WEBVTT Kind: captions Language: en 00:00:01.010 --> 00:00:14.910 align:start position:0% [Music] 00:00:14.910 --> 00:00:14.920 align:start position:0% 00:00:14.920 --> 00:00:17.590 align:start position:0% I'm<00:00:15.120> just<00:00:15.320> testing<00:00:15.639> the<00:00:16.000> clicker 00:00:17.590 --> 00:00:17.600 align:start position:0% I'm just testing the clicker 00:00:17.600 --> 00:00:22.310 align:start position:0% I'm just testing the clicker okay<00:00:18.600> okay<00:00:19.000> hi<00:00:19.640> um<00:00:20.119> can<00:00:20.240> you<00:00:20.400> hear<00:00:20.560> me<00:00:21.320> okay 00:00:22.310 --> 00:00:22.320 align:start position:0% okay okay hi um can you hear me okay 00:00:22.320 --> 00:00:25.990 align:start position:0% okay okay hi um can you hear me okay okay<00:00:22.840> I'm<00:00:23.039> sasher<00:00:23.800> I'm<00:00:24.000> a<00:00:24.080> researcher<00:00:24.519> at<00:00:25.000> Lido 00:00:25.990 --> 00:00:26.000 align:start position:0% okay I'm sasher I'm a researcher at Lido 00:00:26.000 --> 00:00:28.750 align:start position:0% okay I'm sasher I'm a researcher at Lido um<00:00:26.880> I<00:00:27.119> just<00:00:27.320> recently<00:00:27.720> read<00:00:27.880> the<00:00:28.000> blur<00:00:28.400> for<00:00:28.599> the 00:00:28.750 --> 00:00:28.760 align:start position:0% um I just recently read the blur for the 00:00:28.760 --> 00:00:30.950 align:start position:0% um I just recently read the blur for the talk<00:00:29.320> and<00:00:29.720> it's<00:00:30.080> not<00:00:30.240> at<00:00:30.359> all<00:00:30.640> what<00:00:30.800> I 00:00:30.950 --> 00:00:30.960 align:start position:0% talk and it's not at all what I 00:00:30.960 --> 00:00:33.270 align:start position:0% talk and it's not at all what I originally<00:00:31.359> set<00:00:31.599> out<00:00:31.759> to<00:00:31.920> do<00:00:32.079> so<00:00:32.239> I<00:00:32.360> apologize 00:00:33.270 --> 00:00:33.280 align:start position:0% originally set out to do so I apologize 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position:0% me what this talk is not about<00:00:43.360> this<00:00:43.559> talk<00:00:43.879> is<00:00:44.079> not<00:00:44.320> about<00:00:44.559> making<00:00:44.800> the 00:00:44.950 --> 00:00:44.960 align:start position:0% about this talk is not about making the 00:00:44.960 --> 00:00:46.630 align:start position:0% about this talk is not about making the case<00:00:45.120> for<00:00:45.320> no<00:00:45.520> issu<00:00:45.760> and 00:00:46.630 --> 00:00:46.640 align:start position:0% case for no issu and 00:00:46.640 --> 00:00:50.150 align:start position:0% case for no issu and change<00:00:47.640> um<00:00:48.440> this<00:00:48.640> talk<00:00:48.879> is<00:00:49.079> about<00:00:49.680> it<00:00:49.920> you<00:00:50.000> know 00:00:50.150 --> 00:00:50.160 align:start position:0% change um this talk is about it you know 00:00:50.160 --> 00:00:51.990 align:start position:0% change um this talk is about it you know there<00:00:50.280> are<00:00:50.480> good<00:00:50.640> reasons<00:00:50.960> for<00:00:51.199> that<00:00:51.600> to<00:00:51.760> do 00:00:51.990 --> 00:00:52.000 align:start position:0% there are good reasons for that to do 00:00:52.000 --> 00:00:54.270 align:start position:0% there are good reasons for that to do with<00:00:52.480> uh<00:00:52.600> mainly 00:00:54.270 --> 00:00:54.280 align:start position:0% with uh mainly 00:00:54.280 --> 00:00:56.950 align:start position:0% with uh mainly neutrality<00:00:55.280> um<00:00:56.000> and<00:00:56.239> I<00:00:56.359> think<00:00:56.640> like<00:00:56.719> a 00:00:56.950 --> 00:00:56.960 align:start position:0% neutrality um and I think like a 00:00:56.960 --> 00:00:59.670 align:start position:0% neutrality um and I think like a pessimism<00:00:57.640> towards<00:00:58.440> attracting<00:00:59.000> new<00:00:59.359> solo 00:00:59.670 --> 00:00:59.680 align:start position:0% pessimism towards attracting new solo 00:00:59.680 --> 00:01:01.069 align:start position:0% pessimism towards attracting new solo stat 00:01:01.069 --> 00:01:01.079 align:start position:0% stat 00:01:01.079 --> 00:01:03.430 align:start position:0% stat but<00:01:01.320> that's<00:01:01.600> for<00:01:01.840> another<00:01:02.600> talk<00:01:03.079> this<00:01:03.239> is 00:01:03.430 --> 00:01:03.440 align:start position:0% but that's for another talk this is 00:01:03.440 --> 00:01:04.910 align:start position:0% but that's for another talk this is really<00:01:03.680> to<00:01:03.840> try<00:01:04.040> and<00:01:04.199> find<00:01:04.439> some<00:01:04.600> sort<00:01:04.760> of 00:01:04.910 --> 00:01:04.920 align:start position:0% really to try and find some sort of 00:01:04.920 --> 00:01:06.670 align:start position:0% really to try and find some sort of consensus<00:01:05.479> some<00:01:05.600> sort<00:01:05.760> of<00:01:05.920> bridge<00:01:06.320> between 00:01:06.670 --> 00:01:06.680 align:start position:0% consensus some sort of bridge between 00:01:06.680 --> 00:01:09.550 align:start position:0% consensus some sort of bridge between what<00:01:07.280> Casper<00:01:07.720> andar<00:01:08.720> um<00:01:08.920> and<00:01:09.080> Anders<00:01:09.400> are 00:01:09.550 --> 00:01:09.560 align:start position:0% what Casper andar um and Anders are 00:01:09.560 --> 00:01:12.310 align:start position:0% what Casper andar um and Anders are doing<00:01:10.400> and<00:01:10.680> how 00:01:12.310 --> 00:01:12.320 align:start position:0% doing and how 00:01:12.320 --> 00:01:14.670 align:start position:0% doing and how um<00:01:13.320> I<00:01:13.439> guess<00:01:13.560> a<00:01:13.759> subset<00:01:14.159> of<00:01:14.280> lighter 00:01:14.670 --> 00:01:14.680 align:start position:0% um I guess a subset of lighter 00:01:14.680 --> 00:01:16.789 align:start position:0% um I guess a subset of lighter contributors<00:01:15.240> think<00:01:15.479> about 00:01:16.789 --> 00:01:16.799 align:start position:0% contributors think about 00:01:16.799 --> 00:01:20.270 align:start position:0% contributors think about things<00:01:17.799> so<00:01:18.040> what<00:01:18.200> this<00:01:18.400> talk<00:01:18.759> is 00:01:20.270 --> 00:01:20.280 align:start position:0% things so what this talk is 00:01:20.280 --> 00:01:22.910 align:start position:0% things so what this talk is about<00:01:21.280> an<00:01:21.439> attempt<00:01:21.720> to<00:01:21.840> find<00:01:22.000> a<00:01:22.119> symphasis<00:01:22.720> as 00:01:22.910 --> 00:01:22.920 align:start position:0% about an attempt to find a symphasis as 00:01:22.920 --> 00:01:25.590 align:start position:0% about an attempt to find a symphasis as consensus<00:01:23.360> that<00:01:23.520> all<00:01:23.680> sides<00:01:23.960> can<00:01:24.159> put<00:01:24.320> up 00:01:25.590 --> 00:01:25.600 align:start position:0% consensus that all sides can put up 00:01:25.600 --> 00:01:28.710 align:start position:0% consensus that all sides can put up with<00:01:26.600> it<00:01:26.759> does<00:01:27.000> take<00:01:27.200> as<00:01:27.479> axiomatic<00:01:28.240> that<00:01:28.439> most 00:01:28.710 --> 00:01:28.720 align:start position:0% with it does take as axiomatic that most 00:01:28.720 --> 00:01:30.910 align:start position:0% with it does take as axiomatic that most EF<00:01:29.040> researchers<00:01:29.640> have<00:01:29.960> already<00:01:30.200> made<00:01:30.479> their 00:01:30.910 --> 00:01:30.920 align:start position:0% EF researchers have already made their 00:01:30.920 --> 00:01:34.389 align:start position:0% EF researchers have already made their mines<00:01:31.320> up<00:01:32.320> um<00:01:32.439> on<00:01:32.560> an<00:01:32.720> issurance<00:01:33.159> cut<00:01:33.640> although 00:01:34.389 --> 00:01:34.399 align:start position:0% mines up um on an issurance cut although 00:01:34.399 --> 00:01:42.710 align:start position:0% mines up um on an issurance cut although there<00:01:34.600> are<00:01:35.600> disagreements<00:01:36.159> on<00:01:36.320> the 00:01:42.710 --> 00:01:42.720 align:start position:0% 00:01:42.720 --> 00:01:46.350 align:start position:0% details<00:01:43.720> okay<00:01:43.960> so<00:01:44.119> what<00:01:44.240> do<00:01:44.360> we<00:01:44.520> agree<00:01:44.719> on 00:01:46.350 --> 00:01:46.360 align:start position:0% details okay so what do we agree on 00:01:46.360 --> 00:01:48.990 align:start position:0% details okay so what do we agree on already<00:01:47.360> I<00:01:47.439> think<00:01:47.719> we<00:01:48.000> are<00:01:48.200> all<00:01:48.439> aligned<00:01:48.840> that 00:01:48.990 --> 00:01:49.000 align:start position:0% already I think we are all aligned that 00:01:49.000 --> 00:01:51.310 align:start position:0% already I think we are all aligned that issuance<00:01:49.479> should<00:01:49.719> concern<00:01:50.159> itself<00:01:50.640> with<00:01:50.920> like 00:01:51.310 --> 00:01:51.320 align:start position:0% issuance should concern itself with like 00:01:51.320 --> 00:01:53.230 align:start position:0% issuance should concern itself with like macro<00:01:51.719> level<00:01:52.000> risks<00:01:52.320> to 00:01:53.230 --> 00:01:53.240 align:start position:0% macro level risks to 00:01:53.240 --> 00:01:56.950 align:start position:0% macro level risks to ethereum<00:01:54.280> um<00:01:55.280> this<00:01:55.360> is<00:01:55.520> anders'<00:01:56.039> framing<00:01:56.840> if 00:01:56.950 --> 00:01:56.960 align:start position:0% ethereum um this is anders' framing if 00:01:56.960 --> 00:01:59.550 align:start position:0% ethereum um this is anders' framing if you<00:01:57.079> look<00:01:57.240> at<00:01:57.360> number<00:01:57.960> two<00:01:58.960> there<00:01:59.079> are<00:01:59.280> sort<00:01:59.399> of 00:01:59.550 --> 00:01:59.560 align:start position:0% you look at number two there are sort of 00:01:59.560 --> 00:02:01.469 align:start position:0% you look at number two there are sort of exist<00:01:59.880> poal<00:02:00.240> macro<00:02:00.560> level<00:02:00.840> risks<00:02:01.119> and<00:02:01.240> I<00:02:01.320> think 00:02:01.469 --> 00:02:01.479 align:start position:0% exist poal macro level risks and I think 00:02:01.479 --> 00:02:03.029 align:start position:0% exist poal macro level risks and I think that's<00:02:01.680> within<00:02:01.960> the<00:02:02.079> scope<00:02:02.320> of<00:02:02.439> issuance<00:02:02.880> to 00:02:03.029 --> 00:02:03.039 align:start position:0% that's within the scope of issuance to 00:02:03.039 --> 00:02:06.950 align:start position:0% that's within the scope of issuance to try<00:02:03.200> and<00:02:03.520> anticipate<00:02:04.520> and 00:02:06.950 --> 00:02:06.960 align:start position:0% 00:02:06.960 --> 00:02:09.949 align:start position:0% fix<00:02:07.960> um<00:02:08.840> one<00:02:09.080> you<00:02:09.160> know<00:02:09.360> one<00:02:09.520> thing<00:02:09.679> that<00:02:09.840> I 00:02:09.949 --> 00:02:09.959 align:start position:0% fix um one you know one thing that I 00:02:09.959 --> 00:02:13.110 align:start position:0% fix um one you know one thing that I think<00:02:10.239> Casper<00:02:10.759> and<00:02:11.160> touched<00:02:11.480> on<00:02:11.720> is<00:02:12.000> that<00:02:13.000> the 00:02:13.110 --> 00:02:13.120 align:start position:0% think Casper and touched on is that the 00:02:13.120 --> 00:02:14.910 align:start position:0% think Casper and touched on is that the Crux<00:02:13.440> of<00:02:13.599> this<00:02:13.720> is<00:02:13.879> having<00:02:14.080> a<00:02:14.239> viable<00:02:14.599> social 00:02:14.910 --> 00:02:14.920 align:start position:0% Crux of this is having a viable social 00:02:14.920 --> 00:02:17.470 align:start position:0% Crux of this is having a viable social layer<00:02:15.319> that's<00:02:15.480> uncorrupted<00:02:16.200> by<00:02:16.400> any<00:02:16.959> staking 00:02:17.470 --> 00:02:17.480 align:start position:0% layer that's uncorrupted by any staking 00:02:17.480 --> 00:02:18.869 align:start position:0% layer that's uncorrupted by any staking provider<00:02:17.920> right<00:02:18.080> that's<00:02:18.239> ultimately<00:02:18.720> what 00:02:18.869 --> 00:02:18.879 align:start position:0% provider right that's ultimately what 00:02:18.879 --> 00:02:21.710 align:start position:0% provider right that's ultimately what matters<00:02:19.200> to<00:02:19.360> Credible 00:02:21.710 --> 00:02:21.720 align:start position:0% matters to Credible 00:02:21.720 --> 00:02:25.350 align:start position:0% matters to Credible neutrality<00:02:22.720> okay<00:02:23.319> so<00:02:23.519> where<00:02:23.640> do<00:02:23.760> we 00:02:25.350 --> 00:02:25.360 align:start position:0% neutrality okay so where do we 00:02:25.360 --> 00:02:27.350 align:start position:0% neutrality okay so where do we disagree<00:02:26.360> we 00:02:27.350 --> 00:02:27.360 align:start position:0% disagree we 00:02:27.360 --> 00:02:30.589 align:start position:0% disagree we disagree<00:02:28.360> on<00:02:29.000> three<00:02:29.280> things<00:02:29.640> I<00:02:30.000> think<00:02:30.360> right 00:02:30.589 --> 00:02:30.599 align:start position:0% disagree on three things I think right 00:02:30.599 --> 00:02:31.869 align:start position:0% disagree on three things I think right the<00:02:30.720> first<00:02:30.959> is<00:02:31.160> what<00:02:31.280> the<00:02:31.440> purpose<00:02:31.720> of 00:02:31.869 --> 00:02:31.879 align:start position:0% the first is what the purpose of 00:02:31.879 --> 00:02:33.309 align:start position:0% the first is what the purpose of issuance<00:02:32.319> should<00:02:32.519> be<00:02:32.760> and<00:02:32.840> this<00:02:32.920> is<00:02:33.080> kind<00:02:33.200> of 00:02:33.309 --> 00:02:33.319 align:start position:0% issuance should be and this is kind of 00:02:33.319 --> 00:02:34.830 align:start position:0% issuance should be and this is kind of we<00:02:33.480> maybe 00:02:34.830 --> 00:02:34.840 align:start position:0% we maybe 00:02:34.840 --> 00:02:37.070 align:start position:0% we maybe disagree<00:02:35.840> the<00:02:35.959> second<00:02:36.239> is<00:02:36.360> our<00:02:36.560> confidence<00:02:36.959> in 00:02:37.070 --> 00:02:37.080 align:start position:0% disagree the second is our confidence in 00:02:37.080 --> 00:02:38.750 align:start position:0% disagree the second is our confidence in the<00:02:37.200> shape<00:02:37.400> of<00:02:37.519> the<00:02:37.640> longrun<00:02:38.120> supply<00:02:38.480> curve 00:02:38.750 --> 00:02:38.760 align:start position:0% the shape of the longrun supply curve 00:02:38.760 --> 00:02:42.390 align:start position:0% the shape of the longrun supply curve and<00:02:38.920> this<00:02:39.040> is<00:02:39.400> you<00:02:39.519> know<00:02:39.840> probably<00:02:40.760> um 00:02:42.390 --> 00:02:42.400 align:start position:0% and this is you know probably um 00:02:42.400 --> 00:02:44.750 align:start position:0% and this is you know probably um disagree<00:02:43.400> and<00:02:43.560> the<00:02:43.680> third<00:02:44.040> is<00:02:44.280> the<00:02:44.400> relative 00:02:44.750 --> 00:02:44.760 align:start position:0% disagree and the third is the relative 00:02:44.760 --> 00:02:46.630 align:start position:0% disagree and the third is the relative chances<00:02:45.120> of<00:02:45.319> macro<00:02:45.680> level<00:02:46.000> risks<00:02:46.280> under 00:02:46.630 --> 00:02:46.640 align:start position:0% chances of macro level risks under 00:02:46.640 --> 00:02:48.710 align:start position:0% chances of macro level risks under different<00:02:46.879> issuance<00:02:47.360> rates<00:02:48.319> and<00:02:48.440> I<00:02:48.519> think 00:02:48.710 --> 00:02:48.720 align:start position:0% different issuance rates and I think 00:02:48.720 --> 00:02:50.070 align:start position:0% different issuance rates and I think this<00:02:48.920> on<00:02:49.120> this<00:02:49.239> is<00:02:49.400> what<00:02:49.519> we<00:02:49.680> definitely 00:02:50.070 --> 00:02:50.080 align:start position:0% this on this is what we definitely 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side thesis the other side antithesis and<00:02:58.720> try<00:02:58.879> and<00:02:59.000> come<00:02:59.159> to<00:02:59.319> some<00:02:59.400> sort<00:02:59.560> of 00:03:01.030 --> 00:03:01.040 align:start position:0% and try and come to some sort of 00:03:01.040 --> 00:03:04.390 align:start position:0% and try and come to some sort of symphasis<00:03:02.040> um<00:03:02.560> so<00:03:02.800> kind<00:03:02.920> of<00:03:03.200> the<00:03:03.680> you<00:03:03.840> know<00:03:04.200> one 00:03:04.390 --> 00:03:04.400 align:start position:0% symphasis um so kind of the you know one 00:03:04.400 --> 00:03:05.910 align:start position:0% symphasis um so kind of the you know one side<00:03:04.519> of<00:03:04.640> the<00:03:04.760> argument<00:03:05.120> goes<00:03:05.400> not<00:03:05.599> touching 00:03:05.910 --> 00:03:05.920 align:start position:0% side of the argument goes not touching 00:03:05.920 --> 00:03:07.589 align:start position:0% side of the argument goes not touching issuance<00:03:06.360> at<00:03:06.519> this<00:03:06.680> stage<00:03:06.959> increases<00:03:07.400> the 00:03:07.589 --> 00:03:07.599 align:start position:0% issuance at this stage increases the 00:03:07.599 --> 00:03:10.589 align:start position:0% issuance at this stage increases the likelihood<00:03:08.599> that<00:03:08.720> an<00:03:08.879> LST<00:03:09.480> like<00:03:09.640> Lio<00:03:10.040> ends<00:03:10.280> up 00:03:10.589 --> 00:03:10.599 align:start position:0% likelihood that an LST like Lio ends up 00:03:10.599 --> 00:03:12.309 align:start position:0% likelihood that an LST like Lio ends up dominating<00:03:11.080> e<00:03:11.400> as<00:03:11.560> the<00:03:11.640> most<00:03:11.879> liquid<00:03:12.159> and 00:03:12.309 --> 00:03:12.319 align:start position:0% dominating e as the most liquid and 00:03:12.319 --> 00:03:15.030 align:start position:0% dominating e as the most liquid and widely<00:03:12.560> used<00:03:12.879> currency<00:03:13.360> within<00:03:13.560> the 00:03:15.030 --> 00:03:15.040 align:start position:0% widely used currency within the 00:03:15.040 --> 00:03:17.190 align:start position:0% widely used currency within the ecosystem<00:03:16.040> this<00:03:16.159> would<00:03:16.319> make<00:03:16.440> it<00:03:16.640> much<00:03:16.840> harder 00:03:17.190 --> 00:03:17.200 align:start position:0% ecosystem this would make it much harder 00:03:17.200 --> 00:03:19.190 align:start position:0% ecosystem this would make it much harder for<00:03:17.360> airm<00:03:17.760> to<00:03:17.920> recover<00:03:18.280> if<00:03:18.400> that<00:03:18.560> lstd<00:03:18.959> were<00:03:19.080> to 00:03:19.190 --> 00:03:19.200 align:start position:0% for airm to recover if that lstd were to 00:03:19.200 --> 00:03:20.550 align:start position:0% for airm to recover if that lstd were to turn<00:03:19.440> malicious<00:03:19.879> at<00:03:20.000> some<00:03:20.120> point<00:03:20.319> in<00:03:20.400> the 00:03:20.550 --> 00:03:20.560 align:start position:0% turn malicious at some point in the 00:03:20.560 --> 00:03:22.270 align:start position:0% turn malicious at some point in the future<00:03:21.080> much<00:03:21.239> harder<00:03:21.440> to<00:03:21.560> Fork<00:03:21.879> something<00:03:22.120> out 00:03:22.270 --> 00:03:22.280 align:start position:0% future much harder to Fork something out 00:03:22.280 --> 00:03:24.710 align:start position:0% future much harder to Fork something out that<00:03:22.440> most<00:03:22.640> users<00:03:23.000> depend 00:03:24.710 --> 00:03:24.720 align:start position:0% that most users depend 00:03:24.720 --> 00:03:27.190 align:start position:0% that most users depend on<00:03:25.720> um<00:03:25.879> this<00:03:25.959> is<00:03:26.120> kind<00:03:26.239> of<00:03:26.440> like<00:03:26.720> you<00:03:26.799> know<00:03:26.959> well 00:03:27.190 --> 00:03:27.200 align:start position:0% on um this is kind of like you know well 00:03:27.200 --> 00:03:29.390 align:start position:0% on um this is kind of like you know well summarized<00:03:27.840> by<00:03:28.040> Anders<00:03:28.519> here<00:03:29.000> uh<00:03:29.080> you<00:03:29.159> know<00:03:29.280> a 00:03:29.390 --> 00:03:29.400 align:start position:0% summarized by Anders here uh you know a 00:03:29.400 --> 00:03:31.509 align:start position:0% summarized by Anders here uh you know a Keyon<00:03:29.920> for<00:03:30.000> mvi<00:03:30.400> is<00:03:30.640> precisely<00:03:31.200> because<00:03:31.400> of 00:03:31.509 --> 00:03:31.519 align:start position:0% Keyon for mvi is precisely because of 00:03:31.519 --> 00:03:34.589 align:start position:0% Keyon for mvi is precisely because of the<00:03:31.640> fear<00:03:32.239> that<00:03:32.400> all<00:03:32.680> e<00:03:33.080> would<00:03:33.280> be<00:03:33.480> staked<00:03:34.360> when 00:03:34.589 --> 00:03:34.599 align:start position:0% the fear that all e would be staked when 00:03:34.599 --> 00:03:38.630 align:start position:0% the fear that all e would be staked when some<00:03:35.080> Black<00:03:35.400> Swan<00:03:35.720> event<00:03:36.040> takes 00:03:38.630 --> 00:03:38.640 align:start position:0% 00:03:38.640 --> 00:03:41.030 align:start position:0% place<00:03:39.640> and<00:03:39.799> this<00:03:39.920> is<00:03:40.080> kind<00:03:40.200> of<00:03:40.640> sort<00:03:40.799> of<00:03:40.879> a 00:03:41.030 --> 00:03:41.040 align:start position:0% place and this is kind of sort of a 00:03:41.040 --> 00:03:43.789 align:start position:0% place and this is kind of sort of a story<00:03:41.760> uh<00:03:41.879> mode<00:03:42.400> in<00:03:42.840> anders'<00:03:43.280> Twitter<00:03:43.599> which<00:03:43.720> I 00:03:43.789 --> 00:03:43.799 align:start position:0% story uh mode in anders' Twitter which I 00:03:43.799 --> 00:03:45.070 align:start position:0% story uh mode in anders' Twitter which I think<00:03:43.920> does<00:03:44.080> a<00:03:44.239> good<00:03:44.400> job<00:03:44.560> of<00:03:44.799> kind<00:03:44.879> of 00:03:45.070 --> 00:03:45.080 align:start position:0% think does a good job of kind of 00:03:45.080 --> 00:03:52.589 align:start position:0% think does