WEBVTT Kind: captions Language: en 00:00:00.000 --> 00:00:04.350 align:start position:0% foreign 00:00:04.350 --> 00:00:04.360 align:start position:0% 00:00:04.360 --> 00:00:10.910 align:start position:0% [Music] 00:00:10.910 --> 00:00:10.920 align:start position:0% 00:00:10.920 --> 00:00:13.669 align:start position:0% what<00:00:11.580> is<00:00:11.700> this<00:00:12.000> new<00:00:12.360> virtual<00:00:12.840> world<00:00:13.139> that<00:00:13.559> we 00:00:13.669 --> 00:00:13.679 align:start position:0% what is this new virtual world that we 00:00:13.679 --> 00:00:15.890 align:start position:0% what is this new virtual world that we are<00:00:13.799> about<00:00:13.920> to<00:00:14.219> enter<00:00:14.400> and<00:00:15.360> how<00:00:15.540> do<00:00:15.660> we<00:00:15.780> go 00:00:15.890 --> 00:00:15.900 align:start position:0% are about to enter and how do we go 00:00:15.900 --> 00:00:17.930 align:start position:0% are about to enter and how do we go about<00:00:16.020> building<00:00:16.440> it 00:00:17.930 --> 00:00:17.940 align:start position:0% about building it 00:00:17.940 --> 00:00:20.390 align:start position:0% about building it my<00:00:18.660> starting<00:00:18.900> premise<00:00:19.500> is<00:00:19.619> this<00:00:19.920> is<00:00:20.039> the<00:00:20.279> most 00:00:20.390 --> 00:00:20.400 align:start position:0% my starting premise is this is the most 00:00:20.400 --> 00:00:22.550 align:start position:0% my starting premise is this is the most important<00:00:20.820> thing<00:00:21.060> that<00:00:21.480> Humanity<00:00:22.140> will<00:00:22.380> ever 00:00:22.550 --> 00:00:22.560 align:start position:0% important thing that Humanity will ever 00:00:22.560 --> 00:00:23.810 align:start position:0% important thing that Humanity will ever build 00:00:23.810 --> 00:00:23.820 align:start position:0% build 00:00:23.820 --> 00:00:26.210 align:start position:0% build a<00:00:24.300> virtual<00:00:24.600> world<00:00:24.779> to<00:00:25.019> rival<00:00:25.500> the<00:00:25.740> real<00:00:25.920> world 00:00:26.210 --> 00:00:26.220 align:start position:0% a virtual world to rival the real world 00:00:26.220 --> 00:00:28.370 align:start position:0% a virtual world to rival the real world and<00:00:26.939> how<00:00:27.119> do<00:00:27.240> you<00:00:27.359> do<00:00:27.539> that<00:00:27.660> and<00:00:27.960> I<00:00:28.140> shouldn't 00:00:28.370 --> 00:00:28.380 align:start position:0% and how do you do that and I shouldn't 00:00:28.380 --> 00:00:30.230 align:start position:0% and how do you do that and I shouldn't hide<00:00:28.500> from<00:00:28.740> the<00:00:28.920> very<00:00:29.039> beginning<00:00:29.340> that<00:00:29.939> I<00:00:30.119> see 00:00:30.230 --> 00:00:30.240 align:start position:0% hide from the very beginning that I see 00:00:30.240 --> 00:00:33.049 align:start position:0% hide from the very beginning that I see crypto<00:00:30.720> as<00:00:31.080> part<00:00:31.320> of<00:00:31.439> that<00:00:31.679> project 00:00:33.049 --> 00:00:33.059 align:start position:0% crypto as part of that project 00:00:33.059 --> 00:00:35.930 align:start position:0% crypto as part of that project after<00:00:33.660> many<00:00:34.200> years<00:00:34.440> of<00:00:34.739> trying<00:00:35.040> to 00:00:35.930 --> 00:00:35.940 align:start position:0% after many years of trying to 00:00:35.940 --> 00:00:39.110 align:start position:0% after many years of trying to come<00:00:36.540> up<00:00:36.660> with<00:00:36.960> my<00:00:37.320> own<00:00:37.500> view<00:00:38.340> on<00:00:38.579> what<00:00:38.820> crypto 00:00:39.110 --> 00:00:39.120 align:start position:0% come up with my own view on what crypto 00:00:39.120 --> 00:00:41.030 align:start position:0% come up with my own view on what crypto is<00:00:39.360> all<00:00:39.480> about<00:00:39.600> this<00:00:40.020> is<00:00:40.200> uh<00:00:40.379> this<00:00:40.680> is<00:00:40.739> where<00:00:40.920> I 00:00:41.030 --> 00:00:41.040 align:start position:0% is all about this is uh this is where I 00:00:41.040 --> 00:00:43.190 align:start position:0% is all about this is uh this is where I am<00:00:41.160> right<00:00:41.340> now<00:00:41.460> that<00:00:41.700> crypto<00:00:42.120> is<00:00:42.420> a<00:00:42.899> lather 00:00:43.190 --> 00:00:43.200 align:start position:0% am right now that crypto is a lather 00:00:43.200 --> 00:00:44.330 align:start position:0% am right now that crypto is a lather towards 00:00:44.330 --> 00:00:44.340 align:start position:0% towards 00:00:44.340 --> 00:00:46.130 align:start position:0% towards a<00:00:44.879> virtual<00:00:45.120> world<00:00:45.300> that<00:00:45.600> we're<00:00:45.780> trying<00:00:45.960> to 00:00:46.130 --> 00:00:46.140 align:start position:0% a virtual world that we're trying to 00:00:46.140 --> 00:00:47.209 align:start position:0% a virtual world that we're trying to build 00:00:47.209 --> 00:00:47.219 align:start position:0% build 00:00:47.219 --> 00:00:49.790 align:start position:0% build let<00:00:47.760> me 00:00:49.790 --> 00:00:49.800 align:start position:0% let me 00:00:49.800 --> 00:00:51.410 align:start position:0% let me tell<00:00:50.160> you<00:00:50.280> a<00:00:50.399> little<00:00:50.399> bit<00:00:50.640> about<00:00:50.820> my<00:00:51.180> book 00:00:51.410 --> 00:00:51.420 align:start position:0% tell you a little bit about my book 00:00:51.420 --> 00:00:53.450 align:start position:0% tell you a little bit about my book history<00:00:51.840> has<00:00:52.200> begun<00:00:52.559> where<00:00:52.739> I<00:00:52.920> describe<00:00:53.340> a 00:00:53.450 --> 00:00:53.460 align:start position:0% history has begun where I describe a 00:00:53.460 --> 00:00:55.610 align:start position:0% history has begun where I describe a theory<00:00:53.820> of<00:00:54.000> virtualism<00:00:54.539> how<00:00:54.960> do<00:00:55.079> we<00:00:55.199> build<00:00:55.379> a 00:00:55.610 --> 00:00:55.620 align:start position:0% theory of virtualism how do we build a 00:00:55.620 --> 00:00:57.410 align:start position:0% theory of virtualism how do we build a society<00:00:55.980> built<00:00:56.699> on 00:00:57.410 --> 00:00:57.420 align:start position:0% society built on 00:00:57.420 --> 00:01:01.729 align:start position:0% society built on on<00:00:57.719> virtual<00:00:58.620> reality<00:00:59.239> and<00:01:00.239> also<00:01:00.539> my<00:01:01.199> manifest 00:01:01.729 --> 00:01:01.739 align:start position:0% on virtual reality and also my manifest 00:01:01.739 --> 00:01:04.609 align:start position:0% on virtual reality and also my manifest of<00:01:02.160> virtualism<00:01:02.760> that<00:01:03.180> was<00:01:03.359> sold<00:01:03.600> as<00:01:03.840> an<00:01:04.019> nft<00:01:04.260> in 00:01:04.609 --> 00:01:04.619 align:start position:0% of virtualism that was sold as an nft in 00:01:04.619 --> 00:01:07.910 align:start position:0% of virtualism that was sold as an nft in 2021<00:01:05.360> and<00:01:06.360> that<00:01:06.540> you<00:01:06.780> can<00:01:06.900> find<00:01:07.260> easily<00:01:07.740> I 00:01:07.910 --> 00:01:07.920 align:start position:0% 2021 and that you can find easily I 00:01:07.920 --> 00:01:10.850 align:start position:0% 2021 and that you can find easily I think<00:01:08.040> on<00:01:08.159> openc<00:01:08.700> or<00:01:09.119> Zora<00:01:09.840> if<00:01:10.560> you<00:01:10.680> want<00:01:10.740> to 00:01:10.850 --> 00:01:10.860 align:start position:0% think on openc or Zora if you want to 00:01:10.860 --> 00:01:13.850 align:start position:0% think on openc or Zora if you want to take<00:01:10.979> a<00:01:11.100> look<00:01:11.220> and<00:01:11.520> it's<00:01:11.760> up<00:01:12.000> 15<00:01:12.240> points<00:01:12.840> of<00:01:13.080> how 00:01:13.850 --> 00:01:13.860 align:start position:0% take a look and it's up 15 points of how 00:01:13.860 --> 00:01:15.710 align:start position:0% take a look and it's up 15 points of how to<00:01:13.920> build<00:01:14.100> a<00:01:14.340> virtual<00:01:14.640> world 00:01:15.710 --> 00:01:15.720 align:start position:0% to build a virtual world 00:01:15.720 --> 00:01:17.929 align:start position:0% to build a virtual world I'll<00:01:16.439> start 00:01:17.929 --> 00:01:17.939 align:start position:0% I'll start 00:01:17.939 --> 00:01:20.990 align:start position:0% I'll start with<00:01:18.780> nfts<00:01:19.560> very<00:01:19.799> briefly<00:01:20.220> and<00:01:20.640> then<00:01:20.759> we'll 00:01:20.990 --> 00:01:21.000 align:start position:0% with nfts very briefly and then we'll 00:01:21.000 --> 00:01:23.210 align:start position:0% with nfts very briefly and then we'll move<00:01:21.240> on<00:01:21.479> to 00:01:23.210 --> 00:01:23.220 align:start position:0% move on to 00:01:23.220 --> 00:01:27.109 align:start position:0% move on to currency<00:01:24.259> monetary<00:01:25.259> history<00:01:25.500> and<00:01:26.280> ether<00:01:26.820> and 00:01:27.109 --> 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--> 00:01:43.190 align:start position:0% of the works hanging there on the wall and<00:01:41.880> he<00:01:42.060> burned<00:01:42.360> them<00:01:42.479> because<00:01:42.659> they<00:01:42.900> had<00:01:43.020> been 00:01:43.190 --> 00:01:43.200 align:start position:0% and he burned them because they had been 00:01:43.200 --> 00:01:45.830 align:start position:0% and he burned them because they had been sold<00:01:43.500> as<00:01:43.740> nfts<00:01:44.400> and<00:01:44.820> the<00:01:44.939> buyers<00:01:45.299> were<00:01:45.540> able<00:01:45.720> to 00:01:45.830 --> 00:01:45.840 align:start position:0% sold as nfts and the buyers were able to 00:01:45.840 --> 00:01:47.630 align:start position:0% sold as nfts and the buyers were able to choose<00:01:46.079> whether<00:01:46.439> they<00:01:46.619> wanted<00:01:46.799> to<00:01:47.040> keep<00:01:47.280> the 00:01:47.630 --> 00:01:47.640 align:start position:0% choose whether they wanted to keep the 00:01:47.640 --> 00:01:49.190 align:start position:0% choose whether they wanted to keep the nft<00:01:47.939> or<00:01:48.240> whether<00:01:48.420> they<00:01:48.540> wanted<00:01:48.720> to<00:01:48.900> keep<00:01:49.020> the 00:01:49.190 --> 00:01:49.200 align:start position:0% nft or whether they wanted to keep the 00:01:49.200 --> 00:01:50.690 align:start position:0% nft or whether they wanted to keep the physical<00:01:49.380> object 00:01:50.690 --> 00:01:50.700 align:start position:0% physical object 00:01:50.700 --> 00:01:52.670 align:start position:0% physical object and<00:01:51.119> we<00:01:51.299> could<00:01:51.420> only<00:01:51.540> keep<00:01:51.780> one<00:01:52.020> which<00:01:52.439> I<00:01:52.560> think 00:01:52.670 --> 00:01:52.680 align:start position:0% and we could only keep one which I think 00:01:52.680 --> 00:01:54.830 align:start position:0% and we could only keep one which I think is<00:01:52.799> an<00:01:52.920> interesting<00:01:53.280> premise<00:01:53.720> interesting<00:01:54.720> of 00:01:54.830 --> 00:01:54.840 align:start position:0% is an interesting premise interesting of 00:01:54.840 --> 00:01:56.749 align:start position:0% is an interesting premise interesting of the<00:01:55.079> ten<00:01:55.259> thousand<00:01:55.560> that<00:01:55.680> was<00:01:55.860> sold<00:01:56.100> about 00:01:56.749 --> 00:01:56.759 align:start position:0% the ten thousand that was sold about 00:01:56.759 --> 00:01:59.090 align:start position:0% the ten thousand that was sold about half<00:01:57.060> five<00:01:57.540> thousand<00:01:57.840> chose<00:01:58.140> the<00:01:58.320> nft<00:01:58.619> and 00:01:59.090 --> 00:01:59.100 align:start position:0% half five thousand chose the nft and 00:01:59.100 --> 00:02:00.830 align:start position:0% half five thousand chose the nft and therefore<00:01:59.460> the<00:01:59.939> physical<00:02:00.060> work<00:02:00.479> was 00:02:00.830 --> 00:02:00.840 align:start position:0% therefore the physical work was 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here<00:02:11.280> this<00:02:11.640> is 00:02:11.750 --> 00:02:11.760 align:start position:0% considerable style you see here this is 00:02:11.760 --> 00:02:14.930 align:start position:0% considerable style you see here this is almost<00:02:11.940> a<00:02:12.300> medical<00:02:12.980> covid-like<00:02:13.980> operation<00:02:14.640> by 00:02:14.930 --> 00:02:14.940 align:start position:0% almost a medical covid-like operation by 00:02:14.940 --> 00:02:18.229 align:start position:0% almost a medical covid-like operation by which<00:02:15.120> it<00:02:15.300> destroys<00:02:15.780> the<00:02:16.500> the<00:02:17.220> works<00:02:17.700> and<00:02:18.060> here 00:02:18.229 --> 00:02:18.239 align:start position:0% which it destroys the the works and here 00:02:18.239 --> 00:02:21.410 align:start position:0% which it destroys the the works and here he<00:02:18.540> is<00:02:18.599> looking<00:02:19.379> attentively<00:02:20.280> at<00:02:20.940> that<00:02:21.120> there 00:02:21.410 --> 00:02:21.420 align:start position:0% he is looking attentively at that there 00:02:21.420 --> 00:02:24.410 align:start position:0% he is looking attentively at that there won't<00:02:21.599> be<00:02:21.720> any<00:02:21.900> slides<00:02:22.379> let<00:02:22.920> me<00:02:23.040> make<00:02:23.280> a<00:02:23.640> a<00:02:24.239> few 00:02:24.410 --> 00:02:24.420 align:start position:0% won't be any slides let me make a a few 00:02:24.420 --> 00:02:26.990 align:start position:0% won't be any slides let me make a a few initial<00:02:24.780> comments<00:02:25.260> I<00:02:25.739> see<00:02:25.920> this<00:02:26.160> as 00:02:26.990 --> 00:02:27.000 align:start position:0% initial comments I see this as 00:02:27.000 --> 00:02:28.970 align:start position:0% initial comments I see this as not<00:02:27.480> a<00:02:27.660> big<00:02:27.720> fan<00:02:27.900> of<00:02:28.020> Damian<00:02:28.260> hers<00:02:28.560> but<00:02:28.739> I<00:02:28.860> see 00:02:28.970 --> 00:02:28.980 align:start position:0% not a big fan of Damian hers but I see 00:02:28.980 --> 00:02:31.010 align:start position:0% not a big fan of Damian hers but I see this<00:02:29.099> is<00:02:29.220> a<00:02:29.400> very<00:02:29.520> interesting<00:02:29.879> premise<00:02:30.300> that 00:02:31.010 --> 00:02:31.020 align:start position:0% this is a very interesting premise that 00:02:31.020 --> 00:02:33.830 align:start position:0% this is a very interesting premise that nfts<00:02:31.739> only<00:02:32.040> make<00:02:32.340> sense<00:02:32.760> if<00:02:33.360> there<00:02:33.540> is<00:02:33.660> no 00:02:33.830 --> 00:02:33.840 align:start position:0% nfts only make sense if there is no 00:02:33.840 --> 00:02:35.930 align:start position:0% nfts only make sense if there is no physical<00:02:34.020> object 00:02:35.930 --> 00:02:35.940 align:start position:0% physical object 00:02:35.940 --> 00:02:38.630 align:start position:0% physical object directly<00:02:36.660> correspond<00:02:37.260> to<00:02:37.500> that<00:02:38.040> the<00:02:38.220> virtual 00:02:38.630 --> 00:02:38.640 align:start position:0% directly correspond to that the virtual 00:02:38.640 --> 00:02:42.229 align:start position:0% directly correspond to that the virtual object<00:02:39.420> the<00:02:39.720> nft<00:02:40.099> cannot<00:02:41.099> really<00:02:41.340> survive<00:02:41.819> if 00:02:42.229 --> 00:02:42.239 align:start position:0% object the nft cannot really survive if 00:02:42.239 --> 00:02:43.729 align:start position:0% object the nft cannot really survive if there<00:02:42.420> is<00:02:42.540> a<00:02:42.720> physical<00:02:42.900> object<00:02:43.319> on<00:02:43.500> the<00:02:43.620> side 00:02:43.729 --> 00:02:43.739 align:start position:0% there is a physical object on the side 00:02:43.739 --> 00:02:45.110 align:start position:0% there is a physical object on the side and<00:02:43.920> you<00:02:44.040> have<00:02:44.160> to<00:02:44.220> pick<00:02:44.400> whether<00:02:44.819> you<00:02:45.000> want 00:02:45.110 --> 00:02:45.120 align:start position:0% and you have to pick whether you want 00:02:45.120 --> 00:02:46.490 align:start position:0% and you have to pick whether you want the<00:02:45.300> physical<00:02:45.420> object<00:02:45.900> or<00:02:46.080> you<00:02:46.260> want<00:02:46.379> the 00:02:46.490 --> 00:02:46.500 align:start position:0% the physical object or you want the 00:02:46.500 --> 00:02:48.890 align:start position:0% the physical object or you want the virtual<00:02:46.860> object<00:02:47.220> where<00:02:47.879> I<00:02:48.060> think<00:02:48.180> that<00:02:48.480> Hurst 00:02:48.890 --> 00:02:48.900 align:start position:0% virtual object where I think that Hurst 00:02:48.900 --> 00:02:50.930 align:start position:0% virtual object where I think that Hurst is<00:02:49.080> not<00:02:49.200> going<00:02:49.379> far<00:02:49.620> enough<00:02:49.800> and<00:02:50.280> most<00:02:50.700> of<00:02:50.819> us 00:02:50.930 --> 00:02:50.940 align:start position:0% is not going far enough and most of us 00:02:50.940 --> 00:02:52.850 align:start position:0% is not going far enough and most of us are<00:02:51.180> not<00:02:51.300> going<00:02:51.540> far<00:02:51.780> enough<00:02:51.959> is<00:02:52.440> that<00:02:52.560> in<00:02:52.800> this 00:02:52.850 --> 00:02:52.860 align:start position:0% are not going far enough is that in this 00:02:52.860 --> 00:02:54.830 align:start position:0% are not going far enough is that in this case<00:02:53.040> the<00:02:53.280> nft<00:02:53.519> still<00:02:54.000> refers<00:02:54.360> to<00:02:54.540> a<00:02:54.720> physical 00:02:54.830 --> 00:02:54.840 align:start position:0% case the nft still refers to a physical 00:02:54.840 --> 00:02:57.410 align:start position:0% case the nft still refers to a physical object<00:02:55.379> there<00:02:55.860> on<00:02:56.099> the<00:02:56.220> walls<00:02:56.580> and<00:02:57.120> even<00:02:57.239> if 00:02:57.410 --> 00:02:57.420 align:start position:0% object there on the walls and even if 00:02:57.420 --> 00:02:59.570 align:start position:0% object there on the walls and even if