WEBVTT Kind: captions Language: en 00:00:01.160 --> 00:00:06.690 align:start position:0% [Music] 00:00:06.690 --> 00:00:06.700 align:start position:0% 00:00:06.700 --> 00:00:09.669 align:start position:0% [Music] 00:00:09.669 --> 00:00:09.679 align:start position:0% [Music] 00:00:09.679 --> 00:00:11.870 align:start position:0% [Music] watching<00:00:09.960> on<00:00:10.120> the<00:00:10.280> live<00:00:10.519> stream<00:00:11.320> my<00:00:11.480> name<00:00:11.679> is 00:00:11.870 --> 00:00:11.880 align:start position:0% watching on the live stream my name is 00:00:11.880 --> 00:00:15.310 align:start position:0% watching on the live stream my name is Tim<00:00:12.480> and<00:00:13.080> I'm<00:00:13.240> the<00:00:13.360> founder<00:00:13.679> of<00:00:13.799> KB<00:00:14.120> news<00:00:14.559> and<00:00:14.960> I 00:00:15.310 --> 00:00:15.320 align:start position:0% Tim and I'm the founder of KB news and I 00:00:15.320 --> 00:00:17.670 align:start position:0% Tim and I'm the founder of KB news and I will<00:00:15.519> be<00:00:15.719> talking<00:00:16.119> today<00:00:16.800> about<00:00:17.119> demand-based 00:00:17.670 --> 00:00:17.680 align:start position:0% will be talking today about demand-based 00:00:17.680 --> 00:00:22.070 align:start position:0% will be talking today about demand-based reoccurring<00:00:18.680> fees<00:00:19.039> in<00:00:19.519> practice<00:00:20.960> so<00:00:21.960> if 00:00:22.070 --> 00:00:22.080 align:start position:0% reoccurring fees in practice so if 00:00:22.080 --> 00:00:23.589 align:start position:0% reoccurring fees in practice so if you're<00:00:22.240> a<00:00:22.359> developer<00:00:22.800> you<00:00:22.920> might<00:00:23.080> have<00:00:23.199> seen 00:00:23.589 --> 00:00:23.599 align:start position:0% you're a developer you might have seen 00:00:23.599 --> 00:00:25.790 align:start position:0% you're a developer you might have seen this<00:00:24.039> already<00:00:24.680> or<00:00:25.000> you<00:00:25.160> might<00:00:25.279> have<00:00:25.599> come 00:00:25.790 --> 00:00:25.800 align:start position:0% this already or you might have come 00:00:25.800 --> 00:00:28.710 align:start position:0% this already or you might have come across<00:00:26.160> this<00:00:26.359> problem<00:00:27.279> uh<00:00:27.400> you<00:00:27.519> know<00:00:28.240> you<00:00:28.599> you 00:00:28.710 --> 00:00:28.720 align:start position:0% across this problem uh you know you you 00:00:28.720 --> 00:00:31.230 align:start position:0% across this problem uh you know you you have<00:00:28.840> a<00:00:29.000> new<00:00:29.199> site<00:00:29.519> project<00:00:30.000> or<00:00:30.119> something<00:00:30.920> and 00:00:31.230 --> 00:00:31.240 align:start position:0% have a new site project or something and 00:00:31.240 --> 00:00:33.549 align:start position:0% have a new site project or something and you<00:00:31.480> found<00:00:31.759> the<00:00:31.960> name<00:00:32.200> and<00:00:32.320> you<00:00:32.439> type<00:00:32.680> it<00:00:32.840> into 00:00:33.549 --> 00:00:33.559 align:start position:0% you found the name and you type it into 00:00:33.559 --> 00:00:36.030 align:start position:0% you found the name and you type it into a<00:00:33.879> domain<00:00:34.239> name<00:00:34.520> search<00:00:35.239> and<00:00:35.440> then<00:00:35.760> what<00:00:35.879> you 00:00:36.030 --> 00:00:36.040 align:start position:0% a domain name search and then what you 00:00:36.040 --> 00:00:38.790 align:start position:0% a domain name search and then what you see<00:00:36.360> is<00:00:36.600> that<00:00:37.600> uh<00:00:37.960> yeah<00:00:38.079> the<00:00:38.200> domain<00:00:38.480> name<00:00:38.640> is 00:00:38.790 --> 00:00:38.800 align:start position:0% see is that uh yeah the domain name is 00:00:38.800 --> 00:00:41.709 align:start position:0% see is that uh yeah the domain name is just<00:00:38.960> not<00:00:39.680> there<00:00:40.680> uh<00:00:40.879> and<00:00:41.000> then<00:00:41.160> in<00:00:41.320> my<00:00:41.520> case 00:00:41.709 --> 00:00:41.719 align:start position:0% just not there uh and then in my case 00:00:41.719 --> 00:00:44.470 align:start position:0% just not there uh and then in my case for<00:00:41.879> example<00:00:42.160> I<00:00:42.239> looked<00:00:42.480> for<00:00:42.719> KB<00:00:43.360> news.com<00:00:44.360> uh 00:00:44.470 --> 00:00:44.480 align:start position:0% for example I looked for KB news.com uh 00:00:44.480 --> 00:00:47.189 align:start position:0% for example I looked for KB news.com uh and<00:00:44.600> there's<00:00:44.840> actually<00:00:45.320> a<00:00:45.600> 500<00:00:46.199> error<00:00:46.680> so<00:00:46.960> a 00:00:47.189 --> 00:00:47.199 align:start position:0% and there's actually a 500 error so a 00:00:47.199 --> 00:00:50.430 align:start position:0% and there's actually a 500 error so a 500<00:00:48.160> uh<00:00:48.280> status<00:00:48.680> error<00:00:49.280> so<00:00:49.440> it's<00:00:49.600> actually<00:00:49.840> not 00:00:50.430 --> 00:00:50.440 align:start position:0% 500 uh status error so it's actually not 00:00:50.440 --> 00:00:53.510 align:start position:0% 500 uh status error so it's actually not even<00:00:51.440> uh<00:00:51.559> used<00:00:52.280> and<00:00:52.399> then<00:00:52.520> I<00:00:52.640> looked<00:00:52.879> it<00:00:53.039> up<00:00:53.320> how 00:00:53.510 --> 00:00:53.520 align:start position:0% even uh used and then I looked it up how 00:00:53.520 --> 00:00:55.270 align:start position:0% even uh used and then I looked it up how much<00:00:54.239> uh<00:00:54.359> it<00:00:54.440> would<00:00:54.600> cost<00:00:54.840> for<00:00:54.960> me<00:00:55.079> to 00:00:55.270 --> 00:00:55.280 align:start position:0% much uh it would cost for me to 00:00:55.280 --> 00:00:56.990 align:start position:0% much uh it would cost for me to transition<00:00:56.039> the<00:00:56.320> domain<00:00:56.600> and<00:00:56.719> it<00:00:56.800> was 00:00:56.990 --> 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then rent the domain and this 00:01:07.240 --> 00:01:09.149 align:start position:0% year to then rent the domain and this kind<00:01:07.360> of<00:01:07.520> annoying<00:01:07.960> because<00:01:08.560> I<00:01:08.640> would<00:01:08.840> love<00:01:09.000> to 00:01:09.149 --> 00:01:09.159 align:start position:0% kind of annoying because I would love to 00:01:09.159 --> 00:01:13.190 align:start position:0% kind of annoying because I would love to use<00:01:09.320> the<00:01:10.000> domain<00:01:11.000> um<00:01:11.400> and<00:01:11.560> fun<00:01:11.880> fact<00:01:12.479> all<00:01:12.799> four 00:01:13.190 --> 00:01:13.200 align:start position:0% use the domain um and fun fact all four 00:01:13.200 --> 00:01:15.429 align:start position:0% use the domain um and fun fact all four letter.com<00:01:13.799> domains<00:01:14.600> have<00:01:14.799> actually<00:01:15.200> already 00:01:15.429 --> 00:01:15.439 align:start position:0% letter.com domains have actually already 00:01:15.439 --> 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just 00:01:26.390 --> 00:01:26.400 align:start position:0% basically already fix this we are just 00:01:26.400 --> 00:01:30.670 align:start position:0% basically already fix this we are just not<00:01:26.640> doing<00:01:26.920> it<00:01:27.680> and<00:01:28.280> uh<00:01:28.400> you<00:01:28.560> will<00:01:28.720> learn<00:01:29.320> how 00:01:30.670 --> 00:01:30.680 align:start position:0% not doing it and uh you will learn how 00:01:30.680 --> 00:01:32.749 align:start position:0% not doing it and uh you will learn how and<00:01:30.840> so<00:01:31.400> basically<00:01:31.840> this<00:01:31.960> is<00:01:32.119> not<00:01:32.320> only<00:01:32.560> a 00:01:32.749 --> 00:01:32.759 align:start position:0% and so basically this is not only a 00:01:32.759 --> 00:01:34.950 align:start position:0% and so basically this is not only a problem<00:01:33.159> in<00:01:33.520> web<00:01:33.759> 2<00:01:34.040> it's<00:01:34.200> also<00:01:34.399> a<00:01:34.600> problem 00:01:34.950 --> 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position:0% basically said that um all the 9 thou 00:01:45.880 --> 00:01:50.389 align:start position:0% basically said that um all the 9 thou 9,000<00:01:46.600> most<00:01:46.880> popular<00:01:47.880> um<00:01:48.280> e<00:01:48.560> names<00:01:49.560> that<00:01:50.119> are 00:01:50.389 --> 00:01:50.399 align:start position:0% 9,000 most popular um e names that are 00:01:50.399 --> 00:01:52.630 align:start position:0% 9,000 most popular um e names that are in<00:01:50.560> the<00:01:50.719> Scrabble<00:01:51.640> word<00:01:52.000> list<00:01:52.200> for<00:01:52.320> the<00:01:52.439> most 00:01:52.630 --> 00:01:52.640 align:start position:0% in the Scrabble word list for the most 00:01:52.640 --> 00:01:54.149 align:start position:0% in the Scrabble word list for the most popular<00:01:52.960> words<00:01:53.520> they<00:01:53.640> could<00:01:53.799> have<00:01:54.000> been 00:01:54.149 --> 00:01:54.159 align:start position:0% popular words they could have been 00:01:54.159 --> 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$5 a<00:02:06.479> year<00:02:06.719> to<00:02:06.920> rent<00:02:07.560> and<00:02:07.680> so<00:02:07.920> it's<00:02:08.119> actually<00:02:08.520> just 00:02:08.949 --> 00:02:08.959 align:start position:0% a year to rent and so it's actually just 00:02:08.959 --> 00:02:13.390 align:start position:0% a year to rent and so it's actually just not<00:02:09.479> that<00:02:10.479> uh<00:02:10.879> much<00:02:11.360> to<00:02:11.760> squat<00:02:12.239> these 00:02:13.390 --> 00:02:13.400 align:start position:0% not that uh much to squat these 00:02:13.400 --> 00:02:16.949 align:start position:0% not that uh much to squat these domains<00:02:14.400> uh<00:02:14.599> but<00:02:15.480> it<00:02:15.760> it<00:02:16.200> this<00:02:16.480> the<00:02:16.640> problem 00:02:16.949 --> 00:02:16.959 align:start position:0% domains uh but it it this the problem 00:02:16.959 --> 00:02:19.670 align:start position:0% domains uh but it it this the problem even<00:02:17.239> transcends<00:02:17.959> kind<00:02:18.160> of<00:02:18.920> the<00:02:19.239> digital 00:02:19.670 --> 00:02:19.680 align:start position:0% even transcends kind of the digital 00:02:19.680 --> 00:02:22.070 align:start position:0% even transcends kind of the digital space<00:02:20.080> and<00:02:20.200> it's<00:02:20.400> actually<00:02:20.920> 100<00:02:21.160> years<00:02:21.400> old 00:02:22.070 --> 00:02:22.080 align:start position:0% space and it's actually 100 years old 00:02:22.080 --> 00:02:25.070 align:start position:0% space and it's actually 100 years old and<00:02:22.360> here<00:02:22.480> you<00:02:22.640> can<00:02:22.800> see<00:02:23.040> this<00:02:23.360> behind<00:02:23.760> me<00:02:24.760> um 00:02:25.070 --> 00:02:25.080 align:start position:0% and here you can see this behind me um 00:02:25.080 --> 00:02:27.110 align:start position:0% and here you can see this behind me um on<00:02:25.280> on<00:02:25.519> this<00:02:25.920> photo<00:02:26.319> from 00:02:27.110 --> 00:02:27.120 align:start position:0% on on this photo from 00:02:27.120 --> 00:02:30.630 align:start position:0% on on this photo from 1914<00:02:28.120> where<00:02:28.440> somebody<00:02:29.000> bought<00:02:29.640> a<00:02:29.959> a<00:02:30.239> vacant 00:02:30.630 --> 00:02:30.640 align:start position:0% 1914 where somebody bought a a vacant 00:02:30.640 --> 00:02:32.430 align:start position:0% 1914 where somebody bought a a vacant lot<00:02:31.040> in<00:02:31.160> a<00:02:31.319> city<00:02:31.720> I<00:02:31.800> think<00:02:31.959> this<00:02:32.080> is<00:02:32.239> in 00:02:32.430 --> 00:02:32.440 align:start position:0% lot in a city I think this is in 00:02:32.440 --> 00:02:34.869 align:start position:0% lot in a city I think this is in Illinois<00:02:33.040> it's<00:02:33.239> from<00:02:33.800> a<00:02:34.000> person<00:02:34.319> called<00:02:34.599> F 00:02:34.869 --> 00:02:34.879 align:start position:0% Illinois it's from a person called F 00:02:34.879 --> 00:02:37.630 align:start position:0% Illinois it's from a person called F Lewis<00:02:35.800> and<00:02:36.000> I'll<00:02:36.200> read<00:02:36.440> out<00:02:36.640> loud<00:02:36.879> the<00:02:37.040> text<00:02:37.440> on 00:02:37.630 --> 00:02:37.640 align:start position:0% Lewis and I'll read out loud the text on 00:02:37.640 --> 00:02:40.470 align:start position:0% Lewis and I'll read out loud the text on the<00:02:38.080> poster<00:02:38.480> and<00:02:38.640> then<00:02:39.120> we<00:02:39.239> can<00:02:39.400> talk<00:02:39.800> why<00:02:40.360> what 00:02:40.470 --> 00:02:40.480 align:start position:0% the poster and then we can talk why what 00:02:40.480 --> 00:02:42.949 align:start position:0% the poster and then we can talk why what is<00:02:40.640> going<00:02:40.800> on<00:02:41.000> here<00:02:41.200> so<00:02:42.120> the<00:02:42.280> poster<00:02:42.640> basically 00:02:42.949 --> 00:02:42.959 align:start position:0% is going on here so the poster basically 00:02:42.959 --> 00:02:45.910 align:start position:0% is going on here so the poster basically says<00:02:43.400> everybody<00:02:43.840> works<00:02:44.200> but<00:02:44.360> the<00:02:44.480> vacant<00:02:44.920> lot 00:02:45.910 --> 00:02:45.920 align:start position:0% says everybody works but the vacant lot 00:02:45.920 --> 00:02:46.910 align:start position:0% says everybody works but the vacant lot I<00:02:46.080> paid 00:02:46.910 --> 00:02:46.920 align:start position:0% I paid 00:02:46.920 --> 00:02:49.630 align:start position:0% I paid $3,600<00:02:47.920> for<00:02:48.159> this<00:02:48.319> lot<00:02:48.840> and<00:02:49.000> I<00:02:49.080> will<00:02:49.280> hold<00:02:49.480> it 00:02:49.630 --> 00:02:49.640 align:start position:0% $3,600 for this lot and I will hold it 00:02:49.640 --> 00:02:53.030 align:start position:0% $3,600 for this lot and I will hold it till<00:02:49.800> I<00:02:49.959> get<00:02:50.440> $6,000<00:02:51.440> the<00:02:51.680> profit<00:02:52.239> is<00:02:52.440> unearned 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profit without earning 00:03:00.159 --> 00:03:02.110 align:start position:0% people I take the profit without earning it<00:03:00.519> and<00:03:00.640> for<00:03:00.840> the<00:03:01.000> remedy<00:03:01.480> readed<00:03:01.800> Henry 00:03:02.110 --> 00:03:02.120 align:start position:0% it and for the remedy readed Henry 00:03:02.120 --> 00:03:04.789 align:start position:0% it and for the remedy readed Henry George<00:03:02.599> so<00:03:03.080> this<00:03:03.239> is<00:03:03.840> very<00:03:04.080> similar<00:03:04.519> actually 00:03:04.789 --> 00:03:04.799 align:start position:0% George so this is very similar actually 00:03:04.799 --> 00:03:08.190 align:start position:0% George so this is very similar actually to<00:03:05.120> the<00:03:05.599> domain<00:03:06.000> names<00:03:06.920> that<00:03:07.360> we<00:03:07.560> just<00:03:07.799> saw 00:03:08.190 --> 00:03:08.200 align:start position:0% to the domain names that we just saw 00:03:08.200 --> 00:03:10.149 align:start position:0% to the domain names that we just saw that<00:03:08.360> that<00:03:08.480> are<00:03:08.680> always<00:03:08.959> being<00:03:09.159> squatted<00:03:09.920> in 00:03:10.149 --> 00:03:10.159 align:start position:0% that that are always being squatted in 00:03:10.159 --> 00:03:12.710 align:start position:0% that that are always being squatted in that<00:03:10.920> somebody<00:03:11.360> just<00:03:11.560> did<00:03:11.720> it<00:03:12.000> with<00:03:12.440> uh<00:03:12.560> with 00:03:12.710 --> 00:03:12.720 align:start position:0% that somebody just did it with uh with 00:03:12.720 --> 00:03:15.990 align:start position:0% that somebody just did it with uh with real<00:03:13.000> estate<00:03:13.440> right<00:03:14.159> and<00:03:14.519> uh<00:03:14.720> if<00:03:14.879> we<00:03:15.159> look<00:03:15.599> top 00:03:15.990 --> 00:03:16.000 align:start position:0% real estate right and uh if we look top 00:03:16.000 --> 00:03:19.270 align:start position:0% real estate right and uh if we look top down<00:03:16.680> at<00:03:17.440> inner<00:03:17.720> city<00:03:17.959> real<00:03:18.159> estate<00:03:18.760> property 00:03:19.270 --> 00:03:19.280 align:start position:0% down at inner city real estate property 00:03:19.280 --> 00:03:21.750 align:start position:0% down at inner city real estate property then<00:03:19.599> what<00:03:19.760> we<00:03:19.879> can<00:03:20.040> see<00:03:20.360> is<00:03:20.879> that<00:03:21.040> the<00:03:21.200> pricing 00:03:21.750 --> 00:03:21.760 align:start position:0% then what we can see is that the pricing 00:03:21.760 --> 00:03:26.830 align:start position:0% then what we can see is that the pricing kind<00:03:22.319> of<00:03:23.319> uh<00:03:24.159> is<00:03:24.400> related<00:03:25.360> not<00:03:25.680> necessarily<00:03:26.440> to 00:03:26.830 --> 00:03:26.840 align:start position:0% kind of uh is related not necessarily to 00:03:26.840 --> 00:03:29.990 align:start position:0% kind of uh is related not necessarily to the<00:03:27.040> improvements<00:03:27.640> on<00:03:27.879> top<00:03:28.239> of<00:03:28.439> the<00:03:28.560> Lots<00:03:29.239> but 00:03:29.990 --> 00:03:30.000 align:start position:0% the improvements on top of the Lots but 00:03:30.000 --> 00:03:32.070 align:start position:0% the improvements on top of the Lots but it<00:03:30.200> is<00:03:30.439> related<00:03:30.879> to<00:03:31.280> the<00:03:31.439> neighboring 00:03:32.070 --> 00:03:32.080 align:start position:0% it is related to the neighboring 00:03:32.080 --> 00:03:35.710 align:start