WEBVTT Kind: captions Language: en 00:00:01.160 --> 00:00:06.690 align:start position:0% [Music] 00:00:06.690 --> 00:00:06.700 align:start position:0% 00:00:06.700 --> 00:00:12.549 align:start position:0% [Music] 00:00:12.549 --> 00:00:12.559 align:start position:0% 00:00:12.559 --> 00:00:14.629 align:start position:0% hello<00:00:12.880> everyone<00:00:13.599> and<00:00:13.880> uh<00:00:13.960> can<00:00:14.080> you<00:00:14.160> all<00:00:14.280> hear 00:00:14.629 --> 00:00:14.639 align:start position:0% hello everyone and uh can you all hear 00:00:14.639 --> 00:00:18.390 align:start position:0% hello everyone and uh can you all hear me<00:00:15.760> awesome<00:00:16.760> um<00:00:17.080> I'm<00:00:17.279> vaugh<00:00:17.560> McKenzie<00:00:17.920> landel 00:00:18.390 --> 00:00:18.400 align:start position:0% me awesome um I'm vaugh McKenzie landel 00:00:18.400 --> 00:00:20.310 align:start position:0% me awesome um I'm vaugh McKenzie landel I'm<00:00:18.520> one<00:00:18.640> of<00:00:18.760> the<00:00:18.960> co-founders<00:00:19.439> of<00:00:19.600> butter 00:00:20.310 --> 00:00:20.320 align:start position:0% I'm one of the co-founders of butter 00:00:20.320 --> 00:00:21.710 align:start position:0% I'm one of the co-founders of butter we've<00:00:20.640> uh<00:00:20.720> been<00:00:20.880> working<00:00:21.119> in<00:00:21.240> the<00:00:21.359> governance 00:00:21.710 --> 00:00:21.720 align:start position:0% we've uh been working in the governance 00:00:21.720 --> 00:00:24.070 align:start position:0% we've uh been working in the governance space<00:00:21.960> for<00:00:22.080> a<00:00:22.199> very<00:00:22.400> long<00:00:22.640> time<00:00:23.160> and<00:00:23.480> um 00:00:24.070 --> 00:00:24.080 align:start position:0% space for a very long time and um 00:00:24.080 --> 00:00:25.470 align:start position:0% space for a very long time and um obviously<00:00:24.359> very<00:00:24.519> excited<00:00:24.800> about<00:00:24.920> fut<00:00:25.160> talk<00:00:25.359> in 00:00:25.470 --> 00:00:25.480 align:start position:0% obviously very excited about fut talk in 00:00:25.480 --> 00:00:26.669 align:start position:0% obviously very excited about fut talk in prediction<00:00:25.800> markets<00:00:26.160> and<00:00:26.279> that's<00:00:26.439> why<00:00:26.519> we're 00:00:26.669 --> 00:00:26.679 align:start position:0% prediction markets and that's why we're 00:00:26.679 --> 00:00:28.390 align:start position:0% prediction markets and that's why we're all<00:00:26.840> here<00:00:26.960> we<00:00:27.080> have<00:00:27.199> this<00:00:27.359> incredible<00:00:27.840> panel 00:00:28.390 --> 00:00:28.400 align:start position:0% all here we have this incredible panel 00:00:28.400 --> 00:00:30.630 align:start position:0% all here we have this incredible panel full<00:00:28.599> of<00:00:28.960> lots<00:00:29.119> of<00:00:29.240> people<00:00:29.439> who<00:00:29.679> my<00:00:29.800> love<00:00:30.320> and 00:00:30.630 --> 00:00:30.640 align:start position:0% full of lots of people who my love and 00:00:30.640 --> 00:00:32.990 align:start position:0% full of lots of people who my love and admire<00:00:31.640> um<00:00:31.960> and<00:00:32.160> I'm<00:00:32.279> going<00:00:32.360> to<00:00:32.520> just<00:00:32.840> hand 00:00:32.990 --> 00:00:33.000 align:start position:0% admire um and I'm going to just hand 00:00:33.000 --> 00:00:33.990 align:start position:0% admire um and I'm going to just hand over<00:00:33.160> to<00:00:33.280> each<00:00:33.399> of<00:00:33.480> them<00:00:33.559> to<00:00:33.680> give<00:00:33.760> a<00:00:33.840> very 00:00:33.990 --> 00:00:34.000 align:start position:0% over to each of them to give a very 00:00:34.000 --> 00:00:35.430 align:start position:0% over to each of them to give a very short<00:00:34.200> introduction<00:00:34.879> and<00:00:35.120> and<00:00:35.200> then<00:00:35.320> we'll 00:00:35.430 --> 00:00:35.440 align:start position:0% short introduction and and then we'll 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position:0% prediction markets and uh wanted to 00:00:44.760 --> 00:00:48.470 align:start position:0% prediction markets and uh wanted to implement<00:00:45.239> F<00:00:45.760> fi<00:00:46.239> and<00:00:46.360> other<00:00:46.559> things<00:00:47.559> um<00:00:47.840> so<00:00:48.199> in 00:00:48.470 --> 00:00:48.480 align:start position:0% implement F fi and other things um so in 00:00:48.480 --> 00:00:51.510 align:start position:0% implement F fi and other things um so in in<00:00:48.680> general<00:00:49.680> yeah<00:00:49.920> I<00:00:50.120> I'm<00:00:50.360> absolutely<00:00:50.840> a<00:00:51.280> super 00:00:51.510 --> 00:00:51.520 align:start position:0% in general yeah I I'm absolutely a super 00:00:51.520 --> 00:00:53.590 align:start position:0% in general yeah I I'm absolutely a super big<00:00:51.719> fan<00:00:51.920> of<00:00:52.160> that<00:00:52.719> uh<00:00:52.879> but<00:00:53.039> I<00:00:53.120> think<00:00:53.239> on<00:00:53.440> this 00:00:53.590 --> 00:00:53.600 align:start position:0% big fan of that uh but I think on this 00:00:53.600 --> 00:00:55.910 align:start position:0% big fan of that uh but I think on this panel<00:00:53.879> I<00:00:54.000> will<00:00:54.160> a<00:00:54.239> little<00:00:54.559> bit<00:00:54.800> play<00:00:55.520> the<00:00:55.800> the 00:00:55.910 --> 00:00:55.920 align:start position:0% panel I will a little bit play the the 00:00:55.920 --> 00:00:59.430 align:start position:0% panel I will a little bit play the the skeptic<00:00:56.359> here<00:00:57.160> um<00:00:57.520> because<00:00:58.079> yeah<00:00:58.879> I<00:00:59.000> think<00:00:59.280> as 00:00:59.430 --> 00:00:59.440 align:start position:0% skeptic here um because yeah I think as 00:00:59.440 --> 00:01:00.549 align:start position:0% skeptic here um because yeah I think as as<00:00:59.559> Robin 00:01:00.549 --> 00:01:00.559 align:start position:0% as Robin 00:01:00.559 --> 00:01:02.310 align:start position:0% as Robin mentioned<00:01:01.359> well<00:01:01.519> you<00:01:01.640> have<00:01:01.800> the<00:01:01.920> idea<00:01:02.199> and 00:01:02.310 --> 00:01:02.320 align:start position:0% mentioned well you have the idea and 00:01:02.320 --> 00:01:04.310 align:start position:0% mentioned well you have the idea and then<00:01:02.440> you<00:01:02.519> have<00:01:02.800> the<00:01:03.320> all<00:01:03.519> all<00:01:03.680> the<00:01:03.960> details 00:01:04.310 --> 00:01:04.320 align:start position:0% then you have the all all the details 00:01:04.320 --> 00:01:07.030 align:start position:0% then you have the all all the details that<00:01:04.479> need<00:01:04.600> to<00:01:04.760> be<00:01:05.560> uh<00:01:05.840> figured<00:01:06.200> out<00:01:06.479> so<00:01:06.760> I<00:01:06.920> I 00:01:07.030 --> 00:01:07.040 align:start position:0% that need to be uh figured out so I I 00:01:07.040 --> 00:01:09.510 align:start position:0% that need to be uh figured out so I I think<00:01:07.200> I<00:01:07.280> can<00:01:07.520> a<00:01:07.600> little<00:01:07.759> bit<00:01:07.960> bring<00:01:08.119> in<00:01:08.280> that 00:01:09.510 --> 00:01:09.520 align:start position:0% think I can a little bit bring in that 00:01:09.520 --> 00:01:12.990 align:start position:0% think I can a little bit bring in that perspective<00:01:10.520> I<00:01:10.680> just<00:01:10.840> talked<00:01:11.200> so<00:01:11.720> I'm<00:01:11.840> Robin 00:01:12.990 --> 00:01:13.000 align:start position:0% perspective I just talked so I'm Robin 00:01:13.000 --> 00:01:17.270 align:start position:0% perspective I just talked so I'm Robin Hansen<00:01:14.000> so<00:01:14.320> uh<00:01:14.479> I'm<00:01:14.680> Calvin<00:01:15.119> also<00:01:15.920> ctif<00:01:16.920> uh<00:01:17.080> I'm 00:01:17.270 --> 00:01:17.280 align:start position:0% Hansen so uh I'm Calvin also ctif uh I'm 00:01:17.280 --> 00:01:19.030 align:start position:0% Hansen so uh I'm Calvin also ctif uh I'm the<00:01:17.520> co-founder 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position:0% help um thousand and other organizations 00:01:28.320 --> 00:01:31.390 align:start position:0% help um thousand and other organizations make<00:01:28.640> great<00:01:29.000> impactful<00:01:29.799> uh<00:01:30.119> uh<00:01:30.640> positive<00:01:31.040> DEC 00:01:31.390 --> 00:01:31.400 align:start position:0% make great impactful uh uh positive DEC 00:01:31.400 --> 00:01:35.230 align:start position:0% make great impactful uh uh positive DEC decisions<00:01:32.399> um<00:01:32.840> y<00:01:33.720> hi<00:01:33.880> everyone<00:01:34.479> uh<00:01:34.600> I'm<00:01:34.720> CJ 00:01:35.230 --> 00:01:35.240 align:start position:0% decisions um y hi everyone uh I'm CJ 00:01:35.240 --> 00:01:37.950 align:start position:0% decisions um y hi everyone uh I'm CJ from<00:01:35.520> from<00:01:35.680> Limitless<00:01:36.240> we're<00:01:36.640> building<00:01:37.640> uh 00:01:37.950 --> 00:01:37.960 align:start position:0% from from Limitless we're building uh 00:01:37.960 --> 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financial<00:01:44.920> markets<00:01:45.920> uh<00:01:46.119> I<00:01:46.200> believe<00:01:46.520> that<00:01:46.880> like 00:01:46.990 --> 00:01:47.000 align:start position:0% financial markets uh I believe that like 00:01:47.000 --> 00:01:48.830 align:start position:0% financial markets uh I believe that like with<00:01:47.200> crypto<00:01:47.560> we<00:01:47.680> can<00:01:47.799> build<00:01:48.200> the<00:01:48.399> the<00:01:48.520> world's 00:01:48.830 --> 00:01:48.840 align:start position:0% with crypto we can build the the world's 00:01:48.840 --> 00:01:52.270 align:start position:0% with crypto we can build the the world's largest<00:01:49.240> economy<00:01:50.240> uh<00:01:50.360> on<00:01:50.560> chain<00:01:51.560> uh<00:01:51.719> outside 00:01:52.270 --> 00:01:52.280 align:start position:0% largest economy uh on chain uh outside 00:01:52.280 --> 00:01:54.469 align:start position:0% largest economy uh on chain uh outside the<00:01:52.600> jurisdiction<00:01:53.280> of<00:01:53.600> any<00:01:53.880> one<00:01:54.119> particular 00:01:54.469 --> 00:01:54.479 align:start position:0% the jurisdiction of any one particular 00:01:54.479 --> 00:01:58.310 align:start position:0% the jurisdiction of any one particular nation<00:01:54.799> state<00:01:55.240> and<00:01:55.439> I<00:01:55.560> think<00:01:55.880> that<00:01:57.000> uh<00:01:58.000> as<00:01:58.159> well 00:01:58.310 --> 00:01:58.320 align:start position:0% nation state and I think that uh as well 00:01:58.320 --> 00:01:59.990 align:start position:0% nation state and I think that uh as well as<00:01:58.520> that<00:01:58.719> we<00:01:58.840> need<00:01:59.039> to<00:01:59.280> build<00:01:59.560> really 00:01:59.990 --> 00:02:00.000 align:start position:0% as that we need to build really 00:02:00.000 --> 00:02:01.950 align:start position:0% as that we need to build really efficient<00:02:00.439> Global<00:02:00.759> marketplaces<00:02:01.479> on<00:02:01.719> on<00:02:01.840> top 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position:0% Labs thanks guys really appreciate that so<00:02:08.239> we're<00:02:08.440> here<00:02:08.560> at<00:02:08.720> diak<00:02:09.160> today<00:02:09.679> and<00:02:09.959> um<00:02:10.399> so 00:02:10.589 --> 00:02:10.599 align:start position:0% so we're here at diak today and um so 00:02:10.599 --> 00:02:12.030 align:start position:0% so we're here at diak today and um so the<00:02:10.720> first<00:02:10.959> question<00:02:11.239> is<00:02:11.440> how<00:02:11.560> do<00:02:11.720> prediction 00:02:12.030 --> 00:02:12.040 align:start position:0% the first question is how do prediction 00:02:12.040 --> 00:02:13.910 align:start position:0% the first question is how do prediction markets<00:02:12.400> tie<00:02:12.560> to<00:02:12.720> diak<00:02:13.319> how<00:02:13.400> do<00:02:13.599> prediction 00:02:13.910 --> 00:02:13.920 align:start position:0% markets tie to diak how do prediction 00:02:13.920 --> 00:02:15.350 align:start position:0% markets tie to diak how do prediction markets<00:02:14.200> and<00:02:14.400> epistemic<00:02:14.840> tech<00:02:15.080> make<00:02:15.239> the 00:02:15.350 --> 00:02:15.360 align:start position:0% markets and epistemic tech make the 00:02:15.360 --> 00:02:17.190 align:start position:0% markets and epistemic tech make the biggest<00:02:15.680> impact<00:02:16.120> in<00:02:16.200> the<00:02:16.319> vein<00:02:16.519> of<00:02:16.680> diak<00:02:17.040> on 00:02:17.190 --> 00:02:17.200 align:start position:0% biggest impact in the vein of diak on 00:02:17.200 --> 00:02:19.229 align:start position:0% biggest impact in the vein of diak on differential<00:02:17.680> progress<00:02:18.440> defense<00:02:18.879> and 00:02:19.229 --> 00:02:19.239 align:start position:0% differential progress defense and 00:02:19.239 --> 00:02:21.470 align:start position:0% differential progress defense and democracy<00:02:20.239> over<00:02:20.400> to<00:02:20.560> any<00:02:20.720> one<00:02:20.800> of<00:02:20.920> the 00:02:21.470 --> 00:02:21.480 align:start position:0% democracy over to any one of the 00:02:21.480 --> 00:02:24.990 align:start position:0% democracy over to any one of the panelists<00:02:22.480> one<00:02:22.760> ring<00:02:23.160> to<00:02:23.360> rule<00:02:23.640> the 00:02:24.990 --> 00:02:25.000 align:start position:0% panelists one ring to rule the 00:02:25.000 --> 00:02:27.790 align:start position:0% panelists one ring to rule the mall<00:02:26.000> if<00:02:26.120> you<00:02:26.280> could<00:02:26.560> have<00:02:27.040> reliable 00:02:27.790 --> 00:02:27.800 align:start position:0% mall if you could have reliable 00:02:27.800 --> 00:02:30.030 align:start position:0% mall if you could have reliable prediction<00:02:28.239> markets<00:02:28.800> on<00:02:29.160> whatever<00:02:29.480> policy 00:02:30.030 --> 00:02:30.040 align:start