<00:11:42.480> know<00:11:42.600> uh 00:11:43.370 --> 00:11:43.380 align:start position:0% ground for us to refute any you know uh 00:11:43.380 --> 00:11:45.829 align:start position:0% ground for us to refute any you know uh previous<00:11:43.980> ideas<00:11:44.399> by<00:11:44.820> Virgil<00:11:45.240> Griffiths<00:11:45.720> and 00:11:45.829 --> 00:11:45.839 align:start position:0% previous ideas by Virgil Griffiths and 00:11:45.839 --> 00:11:48.350 align:start position:0% previous ideas by Virgil Griffiths and his<00:11:46.019> whole<00:11:46.579> ethereum<00:11:47.579> as<00:11:47.760> game<00:11:47.940> changing 00:11:48.350 --> 00:11:48.360 align:start position:0% his whole ethereum as game changing 00:11:48.360 --> 00:11:49.850 align:start position:0% his whole ethereum as game changing technology<00:11:48.660> argument 00:11:49.850 --> 00:11:49.860 align:start position:0% technology argument 00:11:49.860 --> 00:11:53.810 align:start position:0% technology argument um<00:11:49.980> so<00:11:50.279> then<00:11:50.899> the<00:11:52.040> uh<00:11:53.040> coming<00:11:53.339> back<00:11:53.519> to<00:11:53.640> this 00:11:53.810 --> 00:11:53.820 align:start position:0% um so then the uh coming back to this 00:11:53.820 --> 00:11:56.210 align:start position:0% um so then the uh coming back to this the<00:11:54.180> specific<00:11:54.480> value<00:11:54.779> of<00:11:55.200> the<00:11:55.740> correlation 00:11:56.210 --> 00:11:56.220 align:start position:0% the specific value of the correlation 00:11:56.220 --> 00:11:58.130 align:start position:0% the specific value of the correlation Factor<00:11:56.640> K<00:11:56.760> depends<00:11:57.240> on<00:11:57.360> how<00:11:57.540> we<00:11:57.660> set<00:11:57.839> up<00:11:57.959> the 00:11:58.130 --> 00:11:58.140 align:start position:0% Factor K depends on how we set up the 00:11:58.140 --> 00:11:59.449 align:start position:0% Factor K depends on how we set up the game<00:11:58.260> we<00:11:58.500> can<00:11:58.620> throw<00:11:58.800> out<00:11:59.100> these<00:11:59.339> from 00:11:59.449 --> 00:11:59.459 align:start position:0% game we can throw out these from 00:11:59.459 --> 00:12:01.610 align:start position:0% game we can throw out these from different<00:11:59.700> monarchs<00:12:00.360> ultimately<00:12:01.079> we<00:12:01.320> want<00:12:01.440> to 00:12:01.610 --> 00:12:01.620 align:start position:0% different monarchs ultimately we want to 00:12:01.620 --> 00:12:03.590 align:start position:0% different monarchs ultimately we want to choose<00:12:01.860> the<00:12:02.100> best<00:12:02.459> mechanism<00:12:02.880> and<00:12:03.180> and<00:12:03.360> start 00:12:03.590 --> 00:12:03.600 align:start position:0% choose the best mechanism and and start 00:12:03.600 --> 00:12:05.329 align:start position:0% choose the best mechanism and and start that<00:12:03.959> is<00:12:04.200> most<00:12:04.440> incentive<00:12:04.860> along<00:12:05.100> with 00:12:05.329 --> 00:12:05.339 align:start position:0% that is most incentive along with 00:12:05.339 --> 00:12:08.210 align:start position:0% that is most incentive along with long-term<00:12:05.880> prosperity<00:12:06.360> and<00:12:07.140> is<00:12:07.500> most<00:12:07.800> capable 00:12:08.210 --> 00:12:08.220 align:start position:0% long-term prosperity and is most capable 00:12:08.220 --> 00:12:10.550 align:start position:0% long-term prosperity and is most capable of<00:12:08.399> coordination<00:12:09.060> so<00:12:09.600> you<00:12:09.899> can<00:12:10.019> see<00:12:10.140> there's<00:12:10.320> a 00:12:10.550 --> 00:12:10.560 align:start position:0% of coordination so you can see there's a 00:12:10.560 --> 00:12:13.370 align:start position:0% of coordination so you can see there's a trade-off<00:12:10.860> over<00:12:11.100> here<00:12:11.339> and<00:12:12.240> of<00:12:12.720> course<00:12:12.839> like 00:12:13.370 --> 00:12:13.380 align:start position:0% trade-off over here and of course like 00:12:13.380 --> 00:12:15.590 align:start position:0% trade-off over here and of course like why<00:12:14.100> do<00:12:14.279> we<00:12:14.399> want<00:12:14.519> a<00:12:14.700> manner<00:12:15.000> why<00:12:15.240> do<00:12:15.360> we<00:12:15.480> need 00:12:15.590 --> 00:12:15.600 align:start position:0% why do we want a manner why do we need 00:12:15.600 --> 00:12:17.810 align:start position:0% why do we want a manner why do we need this<00:12:15.959> meme<00:12:16.200> right<00:12:16.440> why<00:12:16.620> can't<00:12:16.800> we<00:12:16.980> just<00:12:17.160> go<00:12:17.579> the 00:12:17.810 --> 00:12:17.820 align:start position:0% this meme right why can't we just go the 00:12:17.820 --> 00:12:19.370 align:start position:0% this meme right why can't we just go the formalization<00:12:18.480> reality<00:12:18.959> in<00:12:19.140> a<00:12:19.200> full 00:12:19.370 --> 00:12:19.380 align:start position:0% formalization reality in a full 00:12:19.380 --> 00:12:22.250 align:start position:0% formalization reality in a full formalization<00:12:19.860> throwing<00:12:20.700> Mass<00:12:20.880> equations<00:12:21.360> uh 00:12:22.250 --> 00:12:22.260 align:start position:0% formalization throwing Mass equations uh 00:12:22.260 --> 00:12:23.750 align:start position:0% formalization throwing Mass equations uh so<00:12:22.440> the<00:12:22.560> reason<00:12:22.740> for<00:12:23.040> this<00:12:23.220> monarchy 00:12:23.750 --> 00:12:23.760 align:start position:0% so the reason for this monarchy 00:12:23.760 --> 00:12:26.389 align:start position:0% so the reason for this monarchy abstraction<00:12:24.120> is<00:12:24.360> because<00:12:24.660> the<00:12:25.320> outcome<00:12:25.620> in 00:12:26.389 --> 00:12:26.399 align:start position:0% abstraction is because the outcome in 00:12:26.399 --> 00:12:29.269 align:start position:0% abstraction is because the outcome in contrary<00:12:27.000> to<00:12:27.240> traditional<00:12:27.980> mechanisms<00:12:28.980> and 00:12:29.269 --> 00:12:29.279 align:start position:0% contrary to traditional mechanisms and 00:12:29.279 --> 00:12:30.949 align:start position:0% contrary to traditional mechanisms and the<00:12:29.459> outcome<00:12:29.700> in<00:12:29.940> Mev<00:12:30.480> is<00:12:30.660> not<00:12:30.779> common 00:12:30.949 --> 00:12:30.959 align:start position:0% the outcome in Mev is not common 00:12:30.959 --> 00:12:32.690 align:start position:0% the outcome in Mev is not common knowledge<00:12:31.380> and<00:12:31.560> depends<00:12:31.980> on<00:12:32.100> each<00:12:32.339> agent's 00:12:32.690 --> 00:12:32.700 align:start position:0% knowledge and depends on each agent's 00:12:32.700 --> 00:12:34.250 align:start position:0% knowledge and depends on each agent's private<00:12:33.000> information<00:12:33.240> which<00:12:33.779> the<00:12:34.140> other 00:12:34.250 --> 00:12:34.260 align:start position:0% private information which the other 00:12:34.260 --> 00:12:37.430 align:start position:0% private information which the other agent<00:12:34.560> don't<00:12:35.040> have<00:12:35.279> priority<00:12:36.200> don't<00:12:37.200> have 00:12:37.430 --> 00:12:37.440 align:start position:0% agent don't have priority don't have 00:12:37.440 --> 00:12:39.410 align:start position:0% agent don't have priority don't have priority<00:12:37.980> Mev<00:12:38.760> time<00:12:39.000> which<00:12:39.180> is<00:12:39.300> the 00:12:39.410 --> 00:12:39.420 align:start position:0% priority Mev time which is the 00:12:39.420 --> 00:12:40.850 align:start position:0% priority Mev time which is the allocation<00:12:39.779> time<00:12:39.959> or<00:12:40.200> like<00:12:40.380> block<00:12:40.560> building 00:12:40.850 --> 00:12:40.860 align:start position:0% allocation time or like block building 00:12:40.860 --> 00:12:43.129 align:start position:0% allocation time or like block building time<00:12:41.160> so<00:12:41.640> it<00:12:41.820> is<00:12:41.940> hard<00:12:42.180> to<00:12:42.360> analyze<00:12:42.839> the 00:12:43.129 --> 00:12:43.139 align:start position:0% time so it is hard to analyze the 00:12:43.139 --> 00:12:45.290 align:start position:0% time so it is hard to analyze the equivalence<00:12:43.680> in<00:12:43.920> this<00:12:44.040> game<00:12:44.160> especially<00:12:44.880> when 00:12:45.290 --> 00:12:45.300 align:start position:0% equivalence in this game especially when 00:12:45.300 --> 00:12:49.310 align:start position:0% equivalence in this game especially when there<00:12:45.899> is<00:12:46.139> exists<00:12:46.860> and<00:12:47.220> a<00:12:47.700> smear<00:12:48.300> as<00:12:48.899> symmetry 00:12:49.310 --> 00:12:49.320 align:start position:0% there is exists and a smear as symmetry 00:12:49.320 --> 00:12:51.949 align:start position:0% there is exists and a smear as symmetry in<00:12:49.500> the<00:12:49.680> sophistication<00:12:50.220> of<00:12:50.519> Agents<00:12:51.060> so<00:12:51.720> thus 00:12:51.949 --> 00:12:51.959 align:start position:0% in the sophistication of Agents so thus 00:12:51.959 --> 00:12:54.310 align:start position:0% in the sophistication of Agents so thus we<00:12:52.260> reduce<00:12:52.440> the<00:12:52.800> guarantee 00:12:54.310 --> 00:12:54.320 align:start position:0% we reduce the guarantee 00:12:54.320 --> 00:12:58.129 align:start position:0% we reduce the guarantee of<00:12:55.320> of<00:12:55.380> our<00:12:55.980> mechanism<00:12:56.519> to<00:12:57.000> just<00:12:57.420> have<00:12:57.720> some 00:12:58.129 --> 00:12:58.139 align:start position:0% of of our mechanism to just have some 00:12:58.139 --> 00:13:00.310 align:start position:0% of of our mechanism to just have some some<00:12:58.320> bounce<00:12:58.620> like<00:12:58.920> some<00:12:59.100> some<00:12:59.279> loose<00:12:59.579> bounds 00:13:00.310 --> 00:13:00.320 align:start position:0% some bounce like some some loose bounds 00:13:00.320 --> 00:13:02.750 align:start position:0% some bounce like some some loose bounds on<00:13:01.320> the<00:13:01.440> incentive<00:13:01.800> compatibility<00:13:02.220> and<00:13:02.579> the 00:13:02.750 --> 00:13:02.760 align:start position:0% on the incentive compatibility and the 00:13:02.760 --> 00:13:05.629 align:start position:0% on the incentive compatibility and the individual<00:13:03.180> rationale 00:13:05.629 --> 00:13:05.639 align:start position:0% individual rationale 00:13:05.639 --> 00:13:07.790 align:start position:0% individual rationale so<00:13:06.180> then<00:13:06.420> now<00:13:06.660> to<00:13:06.839> concretize<00:13:07.320> things<00:13:07.560> we 00:13:07.790 --> 00:13:07.800 align:start position:0% so then now to concretize things we 00:13:07.800 --> 00:13:09.710 align:start position:0% so then now to concretize things we provide<00:13:08.100> some<00:13:08.279> case<00:13:08.519> studies<00:13:08.940> so 00:13:09.710 --> 00:13:09.720 align:start position:0% provide some case studies so 00:13:09.720 --> 00:13:13.129 align:start position:0% provide some case studies so specifically<00:13:10.200> we<00:13:10.500> say<00:13:10.680> that<00:13:10.920> there's<00:13:11.240> uh<00:13:12.240> we 00:13:13.129 --> 00:13:13.139 align:start position:0% specifically we say that there's uh we 00:13:13.139 --> 00:13:14.870 align:start position:0% specifically we say that there's uh we know<00:13:13.260> that<00:13:13.440> there<00:13:13.680> has<00:13:13.860> it<00:13:14.100> has<00:13:14.339> been<00:13:14.399> vanilla 00:13:14.870 --> 00:13:14.880 align:start position:0% know that there has it has been vanilla 00:13:14.880 --> 00:13:17.329 align:start position:0% know that there has it has been vanilla first<00:13:15.060> come<00:13:15.300> first<00:13:15.540> serve<00:13:16.260> and<00:13:16.500> frequent 00:13:17.329 --> 00:13:17.339 align:start position:0% first come first serve and frequent 00:13:17.339 --> 00:13:18.949 align:start position:0% first come first serve and frequent batch<00:13:17.579> auction<00:13:17.940> style<00:13:18.240> first<00:13:18.600> come<00:13:18.779> first 00:13:18.949 --> 00:13:18.959 align:start position:0% batch auction style first come first 00:13:18.959 --> 00:13:21.170 align:start position:0% batch auction style first come first where<00:13:19.500> we<00:13:19.680> increase<00:13:20.519> the<00:13:20.820> fairness 00:13:21.170 --> 00:13:21.180 align:start position:0% where we increase the fairness 00:13:21.180 --> 00:13:24.410 align:start position:0% where we increase the fairness granularity<00:13:22.019> within<00:13:22.860> the<00:13:23.220> receive<00:13:24.180> other 00:13:24.410 --> 00:13:24.420 align:start position:0% granularity within the receive other 00:13:24.420 --> 00:13:26.150 align:start position:0% granularity within the receive other fairness<00:13:24.839> protocols<00:13:25.440> so<00:13:25.620> what<00:13:25.980> they 00:13:26.150 --> 00:13:26.160 align:start position:0% fairness protocols so what they 00:13:26.160 --> 00:13:27.829 align:start position:0% fairness protocols so what they specifically<00:13:26.579> means<00:13:26.820> is<00:13:26.940> that<00:13:27.240> instead<00:13:27.720> of 00:13:27.829 --> 00:13:27.839 align:start position:0% specifically means is that instead of 00:13:27.839 --> 00:13:29.449 align:start position:0% specifically means is that instead of reporting<00:13:28.260> a<00:13:28.440> strict<00:13:28.680> ordering<00:13:29.100> by<00:13:29.279> the 00:13:29.449 --> 00:13:29.459 align:start position:0% reporting a strict ordering by the 00:13:29.459 --> 00:13:31.069 align:start position:0% reporting a strict ordering by the receive<00:13:29.760> all<00:13:29.940> the<00:13:30.060> time<00:13:30.240> of<00:13:30.600> the<00:13:30.779> transaction 00:13:31.069 --> 00:13:31.079 align:start position:0% receive all the time of the transaction 00:13:31.079 --> 00:13:32.990 align:start position:0% receive all the time of the transaction each<00:13:31.440> individual<00:13:31.920> node<00:13:32.220> now<00:13:32.399> reports<00:13:32.880> a 00:13:32.990 --> 00:13:33.000 align:start position:0% each individual node now reports a 00:13:33.000 --> 00:13:34.850 align:start position:0% each individual node now reports a partial<00:13:33.300> ordering<00:13:33.779> to<00:13:34.079> the<00:13:34.200> leader<00:13:34.500> of<00:13:34.620> the 00:13:34.850 --> 00:13:34.860 align:start position:0% partial ordering to the leader of the 00:13:34.860 --> 00:13:36.829 align:start position:0% partial ordering to the leader of the ordering<00:13:35.639> consensus<00:13:36.000> protocol<00:13:36.360> so<00:13:36.540> what<00:13:36.720> this 00:13:36.829 --> 00:13:36.839 align:start position:0% ordering consensus protocol so what this 00:13:36.839 --> 00:13:39.170 align:start position:0% ordering consensus protocol so what this concrete<00:13:37.260> means<00:13:37.560> is<00:13:38.100> that<00:13:38.399> you<00:13:38.700> know<00:13:38.820> you<00:13:39.000> just 00:13:39.170 --> 00:13:39.180 align:start position:0% concrete means is that you know you just 00:13:39.180 --> 00:13:41.210 align:start position:0% concrete means is that you know you just take<00:13:39.360> the<00:13:39.600> smaller<00:13:40.320> than<00:13:40.440> to<00:13:40.740> smaller<00:13:41.100> or 00:13:41.210 --> 00:13:41.220 align:start position:0% take the smaller than to smaller or 00:13:41.220 --> 00:13:44.329 align:start position:0% take the smaller than to smaller or equal<00:13:41.339> to<00:13:41.579> and<00:13:42.540> then<00:13:42.720> after<00:13:43.100> aggregating<00:13:44.100> each 00:13:44.329 --> 00:13:44.339 align:start position:0% equal to and then after aggregating each 00:13:44.339 --> 00:13:46.069 align:start position:0% equal to and then after aggregating each individual<00:13:44.760> knows<00:13:45.120> preference<00:13:45.420> the<00:13:45.600> Monarch 00:13:46.069 --> 00:13:46.079 align:start position:0% individual knows preference the Monarch 00:13:46.079 --> 00:13:47.569 align:start position:0% individual knows preference the Monarch in<00:13:46.500> this<00:13:46.560> case<00:13:46.680> the<00:13:46.860> leader<00:13:47.100> of<00:13:47.160> the<00:13:47.339> consensus 00:13:47.569 --> 00:13:47.579 align:start position:0% in this case the leader of the consensus 00:13:47.579 --> 00:13:49.250 align:start position:0% in