position:0% it is related to the neighboring properties<00:03:32.560> so<00:03:33.080> the<00:03:33.200> A1<00:03:33.720> Property<00:03:34.280> here<00:03:35.280> is 00:03:35.710 --> 00:03:35.720 align:start position:0% properties so the A1 Property here is 00:03:35.720 --> 00:03:37.910 align:start position:0% properties so the A1 Property here is most<00:03:36.000> likely<00:03:36.360> going<00:03:36.519> to<00:03:36.680> be<00:03:36.879> valued<00:03:37.319> higher 00:03:37.910 --> 00:03:37.920 align:start position:0% most likely going to be valued higher 00:03:37.920 --> 00:03:40.309 align:start position:0% most likely going to be valued higher than<00:03:38.080> the<00:03:38.200> A2<00:03:38.599> property<00:03:39.040> because<00:03:39.280> the<00:03:39.400> A2<00:03:39.840> prop 00:03:40.309 --> 00:03:40.319 align:start position:0% than the A2 property because the A2 prop 00:03:40.319 --> 00:03:42.390 align:start position:0% than the A2 property because the A2 prop property<00:03:40.720> is<00:03:41.239> essentially<00:03:41.680> next<00:03:41.920> to<00:03:42.239> like 00:03:42.390 --> 00:03:42.400 align:start position:0% property is essentially next to like 00:03:42.400 --> 00:03:45.750 align:start position:0% property is essentially next to like this<00:03:42.599> garbage<00:03:43.319> processing<00:03:43.879> facility<00:03:44.599> and<00:03:44.879> a<00:03:45.519> a 00:03:45.750 --> 00:03:45.760 align:start position:0% this garbage processing facility and a a 00:03:45.760 --> 00:03:48.309 align:start position:0% this garbage processing facility and a a factory<00:03:46.519> whereas<00:03:46.840> the<00:03:46.959> A1<00:03:47.400> Property<00:03:47.840> is<00:03:48.159> in 00:03:48.309 --> 00:03:48.319 align:start position:0% factory whereas the A1 Property is in 00:03:48.319 --> 00:03:51.350 align:start position:0% factory whereas the A1 Property is in close<00:03:48.640> proximity<00:03:49.599> to<00:03:49.959> a<00:03:50.120> university<00:03:50.840> a<00:03:51.000> cafe 00:03:51.350 --> 00:03:51.360 align:start position:0% close proximity to a university a cafe 00:03:51.360 --> 00:03:53.110 align:start position:0% close proximity to a university a cafe and<00:03:51.480> so 00:03:53.110 --> 00:03:53.120 align:start position:0% and so 00:03:53.120 --> 00:03:56.309 align:start position:0% and so on<00:03:54.120> and<00:03:54.599> so<00:03:55.040> this<00:03:55.200> really<00:03:55.439> brings<00:03:55.760> us<00:03:56.079> I<00:03:56.159> think 00:03:56.309 --> 00:03:56.319 align:start position:0% on and so this really brings us I think 00:03:56.319 --> 00:03:58.429 align:start position:0% on and so this really brings us I think to<00:03:56.640> one<00:03:56.760> of<00:03:56.920> the<00:03:57.079> core<00:03:57.400> ideas<00:03:57.799> of<00:03:57.920> our<00:03:58.120> talk 00:03:58.429 --> 00:03:58.439 align:start position:0% to one of the core ideas of our talk 00:03:58.439 --> 00:04:00.589 align:start position:0% to one of the core ideas of our talk which<00:03:58.599> is<00:03:59.120> what<00:03:59.280> is<00:03:59.439> JW<00:04:00.079> like<00:04:00.280> what<00:04:00.400> is 00:04:00.589 --> 00:04:00.599 align:start position:0% which is what is JW like what is 00:04:00.599 --> 00:04:03.470 align:start position:0% which is what is JW like what is georgism<00:04:01.400> or<00:04:01.799> georgism<00:04:02.360> in<00:04:02.519> general<00:04:02.920> as<00:04:03.040> a<00:04:03.400> as 00:04:03.470 --> 00:04:03.480 align:start position:0% georgism or georgism in general as a as 00:04:03.480 --> 00:04:06.550 align:start position:0% georgism or georgism in general as a as an<00:04:03.680> idea<00:04:04.560> and<00:04:04.760> georgism<00:04:05.760> kind<00:04:05.920> of<00:04:06.079> how 00:04:06.550 --> 00:04:06.560 align:start position:0% an idea and georgism kind of how 00:04:06.560 --> 00:04:08.830 align:start position:0% an idea and georgism kind of how georgists<00:04:07.560> themselves<00:04:08.239> describe<00:04:08.720> what 00:04:08.830 --> 00:04:08.840 align:start position:0% georgists themselves describe what 00:04:08.840 --> 00:04:10.789 align:start position:0% georgists themselves describe what they're<00:04:09.000> doing<00:04:09.280> is<00:04:09.439> they<00:04:09.599> say<00:04:10.239> there<00:04:10.400> is<00:04:10.599> first 00:04:10.789 --> 00:04:10.799 align:start position:0% they're doing is they say there is first 00:04:10.799 --> 00:04:14.670 align:start position:0% they're doing is they say there is first of<00:04:10.920> all<00:04:11.159> land<00:04:11.959> and<00:04:12.239> all<00:04:13.120> land<00:04:13.959> and<00:04:14.120> land<00:04:14.360> is<00:04:14.480> the 00:04:14.670 --> 00:04:14.680 align:start position:0% of all land and all land and land is the 00:04:14.680 --> 00:04:17.430 align:start position:0% of all land and all land and land is the source<00:04:14.959> of<00:04:15.159> all<00:04:15.400> wealth<00:04:16.040> in<00:04:16.199> the<00:04:16.479> economy<00:04:17.280> and 00:04:17.430 --> 00:04:17.440 align:start position:0% source of all wealth in the economy and 00:04:17.440 --> 00:04:20.550 align:start position:0% source of all wealth in the economy and so<00:04:17.880> on<00:04:18.120> this<00:04:18.320> land<00:04:19.280> there<00:04:19.479> are<00:04:19.959> fruits<00:04:20.440> that 00:04:20.550 --> 00:04:20.560 align:start position:0% so on this land there are fruits that 00:04:20.560 --> 00:04:23.150 align:start position:0% so on this land there are fruits that are<00:04:20.720> growing<00:04:21.199> but<00:04:21.919> I<00:04:22.040> think<00:04:22.320> more<00:04:22.680> generally 00:04:23.150 --> 00:04:23.160 align:start position:0% are growing but I think more generally 00:04:23.160 --> 00:04:25.749 align:start position:0% are growing but I think more generally speaking<00:04:23.919> these<00:04:24.040> are<00:04:24.240> not<00:04:24.720> only<00:04:25.040> the<00:04:25.199> literal 00:04:25.749 --> 00:04:25.759 align:start position:0% speaking these are not only the literal 00:04:25.759 --> 00:04:28.629 align:start position:0% speaking these are not only the literal fruits<00:04:26.759> but<00:04:27.000> also<00:04:27.479> let's<00:04:27.639> say<00:04:27.880> like<00:04:28.040> minerals 00:04:28.629 --> 00:04:28.639 align:start position:0% fruits but also let's say like minerals 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property<00:04:37.560> rights<00:04:37.919> that<00:04:38.039> you<00:04:38.199> can 00:04:38.629 --> 00:04:38.639 align:start position:0% know the property rights that you can 00:04:38.639 --> 00:04:40.550 align:start position:0% know the property rights that you can get<00:04:38.880> when<00:04:39.039> you're<00:04:39.479> have<00:04:39.800> when<00:04:39.919> you<00:04:40.039> have<00:04:40.199> land 00:04:40.550 --> 00:04:40.560 align:start position:0% get when you're have when you have land 00:04:40.560 --> 00:04:44.189 align:start position:0% get when you're have when you have land in<00:04:40.680> a<00:04:41.000> city<00:04:42.000> um<00:04:42.720> and<00:04:43.039> georgists<00:04:43.759> basically 00:04:44.189 --> 00:04:44.199 align:start position:0% in a city um and georgists basically 00:04:44.199 --> 00:04:47.230 align:start position:0% in a city um and georgists basically believe<00:04:45.000> that<00:04:45.320> the<00:04:45.440> fruits<00:04:46.000> can<00:04:46.240> be<00:04:46.680> harvested 00:04:47.230 --> 00:04:47.240 align:start position:0% believe that the fruits can be harvested 00:04:47.240 --> 00:04:49.710 align:start position:0% believe that the fruits can be harvested or<00:04:47.479> extracted<00:04:48.000> from<00:04:48.160> the<00:04:48.320> land<00:04:49.080> by<00:04:49.280> putting<00:04:49.560> in 00:04:49.710 --> 00:04:49.720 align:start position:0% or extracted from the land by putting in 00:04:49.720 --> 00:04:52.270 align:start position:0% or extracted from the land by putting in labor<00:04:50.280> and<00:04:50.400> then<00:04:51.000> the<00:04:51.120> fruits<00:04:51.520> are<00:04:51.800> actually 00:04:52.270 --> 00:04:52.280 align:start position:0% labor and then the fruits are actually 00:04:52.280 --> 00:04:55.110 align:start position:0% labor and then the fruits are actually the<00:04:52.520> desirable<00:04:53.280> good<00:04:53.800> within<00:04:54.039> the<00:04:54.199> economy 00:04:55.110 --> 00:04:55.120 align:start position:0% the desirable good within the economy 00:04:55.120 --> 00:04:58.469 align:start position:0% the desirable good within the economy and<00:04:55.320> this<00:04:55.520> is<00:04:56.360> uh<00:04:56.880> because<00:04:57.800> for<00:04:58.000> that<00:04:58.160> reason 00:04:58.469 --> 00:04:58.479 align:start position:0% and this is uh because for that reason 00:04:58.479 --> 00:05:00.590 align:start position:0% and this is uh because for that reason they<00:04:58.600> can<00:04:58.720> be<00:04:58.840> used<00:04:59.080> to<00:04:59.199> generate<00:04:59.759> wealth<00:05:00.440> and 00:05:00.590 --> 00:05:00.600 align:start position:0% they can be used to generate wealth and 00:05:00.600 --> 00:05:04.870 align:start position:0% they can be used to generate wealth and so<00:05:01.160> georgism<00:05:02.160> really<00:05:02.639> considers<00:05:03.639> labor<00:05:04.400> as 00:05:04.870 --> 00:05:04.880 align:start position:0% so georgism really considers labor as 00:05:04.880 --> 00:05:06.950 align:start position:0% so georgism really considers labor as the<00:05:05.080> wealth<00:05:05.400> creating<00:05:06.120> function<00:05:06.520> in<00:05:06.639> the 00:05:06.950 --> 00:05:06.960 align:start position:0% the wealth creating function in the 00:05:06.960 --> 00:05:10.909 align:start position:0% the wealth creating function in the economy<00:05:07.960> and<00:05:08.680> therefore<00:05:09.680> Georges<00:05:10.440> generally 00:05:10.909 --> 00:05:10.919 align:start position:0% economy and therefore Georges generally 00:05:10.919 --> 00:05:13.710 align:start position:0% economy and therefore Georges generally believe<00:05:11.400> that<00:05:11.720> taxing<00:05:12.440> labor<00:05:13.000> kind<00:05:13.120> of 00:05:13.710 --> 00:05:13.720 align:start position:0% believe that taxing labor kind of 00:05:13.720 --> 00:05:16.150 align:start position:0% believe that taxing labor kind of discourages<00:05:14.400> productive<00:05:14.840> work<00:05:15.560> because<00:05:15.960> it's 00:05:16.150 --> 00:05:16.160 align:start position:0% discourages productive work because it's 00:05:16.160 --> 00:05:18.590 align:start position:0% discourages productive work because it's just<00:05:16.320> in<00:05:16.440> a<00:05:16.639> way<00:05:16.840> of<00:05:17.039> like<00:05:17.280> extracting<00:05:17.840> more 00:05:18.590 --> 00:05:18.600 align:start position:0% just in a way of like extracting more 00:05:18.600 --> 00:05:20.909 align:start position:0% just in a way of like extracting more resources<00:05:19.199> and<00:05:19.520> quote<00:05:19.759> unquote<00:05:20.120> fruits<00:05:20.759> from 00:05:20.909 --> 00:05:20.919 align:start position:0% resources and quote unquote fruits from 00:05:20.919 --> 00:05:24.270 align:start position:0% resources and quote unquote fruits from the<00:05:21.080> land<00:05:21.319> and<00:05:21.479> so<00:05:22.080> their<00:05:22.400> idea<00:05:23.000> is<00:05:23.400> to<00:05:23.680> tax<00:05:24.160> the 00:05:24.270 --> 00:05:24.280 align:start position:0% the land and so their idea is to tax the 00:05:24.280 --> 00:05:26.309 align:start position:0% the land and so their idea is to tax the land<00:05:24.520> ownership<00:05:25.319> because<00:05:25.600> that<00:05:25.720> would<00:05:25.919> tax 00:05:26.309 --> 00:05:26.319 align:start position:0% land ownership because that would tax 00:05:26.319 --> 00:05:30.469 align:start position:0% land ownership because that would tax the<00:05:27.319> uh<00:05:27.520> unearned<00:05:28.319> profits<00:05:29.319> of<00:05:29.440> the<00:05:29.759> land<00:05:30.319> and 00:05:30.469 --> 00:05:30.479 align:start position:0% the uh unearned profits of the land and 00:05:30.479 --> 00:05:32.550 align:start position:0% the uh unearned profits of the land and it<00:05:30.639> would<00:05:31.039> encourage<00:05:31.479> the<00:05:31.639> productive<00:05:32.080> work 00:05:32.550 --> 00:05:32.560 align:start position:0% it would encourage the productive work 00:05:32.560 --> 00:05:34.390 align:start position:0% it would encourage the productive work on<00:05:33.039> top<00:05:33.199> of<00:05:33.360> the 00:05:34.390 --> 00:05:34.400 align:start position:0% on top of the 00:05:34.400 --> 00:05:37.990 align:start position:0% on top of the land<00:05:35.400> um<00:05:36.240> and<00:05:36.400> so<00:05:36.840> this<00:05:36.960> is<00:05:37.199> one<00:05:37.479> way<00:05:37.840> of 00:05:37.990 --> 00:05:38.000 align:start position:0% land um and so this is one way of 00:05:38.000 --> 00:05:40.029 align:start position:0% land um and so this is one way of solving<00:05:38.720> the<00:05:38.919> problem<00:05:39.319> right<00:05:39.520> like<00:05:39.680> it<00:05:39.919> this 00:05:40.029 --> 00:05:40.039 align:start position:0% solving the problem right like it this 00:05:40.039 --> 00:05:42.430 align:start position:0% solving the problem right like it this would<00:05:40.240> solve<00:05:40.680> the<00:05:41.440> this<00:05:41.600> like<00:05:41.759> vacant<00:05:42.120> lot 00:05:42.430 --> 00:05:42.440 align:start position:0% would solve the this like vacant lot 00:05:42.440 --> 00:05:43.990 align:start position:0% would solve the this like vacant lot problem<00:05:42.720> but<00:05:42.919> there<00:05:43.080> are<00:05:43.360> actually<00:05:43.680> more 00:05:43.990 --> 00:05:44.000 align:start position:0% problem but there are actually more 00:05:44.000 --> 00:05:46.790 align:start position:0% problem but there are actually more problems<00:05:44.759> with<00:05:45.199> in<00:05:45.400> the<00:05:45.560> digital<00:05:46.000> space 00:05:46.790 --> 00:05:46.800 align:start position:0% problems with in the digital space 00:05:46.800 --> 00:05:49.029 align:start position:0% problems with in the digital space because<00:05:47.199> for<00:05:47.400> example<00:05:48.080> KV<00:05:48.440> news<00:05:48.680> has<00:05:48.880> this 00:05:49.029 --> 00:05:49.039 align:start position:0% because for example KV news has this 00:05:49.039 --> 00:05:51.790 align:start position:0% because for example KV news has this unique<00:05:49.400> property<00:05:50.280> of<00:05:50.479> being<00:05:51.000> only<00:05:51.280> a<00:05:51.400> useful 00:05:51.790 --> 00:05:51.800 align:start position:0% unique property of being only a useful 00:05:51.800 --> 00:05:53.590 align:start position:0% unique property of being only a useful domain<00:05:52.080> to<00:05:52.280> a<00:05:52.400> hand<00:05:52.600> of<00:05:52.759> people<00:05:53.080> handful<00:05:53.440> of 00:05:53.590 --> 00:05:53.600 align:start position:0% domain to a hand of people handful of 00:05:53.600 --> 00:05:55.990 align:start position:0% domain to a hand of people handful of people<00:05:54.000> like<00:05:54.479> me<00:05:54.720> for<00:05:54.919> example<00:05:55.479> because<00:05:55.800> I'm 00:05:55.990 --> 00:05:56.000 align:start position:0% people like me for example because I'm 00:05:56.000 --> 00:05:58.430 align:start position:0% people like me for example because I'm running<00:05:56.360> such<00:05:56.520> a<00:05:56.759> project<00:05:57.160> but<00:05:57.800> to<00:05:58.120> another 00:05:58.430 --> 00:05:58.440 align:start position:0% running such a project but to another 00:05:58.440 --> 00:06:01.270 align:start position:0% running such a project but to another person<00:05:58.720> might<00:05:58.919> not<00:05:59.120> be<00:05:59.360> the<00:05:59.479> cas<00:05:59.720> case<00:06:00.720> um<00:06:01.199> and 00:06:01.270 --> 00:06:01.280 align:start position:0% person might not be the cas case um and 00:06:01.280 --> 00:06:03.710 align:start position:0% person might not be the cas case um and so<00:06:01.520> there's<00:06:01.759> this<00:06:01.960> idea<00:06:02.400> of<00:06:02.520> a<00:06:02.680> natural<00:06:03.120> buyo 00:06:03.710 --> 00:06:03.720 align:start position:0% so there's this idea of a natural buyo 00:06:03.720 --> 00:06:05.629 align:start position:0% so there's this idea of a natural buyo which<00:06:03.840> is<00:06:04.000> essentially<00:06:04.600> this<00:06:04.880> like<00:06:05.280> one 00:06:05.629 --> 00:06:05.639 align:start position:0% which is essentially this like one 00:06:05.639 --> 00:06:08.950 align:start position:0% which is essentially this like one person<00:06:06.199> whose<00:06:06.800> company<00:06:07.240> name<00:06:08.039> is<00:06:08.280> also<00:06:08.720> that 00:06:08.950 --> 00:06:08.960 align:start position:0% person whose company name is also that 00:06:08.960 --> 00:06:11.550 align:start position:0% person whose company name is also that domain<00:06:09.280> name<00:06:09.680> or<00:06:10.199> whose<00:06:10.680> personal<00:06:11.120> name<00:06:11.360> is 00:06:11.550 --> 00:06:11.560 align:start position:0% domain name or whose personal name is 00:06:11.560 --> 00:06:13.710 align:start position:0% domain name or whose personal name is that<00:06:12.120> that<00:06:12.319> domain<00:06:12.599> name<00:06:12.840> so<00:06:13.080> like<00:06:13.319> we<00:06:13.520> have 00:06:13.710 --> 00:06:13.720 align:start position:0% that that domain name so like we have 00:06:13.720 --> 00:06:17.589 align:start position:0% that that domain name so like we have for<00:06:13.880> example<00:06:14.280> vitalic<00:06:14.800> in<00:06:15.000> the<00:06:16.000> uh<00:06:16.599> Community 00:06:17.589 --> 00:06:17.599 align:start position:0% for example vitalic in the uh Community 00:06:17.599 --> 00:06:19.629 align:start position:0% for example vitalic in the uh Community he<00:06:17.720> is<00:06:17.840> kind<00:06:17.960> of<00:06:18.120> the<00:06:18.280> best<00:06:18.520> known<00:06:18.960> person<00:06:19.440> best 00:06:19.629 --> 00:06:19.639 align:start position:0% he is kind of the best known person best 00:06:19.639 --> 00:06:22.550 align:start position:0% he is kind of the best known person best known<00:06:19.919> vitalic<00:06:20.360> out<00:06:20.479> of<00:06:20.599> all<00:06:20.720> of<00:06:20.919> them<00:06:21.560> and<00:06:21.720> so 00:06:22.550 --> 00:06:22.560 align:start position:0% known vitalic out of all of them and so 00:06:22.560 --> 00:06:24.670 align:start position:0% known vitalic out of all of them and so he's<00:06:22.960> the<00:06:23.120> natur<00:06:23.479> he's<00:06:23.680> like<00:06:23.800> a<00:06:23.960> natural<00:06:24.319> buyer 00:06:24.670 --> 00:06:24.680 align:start position:0% he's the natur he's like a natural buyer 00:06:24.680 --> 00:06:27.230 align:start position:0% he's the natur he's like a natural buyer of<00:06:24.880> that<00:06:25.360> vital.