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 --> 00:00:10.709 align:start position:0% [Music] 00:00:10.709 --> 00:00:10.719 align:start position:0% [Music] 00:00:10.719 --> 00:00:12.950 align:start position:0% [Music] hello<00:00:11.719> uh<00:00:11.920> all<00:00:12.120> right<00:00:12.320> so<00:00:12.559> this<00:00:12.679> is<00:00:12.759> going<00:00:12.880> to 00:00:12.950 --> 00:00:12.960 align:start position:0% hello uh all right so this is going to 00:00:12.960 --> 00:00:17.990 align:start position:0% hello uh all right so this is going to be<00:00:13.360> a<00:00:14.360> uh<00:00:14.519> a<00:00:14.679> quick<00:00:14.920> one<00:00:15.600> um<00:00:16.600> uh<00:00:16.840> so<00:00:17.320> I<00:00:17.760> I'll<00:00:17.880> try 00:00:17.990 --> 00:00:18.000 align:start position:0% be a uh a quick one um uh so I I'll try 00:00:18.000 --> 00:00:19.790 align:start position:0% be a uh a quick one um uh so I I'll try to<00:00:18.119> go<00:00:18.359> fast<00:00:18.760> but<00:00:19.119> hopefully<00:00:19.480> keep<00:00:19.640> it 00:00:19.790 --> 00:00:19.800 align:start position:0% to go fast but hopefully keep it 00:00:19.800 --> 00:00:21.670 align:start position:0% to go fast but hopefully keep it comprehensible<00:00:20.800> so<00:00:21.039> yeah<00:00:21.160> my<00:00:21.279> name<00:00:21.400> is<00:00:21.519> Mike 00:00:21.670 --> 00:00:21.680 align:start position:0% comprehensible so yeah my name is Mike 00:00:21.680 --> 00:00:25.269 align:start position:0% comprehensible so yeah my name is Mike Sadam<00:00:22.279> founder<00:00:22.560> and<00:00:22.680> CE<00:00:23.000> of<00:00:23.800> ethery<00:00:24.800> uh<00:00:24.920> and<00:00:25.119> my 00:00:25.269 --> 00:00:25.279 align:start position:0% Sadam founder and CE of ethery uh and my 00:00:25.279 --> 00:00:28.230 align:start position:0% Sadam founder and CE of ethery uh and my lens<00:00:25.960> on<00:00:26.400> the<00:00:26.960> uh<00:00:27.119> the<00:00:27.279> crypto<00:00:27.679> space<00:00:27.960> is<00:00:28.080> that 00:00:28.230 --> 00:00:28.240 align:start position:0% lens on the uh the crypto space is that 00:00:28.240 --> 00:00:30.390 align:start position:0% lens on the uh the crypto space is that I<00:00:28.320> come<00:00:28.480> from<00:00:28.640> a<00:00:28.840> web<00:00:29.039> to<00:00:29.599> uh<00:00:29.720> back<00:00:30.080> ground<00:00:30.279> and 00:00:30.390 --> 00:00:30.400 align:start position:0% I come from a web to uh back ground and 00:00:30.400 --> 00:00:32.150 align:start position:0% I come from a web to uh back ground and so<00:00:30.880> one<00:00:31.000> of<00:00:31.119> the<00:00:31.240> things<00:00:31.519> that<00:00:31.599> I<00:00:31.720> want<00:00:31.800> to<00:00:31.960> talk 00:00:32.150 --> 00:00:32.160 align:start position:0% so one of the things that I want to talk 00:00:32.160 --> 00:00:33.990 align:start position:0% so one of the things that I want to talk about<00:00:32.360> is<00:00:32.559> what<00:00:32.680> are<00:00:32.800> some<00:00:32.880> of<00:00:33.000> the<00:00:33.160> lessons 00:00:33.990 --> 00:00:34.000 align:start position:0% about is what are some of the lessons 00:00:34.000 --> 00:00:36.990 align:start position:0% about is what are some of the lessons that<00:00:34.200> web<00:00:34.440> 3<00:00:34.760> Founders<00:00:35.280> can<00:00:35.480> learn<00:00:36.000> from<00:00:36.840> uh 00:00:36.990 --> 00:00:37.000 align:start position:0% that web 3 Founders can learn from uh 00:00:37.000 --> 00:00:38.630 align:start position:0% that web 3 Founders can learn from uh the<00:00:37.160> web<00:00:37.360> 2 00:00:38.630 --> 00:00:38.640 align:start position:0% the web 2 00:00:38.640 --> 00:00:40.630 align:start position:0% the web 2 Universe<00:00:39.640> uh<00:00:39.760> so<00:00:39.920> just<00:00:40.039> to<00:00:40.200> give<00:00:40.320> you<00:00:40.399> a<00:00:40.520> little 00:00:40.630 --> 00:00:40.640 align:start position:0% Universe uh so just to give you a little 00:00:40.640 --> 00:00:43.470 align:start position:0% Universe uh so just to give you a little bit<00:00:40.840> about<00:00:41.320> uh<00:00:41.520> my<00:00:41.760> background<00:00:42.520> uh<00:00:42.879> I<00:00:43.000> got<00:00:43.160> into 00:00:43.470 --> 00:00:43.480 align:start position:0% bit about uh my background uh I got into 00:00:43.480 --> 00:00:45.670 align:start position:0% bit about uh my background uh I got into crypto<00:00:43.879> super<00:00:44.160> early<00:00:44.760> bought<00:00:45.000> some<00:00:45.200> Bitcoin 00:00:45.670 --> 00:00:45.680 align:start position:0% crypto super early bought some Bitcoin 00:00:45.680 --> 00:00:48.670 align:start position:0% crypto super early bought some Bitcoin back<00:00:45.840> in<00:00:46.280> uh<00:00:46.719> 2011<00:00:47.440> that's<00:00:47.600> like<00:00:47.800> the<00:00:47.960> actual 00:00:48.670 --> 00:00:48.680 align:start position:0% back in uh 2011 that's like the actual 00:00:48.680 --> 00:00:50.389 align:start position:0% back in uh 2011 that's like the actual confirmation<00:00:49.199> email<00:00:49.800> uh<00:00:49.879> it<00:00:49.960> was<00:00:50.079> about<00:00:50.239> a 00:00:50.389 --> 00:00:50.399 align:start position:0% confirmation email uh it was about a 00:00:50.399 --> 00:00:52.270 align:start position:0% confirmation email uh it was about a dollar<00:00:50.719> per<00:00:50.920> Bitcoin<00:00:51.760> at<00:00:51.879> that<00:00:52.039> time<00:00:52.199> there 00:00:52.270 --> 00:00:52.280 align:start position:0% dollar per Bitcoin at that time there 00:00:52.280 --> 00:00:54.229 align:start position:0% dollar per Bitcoin at that time there weren't<00:00:52.520> even<00:00:52.719> exchanges<00:00:53.280> I<00:00:53.359> had<00:00:53.480> to<00:00:53.640> just 00:00:54.229 --> 00:00:54.239 align:start position:0% weren't even exchanges I had to just 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align:start position:0% were doing um uh education software for universities<00:01:08.880> so<00:01:09.040> which<00:01:09.119> is<00:01:09.240> a<00:01:09.400> very 00:01:09.630 --> 00:01:09.640 align:start position:0% universities so which is a very 00:01:09.640 --> 00:01:12.350 align:start position:0% universities so which is a very challenging<00:01:10.159> Market<00:01:10.880> to<00:01:11.040> be<00:01:11.240> in<00:01:11.960> uh<00:01:12.080> spent 00:01:12.350 --> 00:01:12.360 align:start position:0% challenging Market to be in uh spent 00:01:12.360 --> 00:01:15.350 align:start position:0% challenging Market to be in uh spent about<00:01:12.600> 10<00:01:12.920> years<00:01:13.439> uh<00:01:13.560> growing<00:01:13.920> that<00:01:14.360> company 00:01:15.350 --> 00:01:15.360 align:start position:0% about 10 years uh growing that company 00:01:15.360 --> 00:01:16.910 align:start position:0% about 10 years uh growing that company uh<00:01:15.479> it<00:01:15.560> ended<00:01:15.799> up<00:01:15.960> being<00:01:16.159> pretty<00:01:16.400> successful 00:01:16.910 --> 00:01:16.920 align:start position:0% uh it ended up being pretty successful 00:01:16.920 --> 00:01:19.550 align:start position:0% uh it ended up being pretty successful we<00:01:17.040> got<00:01:17.159> it<00:01:17.240> up<00:01:17.360> to<00:01:18.119> around<00:01:18.400> 450<00:01:19.040> employees 00:01:19.550 --> 00:01:19.560 align:start position:0% we got it up to around 450 employees 00:01:19.560 --> 00:01:22.190 align:start position:0% we got it up to around 450 