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 --> 00:00:13.570 align:start position:0% [Music] 00:00:13.570 --> 00:00:13.580 align:start position:0% 00:00:13.580 --> 00:00:17.810 align:start position:0% guys<00:00:14.580> to<00:00:15.240> join<00:00:15.960> us<00:00:16.080> in<00:00:16.320> Orion 00:00:17.810 --> 00:00:17.820 align:start position:0% guys to join us in Orion 00:00:17.820 --> 00:00:21.609 align:start position:0% guys to join us in Orion so<00:00:18.600> who<00:00:19.440> in<00:00:19.619> the<00:00:19.740> audience<00:00:19.859> have<00:00:20.400> heard<00:00:20.880> about 00:00:21.609 --> 00:00:21.619 align:start position:0% so who in the audience have heard about 00:00:21.619 --> 00:00:23.810 align:start position:0% so who in the audience have heard about uh<00:00:22.619> die 00:00:23.810 --> 00:00:23.820 align:start position:0% uh die 00:00:23.820 --> 00:00:25.250 align:start position:0% uh die raise<00:00:24.180> your<00:00:24.420> hands 00:00:25.250 --> 00:00:25.260 align:start position:0% raise your hands 00:00:25.260 --> 00:00:28.370 align:start position:0% raise your hands nice<00:00:25.920> so<00:00:26.580> when<00:00:27.060> the<00:00:27.359> audience<00:00:27.480> has<00:00:27.960> heard 00:00:28.370 --> 00:00:28.380 align:start position:0% nice so when the audience has heard 00:00:28.380 --> 00:00:30.349 align:start position:0% nice so when the audience has heard about<00:00:28.560> Rye 00:00:30.349 --> 00:00:30.359 align:start position:0% about Rye 00:00:30.359 --> 00:00:33.110 align:start position:0% about Rye nice<00:00:30.960> and<00:00:31.380> who<00:00:31.800> has<00:00:32.040> uh 00:00:33.110 --> 00:00:33.120 align:start position:0% nice and who has uh 00:00:33.120 --> 00:00:37.370 align:start position:0% nice and who has uh use<00:00:33.780> dry<00:00:34.140> up<00:00:34.680> to<00:00:34.860> now<00:00:35.460> yeah<00:00:36.180> few<00:00:36.899> people<00:00:37.140> we 00:00:37.370 --> 00:00:37.380 align:start position:0% use dry up to now yeah few people we 00:00:37.380 --> 00:00:40.369 align:start position:0% use dry up to now yeah few people we need<00:00:37.620> to<00:00:37.920> work<00:00:38.579> more<00:00:38.820> on<00:00:39.000> that<00:00:39.239> I<00:00:39.540> guess 00:00:40.369 --> 00:00:40.379 align:start position:0% need to work more on that I guess 00:00:40.379 --> 00:00:46.970 align:start position:0% need to work more on that I guess so<00:00:41.100> right<00:00:42.440> is<00:00:43.440> a<00:00:44.040> fork<00:00:44.460> of<00:00:44.700> maker<00:00:45.239> Dao<00:00:45.660> dying 00:00:46.970 --> 00:00:46.980 align:start position:0% so right is a fork of maker Dao dying 00:00:46.980 --> 00:00:49.369 align:start position:0% so right is a fork of maker Dao dying so<00:00:47.460> with<00:00:47.760> a<00:00:48.000> bunch<00:00:48.120> of<00:00:48.239> differences 00:00:49.369 --> 00:00:49.379 align:start position:0% so with a bunch of differences 00:00:49.379 --> 00:00:52.430 align:start position:0% so with a bunch of differences it<00:00:49.800> has<00:00:50.039> eth<00:00:50.399> only<00:00:50.640> has<00:00:50.940> collateral<00:00:51.420> he<00:00:52.140> has<00:00:52.320> a 00:00:52.430 --> 00:00:52.440 align:start position:0% it has eth only has collateral he has a 00:00:52.440 --> 00:00:57.229 align:start position:0% it has eth only has collateral he has a floating<00:00:52.739> pad<00:00:53.219> so<00:00:53.640> it's<00:00:53.820> not<00:00:54.120> one<00:00:54.899> USD<00:00:55.500> as 00:00:57.229 --> 00:00:57.239 align:start position:0% floating pad so it's not one USD as 00:00:57.239 --> 00:00:59.689 align:start position:0% floating pad so it's not one USD as back<00:00:57.660> to<00:00:57.840> when<00:00:58.020> USD<00:00:58.440> as<00:00:58.680> dies 00:00:59.689 --> 00:00:59.699 align:start position:0% back to when USD as dies 00:00:59.699 --> 00:01:02.270 align:start position:0% back to when USD as dies it's<00:01:00.480> self-stabilizing<00:01:01.440> with<00:01:01.800> a<00:01:01.980> pi 00:01:02.270 --> 00:01:02.280 align:start position:0% it's self-stabilizing with a pi 00:01:02.280 --> 00:01:05.030 align:start position:0% it's self-stabilizing with a pi controller<00:01:03.300> and<00:01:03.840> it<00:01:03.960> has<00:01:04.140> minimal<00:01:04.559> governance 00:01:05.030 --> 00:01:05.040 align:start position:0% controller and it has minimal governance 00:01:05.040 --> 00:01:08.149 align:start position:0% controller and it has minimal governance too<00:01:05.280> that's<00:01:05.640> what<00:01:05.880> we<00:01:06.060> call<00:01:06.240> in<00:01:06.960> governance 00:01:08.149 --> 00:01:08.159 align:start position:0% too that's what we call in governance 00:01:08.159 --> 00:01:10.390 align:start position:0% too that's what we call in governance and<00:01:08.700> we're<00:01:08.880> pretty<00:01:09.119> sure<00:01:09.360> this<00:01:09.720> is<00:01:09.840> the<00:01:10.080> future 00:01:10.390 --> 00:01:10.400 align:start position:0% and we're pretty sure this is the future 00:01:10.400 --> 00:01:12.590 align:start position:0% and we're pretty sure this is the future of<00:01:11.400> Finance 00:01:12.590 --> 00:01:12.600 align:start position:0% of Finance 00:01:12.600 --> 00:01:15.230 align:start position:0% of Finance so<00:01:12.960> here<00:01:13.080> we<00:01:13.260> have<00:01:13.380> a<00:01:13.560> quote<00:01:13.799> by<00:01:14.100> Nikolai<00:01:14.700> he's 00:01:15.230 --> 00:01:15.240 align:start position:0% so here we have a quote by Nikolai he's 00:01:15.240 --> 00:01:18.109 align:start position:0% so here we have a quote by Nikolai he's the<00:01:15.600> technical<00:01:16.260> co-founder<00:01:16.920> of<00:01:17.040> maker 00:01:18.109 --> 00:01:18.119 align:start position:0% the technical co-founder of maker 00:01:18.119 --> 00:01:20.330 align:start position:0% the technical co-founder of maker and<00:01:18.659> the<00:01:18.900> main<00:01:19.020> architect<00:01:19.500> or<00:01:19.799> the<00:01:19.979> main<00:01:20.100> head 00:01:20.330 --> 00:01:20.340 align:start position:0% and the main architect or the main head 00:01:20.340 --> 00:01:22.609 align:start position:0% and the main architect or the main head behind<00:01:20.880> uh<00:01:21.420> die 00:01:22.609 --> 00:01:22.619 align:start position:0% behind uh die 00:01:22.619 --> 00:01:25.850 align:start position:0% behind uh die and<00:01:23.580> I'll<00:01:23.820> actually<00:01:24.000> read<00:01:24.420> his<00:01:24.900> quote<00:01:25.619> because 00:01:25.850 --> 00:01:25.860 align:start position:0% and I'll actually read his quote because 00:01:25.860 --> 00:01:29.030 align:start position:0% and I'll actually read his quote because it's<00:01:26.340> very<00:01:26.520> relevant<00:01:26.939> to<00:01:27.119> the<00:01:27.299> presentation 00:01:29.030 --> 00:01:29.040 align:start position:0% it's very relevant to the presentation 00:01:29.040 --> 00:01:31.730 align:start position:0% it's very relevant to the presentation until<00:01:29.460> this<00:01:30.180> is<00:01:30.479> in<00:01:30.659> textbooks<00:01:31.320> as<00:01:31.560> a 00:01:31.730 --> 00:01:31.740 align:start position:0% until this is in textbooks as a 00:01:31.740 --> 00:01:33.830 align:start position:0% until this is in textbooks as a historical<00:01:32.100> turning<00:01:32.640> point<00:01:32.759> for<00:01:33.180> theory<00:01:33.659> of 00:01:33.830 --> 00:01:33.840 align:start position:0% historical turning point for theory of 00:01:33.840 --> 00:01:37.130 align:start position:0% historical turning point for theory of Central<00:01:34.020> Banking<00:01:34.619> we're<00:01:35.340> still<00:01:35.579> early 00:01:37.130 --> 00:01:37.140 align:start position:0% Central Banking we're still early 00:01:37.140 --> 00:01:40.010 align:start position:0% Central Banking we're still early so<00:01:37.740> yeah<00:01:37.979> suffice<00:01:38.520> to<00:01:38.759> say<00:01:38.880> we're 00:01:40.010 --> 00:01:40.020 align:start position:0% so yeah suffice to say we're 00:01:40.020 --> 00:01:41.690 align:start position:0% so yeah suffice to say we're we're<00:01:40.439> still<00:01:40.680> early 00:01:41.690 --> 00:01:41.700 align:start position:0% we're still early 00:01:41.700 --> 00:01:44.270 align:start position:0% we're still early so<00:01:42.240> before<00:01:42.479> uh<00:01:43.079> I<00:01:43.439> go<00:01:43.500> into<00:01:43.619> what<00:01:43.920> the<00:01:44.100> system 00:01:44.270 --> 00:01:44.280 align:start position:0% so before uh I go into what the system 00:01:44.280 --> 00:01:47.090 align:start position:0% so before uh I go into what the system is<00:01:44.579> and<00:01:45.000> how<00:01:45.240> it<00:01:45.360> works<00:01:46.140> I'll<00:01:46.619> tell<00:01:46.799> you<00:01:46.920> guys 00:01:47.090 --> 00:01:47.100 align:start position:0% is and how it works I'll tell you guys 00:01:47.100 --> 00:01:48.109 align:start position:0% is and how it works I'll tell you guys uh 00:01:48.109 --> 00:01:48.119 align:start position:0% uh 00:01:48.119 --> 00:01:50.270 align:start position:0% uh a<00:01:48.479> story<00:01:48.720> more<00:01:49.380> of<00:01:49.500> a<00:01:49.619> personal<00:01:49.799> story 00:01:50.270 --> 00:01:50.280 align:start position:0% a story more of a personal story 00:01:50.280 --> 00:01:51.410 align:start position:0% a story more of a personal story actually 00:01:51.410 --> 00:01:51.420 align:start position:0% actually 00:01:51.420 --> 00:01:52.490 align:start position:0% actually so 00:01:52.490 --> 00:01:52.500 align:start position:0% so 00:01:52.500 --> 00:01:56.210 align:start position:0% so let's<00:01:52.920> do<00:01:53.100> the<00:01:53.340> interactive<00:01:54.060> thing<00:01:54.299> again<00:01:54.600> and 00:01:56.210 --> 00:01:56.220 align:start position:0% let's do the interactive thing again and 00:01:56.220 --> 00:01:58.069 align:start position:0% let's do the interactive thing again and please<00:01:56.640> raise<00:01:56.880> your<00:01:57.060> hands<00:01:57.479> if<00:01:57.780> you<00:01:57.899> have 00:01:58.069 --> 00:01:58.079 align:start position:0% please raise your hands if you have 00:01:58.079 --> 00:02:01.310 align:start position:0% please raise your hands if you have lived<00:01:58.560> in<00:01:58.920> a<00:01:59.040> place<00:01:59.280> with<00:01:59.880> inflation<00:02:00.659> over<00:02:01.079> a 00:02:01.310 --> 00:02:01.320 align:start position:0% lived in a place with inflation over a 00:02:01.320 --> 00:02:03.830 align:start position:0% lived in a place with inflation over a hundred<00:02:01.560> percent<00:02:01.740> a<00:02:02.159> year 00:02:03.830 --> 00:02:03.840 align:start position:0% hundred percent a year 00:02:03.840 --> 00:02:06.289 align:start position:0% hundred percent a year yeah<00:02:04.320> there's<00:02:04.619> quite<00:02:04.799> a<00:02:04.979> few<00:02:05.100> it's<00:02:05.880> a<00:02:06.060> lot<00:02:06.119> of 00:02:06.289 --> 00:02:06.299 align:start position:0% yeah there's quite a few it's a lot of 00:02:06.299 --> 00:02:08.570 align:start position:0% yeah there's quite a few it's a lot of them<00:02:06.420> right<00:02:06.719> so<00:02:07.020> that's<00:02:07.560> great<00:02:07.799> kudos<00:02:08.340> to<00:02:08.459> the 00:02:08.570 --> 00:02:08.580 align:start position:0% them right so that's great kudos to the 00:02:08.580 --> 00:02:11.150 align:start position:0% them right so that's great kudos to the EF<00:02:08.940> for<00:02:09.239> making<00:02:09.479> the<00:02:09.720> event<00:02:09.840> here<00:02:10.200> so<00:02:10.979> keep 00:02:11.150 --> 00:02:11.160 align:start position:0% EF for making the event here so keep 00:02:11.160 --> 00:02:12.650 align:start position:0% EF for making the event here so keep your<00:02:11.340> hands<00:02:11.580> up<00:02:11.700> if<00:02:12.060> you've<00:02:12.360> lived<00:02:12.599> through 00:02:12.650 --> 00:02:12.660 align:start position:0% your hands up if you've lived through 00:02:12.660 --> 00:02:15.050 align:start position:0% your hands up if you've lived through over<00:02:12.959> a<00:02:13.200> thousand<00:02:13.500> percent<00:02:13.739> a<00:02:14.160> year 00:02:15.050 --> 00:02:15.060 align:start position:0% over a thousand percent a year 00:02:15.060 --> 00:02:17.809 align:start position:0% over a thousand percent a year so<00:02:15.599> yeah<00:02:15.780> a<00:02:16.379> few<00:02:16.560> of<00:02:16.739> them<00:02:16.860> right<00:02:17.099> two<00:02:17.459> thousand 00:02:17.809 --> 00:02:17.819 align:start position:0% so yeah a few of them right two thousand 00:02:17.819 --> 00:02:20.210 align:start position:0% so yeah a few of them right two thousand three<00:02:18.060> thousand<00:02:18.540> Good<00:02:19.200> Times 00:02:20.210 --> 00:02:20.220 align:start position:0% three thousand Good Times 00:02:20.220 --> 00:02:21.470 align:start position:0% three thousand Good Times so 00:02:21.470 --> 00:02:21.480 align:start position:0% so 00:02:21.480 --> 00:02:25.309 align:start position:0% so I'm<00:02:21.900> Brazilian<00:02:22.440> and<00:02:22.980> as<00:02:23.340> a<00:02:23.520> kid<00:02:23.640> I<00:02:24.000> remembered 00:02:25.309 --> 00:02:25.319 align:start position:0% I'm Brazilian and as a kid I remembered 00:02:25.319 --> 00:02:27.350 align:start position:0% I'm Brazilian and as a kid I remembered uh<00:02:25.860> when<00:02:26.040> my<00:02:26.220> family<00:02:26.400> got<00:02:26.819> you<00:02:27.120> know<00:02:27.239> their 00:02:27.350 --> 00:02:27.360 align:start position:0% uh when my family got you know their 00:02:27.360 --> 00:02:29.270 align:start position:0% uh when my family got you know their paycheck<00:02:27.900> we<00:02:28.140> would<00:02:28.319> run<00:02:28.560> to<00:02:28.800> the<00:02:28.920> store<00:02:29.040> and 00:02:29.270 --> 00:02:29.280 align:start position:0% paycheck we would run to the store and 00:02:29.280 --> 00:02:30.350 align:start position:0% paycheck we would run to the store and buy<00:02:29.459> stuff 00:02:30.350 --> 00:02:30.360 align:start position:0% buy stuff 00:02:30.360 --> 00:02:32.270 align:start position:0% buy stuff because<00:02:30.780> if<00:02:31.140> you<00:02:31.260> wait<00:02:31.440> until<00:02:31.800> the<00:02:32.099> weekend 00:02:32.270 --> 00:02:32.280 align:start position:0% because if you wait until the weekend 00:02:32.280 --> 00:02:34.910 align:start position:0% because if you wait until the weekend next<00:02:32.819> day<00:02:33.120> you'd<00:02:33.840> pay<00:02:34.020> you<00:02:34.379> know<00:02:34.440> you<00:02:34.560> got<00:02:34.739> less 00:02:34.910 --> 00:02:34.920 align:start position:0% next day you'd pay you know you got less 00:02:34.920 --> 00:02:36.650 align:start position:0% next day you'd pay you know you got less stuff<00:02:35.220> for<00:02:35.400> your<00:02:35.580> money<00:02:35.760> basically<00:02:36.420> prices 00:02:36.650 --> 00:02:36.660 align:start position:0% stuff for your money basically prices 00:02:36.660 --> 00:02:38.809 align:start position:0% stuff for your money basically prices were<00:02:37.020> raising<00:02:37.379> every<00:02:37.560> day 00:02:38.809 --> 00:02:38.819 align:start position:0% were raising every day 00:02:38.819 --> 00:02:42.350 align:start position:0% were raising every day in<00:02:39.300> a<00:02:39.420> big<00:02:39.540> inflation<00:02:40.080> in<00:02:40.319> Brazil<00:02:40.620> we<00:02:40.920> had<00:02:41.099> uh 00:02:42.350 --> 00:02:42.360 align:start position:0% in a big inflation in Brazil we had uh 00:02:42.360 --> 00:02:44.570 align:start position:0% in a big inflation in Brazil we had uh over<00:02:42.900> three<00:02:43.200> thousand<00:02:43.500> percent<00:02:43.739> yearly 00:02:44.570 --> 00:02:44.580 align:start position:0% over three thousand percent yearly 00:02:44.580 --> 00:02:45.589 align:start position:0% over three thousand percent yearly inflation 00:02:45.589 --> 00:02:45.599 align:start position:0% inflation 00:02:45.599 --> 00:02:49.729 align:start position:0% inflation between<00:02:46.200> 93<00:02:46.739> and<00:02:46.920> 94<00:02:47.400> uh<00:02:48.180> the<00:02:48.840> average<00:02:49.080> yearly 00:02:49.729 --> 00:02:49.739 align:start position:0% between 93 and 94 uh the average yearly 00:02:49.739 --> 00:02:52.729 align:start position:0% between 93 and 94 uh the average yearly inflation<00:02:50.160> was<00:02:50.459> over<00:02:50.640> two<00:02:50.940> thousand<00:02:51.239> percent 00:02:52.729 --> 00:02:52.739 align:start position:0% inflation was over two thousand percent 00:02:52.739 --> 00:02:56.150 align:start position:0% inflation was over two thousand percent so<00:02:53.340> here<00:02:54.060> we<00:02:54.300> have<00:02:54.599> the<00:02:55.200> roller<00:02:55.560> coaster<00:02:55.860> that 00:02:56.150 --> 00:02:56.160 align:start position:0% so here we have the roller coaster that 00:02:56.160 --> 00:02:57.830 align:start position:0% so here we have the roller coaster that it<00:02:56.340> was<00:02:56.459> right<00:02:56.700> it<00:02:57.000> wasn't<00:02:57.180> like<00:02:57.540> really 00:02:57.830 --> 00:02:57.840 align:start position:0% it was right it wasn't like really 00:02:57.840 --> 00:02:58.910 align:start position:0% it was right it wasn't like really smooth 00:02:58.910 --> 00:02:58.920 align:start position:0% smooth 00:02:58.920 --> 00:03:02.570 align:start position:0% smooth uh<00:02:59.580> after<00:02:59.879> the<00:03:00.480> military<00:03:00.599> dictatorship<00:03:01.500> uh<00:03:02.280> in 00:03:02.570 --> 00:03:02.580 align:start position:0% uh after the military dictatorship uh in 00:03:02.580 --> 00:03:06.470 align:start position:0% uh after the military dictatorship uh in Brazil<00:03:02.940> uh<00:03:03.540> from<00:03:03.840> the<00:03:04.019> 60s<00:03:04.440> till<00:03:04.860> mid<00:03:05.400> 80s 00:03:06.470 --> 00:03:06.480 align:start position:0% Brazil uh from the 60s till mid 80s 00:03:06.480 --> 00:03:10.490 align:start position:0% Brazil uh from the 60s till mid 80s they<00:03:07.319> left<00:03:07.500> with<00:03:07.920> a<00:03:08.280> really<00:03:08.459> messy<00:03:09.180> economy<00:03:09.660> so 00:03:10.490 --> 00:03:10.500 align:start position:0% they left with a really messy economy so 00:03:10.500 --> 00:03:12.229 align:start position:0% they left with a really messy economy so all<00:03:10.680> the<00:03:10.920> leaders<00:03:11.220> that<00:03:11.519> came<00:03:11.700> in<00:03:11.879> they<00:03:12.120> came 00:03:12.229 --> 00:03:12.239 align:start position:0% all the leaders that came in they came 00:03:12.239 --> 00:03:14.809 align:start position:0% all the leaders that came in they came in<00:03:12.360> with<00:03:12.540> a<00:03:12.720> plan<00:03:12.959> basically<00:03:13.920> the<00:03:14.099> focus<00:03:14.459> was 00:03:14.809 --> 00:03:14.819 align:start position:0% in with a plan basically the focus was 00:03:14.819 --> 00:03:17.930 align:start position:0% in with a plan basically the focus was you<00:03:15.239> know<00:03:15.300> how<00:03:15.720> do<00:03:15.840> we<00:03:15.959> deal<00:03:16.140> with<00:03:16.560> inflation 00:03:17.930 --> 00:03:17.940 align:start position:0% you know how do we deal with inflation 00:03:17.940 --> 00:03:19.910 align:start position:0% you know how do we deal with inflation some<00:03:18.480> of<00:03:18.599> those<00:03:18.720> plans<00:03:19.019> were<00:03:19.260> disastrous 00:03:19.910 --> 00:03:19.920 align:start position:0% some of those plans were disastrous 00:03:19.920 --> 00:03:21.710 align:start position:0% some of those plans were disastrous right<00:03:20.220> they<00:03:20.580> involved<00:03:20.940> freezing<00:03:21.420> prices 00:03:21.710 --> 00:03:21.720 align:start position:0% right they involved freezing prices 00:03:21.720 --> 00:03:24.530 align:start position:0% right they involved freezing prices freezing<00:03:22.440> wages<00:03:22.800> in<00:03:23.640> this<00:03:23.819> one<00:03:24.000> the<00:03:24.239> color 00:03:24.530 --> 00:03:24.540 align:start position:0% freezing wages in this one the color 00:03:24.540 --> 00:03:27.110 align:start position:0% freezing wages in this one the color plan<00:03:24.920> they<00:03:25.920> actually<00:03:26.099> seized<00:03:26.700> people's 00:03:27.110 --> 00:03:27.120 align:start position:0% plan they actually seized people's 00:03:27.120 --> 00:03:29.990 align:start position:0% plan they actually seized people's savings<00:03:27.540> it<00:03:27.900> never<00:03:28.140> gave<00:03:28.379> it<00:03:28.560> back 00:03:29.990 --> 00:03:30.000 align:start position:0% savings it never gave it back 00:03:30.000 --> 00:03:32.390 align:start position:0% savings it never gave it back this<00:03:30.900> is<00:03:30.959> actually<00:03:31.200> new<00:03:31.500> to<00:03:31.739> me<00:03:31.860> I<00:03:32.159> learned 00:03:32.390 --> 00:03:32.400 align:start position:0% this is actually new to me I learned 00:03:32.400 --> 00:03:35.149 align:start position:0% this is actually new to me I learned this<00:03:32.519> while<00:03:32.760> preparing<00:03:33.300> to<00:03:33.480> the<00:03:33.720> presentation 00:03:35.149 --> 00:03:35.159 align:start position:0% this while preparing to the presentation 00:03:35.159 --> 00:03:36.830 align:start position:0% this while preparing to the presentation here<00:03:35.519> we<00:03:35.640> have<00:03:35.760> a<00:03:35.879> graph<00:03:36.120> of<00:03:36.300> the<00:03:36.480> number<00:03:36.659> of 00:03:36.830 --> 00:03:36.840 align:start position:0% here we have a graph of the number of 00:03:36.840 --> 00:03:39.050 align:start position:0% here we have a graph of the number of people<00:03:37.140> in<00:03:37.560> the<00:03:37.680> monetary<00:03:38.099> Council<00:03:38.519> of<00:03:38.640> Brazil 00:03:39.050 --> 00:03:39.060 align:start position:0% people in the monetary Council of Brazil 00:03:39.060 --> 00:03:41.630 align:start position:0% people in the monetary Council of Brazil or<00:03:39.480> the<00:03:39.599> guys<00:03:39.780> you<00:03:39.959> know<00:03:40.080> setting<00:03:40.500> rates 00:03:41.630 --> 00:03:41.640 align:start position:0% or the guys you know setting rates 00:03:41.640 --> 00:03:44.570 align:start position:0% or the guys you know setting rates and<00:03:42.360> the<00:03:42.599> inflation<00:03:42.900> in<00:03:43.260> Red<00:03:43.500> so<00:03:44.099> you<00:03:44.280> see<00:03:44.459> how 00:03:44.570 --> 00:03:44.580 align:start position:0% and the inflation in Red so you see how 00:03:44.580 --> 00:03:47.030 align:start position:0% and the inflation in Red so you see how they<00:03:44.760> correlate<00:03:45.239> right<00:03:45.780> so<00:03:46.140> the<00:03:46.680> less<00:03:46.799> people 00:03:47.030 --> 00:03:47.040 align:start position:0% they correlate right so the less people 00:03:47.040 --> 00:03:49.729 align:start position:0% they correlate right so the less people you<00:03:47.340> have<00:03:47.519> it<00:03:47.760> seems<00:03:48.000> to<00:03:48.120> be<00:03:48.239> better<00:03:48.360> right<00:03:48.720> so 00:03:49.729 --> 00:03:49.739 align:start position:0% you have it seems to be better right so 00:03:49.739 --> 00:03:52.309 align:start position:0% you have it seems to be better right so yes<00:03:50.519> and<00:03:50.879> and<00:03:51.060> this<00:03:51.420> sharp<00:03:51.659> decline<00:03:51.959> in<00:03:52.140> the 00:03:52.309 --> 00:03:52.319 align:start position:0% yes and and this sharp decline in the 00:03:52.319 --> 00:03:55.250 align:start position:0% yes and and this sharp decline in the inflation<00:03:52.560> was<00:03:52.860> in<00:03:53.040> 94.