a good job of kind of articulating<00:03:46.080> uh<00:03:46.799> that 00:03:52.589 --> 00:03:52.599 align:start position:0% 00:03:52.599 --> 00:03:55.110 align:start position:0% event<00:03:53.599> okay<00:03:54.120> what's<00:03:54.319> the<00:03:54.480> counter<00:03:55.000> what 00:03:55.110 --> 00:03:55.120 align:start position:0% event okay what's the counter what 00:03:55.120 --> 00:03:59.069 align:start position:0% event okay what's the counter what what's<00:03:55.280> kind<00:03:55.400> of<00:03:55.519> the<00:03:55.680> anti<00:03:56.200> is<00:03:56.599> here<00:03:57.840> um<00:03:58.840> so 00:03:59.069 --> 00:03:59.079 align:start position:0% what's kind of the anti is here um so 00:03:59.079 --> 00:04:02.229 align:start position:0% what's kind of the anti is here um so the<00:03:59.200> other<00:03:59.480> side<00:04:00.000> here<00:04:00.239> is<00:04:00.439> that<00:04:01.040> um<00:04:01.920> cutting 00:04:02.229 --> 00:04:02.239 align:start position:0% the other side here is that um cutting 00:04:02.239 --> 00:04:03.869 align:start position:0% the other side here is that um cutting issuance<00:04:02.720> increases<00:04:03.200> the<00:04:03.319> likelihood<00:04:03.720> The 00:04:03.869 --> 00:04:03.879 align:start position:0% issuance increases the likelihood The 00:04:03.879 --> 00:04:06.869 align:start position:0% issuance increases the likelihood The decentralized<00:04:04.480> Exchange<00:04:04.959> dominates 00:04:06.869 --> 00:04:06.879 align:start position:0% decentralized Exchange dominates 00:04:06.879 --> 00:04:08.710 align:start position:0% decentralized Exchange dominates staking<00:04:07.879> this<00:04:08.000> could<00:04:08.200> have<00:04:08.360> dire 00:04:08.710 --> 00:04:08.720 align:start position:0% staking this could have dire 00:04:08.720 --> 00:04:10.670 align:start position:0% staking this could have dire consequences<00:04:09.239> for<00:04:09.400> aer's<00:04:09.840> ability<00:04:10.159> to<00:04:10.439> remain 00:04:10.670 --> 00:04:10.680 align:start position:0% consequences for aer's ability to remain 00:04:10.680 --> 00:04:14.190 align:start position:0% consequences for aer's ability to remain censorship<00:04:11.239> resistance<00:04:11.840> and<00:04:12.040> hence<00:04:12.400> E's 00:04:14.190 --> 00:04:14.200 align:start position:0% censorship resistance and hence E's 00:04:14.200 --> 00:04:16.349 align:start position:0% censorship resistance and hence E's value<00:04:15.200> a<00:04:15.360> coinbase<00:04:15.840> Tailwind<00:04:16.199> is 00:04:16.349 --> 00:04:16.359 align:start position:0% value a coinbase Tailwind is 00:04:16.359 --> 00:04:17.949 align:start position:0% value a coinbase Tailwind is increasingly<00:04:16.919> likely<00:04:17.280> given<00:04:17.600> Trump's 00:04:17.949 --> 00:04:17.959 align:start position:0% increasingly likely given Trump's 00:04:17.959 --> 00:04:19.670 align:start position:0% increasingly likely given Trump's election 00:04:19.670 --> 00:04:19.680 align:start position:0% election 00:04:19.680 --> 00:04:21.749 align:start position:0% election win<00:04:20.680> um<00:04:20.840> there<00:04:20.959> is<00:04:21.079> now<00:04:21.199> an<00:04:21.320> increased 00:04:21.749 --> 00:04:21.759 align:start position:0% win um there is now an increased 00:04:21.759 --> 00:04:23.550 align:start position:0% win um there is now an increased probability<00:04:22.199> of<00:04:22.280> staking 00:04:23.550 --> 00:04:23.560 align:start position:0% probability of staking 00:04:23.560 --> 00:04:25.790 align:start position:0% probability of staking ETFs<00:04:24.560> so<00:04:24.759> why<00:04:24.880> are<00:04:25.000> we<00:04:25.160> considering<00:04:25.560> adding 00:04:25.790 --> 00:04:25.800 align:start position:0% ETFs so why are we considering adding 00:04:25.800 --> 00:04:27.550 align:start position:0% ETFs so why are we considering adding fuel<00:04:26.080> to<00:04:26.199> the 00:04:27.550 --> 00:04:27.560 align:start position:0% fuel to the 00:04:27.560 --> 00:04:30.350 align:start position:0% fuel to the fire<00:04:28.560> but<00:04:28.720> perhaps<00:04:29.080> most<00:04:29.280> importantly 00:04:30.350 --> 00:04:30.360 align:start position:0% fire but perhaps most importantly 00:04:30.360 --> 00:04:32.270 align:start position:0% fire but perhaps most importantly even<00:04:30.639> with<00:04:30.840> less<00:04:31.000> than<00:04:31.199> 50%<00:04:31.639> of<00:04:31.759> each<00:04:32.000> stake 00:04:32.270 --> 00:04:32.280 align:start position:0% even with less than 50% of each stake 00:04:32.280 --> 00:04:33.830 align:start position:0% even with less than 50% of each stake the<00:04:32.400> malicious<00:04:32.840> coinbase<00:04:33.400> could<00:04:33.600> prove 00:04:33.830 --> 00:04:33.840 align:start position:0% the malicious coinbase could prove 00:04:33.840 --> 00:04:36.350 align:start position:0% the malicious coinbase could prove impossible<00:04:34.280> to<00:04:34.479> socially 00:04:36.350 --> 00:04:36.360 align:start position:0% impossible to socially 00:04:36.360 --> 00:04:40.790 align:start position:0% impossible to socially slash<00:04:37.360> and<00:04:37.680> to<00:04:37.800> see<00:04:38.080> this<00:04:39.080> um<00:04:40.080> small<00:04:40.400> story 00:04:40.790 --> 00:04:40.800 align:start position:0% slash and to see this um small story 00:04:40.800 --> 00:04:42.510 align:start position:0% slash and to see this um small story kind<00:04:40.919> of<00:04:41.080> inspired<00:04:41.479> by<00:04:41.600> Anders<00:04:42.080> but<00:04:42.240> kind<00:04:42.360> of 00:04:42.510 --> 00:04:42.520 align:start position:0% kind of inspired by Anders but kind of 00:04:42.520 --> 00:04:45.710 align:start position:0% kind of inspired by Anders but kind of the<00:04:42.880> sort<00:04:43.039> of<00:04:43.240> the<00:04:43.479> the<00:04:43.560> other<00:04:44.280> side<00:04:45.280> consider 00:04:45.710 --> 00:04:45.720 align:start position:0% the sort of the the other side consider 00:04:45.720 --> 00:04:47.830 align:start position:0% the sort of the the other side consider the<00:04:45.840> following<00:04:46.440> right 00:04:47.830 --> 00:04:47.840 align:start position:0% the following right 00:04:47.840 --> 00:04:50.189 align:start position:0% the following right okay<00:04:48.840> a<00:04:49.000> significant<00:04:49.440> isurance<00:04:49.800> cut<00:04:50.000> is 00:04:50.189 --> 00:04:50.199 align:start position:0% okay a significant isurance cut is 00:04:50.199 --> 00:04:52.830 align:start position:0% okay a significant isurance cut is implemented<00:04:51.199> um<00:04:51.400> let's<00:04:51.600> say<00:04:51.759> in<00:04:52.080> you<00:04:52.199> know<00:04:52.639> 6 00:04:52.830 --> 00:04:52.840 align:start position:0% implemented um let's say in you know 6 00:04:52.840 --> 00:04:55.270 align:start position:0% implemented um let's say in you know 6 months<00:04:53.080> two<00:04:53.320> years<00:04:53.639> time<00:04:54.639> um<00:04:54.800> maybe<00:04:55.039> even 00:04:55.270 --> 00:04:55.280 align:start position:0% months two years time um maybe even 00:04:55.280 --> 00:04:58.909 align:start position:0% months two years time um maybe even sooner<00:04:56.400> um<00:04:57.400> with<00:04:57.639> margin<00:04:58.120> compressed<00:04:58.600> and<00:04:58.720> Eve 00:04:58.909 --> 00:04:58.919 align:start position:0% sooner um with margin compressed and Eve 00:04:58.919 --> 00:05:00.790 align:start position:0% sooner um with margin compressed and Eve staking<00:04:59.199> ETF<00:04:59.759> given<00:04:59.919> the<00:05:00.000> green<00:05:00.240> light<00:05:00.520> Stak 00:05:00.790 --> 00:05:00.800 align:start position:0% staking ETF given the green light Stak 00:05:00.800 --> 00:05:02.390 align:start position:0% staking ETF given the green light Stak centralizes<00:05:01.400> pretty<00:05:01.639> quickly<00:05:01.919> within<00:05:02.120> a<00:05:02.240> few 00:05:02.390 --> 00:05:02.400 align:start position:0% centralizes pretty quickly within a few 00:05:02.400 --> 00:05:06.270 align:start position:0% centralizes pretty quickly within a few years<00:05:02.639> over<00:05:02.880> 50%<00:05:03.320> of<00:05:03.440> validators<00:05:03.880> are<00:05:04.000> run<00:05:04.199> by 00:05:06.270 --> 00:05:06.280 align:start position:0% years over 50% of validators are run by 00:05:06.280 --> 00:05:09.390 align:start position:0% years over 50% of validators are run by coinbase<00:05:07.280> um<00:05:07.919> 2030<00:05:08.520> the<00:05:08.639> Dems<00:05:08.919> are<00:05:09.080> back<00:05:09.240> in 00:05:09.390 --> 00:05:09.400 align:start position:0% coinbase um 2030 the Dems are back in 00:05:09.400 --> 00:05:10.670 align:start position:0% coinbase um 2030 the Dems are back in power<00:05:09.680> the<00:05:09.800> US<00:05:10.039> government<00:05:10.360> puts<00:05:10.560> a 00:05:10.670 --> 00:05:10.680 align:start position:0% power the US government puts a 00:05:10.680 --> 00:05:11.950 align:start position:0% power the US government puts a tremendous<00:05:11.080> amount<00:05:11.280> of<00:05:11.400> pressure<00:05:11.800> on 00:05:11.950 --> 00:05:11.960 align:start position:0% tremendous amount of pressure on 00:05:11.960 --> 00:05:13.909 align:start position:0% tremendous amount of pressure on coinbase<00:05:12.400> to<00:05:12.520> refuse<00:05:12.840> to<00:05:13.039> process<00:05:13.520> blocks 00:05:13.909 --> 00:05:13.919 align:start position:0% coinbase to refuse to process blocks 00:05:13.919 --> 00:05:15.310 align:start position:0% coinbase to refuse to process blocks that<00:05:14.080> contain<00:05:14.560> privacy<00:05:14.919> preserving 00:05:15.310 --> 00:05:15.320 align:start position:0% that contain privacy preserving 00:05:15.320 --> 00:05:17.590 align:start position:0% that contain privacy preserving transactions<00:05:16.120> in<00:05:16.280> them<00:05:16.800> or<00:05:17.080> transactions 00:05:17.590 --> 00:05:17.600 align:start position:0% transactions in them or transactions 00:05:17.600 --> 00:05:19.390 align:start position:0% transactions in them or transactions from<00:05:17.759> a<00:05:17.919> continuously<00:05:18.400> updated<00:05:18.800> government 00:05:19.390 --> 00:05:19.400 align:start position:0% from a continuously updated government 00:05:19.400 --> 00:05:21.749 align:start position:0% from a continuously updated government Blacklist<00:05:20.400> that<00:05:20.560> could<00:05:20.800> in<00:05:21.039> you<00:05:21.120> know<00:05:21.360> include 00:05:21.749 --> 00:05:21.759 align:start position:0% Blacklist that could in you know include 00:05:21.759 --> 00:05:23.909 align:start position:0% Blacklist that could in you know include human<00:05:22.000> rights<00:05:22.280> activists<00:05:22.759> journalists<00:05:23.600> uh 00:05:23.909 --> 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Brian is no longer o he<00:05:30.160> stepped<00:05:30.440> down<00:05:30.600> to<00:05:30.800> focus<00:05:31.039> on<00:05:31.199> Long<00:05:31.479> levity 00:05:31.830 --> 00:05:31.840 align:start position:0% he stepped down to focus on Long levity 00:05:31.840 --> 00:05:33.270 align:start position:0% he stepped down to focus on Long levity research<00:05:32.240> he's<00:05:32.400> kind<00:05:32.479> of<00:05:32.600> burnt<00:05:32.840> out<00:05:33.000> of<00:05:33.160> all 00:05:33.270 --> 00:05:33.280 align:start position:0% research he's kind of burnt out of all 00:05:33.280 --> 00:05:35.350 align:start position:0% research he's kind of burnt out of all the<00:05:33.520> politicking<00:05:34.520> uh<00:05:34.639> his<00:05:34.800> replacement<00:05:35.240> is 00:05:35.350 --> 00:05:35.360 align:start position:0% the politicking uh his replacement is 00:05:35.360 --> 00:05:37.749 align:start position:0% the politicking uh his replacement is not<00:05:35.639> as<00:05:35.800> OG<00:05:36.160> or<00:05:36.360> aligned<00:05:37.000> and<00:05:37.160> caves<00:05:37.440> in<00:05:37.680> in 00:05:37.749 --> 00:05:37.759 align:start position:0% not as OG or aligned and caves in in 00:05:37.759 --> 00:05:39.629 align:start position:0% not as OG or aligned and caves in in order<00:05:37.960> to<00:05:38.120> appease<00:05:38.600> both<00:05:38.840> the<00:05:39.000> government<00:05:39.440> and 00:05:39.629 --> 00:05:39.639 align:start position:0% order to appease both the government and 00:05:39.639 --> 00:05:41.870 align:start position:0% order to appease both the government and coinbase 00:05:41.870 --> 00:05:41.880 align:start position:0% coinbase 00:05:41.880 --> 00:05:44.350 align:start position:0% coinbase shareholders<00:05:42.880> um<00:05:43.319> most<00:05:43.520> of<00:05:43.600> the<00:05:43.680> FM<00:05:44.000> crowd<00:05:44.280> is 00:05:44.350 --> 00:05:44.360 align:start position:0% shareholders um most of the FM crowd is 00:05:44.360 --> 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farcaster has been you know great for<00:05:50.440> the<00:05:50.560> ecosystem<00:05:51.240> it<00:05:51.479> strong<00:05:51.639> ties<00:05:51.880> to 00:05:51.990 --> 00:05:52.000 align:start position:0% for the ecosystem it strong ties to 00:05:52.000 --> 00:05:53.670 align:start position:0% for the ecosystem it strong ties to coinbase<00:05:52.479> make<00:05:52.600> it<00:05:52.800> especially<00:05:53.400> difficult 00:05:53.670 --> 00:05:53.680 align:start position:0% coinbase make it especially difficult 00:05:53.680 --> 00:05:55.590 align:start position:0% coinbase make it especially difficult for<00:05:54.360> anti-<00:05:54.680> coin<00:05:54.880> based<00:05:55.120> narratives<00:05:55.479> to 00:05:55.590 --> 00:05:55.600 align:start position:0% for anti- coin based narratives to 00:05:55.600 --> 00:05:57.469 align:start position:0% for anti- coin based narratives to spread<00:05:55.880> across<00:05:56.160> the<00:05:56.280> social<00:05:56.560> lay<00:05:57.199> and<00:05:57.360> that 00:05:57.469 --> 00:05:57.479 align:start position:0% spread across the social lay and that 00:05:57.479 --> 00:05:58.749 align:start position:0% spread across the social lay and that kind<00:05:57.600> of<00:05:57.759> has<00:05:57.880> to<00:05:58.000> do<00:05:58.120> with<00:05:58.319> like<00:05:58.440> how<00:05:58.600> an 00:05:58.749 --> 00:05:58.759 align:start position:0% kind of has to do with like how an 00:05:58.759 --> 00:06:00.550 align:start position:0% kind of has to do with like how an initial<00:05:59.120> network<00:05:59.440> is<00:05:59.680> seeded<00:06:00.160> right<00:06:00.319> if<00:06:00.400> you 00:06:00.550 --> 00:06:00.560 align:start position:0% initial network is seeded right if you 00:06:00.560 --> 00:06:02.790 align:start position:0% initial network is seeded right if you look<00:06:00.680> at<00:06:01.000> um<00:06:01.880> I'm<00:06:02.000> not<00:06:02.120> going<00:06:02.199> to<00:06:02.319> go<00:06:02.440> into<00:06:02.639> this 00:06:02.790 --> 00:06:02.800 align:start position:0% look at um I'm not going to go into this 00:06:02.800 --> 00:06:05.189 align:start position:0% look at um I'm not going to go into this now<00:06:02.960> but<00:06:03.120> it<00:06:03.280> does<00:06:03.960> uh<00:06:04.039> you<00:06:04.160> know<00:06:04.360> if<00:06:04.720> there's 00:06:05.189 --> 00:06:05.199 align:start position:0% now but it does uh you know if there's 00:06:05.199 --> 00:06:08.790 align:start position:0% now but it does uh you know if there's momentum<00:06:05.600> of<00:06:05.800> initial<00:06:06.160> followers<00:06:06.840> and<00:06:07.360> uh<00:06:07.800> in 00:06:08.790 --> 00:06:08.800 align:start position:0% momentum of initial followers and uh in 00:06:08.800 --> 00:06:10.710 align:start position:0% momentum of initial followers and uh in that's<00:06:09.000> kind<00:06:09.120> of<00:06:09.240> hard<00:06:09.360> to<00:06:09.520> undo<00:06:09.840> later 00:06:10.710 --> 00:06:10.720 align:start position:0% that's kind of hard to undo later 00:06:10.720 --> 00:06:14.589 align:start position:0% that's kind of hard to undo later on<00:06:11.720> um<00:06:12.720> okay<00:06:12.960> major<00:06:13.280> Basin<00:06:13.639> farcast<00:06:14.120> influence 00:06:14.589 --> 00:06:14.599 align:start position:0% on um okay major Basin farcast influence 00:06:14.599 --> 00:06:16.430 align:start position:0% on um okay major Basin farcast influence argue<00:06:14.960> that<00:06:15.080> foring<00:06:15.400> out<00:06:15.680> coinbase<00:06:16.120> at<00:06:16.280> this 00:06:16.430 --> 00:06:16.440 align:start position:0% argue that foring out coinbase at this 00:06:16.440 --> 00:06:18.430 align:start position:0% argue that foring out coinbase at this stage<00:06:16.759> would<00:06:16.919> be<00:06:17.440> extremely<00:06:17.960> unfair<00:06:18.319> to 00:06:18.430 --> 00:06:18.440 align:start position:0% stage would be extremely unfair to 00:06:18.440 --> 00:06:20.029 align:start position:0% stage would be extremely unfair to innocent<00:06:18.800> users<00:06:19.160> and<00:06:19.360> you<00:06:19.440> can<00:06:19.520> think<00:06:19.720> of<00:06:19.880> sort 00:06:20.029 --> 00:06:20.039 align:start position:0% innocent users and you can think of sort 00:06:20.039 --> 00:06:22.110 align:start position:0% innocent users and you can think of sort of<00:06:20.599> I<00:06:20.680> think<00:06:20.880> Anar<00:06:21.319> has<00:06:21.440> mentioned<00:06:21.720> teachers 00:06:22.110 --> 00:06:22.120 align:start position:0% of I think Anar has mentioned teachers 00:06:22.120 --> 00:06:23.990 align:start position:0% of I think Anar has mentioned teachers with<00:06:22.360> Pension<00:06:22.720> funds<00:06:23.160> Etc<00:06:23.680> like<00:06:23.800> you're<00:06:23.880> not 00:06:23.990 --> 00:06:24.000 align:start position:0% with Pension funds Etc like you're not 00:06:24.000 --> 00:06:25.830 align:start position:0% with Pension funds Etc like you're not going<00:06:24.120> to<00:06:24.240> just<00:06:24.360> fol<00:06:24.680> them<00:06:24.800> out<00:06:25.039> and<00:06:25.240> and<00:06:25.479> and 00:06:25.830 --> 00:06:25.840 align:start position:0% going to just fol them out and and and 00:06:25.840 --> 00:06:28.550 align:start position:0% going to just fol them out and and and and<00:06:25.960> stash<00:06:26.280> their<00:06:26.479> eath 00:06:28.550 --> 00:06:28.560 align:start position:0% and stash their eath 00:06:28.560 --> 00:06:31.270 align:start position:0% and stash their eath um<00:06:29.599> so<00:06:29.720> this<00:06:29.800> leads<00:06:30.000> to<00:06:30.160> some<00:06:30.319> sort<00:06:30.520> of<00:06:30.759> Crisis 00:06:31.270 --> 00:06:31.280 align:start position:0% um so this leads to some sort of Crisis 00:06:31.280 --> 00:06:32.670 align:start position:0% um so this leads to some sort of Crisis right<00:06:31.440> so<00:06:31.599> you<00:06:31.680> have<00:06:31.840> on<00:06:31.960> one<00:06:32.120> side<00:06:32.280> if<00:06:32.440> your 00:06:32.670 --> 00:06:32.680 align:start position:0% right so you have on one side if your 00:06:32.680 --> 00:06:34.670 align:start position:0% right so you have on one side if your ois<00:06:33.000> and<00:06:33.160> researchers<00:06:34.080> who<00:06:34.199> are<00:06:34.319> threatening 00:06:34.670 --> 00:06:34.680 align:start position:0% ois and researchers who are threatening 00:06:34.680 --> 00:06:36.110 align:start position:0% ois and researchers who are threatening to<00:06:34.759> leave<00:06:34.960> the<00:06:35.120> project<00:06:35.400> if<00:06:35.520> the<00:06:35.639> censorship 00:06:36.110 --> 00:06:36.120 align:start position:0% to leave the project if the censorship 00:06:36.120 --> 00:06:39.110 align:start position:0% to leave the project if the censorship doesn't<00:06:36.360> stop<00:06:36.599> and<00:06:36.720> on<00:06:36.800> the<00:06:36.919> other<00:06:37.120> hand<00:06:38.120> um 00:06:39.110 --> 00:06:39.120 align:start position:0% doesn't stop and on the other hand um 00:06:39.120 --> 00:06:40.830 align:start position:0% doesn't stop and on the other hand um you<00:06:39.280> have<00:06:39.479> these<00:06:39.720> kind<00:06:39.840> of<00:06:40.319> uh<00:06:40.520> you<00:06:40.639> know 00:06:40.830 --> 00:06:40.840 align:start position:0% you have these kind of uh you know 00:06:40.840 --> 00:06:43.469 align:start position:0% you have these kind of uh you know coinbase<00:06:41.840> aligned<00:06:42.400> people<00:06:42.840> that<00:06:43.080> that<00:06:43.280> have<00:06:43.400> a 00:06:43.469 --> 00:06:43.479 align:start position:0% coinbase aligned people that that have a 00:06:43.479 --> 00:06:44.950 align:start position:0% coinbase aligned people that that have a lot<00:06:43.599> of<00:06:43.680> social<00:06:43.960> influence<00:06:44.520> that<00:06:44.639> that<00:06:44.759> say 00:06:44.950 --> 00:06:44.960 align:start position:0% lot of social influence that that say 00:06:44.960 --> 00:06:47.430 align:start position:0% lot of social influence that that say this<00:06:45.080> is<00:06:45.240> kind<00:06:45.360> of<00:06:46.160> uh<00:06:46.560> a<00:06:46.720> really<00:06:46.919> bad<00:06:47.080> idea<00:06:47.280> for 00:06:47.430 --> 00:06:47.440 align:start position:0% this is kind of uh a really bad idea for 00:06:47.440 --> 00:06:49.589 align:start position:0% this is kind of uh a really bad idea for AUM<00:06:48.000> so<00:06:48.120> the<00:06:48.240> AUM<00:06:48.560> Community<00:06:48.840> splits<00:06:49.160> into<00:06:49.360> two 00:06:49.589 --> 00:06:49.599 align:start position:0% AUM so the AUM Community splits into two 00:06:49.599 --> 00:06:52.990 align:start position:0% AUM so the AUM Community splits into two camps<00:06:50.039> a<00:06:50.199> contentious<00:06:50.680> for<00:06:51.120> fork<00:06:51.520> occurs<00:06:52.520> and 00:06:52.990 --> 00:06:53.000 align:start position:0% camps a contentious for fork occurs and 00:06:53.000 --> 00:06:56.110 align:start position:0% camps a contentious for fork occurs and circle<00:06:53.880> surprise<00:06:54.280> surprise<00:06:54.599> sides<00:06:54.840> with 00:06:56.110 --> 00:06:56.120 align:start position:0% circle