employees with<00:01:19.799> 65<00:01:20.280> million<00:01:20.640> Revenue<00:01:21.560> uh<00:01:21.680> and<00:01:21.759> then<00:01:21.880> sold 00:01:22.190 --> 00:01:22.200 align:start position:0% with 65 million Revenue uh and then sold 00:01:22.200 --> 00:01:23.069 align:start position:0% with 65 million Revenue uh and then sold it<00:01:22.360> in 00:01:23.069 --> 00:01:23.079 align:start position:0% it in 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--> 00:01:32.749 align:start position:0% the exact opposite as far as you can get from<00:01:30.640> education<00:01:31.159> software<00:01:31.680> which<00:01:32.439> was<00:01:32.600> my 00:01:32.749 --> 00:01:32.759 align:start position:0% from education software which was my 00:01:32.759 --> 00:01:35.389 align:start position:0% from education software which was my first<00:01:33.079> Passion<00:01:33.720> crypto<00:01:34.159> and<00:01:34.280> started<00:01:34.840> ethery 00:01:35.389 --> 00:01:35.399 align:start position:0% first Passion crypto and started ethery 00:01:35.399 --> 00:01:36.270 align:start position:0% first Passion crypto and started ethery around 00:01:36.270 --> 00:01:36.280 align:start position:0% around 00:01:36.280 --> 00:01:39.630 align:start position:0% around 2022<00:01:37.280> uh<00:01:37.399> and<00:01:37.520> that's<00:01:37.720> gone<00:01:38.280> uh<00:01:39.079> remarkably 00:01:39.630 --> 00:01:39.640 align:start position:0% 2022 uh and that's gone uh remarkably 00:01:39.640 --> 00:01:41.429 align:start position:0% 2022 uh and that's gone uh remarkably well<00:01:39.880> we've<00:01:40.079> been<00:01:40.240> humbled<00:01:40.759> at<00:01:41.079> at<00:01:41.159> all<00:01:41.280> our 00:01:41.429 --> 00:01:41.439 align:start position:0% well we've been humbled at at all our 00:01:41.439 --> 00:01:44.469 align:start position:0% well we've been humbled at at all our success<00:01:41.799> we<00:01:42.040> the<00:01:42.159> number<00:01:42.360> four<00:01:42.920> def5<00:01:43.479> protocol 00:01:44.469 --> 00:01:44.479 align:start position:0% success we the number four def5 protocol 00:01:44.479 --> 00:01:46.590 align:start position:0% success we the number four def5 protocol uh<00:01:44.640> by<00:01:44.880> by<00:01:45.000> tvl<00:01:45.399> at<00:01:45.479> least<00:01:45.640> about<00:01:45.759> 8<00:01:46.000> billion<00:01:46.439> in 00:01:46.590 --> 00:01:46.600 align:start position:0% uh by by tvl at least about 8 billion in 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fast you know couldn't be more excited<00:01:55.040> about<00:01:55.200> it<00:01:55.880> uh<00:01:56.200> one<00:01:56.320> of<00:01:56.439> the<00:01:56.560> reasons<00:01:56.960> I 00:01:57.029 --> 00:01:57.039 align:start position:0% excited about it uh one of the reasons I 00:01:57.039 --> 00:01:58.630 align:start position:0% excited about it uh one of the reasons I would<00:01:57.200> say<00:01:57.399> that<00:01:57.560> ethery<00:01:58.079> has<00:01:58.240> been 00:01:58.630 --> 00:01:58.640 align:start position:0% would say that ethery has been 00:01:58.640 --> 00:02:01.350 align:start position:0% would say that ethery has been successful<00:01:59.399> is<00:01:59.960> because<00:02:00.680> uh<00:02:00.840> we've<00:02:01.079> taken 00:02:01.350 --> 00:02:01.360 align:start position:0% successful is because uh we've taken 00:02:01.360 --> 00:02:03.429 align:start position:0% successful is because uh we've taken sort<00:02:01.560> of<00:02:01.680> the<00:02:01.840> discipline<00:02:02.360> and<00:02:02.560> mechanics<00:02:03.039> of 00:02:03.429 --> 00:02:03.439 align:start position:0% sort of the discipline and mechanics of 00:02:03.439 --> 00:02:05.789 align:start position:0% sort of the discipline and mechanics of operation<00:02:04.439> of<00:02:04.560> the<00:02:04.680> business<00:02:05.200> and<00:02:05.399> brought<00:02:05.640> it 00:02:05.789 --> 00:02:05.799 align:start position:0% operation of the business and brought it 00:02:05.799 --> 00:02:09.070 align:start position:0% operation of the business and brought it to<00:02:06.280> the<00:02:06.640> uh<00:02:07.039> uh<00:02:07.159> the<00:02:07.280> defi<00:02:07.680> world<00:02:08.319> and<00:02:08.479> so<00:02:08.959> what 00:02:09.070 --> 00:02:09.080 align:start position:0% to the uh uh the defi world and so what 00:02:09.080 --> 00:02:10.869 align:start position:0% to the uh uh the defi world and so what I<00:02:09.160> want<00:02:09.280> to<00:02:09.399> do<00:02:09.520> is<00:02:09.679> just<00:02:09.879> talk<00:02:10.119> about<00:02:10.520> you<00:02:10.640> know 00:02:10.869 --> 00:02:10.879 align:start position:0% I want to do is just talk about you know 00:02:10.879 --> 00:02:12.910 align:start position:0% I want to do is just talk about you know what<00:02:11.080> what<00:02:11.200> are<00:02:11.400> some<00:02:11.520> of<00:02:11.680> those<00:02:11.840> lessons<00:02:12.360> so 00:02:12.910 --> 00:02:12.920 align:start position:0% what what are some of those lessons so 00:02:12.920 --> 00:02:14.949 align:start position:0% what what are some of those lessons so you<00:02:13.040> know<00:02:13.200> the<00:02:13.319> curse<00:02:13.599> of<00:02:13.840> crypto<00:02:14.680> is<00:02:14.800> that 00:02:14.949 --> 00:02:14.959 align:start position:0% you know the curse of crypto is that 00:02:14.959 --> 00:02:17.030 align:start position:0% you know the curse of crypto is that there's<00:02:15.280> way<00:02:15.480> too<00:02:15.640> much<00:02:15.959> money<00:02:16.599> uh<00:02:16.720> in<00:02:16.840> the 00:02:17.030 --> 00:02:17.040 align:start position:0% there's way too much money uh in the 00:02:17.040 --> 00:02:18.750 align:start position:0% there's way too much money uh in the space<00:02:17.599> uh<00:02:17.680> you<00:02:17.760> know<00:02:17.879> there's<00:02:18.120> just<00:02:18.239> a<00:02:18.400> ton<00:02:18.599> of 00:02:18.750 --> 00:02:18.760 align:start position:0% space uh you know there's just a ton of 00:02:18.760 --> 00:02:21.030 align:start position:0% space uh you know there's just a ton of gambling<00:02:19.160> money<00:02:19.440> coming<00:02:19.720> from<00:02:20.280> the<00:02:20.480> great<00:02:20.920> uh 00:02:21.030 --> 00:02:21.040 align:start position:0% gambling money coming from the great uh 00:02:21.040 --> 00:02:23.509 align:start position:0% gambling money coming from the great uh you<00:02:21.120> know<00:02:21.319> casinos<00:02:21.800> in<00:02:21.920> the<00:02:22.120> sky<00:02:23.040> uh<00:02:23.160> and<00:02:23.319> that 00:02:23.509 --> 00:02:23.519 align:start position:0% you know casinos in the sky uh and that 00:02:23.519 --> 00:02:25.509 align:start position:0% you know casinos in the sky uh and that actually<00:02:24.319> the<00:02:24.440> effect<00:02:24.680> that<00:02:24.800> ends<00:02:25.000> up<00:02:25.160> having 00:02:25.509 --> 00:02:25.519 align:start position:0% actually the effect that ends up having 00:02:25.519 --> 00:02:27.670 align:start position:0% actually the effect that ends up having is<00:02:25.680> crowding<00:02:26.160> out<00:02:26.879> uh<00:02:27.000> real<00:02:27.400> product 00:02:27.670 --> 00:02:27.680 align:start position:0% is crowding out uh real product 00:02:27.680 --> 00:02:28.990 align:start position:0% is crowding out uh real product development<00:02:28.239> because<00:02:28.440> it<00:02:28.640> basically 00:02:28.990 --> 00:02:29.000 align:start position:0% development because it basically 