position:0% prediction markets on whatever policy 00:02:30.040 --> 00:02:31.390 align:start position:0% prediction markets on whatever policy question<00:02:30.280> you<00:02:30.480> have<00:02:30.680> then<00:02:30.800> you<00:02:30.879> can<00:02:31.040> just<00:02:31.200> do 00:02:31.390 --> 00:02:31.400 align:start position:0% question you have then you can just do 00:02:31.400 --> 00:02:33.470 align:start position:0% question you have then you can just do better<00:02:31.640> on<00:02:31.879> all<00:02:32.000> of<00:02:32.120> your<00:02:32.280> other<00:02:32.560> areas<00:02:33.280> of 00:02:33.470 --> 00:02:33.480 align:start position:0% better on all of your other areas of 00:02:33.480 --> 00:02:34.910 align:start position:0% better on all of your other areas of life<00:02:33.720> you<00:02:33.840> could<00:02:34.000> have<00:02:34.319> better<00:02:34.519> know<00:02:34.720> how<00:02:34.800> to 00:02:34.910 --> 00:02:34.920 align:start position:0% life you could have better know how to 00:02:34.920 --> 00:02:36.750 align:start position:0% life you could have better know how to pursue<00:02:35.280> longevity<00:02:35.879> better<00:02:36.120> know<00:02:36.280> how<00:02:36.400> to 00:02:36.750 --> 00:02:36.760 align:start position:0% pursue longevity better know how to 00:02:36.760 --> 00:02:38.509 align:start position:0% pursue longevity better know how to pursue<00:02:37.080> decentralization<00:02:37.959> whatever<00:02:38.280> it<00:02:38.400> is 00:02:38.509 --> 00:02:38.519 align:start position:0% pursue decentralization whatever it is 00:02:38.519 --> 00:02:40.430 align:start position:0% pursue decentralization whatever it is you're<00:02:38.680> trying<00:02:38.920> to<00:02:39.080> do<00:02:39.840> having<00:02:40.159> better 00:02:40.430 --> 00:02:40.440 align:start position:0% you're trying to do having better 00:02:40.440 --> 00:02:42.550 align:start position:0% you're trying to do having better information<00:02:40.879> on<00:02:41.120> that<00:02:41.400> can<00:02:41.920> make<00:02:42.080> you<00:02:42.200> do<00:02:42.400> that 00:02:42.550 --> 00:02:42.560 align:start position:0% information on that can make you do that 00:02:42.560 --> 00:02:46.030 align:start position:0% information on that can make you do that better<00:02:43.000> so<00:02:43.239> that<00:02:43.840> could<00:02:44.000> we<00:02:44.159> do<00:02:44.400> much<00:02:45.040> better 00:02:46.030 --> 00:02:46.040 align:start position:0% better so that could we do much better 00:02:46.040 --> 00:02:47.949 align:start position:0% better so that could we do much better and<00:02:46.120> how<00:02:46.239> does<00:02:46.400> that<00:02:46.560> map<00:02:46.840> directly<00:02:47.200> to<00:02:47.800> say 00:02:47.949 --> 00:02:47.959 align:start position:0% and how does that map directly to say 00:02:47.959 --> 00:02:53.470 align:start position:0% and how does that map directly to say for<00:02:48.120> example 00:02:53.470 --> 00:02:53.480 align:start position:0% 00:02:53.480 --> 00:02:57.070 align:start position:0% defense<00:02:54.480> yeah<00:02:54.640> no<00:02:54.840> I<00:02:55.560> I<00:02:55.680> can<00:02:55.879> just<00:02:56.519> replicate 00:02:57.070 --> 00:02:57.080 align:start position:0% defense yeah no I I can just replicate 00:02:57.080 --> 00:03:00.309 align:start position:0% defense yeah no I I can just replicate that<00:02:57.319> so<00:02:58.080> um<00:02:58.560> so<00:02:58.840> yeah<00:02:59.239> I<00:02:59.280> think<00:02:59.480> the<00:02:59.680> the<00:03:00.000> the 00:03:00.309 --> 00:03:00.319 align:start position:0% that so um so yeah I think the the the 00:03:00.319 --> 00:03:02.350 align:start position:0% that so um so yeah I think the the the promise<00:03:00.680> is<00:03:00.920> is<00:03:01.040> is<00:03:01.200> very<00:03:01.400> clear<00:03:01.879> so<00:03:02.200> the 00:03:02.350 --> 00:03:02.360 align:start position:0% promise is is is very clear so the 00:03:02.360 --> 00:03:06.630 align:start position:0% promise is is is very clear so the promise<00:03:02.800> is<00:03:03.400> whether<00:03:03.840> we<00:03:04.239> we<00:03:04.400> talk<00:03:04.680> about<00:03:05.640> um 00:03:06.630 --> 00:03:06.640 align:start position:0% promise is whether we we talk about um 00:03:06.640 --> 00:03:08.030 align:start position:0% promise is whether we we talk about um yeah<00:03:06.799> even<00:03:07.159> simple<00:03:07.440> things<00:03:07.599> like<00:03:07.840> this 00:03:08.030 --> 00:03:08.040 align:start position:0% yeah even simple things like this 00:03:08.040 --> 00:03:11.190 align:start position:0% yeah even simple things like this community<00:03:08.440> node<00:03:08.840> or<00:03:09.720> uh<00:03:09.920> so<00:03:10.159> from<00:03:10.360> from<00:03:10.599> micro 00:03:11.190 --> 00:03:11.200 align:start position:0% community node or uh so from from micro 00:03:11.200 --> 00:03:13.229 align:start position:0% community node or uh so from from micro from<00:03:11.400> micro<00:03:11.720> decisions<00:03:12.560> whether<00:03:12.840> to<00:03:12.920> show 00:03:13.229 --> 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or 00:03:18.599 --> 00:03:22.509 align:start position:0% should we raise the interest rate or should<00:03:18.799> we<00:03:18.920> make<00:03:19.159> this<00:03:19.519> huge<00:03:20.519> uh<00:03:20.879> um<00:03:21.720> um<00:03:22.000> well 00:03:22.509 --> 00:03:22.519 align:start position:0% should we make this huge uh um um well 00:03:22.519 --> 00:03:26.190 align:start position:0% should we make this huge uh um um well defense<00:03:23.000> spending<00:03:23.480> here<00:03:23.720> or<00:03:24.040> there<00:03:24.920> uh<00:03:25.519> in 00:03:26.190 --> 00:03:26.200 align:start position:0% defense spending here or there uh in 00:03:26.200 --> 00:03:29.789 align:start position:0% defense spending here or there uh in general<00:03:27.200> the<00:03:27.360> promises<00:03:28.280> that<00:03:28.720> um<00:03:29.120> this<00:03:29.280> is<00:03:29.519> it 00:03:29.789 --> 00:03:29.799 align:start position:0% general the promises that um this is it 00:03:29.799 --> 00:03:32.350 align:start position:0% general the promises that um this is it tool<00:03:30.000> for<00:03:30.239> more<00:03:30.640> more<00:03:31.319> robust<00:03:32.000> decision- 00:03:32.350 --> 00:03:32.360 align:start position:0% tool for more more robust decision- 00:03:32.360 --> 00:03:35.110 align:start position:0% tool for more more robust decision- making<00:03:33.040> to<00:03:33.280> bring<00:03:33.519> in<00:03:34.239> yeah<00:03:34.400> to<00:03:34.560> to<00:03:34.720> have<00:03:34.840> a 00:03:35.110 --> 00:03:35.120 align:start position:0% making to bring in yeah to to have a 00:03:35.120 --> 00:03:37.429 align:start position:0% making to bring in yeah to to have a better<00:03:35.400> quality<00:03:36.040> of<00:03:36.360> of<00:03:36.640> of<00:03:36.799> of<00:03:36.920> bringing 00:03:37.429 --> 00:03:37.439 align:start position:0% better quality of of of of bringing 00:03:37.439 --> 00:03:39.710 align:start position:0% better quality of of of of bringing information<00:03:37.959> that<00:03:38.159> actually<00:03:38.760> um<00:03:39.040> show<00:03:39.439> shows 00:03:39.710 --> 00:03:39.720 align:start position:0% information that actually um show shows 00:03:39.720 --> 00:03:42.030 align:start position:0% information that actually um show shows the<00:03:39.879> true<00:03:40.319> true<00:03:40.519> impact<00:03:40.799> of<00:03:40.879> a<00:03:41.040> decision<00:03:41.879> yeah 00:03:42.030 --> 00:03:42.040 align:start position:0% the true true impact of a decision yeah 00:03:42.040 --> 00:03:43.509 align:start position:0% the true true impact of a decision yeah so<00:03:42.159> I'm<00:03:42.280> going<00:03:42.360> to<00:03:42.480> make<00:03:42.599> a<00:03:42.680> comment<00:03:43.040> here<00:03:43.319> like 00:03:43.509 --> 00:03:43.519 align:start position:0% so I'm going to make a comment here like 00:03:43.519 --> 00:03:46.910 align:start position:0% so I'm going to make a comment here like so<00:03:43.879> over<00:03:44.120> the<00:03:44.319> last<00:03:44.760> uh<00:03:45.480> few<00:03:45.760> weeks<00:03:46.360> uh 00:03:46.910 --> 00:03:46.920 align:start position:0% so over the last uh few weeks uh 00:03:46.920 --> 00:03:50.750 align:start position:0% so over the last uh few weeks uh everybody<00:03:47.319> has<00:03:47.439> seen<00:03:48.159> uh<00:03:48.640> aot<00:03:49.480> um<00:03:50.480> lots<00:03:50.680> of 00:03:50.750 --> 00:03:50.760 align:start position:0% everybody has seen uh aot um lots of 00:03:50.760 --> 00:03:54.229 align:start position:0% everybody has seen uh aot um lots of people<00:03:50.959> are<00:03:51.080> talking<00:03:51.959> about<00:03:52.840> uh<00:03:53.840> prediction 00:03:54.229 --> 00:03:54.239 align:start position:0% people are talking about uh prediction 00:03:54.239 --> 00:03:56.429 align:start position:0% people are talking about uh prediction markets<00:03:54.720> of<00:03:54.840> course<00:03:55.040> predicting<00:03:55.920> uh<00:03:56.200> who's 00:03:56.429 --> 00:03:56.439 align:start position:0% markets of course predicting uh who's 00:03:56.439 --> 00:03:58.550 align:start position:0% markets of course predicting uh who's going<00:03:56.519> to<00:03:56.599> win<00:03:56.760> the<00:03:56.879> election<00:03:57.319> and<00:03:57.720> and<00:03:58.079> uh 00:03:58.550 --> 00:03:58.560 align:start position:0% going to win the election and and uh 00:03:58.560 --> 00:04:00.589 align:start position:0% going to win the election and and uh this<00:03:58.760> made<00:03:59.000> a<00:03:59.120> lot<00:03:59.280> of<00:03:59.560> uh<00:03:59.840> generate<00:04:00.159> a<00:04:00.239> lot<00:04:00.360> of 00:04:00.589 --> 00:04:00.599 align:start position:0% this made a lot of uh generate a lot of 00:04:00.599 --> 00:04:03.670 align:start position:0% this made a lot of uh generate a lot of excitement<00:04:01.599> uh<00:04:02.280> but<00:04:02.720> uh<00:04:03.040> actually<00:04:03.319> the<00:04:03.439> most 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align:start position:0% normal prediction markets they do but uh predicting<00:04:10.560> the<00:04:10.920> consequences<00:04:11.920> of<00:04:12.280> of<00:04:12.480> things 00:04:12.789 --> 00:04:12.799 align:start position:0% predicting the consequences of of things 00:04:12.799 --> 00:04:15.630 align:start position:0% predicting the consequences of of things so<00:04:13.239> if<00:04:13.360> you<00:04:13.480> could<00:04:13.720> have<00:04:13.959> for<00:04:14.120> instance<00:04:14.959> uh 00:04:15.630 --> 00:04:15.640 align:start position:0% so if you could have for instance uh 00:04:15.640 --> 00:04:19.229 align:start position:0% so if you could have for instance uh conditional<00:04:15.920> markets<00:04:16.440> on<00:04:17.359> uh<00:04:17.720> inflation<00:04:18.720> on 00:04:19.229 --> 00:04:19.239 align:start position:0% conditional markets on uh inflation on 00:04:19.239 --> 00:04:24.390 align:start position:0% conditional markets on uh inflation on uh<00:04:19.359> GDP<00:04:19.840> growth<00:04:21.000> on<00:04:22.000> um<00:04:22.919> um<00:04:23.199> spending<00:04:24.199> on 00:04:24.390 --> 00:04:24.400 align:start position:0% uh GDP growth on um um spending on 00:04:24.400 --> 00:04:26.310 align:start position:0% uh GDP growth on um um spending on unemployment<00:04:25.240> conditional<00:04:25.600> on<00:04:26.160> uh 00:04:26.310 --> 00:04:26.320 align:start position:0% unemployment conditional on uh 00:04:26.320 --> 00:04:28.790 align:start position:0% unemployment conditional on uh candidates<00:04:26.919> right<00:04:27.520> this<00:04:27.639> would<00:04:27.919> be<00:04:28.120> even<00:04:28.639> much 00:04:28.790 --> 00:04:28.800 align:start position:0% candidates right this would be even much 00:04:28.800 --> 00:04:30.510 align:start position:0% candidates right this would be even much more<00:04:28.960> interesting<00:04:29.280> for<00:04:29.560> for<00:04:29.720> for<00:04:29.960> democracy 00:04:30.510 --> 00:04:30.520 align:start position:0% more interesting for for for democracy 00:04:30.520 --> 00:04:32.430 align:start position:0% more interesting for for for democracy you<00:04:30.600> could<00:04:30.800> actually<00:04:31.039> see<00:04:31.280> like<00:04:31.360> a<00:04:31.520> scorecard 00:04:32.430 --> 00:04:32.440 align:start position:0% you could actually see like a scorecard 00:04:32.440 --> 00:04:33.950 align:start position:0% you could actually see like a scorecard for<00:04:32.639> the<00:04:32.800> candidates<00:04:33.320> right<00:04:33.479> like<00:04:33.560> a<00:04:33.680> game<00:04:33.880> you 00:04:33.950 --> 00:04:33.960 align:start position:0% for the candidates right like a game you 00:04:33.960 --> 00:04:35.350 align:start position:0% for the candidates right like a game you can<00:04:34.120> pick<00:04:34.360> one<00:04:34.560> this<00:04:34.680> one's<00:04:34.919> better<00:04:35.080> on<00:04:35.240> this 00:04:35.350 --> 00:04:35.360 align:start position:0% can pick one this one's better on this 00:04:35.360 --> 00:04:36.390 align:start position:0% can pick one this one's better on this one<00:04:35.520> this<00:04:35.639> one's<00:04:35.840> better<00:04:36.000> on<00:04:36.120> this<00:04:36.240> other 00:04:36.390 --> 00:04:36.400 align:start position:0% one this one's better on this other 00:04:36.400 --> 00:04:38.430 align:start position:0% one this one's better on this other thing<00:04:37.080> right<00:04:37.240> so<00:04:37.400> this<00:04:37.479> is<00:04:37.600> the<00:04:37.759> promise<00:04:38.120> of 00:04:38.430 --> 00:04:38.440 align:start position:0% thing right so this is the promise of 00:04:38.440 --> 00:04:40.189 align:start position:0% thing right so this is the promise of using<00:04:38.840> conditional<00:04:39.080> markets<00:04:39.360> for<00:04:39.520> decision 00:04:40.189 --> 00:04:40.199 align:start position:0% using conditional markets for decision 00:04:40.199 --> 00:04:43.110 align:start position:0% using conditional markets for decision making<00:04:41.199> yeah<00:04:41.919> sorry<00:04:42.199> man<00:04:42.479> go<00:04:42.560> ahead<00:04:42.800> maybe<00:04:43.039> let 00:04:43.110 --> 00:04:43.120 align:start position:0% making yeah sorry man go ahead maybe let 00:04:43.120 --> 00:04:46.550 align:start position:0% making yeah sorry man go ahead maybe let me<00:04:43.560> let<00:04:43.680> me<00:04:43.800> throw<00:04:44.039> in<00:04:44.240> one<00:04:44.560> kind<00:04:44.720> of<00:04:45.199> uh<00:04:45.560> uh 00:04:46.550 --> 00:04:46.560 align:start position:0% me let me throw in one kind of uh uh 00:04:46.560 --> 00:04:48.830 align:start position:0% me let me throw in one kind of uh uh concept<00:04:47.000> to<00:04:47.199> challenge<00:04:47.639> this<00:04:47.880> this<00:04:48.080> idea<00:04:48.639> so 00:04:48.830 --> 00:04:48.840 align:start position:0% concept to challenge this this idea so 00:04:48.840 --> 00:04:51.510 align:start position:0% concept to challenge this this idea so to<00:04:49.000> say<00:04:49.479> I<00:04:49.560> mean<00:04:49.720> I'm<00:04:49.919> just<00:04:50.280> pulling<00:04:50.600> up<00:04:50.880> here 00:04:51.510 --> 00:04:51.520 align:start position:0% to say I mean I'm just pulling up here 00:04:51.520 --> 00:04:54.029 align:start position:0% to say I mean I'm just pulling up here uh<00:04:51.919> coin<00:04:52.160> Gecko<00:04:52.600> and<00:04:52.840> and<00:04:53.120> and<00:04:53.240> look<00:04:53.400> at<00:04:53.560> prices 00:04:54.029 --> 00:04:54.039 align:start position:0% uh coin Gecko and and and look at prices 00:04:54.039 --> 00:04:57.550 align:start position:0% uh coin Gecko and and and look at prices of<00:04:54.280> of<00:04:54.440> of<00:04:54.600> crypto<00:04:55.560> and<00:04:56.240> well<00:04:56.479> they<00:04:56.639> change<00:04:57.160> by 00:04:57.550 --> 00:04:57.560 align:start position:0% of of of crypto and well they change by 00:04:57.560 --> 00:05:01.390 align:start position:0% of of of crypto and well they change by 6<00:04:57.880> 7%<00:04:58.479> a<00:04:58.680> day<00:04:59.479> um<00:05:00.080> so<00:05:00.720> I<00:05:00.800> think<00:05:01.000> prediction 00:05:01.390 --> 00:05:01.400 align:start position:0% 6 7% a day um so I think prediction 00:05:01.400 --> 00:05:03.189 align:start position:0% 6 7% a day um so I think prediction markets<00:05:01.880> rely<00:05:02.240> on<00:05:02.400> the<00:05:02.560> assumption<00:05:03.039> that 00:05:03.189 --> 00:05:03.199 align:start position:0% markets rely on the assumption that 00:05:03.199 --> 00:05:05.950 align:start position:0% markets rely on the assumption that markets<00:05:03.560> are<00:05:03.759> so<00:05:04.000> efficient<00:05:04.840> um<00:05:05.280> that<00:05:05.520> out<00:05:05.720> of 00:05:05.950 --> 00:05:05.960 align:start position:0% markets are so efficient um that out of 00:05:05.960 --> 00:05:09.189 align:start position:0% markets are so efficient um that out of those<00:05:06.280> prices<00:05:07.120> we<00:05:07.360> can<00:05:08.039> uh<00:05:08.199> get<00:05:08.440> reliable 00:05:09.189 --> 00:05:09.199 align:start position:0% those prices we can uh get reliable 00:05:09.199 --> 00:05:11.550 align:start position:0% those prices we can uh get reliable information<00:05:10.199> um<00:05:10.320> or<00:05:10.479> better<00:05:10.759> information<00:05:11.400> but 00:05:11.550 --> 00:05:11.560 align:start position:0% information um or better information but 00:05:11.560 --> 00:05:13.710 align:start position:0% information um or better information but I<00:05:11.639> would<00:05:11.840> argue<00:05:12.479> well<00:05:12.639> there<00:05:12.759> is<00:05:13.160> also<00:05:13.440> a<00:05:13.560> lot 00:05:13.710 --> 00:05:13.720 align:start position:0% I would argue well there is also a lot 00:05:13.720 --> 00:05:16.550 align:start position:0% I would argue well there is also a lot of<00:05:13.919> noise<00:05:14.720> uh<00:05:14.919> in<00:05:15.240> in<00:05:15.440> in<00:05:15.680> markets<00:05:16.039> and<00:05:16.240> I<00:05:16.320> would 00:05:16.550 --> 00:05:16.560 align:start position:0% of noise uh in in in markets and I would 00:05:16.560 --> 00:05:20.029 align:start position:0% of noise uh in in in markets and I would say<00:05:17.360> that<00:05:17.840> uh<00:05:18.199> markets<00:05:18.720> here<00:05:19.319> um<00:05:19.680> prices 00:05:20.029 --> 00:05:20.039 align:start position:0% say that uh markets here um prices 00:05:20.039 --> 00:05:24.870 align:start position:0% say that uh markets here um prices change<00:05:20.440> by<00:05:20.680> 6%<00:05:22.039> is<00:05:23.039> largely<00:05:23.720> not<00:05:24.000> related<00:05:24.600> to 00:05:24.870 --> 00:05:24.880 align:start position:0% change by 6% is largely not related to 00:05:24.880 --> 00:05:28.790 align:start position:0% change by 6% is largely not related to any<00:05:25.319> meaningful<00:05:25.919> signal<00:05:26.680> but<00:05:26.919> is<00:05:27.199> is<00:05:27.560> or<00:05:28.560> well 00:05:28.790 --> 00:05:28.800 align:start position:0% any meaningful signal but is is or well 00:05:28.800 --> 00:05:30.550 align:start position:0% any meaningful signal but is is or well I<00:05:28.960> need<00:05:29.080> to<00:05:29.199> be<00:05:29.360> careful<00:05:29.759> the<00:05:29.880> statement<00:05:30.240> but 00:05:30.550 --> 00:05:30.560 align:start position:0% I need to be careful the statement but 00:05:30.560 --> 00:05:32.350 align:start position:0% I need to be careful the statement but but<00:05:30.680> there's<00:05:30.880> still<00:05:31.080> a<00:05:31.199> lot<00:05:31.319> of<00:05:31.479> noise<00:05:31.840> so<00:05:32.199> that 00:05:32.350 --> 00:05:32.360 align:start position:0% but there's still a lot of noise so that 00:05:32.360 --> 00:05:35.270 align:start position:0% but there's still a lot of noise so that that's<00:05:32.600> I<00:05:32.720> guess<00:05:32.880> my<00:05:33.080> question<00:05:33.759> how<00:05:34.360> how<00:05:34.680> can 00:05:35.270 --> 00:05:35.280 align:start position:0% that's I guess my question how how can 00:05:35.280 --> 00:05:37.189 align:start position:0% that's I guess my question how how can is<00:05:35.400> there<00:05:35.560> enough<00:05:35.759> signal<00:05:36.120> in<00:05:36.240> the 00:05:37.189 --> 00:05:37.199 align:start position:0% is there enough signal in the 00:05:37.199 --> 00:05:40.590 align:start position:0% is there enough signal in the noise<00:05:38.199> so<00:05:38.360> when<00:05:38.479> you<00:05:38.759> compare<00:05:39.759> head-to-head 00:05:40.590 --> 00:05:40.600 align:start position:0% noise so when you compare head-to-head 00:05:40.600 --> 00:05:42.430 align:start position:0% noise so when you compare head-to-head this<00:05:40.759> mechanism<00:05:41.199> to<00:05:41.360> other<00:05:41.560> ones 00:05:42.430 --> 00:05:42.440 align:start position:0% this mechanism to other ones 00:05:42.440 --> 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ever<00:05:49.479> been<00:05:49.680> on<00:05:50.080> think<00:05:50.199> about<00:05:50.400> the<00:05:50.560> gossip 00:05:50.909 --> 00:05:50.919 align:start position:0% ever been on think about the gossip 00:05:50.919 --> 00:05:52.590 align:start position:0% ever been on think about the gossip Network<00:05:51.600> do<00:05:51.680> you<00:05:51.840> really<00:05:52.039> think<00:05:52.319> that's 00:05:52.590 --> 00:05:52.600 align:start position:0% Network do you really think that's 00:05:52.600 --> 00:05:55.270 align:start position:0% Network do you really think that's within<00:05:52.919> 6%<00:05:53.400> of<00:05:53.520> the<00:05:53.720> truth<00:05:54.039> come<00:05:54.160> on<00:05:55.000> like 00:05:55.270 --> 00:05:55.280 align:start position:0% within 6% of the truth come on like 00:05:55.280 --> 00:05:57.909 align:start position:0% within 6% of the truth come on like being<00:05:55.560> 6%<00:05:56.160> close<00:05:56.479> is<00:05:56.840> great<00:05:57.280> compared<00:05:57.639> to<00:05:57.800> what 00:05:57.909 --> 00:05:57.919 align:start position:0% being 6% close is great compared to what 00:05:57.919 --> 00:06:00.350 align:start position:0% being 6% close is great compared to what we<00:05:58.080> usually<00:05:58.479> have 00:06:00.350 --> 00:06:00.360 align:start position:0% we usually have 00:06:00.360 --> 00:06:02.150 align:start position:0% we usually have yeah<00:06:00.759> I<00:06:00.840> would<00:06:01.039> I<00:06:01.120> guess<00:06:01.240> I<00:06:01.319> would<00:06:01.479> comment<00:06:01.880> the 00:06:02.150 --> 00:06:02.160 align:start position:0% yeah I would I guess I would comment the 00:06:02.160 --> 00:06:03.350 align:start position:0% yeah I would I guess I would comment the like<00:06:02.280> the<00:06:02.360> whole<00:06:02.600> question<00:06:02.919> from<00:06:03.120> from<00:06:03.240> a 00:06:03.350 --> 00:06:03.360 align:start position:0% like the whole question from from a 00:06:03.360 --> 00:06:04.670 align:start position:0% like the whole question from from a little<00:06:03.520> bit<00:06:03.680> of<00:06:03.919> like<00:06:04.000> a<00:06:04.120> different<00:06:04.319> angle<00:06:04.600> I 00:06:04.670 --> 00:06:04.680 align:start position:0% little bit of like a different angle I 00:06:04.680 --> 00:06:06.189 align:start position:0% little bit of like a different angle I think<00:06:04.840> that<00:06:05.039> definitely<00:06:05.400> prediction<00:06:05.759> markets 00:06:06.189 --> 00:06:06.199 align:start position:0% think that definitely prediction markets 00:06:06.199 --> 00:06:07.589 align:start position:0% think that definitely prediction markets have<00:06:06.360> a<00:06:06.479> lot<00:06:06.599> of<00:06:06.720> power<00:06:06.960> in<00:06:07.039> terms<00:06:07.240> of<00:06:07.400> like 00:06:07.589 --> 00:06:07.599 align:start position:0% have a lot of power in terms of like 00:06:07.599 --> 00:06:09.870 align:start position:0% have a lot of power in terms of like fusting<00:06:08.120> and<00:06:08.319> decision-<00:06:08.639> making<00:06:09.520> uh<00:06:09.639> but<00:06:09.800> I 00:06:09.870 --> 00:06:09.880 align:start position:0% fusting and decision- making uh but I 00:06:09.880 --> 00:06:11.670 align:start position:0% fusting and decision- making uh but I think<00:06:10.080> like<00:06:10.280> in<00:06:10.440> a<00:06:10.560> in<00:06:10.639> a<00:06:10.800> crypto<00:06:11.199> context 00:06:11.670 --> 00:06:11.680 align:start position:0% think like in a in a crypto context 00:06:11.680 --> 00:06:14.230 align:start position:0% think like in a in a crypto context what's<00:06:11.960> really<00:06:12.280> interesting<00:06:12.800> and<00:06:13.240> Powerful 00:06:14.230 --> 00:06:14.240 align:start position:0% what's really interesting and Powerful 00:06:14.240 --> 00:06:15.749 align:start position:0% what's really interesting and Powerful uh<00:06:14.400> is<00:06:14.599> the<00:06:14.759> fact<00:06:14.960> that<00:06:15.120> essentially<00:06:15.479> we<00:06:15.639> can 00:06:15.749 --> 00:06:15.759 align:start position:0% uh is the fact that essentially we can 00:06:15.759 --> 00:06:17.350 align:start position:0% uh is the fact that essentially we can build<00:06:16.039> these<00:06:16.240> like<00:06:16.440> Global<00:06:16.800> efficient 00:06:17.350 --> 00:06:17.360 align:start position:0% build these like Global efficient 00:06:17.360 --> 00:06:19.629 align:start position:0% build these like Global efficient marketplaces<00:06:18.360> and<00:06:18.479> so<00:06:18.840> I<00:06:19.000> I<00:06:19.120> really<00:06:19.319> believe 00:06:19.629 --> 00:06:19.639 align:start position:0% marketplaces and so I I really believe 00:06:19.639 --> 00:06:22.029 align:start position:0% marketplaces and so I I really believe that<00:06:20.039> markets<00:06:20.639> in<00:06:20.800> general<00:06:21.199> accelerate<00:06:21.720> human 00:06:22.029 --> 00:06:22.039 align:start position:0% that markets in general accelerate human 00:06:22.039 --> 00:06:23.950 align:start position:0% that markets in general accelerate human progress<00:06:22.479> like<00:06:22.639> if<00:06:22.720> it<00:06:22.840> wasn't<00:06:23.120> for<00:06:23.280> markets 00:06:23.950 --> 00:06:23.960 align:start position:0% progress like if it wasn't for markets 00:06:23.960 --> 00:06:25.749 align:start position:0% progress like if it wasn't for markets we<00:06:24.080> wouldn't<00:06:24.440> be<00:06:24.720> where<00:06:24.919> we<00:06:25.039> were<00:06:25.240> today<00:06:25.520> in 00:06:25.749 --> 00:06:25.759 align:start position:0% we wouldn't be where we were today in 00:06:25.759 --> 00:06:28.270 align:start position:0% we wouldn't be where we were today in almost<00:06:26.039> every<00:06:26.280> field<00:06:27.240> uh<00:06:27.400> and<00:06:27.680> even<00:06:27.919> like<00:06:28.120> they 00:06:28.270 --> 00:06:28.280 align:start position:0% almost every field uh and even like they 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moonshots<00:06:34.680> and<00:06:34.960> and<00:06:35.080> science 00:06:35.350 --> 00:06:35.360 align:start position:0% fund like moonshots and and science 00:06:35.360 --> 00:06:37.589 align:start position:0% fund like moonshots and and science funding<00:06:35.680> that's<00:06:35.800> a<00:06:35.880> trival<00:06:36.280> example<00:06:37.120> in<00:06:37.319> in<00:06:37.479> in 00:06:37.589 --> 00:06:37.599 align:start position:0% funding that's a trival example in in in 00:06:37.599 --> 00:06:39.710 align:start position:0% funding that's a trival example in in in a<00:06:37.720> global<00:06:38.000> context<00:06:38.440> but<00:06:39.199> still<00:06:39.479> kind<00:06:39.599> of 00:06:39.710 --> 00:06:39.720 align:start position:0% a global context but still kind of 00:06:39.720 --> 00:06:42.350 