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[Music]

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GM<00:00:11.840><c> GM</c><00:00:12.519><c> how</c><00:00:12.679><c> are</c><00:00:12.840><c> you</c><00:00:13.120><c> guys</c><00:00:14.120><c> oops</c><00:00:15.120><c> oops</c><00:00:15.440><c> let's</c>

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GM GM how are you guys oops oops let's
 

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GM GM how are you guys oops oops let's
go

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go
 

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go
ahead

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GMM<00:00:20.720><c> very</c><00:00:21.000><c> good</c><00:00:21.920><c> okay</c><00:00:22.279><c> today</c><00:00:22.640><c> I'm</c><00:00:22.800><c> here</c><00:00:22.960><c> to</c>

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GMM very good okay today I'm here to
 

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GMM very good okay today I'm here to
talk<00:00:23.400><c> about</c><00:00:24.000><c> the</c><00:00:24.160><c> end</c><00:00:24.400><c> of</c><00:00:24.599><c> self</c><00:00:25.000><c> custodian</c>

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talk about the end of self custodian
 

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talk about the end of self custodian
wallets<00:00:26.039><c> and</c><00:00:26.199><c> how</c><00:00:26.560><c> governments</c><00:00:27.080><c> and</c><00:00:27.279><c> our</c>

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wallets and how governments and our
 

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wallets and how governments and our
friends<00:00:27.840><c> are</c><00:00:28.039><c> trying</c><00:00:28.359><c> to</c><00:00:28.560><c> ban</c><00:00:28.960><c> them</c><00:00:30.000><c> and</c><00:00:30.119><c> this</c>

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friends are trying to ban them and this
 

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friends are trying to ban them and this
is<00:00:30.359><c> a</c><00:00:30.480><c> lightning</c><00:00:30.880><c> talk</c><00:00:31.240><c> so</c><00:00:31.560><c> if</c><00:00:31.679><c> you</c><00:00:31.840><c> want</c><00:00:32.040><c> to</c>

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is a lightning talk so if you want to
 

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is a lightning talk so if you want to
see<00:00:32.480><c> the</c><00:00:32.640><c> full</c><00:00:33.000><c> presentations</c><00:00:33.879><c> please</c><00:00:34.840><c> follow</c>

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see the full presentations please follow
 

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see the full presentations please follow
me<00:00:35.360><c> on</c><00:00:36.280><c> X</c><00:00:36.680><c> formally</c><00:00:37.160><c> Twitter</c><00:00:37.640><c> because</c><00:00:37.960><c> I'm</c>

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me on X formally Twitter because I'm
 

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me on X formally Twitter because I'm
going<00:00:38.320><c> to</c><00:00:38.760><c> post</c><00:00:39.160><c> more</c><00:00:39.719><c> slides</c>

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going to post more slides
 

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going to post more slides
there<00:00:42.840><c> and</c><00:00:43.399><c> why</c><00:00:43.600><c> does</c><00:00:43.879><c> this</c><00:00:44.079><c> matter</c><00:00:44.920><c> is</c><00:00:45.120><c> that</c>

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there and why does this matter is that
 

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there and why does this matter is that
if<00:00:46.320><c> and</c><00:00:46.559><c> when</c><00:00:46.879><c> the</c><00:00:47.079><c> government</c><00:00:47.640><c> are</c><00:00:47.840><c> going</c><00:00:48.039><c> to</c>

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if and when the government are going to
 

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if and when the government are going to
restrict<00:00:48.680><c> the</c><00:00:48.800><c> use</c><00:00:49.000><c> of</c><00:00:49.160><c> self-</c><00:00:49.520><c> custodia</c>

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restrict the use of self- custodia
 

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restrict the use of self- custodia
wallets<00:00:50.960><c> it's</c><00:00:51.160><c> so-called</c><00:00:51.920><c> bad</c><00:00:52.399><c> ending</c><00:00:53.399><c> and</c><00:00:53.640><c> at</c>

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wallets it's so-called bad ending and at
 

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wallets it's so-called bad ending and at
that<00:00:54.160><c> point</c><00:00:54.440><c> it</c><00:00:54.640><c> doesn't</c><00:00:55.000><c> matter</c><00:00:55.960><c> what</c><00:00:56.079><c> you</c><00:00:56.239><c> do</c>

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that point it doesn't matter what you do
 

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that point it doesn't matter what you do
there<00:00:56.680><c> in</c><00:00:56.800><c> the</c><00:00:56.960><c> audience</c><00:00:57.559><c> because</c><00:00:57.840><c> you</c><00:00:57.960><c> can</c>

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there in the audience because you can
 

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there in the audience because you can
all<00:00:58.399><c> go</c><00:00:58.680><c> home</c><00:00:59.079><c> and</c><00:00:59.280><c> work</c><00:00:59.519><c> in</c><00:00:59.640><c> a</c><00:01:00.239><c> or</c><00:01:00.399><c> a</c>

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all go home and work in a or a
 

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all go home and work in a or a
McDonald's<00:01:01.640><c> so</c><00:01:01.840><c> it</c><00:01:01.960><c> should</c><00:01:02.199><c> be</c><00:01:02.399><c> obvious</c><00:01:02.760><c> for</c>

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McDonald's so it should be obvious for
 

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McDonald's so it should be obvious for
you<00:01:03.160><c> why</c><00:01:03.320><c> this</c><00:01:03.440><c> is</c>

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important<00:01:07.119><c> first</c><00:01:07.439><c> about</c><00:01:07.640><c> the</c><00:01:07.759><c> benefits</c><00:01:08.240><c> of</c>

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important first about the benefits of
 

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important first about the benefits of
the<00:01:08.439><c> self</c><00:01:08.759><c> castoria</c><00:01:09.280><c> wallets</c><00:01:09.920><c> is</c><00:01:10.080><c> that</c><00:01:10.479><c> of</c>

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the self castoria wallets is that of
 

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the self castoria wallets is that of
course<00:01:10.920><c> it's</c><00:01:11.159><c> first</c><00:01:11.400><c> one</c><00:01:11.600><c> is</c><00:01:11.759><c> that</c><00:01:12.560><c> uh</c><00:01:13.560><c> we</c><00:01:13.799><c> own</c>

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course it's first one is that uh we own
 

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course it's first one is that uh we own
our<00:01:14.560><c> assets</c><00:01:15.439><c> it's</c><00:01:15.680><c> it's</c><00:01:15.799><c> in</c><00:01:16.040><c> our</c><00:01:16.280><c> control</c><00:01:16.720><c> and</c>

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our assets it's it's in our control and
 

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our assets it's it's in our control and
there's<00:01:17.080><c> no</c><00:01:17.360><c> risk</c><00:01:17.759><c> like</c><00:01:17.920><c> you</c><00:01:18.040><c> would</c><00:01:18.280><c> have</c><00:01:18.479><c> with</c>

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there's no risk like you would have with
 

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there's no risk like you would have with
the<00:01:18.840><c> bank</c><00:01:19.159><c> or</c><00:01:19.400><c> centralized</c><00:01:20.000><c> exchange</c><00:01:20.520><c> that</c>

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the bank or centralized exchange that
 

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the bank or centralized exchange that
something<00:01:21.439><c> they</c><00:01:21.720><c> they</c><00:01:21.920><c> screw</c><00:01:22.240><c> it</c><00:01:22.400><c> up</c><00:01:22.720><c> and</c><00:01:22.880><c> you</c>

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something they they screw it up and you
 

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something they they screw it up and you
lose<00:01:24.119><c> if</c><00:01:24.200><c> you</c><00:01:24.360><c> lose</c><00:01:24.720><c> it's</c><00:01:25.119><c> only</c><00:01:25.400><c> your</c><00:01:25.560><c> own</c>