surprise surprise sides with 00:06:56.120 --> 00:06:58.430 align:start position:0% circle surprise surprise sides with coinbase<00:06:57.120> so<00:06:57.280> at<00:06:57.440> this<00:06:57.560> point<00:06:57.800> you<00:06:57.960> have<00:06:58.160> two 00:06:58.430 --> 00:06:58.440 align:start position:0% coinbase so at this point you have two 00:06:58.440 --> 00:07:00.110 align:start position:0% coinbase so at this point you have two sides<00:06:58.800> in<00:06:58.919> their<00:06:59.039> own<00:06:59.199> separate<00:06:59.639> universes 00:07:00.110 --> 00:07:00.120 align:start position:0% sides in their own separate universes 00:07:00.120 --> 00:07:01.589 align:start position:0% sides in their own separate universes with<00:07:00.240> their<00:07:00.360> own<00:07:00.520> chains<00:07:00.879> with<00:07:01.039> no<00:07:01.240> practical 00:07:01.589 --> 00:07:01.599 align:start position:0% with their own chains with no practical 00:07:01.599 --> 00:07:04.710 align:start position:0% with their own chains with no practical way<00:07:01.720> of<00:07:01.840> coming<00:07:02.120> back<00:07:02.720> together<00:07:03.720> um<00:07:04.319> ethereum 00:07:04.710 --> 00:07:04.720 align:start position:0% way of coming back together um ethereum 00:07:04.720 --> 00:07:06.390 align:start position:0% way of coming back together um ethereum a<00:07:04.840> global<00:07:05.120> permissionless<00:07:05.680> platform<00:07:06.039> created 00:07:06.390 --> 00:07:06.400 align:start position:0% a global permissionless platform created 00:07:06.400 --> 00:07:08.390 align:start position:0% a global permissionless platform created in<00:07:06.560> part<00:07:06.759> to<00:07:06.840> be<00:07:06.960> a<00:07:07.080> refuge<00:07:07.560> from<00:07:07.680> Nations<00:07:07.960> and 00:07:08.390 --> 00:07:08.400 align:start position:0% in part to be a refuge from Nations and 00:07:08.400 --> 00:07:10.869 align:start position:0% in part to be a refuge from Nations and geopolitics<00:07:09.400> instead<00:07:09.919> ends<00:07:10.160> up<00:07:10.319> cleaved<00:07:10.680> in 00:07:10.869 --> 00:07:10.879 align:start position:0% geopolitics instead ends up cleaved in 00:07:10.879 --> 00:07:12.309 align:start position:0% geopolitics instead ends up cleaved in half<00:07:11.080> by<00:07:11.199> a<00:07:11.319> large<00:07:11.560> corporation<00:07:12.120> that<00:07:12.199> is 00:07:12.309 --> 00:07:12.319 align:start position:0% half by a large corporation that is 00:07:12.319 --> 00:07:13.270 align:start position:0% half by a large corporation that is ultimately<00:07:12.720> accountable<00:07:13.080> to<00:07:13.160> its 00:07:13.270 --> 00:07:13.280 align:start position:0% ultimately accountable to its 00:07:13.280 --> 00:07:14.749 align:start position:0% ultimately accountable to its shareholders<00:07:13.720> and 00:07:14.749 --> 00:07:14.759 align:start position:0% shareholders and 00:07:14.759 --> 00:07:17.830 align:start position:0% shareholders and government<00:07:15.759> so<00:07:16.639> coming<00:07:16.960> back<00:07:17.120> down<00:07:17.240> to<00:07:17.440> earth 00:07:17.830 --> 00:07:17.840 align:start position:0% government so coming back down to earth 00:07:17.840 --> 00:07:19.189 align:start position:0% government so coming back down to earth like<00:07:18.000> what<00:07:18.319> what<00:07:18.440> the<00:07:18.520> hell<00:07:18.680> is<00:07:18.800> the<00:07:18.919> point<00:07:19.080> of 00:07:19.189 --> 00:07:19.199 align:start position:0% like what what the hell is the point of 00:07:19.199 --> 00:07:20.909 align:start position:0% like what what the hell is the point of all<00:07:19.360> this<00:07:19.720> the<00:07:19.840> point<00:07:20.039> of<00:07:20.160> this<00:07:20.280> anti<00:07:20.560> fuses 00:07:20.909 --> 00:07:20.919 align:start position:0% all this the point of this anti fuses 00:07:20.919 --> 00:07:22.909 align:start position:0% all this the point of this anti fuses here<00:07:21.000> is<00:07:21.120> to<00:07:21.240> show<00:07:21.440> that<00:07:21.560> it's<00:07:22.120> too<00:07:22.360> simplistic 00:07:22.909 --> 00:07:22.919 align:start position:0% here is to show that it's too simplistic 00:07:22.919 --> 00:07:25.749 align:start position:0% here is to show that it's too simplistic a<00:07:23.160> view<00:07:24.160> um<00:07:24.280> it's<00:07:24.440> too<00:07:24.639> simplistic<00:07:25.240> to<00:07:25.440> to<00:07:25.599> sort 00:07:25.749 --> 00:07:25.759 align:start position:0% a view um it's too simplistic to to sort 00:07:25.759 --> 00:07:27.469 align:start position:0% a view um it's too simplistic to to sort of<00:07:25.960> view<00:07:26.199> the<00:07:26.360> macro<00:07:26.639> level<00:07:26.919> risk<00:07:27.199> through<00:07:27.360> the 00:07:27.469 --> 00:07:27.479 align:start position:0% of view the macro level risk through the 00:07:27.479 --> 00:07:29.950 align:start position:0% of view the macro level risk through the lens<00:07:27.919> of<00:07:28.360> solely<00:07:28.759> the<00:07:28.879> amount<00:07:29.080> of<00:07:29.240> E<00:07:29.639> tied<00:07:29.840> up 00:07:29.950 --> 00:07:29.960 align:start position:0% lens of solely the amount of E tied up 00:07:29.960 --> 00:07:30.749 align:start position:0% lens of solely the amount of E tied up in 00:07:30.749 --> 00:07:30.759 align:start position:0% in 00:07:30.759 --> 00:07:35.029 align:start position:0% in staking<00:07:32.000> um<00:07:33.000> which<00:07:33.160> is<00:07:34.039> you<00:07:34.160> know<00:07:34.440> a<00:07:34.639> lot<00:07:34.800> of 00:07:35.029 --> 00:07:35.039 align:start position:0% staking um which is you know a lot of 00:07:35.039 --> 00:07:37.430 align:start position:0% staking um which is you know a lot of the<00:07:35.759> which<00:07:35.879> is<00:07:36.000> the<00:07:36.120> foundation<00:07:36.560> for<00:07:36.720> a<00:07:36.840> lot<00:07:36.960> of 00:07:37.430 --> 00:07:37.440 align:start position:0% the which is the foundation for a lot of 00:07:37.440 --> 00:07:40.350 align:start position:0% the which is the foundation for a lot of um<00:07:37.960> the<00:07:38.120> issurance 00:07:40.350 --> 00:07:40.360 align:start position:0% um the issurance 00:07:40.360 --> 00:07:42.710 align:start position:0% um the issurance discussion<00:07:41.360> um<00:07:41.680> one<00:07:41.800> of<00:07:41.919> the<00:07:42.000> main<00:07:42.199> reasons 00:07:42.710 --> 00:07:42.720 align:start position:0% discussion um one of the main reasons 00:07:42.720 --> 00:07:45.469 align:start position:0% discussion um one of the main reasons given<00:07:42.960> for<00:07:43.120> cutting<00:07:43.840> issurance<00:07:44.840> so<00:07:45.039> as<00:07:45.159> we<00:07:45.240> see 00:07:45.469 --> 00:07:45.479 align:start position:0% given for cutting issurance so as we see 00:07:45.479 --> 00:07:46.990 align:start position:0% given for cutting issurance so as we see there<00:07:45.599> are<00:07:45.759> complex<00:07:46.120> social<00:07:46.400> dynamics<00:07:46.840> at 00:07:46.990 --> 00:07:47.000 align:start position:0% there are complex social dynamics at 00:07:47.000 --> 00:07:49.070 align:start position:0% there are complex social dynamics at play<00:07:47.240> here<00:07:47.400> that<00:07:47.520> are<00:07:47.720> very<00:07:48.000> different<00:07:48.599> very 00:07:49.070 --> 00:07:49.080 align:start position:0% play here that are very different very 00:07:49.080 --> 00:07:51.270 align:start position:0% play here that are very different very difficult<00:07:49.240> to<00:07:49.400> untangle<00:07:50.080> right<00:07:50.560> um<00:07:51.000> this<00:07:51.120> is 00:07:51.270 --> 00:07:51.280 align:start position:0% difficult to untangle right um this is 00:07:51.280 --> 00:07:52.749 align:start position:0% difficult to untangle right um this is one<00:07:51.520> hypothetical<00:07:52.039> scenario<00:07:52.440> but<00:07:52.560> you<00:07:52.639> can 00:07:52.749 --> 00:07:52.759 align:start position:0% one hypothetical scenario but you can 00:07:52.759 --> 00:07:54.950 align:start position:0% one hypothetical scenario but you can dream<00:07:53.039> up<00:07:53.240> you<00:07:53.319> know<00:07:53.800> millions<00:07:54.159> of<00:07:54.360> them<00:07:54.720> it's 00:07:54.950 --> 00:07:54.960 align:start position:0% dream up you know millions of them it's 00:07:54.960 --> 00:07:59.629 align:start position:0% dream up you know millions of them it's it's<00:07:55.240> like<00:07:56.159> uh<00:07:56.479> it's<00:07:56.639> not<00:07:57.000> difficult<00:07:57.159> to 00:07:59.629 --> 00:07:59.639 align:start position:0% it's like uh it's not difficult to 00:07:59.639 --> 00:08:02.550 align:start position:0% it's like uh it's not difficult to so<00:07:59.879> double<00:08:00.159> clicking<00:08:00.520> on<00:08:00.759> on<00:08:00.879> the<00:08:01.039> coinbase 00:08:02.550 --> 00:08:02.560 align:start position:0% so double clicking on on the coinbase 00:08:02.560 --> 00:08:05.510 align:start position:0% so double clicking on on the coinbase risk<00:08:03.560> um<00:08:03.919> today<00:08:04.280> it's<00:08:04.759> I<00:08:04.800> mean<00:08:05.039> this<00:08:05.280> these 00:08:05.510 --> 00:08:05.520 align:start position:0% risk um today it's I mean this these 00:08:05.520 --> 00:08:06.869 align:start position:0% risk um today it's I mean this these stats<00:08:05.800> are<00:08:05.919> slightly<00:08:06.199> out<00:08:06.319> of<00:08:06.440> date<00:08:06.639> but<00:08:06.759> it's 00:08:06.869 --> 00:08:06.879 align:start position:0% stats are slightly out of date but it's 00:08:06.879 --> 00:08:08.390 align:start position:0% stats are slightly out of date but it's the<00:08:07.000> largest<00:08:07.280> theum<00:08:07.680> node 00:08:08.390 --> 00:08:08.400 align:start position:0% the largest theum node 00:08:08.400 --> 00:08:11.110 align:start position:0% the largest theum node operator<00:08:09.400> um<00:08:09.680> nearly<00:08:10.039> 15%<00:08:10.560> market<00:08:10.800> share 00:08:11.110 --> 00:08:11.120 align:start position:0% operator um nearly 15% market share 00:08:11.120 --> 00:08:12.830 align:start position:0% operator um nearly 15% market share could<00:08:11.240> be<00:08:11.400> over<00:08:11.639> 15% 00:08:12.830 --> 00:08:12.840 align:start position:0% could be over 15% 00:08:12.840 --> 00:08:16.070 align:start position:0% could be over 15% now<00:08:13.840> um<00:08:14.599> staking<00:08:15.039> ETFs<00:08:15.520> likely<00:08:15.720> to<00:08:15.879> happen 00:08:16.070 --> 00:08:16.080 align:start position:0% now um staking ETFs likely to happen 00:08:16.080 --> 00:08:17.749 align:start position:0% now um staking ETFs likely to happen under<00:08:16.319> Trump<00:08:16.639> there's<00:08:16.759> a<00:08:16.879> good<00:08:17.039> chance<00:08:17.360> coin<00:08:17.560> M 00:08:17.749 --> 00:08:17.759 align:start position:0% under Trump there's a good chance coin M 00:08:17.759 --> 00:08:19.390 align:start position:0% under Trump there's a good chance coin M Will<00:08:17.879> C<00:08:18.080> on<00:08:18.199> the<00:08:18.319> market 00:08:19.390 --> 00:08:19.400 align:start position:0% Will C on the market 00:08:19.400 --> 00:08:22.309 align:start position:0% Will C on the market here 00:08:22.309 --> 00:08:22.319 align:start position:0% here 00:08:22.319 --> 00:08:24.790 align:start position:0% here um<00:08:23.319> yeah<00:08:23.759> there's<00:08:24.000> you<00:08:24.120> know<00:08:24.319> us-based 00:08:24.790 --> 00:08:24.800 align:start position:0% um yeah there's you know us-based 00:08:24.800 --> 00:08:27.390 align:start position:0% um yeah there's you know us-based custodians<00:08:25.400> are<00:08:25.520> more<00:08:25.680> likely<00:08:25.919> to<00:08:26.039> be 00:08:27.390 --> 00:08:27.400 align:start position:0% custodians are more likely to be 00:08:27.400 --> 00:08:29.629 align:start position:0% custodians are more likely to be whitelisted<00:08:28.400> uh<00:08:28.479> if<00:08:28.560> you<00:08:28.680> look<00:08:28.800> at<00:08:28.960> Bitcoin 00:08:29.629 --> 00:08:29.639 align:start position:0% whitelisted uh if you look at Bitcoin 00:08:29.639 --> 00:08:31.790 align:start position:0% whitelisted uh if you look at Bitcoin out<00:08:29.759> of<00:08:29.840> 11<00:08:30.319> Bitcoin<00:08:30.680> ETFs<00:08:31.039> used<00:08:31.319> coinbase<00:08:31.680> as 00:08:31.790 --> 00:08:31.800 align:start position:0% out of 11 Bitcoin ETFs used coinbase as 00:08:31.800 --> 00:08:33.230 align:start position:0% out of 11 Bitcoin ETFs used coinbase as their<00:08:32.000> custodian<00:08:32.519> this<00:08:32.599> is<00:08:32.680> a<00:08:32.800> pattern<00:08:33.120> that 00:08:33.230 --> 00:08:33.240 align:start position:0% their custodian this is a pattern that 00:08:33.240 --> 00:08:37.550 align:start position:0% their custodian this is a pattern that is<00:08:33.479> likely<00:08:34.000> to<00:08:35.000> repeat<00:08:35.440> with 00:08:37.550 --> 00:08:37.560 align:start position:0% is likely to repeat with 00:08:37.560 --> 00:08:39.949 align:start position:0% is likely to repeat with E<00:08:38.560> the<00:08:38.640> switching<00:08:39.080> cost<00:08:39.279> of<00:08:39.399> moving<00:08:39.680> capital 00:08:39.949 --> 00:08:39.959 align:start position:0% E the switching cost of moving capital 00:08:39.959 --> 00:08:41.550 align:start position:0% E the switching cost of moving capital on<00:08:40.080> chain<00:08:40.320> is<00:08:40.479> extremely<00:08:40.919> low<00:08:41.159> compared<00:08:41.479> to 00:08:41.550 --> 00:08:41.560 align:start position:0% on chain is extremely low compared to 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align:start position:0% means if staking yield drops below a 00:08:49.000 --> 00:08:50.710 align:start position:0% means if staking yield drops below a certain<00:08:49.240> point<00:08:49.480> onchain<00:08:49.920> Capital<00:08:50.200> will<00:08:50.320> leave 00:08:50.710 --> 00:08:50.720 align:start position:0% certain point onchain Capital will leave 00:08:50.720 --> 00:08:53.030 align:start position:0% certain point onchain Capital will leave higher<00:08:50.920> yields<00:08:51.279> in<00:08:51.519> in<00:08:51.640> defi<00:08:52.399> that's<00:08:52.640> unlikely 00:08:53.030 --> 00:08:53.040 align:start position:0% higher yields in in defi that's unlikely 00:08:53.040 --> 00:08:54.750 align:start position:0% higher yields in in defi that's unlikely to<00:08:53.200> happen<00:08:53.480> on<00:08:53.600> an 00:08:54.750 --> 00:08:54.760 align:start position:0% to happen on an 00:08:54.760 --> 00:08:57.310 align:start position:0% to happen on an exchange<00:08:55.760> um<00:08:55.959> in<00:08:56.080> more<00:08:56.279> sort<00:08:56.440> of<00:08:56.600> technical 00:08:57.310 --> 00:08:57.320 align:start position:0% exchange um in more sort of technical 00:08:57.320 --> 00:08:58.910 align:start position:0% exchange um in more sort of technical language<00:08:57.800> centralized<00:08:58.279> custodians<00:08:58.760> are 00:08:58.910 --> 00:08:58.920 align:start position:0% language centralized custodians are 00:08:58.920 --> 00:09:00.230 align:start position:0% language centralized custodians are likely<00:08:59.120> to<00:08:59.200> have<00:08:59.279> a<00:08:59.440> a<00:08:59.519> much<00:08:59.680> lower<00:08:59.920> supply 00:09:00.230 --> 00:09:00.240 align:start position:0% likely to have a a much lower supply 00:09:00.240 --> 00:09:03.110 align:start position:0% likely to have a a much lower supply curve<00:09:00.519> than<00:09:00.720> decentralized 00:09:03.110 --> 00:09:03.120 align:start position:0% curve than decentralized 00:09:03.120 --> 00:09:05.389 align:start position:0% curve than decentralized pools<00:09:04.120> all<00:09:04.360> this<00:09:04.480> means<00:09:04.720> that<00:09:04.880> there's<00:09:05.040> a<00:09:05.160> real 00:09:05.389 --> 00:09:05.399 align:start position:0% pools all this means that there's a real 00:09:05.399 --> 00:09:07.230 align:start position:0% pools all this means that there's a real possibility<00:09:05.839> that<00:09:05.959> staking<00:09:06.360> ETFs<00:09:06.880> combined 00:09:07.230 --> 00:09:07.240 align:start position:0% possibility that staking ETFs combined 00:09:07.240 --> 00:09:09.710 align:start position:0% possibility that staking ETFs combined with<00:09:07.440> issuance<00:09:07.959> Cuts<00:09:08.959> could<00:09:09.279> think<00:09:09.480> of<00:09:09.600> this 00:09:09.710 --> 00:09:09.720 align:start position:0% with issuance Cuts could think of this 00:09:09.720 --> 00:09:11.870 align:start position:0% with issuance Cuts could think of this as<00:09:09.800> an<00:09:10.160> accelerant<00:09:11.160> uh<00:09:11.240> leads<00:09:11.519> to<00:09:11.680> one 00:09:11.870 --> 00:09:11.880 align:start position:0% as an accelerant uh leads to one 00:09:11.880 --> 00:09:15.069 align:start position:0% as an accelerant uh leads to one custodian<00:09:12.399> controlling<00:09:12.880> 51%<00:09:13.680> of<00:09:13.880> e<00:09:14.480> staked<00:09:15.000> a 00:09:15.069 --> 00:09:15.079 align:start position:0% custodian controlling 51% of e staked a 00:09:15.079 --> 00:09:16.670 align:start position:0% custodian controlling 51% of e staked a few<00:09:15.240> years<00:09:15.519> down<00:09:15.680> the 00:09:16.670 --> 00:09:16.680 align:start position:0% few years down the 00:09:16.680 --> 00:09:18.990 align:start position:0% few years down the line<00:09:17.680> uh<00:09:17.880> if<00:09:18.040> that<00:09:18.200> happens<00:09:18.519> you<00:09:18.600> can<00:09:18.760> probably 00:09:18.990 --> 00:09:19.000 align:start position:0% line uh if that happens you can probably 00:09:19.000 --> 00:09:21.350 align:start position:0% line uh if that happens you can probably say<00:09:19.240> goodbye<00:09:19.600> to<00:09:19.800> 's<00:09:20.160> monetary 00:09:21.350 --> 00:09:21.360 align:start position:0% say goodbye to 's monetary 00:09:21.360 --> 00:09:23.870 align:start position:0% say goodbye to 's monetary premium<00:09:22.360> um<00:09:22.720> and<00:09:22.880> since<00:09:23.079> this<00:09:23.320> custodian<00:09:23.760> has 00:09:23.870 --> 00:09:23.880 align:start position:0% premium um and since this custodian has 00:09:23.880 --> 00:09:25.430 align:start position:0% premium um and since this custodian has a<00:09:24.000> large<00:09:24.240> if<00:09:24.399> subtle<00:09:24.720> influence<00:09:25.120> over<00:09:25.320> the 00:09:25.430 --> 00:09:25.440 align:start position:0% a large if subtle influence over the 00:09:25.440 --> 00:09:27.710 align:start position:0% a large if subtle influence over the social<00:09:25.800> layer<00:09:26.519> it<00:09:26.640> will<00:09:26.760> be<00:09:27.000> very<00:09:27.480> difficult 00:09:27.710 --> 00:09:27.720 align:start position:0% social layer it will be very difficult 00:09:27.720 --> 00:09:29.550 align:start position:0% social layer it will be very difficult if<00:09:27.839> not<00:09:28.079> impossible<00:09:28.519> to<00:09:28.640> Fork<00:09:28.920> them<00:09:29.040> out<00:09:29.399> did 00:09:29.550 --> 00:09:29.560 align:start position:0% if not impossible to Fork them out did 00:09:29.560 --> 00:09:31.389 align:start position:0% if not impossible to Fork them out did something<00:09:29.839> go 00:09:31.389 --> 00:09:31.399 align:start position:0% something go 00:09:31.399 --> 00:09:33.870 align:start position:0% something go wrong<00:09:32.399> so<00:09:32.600> before<00:09:32.800> I<00:09:32.920> come<00:09:33.040> to<00:09:33.200> some<00:09:33.360> synthesis 00:09:33.870 --> 00:09:33.880 align:start position:0% wrong so before I come to some synthesis 00:09:33.880 --> 00:09:36.590 align:start position:0% wrong so before I come to some synthesis right<00:09:33.959> I've<00:09:34.120> presented<00:09:34.560> one<00:09:35.240> thesis<00:09:36.160> short 00:09:36.590 --> 00:09:36.600 align:start position:0% right I've presented one thesis short 00:09:36.600 --> 00:09:39.190 align:start position:0% right I've presented one thesis short because<00:09:36.800> I<00:09:36.920> think<00:09:37.279> uh<00:09:37.640> there's<00:09:37.880> like<00:09:38.640> Casper 00:09:39.190 --> 00:09:39.200 align:start position:0% because I think uh there's like Casper 00:09:39.200 --> 00:09:40.750 align:start position:0% because I think uh there's like Casper Ansgar<00:09:39.640> Anders<00:09:39.959> have<00:09:40.079> done<00:09:40.200> a<00:09:40.279> good<00:09:40.440> job<00:09:40.600> of 00:09:40.750 --> 00:09:40.760 align:start position:0% Ansgar Anders have done a good job of 00:09:40.760 --> 00:09:42.550 align:start position:0% Ansgar Anders have done a good job of presenting<00:09:41.160> that<00:09:41.399> well<00:09:41.959> I've<00:09:42.120> presented<00:09:42.440> the 00:09:42.550 --> 00:09:42.560 align:start position:0% presenting that well I've presented the 00:09:42.560 --> 00:09:44.230 align:start position:0% presenting that well I've presented the anti<00:09:42.839> fees<00:09:43.160> in<00:09:43.279> a<00:09:43.440> long<00:09:43.640> way<00:09:43.880> because<00:09:44.040> I<00:09:44.120> don't 00:09:44.230 --> 00:09:44.240 align:start position:0% anti fees in a long way because I don't 00:09:44.240 --> 00:09:46.630 align:start position:0% anti fees in a long way because I don't think<00:09:44.360> it's<00:09:44.519> been<00:09:44.720> presented<00:09:45.480> before<00:09:46.480> before 00:09:46.630 --> 00:09:46.640 align:start position:0% think it's been presented before before 00:09:46.640 --> 00:09:48.389 align:start position:0% think it's been presented before before we<00:09:46.760> come<00:09:46.880> to<00:09:47.000> a<00:09:47.120> synthesis<00:09:47.600> I<00:09:47.680> want<00:09:47.800> to<00:09:47.959> do<00:09:48.240> a 00:09:48.389 --> 00:09:48.399 align:start position:0% we come to a synthesis I want to do a 00:09:48.399 --> 00:09:50.310 align:start position:0% we come to a synthesis I want to do a double<00:09:48.680> click<00:09:48.880> on<00:09:49.079> how<00:09:49.200> a<00:09:49.440> strong<00:09:49.560> LST<00:09:50.079> adds 