<00:03:53.640> it<00:03:54.000> was<00:03:54.120> called<00:03:54.239> Plano 00:03:55.250 --> 00:03:55.260 align:start position:0% inflation was in 94. it was called Plano 00:03:55.260 --> 00:03:57.110 align:start position:0% inflation was in 94. it was called Plano it<00:03:55.680> was<00:03:55.799> really<00:03:55.980> interesting<00:03:56.459> I<00:03:56.819> mean<00:03:56.940> they 00:03:57.110 --> 00:03:57.120 align:start position:0% it was really interesting I mean they 00:03:57.120 --> 00:03:59.270 align:start position:0% it was really interesting I mean they did<00:03:57.299> some<00:03:57.480> obvious<00:03:57.840> things<00:03:58.140> right<00:03:58.440> cut 00:03:59.270 --> 00:03:59.280 align:start position:0% did some obvious things right cut 00:03:59.280 --> 00:04:02.270 align:start position:0% did some obvious things right cut government<00:03:59.640> spending<00:04:00.560> uh<00:04:01.560> stop<00:04:01.860> printing 00:04:02.270 --> 00:04:02.280 align:start position:0% government spending uh stop printing 00:04:02.280 --> 00:04:05.270 align:start position:0% government spending uh stop printing money<00:04:02.580> right<00:04:03.200> and<00:04:04.200> they<00:04:04.379> also<00:04:04.620> did<00:04:04.860> one<00:04:05.040> thing 00:04:05.270 --> 00:04:05.280 align:start position:0% money right and they also did one thing 00:04:05.280 --> 00:04:08.330 align:start position:0% money right and they also did one thing that<00:04:05.459> was<00:04:05.640> not<00:04:05.879> really<00:04:06.120> obvious<00:04:06.560> they<00:04:07.560> created 00:04:08.330 --> 00:04:08.340 align:start position:0% that was not really obvious they created 00:04:08.340 --> 00:04:11.089 align:start position:0% that was not really obvious they created another<00:04:08.819> unit<00:04:09.120> of<00:04:09.480> value<00:04:09.659> so<00:04:10.560> things<00:04:10.799> were 00:04:11.089 --> 00:04:11.099 align:start position:0% another unit of value so things were 00:04:11.099 --> 00:04:13.309 align:start position:0% another unit of value so things were priced<00:04:11.519> in<00:04:11.760> this<00:04:12.000> new<00:04:12.239> unit<00:04:12.480> that<00:04:12.959> was<00:04:13.080> called 00:04:13.309 --> 00:04:13.319 align:start position:0% priced in this new unit that was called 00:04:13.319 --> 00:04:15.849 align:start position:0% priced in this new unit that was called urv<00:04:13.920> or<00:04:14.760> when<00:04:14.939> he<00:04:15.180> died 00:04:15.849 --> 00:04:15.859 align:start position:0% urv or when he died 00:04:15.859 --> 00:04:19.430 align:start position:0% urv or when he died or<00:04:16.859> unit<00:04:17.100> of<00:04:17.579> real<00:04:17.940> value<00:04:18.239> but<00:04:19.139> they<00:04:19.320> were 00:04:19.430 --> 00:04:19.440 align:start position:0% or unit of real value but they were 00:04:19.440 --> 00:04:21.170 align:start position:0% or unit of real value but they were still<00:04:19.680> paid<00:04:19.919> in<00:04:20.220> the<00:04:20.340> currency<00:04:20.639> of<00:04:20.880> the<00:04:21.000> time 00:04:21.170 --> 00:04:21.180 align:start position:0% still paid in the currency of the time 00:04:21.180 --> 00:04:23.270 align:start position:0% still paid in the currency of the time that<00:04:21.479> was<00:04:21.720> the 00:04:23.270 --> 00:04:23.280 align:start position:0% that was the 00:04:23.280 --> 00:04:26.030 align:start position:0% that was the what's<00:04:23.880> it<00:04:24.060> called<00:04:24.240> crusadero 00:04:26.030 --> 00:04:26.040 align:start position:0% what's it called crusadero 00:04:26.040 --> 00:04:28.490 align:start position:0% what's it called crusadero and<00:04:26.759> after<00:04:27.000> a<00:04:27.180> while<00:04:27.300> once<00:04:27.780> people<00:04:27.960> were<00:04:28.259> you 00:04:28.490 --> 00:04:28.500 align:start position:0% and after a while once people were you 00:04:28.500 --> 00:04:31.550 align:start position:0% and after a while once people were you know<00:04:28.560> free<00:04:28.800> from<00:04:29.040> the<00:04:29.280> inflation<00:04:29.699> mindset<00:04:30.560> urv 00:04:31.550 --> 00:04:31.560 align:start position:0% know free from the inflation mindset urv 00:04:31.560 --> 00:04:33.770 align:start position:0% know free from the inflation mindset urv became<00:04:32.340> the<00:04:32.580> Brazilian<00:04:32.940> Herald<00:04:33.300> that<00:04:33.540> we<00:04:33.600> have 00:04:33.770 --> 00:04:33.780 align:start position:0% became the Brazilian Herald that we have 00:04:33.780 --> 00:04:36.050 align:start position:0% became the Brazilian Herald that we have to<00:04:34.080> this<00:04:34.259> day<00:04:34.440> this<00:04:35.220> plan<00:04:35.400> was<00:04:35.699> mostly 00:04:36.050 --> 00:04:36.060 align:start position:0% to this day this plan was mostly 00:04:36.060 --> 00:04:38.930 align:start position:0% to this day this plan was mostly successful<00:04:36.720> so<00:04:37.620> we<00:04:37.979> went<00:04:38.160> from<00:04:38.340> over<00:04:38.639> two 00:04:38.930 --> 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from<00:04:48.060> this<00:04:48.300> right 00:04:49.850 --> 00:04:49.860 align:start position:0% from this right 00:04:49.860 --> 00:04:55.010 align:start position:0% from this right so<00:04:50.460> far<00:04:50.639> so<00:04:50.880> good<00:04:51.060> but<00:04:51.540> uh<00:04:52.380> yeah<00:04:53.340> actually<00:04:54.060> they 00:04:55.010 --> 00:04:55.020 align:start position:0% so far so good but uh yeah actually they 00:04:55.020 --> 00:04:57.530 align:start position:0% so far so good but uh yeah actually they seem<00:04:55.199> to<00:04:55.320> be<00:04:55.440> losing<00:04:55.919> control<00:04:56.699> there<00:04:57.120> so 00:04:57.530 --> 00:04:57.540 align:start position:0% seem to be losing control there so 00:04:57.540 --> 00:04:59.830 align:start position:0% seem to be losing control there so during<00:04:58.199> the<00:04:58.380> covet<00:04:58.800> years 00:04:59.830 --> 00:04:59.840 align:start position:0% during the covet years 00:04:59.840 --> 00:05:02.689 align:start position:0% during the covet years they<00:05:00.840> printed<00:05:01.320> 30<00:05:01.560> percent<00:05:01.919> of<00:05:02.340> the<00:05:02.520> money 00:05:02.689 --> 00:05:02.699 align:start position:0% they printed 30 percent of the money 00:05:02.699 --> 00:05:04.189 align:start position:0% they printed 30 percent of the money supply 00:05:04.189 --> 00:05:04.199 align:start position:0% supply 00:05:04.199 --> 00:05:07.189 align:start position:0% supply and<00:05:04.800> they<00:05:05.040> seem<00:05:05.340> to<00:05:05.460> have<00:05:05.639> underestimated<00:05:06.600> the 00:05:07.189 --> 00:05:07.199 align:start position:0% and they seem to have underestimated the 00:05:07.199 --> 00:05:09.050 align:start position:0% and they seem to have underestimated the resulting<00:05:07.560> inflation<00:05:07.979> from<00:05:08.340> it 00:05:09.050 --> 00:05:09.060 align:start position:0% resulting inflation from it 00:05:09.060 --> 00:05:11.810 align:start position:0% resulting inflation from it so<00:05:09.360> they<00:05:09.540> took<00:05:09.840> long<00:05:10.020> to<00:05:10.380> act<00:05:10.560> and<00:05:11.460> now<00:05:11.639> they 00:05:11.810 --> 00:05:11.820 align:start position:0% so they took long to act and now they 00:05:11.820 --> 00:05:13.490 align:start position:0% so they took long to act and now they seem<00:05:12.000> to<00:05:12.120> be<00:05:12.240> overreacting<00:05:12.900> throwing<00:05:13.380> the 00:05:13.490 --> 00:05:13.500 align:start position:0% seem to be overreacting throwing the 00:05:13.500 --> 00:05:16.310 align:start position:0% seem to be overreacting throwing the whole<00:05:13.680> world<00:05:13.919> into<00:05:14.400> a<00:05:14.639> recession<00:05:14.940> right 00:05:16.310 --> 00:05:16.320 align:start position:0% whole world into a recession right 00:05:16.320 --> 00:05:19.610 align:start position:0% whole world into a recession right and<00:05:16.680> now<00:05:16.800> going<00:05:17.040> back<00:05:17.160> to<00:05:17.400> crypto<00:05:17.820> so<00:05:18.600> we<00:05:19.440> have 00:05:19.610 --> 00:05:19.620 align:start position:0% and now going back to crypto so we have 00:05:19.620 --> 00:05:21.530 align:start position:0% and now going back to crypto so we have like<00:05:19.800> a<00:05:19.979> speed<00:05:20.160> run<00:05:20.400> of<00:05:20.880> what<00:05:21.180> we're<00:05:21.300> talking 00:05:21.530 --> 00:05:21.540 align:start position:0% like a speed run of what we're talking 00:05:21.540 --> 00:05:25.730 align:start position:0% like a speed run of what we're talking about<00:05:21.780> right<00:05:22.199> so<00:05:22.560> oops<00:05:22.979> we<00:05:23.160> had<00:05:23.340> here<00:05:23.699> the<00:05:24.479> Luna 00:05:25.730 --> 00:05:25.740 align:start position:0% about right so oops we had here the Luna 00:05:25.740 --> 00:05:29.090 align:start position:0% about right so oops we had here the Luna UST you<00:05:26.639> know<00:05:26.699> Fiasco<00:05:27.360> graph<00:05:28.139> let<00:05:28.560> let's<00:05:28.860> do 00:05:29.090 --> 00:05:29.100 align:start position:0% UST you know Fiasco graph let let's do 00:05:29.100 --> 00:05:30.830 align:start position:0% UST you know Fiasco graph let let's do another<00:05:29.280> one<00:05:29.520> raise<00:05:29.880> your<00:05:30.120> hands<00:05:30.419> if<00:05:30.539> you<00:05:30.660> lost 00:05:30.830 --> 00:05:30.840 align:start position:0% another one raise your hands if you lost 00:05:30.840 --> 00:05:35.029 align:start position:0% another one raise your hands if you lost money<00:05:31.139> in<00:05:31.620> Luna<00:05:32.580> UST<00:05:32.580> so<00:05:33.180> yeah<00:05:33.479> lots<00:05:33.960> of<00:05:34.020> people 00:05:35.029 --> 00:05:35.039 align:start position:0% money in Luna UST so yeah lots of people 00:05:35.039 --> 00:05:37.189 align:start position:0% money in Luna UST so yeah lots of people and<00:05:35.699> yeah<00:05:35.940> please<00:05:36.240> the<00:05:36.600> other<00:05:36.720> ones<00:05:36.960> should 00:05:37.189 --> 00:05:37.199 align:start position:0% and yeah please the other ones should 00:05:37.199 --> 00:05:38.990 align:start position:0% and yeah please the other ones should pay<00:05:37.380> a<00:05:37.560> beer<00:05:37.800> you<00:05:37.979> know<00:05:38.039> to<00:05:38.220> those<00:05:38.460> guys<00:05:38.639> so 00:05:38.990 --> 00:05:39.000 align:start position:0% pay a beer you know to those guys so 00:05:39.000 --> 00:05:42.409 align:start position:0% pay a beer you know to those guys so yeah<00:05:39.960> I<00:05:40.500> know<00:05:41.160> it<00:05:41.280> was<00:05:41.460> painful 00:05:42.409 --> 00:05:42.419 align:start position:0% yeah I know it was painful 00:05:42.419 --> 00:05:45.230 align:start position:0% yeah I know it was painful so<00:05:42.780> vitalik<00:05:43.380> wrote<00:05:43.919> an<00:05:44.160> article<00:05:44.699> recently 00:05:45.230 --> 00:05:45.240 align:start position:0% so vitalik wrote an article recently 00:05:45.240 --> 00:05:47.570 align:start position:0% so vitalik wrote an article recently about<00:05:45.660> stable<00:05:46.080> coins<00:05:46.440> just<00:05:46.680> after<00:05:46.860> the<00:05:47.160> Fiasco 00:05:47.570 --> 00:05:47.580 align:start position:0% about stable coins just after the Fiasco 00:05:47.580 --> 00:05:50.150 align:start position:0% about stable coins just after the Fiasco right<00:05:47.880> comparing<00:05:48.419> Rye<00:05:48.900> to<00:05:49.320> UST 00:05:50.150 --> 00:05:50.160 align:start position:0% right comparing Rye to UST 00:05:50.160 --> 00:05:52.909 align:start position:0% right comparing Rye to UST and<00:05:50.699> the<00:05:50.940> main<00:05:51.060> takeaway<00:05:51.419> for<00:05:51.720> me<00:05:51.840> at<00:05:52.080> least 00:05:52.909 --> 00:05:52.919 align:start position:0% and the main takeaway for me at least 00:05:52.919 --> 00:05:55.490 align:start position:0% and the main takeaway for me at least was<00:05:53.520> that<00:05:53.820> if<00:05:54.360> your<00:05:54.600> stable<00:05:54.840> coin<00:05:55.259> cannot 00:05:55.490 --> 00:05:55.500 align:start position:0% was that if your stable coin cannot 00:05:55.500 --> 00:05:58.550 align:start position:0% was that if your stable coin cannot contract<00:05:55.979> if<00:05:56.820> if<00:05:57.120> it<00:05:57.360> cannot<00:05:57.539> win<00:05:57.720> down 00:05:58.550 --> 00:05:58.560 align:start position:0% contract if if it cannot win down 00:05:58.560 --> 00:06:00.890 align:start position:0% contract if if it cannot win down it's<00:05:59.100> likely<00:05:59.460> a<00:05:59.639> Ponzi<00:06:00.060> right 00:06:00.890 --> 00:06:00.900 align:start position:0% it's likely a Ponzi right 00:06:00.900 --> 00:06:03.409 align:start position:0% it's likely a Ponzi right so<00:06:01.380> here<00:06:01.620> we<00:06:01.800> have<00:06:01.979> you<00:06:02.400> know<00:06:02.460> the<00:06:02.759> the<00:06:03.000> graph 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so lots of money uh<00:06:24.360> now<00:06:24.840> think<00:06:25.199> about 00:06:26.090 --> 00:06:26.100 align:start position:0% uh now think about 00:06:26.100 --> 00:06:29.029 align:start position:0% uh now think about what<00:06:26.580> happens<00:06:26.819> if<00:06:27.240> the<00:06:27.419> USD<00:06:27.900> has<00:06:28.199> to<00:06:28.620> contract 00:06:29.029 --> 00:06:29.039 align:start position:0% what happens if the USD has to contract 00:06:29.039 --> 00:06:31.730 align:start position:0% what happens if the USD has to contract the<00:06:29.520> USD<00:06:29.940> with<00:06:30.180> a<00:06:30.360> d<00:06:30.539> right 00:06:31.730 --> 00:06:31.740 align:start position:0% the USD with a d right 00:06:31.740 --> 00:06:33.469 align:start position:0% the USD with a d right how<00:06:32.220> would<00:06:32.460> it<00:06:32.580> work 00:06:33.469 --> 00:06:33.479 align:start position:0% how would it work 00:06:33.479 --> 00:06:35.809 align:start position:0% how would it work so<00:06:34.199> but<00:06:34.500> I'll<00:06:34.680> leave<00:06:34.860> this<00:06:35.100> you<00:06:35.400> know<00:06:35.460> as<00:06:35.639> an 00:06:35.809 --> 00:06:35.819 align:start position:0% so but I'll leave this you know as an 00:06:35.819 --> 00:06:37.850 align:start position:0% so but I'll leave this you know as an exercise<00:06:36.060> for<00:06:36.600> you<00:06:36.720> guys<00:06:36.900> to<00:06:37.500> think<00:06:37.620> about 00:06:37.850 --> 00:06:37.860 align:start position:0% exercise for you guys to think about 00:06:37.860 --> 00:06:39.170 align:start position:0% exercise for you guys to think about this 00:06:39.170 --> 00:06:39.180 align:start position:0% this 00:06:39.180 --> 00:06:41.210 align:start position:0% this so<00:06:39.660> here 00:06:41.210 --> 00:06:41.220 align:start position:0% so here 00:06:41.220 --> 00:06:43.909 align:start position:0% so here having<00:06:41.639> lived<00:06:42.060> through<00:06:42.180> hyperinflation 00:06:43.909 --> 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position:0% so these are some of the questions we 00:06:52.139 --> 00:06:54.890 align:start position:0% so these are some of the questions we were<00:06:52.319> obsessed<00:06:52.860> when<00:06:53.220> building<00:06:53.400> rhyme 00:06:54.890 --> 00:06:54.900 align:start position:0% were obsessed when building rhyme 00:06:54.900 --> 00:06:56.029 align:start position:0% were obsessed when building rhyme so 00:06:56.029 --> 00:06:56.039 align:start position:0% so 00:06:56.039 --> 00:06:58.730 align:start position:0% so what<00:06:56.460> if<00:06:56.639> the<00:06:56.759> humans<00:06:57.060> are<00:06:57.300> the<00:06:57.539> actual<00:06:57.840> main 00:06:58.730 --> 00:06:58.740 align:start position:0% what if the humans are the actual main 00:06:58.740 --> 00:07:00.650 align:start position:0% what if the humans are the actual main source<00:06:59.160> of<00:06:59.220> instability 00:07:00.650 --> 00:07:00.660 align:start position:0% source of instability 00:07:00.660 --> 00:07:03.110 align:start position:0% source of instability what<00:07:01.139> if<00:07:01.380> our<00:07:01.500> currency<00:07:01.800> was<00:07:02.100> honest 00:07:03.110 --> 00:07:03.120 align:start position:0% what if our currency was honest 00:07:03.120 --> 00:07:06.529 align:start position:0% what if our currency was honest waiting<00:07:03.840> for<00:07:03.900> currency<00:07:04.199> was<00:07:04.560> not<00:07:04.919> a<00:07:05.280> Ponzi 00:07:06.529 --> 00:07:06.539 align:start position:0% waiting for currency was not a Ponzi 00:07:06.539 --> 00:07:08.990 align:start position:0% waiting for currency was not a Ponzi what<00:07:07.020> if<00:07:07.199> our<00:07:07.319> money<00:07:07.500> supply<00:07:08.000> automatically 00:07:08.990 --> 00:07:09.000 align:start position:0% what if our money supply automatically 00:07:09.000 --> 00:07:11.510 align:start position:0% what if our money supply automatically expanded<00:07:09.960> and<00:07:10.319> contracted 00:07:11.510 --> 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and<00:07:19.680> we're<00:07:19.800> trying 00:07:20.029 --> 00:07:20.039 align:start position:0% he's a famous economist and we're trying 00:07:20.039 --> 00:07:24.770 align:start position:0% he's a famous economist and we're trying to<00:07:20.160> achieve<00:07:20.520> you<00:07:20.699> know<00:07:20.880> his<00:07:21.360> his<00:07:22.080> vision<00:07:22.380> here 00:07:24.770 --> 00:07:24.780 align:start position:0% 00:07:24.780 --> 00:07:27.650 align:start position:0% so<00:07:25.199> back<00:07:25.380> to<00:07:25.620> what<00:07:26.099> is<00:07:26.280> right<00:07:26.520> we<00:07:27.000> will<00:07:27.180> now<00:07:27.360> go 00:07:27.650 --> 00:07:27.660 align:start position:0% so back to what is right we will now go 00:07:27.660 --> 00:07:29.150 align:start position:0% so back to what is right we will now go through<00:07:27.780> you<00:07:28.139> know<00:07:28.259> not<00:07:28.380> that<00:07:28.560> you<00:07:28.680> guys<00:07:28.919> know 00:07:29.150 --> 00:07:29.160 align:start position:0% through you know not that you guys know 00:07:29.160 --> 00:07:31.790 align:start position:0% through you know not that you guys know why<00:07:29.639> I<00:07:30.000> care<00:07:30.180> so<00:07:30.419> much<00:07:30.539> about<00:07:30.780> this<00:07:31.080> thing 00:07:31.790 --> 00:07:31.800 align:start position:0% why I care so much about this thing 00:07:31.800 --> 00:07:34.070 align:start position:0% why I care so much about this thing uh<00:07:32.580> we<00:07:32.759> will<00:07:32.880> go<00:07:33.060> through<00:07:33.240> and<00:07:33.479> explain<00:07:33.660> each 00:07:34.070 --> 00:07:34.080 align:start position:0% uh we will go through and explain each 00:07:34.080 --> 00:07:36.710 align:start position:0% uh we will go through and explain each one<00:07:34.380> of<00:07:34.500> these<00:07:34.680> bullets<00:07:34.979> to<00:07:35.220> you<00:07:35.400> guys 00:07:36.710 --> 00:07:36.720 align:start position:0% one of these bullets to you guys 00:07:36.720 --> 00:07:41.330 align:start position:0% one of these bullets to you guys so<00:07:37.680> like<00:07:38.160> die<00:07:38.460> rise<00:07:39.360> over<00:07:39.539> collateralized<00:07:40.800> you 00:07:41.330 --> 00:07:41.340 align:start position:0% so like die rise over collateralized you 00:07:41.340 --> 00:07:43.610 align:start position:0% so like die rise over collateralized you open<00:07:41.460> a<00:07:41.759> collateralize<00:07:42.419> that<00:07:42.720> position<00:07:42.960> by 00:07:43.610 --> 00:07:43.620 align:start position:0% open a collateralize that position by 00:07:43.620 --> 00:07:46.730 align:start position:0% open a collateralize that position by depositing<00:07:44.160> eth<00:07:44.580> and<00:07:44.819> minty<00:07:45.180> Rai<00:07:46.020> we<00:07:46.500> call<00:07:46.620> it 00:07:46.730 --> 00:07:46.740 align:start position:0% depositing eth and minty Rai we call it 00:07:46.740 --> 00:07:49.010 align:start position:0% depositing eth and minty Rai we call it a<00:07:46.919> safe<00:07:47.639> it's<00:07:48.000> not<00:07:48.180> to<00:07:48.300> be<00:07:48.419> confused<00:07:48.780> with<00:07:48.900> it 00:07:49.010 --> 00:07:49.020 align:start position:0% a safe it's not to be confused with it 00:07:49.020 --> 00:07:51.170 align:start position:0% a safe it's not to be confused with it knows<00:07:49.440> it's<00:07:49.560> safe<00:07:49.740> you<00:07:49.919> know<00:07:50.039> so<00:07:50.220> the<00:07:50.400> die<00:07:50.580> CDP 00:07:51.170 --> 00:07:51.180 align:start position:0% knows it's safe you know so the die CDP 00:07:51.180 --> 00:07:53.390 align:start position:0% knows it's safe you know so the die CDP is<00:07:51.479> a<00:07:51.599> safe<00:07:51.780> for<00:07:52.080> us 00:07:53.390 --> 00:07:53.400 align:start position:0% is a safe for us 00:07:53.400 --> 00:07:55.370 align:start position:0% is a safe for us if<00:07:53.699> our<00:07:53.880> collateral<00:07:54.180> Rachel<00:07:54.539> drops<00:07:54.960> below<00:07:55.259> the 00:07:55.370 --> 00:07:55.380 align:start position:0% if our collateral Rachel drops below the 00:07:55.380 --> 00:07:58.189 align:start position:0% if our collateral Rachel drops below the minimum<00:07:55.800> 135<00:07:56.699> percent 00:07:58.189 --> 00:07:58.199 align:start position:0% minimum 135 percent 00:07:58.199 --> 00:07:59.930 align:start position:0% minimum 135 percent your<00:07:58.620> East<00:07:58.860> will<00:07:59.160> go<00:07:59.280> to<00:07:59.400> a<00:07:59.580> liquidation 00:07:59.930 --> 00:07:59.940 align:start position:0% your East will go to a liquidation 00:07:59.940 --> 00:08:01.010 align:start position:0% your East will go to a liquidation auction 00:08:01.010 --> 00:08:01.020 align:start position:0% auction 00:08:01.020 --> 00:08:03.650 align:start position:0% auction just<00:08:01.440> like<00:08:01.620> die<00:08:01.979> we<00:08:02.400> have<00:08:02.580> no<00:08:02.819> Ascend<00:08:03.300> there<00:08:03.479> so 00:08:03.650 --> 00:08:03.660 align:start position:0% just like die we have no Ascend there so 00:08:03.660 --> 00:08:06.350 align:start position:0% just like die we have no Ascend there so you<00:08:03.840> haven't<00:08:04.080> one<00:08:04.620> time<00:08:04.919> one<00:08:05.520> hour<00:08:05.699> time<00:08:06.000> delay 00:08:06.350 --> 00:08:06.360 align:start position:0% you haven't one time one hour time delay 00:08:06.360 --> 00:08:10.370 align:start position:0% you haven't one time one hour time delay to<00:08:06.599> react<00:08:06.900> in<00:08:07.319> sharp<00:08:07.740> you<00:08:08.460> know<00:08:08.580> price<00:08:09.000> changes 00:08:10.370 --> 00:08:10.380 align:start position:0% to react in sharp you know price changes 00:08:10.380 --> 00:08:14.210 align:start position:0% to react in sharp you know price changes and<00:08:10.860> like<00:08:11.039> mkr<00:08:11.639> we<00:08:11.880> have<00:08:12.060> flx<00:08:12.660> so<00:08:13.199> that<00:08:13.919> works 00:08:14.210 --> 00:08:14.220 align:start position:0% and like mkr we have flx so that works 00:08:14.220 --> 00:08:17.210 align:start position:0% and like mkr we have flx so that works as<00:08:14.520> a<00:08:14.759> domain<00:08:15.060> backstop<00:08:15.780> if<00:08:16.680> liquidations 00:08:17.210 --> 00:08:17.220 align:start position:0% as a domain backstop if liquidations 00:08:17.220 --> 00:08:20.330 align:start position:0% as a domain backstop if liquidations fail<00:08:17.639> and<00:08:18.479> Rye<00:08:19.199> is 00:08:20.330 --> 00:08:20.340 align:start position:0% fail and Rye is 00:08:20.340 --> 00:08:23.089 align:start position:0% fail and Rye is backed<00:08:21.060> by<00:08:21.360> eth<00:08:21.900> only 00:08:23.089 --> 00:08:23.099 align:start position:0% backed by eth only 00:08:23.099 --> 00:08:25.850 align:start position:0% backed by eth only this<00:08:23.639> is<00:08:23.819> very<00:08:24.120> very<00:08:24.360> important<00:08:24.900> because 