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lose if you lose it's only your own
 

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lose if you lose it's only your own
fault<00:01:27.280><c> the</c><00:01:27.400><c> other</c><00:01:27.759><c> important</c><00:01:28.159><c> point</c><00:01:28.360><c> is</c><00:01:28.560><c> v</c><00:01:28.960><c> no</c>

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fault the other important point is v no
 

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fault the other important point is v no
window<00:01:29.439><c> login</c><00:01:29.799><c> so</c><00:01:29.920><c> so</c><00:01:30.000><c> you</c><00:01:30.119><c> can</c><00:01:30.240><c> change</c>

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window login so so you can change
 

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window login so so you can change
wallets<00:01:31.320><c> you</c><00:01:31.439><c> are</c><00:01:31.680><c> not</c><00:01:31.920><c> locked</c><00:01:32.280><c> in</c><00:01:32.479><c> a</c><00:01:33.000><c> single</c>

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wallets you are not locked in a single
 

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wallets you are not locked in a single
uh<00:01:34.600><c> wallet</c><00:01:35.079><c> provider</c><00:01:35.600><c> but</c><00:01:35.720><c> you</c><00:01:35.880><c> can</c><00:01:36.200><c> have</c><00:01:36.320><c> a</c>

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uh wallet provider but you can have a
 

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uh wallet provider but you can have a
competition<00:01:37.159><c> between</c><00:01:37.560><c> those</c><00:01:37.799><c> and</c><00:01:38.000><c> it's</c><00:01:38.240><c> very</c>

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competition between those and it's very
 

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competition between those and it's very
good<00:01:38.680><c> for</c><00:01:39.520><c> a</c><00:01:40.520><c> uh</c><00:01:41.040><c> cost</c><00:01:41.439><c> efficiency</c><00:01:42.079><c> because</c>

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good for a uh cost efficiency because
 

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good for a uh cost efficiency because
the<00:01:42.880><c> cost</c><00:01:43.159><c> will</c><00:01:43.360><c> be</c><00:01:43.560><c> very</c><00:01:43.799><c> very</c><00:01:44.000><c> low</c><00:01:44.240><c> for</c><00:01:44.439><c> us</c>

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the cost will be very very low for us
 

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the cost will be very very low for us
and<00:01:45.119><c> you</c><00:01:45.280><c> all</c><00:01:45.479><c> know</c><00:01:45.680><c> that</c><00:01:45.880><c> we</c><00:01:46.000><c> are</c><00:01:46.119><c> not</c><00:01:46.280><c> paying</c>

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and you all know that we are not paying
 

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and you all know that we are not paying
for<00:01:46.759><c> our</c>

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wallets<00:01:50.000><c> and</c><00:01:50.159><c> the</c><00:01:50.399><c> problem</c><00:01:50.759><c> with</c><00:01:51.439><c> the</c><00:01:52.439><c> wallets</c>

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wallets and the problem with the wallets
 

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wallets and the problem with the wallets
is<00:01:53.000><c> not</c><00:01:53.200><c> the</c><00:01:53.320><c> wallet</c><00:01:53.799><c> themselves</c><00:01:54.200><c> but</c><00:01:54.320><c> it's</c><00:01:54.439><c> a</c>

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is not the wallet themselves but it's a
 

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is not the wallet themselves but it's a
crypto<00:01:55.040><c> and</c><00:01:55.240><c> they</c><00:01:55.399><c> enable</c><00:01:55.840><c> the</c>

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crypto and they enable the
 

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crypto and they enable the
cryptocurrencies<00:01:56.799><c> to</c><00:01:56.960><c> flow</c><00:01:58.200><c> freely</c><00:01:59.200><c> and</c><00:02:00.039><c> it's</c>

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cryptocurrencies to flow freely and it's
 

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cryptocurrencies to flow freely and it's
no<00:02:00.560><c> longer</c><00:02:00.880><c> in</c><00:02:01.079><c> this</c><00:02:01.280><c> point</c><00:02:01.719><c> uh</c><00:02:01.840><c> feasible</c><00:02:02.399><c> to</c>

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no longer in this point uh feasible to
 

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no longer in this point uh feasible to
ban<00:02:02.920><c> the</c><00:02:03.159><c> crypto</c>

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ban the crypto
 

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ban the crypto
themselves<00:02:05.560><c> instead</c><00:02:06.479><c> uh</c><00:02:07.159><c> what</c><00:02:07.880><c> governments</c>

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themselves instead uh what governments
 

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themselves instead uh what governments
and<00:02:08.440><c> Regulators</c><00:02:09.000><c> work</c><00:02:09.280><c> is</c><00:02:09.440><c> that</c><00:02:09.640><c> they</c><00:02:09.759><c> will</c>

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and Regulators work is that they will
 

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and Regulators work is that they will
restrict<00:02:10.599><c> its</c><00:02:10.840><c> use</c><00:02:11.599><c> and</c><00:02:11.760><c> there</c><00:02:11.879><c> are</c><00:02:12.319><c> mainly</c>

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restrict its use and there are mainly
 

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restrict its use and there are mainly
three<00:02:13.040><c> ways</c><00:02:13.239><c> to</c><00:02:13.400><c> do</c><00:02:13.560><c> it</c><00:02:14.160><c> uh</c><00:02:15.160><c> don't</c><00:02:15.480><c> allow</c><00:02:15.879><c> to</c>

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three ways to do it uh don't allow to
 

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three ways to do it uh don't allow to
transfer<00:02:16.519><c> in</c><00:02:16.680><c> and</c><00:02:16.840><c> out</c><00:02:17.040><c> from</c><00:02:17.280><c> wallets</c>

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transfer in and out from wallets
 

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transfer in and out from wallets
regulate<00:02:18.840><c> developers</c><00:02:19.640><c> or</c><00:02:19.879><c> regulate</c>

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regulate developers or regulate
 

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regulate developers or regulate
interactions<00:02:21.640><c> with</c><00:02:21.800><c> the</c><00:02:21.959><c> wallets</c><00:02:22.319><c> like</c><00:02:22.440><c> a</c>

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interactions with the wallets like a
 

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interactions with the wallets like a
frontend<00:02:23.000><c> Unis</c>

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frontend Unis
 

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frontend Unis
Swap<00:02:25.400><c> and</c><00:02:25.599><c> this</c><00:02:25.720><c> is</c><00:02:25.879><c> how</c><00:02:26.040><c> the</c><00:02:26.200><c> regulation</c><00:02:26.760><c> in</c>

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Swap and this is how the regulation in
 

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Swap and this is how the regulation in
the<00:02:27.040><c> world</c><00:02:27.519><c> is</c><00:02:27.959><c> done</c><00:02:28.959><c> why</c><00:02:29.120><c> we</c><00:02:29.319><c> care</c><00:02:29.519><c> about</c><00:02:29.920><c> the</c>

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the world is done why we care about the
 

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the world is done why we care about the
US<00:02:30.319><c> politics</c><00:02:30.920><c> is</c><00:02:31.120><c> that</c><00:02:31.560><c> all</c><00:02:31.920><c> the</c><00:02:32.760><c> trickle</c><00:02:33.360><c> down</c>

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US politics is that all the trickle down
 

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US politics is that all the trickle down
economics<00:02:34.560><c> except</c><00:02:34.840><c> in</c><00:02:35.000><c> this</c><00:02:35.200><c> town</c><00:02:35.480><c> it's</c><00:02:35.640><c> not</c>

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economics except in this town it's not
 

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economics except in this town it's not
money<00:02:36.200><c> that</c><00:02:36.360><c> trickles</c><00:02:36.879><c> down</c><00:02:37.200><c> but</c><00:02:37.400><c> it's</c><00:02:37.599><c> the</c>