align:start position:0% a global context but still kind of proves<00:06:40.000> the<00:06:40.120> point<00:06:40.360> and<00:06:40.479> I<00:06:40.599> think<00:06:40.800> that<00:06:41.360> like 00:06:42.350 --> 00:06:42.360 align:start position:0% proves the point and I think that like 00:06:42.360 --> 00:06:44.670 align:start position:0% proves the point and I think that like building<00:06:42.960> prediction<00:06:43.360> markets<00:06:43.720> on<00:06:43.919> chin<00:06:44.520> can 00:06:44.670 --> 00:06:44.680 align:start position:0% building prediction markets on chin can 00:06:44.680 --> 00:06:47.510 align:start position:0% building prediction markets on chin can be<00:06:44.919> defensive<00:06:45.639> in<00:06:45.800> the<00:06:45.960> sense<00:06:46.360> that<00:06:47.160> uh<00:06:47.319> we 00:06:47.510 --> 00:06:47.520 align:start position:0% be defensive in the sense that uh we 00:06:47.520 --> 00:06:49.309 align:start position:0% be defensive in the sense that uh we actually<00:06:47.919> have<00:06:48.120> a<00:06:48.319> capital<00:06:48.639> formation<00:06:49.120> and 00:06:49.309 --> 00:06:49.319 align:start position:0% actually have a capital formation and 00:06:49.319 --> 00:06:51.710 align:start position:0% actually have a capital formation and wealth<00:06:49.599> generation<00:06:50.599> outside<00:06:51.120> of<00:06:51.360> the<00:06:51.599> the 00:06:51.710 --> 00:06:51.720 align:start position:0% wealth generation outside of the the 00:06:51.720 --> 00:06:53.909 align:start position:0% wealth generation outside of the the nation<00:06:52.080> state<00:06:52.479> in<00:06:52.639> this<00:06:52.800> kind<00:06:52.919> of<00:06:53.120> global 00:06:53.909 --> 00:06:53.919 align:start position:0% nation state in this kind of global 00:06:53.919 --> 00:06:56.710 align:start position:0% nation state in this kind of global onchain<00:06:54.639> economy<00:06:55.639> uh<00:06:55.879> and<00:06:56.160> I<00:06:56.240> think<00:06:56.520> why 00:06:56.710 --> 00:06:56.720 align:start position:0% onchain economy uh and I think why 00:06:56.720 --> 00:06:59.150 align:start position:0% onchain economy uh and I think why that's<00:06:57.400> defensive<00:06:58.120> is<00:06:58.319> because<00:06:58.599> we<00:06:58.720> can<00:06:58.879> build 00:06:59.150 --> 00:06:59.160 align:start position:0% that's defensive is because we can build 00:06:59.160 --> 00:07:00.950 align:start position:0% that's defensive is because we can build this<00:06:59.280> kind<00:06:59.400> of<00:06:59.800> resilient<00:07:00.400> independent 00:07:00.950 --> 00:07:00.960 align:start position:0% this kind of resilient independent 00:07:00.960 --> 00:07:03.909 align:start position:0% this kind of resilient independent decentralized<00:07:01.639> systems<00:07:02.440> that<00:07:02.720> manag<00:07:03.120> to<00:07:03.759> kind 00:07:03.909 --> 00:07:03.919 align:start position:0% decentralized systems that manag to kind 00:07:03.919 --> 00:07:06.589 align:start position:0% decentralized systems that manag to kind of<00:07:04.039> form<00:07:04.400> their<00:07:04.520> own<00:07:04.800> Capital<00:07:05.800> like<00:07:06.000> without 00:07:06.589 --> 00:07:06.599 align:start position:0% of form their own Capital like without 00:07:06.599 --> 00:07:08.230 align:start position:0% of form their own Capital like without for<00:07:06.759> example<00:07:07.039> being<00:07:07.240> taxed<00:07:07.560> on<00:07:07.720> it<00:07:07.960> also 00:07:08.230 --> 00:07:08.240 align:start position:0% for example being taxed on it also 00:07:08.240 --> 00:07:10.270 align:start position:0% for example being taxed on it also without<00:07:08.800> the<00:07:09.039> very<00:07:09.280> heavy<00:07:09.560> regulation<00:07:10.160> which 00:07:10.270 --> 00:07:10.280 align:start position:0% without the very heavy regulation which 00:07:10.280 --> 00:07:12.270 align:start position:0% without the very heavy regulation which is<00:07:10.400> a<00:07:10.520> big<00:07:10.680> issue<00:07:11.080> there<00:07:11.160> are<00:07:11.319> only<00:07:11.599> 16 00:07:12.270 --> 00:07:12.280 align:start position:0% is a big issue there are only 16 00:07:12.280 --> 00:07:13.990 align:start position:0% is a big issue there are only 16 designated<00:07:12.840> contract<00:07:13.199> makers<00:07:13.479> in<00:07:13.599> the<00:07:13.680> United 00:07:13.990 --> 00:07:14.000 align:start position:0% designated contract makers in the United 00:07:14.000 --> 00:07:16.510 align:start position:0% designated contract makers in the United States<00:07:14.520> There<00:07:14.599> are<00:07:14.879> 16<00:07:15.599> licensed<00:07:16.000> derivatives 00:07:16.510 --> 00:07:16.520 align:start position:0% States There are 16 licensed derivatives 00:07:16.520 --> 00:07:19.270 align:start position:0% States There are 16 licensed derivatives exchanges<00:07:17.360> but<00:07:17.520> money<00:07:17.840> cannot<00:07:18.280> move<00:07:18.759> globally 00:07:19.270 --> 00:07:19.280 align:start position:0% exchanges but money cannot move globally 00:07:19.280 --> 00:07:21.230 align:start position:0% exchanges but money cannot move globally at<00:07:19.440> the<00:07:19.520> speed<00:07:19.759> of<00:07:19.919> info<00:07:20.520> in<00:07:20.599> the<00:07:20.759> traditional 00:07:21.230 --> 00:07:21.240 align:start position:0% at the speed of info in the traditional 00:07:21.240 --> 00:07:22.909 align:start position:0% at the speed of info in the traditional system<00:07:21.840> here<00:07:22.000> it<00:07:22.160> can<00:07:22.360> and<00:07:22.479> we<00:07:22.560> can<00:07:22.680> build 00:07:22.909 --> 00:07:22.919 align:start position:0% system here it can and we can build 00:07:22.919 --> 00:07:25.189 align:start position:0% system here it can and we can build these<00:07:23.160> really<00:07:23.479> powerful<00:07:24.120> marketplaces<00:07:25.120> that 00:07:25.189 --> 00:07:25.199 align:start position:0% these really powerful marketplaces that 00:07:25.199 --> 00:07:27.510 align:start position:0% these really powerful marketplaces that are<00:07:25.400> Global<00:07:25.680> and<00:07:25.840> accelerate<00:07:26.319> human<00:07:26.599> progress 00:07:27.510 --> 00:07:27.520 align:start position:0% are Global and accelerate human progress 00:07:27.520 --> 00:07:28.990 align:start position:0% are Global and accelerate human progress I<00:07:27.639> completely<00:07:27.960> agree<00:07:28.199> I<00:07:28.280> think<00:07:28.400> markets<00:07:28.720> are 00:07:28.990 --> 00:07:29.000 align:start position:0% I completely agree I think markets are 00:07:29.000 --> 00:07:30.029 align:start position:0% I completely agree I think markets are very<00:07:29.240> important<00:07:29.520> important<00:07:29.720> piece<00:07:29.879> of 00:07:30.029 --> 00:07:30.039 align:start position:0% very important important piece of 00:07:30.039 --> 00:07:31.510 align:start position:0% very important important piece of technology<00:07:30.680> I<00:07:30.800> actually<00:07:31.000> do<00:07:31.160> believe<00:07:31.400> that 00:07:31.510 --> 00:07:31.520 align:start position:0% technology I actually do believe that 00:07:31.520 --> 00:07:33.070 align:start position:0% technology I actually do believe that one<00:07:31.639> of<00:07:31.720> the<00:07:31.840> reasons<00:07:32.199> that<00:07:32.360> we<00:07:32.560> are<00:07:32.720> able<00:07:32.919> to 00:07:33.070 --> 00:07:33.080 align:start position:0% one of the reasons that we are able to 00:07:33.080 --> 00:07:35.150 align:start position:0% one of the reasons that we are able to accelerate<00:07:33.720> defense<00:07:34.520> particularly<00:07:35.000> with 00:07:35.150 --> 00:07:35.160 align:start position:0% accelerate defense particularly with 00:07:35.160 --> 00:07:36.589 align:start position:0% accelerate defense particularly with prediction<00:07:35.479> markets<00:07:35.800> is<00:07:35.960> because<00:07:36.400> we're 00:07:36.589 --> 00:07:36.599 align:start position:0% prediction markets is because we're 00:07:36.599 --> 00:07:39.390 align:start position:0% prediction markets is because we're basically<00:07:36.919> getting<00:07:37.520> rid<00:07:38.240> of<00:07:38.639> any<00:07:38.879> Authority's 00:07:39.390 --> 00:07:39.400 align:start position:0% basically getting rid of any Authority's 00:07:39.400 --> 00:07:41.430 align:start position:0% basically getting rid of any Authority's ability<00:07:39.759> to<00:07:39.960> lie<00:07:40.160> to<00:07:40.360> us<00:07:40.919> right<00:07:41.120> because<00:07:41.319> we 00:07:41.430 --> 00:07:41.440 align:start position:0% ability to lie to us right because we 00:07:41.440 --> 00:07:43.749 align:start position:0% ability to lie to us right because we can<00:07:41.599> delegate<00:07:42.400> information<00:07:42.879> and<00:07:43.080> Truth<00:07:43.560> to 00:07:43.749 --> 00:07:43.759 align:start position:0% can delegate information and Truth to 00:07:43.759 --> 00:07:46.469 align:start position:0% can delegate information and Truth to markets<00:07:44.400> I<00:07:44.479> think<00:07:44.639> this<00:07:44.720> is<00:07:44.919> great<00:07:45.479> and<00:07:45.879> um 00:07:46.469 --> 00:07:46.479 align:start position:0% markets I think this is great and um 00:07:46.479 --> 00:07:48.149 align:start position:0% markets I think this is great and um actually<00:07:46.840> speaking<00:07:47.159> about<00:07:47.440> this<00:07:47.720> if<00:07:47.840> you 00:07:48.149 --> 00:07:48.159 align:start position:0% actually speaking about this if you 00:07:48.159 --> 00:07:51.070 align:start position:0% actually speaking about this if you think<00:07:48.400> about<00:07:49.000> futaki<00:07:49.720> so<00:07:49.960> far<00:07:50.639> as<00:07:50.720> you<00:07:50.879> said 00:07:51.070 --> 00:07:51.080 align:start position:0% think about futaki so far as you said 00:07:51.080 --> 00:07:52.950 align:start position:0% think about futaki so far as you said we've<00:07:51.280> had<00:07:51.400> lots<00:07:51.520> of<00:07:51.639> messy<00:07:51.879> details<00:07:52.639> I'd<00:07:52.800> love 00:07:52.950 --> 00:07:52.960 align:start position:0% we've had lots of messy details I'd love 00:07:52.960 --> 00:07:55.029 align:start position:0% we've had lots of messy details I'd love to<00:07:53.199> know<00:07:54.199> what<00:07:54.360> you<00:07:54.479> think<00:07:54.720> the<00:07:54.879> key 00:07:55.029 --> 00:07:55.039 align:start position:0% to know what you think the key 00:07:55.039 --> 00:07:56.909 align:start position:0% to know what you think the key challenges<00:07:55.440> in<00:07:55.560> implementing<00:07:55.960> futak<00:07:56.599> will<00:07:56.720> be 00:07:56.909 --> 00:07:56.919 align:start position:0% challenges in implementing futak will be 00:07:56.919 --> 00:07:58.710 align:start position:0% challenges in implementing futak will be for<00:07:57.080> re<00:07:57.240> World<00:07:57.560> organizational<00:07:58.319> decision- 00:07:58.710 --> 00:07:58.720 align:start position:0% for re World organizational decision- 00:07:58.720 --> 00:08:00.110 align:start position:0% for re World organizational decision- making 00:08:00.110 --> 00:08:00.120 align:start position:0% making 00:08:00.120 --> 00:08:03.710 align:start position:0% making right<00:08:00.800> uh<00:08:01.080> so<00:08:01.840> um<00:08:02.520> some<00:08:02.840> some<00:08:03.080> some<00:08:03.240> challenges 00:08:03.710 --> 00:08:03.720 align:start position:0% right uh so um some some some challenges 00:08:03.720 --> 00:08:06.670 align:start position:0% right uh so um some some some challenges of<00:08:03.879> course<00:08:04.560> uh<00:08:05.039> Robin<00:08:05.479> mentioned<00:08:06.240> uh<00:08:06.440> the 00:08:06.670 --> 00:08:06.680 align:start position:0% of course uh Robin mentioned uh the 00:08:06.680 --> 00:08:09.629 align:start position:0% of course uh Robin mentioned uh the matter<00:08:06.960> of<00:08:07.159> the<00:08:07.280> alst<00:08:08.199> and<00:08:08.720> the<00:08:09.199> in<00:08:09.319> the 00:08:09.629 --> 00:08:09.639 align:start position:0% matter of the alst and the in the 00:08:09.639 --> 00:08:13.589 align:start position:0% matter of the alst and the in the boardroom<00:08:10.639> uh<00:08:10.800> so<00:08:11.520> there's<00:08:11.960> always<00:08:12.440> this<00:08:12.960> uh 00:08:13.589 --> 00:08:13.599 align:start position:0% boardroom uh so there's always this uh 00:08:13.599 --> 00:08:18.830 align:start position:0% boardroom uh so there's always this uh this<00:08:14.599> risk<00:08:15.479> that<00:08:16.199> uh<00:08:17.039> uh<00:08:18.039> prediction<00:08:18.479> markets 00:08:18.830 --> 00:08:18.840 align:start position:0% this risk that uh uh prediction markets 00:08:18.840 --> 00:08:22.189 align:start position:0% this risk that uh uh prediction markets and<00:08:19.199> also<00:08:19.960> decision<00:08:20.319> markets<00:08:21.120> are<00:08:21.759> um<00:08:21.960> some 00:08:22.189 --> 00:08:22.199 align:start position:0% and also decision markets are um some 00:08:22.199 --> 00:08:25.390 align:start position:0% and also decision markets are um some sense<00:08:22.400> threatening<00:08:22.960> to<00:08:23.599> uh<00:08:23.840> the<00:08:24.000> power<00:08:24.400> of<00:08:24.879> uh 00:08:25.390 --> 00:08:25.400 align:start position:0% sense threatening to uh the power of uh 00:08:25.400 --> 00:08:27.790 align:start position:0% sense threatening to uh the power of uh uh<00:08:26.120> insiders<00:08:26.639> of<00:08:26.800> some<00:08:27.000> organizations<00:08:27.599> that 00:08:27.790 --> 00:08:27.800 align:start position:0% uh insiders of some organizations that 00:08:27.800 --> 00:08:30.830 align:start position:0% uh insiders of some organizations that maybe<00:08:28.199> are<00:08:28.520> not<00:08:28.960> making<00:08:29.599> most<00:08:30.120> uh<00:08:30.400> uh 00:08:30.830 --> 00:08:30.840 align:start position:0% maybe are not making most uh