it's<00:02:57.599> destroyed<00:02:58.260> it<00:02:58.920> was<00:02:59.040> there<00:02:59.220> to<00:02:59.459> begin 00:02:59.570 --> 00:02:59.580 align:start position:0% it's destroyed it was there to begin 00:02:59.580 --> 00:03:02.390 align:start position:0% it's destroyed it was there to begin with<00:02:59.879> we<00:03:00.420> still<00:03:00.660> haven't<00:03:00.900> figured<00:03:01.440> out<00:03:01.500> how<00:03:02.280> to 00:03:02.390 --> 00:03:02.400 align:start position:0% with we still haven't figured out how to 00:03:02.400 --> 00:03:04.490 align:start position:0% with we still haven't figured out how to have<00:03:02.580> nfts<00:03:03.360> that<00:03:03.599> don't<00:03:03.720> refer<00:03:04.140> to<00:03:04.200> physical 00:03:04.490 --> 00:03:04.500 align:start position:0% have nfts that don't refer to physical 00:03:04.500 --> 00:03:08.110 align:start position:0% have nfts that don't refer to physical reality<00:03:04.980> at<00:03:05.220> all<00:03:05.760> how<00:03:06.360> to<00:03:06.599> truly<00:03:06.959> Embrace<00:03:07.440> this 00:03:08.110 --> 00:03:08.120 align:start position:0% reality at all how to truly Embrace this 00:03:08.120 --> 00:03:10.790 align:start position:0% reality at all how to truly Embrace this symbolic<00:03:09.120> gesture<00:03:09.599> of<00:03:10.080> destroying<00:03:10.620> the 00:03:10.790 --> 00:03:10.800 align:start position:0% symbolic gesture of destroying the 00:03:10.800 --> 00:03:12.290 align:start position:0% symbolic gesture of destroying the physical<00:03:10.980> object<00:03:11.459> that's<00:03:11.700> what<00:03:11.819> I<00:03:12.000> like<00:03:12.120> about 00:03:12.290 --> 00:03:12.300 align:start position:0% physical object that's what I like about 00:03:12.300 --> 00:03:14.750 align:start position:0% physical object that's what I like about this<00:03:12.599> the<00:03:12.959> symbolic<00:03:13.800> gesture<00:03:14.159> of<00:03:14.340> destroying 00:03:14.750 --> 00:03:14.760 align:start position:0% this the symbolic gesture of destroying 00:03:14.760 --> 00:03:17.089 align:start position:0% this the symbolic gesture of destroying the<00:03:14.940> physical<00:03:15.120> object<00:03:15.599> and<00:03:15.900> being<00:03:16.500> left<00:03:16.739> only 00:03:17.089 --> 00:03:17.099 align:start position:0% the physical object and being left only 00:03:17.099 --> 00:03:19.369 align:start position:0% the physical object and being left only with<00:03:17.400> a<00:03:17.580> virtual<00:03:17.879> object<00:03:18.239> now<00:03:18.780> how<00:03:18.959> do<00:03:19.080> we<00:03:19.200> do 00:03:19.369 --> 00:03:19.379 align:start position:0% with a virtual object now how do we do 00:03:19.379 --> 00:03:21.410 align:start position:0% with a virtual object now how do we do that<00:03:19.560> and<00:03:19.800> I<00:03:20.040> think<00:03:20.159> the<00:03:20.459> answer<00:03:20.640> is<00:03:20.940> more<00:03:21.300> or 00:03:21.410 --> 00:03:21.420 align:start position:0% that and I think the answer is more or 00:03:21.420 --> 00:03:22.790 align:start position:0% that and I think the answer is more or less<00:03:21.540> clear 00:03:22.790 --> 00:03:22.800 align:start position:0% less clear 00:03:22.800 --> 00:03:24.830 align:start position:0% less clear I'm<00:03:23.220> interested<00:03:23.580> in<00:03:23.760> in<00:03:24.000> how<00:03:24.300> you're<00:03:24.480> thinking 00:03:24.830 --> 00:03:24.840 align:start position:0% I'm interested in in how you're thinking 00:03:24.840 --> 00:03:27.470 align:start position:0% I'm interested in in how you're thinking about<00:03:25.019> that<00:03:25.440> yourselves 00:03:27.470 --> 00:03:27.480 align:start position:0% about that yourselves 00:03:27.480 --> 00:03:30.710 align:start position:0% about that yourselves nfts<00:03:28.440> cannot<00:03:28.860> be<00:03:29.159> a<00:03:29.340> gpac<00:03:29.879> cannot<00:03:30.420> be<00:03:30.540> a 00:03:30.710 --> 00:03:30.720 align:start position:0% nfts cannot be a gpac cannot be a 00:03:30.720 --> 00:03:32.770 align:start position:0% nfts cannot be a gpac cannot be a painting<00:03:31.140> cannot<00:03:31.620> be<00:03:31.800> a<00:03:32.040> video 00:03:32.770 --> 00:03:32.780 align:start position:0% painting cannot be a video 00:03:32.780 --> 00:03:36.290 align:start position:0% painting cannot be a video nfts<00:03:33.780> have<00:03:34.200> to<00:03:34.379> be<00:03:34.620> a<00:03:34.920> form<00:03:35.099> of<00:03:35.580> access 00:03:36.290 --> 00:03:36.300 align:start position:0% nfts have to be a form of access 00:03:36.300 --> 00:03:39.589 align:start position:0% nfts have to be a form of access permission<00:03:37.080> to<00:03:38.040> a<00:03:38.519> program 00:03:39.589 --> 00:03:39.599 align:start position:0% permission to a program 00:03:39.599 --> 00:03:42.530 align:start position:0% permission to a program to<00:03:40.080> a<00:03:40.319> metaverse<00:03:40.799> of<00:03:41.040> some<00:03:41.220> kind<00:03:41.819> it's<00:03:42.360> very 00:03:42.530 --> 00:03:42.540 align:start position:0% to a metaverse of some kind it's very 00:03:42.540 --> 00:03:44.030 align:start position:0% to a metaverse of some kind it's very different<00:03:42.720> to<00:03:43.140> have<00:03:43.260> a<00:03:43.500> painting<00:03:43.799> you<00:03:43.920> can 00:03:44.030 --> 00:03:44.040 align:start position:0% different to have a painting you can 00:03:44.040 --> 00:03:45.530 align:start position:0% different to have a painting you can hang<00:03:44.220> on<00:03:44.459> the<00:03:44.580> wall<00:03:44.700> and<00:03:44.940> there's<00:03:45.060> an<00:03:45.239> nft 00:03:45.530 --> 00:03:45.540 align:start position:0% hang on the wall and there's an nft 00:03:45.540 --> 00:03:47.270 align:start position:0% hang on the wall and there's an nft corresponding<00:03:46.260> to<00:03:46.440> it<00:03:46.560> but<00:03:46.799> is<00:03:46.920> this<00:03:47.099> really 00:03:47.270 --> 00:03:47.280 align:start position:0% corresponding to it but is this really 00:03:47.280 --> 00:03:49.850 align:start position:0% corresponding to it but is this really what<00:03:47.640> we<00:03:47.819> want<00:03:48.000> you<00:03:48.780> know<00:03:48.840> the<00:03:49.019> nft<00:03:49.260> is<00:03:49.500> in<00:03:49.739> your 00:03:49.850 --> 00:03:49.860 align:start position:0% what we want you know the nft is in your 00:03:49.860 --> 00:03:52.610 align:start position:0% what we want you know the nft is in your wallet<00:03:50.280> on<00:03:51.180> the<00:03:51.360> blockchain<00:03:51.780> but<00:03:52.260> in<00:03:52.560> fact 00:03:52.610 --> 00:03:52.620 align:start position:0% wallet on the blockchain but in fact 00:03:52.620 --> 00:03:53.809 align:start position:0% wallet on the blockchain but in fact when<00:03:52.860> you<00:03:52.980> show<00:03:53.159> it<00:03:53.280> to<00:03:53.340> your<00:03:53.519> friends<00:03:53.640> you 00:03:53.809 --> 00:03:53.819 align:start position:0% when you show it to your friends you 00:03:53.819 --> 00:03:55.670 align:start position:0% when you show it to your friends you show<00:03:54.000> it<00:03:54.120> on<00:03:54.239> the<00:03:54.360> wall<00:03:54.480> perhaps<00:03:54.840> a<00:03:55.019> video<00:03:55.200> on<00:03:55.500> a 00:03:55.670 --> 00:03:55.680 align:start position:0% show it on the wall perhaps a video on a 00:03:55.680 --> 00:03:56.630 align:start position:0% show it on the wall perhaps a video on a screen<00:03:55.739> that<00:03:55.980> you<00:03:56.159> have<00:03:56.280> in<00:03:56.340> your<00:03:56.519> apartment 00:03:56.630 --> 00:03:56.640 align:start position:0% screen that you have in your apartment 00:03:56.640 --> 00:03:59.210 align:start position:0% screen that you have in your apartment this<00:03:57.060> is<00:03:57.180> not<00:03:57.299> what<00:03:57.540> we<00:03:57.659> want<00:03:57.900> we<00:03:58.440> want<00:03:58.560> an<00:03:58.860> ift 00:03:59.210 --> 00:03:59.220 align:start position:0% this is not what we want we want an ift 00:03:59.220 --> 00:04:01.850 align:start position:0% this is not what we want we want an ift that<00:03:59.580> lives<00:04:00.000> entirely<00:04:00.659> on<00:04:01.260> the<00:04:01.440> blockchain 00:04:01.850 --> 00:04:01.860 align:start position:0% that lives entirely on the blockchain 00:04:01.860 --> 00:04:04.070 align:start position:0% that lives entirely on the blockchain that<00:04:02.159> is<00:04:02.280> entirely<00:04:02.700> a<00:04:02.879> virtual<00:04:03.120> object<00:04:03.420> and 00:04:04.070 --> 00:04:04.080 align:start position:0% that is entirely a virtual object and 00:04:04.080 --> 00:04:06.110 align:start position:0% that is entirely a virtual object and this<00:04:04.260> can<00:04:04.440> only<00:04:04.560> happen<00:04:04.860> with<00:04:05.459> some<00:04:05.760> kind<00:04:05.940> of 00:04:06.110 --> 00:04:06.120 align:start position:0% this can only happen with some kind of 00:04:06.120 --> 00:04:09.770 align:start position:0% this can only happen with some kind of metaverse<00:04:07.319> if<00:04:08.040> you<00:04:08.220> hang<00:04:08.459> your<00:04:09.060> painting<00:04:09.480> on<00:04:09.599> a 00:04:09.770 --> 00:04:09.780 align:start position:0% metaverse if you hang your painting on a 00:04:09.780 --> 00:04:11.270 align:start position:0% metaverse if you hang your painting on a metaverse<00:04:10.260> a<00:04:10.379> virtual<00:04:10.680> object<00:04:10.980> on<00:04:11.159> a 00:04:11.270 --> 00:04:11.280 align:start position:0% metaverse a virtual object on a 00:04:11.280 --> 00:04:12.830 align:start position:0% metaverse a virtual object on a metaverse<00:04:11.760> what<00:04:12.000> is<00:04:12.120> really<00:04:12.299> happening<00:04:12.659> here 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align:start position:0% with an nft you become a co-creator in that<00:04:27.120> environment<00:04:27.540> an<00:04:27.900> nft<00:04:28.199> is<00:04:28.620> not<00:04:28.860> a 00:04:29.030 --> 00:04:29.040 align:start position:0% that environment an nft is not a 00:04:29.040 --> 00:04:30.770 align:start position:0% that environment an nft is not a physical<00:04:29.160> object<00:04:29.580> and<00:04:29.759> does<00:04:29.940> not<00:04:30.120> refer<00:04:30.479> to<00:04:30.600> a 00:04:30.770 --> 00:04:30.780 align:start position:0% physical object and does not refer to a 00:04:30.780 --> 00:04:32.390 align:start position:0% physical object and does not refer to a physical<00:04:30.900> object 00:04:32.390 --> 00:04:32.400 align:start position:0% physical object 00:04:32.400 --> 00:04:34.969 align:start position:0% physical object an<00:04:32.820> nft<00:04:33.120> can<00:04:33.419> take<00:04:33.540> the<00:04:33.780> form<00:04:33.960> of<00:04:34.440> a<00:04:34.680> painting 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involves<00:04:42.000> some<00:04:42.540> access<00:04:42.780> and<00:04:43.139> deployment<00:04:43.620> of 00:04:43.969 --> 00:04:43.979 align:start position:0% involves some access and deployment of 00:04:43.979 --> 00:04:46.550 align:start position:0% involves some access and deployment of the<00:04:44.100> metaverse<00:04:44.639> program<00:04:44.880> but<00:04:45.780> more<00:04:46.080> radically 00:04:46.550 --> 00:04:46.560 align:start position:0% the metaverse program but more radically 00:04:46.560 --> 00:04:48.770 align:start position:0% the metaverse program but more radically and<00:04:46.860> more<00:04:47.040> interestingly<00:04:47.759> a<00:04:48.120> metaverse<00:04:48.600> would 00:04:48.770 --> 00:04:48.780 align:start position:0% and more interestingly a metaverse would 00:04:48.780 --> 00:04:50.930 align:start position:0% and more interestingly a metaverse would be<00:04:48.960> for<00:04:49.199> example<00:04:49.440> the<00:04:49.800> ability<00:04:50.040> to<00:04:50.400> drive<00:04:50.639> a 00:04:50.930 --> 00:04:50.940 align:start position:0% be for example the ability to drive a 00:04:50.940 --> 00:04:53.510 align:start position:0% be for example the ability to drive a car<00:04:51.060> in<00:04:51.540> the<00:04:51.660> metaverse<00:04:52.199> where<00:04:52.860> the<00:04:53.100> access<00:04:53.220> to 00:04:53.510 --> 00:04:53.520 align:start position:0% car in the metaverse where the access to 00:04:53.520 --> 00:04:55.249 align:start position:0% car in the metaverse where the access to the<00:04:53.699> program<00:04:53.880> is<00:04:54.180> much<00:04:54.419> deeper<00:04:54.780> and<00:04:54.900> allows 00:04:55.249 --> 00:04:55.259 align:start position:0% the program is much deeper and allows 00:04:55.259 --> 00:04:57.530 align:start position:0% the program is much deeper and allows for<00:04:55.380> much<00:04:55.620> more<00:04:55.800> functionality<00:04:56.460> and<00:04:57.240> many 00:04:57.530 --> 00:04:57.540 align:start position:0% for much more functionality and many 00:04:57.540 --> 00:04:59.270 align:start position:0% for much more functionality and many other<00:04:57.720> possibilities<00:04:58.259> as<00:04:58.560> we<00:04:58.740> know<00:04:58.860> in<00:04:59.160> the 00:04:59.270 --> 00:04:59.280 align:start position:0% other possibilities as we know in the 00:04:59.280 --> 00:05:01.189 align:start position:0% other possibilities as we know in the future<00:04:59.340> if<00:04:59.820> you<00:04:59.940> operate<00:05:00.300> a<00:05:00.600> shop<00:05:00.780> in<00:05:01.080> the 00:05:01.189 --> 00:05:01.199 align:start position:0% future if you operate a shop in the 00:05:01.199 --> 00:05:02.990 align:start position:0% future if you operate a shop in the metaverse<00:05:01.620> you<00:05:01.800> have<00:05:01.919> an<00:05:02.040> nft 00:05:02.990 --> 00:05:03.000 align:start position:0% metaverse you have an nft 00:05:03.000 --> 00:05:05.629 align:start position:0% metaverse you have an nft that<00:05:03.720> allows<00:05:04.080> you<00:05:04.139> to<00:05:04.380> operate<00:05:04.740> that<00:05:04.979> shot 00:05:05.629 --> 00:05:05.639 align:start position:0% that allows you to operate that shot 00:05:05.639 --> 00:05:07.610 align:start position:0% that allows you to operate that shot this<00:05:06.240> I<00:05:06.360> think<00:05:06.479> is<00:05:06.840> much<00:05:07.020> more<00:05:07.259> interesting 00:05:07.610 --> 00:05:07.620 align:start position:0% this I think is much more interesting 00:05:07.620 --> 00:05:10.129 align:start position:0% this I think is much more interesting than<00:05:07.919> the<00:05:08.220> Commerce<00:05:08.520> driven<00:05:08.940> idea<00:05:09.240> of<00:05:09.360> NXT<00:05:09.660> as 00:05:10.129 --> 00:05:10.139 align:start position:0% than the Commerce driven idea of NXT as 00:05:10.139 --> 00:05:11.930 align:start position:0% than the Commerce driven idea of NXT as giving<00:05:10.440> you<00:05:10.680> property<00:05:11.160> and<00:05:11.400> perhaps<00:05:11.759> access 00:05:11.930 --> 00:05:11.940 align:start position:0% giving you property and perhaps access 00:05:11.940 --> 00:05:14.270 align:start position:0% giving you property and perhaps access to<00:05:12.300> income<00:05:12.600> the<00:05:12.840> nft<00:05:13.080> gives<00:05:13.500> you<00:05:13.620> power<00:05:13.919> to 00:05:14.270 --> 00:05:14.280 align:start position:0% to income the nft gives you power to 00:05:14.280 --> 00:05:16.969 align:start position:0% to income the nft gives you power to enter<00:05:14.520> the<00:05:15.060> code<00:05:15.240> to<00:05:15.600> enter<00:05:15.780> the<00:05:16.020> program<00:05:16.199> of<00:05:16.800> a 00:05:16.969 --> 00:05:16.979 align:start position:0% enter the code to enter the program of a 00:05:16.979 --> 00:05:19.070 align:start position:0% enter the code to enter the program of a virtual<00:05:17.280> world 00:05:19.070 --> 00:05:19.080 align:start position:0% virtual world 00:05:19.080 --> 00:05:21.050 align:start position:0% virtual world now 00:05:21.050 --> 00:05:21.060 align:start position:0% now 00:05:21.060 --> 00:05:22.790 align:start position:0% now with<00:05:21.540> this<00:05:21.660> in<00:05:21.840> mind 00:05:22.790 --> 00:05:22.800 align:start position:0% with this in mind 00:05:22.800 --> 00:05:26.990 align:start position:0% with this in mind with<00:05:23.400> this<00:05:23.699> symbolic<00:05:24.600> gesture<00:05:25.080> of<00:05:26.000> destroying 00:05:26.990 --> 00:05:27.000 align:start position:0% with this symbolic gesture of destroying 00:05:27.000 --> 00:05:28.969 align:start position:0% with this symbolic gesture of destroying the<00:05:27.180> physical<00:05:27.300> world<00:05:27.720> and<00:05:28.080> migrating<00:05:28.500> fully 00:05:28.969 --> 00:05:28.979 align:start position:0% the physical world and migrating fully 00:05:28.979 --> 00:05:30.710 align:start position:0% the physical world and migrating fully to<00:05:29.100> a<00:05:29.220> virtual<00:05:29.520> world<00:05:29.759> how<00:05:30.180> do<00:05:30.300> we<00:05:30.479> think<00:05:30.600> about 00:05:30.710 --> 00:05:30.720 align:start position:0% to a virtual world how do we think about 00:05:30.720 --> 00:05:33.890 align:start position:0% to a virtual world how do we think about money<00:05:31.100> and<00:05:32.100> I<00:05:32.460> hope<00:05:32.759> I'll<00:05:33.000> give<00:05:33.180> you<00:05:33.360> a<00:05:33.720> broad 00:05:33.890 --> 00:05:33.900 align:start position:0% money and I hope I'll give you a broad 00:05:33.900 --> 00:05:35.290 align:start position:0% money and I hope I'll give you a broad perspective 00:05:35.290 --> 00:05:35.300 align:start position:0% perspective 00:05:35.300 --> 00:05:40.370 align:start position:0% perspective uh<00:05:36.300> rooted<00:05:36.900> in<00:05:37.220> monetary<00:05:38.220> history<00:05:38.520> of<00:05:39.120> how<00:05:39.479> in 00:05:40.370 --> 00:05:40.380 align:start position:0% uh rooted in monetary history of how in 00:05:40.380 --> 00:05:43.310 align:start position:0% uh rooted in monetary history of how in fact<00:05:40.560> we<00:05:41.520> are<00:05:41.699> very<00:05:42.120> close<00:05:42.300> to<00:05:42.780> what<00:05:43.080> I<00:05:43.199> would 00:05:43.310 --> 