<00:06:25.960> e<00:06:26.199> domain<00:06:26.479> name<00:06:27.000> and<00:06:27.120> the 00:06:27.230 --> 00:06:27.240 align:start position:0% of that vital. e domain name and the 00:06:27.240 --> 00:06:30.350 align:start position:0% of that vital. e domain name and the same<00:06:27.479> is<00:06:27.639> true<00:06:27.840> for<00:06:28.360> coinbase<00:06:29.360> and 00:06:30.350 --> 00:06:30.360 align:start position:0% same is true for coinbase and 00:06:30.360 --> 00:06:33.950 align:start position:0% same is true for coinbase and uh<00:06:30.520> what<00:06:30.680> ralic<00:06:31.160> said<00:06:31.759> also<00:06:32.039> in<00:06:32.240> this<00:06:32.520> ens<00:06:33.479> post 00:06:33.950 --> 00:06:33.960 align:start position:0% uh what ralic said also in this ens post 00:06:33.960 --> 00:06:36.950 align:start position:0% uh what ralic said also in this ens post is<00:06:34.160> that<00:06:34.479> essentially<00:06:35.479> if<00:06:35.960> there<00:06:36.120> is<00:06:36.360> only<00:06:36.720> one 00:06:36.950 --> 00:06:36.960 align:start position:0% is that essentially if there is only one 00:06:36.960 --> 00:06:41.790 align:start position:0% is that essentially if there is only one natural<00:06:37.360> buyer<00:06:37.800> for<00:06:38.479> a<00:06:38.840> Project's<00:06:39.960> name<00:06:40.960> then 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possible price and it might not lead to 00:06:48.639 --> 00:06:51.230 align:start position:0% possible price and it might not lead to an<00:06:48.840> efficient<00:06:49.319> market<00:06:50.319> and<00:06:50.479> we<00:06:50.599> can<00:06:50.840> look<00:06:51.039> at 00:06:51.230 --> 00:06:51.240 align:start position:0% an efficient market and we can look at 00:06:51.240 --> 00:06:55.110 align:start position:0% an efficient market and we can look at this<00:06:52.039> by<00:06:52.759> uh<00:06:53.000> analyzing<00:06:53.639> kind<00:06:53.800> of<00:06:54.120> the 00:06:55.110 --> 00:06:55.120 align:start position:0% this by uh analyzing kind of the 00:06:55.120 --> 00:06:57.830 align:start position:0% this by uh analyzing kind of the relationship<00:06:55.759> between<00:06:56.199> seller<00:06:56.639> and<00:06:56.840> buyer 00:06:57.830 --> 00:06:57.840 align:start position:0% relationship between seller and buyer 00:06:57.840 --> 00:07:01.110 align:start position:0% relationship between seller and buyer and<00:06:58.400> the<00:06:58.560> seller<00:06:59.879> uh<00:07:00.000> so<00:07:00.199> basically<00:07:00.759> on<00:07:00.919> the 00:07:01.110 --> 00:07:01.120 align:start position:0% and the seller uh so basically on the 00:07:01.120 --> 00:07:03.909 align:start position:0% and the seller uh so basically on the vertical<00:07:01.560> axis<00:07:01.960> you<00:07:02.319> here<00:07:02.639> you<00:07:02.840> have<00:07:03.120> the<00:07:03.800> uh 00:07:03.909 --> 00:07:03.919 align:start position:0% vertical axis you here you have the uh 00:07:03.919 --> 00:07:06.189 align:start position:0% vertical axis you here you have the uh seller<00:07:04.360> at<00:07:04.599> which<00:07:05.240> at<00:07:05.479> the<00:07:05.680> the<00:07:05.800> price<00:07:06.080> at 00:07:06.189 --> 00:07:06.199 align:start position:0% seller at which at the the price at 00:07:06.199 --> 00:07:07.869 align:start position:0% seller at which at the the price at which<00:07:06.319> the<00:07:06.440> seller<00:07:06.800> is<00:07:06.919> willing<00:07:07.199> to<00:07:07.400> sell<00:07:07.720> the 00:07:07.869 --> 00:07:07.879 align:start position:0% which the seller is willing to sell the 00:07:07.879 --> 00:07:10.390 align:start position:0% which the seller is willing to sell the domain<00:07:08.520> and<00:07:08.720> on<00:07:08.960> the<00:07:09.400> horizontal<00:07:10.000> axis<00:07:10.280> you 00:07:10.390 --> 00:07:10.400 align:start position:0% domain and on the horizontal axis you 00:07:10.400 --> 00:07:12.550 align:start position:0% domain and on the horizontal axis you have<00:07:10.560> the<00:07:10.759> probability<00:07:11.759> of<00:07:11.919> the<00:07:12.080> buyer 00:07:12.550 --> 00:07:12.560 align:start position:0% have the probability of the buyer 00:07:12.560 --> 00:07:15.070 align:start position:0% have the probability of the buyer willing<00:07:13.120> to<00:07:13.639> accept<00:07:13.960> the<00:07:14.120> offer<00:07:14.680> and<00:07:14.800> then<00:07:14.919> you 00:07:15.070 --> 00:07:15.080 align:start position:0% willing to accept the offer and then you 00:07:15.080 --> 00:07:18.029 align:start position:0% willing to accept the offer and then you have<00:07:15.280> this<00:07:15.840> slope<00:07:16.520> that<00:07:16.720> basically<00:07:17.160> describes 00:07:18.029 --> 00:07:18.039 align:start position:0% have this slope that basically describes 00:07:18.039 --> 00:07:21.309 align:start position:0% have this slope that basically describes the<00:07:18.319> willingness<00:07:18.960> of<00:07:19.160> the<00:07:19.280> buyer<00:07:19.960> to<00:07:20.199> buy<00:07:21.000> the 00:07:21.309 --> 00:07:21.319 align:start position:0% the willingness of the buyer to buy the 00:07:21.319 --> 00:07:23.950 align:start position:0% the willingness of the buyer to buy the domain<00:07:21.639> at<00:07:21.759> a<00:07:21.919> given<00:07:22.240> price<00:07:23.000> and<00:07:23.360> the<00:07:23.560> seller 00:07:23.950 --> 00:07:23.960 align:start position:0% domain at a given price and the seller 00:07:23.960 --> 00:07:26.710 align:start position:0% domain at a given price and the seller actually<00:07:24.280> has<00:07:24.520> this<00:07:25.319> idea<00:07:25.759> in<00:07:25.879> the<00:07:26.080> head<00:07:26.319> about 00:07:26.710 --> 00:07:26.720 align:start position:0% actually has this idea in the head about 00:07:26.720 --> 00:07:29.230 align:start position:0% actually has this idea in the head about expecting<00:07:27.720> uh<00:07:27.879> about<00:07:28.479> maximizing<00:07:29.039> their 00:07:29.230 --> 00:07:29.240 align:start position:0% expecting uh about maximizing their 00:07:29.240 --> 00:07:32.230 align:start position:0% expecting uh about maximizing their expect<00:07:29.520> expected<00:07:29.800> Revenue<00:07:30.680> right<00:07:31.680> and<00:07:31.879> so<00:07:32.160> if 00:07:32.230 --> 00:07:32.240 align:start position:0% expect expected Revenue right and so if 00:07:32.240 --> 00:07:36.110 align:start position:0% expect expected Revenue right and so if we<00:07:32.440> plug<00:07:33.080> this<00:07:34.080> if<00:07:34.199> you<00:07:34.360> plug<00:07:34.919> my<00:07:35.240> preferences 00:07:36.110 --> 00:07:36.120 align:start position:0% we plug this if you plug my preferences 00:07:36.120 --> 00:07:39.469 align:start position:0% we plug this if you plug my preferences into<00:07:36.440> that<00:07:36.639> chart<00:07:37.240> you<00:07:37.479> can<00:07:37.599> see<00:07:37.919> that<00:07:38.759> um<00:07:39.319> on 00:07:39.469 --> 00:07:39.479 align:start position:0% into that chart you can see that um on 00:07:39.479 --> 00:07:42.230 align:start position:0% into that chart you can see that um on the<00:07:39.599> vertical<00:07:40.000> axis<00:07:40.240> on<00:07:40.360> the<00:07:40.479> top<00:07:40.639> there<00:07:40.919> this 00:07:42.230 --> 00:07:42.240 align:start position:0% the vertical axis on the top there this 00:07:42.240 --> 00:07:46.430 align:start position:0% the vertical axis on the top there this 7,999<00:07:43.240> price<00:07:43.520> point<00:07:44.199> which<00:07:44.960> I'm<00:07:45.960> kind<00:07:46.120> of<00:07:46.280> not 00:07:46.430 --> 00:07:46.440 align:start position:0% 7,999 price point which I'm kind of not 00:07:46.440 --> 00:07:49.390 align:start position:0% 7,999 price point which I'm kind of not willing<00:07:46.759> to<00:07:47.039> accept<00:07:47.440> at<00:07:47.560> a<00:07:47.840> very<00:07:48.120> high<00:07:48.560> uh<00:07:48.759> at<00:07:48.840> a 00:07:49.390 --> 00:07:49.400 align:start position:0% willing to accept at a very high uh at a 00:07:49.400 --> 00:07:51.430 align:start position:0% willing to accept at a very high uh at a I'm<00:07:49.639> willing<00:07:49.919> to<00:07:50.080> accept<00:07:50.319> it<00:07:50.440> at<00:07:50.520> a<00:07:50.639> very<00:07:50.800> low 00:07:51.430 --> 00:07:51.440 align:start position:0% I'm willing to accept it at a very low 00:07:51.440 --> 00:07:54.790 align:start position:0% I'm willing to accept it at a very low probability<00:07:52.440> but<00:07:52.680> even<00:07:53.000> at<00:07:53.159> the<00:07:53.720> $33,000<00:07:54.720> I 00:07:54.790 --> 00:07:54.800 align:start position:0% probability but even at the $33,000 I 00:07:54.800 --> 00:07:56.909 align:start position:0% probability but even at the $33,000 I would<00:07:55.039> only<00:07:55.319> be<00:07:55.479> willing<00:07:55.919> to<00:07:56.159> accept<00:07:56.440> it<00:07:56.599> at<00:07:56.720> a 00:07:56.909 --> 00:07:56.919 align:start position:0% would only be willing to accept it at a 00:07:56.919 --> 00:08:00.710 align:start position:0% would only be willing to accept it at a 50%<00:07:57.919> probability<00:07:58.720> and<00:07:58.840> then<00:07:59.039> the<00:07:59.680> maximized 00:08:00.710 --> 00:08:00.720 align:start position:0% 50% probability and then the maximized 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position:0% even at the $3,000 price point I'm uh 00:08:14.000 --> 00:08:17.149 align:start position:0% even at the $3,000 price point I'm uh everybody<00:08:14.960> will<00:08:15.199> only<00:08:15.680> get<00:08:16.240> a<00:08:16.440> used<00:08:16.840> K 00:08:17.149 --> 00:08:17.159 align:start position:0% everybody will only get a used K 00:08:17.159 --> 00:08:20.469 align:start position:0% everybody will only get a used K news.com<00:08:17.759> domain<00:08:18.680> at<00:08:18.960> 50%<00:08:19.639> of<00:08:19.800> the<00:08:19.960> time<00:08:20.280> right 00:08:20.469 --> 00:08:20.479 align:start position:0% news.com domain at 50% of the time right 00:08:20.479 --> 00:08:22.990 align:start position:0% news.com domain at 50% of the time right because<00:08:20.759> there's<00:08:21.039> another<00:08:21.639> 50%<00:08:22.639> where<00:08:22.800> I'm 00:08:22.990 --> 00:08:23.000 align:start position:0% because there's another 50% where I'm 00:08:23.000 --> 00:08:24.990 align:start position:0% because there's another 50% where I'm accepting<00:08:23.360> it<00:08:23.560> and<00:08:24.039> another<00:08:24.280> 50%<00:08:24.759> where<00:08:24.919> I'm 00:08:24.990 --> 00:08:25.000 align:start position:0% accepting it and another 50% where I'm 00:08:25.000 --> 00:08:28.670 align:start position:0% accepting it and another 50% where I'm not<00:08:25.199> accepting<00:08:25.599> it<00:08:26.120> and<00:08:26.280> so<00:08:27.280> really<00:08:28.000> the<00:08:28.240> core 00:08:28.670 --> 00:08:28.680 align:start position:0% not accepting it and so really the core 00:08:28.680 --> 00:08:30.070 align:start position:0% not accepting it and so really the core idea<00:08:29.120> here 00:08:30.070 --> 00:08:30.080 align:start position:0% idea here 00:08:30.080 --> 00:08:33.430 align:start position:0% idea here is<00:08:31.080> that<00:08:31.319> of<00:08:31.680> efficiently<00:08:32.360> and<00:08:32.560> inefficiently 00:08:33.430 --> 00:08:33.440 align:start position:0% is that of efficiently and inefficiently 00:08:33.440 --> 00:08:36.469 align:start position:0% is that of efficiently and inefficiently allocating<00:08:34.080> property<00:08:34.680> and<00:08:35.240> if<00:08:35.440> we<00:08:35.640> have<00:08:36.240> a 00:08:36.469 --> 00:08:36.479 align:start position:0% allocating property and if we have a 00:08:36.479 --> 00:08:39.350 align:start position:0% allocating property and if we have a property<00:08:37.479> like<00:08:37.599> on<00:08:37.719> the<00:08:37.839> left<00:08:38.120> hand<00:08:38.320> side<00:08:38.959> the 00:08:39.350 --> 00:08:39.360 align:start position:0% property like on the left hand side the 00:08:39.360 --> 00:08:41.790 align:start position:0% property like on the left hand side the domain<00:08:39.760> that<00:08:39.880> is<00:08:40.039> currently<00:08:40.680> not<00:08:40.880> being<00:08:41.120> used 00:08:41.790 --> 00:08:41.800 align:start position:0% domain that is currently not being used 00:08:41.800 --> 00:08:44.710 align:start position:0% domain that is currently not being used and<00:08:41.959> it<00:08:42.120> costs<00:08:42.360> a<00:08:42.479> lot<00:08:42.640> of<00:08:42.959> money<00:08:43.959> then<00:08:44.279> we<00:08:44.480> call 00:08:44.710 --> 00:08:44.720 align:start position:0% and it costs a lot of money then we call 00:08:44.720 --> 00:08:47.389 align:start position:0% and it costs a lot of money then we call that<00:08:44.959> inefficiently<00:08:45.800> allocated<00:08:46.399> and<00:08:46.560> then<00:08:47.000> if 00:08:47.389 --> 00:08:47.399 align:start position:0% that inefficiently allocated and then if 00:08:47.399 --> 00:08:50.150 align:start position:0% that inefficiently allocated and then if I<00:08:47.480> would<00:08:47.720> be<00:08:47.920> able<00:08:48.240> to<00:08:48.440> use<00:08:49.120> the<00:08:49.279> website<00:08:49.880> uh<00:08:50.040> if 00:08:50.150 --> 00:08:50.160 align:start position:0% I would be able to use the website uh if 00:08:50.160 --> 00:08:51.910 align:start position:0% I would be able to use the website uh if I<00:08:50.279> would<00:08:50.440> be<00:08:50.519> able<00:08:50.720> to<00:08:50.800> use<00:08:50.959> the<00:08:51.120> domain<00:08:51.399> for<00:08:51.640> my 00:08:51.910 --> 00:08:51.920 align:start position:0% I would be able to use the domain for my 00:08:51.920 --> 00:08:54.949 align:start position:0% I would be able to use the domain for my project<00:08:52.640> we<00:08:52.800> would<00:08:52.959> call<00:08:53.160> it<00:08:53.399> efficiently 00:08:54.949 --> 00:08:54.959 align:start position:0% project we would call it efficiently 00:08:54.959 --> 00:08:58.310 align:start position:0% project we would call it efficiently allocated<00:08:55.959> so<00:08:56.760> so<00:08:57.040> how<00:08:57.240> do<00:08:57.399> we<00:08:57.600> actually 00:08:58.310 --> 00:08:58.320 align:start position:0% allocated so so how do we actually 00:08:58.320 --> 00:09:00.949 align:start position:0% allocated so so how do we actually design<00:08:58.800> for<00:08:59.440> efficient<00:08:59.760> allocation<00:09:00.360> then<00:09:00.640> so 00:09:00.949 --> 00:09:00.959 align:start position:0% design for efficient allocation then so 00:09:00.959 --> 00:09:03.550 align:start position:0% design for efficient allocation then so this<00:09:01.120> was<00:09:01.560> kind<00:09:01.680> of<00:09:01.880> the<00:09:02.079> motivation<00:09:03.079> for<00:09:03.399> why 00:09:03.550 --> 00:09:03.560 align:start position:0% this was kind of the motivation for why 00:09:03.560 --> 00:09:07.110 align:start position:0% this was kind of the motivation for why we<00:09:03.640> should<00:09:03.920> even<00:09:04.279> bother<00:09:04.760> right<00:09:05.720> and<00:09:06.720> spoiler 00:09:07.110 --> 00:09:07.120 align:start position:0% we should even bother right and spoiler 00:09:07.120 --> 00:09:09.269 align:start position:0% we should even bother right and spoiler alert<00:09:07.519> it<00:09:07.640> is<00:09:08.040> demand<00:09:08.399> based<00:09:08.680> reoccurring 00:09:09.269 --> 00:09:09.279 align:start position:0% alert it is demand based reoccurring 00:09:09.279 --> 00:09:13.750 align:start position:0% alert it is demand based reoccurring fees<00:09:10.160> so<00:09:10.920> we<00:09:11.279> can<00:09:12.279> basically<00:09:12.839> start<00:09:13.160> to<00:09:13.360> model 00:09:13.750 --> 00:09:13.760 align:start position:0% fees so we can basically start to model 00:09:13.760 --> 00:09:17.389 align:start position:0% fees so we can basically start to model out<00:09:14.720> a<00:09:15.000> solution<00:09:15.560> here<00:09:15.839> by<00:09:16.360> starting<00:09:16.839> out<00:09:17.120> with 00:09:17.389 --> 00:09:17.399 align:start position:0% out a solution here by starting out with 00:09:17.399 --> 00:09:20.230 align:start position:0% out a solution here by starting out with the<00:09:17.680> existing<00:09:18.519> state<00:09:18.920> and<00:09:19.040> then<00:09:19.680> gradually 00:09:20.230 --> 00:09:20.240 align:start position:0% the existing state