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money that trickles down but it's the
 

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money that trickles down but it's the
 so<00:02:38.920><c> um</c><00:02:39.400><c> all</c><00:02:39.599><c> the</c><00:02:40.120><c> national</c><00:02:40.480><c> Regulators</c>

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 so um all the national Regulators
 

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 so um all the national Regulators
follow<00:02:41.560><c> what</c><00:02:41.800><c> the</c><00:02:42.480><c> fitf</c><00:02:43.480><c> is</c><00:02:43.640><c> doing</c><00:02:44.000><c> and</c><00:02:44.159><c> they</c>

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follow what the fitf is doing and they
 

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follow what the fitf is doing and they
are<00:02:44.640><c> doing</c><00:02:44.920><c> what</c><00:02:45.080><c> the</c><00:02:45.200><c> USA</c><00:02:45.800><c> them</c><00:02:45.959><c> to</c>

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are doing what the USA them to
 

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are doing what the USA them to
do<00:02:48.120><c> and</c><00:02:48.280><c> there's</c><00:02:48.519><c> also</c><00:02:48.920><c> compliance</c><00:02:49.560><c> industry</c>

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do and there's also compliance industry
 

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do and there's also compliance industry
who<00:02:50.239><c> is</c><00:02:50.680><c> uh</c><00:02:51.360><c> making</c><00:02:51.720><c> money</c><00:02:52.000><c> out</c><00:02:52.200><c> of</c><00:02:52.400><c> this</c><00:02:52.599><c> so</c>

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who is uh making money out of this so
 

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who is uh making money out of this so
they<00:02:53.200><c> for</c><00:02:53.519><c> them</c><00:02:53.720><c> it's</c><00:02:54.000><c> very</c><00:02:54.239><c> beneficial</c><00:02:54.879><c> that</c>

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they for them it's very beneficial that
 

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they for them it's very beneficial that
we<00:02:55.159><c> will</c><00:02:55.519><c> restrict</c><00:02:56.000><c> the</c><00:02:56.080><c> use</c><00:02:56.280><c> of</c><00:02:56.400><c> the</c><00:02:56.519><c> wallets</c>

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we will restrict the use of the wallets
 

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we will restrict the use of the wallets
so<00:02:57.560><c> they</c><00:02:57.800><c> they</c><00:02:57.920><c> will</c><00:02:58.080><c> vot</c><00:02:58.400><c> for</c><00:02:58.599><c> more</c>

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so they they will vot for more
 

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so they they will vot for more
regulation<00:02:59.440><c> every</c><00:02:59.640><c> time</c>

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regulation every time
 

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regulation every time
time<00:03:02.319><c> and</c><00:03:02.440><c> the</c><00:03:02.599><c> first</c><00:03:02.920><c> case</c><00:03:03.159><c> we</c><00:03:03.280><c> have</c><00:03:03.440><c> in</c>

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time and the first case we have in
 

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time and the first case we have in
Estonia<00:03:04.440><c> so</c><00:03:04.879><c> 2021</c><00:03:05.879><c> it</c><00:03:06.000><c> was</c><00:03:06.239><c> already</c><00:03:06.879><c> almost</c>

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Estonia so 2021 it was already almost
 

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Estonia so 2021 it was already almost
there<00:03:07.720><c> that</c><00:03:08.080><c> they</c><00:03:09.080><c> banned</c><00:03:09.599><c> this</c><00:03:09.920><c> there</c><00:03:10.080><c> was</c><00:03:10.239><c> a</c>

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there that they banned this there was a
 

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there that they banned this there was a
compliance<00:03:11.280><c> company</c><00:03:11.680><c> that</c><00:03:11.879><c> was</c><00:03:12.280><c> lobbying</c><00:03:12.840><c> the</c>

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compliance company that was lobbying the
 

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compliance company that was lobbying the
government<00:03:13.599><c> that</c><00:03:13.920><c> uh</c><00:03:14.760><c> we</c><00:03:14.959><c> should</c><00:03:15.319><c> actually</c>

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government that uh we should actually
 

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government that uh we should actually
not<00:03:15.959><c> allow</c><00:03:16.519><c> the</c><00:03:16.720><c> defi</c><00:03:17.200><c> platforms</c><00:03:17.959><c> and</c><00:03:18.239><c> P</c><00:03:18.519><c> top</c>

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not allow the defi platforms and P top
 

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not allow the defi platforms and P top
to

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to
 

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to
be<00:03:21.280><c> allowed</c><00:03:22.000><c> unless</c><00:03:22.400><c> they</c><00:03:23.040><c> register</c><00:03:23.560><c> as</c><00:03:23.640><c> a</c><00:03:23.879><c> v</c>

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be allowed unless they register as a v
 

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be allowed unless they register as a v
VSP<00:03:24.799><c> provider</c><00:03:25.319><c> which</c><00:03:25.440><c> means</c><00:03:25.680><c> that</c><00:03:25.840><c> they</c><00:03:25.959><c> would</c>

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VSP provider which means that they would
 

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VSP provider which means that they would
need<00:03:26.239><c> to</c><00:03:26.400><c> kyc</c><00:03:27.040><c> everybody</c><00:03:28.040><c> didn't</c><00:03:28.400><c> go</c><00:03:28.640><c> true</c>

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need to kyc everybody didn't go true
 

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need to kyc everybody didn't go true
later<00:03:29.480><c> we</c><00:03:29.560><c> had</c>

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later we had
 

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later we had
MAA<00:03:31.040><c> is</c><00:03:31.239><c> overruled</c><00:03:31.959><c> and</c><00:03:32.159><c> it's</c><00:03:32.920><c> I</c><00:03:33.040><c> think</c><00:03:33.280><c> it's</c>

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MAA is overruled and it's I think it's
 

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MAA is overruled and it's I think it's
it's

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it's
 

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it's
U<00:03:35.720><c> Still</c><00:03:36.319><c> Still</c><00:03:36.599><c> Still</c><00:03:37.000><c> Still</c><00:03:37.760><c> allowed</c><00:03:38.159><c> in</c>

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U Still Still Still Still allowed in
 

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U Still Still Still Still allowed in
Estonia<00:03:40.159><c> the</c><00:03:40.319><c> second</c><00:03:40.640><c> one</c><00:03:40.799><c> is</c><00:03:40.879><c> a</c><00:03:41.040><c> European</c>

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Estonia the second one is a European
 

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Estonia the second one is a European
Union<00:03:41.879><c> so</c><00:03:42.280><c> the</c><00:03:42.760><c> latest</c><00:03:43.439><c> uh</c><00:03:43.799><c> anti-money</c>

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Union so the latest uh anti-money
 

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Union so the latest uh anti-money
laundering<00:03:44.840><c> directive</c><00:03:45.319><c> they</c><00:03:45.480><c> say</c><00:03:45.799><c> that</c><00:03:46.040><c> the</c>

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laundering directive they say that the
 

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laundering directive they say that the
transfers<00:03:47.239><c> in</c><00:03:47.400><c> and</c><00:03:47.599><c> out</c><00:03:47.840><c> selfcast</c><00:03:48.680><c> wallet</c><00:03:48.959><c> is</c>

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transfers in and out selfcast wallet is
 

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transfers in and out selfcast wallet is
still

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still
 

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still
allowed<00:03:50.879><c> but</c><00:03:51.280><c> the</c><00:03:51.519><c> amounts</c><00:03:52.000><c> are</c><00:03:52.239><c> restricted</c>

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allowed but the amounts are restricted
 