00:05:43.320 align:start position:0% fact we are very close to what I would 00:05:43.320 --> 00:05:45.529 align:start position:0% fact we are very close to what I would call<00:05:43.440> the<00:05:43.680> Holy<00:05:44.039> Grail<00:05:44.340> of<00:05:45.120> monetary 00:05:45.529 --> 00:05:45.539 align:start position:0% call the Holy Grail of monetary 00:05:45.539 --> 00:05:46.790 align:start position:0% call the Holy Grail of monetary economics 00:05:46.790 --> 00:05:46.800 align:start position:0% economics 00:05:46.800 --> 00:05:48.830 align:start position:0% economics what<00:05:47.220> is<00:05:47.340> my<00:05:47.460> what<00:05:47.759> is<00:05:47.940> money 00:05:48.830 --> 00:05:48.840 align:start position:0% what is my what is money 00:05:48.840 --> 00:05:52.610 align:start position:0% what is my what is money money<00:05:49.320> is<00:05:49.919> not<00:05:50.280> real<00:05:50.720> money<00:05:51.720> is<00:05:52.080> virtual<00:05:52.380> and 00:05:52.610 --> 00:05:52.620 align:start position:0% money is not real money is virtual and 00:05:52.620 --> 00:05:55.070 align:start position:0% money is not real money is virtual and by<00:05:52.800> definition<00:05:53.039> it<00:05:53.639> has<00:05:53.820> to<00:05:53.940> be<00:05:54.060> virtual<00:05:54.419> I 00:05:55.070 --> 00:05:55.080 align:start position:0% by definition it has to be virtual I 00:05:55.080 --> 00:05:57.110 align:start position:0% by definition it has to be virtual I think<00:05:55.199> many<00:05:55.620> people<00:05:55.860> today<00:05:56.220> in<00:05:56.520> our<00:05:56.699> society 00:05:57.110 --> 00:05:57.120 align:start position:0% think many people today in our society 00:05:57.120 --> 00:05:59.029 align:start position:0% think many people today in our society still<00:05:57.539> have<00:05:57.780> an<00:05:58.020> enormous<00:05:58.380> difficulty 00:05:59.029 --> 00:05:59.039 align:start position:0% still have an enormous difficulty 00:05:59.039 --> 00:06:00.830 align:start position:0% still have an enormous difficulty accepting<00:05:59.520> this<00:05:59.759> the<00:06:00.060> money<00:06:00.240> is<00:06:00.479> the<00:06:00.720> most 00:06:00.830 --> 00:06:00.840 align:start position:0% accepting this the money is the most 00:06:00.840 --> 00:06:02.629 align:start position:0% accepting this the money is the most sacred<00:06:01.259> thing<00:06:01.500> they<00:06:01.680> can<00:06:01.860> think<00:06:02.039> of<00:06:02.220> and<00:06:02.460> the 00:06:02.629 --> 00:06:02.639 align:start position:0% sacred thing they can think of and the 00:06:02.639 --> 00:06:04.249 align:start position:0% sacred thing they can think of and the idea<00:06:02.820> that<00:06:03.000> it<00:06:03.180> is<00:06:03.300> not<00:06:03.479> real<00:06:03.660> that<00:06:03.960> it<00:06:04.080> is 00:06:04.249 --> 00:06:04.259 align:start position:0% idea that it is not real that it is 00:06:04.259 --> 00:06:06.230 align:start position:0% idea that it is not real that it is virtual<00:06:04.620> is<00:06:04.979> very<00:06:05.220> disturbing<00:06:05.639> and<00:06:05.880> you<00:06:06.000> see<00:06:06.120> a 00:06:06.230 --> 00:06:06.240 align:start position:0% virtual is very disturbing and you see a 00:06:06.240 --> 00:06:08.390 align:start position:0% virtual is very disturbing and you see a lot<00:06:06.360> of<00:06:06.479> resistance<00:06:06.900> to<00:06:07.139> this<00:06:07.380> a<00:06:07.979> little<00:06:08.100> later 00:06:08.390 --> 00:06:08.400 align:start position:0% lot of resistance to this a little later 00:06:08.400 --> 00:06:11.210 align:start position:0% lot of resistance to this a little later I'll<00:06:09.360> argue<00:06:09.720> that<00:06:10.020> Bitcoin<00:06:10.560> is<00:06:10.740> a<00:06:10.919> very<00:06:11.039> good 00:06:11.210 --> 00:06:11.220 align:start position:0% I'll argue that Bitcoin is a very good 00:06:11.220 --> 00:06:13.070 align:start position:0% I'll argue that Bitcoin is a very good example<00:06:11.580> of<00:06:11.820> how<00:06:12.000> people<00:06:12.240> do<00:06:12.600> not<00:06:12.780> accept 00:06:13.070 --> 00:06:13.080 align:start position:0% example of how people do not accept 00:06:13.080 --> 00:06:15.710 align:start position:0% example of how people do not accept money<00:06:13.860> as<00:06:14.100> virtual<00:06:14.520> and<00:06:14.940> kind<00:06:15.120> of<00:06:15.240> retrace 00:06:15.710 --> 00:06:15.720 align:start position:0% money as virtual and kind of retrace 00:06:15.720 --> 00:06:17.270 align:start position:0% money as virtual and kind of retrace back<00:06:15.960> to<00:06:16.139> the<00:06:16.259> idea<00:06:16.500> of<00:06:16.560> money<00:06:16.800> as<00:06:17.039> a<00:06:17.220> physical 00:06:17.270 --> 00:06:17.280 align:start position:0% back to the idea of money as a physical 00:06:17.280 --> 00:06:19.850 align:start position:0% back to the idea of money as a physical thing<00:06:17.699> and<00:06:18.600> you<00:06:18.780> know<00:06:18.900> that<00:06:19.080> Michael<00:06:19.259> sailor 00:06:19.850 --> 00:06:19.860 align:start position:0% thing and you know that Michael sailor 00:06:19.860 --> 00:06:21.529 align:start position:0% thing and you know that Michael sailor for<00:06:20.039> example<00:06:20.340> is<00:06:20.580> now<00:06:20.820> very<00:06:21.000> interested<00:06:21.419> in 00:06:21.529 --> 00:06:21.539 align:start position:0% for example is now very interested in 00:06:21.539 --> 00:06:23.749 align:start position:0% for example is now very interested in this<00:06:21.720> idea<00:06:21.960> that<00:06:22.199> money<00:06:22.440> is<00:06:22.680> energy 00:06:23.749 --> 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obviously to disagree with<00:06:30.240> that<00:06:30.419> but<00:06:31.139> I<00:06:31.319> think<00:06:31.500> on<00:06:32.160> the<00:06:32.280> other<00:06:32.340> hand 00:06:32.510 --> 00:06:32.520 align:start position:0% with that but I think on the other hand 00:06:32.520 --> 00:06:34.249 align:start position:0% with that but I think on the other hand it's<00:06:33.000> becoming<00:06:33.360> easier<00:06:33.600> and<00:06:33.720> easier<00:06:34.020> for<00:06:34.139> us 00:06:34.249 --> 00:06:34.259 align:start position:0% it's becoming easier and easier for us 00:06:34.259 --> 00:06:36.529 align:start position:0% it's becoming easier and easier for us to<00:06:34.440> think<00:06:34.560> of<00:06:34.680> money<00:06:34.860> as<00:06:35.100> virtual 00:06:36.529 --> 00:06:36.539 align:start position:0% to think of money as virtual 00:06:36.539 --> 00:06:38.629 align:start position:0% to think of money as virtual a<00:06:37.259> good 00:06:38.629 --> 00:06:38.639 align:start position:0% a good 00:06:38.639 --> 00:06:40.430 align:start position:0% a good turning<00:06:39.240> point<00:06:39.360> was<00:06:39.720> I<00:06:39.900> think<00:06:40.080> the<00:06:40.259> financial 00:06:40.430 --> 00:06:40.440 align:start position:0% turning point was I think the financial 00:06:40.440 --> 00:06:42.590 align:start position:0% turning point was I think the financial crazy<00:06:40.860> of<00:06:41.220> 2008. 00:06:42.590 --> 00:06:42.600 align:start position:0% crazy of 2008. 00:06:42.600 --> 00:06:44.210 align:start position:0% crazy of 2008. where<00:06:43.080> everyone 00:06:44.210 --> 00:06:44.220 align:start position:0% where everyone 00:06:44.220 --> 00:06:46.370 align:start position:0% where everyone suddenly<00:06:44.819> realized<00:06:45.419> that<00:06:45.660> rather<00:06:45.960> than<00:06:46.139> being 00:06:46.370 --> 00:06:46.380 align:start position:0% suddenly realized that rather than being 00:06:46.380 --> 00:06:49.490 align:start position:0% suddenly realized that rather than being something<00:06:46.740> very<00:06:47.220> solid<00:06:47.639> very<00:06:48.000> sound<00:06:48.500> money 00:06:49.490 --> 00:06:49.500 align:start position:0% something very solid very sound money 00:06:49.500 --> 00:06:52.670 align:start position:0% something very solid very sound money was<00:06:49.979> a<00:06:50.699> set<00:06:50.819> of<00:06:51.060> entries<00:06:51.479> into<00:06:52.319> a<00:06:52.560> computer 00:06:52.670 --> 00:06:52.680 align:start position:0% was a set of entries into a computer 00:06:52.680 --> 00:06:55.969 align:start position:0% was a set of entries into a computer program<00:06:53.100> that<00:06:53.520> could<00:06:53.699> be<00:06:53.819> change<00:06:54.060> that<00:06:54.360> will 00:06:55.969 --> 00:06:55.979 align:start position:0% program that could be change that will 00:06:55.979 --> 00:06:57.529 align:start position:0% program that could be change that will and<00:06:56.460> a<00:06:56.639> lot<00:06:56.759> of<00:06:56.819> money<00:06:56.940> could<00:06:57.180> suddenly 00:06:57.529 --> 00:06:57.539 align:start position:0% and a lot of money could suddenly 00:06:57.539 --> 00:06:59.510 align:start position:0% and a lot of money could suddenly disappear<00:06:58.080> be<00:06:58.380> canceled<00:06:58.740> or<00:06:58.919> transferred<00:06:59.400> for 00:06:59.510 --> 00:06:59.520 align:start position:0% disappear be canceled or transferred for 00:06:59.520 --> 00:07:01.070 align:start position:0% disappear be canceled or transferred for someone<00:06:59.759> else<00:07:00.000> and<00:07:00.419> banks<00:07:00.840> that<00:07:00.900> were 00:07:01.070 --> 00:07:01.080 align:start position:0% someone else and banks that were 00:07:01.080 --> 00:07:02.629 align:start position:0% someone else and banks that were bankrupt<00:07:01.560> suddenly<00:07:01.860> the<00:07:02.039> next<00:07:02.160> day<00:07:02.280> were<00:07:02.520> not 00:07:02.629 --> 00:07:02.639 align:start position:0% bankrupt suddenly the next day were not 00:07:02.639 --> 00:07:04.249 align:start position:0% bankrupt suddenly the next day were not bankrupt<00:07:03.180> because<00:07:03.300> someone<00:07:03.539> had<00:07:03.900> turned<00:07:04.199> the 00:07:04.249 --> 00:07:04.259 align:start position:0% bankrupt because someone had turned the 00:07:04.259 --> 00:07:06.350 align:start position:0% bankrupt because someone had turned the switch<00:07:04.440> in<00:07:04.680> a<00:07:04.800> central<00:07:04.979> computer<00:07:05.240> for<00:07:06.240> many 00:07:06.350 --> 00:07:06.360 align:start position:0% switch in a central computer for many 00:07:06.360 --> 00:07:08.210 align:start position:0% switch in a central computer for many people<00:07:06.539> this<00:07:06.840> was<00:07:07.020> dramatic<00:07:07.560> and<00:07:07.800> still<00:07:08.039> is 00:07:08.210 --> 00:07:08.220 align:start position:0% people this was dramatic and still is 00:07:08.220 --> 00:07:09.950 align:start position:0% people this was dramatic and still is and<00:07:08.580> it's<00:07:08.819> affected<00:07:09.120> our<00:07:09.300> products<00:07:09.780> very 00:07:09.950 --> 00:07:09.960 align:start position:0% and it's affected our products very 00:07:09.960 --> 00:07:12.170 align:start position:0% and it's affected our products very deeply<00:07:10.259> but<00:07:10.740> it<00:07:10.919> was<00:07:11.100> a<00:07:11.340> learning<00:07:11.639> moment<00:07:11.940> of 00:07:12.170 --> 00:07:12.180 align:start position:0% deeply but it was a learning moment of 00:07:12.180 --> 00:07:14.450 align:start position:0% deeply but it was a learning moment of money<00:07:12.360> as<00:07:12.660> virtual<00:07:13.080> many<00:07:13.680> people<00:07:13.979> in<00:07:14.280> the 00:07:14.450 --> 00:07:14.460 align:start position:0% money as virtual many people in the 00:07:14.460 --> 00:07:16.249 align:start position:0% money as virtual many people in the system<00:07:14.580> already<00:07:15.000> knew<00:07:15.539> this<00:07:15.660> but<00:07:16.020> I<00:07:16.139> think 00:07:16.249 --> 00:07:16.259 align:start position:0% system already knew this but I think 00:07:16.259 --> 00:07:18.590 align:start position:0% system already knew this but I think 2008<00:07:16.979> was<00:07:17.220> a<00:07:17.340> moment<00:07:17.580> when<00:07:17.880> the<00:07:18.180> public<00:07:18.300> in 00:07:18.590 --> 00:07:18.600 align:start position:0% 2008 was a moment when the public in 00:07:18.600 --> 00:07:20.629 align:start position:0% 2008 was a moment when the public in general<00:07:18.780> suddenly<00:07:19.440> woke<00:07:19.800> up<00:07:19.919> to<00:07:20.039> that<00:07:20.280> reality 00:07:20.629 --> 00:07:20.639 align:start position:0% general suddenly woke up to that reality 00:07:20.639 --> 00:07:22.909 align:start position:0% general suddenly woke up to that reality crypto<00:07:21.599> I<00:07:21.840> think<00:07:21.960> is<00:07:22.139> also<00:07:22.440> part<00:07:22.620> of<00:07:22.740> this 00:07:22.909 --> 00:07:22.919 align:start position:0% crypto I think is also part of this 00:07:22.919 --> 00:07:25.189 align:start position:0% crypto I think is also part of this learning<00:07:23.460> process<00:07:23.759> perhaps<00:07:24.660> some<00:07:24.840> of<00:07:24.960> you<00:07:25.080> are 00:07:25.189 --> 00:07:25.199 align:start position:0% learning process perhaps some of you are 00:07:25.199 --> 00:07:26.809 align:start position:0% learning process perhaps some of you are going<00:07:25.319> to<00:07:25.440> resist<00:07:25.680> the<00:07:25.860> idea<00:07:26.039> that<00:07:26.280> crypto<00:07:26.639> is 00:07:26.809 --> 00:07:26.819 align:start position:0% going to resist the idea that crypto is 00:07:26.819 --> 00:07:29.089 align:start position:0% going to resist the idea that crypto is not<00:07:26.940> real<00:07:27.120> that<00:07:27.360> it<00:07:27.479> is<00:07:27.599> virtual<00:07:28.020> but<00:07:28.860> I<00:07:28.979> think 00:07:29.089 --> 00:07:29.099 align:start position:0% not real that it is virtual but I think 00:07:29.099 --> 00:07:30.650 align:start position:0% not real that it is virtual but I think it's<00:07:29.280> easy<00:07:29.460> to<00:07:29.699> make<00:07:29.819> the<00:07:29.940> argument<00:07:30.300> that<00:07:30.479> it 00:07:30.650 --> 00:07:30.660 align:start position:0% it's easy to make the argument that it 00:07:30.660 --> 00:07:32.390 align:start position:0% it's easy to make the argument that it is<00:07:30.780> virtual<00:07:31.139> after<00:07:31.440> all 00:07:32.390 --> 00:07:32.400 align:start position:0% is virtual after all 00:07:32.400 --> 00:07:34.390 align:start position:0% is virtual after all before 00:07:34.390 --> 00:07:34.400 align:start position:0% before 00:07:34.400 --> 00:07:38.270 align:start position:0% before 2010<00:07:35.400> before<00:07:35.699> 2008<00:07:36.479> there<00:07:36.780> was<00:07:36.960> no<00:07:37.080> crypto 00:07:38.270 --> 00:07:38.280 align:start position:0% 2010 before 2008 there was no crypto 00:07:38.280 --> 00:07:41.150 align:start position:0% 2010 before 2008 there was no crypto so<00:07:39.000> it<00:07:39.419> can't<00:07:39.599> be<00:07:39.840> something<00:07:40.259> that<00:07:40.620> has<00:07:40.919> always 00:07:41.150 --> 00:07:41.160 align:start position:0% so it can't be something that has always 00:07:41.160 --> 00:07:43.430 align:start position:0% so it can't be something that has always existed<00:07:41.639> like<00:07:41.880> gold<00:07:42.180> it's<00:07:42.840> something<00:07:43.080> that<00:07:43.319> is 00:07:43.430 --> 00:07:43.440 align:start position:0% existed like gold it's something that is 00:07:43.440 --> 00:07:46.370 align:start position:0% existed like gold it's something that is created<00:07:43.800> is<00:07:44.280> a<00:07:44.520> product<00:07:44.639> of<00:07:44.940> recreation 00:07:46.370 --> 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about 00:07:55.259 --> 00:07:58.010 align:start position:0% and today uh it is worth I think about twenty<00:07:56.099> thousand<00:07:56.280> one<00:07:56.400> Bitcoin<00:07:57.000> so<00:07:57.479> how<00:07:57.720> does 00:07:58.010 --> 00:07:58.020 align:start position:0% twenty thousand one Bitcoin so how does 00:07:58.020 --> 00:08:00.529 align:start position:0% twenty thousand one Bitcoin so how does this<00:07:58.199> correspond<00:07:58.680> to<00:07:58.800> something<00:07:59.160> real<00:07:59.639> and 00:08:00.529 --> 00:08:00.539 align:start position:0% this correspond to something real and 00:08:00.539 --> 00:08:04.490 align:start position:0% this correspond to something real and not<00:08:00.840> to<00:08:01.500> the<00:08:02.099> way<00:08:02.280> we<00:08:02.580> look<00:08:02.819> at<00:08:03.000> it<00:08:03.180> not<00:08:03.960> to<00:08:04.259> a 00:08:04.490 --> 00:08:04.500 align:start position:0% not to the way we look at it not to a 00:08:04.500 --> 00:08:05.689 align:start position:0% not to the way we look at it not to a virtual<00:08:04.860> world 00:08:05.689 --> 00:08:05.699 align:start position:0% virtual world 00:08:05.699 --> 00:08:08.270 align:start position:0% virtual world and<00:08:06.300> finally<00:08:06.599> and<00:08:07.139> this<00:08:07.380> is<00:08:07.500> very<00:08:07.680> much<00:08:07.860> in<00:08:08.099> in 00:08:08.270 --> 00:08:08.280 align:start position:0% and finally and this is very much in in 00:08:08.280 --> 00:08:10.610 align:start position:0% and finally and this is very much in in the<00:08:08.460> line<00:08:08.580> of<00:08:08.759> my<00:08:09.120> of<00:08:09.360> my<00:08:09.720> work<00:08:09.900> what<00:08:10.440> happened 00:08:10.610 --> 00:08:10.620 align:start position:0% the line of my of my work what happened 00:08:10.620 --> 00:08:14.510 align:start position:0% the line of my of my work what happened to<00:08:10.979> russian<00:08:11.639> Central<00:08:11.940> Bank<00:08:12.240> Reserves<00:08:12.900> back<00:08:13.800> at 00:08:14.510 --> 00:08:14.520 align:start position:0% to russian Central Bank Reserves back at 00:08:14.520 --> 00:08:16.370 align:start position:0% to russian Central Bank Reserves back at the<00:08:14.639> beginning<00:08:14.759> of<00:08:15.060> March<00:08:15.419> you<00:08:15.900> remember<00:08:16.080> that 00:08:16.370 --> 00:08:16.380 align:start position:0% the beginning of March you remember that 00:08:16.380 --> 00:08:18.950 