00:02:29.000 --> 00:02:31.110 align:start position:0% development because it basically eliminates<00:02:29.480> the<00:02:29.560> need<00:02:29.920> in<00:02:30.040> many<00:02:30.280> cases<00:02:30.879> for 00:02:31.110 --> 00:02:31.120 align:start position:0% eliminates the need in many cases for 00:02:31.120 --> 00:02:33.589 align:start position:0% eliminates the need in many cases for getting<00:02:31.440> product<00:02:31.720> Market<00:02:32.280> fit<00:02:33.280> if<00:02:33.400> you're 00:02:33.589 --> 00:02:33.599 align:start position:0% getting product Market fit if you're 00:02:33.599 --> 00:02:35.910 align:start position:0% getting product Market fit if you're doing<00:02:33.959> you<00:02:34.040> know<00:02:34.160> a<00:02:34.280> web<00:02:34.519> 2<00:02:35.239> more<00:02:35.440> traditional 00:02:35.910 --> 00:02:35.920 align:start position:0% doing you know a web 2 more traditional 00:02:35.920 --> 00:02:38.670 align:start position:0% doing you know a web 2 more traditional SAS<00:02:36.239> type<00:02:36.400> of<00:02:36.519> business<00:02:37.480> the<00:02:37.879> the<00:02:38.040> cycle<00:02:38.519> of 00:02:38.670 --> 00:02:38.680 align:start position:0% SAS type of business the the cycle of 00:02:38.680 --> 00:02:40.030 align:start position:0% SAS type of business the the cycle of that<00:02:38.879> business<00:02:39.159> looks<00:02:39.440> roughly<00:02:39.720> like<00:02:39.879> this 00:02:40.030 --> 00:02:40.040 align:start position:0% that business looks roughly like this 00:02:40.040 --> 00:02:42.630 align:start position:0% that business looks roughly like this you<00:02:40.200> acquire<00:02:40.519> a<00:02:40.840> customer<00:02:41.840> you<00:02:42.360> get<00:02:42.519> the 00:02:42.630 --> 00:02:42.640 align:start position:0% you acquire a customer you get the 00:02:42.640 --> 00:02:45.470 align:start position:0% you acquire a customer you get the customer<00:02:42.959> to<00:02:43.120> give<00:02:43.239> you<00:02:43.720> dollars<00:02:44.720> uh<00:02:45.120> you<00:02:45.319> then 00:02:45.470 --> 00:02:45.480 align:start position:0% customer to give you dollars uh you then 00:02:45.480 --> 00:02:47.149 align:start position:0% customer to give you dollars uh you then keep<00:02:45.720> that<00:02:45.920> customer<00:02:46.319> by<00:02:46.560> you're<00:02:46.720> providing<00:02:47.000> a 00:02:47.149 --> 00:02:47.159 align:start position:0% keep that customer by you're providing a 00:02:47.159 --> 00:02:49.470 align:start position:0% keep that customer by you're providing a good<00:02:47.360> service<00:02:48.360> then<00:02:48.440> you<00:02:48.599> reinvest<00:02:49.159> that<00:02:49.360> back 00:02:49.470 --> 00:02:49.480 align:start position:0% good service then you reinvest that back 00:02:49.480 --> 00:02:51.670 align:start position:0% good service then you reinvest that back into<00:02:49.680> R&D<00:02:50.239> and<00:02:50.360> then<00:02:50.840> the<00:02:50.959> customer<00:02:51.280> is<00:02:51.480> happy 00:02:51.670 --> 00:02:51.680 align:start position:0% into R&D and then the customer is happy 00:02:51.680 --> 00:02:53.509 align:start position:0% into R&D and then the customer is happy and<00:02:51.800> there's<00:02:51.959> a<00:02:52.120> nice<00:02:52.680> positive<00:02:53.040> feedback 00:02:53.509 --> 00:02:53.519 align:start position:0% and there's a nice positive feedback 00:02:53.519 --> 00:02:55.990 align:start position:0% and there's a nice positive feedback loop<00:02:54.519> uh<00:02:54.640> in<00:02:54.800> web<00:02:55.000> 3<00:02:55.200> it<00:02:55.280> looks<00:02:55.440> a<00:02:55.519> little<00:02:55.680> bit 00:02:55.990 --> 00:02:56.000 align:start position:0% loop uh in web 3 it looks a little bit 00:02:56.000 --> 00:02:58.630 align:start position:0% loop uh in web 3 it looks a little bit different<00:02:56.760> uh<00:02:57.040> usually<00:02:57.599> you<00:02:58.000> uh<00:02:58.120> you<00:02:58.239> know<00:02:58.400> you 00:02:58.630 --> 00:02:58.640 align:start position:0% different uh usually you uh you know you 00:02:58.640 --> 00:03:00.030 align:start position:0% different uh usually you uh you know you find<00:02:58.840> a<00:02:59.040> project<00:02:59.360> that's<00:02:59.519> really<00:02:59.640> cool<00:02:59.840> cool 00:03:00.030 --> 00:03:00.040 align:start position:0% find a project that's really cool cool 00:03:00.040 --> 00:03:03.309 align:start position:0% find a project that's really cool cool maybe<00:03:00.200> a<00:03:00.360> nice<00:03:00.720> Dex<00:03:01.720> uh<00:03:01.840> you<00:03:02.000> launch<00:03:02.239> a<00:03:02.440> token 00:03:03.309 --> 00:03:03.319 align:start position:0% maybe a nice Dex uh you launch a token 00:03:03.319 --> 00:03:05.190 align:start position:0% maybe a nice Dex uh you launch a token uh<00:03:03.400> you<00:03:03.560> vest<00:03:03.799> your<00:03:03.959> tokens<00:03:04.360> you<00:03:04.560> cash<00:03:04.799> out<00:03:05.040> and 00:03:05.190 --> 00:03:05.200 align:start position:0% uh you vest your tokens you cash out and 00:03:05.200 --> 00:03:07.910 align:start position:0% uh you vest your tokens you cash out and then<00:03:05.400> you're<00:03:05.720> done<00:03:06.720> uh<00:03:07.400> it's<00:03:07.519> a<00:03:07.640> great 00:03:07.910 --> 00:03:07.920 align:start position:0% then you're done uh it's a great 00:03:07.920 --> 00:03:10.190 align:start position:0% then you're done uh it's a great business<00:03:08.200> model<00:03:08.599> super<00:03:08.879> easy<00:03:09.159> to<00:03:09.599> uh<00:03:09.720> make 00:03:10.190 --> 00:03:10.200 align:start position:0% business model super easy to uh make 00:03:10.200 --> 00:03:11.789 align:start position:0% business model super easy to uh make really<00:03:10.680> you<00:03:10.799> know<00:03:10.959> shocking<00:03:11.400> amounts<00:03:11.640> of 00:03:11.789 --> 00:03:11.799 align:start position:0% really you know shocking amounts of 00:03:11.799 --> 00:03:14.030 align:start position:0% really you know shocking amounts of money<00:03:12.599> uh<00:03:12.720> doing<00:03:12.959> it<00:03:13.120> that<00:03:13.280> way<00:03:13.480> but<00:03:13.760> when<00:03:13.920> the 00:03:14.030 --> 00:03:14.040 align:start position:0% money uh doing it that way but when the 00:03:14.040 --> 00:03:15.550 align:start position:0% money uh doing it that way but when the main<00:03:14.360> business<00:03:14.680> model<00:03:15.000> is<00:03:15.200> basically 00:03:15.550 --> 00:03:15.560 align:start position:0% main business model is basically 00:03:15.560 --> 00:03:17.949 align:start position:0% main business model is basically printing<00:03:16.040> casino<00:03:16.440> chips<00:03:17.360> uh<00:03:17.480> and<00:03:17.599> then<00:03:17.720> taking 00:03:17.949 --> 00:03:17.959 align:start position:0% printing casino chips uh and then taking 00:03:17.959 --> 00:03:20.110 align:start position:0% printing casino chips uh and then taking a<00:03:18.120> rake<00:03:18.920> uh<00:03:19.000> you<00:03:19.120> know<00:03:19.280> this<00:03:19.400> is<00:03:19.599> why<00:03:19.720> we<00:03:19.879> can't 00:03:20.110 --> 00:03:20.120 align:start position:0% a rake uh you know this is why we can't 00:03:20.120 --> 00:03:23.190 align:start position:0% a rake uh you know this is why we can't have<00:03:20.319> nice<00:03:20.599> things<00:03:21.080> so<00:03:22.080> uh<00:03:22.280> so<00:03:22.799> what<00:03:22.959> I'd<00:03:23.080> like 00:03:23.190 --> 00:03:23.200 