00:08:25.850 --> 00:08:25.860 align:start position:0% this is very very important because 00:08:25.860 --> 00:08:27.710 align:start position:0% this is very very important because centralized<00:08:26.460> collaterals<00:08:27.120> have<00:08:27.360> a<00:08:27.479> way<00:08:27.599> of 00:08:27.710 --> 00:08:27.720 align:start position:0% centralized collaterals have a way of 00:08:27.720 --> 00:08:30.469 align:start position:0% centralized collaterals have a way of taking<00:08:27.900> over<00:08:28.139> if<00:08:28.560> you're<00:08:28.740> not<00:08:29.220> careful 00:08:30.469 --> 00:08:30.479 align:start position:0% taking over if you're not careful 00:08:30.479 --> 00:08:32.870 align:start position:0% taking over if you're not careful dye<00:08:31.080> is<00:08:31.199> now<00:08:31.319> generated<00:08:31.740> from<00:08:32.099> around<00:08:32.339> 80 00:08:32.870 --> 00:08:32.880 align:start position:0% dye is now generated from around 80 00:08:32.880 --> 00:08:36.050 align:start position:0% dye is now generated from around 80 percent<00:08:33.620> centralized<00:08:34.620> collateral<00:08:35.159> the<00:08:35.820> vast 00:08:36.050 --> 00:08:36.060 align:start position:0% percent centralized collateral the vast 00:08:36.060 --> 00:08:38.930 align:start position:0% percent centralized collateral the vast majority<00:08:36.539> being<00:08:37.020> usdc 00:08:38.930 --> 00:08:38.940 align:start position:0% majority being usdc 00:08:38.940 --> 00:08:41.810 align:start position:0% majority being usdc so<00:08:39.479> we<00:08:39.719> all<00:08:39.839> know<00:08:40.020> after<00:08:40.320> the<00:08:40.560> tornado<00:08:40.979> cash 00:08:41.810 --> 00:08:41.820 align:start position:0% so we all know after the tornado cash 00:08:41.820 --> 00:08:44.029 align:start position:0% so we all know after the tornado cash events<00:08:42.599> recently<00:08:43.080> that<00:08:43.380> you<00:08:43.620> know<00:08:43.680> they<00:08:43.919> can 00:08:44.029 --> 00:08:44.039 align:start position:0% events recently that you know they can 00:08:44.039 --> 00:08:47.930 align:start position:0% events recently that you know they can freeze<00:08:44.899> any<00:08:46.040> holder<00:08:47.040> including<00:08:47.580> you<00:08:47.880> know 00:08:47.930 --> 00:08:47.940 align:start position:0% freeze any holder including you know 00:08:47.940 --> 00:08:51.050 align:start position:0% freeze any holder including you know pools<00:08:48.540> and<00:08:48.839> systems<00:08:49.320> if<00:08:50.100> that<00:08:50.339> happens<00:08:50.519> you 00:08:51.050 --> 00:08:51.060 align:start position:0% pools and systems if that happens you 00:08:51.060 --> 00:08:53.449 align:start position:0% pools and systems if that happens you know<00:08:51.120> die<00:08:51.420> holders<00:08:51.899> will<00:08:52.080> suffer<00:08:52.500> die<00:08:53.220> will 00:08:53.449 --> 00:08:53.459 align:start position:0% know die holders will suffer die will 00:08:53.459 --> 00:08:56.030 align:start position:0% know die holders will suffer die will lose<00:08:53.580> most<00:08:53.880> of<00:08:54.060> the<00:08:54.240> value 00:08:56.030 --> 00:08:56.040 align:start position:0% lose most of the value 00:08:56.040 --> 00:08:58.670 align:start position:0% lose most of the value by<00:08:56.519> only<00:08:56.760> backing<00:08:57.240> Rye<00:08:57.600> with<00:08:57.720> eth<00:08:58.140> we<00:08:58.560> want 00:08:58.670 --> 00:08:58.680 align:start position:0% by only backing Rye with eth we want 00:08:58.680 --> 00:09:01.370 align:start position:0% by only backing Rye with eth we want right<00:08:58.920> to<00:08:59.160> inherit<00:08:59.580> the<00:08:59.820> money-ness<00:09:00.360> that<00:09:01.019> eth 00:09:01.370 --> 00:09:01.380 align:start position:0% right to inherit the money-ness that eth 00:09:01.380 --> 00:09:02.930 align:start position:0% right to inherit the money-ness that eth has<00:09:01.560> earned 00:09:02.930 --> 00:09:02.940 align:start position:0% has earned 00:09:02.940 --> 00:09:04.970 align:start position:0% has earned we<00:09:03.420> also<00:09:03.660> made<00:09:03.779> the<00:09:03.959> decision<00:09:04.260> you<00:09:04.560> know<00:09:04.680> to 00:09:04.970 --> 00:09:04.980 align:start position:0% we also made the decision you know to 00:09:04.980 --> 00:09:06.949 align:start position:0% we also made the decision you know to prevent<00:09:05.399> sort<00:09:05.820> of<00:09:05.940> like<00:09:06.120> this<00:09:06.600> actually 00:09:06.949 --> 00:09:06.959 align:start position:0% prevent sort of like this actually 00:09:06.959 --> 00:09:10.250 align:start position:0% prevent sort of like this actually prevents<00:09:07.680> Rye<00:09:08.580> from<00:09:08.760> really<00:09:09.120> scaling 00:09:10.250 --> 00:09:10.260 align:start position:0% prevents Rye from really scaling 00:09:10.260 --> 00:09:12.650 align:start position:0% prevents Rye from really scaling Rye<00:09:10.740> can<00:09:10.860> only<00:09:11.040> grow<00:09:11.220> so<00:09:11.580> much<00:09:11.760> you<00:09:12.300> know<00:09:12.420> and 00:09:12.650 --> 00:09:12.660 align:start position:0% Rye can only grow so much you know and 00:09:12.660 --> 00:09:15.530 align:start position:0% Rye can only grow so much you know and we<00:09:12.839> expect<00:09:12.959> that<00:09:13.260> it<00:09:13.500> will<00:09:13.680> grow<00:09:13.980> as<00:09:14.580> it<00:09:15.120> grows 00:09:15.530 --> 00:09:15.540 align:start position:0% we expect that it will grow as it grows 00:09:15.540 --> 00:09:19.070 align:start position:0% we expect that it will grow as it grows in<00:09:16.140> in<00:09:16.320> value<00:09:16.620> too<00:09:16.920> I'll<00:09:17.760> get<00:09:18.000> back<00:09:18.180> to<00:09:18.420> this<00:09:18.600> uh 00:09:19.070 --> 00:09:19.080 align:start position:0% in in value too I'll get back to this uh 00:09:19.080 --> 00:09:20.750 align:start position:0% in in value too I'll get back to this uh towards<00:09:19.440> the<00:09:19.620> end<00:09:19.740> of<00:09:19.980> the 00:09:20.750 --> 00:09:20.760 align:start position:0% towards the end of the 00:09:20.760 --> 00:09:23.329 align:start position:0% towards the end of the the<00:09:21.060> presentation 00:09:23.329 --> 00:09:23.339 align:start position:0% the presentation 00:09:23.339 --> 00:09:26.210 align:start position:0% the presentation so<00:09:23.820> people<00:09:24.000> often<00:09:24.480> ask<00:09:24.660> us<00:09:24.839> you<00:09:25.200> know<00:09:25.320> how<00:09:26.100> is 00:09:26.210 --> 00:09:26.220 align:start position:0% so people often ask us you know how is 00:09:26.220 --> 00:09:29.030 align:start position:0% so people often ask us you know how is it<00:09:26.399> stable<00:09:26.700> if<00:09:27.000> it's<00:09:27.180> not<00:09:27.480> one<00:09:27.899> USD 00:09:29.030 --> 00:09:29.040 align:start position:0% it stable if it's not one USD 00:09:29.040 --> 00:09:33.110 align:start position:0% it stable if it's not one USD so<00:09:29.700> the<00:09:30.060> way<00:09:30.120> we<00:09:30.300> see<00:09:30.480> this<00:09:30.660> it's<00:09:31.140> more<00:09:31.440> like 00:09:33.110 --> 00:09:33.120 align:start position:0% so the way we see this it's more like 00:09:33.120 --> 00:09:35.990 align:start position:0% so the way we see this it's more like like<00:09:33.540> a<00:09:33.899> foreign<00:09:34.260> exchange<00:09:34.740> foreign<00:09:35.640> currency 00:09:35.990 --> 00:09:36.000 align:start position:0% like a foreign exchange foreign currency 00:09:36.000 --> 00:09:38.150 align:start position:0% like a foreign exchange foreign currency right<00:09:36.540> so<00:09:36.779> here<00:09:36.959> we<00:09:37.140> have<00:09:37.260> the<00:09:37.440> exchange<00:09:37.740> rates 00:09:38.150 --> 00:09:38.160 align:start position:0% right so here we have the exchange rates 00:09:38.160 --> 00:09:40.910 align:start position:0% right so here we have the exchange rates of<00:09:38.580> several<00:09:38.940> currencies<00:09:39.839> the<00:09:40.260> largest<00:09:40.500> ones 00:09:40.910 --> 00:09:40.920 align:start position:0% of several currencies the largest ones 00:09:40.920 --> 00:09:43.009 align:start position:0% of several currencies the largest ones against<00:09:41.700> USD 00:09:43.009 --> 00:09:43.019 align:start position:0% against USD 00:09:43.019 --> 00:09:45.650 align:start position:0% against USD and<00:09:43.560> the<00:09:43.740> Rye<00:09:44.100> Redemption<00:09:44.640> price<00:09:44.940> is<00:09:45.420> the 00:09:45.650 --> 00:09:45.660 align:start position:0% and the Rye Redemption price is the 00:09:45.660 --> 00:09:47.750 align:start position:0% and the Rye Redemption price is the smoother<00:09:46.019> line<00:09:46.260> in<00:09:46.500> green<00:09:46.680> there 00:09:47.750 --> 00:09:47.760 align:start position:0% smoother line in green there 00:09:47.760 --> 00:09:50.150 align:start position:0% smoother line in green there so<00:09:48.480> as<00:09:49.140> you<00:09:49.320> can<00:09:49.440> see<00:09:49.560> it's<00:09:49.680> not<00:09:49.980> much 00:09:50.150 --> 00:09:50.160 align:start position:0% so as you can see it's not much 00:09:50.160 --> 00:09:52.550 align:start position:0% so as you can see it's not much different<00:09:50.399> than<00:09:50.880> well<00:09:51.480> foreign<00:09:52.200> exchange 00:09:52.550 --> 00:09:52.560 align:start position:0% different than well foreign exchange 00:09:52.560 --> 00:09:56.389 align:start position:0% different than well foreign exchange we're<00:09:53.459> doing<00:09:53.640> about<00:09:53.880> as<00:09:54.120> good<00:09:54.300> as<00:09:54.540> China<00:09:55.440> there 00:09:56.389 --> 00:09:56.399 align:start position:0% we're doing about as good as China there 00:09:56.399 --> 00:09:57.530 align:start position:0% we're doing about as good as China there so 00:09:57.530 --> 00:09:57.540 align:start position:0% so 00:09:57.540 --> 00:09:59.889 align:start position:0% so bagged<00:09:58.320> stable<00:09:58.560> coins<00:09:58.920> have<00:09:59.220> a<00:09:59.399> big<00:09:59.580> problem 00:09:59.889 --> 00:09:59.899 align:start position:0% bagged stable coins have a big problem 00:09:59.899 --> 00:10:02.930 align:start position:0% bagged stable coins have a big problem also<00:10:00.899> highlighted<00:10:01.320> by<00:10:01.500> vitalik 00:10:02.930 --> 00:10:02.940 align:start position:0% also highlighted by vitalik 00:10:02.940 --> 00:10:04.850 align:start position:0% also highlighted by vitalik they're<00:10:03.480> either<00:10:03.720> pegged 00:10:04.850 --> 00:10:04.860 align:start position:0% they're either pegged 00:10:04.860 --> 00:10:07.370 align:start position:0% they're either pegged when<00:10:05.339> everything<00:10:05.519> is<00:10:05.880> okay<00:10:06.060> you<00:10:06.600> know<00:10:06.660> or 00:10:07.370 --> 00:10:07.380 align:start position:0% when everything is okay you know or 00:10:07.380 --> 00:10:08.990 align:start position:0% when everything is okay you know or they're<00:10:07.560> off<00:10:07.800> bag<00:10:07.980> and<00:10:08.279> everyone<00:10:08.459> is<00:10:08.700> freaking 00:10:08.990 --> 00:10:09.000 align:start position:0% they're off bag and everyone is freaking 00:10:09.000 --> 00:10:10.990 align:start position:0% they're off bag and everyone is freaking out<00:10:09.180> you<00:10:09.420> know<00:10:09.540> what<00:10:09.839> the<00:10:10.200> is<00:10:10.440> going<00:10:10.680> on 00:10:10.990 --> 00:10:11.000 align:start position:0% out you know what the is going on 00:10:11.000 --> 00:10:14.329 align:start position:0% out you know what the is going on so<00:10:12.000> right<00:10:12.360> has<00:10:12.720> one<00:10:12.899> mode<00:10:13.140> it's<00:10:13.800> always<00:10:14.040> off 00:10:14.329 --> 00:10:14.339 align:start position:0% so right has one mode it's always off 00:10:14.339 --> 00:10:16.670 align:start position:0% so right has one mode it's always off pack<00:10:14.580> you<00:10:15.000> know<00:10:15.120> that's<00:10:15.779> business<00:10:16.080> as<00:10:16.380> usual 00:10:16.670 --> 00:10:16.680 align:start position:0% pack you know that's business as usual 00:10:16.680 --> 00:10:18.769 align:start position:0% pack you know that's business as usual it's<00:10:17.279> a<00:10:17.399> matter<00:10:17.519> of<00:10:17.700> degree 00:10:18.769 --> 00:10:18.779 align:start position:0% it's a matter of degree 00:10:18.779 --> 00:10:22.310 align:start position:0% it's a matter of degree so<00:10:19.440> we're<00:10:20.040> not<00:10:20.220> getting<00:10:20.519> out<00:10:21.120> of<00:10:21.300> bed<00:10:21.480> because 00:10:22.310 --> 00:10:22.320 align:start position:0% so we're not getting out of bed because 00:10:22.320 --> 00:10:24.530 align:start position:0% so we're not getting out of bed because it's<00:10:22.620> soft<00:10:22.800> pack<00:10:23.040> right<00:10:23.399> see<00:10:23.700> how<00:10:23.880> cozy<00:10:24.300> it<00:10:24.420> is 00:10:24.530 --> 00:10:24.540 align:start position:0% it's soft pack right see how cozy it is 00:10:24.540 --> 00:10:27.350 align:start position:0% it's soft pack right see how cozy it is Pepe<00:10:25.380> is<00:10:25.500> and<00:10:25.800> here<00:10:25.980> we<00:10:26.160> go<00:10:26.279> to<00:10:26.459> the<00:10:26.700> pi 00:10:27.350 --> 00:10:27.360 align:start position:0% Pepe is and here we go to the pi 00:10:27.360 --> 00:10:28.910 align:start position:0% Pepe is and here we go to the pi controller<00:10:27.899> that's<00:10:28.140> the<00:10:28.380> heart<00:10:28.500> of<00:10:28.800> the 00:10:28.910 --> 00:10:28.920 align:start position:0% controller that's the heart of the 00:10:28.920 --> 00:10:31.670 align:start position:0% controller that's the heart of the system<00:10:29.100> the<00:10:29.399> coolest<00:10:29.760> part<00:10:30.000> too<00:10:30.360> so<00:10:30.899> we<00:10:31.380> have<00:10:31.560> a 00:10:31.670 --> 00:10:31.680 align:start position:0% system the coolest part too so we have a 00:10:31.680 --> 00:10:34.970 align:start position:0% system the coolest part too so we have a graph<00:10:31.920> here<00:10:32.160> the<00:10:33.060> market<00:10:33.240> price<00:10:33.660> from<00:10:34.260> uniswap 00:10:34.970 --> 00:10:34.980 align:start position:0% graph here the market price from uniswap 00:10:34.980 --> 00:10:36.910 align:start position:0% graph here the market price from uniswap curve<00:10:35.459> is<00:10:35.820> the<00:10:36.000> red<00:10:36.120> line<00:10:36.360> over<00:10:36.600> there 00:10:36.910 --> 00:10:36.920 align:start position:0% curve is the red line over there 00:10:36.920 --> 00:10:39.410 align:start position:0% curve is the red line over there Redemption<00:10:37.920> price<00:10:38.160> is<00:10:38.399> the<00:10:38.640> smoother<00:10:38.940> line<00:10:39.180> in 00:10:39.410 --> 00:10:39.420 align:start position:0% Redemption price is the smoother line in 00:10:39.420 --> 00:10:40.310 align:start position:0% Redemption price is the smoother line in Gray 00:10:40.310 --> 00:10:40.320 align:start position:0% Gray 00:10:40.320 --> 00:10:43.790 align:start position:0% Gray so<00:10:41.100> when<00:10:41.700> the<00:10:41.940> market<00:10:42.060> price<00:10:42.360> goes<00:10:42.839> above<00:10:43.380> the 00:10:43.790 --> 00:10:43.800 align:start position:0% so when the market price goes above the 00:10:43.800 --> 00:10:45.829 align:start position:0% so when the market price goes above the Redemption<00:10:44.220> price<00:10:44.519> or<00:10:44.940> Redemption<00:10:45.360> price<00:10:45.600> is 00:10:45.829 --> 00:10:45.839 align:start position:0% Redemption price or Redemption price is 00:10:45.839 --> 00:10:48.710 align:start position:0% Redemption price or Redemption price is basically<00:10:46.320> the<00:10:46.560> internal<00:10:46.980> system<00:10:47.160> Peg<00:10:47.640> right 00:10:48.710 --> 00:10:48.720 align:start position:0% basically the internal system Peg right 00:10:48.720 --> 00:10:51.170 align:start position:0% basically the internal system Peg right when<00:10:49.260> the<00:10:49.380> market<00:10:49.560> price<00:10:49.860> goes<00:10:50.399> above<00:10:50.820> the 00:10:51.170 --> 00:10:51.180 align:start position:0% when the market price goes above the 00:10:51.180 --> 00:10:53.030 align:start position:0% when the market price goes above the Redemption<00:10:51.540> price<00:10:51.839> the<00:10:52.380> Redemption<00:10:52.800> rate 00:10:53.030 --> 00:10:53.040 align:start position:0% Redemption price the Redemption rate 00:10:53.040 --> 00:10:54.949 align:start position:0% Redemption price the Redemption rate goes<00:10:53.519> down<00:10:53.700> and<00:10:54.120> starts<00:10:54.480> pushing<00:10:54.839> the 00:10:54.949 --> 00:10:54.959 align:start position:0% goes down and starts pushing the 00:10:54.959 --> 00:10:56.630 align:start position:0% goes down and starts pushing the Redemption<00:10:55.380> price<00:10:55.620> down 00:10:56.630 --> 00:10:56.640 align:start position:0% Redemption price down 00:10:56.640 --> 00:10:59.509 align:start position:0% Redemption price down the<00:10:57.060> opposite<00:10:57.480> is<00:10:57.720> also<00:10:57.959> true<00:10:58.200> so<00:10:58.860> if<00:10:59.339> the 00:10:59.509 --> 00:10:59.519 align:start position:0% the opposite is also true so if the 00:10:59.519 --> 00:11:01.430 align:start position:0% the opposite is also true so if the Redemption<00:10:59.940> price<00:11:00.180> or<00:11:00.480> if<00:11:00.660> the<00:11:00.959> market<00:11:01.079> price 00:11:01.430 --> 00:11:01.440 align:start position:0% Redemption price or if the market price 00:11:01.440 --> 00:11:04.009 align:start position:0% Redemption price or if the market price goes<00:11:01.860> below<00:11:02.160> the<00:11:02.399> Redemption<00:11:02.820> price<00:11:03.120> the 00:11:04.009 --> 00:11:04.019 align:start position:0% goes below the Redemption price the 00:11:04.019 --> 00:11:06.110 align:start position:0% goes below the Redemption price the Redemption<00:11:04.380> rate<00:11:04.620> will<00:11:04.980> go<00:11:05.220> up 00:11:06.110 --> 00:11:06.120 align:start position:0% Redemption rate will go up 00:11:06.120 --> 00:11:07.850 align:start position:0% Redemption rate will go up and<00:11:06.600> here<00:11:06.779> below<00:11:07.079> we<00:11:07.260> have<00:11:07.380> actually<00:11:07.620> the 00:11:07.850 --> 00:11:07.860 align:start position:0% and here below we have actually the 00:11:07.860 --> 00:11:09.710 align:start position:0% and here below we have actually the rates<00:11:08.160> the<00:11:08.579> Redemption<00:11:08.940> rate<00:11:09.120> is<00:11:09.300> formed<00:11:09.600> like 00:11:09.710 --> 00:11:09.720 align:start position:0% rates the Redemption rate is formed like 00:11:09.720 --> 00:11:12.710 align:start position:0% rates the Redemption rate is formed like two<00:11:09.959> rates<00:11:10.260> we<00:11:10.440> have<00:11:10.560> the<00:11:10.740> P<00:11:10.860> rate<00:11:11.160> in<00:11:11.760> blue<00:11:11.940> and 00:11:12.710 --> 00:11:12.720 align:start position:0% two rates we have the P rate in blue and 00:11:12.720 --> 00:11:15.530 align:start position:0% two rates we have the P rate in blue and The<00:11:12.899> Irate<00:11:13.440> in<00:11:14.220> Orange 00:11:15.530 --> 00:11:15.540 align:start position:0% The Irate in Orange 00:11:15.540 --> 00:11:18.889 align:start position:0% The Irate in Orange the<00:11:16.140> period<00:11:16.440> in<00:11:16.680> blue<00:11:16.860> is<00:11:17.100> instantaneous<00:11:17.940> so 00:11:18.889 --> 00:11:18.899 align:start position:0% the period in blue is instantaneous so 00:11:18.899 --> 00:11:21.650 align:start position:0% the period in blue is instantaneous so when<00:11:19.620> the<00:11:19.800> price<00:11:20.040> market<00:11:20.640> price<00:11:20.940> crosses<00:11:21.480> the 00:11:21.650 --> 00:11:21.660 align:start position:0% when the price market price crosses the 00:11:21.660 --> 00:11:23.930 align:start position:0% when the price market price crosses the Redemption<00:11:22.079> price<00:11:22.380> it<00:11:23.279> will<00:11:23.459> immediately 00:11:23.930 --> 00:11:23.940 align:start position:0% Redemption price it will immediately 00:11:23.940 --> 00:11:25.730 align:start position:0% Redemption price it will immediately cross<00:11:24.300> to<00:11:24.600> the<00:11:24.779> other<00:11:24.899> side<00:11:25.079> we<00:11:25.380> can<00:11:25.500> see 00:11:25.730 --> 00:11:25.740 align:start position:0% cross to the other side we can see 00:11:25.740 --> 00:11:28.250 align:start position:0% cross to the other side we can see recently<00:11:26.519> in<00:11:26.760> the<00:11:26.880> recent<00:11:27.180> days<00:11:27.360> it's<00:11:28.079> been 00:11:28.250 --> 00:11:28.260 align:start position:0% recently in the recent days it's been 00:11:28.260 --> 00:11:29.509 align:start position:0% recently in the recent days it's been the<00:11:28.380> first<00:11:28.560> time<00:11:28.680> in<00:11:28.860> a<00:11:28.980> while<00:11:29.040> where<00:11:29.339> the 00:11:29.509 --> 00:11:29.519 align:start position:0% the first time in a while where the 00:11:29.519 --> 00:11:31.130 align:start position:0% the first time in a while where the market<00:11:29.640> price<00:11:29.880> went<00:11:30.120> below<00:11:30.480> the<00:11:30.660> Redemption 00:11:31.130 --> 00:11:31.140 align:start position:0% market price went below the Redemption 00:11:31.140 --> 00:11:33.769 align:start position:0% market price went below the Redemption price<00:11:31.380> and<00:11:32.339> the<00:11:32.459> period<00:11:32.760> immediately<00:11:33.420> goes 00:11:33.769 --> 00:11:33.779 align:start position:0% price and the period immediately goes 00:11:33.779 --> 00:11:35.329 align:start position:0% price and the period immediately goes positive<00:11:34.200> there 00:11:35.329 --> 00:11:35.339 align:start position:0% positive there 00:11:35.339 --> 00:11:38.150 align:start position:0% positive there the<00:11:35.760> eye<00:11:35.940> rate<00:11:36.180> starts<00:11:37.079> the<00:11:37.260> error<00:11:37.620> of<00:11:37.920> the 00:11:38.150 --> 00:11:38.160 align:start position:0% the eye rate starts the error of the 00:11:38.160 --> 00:11:40.910 align:start position:0% the eye rate starts the error of the last<00:11:38.399> 30<00:11:38.820> days<00:11:39.120> so<00:11:39.360> it's<00:11:39.540> like<00:11:39.720> a<00:11:39.899> memory<00:11:40.200> it 00:11:40.910 --> 00:11:40.920 align:start position:0% last 30 days so it's like a memory it 00:11:40.920 --> 00:11:42.889 align:start position:0% last 30 days so it's like a memory it makes<00:11:41.100> the<00:11:41.339> controller<00:11:41.820> stickier<00:11:42.420> this<00:11:42.839> is 00:11:42.889 --> 00:11:42.899 align:start position:0% makes the controller stickier this is 00:11:42.899 --> 00:11:45.290 align:start position:0% makes the controller stickier this is why<00:11:43.079> it's<00:11:43.260> not<00:11:43.500> yet<00:11:43.740> positive<00:11:44.220> right<00:11:44.579> The 00:11:45.290 --> 00:11:45.300 align:start position:0% why it's not yet positive right The 00:11:45.300 --> 00:11:49.550 align:start position:0% why it's not yet positive right The Irate<00:11:45.720> is<00:11:46.160> a<00:11:47.160> lot<00:11:47.279> higher<00:11:47.700> than<00:11:47.940> the<00:11:48.600> or<00:11:49.200> a<00:11:49.440> lot 00:11:49.550 --> 00:11:49.560 align:start position:0% Irate is a lot higher than the or a lot 00:11:49.560 --> 00:11:51.410 align:start position:0% Irate is a lot higher than the or a lot higher<00:11:49.920> to<00:11:50.040> the<00:11:50.160> negative<00:11:50.459> side<00:11:50.760> than<00:11:51.120> the 00:11:51.410 --> 00:11:51.420 align:start position:0% higher to the negative side than the 00:11:51.420 --> 