this case the leader of the consensus protocol<00:13:47.880> gets<00:13:48.180> a<00:13:48.300> week<00:13:48.420> ordering<00:13:48.839> by<00:13:49.019> first 00:13:49.250 --> 00:13:49.260 align:start position:0% protocol gets a week ordering by first 00:13:49.260 --> 00:13:51.650 align:start position:0% protocol gets a week ordering by first come<00:13:49.500> first<00:13:49.620> serve<00:13:50.040> and<00:13:50.459> then<00:13:50.639> there<00:13:51.180> are<00:13:51.360> of 00:13:51.650 --> 00:13:51.660 align:start position:0% come first serve and then there are of 00:13:51.660 --> 00:13:53.389 align:start position:0% come first serve and then there are of course<00:13:51.720> we<00:13:51.959> know<00:13:52.079> there<00:13:52.380> there<00:13:52.740> must<00:13:53.040> exist 00:13:53.389 --> 00:13:53.399 align:start position:0% course we know there there must exist 00:13:53.399 --> 00:13:56.389 align:start position:0% course we know there there must exist some<00:13:53.579> other<00:13:54.000> batches<00:13:54.540> in<00:13:54.779> it<00:13:54.959> which<00:13:55.860> is<00:13:55.980> caused 00:13:56.389 --> 00:13:56.399 align:start position:0% some other batches in it which is caused 00:13:56.399 --> 00:13:58.310 align:start position:0% some other batches in it which is caused both<00:13:56.459> by<00:13:56.700> the<00:13:56.760> conducted<00:13:57.240> paradoxes<00:13:57.839> and<00:13:58.200> the 00:13:58.310 --> 00:13:58.320 align:start position:0% both by the conducted paradoxes and the 00:13:58.320 --> 00:13:59.930 align:start position:0% both by the conducted paradoxes and the initial<00:13:58.560> partial<00:13:58.920> being<00:13:59.279> reported<00:13:59.639> by<00:13:59.820> each 00:13:59.930 --> 00:13:59.940 align:start position:0% initial partial being reported by each 00:13:59.940 --> 00:14:02.210 align:start position:0% initial partial being reported by each individual<00:14:00.360> node<00:14:00.660> so<00:14:01.200> now<00:14:01.320> the<00:14:01.560> Monarch<00:14:01.980> tries 00:14:02.210 --> 00:14:02.220 align:start position:0% individual node so now the Monarch tries 00:14:02.220 --> 00:14:04.550 align:start position:0% individual node so now the Monarch tries to<00:14:02.399> resolve<00:14:02.760> the<00:14:02.940> order<00:14:03.120> of<00:14:03.660> the<00:14:03.899> on<00:14:04.139> or<00:14:04.380> the 00:14:04.550 --> 00:14:04.560 align:start position:0% to resolve the order of the on or the 00:14:04.560 --> 00:14:06.710 align:start position:0% to resolve the order of the on or the batches<00:14:04.920> using<00:14:05.220> auctions<00:14:05.639> right<00:14:06.120> so<00:14:06.420> this<00:14:06.600> is 00:14:06.710 --> 00:14:06.720 align:start position:0% batches using auctions right so this is 00:14:06.720 --> 00:14:08.930 align:start position:0% batches using auctions right so this is why<00:14:06.959> it's<00:14:07.139> free<00:14:07.320> from<00:14:07.560> Dash<00:14:07.740> auction<00:14:08.040> uh<00:14:08.760> and 00:14:08.930 --> 00:14:08.940 align:start position:0% why it's free from Dash auction uh and 00:14:08.940 --> 00:14:10.970 align:start position:0% why it's free from Dash auction uh and then<00:14:09.120> in<00:14:09.300> reality<00:14:09.600> why<00:14:09.839> is<00:14:09.959> this<00:14:10.079> model<00:14:10.320> like 00:14:10.970 --> 00:14:10.980 align:start position:0% then in reality why is this model like 00:14:10.980 --> 00:14:13.009 align:start position:0% then in reality why is this model like let's<00:14:11.279> speak<00:14:11.639> into<00:14:11.820> some<00:14:12.060> datas<00:14:12.420> we<00:14:12.660> see<00:14:12.779> that 00:14:13.009 --> 00:14:13.019 align:start position:0% let's speak into some datas we see that 00:14:13.019 --> 00:14:15.889 align:start position:0% let's speak into some datas we see that in<00:14:13.800> reality<00:14:14.160> it's<00:14:14.279> over<00:14:14.579> 65<00:14:15.000> of<00:14:15.540> the<00:14:15.720> unit 00:14:15.889 --> 00:14:15.899 align:start position:0% in reality it's over 65 of the unit 00:14:15.899 --> 00:14:18.650 align:start position:0% in reality it's over 65 of the unit volume<00:14:16.500> is<00:14:16.800> comes<00:14:17.459> from<00:14:17.519> Arbitrage<00:14:18.060> it's<00:14:18.300> you 00:14:18.650 --> 00:14:18.660 align:start position:0% volume is comes from Arbitrage it's you 00:14:18.660 --> 00:14:20.329 align:start position:0% volume is comes from Arbitrage it's you know<00:14:18.720> maybe<00:14:18.839> statistical<00:14:19.440> and<00:14:19.800> among<00:14:20.160> the 00:14:20.329 --> 00:14:20.339 align:start position:0% know maybe statistical and among the 00:14:20.339 --> 00:14:23.990 align:start position:0% know maybe statistical and among the other<00:14:20.519> 35<00:14:21.000> it's<00:14:21.959> a<00:14:22.260> big<00:14:22.440> a<00:14:23.220> few<00:14:23.459> few<00:14:23.700> market 00:14:23.990 --> 00:14:24.000 align:start position:0% other 35 it's a big a few few market 00:14:24.000 --> 00:14:26.449 align:start position:0% other 35 it's a big a few few market makers<00:14:24.540> so<00:14:25.260> what<00:14:25.500> this<00:14:25.680> means<00:14:25.920> is<00:14:26.040> that<00:14:26.279> the 00:14:26.449 --> 00:14:26.459 align:start position:0% makers so what this means is that the 00:14:26.459 --> 00:14:28.730 align:start position:0% makers so what this means is that the MAV<00:14:27.120> activity<00:14:27.480> constitutes<00:14:28.079> a<00:14:28.260> huge<00:14:28.500> amount 00:14:28.730 --> 00:14:28.740 align:start position:0% MAV activity constitutes a huge amount 00:14:28.740 --> 00:14:30.530 align:start position:0% MAV activity constitutes a huge amount of<00:14:28.860> ethereum<00:14:29.579> activity<00:14:29.940> and<00:14:30.120> the<00:14:30.240> burst 00:14:30.530 --> 00:14:30.540 align:start position:0% of ethereum activity and the burst 00:14:30.540 --> 00:14:32.569 align:start position:0% of ethereum activity and the burst period<00:14:30.779> on<00:14:30.959> ethereum<00:14:31.440> which<00:14:31.920> arises<00:14:32.399> from 00:14:32.569 --> 00:14:32.579 align:start position:0% period on ethereum which arises from 00:14:32.579 --> 00:14:33.949 align:start position:0% period on ethereum which arises from public<00:14:32.820> information<00:14:33.120> reviews<00:14:33.540> so<00:14:33.779> for 00:14:33.949 --> 00:14:33.959 align:start position:0% public information reviews so for 00:14:33.959 --> 00:14:35.629 align:start position:0% public information reviews so for example<00:14:34.200> some<00:14:34.620> price<00:14:34.800> discoveries<00:14:35.339> having 00:14:35.629 --> 00:14:35.639 align:start position:0% example some price discoveries having 00:14:35.639 --> 00:14:37.550 align:start position:0% example some price discoveries having some<00:14:35.880> binance<00:14:36.240> for<00:14:36.480> some<00:14:36.600> people 00:14:37.550 --> 00:14:37.560 align:start position:0% some binance for some people 00:14:37.560 --> 00:14:39.350 align:start position:0% some binance for some people um<00:14:37.620> some<00:14:37.980> wells<00:14:38.279> and<00:14:38.519> The<00:14:38.700> unpride<00:14:39.120> Hectic 00:14:39.350 --> 00:14:39.360 align:start position:0% um some wells and The unpride Hectic 00:14:39.360 --> 00:14:41.509 align:start position:0% um some wells and The unpride Hectic transaction<00:14:39.660> into<00:14:39.899> the<00:14:40.079> public<00:14:40.199> member<00:14:40.800> uh 00:14:41.509 --> 00:14:41.519 align:start position:0% transaction into the public member uh 00:14:41.519 --> 00:14:44.629 align:start position:0% transaction into the public member uh then<00:14:41.880> uh<00:14:42.540> once<00:14:43.019> once<00:14:43.560> it<00:14:43.680> this<00:14:44.040> kind<00:14:44.160> of<00:14:44.279> event 00:14:44.629 --> 00:14:44.639 align:start position:0% then uh once once it this kind of event 00:14:44.639 --> 00:14:47.590 align:start position:0% then uh once once it this kind of event happens<00:14:44.940> it<00:14:45.360> takes<00:14:45.540> around<00:14:45.720> 1.2<00:14:46.380> seconds<00:14:46.560> and 00:14:47.590 --> 00:14:47.600 align:start position:0% happens it takes around 1.2 seconds and 00:14:47.600 --> 00:14:51.889 align:start position:0% happens it takes around 1.2 seconds and and<00:14:48.600> 75<00:14:49.260> of<00:14:50.100> the<00:14:50.279> conflict<00:14:50.699> of<00:14:50.880> preferences<00:14:51.420> on 00:14:51.889 --> 00:14:51.899 align:start position:0% and 75 of the conflict of preferences on 00:14:51.899 --> 00:14:54.650 align:start position:0% and 75 of the conflict of preferences on ethereum<00:14:52.380> conflict<00:14:53.339> presence<00:14:53.760> is<00:14:54.120> meaning 00:14:54.650 --> 00:14:54.660 align:start position:0% ethereum conflict presence is meaning 00:14:54.660 --> 00:14:56.509 align:start position:0% ethereum conflict presence is meaning that<00:14:54.899> there<00:14:55.139> is<00:14:55.260> a<00:14:55.380> conflict<00:14:55.620> within<00:14:56.100> what 00:14:56.509 --> 00:14:56.519 align:start position:0% that there is a conflict within what 00:14:56.519 --> 00:14:58.009 align:start position:0% that there is a conflict within what specifications<00:14:57.240> should<00:14:57.600> the<00:14:57.720> next<00:14:57.839> day 00:14:58.009 --> 00:14:58.019 align:start position:0% specifications should the next day 00:14:58.019 --> 00:15:01.490 align:start position:0% specifications should the next day satisfy<00:14:58.760> uh<00:14:59.760> uh<00:15:00.360> you<00:15:00.600> know<00:15:00.660> it<00:15:00.899> happens<00:15:01.079> less 00:15:01.490 --> 00:15:01.500 align:start position:0% satisfy uh uh you know it happens less 00:15:01.500 --> 00:15:04.430 align:start position:0% satisfy uh uh you know it happens less than<00:15:01.680> four<00:15:02.279> percent<00:15:02.699> of<00:15:03.000> the<00:15:03.120> time<00:15:03.300> and<00:15:04.139> so 00:15:04.430 --> 00:15:04.440 align:start position:0% than four percent of the time and so 00:15:04.440 --> 00:15:06.470 align:start position:0% than four percent of the time and so this<00:15:04.680> means<00:15:05.160> that<00:15:05.279> vanilla<00:15:05.579> first<00:15:06.120> come<00:15:06.360> first 00:15:06.470 --> 00:15:06.480 align:start position:0% this means that vanilla first come first 00:15:06.480 --> 00:15:07.730 align:start position:0% this means that vanilla first come first serve<00:15:06.779> compared<00:15:07.019> with<00:15:07.199> frequent<00:15:07.560> batch 00:15:07.730 --> 00:15:07.740 align:start position:0% serve compared with frequent batch 00:15:07.740 --> 00:15:10.730 align:start position:0% serve compared with frequent batch auction<00:15:07.980> first<00:15:08.579> compressor<00:15:09.300> will<00:15:09.600> be<00:15:09.839> pairing 00:15:10.730 --> 00:15:10.740 align:start position:0% auction first compressor will be pairing 00:15:10.740 --> 00:15:12.710 align:start position:0% auction first compressor will be pairing the<00:15:10.860> action<00:15:11.279> activity<00:15:11.820> tonalities<00:15:12.420> which 00:15:12.710 --> 00:15:12.720 align:start position:0% the action activity tonalities which 00:15:12.720 --> 00:15:15.769 align:start position:0% the action activity tonalities which cause<00:15:12.959> worse<00:15:13.560> ux<00:15:13.860> higher<00:15:14.579> fees<00:15:14.820> for<00:15:15.000> users<00:15:15.360> or 00:15:15.769 --> 00:15:15.779 align:start position:0% cause worse ux higher fees for users or 00:15:15.779 --> 00:15:17.990 align:start position:0% cause worse ux higher fees for users or centralization<00:15:16.380> in<00:15:16.620> the<00:15:16.740> nodes<00:15:16.920> from<00:15:17.279> 12x 00:15:17.990 --> 00:15:18.000 align:start position:0% centralization in the nodes from 12x 00:15:18.000 --> 00:15:20.509 align:start position:0% centralization in the nodes from 12x more<00:15:18.300> conflict<00:15:18.660> of<00:15:18.839> preferences<00:15:19.260> so<00:15:20.100> you<00:15:20.459> know 00:15:20.509 --> 00:15:20.519 align:start position:0% more conflict of preferences so you know 00:15:20.519 --> 00:15:22.850 align:start position:0% more conflict of preferences so you know bursts<00:15:21.360> of<00:15:21.420> periods<00:15:21.839> per<00:15:22.019> preferences<00:15:22.500> are 00:15:22.850 --> 00:15:22.860 align:start position:0% bursts of periods per preferences are 00:15:22.860 --> 00:15:25.970 align:start position:0% bursts of periods per preferences are significant<00:15:23.399> and<00:15:24.360> just<00:15:24.660> adding<00:15:25.199> some<00:15:25.560> partial 00:15:25.970 --> 00:15:25.980 align:start position:0% significant and just adding some partial 00:15:25.980 --> 00:15:27.949 align:start position:0% significant and just adding some partial ordering<00:15:26.399> just<00:15:26.579> covering<00:15:27.000> that<00:15:27.180> little<00:15:27.480> four 00:15:27.949 --> 00:15:27.959 align:start position:0% ordering just covering that little four 00:15:27.959 --> 00:15:32.030 align:start position:0% ordering just covering that little four percent<00:15:28.199> window<00:15:28.940> you<00:15:29.940> can<00:15:30.260> mitigate<00:15:31.260> most<00:15:31.860> of 00:15:32.030 --> 00:15:32.040 align:start position:0% percent window you can mitigate most of 00:15:32.040 --> 00:15:34.850 align:start position:0% percent window you can mitigate most of the<00:15:32.279> negative<00:15:32.880> externalities<00:15:33.540> on<00:15:33.959> the<00:15:34.199> domain 00:15:34.850 --> 00:15:34.860 align:start position:0% the negative externalities on the domain 00:15:34.860 --> 00:15:36.290 align:start position:0% the negative externalities on the domain you<00:15:35.040> can<00:15:35.160> take<00:15:35.220> value<00:15:35.399> back<00:15:35.699> from<00:15:36.000> the 00:15:36.290 --> 00:15:36.300 align:start position:0% you can take value back from the 00:15:36.300 --> 00:15:38.509 align:start position:0% you can take value back from the monologue<00:15:36.959> right<00:15:37.199> so<00:15:37.380> if<00:15:37.620> we<00:15:37.740> use<00:15:38.040> the<00:15:38.339> three 00:15:38.509 --> 00:15:38.519 align:start position:0% monologue right so if we use the three 00:15:38.519 --> 00:15:40.550 align:start position:0% monologue right so if we use the three EV<00:15:38.760> framework<00:15:39.300> to<00:15:39.540> compare<00:15:39.839> those<00:15:40.079> two 00:15:40.550 --> 00:15:40.560 align:start position:0% EV framework to compare those two 00:15:40.560 --> 00:15:42.530 align:start position:0% EV framework to compare those two protocols<00:15:41.160> we<00:15:41.339> can<00:15:41.519> see<00:15:41.699> that 00:15:42.530 --> 00:15:42.540 align:start position:0% protocols we can see that 00:15:42.540 --> 00:15:45.230 align:start position:0% protocols we can see that they<00:15:43.019> have<00:15:43.199> the<00:15:43.320> same<00:15:43.440> Mafia<00:15:43.860> right<00:15:44.100> uh<00:15:45.000> and 00:15:45.230 --> 00:15:45.240 align:start position:0% they have the same Mafia right uh and 00:15:45.240 --> 00:15:48.050 align:start position:0% they have the same Mafia right uh and and<00:15:45.360> for<00:15:45.600> marlocks<00:15:46.199> the<00:15:46.440> the<00:15:46.740> first<00:15:47.699> the 00:15:48.050 --> 00:15:48.060 align:start position:0% and for marlocks the the first the 00:15:48.060 --> 00:15:50.329 align:start position:0% and for marlocks the the first the vanilla<00:15:48.839> version<00:15:49.019> has<00:15:49.380> much<00:15:49.560> more<00:15:49.740> monologue 00:15:50.329 --> 00:15:50.339 align:start position:0% vanilla version has much more monologue 00:15:50.339 --> 00:15:53.389 align:start position:0% vanilla version has much more monologue because<00:15:50.820> uh<00:15:51.660> the<00:15:51.899> vanilla<00:15:52.800> version<00:15:52.920> nobody 00:15:53.389 --> 00:15:53.399 align:start position:0% because uh the vanilla version nobody 00:15:53.399 --> 00:15:55.370 align:start position:0% because uh the vanilla version nobody can<00:15:53.639> express<00:15:53.820> their<00:15:54.180> preferences<00:15:54.660> in<00:15:55.079> a<00:15:55.260> short 00:15:55.370 --> 00:15:55.380 align:start position:0% can express their preferences in a short 