align:start position:0% have nice things so uh so what I'd like 00:03:23.200 --> 00:03:24.670 align:start position:0% have nice things so uh so what I'd like to<00:03:23.319> do<00:03:23.440> is<00:03:23.560> talk<00:03:23.799> about<00:03:24.040> like<00:03:24.360> what<00:03:24.440> are<00:03:24.560> some 00:03:24.670 --> 00:03:24.680 align:start position:0% to do is talk about like what are some 00:03:24.680 --> 00:03:28.030 align:start position:0% to do is talk about like what are some of<00:03:24.760> the<00:03:24.920> principles<00:03:25.599> that<00:03:25.799> you<00:03:25.920> can<00:03:26.159> use<00:03:27.000> uh<00:03:27.159> to 00:03:28.030 --> 00:03:28.040 align:start position:0% of the principles that you can use uh to 00:03:28.040 --> 00:03:30.309 align:start position:0% of the principles that you can use uh to uh<00:03:28.200> to<00:03:28.519> construct<00:03:29.280> uh<00:03:29.799> projects<00:03:30.120> that 00:03:30.309 --> 00:03:30.319 align:start position:0% uh to construct uh projects that 00:03:30.319 --> 00:03:31.670 align:start position:0% uh to construct uh projects that actually<00:03:30.560> have<00:03:30.720> some 00:03:31.670 --> 00:03:31.680 align:start position:0% actually have some 00:03:31.680 --> 00:03:33.309 align:start position:0% actually have some sustainability<00:03:32.680> and<00:03:32.760> the<00:03:32.879> reason<00:03:33.159> they're 00:03:33.309 --> 00:03:33.319 align:start position:0% sustainability and the reason they're 00:03:33.319 --> 00:03:35.149 align:start position:0% sustainability and the reason they're important<00:03:33.640> is<00:03:33.840> because<00:03:34.400> there's<00:03:34.720> actually<00:03:35.080> I 00:03:35.149 --> 00:03:35.159 align:start position:0% important is because there's actually I 00:03:35.159 --> 00:03:36.270 align:start position:0% important is because there's actually I guess<00:03:35.319> what<00:03:35.439> I<00:03:35.480> would<00:03:35.640> say<00:03:35.760> is<00:03:35.879> almost<00:03:36.080> a 00:03:36.270 --> 00:03:36.280 align:start position:0% guess what I would say is almost a 00:03:36.280 --> 00:03:41.390 align:start position:0% guess what I would say is almost a science<00:03:36.840> around<00:03:37.159> this<00:03:37.360> stuff<00:03:37.959> uh<00:03:38.959> um<00:03:39.720> uh<00:03:40.400> that 00:03:41.390 --> 00:03:41.400 align:start position:0% science around this stuff uh um uh that 00:03:41.400 --> 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your<00:03:46.360> project<00:03:46.920> a<00:03:47.080> viable<00:03:47.920> project<00:03:48.239> does<00:03:48.360> it 00:03:48.470 --> 00:03:48.480 align:start position:0% your project a viable project does it 00:03:48.480 --> 00:03:51.270 align:start position:0% your project a viable project does it have<00:03:48.599> some<00:03:48.799> sustainability<00:03:49.439> or<00:03:49.959> is<00:03:50.959> check 00:03:51.270 --> 00:03:51.280 align:start position:0% have some sustainability or is check 00:03:51.280 --> 00:03:53.190 align:start position:0% have some sustainability or is check check<00:03:51.959> or 00:03:53.190 --> 00:03:53.200 align:start position:0% check or 00:03:53.200 --> 00:03:55.509 align:start position:0% check or Ponzi<00:03:54.200> uh<00:03:54.480> okay<00:03:54.680> so<00:03:54.840> here's<00:03:55.079> some<00:03:55.280> quick 00:03:55.509 --> 00:03:55.519 align:start position:0% Ponzi uh okay so here's some quick 00:03:55.519 --> 00:03:56.710 align:start position:0% Ponzi uh okay so here's some quick definitions<00:03:56.120> so<00:03:56.239> we're<00:03:56.360> going<00:03:56.439> to<00:03:56.560> run 00:03:56.710 --> 00:03:56.720 align:start position:0% definitions so we're going to run 00:03:56.720 --> 00:04:00.270 align:start position:0% definitions so we're going to run through<00:03:56.959> this<00:03:57.439> really<00:03:58.000> fast<00:03:59.000> CAC<00:03:59.560> is<00:03:59.799> is<00:04:00.040> cost 00:04:00.270 --> 00:04:00.280 align:start position:0% through this really fast CAC is is cost 00:04:00.280 --> 00:04:02.550 align:start position:0% through this really fast CAC is is cost of<00:04:00.519> customer<00:04:01.000> acquisition<00:04:02.000> or<00:04:02.200> customer 00:04:02.550 --> 00:04:02.560 align:start position:0% of customer acquisition or customer 00:04:02.560 --> 00:04:05.949 align:start position:0% of customer acquisition or customer acquisition<00:04:03.040> cost<00:04:03.720> arpu<00:04:04.720> is<00:04:05.159> average<00:04:05.599> revenue 00:04:05.949 --> 00:04:05.959 align:start position:0% acquisition cost arpu is average revenue 00:04:05.959 --> 00:04:08.949 align:start position:0% acquisition cost arpu is average revenue per<00:04:06.120> user<00:04:07.120> churn<00:04:07.840> is<00:04:08.000> basically<00:04:08.400> how<00:04:08.519> much<00:04:08.720> you 00:04:08.949 --> 00:04:08.959 align:start position:0% per user churn is basically how much you 00:04:08.959 --> 00:04:10.710 align:start position:0% per user churn is basically how much you retain<00:04:09.640> uh<00:04:09.760> you<00:04:09.840> know<00:04:09.959> one<00:04:10.159> cohort<00:04:10.519> of 00:04:10.710 --> 00:04:10.720 align:start position:0% retain uh you know one cohort of 00:04:10.720 --> 00:04:13.830 align:start position:0% retain uh you know one cohort of customers<00:04:11.519> to<00:04:11.920> the<00:04:12.079> next<00:04:12.680> time<00:04:12.920> period<00:04:13.560> net 00:04:13.830 --> 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--> 00:04:22.469 align:start position:0% another LTV is lifetime value so these are<00:04:21.280> kind<00:04:21.359> of<00:04:21.519> like<00:04:21.680> the<00:04:21.840> key<00:04:22.079> I<00:04:22.120> mean<00:04:22.280> there's 00:04:22.469 --> 00:04:22.479 align:start position:0% are kind of like the key I mean there's 00:04:22.479 --> 00:04:24.189 align:start position:0% are kind of like the key I mean there's probably<00:04:23.000> dozens<00:04:23.320> of<00:04:23.479> other<00:04:23.639> metrics<00:04:24.080> but 00:04:24.189 --> 00:04:24.199 align:start position:0% probably dozens of other metrics but 00:04:24.199 --> 00:04:25.469 align:start position:0% probably dozens of other metrics but these<00:04:24.280> are<00:04:24.440> the<00:04:24.560> key<00:04:24.720> ones<00:04:24.960> that<00:04:25.080> you<00:04:25.160> need<00:04:25.280> to 00:04:25.469 --> 00:04:25.479 align:start position:0% these are the key ones that you need to 00:04:25.479 --> 00:04:27.270 align:start position:0% these are the key ones that you need to remember<00:04:26.240> and<00:04:26.400> the<00:04:26.479> main<00:04:26.759> question<00:04:27.000> is<00:04:27.160> are 00:04:27.270 --> 00:04:27.280 align:start position:0% remember and the main question is are 00:04:27.280 --> 00:04:28.950 align:start position:0% remember and the main question is are you<00:04:27.400> even<00:04:27.600> measuring<00:04:28.080> these<00:04:28.680> because<00:04:28.880> if 00:04:28.950 --> 00:04:28.960 align:start position:0% you even measuring these because if 00:04:28.960 --> 00:04:30.070 align:start position:0% you even measuring these because if you're<00:04:29.120> not<00:04:29.240> even<00:04:29.400> measuring<00:04:29.720> measuring 00:04:30.070 --> 00:04:30.080 align:start position:0% you're not even measuring measuring 00:04:30.080 --> 00:04:32.150 align:start position:0% you're not even measuring measuring