align:start position:0% the beginning of March you remember that after<00:08:16.560> Russia<00:08:17.039> invaded<00:08:17.400> Ukraine 00:08:18.950 --> 00:08:18.960 align:start position:0% after Russia invaded Ukraine 00:08:18.960 --> 00:08:21.230 align:start position:0% after Russia invaded Ukraine Janet<00:08:19.620> Yellen<00:08:20.039> and<00:08:20.160> Mario<00:08:20.280> draghi<00:08:20.940> had<00:08:21.120> a 00:08:21.230 --> 00:08:21.240 align:start position:0% Janet Yellen and Mario draghi had a 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in Europe and the<00:08:28.800> United<00:08:28.919> States<00:08:29.220> were<00:08:29.580> going<00:08:29.759> to<00:08:29.879> be 00:08:29.990 --> 00:08:30.000 align:start position:0% the United States were going to be 00:08:30.000 --> 00:08:32.930 align:start position:0% the United States were going to be frozen<00:08:30.199> it<00:08:31.199> turns<00:08:31.560> out<00:08:31.680> that<00:08:32.459> all<00:08:32.640> these 00:08:32.930 --> 00:08:32.940 align:start position:0% frozen it turns out that all these 00:08:32.940 --> 00:08:34.850 align:start position:0% frozen it turns out that all these treasuries<00:08:33.659> and<00:08:33.839> Bonds<00:08:34.260> were<00:08:34.440> not<00:08:34.680> something 00:08:34.850 --> 00:08:34.860 align:start position:0% treasuries and Bonds were not something 00:08:34.860 --> 00:08:37.430 align:start position:0% treasuries and Bonds were not something that<00:08:35.219> Russia<00:08:35.640> had<00:08:35.820> they<00:08:36.419> were<00:08:36.599> again<00:08:36.779> only<00:08:37.200> an 00:08:37.430 --> 00:08:37.440 align:start position:0% that Russia had they were again only an 00:08:37.440 --> 00:08:40.010 align:start position:0% that Russia had they were again only an entry<00:08:37.800> in<00:08:38.459> a<00:08:38.640> computer<00:08:38.760> program<00:08:39.180> and<00:08:39.899> they 00:08:40.010 --> 00:08:40.020 align:start position:0% entry in a computer program and they 00:08:40.020 --> 00:08:42.110 align:start position:0% entry in a computer program and they could<00:08:40.200> be<00:08:40.380> disconnected<00:08:41.039> from<00:08:41.339> central<00:08:41.640> banks 00:08:42.110 --> 00:08:42.120 align:start position:0% could be disconnected from central banks 00:08:42.120 --> 00:08:45.829 align:start position:0% could be disconnected from central banks in<00:08:42.300> the<00:08:42.419> UK<00:08:42.659> in<00:08:43.140> the<00:08:43.320> US<00:08:43.440> and<00:08:44.339> in<00:08:44.640> Frankfurt<00:08:45.240> the 00:08:45.829 --> 00:08:45.839 align:start position:0% in the UK in the US and in Frankfurt the 00:08:45.839 --> 00:08:47.630 align:start position:0% in the UK in the US and in Frankfurt the European<00:08:46.200> Central<00:08:46.440> Bank 00:08:47.630 --> 00:08:47.640 align:start position:0% European Central Bank 00:08:47.640 --> 00:08:51.110 align:start position:0% European Central Bank even<00:08:48.360> cash<00:08:48.839> that<00:08:49.620> Russia<00:08:49.980> had<00:08:50.220> in<00:08:50.760> facilities 00:08:51.110 --> 00:08:51.120 align:start position:0% even cash that Russia had in facilities 00:08:51.120 --> 00:08:52.490 align:start position:0% even cash that Russia had in facilities at<00:08:51.360> these<00:08:51.540> European<00:08:51.839> central<00:08:52.019> banks<00:08:52.380> were 00:08:52.490 --> 00:08:52.500 align:start position:0% at these European central banks were 00:08:52.500 --> 00:08:54.050 align:start position:0% at these European central banks were suddenly<00:08:52.800> canceled<00:08:53.160> very<00:08:53.459> easy<00:08:53.640> to<00:08:53.880> cancel 00:08:54.050 --> 00:08:54.060 align:start position:0% suddenly canceled very easy to cancel 00:08:54.060 --> 00:08:57.410 align:start position:0% suddenly canceled very easy to cancel you<00:08:54.360> just<00:08:54.600> have<00:08:54.839> to<00:08:55.740> ban<00:08:56.279> your<00:08:56.820> central<00:08:56.940> banks 00:08:57.410 --> 00:08:57.420 align:start position:0% you just have to ban your central banks 00:08:57.420 --> 00:08:58.670 align:start position:0% you just have to ban your central banks from<00:08:57.600> dealing<00:08:57.899> with<00:08:58.080> the<00:08:58.200> Russian<00:08:58.500> Central 00:08:58.670 --> 00:08:58.680 align:start position:0% from dealing with the Russian Central 00:08:58.680 --> 00:09:02.210 align:start position:0% from dealing with the Russian Central Bank<00:08:59.040> and<00:08:59.760> suddenly<00:09:00.120> all<00:09:00.839> the<00:09:01.080> 300<00:09:01.740> billion<00:09:02.040> of 00:09:02.210 --> 00:09:02.220 align:start position:0% Bank and suddenly all the 300 billion of 00:09:02.220 --> 00:09:03.710 align:start position:0% Bank and suddenly all the 300 billion of reserves<00:09:02.700> that<00:09:02.880> the<00:09:03.000> Russian<00:09:03.300> Central<00:09:03.480> Bank 00:09:03.710 --> 00:09:03.720 align:start position:0% reserves that the Russian Central Bank 00:09:03.720 --> 00:09:06.110 align:start position:0% reserves that the Russian Central Bank has<00:09:04.080> parked<00:09:04.500> in<00:09:05.040> Western<00:09:05.220> central<00:09:05.580> banks<00:09:06.000> have 00:09:06.110 --> 00:09:06.120 align:start position:0% has parked in Western central banks have 00:09:06.120 --> 00:09:08.389 align:start position:0% has parked in Western central banks have been<00:09:06.300> frozen<00:09:06.480> and<00:09:06.779> cannot<00:09:07.080> be<00:09:07.200> touched 00:09:08.389 --> 00:09:08.399 align:start position:0% been frozen and cannot be touched 00:09:08.399 --> 00:09:10.250 align:start position:0% been frozen and cannot be touched think<00:09:08.820> about<00:09:09.000> this<00:09:09.240> that<00:09:09.540> the 00:09:10.250 --> 00:09:10.260 align:start position:0% think about this that the 00:09:10.260 --> 00:09:12.829 align:start position:0% think about this that the the<00:09:10.680> very<00:09:10.920> top<00:09:11.220> the<00:09:11.640> apex<00:09:12.120> of<00:09:12.600> the<00:09:12.720> money 00:09:12.829 --> 00:09:12.839 align:start position:0% the very top the apex of the money 00:09:12.839 --> 00:09:15.829 align:start position:0% the very top the apex of the money hierarchy<00:09:13.640> treasuries<00:09:14.640> suddenly<00:09:15.180> evaporated 00:09:15.829 --> 00:09:15.839 align:start position:0% hierarchy treasuries suddenly evaporated 00:09:15.839 --> 00:09:18.590 align:start position:0% hierarchy treasuries suddenly evaporated and<00:09:16.140> Russia<00:09:16.500> found<00:09:17.040> out<00:09:17.279> overnight<00:09:18.060> that<00:09:18.420> it 00:09:18.590 --> 00:09:18.600 align:start position:0% and Russia found out overnight that it 00:09:18.600 --> 00:09:23.090 align:start position:0% and Russia found out overnight that it no<00:09:18.779> longer<00:09:18.959> had<00:09:19.200> that<00:09:19.500> those<00:09:20.100> 300<00:09:20.580> billion 00:09:23.090 --> 00:09:23.100 align:start position:0% 00:09:23.100 --> 00:09:26.030 align:start position:0% in<00:09:23.760> the<00:09:23.880> future<00:09:24.000> I<00:09:24.660> can<00:09:24.839> conceive<00:09:25.440> very<00:09:25.680> easily 00:09:26.030 --> 00:09:26.040 align:start position:0% in the future I can conceive very easily 00:09:26.040 --> 00:09:27.949 align:start position:0% in the future I can conceive very easily that<00:09:26.220> this<00:09:26.399> will<00:09:26.519> be<00:09:26.640> used<00:09:26.820> again<00:09:27.060> and<00:09:27.839> not 00:09:27.949 --> 00:09:27.959 align:start position:0% that this will be used again and not 00:09:27.959 --> 00:09:30.050 align:start position:0% that this will be used again and not after<00:09:28.200> a<00:09:28.440> phone<00:09:28.560> call<00:09:28.740> between 00:09:30.050 --> 00:09:30.060 align:start position:0% after a phone call between 00:09:30.060 --> 00:09:34.030 align:start position:0% after a phone call between to<00:09:30.600> Central<00:09:30.959> Bankers<00:09:31.700> now<00:09:32.700> converted<00:09:33.180> into 00:09:34.030 --> 00:09:34.040 align:start position:0% to Central Bankers now converted into 00:09:34.040 --> 00:09:37.430 align:start position:0% to Central Bankers now converted into politicians<00:09:35.180> but<00:09:36.180> actually<00:09:36.600> demanded<00:09:37.200> by<00:09:37.320> the 00:09:37.430 --> 00:09:37.440 align:start position:0% politicians but actually demanded by the 00:09:37.440 --> 00:09:38.329 align:start position:0% politicians but actually demanded by the public 00:09:38.329 --> 00:09:38.339 align:start position:0% public 00:09:38.339 --> 00:09:41.210 align:start position:0% public imagine<00:09:38.640> 10<00:09:39.000> years<00:09:39.240> from<00:09:39.480> now<00:09:40.100> bolsonaro<00:09:41.100> is 00:09:41.210 --> 00:09:41.220 align:start position:0% imagine 10 years from now bolsonaro is 00:09:41.220 --> 00:09:43.670 align:start position:0% imagine 10 years from now bolsonaro is still<00:09:41.339> president<00:09:41.580> of<00:09:41.880> Brazil<00:09:42.240> the<00:09:43.140> Amazon<00:09:43.320> is 00:09:43.670 --> 00:09:43.680 align:start position:0% still president of Brazil the Amazon is 00:09:43.680 --> 00:09:45.769 align:start position:0% still president of Brazil the Amazon is burning<00:09:44.160> bolsonaro<00:09:45.120> doesn't<00:09:45.300> do<00:09:45.480> anything 00:09:45.769 --> 00:09:45.779 align:start position:0% burning bolsonaro doesn't do anything 00:09:45.779 --> 00:09:47.810 align:start position:0% burning bolsonaro doesn't do anything what<00:09:46.620> can<00:09:46.800> we<00:09:46.920> do<00:09:47.040> we're<00:09:47.279> not<00:09:47.459> going<00:09:47.580> to<00:09:47.700> send 00:09:47.810 --> 00:09:47.820 align:start position:0% what can we do we're not going to send 00:09:47.820 --> 00:09:50.930 align:start position:0% what can we do we're not going to send our<00:09:48.000> military<00:09:48.300> there<00:09:48.720> but<00:09:49.440> how<00:09:49.560> about<00:09:49.940> we 00:09:50.930 --> 00:09:50.940 align:start position:0% our military there but how about we 00:09:50.940 --> 00:09:52.970 align:start position:0% our military there but how about we communicate<00:09:51.720> to<00:09:51.899> bolsonaro<00:09:52.620> that<00:09:52.800> these 00:09:52.970 --> 00:09:52.980 align:start position:0% communicate to bolsonaro that these 00:09:52.980 --> 00:09:54.590 align:start position:0% communicate to bolsonaro that these reserves<00:09:53.339> have<00:09:53.519> been<00:09:53.700> frozen<00:09:53.880> and<00:09:54.240> they<00:09:54.420> will 00:09:54.590 --> 00:09:54.600 align:start position:0% reserves have been frozen and they will 00:09:54.600 --> 00:09:58.070 align:start position:0% reserves have been frozen and they will only<00:09:54.720> be<00:09:55.080> unfrozen<00:09:56.040> if<00:09:56.339> it<00:09:57.240> does<00:09:57.420> if<00:09:57.720> it<00:09:57.839> does 00:09:58.070 --> 00:09:58.080 align:start position:0% only be unfrozen if it does if it does 00:09:58.080 --> 00:09:59.810 align:start position:0% only be unfrozen if it does if it does something<00:09:58.260> about<00:09:58.620> the<00:09:58.920> Amazon 00:09:59.810 --> 00:09:59.820 align:start position:0% something about the Amazon 00:09:59.820 --> 00:10:02.269 align:start position:0% something about the Amazon it's<00:10:00.180> very<00:10:00.360> easy<00:10:00.540> to<00:10:00.839> do<00:10:00.959> I<00:10:01.680> think<00:10:01.800> the<00:10:01.980> genie 00:10:02.269 --> 00:10:02.279 align:start position:0% it's very easy to do I think the genie 00:10:02.279 --> 00:10:03.949 align:start position:0% it's very easy to do I think the genie is<00:10:02.399> out<00:10:02.580> of<00:10:02.700> the<00:10:02.820> bottle<00:10:03.000> and<00:10:03.540> it<00:10:03.660> was<00:10:03.839> very 00:10:03.949 --> 00:10:03.959 align:start position:0% is out of the bottle and it was very 00:10:03.959 --> 00:10:06.050 align:start position:0% is out of the bottle and it was very difficult<00:10:04.260> to<00:10:04.380> stop<00:10:04.560> this<00:10:04.860> this<00:10:05.519> affects<00:10:05.940> how 00:10:06.050 --> 00:10:06.060 align:start position:0% difficult to stop this this affects how 00:10:06.060 --> 00:10:08.350 align:start position:0% difficult to stop this this affects how we<00:10:06.180> think<00:10:06.360> about<00:10:06.480> money<00:10:06.779> because<00:10:07.320> suddenly 00:10:08.350 --> 00:10:08.360 align:start position:0% we think about money because suddenly 00:10:08.360 --> 00:10:11.449 align:start position:0% we think about money because suddenly it's<00:10:09.360> difficult<00:10:10.080> for<00:10:10.560> many<00:10:10.860> developing 00:10:11.449 --> 00:10:11.459 align:start position:0% it's difficult for many developing 00:10:11.459 --> 00:10:13.430 align:start position:0% it's difficult for many developing countries<00:10:11.880> to<00:10:12.360> park<00:10:12.540> their<00:10:12.839> reserves<00:10:13.200> in 00:10:13.430 --> 00:10:13.440 align:start position:0% countries to park their reserves in 00:10:13.440 --> 00:10:14.570 align:start position:0% countries to park their reserves in Western<00:10:13.620> countries<00:10:14.040> as<00:10:14.220> they're<00:10:14.399> always 00:10:14.570 --> 00:10:14.580 align:start position:0% Western countries as they're always 00:10:14.580 --> 00:10:16.130 align:start position:0% Western countries as they're always thinking<00:10:15.000> about<00:10:15.120> what<00:10:15.420> could<00:10:15.600> happen<00:10:15.839> in<00:10:16.019> the 00:10:16.130 --> 00:10:16.140 align:start position:0% thinking about what could happen in the 00:10:16.140 --> 00:10:17.690 align:start position:0% thinking about what could happen in the future<00:10:16.260> and<00:10:16.860> the<00:10:16.980> way<00:10:17.100> this<00:10:17.279> is<00:10:17.399> going<00:10:17.580> to 00:10:17.690 --> 00:10:17.700 align:start position:0% future and the way this is going to 00:10:17.700 --> 00:10:19.550 align:start position:0% future and the way this is going to affect<00:10:18.000> the<00:10:18.120> dollar<00:10:18.300> is<00:10:18.600> is<00:10:18.839> a<00:10:19.080> very<00:10:19.140> important 00:10:19.550 --> 00:10:19.560 align:start position:0% affect the dollar is is a very important 00:10:19.560 --> 00:10:21.250 align:start position:0% affect the dollar is is a very important story 00:10:21.250 --> 00:10:21.260 align:start position:0% story 00:10:21.260 --> 00:10:24.170 align:start position:0% story 2008<00:10:22.260> crypto 00:10:24.170 --> 00:10:24.180 align:start position:0% 2008 crypto 00:10:24.180 --> 00:10:26.810 align:start position:0% 2008 crypto geopolitics<00:10:25.140> and<00:10:25.680> the<00:10:25.800> way<00:10:25.980> geopolitics<00:10:26.580> has 00:10:26.810 --> 00:10:26.820 align:start position:0% geopolitics and the way geopolitics has 00:10:26.820 --> 00:10:28.250 align:start position:0% geopolitics and the way geopolitics has also<00:10:27.180> transformed<00:10:27.660> the<00:10:27.779> way<00:10:27.899> we<00:10:28.019> think<00:10:28.140> about 00:10:28.250 --> 00:10:28.260 align:start position:0% also transformed the way we think about 00:10:28.260 --> 00:10:29.690 align:start position:0% also transformed the way we think about money 00:10:29.690 --> 00:10:29.700 align:start position:0% money 00:10:29.700 --> 00:10:31.910 align:start position:0% money I<00:10:30.180> think<00:10:30.240> if<00:10:30.480> you<00:10:30.600> think<00:10:30.839> about<00:10:30.959> this<00:10:31.320> there<00:10:31.740> is 00:10:31.910 --> 00:10:31.920 align:start position:0% I think if you think about this there is 00:10:31.920 --> 00:10:35.810 align:start position:0% I think if you think about this there is clearly<00:10:32.700> a<00:10:33.300> sense<00:10:33.540> in<00:10:34.320> our<00:10:34.440> societies<00:10:34.920> today 00:10:35.810 --> 00:10:35.820 align:start position:0% clearly a sense in our societies today 00:10:35.820 --> 00:10:39.170 align:start position:0% clearly a sense in our societies today that<00:10:36.540> money<00:10:36.720> has<00:10:37.019> evaporated<00:10:37.560> that<00:10:38.339> we<00:10:38.519> lost<00:10:38.820> a 00:10:39.170 --> 00:10:39.180 align:start position:0% that money has evaporated that we lost a 00:10:39.180 --> 00:10:41.210 align:start position:0% that money has evaporated that we lost a hold<00:10:39.300> of<00:10:39.540> money<00:10:39.779> that<00:10:40.500> is<00:10:40.680> something<00:10:40.800> that<00:10:41.040> can 00:10:41.210 --> 00:10:41.220 align:start position:0% hold of money that is something that can 00:10:41.220 --> 00:10:43.130 align:start position:0% hold of money that is something that can be<00:10:41.339> manipulated<00:10:41.880> or<00:10:42.060> will<00:10:42.300> by<00:10:42.540> the<00:10:42.660> elites<00:10:42.959> of 00:10:43.130 --> 00:10:43.140 align:start position:0% be manipulated or will by the elites of 00:10:43.140 --> 00:10:45.590 align:start position:0% be manipulated or will by the elites of the<00:10:43.260> people<00:10:43.320> in<00:10:43.560> charge<00:10:43.760> there<00:10:44.760> is<00:10:44.880> now<00:10:45.120> a 00:10:45.590 --> 00:10:45.600 align:start position:0% the people in charge there is now a 00:10:45.600 --> 00:10:47.990 align:start position:0% the people in charge there is now a desperate<00:10:45.959> search<00:10:46.260> to<00:10:47.040> find<00:10:47.220> a<00:10:47.579> kind<00:10:47.700> of<00:10:47.820> money 00:10:47.990 --> 00:10:48.000 align:start position:0% desperate search to find a kind of money 00:10:48.000 --> 00:10:49.670 align:start position:0% desperate search to find a kind of money that<00:10:48.300> cannot<00:10:48.540> be<00:10:48.660> manipulated<00:10:49.200> in<00:10:49.380> this<00:10:49.560> way 00:10:49.670 --> 00:10:49.680 align:start position:0% that cannot be manipulated in this way 00:10:49.680 --> 00:10:51.829 align:start position:0% that cannot be manipulated in this way which<00:10:50.220> is<00:10:50.399> of<00:10:50.700> course<00:10:50.820> a<00:10:51.180> goal<00:10:51.480> very<00:10:51.660> Central 00:10:51.829 --> 