00:15:55.380 --> 00:15:57.410 align:start position:0% can express their preferences in a short burst<00:15:55.800> period<00:15:56.100> which<00:15:56.519> constitutes<00:15:57.060> most<00:15:57.240> of 00:15:57.410 --> 00:15:57.420 align:start position:0% burst period which constitutes most of 00:15:57.420 --> 00:15:59.990 align:start position:0% burst period which constitutes most of the<00:15:57.600> activity<00:15:57.959> right<00:15:58.199> so<00:15:58.740> so<00:15:59.040> the<00:15:59.459> monologue 00:15:59.990 --> 00:16:00.000 align:start position:0% the activity right so so the monologue 00:16:00.000 --> 00:16:01.790 align:start position:0% the activity right so so the monologue arises<00:16:00.360> from<00:16:00.660> the<00:16:00.899> tribute<00:16:01.260> to<00:16:01.380> the<00:16:01.500> monologue 00:16:01.790 --> 00:16:01.800 align:start position:0% arises from the tribute to the monologue 00:16:01.800 --> 00:16:03.829 align:start position:0% arises from the tribute to the monologue arises<00:16:02.160> from<00:16:02.399> on<00:16:02.519> coordination<00:16:03.060> and<00:16:03.660> then 00:16:03.829 --> 00:16:03.839 align:start position:0% arises from on coordination and then 00:16:03.839 --> 00:16:05.689 align:start position:0% arises from on coordination and then Ultra<00:16:04.260> simplify<00:16:04.800> social<00:16:04.980> Choice<00:16:05.399> function 00:16:05.689 --> 00:16:05.699 align:start position:0% Ultra simplify social Choice function 00:16:05.699 --> 00:16:06.889 align:start position:0% Ultra simplify social Choice function right<00:16:05.940> where<00:16:06.300> the<00:16:06.420> spiritual<00:16:06.720> Choice 00:16:06.889 --> 00:16:06.899 align:start position:0% right where the spiritual Choice 00:16:06.899 --> 00:16:09.710 align:start position:0% right where the spiritual Choice function<00:16:07.199> is<00:16:07.380> like<00:16:07.560> IO<00:16:08.040> like<00:16:08.940> I<00:16:09.120> choose<00:16:09.600> to 00:16:09.710 --> 00:16:09.720 align:start position:0% function is like IO like I choose to 00:16:09.720 --> 00:16:11.569 align:start position:0% function is like IO like I choose to preference<00:16:10.079> by<00:16:10.320> the<00:16:10.680> other<00:16:10.800> I<00:16:11.040> receive<00:16:11.339> them 00:16:11.569 --> 00:16:11.579 align:start position:0% preference by the other I receive them 00:16:11.579 --> 00:16:13.730 align:start position:0% preference by the other I receive them that<00:16:12.000> does<00:16:12.180> not<00:16:12.360> coordinate<00:16:12.899> any<00:16:13.380> of<00:16:13.620> the 00:16:13.730 --> 00:16:13.740 align:start position:0% that does not coordinate any of the 00:16:13.740 --> 00:16:16.129 align:start position:0% that does not coordinate any of the first<00:16:13.920> period<00:16:14.519> Mev<00:16:15.120> right<00:16:15.420> and<00:16:15.660> then<00:16:15.839> burst 00:16:16.129 --> 00:16:16.139 align:start position:0% first period Mev right and then burst 00:16:16.139 --> 00:16:18.170 align:start position:0% first period Mev right and then burst period<00:16:16.380> and<00:16:16.620> maybe<00:16:16.740> you<00:16:17.279> know<00:16:17.399> typical<00:16:17.820> cases 00:16:18.170 --> 00:16:18.180 align:start position:0% period and maybe you know typical cases 00:16:18.180 --> 00:16:20.150 align:start position:0% period and maybe you know typical cases include<00:16:18.660> like<00:16:18.899> permission<00:16:19.199> SMU<00:16:19.800> price 00:16:20.150 --> 00:16:20.160 align:start position:0% include like permission SMU price 00:16:20.160 --> 00:16:24.050 align:start position:0% include like permission SMU price Discovery<00:16:20.579> automatic<00:16:21.440> so<00:16:22.440> uh<00:16:22.980> and<00:16:23.220> then<00:16:23.399> so<00:16:23.940> as 00:16:24.050 --> 00:16:24.060 align:start position:0% Discovery automatic so uh and then so as 00:16:24.060 --> 00:16:25.430 align:start position:0% Discovery automatic so uh and then so as you<00:16:24.180> can<00:16:24.300> see<00:16:24.420> from<00:16:24.660> the<00:16:24.779> graph<00:16:24.959> on<00:16:25.199> the<00:16:25.320> right 00:16:25.430 --> 00:16:25.440 align:start position:0% you can see from the graph on the right 00:16:25.440 --> 00:16:27.769 align:start position:0% you can see from the graph on the right right<00:16:25.680> like<00:16:25.920> we<00:16:26.100> are<00:16:26.279> transforming<00:16:26.760> the<00:16:27.120> mafia 00:16:27.769 --> 00:16:27.779 align:start position:0% right like we are transforming the mafia 00:16:27.779 --> 00:16:30.350 align:start position:0% right like we are transforming the mafia slowly<00:16:28.260> into<00:16:28.440> the<00:16:28.680> model<00:16:28.800> aquarium<00:16:29.519> where<00:16:30.180> the 00:16:30.350 --> 00:16:30.360 align:start position:0% slowly into the model aquarium where the 00:16:30.360 --> 00:16:32.870 align:start position:0% slowly into the model aquarium where the value<00:16:30.540> is<00:16:30.839> transferred<00:16:31.500> to<00:16:31.620> the<00:16:32.100> user<00:16:32.399> so<00:16:32.519> the 00:16:32.870 --> 00:16:32.880 align:start position:0% value is transferred to the user so the 00:16:32.880 --> 00:16:35.449 align:start position:0% value is transferred to the user so the users<00:16:33.120> have<00:16:33.420> the<00:16:34.139> same<00:16:34.260> payoff<00:16:34.620> you<00:16:35.100> know<00:16:35.160> same 00:16:35.449 --> 00:16:35.459 align:start position:0% users have the same payoff you know same 00:16:35.459 --> 00:16:37.129 align:start position:0% users have the same payoff you know same bad<00:16:35.699> payoff<00:16:36.060> and<00:16:36.360> then<00:16:36.480> from<00:16:36.720> the<00:16:36.839> Monarch 00:16:37.129 --> 00:16:37.139 align:start position:0% bad payoff and then from the Monarch 00:16:37.139 --> 00:16:39.050 align:start position:0% bad payoff and then from the Monarch it's<00:16:37.320> strictly<00:16:37.620> worse<00:16:37.980> right<00:16:38.160> but<00:16:38.759> better 00:16:39.050 --> 00:16:39.060 align:start position:0% it's strictly worse right but better 00:16:39.060 --> 00:16:41.689 align:start position:0% it's strictly worse right but better definition<00:16:39.360> but<00:16:39.839> also<00:16:40.139> uh<00:16:40.920> vanilla<00:16:41.459> versions 00:16:41.689 --> 00:16:41.699 align:start position:0% definition but also uh vanilla versions 00:16:41.699 --> 00:16:44.629 align:start position:0% definition but also uh vanilla versions from<00:16:41.940> the<00:16:42.120> ROM<00:16:42.300> on<00:16:42.480> work<00:16:42.959> right<00:16:43.380> so<00:16:44.100> in<00:16:44.399> in 00:16:44.629 --> 00:16:44.639 align:start position:0% from the ROM on work right so in in 00:16:44.639 --> 00:16:48.110 align:start position:0% from the ROM on work right so in in latency<00:16:45.240> games<00:16:45.540> you<00:16:46.320> pay<00:16:46.740> more<00:16:46.980> to<00:16:47.220> AWS<00:16:47.880> or 00:16:48.110 --> 00:16:48.120 align:start position:0% latency games you pay more to AWS or 00:16:48.120 --> 00:16:50.150 align:start position:0% latency games you pay more to AWS or Google<00:16:48.360> Cloud<00:16:48.600> because<00:16:49.019> you<00:16:49.620> know<00:16:49.800> you<00:16:49.980> need 00:16:50.150 --> 00:16:50.160 align:start position:0% Google Cloud because you know you need 00:16:50.160 --> 00:16:52.550 align:start position:0% Google Cloud because you know you need to<00:16:50.279> play<00:16:50.399> latency<00:16:51.180> games<00:16:51.480> and<00:16:51.779> SAS<00:16:52.019> and<00:16:52.380> the 00:16:52.550 --> 00:16:52.560 align:start position:0% to play latency games and SAS and the 00:16:52.560 --> 00:16:54.889 align:start position:0% to play latency games and SAS and the Monarch<00:16:52.980> you<00:16:53.279> know<00:16:53.339> Google<00:16:53.820> and<00:16:54.240> Amazon<00:16:54.420> are 00:16:54.889 --> 00:16:54.899 align:start position:0% Monarch you know Google and Amazon are 00:16:54.899 --> 00:16:56.569 align:start position:0% Monarch you know Google and Amazon are obviously<00:16:55.320> nothing<00:16:55.500> incentive<00:16:56.040> aligned<00:16:56.399> with 00:16:56.569 --> 00:16:56.579 align:start position:0% obviously nothing incentive aligned with 00:16:56.579 --> 00:16:58.730 align:start position:0% obviously nothing incentive aligned with crypto<00:16:57.180> or<00:16:57.360> like<00:16:57.660> whichever<00:16:58.199> domain<00:16:58.620> you 00:16:58.730 --> 00:16:58.740 align:start position:0% crypto or like whichever domain you 00:16:58.740 --> 00:17:01.129 align:start position:0% crypto or like whichever domain you adopt<00:16:59.040> your<00:16:59.160> audience<00:16:59.660> and<00:17:00.660> of<00:17:00.839> course<00:17:00.959> it's 00:17:01.129 --> 00:17:01.139 align:start position:0% adopt your audience and of course it's 00:17:01.139 --> 00:17:02.870 align:start position:0% adopt your audience and of course it's more<00:17:01.320> centralized<00:17:01.800> because<00:17:01.980> camera<00:17:02.399> is<00:17:02.639> like 00:17:02.870 --> 00:17:02.880 align:start position:0% more centralized because camera is like 00:17:02.880 --> 00:17:04.309 align:start position:0% more centralized because camera is like fan 00:17:04.309 --> 00:17:04.319 align:start position:0% fan 00:17:04.319 --> 00:17:08.569 align:start position:0% fan um<00:17:04.459> uh<00:17:05.459> okay<00:17:06.299> so<00:17:06.540> now<00:17:06.780> come<00:17:07.380> some<00:17:07.919> concrete 00:17:08.569 --> 00:17:08.579 align:start position:0% um uh okay so now come some concrete 00:17:08.579 --> 00:17:10.189 align:start position:0% um uh okay so now come some concrete examples<00:17:09.120> let's<00:17:09.600> see<00:17:09.839> you<00:17:10.079> know 00:17:10.189 --> 00:17:10.199 align:start position:0% examples let's see you know 00:17:10.199 --> 00:17:11.689 align:start position:0% examples let's see you know transformation<00:17:10.679> of<00:17:11.100> three<00:17:11.220> if<00:17:11.459> it<00:17:11.640> does 00:17:11.689 --> 00:17:11.699 align:start position:0% transformation of three if it does 00:17:11.699 --> 00:17:14.329 align:start position:0% transformation of three if it does really<00:17:11.939> actually<00:17:12.360> capture<00:17:12.839> most<00:17:13.020> of<00:17:13.199> the<00:17:13.380> uh 00:17:14.329 --> 00:17:14.339 align:start position:0% really actually capture most of the uh 00:17:14.339 --> 00:17:15.949 align:start position:0% really actually capture most of the uh existing<00:17:14.760> and<00:17:15.000> maybe<00:17:15.120> Notions<00:17:15.540> that<00:17:15.660> we<00:17:15.839> have 00:17:15.949 --> 00:17:15.959 align:start position:0% existing and maybe Notions that we have 00:17:15.959 --> 00:17:19.250 align:start position:0% existing and maybe Notions that we have so<00:17:16.860> for<00:17:17.160> transforming<00:17:17.760> Mala<00:17:18.299> to<00:17:18.419> Monarch<00:17:19.140> we 00:17:19.250 --> 00:17:19.260 align:start position:0% so for transforming Mala to Monarch we 00:17:19.260 --> 00:17:21.710 align:start position:0% so for transforming Mala to Monarch we see<00:17:19.439> that<00:17:19.679> one<00:17:20.520> form<00:17:20.699> of<00:17:20.939> this<00:17:21.059> is<00:17:21.179> a<00:17:21.480> spread 00:17:21.710 --> 00:17:21.720 align:start position:0% see that one form of this is a spread 00:17:21.720 --> 00:17:24.370 align:start position:0% see that one form of this is a spread charged<00:17:22.079> charged<00:17:22.559> by<00:17:22.679> market<00:17:22.860> maker<00:17:23.280> Bridges 00:17:24.370 --> 00:17:24.380 align:start position:0% charged charged by market maker Bridges 00:17:24.380 --> 00:17:28.309 align:start position:0% charged charged by market maker Bridges from<00:17:25.380> Monarch<00:17:25.980> to<00:17:26.220> Mafia<00:17:26.880> we<00:17:27.120> see<00:17:27.299> that<00:17:27.480> if<00:17:27.720> in 00:17:28.309 --> 00:17:28.319 align:start position:0% from Monarch to Mafia we see that if in 00:17:28.319 --> 00:17:30.890 align:start position:0% from Monarch to Mafia we see that if in traditionally<00:17:28.919> if<00:17:29.820> in<00:17:30.059> previous<00:17:30.240> ethereum 00:17:30.890 --> 00:17:30.900 align:start position:0% traditionally if in previous ethereum 00:17:30.900 --> 00:17:33.289 align:start position:0% traditionally if in previous ethereum profile<00:17:31.380> work<00:17:31.620> the<00:17:32.040> miners<00:17:32.340> were<00:17:32.580> to<00:17:32.700> go<00:17:32.880> Rogue 00:17:33.289 --> 00:17:33.299 align:start position:0% profile work the miners were to go Rogue 00:17:33.299 --> 00:17:34.970 align:start position:0% profile work the miners were to go Rogue and<00:17:33.600> still<00:17:33.780> bundles<00:17:34.200> they<00:17:34.440> need<00:17:34.620> to<00:17:34.679> be<00:17:34.799> you 00:17:34.970 --> 00:17:34.980 align:start position:0% and still bundles they need to be you 00:17:34.980 --> 00:17:37.130 align:start position:0% and still bundles they need to be you know<00:17:35.100> they<00:17:35.280> were<00:17:35.460> the<00:17:35.720> Monarch<00:17:36.720> but<00:17:36.900> they 00:17:37.130 --> 00:17:37.140 align:start position:0% know they were the Monarch but they 00:17:37.140 --> 00:17:39.529 align:start position:0% know they were the Monarch but they choose<00:17:37.440> to<00:17:37.679> gain<00:17:38.280> an<00:17:38.580> advantage<00:17:39.000> using<00:17:39.419> their 00:17:39.529 --> 00:17:39.539 align:start position:0% choose to gain an advantage using their 00:17:39.539 --> 00:17:41.390 align:start position:0% choose to gain an advantage using their estimation<00:17:40.260> information<00:17:40.500> the<00:17:40.919> ability<00:17:41.100> to 00:17:41.390 --> 00:17:41.400 align:start position:0% estimation information the ability to 00:17:41.400 --> 00:17:45.590 align:start position:0% estimation information the ability to act<00:17:41.640> on<00:17:41.820> that<00:17:42.059> information 00:17:45.590 --> 00:17:45.600 align:start position:0% 00:17:45.600 --> 00:17:48.950 align:start position:0% wait<00:17:46.200> what<00:17:46.559> okay<00:17:47.160> uh<00:17:47.460> and<00:17:47.700> then<00:17:48.000> from<00:17:48.299> Mafia<00:17:48.720> to 00:17:48.950 --> 00:17:48.960 align:start position:0% wait what okay uh and then from Mafia to 00:17:48.960 --> 00:17:51.049 align:start position:0% wait what okay uh and then from Mafia to malloc<00:17:49.380> the<00:17:49.679> transformation<00:17:49.980> so<00:17:50.700> for<00:17:50.880> example 00:17:51.049 --> 00:17:51.059 align:start position:0% malloc the transformation so for example 00:17:51.059 --> 00:17:53.390 align:start position:0% malloc the transformation so for example you<00:17:51.360> go<00:17:51.600> from<00:17:51.900> a<00:17:52.080> public<00:17:52.380> member<00:17:52.799> model<00:17:53.039> to<00:17:53.280> a 00:17:53.390 --> 00:17:53.400 align:start position:0% you go from a public member model to a 00:17:53.400 --> 00:17:55.070 align:start position:0% you go from a public member model to a vanilla<00:17:53.760> first<00:17:53.940> come<00:17:54.179> first<00:17:54.360> serve<00:17:54.660> right<00:17:54.780> you 00:17:55.070 --> 00:17:55.080 align:start position:0% vanilla first come first serve right you 00:17:55.080 --> 00:17:58.070 align:start position:0% vanilla first come first serve right you eliminated<00:17:56.419> so<00:17:57.419> you<00:17:57.600> don't<00:17:57.720> have<00:17:57.900> that 00:17:58.070 --> 00:17:58.080 align:start position:0% eliminated so you don't have that 00:17:58.080 --> 00:18:01.070 align:start position:0% eliminated so you don't have that information<00:17:58.340> but<00:17:59.340> you<00:17:59.580> have<00:18:00.059> that<00:18:00.419> uh<00:18:00.840> you 00:18:01.070 --> 00:18:01.080 align:start position:0% information but you have that uh you 00:18:01.080 --> 00:18:03.830 align:start position:0% information but you have that uh you know<00:18:01.140> uh<00:18:02.100> on<00:18:02.280> coordination<00:18:02.760> you<00:18:03.059> have<00:18:03.240> a<00:18:03.480> a 00:18:03.830 --> 00:18:03.840 align:start position:0% know uh on coordination you have a a 00:18:03.840 --> 00:18:07.130 align:start position:0% know uh on coordination