00:09:50.310 --> 00:09:50.320 align:start position:0% double click on how a strong LST adds 00:09:50.320 --> 00:09:51.710 align:start position:0% double click on how a strong LST adds value<00:09:50.560> to 00:09:51.710 --> 00:09:51.720 align:start position:0% value to 00:09:51.720 --> 00:09:53.750 align:start position:0% value to ethereum<00:09:52.720> the<00:09:52.880> main<00:09:53.120> I<00:09:53.200> mean<00:09:53.519> there<00:09:53.600> are 00:09:53.750 --> 00:09:53.760 align:start position:0% ethereum the main I mean there are 00:09:53.760 --> 00:09:55.190 align:start position:0% ethereum the main I mean there are multiple<00:09:54.160> lenses<00:09:54.480> through<00:09:54.720> this<00:09:54.880> but<00:09:54.959> the<00:09:55.079> one 00:09:55.190 --> 00:09:55.200 align:start position:0% multiple lenses through this but the one 00:09:55.200 --> 00:09:58.069 align:start position:0% multiple lenses through this but the one I<00:09:55.279> want<00:09:55.399> to<00:09:55.560> focus<00:09:55.839> on<00:09:56.040> is<00:09:56.240> jurisdictional 00:09:58.069 --> 00:09:58.079 align:start position:0% I want to focus on is jurisdictional 00:09:58.079 --> 00:10:01.389 align:start position:0% I want to focus on is jurisdictional dispersion<00:09:59.079> so<00:09:59.399> so<00:10:00.000> almost<00:10:00.320> 20%<00:10:00.920> of<00:10:01.200> light 00:10:01.389 --> 00:10:01.399 align:start position:0% dispersion so so almost 20% of light 00:10:01.399 --> 00:10:03.710 align:start position:0% dispersion so so almost 20% of light owned<00:10:01.720> operate<00:10:02.120> owned<00:10:02.399> operators<00:10:02.839> are<00:10:03.480> um 00:10:03.710 --> 00:10:03.720 align:start position:0% owned operate owned operators are um 00:10:03.720 --> 00:10:05.790 align:start position:0% owned operate owned operators are um domiciled<00:10:04.320> in<00:10:04.480> APAC<00:10:04.959> countries<00:10:05.440> that's<00:10:05.640> sort 00:10:05.790 --> 00:10:05.800 align:start position:0% domiciled in APAC countries that's sort 00:10:05.800 --> 00:10:08.910 align:start position:0% domiciled in APAC countries that's sort of<00:10:05.920> Hong<00:10:06.160> Kong<00:10:06.440> Singapore<00:10:06.920> Australia<00:10:07.480> South 00:10:08.910 --> 00:10:08.920 align:start position:0% of Hong Kong Singapore Australia South 00:10:08.920 --> 00:10:11.829 align:start position:0% of Hong Kong Singapore Australia South Korea<00:10:09.920> um<00:10:10.360> and<00:10:10.560> while<00:10:11.000> Europe<00:10:11.320> compromises 00:10:11.829 --> 00:10:11.839 align:start position:0% Korea um and while Europe compromises 00:10:11.839 --> 00:10:13.949 align:start position:0% Korea um and while Europe compromises nearly<00:10:12.120> 60%<00:10:12.640> of<00:10:12.760> the<00:10:13.000> 60%<00:10:13.480> of<00:10:13.560> the<00:10:13.680> total 00:10:13.949 --> 00:10:13.959 align:start position:0% nearly 60% of the 60% of the total 00:10:13.959 --> 00:10:15.990 align:start position:0% nearly 60% of the 60% of the total two-thirds<00:10:14.480> of<00:10:14.600> these<00:10:14.720> are<00:10:14.880> actually<00:10:15.040> non-e 00:10:15.990 --> 00:10:16.000 align:start position:0% two-thirds of these are actually non-e 00:10:16.000 --> 00:10:17.870 align:start position:0% two-thirds of these are actually non-e right<00:10:16.600> so<00:10:16.839> this<00:10:17.000> includes<00:10:17.399> countries<00:10:17.720> like 00:10:17.870 --> 00:10:17.880 align:start position:0% right so this includes countries like 00:10:17.880 --> 00:10:20.750 align:start position:0% right so this includes countries like BVI<00:10:18.320> Cayman<00:10:18.680> Islands 00:10:20.750 --> 00:10:20.760 align:start position:0% BVI Cayman Islands 00:10:20.760 --> 00:10:24.750 align:start position:0% BVI Cayman Islands Etc<00:10:21.760> so<00:10:22.000> 60%<00:10:22.640> in<00:10:22.800> total<00:10:23.040> we<00:10:23.160> have<00:10:23.360> 60%<00:10:24.040> non-eu 00:10:24.750 --> 00:10:24.760 align:start position:0% Etc so 60% in total we have 60% non-eu 00:10:24.760 --> 00:10:26.590 align:start position:0% Etc so 60% in total we have 60% non-eu and<00:10:24.959> non<00:10:25.240> us<00:10:25.560> nodes<00:10:26.000> which<00:10:26.079> is<00:10:26.200> a<00:10:26.360> pretty 00:10:26.590 --> 00:10:26.600 align:start position:0% and non us nodes which is a pretty 00:10:26.600 --> 00:10:28.590 align:start position:0% and non us nodes which is a pretty resilient<00:10:27.079> distribution<00:10:28.000> especially 00:10:28.590 --> 00:10:28.600 align:start position:0% resilient distribution especially 00:10:28.600 --> 00:10:30.870 align:start position:0% resilient distribution especially compared<00:10:28.920> to<00:10:29.040> an<00:10:29.320> eum<00:10:29.600> without 00:10:30.870 --> 00:10:30.880 align:start position:0% compared to an eum without 00:10:30.880 --> 00:10:33.870 align:start position:0% compared to an eum without Lio<00:10:31.880> if<00:10:31.959> you<00:10:32.200> look<00:10:32.519> at<00:10:33.200> sort<00:10:33.360> of<00:10:33.680> a 00:10:33.870 --> 00:10:33.880 align:start position:0% Lio if you look at sort of a 00:10:33.880 --> 00:10:36.069 align:start position:0% Lio if you look at sort of a distribution<00:10:34.480> of<00:10:34.600> ethereum<00:10:35.000> nodes<00:10:35.279> you<00:10:35.399> see<00:10:35.920> a 00:10:36.069 --> 00:10:36.079 align:start position:0% distribution of ethereum nodes you see a 00:10:36.079 --> 00:10:39.670 align:start position:0% distribution of ethereum nodes you see a real<00:10:36.399> concentration<00:10:37.160> in<00:10:37.480> the<00:10:37.639> US<00:10:38.279> and<00:10:38.760> Europe 00:10:39.670 --> 00:10:39.680 align:start position:0% real concentration in the US and Europe 00:10:39.680 --> 00:10:40.990 align:start position:0% real concentration in the US and Europe especially<00:10:40.120> the 00:10:40.990 --> 00:10:41.000 align:start position:0% especially the 00:10:41.000 --> 00:10:44.590 align:start position:0% especially the EU<00:10:42.120> um<00:10:43.120> sort<00:10:43.360> of<00:10:43.560> according<00:10:43.839> to<00:10:44.000> eepa<00:10:44.320> noes 00:10:44.590 --> 00:10:44.600 align:start position:0% EU um sort of according to eepa noes 00:10:44.600 --> 00:10:46.470 align:start position:0% EU um sort of according to eepa noes like<00:10:44.720> more<00:10:44.839> than<00:10:44.959> 66%<00:10:45.720> of<00:10:45.839> AUM<00:10:46.200> nodes<00:10:46.399> are 00:10:46.470 --> 00:10:46.480 align:start position:0% like more than 66% of AUM nodes are 00:10:46.480 --> 00:10:48.509 align:start position:0% like more than 66% of AUM nodes are based<00:10:46.720> in<00:10:46.839> either<00:10:47.040> the<00:10:47.160> e<00:10:47.560> or<00:10:47.720> the<00:10:47.839> EU<00:10:48.360> so 00:10:48.509 --> 00:10:48.519 align:start position:0% based in either the e or the EU so 00:10:48.519 --> 00:10:50.350 align:start position:0% based in either the e or the EU so that's<00:10:48.760> significantly<00:10:49.360> worse<00:10:49.639> than<00:10:49.760> Lio<00:10:50.120> and 00:10:50.350 --> 00:10:50.360 align:start position:0% that's significantly worse than Lio and 00:10:50.360 --> 00:10:55.190 align:start position:0% that's significantly worse than Lio and very<00:10:50.720> prone<00:10:51.360> to<00:10:51.920> geopolitical<00:10:52.920> uh 00:10:55.190 --> 00:10:55.200 align:start position:0% 00:10:55.200 --> 00:10:57.870 align:start position:0% sensorship<00:10:56.200> um<00:10:56.600> I<00:10:56.680> think<00:10:56.880> if<00:10:57.240> Li<00:10:57.560> is<00:10:57.639> doing 00:10:57.870 --> 00:10:57.880 align:start position:0% sensorship um I think if Li is doing 00:10:57.880 --> 00:10:59.710 align:start position:0% sensorship um I think if Li is doing well<00:10:58.040> but<00:10:58.160> if<00:10:58.279> it<00:10:58.360> can<00:10:58.519> get<00:10:58.639> to<00:10:58.839> five<00:10:59.000> to<00:10:59.320> 10% 00:10:59.710 --> 00:10:59.720 align:start position:0% well but if it can get to five to 10% 00:10:59.720 --> 00:11:01.790 align:start position:0% well but if it can get to five to 10% representation<00:11:00.399> from<00:11:00.639> both<00:11:00.839> laam<00:11:01.279> and<00:11:01.440> Africa 00:11:01.790 --> 00:11:01.800 align:start position:0% representation from both laam and Africa 00:11:01.800 --> 00:11:03.030 align:start position:0% representation from both laam and Africa that<00:11:01.920> would<00:11:02.040> be<00:11:02.240> perfect<00:11:02.560> and<00:11:02.720> I<00:11:02.800> think<00:11:02.959> we 00:11:03.030 --> 00:11:03.040 align:start position:0% that would be perfect and I think we 00:11:03.040 --> 00:11:05.150 align:start position:0% that would be perfect and I think we should<00:11:03.240> make<00:11:03.440> that<00:11:03.600> an 00:11:05.150 --> 00:11:05.160 align:start position:0% should make that an 00:11:05.160 --> 00:11:07.710 align:start position:0% should make that an objective<00:11:06.160> this<00:11:06.240> is<00:11:06.360> a<00:11:06.560> picture<00:11:06.920> from<00:11:07.440> uh<00:11:07.600> a 00:11:07.710 --> 00:11:07.720 align:start position:0% objective this is a picture from uh a 00:11:07.720 --> 00:11:10.310 align:start position:0% objective this is a picture from uh a couple<00:11:08.079> days<00:11:08.320> ago<00:11:08.760> from<00:11:09.000> a<00:11:09.200> Lio<00:11:09.920> Community 00:11:10.310 --> 00:11:10.320 align:start position:0% couple days ago from a Lio Community 00:11:10.320 --> 00:11:13.110 align:start position:0% couple days ago from a Lio Community staking<00:11:10.959> Meetup<00:11:11.760> these<00:11:11.920> are<00:11:12.079> kind<00:11:12.200> of<00:11:12.360> 11 00:11:13.110 --> 00:11:13.120 align:start position:0% staking Meetup these are kind of 11 00:11:13.120 --> 00:11:15.350 align:start position:0% staking Meetup these are kind of 11 leaders<00:11:13.600> within<00:11:13.920> the<00:11:14.160> Lio<00:11:14.519> Community<00:11:14.839> stakers 00:11:15.350 --> 00:11:15.360 align:start position:0% leaders within the Lio Community stakers 00:11:15.360 --> 00:11:17.470 align:start position:0% leaders within the Lio Community stakers from<00:11:15.519> 11<00:11:15.839> different<00:11:16.079> countries<00:11:17.079> all<00:11:17.200> running 00:11:17.470 --> 00:11:17.480 align:start position:0% from 11 different countries all running 00:11:17.480 --> 00:11:20.190 align:start position:0% from 11 different countries all running their<00:11:17.639> own 00:11:20.190 --> 00:11:20.200 align:start position:0% 00:11:20.200 --> 00:11:26.750 align:start position:0% loads<00:11:21.200> okay<00:11:22.079> so<00:11:22.279> how<00:11:22.399> do<00:11:22.519> we<00:11:22.639> find<00:11:22.760> a<00:11:22.920> symphysis 00:11:26.750 --> 00:11:26.760 align:start position:0% 00:11:26.760 --> 00:11:31.590 align:start position:0% here<00:11:27.760> I<00:11:27.880> think<00:11:28.079> we<00:11:28.279> have<00:11:28.399> to<00:11:28.680> start<00:11:29.120> by<00:11:29.440> by<00:11:30.600> um 00:11:31.590 --> 00:11:31.600 align:start position:0% here I think we have to start by by um 00:11:31.600 --> 00:11:34.509 align:start position:0% here I think we have to start by by um pushing<00:11:32.040> back<00:11:32.200> on<00:11:32.399> the<00:11:32.560> myopic<00:11:33.279> focus<00:11:34.240> of 00:11:34.509 --> 00:11:34.519 align:start position:0% pushing back on the myopic focus of 00:11:34.519 --> 00:11:36.829 align:start position:0% pushing back on the myopic focus of solar<00:11:34.920> stakers<00:11:35.800> so<00:11:36.079> I 00:11:36.829 --> 00:11:36.839 align:start position:0% solar stakers so I 00:11:36.839 --> 00:11:39.310 align:start position:0% solar stakers so I mean<00:11:37.839> um<00:11:38.160> one<00:11:38.360> way<00:11:38.480> of<00:11:38.600> looking<00:11:38.800> at<00:11:38.959> this<00:11:39.079> is<00:11:39.200> I 00:11:39.310 --> 00:11:39.320 align:start position:0% mean um one way of looking at this is I 00:11:39.320 --> 00:11:41.389 align:start position:0% mean um one way of looking at this is I agree<00:11:39.519> with<00:11:39.680> Anders<00:11:40.279> his<00:11:40.519> point<00:11:40.920> and<00:11:41.200> his 00:11:41.389 --> 00:11:41.399 align:start position:0% agree with Anders his point and his 00:11:41.399 --> 00:11:44.670 align:start position:0% agree with Anders his point and his point<00:11:41.839> is<00:11:42.839> um<00:11:43.079> focusing<00:11:43.480> on<00:11:43.760> if<00:11:43.920> solo<00:11:44.279> stakers 00:11:44.670 --> 00:11:44.680 align:start position:0% point is um focusing on if solo stakers 00:11:44.680 --> 00:11:45.470 align:start position:0% point is um focusing on if solo stakers might 00:11:45.470 --> 00:11:45.480 align:start position:0% might 00:11:45.480 --> 00:11:48.110 align:start position:0% might solo<00:11:46.480> uh<00:11:46.680> might<00:11:46.880> stop<00:11:47.200> solo<00:11:47.560> staking<00:11:47.880> to<00:11:48.000> a 00:11:48.110 --> 00:11:48.120 align:start position:0% solo uh might stop solo staking to a 00:11:48.120 --> 00:11:49.829 align:start position:0% solo uh might stop solo staking to a higher<00:11:48.360> degree<00:11:48.680> than<00:11:48.839> delegating<00:11:49.279> stakers<00:11:49.720> at 00:11:49.829 --> 00:11:49.839 align:start position:0% higher degree than delegating stakers at 00:11:49.839 --> 00:11:51.430 align:start position:0% higher degree than delegating stakers at some<00:11:50.040> specific<00:11:50.320> yeld<00:11:50.560> is<00:11:50.760> more<00:11:50.959> important 00:11:51.430 --> 00:11:51.440 align:start position:0% some specific yeld is more important 00:11:51.440 --> 00:11:53.870 align:start position:0% some specific yeld is more important than<00:11:51.600> if<00:11:51.720> they<00:11:51.839> change 00:11:53.870 --> 00:11:53.880 align:start position:0% than if they change 00:11:53.880 --> 00:11:56.069 align:start position:0% than if they change modality<00:11:54.880> yes<00:11:55.320> so<00:11:55.680> stakers<00:11:55.959> are 00:11:56.069 --> 00:11:56.079 align:start position:0% modality yes so stakers are 00:11:56.079 --> 00:11:58.750 align:start position:0% modality yes so stakers are indispensable<00:11:56.639> and<00:11:56.760> we<00:11:56.880> need<00:11:57.040> more<00:11:57.200> of<00:11:57.760> them 00:11:58.750 --> 00:11:58.760 align:start position:0% indispensable and we need more of them 00:11:58.760 --> 00:12:00.870 align:start position:0% indispensable and we need more of them but<00:11:59.040> the<00:11:59.240> the<00:11:59.360> overarching<00:11:59.880> emphasis<00:12:00.320> on<00:12:00.560> this 00:12:00.870 --> 00:12:00.880 align:start position:0% but the the overarching emphasis on this 00:12:00.880 --> 00:12:03.069 align:start position:0% but the the overarching emphasis on this I<00:12:00.959> think<00:12:01.120> is<00:12:01.279> missing<00:12:01.600> half<00:12:01.800> the 00:12:03.069 --> 00:12:03.079 align:start position:0% I think is missing half the 00:12:03.079 --> 00:12:04.670 align:start position:0% I think is missing half the story 00:12:04.670 --> 00:12:04.680 align:start position:0% story 00:12:04.680 --> 00:12:07.470 align:start position:0% story and<00:12:05.680> one<00:12:05.880> way<00:12:06.000> to<00:12:06.200> reformulate<00:12:06.920> this<00:12:07.120> is<00:12:07.320> we 00:12:07.470 --> 00:12:07.480 align:start position:0% and one way to reformulate this is we 00:12:07.480 --> 00:12:09.550 align:start position:0% and one way to reformulate this is we need<00:12:07.639> to<00:12:07.880> if<00:12:07.959> we<00:12:08.160> care<00:12:08.440> about<00:12:08.839> using<00:12:09.160> issuance 00:12:09.550 --> 00:12:09.560 align:start position:0% need to if we care about using issuance 00:12:09.560 --> 00:12:11.990 align:start position:0% need to if we care about using issuance to<00:12:09.760> improve<00:12:10.600> geopolitical<00:12:11.240> decentralization 00:12:11.990 --> 00:12:12.000 align:start position:0% to improve geopolitical decentralization 00:12:12.000 --> 00:12:14.069 align:start position:0% to improve geopolitical decentralization of<00:12:12.120> the<00:12:12.240> underlying<00:12:12.639> nodes<00:12:13.360> we<00:12:13.480> need<00:12:13.639> to<00:12:13.800> pay 00:12:14.069 --> 00:12:14.079 align:start position:0% of the underlying nodes we need to pay 00:12:14.079 --> 00:12:15.590 align:start position:0% of the underlying nodes we need to pay just<00:12:14.240> as<00:12:14.399> much<00:12:14.600> attention<00:12:14.880> to<00:12:15.079> who<00:12:15.279> or<00:12:15.399> not 00:12:15.590 --> 00:12:15.600 align:start position:0% just as much attention to who or not 00:12:15.600 --> 00:12:18.629 align:start position:0% just as much attention to who or not onchain<00:12:16.240> delegating<00:12:17.079> stakers<00:12:18.079> might<00:12:18.320> stop 00:12:18.629 --> 00:12:18.639 align:start position:0% onchain delegating stakers might stop 00:12:18.639 --> 00:12:21.110 align:start position:0% onchain delegating stakers might stop staking<00:12:19.320> to<00:12:19.480> a<00:12:19.680> higher<00:12:19.959> degree<00:12:20.720> than<00:12:20.959> those 00:12:21.110 --> 00:12:21.120 align:start position:0% staking to a higher degree than those 00:12:21.120 --> 00:12:23.750 align:start position:0% staking to a higher degree than those holding<00:12:21.480> their<00:12:21.680> e<00:12:22.000> on<00:12:22.240> exchanges<00:12:23.199> at<00:12:23.360> some 00:12:23.750 --> 00:12:23.760 align:start position:0% holding their e on exchanges at some 00:12:23.760 --> 00:12:26.670 align:start position:0% holding their e on exchanges at some specific<00:12:24.240> yield<00:12:25.240> I<00:12:25.360> know<00:12:25.480> that's<00:12:25.600> a<00:12:25.760> mouthful 00:12:26.670 --> 00:12:26.680 align:start position:0% specific yield I know that's a mouthful 00:12:26.680 --> 00:12:29.990 align:start position:0% specific yield I know that's a mouthful um<00:12:27.600> bear<00:12:27.839> with<00:12:28.160> me<00:12:29.199> in<00:12:29.320> other<00:12:29.519> words<00:12:29.920> the 00:12:29.990 --> 00:12:30.000 align:start position:0% um bear with me in other words the 00:12:30.000 --> 00:12:31.430 align:start position:0% um bear with me in other words the answer<00:12:30.279> we're<00:12:30.440> looking<00:12:30.639> for<00:12:30.839> really<00:12:31.040> balls 00:12:31.430 --> 00:12:31.440 align:start position:0% answer we're looking for really balls 00:12:31.440 --> 00:12:32.829 align:start position:0% answer we're looking for really balls down<00:12:31.560> to<00:12:31.720> the<00:12:31.839> shape<00:12:32.079> of<00:12:32.240> the<00:12:32.399> respective 00:12:32.829 --> 00:12:32.839 align:start position:0% down to the shape of the respective 00:12:32.839 --> 00:12:34.509 align:start position:0% down to the shape of the respective Supply<00:12:33.360> Supply<00:12:33.680> curves<00:12:33.920> of<00:12:34.120> different<00:12:34.320> types 00:12:34.509 --> 00:12:34.519 align:start position:0% Supply Supply curves of different types 00:12:34.519 --> 00:12:37.189 align:start position:0% Supply Supply curves of different types of<00:12:34.680> operators<00:12:35.079> in<00:12:35.279> question<00:12:36.079> again<00:12:36.760> technical 00:12:37.189 --> 00:12:37.199 align:start position:0% of operators in question again technical 00:12:37.199 --> 00:12:39.509 align:start position:0% of operators in question again technical jargon<00:12:37.639> but<00:12:37.839> I'm<00:12:38.120> kind<00:12:38.240> of<00:12:38.360> addressing<00:12:38.920> two 00:12:39.509 --> 00:12:39.519 align:start position:0% jargon but I'm kind of addressing two 00:12:39.519 --> 00:12:41.320 align:start position:0% jargon but I'm kind of addressing two audiences<00:12:40.320> here 00:12:41.320 --> 00:12:41.330 align:start position:0% audiences here 00:12:41.330 --> 00:12:43.389 align:start position:0% audiences here [Music] 00:12:43.389 --> 00:12:43.399 align:start position:0% [Music] 00:12:43.399 --> 00:12:46.189 align:start position:0% [Music] um<00:12:44.399> this<00:12:44.880> way<00:12:45.160> of<00:12:45.320> looking<00:12:45.560> at<00:12:45.720> things<00:12:45.959> I<00:12:46.040> think 00:12:46.189 --> 00:12:46.199 align:start position:0% um this way of looking at things I think 00:12:46.199 --> 00:12:48.990 align:start position:0% um this way of looking at things I think was<00:12:46.440> extremely<00:12:47.199> well<00:12:47.720> formulated<00:12:48.399> by<00:12:48.519> Barnaby 00:12:48.990 --> 00:12:49.000 align:start position:0% was extremely well formulated by Barnaby 00:12:49.000 --> 00:12:51.110 align:start position:0% was extremely well formulated by Barnaby back<00:12:49.160> in<00:12:49.320> February<00:12:49.959> so<00:12:50.240> the<00:12:50.440> sort<00:12:50.600> of<00:12:50.880> the<00:12:51.000> way 00:12:51.110 --> 00:12:51.120 align:start position:0% back in February so the sort of the way 00:12:51.120 --> 00:12:52.870 align:start position:0% back in February so the sort of the way he<00:12:51.279> broke<00:12:51.600> this<00:12:51.800> down<00:12:52.000> into<00:12:52.279> the<00:12:52.440> questions<00:12:52.800> we 00:12:52.870 --> 00:12:52.880 align:start position:0% he broke this down into the questions we 00:12:52.880 --> 00:12:55.509 align:start position:0% he broke this down into the questions we should<00:12:53.160> be<00:12:53.360> asking<00:12:53.680> ourselves<00:12:54.199> I<00:12:54.320> think<00:12:54.600> was 00:12:55.509 --> 00:12:55.519 align:start position:0% should be asking ourselves I think was 00:12:55.519 --> 00:12:58.790 align:start position:0% should be asking ourselves I think was um<00:12:56.519> was<00:12:57.040> beautiful<00:12:57.600> and<00:12:57.839> and<00:12:58.199> extremely<00:12:58.600> on 00:12:58.790 --> 00:12:58.800 align:start position:0% um was beautiful and and extremely on 00:12:58.800 --> 00:13:00.300 align:start position:0% um was beautiful and and extremely on point 00:13:00.300 --> 00:13:00.310 align:start position:0% point 00:13:00.310 --> 00:13:01.470 align:start