and then gradually 00:09:20.240 --> 00:09:21.990 align:start position:0% the existing state and then gradually like<00:09:20.440> improving<00:09:20.880> our<00:09:21.079> solution<00:09:21.600> so<00:09:21.760> we<00:09:21.880> have 00:09:21.990 --> 00:09:22.000 align:start position:0% like improving our solution so we have 00:09:22.000 --> 00:09:24.750 align:start position:0% like improving our solution so we have like<00:09:22.160> these<00:09:22.399> different<00:09:23.120> pricing<00:09:23.600> models<00:09:24.560> and 00:09:24.750 --> 00:09:24.760 align:start position:0% like these different pricing models and 00:09:24.760 --> 00:09:28.190 align:start position:0% like these different pricing models and if<00:09:24.880> you<00:09:25.079> look<00:09:25.880> uh<00:09:26.200> to<00:09:26.640> the<00:09:26.760> chart<00:09:27.040> on<00:09:27.200> the<00:09:27.399> left 00:09:28.190 --> 00:09:28.200 align:start position:0% if you look uh to the chart on the left 00:09:28.200 --> 00:09:30.550 align:start position:0% if you look uh to the chart on the left you<00:09:28.320> can<00:09:28.480> see<00:09:28.720> that<00:09:28.920> on<00:09:29.120> the<00:09:29.480> vertical<00:09:29.880> axis<00:09:30.399> I 00:09:30.550 --> 00:09:30.560 align:start position:0% you can see that on the vertical axis I 00:09:30.560 --> 00:09:35.069 align:start position:0% you can see that on the vertical axis I have<00:09:31.160> cost<00:09:31.839> which<00:09:32.000> is<00:09:32.480> the<00:09:33.480> uh<00:09:33.680> red<00:09:33.959> line<00:09:34.600> and<00:09:34.839> I 00:09:35.069 --> 00:09:35.079 align:start position:0% have cost which is the uh red line and I 00:09:35.079 --> 00:09:38.230 align:start position:0% have cost which is the uh red line and I have<00:09:35.839> demand<00:09:36.360> which<00:09:36.519> is<00:09:36.680> the<00:09:36.839> blue<00:09:37.120> doted<00:09:37.519> line 00:09:38.230 --> 00:09:38.240 align:start position:0% have demand which is the blue doted line 00:09:38.240 --> 00:09:40.389 align:start position:0% have demand which is the blue doted line and<00:09:38.360> you<00:09:38.480> can<00:09:38.680> see<00:09:39.560> you<00:09:39.640> can<00:09:39.760> see<00:09:39.920> in<00:09:40.000> the<00:09:40.160> first 00:09:40.389 --> 00:09:40.399 align:start position:0% and you can see you can see in the first 00:09:40.399 --> 00:09:43.150 align:start position:0% and you can see you can see in the first chart<00:09:40.720> that<00:09:40.880> essentially<00:09:41.839> the<00:09:42.079> cost<00:09:42.640> spikes 00:09:43.150 --> 00:09:43.160 align:start position:0% chart that essentially the cost spikes 00:09:43.160 --> 00:09:45.790 align:start position:0% chart that essentially the cost spikes up<00:09:43.600> initially<00:09:44.320> and<00:09:44.480> then<00:09:44.640> drops<00:09:44.959> to<00:09:45.160> like<00:09:45.399> this 00:09:45.790 --> 00:09:45.800 align:start position:0% up initially and then drops to like this 00:09:45.800 --> 00:09:50.870 align:start position:0% up initially and then drops to like this 21.99<00:09:46.800> a<00:09:47.000> year<00:09:47.760> and<00:09:48.399> note<00:09:49.160> how<00:09:50.120> the<00:09:50.360> cost<00:09:50.720> and 00:09:50.870 --> 00:09:50.880 align:start position:0% 21.99 a year and note how the cost and 00:09:50.880 --> 00:09:52.750 align:start position:0% 21.99 a year and note how the cost and the<00:09:51.079> demand<00:09:51.519> are<00:09:51.720> not<00:09:51.880> mapped<00:09:52.200> to<00:09:52.360> each<00:09:52.480> other 00:09:52.750 --> 00:09:52.760 align:start position:0% the demand are not mapped to each other 00:09:52.760 --> 00:09:54.949 align:start position:0% the demand are not mapped to each other so<00:09:52.959> if<00:09:53.079> we<00:09:53.200> have<00:09:53.360> a<00:09:53.519> higher<00:09:53.800> demand<00:09:54.480> we<00:09:54.640> don't 00:09:54.949 --> 00:09:54.959 align:start position:0% so if we have a higher demand we don't 00:09:54.959 --> 00:09:57.630 align:start position:0% so if we have a higher demand we don't have<00:09:55.160> a<00:09:55.320> higher<00:09:55.600> cost<00:09:55.920> and<00:09:56.120> this<00:09:56.600> is<00:09:56.720> a<00:09:56.959> problem 00:09:57.630 --> 00:09:57.640 align:start position:0% have a higher cost and this is a problem 00:09:57.640 --> 00:10:00.470 align:start position:0% have a higher cost and this is a problem because<00:09:58.040> it<00:09:58.240> essentially<00:09:59.560> uh<00:09:59.720> encourages 00:10:00.470 --> 00:10:00.480 align:start position:0% because it essentially uh encourages 00:10:00.480 --> 00:10:03.230 align:start position:0% because it essentially uh encourages squatting<00:10:01.279> and<00:10:01.440> it<00:10:01.600> also<00:10:02.000> blocks<00:10:02.760> productive 00:10:03.230 --> 00:10:03.240 align:start position:0% squatting and it also blocks productive 00:10:03.240 --> 00:10:07.470 align:start position:0% squatting and it also blocks productive use<00:10:03.680> as<00:10:04.120> I've<00:10:04.920> uh<00:10:05.079> just<00:10:05.279> said<00:10:05.880> like<00:10:06.880> so<00:10:07.120> then<00:10:07.360> we 00:10:07.470 --> 00:10:07.480 align:start position:0% use as I've uh just said like so then we 00:10:07.480 --> 00:10:10.030 align:start position:0% use as I've uh just said like so then we could<00:10:07.640> say<00:10:08.000> Okay<00:10:08.959> um<00:10:09.240> if<00:10:09.399> we<00:10:09.600> don't<00:10:09.800> want 00:10:10.030 --> 00:10:10.040 align:start position:0% could say Okay um if we don't want 00:10:10.040 --> 00:10:12.030 align:start position:0% could say Okay um if we don't want squatting<00:10:10.519> and<00:10:10.640> we<00:10:10.760> want<00:10:10.959> productive<00:10:11.399> use<00:10:11.920> we 00:10:12.030 --> 00:10:12.040 align:start position:0% squatting and we want productive use we 00:10:12.040 --> 00:10:14.110 align:start position:0% squatting and we want productive use we are<00:10:12.279> just<00:10:12.519> going<00:10:12.760> to<00:10:13.079> increase<00:10:13.480> the<00:10:13.600> fee<00:10:13.959> like 00:10:14.110 --> 00:10:14.120 align:start position:0% are just going to increase the fee like 00:10:14.120 --> 00:10:16.150 align:start position:0% are just going to increase the fee like increase<00:10:14.480> the<00:10:14.720> reoccurring<00:10:15.279> fee<00:10:15.480> and<00:10:15.600> that's 00:10:16.150 --> 00:10:16.160 align:start position:0% increase the reoccurring fee and that's 00:10:16.160 --> 00:10:17.949 align:start position:0% increase the reoccurring fee and that's essentially<00:10:16.600> scenario<00:10:17.120> two<00:10:17.600> where<00:10:17.720> you<00:10:17.800> can 00:10:17.949 --> 00:10:17.959 align:start position:0% essentially scenario two where you can 00:10:17.959 --> 00:10:19.710 align:start position:0% essentially scenario two where you can see<00:10:18.240> the<00:10:18.399> demand<00:10:18.760> curve<00:10:19.040> has<00:10:19.200> flattened<00:10:19.600> a 00:10:19.710 --> 00:10:19.720 align:start position:0% see the demand curve has flattened a 00:10:19.720 --> 00:10:22.030 align:start position:0% see the demand curve has flattened a little<00:10:19.920> bit<00:10:20.399> right<00:10:20.640> it's<00:10:21.000> now<00:10:21.320> a<00:10:21.440> bit<00:10:21.640> closer 00:10:22.030 --> 00:10:22.040 align:start position:0% little bit right it's now a bit closer 00:10:22.040 --> 00:10:25.590 align:start position:0% little bit right it's now a bit closer to<00:10:23.200> the<00:10:24.200> uh<00:10:24.399> I<00:10:24.480> think<00:10:24.600> it<00:10:24.680> Maps<00:10:24.959> a<00:10:25.040> bit<00:10:25.200> closer 00:10:25.590 --> 00:10:25.600 align:start position:0% to the uh I think it Maps a bit closer 00:10:25.600 --> 00:10:28.750 align:start position:0% to the uh I think it Maps a bit closer to<00:10:25.800> the<00:10:26.000> to<00:10:26.160> the<00:10:26.360> cost<00:10:27.279> curve<00:10:28.160> however<00:10:28.600> here 00:10:28.750 --> 00:10:28.760 align:start position:0% to the to the cost curve however here 00:10:28.760 --> 00:10:30.430 align:start position:0% to the to the cost curve however here the<00:10:28.920> problem<00:10:29.160> is<00:10:29.360> is<00:10:29.560> that<00:10:29.800> we<00:10:29.959> might<00:10:30.120> not<00:10:30.279> be 00:10:30.430 --> 00:10:30.440 align:start position:0% the problem is is that we might not be 00:10:30.440 --> 00:10:33.230 align:start position:0% the problem is is that we might not be able<00:10:30.680> to<00:10:30.920> anticipate<00:10:31.680> all<00:10:31.920> the<00:10:32.079> valid<00:10:32.399> uses 00:10:33.230 --> 00:10:33.240 align:start position:0% able to anticipate all the valid uses 00:10:33.240 --> 00:10:35.430 align:start position:0% able to anticipate all the valid uses and<00:10:33.360> so<00:10:33.839> the<00:10:34.000> cost<00:10:34.320> might<00:10:34.519> be<00:10:34.680> too<00:10:34.920> high<00:10:35.160> too 00:10:35.430 --> 00:10:35.440 align:start position:0% and so the cost might be too high too 00:10:35.440 --> 00:10:38.110 align:start position:0% and so the cost might be too high too low<00:10:36.440> uh<00:10:36.600> and<00:10:36.800> still<00:10:37.279> demand<00:10:37.600> could<00:10:37.839> rise 00:10:38.110 --> 00:10:38.120 align:start position:0% low uh and still demand could rise 00:10:38.120 --> 00:10:41.350 align:start position:0% low uh and still demand could rise throughout<00:10:38.600> time<00:10:39.120> right<00:10:40.120> so<00:10:40.680> really<00:10:41.040> what<00:10:41.200> we 00:10:41.350 --> 00:10:41.360 align:start position:0% throughout time right so really what we 00:10:41.360 --> 00:10:45.629 align:start position:0% throughout time right so really what we want<00:10:41.800> is<00:10:42.560> demand<00:10:43.079> based<00:10:43.480> reoccurring<00:10:44.120> fees<00:10:44.639> so 00:10:45.629 --> 00:10:45.639 align:start position:0% want is demand based reoccurring fees so 00:10:45.639 --> 00:10:47.949 align:start position:0% want is demand based reoccurring fees so a<00:10:46.200> and<00:10:46.360> that's<00:10:46.600> the<00:10:47.000> third<00:10:47.279> chart<00:10:47.760> where 00:10:47.949 --> 00:10:47.959 align:start position:0% a and that's the third chart where 00:10:47.959 --> 00:10:51.069 align:start position:0% a and that's the third chart where essentially<00:10:48.560> demand<00:10:49.000> and<00:10:49.240> cost<00:10:49.800> are<00:10:50.480> mapping 00:10:51.069 --> 00:10:51.079 align:start position:0% essentially demand and cost are mapping 00:10:51.079 --> 00:10:53.870 align:start position:0% essentially demand and cost are mapping between<00:10:51.720> between<00:10:52.120> each<00:10:52.320> other<00:10:53.079> and<00:10:53.279> so<00:10:53.720> in 00:10:53.870 --> 00:10:53.880 align:start position:0% between between each other and so in 00:10:53.880 --> 00:10:56.069 align:start position:0% between between each other and so in that<00:10:54.079> case<00:10:54.279> we<00:10:54.399> have<00:10:54.519> an<00:10:54.720> efficient<00:10:55.120> market<00:10:55.920> we 00:10:56.069 --> 00:10:56.079 align:start position:0% that case we have an efficient market we 00:10:56.079 --> 00:10:58.590 align:start position:0% that case we have an efficient market we have<00:10:56.200> a<00:10:56.320> fair<00:10:56.639> price<00:10:56.920> for<00:10:57.120> the<00:10:57.279> asset<00:10:58.160> and<00:10:58.399> most 00:10:58.590 --> 00:10:58.600 align:start position:0% have a fair price for the asset and most 00:10:58.600 --> 00:11:01.870 align:start position:0% have a fair price for the asset and most likely<00:10:58.880> we'll<00:10:59.399> have<00:11:00.360> uh<00:11:00.560> productive 00:11:01.870 --> 00:11:01.880 align:start position:0% likely we'll have uh productive 00:11:01.880 --> 00:11:04.629 align:start position:0% likely we'll have uh productive use<00:11:02.880> so<00:11:03.240> these<00:11:03.399> are<00:11:04.079> essentially 00:11:04.629 --> 00:11:04.639 align:start position:0% use so these are essentially 00:11:04.639 --> 00:11:07.790 align:start position:0% use so these are essentially demand-based<00:11:05.360> reoccurring<00:11:06.360> fees<00:11:07.279> and 00:11:07.790 --> 00:11:07.800 align:start position:0% demand-based reoccurring fees and 00:11:07.800 --> 00:11:10.269 align:start position:0% demand-based reoccurring fees and essenti<00:11:08.360> I<00:11:08.440> mean<00:11:09.240> really<00:11:09.480> to<00:11:09.639> put<00:11:09.800> in<00:11:09.920> a<00:11:10.040> few 00:11:10.269 --> 00:11:10.279 align:start position:0% essenti I mean really to put in a few 00:11:10.279 --> 00:11:13.470 align:start position:0% essenti I mean really to put in a few words<00:11:10.760> it<00:11:10.920> means<00:11:11.320> that<00:11:12.000> with<00:11:12.279> higher<00:11:12.600> demand 00:11:13.470 --> 00:11:13.480 align:start position:0% words it means that with higher demand 00:11:13.480 --> 00:11:15.829 align:start position:0% words it means that with higher demand we<00:11:13.680> have<00:11:13.959> higher<00:11:14.240> fees<00:11:14.959> and<00:11:15.399> with<00:11:15.560> lower 00:11:15.829 --> 00:11:15.839 align:start position:0% we have higher fees and with lower 00:11:15.839 --> 00:11:18.910 align:start position:0% we have higher fees and with lower demand<00:11:16.120> we<00:11:16.240> have<00:11:16.320> lower<00:11:16.880> fees<00:11:17.880> um<00:11:18.240> many<00:11:18.560> people 00:11:18.910 --> 00:11:18.920 align:start position:0% demand we have lower fees um many people 00:11:18.920 --> 00:11:21.150 align:start position:0% demand we have lower fees um many people in<00:11:19.079> the<00:11:19.240> space<00:11:19.600> here<00:11:19.959> probably<00:11:20.320> know<00:11:20.600> this<00:11:20.959> as 00:11:21.150 --> 00:11:21.160 align:start position:0% in the space here probably know this as 00:11:21.160 --> 00:11:24.470 align:start position:0% in the space here probably know this as harburger<00:11:21.720> taxes<00:11:22.320> or<00:11:22.519> land<00:11:22.800> value<00:11:23.079> tax<00:11:24.079> but 00:11:24.470 --> 00:11:24.480 align:start position:0% harburger taxes or land value tax but 00:11:24.480 --> 00:11:27.310 align:start position:0% harburger taxes or land value tax but the<00:11:24.760> idea<00:11:25.320> really<00:11:25.639> is<00:11:25.920> that<00:11:26.440> you<00:11:26.760> will<00:11:27.000> only 00:11:27.310 --> 00:11:27.320 align:start position:0% the idea really is that you will only 00:11:27.320 --> 00:11:29.550 align:start position:0% the idea really is that you will only buy<00:11:27.680> this<00:11:27.839> kind<00:11:27.959> of<00:11:28.120> domain<00:11:28.920> if<00:11:29.320> you're 00:11:29.550 --> 00:11:29.560 align:start position:0% buy this kind of domain if you're 00:11:29.560 --> 00:11:32.870 align:start position:0% buy this kind of domain if you're willing<00:11:29.920> to<00:11:30.279> like<00:11:31.279> use<00:11:31.560> the<00:11:31.760> domain<00:11:32.120> for<00:11:32.360> some 00:11:32.870 --> 00:11:32.880 align:start position:0% willing to like use the domain for some 00:11:32.880 --> 00:11:34.389 align:start position:0% willing to like use the domain for some productive<00:11:33.320> use<00:11:33.639> because<00:11:33.920> otherwise<00:11:34.279> you're 00:11:34.389 --> 00:11:34.399 align:start position:0% productive use because otherwise you're 00:11:34.399 --> 00:11:36.230 align:start position:0% productive use because otherwise you're not<00:11:34.600> going<00:11:34.680> to<00:11:35.240> most<00:11:35.519> likely<00:11:35.839> not<00:11:35.959> going<00:11:36.079> to 00:11:36.230 --> 00:11:36.240 align:start position:0% not going to most likely not going to 00:11:36.240 --> 00:11:38.389 align:start position:0% not going to most likely not going to afford<00:11:36.639> the<00:11:36.959> the<00:11:37.040> fees 00:11:38.389 --> 00:11:38.399 align:start position:0% afford the the fees 00:11:38.399 --> 00:11:41.069 align:start position:0% afford the the fees essentially<00:11:39.399> um<00:11:39.560> we<00:11:39.720> can<00:11:39.920> compare<00:11:40.920> the 00:11:41.069 --> 00:11:41.079 align:start position:0% essentially um we can compare the 00:11:41.079 --> 00:11:43.190 align:start position:0% essentially um we can compare the different<00:11:41.480> pricing<00:11:41.839> models<00:11:42.279> so<00:11:42.639> I'll<00:11:42.880> start 00:11:43.190 --> 00:11:43.200 align:start position:0% different pricing models so I'll start 00:11:43.200 --> 00:11:45.430 align:start position:0% different pricing models so I'll start with<00:11:43.399> land<00:11:43.720> value<00:11:44.000> TX<00:11:44.320> and<00:11:44.519> then<00:11:44.920> we'll<00:11:45.160> move 00:11:45.430 --> 00:11:45.440 align:start position:0% with land value TX and then we'll move 00:11:45.440 --> 00:11:48.230 align:start position:0% with land value TX and then we'll move into<00:11:45.720> harburger<00:11:46.240> tax<00:11:46.880> just<00:11:47.079> to<00:11:48.000> understand 00:11:48.230 --> 00:11:48.240 align:start position:0% into harburger tax just to understand 00:11:48.240 --> 00:11:50.670 align:start position:0% into harburger tax just to understand basically<00:11:48.680> what<00:11:49.079> makes<00:11:49.360> them<00:11:49.680> different<00:11:50.519> and 00:11:50.670 --> 00:11:50.680 align:start position:0% basically what makes them different and 00:11:50.680 --> 00:11:53.509 align:start position:0% basically what makes them different and basically<00:11:51.079> land<00:11:51.399> value<00:11:51.839> tax<00:11:52.839> is<00:11:53.000> really<00:11:53.320> an 00:11:53.509 --> 00:11:53.519 align:start position:0% basically