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allowed but the amounts are restricted
so<00:03:52.959><c> you</c><00:03:53.079><c> are</c><00:03:53.239><c> only</c><00:03:53.519><c> allowed</c><00:03:53.920><c> to</c><00:03:54.079><c> transfer</c><00:03:54.519><c> I</c>

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so you are only allowed to transfer I
 

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so you are only allowed to transfer I
think<00:03:54.720><c> it's</c>

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think it's
 

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think it's
€1,000<00:03:57.079><c> and</c><00:03:57.879><c> U</c><00:03:58.879><c> uh</c><00:03:59.040><c> it's</c><00:03:59.239><c> going</c><00:03:59.400><c> to</c><00:03:59.519><c> be</c>

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€1,000 and U uh it's going to be
 

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€1,000 and U uh it's going to be
effective<00:04:00.400><c> in</c><00:04:01.280><c> next</c><00:04:01.560><c> year</c><00:04:01.799><c> or</c><00:04:02.560><c> 2026</c><00:04:03.560><c> so</c><00:04:03.799><c> after</c>

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effective in next year or 2026 so after
 

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effective in next year or 2026 so after
that<00:04:04.239><c> in</c><00:04:04.360><c> European</c><00:04:04.760><c> Union</c><00:04:05.079><c> citizen</c><00:04:05.920><c> you</c>

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that in European Union citizen you
 

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that in European Union citizen you
really<00:04:06.400><c> can't</c><00:04:06.760><c> use</c><00:04:07.040><c> your</c><00:04:07.200><c> self</c><00:04:07.560><c> custodia</c>

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really can't use your self custodia
 

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really can't use your self custodia
wallet<00:04:08.360><c> if</c><00:04:08.480><c> you</c><00:04:08.680><c> have</c><00:04:09.120><c> more</c><00:04:09.319><c> than</c><00:04:09.439><c> €1,000</c><00:04:10.079><c> EUR</c>

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wallet if you have more than €1,000 EUR
 

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wallet if you have more than €1,000 EUR
in

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in
 

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in
assets<00:04:12.680><c> then</c><00:04:12.840><c> we</c><00:04:12.959><c> have</c><00:04:13.079><c> a</c><00:04:13.239><c> says</c><00:04:13.959><c> so</c><00:04:14.159><c> this</c><00:04:14.319><c> was</c>

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assets then we have a says so this was
 

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assets then we have a says so this was
the<00:04:14.720><c> first</c><00:04:15.160><c> country</c><00:04:16.160><c> that</c><00:04:16.359><c> not</c><00:04:16.560><c> in</c><00:04:16.680><c> a</c><00:04:16.919><c> guidance</c>

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the first country that not in a guidance
 

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the first country that not in a guidance
but<00:04:17.600><c> in</c><00:04:17.720><c> a</c><00:04:17.880><c> law</c><00:04:18.239><c> itself</c><00:04:18.959><c> uh</c><00:04:19.120><c> somebody</c><00:04:19.639><c> somebody</c>

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but in a law itself uh somebody somebody
 

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but in a law itself uh somebody somebody
I<00:04:20.120><c> don't</c><00:04:20.280><c> know</c><00:04:20.479><c> who</c><00:04:21.079><c> wrote</c><00:04:21.400><c> in</c><00:04:21.519><c> the</c><00:04:21.680><c> law</c><00:04:22.000><c> that</c>

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I don't know who wrote in the law that
 

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I don't know who wrote in the law that
the<00:04:22.720><c> non-custodial</c><00:04:23.520><c> services</c><00:04:24.520><c> including</c>

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the non-custodial services including
 

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the non-custodial services including
wallets<00:04:26.199><c> uh</c><00:04:26.320><c> should</c><00:04:26.520><c> be</c><00:04:26.759><c> regulated</c><00:04:27.759><c> and</c><00:04:27.919><c> it</c>

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wallets uh should be regulated and it
 

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wallets uh should be regulated and it
means<00:04:28.280><c> that</c><00:04:28.440><c> the</c><00:04:28.600><c> developers</c><00:04:29.160><c> should</c><00:04:29.960><c> sign</c><00:04:30.360><c> up</c>

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means that the developers should sign up
 

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means that the developers should sign up
there<00:04:31.520><c> uh</c><00:04:31.639><c> with</c><00:04:31.759><c> the</c><00:04:31.880><c> local</c><00:04:32.199><c> regulator</c><00:04:32.800><c> if</c><00:04:32.960><c> you</c>

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there uh with the local regulator if you
 

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there uh with the local regulator if you
are<00:04:33.320><c> developing</c><00:04:33.800><c> a</c><00:04:34.000><c> wallet</c><00:04:35.000><c> it</c><00:04:35.160><c> didn't</c><00:04:35.479><c> make</c>

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are developing a wallet it didn't make
 

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are developing a wallet it didn't make
to<00:04:35.880><c> the</c><00:04:36.039><c> final</c><00:04:36.440><c> law</c><00:04:36.800><c> text</c><00:04:37.120><c> but</c><00:04:37.280><c> it</c><00:04:37.360><c> was</c>

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to the final law text but it was
 

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to the final law text but it was
explicit<00:04:38.199><c> also</c><00:04:38.440><c> said</c><00:04:38.720><c> that</c><00:04:38.960><c> this</c><00:04:39.680><c> request</c>

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explicit also said that this request
 

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explicit also said that this request
came<00:04:40.560><c> from</c><00:04:40.960><c> uh</c><00:04:41.720><c> uh</c>

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came from uh uh
 

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came from uh uh
fatf<00:04:43.840><c> uh</c><00:04:44.080><c> and</c><00:04:44.440><c> U</c><00:04:45.360><c> they</c><00:04:45.520><c> wanted</c><00:04:45.919><c> to</c><00:04:46.199><c> uh</c><00:04:46.479><c> close</c>

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fatf uh and U they wanted to uh close
 

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fatf uh and U they wanted to uh close
this<00:04:47.000><c> so-called</c><00:04:47.479><c> loophole</c><00:04:48.360><c> for</c><00:04:48.600><c> the</c>

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this so-called loophole for the
 

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this so-called loophole for the
users<00:04:51.320><c> and</c><00:04:51.479><c> then</c><00:04:51.680><c> there's</c><00:04:51.840><c> a</c><00:04:52.000><c> Denmark</c><00:04:52.600><c> where</c>

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users and then there's a Denmark where
 

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users and then there's a Denmark where
they<00:04:53.000><c> told</c><00:04:53.400><c> that</c><00:04:53.800><c> uh</c><00:04:54.680><c> Unis</c><00:04:55.080><c> Swap</c><00:04:55.280><c> and</c><00:04:55.479><c> others</c>

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they told that uh Unis Swap and others
 

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they told that uh Unis Swap and others
can<00:04:56.400><c> be</c><00:04:56.840><c> identified</c><00:04:57.840><c> so</c><00:04:58.160><c> that's</c><00:04:58.440><c> why</c><00:04:58.800><c> uh</c>

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can be identified so that's why uh
 

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can be identified so that's why uh
developer<00:04:59.880><c> like</c><00:05:00.520><c> these</c><00:05:01.520><c> should</c><00:05:01.840><c> be</c><00:05:02.320><c> also</c>

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developer like these should be also
 

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developer like these should be also
registered<00:05:03.320><c> in</c><00:05:03.520><c> Denmark</c><00:05:04.440><c> as</c><00:05:04.560><c> a</c><00:05:04.759><c> VB</c><00:05:05.479><c> because</c>

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registered in Denmark as a VB because
 

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registered in Denmark as a VB because
they<00:05:05.919><c> can</c><00:05:06.120><c> offer</c><00:05:06.479><c> services</c><00:05:06.960><c> for</c><00:05:07.199><c> Dan</c>