position:0% point [Music] 00:13:01.470 --> 00:13:01.480 align:start position:0% [Music] 00:13:01.480 --> 00:13:06.310 align:start position:0% [Music] um<00:13:02.480> having<00:13:02.800> said<00:13:03.120> that<00:13:03.760> I<00:13:04.240> don't<00:13:04.600> think<00:13:05.000> anyone 00:13:06.310 --> 00:13:06.320 align:start position:0% um having said that I don't think anyone 00:13:06.320 --> 00:13:10.509 align:start position:0% um having said that I don't think anyone has<00:13:07.320> quite<00:13:08.040> answered<00:13:09.040> uh<00:13:09.360> these<00:13:09.680> questions 00:13:10.509 --> 00:13:10.519 align:start position:0% has quite answered uh these questions 00:13:10.519 --> 00:13:12.470 align:start position:0% has quite answered uh these questions and<00:13:10.639> there<00:13:10.760> are<00:13:11.040> different<00:13:11.440> groups<00:13:11.880> working 00:13:12.470 --> 00:13:12.480 align:start position:0% and there are different groups working 00:13:12.480 --> 00:13:15.269 align:start position:0% and there are different groups working on<00:13:12.959> looking<00:13:13.279> at<00:13:13.440> the<00:13:13.560> supply<00:13:14.040> side<00:13:14.760> but<00:13:15.040> none 00:13:15.269 --> 00:13:15.279 align:start position:0% on looking at the supply side but none 00:13:15.279 --> 00:13:18.670 align:start position:0% on looking at the supply side but none of<00:13:15.399> them<00:13:15.560> to<00:13:15.720> my<00:13:15.839> knowledge<00:13:16.160> are<00:13:16.600> actually<00:13:17.600> um 00:13:18.670 --> 00:13:18.680 align:start position:0% of them to my knowledge are actually um 00:13:18.680 --> 00:13:21.110 align:start position:0% of them to my knowledge are actually um specifically<00:13:19.680> looking<00:13:20.279> at<00:13:20.519> answering<00:13:21.000> the 00:13:21.110 --> 00:13:21.120 align:start position:0% specifically looking at answering the 00:13:21.120 --> 00:13:24.069 align:start position:0% specifically looking at answering the way<00:13:21.320> barab<00:13:21.760> has<00:13:21.880> framed<00:13:22.240> this 00:13:24.069 --> 00:13:24.079 align:start position:0% way barab has framed this 00:13:24.079 --> 00:13:26.310 align:start position:0% way barab has framed this problem<00:13:25.079> and<00:13:25.240> I<00:13:25.320> think<00:13:25.519> without<00:13:25.839> this<00:13:25.959> sort<00:13:26.120> of 00:13:26.310 --> 00:13:26.320 align:start position:0% problem and I think without this sort of 00:13:26.320 --> 00:13:28.430 align:start position:0% problem and I think without this sort of analysis<00:13:26.800> we<00:13:26.959> can't<00:13:27.360> really<00:13:27.639> be<00:13:27.839> sure<00:13:28.240> whether 00:13:28.430 --> 00:13:28.440 align:start position:0% analysis we can't really be sure whether 00:13:28.440 --> 00:13:31.350 align:start position:0% analysis we can't really be sure whether or<00:13:28.639> not<00:13:29.240> um<00:13:29.560> enforcing<00:13:30.000> an<00:13:30.360> equilibrium 00:13:31.350 --> 00:13:31.360 align:start position:0% or not um enforcing an equilibrium 00:13:31.360 --> 00:13:34.389 align:start position:0% or not um enforcing an equilibrium according<00:13:31.800> to<00:13:32.600> uh<00:13:33.240> you 00:13:34.389 --> 00:13:34.399 align:start position:0% according to uh you 00:13:34.399 --> 00:13:36.590 align:start position:0% according to uh you know<00:13:35.399> here<00:13:35.560> I'm<00:13:35.680> focusing<00:13:35.959> on<00:13:36.120> and<00:13:36.320> as's 00:13:36.590 --> 00:13:36.600 align:start position:0% know here I'm focusing on and as's 00:13:36.600 --> 00:13:38.389 align:start position:0% know here I'm focusing on and as's practical<00:13:36.920> end<00:13:37.160> game<00:13:37.720> we<00:13:37.880> can't<00:13:38.079> really<00:13:38.279> be 00:13:38.389 --> 00:13:38.399 align:start position:0% practical end game we can't really be 00:13:38.399 --> 00:13:39.389 align:start position:0% practical end game we can't really be sure<00:13:38.680> whether<00:13:38.920> this<00:13:39.000> will<00:13:39.160> have<00:13:39.279> a 00:13:39.389 --> 00:13:39.399 align:start position:0% sure whether this will have a 00:13:39.399 --> 00:13:40.910 align:start position:0% sure whether this will have a significant<00:13:39.920> negative<00:13:40.360> impact<00:13:40.639> on<00:13:40.800> the 00:13:40.910 --> 00:13:40.920 align:start position:0% significant negative impact on the 00:13:40.920 --> 00:13:42.949 align:start position:0% significant negative impact on the composition<00:13:41.320> of<00:13:41.440> the<00:13:41.560> staking 00:13:42.949 --> 00:13:42.959 align:start position:0% composition of the staking 00:13:42.959 --> 00:13:46.189 align:start position:0% composition of the staking set<00:13:43.959> okay<00:13:44.160> so<00:13:44.320> what's<00:13:44.480> a<00:13:44.680> possible<00:13:45.120> path 00:13:46.189 --> 00:13:46.199 align:start position:0% set okay so what's a possible path 00:13:46.199 --> 00:13:49.350 align:start position:0% set okay so what's a possible path forward<00:13:47.199> I<00:13:47.320> have<00:13:47.519> six<00:13:47.760> minutes 00:13:49.350 --> 00:13:49.360 align:start position:0% forward I have six minutes 00:13:49.360 --> 00:13:52.030 align:start position:0% forward I have six minutes um<00:13:50.360> barring<00:13:50.800> enough<00:13:51.079> confidence<00:13:51.800> on<00:13:51.959> the 00:13:52.030 --> 00:13:52.040 align:start position:0% um barring enough confidence on the 00:13:52.040 --> 00:13:53.389 align:start position:0% um barring enough confidence on the shape<00:13:52.279> of<00:13:52.399> the<00:13:52.519> supply<00:13:52.800> cast<00:13:53.079> of<00:13:53.199> different 00:13:53.389 --> 00:13:53.399 align:start position:0% shape of the supply cast of different 00:13:53.399 --> 00:13:55.110 align:start position:0% shape of the supply cast of different types<00:13:53.600> of<00:13:53.759> operators<00:13:54.279> one<00:13:54.519> possible<00:13:54.920> path 00:13:55.110 --> 00:13:55.120 align:start position:0% types of operators one possible path 00:13:55.120 --> 00:13:56.910 align:start position:0% types of operators one possible path forward<00:13:55.639> as<00:13:55.759> I<00:13:55.839> see<00:13:56.040> it<00:13:56.120> today<00:13:56.360> is<00:13:56.480> to<00:13:56.680> build 00:13:56.910 --> 00:13:56.920 align:start position:0% forward as I see it today is to build 00:13:56.920 --> 00:13:58.670 align:start position:0% forward as I see it today is to build off<00:13:57.120> anders'<00:13:57.639> latest<00:13:57.959> practical<00:13:58.279> endgame 00:13:58.670 --> 00:13:58.680 align:start position:0% off anders' latest practical endgame 00:13:58.680 --> 00:13:59.749 align:start position:0% off anders' latest practical endgame proposal 00:13:59.749 --> 00:13:59.759 align:start position:0% proposal 00:13:59.759 --> 00:14:00.670 align:start position:0% proposal which<00:13:59.920> I<00:14:00.040> think<00:14:00.199> is<00:14:00.399> actually 00:14:00.670 --> 00:14:00.680 align:start position:0% which I think is actually 00:14:00.680 --> 00:14:03.629 align:start position:0% which I think is actually semi-reasonable<00:14:01.160> um<00:14:02.160> very<00:14:02.839> well 00:14:03.629 --> 00:14:03.639 align:start position:0% semi-reasonable um very well 00:14:03.639 --> 00:14:05.910 align:start position:0% semi-reasonable um very well articulated<00:14:04.639> um<00:14:04.880> very<00:14:05.040> beautiful<00:14:05.480> read<00:14:05.759> if 00:14:05.910 --> 00:14:05.920 align:start position:0% articulated um very beautiful read if 00:14:05.920 --> 00:14:08.710 align:start position:0% articulated um very beautiful read if anyone<00:14:06.320> has<00:14:06.720> a<00:14:06.800> spare<00:14:07.160> week<00:14:07.519> to<00:14:07.920> uh<00:14:08.399> to<00:14:08.600> get 00:14:08.710 --> 00:14:08.720 align:start position:0% anyone has a spare week to uh to get 00:14:08.720 --> 00:14:11.389 align:start position:0% anyone has a spare week to uh to get through<00:14:08.959> the<00:14:09.120> post<00:14:10.120> um<00:14:10.399> but<00:14:10.880> very 00:14:11.389 --> 00:14:11.399 align:start position:0% through the post um but very 00:14:11.399 --> 00:14:13.670 align:start position:0% through the post um but very inspirational<00:14:11.959> for<00:14:12.160> me<00:14:12.680> um<00:14:13.199> in<00:14:13.320> terms<00:14:13.519> of 00:14:13.670 --> 00:14:13.680 align:start position:0% inspirational for me um in terms of 00:14:13.680 --> 00:14:16.829 align:start position:0% inspirational for me um in terms of seeing<00:14:14.000> how<00:14:14.320> how<00:14:14.480> his<00:14:14.600> mind<00:14:14.800> works<00:14:15.079> and<00:14:15.199> how<00:14:15.360> he 00:14:16.829 --> 00:14:16.839 align:start position:0% seeing how how his mind works and how he 00:14:16.839 --> 00:14:21.430 align:start position:0% seeing how how his mind works and how he thinks<00:14:17.839> this<00:14:18.000> is<00:14:18.360> kind<00:14:18.519> of<00:14:19.360> how<00:14:20.360> uh<00:14:21.000> what<00:14:21.199> he 00:14:21.430 --> 00:14:21.440 align:start position:0% thinks this is kind of how uh what he 00:14:21.440 --> 00:14:24.389 align:start position:0% thinks this is kind of how uh what he proposes<00:14:22.120> okay<00:14:22.279> this<00:14:22.399> is<00:14:22.959> initial<00:14:23.639> latest 00:14:24.389 --> 00:14:24.399 align:start position:0% proposes okay this is initial latest 00:14:24.399 --> 00:14:26.509 align:start position:0% proposes okay this is initial latest proposal<00:14:25.279> where<00:14:25.399> you<00:14:25.560> sort<00:14:25.720> of<00:14:26.040> you<00:14:26.240> never 00:14:26.509 --> 00:14:26.519 align:start position:0% proposal where you sort of you never 00:14:26.519 --> 00:14:28.230 align:start position:0% proposal where you sort of you never have<00:14:26.639> a<00:14:26.800> yearly<00:14:27.199> issuance<00:14:27.639> rate<00:14:27.800> of<00:14:27.959> more<00:14:28.120> than 00:14:28.230 --> 00:14:28.240 align:start position:0% have a yearly issuance rate of more than 00:14:28.240 --> 00:14:30.230 align:start position:0% have a yearly issuance rate of more than 0.5% 00:14:30.230 --> 00:14:30.240 align:start position:0% 0.5% 00:14:30.240 --> 00:14:31.550 align:start position:0% 0.5% um<00:14:30.480> and<00:14:30.600> there<00:14:30.680> are<00:14:30.839> sort<00:14:31.000> of<00:14:31.120> these<00:14:31.279> different 00:14:31.550 --> 00:14:31.560 align:start position:0% um and there are sort of these different 00:14:31.560 --> 00:14:33.670 align:start position:0% um and there are sort of these different curves<00:14:31.880> that<00:14:32.000> could<00:14:32.240> satisfy<00:14:32.759> this<00:14:33.360> sort<00:14:33.560> of 00:14:33.670 --> 00:14:33.680 align:start position:0% curves that could satisfy this sort of 00:14:33.680 --> 00:14:36.470 align:start position:0% curves that could satisfy this sort of the<00:14:33.800> three<00:14:34.079> X's<00:14:34.880> are<00:14:35.440> on<00:14:35.560> the<00:14:35.680> bottom<00:14:36.040> are<00:14:36.399> I 00:14:36.470 --> 00:14:36.480 align:start position:0% the three X's are on the bottom are I 00:14:36.480 --> 00:14:38.670 align:start position:0% the three X's are on the bottom are I think<00:14:36.720> his<00:14:36.920> his<00:14:37.160> preferred<00:14:37.639> curves<00:14:38.440> and<00:14:38.519> then 00:14:38.670 --> 00:14:38.680 align:start position:0% think his his preferred curves and then 00:14:38.680 --> 00:14:41.949 align:start position:0% think his his preferred curves and then there's<00:14:38.880> also<00:14:39.279> like<00:14:39.800> uh<00:14:39.959> sort<00:14:40.120> of<00:14:40.399> a<00:14:40.759> a<00:14:41.440> a<00:14:41.639> curve 00:14:41.949 --> 00:14:41.959 align:start position:0% there's also like uh sort of a a a curve 00:14:41.959 --> 00:14:44.629 align:start position:0% there's also like uh sort of a a a curve ball<00:14:42.639> um<00:14:43.199> solution<00:14:43.680> he<00:14:43.839> outlines<00:14:44.279> well<00:14:44.480> okay 00:14:44.629 --> 00:14:44.639 align:start position:0% ball um solution he outlines well okay 00:14:44.639 --> 00:14:46.790 align:start position:0% ball um solution he outlines well okay we<00:14:44.759> could<00:14:44.880> just<00:14:45.120> cap<00:14:45.360> it<00:14:45.440> at<00:14:45.600> 0.5%<00:14:46.480> sort<00:14:46.680> of 00:14:46.790 --> 00:14:46.800 align:start position:0% we could just cap it at 0.5% sort of 00:14:46.800 --> 00:14:49.790 align:start position:0% we could just cap it at 0.5% sort of that<00:14:46.920> flat<00:14:47.240> Gray<00:14:47.519> Line<00:14:48.079> and<00:14:48.279> revisit<00:14:48.759> it<00:14:49.160> in<00:14:49.680> in 00:14:49.790 --> 00:14:49.800 align:start position:0% that flat Gray Line and revisit it in in 00:14:49.800 --> 00:14:51.710 align:start position:0% that flat Gray Line and revisit it in in a<00:14:49.920> few<00:14:50.120> years<00:14:50.360> time<00:14:50.560> when<00:14:50.680> we<00:14:50.839> have<00:14:51.000> more<00:14:51.560> uh 00:14:51.710 --> 00:14:51.720 align:start position:0% a few years time when we have more uh 00:14:51.720 --> 00:14:55.069 align:start position:0% a few years time when we have more uh insights<00:14:52.160> on<00:14:52.399> orbit<00:14:52.759> ssf<00:14:53.480> and<00:14:53.759> and<00:14:54.000> and<00:14:54.240> and<00:14:54.399> me 00:14:55.069 --> 00:14:55.079 align:start position:0% insights on orbit ssf and and and and me 00:14:55.079 --> 00:14:57.949 align:start position:0% insights on orbit ssf and and and and me burn<00:14:56.079> um<00:14:56.880> and<00:14:57.040> as<00:14:57.120> you<00:14:57.240> notice<00:14:57.560> sort<00:14:57.680> of<00:14:57.800> they 00:14:57.949 --> 00:14:57.959 align:start position:0% burn um and as you notice sort of they 00:14:57.959 --> 00:15:00.710 align:start position:0% burn um and as you notice sort of they Peak<00:14:58.279> around<00:14:58.639> sort<00:14:58.759> of<00:14:59.040> 20<00:14:59.320> 30<00:14:59.639> million<00:15:00.000> e 00:15:00.710 --> 00:15:00.720 align:start position:0% Peak around sort of 20 30 million e 00:15:00.720 --> 00:15:03.670 align:start position:0% Peak around sort of 20 30 million e staked<00:15:01.720> um<00:15:02.079> and<00:15:02.199> then<00:15:02.360> they<00:15:02.519> kind<00:15:02.639> of<00:15:03.000> smoothly 00:15:03.670 --> 00:15:03.680 align:start position:0% staked um and then they kind of smoothly 00:15:03.680 --> 00:15:06.629 align:start position:0% staked um and then they kind of smoothly descend<00:15:04.199> down<00:15:05.120> and<00:15:05.639> they<00:15:05.800> do<00:15:06.079> follow<00:15:06.480> the 00:15:06.629 --> 00:15:06.639 align:start position:0% descend down and they do follow the 00:15:06.639 --> 00:15:10.470 align:start position:0% descend down and they do follow the current<00:15:07.000> reward<00:15:07.480> curve<00:15:08.480> up<00:15:09.079> to<00:15:10.079> uh<00:15:10.160> you<00:15:10.279> know 00:15:10.470 --> 00:15:10.480 align:start position:0% current reward curve up to uh you know 00:15:10.480 --> 00:15:13.150 align:start position:0% current reward curve up to uh you know let's<00:15:10.680> say<00:15:10.920> 10<00:15:11.120> to<00:15:11.320> 15<00:15:11.560> million<00:15:11.880> e<00:15:12.560> uh<00:15:12.759> stake 00:15:13.150 --> 00:15:13.160 align:start position:0% let's say 10 to 15 million e uh stake 00:15:13.160 --> 00:15:16.110 align:start position:0% let's say 10 to 15 million e uh stake but<00:15:13.360> then<00:15:13.639> they<00:15:14.480> uh<00:15:14.639> they<00:15:14.800> diverge<00:15:15.720> uh<00:15:15.839> Peak 00:15:16.110 --> 00:15:16.120 align:start position:0% but then they uh they diverge uh Peak 00:15:16.120 --> 00:15:17.629 align:start position:0% but then they uh they diverge uh Peak earlier<00:15:16.560> and<00:15:16.680> then<00:15:16.839> come 00:15:17.629 --> 00:15:17.639 align:start position:0% earlier and then come 00:15:17.639 --> 00:15:21.430 align:start position:0% earlier and then come down<00:15:18.639> and<00:15:18.920> right<00:15:19.279> yeah<00:15:19.959> um<00:15:20.880> okay<00:15:21.120> so<00:15:21.240> I<00:15:21.320> think 00:15:21.430 --> 00:15:21.440 align:start position:0% down and right yeah um okay so I think 00:15:21.440 --> 00:15:23.189 align:start position:0% down and right yeah um okay so I think to<00:15:21.600> find<00:15:21.720> a<00:15:21.880> synthesis<00:15:22.399> we<00:15:22.519> can<00:15:22.720> work<00:15:23.040> with 00:15:23.189 --> 00:15:23.199 align:start position:0% to find a synthesis we can work with 00:15:23.199 --> 00:15:24.749 align:start position:0% to find a synthesis we can work with something<00:15:23.480> that<00:15:23.600> is<00:15:23.839> mostly<00:15:24.160> aligned<00:15:24.560> with 00:15:24.749 --> 00:15:24.759 align:start position:0% something that is mostly aligned with 00:15:24.759 --> 00:15:26.749 align:start position:0% something that is mostly aligned with this 00:15:26.749 --> 00:15:26.759 align:start position:0% this 00:15:26.759 --> 00:15:29.710 align:start position:0% this um<00:15:27.759> modulo<00:15:28.279> the<00:15:28.440> constraint<00:15:29.120> we<00:15:29.240> need<00:15:29.399> to<00:15:29.560> try 00:15:29.710 --> 00:15:29.720 align:start position:0% um modulo the constraint we need to try 00:15:29.720 --> 00:15:31.350 align:start position:0% um modulo the constraint we need to try to<00:15:29.920> depart<00:15:30.279> minimally<00:15:30.800> from<00:15:30.959> the<00:15:31.079> current 00:15:31.350 --> 00:15:31.360 align:start position:0% to depart minimally from the current 00:15:31.360 --> 00:15:32.389 align:start position:0% to depart minimally from the current reward 00:15:32.389 --> 00:15:32.399 align:start position:0% reward 00:15:32.399 --> 00:15:34.590 align:start position:0% reward curve<00:15:33.399> and<00:15:33.560> this<00:15:33.720> additional<00:15:34.120> constraint 00:15:34.590 --> 00:15:34.600 align:start position:0% curve and this additional constraint 00:15:34.600 --> 00:15:36.509 align:start position:0% curve and this additional constraint comes<00:15:34.880> from<00:15:35.279> three 00:15:36.509 --> 00:15:36.519 align:start position:0% comes from three 00:15:36.519 --> 00:15:39.629 align:start position:0% comes from three things<00:15:37.519> um<00:15:38.120> one<00:15:38.480> improving<00:15:38.880> the<00:15:39.040> geopolitical 00:15:39.629 --> 00:15:39.639 align:start position:0% things um one improving the geopolitical 00:15:39.639 --> 00:15:40.949 align:start position:0% things um one improving the geopolitical distribution<00:15:40.079> of<00:15:40.199> know<00:15:40.519> should<00:15:40.720> be<00:15:40.839> a 00:15:40.949 --> 00:15:40.959 align:start position:0% distribution of know should be a 00:15:40.959 --> 00:15:43.389 align:start position:0% distribution of know should be a property<00:15:41.279> of 00:15:43.389 --> 00:15:43.399 align:start position:0% property of 00:15:43.399 --> 00:15:45.590 align:start position:0% property of issuance<00:15:44.399> two<00:15:44.680> the<00:15:44.800> macro<00:15:45.160> risk<00:15:45.360> of<00:15:45.440> a 00:15:45.590 --> 00:15:45.600 align:start position:0% issuance two the macro risk of a 00:15:45.600 --> 00:15:47.230 align:start position:0% issuance two the macro risk of a dominant<00:15:46.000> coinbase<00:15:46.480> is<00:15:46.639> at<00:15:46.759> least<00:15:47.079> as 00:15:47.230 --> 00:15:47.240 align:start position:0% dominant coinbase is at least as 00:15:47.240 --> 00:15:48.629 align:start position:0% dominant coinbase is at least as important<00:15:47.639> as<00:15:47.720> the<00:15:47.839> macro<00:15:48.199> risk<00:15:48.399> of<00:15:48.480> a 00:15:48.629 --> 00:15:48.639 align:start position:0% important as the macro risk of a 00:15:48.639 --> 00:15:50.350 align:start position:0% important as the macro risk of a dominant 00:15:50.350 --> 00:15:50.360 align:start position:0% dominant 00:15:50.360 --> 00:15:52.790 align:start position:0% dominant LST<00:15:51.360> three<00:15:51.639> we<00:15:51.800> don't<00:15:52.040> have<00:15:52.160> a<00:15:52.279> good<00:15:52.440> read<00:15:52.639> on 00:15:52.790 --> 00:15:52.800 align:start position:0% LST three we don't have a good read on 00:15:52.800 --> 00:15:54.710 align:start position:0% LST three we don't have a good read on what<00:15:52.959> the<00:15:53.079> long-term<00:15:53.519> supply<00:15:53.920> curve<00:15:54.319> looks 00:15:54.710 --> 00:15:54.720 align:start position:0% what the long-term supply curve looks 00:15:54.720 --> 00:15:56.550 align:start position:0% what the long-term supply curve looks like<00:15:55.079> even<00:15:55.279> if<00:15:55.399> we<00:15:55.560> agree<00:15:55.880> the<00:15:56.000> supply<00:15:56.319> curve 00:15:56.550 --> 00:15:56.560 align:start position:0% like even if we agree the supply curve 00:15:56.560 --> 00:15:58.030 align:start position:0% like even if we agree the supply curve still<00:15:56.759> has<00:15:56.880> some<00:15:57.040> room<00:15:57.240> to<00:15:57.360> shift<00:15:57.639> downwards 00:15:58.030 --> 00:15:58.040 align:start position:0% still has some room to shift downwards 00:15:58.040 --> 00:16:01.030 align:start position:0% still has some room to shift downwards from<00:15:58.279> here 00:16:01.030 --> 00:16:01.040 align:start position:0% 00:16:01.040 --> 00:16:02.870 align:start position:0% concretely<00:16:01.680> I<00:16:01.759> think<00:16:01.959> this<00:16:02.079> means<00:16:02.399> finding<00:16:02.680> a 00:16:02.870 --> 00:16:02.880 align:start position:0% concretely I think this means finding a 00:16:02.880 --> 00:16:04.870 align:start position:0% concretely I think this means finding a mathematically<00:16:03.480> elegant<00:16:03.920> curve<00:16:04.279> that<00:16:04.600> one 00:16:04.870 --> 00:16:04.880 align:start position:0% mathematically elegant curve that one 00:16:04.880 --> 00:16:06.110 align:start position:0% mathematically elegant curve that one departs<00:16:05.279> minimally<00:16:05.639> from<00:16:05.759> the<00:16:05.880> current 