land value tax is really an 00:11:53.519 --> 00:11:55.990 align:start position:0% basically land value tax is really an idea<00:11:53.959> that<00:11:54.279> that<00:11:54.440> comes<00:11:54.720> from<00:11:55.000> pricing<00:11:55.680> real 00:11:55.990 --> 00:11:56.000 align:start position:0% idea that that comes from pricing real 00:11:56.000 --> 00:11:59.389 align:start position:0% idea that that comes from pricing real estate<00:11:56.800> and<00:11:57.200> essentially<00:11:58.120> it<00:11:58.399> would<00:11:58.639> work<00:11:58.959> by 00:11:59.389 --> 00:11:59.399 align:start position:0% estate and essentially it would work by 00:11:59.399 --> 00:12:01.470 align:start position:0% estate and essentially it would work by assessing<00:11:59.800> a<00:11:59.959> property's<00:12:00.440> value<00:12:01.040> and<00:12:01.200> then 00:12:01.470 --> 00:12:01.480 align:start position:0% assessing a property's value and then 00:12:01.480 --> 00:12:04.710 align:start position:0% assessing a property's value and then constantly<00:12:02.240> like<00:12:02.760> taxing<00:12:03.399> based<00:12:03.680> on<00:12:04.399> the 00:12:04.710 --> 00:12:04.720 align:start position:0% constantly like taxing based on the 00:12:04.720 --> 00:12:07.629 align:start position:0% constantly like taxing based on the property's<00:12:05.240> value<00:12:05.560> like<00:12:05.680> a<00:12:05.800> continuous<00:12:06.639> tax 00:12:07.629 --> 00:12:07.639 align:start position:0% property's value like a continuous tax 00:12:07.639 --> 00:12:09.949 align:start position:0% property's value like a continuous tax and<00:12:08.160> the<00:12:08.519> valuation<00:12:09.079> of<00:12:09.240> the<00:12:09.399> property<00:12:09.800> would 00:12:09.949 --> 00:12:09.959 align:start position:0% and the valuation of the property would 00:12:09.959 --> 00:12:12.190 align:start position:0% and the valuation of the property would be<00:12:10.120> done<00:12:10.519> somehow<00:12:10.920> through<00:12:11.120> a<00:12:11.279> government 00:12:12.190 --> 00:12:12.200 align:start position:0% be done somehow through a government 00:12:12.200 --> 00:12:16.069 align:start position:0% be done somehow through a government Market<00:12:12.880> or<00:12:13.079> an<00:12:13.240> index<00:12:14.360> and<00:12:15.360> what<00:12:15.519> is<00:12:15.760> kind<00:12:15.880> of 00:12:16.069 --> 00:12:16.079 align:start position:0% Market or an index and what is kind of 00:12:16.079 --> 00:12:18.069 align:start position:0% Market or an index and what is kind of important<00:12:16.519> to<00:12:17.000> understand<00:12:17.440> when<00:12:17.639> comparing 00:12:18.069 --> 00:12:18.079 align:start position:0% important to understand when comparing 00:12:18.079 --> 00:12:20.590 align:start position:0% important to understand when comparing against<00:12:18.320> Harbor<00:12:18.720> attacks<00:12:19.440> is<00:12:19.600> that<00:12:20.000> the<00:12:20.120> owner 00:12:20.590 --> 00:12:20.600 align:start position:0% against Harbor attacks is that the owner 00:12:20.600 --> 00:12:22.550 align:start position:0% against Harbor attacks is that the owner still<00:12:20.959> controls<00:12:21.440> the<00:12:21.560> sales<00:12:21.959> timing<00:12:22.279> so<00:12:22.440> they 00:12:22.550 --> 00:12:22.560 align:start position:0% still controls the sales timing so they 00:12:22.560 --> 00:12:25.590 align:start position:0% still controls the sales timing so they can<00:12:22.800> always<00:12:23.399> decline<00:12:23.839> the<00:12:24.000> sale<00:12:24.399> or<00:12:24.639> just<00:12:24.880> wait 00:12:25.590 --> 00:12:25.600 align:start position:0% can always decline the sale or just wait 00:12:25.600 --> 00:12:29.389 align:start position:0% can always decline the sale or just wait or<00:12:25.959> whatever<00:12:27.240> and<00:12:28.240> however<00:12:28.480> the<00:12:28.639> problem<00:12:29.240> with 00:12:29.389 --> 00:12:29.399 align:start position:0% or whatever and however the problem with 00:12:29.399 --> 00:12:32.350 align:start position:0% or whatever and however the problem with it<00:12:29.560> is<00:12:29.720> that<00:12:30.440> in<00:12:30.920> uh<00:12:31.279> it<00:12:31.399> is<00:12:31.600> like<00:12:31.800> subject<00:12:32.160> to 00:12:32.350 --> 00:12:32.360 align:start position:0% it is that in uh it is like subject to 00:12:32.360 --> 00:12:34.710 align:start position:0% it is that in uh it is like subject to gaming<00:12:32.839> so<00:12:33.120> there<00:12:33.240> can<00:12:33.399> be<00:12:33.560> corruption<00:12:34.560> you 00:12:34.710 --> 00:12:34.720 align:start position:0% gaming so there can be corruption you 00:12:34.720 --> 00:12:37.990 align:start position:0% gaming so there can be corruption you could<00:12:35.399> potentially<00:12:36.000> corrupt<00:12:36.440> the<00:12:37.000> assessor 00:12:37.990 --> 00:12:38.000 align:start position:0% could potentially corrupt the assessor 00:12:38.000 --> 00:12:40.790 align:start position:0% could potentially corrupt the assessor and<00:12:38.480> uh<00:12:38.600> try<00:12:38.839> to<00:12:39.000> get<00:12:39.240> like<00:12:39.639> a<00:12:39.800> much<00:12:40.040> lower 00:12:40.790 --> 00:12:40.800 align:start position:0% and uh try to get like a much lower 00:12:40.800 --> 00:12:44.069 align:start position:0% and uh try to get like a much lower absolute<00:12:41.760> taxation<00:12:42.720> whereas<00:12:43.399> the<00:12:43.560> harburger 00:12:44.069 --> 00:12:44.079 align:start position:0% absolute taxation whereas the harburger 00:12:44.079 --> 00:12:46.990 align:start position:0% absolute taxation whereas the harburger tax<00:12:44.320> kind<00:12:44.440> of<00:12:44.560> decentralizes<00:12:45.399> the<00:12:45.600> aspect<00:12:46.480> of 00:12:46.990 --> 00:12:47.000 align:start position:0% tax kind of decentralizes the aspect of 00:12:47.000 --> 00:12:49.990 align:start position:0% tax kind of decentralizes the aspect of assessment<00:12:48.000> by<00:12:48.279> saying<00:12:48.959> the<00:12:49.079> owner<00:12:49.639> always 00:12:49.990 --> 00:12:50.000 align:start position:0% assessment by saying the owner always 00:12:50.000 --> 00:12:53.509 align:start position:0% assessment by saying the owner always has<00:12:50.160> to<00:12:50.360> self<00:12:50.760> assess<00:12:51.440> the<00:12:51.600> property<00:12:52.560> but<00:12:52.760> then 00:12:53.509 --> 00:12:53.519 align:start position:0% has to self assess the property but then 00:12:53.519 --> 00:12:55.750 align:start position:0% has to self assess the property but then the<00:12:53.639> owner<00:12:54.040> cannot<00:12:54.480> control<00:12:55.160> the<00:12:55.320> sales 00:12:55.750 --> 00:12:55.760 align:start position:0% the owner cannot control the sales 00:12:55.760 --> 00:12:58.189 align:start position:0% the owner cannot control the sales timing<00:12:56.160> anymore<00:12:56.959> the<00:12:57.199> property<00:12:57.600> can<00:12:57.839> always 00:12:58.189 --> 00:12:58.199 align:start position:0% timing anymore the property can always 00:12:58.199 --> 00:13:00.430 align:start position:0% timing anymore the property can always be<00:12:58.360> bought<00:12:58.760> from<00:12:58.959> the<00:12:59.279> owner<00:12:59.720> at<00:13:00.000> the<00:13:00.160> current 00:13:00.430 --> 00:13:00.440 align:start position:0% be bought from the owner at the current 00:13:00.440 --> 00:13:03.750 align:start position:0% be bought from the owner at the current self<00:13:00.760> assessed<00:13:01.240> price<00:13:02.240> and<00:13:02.680> so<00:13:03.120> that<00:13:03.360> kind<00:13:03.519> of 00:13:03.750 --> 00:13:03.760 align:start position:0% self assessed price and so that kind of 00:13:03.760 --> 00:13:07.509 align:start position:0% self assessed price and so that kind of removes<00:13:04.360> this<00:13:05.040> Vector<00:13:05.720> of<00:13:06.720> uh<00:13:06.880> corruption 00:13:07.509 --> 00:13:07.519 align:start position:0% removes this Vector of uh corruption 00:13:07.519 --> 00:13:10.110 align:start position:0% removes this Vector of uh corruption where<00:13:07.639> we<00:13:07.760> can<00:13:07.959> just<00:13:08.360> bribe<00:13:08.839> for<00:13:09.000> example<00:13:09.440> the 00:13:10.110 --> 00:13:10.120 align:start position:0% where we can just bribe for example the 00:13:10.120 --> 00:13:12.629 align:start position:0% where we can just bribe for example the the<00:13:10.320> assessor<00:13:10.760> of<00:13:10.880> the<00:13:11.199> property<00:13:12.199> why<00:13:12.360> does 00:13:12.629 --> 00:13:12.639 align:start position:0% the assessor of the property why does 00:13:12.639 --> 00:13:15.150 align:start position:0% the assessor of the property why does this<00:13:12.839> work<00:13:13.560> harburger<00:13:14.079> taxes<00:13:14.560> why<00:13:14.720> do<00:13:14.920> they 00:13:15.150 --> 00:13:15.160 align:start position:0% this work harburger taxes why do they 00:13:15.160 --> 00:13:17.829 align:start position:0% this work harburger taxes why do they work<00:13:15.480> why<00:13:15.600> do<00:13:15.800> they<00:13:16.000> create<00:13:16.600> great<00:13:16.959> prices<00:13:17.720> it 00:13:17.829 --> 00:13:17.839 align:start position:0% work why do they create great prices it 00:13:17.839 --> 00:13:20.870 align:start position:0% work why do they create great prices it is<00:13:18.639> because<00:13:19.639> uh<00:13:19.800> and<00:13:20.000> here<00:13:20.160> you<00:13:20.279> can<00:13:20.440> see<00:13:20.720> on 00:13:20.870 --> 00:13:20.880 align:start position:0% is because uh and here you can see on 00:13:20.880 --> 00:13:23.189 align:start position:0% is because uh and here you can see on the<00:13:21.040> vertical<00:13:21.440> axis<00:13:21.839> the<00:13:22.040> cost<00:13:22.680> and<00:13:22.800> the<00:13:22.920> risk 00:13:23.189 --> 00:13:23.199 align:start position:0% the vertical axis the cost and the risk 00:13:23.199 --> 00:13:24.790 align:start position:0% the vertical axis the cost and the risk of<00:13:23.320> a<00:13:23.440> forced<00:13:23.760> sale<00:13:24.000> and<00:13:24.120> on<00:13:24.279> the<00:13:24.399> vertical 00:13:24.790 --> 00:13:24.800 align:start position:0% of a forced sale and on the vertical 00:13:24.800 --> 00:13:27.389 align:start position:0% of a forced sale and on the vertical axis<00:13:25.079> you<00:13:25.199> can<00:13:25.279> see<00:13:25.480> the<00:13:25.600> self<00:13:25.880> assessed<00:13:26.399> price 00:13:27.389 --> 00:13:27.399 align:start position:0% axis you can see the self assessed price 00:13:27.399 --> 00:13:29.949 align:start position:0% axis you can see the self assessed price if<00:13:27.880> you<00:13:28.120> self<00:13:28.440> assess<00:13:28.720> your<00:13:28.839> property<00:13:29.279> Y<00:13:29.680> at<00:13:29.800> a 00:13:29.949 --> 00:13:29.959 align:start position:0% if you self assess your property Y at a 00:13:29.959 --> 00:13:32.990 align:start position:0% if you self assess your property Y at a very<00:13:30.240> high<00:13:30.519> price<00:13:31.120> you<00:13:31.279> will<00:13:31.560> pay<00:13:32.040> a<00:13:32.199> lot<00:13:32.360> of 00:13:32.990 --> 00:13:33.000 align:start position:0% very high price you will pay a lot of 00:13:33.000 --> 00:13:34.750 align:start position:0% very high price you will pay a lot of like<00:13:33.160> a<00:13:33.279> lot<00:13:33.399> of<00:13:33.560> taxes<00:13:34.079> but<00:13:34.199> you<00:13:34.279> will<00:13:34.440> have<00:13:34.600> a 00:13:34.750 --> 00:13:34.760 align:start position:0% like a lot of taxes but you will have a 00:13:34.760 --> 00:13:38.069 align:start position:0% like a lot of taxes but you will have a low<00:13:35.079> risk<00:13:35.360> of<00:13:35.480> a<00:13:35.560> forc<00:13:35.920> sale<00:13:36.760> whereas<00:13:37.680> if<00:13:37.800> you 00:13:38.069 --> 00:13:38.079 align:start position:0% low risk of a forc sale whereas if you 00:13:38.079 --> 00:13:40.829 align:start position:0% low risk of a forc sale whereas if you price<00:13:38.600> your<00:13:38.839> property<00:13:39.360> at<00:13:39.480> a<00:13:39.639> very<00:13:39.839> low<00:13:40.199> cost 00:13:40.829 --> 00:13:40.839 align:start position:0% price your property at a very low cost 00:13:40.839 --> 00:13:43.910 align:start position:0% price your property at a very low cost you<00:13:41.000> will<00:13:41.360> pay<00:13:41.639> low<00:13:42.120> and<00:13:42.360> low<00:13:42.600> amount<00:13:42.839> of<00:13:43.000> taxes 00:13:43.910 --> 00:13:43.920 align:start position:0% you will pay low and low amount of taxes 00:13:43.920 --> 00:13:46.829 align:start position:0% you will pay low and low amount of taxes but<00:13:44.079> you<00:13:44.199> will<00:13:44.519> have<00:13:44.760> a<00:13:44.920> very<00:13:45.320> high<00:13:46.240> risk<00:13:46.600> of 00:13:46.829 --> 00:13:46.839 align:start position:0% but you will have a very high risk of 00:13:46.839 --> 00:13:50.629 align:start position:0% but you will have a very high risk of forse<00:13:47.160> sale<00:13:47.720> so<00:13:48.560> every<00:13:48.880> owner<00:13:49.320> in<00:13:49.480> that<00:13:49.720> system 00:13:50.629 --> 00:13:50.639 align:start position:0% forse sale so every owner in that system 00:13:50.639 --> 00:13:52.550 align:start position:0% forse sale so every owner in that system essentially<00:13:51.279> has<00:13:51.600> an<00:13:51.759> incentive<00:13:52.240> by 00:13:52.550 --> 00:13:52.560 align:start position:0% essentially has an incentive by 00:13:52.560 --> 00:13:54.870 align:start position:0% essentially has an incentive by themselves<00:13:52.839> to<00:13:53.079> find<00:13:53.480> an<00:13:53.639> optimal<00:13:54.120> balance<00:13:54.720> of 00:13:54.870 --> 00:13:54.880 align:start position:0% themselves to find an optimal balance of 00:13:54.880 --> 00:13:56.749 align:start position:0% themselves to find an optimal balance of where<00:13:55.079> they<00:13:55.199> want<00:13:55.399> to<00:13:55.959> put<00:13:56.160> the<00:13:56.320> risk<00:13:56.519> of<00:13:56.639> a 00:13:56.749 --> 00:13:56.759 align:start position:0% where they want to put the risk of a 00:13:56.759 --> 00:13:59.590 align:start position:0% where they want to put the risk of a forse<00:13:57.120> sale<00:13:57.440> and<00:13:57.600> a<00:13:58.320> and<00:13:58.720> the<00:13:58.839> tech<00:13:59.240> cost<00:13:59.480> that 00:13:59.590 --> 00:13:59.600 align:start position:0% forse sale and a and the tech cost that 00:13:59.600 --> 00:14:02.189 align:start position:0% forse sale and a and the tech cost that they're<00:13:59.720> paying<00:13:59.959> and<00:14:00.320> this<00:14:00.440> is<00:14:00.680> why<00:14:01.240> har<00:14:01.759> haror 00:14:02.189 --> 00:14:02.199 align:start position:0% they're paying and this is why har haror 00:14:02.199 --> 00:14:03.829 align:start position:0% they're paying and this is why har haror texes 00:14:03.829 --> 00:14:03.839 align:start position:0% texes 00:14:03.839 --> 00:14:07.710 align:start position:0% texes work<00:14:04.839> how<00:14:05.320> can<00:14:05.560> we<00:14:06.000> actually<00:14:06.279> build<00:14:06.639> this<00:14:06.920> in 00:14:07.710 --> 00:14:07.720 align:start position:0% work how can we actually build this in 00:14:07.720 --> 00:14:10.430 align:start position:0% work how can we actually build this in smart<00:14:08.079> contract<00:14:08.560> so<00:14:08.839> I<00:14:09.480> called<00:14:09.920> this 00:14:10.430 --> 00:14:10.440 align:start position:0% smart contract so I called this 00:14:10.440 --> 00:14:12.550 align:start position:0% smart contract so I called this presentation<00:14:11.399> demand-based<00:14:11.880> reoccurring 00:14:12.550 --> 00:14:12.560 align:start position:0% presentation demand-based reoccurring 00:14:12.560 --> 00:14:17.829 align:start position:0% presentation demand-based reoccurring fees<00:14:12.920> in<00:14:13.360> practice<00:14:14.360> so<00:14:14.600> here's<00:14:14.839> the<00:14:15.480> practice 00:14:17.829 --> 00:14:17.839 align:start position:0% fees in practice so here's the practice 00:14:17.839 --> 00:14:20.110 align:start position:0% fees in practice so here's the practice essentially<00:14:18.839> uh<00:14:19.040> it's<00:14:19.160> a<00:14:19.320> model<00:14:19.680> called 00:14:20.110 --> 00:14:20.120 align:start position:0% essentially uh it's a model called 00:14:20.120 --> 00:14:23.430 align:start position:0% essentially uh it's a model called deprecating<00:14:21.000> licenses<00:14:22.000> where<00:14:22.759> some 00:14:23.430 --> 00:14:23.440 align:start position:0% deprecating licenses where some 00:14:23.440 --> 00:14:27.389 align:start position:0% deprecating licenses where some collateral<00:14:24.199> is<00:14:24.399> being<00:14:24.639> sent<00:14:25.079> into<00:14:26.079> a<00:14:27.000> smart 00:14:27.389 --> 00:14:27.399 align:start position:0% collateral is being sent into a smart 00:14:27.399 --> 00:14:29.749 align:start position:0% collateral is being sent into a smart contract<00:14:27.839> so<00:14:28.120> this<00:14:28.279> could<00:14:28.440> be<00:14:28.639> if<00:14:29.160> and<00:14:29.320> we<00:14:29.480> call 00:14:29.749 --> 00:14:29.759 align:start position:0% contract so this could be if and we call 00:14:29.759 --> 00:14:32.269 align:start position:0% contract so this could be if and we call this<00:14:30.199> collateral<00:14:31.040> here<00:14:31.680> uh<00:14:31.880> that's<00:14:32.120> the 00:14:32.269 --> 00:14:32.279 align:start position:0% this collateral here uh that's the 00:14:32.279 --> 00:14:35.550 align:start position:0% this collateral here uh that's the letter<00:14:32.639> c<00:14:33.560> essentially<00:14:34.560> and<00:14:34.800> there's<00:14:35.040> a<00:14:35.240> price 