you have a a very<00:18:04.140> bad<00:18:04.320> allocation<00:18:04.919> of<00:18:05.280> preferences<00:18:06.140> which 00:18:07.130 --> 00:18:07.140 align:start position:0% very bad allocation of preferences which 00:18:07.140 --> 00:18:09.110 align:start position:0% very bad allocation of preferences which increases<00:18:07.679> monologue<00:18:08.160> and<00:18:08.280> then<00:18:08.460> from<00:18:08.700> malloc 00:18:09.110 --> 00:18:09.120 align:start position:0% increases monologue and then from malloc 00:18:09.120 --> 00:18:11.390 align:start position:0% increases monologue and then from malloc to<00:18:09.360> Mafia<00:18:10.080> you'll<00:18:10.440> see<00:18:10.559> that<00:18:10.740> so<00:18:11.039> for<00:18:11.220> example 00:18:11.390 --> 00:18:11.400 align:start position:0% to Mafia you'll see that so for example 00:18:11.400 --> 00:18:13.370 align:start position:0% to Mafia you'll see that so for example if<00:18:11.700> a<00:18:11.880> malicious<00:18:12.240> coordinator<00:18:12.840> were<00:18:13.140> to 00:18:13.370 --> 00:18:13.380 align:start position:0% if a malicious coordinator were to 00:18:13.380 --> 00:18:16.190 align:start position:0% if a malicious coordinator were to pocket<00:18:13.799> all<00:18:14.039> of<00:18:14.160> the<00:18:14.280> Surplus<00:18:14.640> with<00:18:14.880> that<00:18:15.480> that 00:18:16.190 --> 00:18:16.200 align:start position:0% pocket all of the Surplus with that that 00:18:16.200 --> 00:18:18.950 align:start position:0% pocket all of the Surplus with that that it<00:18:16.799> generates<00:18:17.280> from<00:18:17.940> optimizing<00:18:18.780> the 00:18:18.950 --> 00:18:18.960 align:start position:0% it generates from optimizing the 00:18:18.960 --> 00:18:20.690 align:start position:0% it generates from optimizing the ordering<00:18:19.320> or<00:18:19.500> just<00:18:19.679> existing<00:18:20.220> you<00:18:20.460> know<00:18:20.520> from 00:18:20.690 --> 00:18:20.700 align:start position:0% ordering or just existing you know from 00:18:20.700 --> 00:18:24.110 align:start position:0% ordering or just existing you know from coordination<00:18:21.240> so<00:18:21.720> this<00:18:21.900> case<00:18:22.160> uh<00:18:23.160> you<00:18:23.760> you<00:18:24.000> you 00:18:24.110 --> 00:18:24.120 align:start position:0% coordination so this case uh you you you 00:18:24.120 --> 00:18:29.510 align:start position:0% coordination so this case uh you you you go<00:18:24.840> from<00:18:25.200> yeah<00:18:26.299> and<00:18:27.299> then<00:18:27.480> what<00:18:28.080> we<00:18:29.039> can<00:18:29.160> do<00:18:29.340> to 00:18:29.510 --> 00:18:29.520 align:start position:0% go from yeah and then what we can do to 00:18:29.520 --> 00:18:32.570 align:start position:0% go from yeah and then what we can do to go<00:18:29.760> from<00:18:30.120> uh<00:18:30.419> Mafia<00:18:31.380> to<00:18:31.620> monarchies<00:18:32.220> to<00:18:32.460> have 00:18:32.570 --> 00:18:32.580 align:start position:0% go from uh Mafia to monarchies to have 00:18:32.580 --> 00:18:34.610 align:start position:0% go from uh Mafia to monarchies to have programmable<00:18:33.059> privacy<00:18:33.840> right<00:18:34.140> so<00:18:34.320> in<00:18:34.500> this 00:18:34.610 --> 00:18:34.620 align:start position:0% programmable privacy right so in this 00:18:34.620 --> 00:18:36.770 align:start position:0% programmable privacy right so in this case<00:18:34.799> for<00:18:35.220> example<00:18:35.400> SGS<00:18:35.940> you<00:18:36.240> can<00:18:36.299> still<00:18:36.480> do 00:18:36.770 --> 00:18:36.780 align:start position:0% case for example SGS you can still do 00:18:36.780 --> 00:18:38.510 align:start position:0% case for example SGS you can still do bundle<00:18:37.320> merging<00:18:37.620> or<00:18:37.740> block<00:18:37.919> building<00:18:38.160> or 00:18:38.510 --> 00:18:38.520 align:start position:0% bundle merging or block building or 00:18:38.520 --> 00:18:40.549 align:start position:0% bundle merging or block building or preference<00:18:39.000> aggregation<00:18:39.539> despite<00:18:40.080> that<00:18:40.440> you 00:18:40.549 --> 00:18:40.559 align:start position:0% preference aggregation despite that you 00:18:40.559 --> 00:18:44.029 align:start position:0% preference aggregation despite that you don't<00:18:40.679> have<00:18:40.860> a<00:18:41.100> Elementary<00:18:41.780> symmetry<00:18:42.780> in<00:18:43.080> the 00:18:44.029 --> 00:18:44.039 align:start position:0% don't have a Elementary symmetry in the 00:18:44.039 --> 00:18:46.310 align:start position:0% don't have a Elementary symmetry in the um<00:18:44.160> information 00:18:46.310 --> 00:18:46.320 align:start position:0% um information 00:18:46.320 --> 00:18:50.150 align:start position:0% um information and<00:18:46.919> then<00:18:47.100> finally<00:18:47.460> come<00:18:48.360> on<00:18:49.039> the<00:18:50.039> current 00:18:50.150 --> 00:18:50.160 align:start position:0% and then finally come on the current 00:18:50.160 --> 00:18:52.930 align:start position:0% and then finally come on the current model<00:18:50.760> of<00:18:51.000> Dow<00:18:51.360> governance<00:18:51.840> is<00:18:51.960> a<00:18:52.200> form<00:18:52.440> of 00:18:52.930 --> 00:18:52.940 align:start position:0% model of Dow governance is a form of 00:18:52.940 --> 00:18:55.250 align:start position:0% model of Dow governance is a form of transforming<00:18:53.940> the<00:18:54.120> Monarch<00:18:54.600> to<00:18:54.780> the<00:18:54.900> malloc 00:18:55.250 --> 00:18:55.260 align:start position:0% transforming the Monarch to the malloc 00:18:55.260 --> 00:18:58.250 align:start position:0% transforming the Monarch to the malloc which<00:18:55.500> is<00:18:55.620> not<00:18:55.799> good<00:18:55.980> right<00:18:56.160> so<00:18:56.520> uh<00:18:57.299> so<00:18:57.960> so<00:18:58.020> what 00:18:58.250 --> 00:18:58.260 align:start position:0% which is not good right so uh so so what 00:18:58.260 --> 00:19:00.830 align:start position:0% which is not good right so uh so so what this<00:18:58.440> means<00:18:58.740> is<00:18:58.980> that<00:18:59.280> so<00:18:59.820> that<00:19:00.000> exists<00:19:00.600> for 00:19:00.830 --> 00:19:00.840 align:start position:0% this means is that so that exists for 00:19:00.840 --> 00:19:02.330 align:start position:0% this means is that so that exists for coordination<00:19:01.320> right<00:19:01.620> but<00:19:01.860> then<00:19:02.039> but 00:19:02.330 --> 00:19:02.340 align:start position:0% coordination right but then but 00:19:02.340 --> 00:19:03.890 align:start position:0% coordination right but then but launching<00:19:02.760> a<00:19:02.940> dollar<00:19:03.179> token<00:19:03.539> and<00:19:03.720> then 00:19:03.890 --> 00:19:03.900 align:start position:0% launching a dollar token and then 00:19:03.900 --> 00:19:06.710 align:start position:0% launching a dollar token and then allowing<00:19:04.320> it<00:19:04.500> to<00:19:05.220> distribute<00:19:06.000> under<00:19:06.360> bad 00:19:06.710 --> 00:19:06.720 align:start position:0% allowing it to distribute under bad 00:19:06.720 --> 00:19:09.230 align:start position:0% allowing it to distribute under bad economics<00:19:07.380> or<00:19:07.679> like<00:19:07.919> whatever<00:19:08.340> you're<00:19:09.059> you're 00:19:09.230 --> 00:19:09.240 align:start position:0% economics or like whatever you're you're 00:19:09.240 --> 00:19:12.049 align:start position:0% economics or like whatever you're you're creating<00:19:09.539> a<00:19:09.720> Ponzi<00:19:10.140> which<00:19:10.320> uh<00:19:11.220> creates<00:19:11.880> more 00:19:12.049 --> 00:19:12.059 align:start position:0% creating a Ponzi which uh creates more 00:19:12.059 --> 00:19:14.690 align:start position:0% creating a Ponzi which uh creates more monologue<00:19:12.600> right<00:19:12.720> you<00:19:13.020> could<00:19:13.200> have<00:19:13.919> got<00:19:14.460> that 00:19:14.690 --> 00:19:14.700 align:start position:0% monologue right you could have got that 00:19:14.700 --> 00:19:16.909 align:start position:0% monologue right you could have got that to<00:19:14.940> a<00:19:15.120> monarch<00:19:15.480> stage<00:19:15.660> but<00:19:15.900> then<00:19:16.200> through<00:19:16.559> more 00:19:16.909 --> 00:19:16.919 align:start position:0% to a monarch stage but then through more 00:19:16.919 --> 00:19:19.070 align:start position:0% to a monarch stage but then through more decentralization<00:19:17.520> you<00:19:18.000> have<00:19:18.179> recreated<00:19:18.840> his 00:19:19.070 --> 00:19:19.080 align:start position:0% decentralization you have recreated his 00:19:19.080 --> 00:19:21.049 align:start position:0% decentralization you have recreated his monologue<00:19:19.559> in<00:19:19.860> The<00:19:19.980> Meta<00:19:20.280> game<00:19:20.400> of<00:19:20.640> the<00:19:20.760> token 00:19:21.049 --> 00:19:21.059 align:start position:0% monologue in The Meta game of the token 00:19:21.059 --> 00:19:23.090 align:start position:0% monologue in The Meta game of the token game<00:19:21.240> right<00:19:21.480> so<00:19:21.900> this<00:19:22.080> reminds<00:19:22.559> us<00:19:22.679> of<00:19:22.919> the 00:19:23.090 --> 00:19:23.100 align:start position:0% game right so this reminds us of the 00:19:23.100 --> 00:19:25.190 align:start position:0% game right so this reminds us of the previous<00:19:23.220> example<00:19:23.640> of<00:19:23.760> the<00:19:24.200> non-monatonic 00:19:25.190 --> 00:19:25.200 align:start position:0% previous example of the non-monatonic 00:19:25.200 --> 00:19:27.770 align:start position:0% previous example of the non-monatonic relation<00:19:25.919> between<00:19:26.419> decentralization<00:19:27.419> and 00:19:27.770 --> 00:19:27.780 align:start position:0% relation between decentralization and 00:19:27.780 --> 00:19:29.630 align:start position:0% relation between decentralization and coordination<00:19:28.260> and<00:19:28.620> efficiency<00:19:29.280> in<00:19:29.520> the 00:19:29.630 --> 00:19:29.640 align:start position:0% coordination and efficiency in the 00:19:29.640 --> 00:19:31.130 align:start position:0% coordination and efficiency in the mechanism 00:19:31.130 --> 00:19:31.140 align:start position:0% mechanism 00:19:31.140 --> 00:19:33.470 align:start position:0% mechanism um<00:19:31.260> so<00:19:31.440> then<00:19:31.679> some<00:19:31.919> implications<00:19:32.400> of<00:19:32.760> three<00:19:33.000> EV 00:19:33.470 --> 00:19:33.480 align:start position:0% um so then some implications of three EV 00:19:33.480 --> 00:19:35.630 align:start position:0% um so then some implications of three EV right<00:19:33.780> concretize<00:19:34.380> this<00:19:34.679> idea<00:19:34.980> what<00:19:35.280> why<00:19:35.460> is 00:19:35.630 --> 00:19:35.640 align:start position:0% right concretize this idea what why is 00:19:35.640 --> 00:19:38.150 align:start position:0% right concretize this idea what why is it<00:19:35.760> useful<00:19:36.179> so<00:19:36.840> then<00:19:36.960> the<00:19:37.140> solution<00:19:37.500> recipes 00:19:38.150 --> 00:19:38.160 align:start position:0% it useful so then the solution recipes 00:19:38.160 --> 00:19:39.890 align:start position:0% it useful so then the solution recipes how<00:19:38.580> to<00:19:38.760> achieve<00:19:39.000> zero<00:19:39.360> percent<00:19:39.419> zero<00:19:39.840> percent 00:19:39.890 --> 00:19:39.900 align:start position:0% how to achieve zero percent zero percent 00:19:39.900 --> 00:19:42.409 align:start position:0% how to achieve zero percent zero percent and<00:19:40.200> distribute<00:19:40.679> to<00:19:40.740> 100<00:19:40.980> we<00:19:41.700> can<00:19:41.880> solve<00:19:42.059> Mafia 00:19:42.409 --> 00:19:42.419 align:start position:0% and distribute to 100 we can solve Mafia 00:19:42.419 --> 00:19:44.270 align:start position:0% and distribute to 100 we can solve Mafia EV<00:19:42.660> using<00:19:43.200> programmable<00:19:43.620> privacy<00:19:44.039> which 00:19:44.270 --> 00:19:44.280 align:start position:0% EV using programmable privacy which 00:19:44.280 --> 00:19:46.789 align:start position:0% EV using programmable privacy which allows<00:19:44.640> for<00:19:45.000> expressivity<00:19:45.660> and<00:19:45.840> agents<00:19:46.380> can 00:19:46.789 --> 00:19:46.799 align:start position:0% allows for expressivity and agents can 00:19:46.799 --> 00:19:48.529 align:start position:0% allows for expressivity and agents can control<00:19:47.039> how<00:19:47.400> the<00:19:47.580> information<00:19:47.820> is<00:19:48.240> used 00:19:48.529 --> 00:19:48.539 align:start position:0% control how the information is used 00:19:48.539 --> 00:19:50.450 align:start position:0% control how the information is used along<00:19:48.840> the<00:19:49.140> path<00:19:49.320> of<00:19:49.559> the<00:19:49.740> determination<00:19:50.220> of 00:19:50.450 --> 00:19:50.460 align:start position:0% along the path of the determination of 00:19:50.460 --> 00:19:52.850 align:start position:0% along the path of the determination of the<00:19:50.640> outcome<00:19:50.880> buys<00:19:51.240> among<00:19:51.480> narc<00:19:51.840> also<00:19:52.679> this 00:19:52.850 --> 00:19:52.860 align:start position:0% the outcome buys among narc also this 00:19:52.860 --> 00:19:54.950 align:start position:0% the outcome buys among narc also this relates<00:19:53.520> to<00:19:53.760> the<00:19:53.940> traditional<00:19:54.419> mechanism 00:19:54.950 --> 00:19:54.960 align:start position:0% relates to the traditional mechanism 00:19:54.960 --> 00:19:57.350 align:start position:0% relates to the traditional mechanism designs<00:19:55.500> idea<00:19:55.799> of<00:19:55.919> the<00:19:56.700> definition<00:19:56.820> of<00:19:57.179> How 00:19:57.350 --> 00:19:57.360 align:start position:0% designs idea of the definition of How 00:19:57.360 --> 00:19:59.570 align:start position:0% designs idea of the definition of How It's<00:19:57.480> what<00:19:57.960> how<00:19:58.200> expressive<00:19:58.799> a<00:19:58.980> mechanism<00:19:59.280> is 00:19:59.570 --> 00:19:59.580 align:start position:0% It's what how expressive a mechanism is 00:19:59.580 --> 00:20:01.610 align:start position:0% It's what how expressive a mechanism is right<00:19:59.940> and<00:20:00.419> then<00:20:00.720> concretely<00:20:01.200> what<00:20:01.500> this 00:20:01.610 --> 00:20:01.620 align:start position:0% right and then concretely what this 00:20:01.620 --> 00:20:03.169 align:start position:0% right and then concretely what this means<00:20:01.860> is<00:20:01.980> that<00:20:02.160> you<00:20:02.340> can<00:20:02.460> devise<00:20:02.700> a<00:20:02.880> mechanism 00:20:03.169 --> 00:20:03.179 align:start position:0% means is that you can devise a mechanism 00:20:03.179 --> 00:20:05.390 align:start position:0% means is that you can devise a mechanism for<00:20:03.539> discovering<00:20:04.080> the<00:20:04.620> unsophisticated 00:20:05.390 --> 00:20:05.400 align:start position:0% for discovering the unsophisticated 00:20:05.400 --> 00:20:07.250 align:start position:0% for discovering the unsophisticated user's<00:20:05.940> preferences<00:20:06.360> and<00:20:06.539> helping<00:20:06.840> them<00:20:07.020> to 00:20:07.250 --> 00:20:07.260 align:start position:0% user's preferences and helping them to 00:20:07.260 --> 00:20:08.870 align:start position:0% user's preferences and helping them to communicate<00:20:07.679> this<00:20:08.220> preference<00:20:08.520> to<00:20:08.760> the 00:20:08.870 --> 00:20:08.880 align:start position:0% communicate this preference to the 00:20:08.880 --> 00:20:10.850 align:start position:0% communicate this preference to the coordinator<00:20:09.240> or<00:20:09.539> to<00:20:09.660> the<00:20:09.840> mechanism<00:20:10.140> and<00:20:10.740> then 00:20:10.850 --> 00:20:10.860 align:start position:0% coordinator or to the mechanism and then 00:20:10.860 --> 00:20:13.250 align:start position:0% coordinator or to the mechanism and then we<00:20:11.039> can<00:20:11.100> solve<00:20:11.340> malark<00:20:11.700> historical<00:20:12.179> value<00:20:12.419> by 00:20:13.250 --> 00:20:13.260 align:start position:0% we can solve malark historical value by 00:20:13.260 --> 00:20:15.409 