00:16:06.110 --> 00:16:06.120 align:start position:0% departs minimally from the current 00:16:06.120 --> 00:16:08.910 align:start position:0% departs minimally from the current reward<00:16:06.440> curve<00:16:06.680> up<00:16:06.800> until<00:16:07.120> this<00:16:07.480> point<00:16:08.480> two<00:16:08.800> has 00:16:08.910 --> 00:16:08.920 align:start position:0% reward curve up until this point two has 00:16:08.920 --> 00:16:10.389 align:start position:0% reward curve up until this point two has a<00:16:09.040> good<00:16:09.199> chance<00:16:09.440> of<00:16:09.600> keeping<00:16:09.880> total<00:16:10.160> leave 00:16:10.389 --> 00:16:10.399 align:start position:0% a good chance of keeping total leave 00:16:10.399 --> 00:16:12.590 align:start position:0% a good chance of keeping total leave State<00:16:10.639> close<00:16:10.839> to<00:16:11.000> 50%<00:16:11.560> so<00:16:11.759> this<00:16:11.959> kind<00:16:12.079> of<00:16:12.480> you 00:16:12.590 --> 00:16:12.600 align:start position:0% State close to 50% so this kind of you 00:16:12.600 --> 00:16:16.710 align:start position:0% State close to 50% so this kind of you know<00:16:12.959> again<00:16:13.800> aligns<00:16:15.199> um<00:16:16.199> if<00:16:16.319> we're<00:16:16.480> going<00:16:16.560> to 00:16:16.710 --> 00:16:16.720 align:start position:0% know again aligns um if we're going to 00:16:16.720 --> 00:16:18.790 align:start position:0% know again aligns um if we're going to find<00:16:16.959> consensus<00:16:17.519> here<00:16:17.759> I<00:16:17.839> think<00:16:18.120> one<00:16:18.440> thing 00:16:18.790 --> 00:16:18.800 align:start position:0% find consensus here I think one thing 00:16:18.800 --> 00:16:21.230 align:start position:0% find consensus here I think one thing that<00:16:19.079> that<00:16:19.720> uh<00:16:19.839> is<00:16:20.000> kind<00:16:20.120> of<00:16:20.319> axiomatic<00:16:21.040> from 00:16:21.230 --> 00:16:21.240 align:start position:0% that that uh is kind of axiomatic from 00:16:21.240 --> 00:16:22.949 align:start position:0% that that uh is kind of axiomatic from the<00:16:21.360> other<00:16:21.680> side<00:16:22.040> is<00:16:22.199> that<00:16:22.399> there<00:16:22.519> shouldn't 00:16:22.949 --> 00:16:22.959 align:start position:0% the other side is that there shouldn't 00:16:22.959 --> 00:16:26.350 align:start position:0% the other side is that there shouldn't be<00:16:23.360> another<00:16:23.800> money<00:16:24.199> that<00:16:24.839> dominates<00:16:25.839> uh<00:16:26.160> uh 00:16:26.350 --> 00:16:26.360 align:start position:0% be another money that dominates uh uh 00:16:26.360 --> 00:16:28.949 align:start position:0% be another money that dominates uh uh Eve<00:16:27.160> um<00:16:27.560> and<00:16:27.720> so<00:16:28.079> if<00:16:28.160> you're<00:16:28.360> trying<00:16:28.519> to<00:16:28.680> keep 00:16:28.949 --> 00:16:28.959 align:start position:0% Eve um and so if you're trying to keep 00:16:28.959 --> 00:16:30.829 align:start position:0% Eve um and so if you're trying to keep keep<00:16:29.480> if<00:16:29.560> you're<00:16:29.720> trying<00:16:29.920> to<00:16:30.160> adhere<00:16:30.480> to<00:16:30.680> that 00:16:30.829 --> 00:16:30.839 align:start position:0% keep if you're trying to adhere to that 00:16:30.839 --> 00:16:32.509 align:start position:0% keep if you're trying to adhere to that you<00:16:30.959> want<00:16:31.079> to<00:16:31.279> keep<00:16:31.519> the<00:16:31.639> total<00:16:32.079> State<00:16:32.319> close 00:16:32.509 --> 00:16:32.519 align:start position:0% you want to keep the total State close 00:16:32.519 --> 00:16:33.910 align:start position:0% you want to keep the total State close to 00:16:33.910 --> 00:16:33.920 align:start position:0% to 00:16:33.920 --> 00:16:36.430 align:start position:0% to 50%<00:16:34.920> and<00:16:35.079> three<00:16:35.399> does<00:16:35.560> not<00:16:35.720> increase<00:16:36.360> uh 00:16:36.430 --> 00:16:36.440 align:start position:0% 50% and three does not increase uh 00:16:36.440 --> 00:16:37.710 align:start position:0% 50% and three does not increase uh significantly<00:16:36.920> increases<00:16:37.360> chances<00:16:37.600> of 00:16:37.710 --> 00:16:37.720 align:start position:0% significantly increases chances of 00:16:37.720 --> 00:16:39.470 align:start position:0% significantly increases chances of calization<00:16:38.399> so<00:16:38.560> that<00:16:38.639> means<00:16:38.880> like<00:16:39.079> doesn't 00:16:39.470 --> 00:16:39.480 align:start position:0% calization so that means like doesn't 00:16:39.480 --> 00:16:42.030 align:start position:0% calization so that means like doesn't taper<00:16:39.959> too<00:16:40.319> steeply<00:16:41.319> and<00:16:41.480> that<00:16:41.639> has<00:16:41.759> to<00:16:41.880> do 00:16:42.030 --> 00:16:42.040 align:start position:0% taper too steeply and that has to do 00:16:42.040 --> 00:16:44.590 align:start position:0% taper too steeply and that has to do with<00:16:42.240> kind<00:16:42.360> of<00:16:42.480> the<00:16:42.639> validated<00:16:43.240> Set<00:16:44.240> uh<00:16:44.480> you 00:16:44.590 --> 00:16:44.600 align:start position:0% with kind of the validated Set uh you 00:16:44.600 --> 00:16:46.829 align:start position:0% with kind of the validated Set uh you know<00:16:44.920> deciding<00:16:45.279> to<00:16:45.480> censor<00:16:45.959> new<00:16:46.240> deposits 00:16:46.829 --> 00:16:46.839 align:start position:0% know deciding to censor new deposits 00:16:46.839 --> 00:16:49.829 align:start position:0% know deciding to censor new deposits because<00:16:47.759> um<00:16:47.959> you<00:16:48.079> know<00:16:48.360> as<00:16:48.639> new<00:16:49.000> people<00:16:49.680> uh 00:16:49.829 --> 00:16:49.839 align:start position:0% because um you know as new people uh 00:16:49.839 --> 00:16:53.670 align:start position:0% because um you know as new people uh come<00:16:50.079> in<00:16:50.880> uh<00:16:51.040> their<00:16:51.759> um<00:16:52.079> uh<00:16:52.480> rewards<00:16:53.480> their 00:16:53.670 --> 00:16:53.680 align:start position:0% come in uh their um uh rewards their 00:16:53.680 --> 00:16:56.590 align:start position:0% come in uh their um uh rewards their revenue<00:16:54.399> as<00:16:54.480> a<00:16:54.639> whole<00:16:54.880> goes<00:16:55.120> down<00:16:55.519> so<00:16:56.000> um<00:16:56.440> so 00:16:56.590 --> 00:16:56.600 align:start position:0% revenue as a whole goes down so um so 00:16:56.600 --> 00:16:58.189 align:start position:0% revenue as a whole goes down so um so you<00:16:56.720> don't<00:16:56.880> want<00:16:57.120> this<00:16:57.240> to<00:16:57.440> sort<00:16:57.600> of<00:16:57.920> go<00:16:58.040> too 00:16:58.189 --> 00:16:58.199 align:start position:0% you don't want this to sort of go too 00:16:58.199 --> 00:17:00.430 align:start position:0% you don't want this to sort of go too sleeply 00:17:00.430 --> 00:17:00.440 align:start position:0% sleeply 00:17:00.440 --> 00:17:02.749 align:start position:0% sleeply this<00:17:00.519> is<00:17:00.720> kind<00:17:00.880> of<00:17:01.079> like<00:17:01.279> a<00:17:01.720> really<00:17:02.480> uh 00:17:02.749 --> 00:17:02.759 align:start position:0% this is kind of like a really uh 00:17:02.759 --> 00:17:04.909 align:start position:0% this is kind of like a really uh simplistic<00:17:03.399> back<00:17:03.519> of<00:17:03.680> the<00:17:03.800> envelope<00:17:04.319> sketch 00:17:04.909 --> 00:17:04.919 align:start position:0% simplistic back of the envelope sketch 00:17:04.919 --> 00:17:07.350 align:start position:0% simplistic back of the envelope sketch that<00:17:05.280> has<00:17:05.679> uh<00:17:06.439> uh<00:17:06.559> no<00:17:06.880> mathematical 00:17:07.350 --> 00:17:07.360 align:start position:0% that has uh uh no mathematical 00:17:07.360 --> 00:17:09.069 align:start position:0% that has uh uh no mathematical properties<00:17:07.799> at<00:17:07.959> all<00:17:08.319> but<00:17:08.439> it<00:17:08.559> sort<00:17:08.720> of<00:17:08.880> kind<00:17:09.000> of 00:17:09.069 --> 00:17:09.079 align:start position:0% properties at all but it sort of kind of 00:17:09.079 --> 00:17:11.470 align:start position:0% properties at all but it sort of kind of gives<00:17:09.240> you<00:17:09.360> an<00:17:09.480> idea<00:17:09.799> of<00:17:10.319> um<00:17:11.079> this<00:17:11.240> is<00:17:11.360> the 00:17:11.470 --> 00:17:11.480 align:start position:0% gives you an idea of um this is the 00:17:11.480 --> 00:17:14.150 align:start position:0% gives you an idea of um this is the brown<00:17:11.799> line<00:17:12.480> of<00:17:12.640> kind<00:17:12.760> of<00:17:12.880> the<00:17:13.079> design<00:17:13.559> space 00:17:14.150 --> 00:17:14.160 align:start position:0% brown line of kind of the design space 00:17:14.160 --> 00:17:18.350 align:start position:0% brown line of kind of the design space I'm<00:17:14.600> I'm<00:17:15.199> getting<00:17:15.520> at<00:17:15.959> here<00:17:16.959> um<00:17:17.959> although 00:17:18.350 --> 00:17:18.360 align:start position:0% I'm I'm getting at here um although 00:17:18.360 --> 00:17:20.069 align:start position:0% I'm I'm getting at here um although there<00:17:18.480> are<00:17:18.720> mtic<00:17:19.240> properties<00:17:19.679> I<00:17:19.799> think<00:17:19.959> the 00:17:20.069 --> 00:17:20.079 align:start position:0% there are mtic properties I think the 00:17:20.079 --> 00:17:23.510 align:start position:0% there are mtic properties I think the Brown<00:17:20.360> Line<00:17:20.600> sort<00:17:20.799> of<00:17:21.319> uh<00:17:21.559> Peaks<00:17:21.919> at<00:17:22.520> 0.69% 00:17:23.510 --> 00:17:23.520 align:start position:0% Brown Line sort of uh Peaks at 0.69% 00:17:23.520 --> 00:17:26.630 align:start position:0% Brown Line sort of uh Peaks at 0.69% issuance<00:17:24.120> rate<00:17:24.640> uh<00:17:25.199> if<00:17:25.839> so<00:17:26.280> you<00:17:26.360> know<00:17:26.520> there 00:17:26.630 --> 00:17:26.640 align:start position:0% issuance rate uh if so you know there 00:17:26.640 --> 00:17:28.870 align:start position:0% issuance rate uh if so you know there are<00:17:26.799> ways<00:17:26.959> of<00:17:27.120> doing<00:17:27.400> this<00:17:27.559> that<00:17:27.720> are<00:17:28.439> not 00:17:28.870 --> 00:17:28.880 align:start position:0% are ways of doing this that are not 00:17:28.880 --> 00:17:30.830 align:start position:0% are ways of doing this that are not violating<00:17:29.240> the<00:17:29.360> mtic<00:17:29.840> properties<00:17:30.320> of<00:17:30.559> of<00:17:30.720> of 00:17:30.830 --> 00:17:30.840 align:start position:0% violating the mtic properties of of of 00:17:30.840 --> 00:17:33.029 align:start position:0% violating the mtic properties of of of an<00:17:30.960> isurance<00:17:31.360> rate<00:17:31.559> upper 00:17:33.029 --> 00:17:33.039 align:start position:0% an isurance rate upper 00:17:33.039 --> 00:17:34.789 align:start position:0% an isurance rate upper limit 00:17:34.789 --> 00:17:34.799 align:start position:0% limit 00:17:34.799 --> 00:17:39.789 align:start position:0% limit okay<00:17:35.799> another<00:17:36.240> possible<00:17:36.720> path<00:17:37.720> uh<00:17:38.679> simple 00:17:39.789 --> 00:17:39.799 align:start position:0% okay another possible path uh simple 00:17:39.799 --> 00:17:42.710 align:start position:0% okay another possible path uh simple pragmatic<00:17:40.799> um<00:17:41.799> I<00:17:41.880> think<00:17:42.039> a<00:17:42.160> way<00:17:42.280> to<00:17:42.360> Fred<00:17:42.640> the 00:17:42.710 --> 00:17:42.720 align:start position:0% pragmatic um I think a way to Fred the 00:17:42.720 --> 00:17:45.310 align:start position:0% pragmatic um I think a way to Fred the needle<00:17:43.080> here<00:17:43.240> is<00:17:43.360> to<00:17:43.600> add<00:17:44.280> uh<00:17:44.400> a<00:17:44.520> fail<00:17:44.919> safe<00:17:45.160> to 00:17:45.310 --> 00:17:45.320 align:start position:0% needle here is to add uh a fail safe to 00:17:45.320 --> 00:17:47.750 align:start position:0% needle here is to add uh a fail safe to the<00:17:45.400> current<00:17:45.720> curve<00:17:46.200> so<00:17:47.080> in<00:17:47.200> other<00:17:47.400> words<00:17:47.640> to 00:17:47.750 --> 00:17:47.760 align:start position:0% the current curve so in other words to 00:17:47.760 --> 00:17:49.390 align:start position:0% the current curve so in other words to choose<00:17:47.919> a<00:17:48.080> reward<00:17:48.400> curve<00:17:48.679> that<00:17:48.840> sticks<00:17:49.120> to<00:17:49.280> the 00:17:49.390 --> 00:17:49.400 align:start position:0% choose a reward curve that sticks to the 00:17:49.400 --> 00:17:51.789 align:start position:0% choose a reward curve that sticks to the current<00:17:49.640> reward<00:17:49.960> curve<00:17:50.160> for<00:17:50.400> longer<00:17:51.360> until<00:17:51.640> we 00:17:51.789 --> 00:17:51.799 align:start position:0% current reward curve for longer until we 00:17:51.799 --> 00:17:55.270 align:start position:0% current reward curve for longer until we get<00:17:51.960> close<00:17:52.200> to<00:17:52.320> 40<00:17:52.640> to<00:17:53.039> 45%<00:17:53.840> of<00:17:53.960> each<00:17:54.240> Stak<00:17:54.600> say 00:17:55.270 --> 00:17:55.280 align:start position:0% get close to 40 to 45% of each Stak say 00:17:55.280 --> 00:17:56.870 align:start position:0% get close to 40 to 45% of each Stak say before<00:17:55.559> dropping<00:17:55.919> down<00:17:56.159> this<00:17:56.280> can<00:17:56.400> be<00:17:56.559> either 00:17:56.870 --> 00:17:56.880 align:start position:0% before dropping down this can be either 00:17:56.880 --> 00:17:59.270 align:start position:0% before dropping down this can be either aggressively<00:17:57.720> in<00:17:57.880> the<00:17:58.080> spirit<00:17:58.320> of<00:17:58.480> sort<00:17:58.640> of 00:17:59.270 --> 00:17:59.280 align:start position:0% aggressively in the spirit of sort of 00:17:59.280 --> 00:18:01.909 align:start position:0% aggressively in the spirit of sort of Ansgar<00:18:00.280> um<00:18:00.480> or<00:18:00.840> more<00:18:01.000> smoothly<00:18:01.440> in<00:18:01.559> the<00:18:01.679> spirit 00:18:01.909 --> 00:18:01.919 align:start position:0% Ansgar um or more smoothly in the spirit 00:18:01.919 --> 00:18:06.029 align:start position:0% Ansgar um or more smoothly in the spirit of<00:18:02.320> Anders<00:18:03.760> um<00:18:04.760> up<00:18:04.919> for<00:18:05.080> the<00:18:05.159> bait<00:18:05.600> the<00:18:05.720> idea 00:18:06.029 --> 00:18:06.039 align:start position:0% of Anders um up for the bait the idea 00:18:06.039 --> 00:18:07.750 align:start position:0% of Anders um up for the bait the idea behind<00:18:06.320> this<00:18:06.480> is<00:18:06.600> it<00:18:06.799> acts<00:18:07.000> as<00:18:07.080> a<00:18:07.280> pragmatic 00:18:07.750 --> 00:18:07.760 align:start position:0% behind this is it acts as a pragmatic 00:18:07.760 --> 00:18:09.909 align:start position:0% behind this is it acts as a pragmatic break<00:18:08.000> on<00:18:08.159> staked<00:18:08.520> eeve<00:18:08.760> surpassing<00:18:09.320> 50%<00:18:09.799> of 00:18:09.909 --> 00:18:09.919 align:start position:0% break on staked eeve surpassing 50% of 00:18:09.919 --> 00:18:12.149 align:start position:0% break on staked eeve surpassing 50% of the<00:18:10.000> eve<00:18:10.440> Supply 00:18:12.149 --> 00:18:12.159 align:start position:0% the eve Supply 00:18:12.159 --> 00:18:14.710 align:start position:0% the eve Supply um<00:18:13.159> so<00:18:13.360> with<00:18:13.480> the<00:18:13.600> current<00:18:13.880> churn<00:18:14.200> rate<00:18:14.440> limit 00:18:14.710 --> 00:18:14.720 align:start position:0% um so with the current churn rate limit 00:18:14.720 --> 00:18:16.510 align:start position:0% um so with the current churn rate limit realistically<00:18:15.600> it<00:18:15.679> will<00:18:15.880> take<00:18:16.080> another<00:18:16.320> four 00:18:16.510 --> 00:18:16.520 align:start position:0% realistically it will take another four 00:18:16.520 --> 00:18:18.029 align:start position:0% realistically it will take another four or<00:18:16.640> five<00:18:16.799> years<00:18:17.000> for<00:18:17.280> amount<00:18:17.440> of<00:18:17.520> e<00:18:17.720> stake<00:18:17.919> to 00:18:18.029 --> 00:18:18.039 align:start position:0% or five years for amount of e stake to 00:18:18.039 --> 00:18:20.350 align:start position:0% or five years for amount of e stake to reach 00:18:20.350 --> 00:18:20.360 align:start position:0% 00:18:20.360 --> 00:18:23.110 align:start position:0% 50%<00:18:21.360> so<00:18:21.720> this<00:18:21.919> weight<00:18:22.159> and<00:18:22.360> C<00:18:22.600> approach<00:18:22.919> would 00:18:23.110 --> 00:18:23.120 align:start position:0% 50% so this weight and C approach would 00:18:23.120 --> 00:18:25.149 align:start position:0% 50% so this weight and C approach would allow<00:18:23.320> us<00:18:23.440> to<00:18:23.640> gather<00:18:24.000> more<00:18:24.640> real<00:18:24.840> world 00:18:25.149 --> 00:18:25.159 align:start position:0% allow us to gather more real world 00:18:25.159 --> 00:18:27.390 align:start position:0% allow us to gather more real world information<00:18:25.559> on<00:18:25.760> what<00:18:25.960> the<00:18:26.200> equ<00:18:26.760> equilibrium 00:18:27.390 --> 00:18:27.400 align:start position:0% information on what the equ equilibrium 00:18:27.400 --> 00:18:30.470 align:start position:0% information on what the equ equilibrium is<00:18:27.600> likely<00:18:28.080> to<00:18:28.200> be<00:18:28.480> under<00:18:28.880> the<00:18:28.960> current<00:18:29.480> curve 00:18:30.470 --> 00:18:30.480 align:start position:0% is likely to be under the current curve 00:18:30.480 --> 00:18:32.590 align:start position:0% is likely to be under the current curve um<00:18:31.000> more<00:18:31.280> information<00:18:31.760> on<00:18:31.960> what<00:18:32.159> the<00:18:32.280> sort<00:18:32.440> of 00:18:32.590 --> 00:18:32.600 align:start position:0% um more information on what the sort of 00:18:32.600 --> 00:18:35.630 align:start position:0% um more information on what the sort of the<00:18:32.720> long<00:18:32.960> run<00:18:33.559> Supply<00:18:34.559> uh<00:18:34.840> uh<00:18:35.000> curve<00:18:35.320> looks 00:18:35.630 --> 00:18:35.640 align:start position:0% the long run Supply uh uh curve looks 00:18:35.640 --> 00:18:37.990 align:start position:0% the long run Supply uh uh curve looks like<00:18:36.000> before<00:18:36.320> making<00:18:36.760> drastic<00:18:37.120> changes<00:18:37.880> which 00:18:37.990 --> 00:18:38.000 align:start position:0% like before making drastic changes which 00:18:38.000 --> 00:18:42.110 align:start position:0% like before making drastic changes which are<00:18:38.280> inevitably<00:18:39.120> going<00:18:39.360> to<00:18:39.559> be<00:18:39.760> based<00:18:40.159> on<00:18:41.159> um 00:18:42.110 --> 00:18:42.120 align:start position:0% are inevitably going to be based on um 00:18:42.120 --> 00:18:43.789 align:start position:0% are inevitably going to be based on um less<00:18:42.360> than<00:18:42.559> complete<00:18:42.919> information<00:18:43.559> I<00:18:43.640> think 00:18:43.789 --> 00:18:43.799 align:start position:0% less than complete information I think 00:18:43.799 --> 00:18:46.549 align:start position:0% less than complete information I think the<00:18:43.919> more<00:18:44.200> time<00:18:44.440> we<00:18:44.640> have<00:18:45.400> to<00:18:45.600> sort<00:18:45.799> of<00:18:46.200> uh<00:18:46.400> get 00:18:46.549 --> 00:18:46.559 align:start position:0% the more time we have to sort of uh get 00:18:46.559 --> 00:18:48.669 align:start position:0% the more time we have to sort of uh get real<00:18:46.840> M<00:18:47.480> uh<00:18:47.640> data<00:18:47.880> on<00:18:48.080> this<00:18:48.360> the<00:18:48.480> more 00:18:48.669 --> 00:18:48.679 align:start position:0% real M uh data on this the more 00:18:48.679 --> 00:18:51.110 align:start position:0% real M uh data on this the more confident<00:18:49.080> we<00:18:49.200> can<00:18:49.320> be<00:18:49.440> to<00:18:49.559> make<00:18:49.679> the<00:18:50.039> change 00:18:51.110 --> 00:18:51.120 align:start position:0% confident we can be to make the change 00:18:51.120 --> 00:18:52.669 align:start position:0% confident we can be to make the change um 00:18:52.669 --> 00:18:52.679 align:start position:0% um 00:18:52.679 --> 00:18:54.710 align:start position:0% um okay<00:18:53.679> and<00:18:53.799> sorry<00:18:54.039> I<00:18:54.120> didn't<00:18:54.280> have<00:18:54.440> time<00:18:54.559> to 00:18:54.710 --> 00:18:54.720 align:start position:0% okay and sorry I didn't have time to 00:18:54.720 --> 00:18:57.270 align:start position:0% okay and sorry I didn't have time to sketch<00:18:55.120> that<00:18:55.400> curve<00:18:55.840> this<00:18:55.960> morning<00:18:56.760> um<00:18:56.960> but<00:18:57.080> it 00:18:57.270 --> 00:18:57.280 align:start position:0% sketch that curve this morning um but it 00:18:57.280 --> 00:18:58.350 align:start position:0% sketch that curve this morning um but it basically<00:18:57.600> just<00:18:57.720> something<00:18:57.960> that<00:18:58.080> follows 00:18:58.350 --> 00:18:58.360 align:start position:0% basically just something that follows 00:18:58.360 --> 00:19:01.950 align:start position:0% basically just something that follows the<00:18:58.440> current<00:18:58.840> worker<00:18:59.200> for<00:18:59.720> longer<00:19:00.720> um<00:19:01.679> then 00:19:01.950 --> 00:19:01.960 align:start position:0% the current worker for longer um then 00:19:01.960 --> 00:19:05.990 align:start position:0% the current worker for longer um then sort<00:19:02.159> of<00:19:02.360> comes<00:19:02.760> down<00:19:03.559> uh<00:19:03.720> at<00:19:03.960> 45%<00:19:04.960> stake<00:19:05.880> in 00:19:05.990 --> 00:19:06.000 align:start position:0% sort of comes down uh at 45% stake in 00:19:06.000 --> 00:19:09.070 align:start position:0% sort of comes down uh at 45% stake in terms<00:19:06.240> of<00:19:06.440> you<00:19:06.559> know<00:19:06.840> being<00:19:07.480> uh<00:19:08.440> a<00:19:08.559> fail<00:19:08.880> safe 