00:11:54.590 align:start position:0% higher to the negative side than the period<00:11:52.200> there<00:11:52.579> stability<00:11:53.579> for<00:11:53.880> right<00:11:54.060> means 00:11:54.590 --> 00:11:54.600 align:start position:0% period there stability for right means 00:11:54.600 --> 00:11:57.470 align:start position:0% period there stability for right means balancing<00:11:55.260> rise<00:11:55.800> supply<00:11:56.040> and<00:11:56.459> demand<00:11:56.820> and<00:11:57.240> not 00:11:57.470 --> 00:11:57.480 align:start position:0% balancing rise supply and demand and not 00:11:57.480 --> 00:12:00.230 align:start position:0% balancing rise supply and demand and not begging<00:11:57.839> it<00:11:57.959> to<00:11:58.200> one<00:11:58.620> USD 00:12:00.230 --> 00:12:00.240 align:start position:0% begging it to one USD 00:12:00.240 --> 00:12:03.290 align:start position:0% begging it to one USD so<00:12:00.720> with<00:12:01.079> Rye<00:12:01.500> you<00:12:01.920> know<00:12:02.100> where<00:12:02.339> the<00:12:02.579> yield<00:12:02.820> is 00:12:03.290 --> 00:12:03.300 align:start position:0% so with Rye you know where the yield is 00:12:03.300 --> 00:12:05.509 align:start position:0% so with Rye you know where the yield is coming<00:12:03.480> from<00:12:03.720> when<00:12:04.620> rates<00:12:04.980> are<00:12:05.160> negative 00:12:05.509 --> 00:12:05.519 align:start position:0% coming from when rates are negative 00:12:05.519 --> 00:12:08.269 align:start position:0% coming from when rates are negative right<00:12:06.360> holders<00:12:06.899> are<00:12:07.140> paying<00:12:07.500> right<00:12:07.680> borrowers 00:12:08.269 --> 00:12:08.279 align:start position:0% right holders are paying right borrowers 00:12:08.279 --> 00:12:11.269 align:start position:0% right holders are paying right borrowers when<00:12:09.060> rates<00:12:09.420> are<00:12:09.600> positive<00:12:10.019> right<00:12:10.680> borrowers 00:12:11.269 --> 00:12:11.279 align:start position:0% when rates are positive right borrowers 00:12:11.279 --> 00:12:14.990 align:start position:0% when rates are positive right borrowers are<00:12:12.240> paying<00:12:12.720> right<00:12:12.899> holders<00:12:13.579> this<00:12:14.579> value 00:12:14.990 --> 00:12:15.000 align:start position:0% are paying right holders this value 00:12:15.000 --> 00:12:17.090 align:start position:0% are paying right holders this value transfer<00:12:15.540> between<00:12:15.720> right<00:12:16.500> holders<00:12:16.920> and 00:12:17.090 --> 00:12:17.100 align:start position:0% transfer between right holders and 00:12:17.100 --> 00:12:18.949 align:start position:0% transfer between right holders and Borrowers<00:12:17.459> is<00:12:17.760> mediated<00:12:18.180> by<00:12:18.480> the<00:12:18.600> pi 00:12:18.949 --> 00:12:18.959 align:start position:0% Borrowers is mediated by the pi 00:12:18.959 --> 00:12:21.590 align:start position:0% Borrowers is mediated by the pi controller<00:12:19.440> we<00:12:19.620> saw<00:12:19.860> previously 00:12:21.590 --> 00:12:21.600 align:start position:0% controller we saw previously 00:12:21.600 --> 00:12:23.810 align:start position:0% controller we saw previously and<00:12:22.320> they<00:12:22.560> the<00:12:23.160> controller<00:12:23.579> actually 00:12:23.810 --> 00:12:23.820 align:start position:0% and they the controller actually 00:12:23.820 --> 00:12:26.090 align:start position:0% and they the controller actually incentivizes<00:12:24.660> the<00:12:24.959> balancing<00:12:25.680> the<00:12:25.920> supply 00:12:26.090 --> 00:12:26.100 align:start position:0% incentivizes the balancing the supply 00:12:26.100 --> 00:12:28.970 align:start position:0% incentivizes the balancing the supply and<00:12:26.399> demand<00:12:26.700> for<00:12:26.880> Rye<00:12:27.720> so<00:12:28.140> we<00:12:28.320> have<00:12:28.440> a<00:12:28.620> saying 00:12:28.970 --> 00:12:28.980 align:start position:0% and demand for Rye so we have a saying 00:12:28.980 --> 00:12:30.710 align:start position:0% and demand for Rye so we have a saying that<00:12:29.160> the<00:12:29.519> money<00:12:29.640> God 00:12:30.710 --> 00:12:30.720 align:start position:0% that the money God 00:12:30.720 --> 00:12:33.050 align:start position:0% that the money God always<00:12:31.260> wins 00:12:33.050 --> 00:12:33.060 align:start position:0% always wins 00:12:33.060 --> 00:12:35.449 align:start position:0% always wins so<00:12:33.480> we<00:12:33.660> say<00:12:33.899> this<00:12:34.079> because<00:12:34.380> it's<00:12:34.740> pointless<00:12:35.220> to 00:12:35.449 --> 00:12:35.459 align:start position:0% so we say this because it's pointless to 00:12:35.459 --> 00:12:38.389 align:start position:0% so we say this because it's pointless to fight<00:12:36.180> against<00:12:36.480> the<00:12:36.839> money<00:12:36.959> gun 00:12:38.389 --> 00:12:38.399 align:start position:0% fight against the money gun 00:12:38.399 --> 00:12:40.009 align:start position:0% fight against the money gun push<00:12:38.579> against<00:12:38.820> the<00:12:39.180> controller<00:12:39.600> the<00:12:39.779> rates 00:12:40.009 --> 00:12:40.019 align:start position:0% push against the controller the rates 00:12:40.019 --> 00:12:41.750 align:start position:0% push against the controller the rates increases<00:12:40.500> potentially<00:12:40.980> against<00:12:41.279> you<00:12:41.519> and 00:12:41.750 --> 00:12:41.760 align:start position:0% increases potentially against you and 00:12:41.760 --> 00:12:43.850 align:start position:0% increases potentially against you and you<00:12:41.880> burn<00:12:42.060> money<00:12:42.360> basically<00:12:42.899> you<00:12:43.500> don't<00:12:43.680> want 00:12:43.850 --> 00:12:43.860 align:start position:0% you burn money basically you don't want 00:12:43.860 --> 00:12:46.550 align:start position:0% you burn money basically you don't want the<00:12:44.100> angry<00:12:44.519> money<00:12:44.760> God<00:12:45.060> against<00:12:45.300> you<00:12:46.139> so<00:12:46.440> you 00:12:46.550 --> 00:12:46.560 align:start position:0% the angry money God against you so you 00:12:46.560 --> 00:12:48.410 align:start position:0% the angry money God against you so you want<00:12:46.680> to<00:12:46.800> keep<00:12:46.920> him<00:12:47.040> happy<00:12:47.339> if<00:12:47.940> you<00:12:48.060> help<00:12:48.240> him 00:12:48.410 --> 00:12:48.420 align:start position:0% want to keep him happy if you help him 00:12:48.420 --> 00:12:50.690 align:start position:0% want to keep him happy if you help him work<00:12:48.720> though<00:12:49.079> you<00:12:49.620> can<00:12:49.740> make<00:12:49.920> money<00:12:50.160> out<00:12:50.459> of<00:12:50.579> it 00:12:50.690 --> 00:12:50.700 align:start position:0% work though you can make money out of it 00:12:50.700 --> 00:12:53.509 align:start position:0% work though you can make money out of it now<00:12:51.600> on<00:12:52.019> to<00:12:52.200> ungovernance<00:12:52.860> that's<00:12:53.160> what<00:12:53.399> we 00:12:53.509 --> 00:12:53.519 align:start position:0% now on to ungovernance that's what we 00:12:53.519 --> 00:12:55.670 align:start position:0% now on to ungovernance that's what we call<00:12:53.639> you<00:12:53.940> know<00:12:54.000> minimal<00:12:54.480> governance 00:12:55.670 --> 00:12:55.680 align:start position:0% call you know minimal governance 00:12:55.680 --> 00:12:58.490 align:start position:0% call you know minimal governance so<00:12:56.459> the<00:12:56.820> system<00:12:57.060> has<00:12:57.420> been<00:12:57.600> controlled<00:12:58.019> by<00:12:58.260> the 00:12:58.490 --> 00:12:58.500 align:start position:0% so the system has been controlled by the 00:12:58.500 --> 00:13:01.250 align:start position:0% so the system has been controlled by the community<00:12:58.620> since<00:12:59.220> July<00:12:59.639> this<00:13:00.060> year<00:13:00.660> when<00:13:01.139> we 00:13:01.250 --> 00:13:01.260 align:start position:0% community since July this year when we 00:13:01.260 --> 00:13:02.870 align:start position:0% community since July this year when we started<00:13:01.560> we<00:13:01.740> started<00:13:01.980> with<00:13:02.160> the<00:13:02.339> usual<00:13:02.579> team 00:13:02.870 --> 00:13:02.880 align:start position:0% started we started with the usual team 00:13:02.880 --> 00:13:05.269 align:start position:0% started we started with the usual team multisig<00:13:03.600> and<00:13:03.839> we<00:13:04.019> completely<00:13:04.440> transitioned 00:13:05.269 --> 00:13:05.279 align:start position:0% multisig and we completely transitioned 00:13:05.279 --> 00:13:08.210 align:start position:0% multisig and we completely transitioned to<00:13:06.060> the<00:13:06.180> Dow<00:13:06.420> now<00:13:06.600> so<00:13:06.839> the<00:13:07.019> team<00:13:07.139> multi-sig<00:13:07.860> is 00:13:08.210 --> 00:13:08.220 align:start position:0% to the Dow now so the team multi-sig is 00:13:08.220 --> 00:13:10.490 align:start position:0% to the Dow now so the team multi-sig is no<00:13:08.399> longer<00:13:08.639> active<00:13:09.180> and<00:13:09.600> has<00:13:09.839> no<00:13:10.019> control<00:13:10.200> of 00:13:10.490 --> 00:13:10.500 align:start position:0% no longer active and has no control of 00:13:10.500 --> 00:13:13.850 align:start position:0% no longer active and has no control of the<00:13:10.680> system<00:13:10.940> but<00:13:11.940> before<00:13:12.180> doing<00:13:12.540> that<00:13:12.899> we 00:13:13.850 --> 00:13:13.860 align:start position:0% the system but before doing that we 00:13:13.860 --> 00:13:15.530 align:start position:0% the system but before doing that we actually<00:13:14.040> locked<00:13:14.639> down<00:13:14.940> pretty<00:13:15.360> much 00:13:15.530 --> 00:13:15.540 align:start position:0% actually locked down pretty much 00:13:15.540 --> 00:13:17.329 align:start position:0% actually locked down pretty much everything<00:13:15.959> you<00:13:16.500> know<00:13:16.560> to<00:13:16.980> prevent 00:13:17.329 --> 00:13:17.339 align:start position:0% everything you know to prevent 00:13:17.339 --> 00:13:19.550 align:start position:0% everything you know to prevent governance<00:13:17.940> from<00:13:18.180> being<00:13:18.420> used<00:13:18.660> as<00:13:19.260> an<00:13:19.440> attack 00:13:19.550 --> 00:13:19.560 align:start position:0% governance from being used as an attack 00:13:19.560 --> 00:13:22.370 align:start position:0% governance from being used as an attack Factor<00:13:20.220> so<00:13:20.940> unlike<00:13:21.300> him<00:13:21.540> die<00:13:21.720> where<00:13:22.079> the 00:13:22.370 --> 00:13:22.380 align:start position:0% Factor so unlike him die where the 00:13:22.380 --> 00:13:24.530 align:start position:0% Factor so unlike him die where the governance<00:13:22.740> can<00:13:22.920> do<00:13:23.100> whatever<00:13:23.459> it<00:13:23.760> pleases<00:13:24.120> in 00:13:24.530 --> 00:13:24.540 align:start position:0% governance can do whatever it pleases in 00:13:24.540 --> 00:13:26.470 align:start position:0% governance can do whatever it pleases in right<00:13:24.779> governance<00:13:25.380> cannot<00:13:25.680> print<00:13:25.920> right 00:13:26.470 --> 00:13:26.480 align:start position:0% right governance cannot print right 00:13:26.480 --> 00:13:29.930 align:start position:0% right governance cannot print right cannot<00:13:27.480> print<00:13:27.959> flx<00:13:28.620> cannot<00:13:29.100> steal<00:13:29.399> collateral 00:13:29.930 --> 00:13:29.940 align:start position:0% cannot print flx cannot steal collateral 00:13:29.940 --> 00:13:31.009 align:start position:0% cannot print flx cannot steal collateral and<00:13:30.120> so<00:13:30.300> on 00:13:31.009 --> 00:13:31.019 align:start position:0% and so on 00:13:31.019 --> 00:13:33.530 align:start position:0% and so on so<00:13:31.500> the<00:13:31.740> only<00:13:31.860> things<00:13:32.160> it<00:13:32.459> does<00:13:32.639> right<00:13:33.000> now<00:13:33.180> or 00:13:33.530 --> 00:13:33.540 align:start position:0% so the only things it does right now or 00:13:33.540 --> 00:13:37.030 align:start position:0% so the only things it does right now or it<00:13:33.720> can<00:13:33.899> do<00:13:34.139> right<00:13:34.620> now<00:13:35.000> is<00:13:36.000> govern 00:13:37.030 --> 00:13:37.040 align:start position:0% it can do right now is govern 00:13:37.040 --> 00:13:40.790 align:start position:0% it can do right now is govern external<00:13:38.060> dependencies<00:13:39.060> like<00:13:39.420> oracles<00:13:40.019> like 00:13:40.790 --> 00:13:40.800 align:start position:0% external dependencies like oracles like 00:13:40.800 --> 00:13:43.970 align:start position:0% external dependencies like oracles like saviors<00:13:41.660> and<00:13:42.660> some<00:13:42.839> of<00:13:42.959> the<00:13:43.139> parameters<00:13:43.620> the 00:13:43.970 --> 00:13:43.980 align:start position:0% saviors and some of the parameters the 00:13:43.980 --> 00:13:47.150 align:start position:0% saviors and some of the parameters the system<00:13:44.160> has<00:13:44.519> I<00:13:45.480> mean<00:13:45.720> some<00:13:46.200> parameters<00:13:46.740> we 00:13:47.150 --> 00:13:47.160 align:start position:0% system has I mean some parameters we 00:13:47.160 --> 00:13:48.829 align:start position:0% system has I mean some parameters we felt<00:13:47.399> we<00:13:47.519> were<00:13:47.700> not<00:13:47.820> ready<00:13:48.060> to<00:13:48.300> set<00:13:48.480> in<00:13:48.660> stone 00:13:48.829 --> 00:13:48.839 align:start position:0% felt we were not ready to set in stone 00:13:48.839 --> 00:13:50.569 align:start position:0% felt we were not ready to set in stone like<00:13:49.139> the<00:13:49.380> pi<00:13:49.620> controller<00:13:50.100> parameters 00:13:50.569 --> 00:13:50.579 align:start position:0% like the pi controller parameters 00:13:50.579 --> 00:13:52.610 align:start position:0% like the pi controller parameters everyone's<00:13:51.180> still<00:13:51.360> learning<00:13:51.779> so<00:13:52.440> the 00:13:52.610 --> 00:13:52.620 align:start position:0% everyone's still learning so the 00:13:52.620 --> 00:13:54.470 align:start position:0% everyone's still learning so the community<00:13:52.800> can't<00:13:53.279> govern<00:13:53.519> them<00:13:53.880> through<00:13:54.300> a 00:13:54.470 --> 00:13:54.480 align:start position:0% community can't govern them through a 00:13:54.480 --> 00:13:57.110 align:start position:0% community can't govern them through a vote<00:13:54.720> so<00:13:55.620> we<00:13:55.860> believe<00:13:56.040> Rye<00:13:56.519> represents<00:13:56.940> the 00:13:57.110 --> 00:13:57.120 align:start position:0% vote so we believe Rye represents the 00:13:57.120 --> 00:13:58.790 align:start position:0% vote so we believe Rye represents the future<00:13:57.300> of<00:13:57.600> Finance 00:13:58.790 --> 00:13:58.800 align:start position:0% future of Finance 00:13:58.800 --> 00:14:01.550 align:start position:0% future of Finance central<00:13:59.339> banks<00:13:59.940> in<00:14:00.120> the<00:14:00.240> future<00:14:00.420> will<00:14:01.260> be<00:14:01.380> open 00:14:01.550 --> 00:14:01.560 align:start position:0% central banks in the future will be open 00:14:01.560 --> 00:14:04.069 align:start position:0% central banks in the future will be open source<00:14:02.040> programs<00:14:02.579> the<00:14:03.120> cost<00:14:03.300> of<00:14:03.480> operating<00:14:03.839> a 00:14:04.069 --> 00:14:04.079 align:start position:0% source programs the cost of operating a 00:14:04.079 --> 00:14:06.350 align:start position:0% source programs the cost of operating a central<00:14:04.260> bank<00:14:04.620> will<00:14:05.220> drop<00:14:05.459> by<00:14:05.760> a<00:14:06.000> thousand 00:14:06.350 --> 00:14:06.360 align:start position:0% central bank will drop by a thousand 00:14:06.360 --> 00:14:08.449 align:start position:0% central bank will drop by a thousand times<00:14:06.600> even<00:14:07.079> more<00:14:07.380> you<00:14:07.620> know 00:14:08.449 --> 00:14:08.459 align:start position:0% times even more you know 00:14:08.459 --> 00:14:10.370 align:start position:0% times even more you know they<00:14:08.940> were<00:14:09.180> run<00:14:09.360> transparently<00:14:10.079> and 00:14:10.370 --> 00:14:10.380 align:start position:0% they were run transparently and 00:14:10.380 --> 00:14:11.810 align:start position:0% they were run transparently and autonomously 00:14:11.810 --> 00:14:11.820 align:start position:0% autonomously 00:14:11.820 --> 00:14:14.030 align:start position:0% autonomously so<00:14:12.240> the<00:14:12.360> way<00:14:12.540> the<00:14:12.720> Fed<00:14:12.899> works<00:14:13.320> today 00:14:14.030 --> 00:14:14.040 align:start position:0% so the way the Fed works today 00:14:14.040 --> 00:14:16.550 align:start position:0% so the way the Fed works today is<00:14:14.399> like<00:14:14.519> maker<00:14:14.940> down<00:14:15.120> they<00:14:15.839> get<00:14:16.019> together<00:14:16.200> in 00:14:16.550 --> 00:14:16.560 align:start position:0% is like maker down they get together in 00:14:16.560 --> 00:14:18.829 align:start position:0% is like maker down they get together in meetings<00:14:16.920> and<00:14:17.220> they<00:14:17.399> decide<00:14:17.700> on<00:14:17.880> rates 00:14:18.829 --> 00:14:18.839 align:start position:0% meetings and they decide on rates 00:14:18.839 --> 00:14:20.690 align:start position:0% meetings and they decide on rates as<00:14:19.320> autistic<00:14:19.860> people 00:14:20.690 --> 00:14:20.700 align:start position:0% as autistic people 00:14:20.700 --> 00:14:23.090 align:start position:0% as autistic people we<00:14:21.240> know<00:14:21.360> you<00:14:21.899> don't<00:14:22.019> need<00:14:22.200> meetings<00:14:22.740> to<00:14:22.980> set 00:14:23.090 --> 00:14:23.100 align:start position:0% we know you don't need meetings to set 00:14:23.100 --> 00:14:24.350 align:start position:0% we know you don't need meetings to set rates 00:14:24.350 --> 00:14:24.360 align:start position:0% rates 00:14:24.360 --> 00:14:26.210 align:start position:0% rates one<00:14:24.779> day<00:14:25.019> everyone<00:14:25.320> else<00:14:25.620> will<00:14:25.800> learn<00:14:26.040> this 00:14:26.210 --> 00:14:26.220 align:start position:0% one day everyone else will learn this 00:14:26.220 --> 00:14:27.290 align:start position:0% one day everyone else will learn this too 00:14:27.290 --> 00:14:27.300 align:start position:0% too 00:14:27.300 --> 00:14:28.790 align:start position:0% too you<00:14:27.660> know<00:14:27.779> today<00:14:27.959> we<00:14:28.200> treat<00:14:28.380> currency 00:14:28.790 --> 00:14:28.800 align:start position:0% you know today we treat currency 00:14:28.800 --> 00:14:31.069 align:start position:0% you know today we treat currency management<00:14:29.100> as<00:14:29.700> a<00:14:29.880> holy<00:14:30.180> art<00:14:30.300> that<00:14:30.600> only<00:14:30.779> some 00:14:31.069 --> 00:14:31.079 align:start position:0% management as a holy art that only some 00:14:31.079 --> 00:14:34.490 align:start position:0% management as a holy art that only some Arcane<00:14:31.440> Wizards<00:14:31.980> can<00:14:32.160> perform<00:14:32.420> in<00:14:33.420> truth<00:14:33.660> the 00:14:34.490 --> 00:14:34.500 align:start position:0% Arcane Wizards can perform in truth the 00:14:34.500 --> 00:14:36.829 align:start position:0% Arcane Wizards can perform in truth the more<00:14:34.680> we<00:14:34.860> can<00:14:34.980> demonstrate<00:14:35.339> Simplicity<00:14:35.940> the 00:14:36.829 --> 00:14:36.839 align:start position:0% more we can demonstrate Simplicity the 00:14:36.839 --> 00:14:38.329 align:start position:0% more we can demonstrate Simplicity the more<00:14:36.959> we<00:14:37.139> can<00:14:37.260> dispel<00:14:37.620> the<00:14:37.800> Illusions<00:14:38.160> around 00:14:38.329 --> 00:14:38.339 align:start position:0% more we can dispel the Illusions around 00:14:38.339 --> 00:14:40.069 align:start position:0% more we can dispel the Illusions around how<00:14:38.639> money<00:14:38.820> should<00:14:39.060> work 00:14:40.069 --> 00:14:40.079 align:start position:0% how money should work 00:14:40.079 --> 00:14:42.050 align:start position:0% how money should work we<00:14:40.560> believe<00:14:40.740> in<00:14:40.980> a<00:14:41.160> future<00:14:41.279> where<00:14:41.519> communities 00:14:42.050 --> 00:14:42.060 align:start position:0% we believe in a future where communities 00:14:42.060 --> 00:14:44.389 align:start position:0% we believe in a future where communities can<00:14:42.360> take<00:14:42.540> ownership<00:14:42.899> of<00:14:43.199> their<00:14:43.440> own<00:14:43.620> money 00:14:44.389 --> 00:14:44.399 align:start position:0% can take ownership of their own money 00:14:44.399 --> 00:14:45.769 align:start position:0% can take ownership of their own money where<00:14:44.820> the<00:14:45.000> cost<00:14:45.120> of<00:14:45.240> deploying<00:14:45.660> and 00:14:45.769 --> 00:14:45.779 align:start position:0% where the cost of deploying and 00:14:45.779 --> 00:14:48.590 align:start position:0% where the cost of deploying and maintaining<00:14:46.320> a<00:14:46.380> currency<00:14:46.760> is<00:14:47.760> as<00:14:47.940> easy<00:14:48.120> as<00:14:48.420> the 00:14:48.590 --> 00:14:48.600 align:start position:0% maintaining a currency is as easy as the 00:14:48.600 --> 00:14:50.689 align:start position:0% maintaining a currency is as easy as the deploying<00:14:49.199> you<00:14:49.320> know<00:14:49.500> some<00:14:49.800> open<00:14:50.040> source<00:14:50.519> code 00:14:50.689 --> 00:14:50.699 align:start position:0% deploying you know some open source code 00:14:50.699 --> 00:14:53.389 align:start position:0% deploying you know some open source code so<00:14:51.420> as<00:14:51.540> ameen<00:14:51.899> said<00:14:52.139> there<00:14:52.440> we<00:14:53.100> can<00:14:53.220> stay 00:14:53.389 --> 00:14:53.399 align:start position:0% so as ameen said there we can stay 00:14:53.399 --> 00:14:55.430 align:start position:0% so as ameen said there we can stay autistic<00:14:53.940> longer<00:14:54.600> that<00:14:54.720> they<00:14:54.959> can<00:14:55.139> stay 00:14:55.430 --> 00:14:57.769 align:start position:0% autistic longer that they can stay 00:14:57.769 --> 00:14:57.779 align:start position:0% 00:14:57.779 --> 00:15:00.170 align:start position:0% if<00:14:58.019> Lords<00:14:58.560> you<00:14:58.920> guys<00:14:59.040> should<00:14:59.279> join<00:14:59.639> us<00:14:59.760> right 00:15:00.170 --> 00:15:00.180 align:start position:0% if Lords you guys should join us right 00:15:00.180 --> 00:15:03.590 align:start position:0% if Lords you guys should join us right if<00:15:01.019> you<00:15:01.139> have<00:15:01.320> eth<00:15:01.860> as<00:15:02.339> a<00:15:02.459> collateral<00:15:02.940> in<00:15:03.480> a 00:15:03.590 --> 00:15:03.600 align:start position:0% if you have eth as a collateral in a 00:15:03.600 --> 00:15:06.170 align:start position:0% if you have eth as a collateral in a system<00:15:03.720> that<00:15:04.019> has<00:15:04.199> risk<00:15:04.560> from<00:15:04.800> centralized 00:15:06.170 --> 00:15:06.180 align:start position:0% system that has risk from centralized 00:15:06.180 --> 00:15:09.170 align:start position:0% system that has risk from centralized uh<00:15:07.139> collaterals<00:15:07.860> you<00:15:08.339> should<00:15:08.519> move<00:15:08.760> right 00:15:09.170 --> 00:15:09.180 align:start position:0% uh collaterals you should move right 00:15:09.180 --> 00:15:12.829 align:start position:0% uh collaterals you should move right deposit<00:15:10.139> is<00:15:10.380> like<00:15:10.860> borrow<00:15:11.160> rise<00:15:11.639> spend<00:15:11.940> it<00:15:12.120> you 00:15:12.829 --> 00:15:12.839 align:start position:0% deposit is like borrow rise spend it you 00:15:12.839 --> 