00:10:51.839 align:start position:0% which is of course a goal very Central 00:10:51.839 --> 00:10:54.769 align:start position:0% which is of course a goal very Central to<00:10:52.140> crypto 00:10:54.769 --> 00:10:54.779 align:start position:0% 00:10:54.779 --> 00:10:57.530 align:start position:0% economists<00:10:55.440> call<00:10:55.680> a<00:10:56.399> form<00:10:56.700> of<00:10:56.880> money<00:10:57.120> that 00:10:57.530 --> 00:10:57.540 align:start position:0% economists call a form of money that 00:10:57.540 --> 00:10:59.810 align:start position:0% economists call a form of money that cannot<00:10:57.899> be<00:10:58.260> touched<00:10:59.100> a<00:10:59.220> form<00:10:59.399> of<00:10:59.579> outside 00:10:59.810 --> 00:10:59.820 align:start position:0% cannot be touched a form of outside 00:10:59.820 --> 00:11:02.750 align:start position:0% cannot be touched a form of outside money<00:11:00.360> as<00:11:01.320> opposed<00:11:01.680> to<00:11:01.680> what<00:11:02.220> I've<00:11:02.399> described 00:11:02.750 --> 00:11:02.760 align:start position:0% money as opposed to what I've described 00:11:02.760 --> 00:11:05.090 align:start position:0% money as opposed to what I've described so<00:11:02.940> far<00:11:03.120> inside<00:11:03.660> money<00:11:04.140> what<00:11:04.740> is<00:11:04.920> outside 00:11:05.090 --> 00:11:05.100 align:start position:0% so far inside money what is outside 00:11:05.100 --> 00:11:07.130 align:start position:0% so far inside money what is outside money<00:11:05.459> is<00:11:05.760> money<00:11:06.000> that<00:11:06.240> does<00:11:06.420> not<00:11:06.660> correspond 00:11:07.130 --> 00:11:07.140 align:start position:0% money is money that does not correspond 00:11:07.140 --> 00:11:10.370 align:start position:0% money is money that does not correspond to<00:11:07.380> a<00:11:07.560> liability<00:11:08.040> or<00:11:09.000> to<00:11:09.180> a<00:11:09.360> promise<00:11:09.660> to<00:11:09.839> pay<00:11:10.079> or 00:11:10.370 --> 00:11:10.380 align:start position:0% to a liability or to a promise to pay or 00:11:10.380 --> 00:11:11.750 align:start position:0% to a liability or to a promise to pay or to<00:11:10.500> an<00:11:10.680> obligation 00:11:11.750 --> 00:11:11.760 align:start position:0% to an obligation 00:11:11.760 --> 00:11:13.730 align:start position:0% to an obligation if<00:11:12.300> you<00:11:12.480> have<00:11:12.660> treasuries<00:11:13.260> they<00:11:13.560> are 00:11:13.730 --> 00:11:13.740 align:start position:0% if you have treasuries they are 00:11:13.740 --> 00:11:15.769 align:start position:0% if you have treasuries they are essentially<00:11:14.040> a<00:11:14.279> promise<00:11:14.640> that<00:11:14.940> the<00:11:15.120> FED<00:11:15.480> has 00:11:15.769 --> 00:11:15.779 align:start position:0% essentially a promise that the FED has 00:11:15.779 --> 00:11:17.990 align:start position:0% essentially a promise that the FED has to<00:11:16.260> give<00:11:16.380> you<00:11:16.500> that<00:11:16.680> money<00:11:16.860> back<00:11:17.160> if<00:11:17.820> you<00:11:17.880> have 00:11:17.990 --> 00:11:18.000 align:start position:0% to give you that money back if you have 00:11:18.000 --> 00:11:19.970 align:start position:0% to give you that money back if you have a<00:11:18.180> bank<00:11:18.240> deposit<00:11:18.720> is<00:11:18.899> a<00:11:19.079> promise<00:11:19.320> the<00:11:19.500> bank<00:11:19.680> has 00:11:19.970 --> 00:11:19.980 align:start position:0% a bank deposit is a promise the bank has 00:11:19.980 --> 00:11:21.889 align:start position:0% a bank deposit is a promise the bank has given<00:11:20.339> you<00:11:20.459> to<00:11:20.640> return<00:11:20.820> your<00:11:21.120> money 00:11:21.889 --> 00:11:21.899 align:start position:0% given you to return your money 00:11:21.899 --> 00:11:24.829 align:start position:0% given you to return your money but<00:11:22.560> if<00:11:22.980> you<00:11:23.100> have<00:11:23.279> gold<00:11:23.579> there's<00:11:24.240> no<00:11:24.480> promise 00:11:24.829 --> 00:11:24.839 align:start position:0% but if you have gold there's no promise 00:11:24.839 --> 00:11:26.990 align:start position:0% but if you have gold there's no promise no<00:11:25.740> one<00:11:25.920> is 00:11:26.990 --> 00:11:27.000 align:start position:0% no one is 00:11:27.000 --> 00:11:29.870 align:start position:0% no one is needs<00:11:27.660> to<00:11:27.779> to<00:11:28.079> promise<00:11:28.560> to<00:11:28.920> your<00:11:29.399> gold<00:11:29.579> is 00:11:29.870 --> 00:11:29.880 align:start position:0% needs to to promise to your gold is 00:11:29.880 --> 00:11:32.509 align:start position:0% needs to to promise to your gold is yours<00:11:30.180> it's<00:11:30.300> an<00:11:30.540> object<00:11:30.899> that<00:11:31.680> you<00:11:31.860> can<00:11:32.040> hold 00:11:32.509 --> 00:11:32.519 align:start position:0% yours it's an object that you can hold 00:11:32.519 --> 00:11:35.150 align:start position:0% yours it's an object that you can hold and<00:11:32.940> have<00:11:33.120> property<00:11:33.660> in<00:11:33.839> without<00:11:34.560> any 00:11:35.150 --> 00:11:35.160 align:start position:0% and have property in without any 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actual thing rather than just a<00:11:42.779> promise<00:11:43.140> all<00:11:44.040> the<00:11:44.160> other<00:11:44.279> forms<00:11:44.640> of<00:11:44.760> money 00:11:44.930 --> 00:11:44.940 align:start position:0% a promise all the other forms of money 00:11:44.940 --> 00:11:46.730 align:start position:0% a promise all the other forms of money if<00:11:45.240> you<00:11:45.360> think<00:11:45.480> about<00:11:45.600> it<00:11:45.899> they<00:11:46.140> are<00:11:46.320> they<00:11:46.560> turn 00:11:46.730 --> 00:11:46.740 align:start position:0% if you think about it they are they turn 00:11:46.740 --> 00:11:48.829 align:start position:0% if you think about it they are they turn out<00:11:46.920> to<00:11:47.040> be<00:11:47.160> forms<00:11:47.459> of<00:11:47.579> credit<00:11:47.880> they<00:11:48.540> turn<00:11:48.720> out 00:11:48.829 --> 00:11:48.839 align:start position:0% out to be forms of credit they turn out 00:11:48.839 --> 00:11:51.910 align:start position:0% out to be forms of credit they turn out to<00:11:49.019> be<00:11:49.079> promises<00:11:49.560> to<00:11:49.740> pay<00:11:49.940> not<00:11:50.940> real<00:11:51.480> money 00:11:51.910 --> 00:11:51.920 align:start position:0% to be promises to pay not real money 00:11:51.920 --> 00:11:55.370 align:start position:0% to be promises to pay not real money there's<00:11:52.920> a<00:11:53.160> search<00:11:53.360> for<00:11:54.360> a<00:11:54.779> form<00:11:54.899> of<00:11:55.140> outside 00:11:55.370 --> 00:11:55.380 align:start position:0% there's a search for a form of outside 00:11:55.380 --> 00:11:58.190 align:start position:0% there's a search for a form of outside money<00:11:55.860> for<00:11:56.519> many<00:11:56.760> people<00:11:56.940> would<00:11:57.180> be<00:11:57.420> gold<00:11:57.899> for 00:11:58.190 --> 00:11:58.200 align:start position:0% money for many people would be gold for 00:11:58.200 --> 00:12:00.110 align:start position:0% money for many people would be gold for many<00:11:58.440> others<00:11:58.740> you<00:11:58.920> would<00:11:59.100> be<00:11:59.220> Bitcoin<00:11:59.760> because 00:12:00.110 --> 00:12:00.120 align:start position:0% many others you would be Bitcoin because 00:12:00.120 --> 00:12:02.389 align:start position:0% many others you would be Bitcoin because the<00:12:00.600> same<00:12:00.779> applies<00:12:01.140> to<00:12:01.320> bitcoin<00:12:01.800> when<00:12:02.279> you 00:12:02.389 --> 00:12:02.399 align:start position:0% the same applies to bitcoin when you 00:12:02.399 --> 00:12:04.190 align:start position:0% the same applies to bitcoin when you have<00:12:02.519> Bitcoin<00:12:03.060> it's<00:12:03.180> not<00:12:03.360> that<00:12:03.540> anyone<00:12:03.899> owes 00:12:04.190 --> 00:12:04.200 align:start position:0% have Bitcoin it's not that anyone owes 00:12:04.200 --> 00:12:07.009 align:start position:0% have Bitcoin it's not that anyone owes you<00:12:04.320> Bitcoin<00:12:04.940> particularly<00:12:05.940> if<00:12:06.180> it's<00:12:06.360> not<00:12:06.660> in 00:12:07.009 --> 00:12:07.019 align:start position:0% you Bitcoin particularly if it's not in 00:12:07.019 --> 00:12:10.190 align:start position:0% you Bitcoin particularly if it's not in a<00:12:07.140> in<00:12:07.380> an<00:12:07.620> exchange<00:12:08.360> but<00:12:09.360> even<00:12:09.540> in<00:12:09.779> an<00:12:09.899> exchange 00:12:10.190 --> 00:12:10.200 align:start position:0% a in an exchange but even in an exchange 00:12:10.200 --> 00:12:11.750 align:start position:0% a in an exchange but even in an exchange it's<00:12:10.440> a<00:12:10.620> different<00:12:10.740> question 00:12:11.750 --> 00:12:11.760 align:start position:0% it's a different question 00:12:11.760 --> 00:12:14.630 align:start position:0% it's a different question it's<00:12:12.180> a<00:12:12.420> sort<00:12:12.540> of<00:12:12.660> storage<00:12:12.959> it's<00:12:13.860> not<00:12:13.980> like<00:12:14.220> a 00:12:14.630 --> 00:12:14.640 align:start position:0% it's a sort of storage it's not like a 00:12:14.640 --> 00:12:17.389 align:start position:0% it's a sort of storage it's not like a security<00:12:15.120> where<00:12:15.720> the<00:12:16.140> security<00:12:16.260> itself<00:12:16.860> is<00:12:17.279> a 00:12:17.389 --> 00:12:17.399 align:start position:0% security where the security itself is a 00:12:17.399 --> 00:12:19.910 align:start position:0% security where the security itself is a promise<00:12:17.700> that<00:12:17.820> someone<00:12:18.000> is<00:12:18.240> made<00:12:18.420> to<00:12:18.600> pay 00:12:19.910 --> 00:12:19.920 align:start position:0% promise that someone is made to pay 00:12:19.920 --> 00:12:22.610 align:start position:0% promise that someone is made to pay so<00:12:20.940> form<00:12:21.240> of<00:12:21.480> outside<00:12:21.660> money<00:12:22.079> can<00:12:22.320> we<00:12:22.500> find 00:12:22.610 --> 00:12:22.620 align:start position:0% so form of outside money can we find 00:12:22.620 --> 00:12:25.610 align:start position:0% so form of outside money can we find well<00:12:23.160> an<00:12:23.459> obvious<00:12:23.700> candidate<00:12:24.060> would<00:12:24.300> be<00:12:24.480> gold 00:12:25.610 --> 00:12:25.620 align:start position:0% well an obvious candidate would be gold 00:12:25.620 --> 00:12:27.590 align:start position:0% well an obvious candidate would be gold and<00:12:26.100> for<00:12:26.279> many<00:12:26.399> people 00:12:27.590 --> 00:12:27.600 align:start position:0% and for many people 00:12:27.600 --> 00:12:29.750 align:start position:0% and for many people the<00:12:27.959> beauty<00:12:28.079> of<00:12:28.260> gold<00:12:28.440> is<00:12:28.860> that<00:12:29.100> it<00:12:29.339> is<00:12:29.459> a<00:12:29.640> form 00:12:29.750 --> 00:12:29.760 align:start position:0% the beauty of gold is that it is a form 00:12:29.760 --> 00:12:31.730 align:start position:0% the beauty of gold is that it is a form of<00:12:29.940> outside<00:12:30.120> money<00:12:30.480> it<00:12:30.899> stands<00:12:31.320> gold<00:12:31.440> doesn't 00:12:31.730 --> 00:12:31.740 align:start position:0% of outside money it stands gold doesn't 00:12:31.740 --> 00:12:33.769 align:start position:0% of outside money it stands gold doesn't correspond<00:12:32.220> to<00:12:32.339> any<00:12:32.579> promise<00:12:33.000> to<00:12:33.180> any<00:12:33.360> form<00:12:33.660> of 00:12:33.769 --> 00:12:33.779 align:start position:0% correspond to any promise to any form of 00:12:33.779 --> 00:12:34.670 align:start position:0% correspond to any promise to any form of credit 00:12:34.670 --> 00:12:34.680 align:start position:0% credit 00:12:34.680 --> 00:12:36.470 align:start position:0% credit but<00:12:35.100> the<00:12:35.220> problem<00:12:35.339> with<00:12:35.519> gold<00:12:35.820> is<00:12:36.300> the 00:12:36.470 --> 00:12:36.480 align:start position:0% but the problem with gold is the 00:12:36.480 --> 00:12:37.430 align:start position:0% but the problem with gold is the opposite 00:12:37.430 --> 00:12:37.440 align:start position:0% opposite 00:12:37.440 --> 00:12:39.170 align:start position:0% opposite even<00:12:37.860> though<00:12:38.040> it's<00:12:38.160> a<00:12:38.339> form<00:12:38.459> of<00:12:38.640> outside<00:12:38.760> money 00:12:39.170 --> 00:12:39.180 align:start position:0% even though it's a form of outside money 00:12:39.180 --> 00:12:42.110 align:start position:0% even though it's a form of outside money it's<00:12:39.540> not<00:12:39.720> a<00:12:39.959> form<00:12:40.079> of<00:12:40.320> virtual<00:12:40.740> money 00:12:42.110 --> 00:12:42.120 align:start position:0% it's not a form of virtual money 00:12:42.120 --> 00:12:45.170 align:start position:0% it's not a form of virtual money remember<00:12:42.779> we<00:12:43.380> want<00:12:43.560> to<00:12:43.680> have<00:12:43.920> a<00:12:44.399> form<00:12:44.639> of 00:12:45.170 --> 00:12:45.180 align:start position:0% remember we want to have a form of 00:12:45.180 --> 00:12:47.870 align:start position:0% remember we want to have a form of virtual<00:12:45.779> outside<00:12:46.200> money<00:12:46.680> a<00:12:47.339> money<00:12:47.579> that<00:12:47.760> is 00:12:47.870 --> 00:12:47.880 align:start position:0% virtual outside money a money that is 00:12:47.880 --> 00:12:49.490 align:start position:0% virtual outside money a money that is not<00:12:48.000> a<00:12:48.120> promise<00:12:48.360> to<00:12:48.540> pay<00:12:48.660> but<00:12:48.899> it<00:12:49.019> is<00:12:49.139> virtual 00:12:49.490 --> 00:12:49.500 align:start position:0% not a promise to pay but it is virtual 00:12:49.500 --> 00:12:51.889 align:start position:0% not a promise to pay but it is virtual and<00:12:50.459> throughout<00:12:50.940> history<00:12:51.120> people<00:12:51.480> have<00:12:51.660> been 00:12:51.889 --> 00:12:51.899 align:start position:0% and throughout history people have been 00:12:51.899 --> 00:12:54.050 align:start position:0% and throughout history people have been very<00:12:52.079> aware<00:12:52.440> that<00:12:53.040> called<00:12:53.220> had<00:12:53.639> serious 00:12:54.050 --> 00:12:54.060 align:start position:0% very aware that called had serious 00:12:54.060 --> 00:12:55.490 align:start position:0% very aware that called had serious problems<00:12:54.420> and<00:12:54.600> the<00:12:54.720> serious<00:12:54.959> problems<00:12:55.320> were 00:12:55.490 --> 00:12:55.500 align:start position:0% problems and the serious problems were 00:12:55.500 --> 00:12:57.650 align:start position:0% problems and the serious problems were essentially<00:12:55.860> that<00:12:56.040> is<00:12:56.220> not<00:12:56.459> programmable 00:12:57.650 --> 00:12:57.660 align:start position:0% essentially that is not programmable 00:12:57.660 --> 00:12:59.750 align:start position:0% essentially that is not programmable it's<00:12:58.139> not<00:12:58.380> virtual<00:12:58.800> it's<00:12:58.980> not<00:12:59.220> programmable 00:12:59.750 --> 00:12:59.760 align:start position:0% it's not virtual it's not programmable 00:12:59.760 --> 00:13:02.750 align:start position:0% it's not virtual it's not programmable it's<00:13:00.660> just<00:13:01.019> a<00:13:01.320> thing<00:13:01.440> it's<00:13:01.980> a<00:13:02.160> physical<00:13:02.339> thing 00:13:02.750 --> 00:13:02.760 align:start position:0% it's just a thing it's a physical thing 00:13:02.760 --> 00:13:04.910 align:start position:0% it's just a thing it's a physical thing the<00:13:03.480> problems<00:13:03.720> with<00:13:03.839> the<00:13:04.019> gold<00:13:04.139> standard<00:13:04.620> were 00:13:04.910 --> 00:13:04.920 align:start position:0% the problems with the gold standard were 00:13:04.920 --> 00:13:08.990 align:start position:0% the problems with the gold standard were obviously<00:13:05.880> as<00:13:06.779> Ben<00:13:07.139> Bernanke<00:13:07.920> said<00:13:08.579> at<00:13:08.820> one 00:13:08.990 --> 00:13:09.000 align:start position:0% obviously as Ben Bernanke said at one 00:13:09.000 --> 00:13:11.810 align:start position:0% obviously as Ben Bernanke said at one point<00:13:09.500> the<00:13:10.500> money<00:13:10.920> supply<00:13:11.220> cannot<00:13:11.700> be 00:13:11.810 --> 00:13:11.820 align:start position:0% point the money supply cannot be 00:13:11.820 --> 00:13:13.490 align:start position:0% point the money supply cannot be adjusted<00:13:12.300> according<00:13:12.779> to<00:13:12.959> economic 00:13:13.490 --> 00:13:13.500 align:start position:0% adjusted according to economic 00:13:13.500 --> 00:13:15.949 align:start position:0% adjusted according to economic circumstances<00:13:14.160> I've<00:13:14.880> already<00:13:15.060> mentioned 00:13:15.949 --> 00:13:15.959 align:start position:0% circumstances I've already mentioned 00:13:15.959 --> 00:13:17.629 align:start position:0% circumstances I've already mentioned Michael<00:13:16.139> seller<00:13:16.620> and<00:13:16.740> Ben<00:13:16.860> bernank<00:13:17.220> and<00:13:17.459> again 00:13:17.629 --> 00:13:17.639 align:start position:0% Michael seller and Ben bernank and again 00:13:17.639 --> 00:13:20.470 align:start position:0% Michael seller and Ben bernank and again didn't<00:13:17.940> get<00:13:18.120> any<00:13:18.240> booze<00:13:18.779> uh<00:13:19.079> for<00:13:19.740> any<00:13:19.920> of<00:13:20.100> them 00:13:20.470 --> 00:13:20.480 align:start position:0% didn't get any booze uh for any of them 00:13:20.480 --> 00:13:25.690 align:start position:0% didn't get any booze uh for any of them very<00:13:21.480> very<00:13:21.779> nice<00:13:22.139> very<00:13:22.560> polite<00:13:22.920> but<00:13:23.820> uh<00:13:24.120> so 00:13:25.690 --> 00:13:25.700 align:start position:0% very very nice very polite but uh so 00:13:25.700 --> 00:13:28.129 align:start position:0% very very nice very polite but uh so