00:19:09.070 --> 00:19:09.080 align:start position:0% terms of you know being uh a fail safe 00:19:09.080 --> 00:19:11.310 align:start position:0% terms of you know being uh a fail safe to<00:19:09.240> avoid<00:19:09.480> worst<00:19:09.760> case<00:19:09.919> outcomes<00:19:10.919> okay<00:19:11.120> three 00:19:11.310 --> 00:19:11.320 align:start position:0% to avoid worst case outcomes okay three 00:19:11.320 --> 00:19:13.549 align:start position:0% to avoid worst case outcomes okay three questions<00:19:11.640> to<00:19:11.799> think<00:19:11.960> about<00:19:12.159> I<00:19:12.240> have<00:19:12.400> 56 00:19:13.549 --> 00:19:13.559 align:start position:0% questions to think about I have 56 00:19:13.559 --> 00:19:15.789 align:start position:0% questions to think about I have 56 seconds<00:19:14.559> one<00:19:14.880> what<00:19:15.000> are<00:19:15.120> the<00:19:15.200> set<00:19:15.360> of<00:19:15.480> reward 00:19:15.789 --> 00:19:15.799 align:start position:0% seconds one what are the set of reward 00:19:15.799 --> 00:19:17.230 align:start position:0% seconds one what are the set of reward curves<00:19:16.080> that<00:19:16.200> could<00:19:16.360> build<00:19:16.559> off<00:19:16.720> anders' 00:19:17.230 --> 00:19:17.240 align:start position:0% curves that could build off anders' 00:19:17.240 --> 00:19:19.590 align:start position:0% curves that could build off anders' pragmatic<00:19:17.679> endgame<00:19:18.200> post<00:19:18.559> while<00:19:19.039> departing 00:19:19.590 --> 00:19:19.600 align:start position:0% pragmatic endgame post while departing 00:19:19.600 --> 00:19:22.350 align:start position:0% pragmatic endgame post while departing minimally<00:19:20.120> from<00:19:20.280> the<00:19:20.400> current<00:19:20.679> reward<00:19:21.200> curve 00:19:22.350 --> 00:19:22.360 align:start position:0% minimally from the current reward curve 00:19:22.360 --> 00:19:25.270 align:start position:0% minimally from the current reward curve um<00:19:23.360> two<00:19:23.799> how<00:19:24.000> steeply<00:19:24.480> can<00:19:24.600> the<00:19:24.720> reward<00:19:25.039> curve 00:19:25.270 --> 00:19:25.280 align:start position:0% um two how steeply can the reward curve 00:19:25.280 --> 00:19:26.549 align:start position:0% um two how steeply can the reward curve fall<00:19:25.559> without<00:19:25.760> significantly<00:19:26.200> increasing 00:19:26.549 --> 00:19:26.559 align:start position:0% fall without significantly increasing 00:19:26.559 --> 00:19:28.430 align:start position:0% fall without significantly increasing the<00:19:26.640> risk<00:19:26.840> of<00:19:26.960> calization<00:19:27.600> attacks<00:19:28.200> is<00:19:28.320> this 00:19:28.430 --> 00:19:28.440 align:start position:0% the risk of calization attacks is this 00:19:28.440 --> 00:19:30.190 align:start position:0% the risk of calization attacks is this something<00:19:28.840> we<00:19:28.919> need<00:19:29.000> to<00:19:29.120> be<00:19:29.200> worried<00:19:29.559> about 00:19:30.190 --> 00:19:30.200 align:start position:0% something we need to be worried about 00:19:30.200 --> 00:19:31.990 align:start position:0% something we need to be worried about given<00:19:30.440> that<00:19:30.559> the<00:19:30.640> social<00:19:30.960> air<00:19:31.240> can<00:19:31.640> correct 00:19:31.990 --> 00:19:32.000 align:start position:0% given that the social air can correct 00:19:32.000 --> 00:19:36.549 align:start position:0% given that the social air can correct for<00:19:32.200> it<00:19:33.200> um<00:19:33.440> I<00:19:33.520> don't<00:19:33.720> know<00:19:34.240> that's<00:19:35.240> open 00:19:36.549 --> 00:19:36.559 align:start position:0% for it um I don't know that's open 00:19:36.559 --> 00:19:38.710 align:start position:0% for it um I don't know that's open question<00:19:37.559> three<00:19:38.080> what<00:19:38.200> are<00:19:38.320> the<00:19:38.440> set<00:19:38.600> of 00:19:38.710 --> 00:19:38.720 align:start position:0% question three what are the set of 00:19:38.720 --> 00:19:40.470 align:start position:0% question three what are the set of reward<00:19:39.039> CES<00:19:39.280> that<00:19:39.400> could<00:19:39.600> satisfy<00:19:40.200> kind<00:19:40.320> of 00:19:40.470 --> 00:19:40.480 align:start position:0% reward CES that could satisfy kind of 00:19:40.480 --> 00:19:43.350 align:start position:0% reward CES that could satisfy kind of the<00:19:40.640> simple<00:19:40.960> SL<00:19:41.400> pragmatic<00:19:42.000> path<00:19:42.960> uh<00:19:43.080> what<00:19:43.200> are 00:19:43.350 --> 00:19:43.360 align:start position:0% the simple SL pragmatic path uh what are 00:19:43.360 --> 00:19:46.110 align:start position:0% the simple SL pragmatic path uh what are the<00:19:43.480> downsides<00:19:44.080> here<00:19:44.600> again<00:19:45.120> haven't<00:19:45.720> you 00:19:46.110 --> 00:19:46.120 align:start position:0% the downsides here again haven't you 00:19:46.120 --> 00:19:48.430 align:start position:0% the downsides here again haven't you know<00:19:47.120> haven't<00:19:47.480> really<00:19:47.760> discussed<00:19:48.200> this 00:19:48.430 --> 00:19:48.440 align:start position:0% know haven't really discussed this 00:19:48.440 --> 00:19:50.669 align:start position:0% know haven't really discussed this deeply<00:19:48.960> with<00:19:49.200> the<00:19:49.360> other<00:19:49.640> side<00:19:49.919> so<00:19:50.120> we<00:19:50.240> need<00:19:50.400> to 00:19:50.669 --> 00:19:50.679 align:start position:0% deeply with the other side so we need to 00:19:50.679 --> 00:19:53.029 align:start position:0% deeply with the other side so we need to sort<00:19:50.840> of<00:19:51.799> uh<00:19:51.919> start<00:19:52.159> a 00:19:53.029 --> 00:19:53.039 align:start position:0% sort of uh start a 00:19:53.039 --> 00:19:55.070 align:start position:0% sort of uh start a conversation<00:19:54.039> okay<00:19:54.360> now<00:19:54.559> I<00:19:54.640> think<00:19:54.799> you<00:19:54.919> can 00:19:55.070 --> 00:19:55.080 align:start position:0% conversation okay now I think you can 00:19:55.080 --> 00:19:57.390 align:start position:0% conversation okay now I think you can all<00:19:55.240> throw<00:19:55.559> tomatoes<00:19:56.000> at<00:19:56.159> me<00:19:56.360> I'm<00:19:56.520> pretty<00:19:56.720> sure 00:19:57.390 --> 00:19:57.400 align:start position:0% all throw tomatoes at me I'm pretty sure 00:19:57.400 --> 00:19:58.750 align:start position:0% all throw tomatoes at me I'm pretty sure everyone<00:19:57.679> from<00:19:57.799> the<00:19:57.919> lighter<00:19:58.360> side<00:19:58.480> is 00:19:58.750 --> 00:19:58.760 align:start position:0% everyone from the lighter side is 00:19:58.760 --> 00:20:00.070 align:start position:0% everyone from the lighter side is annoyed<00:19:59.000> at<00:19:59.080> me<00:19:59.159> and<00:19:59.280> everyone<00:19:59.559> from<00:19:59.679> the<00:19:59.799> e 00:20:00.070 --> 00:20:00.080 align:start position:0% annoyed at me and everyone from the e 00:20:00.080 --> 00:20:02.750 align:start position:0% annoyed at me and everyone from the e research<00:20:00.440> side<00:20:00.600> is<00:20:00.720> annoyed<00:20:01.000> at<00:20:01.159> me<00:20:01.559> but<00:20:02.559> thank 00:20:02.750 --> 00:20:02.760 align:start position:0% research side is annoyed at me but thank 00:20:02.760 --> 00:20:05.840 align:start position:0% research side is annoyed at me but thank you<00:20:03.799> um 00:20:05.840 --> 00:20:05.850 align:start position:0% you um 00:20:05.850 --> 00:20:13.070 align:start position:0% you um [Applause] 00:20:13.070 --> 00:20:13.080 align:start position:0% 00:20:13.080 --> 00:20:15.909 align:start position:0% yeah<00:20:14.080> can<00:20:14.320> hear 00:20:15.909 --> 00:20:15.919 align:start position:0% yeah can hear 00:20:15.919 --> 00:20:19.909 align:start position:0% yeah can hear me<00:20:16.919> thank<00:20:17.080> you<00:20:17.400> Sasha<00:20:18.400> um<00:20:19.039> now<00:20:19.320> the<00:20:19.440> stage<00:20:19.760> is 00:20:19.909 --> 00:20:19.919 align:start position:0% me thank you Sasha um now the stage is 00:20:19.919 --> 00:20:21.669 align:start position:0% me thank you Sasha um now the stage is open<00:20:20.200> for 00:20:21.669 --> 00:20:21.679 align:start position:0% open for 00:20:21.679 --> 00:20:23.630 align:start position:0% open for questions<00:20:22.679> I<00:20:22.799> think<00:20:22.919> we<00:20:23.000> should<00:20:23.280> start<00:20:23.520> with 00:20:23.630 --> 00:20:23.640 align:start position:0% questions I think we should start with 00:20:23.640 --> 00:20:25.350 align:start position:0% questions I think we should start with the<00:20:23.760> first<00:20:23.919> one<00:20:24.120> do<00:20:24.280> you<00:20:24.400> agree<00:20:24.799> the<00:20:24.919> issue<00:20:25.200> is 00:20:25.350 --> 00:20:25.360 align:start position:0% the first one do you agree the issue is 00:20:25.360 --> 00:20:27.590 align:start position:0% the first one do you agree the issue is not<00:20:25.559> in<00:20:25.679> the<00:20:25.880> curve<00:20:26.320> but<00:20:26.480> the<00:20:26.640> fact<00:20:26.880> we<00:20:27.000> don't 00:20:27.590 --> 00:20:27.600 align:start position:0% not in the curve but the fact we don't 00:20:27.600 --> 00:20:29.789 align:start position:0% not in the curve but the fact we don't have<00:20:27.760> a<00:20:27.919> way<00:20:28.120> to<00:20:28.280> increase<00:20:28.960> incentives<00:20:29.520> to 00:20:29.789 --> 00:20:29.799 align:start position:0% have a way to increase incentives to 00:20:29.799 --> 00:20:32.669 align:start position:0% have a way to increase incentives to active<00:20:30.600> participants<00:20:31.600> solo<00:20:32.000> stakers<00:20:32.480> and 00:20:32.669 --> 00:20:32.679 align:start position:0% active participants solo stakers and 00:20:32.679 --> 00:20:34.990 align:start position:0% active participants solo stakers and reduce<00:20:33.240> passive 00:20:34.990 --> 00:20:35.000 align:start position:0% reduce passive 00:20:35.000 --> 00:20:37.270 align:start position:0% reduce passive ones<00:20:36.000> no<00:20:36.200> I<00:20:36.320> don't<00:20:36.559> agree<00:20:36.840> I<00:20:36.919> mean<00:20:37.000> I<00:20:37.080> don't 00:20:37.270 --> 00:20:37.280 align:start position:0% ones no I don't agree I mean I don't 00:20:37.280 --> 00:20:40.750 align:start position:0% ones no I don't agree I mean I don't disagree<00:20:37.679> but<00:20:37.760> I<00:20:37.880> don't<00:20:38.080> agree<00:20:38.880> either<00:20:39.880> it's 00:20:40.750 --> 00:20:40.760 align:start position:0% disagree but I don't agree either it's 00:20:40.760 --> 00:20:42.669 align:start position:0% disagree but I don't agree either it's it's<00:20:41.360> one 00:20:42.669 --> 00:20:42.679 align:start position:0% it's one 00:20:42.679 --> 00:20:45.710 align:start position:0% it's one factor<00:20:43.679> but<00:20:44.080> why<00:20:44.200> don't<00:20:44.360> you<00:20:44.480> agree<00:20:45.440> well<00:20:45.600> the 00:20:45.710 --> 00:20:45.720 align:start position:0% factor but why don't you agree well the 00:20:45.720 --> 00:20:48.710 align:start position:0% factor but why don't you agree well the curve<00:20:45.960> matters<00:20:46.280> a<00:20:46.440> lot<00:20:47.400> but<00:20:47.559> so<00:20:47.919> there's<00:20:48.440> um 00:20:48.710 --> 00:20:48.720 align:start position:0% curve matters a lot but so there's um 00:20:48.720 --> 00:20:50.630 align:start position:0% curve matters a lot but so there's um you<00:20:48.840> know<00:20:49.000> if<00:20:49.080> you<00:20:49.200> could<00:20:49.400> find<00:20:49.640> a<00:20:49.799> way<00:20:50.000> to 00:20:50.630 --> 00:20:50.640 align:start position:0% you know if you could find a way to 00:20:50.640 --> 00:20:53.149 align:start position:0% you know if you could find a way to increase<00:20:51.080> incentives<00:20:51.559> to<00:20:51.960> active<00:20:52.960> I<00:20:53.000> mean 00:20:53.149 --> 00:20:53.159 align:start position:0% increase incentives to active I mean 00:20:53.159 --> 00:20:55.029 align:start position:0% increase incentives to active I mean what<00:20:53.240> do<00:20:53.360> you<00:20:53.440> even<00:20:53.600> mean<00:20:53.840> by<00:20:54.120> passive 00:20:55.029 --> 00:20:55.039 align:start position:0% what do you even mean by passive 00:20:55.039 --> 00:20:57.950 align:start position:0% what do you even mean by passive participants<00:20:55.720> I<00:20:56.280> guess<00:20:57.280> whose<00:20:57.559> question<00:20:57.840> is 00:20:57.950 --> 00:20:57.960 align:start position:0% participants I guess whose question is 00:20:57.960 --> 00:20:59.830 align:start position:0% participants I guess whose question is it<00:20:58.280> who<00:20:58.640> question<00:20:58.880> is<00:20:59.080> it<00:20:59.280> maybe<00:20:59.480> you<00:20:59.559> want<00:20:59.679> to 00:20:59.830 --> 00:20:59.840 align:start position:0% it who question is it maybe you want to 00:20:59.840 --> 00:21:02.230 align:start position:0% it who question is it maybe you want to elaborate<00:21:00.320> it<00:21:00.520> a<00:21:00.600> little<00:21:00.760> bit<00:21:00.880> more<00:21:01.039> on<00:21:01.159> your 00:21:02.230 --> 00:21:02.240 align:start position:0% elaborate it a little bit more on your 00:21:02.240 --> 00:21:07.830 align:start position:0% elaborate it a little bit more on your question<00:21:03.240> is<00:21:03.440> the<00:21:03.679> person<00:21:04.000> still 00:21:07.830 --> 00:21:07.840 align:start position:0% 00:21:07.840 --> 00:21:10.350 align:start position:0% here<00:21:08.840> well<00:21:09.000> if<00:21:09.159> not<00:21:09.360> then<00:21:09.480> we<00:21:09.640> just<00:21:09.799> go<00:21:09.960> to<00:21:10.120> the 00:21:10.350 --> 00:21:10.360 align:start position:0% here well if not then we just go to the 00:21:10.360 --> 00:21:13.549 align:start position:0% here well if not then we just go to the next<00:21:10.600> one<00:21:11.360> why<00:21:11.559> do<00:21:11.679> you<00:21:11.880> think<00:21:12.240> 50%<00:21:12.880> of<00:21:13.080> e 00:21:13.549 --> 00:21:13.559 align:start position:0% next one why do you think 50% of e 00:21:13.559 --> 00:21:15.950 align:start position:0% next one why do you think 50% of e should<00:21:13.880> be<00:21:14.159> Stak<00:21:14.799> it<00:21:14.919> seems<00:21:15.159> a<00:21:15.360> very<00:21:15.679> high 00:21:15.950 --> 00:21:15.960 align:start position:0% should be Stak it seems a very high 00:21:15.960 --> 00:21:18.230 align:start position:0% should be Stak it seems a very high percentage<00:21:16.840> so<00:21:17.320> first<00:21:17.480> of<00:21:17.520> all<00:21:17.679> I<00:21:17.760> don't<00:21:18.039> think 00:21:18.230 --> 00:21:18.240 align:start position:0% percentage so first of all I don't think 00:21:18.240 --> 00:21:20.750 align:start position:0% percentage so first of all I don't think that<00:21:18.400> 50%<00:21:18.919> of<00:21:19.120> e<00:21:19.840> should<00:21:20.120> or<00:21:20.279> should<00:21:20.480> not<00:21:20.640> be 00:21:20.750 --> 00:21:20.760 align:start position:0% that 50% of e should or should not be 00:21:20.760 --> 00:21:23.390 align:start position:0% that 50% of e should or should not be staked<00:21:21.400> I'm<00:21:22.400> just 00:21:23.390 --> 00:21:23.400 align:start position:0% staked I'm just 00:21:23.400 --> 00:21:25.830 align:start position:0% staked I'm just trying<00:21:24.400> these<00:21:24.559> are<00:21:24.840> kind<00:21:24.960> of<00:21:25.120> not<00:21:25.360> necessarily 00:21:25.830 --> 00:21:25.840 align:start position:0% trying these are kind of not necessarily 00:21:25.840 --> 00:21:27.830 align:start position:0% trying these are kind of not necessarily my<00:21:26.039> personal<00:21:26.400> thoughts<00:21:26.919> this<00:21:27.320> this 00:21:27.830 --> 00:21:27.840 align:start position:0% my personal thoughts this this 00:21:27.840 --> 00:21:29.990 align:start position:0% my personal thoughts this this presentation<00:21:28.400> that<00:21:28.720> kind<00:21:28.840> of<00:21:29.039> trying<00:21:29.240> to<00:21:29.480> find 00:21:29.990 --> 00:21:30.000 align:start position:0% presentation that kind of trying to find 00:21:30.000 --> 00:21:32.430 align:start position:0% presentation that kind of trying to find some<00:21:30.200> sort<00:21:30.360> of<00:21:30.600> consensus<00:21:31.600> I<00:21:31.720> think<00:21:32.039> like<00:21:32.279> the 00:21:32.430 --> 00:21:32.440 align:start position:0% some sort of consensus I think like the 00:21:32.440 --> 00:21:34.630 align:start position:0% some sort of consensus I think like the way<00:21:32.640> you<00:21:32.880> find<00:21:33.159> some<00:21:33.320> sort<00:21:33.480> of<00:21:33.640> consensus<00:21:34.440> is 00:21:34.630 --> 00:21:34.640 align:start position:0% way you find some sort of consensus is 00:21:34.640 --> 00:21:38.310 align:start position:0% way you find some sort of consensus is to<00:21:35.480> say<00:21:35.840> okay<00:21:36.080> the<00:21:36.200> most<00:21:36.919> important<00:21:37.919> factor 00:21:38.310 --> 00:21:38.320 align:start position:0% to say okay the most important factor 00:21:38.320 --> 00:21:40.510 align:start position:0% to say okay the most important factor from<00:21:38.520> one<00:21:38.799> side<00:21:39.000> is<00:21:39.320> if<00:21:39.919> should<00:21:40.200> be<00:21:40.360> the 00:21:40.510 --> 00:21:40.520 align:start position:0% from one side is if should be the 00:21:40.520 --> 00:21:42.430 align:start position:0% from one side is if should be the dominant<00:21:40.880> money<00:21:41.559> the<00:21:41.720> most<00:21:41.919> important<00:21:42.279> sort 00:21:42.430 --> 00:21:42.440 align:start position:0% dominant money the most important sort 00:21:42.440 --> 00:21:44.110 align:start position:0% dominant money the most important sort of<00:21:42.600> factor<00:21:42.840> from<00:21:43.000> the<00:21:43.120> other<00:21:43.320> side<00:21:43.520> is<00:21:43.760> hang<00:21:43.919> on 00:21:44.110 --> 00:21:44.120 align:start position:0% of factor from the other side is hang on 00:21:44.120 --> 00:21:46.149 align:start position:0% of factor from the other side is hang on we<00:21:44.240> need<00:21:44.360> to<00:21:44.559> care<00:21:44.760> about<00:21:44.960> the<00:21:45.159> geopolitical 00:21:46.149 --> 00:21:46.159 align:start position:0% we need to care about the geopolitical 00:21:46.159 --> 00:21:48.830 align:start position:0% we need to care about the geopolitical diversity<00:21:47.000> of<00:21:47.200> nodes<00:21:48.200> like<00:21:48.320> how<00:21:48.480> do<00:21:48.559> you<00:21:48.679> find 00:21:48.830 --> 00:21:48.840 align:start position:0% diversity of nodes like how do you find 00:21:48.840 --> 00:21:51.390 align:start position:0% diversity of nodes like how do you find a<00:21:49.000> synthesis<00:21:50.000> um 00:21:51.390 --> 00:21:51.400 align:start position:0% a synthesis um 00:21:51.400 --> 00:21:55.190 align:start position:0% a synthesis um 50%<00:21:52.400> avoids<00:21:53.400> um<00:21:54.159> having<00:21:54.520> something<00:21:54.840> else 00:21:55.190 --> 00:21:55.200 align:start position:0% 50% avoids um having something else 00:21:55.200 --> 00:21:57.750 align:start position:0% 50% avoids um having something else dominate<00:21:55.640> EA's<00:21:56.039> money<00:21:56.880> while<00:21:57.200> still<00:21:57.559> like 00:21:57.750 --> 00:21:57.760 align:start position:0% dominate EA's money while still like 00:21:57.760 --> 00:22:00.870 align:start position:0% dominate EA's money while still like giving<00:21:58.000> you<00:21:58.120> the<00:21:58.240> max<00:21:58.559> maimum<00:21:58.880> room<00:21:59.240> to<00:21:59.640> to<00:22:00.039> to 00:22:00.870 --> 00:22:00.880 align:start position:0% giving you the max maimum room to to to 00:22:00.880 --> 00:22:04.710 align:start position:0% giving you the max maimum room to to to uh<00:22:01.520> decentralize<00:22:02.200> the<00:22:02.320> validated<00:22:02.840> set 00:22:04.710 --> 00:22:04.720 align:start position:0% uh decentralize the validated set 00:22:04.720 --> 00:22:08.549 align:start position:0% uh decentralize the validated set so<00:22:05.720> that's 00:22:08.549 --> 00:22:08.559 align:start position:0% 00:22:08.559 --> 00:22:10.909 align:start position:0% all<00:22:09.559> next<00:22:09.799> one<00:22:10.000> is<00:22:10.200> there<00:22:10.320> a<00:22:10.480> technical 00:22:10.909 --> 00:22:10.919 align:start position:0% all next one is there a technical 00:22:10.919 --> 00:22:13.710 align:start position:0% all next one is there a technical solution<00:22:11.320> to<00:22:11.559> identify<00:22:12.080> solo<00:22:12.600> Stakes<00:22:13.600> for 00:22:13.710 --> 00:22:13.720 align:start position:0% solution to identify solo Stakes for 00:22:13.720 --> 00:22:17.149 align:start position:0% solution to identify solo Stakes for example<00:22:14.000> someone<00:22:14.640> onchain<00:22:15.360> Z<00:22:15.919> zkp<00:22:16.919> and 00:22:17.149 --> 00:22:17.159 align:start position:0% example someone onchain Z zkp and 00:22:17.159 --> 00:22:20.070 align:start position:0% example someone onchain Z zkp and preference<00:22:17.760> them<00:22:18.000> in<00:22:18.600> issuance<00:22:19.600> I'm<00:22:19.720> not<00:22:19.880> an 00:22:20.070 --> 00:22:20.080 align:start position:0% preference them in issuance I'm not an 00:22:20.080 --> 00:22:23.350 align:start position:0% preference them in issuance I'm not an expert<00:22:20.440> on<00:22:20.840> on<00:22:21.320> the<00:22:21.480> latest<00:22:21.919> there<00:22:22.159> so<00:22:22.400> I<00:22:22.480> don't 00:22:23.350 --> 00:22:23.360 align:start position:0% expert on on the latest there so I don't 00:22:23.360 --> 00:22:26.149 align:start position:0% expert on on the latest there so I don't know<00:22:24.360> okay<00:22:24.559> then<00:22:24.679> we<00:22:24.840> move<00:22:25.039> on<00:22:25.159> to<00:22:25.279> the<00:22:25.480> next 00:22:26.149 --> 00:22:26.159 align:start position:0% know okay then we move