00:15:16.310 align:start position:0% deposit is like borrow rise spend it you know<00:15:12.959> long<00:15:13.139> Rye<00:15:13.560> short<00:15:13.800> Rye<00:15:14.279> do<00:15:15.320> basically 00:15:16.310 --> 00:15:16.320 align:start position:0% know long Rye short Rye do basically 00:15:16.320 --> 00:15:19.370 align:start position:0% know long Rye short Rye do basically work<00:15:16.740> with<00:15:16.980> the<00:15:17.100> money<00:15:17.279> God<00:15:17.519> this<00:15:18.480> is<00:15:18.600> a<00:15:18.899> tweet 00:15:19.370 --> 00:15:19.380 align:start position:0% work with the money God this is a tweet 00:15:19.380 --> 00:15:21.710 align:start position:0% work with the money God this is a tweet interesting<00:15:19.800> one<00:15:19.980> from<00:15:20.220> cure<00:15:20.399> and<00:15:20.699> uh<00:15:21.420> it 00:15:21.710 --> 00:15:21.720 align:start position:0% interesting one from cure and uh it 00:15:21.720 --> 00:15:23.689 align:start position:0% interesting one from cure and uh it talks<00:15:21.899> about<00:15:22.019> a<00:15:22.380> position<00:15:22.500> vitalik<00:15:23.279> has<00:15:23.459> in 00:15:23.689 --> 00:15:23.699 align:start position:0% talks about a position vitalik has in 00:15:23.699 --> 00:15:25.790 align:start position:0% talks about a position vitalik has in the<00:15:23.820> system<00:15:24.000> so<00:15:24.720> vitalik<00:15:25.260> in<00:15:25.440> the<00:15:25.560> recent 00:15:25.790 --> 00:15:25.800 align:start position:0% the system so vitalik in the recent 00:15:25.800 --> 00:15:28.850 align:start position:0% the system so vitalik in the recent months<00:15:26.220> with<00:15:27.060> the<00:15:27.240> negative<00:15:27.540> rates<00:15:28.019> he<00:15:28.620> made 00:15:28.850 --> 00:15:28.860 align:start position:0% months with the negative rates he made 00:15:28.860 --> 00:15:32.389 align:start position:0% months with the negative rates he made 75<00:15:29.820> 000<00:15:29.940> by<00:15:30.480> shorting<00:15:30.959> right<00:15:31.199> so<00:15:31.860> he's<00:15:32.040> helping 00:15:32.389 --> 00:15:32.399 align:start position:0% 75 000 by shorting right so he's helping 00:15:32.399 --> 00:15:34.250 align:start position:0% 75 000 by shorting right so he's helping the<00:15:32.519> money<00:15:32.639> God<00:15:32.880> and<00:15:33.120> making<00:15:33.300> money 00:15:34.250 --> 00:15:34.260 align:start position:0% the money God and making money 00:15:34.260 --> 00:15:36.710 align:start position:0% the money God and making money you<00:15:34.740> guys<00:15:35.040> should<00:15:35.279> maybe<00:15:35.699> try<00:15:36.000> it<00:15:36.180> too<00:15:36.360> you 00:15:36.710 --> 00:15:36.720 align:start position:0% you guys should maybe try it too you 00:15:36.720 --> 00:15:37.550 align:start position:0% you guys should maybe try it too you know 00:15:37.550 --> 00:15:37.560 align:start position:0% know 00:15:37.560 --> 00:15:41.150 align:start position:0% know uh<00:15:38.459> also<00:15:38.820> join<00:15:39.120> us<00:15:39.240> on<00:15:39.720> Discord<00:15:40.019> meme<00:15:40.920> the 00:15:41.150 --> 00:15:41.160 align:start position:0% uh also join us on Discord meme the 00:15:41.160 --> 00:15:43.370 align:start position:0% uh also join us on Discord meme the dream<00:15:41.399> right<00:15:41.820> help<00:15:42.300> us<00:15:42.480> write<00:15:42.779> explainer 00:15:43.370 --> 00:15:43.380 align:start position:0% dream right help us write explainer 00:15:43.380 --> 00:15:45.829 align:start position:0% dream right help us write explainer content<00:15:43.820> uh<00:15:44.820> there's<00:15:45.000> a<00:15:45.240> really<00:15:45.420> interesting 00:15:45.829 --> 00:15:45.839 align:start position:0% content uh there's a really interesting 00:15:45.839 --> 00:15:48.170 align:start position:0% content uh there's a really interesting research<00:15:46.380> Channel<00:15:46.620> where<00:15:47.579> people<00:15:47.760> discuss 00:15:48.170 --> 00:15:48.180 align:start position:0% research Channel where people discuss 00:15:48.180 --> 00:15:50.509 align:start position:0% research Channel where people discuss monetary<00:15:48.779> policy<00:15:49.199> control<00:15:49.500> theory<00:15:50.040> and 00:15:50.509 --> 00:15:50.519 align:start position:0% monetary policy control theory and 00:15:50.519 --> 00:15:51.650 align:start position:0% monetary policy control theory and whatnot 00:15:51.650 --> 00:15:51.660 align:start position:0% whatnot 00:15:51.660 --> 00:15:54.110 align:start position:0% whatnot uh<00:15:52.320> at<00:15:52.500> least<00:15:52.680> also<00:15:53.100> in<00:15:53.279> our<00:15:53.399> Dev<00:15:53.579> Reserve 00:15:54.110 --> 00:15:54.120 align:start position:0% uh at least also in our Dev Reserve 00:15:54.120 --> 00:15:56.210 align:start position:0% uh at least also in our Dev Reserve Force<00:15:54.420> we're<00:15:54.600> building<00:15:54.839> right<00:15:55.199> now<00:15:55.320> and<00:15:55.980> there 00:15:56.210 --> 00:15:56.220 align:start position:0% Force we're building right now and there 00:15:56.220 --> 00:15:57.949 align:start position:0% Force we're building right now and there are<00:15:56.339> plenty<00:15:56.579> of<00:15:56.699> bounties<00:15:57.180> available<00:15:57.420> there 00:15:57.949 --> 00:15:57.959 align:start position:0% are plenty of bounties available there 00:15:57.959 --> 00:16:01.009 align:start position:0% are plenty of bounties available there also<00:15:58.740> at<00:15:59.399> not<00:15:59.579> only<00:15:59.699> technical<00:16:00.420> you<00:16:00.660> know<00:16:00.839> the 00:16:01.009 --> 00:16:01.019 align:start position:0% also at not only technical you know the 00:16:01.019 --> 00:16:04.370 align:start position:0% also at not only technical you know the response<00:16:01.500> is<00:16:01.560> for<00:16:01.740> everyone<00:16:01.920> so<00:16:02.959> uh<00:16:03.959> check<00:16:04.199> it 00:16:04.370 --> 00:16:04.380 align:start position:0% response is for everyone so uh check it 00:16:04.380 --> 00:16:05.949 align:start position:0% response is for everyone so uh check it out 00:16:05.949 --> 00:16:05.959 align:start position:0% out 00:16:05.959 --> 00:16:11.150 align:start position:0% out and<00:16:06.959> lastly<00:16:07.940> we're<00:16:08.940> also<00:16:09.779> building<00:16:10.620> the<00:16:10.980> money 00:16:11.150 --> 00:16:11.160 align:start position:0% and lastly we're also building the money 00:16:11.160 --> 00:16:12.530 align:start position:0% and lastly we're also building the money God<00:16:11.459> League 00:16:12.530 --> 00:16:12.540 align:start position:0% God League 00:16:12.540 --> 00:16:15.949 align:start position:0% God League so<00:16:13.620> what<00:16:14.399> what<00:16:14.940> do<00:16:15.180> we<00:16:15.300> call<00:16:15.420> the<00:16:15.540> money<00:16:15.720> God 00:16:15.949 --> 00:16:15.959 align:start position:0% so what what do we call the money God 00:16:15.959 --> 00:16:19.009 align:start position:0% so what what do we call the money God League<00:16:16.260> basically<00:16:17.040> we<00:16:17.579> know<00:16:17.820> Rye<00:16:18.480> won't<00:16:18.660> scale 00:16:19.009 --> 00:16:19.019 align:start position:0% League basically we know Rye won't scale 00:16:19.019 --> 00:16:21.650 align:start position:0% League basically we know Rye won't scale so<00:16:19.800> instead<00:16:20.040> of<00:16:20.160> envisioning<00:16:20.760> one<00:16:21.240> huge 00:16:21.650 --> 00:16:21.660 align:start position:0% so instead of envisioning one huge 00:16:21.660 --> 00:16:24.110 align:start position:0% so instead of envisioning one huge stable<00:16:21.959> coin<00:16:22.380> to<00:16:22.500> rule<00:16:22.740> them<00:16:22.860> all<00:16:23.040> we<00:16:23.820> envision 00:16:24.110 --> 00:16:24.120 align:start position:0% stable coin to rule them all we envision 00:16:24.120 --> 00:16:26.329 align:start position:0% stable coin to rule them all we envision a<00:16:24.360> future<00:16:24.540> with<00:16:25.019> thousands<00:16:25.620> of<00:16:25.740> Rye<00:16:26.220> like 00:16:26.329 --> 00:16:26.339 align:start position:0% a future with thousands of Rye like 00:16:26.339 --> 00:16:27.710 align:start position:0% a future with thousands of Rye like systems 00:16:27.710 --> 00:16:27.720 align:start position:0% systems 00:16:27.720 --> 00:16:29.990 align:start position:0% systems so<00:16:28.139> as<00:16:28.380> you<00:16:28.500> can<00:16:28.620> see<00:16:28.800> over<00:16:28.980> here<00:16:29.220> let<00:16:29.459> me<00:16:29.579> get<00:16:29.760> a 00:16:29.990 --> 00:16:30.000 align:start position:0% so as you can see over here let me get a 00:16:30.000 --> 00:16:32.810 align:start position:0% so as you can see over here let me get a front<00:16:30.600> makers<00:16:31.380> discussing<00:16:31.980> becoming<00:16:32.579> a 00:16:32.810 --> 00:16:32.820 align:start position:0% front makers discussing becoming a 00:16:32.820 --> 00:16:35.110 align:start position:0% front makers discussing becoming a ride-like<00:16:33.360> system<00:16:33.600> now<00:16:33.959> right 00:16:35.110 --> 00:16:35.120 align:start position:0% ride-like system now right 00:16:35.120 --> 00:16:37.430 align:start position:0% ride-like system now right abandoning<00:16:36.120> the<00:16:36.300> bag<00:16:36.480> so<00:16:36.779> they<00:16:36.899> can<00:16:37.019> get<00:16:37.259> rid 00:16:37.430 --> 00:16:37.440 align:start position:0% abandoning the bag so they can get rid 00:16:37.440 --> 00:16:39.949 align:start position:0% abandoning the bag so they can get rid of<00:16:37.620> usdc<00:16:38.339> so<00:16:38.699> maybe<00:16:38.880> they<00:16:39.120> join<00:16:39.420> us<00:16:39.540> in<00:16:39.839> the 00:16:39.949 --> 00:16:39.959 align:start position:0% of usdc so maybe they join us in the 00:16:39.959 --> 00:16:41.269 align:start position:0% of usdc so maybe they join us in the future<00:16:40.079> you<00:16:40.440> know 00:16:41.269 --> 00:16:41.279 align:start position:0% future you know 00:16:41.279 --> 00:16:43.670 align:start position:0% future you know by<00:16:41.940> getting<00:16:42.240> back<00:16:42.480> to<00:16:42.660> the<00:16:42.839> original<00:16:43.019> Nikolai 00:16:43.670 --> 00:16:43.680 align:start position:0% by getting back to the original Nikolai 00:16:43.680 --> 00:16:44.990 align:start position:0% by getting back to the original Nikolai Vision<00:16:44.040> there 00:16:44.990 --> 00:16:45.000 align:start position:0% Vision there 00:16:45.000 --> 00:16:48.110 align:start position:0% Vision there uh<00:16:45.899> there's<00:16:46.320> also<00:16:46.560> H2O<00:16:47.160> from<00:16:47.459> Ocean<00:16:47.579> protocol 00:16:48.110 --> 00:16:48.120 align:start position:0% uh there's also H2O from Ocean protocol 00:16:48.120 --> 00:16:50.509 align:start position:0% uh there's also H2O from Ocean protocol it's<00:16:48.899> a<00:16:49.079> fork<00:16:49.320> of<00:16:49.440> ride<00:16:49.740> that<00:16:50.160> is 00:16:50.509 --> 00:16:50.519 align:start position:0% it's a fork of ride that is 00:16:50.519 --> 00:16:52.610 align:start position:0% it's a fork of ride that is collateralized<00:16:51.240> by<00:16:51.480> their<00:16:51.779> data<00:16:52.199> tokens 00:16:52.610 --> 00:16:52.620 align:start position:0% collateralized by their data tokens 00:16:52.620 --> 00:16:55.009 align:start position:0% collateralized by their data tokens there's<00:16:53.579> also<00:16:53.880> a<00:16:54.000> group<00:16:54.180> working<00:16:54.480> on<00:16:54.720> Thai 00:16:55.009 --> 00:16:55.019 align:start position:0% there's also a group working on Thai 00:16:55.019 --> 00:16:57.470 align:start position:0% there's also a group working on Thai which<00:16:55.380> is<00:16:55.500> a<00:16:55.740> multi-collateral<00:16:56.519> version 00:16:57.470 --> 00:16:57.480 align:start position:0% which is a multi-collateral version 00:16:57.480 --> 00:16:59.569 align:start position:0% which is a multi-collateral version and<00:16:57.899> maybe<00:16:58.079> you<00:16:58.380> should<00:16:58.620> join<00:16:58.980> us<00:16:59.100> too<00:16:59.279> you 00:16:59.569 --> 00:16:59.579 align:start position:0% and maybe you should join us too you 00:16:59.579 --> 00:17:02.210 align:start position:0% and maybe you should join us too you know<00:16:59.639> if<00:16:59.759> you<00:16:59.940> have<00:17:00.120> a<00:17:00.720> good<00:17:01.199> idea<00:17:01.560> you<00:17:01.920> want<00:17:02.040> to 00:17:02.210 --> 00:17:02.220 align:start position:0% know if you have a good idea you want to 00:17:02.220 --> 00:17:04.370 align:start position:0% know if you have a good idea you want to build<00:17:02.339> another<00:17:02.639> flavor<00:17:03.060> of<00:17:03.300> the<00:17:03.420> system<00:17:03.660> come 00:17:04.370 --> 00:17:04.380 align:start position:0% build another flavor of the system come 00:17:04.380 --> 00:17:05.750 align:start position:0% build another flavor of the system come talk<00:17:04.620> to<00:17:04.799> me 00:17:05.750 --> 00:17:05.760 align:start position:0% talk to me 00:17:05.760 --> 00:17:08.449 align:start position:0% talk to me join<00:17:06.419> our<00:17:06.600> Discord<00:17:06.959> we're<00:17:07.500> happy<00:17:07.740> to<00:17:07.919> help<00:17:08.160> you 00:17:08.449 --> 00:17:08.459 align:start position:0% join our Discord we're happy to help you 00:17:08.459 --> 00:17:10.909 align:start position:0% join our Discord we're happy to help you know<00:17:08.699> the<00:17:09.120> more<00:17:09.299> systems<00:17:09.839> out<00:17:10.020> there<00:17:10.199> the 00:17:10.909 --> 00:17:10.919 align:start position:0% know the more systems out there the 00:17:10.919 --> 00:17:12.590 align:start position:0% know the more systems out there the better<00:17:11.100> right<00:17:11.520> sort<00:17:11.880> of<00:17:12.000> like<00:17:12.059> the<00:17:12.240> Hydra 00:17:12.590 --> 00:17:12.600 align:start position:0% better right sort of like the Hydra 00:17:12.600 --> 00:17:14.990 align:start position:0% better right sort of like the Hydra vision<00:17:12.900> of<00:17:13.079> the<00:17:13.260> thing<00:17:13.380> we<00:17:13.860> don't<00:17:14.100> need<00:17:14.280> a<00:17:14.640> huge 00:17:14.990 --> 00:17:15.000 align:start position:0% vision of the thing we don't need a huge 00:17:15.000 --> 00:17:17.210 align:start position:0% vision of the thing we don't need a huge stable<00:17:15.299> coin<00:17:15.660> we<00:17:15.839> need<00:17:16.020> several<00:17:16.500> smaller<00:17:16.919> ones 00:17:17.210 --> 00:17:17.220 align:start position:0% stable coin we need several smaller ones 00:17:17.220 --> 00:17:19.309 align:start position:0% stable coin we need several smaller ones to<00:17:17.819> contain<00:17:18.120> failures<00:17:18.660> too<00:17:18.839> you<00:17:19.020> know<00:17:19.140> and 00:17:19.309 --> 00:17:19.319 align:start position:0% to contain failures too you know and 00:17:19.319 --> 00:17:21.350 align:start position:0% to contain failures too you know and allow<00:17:19.559> for<00:17:19.679> experimentation 00:17:21.350 --> 00:17:21.360 align:start position:0% allow for experimentation 00:17:21.360 --> 00:17:23.750 align:start position:0% allow for experimentation so<00:17:21.839> this<00:17:22.140> meme<00:17:22.380> was<00:17:22.679> made<00:17:22.860> by<00:17:23.040> Charlie<00:17:23.220> Noe 00:17:23.750 --> 00:17:23.760 align:start position:0% so this meme was made by Charlie Noe 00:17:23.760 --> 00:17:27.230 align:start position:0% so this meme was made by Charlie Noe from<00:17:24.000> Paradigm<00:17:24.660> it's<00:17:25.140> some<00:17:25.860> true<00:17:26.280> VC<00:17:26.760> value 00:17:27.230 --> 00:17:27.240 align:start position:0% from Paradigm it's some true VC value 00:17:27.240 --> 00:17:28.490 align:start position:0% from Paradigm it's some true VC value add<00:17:27.540> here 00:17:28.490 --> 00:17:28.500 align:start position:0% add here 00:17:28.500 --> 00:17:30.950 align:start position:0% add here so<00:17:29.040> I'll<00:17:29.280> leave<00:17:29.460> this<00:17:29.640> running<00:17:29.880> here<00:17:30.299> while<00:17:30.720> I 00:17:30.950 --> 00:17:30.960 align:start position:0% so I'll leave this running here while I 00:17:30.960 --> 00:17:32.750 align:start position:0% so I'll leave this running here while I take<00:17:31.140> any<00:17:31.620> questions<00:17:31.860> from<00:17:32.160> you<00:17:32.280> guys<00:17:32.460> we 00:17:32.750 --> 00:17:32.760 align:start position:0% take any questions from you guys we 00:17:32.760 --> 00:17:35.210 align:start position:0% take any questions from you guys we still<00:17:32.940> have<00:17:33.059> eight<00:17:33.299> minutes<00:17:33.540> left<00:17:33.900> so 00:17:35.210 --> 00:17:35.220 align:start position:0% still have eight minutes left so 00:17:35.220 --> 00:17:37.810 align:start position:0% still have eight minutes left so um<00:17:35.280> so<00:17:35.760> good<00:17:36.299> morning<00:17:36.539> Fabricio 00:17:37.810 --> 00:17:37.820 align:start position:0% um so good morning Fabricio 00:17:37.820 --> 00:17:41.570 align:start position:0% um so good morning Fabricio two<00:17:38.820> questions<00:17:39.120> uh<00:17:39.960> could<00:17:40.380> it<00:17:40.559> be<00:17:40.679> like<00:17:40.980> a<00:17:41.160> PID 00:17:41.570 --> 00:17:41.580 align:start position:0% two questions uh could it be like a PID 00:17:41.580 --> 00:17:43.970 align:start position:0% two questions uh could it be like a PID controller<00:17:42.240> instead<00:17:42.660> of<00:17:42.780> just<00:17:42.960> Pi<00:17:43.500> controller 00:17:43.970 --> 00:17:43.980 align:start position:0% controller instead of just Pi controller 00:17:43.980 --> 00:17:46.490 align:start position:0% controller instead of just Pi controller and<00:17:44.460> other<00:17:44.820> could<00:17:45.179> it<00:17:45.419> be 00:17:46.490 --> 00:17:46.500 align:start position:0% and other could it be 00:17:46.500 --> 00:17:49.010 align:start position:0% and other could it be checking<00:17:47.220> the<00:17:47.340> price<00:17:47.460> of<00:17:47.700> it<00:17:47.940> corrected<00:17:48.840> by 00:17:49.010 --> 00:17:49.020 align:start position:0% checking the price of it corrected by 00:17:49.020 --> 00:17:51.230 align:start position:0% checking the price of it corrected by inflation<00:17:49.440> or<00:17:49.980> that's<00:17:50.220> like<00:17:50.520> impossible<00:17:51.000> to 00:17:51.230 --> 00:17:51.240 align:start position:0% inflation or that's like impossible to 00:17:51.240 --> 00:17:54.470 align:start position:0% inflation or that's like impossible to do<00:17:51.419> yeah<00:17:52.380> uh<00:17:53.039> interesting<00:17:53.640> questions<00:17:53.880> I<00:17:54.419> mean 00:17:54.470 --> 00:17:54.480 align:start position:0% do yeah uh interesting questions I mean 00:17:54.480 --> 00:17:56.390 align:start position:0% do yeah uh interesting questions I mean we<00:17:54.720> started<00:17:55.020> with<00:17:55.140> a<00:17:55.380> p<00:17:55.500> only<00:17:55.799> controller 00:17:56.390 --> 00:17:56.400 align:start position:0% we started with a p only controller 00:17:56.400 --> 00:17:58.430 align:start position:0% we started with a p only controller actually<00:17:56.700> now<00:17:57.120> it's<00:17:57.299> a<00:17:57.480> pi<00:17:57.780> I<00:17:58.080> don't<00:17:58.140> see<00:17:58.260> why 00:17:58.430 --> 00:17:58.440 align:start position:0% actually now it's a pi I don't see why 00:17:58.440 --> 00:18:02.270 align:start position:0% actually now it's a pi I don't see why not<00:17:58.620> could<00:17:58.919> be<00:17:59.039> a<00:17:59.160> PID<00:17:59.460> too<00:18:00.360> so<00:18:00.960> in<00:18:01.860> its 00:18:02.270 --> 00:18:02.280 align:start position:0% not could be a PID too so in its 00:18:02.280 --> 00:18:04.130 align:start position:0% not could be a PID too so in its experimentation<00:18:03.059> right<00:18:03.360> there's<00:18:03.660> still<00:18:03.900> room 00:18:04.130 --> 00:18:04.140 align:start position:0% experimentation right there's still room 00:18:04.140 --> 00:18:06.289 align:start position:0% experimentation right there's still room for<00:18:04.620> a<00:18:04.740> lot<00:18:04.860> of<00:18:04.980> experimentation 00:18:06.289 --> 00:18:06.299 align:start position:0% for a lot of experimentation 00:18:06.299 --> 00:18:08.570 align:start position:0% for a lot of experimentation with<00:18:06.780> Rye<00:18:07.080> we<00:18:07.200> try<00:18:07.380> to<00:18:07.500> make<00:18:07.679> it<00:18:07.860> like<00:18:08.100> as<00:18:08.340> pure 00:18:08.570 --> 00:18:08.580 align:start position:0% with Rye we try to make it like as pure 00:18:08.580 --> 00:18:10.850 align:start position:0% with Rye we try to make it like as pure as<00:18:08.760> possible<00:18:09.120> so<00:18:09.600> only<00:18:09.780> if<00:18:10.200> minimal 00:18:10.850 --> 00:18:10.860 align:start position:0% as possible so only if minimal 00:18:10.860 --> 00:18:13.730 align:start position:0% as possible so only if minimal governance<00:18:11.340> now<00:18:12.059> with<00:18:12.299> the<00:18:12.480> forks<00:18:12.900> you<00:18:13.140> know<00:18:13.260> I 00:18:13.730 --> 00:18:13.740 align:start position:0% governance now with the forks you know I 00:18:13.740 --> 00:18:15.830 align:start position:0% governance now with the forks you know I mean<00:18:13.919> there's<00:18:14.100> a<00:18:14.340> ton<00:18:14.460> of<00:18:14.580> possibilities<00:18:15.059> we 00:18:15.830 --> 00:18:15.840 align:start position:0% mean there's a ton of possibilities we 00:18:15.840 --> 00:18:17.990 align:start position:0% mean there's a ton of possibilities we see<00:18:15.960> like<00:18:16.260> Thai<00:18:17.160> for<00:18:17.400> example<00:18:17.640> the<00:18:17.880> guys 00:18:17.990 --> 00:18:18.000 align:start position:0% see like Thai for example the guys 00:18:18.000 --> 00:18:19.789 align:start position:0% see like Thai for example the guys explained<00:18:18.539> that<00:18:18.720> for<00:18:18.900> a<00:18:19.080> multi-collateral 00:18:19.789 --> 00:18:19.799 align:start position:0% explained that for a multi-collateral 00:18:19.799 --> 00:18:22.070 align:start position:0% explained that for a multi-collateral version<00:18:20.039> you<00:18:20.880> need<00:18:21.000> more<00:18:21.299> governance<00:18:21.780> right 00:18:22.070 --> 00:18:22.080 align:start position:0% version you need more governance right 00:18:22.080 --> 00:18:25.010 align:start position:0% version you need more governance right to<00:18:22.320> onboard<00:18:22.740> new<00:18:23.160> collaterals<00:18:23.880> and<00:18:24.780> their 00:18:25.010 --> 00:18:25.020 align:start position:0% to onboard new collaterals and their 00:18:25.020 --> 00:18:27.169 align:start position:0% to onboard new collaterals and their goal<00:18:25.260> is<00:18:25.380> of<00:18:25.559> course<00:18:25.679> to<00:18:25.919> try<00:18:26.100> to<00:18:26.220> keep<00:18:26.520> it<00:18:26.760> to 00:18:27.169 --> 00:18:27.179 align:start position:0% goal is of course to try to keep it to 00:18:27.179 --> 00:18:30.110 align:start position:0% goal is of course to try to keep it to decentralized<00:18:28.020> collaterals<00:18:29.160> uh<00:18:29.640> onto<00:18:30.000> the 00:18:30.110 --> 00:18:30.120 align:start position:0% decentralized collaterals uh onto the 00:18:30.120 --> 00:18:31.490 align:start position:0% decentralized collaterals uh onto the other<00:18:30.240> question<00:18:30.419> I<00:18:30.600> forgot<00:18:30.900> what<00:18:31.140> was<00:18:31.320> the 00:18:31.490 --> 00:18:31.500 align:start position:0% other question I forgot what was the 00:18:31.500 --> 00:18:34.370 align:start position:0% other question I forgot what was the second<00:18:31.620> one<00:18:31.860> please<00:18:32.100> remind<00:18:32.400> me 00:18:34.370 --> 