align:start position:0% we can solve malark historical value by just<00:20:13.500> increasing<00:20:13.860> memory<00:20:14.400> efficiency<00:20:15.120> right 00:20:15.409 --> 00:20:15.419 align:start position:0% just increasing memory efficiency right 00:20:15.419 --> 00:20:17.630 align:start position:0% just increasing memory efficiency right we<00:20:15.720> can<00:20:15.960> eliminate<00:20:16.679> the<00:20:17.160> price<00:20:17.280> of<00:20:17.460> energy 00:20:17.630 --> 00:20:17.640 align:start position:0% we can eliminate the price of energy 00:20:17.640 --> 00:20:22.190 align:start position:0% we can eliminate the price of energy while<00:20:18.179> via<00:20:19.080> refinement<00:20:19.679> of<00:20:19.860> society<00:20:20.480> or<00:20:21.480> I.E 00:20:22.190 --> 00:20:22.200 align:start position:0% while via refinement of society or I.E 00:20:22.200 --> 00:20:24.950 align:start position:0% while via refinement of society or I.E specialization<00:20:22.799> of<00:20:23.039> Labor<00:20:23.460> so<00:20:24.059> what<00:20:24.660> you<00:20:24.840> can 00:20:24.950 --> 00:20:24.960 align:start position:0% specialization of Labor so what you can 00:20:24.960 --> 00:20:27.770 align:start position:0% specialization of Labor so what you can see<00:20:25.140> you<00:20:25.679> know<00:20:25.799> in<00:20:26.460> in<00:20:26.760> this<00:20:27.000> example<00:20:27.299> is<00:20:27.539> like 00:20:27.770 --> 00:20:27.780 align:start position:0% see you know in in this example is like 00:20:27.780 --> 00:20:29.690 align:start position:0% see you know in in this example is like a<00:20:27.900> contrary<00:20:28.260> to<00:20:28.440> the<00:20:28.620> idea<00:20:28.860> of<00:20:28.980> monarchy<00:20:29.520> has 00:20:29.690 --> 00:20:29.700 align:start position:0% a contrary to the idea of monarchy has 00:20:29.700 --> 00:20:32.090 align:start position:0% a contrary to the idea of monarchy has the<00:20:29.820> idea<00:20:30.059> of<00:20:30.179> a<00:20:30.480> slack<00:20:30.960> right<00:20:31.200> so<00:20:31.380> slack<00:20:31.799> is 00:20:32.090 --> 00:20:32.100 align:start position:0% the idea of a slack right so slack is 00:20:32.100 --> 00:20:35.150 align:start position:0% the idea of a slack right so slack is arises<00:20:33.000> from<00:20:33.240> coordination<00:20:33.780> where<00:20:34.320> it's 00:20:35.150 --> 00:20:35.160 align:start position:0% arises from coordination where it's 00:20:35.160 --> 00:20:38.630 align:start position:0% arises from coordination where it's basically<00:20:35.520> you<00:20:36.179> you<00:20:36.780> allow<00:20:37.260> somebody<00:20:37.500> to<00:20:38.340> have 00:20:38.630 --> 00:20:38.640 align:start position:0% basically you you allow somebody to have 00:20:38.640 --> 00:20:39.950 align:start position:0% basically you you allow somebody to have enough 00:20:39.950 --> 00:20:39.960 align:start position:0% enough 00:20:39.960 --> 00:20:43.310 align:start position:0% enough um<00:20:40.220> modes<00:20:41.220> or<00:20:41.520> like<00:20:41.760> period<00:20:42.240> where<00:20:42.960> they<00:20:43.140> can 00:20:43.310 --> 00:20:43.320 align:start position:0% um modes or like period where they can 00:20:43.320 --> 00:20:45.730 align:start position:0% um modes or like period where they can grind<00:20:43.679> on<00:20:43.860> the<00:20:44.039> higher<00:20:44.280> payoffs 00:20:45.730 --> 00:20:45.740 align:start position:0% grind on the higher payoffs 00:20:45.740 --> 00:20:48.289 align:start position:0% grind on the higher payoffs and<00:20:46.740> this<00:20:46.919> is<00:20:47.039> only<00:20:47.220> allowed<00:20:47.640> if<00:20:47.760> you<00:20:47.940> have<00:20:48.120> a 00:20:48.289 --> 00:20:48.299 align:start position:0% and this is only allowed if you have a 00:20:48.299 --> 00:20:49.970 align:start position:0% and this is only allowed if you have a highly<00:20:48.660> coordinated<00:20:49.380> you<00:20:49.919> know 00:20:49.970 --> 00:20:49.980 align:start position:0% highly coordinated you know 00:20:49.980 --> 00:20:51.950 align:start position:0% highly coordinated you know specialization<00:20:50.700> of<00:20:51.000> Labor<00:20:51.360> in<00:20:51.480> your<00:20:51.600> society 00:20:51.950 --> 00:20:51.960 align:start position:0% specialization of Labor in your society 00:20:51.960 --> 00:20:53.750 align:start position:0% specialization of Labor in your society and<00:20:52.500> then<00:20:52.620> finally<00:20:52.919> Monarch<00:20:53.460> his<00:20:53.520> travel 00:20:53.750 --> 00:20:53.760 align:start position:0% and then finally Monarch his travel 00:20:53.760 --> 00:20:55.610 align:start position:0% and then finally Monarch his travel value<00:20:54.059> how<00:20:54.299> do<00:20:54.419> we<00:20:54.480> division<00:20:54.780> its<00:20:55.200> value<00:20:55.260> right 00:20:55.610 --> 00:20:55.620 align:start position:0% value how do we division its value right 00:20:55.620 --> 00:20:58.669 align:start position:0% value how do we division its value right so<00:20:56.220> the<00:20:56.880> value<00:20:57.059> division<00:20:57.539> we<00:20:58.140> should<00:20:58.320> division 00:20:58.669 --> 00:20:58.679 align:start position:0% so the value division we should division 00:20:58.679 --> 00:21:01.190 align:start position:0% so the value division we should division it<00:20:58.919> in<00:20:59.220> such<00:20:59.280> a<00:20:59.460> way<00:20:59.640> such<00:21:00.059> in<00:21:00.780> that<00:21:01.020> we 00:21:01.190 --> 00:21:01.200 align:start position:0% it in such a way such in that we 00:21:01.200 --> 00:21:02.870 align:start position:0% it in such a way such in that we maximize<00:21:01.740> this<00:21:01.919> welfare<00:21:02.280> or<00:21:02.520> the<00:21:02.700> future 00:21:02.870 --> 00:21:02.880 align:start position:0% maximize this welfare or the future 00:21:02.880 --> 00:21:05.750 align:start position:0% maximize this welfare or the future returns<00:21:03.480> so<00:21:03.960> what<00:21:04.080> this<00:21:04.260> means<00:21:04.559> is<00:21:04.740> that<00:21:05.039> you 00:21:05.750 --> 00:21:05.760 align:start position:0% returns so what this means is that you 00:21:05.760 --> 00:21:07.750 align:start position:0% returns so what this means is that you probably<00:21:05.940> shouldn't<00:21:06.480> focus<00:21:06.840> on<00:21:07.020> giving<00:21:07.260> tiny 00:21:07.750 --> 00:21:07.760 align:start position:0% probably shouldn't focus on giving tiny 00:21:07.760 --> 00:21:10.789 align:start position:0% probably shouldn't focus on giving tiny Kickbacks<00:21:08.760> to<00:21:09.000> the<00:21:09.179> existing<00:21:09.600> one<00:21:10.320> percent<00:21:10.500> of 00:21:10.789 --> 00:21:10.799 align:start position:0% Kickbacks to the existing one percent of 00:21:10.799 --> 00:21:12.830 align:start position:0% Kickbacks to the existing one percent of users<00:21:11.100> but<00:21:11.340> instead<00:21:11.700> of<00:21:11.820> focusing<00:21:12.120> onboarding 00:21:12.830 --> 00:21:12.840 align:start position:0% users but instead of focusing onboarding 00:21:12.840 --> 00:21:16.310 align:start position:0% users but instead of focusing onboarding the<00:21:13.020> invisible<00:21:13.380> 99<00:21:13.799> percent<00:21:14.100> of<00:21:14.400> users<00:21:14.760> as 00:21:16.310 --> 00:21:16.320 align:start position:0% the invisible 99 percent of users as 00:21:16.320 --> 00:21:19.010 align:start position:0% the invisible 99 percent of users as as<00:21:17.220> Monarch<00:21:17.700> expressable<00:21:18.179> value<00:21:18.419> or<00:21:18.660> like<00:21:18.840> I 00:21:19.010 --> 00:21:19.020 align:start position:0% as Monarch expressable value or like I 00:21:19.020 --> 00:21:21.169 align:start position:0% as Monarch expressable value or like I mean<00:21:19.200> in<00:21:19.740> general<00:21:19.919> grows<00:21:20.520> super<00:21:20.700> linearly 00:21:21.169 --> 00:21:21.179 align:start position:0% mean in general grows super linearly 00:21:21.179 --> 00:21:24.590 align:start position:0% mean in general grows super linearly with<00:21:21.539> respect<00:21:22.200> of<00:21:23.120> compared<00:21:24.120> with<00:21:24.240> the<00:21:24.419> number 00:21:24.590 --> 00:21:24.600 align:start position:0% with respect of compared with the number 00:21:24.600 --> 00:21:26.210 align:start position:0% with respect of compared with the number of<00:21:24.780> other<00:21:24.960> flow<00:21:25.320> that's<00:21:25.500> existent<00:21:25.919> on<00:21:26.160> your 00:21:26.210 --> 00:21:26.220 align:start position:0% of other flow that's existent on your 00:21:26.220 --> 00:21:28.250 align:start position:0% of other flow that's existent on your domain<00:21:26.640> right<00:21:26.820> so<00:21:27.000> for<00:21:27.179> example<00:21:27.419> the<00:21:27.900> ways<00:21:28.200> you 00:21:28.250 --> 00:21:28.260 align:start position:0% domain right so for example the ways you 00:21:28.260 --> 00:21:29.750 align:start position:0% domain right so for example the ways you can<00:21:28.380> do<00:21:28.500> this<00:21:28.679> is<00:21:28.799> through<00:21:29.100> investment<00:21:29.520> into 00:21:29.750 --> 00:21:29.760 align:start position:0% can do this is through investment into 00:21:29.760 --> 00:21:31.970 align:start position:0% can do this is through investment into what<00:21:30.120> is<00:21:30.299> or<00:21:30.480> some<00:21:30.900> some<00:21:31.140> idea<00:21:31.440> like<00:21:31.620> ritual 00:21:31.970 --> 00:21:31.980 align:start position:0% what is or some some idea like ritual 00:21:31.980 --> 00:21:33.649 align:start position:0% what is or some some idea like ritual active<00:21:32.220> public<00:21:32.400> goods<00:21:32.760> funding<00:21:33.120> and<00:21:33.539> of 00:21:33.649 --> 00:21:33.659 align:start position:0% active public goods funding and of 00:21:33.659 --> 00:21:35.270 align:start position:0% active public goods funding and of course<00:21:33.840> this<00:21:34.140> was<00:21:34.320> the<00:21:34.559> original<00:21:34.679> idea<00:21:35.100> by 00:21:35.270 --> 00:21:35.280 align:start position:0% course this was the original idea by 00:21:35.280 --> 00:21:37.070 align:start position:0% course this was the original idea by feral<00:21:35.520> living<00:21:35.760> as<00:21:35.940> well<00:21:36.059> right<00:21:36.240> like<00:21:36.480> the<00:21:36.900> the 00:21:37.070 --> 00:21:37.080 align:start position:0% feral living as well right like the the 00:21:37.080 --> 00:21:39.770 align:start position:0% feral living as well right like the the idea<00:21:37.260> is<00:21:37.500> that<00:21:37.679> you<00:21:37.860> can<00:21:38.039> uh<00:21:38.520> there<00:21:38.880> are<00:21:39.000> 99<00:21:39.120> of 00:21:39.770 --> 00:21:39.780 align:start position:0% idea is that you can uh there are 99 of 00:21:39.780 --> 00:21:41.330 align:start position:0% idea is that you can uh there are 99 of users<00:21:40.080> that<00:21:40.440> would<00:21:40.620> have<00:21:40.740> come<00:21:40.980> to<00:21:41.159> your 00:21:41.330 --> 00:21:41.340 align:start position:0% users that would have come to your 00:21:41.340 --> 00:21:43.610 align:start position:0% users that would have come to your domain<00:21:41.700> a<00:21:42.179> few<00:21:42.419> other<00:21:42.659> things<00:21:42.900> you<00:21:43.559> know 00:21:43.610 --> 00:21:43.620 align:start position:0% domain a few other things you know 00:21:43.620 --> 00:21:45.529 align:start position:0% domain a few other things you know fairly<00:21:44.220> but<00:21:44.580> uh 00:21:45.529 --> 00:21:45.539 align:start position:0% fairly but uh 00:21:45.539 --> 00:21:47.690 align:start position:0% fairly but uh um<00:21:45.600> yeah<00:21:45.900> yeah<00:21:46.080> so<00:21:46.380> so<00:21:46.500> it's<00:21:46.740> it's<00:21:46.980> been<00:21:47.220> on<00:21:47.460> as 00:21:47.690 --> 00:21:47.700 align:start position:0% um yeah yeah so so it's it's been on as 00:21:47.700 --> 00:21:50.870 align:start position:0% um yeah yeah so so it's it's been on as a<00:21:47.820> narrative<00:21:48.120> and<00:21:48.720> then<00:21:48.960> uh<00:21:49.500> yeah<00:21:50.280> and<00:21:50.460> so<00:21:50.700> so 00:21:50.870 --> 00:21:50.880 align:start position:0% a narrative and then uh yeah and so so 00:21:50.880 --> 00:21:51.890 align:start position:0% a narrative and then uh yeah and so so then 00:21:51.890 --> 00:21:51.900 align:start position:0% then 00:21:51.900 --> 00:21:54.470 align:start position:0% then specific<00:21:52.679> implementations<00:21:53.400> we<00:21:53.880> know<00:21:54.059> that 00:21:54.470 --> 00:21:54.480 align:start position:0% specific implementations we know that 00:21:54.480 --> 00:21:57.110 align:start position:0% specific implementations we know that 3ev<00:21:55.380> was<00:21:55.980> defined<00:21:56.340> by<00:21:56.460> the<00:21:56.580> source<00:21:56.880> of<00:21:56.940> value 00:21:57.110 --> 00:21:57.120 align:start position:0% 3ev was defined by the source of value 00:21:57.120 --> 00:21:59.930 align:start position:0% 3ev was defined by the source of value at<00:21:57.539> their<00:21:57.780> distinct<00:21:58.200> so<00:21:58.740> the<00:21:58.919> thing<00:21:59.159> however 00:21:59.930 --> 00:21:59.940 align:start position:0% at their distinct so the thing however 00:21:59.940 --> 00:22:02.210 align:start position:0% at their distinct so the thing however the<00:22:00.120> sink<00:22:00.360> of<00:22:00.539> those<00:22:01.020> value<00:22:01.260> are<00:22:01.500> different<00:22:01.679> so 00:22:02.210 --> 00:22:02.220 align:start position:0% the sink of those value are different so 00:22:02.220 --> 00:22:03.770 align:start position:0% the sink of those value are different so for<00:22:02.400> example<00:22:02.580> the<00:22:02.880> mafia<00:22:03.179> Extra<00:22:03.360> Value 00:22:03.770 --> 00:22:03.780 align:start position:0% for example the mafia Extra Value 00:22:03.780 --> 00:22:06.230 align:start position:0% for example the mafia Extra Value sometimes<00:22:04.260> thinks<00:22:04.620> into<00:22:04.860> into<00:22:05.159> Monarch<00:22:05.760> right 00:22:06.230 --> 00:22:06.240 align:start position:0% sometimes thinks into into Monarch right 00:22:06.240 --> 00:22:07.970 align:start position:0% sometimes thinks into into Monarch right so<00:22:06.480> for<00:22:06.659> example<00:22:06.960> when<00:22:07.380> there<00:22:07.559> is<00:22:07.679> a<00:22:07.799> sandwich 00:22:07.970 --> 00:22:07.980 align:start position:0% so for example when there is a sandwich 00:22:07.980 --> 00:22:10.909 align:start position:0% so for example when there is a sandwich the<00:22:08.520> and<00:22:08.880> then<00:22:09.120> two<00:22:09.539> very<00:22:09.840> competent<00:22:10.320> atomic 00:22:10.909 --> 00:22:10.919 align:start position:0% the and then two very competent atomic 00:22:10.919 --> 00:22:12.350 align:start position:0% the and then two very competent atomic structures<00:22:11.280> in<00:22:11.460> the<00:22:11.640> various<00:22:11.820> things<00:22:12.059> to<00:22:12.240> the 00:22:12.350 --> 00:22:12.360 align:start position:0% structures in the various things to the 00:22:12.360 --> 00:22:14.270 align:start position:0% structures in the various things to the Monarch<00:22:12.720> which<00:22:12.840> is<00:22:12.900> the<00:22:13.020> validators<00:22:13.500> and<00:22:14.159> then 00:22:14.270 --> 00:22:14.280 align:start position:0% Monarch which is the validators and then 00:22:14.280 --> 00:22:16.789 align:start position:0% Monarch which is the validators and then the<00:22:14.460> think<00:22:14.580> of<00:22:14.760> value<00:22:15.260> impacts<00:22:16.260> the<00:22:16.320> source<00:22:16.679> of 00:22:16.789 --> 00:22:16.799 align:start position:0% the think of value impacts the source of 00:22:16.799 --> 00:22:18.649 align:start position:0% the think of value impacts the source of value<00:22:16.919> so<00:22:17.280> I<00:22:17.400> argue<00:22:17.640> that<00:22:17.820> by<00:22:18.059> controlling<00:22:18.480> the 00:22:18.649 --> 00:22:18.659 align:start position:0% value so I argue that by controlling the 00:22:18.659 --> 00:22:20.750 align:start position:0% value so I argue that by controlling the