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they can offer services for Dan
 

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they can offer services for Dan
citizens<00:05:10.360><c> and</c><00:05:10.560><c> what</c><00:05:10.720><c> can</c><00:05:10.880><c> you</c><00:05:11.080><c> do</c>

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citizens and what can you do
 

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citizens and what can you do
so<00:05:13.160><c> first</c><00:05:13.400><c> of</c><00:05:13.600><c> all</c><00:05:14.120><c> raise</c><00:05:14.479><c> awareness</c><00:05:14.960><c> of</c><00:05:15.160><c> this</c>

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so first of all raise awareness of this
 

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so first of all raise awareness of this
issues<00:05:16.400><c> tweet</c><00:05:17.400><c> uh</c><00:05:17.680><c> try</c><00:05:17.960><c> to</c><00:05:18.960><c> donate</c><00:05:19.440><c> to</c><00:05:19.639><c> the</c>

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issues tweet uh try to donate to the
 

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issues tweet uh try to donate to the
organizations<00:05:21.400><c> who</c><00:05:21.560><c> are</c><00:05:21.840><c> pro</c><00:05:22.120><c> crypto</c><00:05:22.759><c> I</c><00:05:22.840><c> think</c>

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organizations who are pro crypto I think
 

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organizations who are pro crypto I think
in<00:05:23.240><c> United</c><00:05:23.680><c> States</c><00:05:24.000><c> we</c><00:05:24.199><c> succeed</c><00:05:24.759><c> quite</c><00:05:25.000><c> well</c>

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in United States we succeed quite well
 

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in United States we succeed quite well
and<00:05:26.199><c> most</c><00:05:26.479><c> important</c><00:05:26.960><c> is</c><00:05:27.120><c> that</c><00:05:27.280><c> you</c><00:05:27.479><c> speak</c>

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and most important is that you speak
 

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and most important is that you speak
with<00:05:28.000><c> local</c><00:05:28.360><c> media</c><00:05:28.800><c> in</c><00:05:28.919><c> your</c><00:05:29.080><c> own</c><00:05:29.360><c> country</c>

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with local media in your own country
 

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with local media in your own country
and<00:05:30.400><c> try</c><00:05:30.600><c> to</c><00:05:30.759><c> get</c><00:05:30.880><c> the</c><00:05:31.039><c> credible</c><00:05:31.560><c> people</c><00:05:32.000><c> there</c>

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and try to get the credible people there
 

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and try to get the credible people there
to<00:05:32.639><c> uh</c><00:05:33.319><c> Lobby</c><00:05:33.720><c> for</c><00:05:33.960><c> the</c><00:05:34.160><c> privacy</c><00:05:34.639><c> and</c><00:05:34.960><c> the</c>

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to uh Lobby for the privacy and the
 

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to uh Lobby for the privacy and the
right<00:05:35.800><c> to</c><00:05:36.160><c> uh</c><00:05:36.280><c> own</c><00:05:36.560><c> your</c><00:05:36.759><c> own</c>

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right to uh own your own
 

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right to uh own your own
assets<00:05:39.479><c> thank</c><00:05:39.759><c> you</c><00:05:40.759><c> and</c><00:05:41.039><c> the</c><00:05:41.199><c> next</c>

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questions<00:05:47.360><c> thank</c><00:05:47.520><c> you</c><00:05:47.680><c> very</c><00:05:48.120><c> much</c><00:05:49.120><c> so</c><00:05:49.560><c> again</c>

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questions thank you very much so again
 

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questions thank you very much so again
somebody<00:05:50.600><c> has</c><00:05:50.840><c> any</c><00:05:51.120><c> question</c><00:05:51.560><c> please</c><00:05:51.800><c> raise</c>

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somebody has any question please raise
 

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somebody has any question please raise
your<00:05:52.280><c> hand</c><00:05:52.680><c> I</c><00:05:52.800><c> will</c><00:05:53.000><c> toss</c><00:05:53.560><c> the</c><00:05:53.720><c> mic</c><00:05:53.960><c> to</c><00:05:54.400><c> you</c><00:05:55.400><c> yep</c>

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your hand I will toss the mic to you yep
 

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your hand I will toss the mic to you yep
we<00:05:55.720><c> have</c><00:05:56.199><c> one</c><00:05:57.199><c> yeah</c><00:05:57.520><c> better</c><00:05:58.520><c> bit</c><00:05:58.759><c> far</c>

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we have one yeah better bit far
 

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we have one yeah better bit far
uh<00:06:01.600><c> so</c><00:06:01.960><c> of</c><00:06:02.080><c> course</c><00:06:02.240><c> you</c><00:06:02.360><c> can</c><00:06:02.520><c> ban</c><00:06:03.199><c> uh</c><00:06:03.600><c> alcohol</c>

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uh so of course you can ban uh alcohol
 

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uh so of course you can ban uh alcohol
um<00:06:05.120><c> uh</c><00:06:05.240><c> as</c><00:06:05.360><c> they</c><00:06:05.520><c> tried</c><00:06:05.720><c> to</c><00:06:05.880><c> in</c><00:06:05.960><c> the</c><00:06:06.039><c> US</c>

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um uh as they tried to in the US
 

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um uh as they tried to in the US
obviously<00:06:06.960><c> and</c><00:06:07.240><c> U</c><00:06:07.360><c> but</c><00:06:07.440><c> it's</c><00:06:07.639><c> Enforcement</c>

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obviously and U but it's Enforcement
 

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obviously and U but it's Enforcement
issue<00:06:09.199><c> um</c><00:06:09.440><c> do</c><00:06:09.560><c> you</c><00:06:09.680><c> think</c><00:06:09.880><c> that's</c><00:06:10.120><c> any</c><00:06:10.360><c> going</c>

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issue um do you think that's any going
 

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issue um do you think that's any going
to<00:06:10.599><c> gives</c><00:06:10.840><c> us</c><00:06:11.039><c> any</c><00:06:11.520><c> any</c><00:06:11.759><c> sort</c><00:06:11.960><c> of</c><00:06:12.319><c> um</c><00:06:13.199><c> those</c>

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to gives us any any sort of um those
 

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to gives us any any sort of um those
sort<00:06:13.560><c> of</c><00:06:13.720><c> that</c><00:06:13.919><c> example</c><00:06:14.520><c> does</c><00:06:14.680><c> that</c><00:06:14.880><c> give</c><00:06:15.000><c> us</c>

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sort of that example does that give us
 

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sort of that example does that give us
any<00:06:15.759><c> reason</c><00:06:16.160><c> to</c><00:06:16.880><c> have</c><00:06:17.400><c> hopium</c><00:06:18.400><c> um</c><00:06:18.680><c> I</c><00:06:18.759><c> think</c>

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any reason to have hopium um I think
 

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any reason to have hopium um I think
your<00:06:19.039><c> talk</c><00:06:19.199><c> is</c><00:06:19.360><c> great</c><00:06:19.599><c> by</c><00:06:19.680><c> the</c><00:06:19.759><c> way</c><00:06:19.919><c> thanks</c>

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your talk is great by the way thanks
 

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your talk is great by the way thanks
it's<00:06:20.319><c> so</c><00:06:20.520><c> important</c><00:06:21.400><c> not</c><00:06:21.560><c> trying</c><00:06:21.759><c> to</c><00:06:21.919><c> Dum</c><00:06:22.160><c> this</c>

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it's so important not trying to Dum this
 

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it's so important not trying to Dum this
down<00:06:22.440><c> it's</c><00:06:22.599><c> really</c><00:06:23.039><c> important</c><00:06:23.440><c> but</c><00:06:24.039><c> is</c><00:06:24.160><c> there</c>