00:14:35.550 --> 00:14:35.560 align:start position:0% letter c essentially and there's a price 00:14:35.560 --> 00:14:39.590 align:start position:0% letter c essentially and there's a price function<00:14:36.000> PT<00:14:36.959> where<00:14:37.639> uh<00:14:37.759> T<00:14:38.040> is<00:14:38.199> the<00:14:38.399> time<00:14:39.320> that 00:14:39.590 --> 00:14:39.600 align:start position:0% function PT where uh T is the time that 00:14:39.600 --> 00:14:43.590 align:start position:0% function PT where uh T is the time that passes<00:14:40.600> and<00:14:41.320> essentially<00:14:42.320> the<00:14:42.959> collateral 00:14:43.590 --> 00:14:43.600 align:start position:0% passes and essentially the collateral 00:14:43.600 --> 00:14:47.749 align:start position:0% passes and essentially the collateral decays<00:14:44.519> over<00:14:44.959> time<00:14:45.959> throughout<00:14:46.920> a<00:14:47.120> period 00:14:47.749 --> 00:14:47.759 align:start position:0% decays over time throughout a period 00:14:47.759 --> 00:14:51.389 align:start position:0% decays over time throughout a period that<00:14:47.959> we<00:14:48.199> denote<00:14:48.759> with<00:14:49.279> Big<00:14:49.560> T<00:14:50.440> and<00:14:50.560> so<00:14:50.920> in<00:14:51.120> the 00:14:51.389 --> 00:14:51.399 align:start position:0% that we denote with Big T and so in the 00:14:51.399 --> 00:14:54.949 align:start position:0% that we denote with Big T and so in the charts<00:14:52.240> on<00:14:52.800> the<00:14:53.000> right<00:14:53.320> you<00:14:53.440> can<00:14:53.680> see<00:14:54.360> this<00:14:54.560> T 00:14:54.949 --> 00:14:54.959 align:start position:0% charts on the right you can see this T 00:14:54.959 --> 00:14:59.030 align:start position:0% charts on the right you can see this T being<00:14:55.600> 30<00:14:56.000> days<00:14:56.160> so<00:14:56.399> like<00:14:56.519> a<00:14:56.759> month<00:14:57.759> and<00:14:58.399> um<00:14:58.800> on 00:14:59.030 --> 00:14:59.040 align:start position:0% being 30 days so like a month and um on 00:14:59.040 --> 00:15:01.949 align:start position:0% being 30 days so like a month and um on on<00:14:59.240> the<00:14:59.880> top<00:15:00.120> chart<00:15:00.680> you<00:15:00.839> can<00:15:01.040> essentially<00:15:01.519> see 00:15:01.949 --> 00:15:01.959 align:start position:0% on the top chart you can essentially see 00:15:01.959 --> 00:15:07.509 align:start position:0% on the top chart you can essentially see that<00:15:02.360> at<00:15:02.800> P0<00:15:03.800> the<00:15:04.600> the<00:15:05.600> the<00:15:05.839> price<00:15:06.639> of<00:15:07.079> the 00:15:07.509 --> 00:15:07.519 align:start position:0% that at P0 the the the price of the 00:15:07.519 --> 00:15:10.110 align:start position:0% that at P0 the the the price of the license<00:15:08.040> is<00:15:08.680> essentially<00:15:09.680> all<00:15:09.920> the 00:15:10.110 --> 00:15:10.120 align:start position:0% license is essentially all the 00:15:10.120 --> 00:15:13.550 align:start position:0% license is essentially all the collateral<00:15:10.920> and<00:15:11.079> then<00:15:11.519> at<00:15:12.040> p15<00:15:13.040> it<00:15:13.360> has 00:15:13.550 --> 00:15:13.560 align:start position:0% collateral and then at p15 it has 00:15:13.560 --> 00:15:16.269 align:start position:0% collateral and then at p15 it has essentially<00:15:14.040> decayed<00:15:15.000> by<00:15:15.199> half 00:15:16.269 --> 00:15:16.279 align:start position:0% essentially decayed by half 00:15:16.279 --> 00:15:21.030 align:start position:0% essentially decayed by half because<00:15:17.279> uh<00:15:18.079> 15<00:15:18.519> days<00:15:18.759> is<00:15:18.920> the<00:15:19.120> half<00:15:19.519> of<00:15:20.519> um<00:15:20.800> the 00:15:21.030 --> 00:15:21.040 align:start position:0% because uh 15 days is the half of um the 00:15:21.040 --> 00:15:24.110 align:start position:0% because uh 15 days is the half of um the the<00:15:21.240> entire<00:15:21.600> period<00:15:22.000> which<00:15:22.160> is<00:15:22.519> 30<00:15:23.000> days<00:15:24.000> and 00:15:24.110 --> 00:15:24.120 align:start position:0% the entire period which is 30 days and 00:15:24.120 --> 00:15:26.870 align:start position:0% the entire period which is 30 days and so<00:15:24.480> the<00:15:24.680> demand-based<00:15:25.480> reoccurring<00:15:26.480> fee 00:15:26.870 --> 00:15:26.880 align:start position:0% so the demand-based reoccurring fee 00:15:26.880 --> 00:15:29.069 align:start position:0% so the demand-based reoccurring fee aspect<00:15:27.360> here<00:15:27.839> comes<00:15:28.120> from<00:15:28.319> the<00:15:28.480> fact<00:15:28.800> that 00:15:29.069 --> 00:15:29.079 align:start position:0% aspect here comes from the fact that 00:15:29.079 --> 00:15:30.870 align:start position:0% aspect here comes from the fact that people<00:15:29.360> have<00:15:29.519> to<00:15:29.959> rebid<00:15:30.560> with<00:15:30.720> their 00:15:30.870 --> 00:15:30.880 align:start position:0% people have to rebid with their 00:15:30.880 --> 00:15:34.629 align:start position:0% people have to rebid with their collateral<00:15:31.759> so<00:15:32.800> um<00:15:33.800> these<00:15:34.000> spikes<00:15:34.519> that 00:15:34.629 --> 00:15:34.639 align:start position:0% collateral so um these spikes that 00:15:34.639 --> 00:15:36.470 align:start position:0% collateral so um these spikes that you're<00:15:34.800> seeing<00:15:35.160> where<00:15:35.360> there's<00:15:35.759> the<00:15:36.319> where 00:15:36.470 --> 00:15:36.480 align:start position:0% you're seeing where there's the where 00:15:36.480 --> 00:15:38.710 align:start position:0% you're seeing where there's the where there's<00:15:36.720> this<00:15:36.959> error<00:15:37.319> saying<00:15:37.759> bit<00:15:38.160> was<00:15:38.360> made 00:15:38.710 --> 00:15:38.720 align:start position:0% there's this error saying bit was made 00:15:38.720 --> 00:15:40.710 align:start position:0% there's this error saying bit was made where<00:15:38.839> it<00:15:38.959> just<00:15:39.120> like<00:15:39.360> vert<00:15:39.880> vertically<00:15:40.360> jumps 00:15:40.710 --> 00:15:40.720 align:start position:0% where it just like vert vertically jumps 00:15:40.720 --> 00:15:43.550 align:start position:0% where it just like vert vertically jumps up<00:15:41.279> this<00:15:41.399> is<00:15:41.519> when<00:15:41.680> a<00:15:41.800> new<00:15:42.079> person<00:15:42.639> inserts 00:15:43.550 --> 00:15:43.560 align:start position:0% up this is when a new person inserts 00:15:43.560 --> 00:15:46.269 align:start position:0% up this is when a new person inserts their<00:15:43.800> collateral<00:15:44.680> and<00:15:44.839> then<00:15:45.279> the<00:15:45.480> Decay 00:15:46.269 --> 00:15:46.279 align:start position:0% their collateral and then the Decay 00:15:46.279 --> 00:15:49.910 align:start position:0% their collateral and then the Decay starts<00:15:46.800> again<00:15:47.480> at<00:15:48.360> the<00:15:48.959> the<00:15:49.120> collateral<00:15:49.639> value 00:15:49.910 --> 00:15:49.920 align:start position:0% starts again at the the collateral value 00:15:49.920 --> 00:15:53.350 align:start position:0% starts again at the the collateral value that<00:15:50.079> they've<00:15:50.279> put<00:15:50.480> in<00:15:51.079> and<00:15:51.319> at<00:15:51.440> a<00:15:52.000> at<00:15:52.160> t<00:15:52.800> equal 00:15:53.350 --> 00:15:53.360 align:start position:0% that they've put in and at a at t equal 00:15:53.360 --> 00:15:54.749 align:start position:0% that they've put in and at a at t equal equaling<00:15:53.839> zero 00:15:54.749 --> 00:15:54.759 align:start position:0% equaling zero 00:15:54.759 --> 00:15:56.269 align:start position:0% equaling zero basically 00:15:56.269 --> 00:15:56.279 align:start position:0% basically 00:15:56.279 --> 00:16:00.150 align:start position:0% basically um<00:15:57.279> what<00:15:57.839> what's<00:15:58.160> also<00:15:58.519> important<00:15:59.079> to<00:15:59.240> mention 00:16:00.150 --> 00:16:00.160 align:start position:0% um what what's also important to mention 00:16:00.160 --> 00:16:02.189 align:start position:0% um what what's also important to mention is<00:16:00.440> essentially<00:16:01.040> that<00:16:01.360> the<00:16:01.519> higher<00:16:01.839> you<00:16:01.959> set 00:16:02.189 --> 00:16:02.199 align:start position:0% is essentially that the higher you set 00:16:02.199 --> 00:16:02.870 align:start position:0% is essentially that the higher you set the 00:16:02.870 --> 00:16:02.880 align:start position:0% the 00:16:02.880 --> 00:16:05.629 align:start position:0% the collateral<00:16:03.880> the<00:16:04.040> more<00:16:04.560> collateral<00:16:05.279> you 00:16:05.629 --> 00:16:05.639 align:start position:0% collateral the more collateral you 00:16:05.639 --> 00:16:08.470 align:start position:0% collateral the more collateral you absolutely<00:16:06.199> pay<00:16:06.519> over<00:16:07.000> a<00:16:07.319> time<00:16:07.600> period<00:16:08.279> and 00:16:08.470 --> 00:16:08.480 align:start position:0% absolutely pay over a time period and 00:16:08.480 --> 00:16:10.509 align:start position:0% absolutely pay over a time period and this<00:16:08.600> can<00:16:08.759> be<00:16:08.880> seen<00:16:09.199> in<00:16:09.319> the<00:16:09.440> lower<00:16:10.199> right 00:16:10.509 --> 00:16:10.519 align:start position:0% this can be seen in the lower right 00:16:10.519 --> 00:16:14.030 align:start position:0% this can be seen in the lower right chart<00:16:11.440> where<00:16:12.079> there<00:16:12.399> was<00:16:12.680> one<00:16:12.920> owner<00:16:13.519> that<00:16:13.680> set 00:16:14.030 --> 00:16:14.040 align:start position:0% chart where there was one owner that set 00:16:14.040 --> 00:16:17.110 align:start position:0% chart where there was one owner that set a<00:16:14.279> very<00:16:14.720> high<00:16:15.079> amount<00:16:15.279> of<00:16:15.440> collateral<00:16:16.000> and<00:16:16.160> so 00:16:17.110 --> 00:16:17.120 align:start position:0% a very high amount of collateral and so 00:16:17.120 --> 00:16:19.430 align:start position:0% a very high amount of collateral and so the<00:16:17.440> steepness<00:16:18.079> of<00:16:18.240> the<00:16:18.440> depreciation<00:16:19.199> is 00:16:19.430 --> 00:16:19.440 align:start position:0% the steepness of the depreciation is 00:16:19.440 --> 00:16:22.389 align:start position:0% the steepness of the depreciation is actually<00:16:20.160> much<00:16:20.440> higher<00:16:20.880> than<00:16:21.360> the<00:16:21.560> second 00:16:22.389 --> 00:16:22.399 align:start position:0% actually much higher than the second 00:16:22.399 --> 00:16:24.990 align:start position:0% actually much higher than the second person<00:16:23.240> that<00:16:23.440> then<00:16:23.600> bid<00:16:23.839> it<00:16:24.240> and<00:16:24.399> set<00:16:24.759> kind<00:16:24.920> of 00:16:24.990 --> 00:16:25.000 align:start position:0% person that then bid it and set kind of 00:16:25.000 --> 00:16:28.110 align:start position:0% person that then bid it and set kind of a<00:16:25.480> lower<00:16:26.480> um<00:16:26.720> amount<00:16:26.959> of<00:16:27.120> collateral<00:16:27.839> and<00:16:28.040> as 00:16:28.110 --> 00:16:28.120 align:start position:0% a lower um amount of collateral and as 00:16:28.120 --> 00:16:30.069 align:start position:0% a lower um amount of collateral and as you<00:16:28.240> can<00:16:28.360> see<00:16:28.680> these<00:16:29.000> periods<00:16:29.560> on<00:16:29.680> the<00:16:29.800> lower 00:16:30.069 --> 00:16:30.079 align:start position:0% you can see these periods on the lower 00:16:30.079 --> 00:16:31.590 align:start position:0% you can see these periods on the lower chart<00:16:30.360> they're<00:16:30.519> essentially<00:16:30.959> the<00:16:31.079> same 00:16:31.590 --> 00:16:31.600 align:start position:0% chart they're essentially the same 00:16:31.600 --> 00:16:35.269 align:start position:0% chart they're essentially the same length<00:16:32.360> but<00:16:32.920> the<00:16:33.079> first<00:16:33.639> person<00:16:34.040> is<00:16:34.720> uh<00:16:34.839> paying 00:16:35.269 --> 00:16:35.279 align:start position:0% length but the first person is uh paying 00:16:35.279 --> 00:16:36.069 align:start position:0% length but the first person is uh paying a 00:16:36.069 --> 00:16:36.079 align:start position:0% a 00:16:36.079 --> 00:16:38.269 align:start position:0% a significant<00:16:37.079> a<00:16:37.279> higher<00:16:37.600> amount<00:16:37.839> of 00:16:38.269 --> 00:16:38.279 align:start position:0% significant a higher amount of 00:16:38.279 --> 00:16:41.990 align:start position:0% significant a higher amount of collateral<00:16:39.279> per<00:16:39.959> time<00:16:40.480> essentially<00:16:41.480> we<00:16:41.639> can 00:16:41.990 --> 00:16:42.000 align:start position:0% collateral per time essentially we can 00:16:42.000 --> 00:16:45.509 align:start position:0% collateral per time essentially we can also<00:16:42.800> see<00:16:43.199> this<00:16:43.480> when<00:16:43.680> we<00:16:43.920> look<00:16:44.399> at<00:16:44.600> Desmos<00:16:45.319> and 00:16:45.509 --> 00:16:45.519 align:start position:0% also see this when we look at Desmos and 00:16:45.519 --> 00:16:47.629 align:start position:0% also see this when we look at Desmos and we<00:16:45.720> essentially<00:16:46.240> just<00:16:46.920> draged<00:16:47.399> the 00:16:47.629 --> 00:16:47.639 align:start position:0% we essentially just draged the 00:16:47.639 --> 00:16:49.550 align:start position:0% we essentially just draged the collateral<00:16:48.079> slider<00:16:48.560> you<00:16:48.639> can<00:16:48.759> see<00:16:49.040> that 00:16:49.550 --> 00:16:49.560 align:start position:0% collateral slider you can see that 00:16:49.560 --> 00:16:51.430 align:start position:0% collateral slider you can see that essentially<00:16:50.000> with<00:16:50.199> more<00:16:50.519> collateral<00:16:51.319> the 00:16:51.430 --> 00:16:51.440 align:start position:0% essentially with more collateral the 00:16:51.440 --> 00:16:53.949 align:start position:0% essentially with more collateral the steepness<00:16:52.000> of<00:16:52.199> the<00:16:52.680> depreciation 00:16:53.949 --> 00:16:53.959 align:start position:0% steepness of the depreciation 00:16:53.959 --> 00:16:56.389 align:start position:0% steepness of the depreciation essentially<00:16:54.959> um 00:16:56.389 --> 00:16:56.399 align:start position:0% essentially um 00:16:56.399 --> 00:16:59.189 align:start position:0% essentially um increases<00:16:57.399> that's<00:16:57.639> it<00:16:58.279> that's<00:16:59.079> uh 00:16:59.189 --> 00:16:59.199 align:start position:0% increases that's it that's uh 00:16:59.199 --> 00:17:00.790 align:start position:0% increases that's it that's uh demand-based<00:16:59.600> reoccurring<00:17:00.240> fees<00:17:00.560> in 00:17:00.790 --> 00:17:00.800 align:start position:0% demand-based reoccurring fees in 00:17:00.800 --> 00:17:02.670 align:start position:0% demand-based reoccurring fees in practice<00:17:01.440> I<00:17:01.519> wanted<00:17:01.759> to<00:17:01.920> keep<00:17:02.120> this<00:17:02.399> very 00:17:02.670 --> 00:17:02.680 align:start position:0% practice I wanted to keep this very 00:17:02.680 --> 00:17:05.549 align:start position:0% practice I wanted to keep this very educational<00:17:03.680> so<00:17:03.920> and<00:17:04.199> I<00:17:04.360> hope<00:17:04.600> you<00:17:05.199> learned 00:17:05.549 --> 00:17:05.559 align:start position:0% educational so and I hope you learned 00:17:05.559 --> 00:17:07.250 align:start position:0% educational so and I hope you learned something<00:17:05.839> today<00:17:06.360> thank 00:17:07.250 --> 00:17:07.260 align:start position:0% something today thank 00:17:07.260 --> 00:17:10.309 align:start position:0% something today thank [Applause] 00:17:10.309 --> 00:17:10.319 align:start position:0% [Applause] 00:17:10.319 --> 00:17:13.549 align:start position:0% [Applause] you<00:17:11.319> wow<00:17:11.919> uh<00:17:12.360> really<00:17:12.600> nice<00:17:12.839> talk<00:17:13.039> and<00:17:13.319> actually 00:17:13.549 --> 00:17:13.559 align:start position:0% you wow uh really nice talk and actually 00:17:13.559 --> 00:17:15.270 align:start position:0% you wow uh really nice talk and actually something<00:17:13.839> that<00:17:14.039> I<00:17:14.360> as<00:17:14.439> I<00:17:14.520> mentioned<00:17:14.799> before 00:17:15.270 --> 00:17:15.280 align:start position:0% something that I as I mentioned before 00:17:15.280 --> 00:17:17.870 align:start position:0% something that I as I mentioned before I'm<00:17:15.439> extremely<00:17:15.880> interested<00:17:16.280> in<00:17:16.720> uh<00:17:16.880> so<00:17:17.640> I<00:17:17.760> I 00:17:17.870 --> 00:17:17.880 align:start position:0% I'm extremely interested in uh so I I 00:17:17.880 --> 00:17:19.189 align:start position:0% I'm extremely interested in uh so I I put<00:17:18.000> a<00:17:18.079> few<00:17:18.240> questions<00:17:18.520> in<00:17:18.679> here<00:17:18.880> but<00:17:19.079> the 00:17:19.189 --> 00:17:19.199 align:start position:0% put a few questions in here but the 00:17:19.199 --> 00:17:23.350 align:start position:0% put a few questions in here but the first<00:17:19.360> one<00:17:19.559> isn't<00:17:19.799> from<00:17:20.039> me<00:17:21.039> uh<00:17:21.439> so<00:17:22.439> uh<00:17:22.959> again 00:17:23.350 --> 00:17:23.360 align:start position:0% first one isn't from me uh so uh again 00:17:23.360 --> 00:17:24.189 align:start position:0% first one isn't from me uh so uh again let's<00:17:23.480> read<00:17:23.600> it<00:17:23.679> out<00:17:23.839> for<00:17:23.919> the<00:17:24.039> for<00:17:24.120> the 