00:18:34.380 align:start position:0% second one please remind me 00:18:34.380 --> 00:18:36.350 align:start position:0% second one please remind me at<00:18:34.559> that<00:18:34.740> price<00:18:35.220> could<00:18:35.520> be<00:18:35.640> checked<00:18:36.059> by 00:18:36.350 --> 00:18:36.360 align:start position:0% at that price could be checked by 00:18:36.360 --> 00:18:39.710 align:start position:0% at that price could be checked by corrected<00:18:36.840> by<00:18:37.020> inflation<00:18:37.580> not<00:18:38.580> just<00:18:38.760> USD<00:18:39.240> yeah 00:18:39.710 --> 00:18:39.720 align:start position:0% corrected by inflation not just USD yeah 00:18:39.720 --> 00:18:43.549 align:start position:0% corrected by inflation not just USD yeah so<00:18:40.020> pegging<00:18:40.559> is<00:18:40.980> a<00:18:41.160> true<00:18:41.340> challenge<00:18:41.640> right<00:18:42.559> by 00:18:43.549 --> 00:18:43.559 align:start position:0% so pegging is a true challenge right by 00:18:43.559 --> 00:18:45.049 align:start position:0% so pegging is a true challenge right by having<00:18:43.740> Notepad 00:18:45.049 --> 00:18:45.059 align:start position:0% having Notepad 00:18:45.059 --> 00:18:47.750 align:start position:0% having Notepad I<00:18:45.480> mean<00:18:45.600> uh<00:18:46.020> uh<00:18:46.320> I<00:18:46.919> went<00:18:46.980> through<00:18:47.160> the<00:18:47.340> like<00:18:47.580> the 00:18:47.750 --> 00:18:47.760 align:start position:0% I mean uh uh I went through the like the 00:18:47.760 --> 00:18:50.090 align:start position:0% I mean uh uh I went through the like the advantages<00:18:48.299> of<00:18:48.660> it<00:18:48.840> so<00:18:49.320> if<00:18:49.440> you're<00:18:49.559> pegging<00:18:49.980> to 00:18:50.090 --> 00:18:50.100 align:start position:0% advantages of it so if you're pegging to 00:18:50.100 --> 00:18:52.549 align:start position:0% advantages of it so if you're pegging to an<00:18:50.280> inflation<00:18:50.700> index<00:18:51.179> for<00:18:51.480> example<00:18:51.780> you<00:18:52.380> have 00:18:52.549 --> 00:18:52.559 align:start position:0% an inflation index for example you have 00:18:52.559 --> 00:18:55.070 align:start position:0% an inflation index for example you have the<00:18:52.679> same<00:18:52.860> problems<00:18:53.220> of<00:18:53.400> a<00:18:53.520> packed<00:18:53.940> currency<00:18:54.299> I 00:18:55.070 --> 00:18:55.080 align:start position:0% the same problems of a packed currency I 00:18:55.080 --> 00:18:56.510 align:start position:0% the same problems of a packed currency I mean<00:18:55.200> it<00:18:55.380> could<00:18:55.500> be<00:18:55.679> done 00:18:56.510 --> 00:18:56.520 align:start position:0% mean it could be done 00:18:56.520 --> 00:18:58.669 align:start position:0% mean it could be done but<00:18:57.000> then<00:18:57.179> the<00:18:57.419> negative<00:18:57.720> rates<00:18:58.140> could<00:18:58.380> not<00:18:58.559> be 00:18:58.669 --> 00:18:58.679 align:start position:0% but then the negative rates could not be 00:18:58.679 --> 00:19:01.430 align:start position:0% but then the negative rates could not be applied<00:18:58.980> to<00:18:59.160> price<00:18:59.460> as<00:18:59.880> we<00:19:00.059> do<00:19:00.240> right<00:19:00.720> they 00:19:01.430 --> 00:19:01.440 align:start position:0% applied to price as we do right they 00:19:01.440 --> 00:19:04.010 align:start position:0% applied to price as we do right they could<00:19:01.620> maybe<00:19:01.860> be<00:19:02.340> applied<00:19:02.700> to<00:19:02.880> the<00:19:03.120> stability 00:19:04.010 --> 00:19:04.020 align:start position:0% could maybe be applied to the stability 00:19:04.020 --> 00:19:07.130 align:start position:0% could maybe be applied to the stability fees<00:19:04.500> right<00:19:04.980> or<00:19:05.640> the<00:19:05.820> borrow<00:19:06.059> fees<00:19:06.600> people<00:19:06.840> pay 00:19:07.130 --> 00:19:07.140 align:start position:0% fees right or the borrow fees people pay 00:19:07.140 --> 00:19:09.770 align:start position:0% fees right or the borrow fees people pay you<00:19:07.500> know<00:19:07.559> on<00:19:07.860> their<00:19:08.039> borrowed<00:19:08.460> amount<00:19:08.820> so 00:19:09.770 --> 00:19:09.780 align:start position:0% you know on their borrowed amount so 00:19:09.780 --> 00:19:12.950 align:start position:0% you know on their borrowed amount so yeah<00:19:09.960> I<00:19:10.500> guess<00:19:10.679> it<00:19:11.100> could<00:19:11.340> you<00:19:12.000> know<00:19:12.059> if<00:19:12.840> you 00:19:12.950 --> 00:19:12.960 align:start position:0% yeah I guess it could you know if you 00:19:12.960 --> 00:19:15.890 align:start position:0% yeah I guess it could you know if you feel<00:19:13.260> this<00:19:14.100> is<00:19:14.340> a<00:19:14.580> nice<00:19:14.820> idea<00:19:15.179> I<00:19:15.360> guess<00:19:15.539> you 00:19:15.890 --> 00:19:15.900 align:start position:0% feel this is a nice idea I guess you 00:19:15.900 --> 00:19:18.650 align:start position:0% feel this is a nice idea I guess you know<00:19:15.960> come<00:19:16.260> join<00:19:16.620> the<00:19:16.799> money<00:19:16.980> God<00:19:17.220> league<00:19:17.660> and 00:19:18.650 --> 00:19:18.660 align:start position:0% know come join the money God league and 00:19:18.660 --> 00:19:21.890 align:start position:0% know come join the money God league and yeah<00:19:18.900> good<00:19:19.500> it<00:19:19.799> working<00:19:20.400> to<00:19:20.700> help<00:19:20.820> so 00:19:21.890 --> 00:19:21.900 align:start position:0% yeah good it working to help so 00:19:21.900 --> 00:19:23.029 align:start position:0% yeah good it working to help so hmm 00:19:23.029 --> 00:19:23.039 align:start position:0% hmm 00:19:23.039 --> 00:19:28.669 align:start position:0% hmm hi<00:19:23.760> thank<00:19:24.720> you<00:19:25.160> since<00:19:26.160> there<00:19:26.580> is<00:19:26.760> no<00:19:26.880> Peg<00:19:27.679> when 00:19:28.669 --> 00:19:28.679 align:start position:0% hi thank you since there is no Peg when 00:19:28.679 --> 00:19:30.110 align:start position:0% hi thank you since there is no Peg when does<00:19:28.860> right<00:19:29.160> fail 00:19:30.110 --> 00:19:30.120 align:start position:0% does right fail 00:19:30.120 --> 00:19:33.230 align:start position:0% does right fail and<00:19:30.900> under<00:19:31.620> what<00:19:31.980> scenarios 00:19:33.230 --> 00:19:33.240 align:start position:0% and under what scenarios 00:19:33.240 --> 00:19:34.669 align:start position:0% and under what scenarios yeah<00:19:33.660> that's<00:19:33.840> what<00:19:34.020> has<00:19:34.260> happened<00:19:34.320> what<00:19:34.559> are 00:19:34.669 --> 00:19:34.679 align:start position:0% yeah that's what has happened what are 00:19:34.679 --> 00:19:37.250 align:start position:0% yeah that's what has happened what are the<00:19:34.740> 30<00:19:34.919> modes<00:19:35.340> yeah<00:19:35.820> that's<00:19:36.179> uh<00:19:36.600> hard<00:19:36.900> to<00:19:37.140> say 00:19:37.250 --> 00:19:37.260 align:start position:0% the 30 modes yeah that's uh hard to say 00:19:37.260 --> 00:19:41.270 align:start position:0% the 30 modes yeah that's uh hard to say I<00:19:37.860> mean<00:19:38.039> uh<00:19:38.520> there's<00:19:38.940> no<00:19:39.179> Peg<00:19:39.539> and<00:19:39.960> and 00:19:41.270 --> 00:19:41.280 align:start position:0% I mean uh there's no Peg and and 00:19:41.280 --> 00:19:43.310 align:start position:0% I mean uh there's no Peg and and I<00:19:41.760> mean<00:19:41.880> the 00:19:43.310 --> 00:19:43.320 align:start position:0% I mean the 00:19:43.320 --> 00:19:45.350 align:start position:0% I mean the there<00:19:43.860> are<00:19:43.980> a<00:19:44.160> bunch<00:19:44.340> of<00:19:44.460> failure<00:19:44.880> scenarios 00:19:45.350 --> 00:19:45.360 align:start position:0% there are a bunch of failure scenarios 00:19:45.360 --> 00:19:47.390 align:start position:0% there are a bunch of failure scenarios too<00:19:45.539> right<00:19:45.840> I<00:19:46.200> mean<00:19:46.320> we<00:19:46.559> could<00:19:46.679> as<00:19:46.980> in<00:19:47.280> the 00:19:47.390 --> 00:19:47.400 align:start position:0% too right I mean we could as in the 00:19:47.400 --> 00:19:49.250 align:start position:0% too right I mean we could as in the black<00:19:47.520> Thursday<00:19:47.760> you<00:19:48.360> know<00:19:48.419> maker<00:19:48.780> failed<00:19:49.080> to 00:19:49.250 --> 00:19:49.260 align:start position:0% black Thursday you know maker failed to 00:19:49.260 --> 00:19:52.789 align:start position:0% black Thursday you know maker failed to liquidate<00:19:49.740> cdps<00:19:50.520> this<00:19:51.419> could<00:19:51.539> happen<00:19:51.799> uh 00:19:52.789 --> 00:19:52.799 align:start position:0% liquidate cdps this could happen uh 00:19:52.799 --> 00:19:54.770 align:start position:0% liquidate cdps this could happen uh regarding<00:19:53.340> the<00:19:53.520> controller<00:19:54.000> you<00:19:54.240> know<00:19:54.299> there 00:19:54.770 --> 00:19:54.780 align:start position:0% regarding the controller you know there 00:19:54.780 --> 00:19:57.470 align:start position:0% regarding the controller you know there are<00:19:54.900> some<00:19:55.140> cases<00:19:55.559> in<00:19:55.740> control<00:19:56.000> theory<00:19:57.000> where 00:19:57.470 --> 00:19:57.480 align:start position:0% are some cases in control theory where 00:19:57.480 --> 00:19:59.330 align:start position:0% are some cases in control theory where the<00:19:57.660> controllers<00:19:58.080> go<00:19:58.320> crazy<00:19:58.559> too<00:19:58.919> right 00:19:59.330 --> 00:19:59.340 align:start position:0% the controllers go crazy too right 00:19:59.340 --> 00:20:01.310 align:start position:0% the controllers go crazy too right you've<00:19:59.940> seen<00:20:00.120> like<00:20:00.299> robots<00:20:00.720> going<00:20:01.020> out<00:20:01.200> of 00:20:01.310 --> 00:20:01.320 align:start position:0% you've seen like robots going out of 00:20:01.320 --> 00:20:03.110 align:start position:0% you've seen like robots going out of control<00:20:01.440> and<00:20:01.799> spinning<00:20:02.100> like<00:20:02.340> crazy<00:20:02.580> and<00:20:02.940> then 00:20:03.110 --> 00:20:03.120 align:start position:0% control and spinning like crazy and then 00:20:03.120 --> 00:20:06.409 align:start position:0% control and spinning like crazy and then destroying<00:20:03.900> yeah<00:20:04.320> that's<00:20:04.740> a<00:20:04.980> PID<00:20:05.419> controller 00:20:06.409 --> 00:20:06.419 align:start position:0% destroying yeah that's a PID controller 00:20:06.419 --> 00:20:07.669 align:start position:0% destroying yeah that's a PID controller failing 00:20:07.669 --> 00:20:07.679 align:start position:0% failing 00:20:07.679 --> 00:20:10.430 align:start position:0% failing that<00:20:08.400> happens<00:20:08.640> we<00:20:09.600> would<00:20:09.780> need<00:20:09.960> to<00:20:10.140> Global 00:20:10.430 --> 00:20:10.440 align:start position:0% that happens we would need to Global 00:20:10.440 --> 00:20:13.010 align:start position:0% that happens we would need to Global settle<00:20:10.860> the<00:20:10.980> system<00:20:11.220> as<00:20:11.820> maker<00:20:12.179> did<00:20:12.360> with<00:20:12.600> Psy 00:20:13.010 --> 00:20:13.020 align:start position:0% settle the system as maker did with Psy 00:20:13.020 --> 00:20:15.529 align:start position:0% settle the system as maker did with Psy we<00:20:13.320> had<00:20:13.440> a<00:20:13.620> proto-ri<00:20:14.220> before<00:20:14.520> right<00:20:14.880> to<00:20:15.179> be 00:20:15.529 --> 00:20:15.539 align:start position:0% we had a proto-ri before right to be 00:20:15.539 --> 00:20:18.110 align:start position:0% we had a proto-ri before right to be Global<00:20:15.780> settled<00:20:16.320> so<00:20:16.919> if<00:20:17.220> the<00:20:17.400> system<00:20:17.580> becomes 00:20:18.110 --> 00:20:18.120 align:start position:0% Global settled so if the system becomes 00:20:18.120 --> 00:20:20.450 align:start position:0% Global settled so if the system becomes unsustainable<00:20:18.720> it<00:20:19.559> can<00:20:19.679> still<00:20:19.860> be<00:20:20.039> closed 00:20:20.450 --> 00:20:20.460 align:start position:0% unsustainable it can still be closed 00:20:20.460 --> 00:20:22.610 align:start position:0% unsustainable it can still be closed down<00:20:20.580> and<00:20:20.940> that<00:20:21.179> everyone<00:20:21.419> both<00:20:22.080> uh 00:20:22.610 --> 00:20:22.620 align:start position:0% down and that everyone both uh 00:20:22.620 --> 00:20:25.909 align:start position:0% down and that everyone both uh safeholders<00:20:23.400> safe<00:20:24.240> owners<00:20:24.720> and<00:20:25.140> Rye<00:20:25.620> holders 00:20:25.909 --> 00:20:25.919 align:start position:0% safeholders safe owners and Rye holders 00:20:25.919 --> 00:20:28.490 align:start position:0% safeholders safe owners and Rye holders can<00:20:26.100> go<00:20:26.280> back<00:20:26.460> there<00:20:26.700> and<00:20:26.940> and<00:20:27.360> get<00:20:28.020> their<00:20:28.200> East 00:20:28.490 --> 00:20:28.500 align:start position:0% can go back there and and get their East 00:20:28.500 --> 00:20:31.490 align:start position:0% can go back there and and get their East back<00:20:28.740> so<00:20:29.580> it's<00:20:29.700> not<00:20:29.880> a<00:20:30.120> complete<00:20:30.419> loss<00:20:30.780> but<00:20:31.320> we 00:20:31.490 --> 00:20:31.500 align:start position:0% back so it's not a complete loss but we 00:20:31.500 --> 00:20:33.289 align:start position:0% back so it's not a complete loss but we have<00:20:31.679> to<00:20:31.799> keep<00:20:31.980> an<00:20:32.100> eye<00:20:32.280> on<00:20:32.400> this<00:20:32.580> this<00:20:32.880> is<00:20:33.059> also 00:20:33.289 --> 00:20:33.299 align:start position:0% have to keep an eye on this this is also 00:20:33.299 --> 00:20:35.270 align:start position:0% have to keep an eye on this this is also an<00:20:33.419> experiment<00:20:33.900> right<00:20:34.320> so<00:20:34.620> we're<00:20:34.919> trying<00:20:35.160> to 00:20:35.270 --> 00:20:35.280 align:start position:0% an experiment right so we're trying to 00:20:35.280 --> 00:20:37.490 align:start position:0% an experiment right so we're trying to be<00:20:35.460> conservative<00:20:36.000> but<00:20:36.900> I<00:20:37.080> don't<00:20:37.140> know<00:20:37.260> in 00:20:37.490 --> 00:20:37.500 align:start position:0% be conservative but I don't know in 00:20:37.500 --> 00:20:39.470 align:start position:0% be conservative but I don't know in future<00:20:37.740> iterations<00:20:38.340> it<00:20:38.700> could<00:20:38.820> be<00:20:38.940> that<00:20:39.240> not 00:20:39.470 --> 00:20:39.480 align:start position:0% future iterations it could be that not 00:20:39.480 --> 00:20:41.570 align:start position:0% future iterations it could be that not on<00:20:39.660> rye<00:20:40.020> rice<00:20:40.200> pretty<00:20:40.559> much<00:20:40.679> closed<00:20:41.160> down<00:20:41.220> but 00:20:41.570 --> 00:20:41.580 align:start position:0% on rye rice pretty much closed down but 00:20:41.580 --> 00:20:44.090 align:start position:0% on rye rice pretty much closed down but I<00:20:42.000> mean<00:20:42.059> on<00:20:42.299> other<00:20:42.480> many<00:20:42.960> God<00:20:43.320> League<00:20:43.559> members 00:20:44.090 --> 00:20:44.100 align:start position:0% I mean on other many God League members 00:20:44.100 --> 00:20:46.130 align:start position:0% I mean on other many God League members this<00:20:44.640> could<00:20:44.820> happen<00:20:45.059> I<00:20:45.600> don't<00:20:45.660> know<00:20:45.780> we<00:20:45.960> just 00:20:46.130 --> 00:20:46.140 align:start position:0% this could happen I don't know we just 00:20:46.140 --> 00:20:48.110 align:start position:0% this could happen I don't know we just have<00:20:46.320> to<00:20:46.440> keep<00:20:46.620> an<00:20:46.799> eye<00:20:46.980> to<00:20:47.280> see<00:20:47.460> if<00:20:47.640> you<00:20:48.000> know 00:20:48.110 --> 00:20:48.120 align:start position:0% have to keep an eye to see if you know 00:20:48.120 --> 00:20:51.110 align:start position:0% have to keep an eye to see if you know controller<00:20:49.080> is<00:20:49.200> not<00:20:49.380> going<00:20:49.679> crazy<00:20:50.280> on<00:20:50.580> us 00:20:51.110 --> 00:20:51.120 align:start position:0% controller is not going crazy on us 00:20:51.120 --> 00:20:53.270 align:start position:0% controller is not going crazy on us thank<00:20:51.660> you<00:20:51.780> yep 00:20:53.270 --> 00:20:53.280 align:start position:0% thank you yep 00:20:53.280 --> 00:20:54.490 align:start position:0% thank you yep um 00:20:54.490 --> 00:20:54.500 align:start position:0% um 00:20:54.500 --> 00:20:57.650 align:start position:0% um this<00:20:55.500> summer<00:20:55.679> during<00:20:56.220> the<00:20:56.640> uh 00:20:57.650 --> 00:20:57.660 align:start position:0% this summer during the uh 00:20:57.660 --> 00:20:59.990 align:start position:0% this summer during the uh over<00:20:58.500> here<00:20:58.620> in<00:20:58.860> front<00:20:59.039> of<00:20:59.160> you<00:20:59.220> dear<00:20:59.760> right 00:20:59.990 --> 00:21:00.000 align:start position:0% over here in front of you dear right 00:21:00.000 --> 00:21:01.970 align:start position:0% over here in front of you dear right hello<00:21:00.299> okay 00:21:01.970 --> 00:21:01.980 align:start position:0% hello okay 00:21:01.980 --> 00:21:04.549 align:start position:0% hello okay this<00:21:02.700> summer<00:21:02.880> when<00:21:03.120> it<00:21:03.360> was<00:21:03.600> when<00:21:04.200> the<00:21:04.440> market 00:21:04.549 --> 00:21:04.559 align:start position:0% this summer when it was when the market 00:21:04.559 --> 00:21:06.230 align:start position:0% this summer when it was when the market and<00:21:04.860> Redemption<00:21:05.340> price<00:21:05.520> were<00:21:05.700> different<00:21:05.940> for 00:21:06.230 --> 00:21:06.240 align:start position:0% and Redemption price were different for 00:21:06.240 --> 00:21:08.210 align:start position:0% and Redemption price were different for like<00:21:06.480> months<00:21:07.440> and<00:21:07.500> we<00:21:07.620> were<00:21:07.740> seeing<00:21:07.919> like<00:21:08.039> 30 00:21:08.210 --> 00:21:08.220 align:start position:0% like months and we were seeing like 30 00:21:08.220 --> 00:21:11.090 align:start position:0% like months and we were seeing like 30 different<00:21:09.179> rates<00:21:09.660> it<00:21:09.840> I<00:21:10.140> mean 00:21:11.090 --> 00:21:11.100 align:start position:0% different rates it I mean 00:21:11.100 --> 00:21:13.250 align:start position:0% different rates it I mean um<00:21:11.220> it<00:21:11.460> kind<00:21:11.700> of<00:21:11.820> struck<00:21:12.000> me<00:21:12.179> that 00:21:13.250 --> 00:21:13.260 align:start position:0% um it kind of struck me that 00:21:13.260 --> 00:21:14.990 align:start position:0% um it kind of struck me that um why<00:21:13.679> can't<00:21:13.919> the<00:21:14.160> system<00:21:14.280> tolerate<00:21:14.760> some 00:21:14.990 --> 00:21:15.000 align:start position:0% um why can't the system tolerate some 00:21:15.000 --> 00:21:17.450 align:start position:0% um why can't the system tolerate some sort<00:21:15.179> of<00:21:15.240> steady<00:21:15.539> state<00:21:15.720> error<00:21:16.200> where<00:21:16.860> market 00:21:17.450 --> 00:21:17.460 align:start position:0% sort of steady state error where market 00:21:17.460 --> 00:21:18.950 align:start position:0% sort of steady state error where market and<00:21:17.700> Redemption<00:21:18.120> price<00:21:18.240> are<00:21:18.480> just<00:21:18.660> like 00:21:18.950 --> 00:21:18.960 align:start position:0% and Redemption price are just like 00:21:18.960 --> 00:21:22.010 align:start position:0% and Redemption price are just like different<00:21:19.740> for<00:21:20.460> a<00:21:20.580> while<00:21:20.700> instead<00:21:21.539> of<00:21:21.600> the<00:21:21.780> eye 00:21:22.010 --> 00:21:22.020 align:start position:0% different for a while instead of the eye 00:21:22.020 --> 00:21:23.630 align:start position:0% different for a while instead of the eye just<00:21:22.320> punishing<00:21:22.740> us<00:21:22.860> more<00:21:23.039> and<00:21:23.160> more<00:21:23.280> and<00:21:23.400> more 00:21:23.630 --> 00:21:23.640 align:start position:0% just punishing us more and more and more 00:21:23.640 --> 00:21:26.390 align:start position:0% just punishing us more and more and more yeah<00:21:24.240> that<00:21:24.840> that's<00:21:25.140> actually<00:21:25.380> a<00:21:25.679> good<00:21:26.100> point 00:21:26.390 --> 00:21:26.400 align:start position:0% yeah that that's actually a good point 00:21:26.400 --> 00:21:28.909 align:start position:0% yeah that that's actually a good point uh<00:21:27.240> this<00:21:27.840> happened<00:21:28.020> at<00:21:28.260> the<00:21:28.440> time<00:21:28.559> we're<00:21:28.799> not 00:21:28.909 --> 00:21:28.919 align:start position:0% uh this happened at the time we're not 00:21:28.919 --> 00:21:31.430 align:start position:0% uh this happened at the time we're not sure<00:21:29.220> why<00:21:29.460> you<00:21:29.880> know<00:21:30.000> like<00:21:30.419> Nikolai<00:21:30.960> claimed 00:21:31.430 --> 00:21:31.440 align:start position:0% sure why you know like Nikolai claimed 00:21:31.440 --> 00:21:34.669 align:start position:0% sure why you know like Nikolai claimed we<00:21:31.679> were<00:21:31.860> being<00:21:32.100> attacked<00:21:32.900> by<00:21:33.900> some<00:21:34.080> actor<00:21:34.500> you 00:21:34.669 --> 00:21:34.679 align:start position:0% we were being attacked by some actor you 00:21:34.679 --> 00:21:37.789 align:start position:0% we were being attacked by some actor you know<00:21:34.740> trying<00:21:34.919> to<00:21:35.100> prove<00:21:35.400> us<00:21:35.460> wrong<00:21:35.760> uh<00:21:37.260> some 00:21:37.789 --> 00:21:37.799 align:start position:0% know trying to prove us wrong uh some 00:21:37.799 --> 00:21:39.590 align:start position:0% know trying to prove us wrong uh some people<00:21:37.980> think<00:21:38.280> you<00:21:38.580> know<00:21:38.640> because<00:21:38.880> of<00:21:39.120> the<00:21:39.600> UST 00:21:39.590 --> 00:21:39.600 align:start position:0% people think you know because of the UST 00:21:39.600 --> 00:21:42.350 align:start position:0% people think you know because of the UST Fiasco<00:21:40.500> then<00:21:41.220> because<00:21:41.400> of<00:21:41.640> the<00:21:41.820> tornado<00:21:42.120> cash 00:21:42.350 --> 00:21:42.360 align:start position:0% Fiasco then because of the tornado cash 00:21:42.360 --> 00:21:43.730 align:start position:0% Fiasco then because of the tornado cash thing<00:21:42.659> you<00:21:42.840> know<00:21:42.960> a<00:21:43.080> bunch<00:21:43.200> of<00:21:43.320> people<00:21:43.440> Market 00:21:43.730 --> 00:21:43.740 align:start position:0% thing you know a bunch of people Market 00:21:43.740 --> 00:21:46.370 align:start position:0% thing you know a bunch of people Market bought<00:21:44.159> right<00:21:44.400> and<00:21:45.240> then<00:21:45.360> the<00:21:45.600> money<00:21:45.780> God<00:21:46.080> got 00:21:46.370 --> 00:21:46.380 align:start position:0% bought right and then the money God got 00:21:46.380 --> 00:21:48.649 align:start position:0% bought right and then the money God got mad<00:21:46.620> you<00:21:46.860> know<00:21:47.039> and<00:21:47.220> punished<00:21:47.700> everyone<00:21:47.940> and 00:21:48.649 --> 00:21:48.659 align:start position:0% mad you know and punished everyone and 00:21:48.659 --> 00:21:51.230 align:start position:0% mad you know and punished everyone and vitalik<00:21:49.200> made<00:21:49.440> a<00:21:49.559> bunch<00:21:49.679> of<00:21:49.860> money<00:21:49.980> that's<00:21:50.940> the 00:21:51.230 --> 00:21:51.240 align:start position:0% vitalik