uh 00:08:30.840 --> 00:08:33.829 align:start position:0% maybe are not making most uh uh efficient<00:08:31.599> uh<00:08:31.960> uh<00:08:32.200> decisions<00:08:33.000> so<00:08:33.200> this<00:08:33.360> is<00:08:33.719> uh 00:08:33.829 --> 00:08:33.839 align:start position:0% efficient uh uh decisions so this is uh 00:08:33.839 --> 00:08:37.110 align:start position:0% efficient uh uh decisions so this is uh for<00:08:34.039> sure<00:08:34.800> a<00:08:35.039> big<00:08:35.680> challenge<00:08:36.599> uh<00:08:36.680> so<00:08:36.880> another 00:08:37.110 --> 00:08:37.120 align:start position:0% for sure a big challenge uh so another 00:08:37.120 --> 00:08:40.709 align:start position:0% for sure a big challenge uh so another challenge<00:08:37.800> uh<00:08:38.080> that<00:08:38.360> is<00:08:38.760> uh<00:08:38.919> marching<00:08:39.680> uh<00:08:40.479> uh 00:08:40.709 --> 00:08:40.719 align:start position:0% challenge uh that is uh marching uh uh 00:08:40.719 --> 00:08:42.230 align:start position:0% challenge uh that is uh marching uh uh I'm<00:08:40.839> going<00:08:40.959> to<00:08:41.120> try<00:08:41.279> to<00:08:41.399> connect<00:08:42.000> uh<00:08:42.120> the 00:08:42.230 --> 00:08:42.240 align:start position:0% I'm going to try to connect uh the 00:08:42.240 --> 00:08:44.470 align:start position:0% I'm going to try to connect uh the previous<00:08:42.599> question<00:08:42.800> from<00:08:42.959> marching<00:08:43.719> to<00:08:44.360> uh 00:08:44.470 --> 00:08:44.480 align:start position:0% previous question from marching to uh 00:08:44.480 --> 00:08:46.710 align:start position:0% previous question from marching to uh the<00:08:44.640> combinatorial<00:08:45.279> market<00:08:45.680> idea<00:08:46.040> from<00:08:46.279> Robin 00:08:46.710 --> 00:08:46.720 align:start position:0% the combinatorial market idea from Robin 00:08:46.720 --> 00:08:48.670 align:start position:0% the combinatorial market idea from Robin which<00:08:46.839> is<00:08:47.000> part<00:08:47.160> of<00:08:47.320> our<00:08:48.040> basically<00:08:48.440> Grand 00:08:48.670 --> 00:08:48.680 align:start position:0% which is part of our basically Grand 00:08:48.680 --> 00:08:53.150 align:start position:0% which is part of our basically Grand Vision<00:08:49.000> on<00:08:49.399> fitar<00:08:50.399> which<00:08:50.560> is<00:08:51.160> uh<00:08:52.040> um<00:08:52.360> so<00:08:53.000> matter 00:08:53.150 --> 00:08:53.160 align:start position:0% Vision on fitar which is uh um so matter 00:08:53.160 --> 00:08:56.949 align:start position:0% Vision on fitar which is uh um so matter of<00:08:53.480> noise<00:08:54.640> um<00:08:55.640> when<00:08:55.800> we<00:08:55.959> evaluating<00:08:56.680> a 00:08:56.949 --> 00:08:56.959 align:start position:0% of noise um when we evaluating a 00:08:56.959 --> 00:08:59.150 align:start position:0% of noise um when we evaluating a potentially<00:08:57.360> a<00:08:57.519> small<00:08:57.800> or<00:08:58.000> medium<00:08:58.399> siiz<00:08:58.959> uh 00:08:59.150 --> 00:08:59.160 align:start position:0% potentially a small or medium siiz uh 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or medium you're not going to have a<00:09:05.720> clear<00:09:06.240> impact<00:09:07.240> uh<00:09:07.560> visible<00:09:08.120> impact<00:09:08.680> on<00:09:09.000> on 00:09:09.110 --> 00:09:09.120 align:start position:0% a clear impact uh visible impact on on 00:09:09.120 --> 00:09:11.470 align:start position:0% a clear impact uh visible impact on on the<00:09:09.240> share<00:09:09.600> price<00:09:10.560> uh<00:09:10.800> so<00:09:11.000> that<00:09:11.120> makes<00:09:11.320> it 00:09:11.470 --> 00:09:11.480 align:start position:0% the share price uh so that makes it 00:09:11.480 --> 00:09:15.710 align:start position:0% the share price uh so that makes it really<00:09:11.800> hard<00:09:12.279> to<00:09:13.200> um<00:09:14.200> to<00:09:14.440> use<00:09:14.959> this<00:09:15.200> directly 00:09:15.710 --> 00:09:15.720 align:start position:0% really hard to um to use this directly 00:09:15.720 --> 00:09:18.350 align:start position:0% really hard to um to use this directly to<00:09:15.959> estimate<00:09:16.880> uh<00:09:17.000> but<00:09:17.079> if<00:09:17.200> you've<00:09:17.440> had<00:09:17.839> a<00:09:18.160> a 00:09:18.350 --> 00:09:18.360 align:start position:0% to estimate uh but if you've had a a 00:09:18.360 --> 00:09:20.870 align:start position:0% to estimate uh but if you've had a a full<00:09:18.720> Network<00:09:19.200> or<00:09:19.440> full<00:09:19.640> tree<00:09:20.480> uh<00:09:20.640> where<00:09:20.760> you 00:09:20.870 --> 00:09:20.880 align:start position:0% full Network or full tree uh where you 00:09:20.880 --> 00:09:22.990 align:start position:0% full Network or full tree uh where you can<00:09:21.040> see<00:09:21.440> like<00:09:21.680> you<00:09:21.800> can<00:09:22.079> you<00:09:22.200> could<00:09:22.399> have<00:09:22.839> uh 00:09:22.990 --> 00:09:23.000 align:start position:0% can see like you can you could have uh 00:09:23.000 --> 00:09:25.870 align:start position:0% can see like you can you could have uh markets<00:09:23.440> for<00:09:24.000> a<00:09:24.160> share<00:09:24.519> price<00:09:24.880> or<00:09:25.079> token<00:09:25.440> price 00:09:25.870 --> 00:09:25.880 align:start position:0% markets for a share price or token price 00:09:25.880 --> 00:09:27.790 align:start position:0% markets for a share price or token price but<00:09:26.040> connected<00:09:26.440> to<00:09:26.640> these<00:09:27.000> you<00:09:27.160> also<00:09:27.360> see<00:09:27.640> the 00:09:27.790 --> 00:09:27.800 align:start position:0% but connected to these you also see the 00:09:27.800 --> 00:09:29.750 align:start position:0% but connected to these you also see the kpis<00:09:28.360> market<00:09:28.640> for<00:09:28.800> different<00:09:29.040> kpi<00:09:29.519> number<00:09:29.680> of 00:09:29.750 --> 00:09:29.760 align:start position:0% kpis market for different kpi number of 00:09:29.760 --> 00:09:33.910 align:start position:0% kpis market for different kpi number of uses<00:09:30.519> Revenue<00:09:31.519> uh<00:09:32.480> uh<00:09:32.880> other<00:09:33.120> kinds<00:09:33.360> of 00:09:33.910 --> 00:09:33.920 align:start position:0% uses Revenue uh uh other kinds of 00:09:33.920 --> 00:09:36.630 align:start position:0% uses Revenue uh uh other kinds of metrics<00:09:34.320> important<00:09:34.680> for<00:09:34.839> the<00:09:35.000> company<00:09:35.800> so<00:09:36.480> uh 00:09:36.630 --> 00:09:36.640 align:start position:0% metrics important for the company so uh 00:09:36.640 --> 00:09:38.870 align:start position:0% metrics important for the company so uh you<00:09:36.760> could<00:09:36.959> actually<00:09:37.360> see<00:09:38.160> okay<00:09:38.360> maybe<00:09:38.800> I 00:09:38.870 --> 00:09:38.880 align:start position:0% you could actually see okay maybe I 00:09:38.880 --> 00:09:40.470 align:start position:0% you could actually see okay maybe I don't<00:09:39.200> there's<00:09:39.360> a<00:09:39.440> lot<00:09:39.600> of<00:09:39.720> noise<00:09:40.040> I<00:09:40.120> don't<00:09:40.279> see 00:09:40.470 --> 00:09:40.480 align:start position:0% don't there's a lot of noise I don't see 00:09:40.480 --> 00:09:43.030 align:start position:0% don't there's a lot of noise I don't see the<00:09:40.680> impact<00:09:40.959> of<00:09:41.079> this<00:09:41.279> decision<00:09:41.720> on<00:09:42.360> uh<00:09:42.519> the<00:09:42.680> sh 00:09:43.030 --> 00:09:43.040 align:start position:0% the impact of this decision on uh the sh 00:09:43.040 --> 00:09:45.269 align:start position:0% the impact of this decision on uh the sh token<00:09:43.399> price<00:09:43.800> but<00:09:43.959> I<00:09:44.079> see<00:09:44.399> the<00:09:44.519> impact<00:09:44.880> of<00:09:45.079> this 00:09:45.269 --> 00:09:45.279 align:start position:0% token price but I see the impact of this 00:09:45.279 --> 00:09:47.910 align:start position:0% token price but I see the impact of this decision<00:09:45.880> on<00:09:46.120> this<00:09:46.399> minor<00:09:46.760> kpi<00:09:47.160> that<00:09:47.320> has<00:09:47.800> but 00:09:47.910 --> 00:09:47.920 align:start position:0% decision on this minor kpi that has but 00:09:47.920 --> 00:09:49.710 align:start position:0% decision on this minor kpi that has but this<00:09:48.040> minor<00:09:48.279> kpi<00:09:48.600> is<00:09:48.680> associated<00:09:49.079> with<00:09:49.240> this 00:09:49.710 --> 00:09:49.720 align:start position:0% this minor kpi is associated with this 00:09:49.720 --> 00:09:51.829 align:start position:0% this minor kpi is associated with this major<00:09:50.000> kpi<00:09:50.640> which<00:09:50.760> is<00:09:50.920> in<00:09:51.079> then<00:09:51.399> related<00:09:51.720> to 00:09:51.829 --> 00:09:51.839 align:start position:0% major kpi which is in then related to 00:09:51.839 --> 00:09:53.910 align:start position:0% major kpi which is in then related to the<00:09:51.959> share<00:09:52.240> price<00:09:52.440> so<00:09:52.600> I<00:09:52.680> think<00:09:52.839> that's<00:09:53.000> a<00:09:53.800> this 00:09:53.910 --> 00:09:53.920 align:start position:0% the share price so I think that's a this 00:09:53.920 --> 00:09:55.670 align:start position:0% the share price so I think that's a this is<00:09:54.320> BR<00:09:54.560> vision<00:09:54.800> for<00:09:54.959> many<00:09:55.160> decisions<00:09:55.480> is 00:09:55.670 --> 00:09:55.680 align:start position:0% is BR vision for many decisions is 00:09:55.680 --> 00:09:57.990 align:start position:0% is BR vision for many decisions is actually<00:09:55.959> have<00:09:56.839> the<00:09:56.959> markets<00:09:57.360> all<00:09:57.560> the 00:09:57.990 --> 00:09:58.000 align:start position:0% actually have the markets all the 00:09:58.000 --> 00:10:01.829 align:start position:0% actually have the markets all the information<00:09:58.440> connected<00:09:58.839> to<00:09:58.959> each<00:09:59.079> other 00:10:01.829 --> 00:10:01.839 align:start position:0% 00:10:01.839 --> 00:10:03.630 align:start position:0% maybe<00:10:02.519> the<00:10:02.680> to<00:10:02.880> kind<00:10:03.000> of<00:10:03.079> reorient<00:10:03.519> the 00:10:03.630 --> 00:10:03.640 align:start position:0% maybe the to kind of reorient the 00:10:03.640 --> 00:10:05.230 align:start position:0% maybe the to kind of reorient the question<00:10:04.120> what<00:10:04.360> problems<00:10:04.760> are<00:10:04.880> you<00:10:05.000> running 00:10:05.230 --> 00:10:05.240 align:start position:0% question what problems are you running 00:10:05.240 --> 00:10:07.110 align:start position:0% question what problems are you running into<00:10:05.640> building<00:10:06.000> and<00:10:06.200> operating<00:10:06.720> these<00:10:06.880> things 00:10:07.110 --> 00:10:07.120 align:start position:0% into building and operating these things 00:10:07.120 --> 00:10:09.269 align:start position:0% into building and operating these things prediction<00:10:07.560> markets<00:10:08.000> fakis<00:10:08.920> what<00:10:09.040> are<00:10:09.160> the 00:10:09.269 --> 00:10:09.279 align:start position:0% prediction markets fakis what are the 00:10:09.279 --> 00:10:11.190 align:start position:0% prediction markets fakis what are the hard<00:10:09.519> problems<00:10:09.959> what<00:10:10.079> are<00:10:10.200> the 00:10:11.190 --> 00:10:11.200 align:start position:0% hard problems what are the 00:10:11.200 --> 00:10:14.870 align:start position:0% hard problems what are the solutions<00:10:12.200> yeah<00:10:12.839> I<00:10:13.040> I<00:10:13.200> I<00:10:13.320> can<00:10:13.480> say<00:10:14.079> one<00:10:14.399> one 00:10:14.870 --> 00:10:14.880 align:start position:0% solutions yeah I I I can say one one 00:10:14.880 --> 00:10:18.230 align:start position:0% solutions yeah I I I can say one one hard<00:10:15.560> problem<00:10:16.560> or<00:10:17.360> well<00:10:17.560> relatively<00:10:18.000> hard 00:10:18.230 --> 00:10:18.240 align:start position:0% hard problem or well relatively hard 00:10:18.240 --> 00:10:21.829 align:start position:0% hard problem or well relatively hard problem<00:10:18.519> is<00:10:18.920> to<00:10:19.760> just<00:10:20.680> uh<00:10:20.880> find<00:10:21.200> traders<00:10:21.680> that 00:10:21.829 --> 00:10:21.839 align:start position:0% problem is to just uh find traders that 00:10:21.839 --> 00:10:25.150 align:start position:0% problem is to just uh find traders that are<00:10:22.040> comfortable<00:10:23.040> kind<00:10:23.200> of<00:10:23.480> going<00:10:23.880> into<00:10:24.320> those 00:10:25.150 --> 00:10:25.160 align:start position:0% are comfortable kind of going into those 00:10:25.160 --> 00:10:27.470 align:start position:0% are comfortable kind of going into those um<00:10:25.720> into<00:10:26.040> those<00:10:26.360> positions<00:10:26.760> and<00:10:27.000> just<00:10:27.160> to<00:10:27.320> give 00:10:27.470 --> 00:10:27.480 align:start position:0% um into those positions and just to give 00:10:27.480 --> 00:10:30.910 align:start position:0% um into those positions and just to give you<00:10:27.800> give<00:10:27.920> you<00:10:28.040> an<00:10:28.240> example<00:10:28.640> of<00:10:29.200> um<00:10:29.760> let's<00:10:30.040> say 00:10:30.910 --> 00:10:30.920 align:start position:0% you give you an example of um let's say 00:10:30.920 --> 00:10:32.790 align:start position:0% you give you an example of um let's say we<00:10:31.040> would<00:10:31.200> do<00:10:31.360> this<00:10:31.480> for<00:10:31.680> ethereum<00:10:32.519> we<00:10:32.600> would 00:10:32.790 --> 00:10:32.800 align:start position:0% we would do this for ethereum we would 00:10:32.800 --> 00:10:36.389 align:start position:0% we would do this for ethereum we would say<00:10:33.600> Okay<00:10:34.600> conditional<00:10:35.200> we<00:10:35.360> we<00:10:35.519> might<00:10:35.800> go<00:10:36.200> this 00:10:36.389 --> 00:10:36.399 