sink<00:22:18.900> of<00:22:19.080> the<00:22:19.260> value<00:22:19.380> we<00:22:19.799> are<00:22:19.980> control<00:22:20.159> we<00:22:20.640> can 00:22:20.750 --> 00:22:20.760 align:start position:0% sink of the value we are control we can 00:22:20.760 --> 00:22:24.169 align:start position:0% sink of the value we are control we can already<00:22:21.000> we<00:22:21.659> can<00:22:21.780> also<00:22:22.080> impact<00:22:22.559> on<00:22:23.460> the<00:22:23.820> source 00:22:24.169 --> 00:22:24.179 align:start position:0% already we can also impact on the source 00:22:24.179 --> 00:22:26.210 align:start position:0% already we can also impact on the source of<00:22:24.299> the<00:22:24.419> value<00:22:24.659> whether<00:22:25.320> the<00:22:25.559> magic<00:22:25.919> of 00:22:26.210 --> 00:22:26.220 align:start position:0% of the value whether the magic of 00:22:26.220 --> 00:22:28.610 align:start position:0% of the value whether the magic of credible<00:22:26.580> commitments<00:22:27.299> so<00:22:27.780> some<00:22:28.020> example 00:22:28.610 --> 00:22:28.620 align:start position:0% credible commitments so some example 00:22:28.620 --> 00:22:30.710 align:start position:0% credible commitments so some example credible<00:22:29.039> commitments<00:22:29.880> I'm<00:22:30.179> not<00:22:30.419> going<00:22:30.600> to 00:22:30.710 --> 00:22:30.720 align:start position:0% credible commitments I'm not going to 00:22:30.720 --> 00:22:32.210 align:start position:0% credible commitments I'm not going to explain<00:22:30.900> that<00:22:31.200> you<00:22:31.320> can<00:22:31.440> like<00:22:31.620> hit<00:22:31.799> me<00:22:32.039> up 00:22:32.210 --> 00:22:32.220 align:start position:0% explain that you can like hit me up 00:22:32.220 --> 00:22:34.850 align:start position:0% explain that you can like hit me up later<00:22:32.580> after<00:22:33.059> this<00:22:33.299> talk<00:22:33.539> examples<00:22:34.500> include 00:22:34.850 --> 00:22:34.860 align:start position:0% later after this talk examples include 00:22:34.860 --> 00:22:37.070 align:start position:0% later after this talk examples include Builders<00:22:35.220> as<00:22:35.400> roll-up<00:22:35.760> or<00:22:36.000> if<00:22:36.179> they<00:22:36.360> you<00:22:36.900> have 00:22:37.070 --> 00:22:37.080 align:start position:0% Builders as roll-up or if they you have 00:22:37.080 --> 00:22:39.110 align:start position:0% Builders as roll-up or if they you have a<00:22:37.500> special<00:22:37.620> Builder<00:22:38.280> Innovation<00:22:38.580> where<00:22:38.940> you 00:22:39.110 --> 00:22:39.120 align:start position:0% a special Builder Innovation where you 00:22:39.120 --> 00:22:41.690 align:start position:0% a special Builder Innovation where you grind<00:22:39.840> on<00:22:40.020> the<00:22:40.400> expressivity<00:22:41.400> of<00:22:41.640> the 00:22:41.690 --> 00:22:41.700 align:start position:0% grind on the expressivity of the 00:22:41.700 --> 00:22:43.250 align:start position:0% grind on the expressivity of the building<00:22:41.880> language<00:22:42.240> or<00:22:42.780> you<00:22:42.900> have<00:22:43.080> a 00:22:43.250 --> 00:22:43.260 align:start position:0% building language or you have a 00:22:43.260 --> 00:22:45.289 align:start position:0% building language or you have a decentralization<00:22:43.799> of<00:22:44.039> building<00:22:44.220> you<00:22:44.520> use<00:22:44.700> sdx 00:22:45.289 --> 00:22:45.299 align:start position:0% decentralization of building you use sdx 00:22:45.299 --> 00:22:47.450 align:start position:0% decentralization of building you use sdx tokens<00:22:45.720> to<00:22:46.020> align<00:22:46.380> the<00:22:46.559> incentives<00:22:46.980> or<00:22:47.220> like 00:22:47.450 --> 00:22:47.460 align:start position:0% tokens to align the incentives or like 00:22:47.460 --> 00:22:49.610 align:start position:0% tokens to align the incentives or like some<00:22:47.640> more<00:22:47.760> fancy<00:22:48.120> things<00:22:48.299> but<00:22:48.600> all<00:22:49.320> of<00:22:49.440> those 00:22:49.610 --> 00:22:49.620 align:start position:0% some more fancy things but all of those 00:22:49.620 --> 00:22:51.830 align:start position:0% some more fancy things but all of those conditions<00:22:50.220> on<00:22:50.640> all<00:22:51.179> of<00:22:51.299> those<00:22:51.419> Solutions<00:22:51.659> can 00:22:51.830 --> 00:22:51.840 align:start position:0% conditions on all of those Solutions can 00:22:51.840 --> 00:22:53.930 align:start position:0% conditions on all of those Solutions can conditions<00:22:52.500> are<00:22:52.679> low<00:22:52.919> enough<00:22:53.100> interdomain 00:22:53.930 --> 00:22:53.940 align:start position:0% conditions are low enough interdomain 00:22:53.940 --> 00:22:55.970 align:start position:0% conditions are low enough interdomain correlation<00:22:54.240> Factor<00:22:54.659> right<00:22:54.780> remember<00:22:55.559> from 00:22:55.970 --> 00:22:55.980 align:start position:0% correlation Factor right remember from 00:22:55.980 --> 00:22:58.370 align:start position:0% correlation Factor right remember from before<00:22:56.220> once<00:22:57.000> you<00:22:57.120> have<00:22:57.299> too<00:22:58.200> much 00:22:58.370 --> 00:22:58.380 align:start position:0% before once you have too much 00:22:58.380 --> 00:23:00.529 align:start position:0% before once you have too much correlation<00:22:59.159> or<00:22:59.400> too<00:22:59.700> much<00:22:59.880> coordination 00:23:00.529 --> 00:23:00.539 align:start position:0% correlation or too much coordination 00:23:00.539 --> 00:23:03.590 align:start position:0% correlation or too much coordination then<00:23:00.840> you<00:23:01.080> can't<00:23:01.260> possibly<00:23:02.159> you<00:23:02.880> know<00:23:03.000> have<00:23:03.240> a 00:23:03.590 --> 00:23:03.600 align:start position:0% then you can't possibly you know have a 00:23:03.600 --> 00:23:05.990 align:start position:0% then you can't possibly you know have a good<00:23:03.659> mechanism<00:23:04.080> or<00:23:04.740> like<00:23:05.039> it's<00:23:05.220> very<00:23:05.580> hard<00:23:05.820> to 00:23:05.990 --> 00:23:06.000 align:start position:0% good mechanism or like it's very hard to 00:23:06.000 --> 00:23:09.409 align:start position:0% good mechanism or like it's very hard to do<00:23:06.179> so<00:23:06.299> so<00:23:06.600> uh<00:23:07.440> and<00:23:07.679> that<00:23:08.039> allow<00:23:08.580> a<00:23:08.940> low<00:23:09.240> enough 00:23:09.409 --> 00:23:09.419 align:start position:0% do so so uh and that allow a low enough 00:23:09.419 --> 00:23:10.789 align:start position:0% do so so uh and that allow a low enough factor<00:23:09.900> means<00:23:10.140> that<00:23:10.260> you<00:23:10.380> have<00:23:10.500> high<00:23:10.679> enough 00:23:10.789 --> 00:23:10.799 align:start position:0% factor means that you have high enough 00:23:10.799 --> 00:23:13.250 align:start position:0% factor means that you have high enough competition<00:23:11.340> which<00:23:12.299> means<00:23:12.539> the<00:23:12.720> market<00:23:12.960> is 00:23:13.250 --> 00:23:13.260 align:start position:0% competition which means the market is 00:23:13.260 --> 00:23:15.310 align:start position:0% competition which means the market is contestable<00:23:13.860> so 00:23:15.310 --> 00:23:15.320 align:start position:0% contestable so 00:23:15.320 --> 00:23:18.230 align:start position:0% contestable so I<00:23:16.320> claim<00:23:16.620> that<00:23:16.860> having<00:23:17.100> more<00:23:17.460> competition<00:23:17.880> in 00:23:18.230 --> 00:23:18.240 align:start position:0% I claim that having more competition in 00:23:18.240 --> 00:23:20.090 align:start position:0% I claim that having more competition in the<00:23:18.360> game<00:23:18.539> by<00:23:19.020> incentivizing<00:23:19.679> having<00:23:19.860> more 00:23:20.090 --> 00:23:20.100 align:start position:0% the game by incentivizing having more 00:23:20.100 --> 00:23:22.190 align:start position:0% the game by incentivizing having more competition<00:23:20.400> in<00:23:20.700> the<00:23:20.820> game<00:23:20.940> is<00:23:21.480> Right<00:23:21.780> curve 00:23:22.190 --> 00:23:22.200 align:start position:0% competition in the game is Right curve 00:23:22.200 --> 00:23:24.289 align:start position:0% competition in the game is Right curve behavior<00:23:22.620> and<00:23:22.980> optimizing<00:23:23.580> the<00:23:23.760> ordering<00:23:24.120> by 00:23:24.289 --> 00:23:24.299 align:start position:0% behavior and optimizing the ordering by 00:23:24.299 --> 00:23:26.149 align:start position:0% behavior and optimizing the ordering by learning<00:23:24.780> more<00:23:25.200> about<00:23:25.440> the<00:23:25.740> preference 00:23:26.149 --> 00:23:26.159 align:start position:0% learning more about the preference 00:23:26.159 --> 00:23:28.250 align:start position:0% learning more about the preference microstructures<00:23:27.059> and<00:23:27.419> then<00:23:27.539> grinding<00:23:28.020> on<00:23:28.140> the 00:23:28.250 --> 00:23:28.260 align:start position:0% microstructures and then grinding on the 00:23:28.260 --> 00:23:31.149 align:start position:0% microstructures and then grinding on the design<00:23:28.380> of<00:23:28.679> the<00:23:28.799> mechanism<00:23:29.100> is<00:23:29.400> mid<00:23:29.640> curve<00:23:30.059> so 00:23:31.149 --> 00:23:31.159 align:start position:0% design of the mechanism is mid curve so 00:23:31.159 --> 00:23:33.409 align:start position:0% design of the mechanism is mid curve so contestibility<00:23:32.159> is<00:23:32.400> an<00:23:32.640> important<00:23:33.000> tool<00:23:33.299> and 00:23:33.409 --> 00:23:33.419 align:start position:0% contestibility is an important tool and 00:23:33.419 --> 00:23:35.570 align:start position:0% contestibility is an important tool and it<00:23:33.600> can<00:23:33.720> only<00:23:33.900> be<00:23:34.140> realized<00:23:34.500> if<00:23:34.799> we<00:23:34.980> design<00:23:35.220> the 00:23:35.570 --> 00:23:35.580 align:start position:0% it can only be realized if we design the 00:23:35.580 --> 00:23:37.490 align:start position:0% it can only be realized if we design the initial<00:23:35.880> Market<00:23:36.120> in<00:23:36.480> such<00:23:36.600> a<00:23:36.780> way<00:23:36.900> that<00:23:37.080> it<00:23:37.320> is 00:23:37.490 --> 00:23:37.500 align:start position:0% initial Market in such a way that it is 00:23:37.500 --> 00:23:39.890 align:start position:0% initial Market in such a way that it is not<00:23:37.679> centralizing<00:23:38.400> what<00:23:38.940> this<00:23:39.120> means<00:23:39.360> is<00:23:39.480> that 00:23:39.890 --> 00:23:39.900 align:start position:0% not centralizing what this means is that 00:23:39.900 --> 00:23:42.649 align:start position:0% not centralizing what this means is that in<00:23:40.860> reality<00:23:41.220> what<00:23:41.700> this<00:23:41.820> means<00:23:42.120> is<00:23:42.179> that<00:23:42.480> there 00:23:42.649 --> 00:23:42.659 align:start position:0% in reality what this means is that there 00:23:42.659 --> 00:23:44.090 align:start position:0% in reality what this means is that there should<00:23:42.900> not<00:23:43.080> like<00:23:43.260> like<00:23:43.620> we<00:23:43.919> should 00:23:44.090 --> 00:23:44.100 align:start position:0% should not like like we should 00:23:44.100 --> 00:23:46.669 align:start position:0% should not like like we should definitely<00:23:44.580> devise<00:23:45.539> a<00:23:45.780> mechanism<00:23:46.080> that<00:23:46.440> were 00:23:46.669 --> 00:23:46.679 align:start position:0% definitely devise a mechanism that were 00:23:46.679 --> 00:23:49.669 align:start position:0% definitely devise a mechanism that were exclusive<00:23:47.419> exclusive<00:23:48.419> other<00:23:48.659> flow<00:23:49.140> within 00:23:49.669 --> 00:23:49.679 align:start position:0% exclusive exclusive other flow within 00:23:49.679 --> 00:23:50.990 align:start position:0% exclusive exclusive other flow within like<00:23:49.860> this<00:23:50.039> provide<00:23:50.340> some<00:23:50.520> philosophical 00:23:50.990 --> 00:23:51.000 align:start position:0% like this provide some philosophical 00:23:51.000 --> 00:23:53.390 align:start position:0% like this provide some philosophical foundations<00:23:51.480> for<00:23:51.780> the<00:23:51.960> previous<00:23:52.140> talk<00:23:53.039> right 00:23:53.390 --> 00:23:53.400 align:start position:0% foundations for the previous talk right 00:23:53.400 --> 00:23:55.730 align:start position:0% foundations for the previous talk right I<00:23:53.940> said<00:23:54.059> it's<00:23:54.299> mid<00:23:54.539> now<00:23:54.780> it's<00:23:55.020> time<00:23:55.200> to<00:23:55.500> you 00:23:55.730 --> 00:23:55.740 align:start position:0% I said it's mid now it's time to you 00:23:55.740 --> 00:23:57.590 align:start position:0% I said it's mid now it's time to you know<00:23:55.799> show<00:23:55.980> some<00:23:56.220> real<00:23:56.400> work<00:23:56.640> for<00:23:56.940> show<00:23:57.299> some 00:23:57.590 --> 00:23:57.600 align:start position:0% know show some real work for show some 00:23:57.600 --> 00:24:01.370 align:start position:0% know show some real work for show some real<00:23:58.020> like<00:23:58.380> tests<00:23:58.799> for<00:23:58.980> non-ammy<00:23:59.580> venis<00:24:00.360> uh<00:24:01.080> so 00:24:01.370 --> 00:24:01.380 align:start position:0% real like tests for non-ammy venis uh so 00:24:01.380 --> 00:24:03.950 align:start position:0% real like tests for non-ammy venis uh so then<00:24:01.559> remember<00:24:01.980> that<00:24:02.580> uh<00:24:02.820> Fraga<00:24:03.419> and<00:24:03.539> Russell 00:24:03.950 --> 00:24:03.960 align:start position:0% then remember that uh Fraga and Russell 00:24:03.960 --> 00:24:06.710 align:start position:0% then remember that uh Fraga and Russell was<00:24:04.320> debating<00:24:04.679> why<00:24:05.460> you<00:24:05.880> know<00:24:05.940> whether<00:24:06.360> the 00:24:06.710 --> 00:24:06.720 align:start position:0% was debating why you know whether the 00:24:06.720 --> 00:24:09.649 align:start position:0% was debating why you know whether the king<00:24:07.020> of<00:24:07.200> French<00:24:07.380> was<00:24:07.679> both<00:24:07.919> right<00:24:08.419> in<00:24:09.419> the 00:24:09.649 --> 00:24:09.659 align:start position:0% king of French was both right in the 00:24:09.659 --> 00:24:11.149 align:start position:0% king of French was both right in the beginning<00:24:09.780> of<00:24:10.020> 20th<00:24:10.440> century<00:24:10.620> and<00:24:10.860> they<00:24:10.980> come 00:24:11.149 --> 00:24:11.159 align:start position:0% beginning of 20th century and they come 00:24:11.159 --> 00:24:14.450 align:start position:0% beginning of 20th century and they come up<00:24:11.340> with<00:24:11.580> the<00:24:11.820> tests<00:24:12.659> for<00:24:12.960> presuppositions<00:24:13.919> uh 00:24:14.450 --> 00:24:14.460 align:start position:0% up with the tests for presuppositions uh 00:24:14.460 --> 00:24:16.669 align:start position:0% up with the tests for presuppositions uh for<00:24:14.580> utterances<00:24:15.120> of<00:24:15.480> sentences<00:24:16.260> so<00:24:16.559> for 00:24:16.669 --> 00:24:16.679 align:start position:0% for utterances of sentences so for 00:24:16.679 --> 00:24:18.590 align:start position:0% for utterances of sentences so for example<00:24:16.860> the<00:24:17.159> utterance<00:24:17.640> of<00:24:18.120> the<00:24:18.299> sentence 00:24:18.590 --> 00:24:18.600 align:start position:0% example the utterance of the sentence 00:24:18.600 --> 00:24:22.430 align:start position:0% example the utterance of the sentence access<00:24:18.900> Mev<00:24:19.559> has<00:24:19.980> a<00:24:20.159> presupposition<00:24:20.900> uh<00:24:21.900> test 00:24:22.430 --> 00:24:22.440 align:start position:0% access Mev has a presupposition uh test 00:24:22.440 --> 00:24:25.070 align:start position:0% access Mev has a presupposition uh test that<00:24:22.799> there<00:24:23.159> must<00:24:23.400> exist<00:24:23.820> again<00:24:24.120> e<00:24:24.659> and<00:24:24.900> then 00:24:25.070 --> 00:24:25.080 align:start position:0% that there must exist again e and then 00:24:25.080 --> 00:24:27.890 align:start position:0% that there must exist