gold<00:13:26.700> cannot<00:13:27.180> be<00:13:27.300> adjusted<00:13:27.660> according<00:13:28.019> to 00:13:28.129 --> 00:13:28.139 align:start position:0% gold cannot be adjusted according to 00:13:28.139 --> 00:13:30.590 align:start position:0% gold cannot be adjusted according to economic<00:13:28.680> circumstances<00:13:29.600> economic 00:13:30.590 --> 00:13:30.600 align:start position:0% economic circumstances economic 00:13:30.600 --> 00:13:32.930 align:start position:0% economic circumstances economic adjustment<00:13:31.019> takes<00:13:31.380> place<00:13:31.620> very<00:13:32.040> slowly<00:13:32.459> in 00:13:32.930 --> 00:13:32.940 align:start position:0% adjustment takes place very slowly in 00:13:32.940 --> 00:13:35.509 align:start position:0% adjustment takes place very slowly in the<00:13:33.060> gold<00:13:33.240> standard<00:13:33.779> through<00:13:34.740> prices<00:13:35.100> and 00:13:35.509 --> 00:13:35.519 align:start position:0% the gold standard through prices and 00:13:35.519 --> 00:13:37.430 align:start position:0% the gold standard through prices and through<00:13:35.760> salaries<00:13:36.300> slow<00:13:36.839> and<00:13:37.079> painful 00:13:37.430 --> 00:13:37.440 align:start position:0% through salaries slow and painful 00:13:37.440 --> 00:13:40.550 align:start position:0% through salaries slow and painful adjustment<00:13:37.920> you<00:13:38.700> don't<00:13:38.820> have<00:13:39.120> the<00:13:39.540> ability<00:13:39.839> to 00:13:40.550 --> 00:13:40.560 align:start position:0% adjustment you don't have the ability to 00:13:40.560 --> 00:13:43.730 align:start position:0% adjustment you don't have the ability to adjust<00:13:41.540> the<00:13:42.540> money<00:13:42.720> supply 00:13:43.730 --> 00:13:43.740 align:start position:0% adjust the money supply 00:13:43.740 --> 00:13:46.069 align:start position:0% adjust the money supply you<00:13:44.519> don't<00:13:44.639> have<00:13:44.760> the<00:13:45.000> ability<00:13:45.180> to<00:13:45.720> increase 00:13:46.069 --> 00:13:46.079 align:start position:0% you don't have the ability to increase 00:13:46.079 --> 00:13:48.230 align:start position:0% you don't have the ability to increase you<00:13:46.560> know<00:13:46.740> true<00:13:47.100> gold<00:13:47.579> standard<00:13:47.940> you<00:13:48.120> don't 00:13:48.230 --> 00:13:48.240 align:start position:0% you know true gold standard you don't 00:13:48.240 --> 00:13:49.610 align:start position:0% you know true gold standard you don't have<00:13:48.360> the<00:13:48.480> ability<00:13:48.660> to<00:13:48.959> increase<00:13:49.139> the<00:13:49.500> money 00:13:49.610 --> 00:13:49.620 align:start position:0% have the ability to increase the money 00:13:49.620 --> 00:13:52.490 align:start position:0% have the ability to increase the money supply<00:13:49.920> as<00:13:50.459> the<00:13:50.700> economy<00:13:51.060> grows<00:13:51.420> to<00:13:52.260> adjust 00:13:52.490 --> 00:13:52.500 align:start position:0% supply as the economy grows to adjust 00:13:52.500 --> 00:13:55.790 align:start position:0% supply as the economy grows to adjust money<00:13:53.279> creation<00:13:53.760> to<00:13:54.240> GDP<00:13:54.720> growth<00:13:55.079> all<00:13:55.560> these 00:13:55.790 --> 00:13:55.800 align:start position:0% money creation to GDP growth all these 00:13:55.800 --> 00:13:57.769 align:start position:0% money creation to GDP growth all these are<00:13:56.040> fatal<00:13:56.519> flaws<00:13:56.880> when<00:13:57.120> it<00:13:57.300> comes<00:13:57.540> to 00:13:57.769 --> 00:13:57.779 align:start position:0% are fatal flaws when it comes to 00:13:57.779 --> 00:14:02.930 align:start position:0% are fatal flaws when it comes to building<00:13:58.560> a<00:13:59.220> genuine<00:13:59.760> economy 00:14:02.930 --> 00:14:02.940 align:start position:0% 00:14:02.940 --> 00:14:05.410 align:start position:0% monetary<00:14:03.600> history<00:14:03.899> and<00:14:04.500> this<00:14:04.680> is<00:14:04.860> very<00:14:05.100> clear 00:14:05.410 --> 00:14:05.420 align:start position:0% monetary history and this is very clear 00:14:05.420 --> 00:14:09.530 align:start position:0% monetary history and this is very clear in<00:14:06.420> the<00:14:06.600> book<00:14:06.779> by<00:14:07.500> David<00:14:07.620> Graber<00:14:08.339> that<00:14:08.760> that<00:14:09.300> I 00:14:09.530 --> 00:14:09.540 align:start position:0% in the book by David Graber that that I 00:14:09.540 --> 00:14:11.030 align:start position:0% in the book by David Graber that that I understand<00:14:09.600> lots<00:14:10.079> of<00:14:10.139> people<00:14:10.260> here<00:14:10.500> like<00:14:10.740> and 00:14:11.030 --> 00:14:11.040 align:start position:0% understand lots of people here like and 00:14:11.040 --> 00:14:12.410 align:start position:0% understand lots of people here like and lots<00:14:11.339> of<00:14:11.399> people<00:14:11.519> in<00:14:11.700> the<00:14:11.820> ethereum<00:14:12.240> community 00:14:12.410 --> 00:14:12.420 align:start position:0% lots of people in the ethereum community 00:14:12.420 --> 00:14:14.350 align:start position:0% lots of people in the ethereum community like 00:14:14.350 --> 00:14:14.360 align:start position:0% like 00:14:14.360 --> 00:14:16.490 align:start position:0% like describes<00:14:15.360> a<00:14:15.600> permanent<00:14:16.019> tension 00:14:16.490 --> 00:14:16.500 align:start position:0% describes a permanent tension 00:14:16.500 --> 00:14:19.670 align:start position:0% describes a permanent tension oscillation<00:14:17.279> between<00:14:17.940> two<00:14:18.360> views<00:14:18.779> on<00:14:19.440> the<00:14:19.560> one 00:14:19.670 --> 00:14:19.680 align:start position:0% oscillation between two views on the one 00:14:19.680 --> 00:14:22.009 align:start position:0% oscillation between two views on the one hand<00:14:19.860> money<00:14:20.160> is<00:14:20.399> a<00:14:20.579> real<00:14:20.700> thing<00:14:20.940> on<00:14:21.839> the<00:14:21.899> other 00:14:22.009 --> 00:14:22.019 align:start position:0% hand money is a real thing on the other 00:14:22.019 --> 00:14:24.410 align:start position:0% hand money is a real thing on the other hand<00:14:22.200> money<00:14:22.740> is<00:14:22.980> a<00:14:23.160> virtual<00:14:23.399> thing<00:14:23.639> and<00:14:24.180> from 00:14:24.410 --> 00:14:24.420 align:start position:0% hand money is a virtual thing and from 00:14:24.420 --> 00:14:26.269 align:start position:0% hand money is a virtual thing and from the<00:14:24.600> point<00:14:24.720> of<00:14:24.839> view<00:14:24.959> of<00:14:25.200> what<00:14:25.440> I've<00:14:25.740> talked 00:14:26.269 --> 00:14:26.279 align:start position:0% the point of view of what I've talked 00:14:26.279 --> 00:14:28.129 align:start position:0% the point of view of what I've talked about<00:14:26.339> so<00:14:26.700> far<00:14:26.820> you<00:14:27.120> understand<00:14:27.300> this<00:14:27.779> tension 00:14:28.129 --> 00:14:28.139 align:start position:0% about so far you understand this tension 00:14:28.139 --> 00:14:29.870 align:start position:0% about so far you understand this tension and<00:14:28.320> this<00:14:28.500> oscillation 00:14:29.870 --> 00:14:29.880 align:start position:0% and this oscillation 00:14:29.880 --> 00:14:32.210 align:start position:0% and this oscillation on<00:14:30.480> the<00:14:30.660> one<00:14:30.779> hand<00:14:31.019> you<00:14:31.500> want<00:14:31.620> money<00:14:31.860> to<00:14:32.100> be 00:14:32.210 --> 00:14:32.220 align:start position:0% on the one hand you want money to be 00:14:32.220 --> 00:14:33.769 align:start position:0% on the one hand you want money to be something<00:14:32.399> real<00:14:32.700> that<00:14:33.000> cannot<00:14:33.300> be<00:14:33.420> freely 00:14:33.769 --> 00:14:33.779 align:start position:0% something real that cannot be freely 00:14:33.779 --> 00:14:35.750 align:start position:0% something real that cannot be freely manipulated<00:14:34.380> by<00:14:34.620> those<00:14:34.800> in<00:14:35.040> power 00:14:35.750 --> 00:14:35.760 align:start position:0% manipulated by those in power 00:14:35.760 --> 00:14:38.870 align:start position:0% manipulated by those in power so<00:14:36.300> you<00:14:36.480> turn<00:14:36.660> towards<00:14:37.079> gold<00:14:37.320> for<00:14:37.740> example<00:14:38.399> but 00:14:38.870 --> 00:14:38.880 align:start position:0% so you turn towards gold for example but 00:14:38.880 --> 00:14:41.030 align:start position:0% so you turn towards gold for example but then<00:14:39.120> when<00:14:39.660> you<00:14:39.839> embrace<00:14:40.139> the<00:14:40.320> gold<00:14:40.500> standard 00:14:41.030 --> 00:14:41.040 align:start position:0% then when you embrace the gold standard 00:14:41.040 --> 00:14:42.949 align:start position:0% then when you embrace the gold standard you<00:14:41.579> end<00:14:41.760> up<00:14:41.880> with<00:14:42.060> a<00:14:42.180> problem<00:14:42.300> that<00:14:42.600> it's<00:14:42.720> not 00:14:42.949 --> 00:14:42.959 align:start position:0% you end up with a problem that it's not 00:14:42.959 --> 00:14:45.050 align:start position:0% you end up with a problem that it's not programmable<00:14:43.920> and<00:14:44.279> you<00:14:44.399> cannot<00:14:44.639> build<00:14:44.820> a 00:14:45.050 --> 00:14:45.060 align:start position:0% programmable and you cannot build a 00:14:45.060 --> 00:14:47.689 align:start position:0% programmable and you cannot build a modern<00:14:45.240> economy<00:14:45.899> on<00:14:46.800> a<00:14:46.980> form<00:14:47.100> of<00:14:47.279> money<00:14:47.459> that 00:14:47.689 --> 00:14:47.699 align:start position:0% modern economy on a form of money that 00:14:47.699 --> 00:14:49.730 align:start position:0% modern economy on a form of money that is<00:14:47.820> not<00:14:48.060> programmable<00:14:48.540> and<00:14:49.019> then<00:14:49.199> you<00:14:49.440> return 00:14:49.730 --> 00:14:49.740 align:start position:0% is not programmable and then you return 00:14:49.740 --> 00:14:52.730 align:start position:0% is not programmable and then you return as<00:14:50.639> you<00:14:50.760> did<00:14:50.940> after<00:14:51.180> 1971<00:14:52.019> abandoning<00:14:52.560> the 00:14:52.730 --> 00:14:52.740 align:start position:0% as you did after 1971 abandoning the 00:14:52.740 --> 00:14:54.350 align:start position:0% as you did after 1971 abandoning the gold<00:14:52.860> standard<00:14:53.279> you<00:14:53.519> return<00:14:53.699> to<00:14:53.940> a<00:14:54.060> form<00:14:54.180> of 00:14:54.350 --> 00:14:54.360 align:start position:0% gold standard you return to a form of 00:14:54.360 --> 00:14:56.569 align:start position:0% gold standard you return to a form of virtual<00:14:54.779> programmable<00:14:55.260> money<00:14:55.620> which<00:14:56.220> is<00:14:56.399> what 00:14:56.569 --> 00:14:56.579 align:start position:0% virtual programmable money which is what 00:14:56.579 --> 00:14:59.509 align:start position:0% virtual programmable money which is what we<00:14:56.760> have<00:14:56.940> today<00:14:57.260> but<00:14:58.260> then<00:14:58.560> you<00:14:58.980> run<00:14:59.160> into<00:14:59.339> the 00:14:59.509 --> 00:14:59.519 align:start position:0% we have today but then you run into the 00:14:59.519 --> 00:15:01.430 align:start position:0% we have today but then you run into the problem<00:14:59.699> that<00:15:00.000> it's<00:15:00.120> not<00:15:00.360> really<00:15:00.540> money 00:15:01.430 --> 00:15:01.440 align:start position:0% problem that it's not really money 00:15:01.440 --> 00:15:03.170 align:start position:0% problem that it's not really money it's<00:15:01.980> just<00:15:02.160> credit 00:15:03.170 --> 00:15:03.180 align:start position:0% it's just credit 00:15:03.180 --> 00:15:05.930 align:start position:0% it's just credit today<00:15:03.839> all<00:15:04.800> the<00:15:04.980> money<00:15:05.040> around<00:15:05.279> us<00:15:05.519> is<00:15:05.760> credit 00:15:05.930 --> 00:15:05.940 align:start position:0% today all the money around us is credit 00:15:05.940 --> 00:15:10.129 align:start position:0% today all the money around us is credit is<00:15:06.240> not<00:15:06.480> money<00:15:06.660> so<00:15:07.560> you<00:15:07.800> see<00:15:08.040> the<00:15:08.940> the<00:15:09.660> goal 00:15:10.129 --> 00:15:10.139 align:start position:0% is not money so you see the the goal 00:15:10.139 --> 00:15:13.069 align:start position:0% is not money so you see the the goal here<00:15:10.260> the<00:15:10.680> Holy<00:15:11.100> Grail<00:15:11.399> is<00:15:12.060> to<00:15:12.240> have<00:15:12.480> a<00:15:12.660> form<00:15:12.839> of 00:15:13.069 --> 00:15:13.079 align:start position:0% here the Holy Grail is to have a form of 00:15:13.079 --> 00:15:15.410 align:start position:0% here the Holy Grail is to have a form of money<00:15:13.320> that<00:15:13.680> is<00:15:13.800> virtual<00:15:14.160> but<00:15:14.459> that<00:15:14.760> when<00:15:15.240> it 00:15:15.410 --> 00:15:15.420 align:start position:0% money that is virtual but that when it 00:15:15.420 --> 00:15:17.689 align:start position:0% money that is virtual but that when it becomes<00:15:15.839> virtual<00:15:16.260> does<00:15:16.860> not<00:15:17.100> stop<00:15:17.459> being 00:15:17.689 --> 00:15:17.699 align:start position:0% becomes virtual does not stop being 00:15:17.699 --> 00:15:23.509 align:start position:0% becomes virtual does not stop being money<00:15:18.000> and<00:15:18.300> does<00:15:18.420> not<00:15:18.660> turn<00:15:18.899> into<00:15:19.680> credit 00:15:23.509 --> 00:15:23.519 align:start position:0% 00:15:23.519 --> 00:15:26.629 align:start position:0% the<00:15:23.940> turn<00:15:24.120> towards<00:15:24.720> virtual<00:15:25.380> money<00:15:25.639> often 00:15:26.629 --> 00:15:26.639 align:start position:0% the turn towards virtual money often 00:15:26.639 --> 00:15:29.090 align:start position:0% the turn towards virtual money often destroys<00:15:27.120> money<00:15:27.360> and<00:15:27.600> turns<00:15:27.899> it<00:15:27.959> to<00:15:28.079> credit 00:15:29.090 --> 00:15:29.100 align:start position:0% destroys money and turns it to credit 00:15:29.100 --> 00:15:31.310 align:start position:0% destroys money and turns it to credit but<00:15:29.639> to<00:15:29.820> turn<00:15:30.060> towards<00:15:30.540> physical<00:15:30.779> reality 00:15:31.310 --> 00:15:31.320 align:start position:0% but to turn towards physical reality 00:15:31.320 --> 00:15:33.590 align:start position:0% but to turn towards physical reality also<00:15:31.800> to<00:15:32.040> turn<00:15:32.279> destroys<00:15:32.820> money<00:15:33.060> because<00:15:33.360> it 00:15:33.590 --> 00:15:33.600 align:start position:0% also to turn destroys money because it 00:15:33.600 --> 00:15:35.810 align:start position:0% also to turn destroys money because it turns<00:15:33.839> it<00:15:33.959> into<00:15:34.079> a<00:15:34.320> physical<00:15:34.440> object<00:15:34.920> a<00:15:35.579> piece 00:15:35.810 --> 00:15:35.820 align:start position:0% turns it into a physical object a piece 00:15:35.820 --> 00:15:38.389 align:start position:0% turns it into a physical object a piece of<00:15:35.880> gold<00:15:36.060> is<00:15:36.600> not<00:15:36.839> what<00:15:37.260> we<00:15:37.440> call<00:15:37.620> money<00:15:37.920> and<00:15:38.220> is 00:15:38.389 --> 00:15:38.399 align:start position:0% of gold is not what we call money and is 00:15:38.399 --> 00:15:40.490 align:start position:0% of gold is not what we call money and is not<00:15:38.579> what<00:15:38.820> we<00:15:38.940> want<00:15:39.120> for<00:15:39.240> money<00:15:39.480> so<00:15:40.139> I<00:15:40.320> already 00:15:40.490 --> 00:15:40.500 align:start position:0% not what we want for money so I already 00:15:40.500 --> 00:15:42.769 align:start position:0% not what we want for money so I already mentioned<00:15:40.860> sailor<00:15:41.339> this<00:15:41.519> idea<00:15:41.820> that 00:15:42.769 --> 00:15:42.779 align:start position:0% mentioned sailor this idea that 00:15:42.779 --> 00:15:46.069 align:start position:0% mentioned sailor this idea that Bitcoin<00:15:43.680> is<00:15:43.800> a<00:15:43.980> real<00:15:44.160> thing<00:15:44.480> it's<00:15:45.480> a<00:15:45.720> Quantum 00:15:46.069 --> 00:15:46.079 align:start position:0% Bitcoin is a real thing it's a Quantum 00:15:46.079 --> 00:15:48.230 align:start position:0% Bitcoin is a real thing it's a Quantum of<00:15:46.199> energy<00:15:46.380> each<00:15:46.980> Bitcoin<00:15:47.519> corresponds<00:15:47.940> to<00:15:48.000> a 00:15:48.230 --> 00:15:48.240 align:start position:0% of energy each Bitcoin corresponds to a 00:15:48.240 --> 00:15:50.030 align:start position:0% of energy each Bitcoin corresponds to a Quantum<00:15:48.540> of<00:15:48.660> energy<00:15:48.839> and<00:15:49.320> apparently<00:15:49.740> he 00:15:50.030 --> 00:15:50.040 align:start position:0% Quantum of energy and apparently he 00:15:50.040 --> 00:15:51.470 align:start position:0% Quantum of energy and apparently he likes<00:15:50.459> this 00:15:51.470 --> 00:15:51.480 align:start position:0% likes this 00:15:51.480 --> 00:15:53.689 align:start position:0% likes this but<00:15:51.959> I<00:15:52.079> think<00:15:52.199> the<00:15:52.440> view<00:15:52.680> in<00:15:53.220> the<00:15:53.339> ethereum 00:15:53.689 --> 00:15:53.699 align:start position:0% but I think the view in the ethereum 00:15:53.699 --> 00:15:55.189 align:start position:0% but I think the view in the ethereum community<00:15:53.940> is<00:15:54.300> quite<00:15:54.480> different<00:15:54.660> as<00:15:55.019> we'll 00:15:55.189 --> 00:15:55.199 align:start position:0% community is quite different as we'll 00:15:55.199 --> 00:15:55.970 align:start position:0% community is quite different as we'll see 00:15:55.970 --> 00:15:55.980 align:start position:0% see 00:15:55.980 --> 00:15:56.750 align:start position:0% see um 00:15:56.750 --> 00:15:56.760 align:start position:0% um 00:15:56.760 --> 00:15:59.389 align:start position:0% um is<00:15:57.300> is<00:15:57.300> Bitcoin<00:15:58.019> virtual<00:15:58.440> or<00:15:59.160> there's 