on to the next 00:22:26.159 --> 00:22:28.750 align:start position:0% know okay then we move on to the next what<00:22:26.320> do<00:22:26.440> you<00:22:26.600> think<00:22:26.880> will<00:22:27.440> actually<00:22:27.960> happen 00:22:28.750 --> 00:22:28.760 align:start position:0% what do you think will actually happen 00:22:28.760 --> 00:22:32.350 align:start position:0% what do you think will actually happen with<00:22:28.919> the<00:22:29.480> EF<00:22:30.360> decision<00:22:31.360> well<00:22:31.520> it's<00:22:31.679> not<00:22:31.840> an<00:22:32.000> EF 00:22:32.350 --> 00:22:32.360 align:start position:0% with the EF decision well it's not an EF 00:22:32.360 --> 00:22:33.830 align:start position:0% with the EF decision well it's not an EF decision<00:22:32.679> it's<00:22:32.799> a<00:22:32.960> community<00:22:33.400> decision 00:22:33.830 --> 00:22:33.840 align:start position:0% decision it's a community decision 00:22:33.840 --> 00:22:35.230 align:start position:0% decision it's a community decision that's<00:22:34.120> why<00:22:34.240> we<00:22:34.360> were<00:22:34.600> here<00:22:34.799> otherwise<00:22:35.159> we 00:22:35.230 --> 00:22:35.240 align:start position:0% that's why we were here otherwise we 00:22:35.240 --> 00:22:36.590 align:start position:0% that's why we were here otherwise we wouldn't<00:22:35.480> be<00:22:35.640> here<00:22:35.880> the<00:22:36.000> decision<00:22:36.320> would<00:22:36.480> have 00:22:36.590 --> 00:22:36.600 align:start position:0% wouldn't be here the decision would have 00:22:36.600 --> 00:22:37.909 align:start position:0% wouldn't be here the decision would have already<00:22:36.799> been<00:22:36.960> made<00:22:37.200> and<00:22:37.360> ethereum<00:22:37.760> would 00:22:37.909 --> 00:22:37.919 align:start position:0% already been made and ethereum would 00:22:37.919 --> 00:22:40.190 align:start position:0% already been made and ethereum would probably<00:22:38.159> be<00:22:38.320> worth<00:22:38.640> zero<00:22:39.200> um<00:22:39.600> not<00:22:39.840> because<00:22:40.039> of 00:22:40.190 --> 00:22:40.200 align:start position:0% probably be worth zero um not because of 00:22:40.200 --> 00:22:41.510 align:start position:0% probably be worth zero um not because of this<00:22:40.400> decision<00:22:40.720> being<00:22:40.880> made<00:22:41.080> but<00:22:41.240> because<00:22:41.400> of 00:22:41.510 --> 00:22:41.520 align:start position:0% this decision being made but because of 00:22:41.520 --> 00:22:44.350 align:start position:0% this decision being made but because of the<00:22:41.600> EF<00:22:42.279> if<00:22:42.400> the<00:22:42.760> EF<00:22:43.039> is<00:22:43.120> a<00:22:43.200> SLE<00:22:43.440> decision<00:22:43.720> maker 00:22:44.350 --> 00:22:44.360 align:start position:0% the EF if the EF is a SLE decision maker 00:22:44.360 --> 00:22:46.789 align:start position:0% the EF if the EF is a SLE decision maker the<00:22:44.480> etherum<00:22:44.840> is<00:22:44.960> worth<00:22:45.200> nothing<00:22:45.600> so<00:22:46.600> I<00:22:46.679> have 00:22:46.789 --> 00:22:46.799 align:start position:0% the etherum is worth nothing so I have 00:22:46.799 --> 00:22:49.230 align:start position:0% the etherum is worth nothing so I have no<00:22:47.000> idea<00:22:47.679> um<00:22:47.880> what<00:22:48.000> will<00:22:48.200> happen<00:22:48.880> but<00:22:49.000> it's<00:22:49.120> not 00:22:49.230 --> 00:22:49.240 align:start position:0% no idea um what will happen but it's not 00:22:49.240 --> 00:22:51.110 align:start position:0% no idea um what will happen but it's not the<00:22:49.360> F's<00:22:49.679> decision<00:22:49.960> to<00:22:50.080> make<00:22:50.320> it's<00:22:50.480> all<00:22:51.000> it's 00:22:51.110 --> 00:22:51.120 align:start position:0% the F's decision to make it's all it's 00:22:51.120 --> 00:22:54.350 align:start position:0% the F's decision to make it's all it's all<00:22:51.240> of 00:22:54.350 --> 00:22:54.360 align:start position:0% 00:22:54.360 --> 00:22:59.510 align:start position:0% us<00:22:55.360> I<00:22:55.520> think<00:22:55.760> we<00:22:55.919> still<00:22:56.120> have<00:22:56.320> more<00:22:56.640> time<00:22:57.320> um 00:22:59.510 --> 00:22:59.520 align:start position:0% us I think we still have more time um 00:22:59.520 --> 00:23:01.070 align:start position:0% us I think we still have more time um should<00:22:59.760> we<00:22:59.880> also<00:23:00.159> think<00:23:00.360> of<00:23:00.520> changing<00:23:00.919> the 00:23:01.070 --> 00:23:01.080 align:start position:0% should we also think of changing the 00:23:01.080 --> 00:23:04.230 align:start position:0% should we also think of changing the entry<00:23:01.559> que<00:23:01.840> to<00:23:02.000> be<00:23:02.200> closer<00:23:02.679> and<00:23:02.840> close<00:23:03.200> to<00:23:03.480> zero 00:23:04.230 --> 00:23:04.240 align:start position:0% entry que to be closer and close to zero 00:23:04.240 --> 00:23:07.710 align:start position:0% entry que to be closer and close to zero instead<00:23:04.600> of<00:23:04.760> changing<00:23:05.279> issuance 00:23:07.710 --> 00:23:07.720 align:start position:0% instead of changing issuance 00:23:07.720 --> 00:23:14.590 align:start position:0% instead of changing issuance curve<00:23:08.760> um<00:23:09.760> I'm<00:23:09.960> not<00:23:10.240> sure<00:23:10.480> I<00:23:10.880> understand<00:23:11.039> the 00:23:14.590 --> 00:23:14.600 align:start position:0% 00:23:14.600 --> 00:23:18.830 align:start position:0% question<00:23:15.600> sorry<00:23:15.960> sorry<00:23:16.480> with 00:23:18.830 --> 00:23:18.840 align:start position:0% question sorry sorry with 00:23:18.840 --> 00:23:21.870 align:start position:0% question sorry sorry with um<00:23:19.840> sorry<00:23:20.360> oh<00:23:20.559> stop<00:23:20.799> letting<00:23:21.039> in<00:23:21.200> new<00:23:21.360> valid<00:23:21.799> I 00:23:21.870 --> 00:23:21.880 align:start position:0% um sorry oh stop letting in new valid I 00:23:21.880 --> 00:23:23.830 align:start position:0% um sorry oh stop letting in new valid I think<00:23:22.039> that's<00:23:22.279> that's<00:23:22.559> kind<00:23:22.679> of<00:23:23.320> dangerous 00:23:23.830 --> 00:23:23.840 align:start position:0% think that's that's kind of dangerous 00:23:23.840 --> 00:23:26.590 align:start position:0% think that's that's kind of dangerous cuz<00:23:23.960> you<00:23:24.120> have<00:23:24.360> like<00:23:24.640> then<00:23:24.760> you<00:23:24.960> cement<00:23:25.600> like<00:23:25.840> a 00:23:26.590 --> 00:23:26.600 align:start position:0% cuz you have like then you cement like a 00:23:26.600 --> 00:23:28.990 align:start position:0% cuz you have like then you cement like a an<00:23:26.760> OG<00:23:27.360> class<00:23:27.720> of<00:23:28.039> of<00:23:28.240> people<00:23:28.520> people<00:23:28.799> that 00:23:28.990 --> 00:23:29.000 align:start position:0% an OG class of of people people that 00:23:29.000 --> 00:23:32.950 align:start position:0% an OG class of of people people that just<00:23:29.200> end<00:23:29.440> up<00:23:30.159> uh<00:23:30.440> you<00:23:30.600> know<00:23:31.480> living<00:23:31.919> off<00:23:32.760> uh 00:23:32.950 --> 00:23:32.960 align:start position:0% just end up uh you know living off uh 00:23:32.960 --> 00:23:36.710 align:start position:0% just end up uh you know living off uh yields<00:23:33.400> forever<00:23:34.559> and<00:23:35.559> uh<00:23:36.120> yeah<00:23:36.320> I<00:23:36.480> don't<00:23:36.600> think 00:23:36.710 --> 00:23:36.720 align:start position:0% yields forever and uh yeah I don't think 00:23:36.720 --> 00:23:38.350 align:start position:0% yields forever and uh yeah I don't think that's<00:23:36.919> healthy<00:23:37.200> for<00:23:37.400> the<00:23:37.559> system<00:23:38.120> I<00:23:38.200> think 00:23:38.350 --> 00:23:38.360 align:start position:0% that's healthy for the system I think 00:23:38.360 --> 00:23:40.430 align:start position:0% that's healthy for the system I think you<00:23:38.559> need<00:23:38.840> it<00:23:38.919> needs<00:23:39.120> to<00:23:39.200> be<00:23:39.320> more 00:23:40.430 --> 00:23:40.440 align:start position:0% you need it needs to be more 00:23:40.440 --> 00:23:43.269 align:start position:0% you need it needs to be more fluid<00:23:41.440> I<00:23:41.520> mean<00:23:41.679> I<00:23:41.799> think<00:23:42.360> vitalic<00:23:42.840> had<00:23:42.919> an<00:23:43.039> idea 00:23:43.269 --> 00:23:43.279 align:start position:0% fluid I mean I think vitalic had an idea 00:23:43.279 --> 00:23:44.590 align:start position:0% fluid I mean I think vitalic had an idea if<00:23:43.360> you<00:23:43.440> were<00:23:43.640> a<00:23:43.799> cap<00:23:44.080> right<00:23:44.240> you<00:23:44.320> could 00:23:44.590 --> 00:23:44.600 align:start position:0% if you were a cap right you could 00:23:44.600 --> 00:23:46.990 align:start position:0% if you were a cap right you could randomly<00:23:45.080> eject<00:23:45.919> and<00:23:46.120> randomly<00:23:46.559> come<00:23:46.720> in<00:23:46.880> I 00:23:46.990 --> 00:23:47.000 align:start position:0% randomly eject and randomly come in I 00:23:47.000 --> 00:23:48.190 align:start position:0% randomly eject and randomly come in I think<00:23:47.120> that's<00:23:47.320> interesting<00:23:47.760> but<00:23:47.880> I<00:23:47.960> think<00:23:48.080> you 00:23:48.190 --> 00:23:48.200 align:start position:0% think that's interesting but I think you 00:23:48.200 --> 00:23:55.950 align:start position:0% think that's interesting but I think you do<00:23:48.400> need<00:23:48.640> some<00:23:48.799> sort<00:23:49.000> of<00:23:49.200> fluid<00:23:49.880> uh 00:23:55.950 --> 00:23:55.960 align:start position:0% 00:23:55.960 --> 00:23:58.430 align:start position:0% movement<00:23:56.960> um<00:23:57.240> are<00:23:57.400> there<00:23:57.559> any<00:23:57.799> more<00:23:58.080> questions 00:23:58.430 --> 00:23:58.440 align:start position:0% movement um are there any more questions 00:23:58.440 --> 00:24:00.909 align:start position:0% movement um are there any more questions questions<00:23:58.880> from<00:23:59.120> the<00:23:59.320> audience<00:24:00.080> which<00:24:00.679> maybe 00:24:00.909 --> 00:24:00.919 align:start position:0% questions from the audience which maybe 00:24:00.919 --> 00:24:03.470 align:start position:0% questions from the audience which maybe you<00:24:01.000> have<00:24:01.159> not<00:24:01.360> found<00:24:01.720> time<00:24:02.039> to<00:24:02.840> scan<00:24:03.159> it<00:24:03.279> and 00:24:03.470 --> 00:24:03.480 align:start position:0% you have not found time to scan it and 00:24:03.480 --> 00:24:08.070 align:start position:0% you have not found time to scan it and place<00:24:03.679> it<00:24:03.799> online<00:24:04.120> we<00:24:04.240> still<00:24:04.400> have<00:24:04.559> more 00:24:08.070 --> 00:24:08.080 align:start position:0% 00:24:08.080 --> 00:24:11.269 align:start position:0% time<00:24:09.080> yeah<00:24:09.320> the<00:24:09.480> gentleman<00:24:10.120> in<00:24:10.960> the<00:24:11.120> white 00:24:11.269 --> 00:24:11.279 align:start position:0% time yeah the gentleman in the white 00:24:11.279 --> 00:24:13.470 align:start position:0% time yeah the gentleman in the white shirt<00:24:11.640> has<00:24:11.840> more 00:24:13.470 --> 00:24:13.480 align:start position:0% shirt has more 00:24:13.480 --> 00:24:16.669 align:start position:0% shirt has more questions<00:24:14.480> okay<00:24:14.919> um<00:24:15.520> the<00:24:15.640> zkp<00:24:16.279> question<00:24:16.520> was 00:24:16.669 --> 00:24:16.679 align:start position:0% questions okay um the zkp question was 00:24:16.679 --> 00:24:18.510 align:start position:0% questions okay um the zkp question was me<00:24:17.320> the<00:24:17.440> technology<00:24:17.840> doesn't<00:24:18.039> matter<00:24:18.279> I<00:24:18.360> guess 00:24:18.510 --> 00:24:18.520 align:start position:0% me the technology doesn't matter I guess 00:24:18.520 --> 00:24:20.430 align:start position:0% me the technology doesn't matter I guess the<00:24:18.640> question<00:24:18.919> was<00:24:19.679> like<00:24:19.840> if<00:24:20.000> one<00:24:20.120> of<00:24:20.240> the 00:24:20.430 --> 00:24:20.440 align:start position:0% the question was like if one of the 00:24:20.440 --> 00:24:22.950 align:start position:0% the question was like if one of the goals<00:24:20.840> is<00:24:21.320> increase<00:24:21.880> geopolitical 00:24:22.950 --> 00:24:22.960 align:start position:0% goals is increase geopolitical 00:24:22.960 --> 00:24:25.590 align:start position:0% goals is increase geopolitical distribution<00:24:23.960> um<00:24:24.200> and<00:24:24.360> or<00:24:24.760> just<00:24:24.919> like<00:24:25.120> solo 00:24:25.590 --> 00:24:25.600 align:start position:0% distribution um and or just like solo 00:24:25.600 --> 00:24:28.389 align:start position:0% distribution um and or just like solo stakers<00:24:26.600> if<00:24:26.679> you<00:24:26.799> are<00:24:27.039> able<00:24:27.320> to<00:24:27.720> positively 00:24:28.389 --> 00:24:28.399 align:start position:0% stakers if you are able to positively 00:24:28.399 --> 00:24:31.389 align:start position:0% stakers if you are able to positively identify<00:24:28.799> Solo<00:24:29.120> stakers<00:24:29.559> in<00:24:29.679> a<00:24:29.840> non<00:24:30.240> Cil<00:24:30.679> way 00:24:31.389 --> 00:24:31.399 align:start position:0% identify Solo stakers in a non Cil way 00:24:31.399 --> 00:24:33.230 align:start position:0% identify Solo stakers in a non Cil way then<00:24:31.520> you<00:24:31.720> could<00:24:32.240> design<00:24:32.520> the<00:24:32.679> protocol<00:24:33.080> that 00:24:33.230 --> 00:24:33.240 align:start position:0% then you could design the protocol that 00:24:33.240 --> 00:24:35.950 align:start position:0% then you could design the protocol that way<00:24:33.559> so<00:24:34.240> there<00:24:34.399> are<00:24:34.799> solutions<00:24:35.520> I<00:24:35.600> think<00:24:35.760> to 00:24:35.950 --> 00:24:35.960 align:start position:0% way so there are solutions I think to 00:24:35.960 --> 00:24:38.110 align:start position:0% way so there are solutions I think to this<00:24:36.200> like<00:24:36.919> choose<00:24:37.200> your<00:24:37.399> stack<00:24:37.760> but<00:24:37.919> there's 00:24:38.110 --> 00:24:38.120 align:start position:0% this like choose your stack but there's 00:24:38.120 --> 00:24:41.029 align:start position:0% this like choose your stack but there's like<00:24:38.279> some<00:24:38.520> way<00:24:38.679> to<00:24:38.960> identify<00:24:39.960> people<00:24:40.640> so<00:24:40.880> like 00:24:41.029 --> 00:24:41.039 align:start position:0% like some way to identify people so like 00:24:41.039 --> 00:24:43.230 align:start position:0% like some way to identify people so like is<00:24:41.240> that<00:24:41.600> part<00:24:41.720> of<00:24:41.840> the<00:24:42.000> conversation<00:24:42.720> of<00:24:43.120> you 00:24:43.230 --> 00:24:43.240 align:start position:0% is that part of the conversation of you 00:24:43.240 --> 00:24:45.269 align:start position:0% is that part of the conversation of you know<00:24:43.520> preferencing<00:24:44.279> that<00:24:44.720> goal<00:24:45.120> by 00:24:45.269 --> 00:24:45.279 align:start position:0% know preferencing that goal by 00:24:45.279 --> 00:24:47.710 align:start position:0% know preferencing that goal by identifying<00:24:45.840> Sol<00:24:46.200> sters<00:24:47.080> I'm<00:24:47.200> not<00:24:47.360> sure<00:24:47.559> if 00:24:47.710 --> 00:24:47.720 align:start position:0% identifying Sol sters I'm not sure if 00:24:47.720 --> 00:24:49.789 align:start position:0% identifying Sol sters I'm not sure if necessarily<00:24:48.320> identifying<00:24:48.840> solers<00:24:49.520> is<00:24:49.679> part 00:24:49.789 --> 00:24:49.799 align:start position:0% necessarily identifying solers is part 00:24:49.799 --> 00:24:51.909 align:start position:0% necessarily identifying solers is part of<00:24:49.919> the<00:24:50.039> conversation<00:24:50.640> but<00:24:51.200> like<00:24:51.399> I<00:24:51.520> think 00:24:51.909 --> 00:24:51.919 align:start position:0% of the conversation but like I think 00:24:51.919 --> 00:24:54.549 align:start position:0% of the conversation but like I think part<00:24:52.080> of<00:24:52.159> the<00:24:52.640> conversation<00:24:53.640> is<00:24:54.279> how 00:24:54.549 --> 00:24:54.559 align:start position:0% part of the conversation is how 00:24:54.559 --> 00:24:56.789 align:start position:0% part of the conversation is how optimistic<00:24:55.320> are<00:24:55.559> we<00:24:55.880> that<00:24:56.080> we<00:24:56.200> can<00:24:56.399> bring<00:24:56.640> in 00:24:56.789 --> 00:24:56.799 align:start position:0% optimistic are we that we can bring in 00:24:56.799 --> 00:24:58.870 align:start position:0% optimistic are we that we can bring in new<00:24:57.000> solar<00:24:57.320> stakers<00:24:58.120> right<00:24:58.399> and<00:24:58.480> this<00:24:58.600> is<00:24:58.760> kind 00:24:58.870 --> 00:24:58.880 align:start position:0% new solar stakers right and this is kind 00:24:58.880 --> 00:25:01.510 align:start position:0% new solar stakers right and this is kind of<00:24:59.039> like<00:24:59.279> a<00:24:59.600> a<00:25:00.000> higher<00:25:00.279> level<00:25:00.600> than<00:25:00.799> that<00:25:01.279> but 00:25:01.510 --> 00:25:01.520 align:start position:0% of like a a higher level than that but 00:25:01.520 --> 00:25:03.549 align:start position:0% of like a a higher level than that but it<00:25:01.640> touches<00:25:01.960> on<00:25:02.080> it<00:25:02.240> and<00:25:02.360> I<00:25:02.480> think<00:25:02.720> like<00:25:03.440> I 00:25:03.549 --> 00:25:03.559 align:start position:0% it touches on it and I think like I 00:25:03.559 --> 00:25:07.230 align:start position:0% it touches on it and I think like I would<00:25:03.760> say<00:25:04.080> I'm<00:25:04.760> like<00:25:05.559> Lio<00:25:06.039> as<00:25:06.120> a<00:25:06.279> whole<00:25:06.799> is 00:25:07.230 --> 00:25:07.240 align:start position:0% would say I'm like Lio as a whole is 00:25:07.240 --> 00:25:09.789 align:start position:0% would say I'm like Lio as a whole is very<00:25:07.520> optimistic<00:25:08.159> that<00:25:08.320> we<00:25:08.440> can<00:25:08.840> bring<00:25:09.120> in<00:25:09.640> a 00:25:09.789 --> 00:25:09.799 align:start position:0% very optimistic that we can bring in a 00:25:09.799 --> 00:25:12.350 align:start position:0% very optimistic that we can bring in a lot<00:25:10.000> more<00:25:10.200> solar<00:25:10.559> stakers<00:25:11.200> right<00:25:11.679> and<00:25:11.960> I<00:25:12.080> think 00:25:12.350 --> 00:25:12.360 align:start position:0% lot more solar stakers right and I think 00:25:12.360 --> 00:25:14.950 align:start position:0% lot more solar stakers right and I think like<00:25:12.799> maybe<00:25:13.159> and<00:25:13.279> I<00:25:13.360> don't<00:25:13.480> want<00:25:13.559> to<00:25:13.720> speak<00:25:13.960> for 00:25:14.950 --> 00:25:14.960 align:start position:0% like maybe and I don't want to speak for 00:25:14.960 --> 00:25:17.710 align:start position:0% like maybe and I don't want to speak for um<00:25:15.360> you<00:25:15.520> know<00:25:16.080> Casper<00:25:16.600> or<00:25:16.760> or<00:25:16.919> or<00:25:17.120> Anar<00:25:17.559> but<00:25:17.640> I 00:25:17.710 --> 00:25:17.720 align:start position:0% um you know Casper or or or Anar but I 00:25:17.720 --> 00:25:19.990 align:start position:0% um you know Casper or or or Anar but I think<00:25:18.000> like<00:25:18.640> the<00:25:18.760> the<00:25:18.919> vibe<00:25:19.159> I<00:25:19.320> get<00:25:19.520> is<00:25:19.640> they're 00:25:19.990 --> 00:25:20.000 align:start position:0% think like the the vibe I get is they're 00:25:20.000 --> 00:25:22.269 align:start position:0% think like the the vibe I get is they're actually<00:25:20.640> much<00:25:20.799> more<00:25:21.080> pessimistic<00:25:21.840> about 00:25:22.269 --> 00:25:22.279 align:start position:0% actually much more pessimistic about 00:25:22.279 --> 00:25:24.070 align:start position:0% actually much more pessimistic about ability<00:25:22.640> to<00:25:22.760> bring<00:25:22.960> in<00:25:23.080> new<00:25:23.240> solar<00:25:23.559> stakers 00:25:24.070 --> 00:25:24.080 align:start position:0% ability to bring in new solar stakers 00:25:24.080 --> 00:25:25.909 align:start position:0% ability to bring in new solar stakers right<00:25:24.440> and<00:25:24.520> so<00:25:24.679> if<00:25:24.760> you<00:25:24.880> are<00:25:25.080> more<00:25:25.279> pessimistic 00:25:25.909 --> 00:25:25.919 align:start position:0% right and so if you are more pessimistic 00:25:25.919 --> 00:25:29.230 align:start position:0% right and so if you are more pessimistic about<00:25:26.520> enlarging<00:25:27.159> this<00:25:27.360> set<00:25:27.799> of<00:25:28.000> actors 00:25:29.230 --> 00:25:29.240 align:start position:0% about enlarging this set of actors 00:25:29.240 --> 00:25:32.350 align:start position:0% about enlarging this set of actors um<00:25:29.679> then<00:25:30.440> you<00:25:30.640> might<00:25:30.880> be<00:25:31.399> more<00:25:31.679> prone<00:25:31.960> towards 00:25:32.350 --> 00:25:32.360 align:start position:0% um then you might be more prone towards 00:25:32.360 --> 00:25:34.950 align:start position:0% um then you might be more prone towards reducing<00:25:32.799> issuance<00:25:33.799> um<00:25:34.039> than<00:25:34.279> not<00:25:34.559> but<00:25:34.720> I<00:25:34.799> mean 00:25:34.950 --> 00:25:34.960 align:start position:0% reducing issuance um than not but I mean 00:25:34.960 --> 00:25:36.990 align:start position:0% reducing issuance um than not but I mean people<00:25:35.200> can<00:25:35.360> disagree<00:25:35.760> on<00:25:35.919> this 00:25:36.990 --> 00:25:37.000 align:start position:0% people can disagree on this 00:25:37.000 --> 00:25:42.240 align:start position:0% people can disagree on this right<00:25:38.000> thank<00:25:38.200> you<00:25:38.360> so<00:25:38.640> much<00:25:39.120> time<00:25:39.399> is<00:25:39.600> up