align:start position:0% say Okay conditional we we might go this 00:10:36.399 --> 00:10:40.069 align:start position:0% say Okay conditional we we might go this rout<00:10:37.079> road<00:10:37.360> map<00:10:37.600> or<00:10:37.800> that<00:10:37.959> route<00:10:38.320> map<00:10:39.240> um<00:10:39.839> and 00:10:40.069 --> 00:10:40.079 align:start position:0% rout road map or that route map um and 00:10:40.079 --> 00:10:42.470 align:start position:0% rout road map or that route map um and then<00:10:40.880> um<00:10:41.320> we<00:10:41.480> want<00:10:41.639> to<00:10:41.760> use<00:10:41.920> this<00:10:42.040> futy 00:10:42.470 --> 00:10:42.480 align:start position:0% then um we want to use this futy 00:10:42.480 --> 00:10:44.190 align:start position:0% then um we want to use this futy mechanism<00:10:42.880> so<00:10:43.000> essentially<00:10:43.440> people<00:10:43.680> can<00:10:43.800> say 00:10:44.190 --> 00:10:44.200 align:start position:0% mechanism so essentially people can say 00:10:44.200 --> 00:10:45.949 align:start position:0% mechanism so essentially people can say conditionally<00:10:44.519> to<00:10:44.680> this<00:10:44.839> route<00:10:45.120> map<00:10:45.480> I<00:10:45.639> I<00:10:45.760> buy 00:10:45.949 --> 00:10:45.959 align:start position:0% conditionally to this route map I I buy 00:10:45.959 --> 00:10:48.470 align:start position:0% conditionally to this route map I I buy eer<00:10:46.320> and<00:10:46.880> conditional<00:10:47.160> to<00:10:47.320> that<00:10:47.519> I<00:10:47.639> sell<00:10:48.279> but 00:10:48.470 --> 00:10:48.480 align:start position:0% eer and conditional to that I sell but 00:10:48.480 --> 00:10:50.949 align:start position:0% eer and conditional to that I sell but then<00:10:48.920> to<00:10:49.200> to<00:10:49.399> practically<00:10:49.839> do<00:10:50.120> that<00:10:50.399> you<00:10:50.639> need 00:10:50.949 --> 00:10:50.959 align:start position:0% then to to practically do that you need 00:10:50.959 --> 00:10:54.190 align:start position:0% then to to practically do that you need to<00:10:51.680> you<00:10:51.839> need<00:10:52.040> to<00:10:52.240> believe<00:10:52.760> that<00:10:53.040> the<00:10:53.839> going 00:10:54.190 --> 00:10:54.200 align:start position:0% to you need to believe that the going 00:10:54.200 --> 00:10:57.509 align:start position:0% to you need to believe that the going back<00:10:54.360> to<00:10:54.560> this<00:10:54.959> correctness<00:10:55.639> of<00:10:55.880> of<00:10:56.320> prices<00:10:57.320> um 00:10:57.509 --> 00:10:57.519 align:start position:0% back to this correctness of of prices um 00:10:57.519 --> 00:11:00.710 align:start position:0% back to this correctness of of prices um I<00:10:57.600> mean<00:10:57.920> yes<00:10:58.160> 6%<00:10:58.680> is<00:10:58.800> in<00:10:58.920> a<00:10:59.079> day<00:10:59.600> but<00:10:59.880> but<00:11:00.079> I<00:11:00.160> mean 00:11:00.710 --> 00:11:00.720 align:start position:0% I mean yes 6% is in a day but but I mean 00:11:00.720 --> 00:11:02.870 align:start position:0% I mean yes 6% is in a day but but I mean we<00:11:01.040> really<00:11:01.680> or<00:11:02.040> what<00:11:02.160> is<00:11:02.320> really<00:11:02.480> the<00:11:02.639> fair 00:11:02.870 --> 00:11:02.880 align:start position:0% we really or what is really the fair 00:11:02.880 --> 00:11:05.389 align:start position:0% we really or what is really the fair price<00:11:03.120> of<00:11:03.240> Isa<00:11:03.680> right<00:11:03.839> now<00:11:04.600> and<00:11:04.760> I<00:11:04.839> think<00:11:05.160> there 00:11:05.389 --> 00:11:05.399 align:start position:0% price of Isa right now and I think there 00:11:05.399 --> 00:11:07.430 align:start position:0% price of Isa right now and I think there is<00:11:05.720> there<00:11:05.880> could<00:11:06.079> be<00:11:06.200> a<00:11:06.360> range<00:11:06.600> of<00:11:06.800> some<00:11:06.959> people 00:11:07.430 --> 00:11:07.440 align:start position:0% is there could be a range of some people 00:11:07.440 --> 00:11:09.389 align:start position:0% is there could be a range of some people believe<00:11:07.760> it<00:11:07.880> should<00:11:08.079> be<00:11:08.200> 10,000<00:11:08.839> and<00:11:09.000> some 00:11:09.389 --> 00:11:09.399 align:start position:0% believe it should be 10,000 and some 00:11:09.399 --> 00:11:11.389 align:start position:0% believe it should be 10,000 and some people<00:11:10.000> would<00:11:10.200> believe<00:11:10.480> it's<00:11:10.959> could<00:11:11.120> be<00:11:11.240> less 00:11:11.389 --> 00:11:11.399 align:start position:0% people would believe it's could be less 00:11:11.399 --> 00:11:14.910 align:start position:0% people would believe it's could be less than<00:11:11.560> a<00:11:11.720> thousand<00:11:12.639> so<00:11:13.480> uh<00:11:13.680> so<00:11:14.279> if<00:11:14.399> you<00:11:14.560> are<00:11:14.760> in 00:11:14.910 --> 00:11:14.920 align:start position:0% than a thousand so uh so if you are in 00:11:14.920 --> 00:11:17.910 align:start position:0% than a thousand so uh so if you are in the<00:11:15.079> camp<00:11:15.440> of<00:11:15.720> it<00:11:15.839> should<00:11:16.000> be<00:11:16.200> 10,000<00:11:17.079> then 00:11:17.910 --> 00:11:17.920 align:start position:0% the camp of it should be 10,000 then 00:11:17.920 --> 00:11:20.269 align:start position:0% the camp of it should be 10,000 then kind<00:11:18.079> of<00:11:18.360> probably<00:11:19.079> probably<00:11:19.480> in<00:11:19.680> even<00:11:20.079> in 00:11:20.269 --> 00:11:20.279 align:start position:0% kind of probably probably in even in 00:11:20.279 --> 00:11:22.910 align:start position:0% kind of probably probably in even in both<00:11:20.920> uh<00:11:21.040> in<00:11:21.200> both<00:11:21.560> decisions<00:11:22.279> you<00:11:22.399> would<00:11:22.600> say 00:11:22.910 --> 00:11:22.920 align:start position:0% both uh in both decisions you would say 00:11:22.920 --> 00:11:25.350 align:start position:0% both uh in both decisions you would say well<00:11:23.120> I<00:11:23.320> want<00:11:23.480> to<00:11:23.959> be<00:11:24.200> long<00:11:24.519> eer<00:11:24.920> I<00:11:25.000> want<00:11:25.120> to 00:11:25.350 --> 00:11:25.360 align:start position:0% well I want to be long eer I want to 00:11:25.360 --> 00:11:27.550 align:start position:0% well I want to be long eer I want to hold<00:11:25.639> eer<00:11:26.320> and<00:11:26.440> if<00:11:26.519> you're<00:11:26.680> in<00:11:26.800> the<00:11:26.959> camp<00:11:27.240> of 00:11:27.550 --> 00:11:27.560 align:start position:0% hold eer and if you're in the camp of 00:11:27.560 --> 00:11:29.069 align:start position:0% hold eer and if you're in the camp of well<00:11:27.760> this<00:11:27.880> is<00:11:28.160> really<00:11:28.360> not<00:11:28.519> worth<00:11:28.760> it<00:11:28.920> it's 00:11:29.069 --> 00:11:29.079 align:start position:0% well this is really not worth it it's 00:11:29.079 --> 00:11:31.069 align:start position:0% well this is really not worth it it's just<00:11:29.320> just<00:11:29.440> worth<00:11:29.760> 10,000<00:11:30.279> and<00:11:30.440> again<00:11:30.600> in<00:11:30.800> both 00:11:31.069 --> 00:11:31.079 align:start position:0% just just worth 10,000 and again in both 00:11:31.079 --> 00:11:34.310 align:start position:0% just just worth 10,000 and again in both sides<00:11:31.680> so<00:11:32.079> you<00:11:32.240> need<00:11:32.680> that<00:11:32.959> person<00:11:33.639> that<00:11:33.880> says 00:11:34.310 --> 00:11:34.320 align:start position:0% sides so you need that person that says 00:11:34.320 --> 00:11:36.710 align:start position:0% sides so you need that person that says well<00:11:34.480> the<00:11:34.639> price<00:11:34.839> is<00:11:35.600> pretty<00:11:35.800> much<00:11:36.079> right<00:11:36.440> now 00:11:36.710 --> 00:11:36.720 align:start position:0% well the price is pretty much right now 00:11:36.720 --> 00:11:38.710 align:start position:0% well the price is pretty much right now and<00:11:37.079> really<00:11:37.639> that<00:11:37.880> decision<00:11:38.279> makes<00:11:38.519> a 00:11:38.710 --> 00:11:38.720 align:start position:0% and really that decision makes a 00:11:38.720 --> 00:11:42.790 align:start position:0% and really that decision makes a marginal<00:11:39.240> difference<00:11:39.639> for<00:11:39.839> me<00:11:40.519> to<00:11:41.279> um<00:11:42.279> uh<00:11:42.639> to 00:11:42.790 --> 00:11:42.800 align:start position:0% marginal difference for me to um uh to 00:11:42.800 --> 00:11:45.150 align:start position:0% marginal difference for me to um uh to hold<00:11:43.079> the<00:11:43.240> asset<00:11:43.839> and<00:11:43.959> then<00:11:44.160> let's<00:11:44.360> say<00:11:44.959> let's 00:11:45.150 --> 00:11:45.160 align:start position:0% hold the asset and then let's say let's 00:11:45.160 --> 00:11:47.110 align:start position:0% hold the asset and then let's say let's say<00:11:45.360> there's<00:11:45.519> a<00:11:45.680> really<00:11:45.880> good<00:11:46.079> proposal<00:11:47.000> and 00:11:47.110 --> 00:11:47.120 align:start position:0% say there's a really good proposal and 00:11:47.120 --> 00:11:49.230 align:start position:0% say there's a really good proposal and you<00:11:47.320> really<00:11:47.519> like<00:11:47.839> that<00:11:48.000> so<00:11:48.160> you<00:11:48.320> go<00:11:48.519> along<00:11:48.800> on 00:11:49.230 --> 00:11:49.240 align:start position:0% you really like that so you go along on 00:11:49.240 --> 00:11:52.350 align:start position:0% you really like that so you go along on that<00:11:50.240> now<00:11:50.399> you<00:11:50.519> hold<00:11:50.760> this<00:11:51.120> conditional<00:11:51.560> yes 00:11:52.350 --> 00:11:52.360 align:start position:0% that now you hold this conditional yes 00:11:52.360 --> 00:11:54.269 align:start position:0% that now you hold this conditional yes now<00:11:52.639> the<00:11:52.800> next<00:11:53.079> day<00:11:53.399> some<00:11:53.720> external 00:11:54.269 --> 00:11:54.279 align:start position:0% now the next day some external 00:11:54.279 --> 00:11:57.470 align:start position:0% now the next day some external completely<00:11:54.680> unrelated<00:11:55.360> event<00:11:55.720> happens<00:11:56.720> where 00:11:57.470 --> 00:11:57.480 align:start position:0% completely unrelated event happens where 00:11:57.480 --> 00:12:00.110 align:start position:0% completely unrelated event happens where the<00:11:57.600> whole<00:11:57.839> crypto<00:11:58.160> Market<00:11:58.440> crashes<00:11:58.760> by<00:11:58.880> 50<00:11:59.240> % 00:12:00.110 --> 00:12:00.120 align:start position:0% the whole crypto Market crashes by 50 % 00:12:00.120 --> 00:12:02.750 align:start position:0% the whole crypto Market crashes by 50 % you<00:12:00.360> hold<00:12:00.760> this<00:12:01.279> uh<00:12:01.440> yes 00:12:02.750 --> 00:12:02.760 align:start position:0% you hold this uh yes 00:12:02.760 --> 00:12:06.710 align:start position:0% you hold this uh yes proposal<00:12:03.760> and<00:12:03.959> hold<00:12:04.200> it<00:12:04.760> under<00:12:05.000> a<00:12:05.200> price<00:12:05.639> of<00:12:06.120> um 00:12:06.710 --> 00:12:06.720 align:start position:0% proposal and hold it under a price of um 00:12:06.720 --> 00:12:09.230 align:start position:0% proposal and hold it under a price of um well<00:12:06.880> the<00:12:06.959> price<00:12:07.240> from<00:12:07.680> yesterday<00:12:08.680> um<00:12:09.079> you 00:12:09.230 --> 00:12:09.240 align:start position:0% well the price from yesterday um you 00:12:09.240 --> 00:12:11.470 align:start position:0% well the price from yesterday um you still<00:12:09.680> think<00:12:09.920> the<00:12:10.120> proposal<00:12:10.519> is<00:12:10.680> good<00:12:11.000> but<00:12:11.200> now 00:12:11.470 --> 00:12:11.480 align:start position:0% still think the proposal is good but now 00:12:11.480 --> 00:12:15.470 align:start position:0% still think the proposal is good but now your<00:12:11.720> incentives<00:12:12.279> are<00:12:12.959> to<00:12:14.199> um<00:12:15.199> for<00:12:15.360> the 00:12:15.470 --> 00:12:15.480 align:start position:0% your incentives are to um for the 00:12:15.480 --> 00:12:17.430 align:start position:0% your incentives are to um for the proposal<00:12:15.920> absolutely<00:12:16.399> to<00:12:16.600> not<00:12:16.839> pass<00:12:17.160> because 00:12:17.430 --> 00:12:17.440 align:start position:0% proposal absolutely to not pass because 00:12:17.440 --> 00:12:19.509 align:start position:0% proposal absolutely to not pass because then<00:12:17.600> you<00:12:17.680> would<00:12:17.839> hold<00:12:18.079> all<00:12:18.240> the<00:12:18.360> dollars<00:12:19.360> and 00:12:19.509 --> 00:12:19.519 align:start position:0% then you would hold all the dollars and 00:12:19.519 --> 00:12:22.590 align:start position:0% then you would hold all the dollars and not<00:12:19.839> the<00:12:20.000> asset<00:12:20.279> at<00:12:20.440> a<00:12:20.639> price<00:12:21.040> that's<00:12:21.279> now<00:12:21.600> 50% 00:12:22.590 --> 00:12:22.600 align:start position:0% not the asset at a price that's now 50% 00:12:22.600 --> 00:12:25.189 align:start position:0% not the asset at a price that's now 50% um<00:12:23.399> uh<00:12:23.560> or<00:12:23.760> where<00:12:23.880> the<00:12:24.000> real<00:12:24.240> asset<00:12:24.480> is<00:12:24.560> now<00:12:24.720> 50% 00:12:25.189 --> 00:12:25.199 align:start position:0% um uh or where the real asset is now 50% 00:12:25.199 --> 00:12:27.430 align:start position:0% um uh or where the real asset is now 50% cheaper<00:12:25.839> from<00:12:26.240> from<00:12:26.440> what<00:12:26.560> you<00:12:26.680> bought<00:12:26.880> it<00:12:27.040> so 00:12:27.430 --> 00:12:27.440 align:start position:0% cheaper from from what you bought it so 00:12:27.440 --> 00:12:29.350 align:start position:0% cheaper from from what you bought it so