00:15:59.389 --> 00:15:59.399 align:start position:0% is is Bitcoin virtual or there's 00:15:59.399 --> 00:16:02.030 align:start position:0% is is Bitcoin virtual or there's actually<00:15:59.699> the<00:16:00.000> Bitcoin<00:16:00.360> Community<00:16:00.860> kind<00:16:01.860> of 00:16:02.030 --> 00:16:02.040 align:start position:0% actually the Bitcoin Community kind of 00:16:02.040 --> 00:16:04.069 align:start position:0% actually the Bitcoin Community kind of refrain<00:16:02.760> from<00:16:03.060> going<00:16:03.360> all<00:16:03.540> the<00:16:03.720> way<00:16:03.779> and 00:16:04.069 --> 00:16:04.079 align:start position:0% refrain from going all the way and 00:16:04.079 --> 00:16:07.250 align:start position:0% refrain from going all the way and accepted<00:16:04.440> a<00:16:04.620> form<00:16:04.800> of<00:16:04.980> of<00:16:05.459> virtual<00:16:06.060> crypto 00:16:07.250 --> 00:16:07.260 align:start position:0% accepted a form of of virtual crypto 00:16:07.260 --> 00:16:10.310 align:start position:0% accepted a form of of virtual crypto crypto<00:16:07.860> does<00:16:08.100> offer<00:16:08.459> the<00:16:08.639> promise 00:16:10.310 --> 00:16:10.320 align:start position:0% crypto does offer the promise 00:16:10.320 --> 00:16:13.069 align:start position:0% crypto does offer the promise of<00:16:11.279> combining 00:16:13.069 --> 00:16:13.079 align:start position:0% of combining 00:16:13.079 --> 00:16:15.170 align:start position:0% of combining what<00:16:13.740> people<00:16:13.920> used<00:16:14.220> to<00:16:14.339> think<00:16:14.519> was<00:16:14.699> impossible 00:16:15.170 --> 00:16:15.180 align:start position:0% what people used to think was impossible 00:16:15.180 --> 00:16:17.509 align:start position:0% what people used to think was impossible combining<00:16:15.899> the<00:16:16.079> idea<00:16:16.320> of<00:16:16.500> virtual<00:16:16.800> money<00:16:17.040> with 00:16:17.509 --> 00:16:17.519 align:start position:0% combining the idea of virtual money with 00:16:17.519 --> 00:16:19.970 align:start position:0% combining the idea of virtual money with the<00:16:17.639> idea<00:16:17.880> of<00:16:18.060> outside<00:16:18.360> money<00:16:18.779> a<00:16:19.500> money<00:16:19.740> that 00:16:19.970 --> 00:16:19.980 align:start position:0% the idea of outside money a money that 00:16:19.980 --> 00:16:22.730 align:start position:0% the idea of outside money a money that is<00:16:20.100> virtual<00:16:20.519> but<00:16:20.820> does<00:16:21.000> not<00:16:21.240> correspond<00:16:21.839> to<00:16:22.260> an 00:16:22.730 --> 00:16:22.740 align:start position:0% is virtual but does not correspond to an 00:16:22.740 --> 00:16:25.430 align:start position:0% is virtual but does not correspond to an obligation<00:16:23.160> or<00:16:23.459> credit<00:16:23.699> or<00:16:24.060> promise<00:16:24.480> to<00:16:24.660> pay 00:16:25.430 --> 00:16:25.440 align:start position:0% obligation or credit or promise to pay 00:16:25.440 --> 00:16:27.410 align:start position:0% obligation or credit or promise to pay I<00:16:25.920> would<00:16:26.040> argue<00:16:26.339> and<00:16:26.459> I'll<00:16:26.639> finish<00:16:27.060> with<00:16:27.300> that 00:16:27.410 --> 00:16:27.420 align:start position:0% I would argue and I'll finish with that 00:16:27.420 --> 00:16:29.509 align:start position:0% I would argue and I'll finish with that I<00:16:27.720> will<00:16:27.899> argue<00:16:28.199> that 00:16:29.509 --> 00:16:29.519 align:start position:0% I will argue that 00:16:29.519 --> 00:16:31.550 align:start position:0% I will argue that ether 00:16:31.550 --> 00:16:31.560 align:start position:0% ether 00:16:31.560 --> 00:16:35.150 align:start position:0% ether is<00:16:32.160> like<00:16:32.399> Bitcoin<00:16:32.880> a<00:16:33.120> form<00:16:33.240> of<00:16:33.420> outside<00:16:33.600> money 00:16:35.150 --> 00:16:35.160 align:start position:0% is like Bitcoin a form of outside money 00:16:35.160 --> 00:16:37.550 align:start position:0% is like Bitcoin a form of outside money again<00:16:35.579> if<00:16:35.940> you<00:16:36.060> have<00:16:36.240> one<00:16:36.540> youth 00:16:37.550 --> 00:16:37.560 align:start position:0% again if you have one youth 00:16:37.560 --> 00:16:39.889 align:start position:0% again if you have one youth no<00:16:37.920> one<00:16:38.040> owes<00:16:38.339> you<00:16:38.399> one<00:16:38.579> if<00:16:38.940> it's<00:16:39.120> yours<00:16:39.480> it's 00:16:39.889 --> 00:16:39.899 align:start position:0% no one owes you one if it's yours it's 00:16:39.899 --> 00:16:42.350 align:start position:0% no one owes you one if it's yours it's you<00:16:40.079> the<00:16:40.440> relationship<00:16:40.920> is<00:16:41.220> between<00:16:41.519> you<00:16:42.060> and 00:16:42.350 --> 00:16:42.360 align:start position:0% you the relationship is between you and 00:16:42.360 --> 00:16:43.730 align:start position:0% you the relationship is between you and the<00:16:42.540> eve<00:16:42.779> and<00:16:43.019> there's<00:16:43.139> no<00:16:43.320> one<00:16:43.440> else<00:16:43.560> there's 00:16:43.730 --> 00:16:43.740 align:start position:0% the eve and there's no one else there's 00:16:43.740 --> 00:16:46.730 align:start position:0% the eve and there's no one else there's no<00:16:43.920> third<00:16:44.220> party<00:16:44.459> this<00:16:45.300> is<00:16:45.420> what<00:16:45.839> defines 00:16:46.730 --> 00:16:46.740 align:start position:0% no third party this is what defines 00:16:46.740 --> 00:16:50.090 align:start position:0% no third party this is what defines outside<00:16:47.100> money<00:16:47.720> but<00:16:48.720> as<00:16:49.139> opposed<00:16:49.380> to<00:16:49.500> bitcoin 00:16:50.090 --> 00:16:50.100 align:start position:0% outside money but as opposed to bitcoin 00:16:50.100 --> 00:16:51.850 align:start position:0% outside money but as opposed to bitcoin and 00:16:51.850 --> 00:16:51.860 align:start position:0% and 00:16:51.860 --> 00:16:55.550 align:start position:0% and uh<00:16:53.339> uh<00:16:53.699> I<00:16:53.880> I<00:16:53.940> I<00:16:54.240> think<00:16:54.779> this<00:16:54.959> is<00:16:55.079> how<00:16:55.259> I<00:16:55.380> would 00:16:55.550 --> 00:16:55.560 align:start position:0% uh uh I I I think this is how I would 00:16:55.560 --> 00:16:57.769 align:start position:0% uh uh I I I think this is how I would distinguish<00:16:55.980> Bitcoin<00:16:56.519> from<00:16:56.759> from<00:16:57.180> ethereum 00:16:57.769 --> 00:16:57.779 align:start position:0% distinguish Bitcoin from from ethereum 00:16:57.779 --> 00:17:01.269 align:start position:0% distinguish Bitcoin from from ethereum the<00:16:58.440> idea<00:16:58.740> of<00:16:58.880> virtuality<00:16:59.880> as<00:17:00.420> opposed<00:17:00.720> to 00:17:01.269 --> 00:17:01.279 align:start position:0% the idea of virtuality as opposed to 00:17:01.279 --> 00:17:04.850 align:start position:0% the idea of virtuality as opposed to bitcoin<00:17:02.279> uh<00:17:03.240> ether<00:17:03.660> is<00:17:04.140> also<00:17:04.439> a<00:17:04.620> form<00:17:04.740> of 00:17:04.850 --> 00:17:04.860 align:start position:0% bitcoin uh ether is also a form of 00:17:04.860 --> 00:17:07.390 align:start position:0% bitcoin uh ether is also a form of virtual<00:17:05.160> money<00:17:05.339> and<00:17:06.059> I'll<00:17:06.179> make<00:17:06.419> uh 00:17:07.390 --> 00:17:07.400 align:start position:0% virtual money and I'll make uh 00:17:07.400 --> 00:17:10.309 align:start position:0% virtual money and I'll make uh two<00:17:08.400> preliminary<00:17:09.179> arguments<00:17:09.660> not<00:17:09.900> being<00:17:10.079> an 00:17:10.309 --> 00:17:10.319 align:start position:0% two preliminary arguments not being an 00:17:10.319 --> 00:17:12.650 align:start position:0% two preliminary arguments not being an expert<00:17:10.620> uh<00:17:11.400> and<00:17:11.699> talking<00:17:11.880> to<00:17:12.059> an<00:17:12.240> audience<00:17:12.480> of 00:17:12.650 --> 00:17:12.660 align:start position:0% expert uh and talking to an audience of 00:17:12.660 --> 00:17:16.010 align:start position:0% expert uh and talking to an audience of experts<00:17:13.140> on<00:17:13.319> ethereum<00:17:13.860> two<00:17:14.640> initial<00:17:15.419> comments 00:17:16.010 --> 00:17:16.020 align:start position:0% experts on ethereum two initial comments 00:17:16.020 --> 00:17:19.850 align:start position:0% experts on ethereum two initial comments first<00:17:16.740> of<00:17:16.919> all<00:17:17.120> the<00:17:18.120> idea<00:17:18.360> of<00:17:18.720> layer<00:17:19.500> one<00:17:19.679> and 00:17:19.850 --> 00:17:19.860 align:start position:0% first of all the idea of layer one and 00:17:19.860 --> 00:17:21.829 align:start position:0% first of all the idea of layer one and Layer<00:17:20.160> Two<00:17:20.339> and<00:17:20.640> roll-ups 00:17:21.829 --> 00:17:21.839 align:start position:0% Layer Two and roll-ups 00:17:21.839 --> 00:17:23.990 align:start position:0% Layer Two and roll-ups I<00:17:22.260> find<00:17:22.380> the<00:17:22.559> idea<00:17:22.860> very<00:17:23.100> promising<00:17:23.579> and<00:17:23.760> very 00:17:23.990 --> 00:17:24.000 align:start position:0% I find the idea very promising and very 00:17:24.000 --> 00:17:25.010 align:start position:0% I find the idea very promising and very intriguing 00:17:25.010 --> 00:17:25.020 align:start position:0% intriguing 00:17:25.020 --> 00:17:28.970 align:start position:0% intriguing because<00:17:25.799> it<00:17:26.459> allows<00:17:26.880> you<00:17:27.480> to<00:17:27.959> do<00:17:28.319> what<00:17:28.679> money 00:17:28.970 --> 00:17:28.980 align:start position:0% because it allows you to do what money 00:17:28.980 --> 00:17:32.090 align:start position:0% because it allows you to do what money always<00:17:29.460> has<00:17:29.820> to<00:17:30.000> do<00:17:30.240> to<00:17:31.020> have<00:17:31.260> a<00:17:31.559> level<00:17:31.679> of 00:17:32.090 --> 00:17:32.100 align:start position:0% always has to do to have a level of 00:17:32.100 --> 00:17:33.770 align:start position:0% always has to do to have a level of elasticity 00:17:33.770 --> 00:17:33.780 align:start position:0% elasticity 00:17:33.780 --> 00:17:36.230 align:start position:0% elasticity to<00:17:34.260> be<00:17:34.320> able<00:17:34.500> to<00:17:34.620> expand<00:17:35.160> according<00:17:36.120> to 00:17:36.230 --> 00:17:36.240 align:start position:0% to be able to expand according to 00:17:36.240 --> 00:17:37.850 align:start position:0% to be able to expand according to circumstances<00:17:36.840> not<00:17:37.260> just<00:17:37.380> according<00:17:37.740> to 00:17:37.850 --> 00:17:37.860 align:start position:0% circumstances not just according to 00:17:37.860 --> 00:17:40.130 align:start position:0% circumstances not just according to economic<00:17:38.340> growth<00:17:38.640> but<00:17:39.240> to<00:17:39.539> kind<00:17:39.720> of<00:17:39.840> follow 00:17:40.130 --> 00:17:40.140 align:start position:0% economic growth but to kind of follow 00:17:40.140 --> 00:17:42.650 align:start position:0% economic growth but to kind of follow people<00:17:40.500> in<00:17:40.799> what<00:17:41.039> they<00:17:41.160> want<00:17:41.340> to<00:17:41.460> do<00:17:41.640> you<00:17:42.539> don't 00:17:42.650 --> 00:17:42.660 align:start position:0% people in what they want to do you don't 00:17:42.660 --> 00:17:44.510 align:start position:0% people in what they want to do you don't want<00:17:42.780> a<00:17:42.960> form<00:17:43.080> of<00:17:43.260> money<00:17:43.559> that<00:17:44.160> is<00:17:44.280> a 00:17:44.510 --> 00:17:44.520 align:start position:0% want a form of money that is a 00:17:44.520 --> 00:17:47.270 align:start position:0% want a form of money that is a restriction<00:17:44.940> on<00:17:45.600> economic<00:17:46.080> activity<00:17:46.500> you 00:17:47.270 --> 00:17:47.280 align:start position:0% restriction on economic activity you 00:17:47.280 --> 00:17:48.770 align:start position:0% restriction on economic activity you want<00:17:47.400> a<00:17:47.520> form<00:17:47.700> of<00:17:47.820> money<00:17:48.059> that<00:17:48.299> allows<00:17:48.600> people 00:17:48.770 --> 00:17:48.780 align:start position:0% want a form of money that allows people 00:17:48.780 --> 00:17:50.810 align:start position:0% want a form of money that allows people to<00:17:49.020> do<00:17:49.140> different<00:17:49.380> things<00:17:49.679> now<00:17:50.280> in<00:17:50.520> the<00:17:50.700> system 00:17:50.810 --> 00:17:50.820 align:start position:0% to do different things now in the system 00:17:50.820 --> 00:17:53.029 align:start position:0% to do different things now in the system that<00:17:51.120> we<00:17:51.299> have<00:17:51.419> today 00:17:53.029 --> 00:17:53.039 align:start position:0% that we have today 00:17:53.039 --> 00:17:55.970 align:start position:0% that we have today that's<00:17:53.580> also<00:17:54.000> possible<00:17:54.780> I<00:17:55.440> can<00:17:55.559> personally 00:17:55.970 --> 00:17:55.980 align:start position:0% that's also possible I can personally 00:17:55.980 --> 00:17:57.650 align:start position:0% that's also possible I can personally create<00:17:56.340> money 00:17:57.650 --> 00:17:57.660 align:start position:0% create money 00:17:57.660 --> 00:18:00.169 align:start position:0% create money if<00:17:58.380> I<00:17:58.559> pick<00:17:58.919> someone<00:17:59.100> in<00:17:59.400> the<00:17:59.580> audience<00:17:59.820> and<00:18:00.059> I 00:18:00.169 --> 00:18:00.179 align:start position:0% if I pick someone in the audience and I 00:18:00.179 --> 00:18:02.570 align:start position:0% if I pick someone in the audience and I say<00:18:00.299> you<00:18:00.480> know<00:18:00.539> up<00:18:00.840> a<00:18:01.080> year<00:18:01.320> from<00:18:01.559> now<00:18:01.740> I<00:18:02.400> will 00:18:02.570 --> 00:18:02.580 align:start position:0% say you know up a year from now I will 00:18:02.580 --> 00:18:05.750 align:start position:0% say you know up a year from now I will give<00:18:02.760> you<00:18:02.880> uh 00:18:05.750 --> 00:18:05.760 align:start position:0% give you uh 00:18:05.760 --> 00:18:10.010 align:start position:0% give you uh the<00:18:06.299> house<00:18:06.480> in<00:18:06.780> Florida<00:18:07.039> and<00:18:08.039> here<00:18:08.280> is<00:18:08.460> a<00:18:08.700> IOU 00:18:10.010 --> 00:18:10.020 align:start position:0% the house in Florida and here is a IOU 00:18:10.020 --> 00:18:12.110 align:start position:0% the house in Florida and here is a IOU this<00:18:10.380> IOU<00:18:10.740> is<00:18:11.100> actually<00:18:11.280> a<00:18:11.520> form<00:18:11.640> of<00:18:11.760> money<00:18:11.940> and 00:18:12.110 --> 00:18:12.120 align:start position:0% this IOU is actually a form of money and 00:18:12.120 --> 00:18:13.310 align:start position:0% this IOU is actually a form of money and then<00:18:12.240> the<00:18:12.360> question<00:18:12.480> is<00:18:12.660> whether<00:18:12.900> you<00:18:13.140> trust 00:18:13.310 --> 00:18:13.320 align:start position:0% then the question is whether you trust 00:18:13.320 --> 00:18:14.810 align:start position:0% then the question is whether you trust me<00:18:13.440> and<00:18:13.620> you<00:18:13.740> accept<00:18:13.919> it 00:18:14.810 --> 00:18:14.820 align:start position:0% me and you accept it 00:18:14.820 --> 00:18:17.570 align:start position:0% me and you accept it so<00:18:15.240> I<00:18:15.419> can<00:18:15.539> two<00:18:15.840> of<00:18:16.020> us<00:18:16.200> can<00:18:16.440> can<00:18:16.679> create<00:18:16.980> a<00:18:17.400> form 00:18:17.570 --> 00:18:17.580 align:start position:0% so I can two of us can can create a form 00:18:17.580 --> 00:18:19.850 align:start position:0% so I can two of us can can create a form of<00:18:17.760> money<00:18:18.000> and<00:18:18.600> we<00:18:18.780> want<00:18:19.020> to<00:18:19.200> have<00:18:19.440> an 00:18:19.850 --> 00:18:19.860 align:start position:0% of money and we want to have an 00:18:19.860 --> 00:18:21.770 align:start position:0% of money and we want to have an ecosystem<00:18:20.280> where<00:18:20.580> this<00:18:20.760> is<00:18:20.940> possible<00:18:21.240> now<00:18:21.600> I 00:18:21.770 --> 00:18:21.780 align:start position:0% ecosystem where this is possible now I 00:18:21.780 --> 00:18:24.590 align:start position:0% ecosystem where this is possible now I think<00:18:21.960> Roll-Ups<00:18:22.679> in<00:18:22.740> Layer<00:18:23.039> Two<00:18:23.220> allow<00:18:24.179> this 00:18:24.590 --> 00:18:24.600 align:start position:0% think Roll-Ups in Layer Two allow this 00:18:24.600 --> 00:18:25.789 align:start position:0% think Roll-Ups in Layer Two allow this to<00:18:24.780> be<00:18:24.900> possible 00:18:25.789 --> 00:18:25.799 align:start position:0% to be possible 00:18:25.799 --> 00:18:28.549 align:start position:0% to be possible people<00:18:26.460> can<00:18:26.820> create<00:18:27.059> different<00:18:27.600> apps<00:18:28.140> on<00:18:28.380> top 00:18:28.549 --> 00:18:28.559 align:start position:0% people can create different apps on top 00:18:28.559 --> 00:18:30.230 align:start position:0% people can create different apps on top of<00:18:28.799> the<00:18:28.919> ethereum<00:18:29.280> network<00:18:29.520> to<00:18:29.940> do<00:18:30.059> different 00:18:30.230 --> 00:18:30.240 align:start position:0% of the ethereum network to do different 00:18:30.240 --> 00:18:32.630 align:start position:0% of the ethereum network to do different things<00:18:30.480> and<00:18:30.780> they<00:18:30.960> can<00:18:31.140> create<00:18:31.460> their<00:18:32.460> own 00:18:32.630 --> 00:18:32.640 align:start position:0% things and they can create their own 00:18:32.640 --> 00:18:34.730 align:start position:0% things and they can create their own currencies<00:18:33.120> these<00:18:34.080> currencies<00:18:34.320> are<00:18:34.500> going<00:18:34.620> to 00:18:34.730 --> 00:18:34.740 align:start position:0% currencies these currencies are going to 00:18:34.740 --> 00:18:36.590 