again e and then like<00:24:25.260> allocation<00:24:25.860> or<00:24:26.100> other<00:24:26.220> protocol<00:24:26.659> uh<00:24:27.659> M 00:24:27.890 --> 00:24:27.900 align:start position:0% like allocation or other protocol uh M 00:24:27.900 --> 00:24:30.950 align:start position:0% like allocation or other protocol uh M and<00:24:28.320> that<00:24:28.500> within<00:24:29.039> M<00:24:29.520> and<00:24:29.760> E<00:24:29.940> using<00:24:30.659> the<00:24:30.780> three 00:24:30.950 --> 00:24:30.960 align:start position:0% and that within M and E using the three 00:24:30.960 --> 00:24:33.890 align:start position:0% and that within M and E using the three EV<00:24:31.140> definitions<00:24:31.799> we<00:24:32.100> can<00:24:32.280> indeed<00:24:32.700> see<00:24:33.000> that 00:24:33.890 --> 00:24:33.900 align:start position:0% EV definitions we can indeed see that 00:24:33.900 --> 00:24:35.990 align:start position:0% EV definitions we can indeed see that um is<00:24:34.260> constituted<00:24:34.860> by<00:24:35.039> a<00:24:35.220> type<00:24:35.400> or<00:24:35.640> multiple 00:24:35.990 --> 00:24:36.000 align:start position:0% um is constituted by a type or multiple 00:24:36.000 --> 00:24:39.230 align:start position:0% um is constituted by a type or multiple types<00:24:36.419> of<00:24:36.659> the<00:24:36.840> three<00:24:37.020> EV<00:24:37.260> so<00:24:38.100> in<00:24:38.400> so<00:24:38.880> so<00:24:39.000> in 00:24:39.230 --> 00:24:39.240 align:start position:0% types of the three EV so in so so in 00:24:39.240 --> 00:24:42.049 align:start position:0% types of the three EV so in so so in this<00:24:39.360> sense<00:24:39.480> the<00:24:39.780> utterance<00:24:40.260> of<00:24:40.500> X<00:24:40.679> is<00:24:41.159> Mev<00:24:41.760> has 00:24:42.049 --> 00:24:42.059 align:start position:0% this sense the utterance of X is Mev has 00:24:42.059 --> 00:24:43.549 align:start position:0% this sense the utterance of X is Mev has a<00:24:42.240> presupposition<00:24:42.780> of<00:24:43.080> the<00:24:43.200> existence 00:24:43.549 --> 00:24:43.559 align:start position:0% a presupposition of the existence 00:24:43.559 --> 00:24:46.130 align:start position:0% a presupposition of the existence condition<00:24:43.860> of<00:24:44.220> enm<00:24:44.760> and<00:24:45.240> X<00:24:45.419> being<00:24:45.659> indeed 00:24:46.130 --> 00:24:46.140 align:start position:0% condition of enm and X being indeed 00:24:46.140 --> 00:24:50.029 align:start position:0% condition of enm and X being indeed instead<00:24:47.039> of<00:24:47.220> 3v<00:24:47.760> thus<00:24:48.480> if<00:24:49.320> there<00:24:49.559> does<00:24:49.860> not 00:24:50.029 --> 00:24:50.039 align:start position:0% instead of 3v thus if there does not 00:24:50.039 --> 00:24:53.090 align:start position:0% instead of 3v thus if there does not exist<00:24:50.580> such<00:24:50.880> a<00:24:51.059> enm<00:24:51.659> which<00:24:52.620> you<00:24:53.039> know 00:24:53.090 --> 00:24:53.100 align:start position:0% exist such a enm which you know 00:24:53.100 --> 00:24:55.190 align:start position:0% exist such a enm which you know translates<00:24:53.640> into<00:24:53.940> English<00:24:54.240> is<00:24:54.539> that<00:24:54.720> is<00:24:54.900> if 00:24:55.190 --> 00:24:55.200 align:start position:0% translates into English is that is if 00:24:55.200 --> 00:24:57.830 align:start position:0% translates into English is that is if that<00:24:55.440> is<00:24:55.799> absence<00:24:56.280> of<00:24:56.460> a<00:24:56.880> monarch<00:24:57.299> then<00:24:57.659> the 00:24:57.830 --> 00:24:57.840 align:start position:0% that is absence of a monarch then the 00:24:57.840 --> 00:24:59.810 align:start position:0% that is absence of a monarch then the utterance<00:24:58.260> of<00:24:58.500> this<00:24:58.679> sentence<00:24:58.980> axis<00:24:59.460> and<00:24:59.640> EB 00:24:59.810 --> 00:24:59.820 align:start position:0% utterance of this sentence axis and EB 00:24:59.820 --> 00:25:03.230 align:start position:0% utterance of this sentence axis and EB is<00:25:00.059> false<00:25:00.360> and<00:25:00.900> that's<00:25:01.140> the<00:25:01.380> X<00:25:01.679> is<00:25:01.799> not<00:25:01.980> Mev<00:25:02.520> so 00:25:03.230 --> 00:25:03.240 align:start position:0% is false and that's the X is not Mev so 00:25:03.240 --> 00:25:05.330 align:start position:0% is false and that's the X is not Mev so then<00:25:03.419> some<00:25:03.659> concrete<00:25:04.200> example<00:25:04.559> imagine<00:25:04.919> Kim 00:25:05.330 --> 00:25:05.340 align:start position:0% then some concrete example imagine Kim 00:25:05.340 --> 00:25:08.450 align:start position:0% then some concrete example imagine Kim and<00:25:05.580> Dawn<00:25:05.880> playing<00:25:06.380> a<00:25:07.380> prisoner's<00:25:08.039> dilemma 00:25:08.450 --> 00:25:08.460 align:start position:0% and Dawn playing a prisoner's dilemma 00:25:08.460 --> 00:25:10.430 align:start position:0% and Dawn playing a prisoner's dilemma right<00:25:08.820> so<00:25:09.000> then<00:25:09.179> they<00:25:09.480> both<00:25:09.659> choose<00:25:10.260> to<00:25:10.320> be 00:25:10.430 --> 00:25:10.440 align:start position:0% right so then they both choose to be 00:25:10.440 --> 00:25:11.930 align:start position:0% right so then they both choose to be trained<00:25:10.799> now<00:25:10.980> Suppose<00:25:11.280> there<00:25:11.520> isn't<00:25:11.820> a 00:25:11.930 --> 00:25:11.940 align:start position:0% trained now Suppose there isn't a 00:25:11.940 --> 00:25:14.690 align:start position:0% trained now Suppose there isn't a coordinator<00:25:12.240> okay<00:25:12.720> so<00:25:13.140> then<00:25:13.320> somebody<00:25:14.039> utters 00:25:14.690 --> 00:25:14.700 align:start position:0% coordinator okay so then somebody utters 00:25:14.700 --> 00:25:17.149 align:start position:0% coordinator okay so then somebody utters the<00:25:14.880> sentence<00:25:15.240> he<00:25:15.659> says<00:25:15.960> that<00:25:16.140> the<00:25:16.500> value<00:25:16.679> that 00:25:17.149 --> 00:25:17.159 align:start position:0% the sentence he says that the value that 00:25:17.159 --> 00:25:19.070 align:start position:0% the sentence he says that the value that Kim<00:25:17.340> and<00:25:17.580> don't<00:25:17.760> is<00:25:18.000> extracting<00:25:18.539> apps<00:25:18.840> in<00:25:18.960> the 00:25:19.070 --> 00:25:19.080 align:start position:0% Kim and don't is extracting apps in the 00:25:19.080 --> 00:25:22.430 align:start position:0% Kim and don't is extracting apps in the Monarch<00:25:19.500> I.E<00:25:20.159> 1<00:25:20.640> 1<00:25:20.880> is<00:25:21.179> not<00:25:21.299> Mev<00:25:21.900> then<00:25:22.200> this 00:25:22.430 --> 00:25:22.440 align:start position:0% Monarch I.E 1 1 is not Mev then this 00:25:22.440 --> 00:25:24.409 align:start position:0% Monarch I.E 1 1 is not Mev then this then<00:25:22.740> this<00:25:23.159> value<00:25:23.280> is<00:25:23.460> indeed<00:25:23.940> not<00:25:24.120> that<00:25:24.240> maybe 00:25:24.409 --> 00:25:24.419 align:start position:0% then this value is indeed not that maybe 00:25:24.419 --> 00:25:26.930 align:start position:0% then this value is indeed not that maybe by<00:25:24.779> passing<00:25:25.380> the<00:25:25.500> presupposition<00:25:26.220> test<00:25:26.520> right 00:25:26.930 --> 00:25:26.940 align:start position:0% by passing the presupposition test right 00:25:26.940 --> 00:25:29.210 align:start position:0% by passing the presupposition test right if<00:25:27.179> we<00:25:27.299> take<00:25:27.480> a<00:25:27.600> free<00:25:27.720> game<00:25:27.900> view 00:25:29.210 --> 00:25:29.220 align:start position:0% if we take a free game view 00:25:29.220 --> 00:25:30.890 align:start position:0% if we take a free game view um<00:25:29.340> and<00:25:29.700> so<00:25:29.880> of<00:25:30.059> course<00:25:30.179> like<00:25:30.480> there<00:25:30.659> are<00:25:30.840> other 00:25:30.890 --> 00:25:30.900 align:start position:0% um and so of course like there are other 00:25:30.900 --> 00:25:33.230 align:start position:0% um and so of course like there are other countries<00:25:31.320> like<00:25:32.039> Wittgenstein<00:25:32.760> has<00:25:32.940> this 00:25:33.230 --> 00:25:33.240 align:start position:0% countries like Wittgenstein has this 00:25:33.240 --> 00:25:35.149 align:start position:0% countries like Wittgenstein has this notion<00:25:34.020> of<00:25:34.080> a<00:25:34.260> language<00:25:34.380> game<00:25:34.679> where<00:25:34.919> the 00:25:35.149 --> 00:25:35.159 align:start position:0% notion of a language game where the 00:25:35.159 --> 00:25:36.769 align:start position:0% notion of a language game where the context<00:25:35.580> depends<00:25:35.940> on<00:25:36.059> social<00:25:36.179> scene<00:25:36.539> so<00:25:36.659> the 00:25:36.769 --> 00:25:36.779 align:start position:0% context depends on social scene so the 00:25:36.779 --> 00:25:38.750 align:start position:0% context depends on social scene so the utterance<00:25:37.200> of<00:25:37.440> actually<00:25:37.740> some<00:25:38.039> evid<00:25:38.460> so<00:25:38.640> this 00:25:38.750 --> 00:25:38.760 align:start position:0% utterance of actually some evid so this 00:25:38.760 --> 00:25:40.250 align:start position:0% utterance of actually some evid so this sentence<00:25:39.000> might<00:25:39.240> be<00:25:39.360> true<00:25:39.480> as<00:25:39.720> the<00:25:39.840> context<00:25:40.080> of 00:25:40.250 --> 00:25:40.260 align:start position:0% sentence might be true as the context of 00:25:40.260 --> 00:25:42.289 align:start position:0% sentence might be true as the context of the<00:25:40.380> authorency<00:25:40.799> social<00:25:41.100> and<00:25:41.340> we<00:25:41.580> might<00:25:41.760> agree 00:25:42.289 --> 00:25:42.299 align:start position:0% the authorency social and we might agree 00:25:42.299 --> 00:25:44.390 align:start position:0% the authorency social and we might agree on<00:25:42.480> some<00:25:42.659> notion<00:25:43.140> of<00:25:43.260> the<00:25:43.380> game<00:25:43.559> so<00:25:43.980> if<00:25:44.159> the 00:25:44.390 --> 00:25:44.400 align:start position:0% on some notion of the game so if the 00:25:44.400 --> 00:25:46.430 align:start position:0% on some notion of the game so if the sentence<00:25:44.700> is<00:25:44.940> provided<00:25:45.600> without<00:25:45.840> context 00:25:46.430 --> 00:25:46.440 align:start position:0% sentence is provided without context 00:25:46.440 --> 00:25:48.710 align:start position:0% sentence is provided without context then<00:25:47.100> the<00:25:47.340> sentence<00:25:47.580> is<00:25:47.760> nonsense<00:25:48.179> and<00:25:48.360> has<00:25:48.539> no 00:25:48.710 --> 00:25:48.720 align:start position:0% then the sentence is nonsense and has no 00:25:48.720 --> 00:25:51.649 align:start position:0% then the sentence is nonsense and has no choose<00:25:49.020> value<00:25:49.200> thus<00:25:49.880> ultimately<00:25:50.880> the<00:25:51.299> test<00:25:51.480> of 00:25:51.649 --> 00:25:51.659 align:start position:0% choose value thus ultimately the test of 00:25:51.659 --> 00:25:53.630 align:start position:0% choose value thus ultimately the test of Mev<00:25:52.080> conditions<00:25:52.500> on<00:25:52.679> which<00:25:52.919> philosophical 00:25:53.630 --> 00:25:53.640 align:start position:0% Mev conditions on which philosophical 00:25:53.640 --> 00:25:55.430 align:start position:0% Mev conditions on which philosophical interpretation<00:25:54.419> of<00:25:54.600> language<00:25:54.779> you<00:25:55.140> agree 00:25:55.430 --> 00:25:55.440 align:start position:0% interpretation of language you agree 00:25:55.440 --> 00:25:57.710 align:start position:0% interpretation of language you agree with<00:25:55.620> if<00:25:56.340> you<00:25:56.520> are<00:25:56.640> Wittgenstein<00:25:57.360> you<00:25:57.659> know 00:25:57.710 --> 00:25:57.720 align:start position:0% with if you are Wittgenstein you know 00:25:57.720 --> 00:25:59.330 align:start position:0% with if you are Wittgenstein you know you<00:25:57.900> always<00:25:58.020> switch<00:25:58.260> with<00:25:58.620> Einstein<00:25:59.159> and 00:25:59.330 --> 00:25:59.340 align:start position:0% you always switch with Einstein and 00:25:59.340 --> 00:26:01.070 align:start position:0% you always switch with Einstein and believes<00:25:59.700> that<00:25:59.820> the<00:25:59.940> utterancy<00:26:00.299> is<00:26:00.720> within 00:26:01.070 --> 00:26:01.080 align:start position:0% believes that the utterancy is within 00:26:01.080 --> 00:26:03.289 align:start position:0% believes that the utterancy is within the<00:26:01.320> context<00:26:01.640> where<00:26:02.640> it<00:26:02.820> is<00:26:02.940> socially 00:26:03.289 --> 00:26:03.299 align:start position:0% the context where it is socially 00:26:03.299 --> 00:26:05.450 align:start position:0% the context where it is socially agreeable<00:26:03.840> that<00:26:04.140> a<00:26:04.320> monarchy<00:26:04.799> exists<00:26:05.100> so<00:26:05.279> in 00:26:05.450 --> 00:26:05.460 align:start position:0% agreeable that a monarchy exists so in 00:26:05.460 --> 00:26:09.430 align:start position:0% agreeable that a monarchy exists so in the<00:26:05.580> previous<00:26:05.700> rugby<00:26:06.299> case<00:26:06.539> remember 00:26:09.430 --> 00:26:09.440 align:start position:0% 00:26:09.440 --> 00:26:12.230 align:start position:0% we<00:26:10.440> often<00:26:10.679> see<00:26:10.799> let's<00:26:11.039> say<00:26:11.220> that<00:26:11.460> physics<00:26:12.000> is 00:26:12.230 --> 00:26:12.240 align:start position:0% we often see let's say that physics is 00:26:12.240 --> 00:26:14.870 align:start position:0% we often see let's say that physics is the<00:26:12.600> monarch<00:26:13.080> and<00:26:13.440> then<00:26:13.559> over<00:26:14.400> there<00:26:14.580> is<00:26:14.760> a 00:26:14.870 --> 00:26:14.880 align:start position:0% the monarch and then over there is a 00:26:14.880 --> 00:26:17.090 align:start position:0% the monarch and then over there is a value<00:26:14.940> is<00:26:15.120> indeed<00:26:15.419> and<00:26:15.659> EV 00:26:17.090 --> 00:26:17.100 align:start position:0% value is indeed and EV 00:26:17.100 --> 00:26:19.549 align:start position:0% value is indeed and EV um<00:26:17.220> okay<00:26:17.760> so<00:26:17.940> so<00:26:18.179> now<00:26:18.539> some<00:26:18.779> takeaways<00:26:19.320> let's 00:26:19.549 --> 00:26:19.559 align:start position:0% um okay so so now some takeaways let's 00:26:19.559 --> 00:26:21.470 align:start position:0% um okay so so now some takeaways let's change<00:26:19.860> the<00:26:20.100> language<00:26:20.220> it<00:26:20.580> came<00:26:20.820> are<00:26:21.240> you 00:26:21.470 --> 00:26:21.480 align:start position:0% change the language it came are you 00:26:21.480 --> 00:26:24.049 align:start position:0% change the language it came are you tired<00:26:21.900> about<00:26:22.020> minor<00:26:22.740> or<00:26:22.860> Maximo<00:26:23.400> where<00:26:23.940> the 00:26:24.049 --> 00:26:24.059 align:start position:0% tired about minor or Maximo where the 00:26:24.059 --> 00:26:26.269 align:start position:0% tired about minor or Maximo where the grammar<00:26:24.480> isn't<00:26:25.200> even<00:26:25.260> correct<00:26:25.620> like<00:26:25.860> like<00:26:26.039> we 00:26:26.269 --> 00:26:26.279 align:start position:0% grammar isn't even correct like like we 00:26:26.279 --> 00:26:28.370 align:start position:0% grammar isn't even correct like like we say<00:26:26.460> maximum<00:26:26.880> mov<00:26:27.120> all<00:26:27.539> the<00:26:27.659> time<00:26:27.779> and<00:26:28.260> we 00:26:28.370 --> 00:26:28.380 align:start position:0% say maximum mov all the time and we 00:26:28.380 --> 00:26:29.630 align:start position:0% say maximum mov all the time and we should<00:26:28.500> just<00:26:28.620> say<00:26:28.799> I'm<00:26:28.980> EV<00:26:29.159> and<00:26:29.460> it 00:26:29.630 --> 00:26:29.640 align:start position:0% should just say I'm EV and it 00:26:29.640 --> 00:26:31.549 align:start position:0% should just say I'm EV and it conveniently<00:26:30.179> represents<00:26:30.840> a<00:26:30.960> shorthand<00:26:31.320> for 00:26:31.549 --> 00:26:31.559 