not<00:12:27.560> sure<00:12:27.800> if<00:12:28.040> anyone<00:12:28.360> could<00:12:28.519> follow<00:12:28.880> but<00:12:29.240> but 00:12:29.350 --> 00:12:29.360 align:start position:0% not sure if anyone could follow but but 00:12:29.360 --> 00:12:31.069 align:start position:0% not sure if anyone could follow but but those<00:12:29.480> are<00:12:29.639> kind<00:12:29.760> of<00:12:29.880> the<00:12:30.000> challenges<00:12:30.519> I<00:12:30.680> I<00:12:30.839> I<00:12:30.959> I 00:12:31.069 --> 00:12:31.079 align:start position:0% those are kind of the challenges I I I I 00:12:31.079 --> 00:12:34.870 align:start position:0% those are kind of the challenges I I I I see<00:12:31.680> so<00:12:31.959> so<00:12:32.440> 20<00:12:32.800> years<00:12:33.000> ago<00:12:33.360> we<00:12:33.519> had<00:12:33.680> a<00:12:33.920> burst<00:12:34.440> of 00:12:34.870 --> 00:12:34.880 align:start position:0% see so so 20 years ago we had a burst of 00:12:34.880 --> 00:12:36.470 align:start position:0% see so so 20 years ago we had a burst of applications<00:12:35.440> of<00:12:35.600> prediction<00:12:36.000> markets 00:12:36.470 --> 00:12:36.480 align:start position:0% applications of prediction markets 00:12:36.480 --> 00:12:39.269 align:start position:0% applications of prediction markets including<00:12:36.920> in<00:12:37.399> corporations<00:12:38.399> so<00:12:38.639> I<00:12:38.760> think<00:12:39.120> we 00:12:39.269 --> 00:12:39.279 align:start position:0% including in corporations so I think we 00:12:39.279 --> 00:12:41.430 align:start position:0% including in corporations so I think we saw<00:12:39.920> typical<00:12:40.279> failure<00:12:40.600> modes<00:12:41.000> there<00:12:41.120> that<00:12:41.240> are 00:12:41.430 --> 00:12:41.440 align:start position:0% saw typical failure modes there that are 00:12:41.440 --> 00:12:43.069 align:start position:0% saw typical failure modes there that are instructive<00:12:41.959> about 00:12:43.069 --> 00:12:43.079 align:start position:0% instructive about 00:12:43.079 --> 00:12:45.310 align:start position:0% instructive about today<00:12:44.079> typically<00:12:44.480> if<00:12:44.560> you<00:12:44.680> went<00:12:44.800> to<00:12:44.959> work<00:12:45.199> with 00:12:45.310 --> 00:12:45.320 align:start position:0% today typically if you went to work with 00:12:45.320 --> 00:12:46.710 align:start position:0% today typically if you went to work with a<00:12:45.440> company<00:12:45.760> about<00:12:45.920> setting<00:12:46.199> a<00:12:46.360> prediction 00:12:46.710 --> 00:12:46.720 align:start position:0% a company about setting a prediction 00:12:46.720 --> 00:12:47.949 align:start position:0% a company about setting a prediction Market<00:12:47.040> you<00:12:47.120> would<00:12:47.279> say<00:12:47.480> well<00:12:47.600> what<00:12:47.680> are<00:12:47.800> your 00:12:47.949 --> 00:12:47.959 align:start position:0% Market you would say well what are your 00:12:47.959 --> 00:12:50.069 align:start position:0% Market you would say well what are your most<00:12:48.199> important<00:12:48.720> issues<00:12:49.120> and<00:12:49.480> and<00:12:49.839> you<00:12:49.920> know 00:12:50.069 --> 00:12:50.079 align:start position:0% most important issues and and you know 00:12:50.079 --> 00:12:51.710 align:start position:0% most important issues and and you know numbers<00:12:50.360> you'd<00:12:50.560> like<00:12:50.680> to<00:12:50.839> track<00:12:51.320> and<00:12:51.519> let's 00:12:51.710 --> 00:12:51.720 align:start position:0% numbers you'd like to track and let's 00:12:51.720 --> 00:12:53.670 align:start position:0% numbers you'd like to track and let's set<00:12:51.920> up<00:12:52.320> markets<00:12:52.680> on<00:12:52.920> those<00:12:53.320> and<00:12:53.440> they<00:12:53.519> would 00:12:53.670 --> 00:12:53.680 align:start position:0% set up markets on those and they would 00:12:53.680 --> 00:12:55.910 align:start position:0% set up markets on those and they would usually<00:12:53.959> say<00:12:54.440> that's<00:12:54.560> a<00:12:54.680> little<00:12:54.920> sensitive 00:12:55.910 --> 00:12:55.920 align:start position:0% usually say that's a little sensitive 00:12:55.920 --> 00:12:57.829 align:start position:0% usually say that's a little sensitive let's<00:12:56.079> do<00:12:56.279> something<00:12:56.560> a<00:12:56.680> little<00:12:56.920> safer<00:12:57.720> and 00:12:57.829 --> 00:12:57.839 align:start position:0% let's do something a little safer and 00:12:57.839 --> 00:12:59.790 align:start position:0% let's do something a little safer and they<00:12:57.959> would<00:12:58.160> pick<00:12:58.480> safer<00:12:58.839> topic<00:12:59.560> and<00:12:59.639> then 00:12:59.790 --> 00:12:59.800 align:start position:0% they would pick safer topic and then 00:12:59.800 --> 00:13:01.430 align:start position:0% they would pick safer topic and then they'd<00:13:00.079> get<00:13:00.360> accurate<00:13:00.720> estimates<00:13:01.120> on<00:13:01.279> them 00:13:01.430 --> 00:13:01.440 align:start position:0% they'd get accurate estimates on them 00:13:01.440 --> 00:13:03.590 align:start position:0% they'd get accurate estimates on them and<00:13:01.600> satisfied<00:13:02.079> users<00:13:02.600> but<00:13:02.720> they<00:13:02.920> go<00:13:03.279> yeah<00:13:03.480> but 00:13:03.590 --> 00:13:03.600 align:start position:0% and satisfied users but they go yeah but 00:13:03.600 --> 00:13:06.470 align:start position:0% and satisfied users but they go yeah but we<00:13:03.680> didn't<00:13:03.920> really<00:13:04.079> care<00:13:04.320> about<00:13:04.600> those<00:13:05.360> so<00:13:06.360> you 00:13:06.470 --> 00:13:06.480 align:start position:0% we didn't really care about those so you 00:13:06.480 --> 00:13:08.710 align:start position:0% we didn't really care about those so you know<00:13:06.839> that<00:13:06.920> would<00:13:07.079> be<00:13:07.240> one<00:13:07.399> outcome<00:13:07.880> or<00:13:08.600> you 00:13:08.710 --> 00:13:08.720 align:start position:0% know that would be one outcome or you 00:13:08.720 --> 00:13:10.670 align:start position:0% know that would be one outcome or you know<00:13:09.000> they<00:13:09.120> would<00:13:09.279> say<00:13:09.839> talk<00:13:10.079> about<00:13:10.320> something 00:13:10.670 --> 00:13:10.680 align:start position:0% know they would say talk about something 00:13:10.680 --> 00:13:12.870 align:start position:0% know they would say talk about something important<00:13:11.199> and<00:13:11.399> then<00:13:12.040> management<00:13:12.600> couldn't 00:13:12.870 --> 00:13:12.880 align:start position:0% important and then management couldn't 00:13:12.880 --> 00:13:14.750 align:start position:0% important and then management couldn't resist<00:13:13.279> having<00:13:13.560> opinions<00:13:14.160> that<00:13:14.279> disagreed 00:13:14.750 --> 00:13:14.760 align:start position:0% resist having opinions that disagreed 00:13:14.760 --> 00:13:16.230 align:start position:0% resist having opinions that disagreed with<00:13:14.880> the<00:13:14.959> market<00:13:15.279> and<00:13:15.440> the<00:13:15.560> market<00:13:16.040> gets 00:13:16.230 --> 00:13:16.240 align:start position:0% with the market and the market gets 00:13:16.240 --> 00:13:17.670 align:start position:0% with the market and the market gets proven<00:13:16.600> right<00:13:16.760> and<00:13:16.880> the<00:13:16.959> manager<00:13:17.320> went<00:13:17.480> wrong 00:13:17.670 --> 00:13:17.680 align:start position:0% proven right and the manager went wrong 00:13:17.680 --> 00:13:18.829 align:start position:0% proven right and the manager went wrong and<00:13:17.760> they're<00:13:17.920> just<00:13:18.040> really<00:13:18.240> mad<00:13:18.440> and<00:13:18.560> want<00:13:18.680> to 00:13:18.829 --> 00:13:18.839 align:start position:0% and they're just really mad and want to 00:13:18.839 --> 00:13:21.990 align:start position:0% and they're just really mad and want to kill<00:13:19.199> it<00:13:20.199> so<00:13:20.720> for<00:13:20.920> for<00:13:21.160> example<00:13:21.639> the<00:13:21.760> US 00:13:21.990 --> 00:13:22.000 align:start position:0% kill it so for for example the US 00:13:22.000 --> 00:13:24.829 align:start position:0% kill it so for for example the US government<00:13:22.399> missile<00:13:22.760> test<00:13:23.160> agency<00:13:24.040> had<00:13:24.560> uh 00:13:24.829 --> 00:13:24.839 align:start position:0% government missile test agency had uh 00:13:24.839 --> 00:13:26.870 align:start position:0% government missile test agency had uh prediction<00:13:25.240> markets<00:13:25.600> on<00:13:25.880> which<00:13:26.120> tests<00:13:26.600> would 00:13:26.870 --> 00:13:26.880 align:start position:0% prediction markets on which tests would 00:13:26.880 --> 00:13:28.509 align:start position:0% prediction markets on which tests would actually<00:13:27.120> go<00:13:27.320> forward<00:13:27.680> so<00:13:27.800> they<00:13:27.959> put<00:13:28.079> up<00:13:28.399> they 00:13:28.509 --> 00:13:28.519 align:start position:0% actually go forward so they put up they 00:13:28.519 --> 00:13:29.910 align:start position:0% actually go forward so they put up they try<00:13:28.680> to<00:13:28.760> make<00:13:28.839> a<00:13:28.920> lot<00:13:29.000> of<00:13:29.199> of<00:13:29.279> tests<00:13:29.639> and<00:13:29.720> a<00:13:29.800> lot 00:13:29.910 --> 00:13:29.920 align:start position:0% try to make a lot of of tests and a lot 00:13:29.920 --> 00:13:31.150 align:start position:0% try to make a lot of of tests and a lot of<00:13:30.000> them<00:13:30.199> don't<00:13:30.519> actually<00:13:30.760> happen<00:13:31.040> because 00:13:31.150 --> 00:13:31.160 align:start position:0% of them don't actually happen because 00:13:31.160 --> 00:13:32.069 align:start position:0% of them don't actually happen because they<00:13:31.240> have<00:13:31.320> to<00:13:31.399> coordinate<00:13:31.760> a<00:13:31.839> lot<00:13:31.959> of 00:13:32.069 --> 00:13:32.079 align:start position:0% they have to coordinate a lot of 00:13:32.079 --> 00:13:33.550 align:start position:0% they have to coordinate a lot of different<00:13:32.279> parts<00:13:32.440> of<00:13:32.560> the<00:13:32.639> military<00:13:33.320> make<00:13:33.440> a 00:13:33.550 --> 00:13:33.560 align:start position:0% different parts of the military make a 00:13:33.560 --> 00:13:35.389 align:start position:0% different parts of the military make a test<00:13:33.839> happen<00:13:34.360> if<00:13:34.480> one<00:13:34.639> part<00:13:34.839> isn't<00:13:35.120> there<00:13:35.279> the 00:13:35.389 --> 00:13:35.399 align:start position:0% test happen if one part isn't there the 00:13:35.399 --> 00:13:37.030 align:start position:0% test happen if one part isn't there the whole<00:13:35.519> thing<00:13:35.720> has<00:13:35.800> to<00:13:35.920> be<00:13:36.040> scrapped<00:13:36.720> and<00:13:36.839> a<00:13:36.920> lot 00:13:37.030 --> 00:13:37.040 align:start position:0% whole thing has to be scrapped and a lot 00:13:37.040 --> 00:13:39.150 align:start position:0% whole thing has to be scrapped and a lot of<00:13:37.120> money<00:13:37.320> is<00:13:37.480> lost<00:13:38.320> and<00:13:38.440> so<00:13:38.600> they<00:13:38.720> wanted<00:13:38.959> to 00:13:39.150 --> 00:13:39.160 align:start position:0% of money is lost and so they wanted to 00:13:39.160 --> 00:13:40.509 align:start position:0% of money is lost and so they wanted to know<00:13:39.440> which<00:13:39.639> things<00:13:39.800> would<00:13:40.040> actually<00:13:40.240> happen 00:13:40.509 --> 00:13:40.519 align:start position:0% know which things would actually happen 00:13:40.519 --> 00:13:42.310 align:start position:0% know which things would actually happen and<00:13:40.639> they<00:13:40.800> actually<00:13:41.000> were<00:13:41.240> able<00:13:41.519> to<00:13:42.000> better 00:13:42.310 --> 00:13:42.320 align:start position:0% and they actually were able to better 00:13:42.320 --> 00:13:44.150 align:start position:0% and they actually were able to better estimate<00:13:43.160> which<00:13:43.360> tests<00:13:43.639> would<00:13:43.839> actually<00:13:44.000> go 00:13:44.150 --> 00:13:44.160 align:start position:0% estimate which tests would actually go 00:13:44.160 --> 00:13:45.949 align:start position:0% estimate which tests would actually go through<00:13:44.480> it<00:13:44.680> and<00:13:44.760> maybe<00:13:45.079> Sav<00:13:45.320> money<00:13:45.600> by 00:13:45.949 --> 00:13:45.959 align:start position:0% through it and maybe Sav money by 00:13:45.959 --> 00:13:47.550 align:start position:0% through it and maybe Sav money by cutting<00:13:46.240> back<00:13:46.440> earlier<00:13:46.880> but<00:13:47.040> then<00:13:47.279> it<00:13:47.399> was 00:13:47.550 --> 00:13:47.560 align:start position:0% cutting back earlier but then it was 00:13:47.560 --> 00:13:49.310 align:start position:0% cutting back earlier but then it was more<00:13:47.959> legible<00:13:48.480> that<00:13:48.600> they<00:13:48.720> knew<00:13:48.959> ahead<00:13:49.120> of 00:13:49.310 --> 00:13:49.320 align:start position:0% more legible that they knew ahead of 00:13:49.320 --> 00:13:51.430 align:start position:0% more legible that they knew ahead of time<00:13:49.639> that<00:13:49.760> it<00:13:49.880> wasn't<00:13:50.079> going<00:13:50.199> to<00:13:50.360> work<00:13:51.320> and 00:13:51.430 --> 00:13:51.440 align:start position:0% time that it wasn't going to work and 00:13:51.440 --> 00:13:53.150 align:start position:0% time that it wasn't going to work and that<00:13:51.560> was<00:13:51.639> a<00:13:51.759> management<00:13:52.279> problem<00:13:52.560> so<00:13:52.800> they 00:13:53.150 --> 00:13:53.160 align:start position:0% that was a management problem so they 00:13:53.160 --> 00:13:55.670 align:start position:0% that was a management problem so they didn't<00:13:53.399> want<00:13:53.600> that<00:13:53.759> anymore<00:13:54.560> they'd<00:13:54.839> rather 00:13:55.670 --> 00:13:55.680 