these<00:04:30.280> things<00:04:31.160> uh<00:04:31.360> you're<00:04:31.639> you're<00:04:31.840> probably 00:04:32.150 --> 00:04:32.160 align:start position:0% these things uh you're you're probably 00:04:32.160 --> 00:04:34.110 align:start position:0% these things uh you're you're probably more<00:04:32.400> in<00:04:32.560> the<00:04:32.840> or<00:04:33.080> you're<00:04:33.280> you're<00:04:33.759> lending 00:04:34.110 --> 00:04:34.120 align:start position:0% more in the or you're you're lending 00:04:34.120 --> 00:04:36.830 align:start position:0% more in the or you're you're lending yourself<00:04:34.440> more<00:04:34.600> to<00:04:34.759> being<00:04:34.960> in<00:04:35.039> the<00:04:35.160> Ponzi<00:04:35.840> Camp 00:04:36.830 --> 00:04:36.840 align:start position:0% yourself more to being in the Ponzi Camp 00:04:36.840 --> 00:04:38.550 align:start position:0% yourself more to being in the Ponzi Camp uh<00:04:37.160> okay<00:04:37.280> so<00:04:37.440> what<00:04:37.600> ises<00:04:37.800> that<00:04:38.160> what<00:04:38.240> does<00:04:38.400> this 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align:start position:0% little bit of money from that customer maybe<00:04:50.000> it's<00:04:50.120> a<00:04:50.320> DEX<00:04:50.639> you<00:04:50.759> spend<00:04:51.039> some<00:04:51.160> money<00:04:51.360> to 00:04:51.510 --> 00:04:51.520 align:start position:0% maybe it's a DEX you spend some money to 00:04:51.520 --> 00:04:53.550 align:start position:0% maybe it's a DEX you spend some money to acquire<00:04:51.840> them<00:04:52.320> Sal<00:04:52.600> was<00:04:52.680> a<00:04:52.800> marketing<00:04:53.160> BD 00:04:53.550 --> 00:04:53.560 align:start position:0% acquire them Sal was a marketing BD 00:04:53.560 --> 00:04:55.550 align:start position:0% acquire them Sal was a marketing BD whatever<00:04:54.320> and<00:04:54.440> then<00:04:54.600> the<00:04:54.680> user<00:04:55.039> trades<00:04:55.440> and 00:04:55.550 --> 00:04:55.560 align:start position:0% whatever and then the user trades and 00:04:55.560 --> 00:04:57.110 align:start position:0% whatever and then the user trades and that<00:04:55.680> generates<00:04:56.120> revenue<00:04:56.400> for<00:04:56.560> the<00:04:56.759> project 00:04:57.110 --> 00:04:57.120 align:start position:0% that generates revenue for the project 00:04:57.120 --> 00:04:58.390 align:start position:0% that generates revenue for the project over<00:04:57.320> some<00:04:57.479> period<00:04:57.720> of<00:04:57.840> time<00:04:58.039> until<00:04:58.280> the 00:04:58.390 --> 00:04:58.400 align:start position:0% over some period of time until the 00:04:58.400 --> 00:05:01.310 align:start position:0% over some period of time until the customer<00:04:58.759> turns<00:04:59.280> at<00:04:59.400> some<00:04:59.880> point<00:05:00.880> and<00:05:01.000> so<00:05:01.199> at 00:05:01.310 --> 00:05:01.320 align:start position:0% customer turns at some point and so at 00:05:01.320 --> 00:05:03.430 align:start position:0% customer turns at some point and so at some<00:05:01.520> point<00:05:02.120> you<00:05:02.240> know<00:05:02.360> you<00:05:02.520> go<00:05:02.639> from<00:05:02.919> negative 00:05:03.430 --> 00:05:03.440 align:start position:0% some point you know you go from negative 00:05:03.440 --> 00:05:05.550 align:start position:0% some point you know you go from negative let's<00:05:03.600> say<00:05:03.720> you<00:05:03.800> spend<00:05:04.240> $5,000<00:05:05.039> to<00:05:05.199> acquire 00:05:05.550 --> 00:05:05.560 align:start position:0% let's say you spend $5,000 to acquire 00:05:05.560 --> 00:05:07.950 align:start position:0% let's say you spend $5,000 to acquire the<00:05:05.680> customer<00:05:06.479> and<00:05:06.600> then<00:05:06.759> the<00:05:06.880> customer<00:05:07.320> pays 00:05:07.950 --> 00:05:07.960 align:start position:0% the customer and then the customer pays 00:05:07.960 --> 00:05:10.350 align:start position:0% the customer and then the customer pays pays<00:05:08.360> themselves<00:05:08.680> back<00:05:09.320> over<00:05:09.600> time<00:05:09.800> you<00:05:09.919> go<00:05:10.080> to 00:05:10.350 --> 00:05:10.360 align:start position:0% pays themselves back over time you go to 00:05:10.360 --> 00:05:12.270 align:start position:0% pays themselves back over time you go to you<00:05:10.440> know<00:05:10.639> cash<00:05:10.840> flow<00:05:11.120> positive<00:05:11.560> and<00:05:11.720> then 00:05:12.270 --> 00:05:12.280 align:start position:0% you know cash flow positive and then 00:05:12.280 --> 00:05:14.629 align:start position:0% you know cash flow positive and then ideally<00:05:12.720> if<00:05:12.960> you<00:05:13.280> at<00:05:13.400> some<00:05:13.600> point<00:05:14.240> pay<00:05:14.440> back 00:05:14.629 --> 00:05:14.639 align:start position:0% ideally if you at some point pay back 00:05:14.639 --> 00:05:16.590 align:start position:0% ideally if you at some point pay back the<00:05:14.800> cost<00:05:14.960> of<00:05:15.160> acquisition<00:05:16.000> the<00:05:16.199> project 00:05:16.590 --> 00:05:16.600 align:start position:0% the cost of acquisition the project 00:05:16.600 --> 00:05:19.309 align:start position:0% the cost of acquisition the project actually<00:05:16.840> makes<00:05:17.120> sense<00:05:18.039> so<00:05:18.680> the<00:05:18.919> the<00:05:19.080> rough 00:05:19.309 --> 00:05:19.319 align:start position:0% actually makes sense so the the rough 00:05:19.319 --> 00:05:21.790 align:start position:0% actually makes sense so the the rough Benchmark<00:05:20.000> is<00:05:20.280> that<00:05:20.479> your<00:05:20.720> LTV<00:05:21.319> divided<00:05:21.680> by 00:05:21.790 --> 00:05:21.800 align:start position:0% Benchmark is that your LTV divided by 00:05:21.800 --> 00:05:24.870 align:start position:0% Benchmark is that your LTV divided by your<00:05:22.039> CAC<00:05:22.759> needs<00:05:23.000> to<00:05:23.160> be<00:05:23.319> greater<00:05:23.639> than<00:05:23.880> three 00:05:24.870 --> 00:05:24.880 align:start position:0% your CAC needs to be greater than three 00:05:24.880 --> 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customer and you want to make sure that the<00:05:36.400> payback<00:05:36.880> period<00:05:37.319> is<00:05:37.479> less<00:05:37.720> than<00:05:37.880> 12 00:05:38.510 --> 00:05:38.520 align:start position:0% the payback period is less than 12 00:05:38.520 --> 00:05:40.830 align:start position:0% the payback period is less than 12 months<00:05:39.520> that<00:05:39.680> matters<00:05:40.080> because<00:05:40.400> it<00:05:40.560> has<00:05:40.680> a 00:05:40.830 --> 00:05:40.840 align:start position:0% months that matters because it has a 00:05:40.840 --> 00:05:42.510 align:start position:0% months that matters because it has a dramatic<00:05:41.400> impact<00:05:41.720> on<00:05:41.840> the<00:05:41.960> growth<00:05:42.199> of<00:05:42.319> your 00:05:42.510 --> 00:05:42.520 align:start position:0% dramatic impact on the growth of your 00:05:42.520 --> 00:05:44.629 align:start position:0% dramatic impact on the growth of your business<00:05:43.240> if<00:05:43.319> your<00:05:43.520> payback<00:05:43.960> period<00:05:44.240> is<00:05:44.440> like 00:05:44.629 --> 00:05:44.639 align:start position:0% business if your payback period is like 00:05:44.639 --> 00:05:46.870 align:start position:0% business if your payback period is like 24<00:05:45.240> months<00:05:45.960> you're<00:05:46.199> basically<00:05:46.600> never<00:05:46.800> going 00:05:46.870 --> 00:05:46.880 align:start position:0% 24 months you're basically never going 00:05:46.880 --> 00:05:48.189 align:start position:0% 24 months you're basically never going to<00:05:47.039> get<00:05:47.160> out<00:05:47.280> of<00:05:47.400> the<00:05:47.520> trough<00:05:48.000> you're 00:05:48.189 --> 00:05:48.199 align:start position:0% to get out of the trough you're 00:05:48.199 --> 00:05:49.790 align:start position:0% to get out of the trough you're basically<00:05:48.560> the<00:05:48.680> business<00:05:48.960> isn't<00:05:49.199> going<00:05:49.280> to 00:05:49.790 --> 00:05:49.800 align:start position:0% basically the business isn't going to 00:05:49.800 --> 00:05:51.469 align:start position:0% basically the business isn't going to isn't<00:05:50.000> going<00:05:50.120> to<00:05:50.240> work<00:05:50.639> uh<00:05:50.759> whereas<00:05:51.080> otherwise 00:05:51.469 --> 00:05:51.479 align:start position:0% isn't going to work uh whereas otherwise 00:05:51.479 --> 00:05:54.029 align:start position:0% isn't going to work uh whereas otherwise you<00:05:51.639> you<00:05:51.759> get<00:05:51.880> a<00:05:52.039> really<00:05:52.280> nice<00:05:52.800> growth<00:05:53.080> craft 00:05:54.029 --> 00:05:54.039 align:start position:0% you you get a really nice growth craft 00:05:54.039 --> 00:05:56.790 align:start position:0% you you get a really nice growth craft okay<00:05:54.199> I'm<00:05:54.319> over<00:05:54.600> time<00:05:55.039> um<00:05:55.880> uh<00:05:56.160> so<00:05:56.520> the<00:05:56.639> other 00:05:56.790 --> 00:05:56.800 align:start position:0% okay I'm over time um uh so the other 00:05:56.800 --> 00:05:58.629 align:start position:0% okay I'm over time um uh so the other thing<00:05:56.960> that<00:05:57.080> matters<00:05:57.360> is<00:05:57.560> churn<00:05:58.360> uh<00:05:58.440> you<00:05:58.520> want 00:05:58.629 --> 00:05:58.639 align:start position:0% thing that matters is churn uh you want 00:05:58.639 --> 00:06:00.629 align:start position:0% thing that matters is churn uh you want to<00:05:58.800> make<00:05:58.919> sure<00:05:59.160> that<00:05:59.280> you're<00:05:59.680> growing<00:06:00.319> uh<00:06:00.400> your 00:06:00.629 --> 00:06:00.639 align:start position:0% to make sure that you're growing uh your 00:06:00.639 --> 00:06:02.749 align:start position:0% to make sure that you're growing uh your customer<00:06:01.039> base<00:06:01.520> the<00:06:02.080> the<00:06:02.199> cohort<00:06:02.639> of 00:06:02.749 --> 00:06:02.759 align:start position:0% customer base the the cohort of 00:06:02.759 --> 00:06:04.469 align:start position:0% customer base the the cohort of customers<00:06:03.160> that<00:06:03.280> you<00:06:03.440> have<00:06:03.639> is<00:06:03.800> growing<00:06:04.360> in 00:06:04.469 --> 00:06:04.479 align:start position:0% customers that you have is growing in 00:06:04.479 --> 00:06:06.469 align:start position:0% customers that you have is growing in terms<00:06:04.680> of<00:06:04.800> their<00:06:04.960> usage<00:06:05.240> of<00:06:05.360> the<00:06:05.520> product 00:06:06.469 --> 00:06:06.479 align:start position:0% terms of their usage of the product 00:06:06.479 --> 00:06:08.309 align:start position:0% terms of their usage of the product faster<00:06:07.199> than<00:06:07.400> the<00:06:07.599> customers<00:06:08.000> that<00:06:08.120> you're 00:06:08.309 --> 00:06:08.319 align:start position:0% faster than the customers that you're 00:06:08.319 --> 00:06:09.830 align:start position:0% faster than the customers that you're losing<00:06:08.919> to<00:06:09.120> the<00:06:09.240> customers<00:06:09.599> that<00:06:09.720> are 00:06:09.830 --> 00:06:09.840 align:start position:0% losing to the customers that are 00:06:09.840 --> 00:06:12.670 align:start position:0% losing to the customers that are churning<00:06:10.199> out<00:06:11.039> uh<00:06:11.319> if<00:06:11.479> you<00:06:11.639> have<00:06:11.880> high<00:06:12.039> churn 00:06:12.670 --> 00:06:12.680 align:start position:0% churning out uh if you have high churn 00:06:12.680 --> 00:06:14.670 align:start position:0% churning out uh if you have high churn you<00:06:12.960> basically<00:06:13.400> Plateau<00:06:14.360> because<00:06:14.560> the 00:06:14.670 --> 00:06:14.680 align:start position:0% you basically Plateau because the 00:06:14.680 --> 00:06:16.309 align:start position:0% you basically Plateau because the cohorts<00:06:15.120> all<00:06:15.280> kind<00:06:15.400> of<00:06:15.599> compressed<00:06:15.919> and<00:06:16.039> go<00:06:16.160> to 00:06:16.309 --> 00:06:16.319 align:start position:0% cohorts all kind of compressed and go to 00:06:16.319 --> 00:06:19.070 align:start position:0% cohorts all kind of compressed and go to zero<00:06:17.319> if<00:06:17.680> uh<00:06:17.800> you<00:06:18.000> have<00:06:18.120> a<00:06:18.319> negative<00:06:18.639> churn 00:06:19.070 --> 00:06:19.080 align:start position:0% zero if uh you have a negative churn 00:06:19.080 --> 00:06:22.270 align:start position:0% zero if uh you have a negative churn then<00:06:19.800> uh<00:06:19.880> you<00:06:20.000> know<00:06:20.199> it<00:06:20.360> grows<00:06:20.919> really<00:06:21.280> nicely 00:06:22.270 --> 00:06:22.280 align:start position:0% then uh you know it grows really nicely 00:06:22.280 --> 00:06:24.430 align:start position:0% then uh you know it grows really nicely okay<00:06:22.479> so<00:06:22.680> the<00:06:22.840> first<00:06:23.080> step<00:06:23.319> I<00:06:23.400> would<00:06:23.599> say<00:06:23.880> is<00:06:24.280> in 00:06:24.430 --> 00:06:24.440 align:start position:0% okay so the first step I would say is in 00:06:24.440 --> 00:06:26.350 align:start position:0% okay so the first step I would say is in summary<00:06:25.319> uh<00:06:25.400> you<00:06:25.520> got<00:06:25.639> to<00:06:25.759> measure<00:06:26.160> these 00:06:26.350 --> 00:06:26.360 align:start position:0% summary uh you got to measure these 00:06:26.360 --> 00:06:28.070 align:start position:0% summary uh you got to measure these things<00:06:26.720> if<00:06:26.800> you<00:06:26.960> don't<00:06:27.160> know<00:06:27.400> these<00:06:27.599> numbers 00:06:28.070 --> 00:06:28.080 align:start position:0% things if you don't know these numbers 00:06:28.080 --> 00:06:30.150 align:start position:0% things if you don't know these numbers then<00:06:28.840> you're<00:06:29.039> you're<00:06:29.599> going<00:06:29.680> to<00:06:29.759> have<00:06:29.840> a<00:06:29.960> bad 00:06:30.150 --> 00:06:30.160 align:start position:0% then you're you're going to have a bad 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position:0% and uh uh research about how this science<00:06:37.280> is<00:06:37.440> put<00:06:37.720> together<00:06:38.400> so<00:06:38.639> that<00:06:39.039> you<00:06:39.160> can 00:06:39.309 --> 00:06:39.319 align:start position:0% science is put together so that you can 00:06:39.319 --> 00:06:41.830 align:start position:0% science is put together so that you can build<00:06:39.560> more<00:06:39.800> sustainable<00:06:40.599> project<00:06:41.000> that<00:06:41.440> uh 00:06:41.830 --> 00:06:41.840 align:start position:0% build more sustainable project that uh 00:06:41.840 --> 00:06:46.510 align:start position:0% build more sustainable project that uh have<00:06:42.080> utility<00:06:42.919> thank 00:06:46.510 --> 00:06:46.520 align:start position:0% 00:06:46.520 --> 00:06:49.710 align:start