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down it's really important but is there
 

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down it's really important but is there
hoping<00:06:24.880><c> out</c><00:06:25.120><c> there</c><00:06:25.360><c> that</c><00:06:25.599><c> you</c><00:06:25.720><c> know</c><00:06:26.039><c> this</c>

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hoping out there that you know this
 

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hoping out there that you know this
isn't<00:06:26.400><c> going</c><00:06:26.479><c> to</c><00:06:26.560><c> be</c><00:06:26.720><c> forceable</c><00:06:27.039><c> we</c><00:06:27.160><c> think</c><00:06:27.240><c> we</c>

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isn't going to be forceable we think we
 

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isn't going to be forceable we think we
have<00:06:27.440><c> to</c><00:06:27.520><c> work</c><00:06:27.680><c> a</c><00:06:27.800><c> bit</c><00:06:27.919><c> harder</c><00:06:28.199><c> than</c><00:06:28.400><c> that</c>

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have to work a bit harder than that
 

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have to work a bit harder than that
I<00:06:30.319><c> mean</c><00:06:31.319><c> it</c><00:06:31.560><c> depends</c><00:06:32.120><c> because</c><00:06:32.440><c> when</c><00:06:32.680><c> they</c>

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I mean it depends because when they
 

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I mean it depends because when they
banned<00:06:33.400><c> alcohol</c><00:06:33.919><c> it</c><00:06:34.039><c> was</c><00:06:34.240><c> like</c><00:06:34.560><c> 100</c><00:06:34.800><c> years</c><00:06:35.039><c> ago</c>

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banned alcohol it was like 100 years ago
 

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banned alcohol it was like 100 years ago
and<00:06:35.919><c> the</c><00:06:36.039><c> surveillance</c><00:06:36.919><c> State</c><00:06:37.560><c> didn't</c><00:06:38.199><c> exist</c>

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and the surveillance State didn't exist
 

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and the surveillance State didn't exist
uh<00:06:39.319><c> today</c><00:06:39.759><c> governments</c><00:06:40.319><c> can</c><00:06:40.680><c> follow</c><00:06:41.000><c> your</c>

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uh today governments can follow your
 

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uh today governments can follow your
actions<00:06:41.960><c> and</c><00:06:42.199><c> especially</c><00:06:42.680><c> the</c><00:06:42.840><c> actions</c><00:06:43.240><c> of</c>

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actions and especially the actions of
 

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actions and especially the actions of
the<00:06:44.360><c> software</c><00:06:44.880><c> companies</c><00:06:45.319><c> and</c><00:06:45.560><c> developers</c>

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the software companies and developers
 

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the software companies and developers
very<00:06:46.360><c> closely</c><00:06:47.240><c> so</c><00:06:47.520><c> they</c><00:06:47.639><c> will</c><00:06:47.919><c> they</c><00:06:48.080><c> can</c><00:06:48.440><c> come</c>

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very closely so they will they can come
 

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very closely so they will they can come
to<00:06:48.840><c> knock</c><00:06:49.080><c> your</c><00:06:49.280><c> door</c><00:06:49.520><c> if</c><00:06:49.599><c> you</c><00:06:49.759><c> have</c><00:06:49.880><c> a</c><00:06:50.080><c> k</c><00:06:50.440><c> kup</c>

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to knock your door if you have a k kup
 

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to knock your door if you have a k kup
account<00:06:51.240><c> so</c><00:06:51.479><c> that's</c><00:06:51.680><c> why</c><00:06:51.880><c> I'm</c><00:06:52.199><c> uh</c><00:06:52.800><c> quite</c>

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account so that's why I'm uh quite
 

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account so that's why I'm uh quite
pessimistic<00:06:53.759><c> that</c><00:06:54.240><c> this</c><00:06:54.440><c> can</c><00:06:54.840><c> uh</c><00:06:54.960><c> fly</c><00:06:55.240><c> under</c>

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pessimistic that this can uh fly under
 

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pessimistic that this can uh fly under
radar<00:06:56.160><c> so</c><00:06:56.319><c> to</c><00:06:56.520><c> speak</c>

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so<00:07:00.800><c> there</c><00:07:00.960><c> are</c><00:07:01.560><c> bad</c><00:07:01.919><c> people</c><00:07:02.199><c> out</c><00:07:02.479><c> there</c><00:07:02.680><c> who</c><00:07:02.879><c> do</c>

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so there are bad people out there who do
 

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so there are bad people out there who do
bad<00:07:03.639><c> things</c><00:07:04.080><c> and</c><00:07:04.479><c> while</c><00:07:04.639><c> you</c><00:07:04.759><c> can</c><00:07:04.919><c> argue</c><00:07:05.240><c> with</c>

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bad things and while you can argue with
 

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bad things and while you can argue with
how<00:07:05.560><c> the</c><00:07:05.759><c> regulations</c><00:07:06.400><c> are</c><00:07:06.599><c> laid</c><00:07:06.879><c> out</c><00:07:07.720><c> you</c>

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how the regulations are laid out you
 

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how the regulations are laid out you
there's<00:07:08.199><c> not</c><00:07:08.400><c> much</c><00:07:08.680><c> argument</c><00:07:09.160><c> that</c><00:07:09.319><c> terrorist</c>

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there's not much argument that terrorist
 

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there's not much argument that terrorist
financing<00:07:10.319><c> and</c><00:07:10.440><c> money</c><00:07:10.720><c> laundering</c><00:07:11.280><c> shouldn't</c>

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financing and money laundering shouldn't
 

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financing and money laundering shouldn't
be<00:07:12.199><c> allowed</c><00:07:13.199><c> so</c><00:07:13.720><c> how</c><00:07:13.840><c> do</c><00:07:14.039><c> we</c><00:07:14.479><c> I</c><00:07:14.599><c> think</c><00:07:14.720><c> we</c><00:07:14.840><c> all</c>

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be allowed so how do we I think we all
 

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be allowed so how do we I think we all
in<00:07:15.120><c> this</c><00:07:15.280><c> here</c><00:07:15.479><c> we</c><00:07:15.639><c> believe</c><00:07:15.879><c> in</c><00:07:16.000><c> self-</c>

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in this here we believe in self-
 

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in this here we believe in self-
sovereignty<00:07:17.199><c> but</c><00:07:17.360><c> we</c><00:07:17.560><c> also</c><00:07:18.120><c> many</c><00:07:18.280><c> of</c><00:07:18.400><c> us</c>

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sovereignty but we also many of us
 

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sovereignty but we also many of us
probably<00:07:18.879><c> think</c><00:07:19.120><c> that</c><00:07:19.360><c> zero</c><00:07:19.680><c> knowledge</c><00:07:20.039><c> is</c><00:07:20.199><c> a</c>

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probably think that zero knowledge is a
 

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probably think that zero knowledge is a
potential<00:07:20.840><c> solution</c><00:07:21.680><c> how</c><00:07:21.800><c> do</c><00:07:21.919><c> we</c><00:07:22.080><c> get</c><00:07:22.240><c> the</c>

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potential solution how do we get the
 

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potential solution how do we get the
governments<00:07:22.879><c> to</c><00:07:23.120><c> try</c><00:07:23.479><c> it</c><00:07:23.840><c> because</c><00:07:24.000><c> they're</c>

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governments to try it because they're
 

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governments to try it because they're
not<00:07:24.400><c> it's</c><00:07:24.560><c> not</c><00:07:24.720><c> even</c><00:07:24.879><c> in</c><00:07:25.039><c> the</c><00:07:25.160><c> Overton</c><00:07:25.680><c> window</c>

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not it's not even in the Overton window
 