align:start position:0% didn't want that anymore they'd rather 00:13:55.680 --> 00:13:57.389 align:start position:0% didn't want that anymore they'd rather pretend<00:13:56.000> they<00:13:56.120> don't<00:13:56.320> know<00:13:56.920> how<00:13:57.120> these<00:13:57.279> things 00:13:57.389 --> 00:13:57.399 align:start position:0% pretend they don't know how these things 00:13:57.399 --> 00:14:00.509 align:start position:0% pretend they don't know how these things are<00:13:57.519> failing 00:14:00.509 --> 00:14:00.519 align:start position:0% are failing 00:14:00.519 --> 00:14:02.749 align:start position:0% are failing yeah<00:14:01.000> uh<00:14:01.360> like<00:14:01.839> I<00:14:01.959> guess<00:14:02.160> I'm<00:14:02.240> going<00:14:02.360> to<00:14:02.639> like 00:14:02.749 --> 00:14:02.759 align:start position:0% yeah uh like I guess I'm going to like 00:14:02.759 --> 00:14:04.629 align:start position:0% yeah uh like I guess I'm going to like talk<00:14:02.959> about<00:14:03.199> this<00:14:03.399> from<00:14:03.839> more<00:14:04.040> like<00:14:04.199> consumer 00:14:04.629 --> 00:14:04.639 align:start position:0% talk about this from more like consumer 00:14:04.639 --> 00:14:07.629 align:start position:0% talk about this from more like consumer product<00:14:04.920> building<00:14:05.519> perspective<00:14:06.519> um<00:14:07.199> L<00:14:07.480> like 00:14:07.629 --> 00:14:07.639 align:start position:0% product building perspective um L like 00:14:07.639 --> 00:14:09.710 align:start position:0% product building perspective um L like the<00:14:07.720> future<00:14:08.000> Aly<00:14:08.440> side<00:14:09.079> and<00:14:09.360> I<00:14:09.440> think 00:14:09.710 --> 00:14:09.720 align:start position:0% the future Aly side and I think 00:14:09.720 --> 00:14:11.509 align:start position:0% the future Aly side and I think definitely<00:14:10.279> like<00:14:10.560> and<00:14:10.759> historically<00:14:11.320> it's 00:14:11.509 --> 00:14:11.519 align:start position:0% definitely like and historically it's 00:14:11.519 --> 00:14:13.189 align:start position:0% definitely like and historically it's it's<00:14:11.680> absolutely<00:14:12.079> true<00:14:12.320> that<00:14:12.519> marketplaces 00:14:13.189 --> 00:14:13.199 align:start position:0% it's absolutely true that marketplaces 00:14:13.199 --> 00:14:15.749 align:start position:0% it's absolutely true that marketplaces are<00:14:13.360> like<00:14:13.560> very<00:14:14.040> hard<00:14:14.519> like<00:14:14.959> uh<00:14:15.240> products<00:14:15.560> to 00:14:15.749 --> 00:14:15.759 align:start position:0% are like very hard like uh products to 00:14:15.759 --> 00:14:17.350 align:start position:0% are like very hard like uh products to to<00:14:15.880> boot<00:14:16.120> trap<00:14:16.360> and<00:14:16.480> to<00:14:16.680> activate<00:14:17.079> like<00:14:17.199> the 00:14:17.350 --> 00:14:17.360 align:start position:0% to boot trap and to activate like the 00:14:17.360 --> 00:14:19.790 align:start position:0% to boot trap and to activate like the atomic<00:14:17.759> like<00:14:17.920> Network<00:14:18.320> effect<00:14:19.320> uh<00:14:19.519> I<00:14:19.600> think 00:14:19.790 --> 00:14:19.800 align:start position:0% atomic like Network effect uh I think 00:14:19.800 --> 00:14:22.670 align:start position:0% atomic like Network effect uh I think that<00:14:20.040> like<00:14:20.600> uh<00:14:20.720> it's<00:14:20.959> definitely<00:14:21.639> like<00:14:22.199> uh<00:14:22.360> to 00:14:22.670 --> 00:14:22.680 align:start position:0% that like uh it's definitely like uh to 00:14:22.680 --> 00:14:24.230 align:start position:0% that like uh it's definitely like uh to incentivize<00:14:23.320> like<00:14:23.480> market<00:14:23.720> makers<00:14:24.079> or 00:14:24.230 --> 00:14:24.240 align:start position:0% incentivize like market makers or 00:14:24.240 --> 00:14:25.870 align:start position:0% incentivize like market makers or liquidity<00:14:24.680> providers<00:14:25.279> especially<00:14:25.680> for 00:14:25.870 --> 00:14:25.880 align:start position:0% liquidity providers especially for 00:14:25.880 --> 00:14:27.710 align:start position:0% liquidity providers especially for things<00:14:26.079> like<00:14:26.240> pop<00:14:26.440> culture<00:14:26.759> markets<00:14:27.279> right<00:14:27.639> I 00:14:27.710 --> 00:14:27.720 align:start position:0% things like pop culture markets right I 00:14:27.720 --> 00:14:29.550 align:start position:0% things like pop culture markets right I mean<00:14:27.839> you<00:14:27.920> can<00:14:28.079> always<00:14:28.360> build<00:14:28.800> the<00:14:29.120> the<00:14:29.279> model 00:14:29.550 --> 00:14:29.560 align:start position:0% mean you can always build the the model 00:14:29.560 --> 00:14:32.110 align:start position:0% mean you can always build the the model for<00:14:29.959> for<00:14:30.360> like<00:14:30.800> elections<00:14:31.199> or<00:14:31.360> Sports<00:14:31.720> markets 00:14:32.110 --> 00:14:32.120 align:start position:0% for for like elections or Sports markets 00:14:32.120 --> 00:14:33.829 align:start position:0% for for like elections or Sports markets or<00:14:32.560> especially<00:14:32.839> in<00:14:32.959> Limitless<00:14:33.399> cases<00:14:33.720> like 00:14:33.829 --> 00:14:33.839 align:start position:0% or especially in Limitless cases like 00:14:33.839 --> 00:14:35.350 align:start position:0% or especially in Limitless cases like the<00:14:33.959> financial<00:14:34.360> markets<00:14:34.759> right<00:14:34.880> you<00:14:34.959> can<00:14:35.079> use 00:14:35.350 --> 00:14:35.360 align:start position:0% the financial markets right you can use 00:14:35.360 --> 00:14:37.110 align:start position:0% the financial markets right you can use the<00:14:35.639> the<00:14:35.759> volatility<00:14:36.279> to<00:14:36.639> understand<00:14:36.800> how<00:14:36.920> to 00:14:37.110 --> 00:14:37.120 align:start position:0% the the volatility to understand how to 00:14:37.120 --> 00:14:38.990 align:start position:0% the the volatility to understand how to price<00:14:37.360> them<00:14:37.480> and<00:14:37.600> so<00:14:38.040> it<00:14:38.160> can<00:14:38.320> be<00:14:38.519> attractive 00:14:38.990 --> 00:14:39.000 align:start position:0% price them and so it can be attractive 00:14:39.000 --> 00:14:40.990 align:start position:0% price them and so it can be attractive to<00:14:39.279> institutional<00:14:39.839> market<00:14:40.120> makers<00:14:40.639> because 00:14:40.990 --> 00:14:41.000 align:start position:0% to institutional market makers because 00:14:41.000 --> 00:14:42.269 align:start position:0% to institutional market makers because it's<00:14:41.199> essentially<00:14:41.600> like<00:14:41.720> a<00:14:41.800> short-term 00:14:42.269 --> 00:14:42.279 align:start position:0% it's essentially like a short-term 00:14:42.279 --> 00:14:45.749 align:start position:0% it's essentially like a short-term retail<00:14:42.600> option<00:14:43.000> flow<00:14:44.000> um<00:14:44.480> but<00:14:45.279> at<00:14:45.399> the<00:14:45.519> same 00:14:45.749 --> 00:14:45.759 align:start position:0% retail option flow um but at the same 00:14:45.759 --> 00:14:47.470 align:start position:0% retail option flow um but at the same time<00:14:46.399> you<00:14:46.480> know<00:14:46.639> you<00:14:46.759> may<00:14:46.959> look<00:14:47.079> at<00:14:47.199> Poly 00:14:47.470 --> 00:14:47.480 align:start position:0% time you know you may look at Poly 00:14:47.480 --> 00:14:49.069 align:start position:0% time you know you may look at Poly Market<00:14:47.839> how<00:14:47.959> much<00:14:48.160> they<00:14:48.279> spend<00:14:48.560> per<00:14:48.720> month<00:14:48.959> to 00:14:49.069 --> 00:14:49.079 align:start position:0% Market how much they spend per month to 00:14:49.079 --> 00:14:51.230 align:start position:0% Market how much they spend per month to incentivize<00:14:49.680> market<00:14:50.000> makers<00:14:50.639> to<00:14:50.839> come<00:14:51.120> like 00:14:51.230 --> 00:14:51.240 align:start position:0% incentivize market makers to come like 00:14:51.240 --> 00:14:53.550 align:start position:0% incentivize market makers to come like into<00:14:51.519> their<00:14:51.800> Autobook<00:14:52.800> uh<00:14:52.920> actually<00:14:53.240> I<00:14:53.360> spent 00:14:53.550 --> 00:14:53.560 align:start position:0% into their Autobook uh actually I spent 00:14:53.560 --> 00:14:55.110 align:start position:0% into their Autobook uh actually I spent a<00:14:53.680> lot<00:14:53.800> of<00:14:53.920> time<00:14:54.160> previously<00:14:54.560> and<00:14:54.720> like<00:14:54.920> I<00:14:55.040> I 00:14:55.110 --> 00:14:55.120 align:start position:0% a lot of time previously and like I I 00:14:55.120 --> 00:14:56.710 align:start position:0% a lot of time previously and like I I spoke<00:14:55.360> to<00:14:55.480> Robin<00:14:55.759> about<00:14:55.880> it<00:14:56.000> in<00:14:56.120> Berkeley<00:14:56.480> like 00:14:56.710 --> 00:14:56.720 align:start position:0% spoke to Robin about it in Berkeley like 00:14:56.720 --> 00:14:58.670 align:start position:0% spoke to Robin about it in Berkeley like kind<00:14:56.920> of<00:14:57.079> obsessing<00:14:57.800> about<00:14:58.199> incremental 00:14:58.670 --> 00:14:58.680 align:start position:0% kind of obsessing about incremental 00:14:58.680 --> 00:15:00.829 align:start position:0% kind of obsessing about incremental Improvement<00:14:59.040> m<00:14:59.120> ments<00:14:59.320> in<00:14:59.440> the<00:14:59.560> amm<00:15:00.560> uh<00:15:00.720> which 00:15:00.829 --> 00:15:00.839 align:start position:0% Improvement m ments in the amm uh which 00:15:00.839 --> 00:15:02.829 align:start position:0% Improvement m ments in the amm uh which we<00:15:00.959> see<00:15:01.279> like<00:15:01.680> for<00:15:01.880> example<00:15:02.240> like<00:15:02.399> Paradigm 00:15:02.829 --> 00:15:02.839 align:start position:0% we see like for example like Paradigm 00:15:02.839 --> 00:15:04.990 align:start position:0% we see like for example like Paradigm just<00:15:02.959> launched<00:15:03.320> the<00:15:03.480> P<00:15:03.759> PM<00:15:04.199> amm<00:15:04.720> right<00:15:04.839> we 00:15:04.990 --> 00:15:05.000 align:start position:0% just launched the P PM amm right we 00:15:05.000 --> 00:15:06.790 align:start position:0% just launched the P PM amm right we actually<00:15:05.199> going<00:15:05.320> to<00:15:05.639> spin<00:15:05.920> up<00:15:06.199> a<00:15:06.320> contract<00:15:06.639> for 00:15:06.790 --> 00:15:06.800 align:start position:0% actually going to spin up a contract for 00:15:06.800 --> 00:15:09.310 align:start position:0% actually going to spin up a contract for it<00:15:07.000> to<00:15:07.079> see<00:15:07.360> how<00:15:07.560> how<00:15:07.680> much<00:15:08.000> of<00:15:08.320> of<00:15:08.839> improvement 00:15:09.310 --> 00:15:09.320 align:start position:0% it to see how how much of of improvement 00:15:09.320 --> 00:15:11.230 align:start position:0% it to see how how much of of improvement is<00:15:09.440> it<00:15:10.240> uh<00:15:10.360> but<00:15:10.480> I<00:15:10.560> definitely<00:15:10.839> think<00:15:11.000> that 00:15:11.230 --> 00:15:11.240 align:start position:0% is it uh but I definitely think that 00:15:11.240 --> 00:15:13.749 align:start position:0% is it uh but I definitely think that challenge<00:15:11.600> is<00:15:11.839> like<00:15:12.040> how<00:15:12.160> do<00:15:12.320> you<00:15:12.759> incentivize 00:15:13.749 --> 00:15:13.759 align:start position:0% challenge is like how do you incentivize 00:15:13.759 --> 00:15:15.389 align:start position:0% challenge is like how do you incentivize the<00:15:13.880> market<00:15:14.160> makers<00:15:14.560> either<00:15:14.800> you<00:15:15.040> you<00:15:15.120> use 00:15:15.389 --> 00:15:15.399 align:start position:0% the market makers either you you use 00:15:15.399 --> 00:15:17.310 align:start position:0% the market makers either you you use cash<00:15:15.600> or<00:15:15.759> you<00:15:15.839> use<00:15:16.040> your<00:15:16.199> token<00:15:16.519> or<00:15:16.759> what<00:15:16.959> but 00:15:17.310 --> 00:15:17.320 align:start position:0% cash or you use your token or what but 00:15:17.320 --> 00:15:20.069 align:start position:0% cash or you use your token or what but it's<00:15:17.480> still<00:15:17.800> a<00:15:18.000> huge<00:15:18.519> expense<00:15:19.519> uh<00:15:19.639> for<00:15:19.920> for 00:15:20.069 --> 00:15:20.079 align:start position:0% it's still a huge expense uh for for 00:15:20.079 --> 00:15:21.629 align:start position:0% it's still a huge expense uh for for bootstrap<00:15:20.600> in<00:15:20.680> like<00:15:20.839> the<00:15:20.920> initial<00:15:21.199> Network 00:15:21.629 --> 00:15:21.639 align:start position:0% bootstrap in like the initial Network 00:15:21.639 --> 00:15:23.749 align:start position:0% bootstrap in like the initial Network yeah<00:15:21.839> but<00:15:22.440> uh<00:15:22.600> maybe<00:15:22.839> over<00:15:23.120> time<00:15:23.320> it<00:15:23.399> will<00:15:23.560> be 00:15:23.749 --> 00:15:23.759 align:start position:0% yeah but uh maybe over time it will be 00:15:23.759 --> 00:15:25.350 align:start position:0% yeah but uh maybe over time it will be will<00:15:23.920> be<00:15:24.079> worth<00:15:24.240> it<00:15:24.759> all<00:15:24.839> right<00:15:24.959> brilliant 00:15:25.350 --> 00:15:25.360 align:start position:0% will be worth it all right brilliant 00:15:25.360 --> 00:15:27.230 align:start position:0% will be worth it all right brilliant thank<00:15:25.480> you<00:15:25.600> so<00:15:25.720> much<00:15:25.880> CJ<00:15:26.360> thank<00:15:26.519> you<00:15:26.680> Kelvin 00:15:27.230 --> 00:15:27.240 align:start position:0% thank you so much CJ thank you Kelvin 00:15:27.240 --> 00:15:30.120 align:start position:0% thank you so much CJ thank you Kelvin thank<00:15:27.360> you<00:15:27.519> Robin<00:15:27.920> and