position:0% you<00:06:47.520> thank<00:06:47.680> you<00:06:47.880> Mike<00:06:48.759> so<00:06:48.960> we<00:06:49.080> have<00:06:49.280> time<00:06:49.440> for<00:06:49.639> a 00:06:49.710 --> 00:06:49.720 align:start position:0% you thank you Mike so we have time for a 00:06:49.720 --> 00:06:51.150 align:start position:0% you thank you Mike so we have time for a few 00:06:51.150 --> 00:06:51.160 align:start position:0% few 00:06:51.160 --> 00:06:53.909 align:start position:0% few questions<00:06:52.160> it's<00:06:52.319> a 00:06:53.909 --> 00:06:53.919 align:start position:0% questions it's a 00:06:53.919 --> 00:06:59.629 align:start position:0% questions it's a bit<00:06:54.919> can<00:06:55.400> I<00:06:56.400> over<00:06:56.680> there<00:06:57.039> behind<00:06:57.360> you 00:06:59.629 --> 00:06:59.639 align:start position:0% bit can I over there behind you 00:06:59.639 --> 00:07:01.990 align:start position:0% bit can I over there behind you thank<00:06:59.840> you<00:07:00.520> what's<00:07:00.759> your<00:07:01.080> most<00:07:01.360> valuable 00:07:01.990 --> 00:07:02.000 align:start position:0% thank you what's your most valuable 00:07:02.000 --> 00:07:04.950 align:start position:0% thank you what's your most valuable customer<00:07:02.479> acquisition 00:07:04.950 --> 00:07:04.960 align:start position:0% customer acquisition 00:07:04.960 --> 00:07:07.710 align:start position:0% customer acquisition channel<00:07:05.960> uh<00:07:06.120> I<00:07:06.199> think<00:07:06.360> for<00:07:06.639> most<00:07:06.960> projects<00:07:07.479> uh 00:07:07.710 --> 00:07:07.720 align:start position:0% channel uh I think for most projects uh 00:07:07.720 --> 00:07:11.589 align:start position:0% channel uh I think for most projects uh I<00:07:07.800> mean<00:07:08.000> it's<00:07:08.280> it's<00:07:08.479> X<00:07:08.800> or<00:07:09.000> Twitter<00:07:10.120> um<00:07:11.120> uh<00:07:11.400> that 00:07:11.589 --> 00:07:11.599 align:start position:0% I mean it's it's X or Twitter um uh that 00:07:11.599 --> 00:07:13.670 align:start position:0% I mean it's it's X or Twitter um uh that just<00:07:11.879> you<00:07:12.000> know<00:07:12.319> that<00:07:12.440> that<00:07:12.560> tends<00:07:12.800> to<00:07:12.960> drive 00:07:13.670 --> 00:07:13.680 align:start position:0% just you know that that tends to drive 00:07:13.680 --> 00:07:16.270 align:start position:0% just you know that that tends to drive uh<00:07:13.879> most<00:07:14.440> uh<00:07:14.680> most<00:07:14.919> customer<00:07:15.240> acquisition<00:07:16.160> uh 00:07:16.270 --> 00:07:16.280 align:start position:0% uh most uh most customer acquisition uh 00:07:16.280 --> 00:07:17.990 align:start position:0% uh most uh most customer acquisition uh and<00:07:16.400> then<00:07:16.560> Word<00:07:16.759> of<00:07:16.919> Mouth<00:07:17.599> uh<00:07:17.680> you<00:07:17.800> know 00:07:17.990 --> 00:07:18.000 align:start position:0% and then Word of Mouth uh you know 00:07:18.000 --> 00:07:20.990 align:start position:0% and then Word of Mouth uh you know there's<00:07:18.759> in<00:07:19.000> in<00:07:19.080> the<00:07:19.240> SAS<00:07:19.599> world<00:07:20.199> uh<00:07:20.319> there's<00:07:20.479> a 00:07:20.990 --> 00:07:21.000 align:start position:0% there's in in the SAS world uh there's a 00:07:21.000 --> 00:07:23.029 align:start position:0% there's in in the SAS world uh there's a parameter<00:07:21.400> called<00:07:21.560> the<00:07:21.720> K<00:07:22.000> Factor<00:07:22.639> how<00:07:22.759> many 00:07:23.029 --> 00:07:23.039 align:start position:0% parameter called the K Factor how many 00:07:23.039 --> 00:07:25.309 align:start position:0% parameter called the K Factor how many customers<00:07:23.560> does<00:07:23.720> each<00:07:23.960> customer<00:07:24.360> refer<00:07:25.080> so<00:07:25.240> I 00:07:25.309 --> 00:07:25.319 align:start position:0% customers does each customer refer so I 00:07:25.319 --> 00:07:27.350 align:start position:0% customers does each customer refer so I think<00:07:25.440> in<00:07:25.639> crypto<00:07:26.039> it's<00:07:26.240> pretty<00:07:26.440> much<00:07:27.039> uh 00:07:27.350 --> 00:07:27.360 align:start position:0% think in crypto it's pretty much uh 00:07:27.360 --> 00:07:31.869 align:start position:0% think in crypto it's pretty much uh Twitter<00:07:27.759> and<00:07:27.919> and<00:07:28.039> Word<00:07:28.199> of<00:07:28.319> Mouth 00:07:31.869 --> 00:07:31.879 align:start position:0% 00:07:31.879 --> 00:07:34.990 align:start position:0% hey<00:07:32.520> uh<00:07:33.240> love<00:07:33.599> the<00:07:33.840> presentation<00:07:34.680> thank<00:07:34.879> you 00:07:34.990 --> 00:07:35.000 align:start position:0% hey uh love the presentation thank you 00:07:35.000 --> 00:07:38.550 align:start position:0% hey uh love the presentation thank you for<00:07:35.280> the<00:07:36.120> pricing<00:07:36.639> strategy<00:07:37.160> 101<00:07:37.840> reminder 00:07:38.550 --> 00:07:38.560 align:start position:0% for the pricing strategy 101 reminder 00:07:38.560 --> 00:07:41.189 align:start position:0% for the pricing strategy 101 reminder that<00:07:38.720> was<00:07:39.000> great<00:07:39.919> as<00:07:40.080> a<00:07:40.240> double<00:07:40.599> founder<00:07:41.039> in 00:07:41.189 --> 00:07:41.199 align:start position:0% that was great as a double founder in 00:07:41.199 --> 00:07:43.990 align:start position:0% that was great as a double founder in web<00:07:41.400> 2<00:07:41.560> and<00:07:41.720> web<00:07:41.960> 3<00:07:42.599> what's<00:07:42.840> your<00:07:43.120> take<00:07:43.560> on<00:07:43.800> the 00:07:43.990 --> 00:07:44.000 align:start position:0% web 2 and web 3 what's your take on the 00:07:44.000 --> 00:07:46.149 align:start position:0% web 2 and web 3 what's your take on the fact<00:07:44.280> that<00:07:44.440> the<00:07:44.680> majority<00:07:45.400> of<00:07:45.599> the<00:07:45.720> people<00:07:45.960> in 00:07:46.149 --> 00:07:46.159 align:start position:0% fact that the majority of the people in 00:07:46.159 --> 00:07:49.149 align:start position:0% fact that the majority of the people in crypto<00:07:46.800> come<00:07:47.039> from<00:07:47.400> like<00:07:48.039> successful<00:07:48.639> company 00:07:49.149 --> 00:07:49.159 align:start position:0% crypto come from like successful company 00:07:49.159 --> 00:07:51.790 align:start position:0% crypto come from like successful company successful<00:07:49.680> business<00:07:50.000> school<00:07:50.440> we<00:07:51.240> majority 00:07:51.790 --> 00:07:51.800 align:start position:0% successful business school we majority 00:07:51.800 --> 00:07:54.749 align:start position:0% successful business school we majority all<00:07:52.080> know<00:07:52.440> this<00:07:53.319> but<00:07:53.639> collectively<00:07:54.479> we<00:07:54.599> are 00:07:54.749 --> 00:07:54.759 align:start position:0% all know this but collectively we are 00:07:54.759 --> 00:07:56.790 align:start position:0% all know this but collectively we are not<00:07:54.960> able<00:07:55.199> to<00:07:55.319> do<00:07:55.520> the<00:07:55.759> basics<00:07:56.159> to<00:07:56.360> deliver 00:07:56.790 --> 00:07:56.800 align:start position:0% not able to do the basics to deliver 00:07:56.800 --> 00:07:59.550 align:start position:0% not able to do the basics to deliver insightful<00:07:57.599> projects<00:07:58.599> I'd<00:07:58.800> love<00:07:58.960> to<00:07:59.120> hear 00:07:59.550 --> 00:07:59.560 align:start position:0% insightful projects I'd love to