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not it's not even in the Overton window
of<00:07:26.319><c> discussing</c><00:07:26.919><c> these</c><00:07:27.120><c> new</c><00:07:27.479><c> technologies</c><00:07:28.479><c> how</c>

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of discussing these new technologies how
 

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of discussing these new technologies how
do<00:07:28.720><c> we</c><00:07:28.840><c> get</c><00:07:29.000><c> them</c><00:07:29.120><c> to</c><00:07:29.280><c> actess</c><00:07:29.560><c> actually</c>

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do we get them to actess actually
 

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do we get them to actess actually
approve<00:07:30.759><c> a</c><00:07:31.080><c> test</c><00:07:31.560><c> case</c><00:07:31.879><c> or</c><00:07:32.400><c> some</c><00:07:32.639><c> way</c><00:07:32.800><c> of</c>

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approve a test case or some way of
 

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approve a test case or some way of
trying<00:07:33.280><c> it</c><00:07:34.120><c> I</c><00:07:34.199><c> mean</c><00:07:34.720><c> I</c><00:07:34.879><c> think</c><00:07:35.400><c> we</c><00:07:35.599><c> already</c>

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trying it I mean I think we already
 

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trying it I mean I think we already
fixed<00:07:36.280><c> it</c><00:07:36.400><c> in</c><00:07:36.599><c> one</c><00:07:36.840><c> country</c><00:07:37.240><c> by</c><00:07:37.960><c> having</c><00:07:38.479><c> uh</c><00:07:38.720><c> our</c>

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fixed it in one country by having uh our
 

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fixed it in one country by having uh our
friends<00:07:39.280><c> in</c><00:07:39.400><c> the</c><00:07:39.560><c> US</c><00:07:39.840><c> elect</c><00:07:40.199><c> Trump</c><00:07:41.039><c> so</c><00:07:41.440><c> uh</c>

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friends in the US elect Trump so uh
 

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friends in the US elect Trump so uh
that's<00:07:41.800><c> a</c><00:07:41.960><c> step</c><00:07:42.240><c> forward</c><00:07:43.240><c> but</c><00:07:43.520><c> also</c><00:07:44.039><c> um</c><00:07:44.560><c> I</c>

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that's a step forward but also um I
 

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that's a step forward but also um I
think<00:07:44.960><c> the</c><00:07:45.680><c> correct</c><00:07:46.039><c> way</c><00:07:46.159><c> to</c><00:07:46.319><c> go</c><00:07:46.560><c> about</c><00:07:46.879><c> it</c><00:07:47.120><c> is</c>

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think the correct way to go about it is
 

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think the correct way to go about it is
to<00:07:47.599><c> talk</c><00:07:47.840><c> with</c><00:07:48.000><c> media</c><00:07:49.000><c> so</c><00:07:49.280><c> that</c><00:07:49.440><c> we</c><00:07:49.599><c> have</c><00:07:49.720><c> a</c>

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to talk with media so that we have a
 

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to talk with media so that we have a
proof<00:07:50.319><c> we</c><00:07:50.479><c> have</c><00:07:50.599><c> a</c><00:07:50.840><c> SC</c><00:07:51.440><c> re</c><00:07:51.639><c> real</c><00:07:52.159><c> scientif</c>

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proof we have a SC re real scientif
 

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proof we have a SC re real scientif
research<00:07:53.599><c> that</c><00:07:53.919><c> the</c><00:07:54.720><c> for</c><00:07:54.919><c> the</c><00:07:55.080><c> anti-money</c>

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research that the for the anti-money
 

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research that the for the anti-money
laundering<00:07:56.039><c> work</c><00:07:57.000><c> uh</c><00:07:57.120><c> the</c><00:07:57.280><c> current</c>

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laundering work uh the current
 

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laundering work uh the current
regulations<00:07:58.560><c> are</c><00:07:58.919><c> restricting</c><00:07:59.599><c> centralized</c>

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regulations are restricting centralized
 

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regulations are restricting centralized
exchanges<00:08:00.919><c> is</c><00:08:01.319><c> enough</c><00:08:02.319><c> and</c><00:08:02.639><c> uh</c><00:08:02.960><c> it's</c><00:08:03.199><c> already</c>

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exchanges is enough and uh it's already
 

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exchanges is enough and uh it's already
stopping<00:08:05.000><c> uh</c><00:08:05.120><c> most</c><00:08:05.360><c> of</c><00:08:05.560><c> terrorist</c><00:08:06.000><c> funding</c><00:08:06.560><c> we</c>

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stopping uh most of terrorist funding we
 

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stopping uh most of terrorist funding we
know<00:08:07.000><c> that</c><00:08:07.319><c> uh</c><00:08:07.759><c> terrorist</c><00:08:08.720><c> yes</c><00:08:08.919><c> they</c><00:08:09.039><c> use</c><00:08:09.319><c> usdt</c>

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know that uh terrorist yes they use usdt
 

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know that uh terrorist yes they use usdt
and<00:08:10.199><c> the</c><00:08:10.360><c> Bitcoin</c><00:08:10.840><c> and</c><00:08:11.000><c> so</c><00:08:11.199><c> on</c><00:08:11.720><c> and</c><00:08:11.919><c> especially</c>

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and the Bitcoin and so on and especially
 

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and the Bitcoin and so on and especially
North<00:08:12.639><c> Korea</c><00:08:13.039><c> is</c><00:08:13.240><c> is</c><00:08:13.400><c> kind</c><00:08:13.520><c> of</c><00:08:13.800><c> a</c><00:08:14.599><c> pain</c><00:08:14.840><c> in</c><00:08:15.000><c> the</c>

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North Korea is is kind of a pain in the
 

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North Korea is is kind of a pain in the
butt<00:08:16.159><c> but</c><00:08:16.440><c> it's</c><00:08:16.680><c> not</c><00:08:17.599><c> it's</c><00:08:17.759><c> not</c><00:08:18.000><c> very</c>

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butt but it's not it's not very
 

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butt but it's not it's not very
significant<00:08:18.879><c> still</c><00:08:19.280><c> crypto</c><00:08:19.720><c> has</c><00:08:19.879><c> grown</c><00:08:20.319><c> but</c>

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significant still crypto has grown but
 

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significant still crypto has grown but
still<00:08:20.840><c> it's</c><00:08:21.080><c> it's</c><00:08:21.360><c> super</c><00:08:21.680><c> small</c><00:08:22.080><c> compared</c><00:08:22.479><c> to</c>

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still it's it's super small compared to
 

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still it's it's super small compared to
you<00:08:22.720><c> know</c><00:08:22.919><c> all</c><00:08:23.080><c> the</c><00:08:23.560><c> other</c><00:08:24.159><c> gas</c><00:08:24.560><c> and</c><00:08:25.560><c> oil</c><00:08:26.000><c> and</c>

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you know all the other gas and oil and
 

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you know all the other gas and oil and
whatever<00:08:26.639><c> there</c><00:08:26.759><c> is</c><00:08:26.919><c> going</c><00:08:27.199><c> around</c>

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yeah<00:08:32.320><c> we</c><00:08:32.479><c> have</c><00:08:32.640><c> one</c>

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there<00:08:39.800><c> last</c><00:08:40.200><c> question</c><00:08:41.120><c> uh</c><00:08:41.279><c> what</c><00:08:41.399><c> do</c><00:08:41.479><c> you</c><00:08:41.640><c> think</c>

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there last question uh what do you think
 

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there last question uh what do you think
about<00:08:42.080><c> companies</c><00:08:42.599><c> like</c><00:08:43.159><c> chain</c><00:08:43.519><c> analysis</c><00:08:44.080><c> and</c>

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about companies like chain analysis and
 