00:17:24.189 --> 00:17:24.199 align:start position:0% let's read it out for the for the 00:17:24.199 --> 00:17:25.510 align:start position:0% let's read it out for the for the audience<00:17:24.480> let's<00:17:24.600> say<00:17:24.720> you<00:17:24.839> buy<00:17:25.000> a<00:17:25.120> domain<00:17:25.400> for 00:17:25.510 --> 00:17:25.520 align:start position:0% audience let's say you buy a domain for 00:17:25.520 --> 00:17:27.909 align:start position:0% audience let's say you buy a domain for your<00:17:25.720> startup<00:17:26.199> and<00:17:26.319> set<00:17:26.480> the<00:17:26.600> price<00:17:26.799> for<00:17:26.959> 10K 00:17:27.909 --> 00:17:27.919 align:start position:0% your startup and set the price for 10K 00:17:27.919 --> 00:17:29.510 align:start position:0% your startup and set the price for 10K uh<00:17:28.120> does<00:17:28.240> it<00:17:28.360> mean<00:17:28.520> that<00:17:28.640> if<00:17:28.960> competitor<00:17:29.360> with 00:17:29.510 --> 00:17:29.520 align:start position:0% uh does it mean that if competitor with 00:17:29.520 --> 00:17:31.390 align:start position:0% uh does it mean that if competitor with de<00:17:29.760> Pockets<00:17:30.080> wants<00:17:30.320> to<00:17:30.559> buy<00:17:30.760> your<00:17:30.880> domain 00:17:31.390 --> 00:17:31.400 align:start position:0% de Pockets wants to buy your domain 00:17:31.400 --> 00:17:33.950 align:start position:0% de Pockets wants to buy your domain you'd<00:17:31.600> be<00:17:31.679> forced<00:17:32.000> to<00:17:32.080> sell<00:17:32.280> it<00:17:32.400> for<00:17:32.640> 10K<00:17:33.640> in<00:17:33.880> in 00:17:33.950 --> 00:17:33.960 align:start position:0% you'd be forced to sell it for 10K in in 00:17:33.960 --> 00:17:36.070 align:start position:0% you'd be forced to sell it for 10K in in the<00:17:34.120> harburger<00:17:34.679> Tex<00:17:34.919> model<00:17:35.440> yes<00:17:35.640> you<00:17:35.760> would<00:17:35.919> be 00:17:36.070 --> 00:17:36.080 align:start position:0% the harburger Tex model yes you would be 00:17:36.080 --> 00:17:40.270 align:start position:0% the harburger Tex model yes you would be forced<00:17:37.000> to<00:17:37.440> sell<00:17:37.840> the<00:17:38.000> domain<00:17:38.320> at<00:17:38.480> 10K<00:17:39.280> however 00:17:40.270 --> 00:17:40.280 align:start position:0% forced to sell the domain at 10K however 00:17:40.280 --> 00:17:42.390 align:start position:0% forced to sell the domain at 10K however uh<00:17:40.400> your<00:17:40.640> deep<00:17:41.000> pocketed<00:17:41.679> competitor<00:17:42.240> would 00:17:42.390 --> 00:17:42.400 align:start position:0% uh your deep pocketed competitor would 00:17:42.400 --> 00:17:46.630 align:start position:0% uh your deep pocketed competitor would have<00:17:42.520> to<00:17:42.799> continuously<00:17:43.520> pay<00:17:44.440> a<00:17:45.280> tax<00:17:45.679> every 00:17:46.630 --> 00:17:46.640 align:start position:0% have to continuously pay a tax every 00:17:46.640 --> 00:17:50.430 align:start position:0% have to continuously pay a tax every month<00:17:47.640> set<00:17:48.000> at<00:17:48.200> the<00:17:48.400> 10K<00:17:49.400> price<00:17:49.880> which<00:17:50.200> would 00:17:50.430 --> 00:17:50.440 align:start position:0% month set at the 10K price which would 00:17:50.440 --> 00:17:53.150 align:start position:0% month set at the 10K price which would make<00:17:50.640> it<00:17:51.160> very<00:17:51.400> costly<00:17:51.720> for<00:17:51.919> them<00:17:52.039> to<00:17:52.200> keep<00:17:52.440> up 00:17:53.150 --> 00:17:53.160 align:start position:0% make it very costly for them to keep up 00:17:53.160 --> 00:17:56.110 align:start position:0% make it very costly for them to keep up paying<00:17:53.720> that<00:17:54.000> price<00:17:54.360> so 00:17:56.110 --> 00:17:56.120 align:start position:0% paying that price so 00:17:56.120 --> 00:17:59.110 align:start position:0% paying that price so um<00:17:57.120> your<00:17:57.400> competitor<00:17:57.919> may<00:17:58.200> also<00:17:58.840> you<00:17:58.960> know 00:17:59.110 --> 00:17:59.120 align:start position:0% um your competitor may also you know 00:17:59.120 --> 00:18:01.830 align:start position:0% um your competitor may also you know your<00:17:59.360> competitor<00:17:59.840> may<00:18:00.039> also<00:18:00.320> buy<00:18:00.640> like<00:18:00.799> a<00:18:01.520> a 00:18:01.830 --> 00:18:01.840 align:start position:0% your competitor may also buy like a a 00:18:01.840 --> 00:18:03.750 align:start position:0% your competitor may also buy like a a domain<00:18:02.159> in<00:18:02.280> a<00:18:02.440> tradition<00:18:02.919> in<00:18:03.039> the<00:18:03.200> traditional 00:18:03.750 --> 00:18:03.760 align:start position:0% domain in a tradition in the traditional 00:18:03.760 --> 00:18:05.310 align:start position:0% domain in a tradition in the traditional pricing<00:18:04.120> model<00:18:04.640> and<00:18:04.720> then<00:18:04.880> they<00:18:05.000> would<00:18:05.159> have 00:18:05.310 --> 00:18:05.320 align:start position:0% pricing model and then they would have 00:18:05.320 --> 00:18:08.750 align:start position:0% pricing model and then they would have to<00:18:05.640> just<00:18:06.120> pay<00:18:06.320> like<00:18:06.480> 21.99<00:18:07.480> a<00:18:07.640> year<00:18:07.880> so<00:18:08.520> I<00:18:08.600> think 00:18:08.750 --> 00:18:08.760 align:start position:0% to just pay like 21.99 a year so I think 00:18:08.760 --> 00:18:11.830 align:start position:0% to just pay like 21.99 a year so I think it's<00:18:08.960> still<00:18:09.559> an 00:18:11.830 --> 00:18:11.840 align:start position:0% 00:18:11.840 --> 00:18:13.870 align:start position:0% improvement<00:18:12.840> so<00:18:13.159> how<00:18:13.280> should<00:18:13.440> we<00:18:13.559> think<00:18:13.679> about 00:18:13.870 --> 00:18:13.880 align:start position:0% improvement so how should we think about 00:18:13.880 --> 00:18:15.510 align:start position:0% improvement so how should we think about harbater<00:18:14.360> when<00:18:14.480> some<00:18:14.679> players<00:18:15.039> have<00:18:15.159> a<00:18:15.280> high 00:18:15.510 --> 00:18:15.520 align:start position:0% harbater when some players have a high 00:18:15.520 --> 00:18:18.190 align:start position:0% harbater when some players have a high risk<00:18:15.919> or<00:18:16.120> fear<00:18:16.559> to<00:18:17.039> force<00:18:17.440> selling<00:18:17.840> versus 00:18:18.190 --> 00:18:18.200 align:start position:0% risk or fear to force selling versus 00:18:18.200 --> 00:18:20.590 align:start position:0% risk or fear to force selling versus those<00:18:18.440> with<00:18:18.880> lower<00:18:19.240> risk<00:18:19.480> or<00:18:19.679> lower<00:18:20.080> fear<00:18:20.360> fear 00:18:20.590 --> 00:18:20.600 align:start position:0% those with lower risk or lower fear fear 00:18:20.600 --> 00:18:22.789 align:start position:0% those with lower risk or lower fear fear of<00:18:20.760> selling<00:18:21.200> like<00:18:21.520> uh<00:18:21.760> homeowners<00:18:22.360> versus 00:18:22.789 --> 00:18:22.799 align:start position:0% of selling like uh homeowners versus 00:18:22.799 --> 00:18:26.549 align:start position:0% of selling like uh homeowners versus investment<00:18:23.559> companies<00:18:24.280> yeah<00:18:24.760> yeah<00:18:25.640> so<00:18:26.280> it's 00:18:26.549 --> 00:18:26.559 align:start position:0% investment companies yeah yeah so it's 00:18:26.559 --> 00:18:30.430 align:start position:0% investment companies yeah yeah so it's not<00:18:26.919> always<00:18:27.320> ideal<00:18:27.679> to<00:18:27.840> use<00:18:28.280> harbor<00:18:28.919> taxes<00:18:29.760> in 00:18:30.430 --> 00:18:30.440 align:start position:0% not always ideal to use harbor taxes in 00:18:30.440 --> 00:18:33.470 align:start position:0% not always ideal to use harbor taxes in all<00:18:31.039> types<00:18:31.480> of<00:18:32.000> property<00:18:32.440> classes<00:18:32.840> so<00:18:33.039> I<00:18:33.159> think 00:18:33.470 --> 00:18:33.480 align:start position:0% all types of property classes so I think 00:18:33.480 --> 00:18:36.870 align:start position:0% all types of property classes so I think real<00:18:34.039> estate<00:18:35.039> you<00:18:35.159> want<00:18:35.320> to<00:18:35.559> have<00:18:35.880> a<00:18:36.039> higher 00:18:36.870 --> 00:18:36.880 align:start position:0% real estate you want to have a higher 00:18:36.880 --> 00:18:39.270 align:start position:0% real estate you want to have a higher stability<00:18:37.880> um<00:18:38.360> in<00:18:38.559> in<00:18:38.720> real<00:18:38.960> estate 00:18:39.270 --> 00:18:39.280 align:start position:0% stability um in in real estate 00:18:39.280 --> 00:18:41.029 align:start position:0% stability um in in real estate specifically<00:18:39.799> but<00:18:39.919> for<00:18:40.080> example<00:18:40.360> you<00:18:40.480> could 00:18:41.029 --> 00:18:41.039 align:start position:0% specifically but for example you could 00:18:41.039 --> 00:18:45.190 align:start position:0% specifically but for example you could also<00:18:42.039> um<00:18:42.840> price<00:18:43.640> online<00:18:44.120> ads<00:18:44.559> with<00:18:44.760> Harbor 00:18:45.190 --> 00:18:45.200 align:start position:0% also um price online ads with Harbor 00:18:45.200 --> 00:18:47.789 align:start position:0% also um price online ads with Harbor attex<00:18:45.480> and<00:18:45.679> then<00:18:46.679> the<00:18:46.919> trans<00:18:47.559> like<00:18:47.679> the 00:18:47.789 --> 00:18:47.799 align:start position:0% attex and then the trans like the 00:18:47.799 --> 00:18:50.149 align:start position:0% attex and then the trans like the ownership<00:18:48.280> transition<00:18:48.760> between<00:18:49.120> online 00:18:50.149 --> 00:18:50.159 align:start position:0% ownership transition between online 00:18:50.159 --> 00:18:52.909 align:start position:0% ownership transition between online ads<00:18:51.159> there's<00:18:51.440> actually<00:18:51.679> no<00:18:51.919> harm<00:18:52.240> done<00:18:52.559> in<00:18:52.799> the 00:18:52.909 --> 00:18:52.919 align:start position:0% ads there's actually no harm done in the 00:18:52.919 --> 00:18:54.990 align:start position:0% ads there's actually no harm done in the ownership<00:18:53.400> changing<00:18:53.919> like<00:18:54.120> we<00:18:54.280> would<00:18:54.760> I<00:18:54.840> think 00:18:54.990 --> 00:18:55.000 align:start position:0% ownership changing like we would I think 00:18:55.000 --> 00:18:58.350 align:start position:0% ownership changing like we would I think as<00:18:55.159> users<00:18:55.520> we<00:18:55.720> probably<00:18:56.000> even<00:18:56.960> like<00:18:57.960> ads<00:18:58.200> to 00:18:58.350 --> 00:18:58.360 align:start position:0% as users we probably even like ads to 00:18:58.360 --> 00:19:01.149 align:start position:0% as users we probably even like ads to change<00:18:58.799> on<00:18:58.880> a<00:18:59.000> website<00:18:59.679> and<00:18:59.840> then<00:19:00.159> for<00:19:00.840> I<00:19:00.919> think 00:19:01.149 --> 00:19:01.159 align:start position:0% change on a website and then for I think 00:19:01.159 --> 00:19:03.470 align:start position:0% change on a website and then for I think domain<00:19:01.520> names<00:19:02.240> it's<00:19:02.600> also<00:19:02.880> a<00:19:03.000> Nuance 00:19:03.470 --> 00:19:03.480 align:start position:0% domain names it's also a Nuance 00:19:03.480 --> 00:19:05.789 align:start position:0% domain names it's also a Nuance discussion<00:19:04.280> I<00:19:04.400> think<00:19:04.679> if<00:19:04.760> you<00:19:05.000> have<00:19:05.280> a<00:19:05.600> I<00:19:05.640> don't 00:19:05.789 --> 00:19:05.799 align:start position:0% discussion I think if you have a I don't 00:19:05.799 --> 00:19:07.430 align:start position:0% discussion I think if you have a I don't know<00:19:06.039> you<00:19:06.280> if<00:19:06.400> you<00:19:06.480> would<00:19:06.760> price<00:19:07.039> Unis 00:19:07.430 --> 00:19:07.440 align:start position:0% know you if you would price Unis 00:19:07.440 --> 00:19:09.470 align:start position:0% know you if you would price Unis swap.com<00:19:07.840> with<00:19:08.520> harborer<00:19:08.960> texes<00:19:09.240> and<00:19:09.360> they 00:19:09.470 --> 00:19:09.480 align:start position:0% swap.com with harborer texes and they 00:19:09.480 --> 00:19:11.710 align:start position:0% swap.com with harborer texes and they could<00:19:09.600> be<00:19:09.760> like<00:19:09.880> forced<00:19:10.280> sales<00:19:10.960> that<00:19:11.080> are 00:19:11.710 --> 00:19:11.720 align:start position:0% could be like forced sales that are 00:19:11.720 --> 00:19:14.230 align:start position:0% could be like forced sales that are instant<00:19:12.440> I<00:19:12.559> think<00:19:12.760> this<00:19:12.919> would<00:19:13.760> most<00:19:14.000> likely 00:19:14.230 --> 00:19:14.240 align:start position:0% instant I think this would most likely 00:19:14.240 --> 00:19:17.549 align:start position:0% instant I think this would most likely lead<00:19:14.440> to<00:19:15.280> security<00:19:16.280> attacks<00:19:16.640> and<00:19:16.760> so<00:19:16.880> on<00:19:17.080> so 00:19:17.549 --> 00:19:17.559 align:start position:0% lead to security attacks and so on so 00:19:17.559 --> 00:19:20.190 align:start position:0% lead to security attacks and so on so you<00:19:17.679> would<00:19:17.880> have<00:19:18.000> to<00:19:18.400> have<00:19:18.559> some<00:19:18.799> kind<00:19:19.000> of<00:19:20.000> um 00:19:20.190 --> 00:19:20.200 align:start position:0% you would have to have some kind of um 00:19:20.200 --> 00:19:22.990 align:start position:0% you would have to have some kind of um you<00:19:20.320> know<00:19:21.039> uh<00:19:21.559> time<00:19:21.799> delay<00:19:22.280> function<00:19:22.799> let's 00:19:22.990 --> 00:19:23.000 align:start position:0% you know uh time delay function let's 00:19:23.000 --> 00:19:25.430 align:start position:0% you know uh time delay function let's say<00:19:23.240> where<00:19:23.360> you<00:19:23.440> can<00:19:23.679> announce<00:19:24.559> um<00:19:24.799> a<00:19:24.960> a<00:19:25.120> change 00:19:25.430 --> 00:19:25.440 align:start position:0% say where you can announce um a a change 00:19:25.440 --> 00:19:27.590 align:start position:0% say where you can announce um a a change or<00:19:25.640> whatever<00:19:26.080> but<00:19:26.520> so<00:19:26.720> it<00:19:26.840> really<00:19:27.039> depends<00:19:27.480> I 00:19:27.590 --> 00:19:27.600 align:start position:0% or whatever but so it really depends I 00:19:27.600 --> 00:19:30.070 align:start position:0% or whatever but so it really depends I think<00:19:28.039> um<00:19:28.720> it<00:19:28.799> depends<00:19:29.080> on<00:19:29.200> the<00:19:29.400> property<00:19:29.880> and 00:19:30.070 --> 00:19:30.080 align:start position:0% think um it depends on the property and 00:19:30.080 --> 00:19:32.470 align:start position:0% think um it depends on the property and there<00:19:30.200> are<00:19:30.840> better<00:19:31.320> cases<00:19:31.720> and<00:19:31.919> worse<00:19:32.200> cases 00:19:32.470 --> 00:19:32.480 align:start position:0% there are better cases and worse cases 00:19:32.480 --> 00:19:35.390 align:start position:0% there are better cases and worse cases to<00:19:32.640> apply<00:19:33.320> it<00:19:34.320> got<00:19:34.480> it<00:19:34.760> yeah<00:19:34.960> that<00:19:35.200> that<00:19:35.320> that 00:19:35.390 --> 00:19:35.400 align:start position:0% to apply it got it yeah that that that 00:19:35.400 --> 00:19:38.390 align:start position:0% to apply it got it yeah that that that makes<00:19:35.559> a<00:19:35.640> lot<00:19:35.760> of<00:19:35.880> sense<00:19:36.880> okay<00:19:37.200> so<00:19:38.120> this<00:19:38.240> one 00:19:38.390 --> 00:19:38.400 align:start position:0% makes a lot of sense okay so this one 00:19:38.400 --> 00:19:39.990 align:start position:0% makes a lot of sense okay so this one was<00:19:38.520> for<00:19:38.679> me<00:19:38.919> and<00:19:39.200> maybe<00:19:39.440> maybe<00:19:39.640> I'm<00:19:39.760> not<00:19:39.840> sure 00:19:39.990 --> 00:19:40.000 align:start position:0% was for me and maybe maybe I'm not sure 00:19:40.000 --> 00:19:41.110 align:start position:0% was for me and maybe maybe I'm not sure if<00:19:40.159> this<00:19:40.240> is<00:19:40.360> relevant<00:19:40.640> to<00:19:40.760> the<00:19:40.840> research 00:19:41.110 --> 00:19:41.120 align:start position:0% if this is relevant to the research 00:19:41.120 --> 00:19:42.510 align:start position:0% if this is relevant to the research you've<00:19:41.280> been<00:19:41.400> doing 00:19:42.510 --> 00:19:42.520 align:start position:0% you've been doing 00:19:42.520 --> 00:19:44.710 align:start position:0% you've been doing but<00:19:43.520> there's<00:19:43.679> a<00:19:43.760> lot<00:19:43.880> of<00:19:44.039> lot<00:19:44.159> of<00:19:44.240> talk<00:19:44.520> these 00:19:44.710 --> 00:19:44.720 align:start position:0% but there's a lot of lot of talk these 00:19:44.720 --> 00:19:47.190 align:start position:0% but there's a lot of lot of talk these days<00:19:45.000> about<00:19:45.480> uh<00:19:45.600> allocative<00:19:46.159> efficiency<00:19:46.760> for 00:19:47.190 --> 00:19:47.200 align:start position:0% days about uh allocative efficiency for 00:19:47.200 --> 00:19:48.830 align:start position:0% days about uh allocative efficiency for choosing<00:19:47.679> proposers<00:19:48.200> we're<00:19:48.360> talking<00:19:48.600> about 00:19:48.830 --> 00:19:48.840 align:start position:0% choosing proposers we're talking about 00:19:48.840 --> 00:19:51.470 align:start position:0% choosing