align:start position:0% conveniently represents a shorthand for 00:26:31.559 --> 00:26:34.370 align:start position:0% conveniently represents a shorthand for some<00:26:31.919> type<00:26:32.159> of<00:26:32.419> Mafia<00:26:33.419> malloc<00:26:33.840> monarchic 00:26:34.370 --> 00:26:34.380 align:start position:0% some type of Mafia malloc monarchic 00:26:34.380 --> 00:26:35.870 align:start position:0% some type of Mafia malloc monarchic straddle<00:26:34.799> value<00:26:34.919> right<00:26:35.220> have<00:26:35.520> you<00:26:35.700> been 00:26:35.870 --> 00:26:35.880 align:start position:0% straddle value right have you been 00:26:35.880 --> 00:26:38.210 align:start position:0% straddle value right have you been saying<00:26:36.240> a<00:26:36.659> movie<00:26:36.840> because<00:26:37.320> you<00:26:37.799> have<00:26:37.919> poor 00:26:38.210 --> 00:26:38.220 align:start position:0% saying a movie because you have poor 00:26:38.220 --> 00:26:39.890 align:start position:0% saying a movie because you have poor imagination<00:26:38.700> to<00:26:39.059> come<00:26:39.240> up<00:26:39.419> with<00:26:39.600> a 00:26:39.890 --> 00:26:39.900 align:start position:0% imagination to come up with a 00:26:39.900 --> 00:26:42.409 align:start position:0% imagination to come up with a replacement<00:26:40.080> term<00:26:41.039> for<00:26:41.400> miners<00:26:41.820> that<00:26:42.179> keeps 00:26:42.409 --> 00:26:42.419 align:start position:0% replacement term for miners that keeps 00:26:42.419 --> 00:26:44.570 align:start position:0% replacement term for miners that keeps the<00:26:42.539> m<00:26:42.659> and<00:26:43.080> makes<00:26:43.200> sense<00:26:43.440> you<00:26:43.980> know<00:26:44.039> is<00:26:44.220> is 00:26:44.570 --> 00:26:44.580 align:start position:0% the m and makes sense you know is is 00:26:44.580 --> 00:26:47.090 align:start position:0% the m and makes sense you know is is that<00:26:44.760> what<00:26:44.940> we<00:26:45.120> are<00:26:45.240> doing<00:26:45.360> you<00:26:45.840> know<00:26:45.960> uh<00:26:46.799> so 00:26:47.090 --> 00:26:47.100 align:start position:0% that what we are doing you know uh so 00:26:47.100 --> 00:26:49.010 align:start position:0% that what we are doing you know uh so then<00:26:47.279> the<00:26:47.520> argument<00:26:47.760> is<00:26:48.000> that<00:26:48.240> by<00:26:48.659> changing 00:26:49.010 --> 00:26:49.020 align:start position:0% then the argument is that by changing 00:26:49.020 --> 00:26:50.690 align:start position:0% then the argument is that by changing this<00:26:49.200> language<00:26:49.440> game<00:26:49.740> we<00:26:50.279> have<00:26:50.400> several 00:26:50.690 --> 00:26:50.700 align:start position:0% this language game we have several 00:26:50.700 --> 00:26:52.250 align:start position:0% this language game we have several benefits<00:26:51.179> we<00:26:51.360> have 00:26:52.250 --> 00:26:52.260 align:start position:0% benefits we have 00:26:52.260 --> 00:26:55.789 align:start position:0% benefits we have um<00:26:52.760> you<00:26:53.760> know<00:26:53.820> this<00:26:54.720> from<00:26:54.900> my<00:26:55.080> formulation 00:26:55.789 --> 00:26:55.799 align:start position:0% um you know this from my formulation 00:26:55.799 --> 00:26:58.669 align:start position:0% um you know this from my formulation gives<00:26:56.159> you<00:26:56.279> a<00:26:56.460> distinct<00:26:56.820> value<00:26:57.000> which<00:26:57.679> Origins 00:26:58.669 --> 00:26:58.679 align:start position:0% gives you a distinct value which Origins 00:26:58.679 --> 00:27:00.529 align:start position:0% gives you a distinct value which Origins from<00:26:59.039> the<00:26:59.220> source<00:26:59.640> and<00:26:59.820> then<00:27:00.000> it<00:27:00.240> is<00:27:00.360> more 00:27:00.529 --> 00:27:00.539 align:start position:0% from the source and then it is more 00:27:00.539 --> 00:27:02.750 align:start position:0% from the source and then it is more formalizable<00:27:01.140> and<00:27:01.380> it<00:27:01.860> is<00:27:01.919> formalizable<00:27:02.520> in 00:27:02.750 --> 00:27:02.760 align:start position:0% formalizable and it is formalizable in 00:27:02.760 --> 00:27:04.250 align:start position:0% formalizable and it is formalizable in the<00:27:02.880> sense<00:27:03.000> that<00:27:03.179> you<00:27:03.360> don't<00:27:03.480> get<00:27:03.659> lost<00:27:03.900> in<00:27:04.140> the 00:27:04.250 --> 00:27:04.260 align:start position:0% the sense that you don't get lost in the 00:27:04.260 --> 00:27:06.769 align:start position:0% the sense that you don't get lost in the details<00:27:04.620> it<00:27:04.860> is<00:27:05.159> still<00:27:05.520> keeps<00:27:05.820> a<00:27:06.000> meme<00:27:06.120> and<00:27:06.659> the 00:27:06.769 --> 00:27:06.779 align:start position:0% details it is still keeps a meme and the 00:27:06.779 --> 00:27:08.390 align:start position:0% details it is still keeps a meme and the formalization<00:27:07.380> and<00:27:07.620> the<00:27:07.799> proof<00:27:08.039> only<00:27:08.159> serves 00:27:08.390 --> 00:27:08.400 align:start position:0% formalization and the proof only serves 00:27:08.400 --> 00:27:10.909 align:start position:0% formalization and the proof only serves as<00:27:08.520> a<00:27:08.940> social<00:27:09.120> process<00:27:09.659> to<00:27:10.380> help<00:27:10.500> people<00:27:10.679> to 00:27:10.909 --> 00:27:10.919 align:start position:0% as a social process to help people to 00:27:10.919 --> 00:27:12.590 align:start position:0% as a social process to help people to understand<00:27:11.039> it<00:27:11.400> and<00:27:11.640> then<00:27:11.820> of<00:27:12.059> course<00:27:12.179> they 00:27:12.590 --> 00:27:12.600 align:start position:0% understand it and then of course they 00:27:12.600 --> 00:27:14.450 align:start position:0% understand it and then of course they settles<00:27:13.020> the<00:27:13.140> better<00:27:13.200> Mev<00:27:13.679> argument<00:27:13.980> and<00:27:14.279> the 00:27:14.450 --> 00:27:14.460 align:start position:0% settles the better Mev argument and the 00:27:14.460 --> 00:27:16.070 align:start position:0% settles the better Mev argument and the trade-off<00:27:14.760> or<00:27:15.000> the<00:27:15.179> transformation<00:27:15.600> between 00:27:16.070 --> 00:27:16.080 align:start position:0% trade-off or the transformation between 00:27:16.080 --> 00:27:18.230 align:start position:0% trade-off or the transformation between the<00:27:16.320> three<00:27:16.440> values<00:27:16.860> of<00:27:16.980> space<00:27:17.159> is<00:27:17.400> clear<00:27:17.640> what 00:27:18.230 --> 00:27:18.240 align:start position:0% the three values of space is clear what 00:27:18.240 --> 00:27:20.390 align:start position:0% the three values of space is clear what this<00:27:18.419> implies<00:27:18.840> also<00:27:19.500> this<00:27:19.620> implies<00:27:19.980> clear 00:27:20.390 --> 00:27:20.400 align:start position:0% this implies also this implies clear 00:27:20.400 --> 00:27:22.430 align:start position:0% this implies also this implies clear solution<00:27:20.760> recipes<00:27:20.940> so<00:27:21.360> some<00:27:21.600> nurse<00:27:22.020> sniping 00:27:22.430 --> 00:27:22.440 align:start position:0% solution recipes so some nurse sniping 00:27:22.440 --> 00:27:24.590 align:start position:0% solution recipes so some nurse sniping for<00:27:22.799> you<00:27:22.980> all<00:27:23.100> that<00:27:23.520> is<00:27:23.760> that<00:27:23.940> to<00:27:24.179> research<00:27:24.419> on 00:27:24.590 --> 00:27:24.600 align:start position:0% for you all that is that to research on 00:27:24.600 --> 00:27:26.570 align:start position:0% for you all that is that to research on how<00:27:24.900> Monarch<00:27:25.500> historical<00:27:25.919> value<00:27:26.159> can<00:27:26.460> be 00:27:26.570 --> 00:27:26.580 align:start position:0% how Monarch historical value can be 00:27:26.580 --> 00:27:28.430 align:start position:0% how Monarch historical value can be distributed<00:27:27.059> and<00:27:27.360> research<00:27:27.900> on<00:27:28.080> the<00:27:28.260> program 00:27:28.430 --> 00:27:28.440 align:start position:0% distributed and research on the program 00:27:28.440 --> 00:27:31.310 align:start position:0% distributed and research on the program of<00:27:28.740> privacy<00:27:29.220> solutions<00:27:29.940> for<00:27:30.360> Mafia<00:27:30.720> IV<00:27:31.080> and 00:27:31.310 --> 00:27:31.320 align:start position:0% of privacy solutions for Mafia IV and 00:27:31.320 --> 00:27:33.830 align:start position:0% of privacy solutions for Mafia IV and then<00:27:31.440> finally<00:27:31.740> a<00:27:31.919> pre-supportation<00:27:32.580> test<00:27:32.940> and 00:27:33.830 --> 00:27:33.840 align:start position:0% then finally a pre-supportation test and 00:27:33.840 --> 00:27:35.810 align:start position:0% then finally a pre-supportation test and so<00:27:34.380> to 00:27:35.810 --> 00:27:35.820 align:start position:0% so to 00:27:35.820 --> 00:27:37.850 align:start position:0% so to conclude<00:27:36.480> I<00:27:36.720> would<00:27:36.840> like<00:27:36.960> to<00:27:37.080> hypnotize<00:27:37.620> you 00:27:37.850 --> 00:27:37.860 align:start position:0% conclude I would like to hypnotize you 00:27:37.860 --> 00:27:42.950 align:start position:0% conclude I would like to hypnotize you 3v3<00:27:38.580> ev333 00:27:42.950 --> 00:27:42.960 align:start position:0% 00:27:42.960 --> 00:27:50.090 align:start position:0% um<00:27:43.020> that's<00:27:43.260> all<00:27:43.440> you<00:27:43.620> can<00:27:43.740> kidnap 00:27:50.090 --> 00:27:50.100 align:start position:0% 00:27:50.100 --> 00:27:52.190 align:start position:0% well<00:27:50.700> I<00:27:50.940> think<00:27:51.059> we<00:27:51.240> all<00:27:51.360> agree<00:27:51.600> that<00:27:51.779> was<00:27:52.020> a 00:27:52.190 --> 00:27:52.200 align:start position:0% well I think we all agree that was a 00:27:52.200 --> 00:27:54.470 align:start position:0% well I think we all agree that was a fantastic<00:27:52.500> talk<00:27:52.799> a<00:27:53.220> lot<00:27:53.340> of<00:27:53.460> like<00:27:53.580> the<00:27:54.059> two 00:27:54.470 --> 00:27:54.480 align:start position:0% fantastic talk a lot of like the two 00:27:54.480 --> 00:27:56.930 align:start position:0% fantastic talk a lot of like the two speakers<00:27:54.840> we<00:27:55.440> we<00:27:55.980> said<00:27:56.340> at<00:27:56.580> the<00:27:56.760> beginning 00:27:56.930 --> 00:27:56.940 align:start position:0% speakers we we said at the beginning 00:27:56.940 --> 00:27:59.810 align:start position:0% speakers we we said at the beginning that<00:27:57.299> maybe<00:27:57.480> we<00:27:57.659> have<00:27:57.840> time<00:27:58.020> for<00:27:58.260> questions<00:27:58.820> so 00:27:59.810 --> 00:27:59.820 align:start position:0% that maybe we have time for questions so 00:27:59.820 --> 00:28:02.990 align:start position:0% that maybe we have time for questions so let's<00:28:00.360> pick<00:28:00.900> a<00:28:01.260> couple<00:28:01.380> of<00:28:01.559> them<00:28:01.740> order<00:28:02.580> it's 00:28:02.990 --> 00:28:03.000 align:start position:0% let's pick a couple of them order it's 00:28:03.000 --> 00:28:04.490 align:start position:0% let's pick a couple of them order it's going<00:28:03.240> to<00:28:03.299> be<00:28:03.419> hard<00:28:03.539> for<00:28:03.720> me<00:28:03.840> to<00:28:03.960> get<00:28:04.140> there<00:28:04.260> so 00:28:04.490 --> 00:28:04.500 align:start position:0% going to be hard for me to get there so 00:28:04.500 --> 00:28:08.149 align:start position:0% going to be hard for me to get there so maybe<00:28:04.679> you<00:28:04.919> can<00:28:05.039> shout<00:28:05.279> out<00:28:05.520> aloud 00:28:08.149 --> 00:28:08.159 align:start position:0% 00:28:08.159 --> 00:28:11.390 align:start position:0% yeah<00:28:08.940> good<00:28:09.720> question<00:28:10.020> so<00:28:10.380> of<00:28:10.679> fact<00:28:10.860> censorship 00:28:11.390 --> 00:28:11.400 align:start position:0% yeah good question so of fact censorship 00:28:11.400 --> 00:28:14.390 align:start position:0% yeah good question so of fact censorship uh<00:28:12.240> can<00:28:12.480> be<00:28:12.659> done<00:28:12.779> implicitly<00:28:13.559> using<00:28:14.220> a 00:28:14.390 --> 00:28:14.400 align:start position:0% uh can be done implicitly using a 00:28:14.400 --> 00:28:17.210 align:start position:0% uh can be done implicitly using a terminal<00:28:14.700> using<00:28:15.299> a<00:28:15.419> form<00:28:15.539> of<00:28:15.779> the 00:28:17.210 --> 00:28:17.220 align:start position:0% terminal using a form of the 00:28:17.220 --> 00:28:21.350 align:start position:0% terminal using a form of the um preference<00:28:17.880> curves<00:28:18.240> but<00:28:18.419> Alejo<00:28:19.020> Maybe 00:28:21.350 --> 00:28:21.360 align:start position:0% 00:28:21.360 --> 00:28:24.830 align:start position:0% um is<00:28:21.900> it<00:28:22.080> Monarch<00:28:22.620> is<00:28:22.860> it<00:28:23.039> Mafia<00:28:23.520> or<00:28:23.880> is<00:28:24.000> it<00:28:24.240> uh 00:28:24.830 --> 00:28:24.840 align:start position:0% um is it Monarch is it Mafia or is it uh 00:28:24.840 --> 00:28:28.850 align:start position:0% um is it Monarch is it Mafia or is it uh molok<00:28:25.620> MVP<00:28:26.100> it<00:28:26.880> is<00:28:27.000> monarch 00:28:28.850 --> 00:28:28.860 align:start position:0% molok MVP it is monarch 00:28:28.860 --> 00:28:31.430 align:start position:0% molok MVP it is monarch yeah<00:28:29.400> but<00:28:29.580> as<00:28:29.880> I<00:28:30.120> said<00:28:30.240> like<00:28:30.539> what<00:28:30.900> we<00:28:31.020> want<00:28:31.200> is 00:28:31.430 --> 00:28:31.440 align:start position:0% yeah but as I said like what we want is 00:28:31.440 --> 00:28:33.529 align:start position:0% yeah but as I said like what we want is to<00:28:31.679> shift<00:28:31.860> the<00:28:32.220> structure<00:28:32.940> of<00:28:33.059> the<00:28:33.120> game<00:28:33.299> right 00:28:33.529 --> 00:28:33.539 align:start position:0% to shift the structure of the game right 00:28:33.539 --> 00:28:35.330 align:start position:0% to shift the structure of the game right remember<00:28:33.900> the<00:28:34.380> interdoming<00:28:35.039> Coalition 00:28:35.330 --> 00:28:35.340 align:start position:0% remember the interdoming Coalition 00:28:35.340 --> 00:28:37.909 align:start position:0% remember the interdoming Coalition Factor<00:28:35.760> you<00:28:36.059> can<00:28:36.179> unify<00:28:36.720> the<00:28:36.840> users<00:28:37.260> by 00:28:37.909 --> 00:28:37.919 align:start position:0% Factor you can unify the users by 00:28:37.919 --> 00:28:39.769 align:start position:0% Factor you can unify the users by devising<00:28:38.460> some<00:28:38.640> mechanism<00:28:39.000> to<00:28:39.419> help<00:28:39.600> them 00:28:39.769 --> 00:28:39.779 align:start position:0% devising some mechanism to help them 00:28:39.779 --> 00:28:41.750 align:start position:0% devising some mechanism to help them become<00:28:40.140> sophisticated<00:28:40.980> and<00:28:41.220> have<00:28:41.400> collective 00:28:41.750 --> 00:28:41.760 align:start position:0% become sophisticated and have collective 00:28:41.760 --> 00:28:43.970 align:start position:0% become sophisticated and have collective bargaining<00:28:42.240> power<00:28:42.419> so<00:28:42.900> that<00:28:43.140> is<00:28:43.260> what<00:28:43.500> we 00:28:43.970 --> 00:28:43.980 align:start position:0% bargaining power so that is what we 00:28:43.980 --> 00:28:48.350 align:start position:0% bargaining power so that is what we ultimately<00:28:44.279> want<00:28:44.580> to<00:28:44.700> do<00:28:44.880> yeah 00:28:48.350 --> 00:28:48.360 align:start position:0% 00:28:48.360 --> 00:28:55.430 align:start position:0% anyone<00:28:49.020> else 00:28:55.430 --> 00:28:55.440 align:start position:0% 00:28:55.440 --> 00:28:59.340 align:start position:0% all<00:28:55.980> right<00:28:56.159> guys<00:28:56.460> so<00:28:57.000> big<00:28:57.240> round<00:28:57.419> of<00:28:57.659> applause 00:28:59.340 --> 00:28:59.350 align:start position:0% all right guys so big round of applause 00:28:59.350 --> 00:29:03.630 align:start position:0% all right guys so big round of applause [Applause]