made a bunch of money that's the 00:21:51.240 --> 00:21:53.270 align:start position:0% vitalik made a bunch of money that's the so<00:21:51.840> yeah<00:21:51.960> we're<00:21:52.260> still<00:21:52.559> discussing<00:21:53.039> this 00:21:53.270 --> 00:21:53.280 align:start position:0% so yeah we're still discussing this 00:21:53.280 --> 00:21:54.830 align:start position:0% so yeah we're still discussing this there's<00:21:53.580> actually<00:21:53.880> there<00:21:54.360> will<00:21:54.539> be<00:21:54.659> a 00:21:54.830 --> 00:21:54.840 align:start position:0% there's actually there will be a 00:21:54.840 --> 00:21:57.350 align:start position:0% there's actually there will be a proposal<00:21:55.260> to<00:21:55.559> tweak<00:21:55.860> this<00:21:56.100> we<00:21:56.700> do<00:21:56.880> feel<00:21:57.120> the 00:21:57.350 --> 00:21:57.360 align:start position:0% proposal to tweak this we do feel the 00:21:57.360 --> 00:22:00.169 align:start position:0% proposal to tweak this we do feel the item<00:21:57.960> right<00:21:58.260> now<00:21:58.380> is<00:21:58.620> too<00:21:58.919> strong<00:21:59.100> maybe<00:21:59.460> it 00:22:00.169 --> 00:22:00.179 align:start position:0% item right now is too strong maybe it 00:22:00.179 --> 00:22:02.149 align:start position:0% item right now is too strong maybe it could<00:22:00.299> be<00:22:00.419> punishing<00:22:00.960> less<00:22:01.200> you<00:22:01.919> know<00:22:02.039> they 00:22:02.149 --> 00:22:02.159 align:start position:0% could be punishing less you know they 00:22:02.159 --> 00:22:05.870 align:start position:0% could be punishing less you know they make<00:22:02.400> it<00:22:02.520> less<00:22:02.760> sticky<00:22:03.620> so<00:22:04.620> yeah<00:22:04.980> please<00:22:05.280> join 00:22:05.870 --> 00:22:05.880 align:start position:0% make it less sticky so yeah please join 00:22:05.880 --> 00:22:07.970 align:start position:0% make it less sticky so yeah please join the<00:22:06.000> discussion<00:22:06.480> you'll<00:22:07.020> like<00:22:07.200> it<00:22:07.380> uh<00:22:07.740> there 00:22:07.970 --> 00:22:07.980 align:start position:0% the discussion you'll like it uh there 00:22:07.980 --> 00:22:09.890 align:start position:0% the discussion you'll like it uh there will<00:22:08.100> be<00:22:08.280> a<00:22:08.580> discussion<00:22:09.000> in<00:22:09.179> the<00:22:09.299> Forum<00:22:09.659> soon 00:22:09.890 --> 00:22:09.900 align:start position:0% will be a discussion in the Forum soon 00:22:09.900 --> 00:22:12.110 align:start position:0% will be a discussion in the Forum soon and<00:22:10.620> until<00:22:10.860> the<00:22:11.100> end<00:22:11.220> of<00:22:11.340> the<00:22:11.460> year<00:22:11.640> we<00:22:11.940> will 00:22:12.110 --> 00:22:12.120 align:start position:0% and until the end of the year we will 00:22:12.120 --> 00:22:14.149 align:start position:0% and until the end of the year we will tweak<00:22:12.480> the<00:22:12.780> perms<00:22:13.200> we<00:22:13.380> try<00:22:13.500> not<00:22:13.620> to<00:22:13.799> tweak<00:22:14.039> him 00:22:14.149 --> 00:22:14.159 align:start position:0% tweak the perms we try not to tweak him 00:22:14.159 --> 00:22:17.810 align:start position:0% tweak the perms we try not to tweak him really<00:22:14.460> like<00:22:14.880> with<00:22:15.780> a<00:22:16.020> lot<00:22:16.140> of<00:22:16.260> with<00:22:16.799> uh 00:22:17.810 --> 00:22:17.820 align:start position:0% really like with a lot of with uh 00:22:17.820 --> 00:22:20.090 align:start position:0% really like with a lot of with uh I<00:22:18.299> mean<00:22:18.480> too<00:22:18.659> quickly<00:22:19.020> so<00:22:19.380> we<00:22:19.559> see<00:22:19.740> the<00:22:19.980> results 00:22:20.090 --> 00:22:20.100 align:start position:0% I mean too quickly so we see the results 00:22:20.100 --> 00:22:22.010 align:start position:0% I mean too quickly so we see the results you<00:22:20.520> know<00:22:20.580> we<00:22:20.760> see<00:22:20.940> the<00:22:21.120> thing<00:22:21.240> how<00:22:21.539> it<00:22:21.720> plays 00:22:22.010 --> 00:22:22.020 align:start position:0% you know we see the thing how it plays 00:22:22.020 --> 00:22:22.730 align:start position:0% you know we see the thing how it plays out 00:22:22.730 --> 00:22:22.740 align:start position:0% out 00:22:22.740 --> 00:22:24.890 align:start position:0% out but<00:22:23.220> yeah<00:22:23.460> there<00:22:23.700> will<00:22:23.880> be<00:22:24.000> one<00:22:24.299> change<00:22:24.539> in 00:22:24.890 --> 00:22:24.900 align:start position:0% but yeah there will be one change in 00:22:24.900 --> 00:22:26.810 align:start position:0% but yeah there will be one change in this<00:22:25.080> year<00:22:25.260> uh<00:22:25.740> it's<00:22:25.919> been<00:22:26.100> like<00:22:26.340> that<00:22:26.460> for 00:22:26.810 --> 00:22:26.820 align:start position:0% this year uh it's been like that for 00:22:26.820 --> 00:22:29.990 align:start position:0% this year uh it's been like that for over<00:22:27.120> six<00:22:27.419> months<00:22:27.840> now<00:22:28.080> so<00:22:28.320> and<00:22:29.100> it<00:22:29.280> I<00:22:29.700> mean<00:22:29.760> it 00:22:29.990 --> 00:22:30.000 align:start position:0% over six months now so and it I mean it 00:22:30.000 --> 00:22:32.990 align:start position:0% over six months now so and it I mean it withstanded<00:22:30.659> some<00:22:30.960> pretty<00:22:31.260> big<00:22:31.740> shocks<00:22:32.280> in 00:22:32.990 --> 00:22:33.000 align:start position:0% withstanded some pretty big shocks in 00:22:33.000 --> 00:22:34.789 align:start position:0% withstanded some pretty big shocks in between<00:22:33.179> you<00:22:33.539> know<00:22:33.659> which<00:22:33.900> was<00:22:34.140> we<00:22:34.500> switched 00:22:34.789 --> 00:22:34.799 align:start position:0% between you know which was we switched 00:22:34.799 --> 00:22:38.029 align:start position:0% between you know which was we switched from<00:22:35.179> uh<00:22:36.179> Raging<00:22:36.659> Bull<00:22:36.840> Run<00:22:37.080> to<00:22:37.380> a<00:22:37.559> bear<00:22:37.679> market 00:22:38.029 --> 00:22:38.039 align:start position:0% from uh Raging Bull Run to a bear market 00:22:38.039 --> 00:22:40.610 align:start position:0% from uh Raging Bull Run to a bear market right<00:22:38.580> and<00:22:39.120> then<00:22:39.299> things<00:22:39.539> collapsed<00:22:40.140> and<00:22:40.380> that 00:22:40.610 --> 00:22:40.620 align:start position:0% right and then things collapsed and that 00:22:40.620 --> 00:22:43.070 align:start position:0% right and then things collapsed and that there<00:22:40.799> were<00:22:40.980> I<00:22:41.220> mean<00:22:41.580> people<00:22:42.000> tried<00:22:42.480> started 00:22:43.070 --> 00:22:43.080 align:start position:0% there were I mean people tried started 00:22:43.080 --> 00:22:46.430 align:start position:0% there were I mean people tried started valuing<00:22:43.559> decentralization<00:22:44.400> more<00:22:44.820> so<00:22:45.360> uh<00:22:46.200> yeah 00:22:46.430 --> 00:22:46.440 align:start position:0% valuing decentralization more so uh yeah 00:22:46.440 --> 00:22:48.529 align:start position:0% valuing decentralization more so uh yeah I<00:22:46.799> guess<00:22:46.919> let's<00:22:47.220> see<00:22:47.400> if<00:22:47.700> next<00:22:47.940> year<00:22:48.179> is<00:22:48.360> more 00:22:48.529 --> 00:22:48.539 align:start position:0% I guess let's see if next year is more 00:22:48.539 --> 00:22:51.049 align:start position:0% I guess let's see if next year is more stable<00:22:48.900> too<00:22:49.140> with<00:22:49.559> new<00:22:50.159> params<00:22:50.640> and<00:22:50.760> we<00:22:50.940> will 00:22:51.049 --> 00:22:51.059 align:start position:0% stable too with new params and we will 00:22:51.059 --> 00:22:53.470 align:start position:0% stable too with new params and we will see<00:22:51.240> the<00:22:51.780> idea<00:22:52.020> is<00:22:52.200> to<00:22:52.380> tweak<00:22:52.740> less<00:22:52.919> and<00:22:53.159> less 00:22:53.470 --> 00:22:53.480 align:start position:0% see the idea is to tweak less and less 00:22:53.480 --> 00:22:56.330 align:start position:0% see the idea is to tweak less and less and<00:22:54.480> and<00:22:54.539> on<00:22:55.080> a<00:22:55.260> smoother<00:22:55.559> way<00:22:55.740> you<00:22:55.980> know<00:22:56.039> like 00:22:56.330 --> 00:22:56.340 align:start position:0% and and on a smoother way you know like 00:22:56.340 --> 00:22:57.710 align:start position:0% and and on a smoother way you know like uh 00:22:57.710 --> 00:22:57.720 align:start position:0% uh 00:22:57.720 --> 00:23:00.169 align:start position:0% uh until<00:22:58.320> we<00:22:58.740> can<00:22:58.919> set<00:22:59.159> the<00:22:59.400> programs<00:22:59.820> in<00:23:00.000> stone 00:23:00.169 --> 00:23:00.179 align:start position:0% until we can set the programs in stone 00:23:00.179 --> 00:23:03.470 align:start position:0% until we can set the programs in stone and<00:23:00.960> just<00:23:01.140> ungovern<00:23:01.740> the<00:23:02.100> controller<00:23:02.580> too<00:23:02.760> so 00:23:03.470 --> 00:23:03.480 align:start position:0% and just ungovern the controller too so 00:23:03.480 --> 00:23:07.070 align:start position:0% and just ungovern the controller too so what<00:23:03.960> are<00:23:04.440> the<00:23:04.559> incentives<00:23:05.400> for<00:23:06.080> executing 00:23:07.070 --> 00:23:07.080 align:start position:0% what are the incentives for executing 00:23:07.080 --> 00:23:09.110 align:start position:0% what are the incentives for executing liquidations<00:23:07.559> and<00:23:07.980> maintaining<00:23:08.460> the<00:23:08.760> the 00:23:09.110 --> 00:23:09.120 align:start position:0% liquidations and maintaining the the 00:23:09.120 --> 00:23:10.250 align:start position:0% liquidations and maintaining the the system<00:23:09.360> Health 00:23:10.250 --> 00:23:10.260 align:start position:0% system Health 00:23:10.260 --> 00:23:11.930 align:start position:0% system Health um<00:23:10.380> like<00:23:10.620> for<00:23:10.799> example<00:23:11.039> like<00:23:11.220> maker<00:23:11.640> has<00:23:11.820> this 00:23:11.930 --> 00:23:11.940 align:start position:0% um like for example like maker has this 00:23:11.940 --> 00:23:15.649 align:start position:0% um like for example like maker has this decaying<00:23:12.559> uh<00:23:13.559> you<00:23:13.860> know<00:23:13.919> auction<00:23:14.640> where<00:23:15.179> like 00:23:15.649 --> 00:23:15.659 align:start position:0% decaying uh you know auction where like 00:23:15.659 --> 00:23:17.990 align:start position:0% decaying uh you know auction where like Ave<00:23:15.960> you<00:23:16.799> can<00:23:16.860> have<00:23:17.039> you'll<00:23:17.460> find<00:23:17.580> out<00:23:17.700> there's 00:23:17.990 --> 00:23:18.000 align:start position:0% Ave you can have you'll find out there's 00:23:18.000 --> 00:23:19.370 align:start position:0% Ave you can have you'll find out there's a<00:23:18.179> lot<00:23:18.299> of<00:23:18.419> a<00:23:18.600> lot<00:23:18.780> of<00:23:18.840> people<00:23:18.900> that<00:23:19.080> should<00:23:19.260> be 00:23:19.370 --> 00:23:19.380 align:start position:0% a lot of a lot of people that should be 00:23:19.380 --> 00:23:20.810 align:start position:0% a lot of a lot of people that should be liquidated<00:23:19.740> that<00:23:20.039> are<00:23:20.159> not<00:23:20.220> liquidated<00:23:20.640> but 00:23:20.810 --> 00:23:20.820 align:start position:0% liquidated that are not liquidated but 00:23:20.820 --> 00:23:22.130 align:start position:0% liquidated that are not liquidated but maker<00:23:21.120> everybody<00:23:21.299> eventually<00:23:21.780> gets 00:23:22.130 --> 00:23:22.140 align:start position:0% maker everybody eventually gets 00:23:22.140 --> 00:23:24.110 align:start position:0% maker everybody eventually gets liquidated<00:23:22.500> so<00:23:22.980> what's<00:23:23.220> the<00:23:23.460> incentives<00:23:23.880> and 00:23:24.110 --> 00:23:24.120 align:start position:0% liquidated so what's the incentives and 00:23:24.120 --> 00:23:25.610 align:start position:0% liquidated so what's the incentives and how<00:23:24.240> is<00:23:24.360> that<00:23:24.480> maintained<00:23:24.900> and<00:23:25.140> so<00:23:25.440> what 00:23:25.610 --> 00:23:25.620 align:start position:0% how is that maintained and so what 00:23:25.620 --> 00:23:27.590 align:start position:0% how is that maintained and so what Telemetry<00:23:26.100> do<00:23:26.220> you<00:23:26.340> have<00:23:26.400> into<00:23:26.640> to<00:23:27.240> see<00:23:27.480> what 00:23:27.590 --> 00:23:27.600 align:start position:0% Telemetry do you have into to see what 00:23:27.600 --> 00:23:29.149 align:start position:0% Telemetry do you have into to see what needs<00:23:27.840> to<00:23:27.840> be<00:23:27.960> liquidated<00:23:28.260> so<00:23:28.679> when<00:23:28.980> we 00:23:29.149 --> 00:23:29.159 align:start position:0% needs to be liquidated so when we 00:23:29.159 --> 00:23:31.430 align:start position:0% needs to be liquidated so when we started<00:23:29.580> the<00:23:30.000> collateral<00:23:30.360> auction<00:23:30.720> house<00:23:31.020> was 00:23:31.430 --> 00:23:31.440 align:start position:0% started the collateral auction house was 00:23:31.440 --> 00:23:32.990 align:start position:0% started the collateral auction house was a<00:23:31.620> fixed<00:23:31.919> discount<00:23:32.039> collateral<00:23:32.760> auction 00:23:32.990 --> 00:23:33.000 align:start position:0% a fixed discount collateral auction 00:23:33.000 --> 00:23:36.230 align:start position:0% a fixed discount collateral auction house<00:23:33.299> so<00:23:33.720> it<00:23:34.500> provided<00:23:34.860> a<00:23:35.039> fixed<00:23:35.580> discount<00:23:35.700> on 00:23:36.230 --> 00:23:36.240 align:start position:0% house so it provided a fixed discount on 00:23:36.240 --> 00:23:38.570 align:start position:0% house so it provided a fixed discount on it<00:23:36.419> you<00:23:36.840> know<00:23:36.900> against<00:23:37.080> the<00:23:37.320> market<00:23:37.500> price 00:23:38.570 --> 00:23:38.580 align:start position:0% it you know against the market price 00:23:38.580 --> 00:23:41.390 align:start position:0% it you know against the market price then<00:23:39.240> after<00:23:39.480> six<00:23:39.840> months<00:23:40.200> or<00:23:40.320> so<00:23:40.500> even<00:23:41.039> before 00:23:41.390 --> 00:23:41.400 align:start position:0% then after six months or so even before 00:23:41.400 --> 00:23:44.690 align:start position:0% then after six months or so even before maker<00:23:42.059> liquidations<00:23:42.659> 2.0 00:23:44.690 --> 00:23:44.700 align:start position:0% maker liquidations 2.0 00:23:44.700 --> 00:23:46.510 align:start position:0% maker liquidations 2.0 we<00:23:45.179> started<00:23:45.480> with<00:23:45.659> an<00:23:45.840> increasing<00:23:46.260> discount 00:23:46.510 --> 00:23:46.520 align:start position:0% we started with an increasing discount 00:23:46.520 --> 00:23:50.330 align:start position:0% we started with an increasing discount auction<00:23:47.520> so<00:23:48.419> it's<00:23:49.080> pretty<00:23:49.380> similar<00:23:49.740> to<00:23:49.919> maker 00:23:50.330 --> 00:23:50.340 align:start position:0% auction so it's pretty similar to maker 00:23:50.340 --> 00:23:52.190 align:start position:0% auction so it's pretty similar to maker I<00:23:50.760> mean<00:23:50.880> the<00:23:51.000> implementation<00:23:51.539> is<00:23:51.840> completely 00:23:52.190 --> 00:23:52.200 align:start position:0% I mean the implementation is completely 00:23:52.200 --> 00:23:55.370 align:start position:0% I mean the implementation is completely different<00:23:52.500> but<00:23:53.159> the<00:23:53.520> the<00:23:53.820> mechanism<00:23:54.720> is<00:23:55.140> the 00:23:55.370 --> 00:23:55.380 align:start position:0% different but the the mechanism is the 00:23:55.380 --> 00:23:58.070 align:start position:0% different but the the mechanism is the same<00:23:55.500> and<00:23:56.340> we're<00:23:56.640> decentralization<00:23:57.419> freaks 00:23:58.070 --> 00:23:58.080 align:start position:0% same and we're decentralization freaks 00:23:58.080 --> 00:24:00.649 align:start position:0% same and we're decentralization freaks too<00:23:58.200> so<00:23:58.620> every<00:23:59.280> call<00:23:59.580> for<00:23:59.880> Keepers<00:24:00.299> in<00:24:00.539> the 00:24:00.649 --> 00:24:00.659 align:start position:0% too so every call for Keepers in the 00:24:00.659 --> 00:24:03.169 align:start position:0% too so every call for Keepers in the system<00:24:00.840> is<00:24:01.200> incentivized<00:24:01.919> somehow<00:24:02.280> uh 00:24:03.169 --> 00:24:03.179 align:start position:0% system is incentivized somehow uh 00:24:03.179 --> 00:24:04.610 align:start position:0% system is incentivized somehow uh actually<00:24:03.419> the<00:24:03.659> system<00:24:03.840> right<00:24:04.140> now<00:24:04.200> for<00:24:04.440> the 00:24:04.610 --> 00:24:04.620 align:start position:0% actually the system right now for the 00:24:04.620 --> 00:24:06.950 align:start position:0% actually the system right now for the keepers<00:24:04.919> out<00:24:05.100> there<00:24:05.280> is<00:24:05.460> grossly<00:24:06.179> overpaying 00:24:06.950 --> 00:24:06.960 align:start position:0% keepers out there is grossly overpaying 00:24:06.960 --> 00:24:09.470 align:start position:0% keepers out there is grossly overpaying calls<00:24:07.380> so<00:24:08.039> you<00:24:08.159> can<00:24:08.280> make<00:24:08.460> a<00:24:08.580> lot<00:24:08.700> of<00:24:08.820> money<00:24:09.059> by 00:24:09.470 --> 00:24:09.480 align:start position:0% calls so you can make a lot of money by 00:24:09.480 --> 00:24:12.169 align:start position:0% calls so you can make a lot of money by helping<00:24:09.900> the<00:24:10.080> system<00:24:10.320> uh<00:24:11.220> there<00:24:11.580> will<00:24:11.760> be<00:24:11.880> a 00:24:12.169 --> 00:24:12.179 align:start position:0% helping the system uh there will be a 00:24:12.179 --> 00:24:14.149 align:start position:0% helping the system uh there will be a proposal<00:24:12.720> soon<00:24:12.900> to<00:24:13.200> lower<00:24:13.320> the<00:24:13.679> rewards 00:24:14.149 --> 00:24:14.159 align:start position:0% proposal soon to lower the rewards 00:24:14.159 --> 00:24:15.710 align:start position:0% proposal soon to lower the rewards because<00:24:14.400> they<00:24:14.820> were<00:24:14.940> adjusted<00:24:15.360> for<00:24:15.480> gas 00:24:15.710 --> 00:24:15.720 align:start position:0% because they were adjusted for gas 00:24:15.720 --> 00:24:18.230 align:start position:0% because they were adjusted for gas prices<00:24:15.900> from<00:24:16.260> the<00:24:16.380> bull<00:24:16.559> run<00:24:16.860> too<00:24:17.100> and<00:24:17.880> now<00:24:18.000> the 00:24:18.230 --> 00:24:18.240 align:start position:0% prices from the bull run too and now the 00:24:18.240 --> 00:24:20.570 align:start position:0% prices from the bull run too and now the network<00:24:18.419> is<00:24:18.780> you<00:24:19.140> know<00:24:19.200> a<00:24:19.559> lot<00:24:19.679> I<00:24:20.100> mean<00:24:20.220> block 00:24:20.570 --> 00:24:20.580 align:start position:0% network is you know a lot I mean block 00:24:20.580 --> 00:24:22.909 align:start position:0% network is you know a lot I mean block space<00:24:20.880> is<00:24:21.179> cheaper<00:24:21.600> so<00:24:22.140> we<00:24:22.320> can<00:24:22.440> lower<00:24:22.620> the 00:24:22.909 --> 00:24:22.919 align:start position:0% space is cheaper so we can lower the 00:24:22.919 --> 00:24:25.490 align:start position:0% space is cheaper so we can lower the rewards<00:24:23.460> and<00:24:23.760> you<00:24:24.000> know<00:24:24.120> the<00:24:24.600> system<00:24:24.960> can<00:24:25.260> save 00:24:25.490 --> 00:24:25.500 align:start position:0% rewards and you know the system can save 00:24:25.500 --> 00:24:28.130 align:start position:0% rewards and you know the system can save money<00:24:25.860> until<00:24:26.520> it's<00:24:26.820> needed<00:24:27.179> to<00:24:27.480> raise<00:24:27.900> them 00:24:28.130 --> 00:24:28.140 align:start position:0% money until it's needed to raise them 00:24:28.140 --> 00:24:30.830 align:start position:0% money until it's needed to raise them again<00:24:28.820> for<00:24:29.820> other<00:24:30.000> things<00:24:30.240> I<00:24:30.480> mean<00:24:30.600> for 00:24:30.830 --> 00:24:30.840 align:start position:0% again for other things I mean for 00:24:30.840 --> 00:24:32.810 align:start position:0% again for other things I mean for everything<00:24:31.020> there's<00:24:31.440> an<00:24:31.620> incentive<00:24:32.220> there<00:24:32.460> I 00:24:32.810 --> 00:24:32.820 align:start position:0% everything there's an incentive there I 00:24:32.820 --> 00:24:35.149 align:start position:0% everything there's an incentive there I mean<00:24:33.000> uh<00:24:33.419> it<00:24:33.780> depends<00:24:34.080> on<00:24:34.200> the<00:24:34.320> call<00:24:34.559> and<00:24:34.980> on 00:24:35.149 --> 00:24:35.159 align:start position:0% mean uh it depends on the call and on 00:24:35.159 --> 00:24:38.810 align:start position:0% mean uh it depends on the call and on the<00:24:35.640> on<00:24:36.000> the<00:24:36.240> on<00:24:36.780> what<00:24:37.020> you're<00:24:37.140> doing<00:24:37.380> so 00:24:38.810 --> 00:24:38.820 align:start position:0% the on the on what you're doing so 00:24:38.820 --> 00:24:42.409 align:start position:0% the on the on what you're doing so hello<00:24:39.780> um<00:24:39.780> what's<00:24:40.380> the<00:24:40.559> point<00:24:40.740> of<00:24:40.980> using<00:24:41.400> a<00:24:41.820> rye 00:24:42.409 --> 00:24:42.419 align:start position:0% hello um what's the point of using a rye 00:24:42.419 --> 00:24:43.970 align:start position:0% hello um what's the point of using a rye instead<00:24:42.840> of<00:24:42.900> straight<00:24:43.140> eat 00:24:43.970 --> 00:24:43.980 align:start position:0% instead of straight eat 00:24:43.980 --> 00:24:45.950 align:start position:0% instead of straight eat if<00:24:44.460> it's<00:24:44.580> free<00:24:44.820> floating<00:24:45.179> and<00:24:45.539> it's<00:24:45.720> just 00:24:45.950 --> 00:24:45.960 align:start position:0% if it's free floating and it's just 00:24:45.960 --> 00:24:49.010 align:start position:0% if it's free floating and it's just backed<00:24:46.320> by<00:24:46.440> eth<00:24:46.919> yeah<00:24:47.640> Rye<00:24:48.240> is<00:24:48.539> supposed<00:24:48.659> to<00:24:48.840> I 00:24:49.010 --> 00:24:49.020 align:start position:0% backed by eth yeah Rye is supposed to I 00:24:49.020 --> 00:24:51.649 align:start position:0% backed by eth yeah Rye is supposed to I mean<00:24:49.140> it's<00:24:49.260> free-floating<00:24:49.980> but<00:24:50.760> it's<00:24:51.059> uh<00:24:51.360> way 00:24:51.649 --> 00:24:51.659 align:start position:0% mean it's free-floating but it's uh way 00:24:51.659 --> 00:24:53.570 align:start position:0% mean it's free-floating but it's uh way less<00:24:51.900> volatile<00:24:52.380> than<00:24:52.620> eth 00:24:53.570 --> 00:24:53.580 align:start position:0% less volatile than eth 00:24:53.580 --> 00:24:55.490 align:start position:0% less volatile than eth so 00:24:55.490 --> 00:24:55.500 align:start position:0% so 00:24:55.500 --> 00:24:58.669 align:start position:0% so while<00:24:55.919> it's<00:24:56.159> it<00:24:56.340> is<00:24:56.580> free-floating<00:24:58.020> it<00:24:58.440> is<00:24:58.559> a 00:24:58.669 --> 00:24:58.679 align:start position:0% while it's it is free-floating it is a 00:24:58.679 --> 00:25:01.310 align:start position:0% while it's it is free-floating it is a stable<00:24:58.919> coin<00:24:59.400> right<00:25:00.000> it's<00:25:00.780> kind<00:25:00.900> of<00:25:01.020> like<00:25:01.140> the 