proposers we're talking about maybe<00:19:49.159> a<00:19:49.320> tester<00:19:49.679> proposer<00:19:50.159> separation<00:19:51.159> uh<00:19:51.280> so 00:19:51.470 --> 00:19:51.480 align:start position:0% maybe a tester proposer separation uh so 00:19:51.480 --> 00:19:53.350 align:start position:0% maybe a tester proposer separation uh so could<00:19:51.640> we<00:19:51.720> use<00:19:51.919> harbage<00:19:52.240> or<00:19:52.400> tax<00:19:52.720> for<00:19:52.880> choosing 00:19:53.350 --> 00:19:53.360 align:start position:0% could we use harbage or tax for choosing 00:19:53.360 --> 00:19:55.430 align:start position:0% could we use harbage or tax for choosing proposes<00:19:53.799> on<00:19:53.960> ethereum<00:19:54.720> and<00:19:55.039> are<00:19:55.159> there<00:19:55.280> any 00:19:55.430 --> 00:19:55.440 align:start position:0% proposes on ethereum and are there any 00:19:55.440 --> 00:19:58.149 align:start position:0% proposes on ethereum and are there any risks<00:19:55.679> to<00:19:55.799> doing<00:19:56.000> something<00:19:56.240> like<00:19:56.400> this<00:19:57.159> yeah 00:19:58.149 --> 00:19:58.159 align:start position:0% risks to doing something like this yeah 00:19:58.159 --> 00:20:00.789 align:start position:0% risks to doing something like this yeah uh<00:19:58.440> I<00:19:58.880> I'm<00:19:59.039> not<00:19:59.280> super<00:19:59.600> deep<00:19:59.840> into<00:20:00.159> like<00:20:00.400> the 00:20:00.789 --> 00:20:00.799 align:start position:0% uh I I'm not super deep into like the 00:20:00.799 --> 00:20:03.149 align:start position:0% uh I I'm not super deep into like the The<00:20:01.200> Proposal<00:20:02.200> I<00:20:02.360> I<00:20:02.440> don't<00:20:02.600> know<00:20:02.760> much<00:20:03.000> about 00:20:03.149 --> 00:20:03.159 align:start position:0% The Proposal I I don't know much about 00:20:03.159 --> 00:20:05.230 align:start position:0% The Proposal I I don't know much about it<00:20:03.360> but<00:20:03.600> I<00:20:03.679> would<00:20:03.960> say<00:20:04.640> that<00:20:04.799> if<00:20:04.919> you're 00:20:05.230 --> 00:20:05.240 align:start position:0% it but I would say that if you're 00:20:05.240 --> 00:20:07.950 align:start position:0% it but I would say that if you're auctioning<00:20:05.840> off<00:20:06.200> block<00:20:06.520> space<00:20:07.120> I<00:20:07.480> I'm<00:20:07.720> pretty 00:20:07.950 --> 00:20:07.960 align:start position:0% auctioning off block space I I'm pretty 00:20:07.960 --> 00:20:09.870 align:start position:0% auctioning off block space I I'm pretty sure<00:20:08.600> this<00:20:08.799> could<00:20:09.000> work<00:20:09.280> where<00:20:09.400> you<00:20:09.559> have<00:20:09.679> to 00:20:09.870 --> 00:20:09.880 align:start position:0% sure this could work where you have to 00:20:09.880 --> 00:20:13.470 align:start position:0% sure this could work where you have to pay<00:20:10.760> a<00:20:11.760> where<00:20:11.880> you<00:20:12.000> have<00:20:12.120> to<00:20:12.240> pay<00:20:12.400> a<00:20:12.520> continuous 00:20:13.470 --> 00:20:13.480 align:start position:0% pay a where you have to pay a continuous 00:20:13.480 --> 00:20:16.270 align:start position:0% pay a where you have to pay a continuous tax<00:20:14.159> for<00:20:14.400> you<00:20:14.679> to<00:20:14.840> be<00:20:15.039> to<00:20:15.200> have<00:20:15.400> the<00:20:15.760> to<00:20:15.960> gr<00:20:16.200> be 00:20:16.270 --> 00:20:16.280 align:start position:0% tax for you to be to have the to gr be 00:20:16.280 --> 00:20:18.270 align:start position:0% tax for you to be to have the to gr be granted<00:20:16.640> the<00:20:16.799> license<00:20:17.200> to<00:20:17.440> create<00:20:17.720> the<00:20:17.919> next 00:20:18.270 --> 00:20:18.280 align:start position:0% granted the license to create the next 00:20:18.280 --> 00:20:23.149 align:start position:0% granted the license to create the next block<00:20:19.280> um<00:20:20.200> and<00:20:21.200> yeah<00:20:21.360> I<00:20:21.440> would<00:20:21.640> imagine<00:20:22.559> that 00:20:23.149 --> 00:20:23.159 align:start position:0% block um and yeah I would imagine that 00:20:23.159 --> 00:20:25.310 align:start position:0% block um and yeah I would imagine that this<00:20:23.440> would<00:20:23.640> be<00:20:23.840> pretty<00:20:24.120> interesting<00:20:24.720> I<00:20:24.960> I<00:20:25.159> I 00:20:25.310 --> 00:20:25.320 align:start position:0% this would be pretty interesting I I I 00:20:25.320 --> 00:20:27.310 align:start position:0% this would be pretty interesting I I I can't<00:20:25.640> think<00:20:25.840> off<00:20:26.000> the<00:20:26.159> top<00:20:26.320> of<00:20:26.400> my<00:20:26.559> head<00:20:26.760> what 00:20:27.310 --> 00:20:27.320 align:start position:0% can't think off the top of my head what 00:20:27.320 --> 00:20:29.789 align:start position:0% can't think off the top of my head what this<00:20:27.480> would<00:20:27.720> do<00:20:28.200> but<00:20:28.840> I<00:20:29.039> I<00:20:29.200> always<00:20:29.440> tend<00:20:29.640> to 00:20:29.789 --> 00:20:29.799 align:start position:0% this would do but I I always tend to 00:20:29.799 --> 00:20:31.270 align:start position:0% this would do but I I always tend to think<00:20:30.000> that<00:20:30.159> harburger<00:20:30.640> taxes<00:20:30.919> and<00:20:31.039> land 00:20:31.270 --> 00:20:31.280 align:start position:0% think that harburger taxes and land 00:20:31.280 --> 00:20:32.510 align:start position:0% think that harburger taxes and land value<00:20:31.520> tax 00:20:32.510 --> 00:20:32.520 align:start position:0% value tax 00:20:32.520 --> 00:20:35.830 align:start position:0% value tax actually<00:20:33.520> contrarily<00:20:34.360> to<00:20:34.600> what<00:20:34.799> people<00:20:35.400> think 00:20:35.830 --> 00:20:35.840 align:start position:0% actually contrarily to what people think 00:20:35.840 --> 00:20:36.909 align:start position:0% actually contrarily to what people think they<00:20:36.080> actually 00:20:36.909 --> 00:20:36.919 align:start position:0% they actually 00:20:36.919 --> 00:20:40.990 align:start position:0% they actually lower<00:20:37.919> um<00:20:38.480> the<00:20:38.679> lower<00:20:39.039> prices<00:20:39.559> because<00:20:40.440> as<00:20:40.840> if 00:20:40.990 --> 00:20:41.000 align:start position:0% lower um the lower prices because as if 00:20:41.000 --> 00:20:44.390 align:start position:0% lower um the lower prices because as if if<00:20:41.120> you're<00:20:41.600> a<00:20:42.200> holder<00:20:42.679> that<00:20:42.919> has<00:20:43.480> a<00:20:43.720> monopoly 00:20:44.390 --> 00:20:44.400 align:start position:0% if you're a holder that has a monopoly 00:20:44.400 --> 00:20:45.430 align:start position:0% if you're a holder that has a monopoly on<00:20:44.760> a 00:20:45.430 --> 00:20:45.440 align:start position:0% on a 00:20:45.440 --> 00:20:47.950 align:start position:0% on a non-fungible<00:20:46.440> good<00:20:46.799> like<00:20:47.159> real<00:20:47.440> estate<00:20:47.760> for 00:20:47.950 --> 00:20:47.960 align:start position:0% non-fungible good like real estate for 00:20:47.960 --> 00:20:50.549 align:start position:0% non-fungible good like real estate for example<00:20:48.480> you<00:20:49.280> you<00:20:49.559> really<00:20:49.880> don't<00:20:50.280> you're 00:20:50.549 --> 00:20:50.559 align:start position:0% example you you really don't you're 00:20:50.559 --> 00:20:52.270 align:start position:0% example you you really don't you're really<00:20:50.760> not<00:20:50.880> in<00:20:51.000> a<00:20:51.159> rush<00:20:51.440> to<00:20:51.600> sell<00:20:52.080> this 00:20:52.270 --> 00:20:52.280 align:start position:0% really not in a rush to sell this 00:20:52.280 --> 00:20:55.110 align:start position:0% really not in a rush to sell this property<00:20:52.640> you<00:20:52.799> can<00:20:53.320> as<00:20:53.679> as<00:20:53.799> we<00:20:53.960> saw<00:20:54.400> in<00:20:54.880> my 00:20:55.110 --> 00:20:55.120 align:start position:0% property you can as as we saw in my 00:20:55.120 --> 00:20:58.630 align:start position:0% property you can as as we saw in my first<00:20:55.919> slide<00:20:56.280> with<00:20:56.440> the<00:20:56.559> vacant<00:20:57.200> lot<00:20:58.200> I<00:20:58.360> I 00:20:58.630 --> 00:20:58.640 align:start position:0% first slide with the vacant lot I I 00:20:58.640 --> 00:21:01.310 align:start position:0% first slide with the vacant lot I I might<00:20:59.320> wait<00:20:59.640> 10<00:20:59.880> years<00:21:00.240> for<00:21:00.559> the<00:21:00.760> price<00:21:00.960> to<00:21:01.159> go 00:21:01.310 --> 00:21:01.320 align:start position:0% might wait 10 years for the price to go 00:21:01.320 --> 00:21:05.270 align:start position:0% might wait 10 years for the price to go up<00:21:01.559> from<00:21:02.080> you<00:21:02.200> know<00:21:02.480> $3,600<00:21:03.480> to<00:21:03.919> $6,000<00:21:04.919> so 00:21:05.270 --> 00:21:05.280 align:start position:0% up from you know $3,600 to $6,000 so 00:21:05.280 --> 00:21:08.350 align:start position:0% up from you know $3,600 to $6,000 so actually<00:21:06.280> if<00:21:06.559> we<00:21:06.760> could<00:21:07.240> apply<00:21:07.559> Harbor<00:21:08.080> taxes 00:21:08.350 --> 00:21:08.360 align:start position:0% actually if we could apply Harbor taxes 00:21:08.360 --> 00:21:10.669 align:start position:0% actually if we could apply Harbor taxes or<00:21:08.480> land<00:21:08.679> value<00:21:08.919> tax<00:21:09.280> without<00:21:09.679> this<00:21:10.240> these 00:21:10.669 --> 00:21:10.679 align:start position:0% or land value tax without this these 00:21:10.679 --> 00:21:13.430 align:start position:0% or land value tax without this these problematic<00:21:11.679> uh<00:21:11.840> issues<00:21:12.320> of<00:21:13.080> you<00:21:13.200> know<00:21:13.360> a 00:21:13.430 --> 00:21:13.440 align:start position:0% problematic uh issues of you know a 00:21:13.440 --> 00:21:15.390 align:start position:0% problematic uh issues of you know a forced<00:21:13.799> sale<00:21:14.159> happening<00:21:14.720> immediately<00:21:15.279> I 00:21:15.390 --> 00:21:15.400 align:start position:0% forced sale happening immediately I 00:21:15.400 --> 00:21:18.549 align:start position:0% forced sale happening immediately I think<00:21:15.760> we<00:21:15.880> would<00:21:16.200> actually<00:21:16.919> see<00:21:17.919> real<00:21:18.200> estate 00:21:18.549 --> 00:21:18.559 align:start position:0% think we would actually see real estate 00:21:18.559 --> 00:21:21.750 align:start position:0% think we would actually see real estate prices<00:21:19.200> and<00:21:19.600> rent<00:21:20.080> prices<00:21:20.480> probably<00:21:20.799> drop 00:21:21.750 --> 00:21:21.760 align:start position:0% prices and rent prices probably drop 00:21:21.760 --> 00:21:24.350 align:start position:0% prices and rent prices probably drop because<00:21:22.760> there<00:21:22.919> would<00:21:23.080> be<00:21:23.240> a<00:21:23.440> higher<00:21:23.960> rate<00:21:24.200> of 00:21:24.350 --> 00:21:24.360 align:start position:0% because there would be a higher rate of 00:21:24.360 --> 00:21:28.230 align:start position:0% because there would be a higher rate of utilization<00:21:25.159> in<00:21:25.360> cities<00:21:26.720> and<00:21:27.720> uh<00:21:27.880> and<00:21:28.039> people 00:21:28.230 --> 00:21:28.240 align:start position:0% utilization in cities and uh and people 00:21:28.240 --> 00:21:30.390 align:start position:0% utilization in cities and uh and people would<00:21:28.720> generally<00:21:29.279> just 00:21:30.390 --> 00:21:30.400 align:start position:0% would generally just 00:21:30.400 --> 00:21:34.669 align:start position:0% would generally just use<00:21:31.400> or<00:21:31.559> or<00:21:31.720> rent<00:21:32.159> properties<00:21:33.360> when<00:21:34.360> when<00:21:34.520> when 00:21:34.669 --> 00:21:34.679 align:start position:0% use or or rent properties when when when 00:21:34.679 --> 00:21:36.230 align:start position:0% use or or rent properties when when when they<00:21:34.799> need<00:21:35.000> them<00:21:35.320> right<00:21:35.440> and<00:21:35.600> at<00:21:35.679> the<00:21:35.840> moment<00:21:36.159> I 00:21:36.230 --> 00:21:36.240 align:start position:0% they need them right and at the moment I 00:21:36.240 --> 00:21:39.669 align:start position:0% they need them right and at the moment I think<00:21:36.799> there's<00:21:37.120> just<00:21:37.720> no<00:21:38.039> cost<00:21:38.559> for<00:21:39.559> uh 00:21:39.669 --> 00:21:39.679 align:start position:0% think there's just no cost for uh 00:21:39.679 --> 00:21:42.510 align:start position:0% think there's just no cost for uh leaving<00:21:39.960> them<00:21:40.640> vacant<00:21:41.640> I<00:21:41.720> don't<00:21:41.880> know<00:21:42.279> maybe 00:21:42.510 --> 00:21:42.520 align:start position:0% leaving them vacant I don't know maybe 00:21:42.520 --> 00:21:44.269 align:start position:0% leaving them vacant I don't know maybe that<00:21:42.640> makes<00:21:42.840> sense<00:21:43.039> for<00:21:43.200> you<00:21:43.520> on<00:21:43.640> a<00:21:43.880> proposal 00:21:44.269 --> 00:21:44.279 align:start position:0% that makes sense for you on a proposal 00:21:44.279 --> 00:21:45.789 align:start position:0% that makes sense for you on a proposal level<00:21:44.720> uh<00:21:45.000> definitely<00:21:45.279> definitely<00:21:45.559> no<00:21:45.679> that 00:21:45.789 --> 00:21:45.799 align:start position:0% level uh definitely definitely no that 00:21:45.799 --> 00:21:46.750 align:start position:0% level uh definitely definitely no that does<00:21:46.039> I<00:21:46.120> think<00:21:46.200> we<00:21:46.320> should<00:21:46.480> have<00:21:46.600> this 00:21:46.750 --> 00:21:46.760 align:start position:0% does I think we should have this 00:21:46.760 --> 00:21:48.830 align:start position:0% does I think we should have this conversation<00:21:47.200> later<00:21:48.159> uh<00:21:48.279> and<00:21:48.360> then<00:21:48.520> maybe 00:21:48.830 --> 00:21:48.840 align:start position:0% conversation later uh and then maybe 00:21:48.840 --> 00:21:51.149 align:start position:0% conversation later uh and then maybe last<00:21:49.120> question<00:21:49.840> uh<00:21:49.960> so<00:21:50.480> again<00:21:50.640> maybe<00:21:50.880> related 00:21:51.149 --> 00:21:51.159 align:start position:0% last question uh so again maybe related 00:21:51.159 --> 00:21:53.789 align:start position:0% last question uh so again maybe related to<00:21:51.360> a<00:21:51.520> previous<00:21:51.960> question<00:21:52.960> uh<00:21:53.279> how<00:21:53.400> do<00:21:53.559> average 00:21:53.789 --> 00:21:53.799 align:start position:0% to a previous question uh how do average 00:21:53.799 --> 00:21:56.990 align:start position:0% to a previous question uh how do average user<00:21:54.080> think<00:21:54.240> about<00:21:54.400> harbage<00:21:54.960> taxs<00:21:55.960> yeah<00:21:56.720> uh<00:21:56.919> I 00:21:56.990 --> 00:21:57.000 align:start position:0% user think about harbage taxs yeah uh I 00:21:57.000 --> 00:21:58.269 align:start position:0% user think about harbage taxs yeah uh I think<00:21:57.159> we<00:21:57.279> have<00:21:57.400> to<00:21:57.480> do<00:21:57.640> a<00:21:57.720> lot<00:21:57.840> of<00:21:58.000> work<00:21:58.200> in 00:21:58.269 --> 00:21:58.279 align:start position:0% think we have to do a lot of work in 00:21:58.279 --> 00:22:01.870 align:start position:0% think we have to do a lot of work in terms<00:21:58.720> of<00:21:58.799> ux<00:21:59.360> just<00:21:59.679> like<00:22:00.679> maybe<00:22:01.000> not 00:22:01.870 --> 00:22:01.880 align:start position:0% terms of ux just like maybe not 00:22:01.880 --> 00:22:04.549 align:start position:0% terms of ux just like maybe not even<00:22:02.880> specifically<00:22:03.640> explaining<00:22:04.120> or<00:22:04.279> telling 00:22:04.549 --> 00:22:04.559 align:start position:0% even specifically explaining or telling 00:22:04.559 --> 00:22:06.630 align:start position:0% even specifically explaining or telling people<00:22:04.840> that<00:22:05.000> this<00:22:05.080> is<00:22:05.240> haror<00:22:05.880> more<00:22:06.080> like<00:22:06.240> work 00:22:06.630 --> 00:22:06.640 align:start position:0% people that this is haror more like work 00:22:06.640 --> 00:22:09.549 align:start position:0% people that this is haror more like work with<00:22:07.000> the<00:22:07.720> the<00:22:07.960> words<00:22:08.400> of<00:22:08.559> that<00:22:08.720> defi<00:22:09.159> uses 00:22:09.549 --> 00:22:09.559 align:start position:0% with the the words of that defi uses 00:22:09.559 --> 00:22:12.710 align:start position:0% with the the words of that defi uses like<00:22:09.840> collateral<00:22:10.840> or<00:22:11.080> fees<00:22:11.919> I<00:22:12.000> think<00:22:12.200> TX<00:22:12.559> is 00:22:12.710 --> 00:22:12.720 align:start position:0% like collateral or fees I think TX is 00:22:12.720 --> 00:22:16.029 align:start position:0% like collateral or fees I think TX is kind<00:22:12.840> of<00:22:12.960> a<00:22:13.159> tricky<00:22:14.000> word<00:22:14.400> with<00:22:14.679> crypto<00:22:15.600> people 00:22:16.029 --> 00:22:16.039 align:start position:0% kind of a tricky word with crypto people 00:22:16.039 --> 00:22:18.510 align:start position:0% kind of a tricky word with crypto people I<00:22:16.159> think<00:22:16.440> so<00:22:17.080> um<00:22:17.640> yeah<00:22:17.880> I<00:22:18.080> I<00:22:18.120> don't<00:22:18.279> know<00:22:18.440> I 00:22:18.510 --> 00:22:18.520 align:start position:0% I think so um yeah I I don't know I 00:22:18.520 --> 00:22:20.880 align:start position:0% I think so um yeah I I don't know I think<00:22:18.679> there