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about companies like chain analysis and
other<00:08:44.519><c> death</c><00:08:44.839><c> do</c><00:08:44.959><c> you</c><00:08:45.080><c> think</c><00:08:45.279><c> they</c><00:08:45.480><c> make</c><00:08:45.720><c> a</c>

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other death do you think they make a
 

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other death do you think they make a
positive

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positive
 

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positive
impact<00:08:48.360><c> uh</c><00:08:48.760><c> some</c><00:08:49.160><c> some</c><00:08:49.560><c> yes</c><00:08:49.959><c> some</c><00:08:50.240><c> no</c><00:08:50.800><c> like</c>

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impact uh some some yes some no like
 

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impact uh some some yes some no like
uh<00:08:52.720><c> uh</c><00:08:52.880><c> some</c><00:08:53.080><c> of</c><00:08:53.240><c> them</c><00:08:53.480><c> are</c><00:08:53.640><c> pro</c><00:08:53.920><c> crypto</c><00:08:54.440><c> but</c>

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uh uh some of them are pro crypto but
 

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uh uh some of them are pro crypto but
some<00:08:54.800><c> of</c><00:08:54.959><c> them</c><00:08:55.160><c> are</c><00:08:55.640><c> part</c><00:08:55.839><c> of</c><00:08:56.080><c> this</c><00:08:56.560><c> uh</c>

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some of them are part of this uh
 

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some of them are part of this uh
compliance<00:08:57.519><c> industry</c><00:08:58.519><c> complex</c><00:08:59.000><c> and</c><00:08:59.160><c> they</c>

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compliance industry complex and they
 

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compliance industry complex and they
only<00:08:59.880><c> like</c><00:09:00.240><c> uh</c><00:09:00.959><c> see</c><00:09:01.320><c> how</c><00:09:01.519><c> they</c><00:09:01.680><c> could</c><00:09:02.040><c> seek</c>

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only like uh see how they could seek
 

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only like uh see how they could seek
rents<00:09:03.040><c> and</c><00:09:03.279><c> usually</c><00:09:03.800><c> you</c><00:09:03.920><c> can</c><00:09:04.600><c> you</c><00:09:04.760><c> can</c><00:09:05.399><c> know</c>

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rents and usually you can you can know
 

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rents and usually you can you can know
if<00:09:06.079><c> the</c><00:09:06.519><c> company's</c><00:09:07.040><c> Pro</c><00:09:07.440><c> crypto</c><00:09:07.839><c> or</c><00:09:08.040><c> is</c><00:09:08.279><c> here</c>

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if the company's Pro crypto or is here
 

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if the company's Pro crypto or is here
only<00:09:08.720><c> for</c><00:09:08.920><c> money</c><00:09:09.560><c> if</c><00:09:09.680><c> you</c><00:09:09.839><c> read</c><00:09:10.160><c> their</c><00:09:10.519><c> reports</c>

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only for money if you read their reports
 

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only for money if you read their reports
and<00:09:11.720><c> if</c><00:09:11.920><c> they</c><00:09:12.040><c> are</c><00:09:12.200><c> doing</c><00:09:12.560><c> so-called</c><00:09:13.480><c> uh</c><00:09:14.480><c> fear</c>

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and if they are doing so-called uh fear
 

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and if they are doing so-called uh fear
selling<00:09:15.519><c> like</c><00:09:15.760><c> they</c><00:09:15.959><c> they</c><00:09:16.079><c> are</c><00:09:16.240><c> doing</c><00:09:16.480><c> the</c>

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selling like they they are doing the
 

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selling like they they are doing the
report<00:09:17.079><c> saying</c><00:09:17.399><c> that</c><00:09:17.800><c> so</c><00:09:18.000><c> many</c><00:09:18.279><c> terrorists</c>

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report saying that so many terrorists
 

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report saying that so many terrorists
are<00:09:19.040><c> coming</c><00:09:19.440><c> and</c><00:09:19.600><c> the</c><00:09:19.760><c> blockchain</c><00:09:20.240><c> is</c><00:09:20.480><c> only</c>

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are coming and the blockchain is only
 

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are coming and the blockchain is only
used<00:09:21.040><c> for</c><00:09:21.399><c> money</c><00:09:21.680><c> laundering</c><00:09:22.240><c> and</c><00:09:22.440><c> drugs</c><00:09:22.880><c> and</c>

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used for money laundering and drugs and
 

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used for money laundering and drugs and
so<00:09:23.240><c> on</c><00:09:23.560><c> and</c><00:09:24.000><c> they</c><00:09:24.120><c> saw</c><00:09:24.440><c> the</c><00:09:24.640><c> curves</c><00:09:25.120><c> like</c><00:09:25.320><c> how</c>

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so on and they saw the curves like how
 

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so on and they saw the curves like how
it's<00:09:26.519><c> bad</c><00:09:26.800><c> uses</c><00:09:27.120><c> is</c><00:09:27.279><c> growing</c><00:09:27.839><c> which</c><00:09:28.079><c> by</c><00:09:28.200><c> the</c>

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it's bad uses is growing which by the
 

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it's bad uses is growing which by the
way<00:09:28.440><c> is</c><00:09:28.560><c> not</c><00:09:28.760><c> anymore</c><00:09:29.040><c> growing</c>

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way is not anymore growing
 

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way is not anymore growing
I<00:09:30.160><c> it</c><00:09:30.279><c> means</c><00:09:30.519><c> that</c><00:09:30.680><c> they</c><00:09:30.760><c> are</c><00:09:30.880><c> selling</c><00:09:31.200><c> the</c>

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I it means that they are selling the
 

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I it means that they are selling the
fair<00:09:32.000><c> to</c><00:09:32.200><c> the</c><00:09:32.360><c> governments</c><00:09:33.120><c> who</c><00:09:33.360><c> then</c><00:09:33.760><c> buy</c>

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fair to the governments who then buy
 

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fair to the governments who then buy
their<00:09:34.240><c> services</c><00:09:35.200><c> but</c><00:09:35.360><c> some</c><00:09:35.560><c> good</c><00:09:35.880><c> companies</c>

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their services but some good companies
 

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their services but some good companies
like<00:09:37.000><c> I</c><00:09:37.079><c> think</c><00:09:37.399><c> a</c><00:09:38.399><c> chain</c><00:09:38.720><c> analysis</c><00:09:39.360><c> is</c><00:09:39.519><c> one</c><00:09:39.640><c> of</c>

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like I think a chain analysis is one of
 

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like I think a chain analysis is one of
the<00:09:39.959><c> good</c><00:09:40.160><c> ones</c><00:09:40.560><c> they</c><00:09:40.839><c> they</c><00:09:41.399><c> create</c><00:09:41.760><c> reports</c>

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the good ones they they create reports
 

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the good ones they they create reports
that<00:09:42.399><c> are</c><00:09:42.640><c> balanced</c><00:09:43.120><c> and</c><00:09:43.320><c> they</c><00:09:43.440><c> show</c><00:09:43.720><c> that</c>

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that are balanced and they show that
 

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that are balanced and they show that
yeah<00:09:44.399><c> some</c><00:09:44.600><c> things</c><00:09:44.839><c> are</c><00:09:45.120><c> bad</c><00:09:45.720><c> but</c><00:09:45.880><c> some</c><00:09:46.079><c> things</c>

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yeah some things are bad but some things
 

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yeah some things are bad but some things
are<00:09:46.600><c> actually</c><00:09:46.959><c> very</c>

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are actually very
 

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are actually very
good<00:09:49.079><c> okay</c><00:09:49.720><c> thank</c><00:09:49.880><c> you</c><00:09:50.000><c> very</c><00:09:50.240><c> much</c>

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good okay thank you very much
 

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good okay thank you very much
[Applause]