00:25:01.310 --> 00:25:01.320 align:start position:0% stable coin right it's kind of like the 00:25:01.320 --> 00:25:03.890 align:start position:0% stable coin right it's kind of like the Euro<00:25:01.740> against<00:25:01.919> the<00:25:02.220> USD<00:25:02.640> you<00:25:03.299> know<00:25:03.419> of<00:25:03.780> course 00:25:03.890 --> 00:25:03.900 align:start position:0% Euro against the USD you know of course 00:25:03.900 --> 00:25:06.470 align:start position:0% Euro against the USD you know of course it's<00:25:04.260> gonna<00:25:04.440> oscillate<00:25:05.039> right<00:25:05.400> tomorrow<00:25:06.120> it's 00:25:06.470 --> 00:25:06.480 align:start position:0% it's gonna oscillate right tomorrow it's 00:25:06.480 --> 00:25:08.330 align:start position:0% it's gonna oscillate right tomorrow it's gonna<00:25:06.600> have<00:25:06.840> a<00:25:06.960> different<00:25:07.140> price<00:25:07.500> but<00:25:08.220> it's 00:25:08.330 --> 00:25:08.340 align:start position:0% gonna have a different price but it's 00:25:08.340 --> 00:25:09.950 align:start position:0% gonna have a different price but it's not<00:25:08.520> going<00:25:08.640> to<00:25:08.820> go<00:25:08.940> crazy<00:25:09.120> on<00:25:09.360> you<00:25:09.480> and<00:25:09.659> crash 00:25:09.950 --> 00:25:09.960 align:start position:0% not going to go crazy on you and crash 00:25:09.960 --> 00:25:13.850 align:start position:0% not going to go crazy on you and crash 50<00:25:10.200> from<00:25:11.039> today<00:25:11.159> to<00:25:11.460> tomorrow<00:25:11.700> right<00:25:12.179> so<00:25:13.140> right 00:25:13.850 --> 00:25:13.860 align:start position:0% 50 from today to tomorrow right so right 00:25:13.860 --> 00:25:16.789 align:start position:0% 50 from today to tomorrow right so right is<00:25:14.460> a<00:25:14.880> very<00:25:15.059> dampened<00:25:15.659> version<00:25:15.960> of<00:25:16.380> eth 00:25:16.789 --> 00:25:16.799 align:start position:0% is a very dampened version of eth 00:25:16.799 --> 00:25:21.049 align:start position:0% is a very dampened version of eth basically<00:25:17.659> and<00:25:18.659> we<00:25:19.620> early<00:25:20.280> on<00:25:20.520> it's<00:25:20.880> actually 00:25:21.049 --> 00:25:21.059 align:start position:0% basically and we early on it's actually 00:25:21.059 --> 00:25:23.450 align:start position:0% basically and we early on it's actually quite<00:25:21.360> interesting<00:25:21.840> because<00:25:22.080> we<00:25:22.620> had<00:25:22.740> like<00:25:23.100> we 00:25:23.450 --> 00:25:23.460 align:start position:0% quite interesting because we had like we 00:25:23.460 --> 00:25:25.070 align:start position:0% quite interesting because we had like we didn't<00:25:23.580> want<00:25:23.820> to<00:25:23.940> call<00:25:24.120> it<00:25:24.240> a<00:25:24.419> stable<00:25:24.720> coin 00:25:25.070 --> 00:25:25.080 align:start position:0% didn't want to call it a stable coin 00:25:25.080 --> 00:25:26.810 align:start position:0% didn't want to call it a stable coin because<00:25:25.260> everyone<00:25:25.500> called<00:25:25.860> stable<00:25:26.279> coins<00:25:26.640> you 00:25:26.810 --> 00:25:26.820 align:start position:0% because everyone called stable coins you 00:25:26.820 --> 00:25:28.610 align:start position:0% because everyone called stable coins you know<00:25:26.940> the<00:25:27.059> one<00:25:27.240> USD<00:25:27.720> thing 00:25:28.610 --> 00:25:28.620 align:start position:0% know the one USD thing 00:25:28.620 --> 00:25:30.769 align:start position:0% know the one USD thing and<00:25:29.400> now<00:25:29.580> we<00:25:29.880> sort<00:25:30.059> of<00:25:30.120> we're<00:25:30.360> sort<00:25:30.659> of 00:25:30.769 --> 00:25:30.779 align:start position:0% and now we sort of we're sort of 00:25:30.779 --> 00:25:33.110 align:start position:0% and now we sort of we're sort of reclaiming<00:25:31.620> the<00:25:31.740> name<00:25:31.919> so<00:25:32.159> we<00:25:32.340> feel<00:25:32.520> right<00:25:32.760> is 00:25:33.110 --> 00:25:33.120 align:start position:0% reclaiming the name so we feel right is 00:25:33.120 --> 00:25:35.690 align:start position:0% reclaiming the name so we feel right is the<00:25:33.419> only<00:25:33.600> true<00:25:33.960> stable<00:25:34.440> coin<00:25:34.860> and<00:25:35.400> all<00:25:35.580> the 00:25:35.690 --> 00:25:35.700 align:start position:0% the only true stable coin and all the 00:25:35.700 --> 00:25:38.269 align:start position:0% the only true stable coin and all the other<00:25:35.820> ones<00:25:36.179> are<00:25:36.360> what<00:25:36.659> we<00:25:36.779> call<00:25:36.900> peggies<00:25:37.559> or 00:25:38.269 --> 00:25:38.279 align:start position:0% other ones are what we call peggies or 00:25:38.279 --> 00:25:40.970 align:start position:0% other ones are what we call peggies or pegged<00:25:38.760> coins<00:25:39.120> you<00:25:39.419> know<00:25:39.480> so<00:25:40.380> yeah<00:25:40.559> that's<00:25:40.799> it 00:25:40.970 --> 00:25:40.980 align:start position:0% pegged coins you know so yeah that's it 00:25:40.980 --> 00:25:42.830 align:start position:0% pegged coins you know so yeah that's it so<00:25:41.279> if<00:25:41.520> you<00:25:41.640> need<00:25:41.760> a<00:25:41.940> stable<00:25:42.120> client<00:25:42.480> that 00:25:42.830 --> 00:25:42.840 align:start position:0% so if you need a stable client that 00:25:42.840 --> 00:25:44.990 align:start position:0% so if you need a stable client that retains<00:25:43.260> you<00:25:43.380> know<00:25:43.559> the<00:25:43.679> moneyness<00:25:44.159> of<00:25:44.400> it 00:25:44.990 --> 00:25:45.000 align:start position:0% retains you know the moneyness of it 00:25:45.000 --> 00:25:49.130 align:start position:0% retains you know the moneyness of it that's<00:25:45.480> right<00:25:45.720> that's<00:25:46.620> the<00:25:46.980> goal<00:25:47.220> of<00:25:47.279> it 00:25:49.130 --> 00:25:49.140 align:start position:0% that's right that's the goal of it 00:25:49.140 --> 00:25:53.570 align:start position:0% that's right that's the goal of it yep<00:25:50.100> as<00:25:50.760> the<00:25:51.120> money<00:25:51.240> God<00:25:51.480> grows<00:25:52.020> and 00:25:53.570 --> 00:25:53.580 align:start position:0% yep as the money God grows and 00:25:53.580 --> 00:25:56.570 align:start position:0% yep as the money God grows and adoption<00:25:54.299> grows<00:25:54.779> as<00:25:55.200> a<00:25:55.380> currency 00:25:56.570 --> 00:25:56.580 align:start position:0% adoption grows as a currency 00:25:56.580 --> 00:25:58.510 align:start position:0% adoption grows as a currency what<00:25:57.120> do<00:25:57.240> you<00:25:57.360> see<00:25:57.480> or<00:25:57.720> what<00:25:57.900> do<00:25:58.020> you<00:25:58.140> expect 00:25:58.510 --> 00:25:58.520 align:start position:0% what do you see or what do you expect 00:25:58.520 --> 00:26:01.070 align:start position:0% what do you see or what do you expect from<00:25:59.520> central<00:25:59.820> banks<00:26:00.360> and<00:26:00.900> other 00:26:01.070 --> 00:26:01.080 align:start position:0% from central banks and other 00:26:01.080 --> 00:26:03.950 align:start position:0% from central banks and other institutions<00:26:01.679> trying<00:26:02.460> to<00:26:02.760> corrupt<00:26:03.240> or<00:26:03.659> crack 00:26:03.950 --> 00:26:03.960 align:start position:0% institutions trying to corrupt or crack 00:26:03.960 --> 00:26:07.669 align:start position:0% institutions trying to corrupt or crack down<00:26:04.320> on<00:26:05.039> coins<00:26:05.400> like<00:26:05.580> right<00:26:06.240> uh<00:26:07.080> so<00:26:07.320> yeah<00:26:07.440> the 00:26:07.669 --> 00:26:07.679 align:start position:0% down on coins like right uh so yeah the 00:26:07.679 --> 00:26:10.190 align:start position:0% down on coins like right uh so yeah the more<00:26:07.860> decentralized<00:26:08.400> you<00:26:08.700> are<00:26:08.940> the<00:26:09.659> harder<00:26:10.080> it 00:26:10.190 --> 00:26:10.200 align:start position:0% more decentralized you are the harder it 00:26:10.200 --> 00:26:12.529 align:start position:0% more decentralized you are the harder it is<00:26:10.380> for<00:26:10.559> them<00:26:10.740> right<00:26:11.100> so<00:26:11.460> we're<00:26:12.059> taking<00:26:12.240> our 00:26:12.529 --> 00:26:12.539 align:start position:0% is for them right so we're taking our 00:26:12.539 --> 00:26:15.590 align:start position:0% is for them right so we're taking our precautions<00:26:12.960> from<00:26:13.200> day<00:26:13.380> one<00:26:13.880> uh<00:26:14.880> the<00:26:15.120> idea<00:26:15.419> is 00:26:15.590 --> 00:26:15.600 align:start position:0% precautions from day one uh the idea is 00:26:15.600 --> 00:26:17.450 align:start position:0% precautions from day one uh the idea is to<00:26:15.840> have<00:26:15.960> it<00:26:16.140> you<00:26:16.380> know<00:26:16.440> almost<00:26:16.679> trustless<00:26:17.220> in 00:26:17.450 --> 00:26:17.460 align:start position:0% to have it you know almost trustless in 00:26:17.460 --> 00:26:20.149 align:start position:0% to have it you know almost trustless in the<00:26:17.580> future<00:26:17.760> so<00:26:18.720> yeah<00:26:18.840> they<00:26:19.500> can<00:26:19.620> try<00:26:19.799> to<00:26:19.980> stop 00:26:20.149 --> 00:26:20.159 align:start position:0% the future so yeah they can try to stop 00:26:20.159 --> 00:26:22.970 align:start position:0% the future so yeah they can try to stop ethereum<00:26:20.700> I<00:26:21.360> mean<00:26:21.539> it's<00:26:22.020> gonna<00:26:22.260> be<00:26:22.440> hard<00:26:22.620> right 00:26:22.970 --> 00:26:22.980 align:start position:0% ethereum I mean it's gonna be hard right 00:26:22.980 --> 00:26:24.890 align:start position:0% ethereum I mean it's gonna be hard right and 00:26:24.890 --> 00:26:24.900 align:start position:0% and 00:26:24.900 --> 00:26:26.990 align:start position:0% and yeah<00:26:25.440> our<00:26:25.679> main<00:26:25.860> goal<00:26:26.159> is<00:26:26.340> actually<00:26:26.580> you<00:26:26.880> know 00:26:26.990 --> 00:26:27.000 align:start position:0% yeah our main goal is actually you know 00:26:27.000 --> 00:26:29.390 align:start position:0% yeah our main goal is actually you know uh<00:26:27.480> some<00:26:27.720> Central<00:26:27.960> Banking<00:26:28.559> Bankers<00:26:29.100> are 00:26:29.390 --> 00:26:29.400 align:start position:0% uh some Central Banking Bankers are 00:26:29.400 --> 00:26:31.789 align:start position:0% uh some Central Banking Bankers are actually<00:26:29.580> noticing<00:26:30.120> this<00:26:30.360> so<00:26:30.900> we<00:26:31.380> feel<00:26:31.559> that 00:26:31.789 --> 00:26:31.799 align:start position:0% actually noticing this so we feel that 00:26:31.799 --> 00:26:33.289 align:start position:0% actually noticing this so we feel that Central<00:26:31.980> Bankers<00:26:32.460> should<00:26:32.700> not<00:26:32.820> be<00:26:32.940> setting 00:26:33.289 --> 00:26:33.299 align:start position:0% Central Bankers should not be setting 00:26:33.299 --> 00:26:35.870 align:start position:0% Central Bankers should not be setting rates<00:26:33.600> right<00:26:33.960> because<00:26:34.559> they're<00:26:34.919> people<00:26:35.220> and 00:26:35.870 --> 00:26:35.880 align:start position:0% rates right because they're people and 00:26:35.880 --> 00:26:38.269 align:start position:0% rates right because they're people and they're<00:26:36.120> like<00:26:36.360> subject<00:26:36.840> to<00:26:37.140> politicians<00:26:38.039> you 00:26:38.269 --> 00:26:38.279 align:start position:0% they're like subject to politicians you 00:26:38.279 --> 00:26:40.430 align:start position:0% they're like subject to politicians you know<00:26:38.400> making<00:26:38.700> pressure<00:26:39.059> and<00:26:39.840> influencing 00:26:40.430 --> 00:26:40.440 align:start position:0% know making pressure and influencing 00:26:40.440 --> 00:26:43.070 align:start position:0% know making pressure and influencing them<00:26:40.679> so<00:26:41.400> in<00:26:41.580> the<00:26:41.700> future<00:26:41.880> as<00:26:42.360> we<00:26:42.539> see<00:26:42.720> you<00:26:42.960> know 00:26:43.070 --> 00:26:43.080 align:start position:0% them so in the future as we see you know 00:26:43.080 --> 00:26:44.750 align:start position:0% them so in the future as we see you know they<00:26:43.260> need<00:26:43.380> to<00:26:43.500> be<00:26:43.679> very<00:26:43.860> predictable<00:26:44.400> on 00:26:44.750 --> 00:26:44.760 align:start position:0% they need to be very predictable on 00:26:44.760 --> 00:26:47.269 align:start position:0% they need to be very predictable on setting<00:26:45.179> rates<00:26:45.419> so<00:26:46.080> in<00:26:46.260> the<00:26:46.380> future<00:26:46.559> as<00:26:46.860> we<00:26:47.100> see 00:26:47.269 --> 00:26:47.279 align:start position:0% setting rates so in the future as we see 00:26:47.279 --> 00:26:50.810 align:start position:0% setting rates so in the future as we see they<00:26:48.120> will<00:26:48.360> have<00:26:49.200> a<00:26:49.380> software<00:26:49.799> right<00:26:50.159> might 00:26:50.810 --> 00:26:50.820 align:start position:0% they will have a software right might 00:26:50.820 --> 00:26:52.789 align:start position:0% they will have a software right might not<00:26:51.000> be<00:26:51.179> ours<00:26:51.539> might<00:26:51.840> be<00:26:51.960> theirs<00:26:52.320> but<00:26:52.500> you<00:26:52.679> know 00:26:52.789 --> 00:26:52.799 align:start position:0% not be ours might be theirs but you know 00:26:52.799 --> 00:26:54.529 align:start position:0% not be ours might be theirs but you know they<00:26:52.980> will<00:26:53.159> have<00:26:53.340> a<00:26:53.640> set<00:26:53.820> of<00:26:54.000> you<00:26:54.179> know<00:26:54.299> an 00:26:54.529 --> 00:26:54.539 align:start position:0% they will have a set of you know an 00:26:54.539 --> 00:26:57.169 align:start position:0% they will have a set of you know an algorithm<00:26:54.960> setting<00:26:55.799> rates<00:26:56.159> and<00:26:56.820> then<00:26:56.940> Central 00:26:57.169 --> 00:26:57.179 align:start position:0% algorithm setting rates and then Central 00:26:57.179 --> 00:26:59.630 align:start position:0% algorithm setting rates and then Central Bankers<00:26:57.779> instead<00:26:58.260> of<00:26:58.380> monthly<00:26:58.799> setting<00:26:59.279> rates 00:26:59.630 --> 00:26:59.640 align:start position:0% Bankers instead of monthly setting rates 00:26:59.640 --> 00:27:03.289 align:start position:0% Bankers instead of monthly setting rates they<00:27:00.360> will<00:27:00.539> just<00:27:00.779> tweak<00:27:01.260> the<00:27:01.679> parameters<00:27:02.400> you 00:27:03.289 --> 00:27:03.299 align:start position:0% they will just tweak the parameters you 00:27:03.299 --> 00:27:05.390 align:start position:0% they will just tweak the parameters you know<00:27:03.360> until<00:27:03.539> they<00:27:03.900> perfect<00:27:04.140> that<00:27:04.679> their<00:27:05.100> their 00:27:05.390 --> 00:27:05.400 align:start position:0% know until they perfect that their their 00:27:05.400 --> 00:27:08.149 align:start position:0% know until they perfect that their their own<00:27:05.700> controller<00:27:06.240> right<00:27:06.480> yeah<00:27:07.140> isn't<00:27:07.860> there<00:27:07.980> a 00:27:08.149 --> 00:27:08.159 align:start position:0% own controller right yeah isn't there a 00:27:08.159 --> 00:27:10.370 align:start position:0% own controller right yeah isn't there a danger<00:27:08.460> though<00:27:08.760> in<00:27:09.419> where 00:27:10.370 --> 00:27:10.380 align:start position:0% danger though in where 00:27:10.380 --> 00:27:12.230 align:start position:0% danger though in where there<00:27:10.860> will<00:27:11.039> be<00:27:11.159> Crackdown<00:27:11.520> let's<00:27:11.760> say<00:27:11.880> on<00:27:12.120> the 00:27:12.230 --> 00:27:12.240 align:start position:0% there will be Crackdown let's say on the 00:27:12.240 --> 00:27:14.750 align:start position:0% there will be Crackdown let's say on the use<00:27:12.480> case<00:27:12.720> and<00:27:13.140> then<00:27:13.260> the<00:27:13.559> attention<00:27:13.919> towards 00:27:14.750 --> 00:27:14.760 align:start position:0% use case and then the attention towards 00:27:14.760 --> 00:27:17.690 align:start position:0% use case and then the attention towards stable<00:27:15.299> coins<00:27:15.600> like<00:27:15.779> rise<00:27:16.140> will<00:27:16.559> just<00:27:16.860> yeah<00:27:17.400> I 00:27:17.690 --> 00:27:17.700 align:start position:0% stable coins like rise will just yeah I 00:27:17.700 --> 00:27:19.310 align:start position:0% stable coins like rise will just yeah I mean<00:27:17.820> there<00:27:18.179> is<00:27:18.299> I<00:27:18.720> mean<00:27:18.840> everyone<00:27:19.080> is 00:27:19.310 --> 00:27:19.320 align:start position:0% mean there is I mean everyone is 00:27:19.320 --> 00:27:22.190 align:start position:0% mean there is I mean everyone is noticing<00:27:19.799> this<00:27:20.039> right<00:27:20.340> uh<00:27:21.000> we<00:27:21.360> feel<00:27:21.539> rise<00:27:21.960> last 00:27:22.190 --> 00:27:22.200 align:start position:0% noticing this right uh we feel rise last 00:27:22.200 --> 00:27:24.470 align:start position:0% noticing this right uh we feel rise last in<00:27:22.500> line<00:27:22.679> though<00:27:22.980> uh<00:27:23.340> the<00:27:23.520> risk<00:27:23.820> is<00:27:23.880> there<00:27:24.120> I 00:27:24.470 --> 00:27:24.480 align:start position:0% in line though uh the risk is there I 00:27:24.480 --> 00:27:27.169 align:start position:0% in line though uh the risk is there I mean<00:27:24.539> I<00:27:24.779> agree<00:27:24.960> with<00:27:25.080> you<00:27:25.260> but<00:27:26.039> for<00:27:26.279> example<00:27:26.580> if 00:27:27.169 --> 00:27:27.179 align:start position:0% mean I agree with you but for example if 00:27:27.179 --> 00:27:29.330 align:start position:0% mean I agree with you but for example if if<00:27:27.360> you<00:27:27.539> look<00:27:27.659> at<00:27:27.840> die<00:27:28.020> they<00:27:28.320> have<00:27:28.440> usdc<00:27:29.100> inside 00:27:29.330 --> 00:27:29.340 align:start position:0% if you look at die they have usdc inside 00:27:29.340 --> 00:27:32.390 align:start position:0% if you look at die they have usdc inside so<00:27:29.820> you<00:27:30.059> know<00:27:30.179> they're<00:27:30.960> one<00:27:31.620> action<00:27:32.159> from 00:27:32.390 --> 00:27:32.400 align:start position:0% so you know they're one action from 00:27:32.400 --> 00:27:34.370 align:start position:0% so you know they're one action from circle<00:27:32.700> from<00:27:33.179> being<00:27:33.360> frozen 00:27:34.370 --> 00:27:34.380 align:start position:0% circle from being frozen 00:27:34.380 --> 00:27:36.590 align:start position:0% circle from being frozen uh<00:27:35.220> they<00:27:35.520> also<00:27:35.760> have<00:27:35.880> you<00:27:36.059> know<00:27:36.179> a<00:27:36.360> huge 00:27:36.590 --> 00:27:36.600 align:start position:0% uh they also have you know a huge 00:27:36.600 --> 00:27:38.269 align:start position:0% uh they also have you know a huge governance<00:27:37.020> thing<00:27:37.320> going<00:27:37.620> with<00:27:37.860> lots<00:27:38.220> of 00:27:38.269 --> 00:27:38.279 align:start position:0% governance thing going with lots of 00:27:38.279 --> 00:27:41.029 align:start position:0% governance thing going with lots of people<00:27:38.460> uh<00:27:39.419> that<00:27:39.720> can<00:27:39.900> tweak<00:27:40.200> and<00:27:40.380> that<00:27:40.559> can<00:27:40.799> do 00:27:41.029 --> 00:27:41.039 align:start position:0% people uh that can tweak and that can do 00:27:41.039 --> 00:27:43.010 align:start position:0% people uh that can tweak and that can do many<00:27:41.340> things<00:27:41.520> in<00:27:41.760> the<00:27:41.940> system<00:27:42.059> we<00:27:42.539> prevented 00:27:43.010 --> 00:27:43.020 align:start position:0% many things in the system we prevented 00:27:43.020 --> 00:27:43.850 align:start position:0% many things in the system we prevented that 00:27:43.850 --> 00:27:43.860 align:start position:0% that 00:27:43.860 --> 00:27:47.149 align:start position:0% that so<00:27:44.580> we<00:27:44.880> try<00:27:45.120> to<00:27:45.240> close<00:27:45.659> these<00:27:46.200> doors<00:27:46.559> there's 00:27:47.149 --> 00:27:47.159 align:start position:0% so we try to close these doors there's 00:27:47.159 --> 00:27:48.769 align:start position:0% so we try to close these doors there's also<00:27:47.460> another<00:27:47.700> thing<00:27:48.000> right<00:27:48.240> when<00:27:48.480> you<00:27:48.600> look 00:27:48.769 --> 00:27:48.779 align:start position:0% also another thing right when you look 00:27:48.779 --> 00:27:50.990 align:start position:0% also another thing right when you look at<00:27:48.960> stablecoin<00:27:49.559> regulation<00:27:50.039> we're<00:27:50.820> lucky 00:27:50.990 --> 00:27:51.000 align:start position:0% at stablecoin regulation we're lucky 00:27:51.000 --> 00:27:53.029 align:start position:0% at stablecoin regulation we're lucky that<00:27:51.299> Regulators<00:27:51.900> think<00:27:52.200> stable<00:27:52.500> coins<00:27:52.860> are 00:27:53.029 --> 00:27:53.039 align:start position:0% that Regulators think stable coins are 00:27:53.039 --> 00:27:54.529 align:start position:0% that Regulators think stable coins are all<00:27:53.220> packed<00:27:53.580> to<00:27:53.640> one 00:27:54.529 --> 00:27:54.539 align:start position:0% all packed to one 00:27:54.539 --> 00:27:57.470 align:start position:0% all packed to one so<00:27:55.140> I<00:27:55.860> think<00:27:56.159> they're<00:27:56.340> overlooking<00:27:57.059> still<00:27:57.240> you 00:27:57.470 --> 00:27:57.480 align:start position:0% so I think they're overlooking still you 00:27:57.480 --> 00:27:59.690 align:start position:0% so I think they're overlooking still you know<00:27:57.659> like<00:27:57.840> all<00:27:58.080> right<00:27:58.380> works<00:27:58.919> and<00:27:59.039> how<00:27:59.400> stable 00:27:59.690 --> 00:27:59.700 align:start position:0% know like all right works and how stable 00:27:59.700 --> 00:28:02.450 align:start position:0% know like all right works and how stable it<00:27:59.940> is<00:28:00.120> so<00:28:00.960> yeah<00:28:01.140> I<00:28:01.740> guess<00:28:01.860> this<00:28:02.039> is<00:28:02.159> going<00:28:02.340> to 00:28:02.450 --> 00:28:02.460 align:start position:0% it is so yeah I guess this is going to 00:28:02.460 --> 00:28:05.450 align:start position:0% it is so yeah I guess this is going to happen<00:28:02.580> eventually<00:28:03.179> but<00:28:04.080> we<00:28:04.380> feel<00:28:04.620> rise<00:28:05.159> the 00:28:05.450 --> 00:28:05.460 align:start position:0% happen eventually but we feel rise the 00:28:05.460 --> 00:28:07.730 align:start position:0% happen eventually but we feel rise the most<00:28:05.640> resistant<00:28:06.299> of<00:28:06.659> all<00:28:06.779> you<00:28:07.080> know<00:28:07.140> and<00:28:07.559> we're 00:28:07.730 --> 00:28:07.740 align:start position:0% most resistant of all you know and we're 00:28:07.740 --> 00:28:09.350 align:start position:0% most resistant of all you know and we're keen<00:28:07.919> to<00:28:08.039> improve<00:28:08.400> it<00:28:08.460> too<00:28:08.640> you<00:28:08.880> know<00:28:08.940> with<00:28:09.120> new 00:28:09.350 --> 00:28:09.360 align:start position:0% keen to improve it too you know with new 00:28:09.360 --> 00:28:11.810 align:start position:0% keen to improve it too you know with new designs<00:28:09.779> new<00:28:10.020> iterations<00:28:10.500> of<00:28:10.740> it<00:28:10.919> so<00:28:11.159> that's 00:28:11.810 --> 00:28:11.820 align:start position:0% designs new iterations of it so that's 00:28:11.820 --> 00:28:14.240 align:start position:0% designs new iterations of it so that's amazing