hear 00:07:59.560 --> 00:08:02.830 align:start position:0% insightful projects I'd love to hear your<00:07:59.720> take<00:07:59.879> on<00:08:00.440> that<00:08:01.440> yeah<00:08:01.639> I<00:08:01.720> mean<00:08:02.159> I<00:08:02.280> guess<00:08:02.520> I 00:08:02.830 --> 00:08:02.840 align:start position:0% your take on that yeah I mean I guess I 00:08:02.840 --> 00:08:05.350 align:start position:0% your take on that yeah I mean I guess I just<00:08:03.120> to<00:08:04.120> uh<00:08:04.479> so<00:08:04.680> first<00:08:04.840> of<00:08:04.919> all<00:08:05.039> I<00:08:05.080> would<00:08:05.199> say 00:08:05.350 --> 00:08:05.360 align:start position:0% just to uh so first of all I would say 00:08:05.360 --> 00:08:07.510 align:start position:0% just to uh so first of all I would say the<00:08:05.479> operating<00:08:05.879> chops<00:08:06.280> in<00:08:06.479> crypto<00:08:06.840> are<00:08:07.199> pretty 00:08:07.510 --> 00:08:07.520 align:start position:0% the operating chops in crypto are pretty 00:08:07.520 --> 00:08:10.749 align:start position:0% the operating chops in crypto are pretty low<00:08:08.039> I<00:08:08.080> mean<00:08:08.280> the<00:08:08.800> just<00:08:09.400> being<00:08:09.840> honest<00:08:10.599> the 00:08:10.749 --> 00:08:10.759 align:start position:0% low I mean the just being honest the 00:08:10.759 --> 00:08:12.430 align:start position:0% low I mean the just being honest the average<00:08:11.000> founder<00:08:11.440> that<00:08:11.560> you<00:08:11.680> meet<00:08:11.879> in<00:08:12.080> crypto 00:08:12.430 --> 00:08:12.440 align:start position:0% average founder that you meet in crypto 00:08:12.440 --> 00:08:15.469 align:start position:0% average founder that you meet in crypto tends<00:08:12.720> to<00:08:13.720> uh<00:08:13.919> not<00:08:14.240> have<00:08:14.440> very<00:08:15.240> strong 00:08:15.469 --> 00:08:15.479 align:start position:0% tends to uh not have very strong 00:08:15.479 --> 00:08:17.749 align:start position:0% tends to uh not have very strong operating<00:08:15.800> chops<00:08:16.479> huge<00:08:16.759> amount<00:08:16.919> of<00:08:17.080> money 00:08:17.749 --> 00:08:17.759 align:start position:0% operating chops huge amount of money 00:08:17.759 --> 00:08:19.990 align:start position:0% operating chops huge amount of money wasted<00:08:18.759> um<00:08:19.080> Without<00:08:19.440> Really<00:08:19.759> any 00:08:19.990 --> 00:08:20.000 align:start position:0% wasted um Without Really any 00:08:20.000 --> 00:08:23.149 align:start position:0% wasted um Without Really any consideration<00:08:20.680> for<00:08:21.000> for<00:08:21.599> Roi<00:08:22.599> uh<00:08:22.879> you<00:08:23.000> know 00:08:23.149 --> 00:08:23.159 align:start position:0% consideration for for Roi uh you know 00:08:23.159 --> 00:08:25.070 align:start position:0% consideration for for Roi uh you know companies<00:08:23.680> just<00:08:24.199> they're<00:08:24.479> they're<00:08:24.639> not<00:08:24.800> run 00:08:25.070 --> 00:08:25.080 align:start position:0% companies just they're they're not run 00:08:25.080 --> 00:08:26.390 align:start position:0% companies just they're they're not run super<00:08:25.360> efficiently<00:08:25.800> and<00:08:25.879> so<00:08:26.000> you<00:08:26.080> see 00:08:26.390 --> 00:08:26.400 align:start position:0% super efficiently and so you see 00:08:26.400 --> 00:08:27.950 align:start position:0% super efficiently and so you see projects<00:08:26.840> that<00:08:26.919> are<00:08:27.360> even<00:08:27.560> some<00:08:27.720> of<00:08:27.800> the 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align:start position:0% that are instead just hemorrhaging money incomprehensibly<00:08:35.159> a<00:08:35.399> complete<00:08:35.839> lack<00:08:36.000> of 00:08:36.149 --> 00:08:36.159 align:start position:0% incomprehensibly a complete lack of 00:08:36.159 --> 00:08:37.990 align:start position:0% incomprehensibly a complete lack of financial<00:08:36.599> literacy<00:08:37.240> people<00:08:37.560> that<00:08:37.719> think<00:08:37.880> you 00:08:37.990 --> 00:08:38.000 align:start position:0% financial literacy people that think you 00:08:38.000 --> 00:08:39.550 align:start position:0% financial literacy people that think you know<00:08:38.120> token<00:08:38.440> emissions<00:08:38.800> are<00:08:39.039> revenue<00:08:39.399> and 00:08:39.550 --> 00:08:39.560 align:start position:0% know token emissions are revenue and 00:08:39.560 --> 00:08:43.670 align:start position:0% know token emissions are revenue and other<00:08:40.560> Insanity<00:08:41.560> um<00:08:42.120> so<00:08:42.919> uh<00:08:43.120> so<00:08:43.279> I<00:08:43.360> don't<00:08:43.519> know 00:08:43.670 --> 00:08:43.680 align:start position:0% other Insanity um so uh so I don't know 00:08:43.680 --> 00:08:45.230 align:start position:0% other Insanity um so uh so I don't know I<00:08:43.719> mean<00:08:43.959> maybe<00:08:44.399> maybe<00:08:44.640> it's<00:08:44.839> because<00:08:45.080> it's 00:08:45.230 --> 00:08:45.240 align:start position:0% I mean maybe maybe it's because it's 00:08:45.240 --> 00:08:47.990 align:start position:0% I mean maybe maybe it's because it's just<00:08:45.480> so<00:08:45.640> easy<00:08:45.880> to<00:08:46.080> make<00:08:46.279> money<00:08:47.120> by<00:08:47.399> doing<00:08:47.800> the 00:08:47.990 --> 00:08:48.000 align:start position:0% just so easy to make money by doing the 00:08:48.000 --> 00:08:49.990 align:start position:0% just so easy to make money by doing the the<00:08:48.120> Ponzi<00:08:48.600> stuff<00:08:49.000> versus<00:08:49.360> doing<00:08:49.680> the<00:08:49.880> the 00:08:49.990 --> 00:08:50.000 align:start position:0% the Ponzi stuff versus doing the the 00:08:50.000 --> 00:08:53.310 align:start position:0% the Ponzi stuff versus doing the the hard<00:08:50.240> work<00:08:50.760> um<00:08:51.399> you<00:08:51.519> know<00:08:51.959> we're<00:08:52.959> okay<00:08:53.120> I<00:08:53.200> can 00:08:53.310 --> 00:08:53.320 align:start position:0% hard work um you know we're okay I can 00:08:53.320 --> 00:08:55.829 align:start position:0% hard work um you know we're okay I can talk<00:08:53.600> more<00:08:53.720> about<00:08:53.920> that<00:08:54.080> but<00:08:54.320> I'll<00:08:54.480> stop 00:08:55.829 --> 00:08:55.839 align:start position:0% talk more about that but I'll stop 00:08:55.839 --> 00:08:59.509 align:start position:0% talk more about that but I'll stop there<00:08:56.839> thank<00:08:57.000> you<00:08:57.160> very<00:08:57.360> much<00:08:58.279> um<00:08:58.680> so<00:08:59.040> please 00:08:59.509 --> 00:08:59.519 align:start position:0% there thank you very much um so please 00:08:59.519 --> 00:09:01.509 align:start position:0% there thank you very much um so please sorry<00:08:59.800> we<00:08:59.959> would<00:09:00.200> have<00:09:00.399> more<00:09:00.720> time<00:09:00.920> for 00:09:01.509 --> 00:09:01.519 align:start position:0% sorry we would have more time for 00:09:01.519 --> 00:09:03.670 align:start position:0% sorry we would have more time for questions<00:09:02.519> um<00:09:02.760> so<00:09:03.040> thank<00:09:03.160> you<00:09:03.279> very<00:09:03.399> much<00:09:03.560> for 00:09:03.670 --> 00:09:03.680 align:start position:0% questions um so thank you very much for 00:09:03.680 --> 00:09:06.600 align:start position:0% questions um so thank you very much for your<00:09:03.839> time<00:09:04.000> and<00:09:04.120> for<00:09:04.320> this