align:start position:0% currencies these currencies are going to be<00:18:34.799> different<00:18:34.919> from<00:18:35.280> ether<00:18:35.640> in<00:18:36.240> ways<00:18:36.480> we're 00:18:36.590 --> 00:18:36.600 align:start position:0% be different from ether in ways we're 00:18:36.600 --> 00:18:38.750 align:start position:0% be different from ether in ways we're going<00:18:36.720> to<00:18:36.780> talk<00:18:36.900> about<00:18:37.020> now<00:18:37.460> but<00:18:38.460> you<00:18:38.700> can 00:18:38.750 --> 00:18:38.760 align:start position:0% going to talk about now but you can 00:18:38.760 --> 00:18:41.570 align:start position:0% going to talk about now but you can create<00:18:39.000> these<00:18:39.360> currencies<00:18:39.720> and<00:18:39.960> you<00:18:40.140> can 00:18:41.570 --> 00:18:41.580 align:start position:0% create these currencies and you can 00:18:41.580 --> 00:18:43.549 align:start position:0% create these currencies and you can do<00:18:42.000> whatever<00:18:42.299> you<00:18:42.660> want<00:18:42.780> to<00:18:42.900> do<00:18:43.020> with<00:18:43.380> other 00:18:43.549 --> 00:18:43.559 align:start position:0% do whatever you want to do with other 00:18:43.559 --> 00:18:46.730 align:start position:0% do whatever you want to do with other economic<00:18:44.100> agents<00:18:44.580> and<00:18:45.539> and<00:18:45.600> create<00:18:46.020> all<00:18:46.500> kinds 00:18:46.730 --> 00:18:46.740 align:start position:0% economic agents and and create all kinds 00:18:46.740 --> 00:18:49.010 align:start position:0% economic agents and and create all kinds of<00:18:46.799> utilities<00:18:47.220> and<00:18:47.520> functionalities<00:18:48.120> and 00:18:49.010 --> 00:18:49.020 align:start position:0% of utilities and functionalities and 00:18:49.020 --> 00:18:51.890 align:start position:0% of utilities and functionalities and ethereum<00:18:49.679> allows<00:18:50.160> you<00:18:50.280> to<00:18:50.460> do<00:18:50.700> this<00:18:50.880> there<00:18:51.660> is 00:18:51.890 --> 00:18:51.900 align:start position:0% ethereum allows you to do this there is 00:18:51.900 --> 00:18:55.010 align:start position:0% ethereum allows you to do this there is a<00:18:52.320> hierarchy 00:18:55.010 --> 00:18:55.020 align:start position:0% 00:18:55.020 --> 00:18:58.909 align:start position:0% during<00:18:55.620> periods<00:18:56.280> of<00:18:56.460> economic<00:18:57.360> uh<00:18:58.140> normalcy 00:18:58.909 --> 00:18:58.919 align:start position:0% during periods of economic uh normalcy 00:18:58.919 --> 00:19:02.090 align:start position:0% during periods of economic uh normalcy and<00:18:59.580> perhaps<00:18:59.880> during<00:19:00.240> periods<00:19:00.720> of<00:19:00.840> expansion 00:19:02.090 --> 00:19:02.100 align:start position:0% and perhaps during periods of expansion 00:19:02.100 --> 00:19:05.210 align:start position:0% and perhaps during periods of expansion all<00:19:02.940> forms<00:19:03.480> of<00:19:03.780> money<00:19:04.440> and<00:19:04.679> all<00:19:04.860> forms<00:19:05.160> of 00:19:05.210 --> 00:19:05.220 align:start position:0% all forms of money and all forms of 00:19:05.220 --> 00:19:06.830 align:start position:0% all forms of money and all forms of credit<00:19:05.400> seem<00:19:05.760> to<00:19:05.880> be<00:19:06.000> the<00:19:06.120> same<00:19:06.240> in<00:19:06.720> the 00:19:06.830 --> 00:19:06.840 align:start position:0% credit seem to be the same in the 00:19:06.840 --> 00:19:08.810 align:start position:0% credit seem to be the same in the current<00:19:06.960> Fiat<00:19:07.380> system<00:19:07.620> in<00:19:08.340> periods<00:19:08.700> of 00:19:08.810 --> 00:19:08.820 align:start position:0% current Fiat system in periods of 00:19:08.820 --> 00:19:11.029 align:start position:0% current Fiat system in periods of expansion<00:19:09.299> money<00:19:10.020> in<00:19:10.260> deposits<00:19:10.799> is 00:19:11.029 --> 00:19:11.039 align:start position:0% expansion money in deposits is 00:19:11.039 --> 00:19:13.010 align:start position:0% expansion money in deposits is essentially<00:19:11.340> the<00:19:11.640> same<00:19:11.760> as<00:19:12.000> money<00:19:12.240> as<00:19:12.539> cash 00:19:13.010 --> 00:19:13.020 align:start position:0% essentially the same as money as cash 00:19:13.020 --> 00:19:15.650 align:start position:0% essentially the same as money as cash but<00:19:13.860> in<00:19:13.980> a<00:19:14.100> period<00:19:14.340> of<00:19:14.460> Crisis<00:19:14.940> suddenly<00:19:15.480> you 00:19:15.650 --> 00:19:15.660 align:start position:0% but in a period of Crisis suddenly you 00:19:15.660 --> 00:19:18.169 align:start position:0% but in a period of Crisis suddenly you realize<00:19:16.080> that<00:19:16.679> deposits<00:19:17.340> are<00:19:17.580> not<00:19:17.700> real<00:19:17.940> money 00:19:18.169 --> 00:19:18.179 align:start position:0% realize that deposits are not real money 00:19:18.179 --> 00:19:20.029 align:start position:0% realize that deposits are not real money and<00:19:18.419> cash<00:19:18.660> even<00:19:19.260> though<00:19:19.440> I<00:19:19.620> don't<00:19:19.740> think<00:19:19.860> that 00:19:20.029 --> 00:19:20.039 align:start position:0% and cash even though I don't think that 00:19:20.039 --> 00:19:22.490 align:start position:0% and cash even though I don't think that cash<00:19:20.280> is<00:19:20.520> outside<00:19:20.700> money<00:19:21.539> it's<00:19:21.960> the<00:19:22.140> form<00:19:22.380> of 00:19:22.490 --> 00:19:22.500 align:start position:0% cash is outside money it's the form of 00:19:22.500 --> 00:19:24.110 align:start position:0% cash is outside money it's the form of inside<00:19:22.679> money<00:19:23.039> but<00:19:23.340> it's<00:19:23.520> a<00:19:23.640> form<00:19:23.760> of<00:19:23.940> inside 00:19:24.110 --> 00:19:24.120 align:start position:0% inside money but it's a form of inside 00:19:24.120 --> 00:19:25.669 align:start position:0% inside money but it's a form of inside money<00:19:24.539> that<00:19:24.780> is<00:19:24.960> getting<00:19:25.140> a<00:19:25.380> little<00:19:25.500> bit 00:19:25.669 --> 00:19:25.679 align:start position:0% money that is getting a little bit 00:19:25.679 --> 00:19:28.549 align:start position:0% money that is getting a little bit outside<00:19:25.980> we<00:19:26.940> can<00:19:27.120> talk<00:19:27.240> about<00:19:27.419> that 00:19:28.549 --> 00:19:28.559 align:start position:0% outside we can talk about that 00:19:28.559 --> 00:19:31.430 align:start position:0% outside we can talk about that cash<00:19:29.100> is<00:19:29.400> better<00:19:29.640> than<00:19:29.940> deposits<00:19:30.660> and<00:19:31.260> I<00:19:31.320> think 00:19:31.430 --> 00:19:31.440 align:start position:0% cash is better than deposits and I think 00:19:31.440 --> 00:19:32.750 align:start position:0% cash is better than deposits and I think in<00:19:31.559> the<00:19:31.679> ethereum<00:19:32.039> community<00:19:32.160> you<00:19:32.460> can<00:19:32.580> have 00:19:32.750 --> 00:19:32.760 align:start position:0% in the ethereum community you can have 00:19:32.760 --> 00:19:34.730 align:start position:0% in the ethereum community you can have something<00:19:32.940> similar<00:19:33.419> now<00:19:34.080> in<00:19:34.260> periods<00:19:34.620> of 00:19:34.730 --> 00:19:34.740 align:start position:0% something similar now in periods of 00:19:34.740 --> 00:19:37.909 align:start position:0% something similar now in periods of expansion<00:19:35.419> all<00:19:36.419> the<00:19:36.539> apps<00:19:36.960> on<00:19:37.080> on<00:19:37.320> Layer<00:19:37.740> Two 00:19:37.909 --> 00:19:37.919 align:start position:0% expansion all the apps on on Layer Two 00:19:37.919 --> 00:19:41.150 align:start position:0% expansion all the apps on on Layer Two look<00:19:38.700> the<00:19:38.940> same<00:19:39.179> as<00:19:39.539> ether<00:19:39.900> in<00:19:40.679> periods<00:19:41.039> of 00:19:41.150 --> 00:19:41.160 align:start position:0% look the same as ether in periods of 00:19:41.160 --> 00:19:43.310 align:start position:0% look the same as ether in periods of contraction<00:19:41.640> and<00:19:41.940> discipline<00:19:42.419> it<00:19:42.960> turns<00:19:43.260> out 00:19:43.310 --> 00:19:43.320 align:start position:0% contraction and discipline it turns out 00:19:43.320 --> 00:19:45.289 align:start position:0% contraction and discipline it turns out that<00:19:43.559> they're<00:19:43.740> not<00:19:43.919> quite<00:19:44.160> the<00:19:44.340> same<00:19:44.520> and<00:19:45.120> the 00:19:45.289 --> 00:19:45.299 align:start position:0% that they're not quite the same and the 00:19:45.299 --> 00:19:47.510 align:start position:0% that they're not quite the same and the collateral<00:19:45.900> is<00:19:46.140> going<00:19:46.260> to<00:19:46.380> be<00:19:46.440> recalled<00:19:46.980> and 00:19:47.510 --> 00:19:47.520 align:start position:0% collateral is going to be recalled and 00:19:47.520 --> 00:19:48.950 align:start position:0% collateral is going to be recalled and it<00:19:47.640> turns<00:19:47.880> out<00:19:48.000> that<00:19:48.120> ether<00:19:48.480> is<00:19:48.660> much<00:19:48.840> more 00:19:48.950 --> 00:19:48.960 align:start position:0% it turns out that ether is much more 00:19:48.960 --> 00:19:51.710 align:start position:0% it turns out that ether is much more solid<00:19:49.679> what<00:19:50.280> distinguished<00:19:50.880> the<00:19:51.000> hierarchy 00:19:51.710 --> 00:19:51.720 align:start position:0% solid what distinguished the hierarchy 00:19:51.720 --> 00:19:53.510 align:start position:0% solid what distinguished the hierarchy is<00:19:52.080> that<00:19:52.260> even<00:19:52.440> though<00:19:52.620> a<00:19:52.799> layer<00:19:53.039> 2<00:19:53.160> you<00:19:53.400> can 00:19:53.510 --> 00:19:53.520 align:start position:0% is that even though a layer 2 you can 00:19:53.520 --> 00:19:55.549 align:start position:0% is that even though a layer 2 you can create<00:19:53.640> whatever<00:19:54.000> you<00:19:54.419> want<00:19:54.539> it's<00:19:55.260> critical 00:19:55.549 --> 00:19:55.559 align:start position:0% create whatever you want it's critical 00:19:55.559 --> 00:19:58.310 align:start position:0% create whatever you want it's critical that<00:19:55.799> on<00:19:55.980> layer<00:19:56.220> 2<00:19:56.340> you<00:19:56.580> cannot<00:19:56.760> create<00:19:56.940> ether 00:19:58.310 --> 00:19:58.320 align:start position:0% that on layer 2 you cannot create ether 00:19:58.320 --> 00:20:00.230 align:start position:0% that on layer 2 you cannot create ether ether<00:19:58.919> is 00:20:00.230 --> 00:20:00.240 align:start position:0% ether is 00:20:00.240 --> 00:20:02.630 align:start position:0% ether is it's<00:20:00.600> in<00:20:00.900> a<00:20:01.080> higher<00:20:01.320> level<00:20:01.500> in<00:20:02.039> the<00:20:02.160> hierarchy 00:20:02.630 --> 00:20:02.640 align:start position:0% it's in a higher level in the hierarchy 00:20:02.640 --> 00:20:04.070 align:start position:0% it's in a higher level in the hierarchy of<00:20:02.760> money<00:20:02.880> is<00:20:03.059> in<00:20:03.179> a<00:20:03.299> higher<00:20:03.480> level<00:20:03.600> and<00:20:03.900> it's 00:20:04.070 --> 00:20:04.080 align:start position:0% of money is in a higher level and it's 00:20:04.080 --> 00:20:06.470 align:start position:0% of money is in a higher level and it's that<00:20:04.320> sense<00:20:04.620> that<00:20:05.220> on<00:20:05.460> layer<00:20:05.760> 2<00:20:05.880> you<00:20:06.240> cannot 00:20:06.470 --> 00:20:06.480 align:start position:0% that sense that on layer 2 you cannot 00:20:06.480 --> 00:20:07.970 align:start position:0% that sense that on layer 2 you cannot create<00:20:06.720> ether 00:20:07.970 --> 00:20:07.980 align:start position:0% create ether 00:20:07.980 --> 00:20:10.310 align:start position:0% create ether it's<00:20:08.580> that<00:20:08.820> sense<00:20:09.120> that<00:20:09.480> provides<00:20:09.840> discipline 00:20:10.310 --> 00:20:10.320 align:start position:0% it's that sense that provides discipline 00:20:10.320 --> 00:20:12.830 align:start position:0% it's that sense that provides discipline to<00:20:10.440> the<00:20:10.620> system<00:20:10.799> at<00:20:11.520> the<00:20:11.640> same<00:20:11.820> time<00:20:12.059> that 00:20:12.830 --> 00:20:12.840 align:start position:0% to the system at the same time that 00:20:12.840 --> 00:20:16.010 align:start position:0% to the system at the same time that having<00:20:13.320> a<00:20:14.039> layer<00:20:14.340> two<00:20:14.520> and<00:20:15.000> having<00:20:15.240> Roll-Ups 00:20:16.010 --> 00:20:16.020 align:start position:0% having a layer two and having Roll-Ups 00:20:16.020 --> 00:20:18.350 align:start position:0% having a layer two and having Roll-Ups allows<00:20:16.440> you<00:20:16.559> to<00:20:16.740> have<00:20:16.919> elasticity<00:20:17.580> so<00:20:18.179> that 00:20:18.350 --> 00:20:18.360 align:start position:0% allows you to have elasticity so that 00:20:18.360 --> 00:20:20.450 align:start position:0% allows you to have elasticity so that the<00:20:18.480> ethereum<00:20:18.900> community<00:20:19.200> the<00:20:20.039> ethereum 00:20:20.450 --> 00:20:20.460 align:start position:0% the ethereum community the ethereum 00:20:20.460 --> 00:20:23.210 align:start position:0% the ethereum community the ethereum economy<00:20:21.179> just<00:20:21.900> like<00:20:22.080> the<00:20:22.260> Fiat<00:20:22.620> economy<00:20:23.039> that 00:20:23.210 --> 00:20:23.220 align:start position:0% economy just like the Fiat economy that 00:20:23.220 --> 00:20:26.029 align:start position:0% economy just like the Fiat economy that we<00:20:23.400> have<00:20:23.580> today<00:20:23.760> can<00:20:24.660> expand<00:20:25.140> and<00:20:25.559> contract 00:20:26.029 --> 00:20:26.039 align:start position:0% we have today can expand and contract 00:20:26.039 --> 00:20:28.730 align:start position:0% we have today can expand and contract according<00:20:26.580> to<00:20:26.700> economic<00:20:27.240> circumstances<00:20:27.840> what 00:20:28.730 --> 00:20:28.740 align:start position:0% according to economic circumstances what 00:20:28.740 --> 00:20:30.169 align:start position:0% according to economic circumstances what is<00:20:28.919> the<00:20:29.100> difference<00:20:29.220> between<00:20:29.580> the<00:20:29.820> ethereum 00:20:30.169 --> 00:20:30.179 align:start position:0% is the difference between the ethereum 00:20:30.179 --> 00:20:33.590 align:start position:0% is the difference between the ethereum community<00:20:30.740> economy<00:20:31.740> and<00:20:32.220> the<00:20:32.520> Fiat<00:20:33.179> economy 00:20:33.590 --> 00:20:33.600 align:start position:0% community economy and the Fiat economy 00:20:33.600 --> 00:20:35.810 align:start position:0% community economy and the Fiat economy that<00:20:33.780> we<00:20:33.900> have<00:20:34.080> today<00:20:34.260> it<00:20:35.160> expands<00:20:35.760> and 00:20:35.810 --> 00:20:35.820 align:start position:0% that we have today it expands and 00:20:35.820 --> 00:20:38.630 align:start position:0% that we have today it expands and contracts<00:20:36.539> according<00:20:37.440> to<00:20:37.559> what<00:20:38.280> a 00:20:38.630 --> 00:20:38.640 align:start position:0% contracts according to what a 00:20:38.640 --> 00:20:41.330 align:start position:0% contracts according to what a decentralized<00:20:39.179> system<00:20:39.539> of<00:20:40.160> billions<00:20:41.160> of 00:20:41.330 --> 00:20:41.340 align:start position:0% decentralized system of billions of 00:20:41.340 --> 00:20:44.630 align:start position:0% decentralized system of billions of economic<00:20:41.820> agents<00:20:42.360> decide<00:20:42.900> to<00:20:43.080> do<00:20:43.320> it<00:20:44.160> does<00:20:44.400> not 00:20:44.630 --> 00:20:44.640 align:start position:0% economic agents decide to do it does not 00:20:44.640 --> 00:20:47.630 align:start position:0% economic agents decide to do it does not contract<00:20:45.600> and<00:20:46.320> expand<00:20:46.679> according<00:20:47.340> to<00:20:47.460> the 00:20:47.630 --> 00:20:47.640 align:start position:0% contract and expand according to the 00:20:47.640 --> 00:20:50.029 align:start position:0% contract and expand according to the decisions<00:20:47.940> of<00:20:48.179> a<00:20:48.299> central<00:20:48.480> Authority<00:20:49.080> so<00:20:49.919> it 00:20:50.029 --> 00:20:50.039 align:start position:0% decisions of a central Authority so it 00:20:50.039 --> 00:20:52.070 align:start position:0% decisions of a central Authority so it allows<00:20:50.340> you<00:20:50.400> to<00:20:50.520> do<00:20:50.700> the<00:20:50.940> same<00:20:51.059> without<00:20:51.600> the 00:20:52.070 --> 00:20:52.080 align:start position:0% allows you to do the same without the 00:20:52.080 --> 00:20:57.110 align:start position:0% allows you to do the same without the flaws<00:20:52.520> of<00:20:53.520> the<00:20:53.760> Fiat<00:20:54.120> system<00:20:54.380> the<00:20:55.380> second<00:20:55.559> way 00:20:57.110 --> 00:20:57.120 align:start position:0% flaws of the Fiat system the second way 00:20:57.120 --> 00:20:59.090 align:start position:0% flaws of the Fiat system the second way and<00:20:57.780> here<00:20:58.020> I'll<00:20:58.260> talk<00:20:58.559> with<00:20:58.740> a<00:20:58.919> lot<00:20:58.980> of 00:20:59.090 --> 00:20:59.100 align:start position:0% and here I'll talk with a lot of 00:20:59.100 --> 00:21:01.250 align:start position:0% and here I'll talk with a lot of trepidation<00:20:59.700> I<00:21:00.059> I<00:21:00.240> heard<00:21:00.539> Justin<00:21:00.840> Drake 00:21:01.250 --> 00:21:01.260 align:start position:0% trepidation I I heard Justin Drake 00:21:01.260 --> 00:21:03.110 align:start position:0% trepidation I I heard Justin Drake yesterday<00:21:01.559> talking<00:21:02.039> about<00:21:02.280> ultrasound<00:21:02.820> money 00:21:03.110 --> 00:21:03.120 align:start position:0% yesterday talking about ultrasound money 00:21:03.120 --> 00:21:05.990 align:start position:0% yesterday talking about ultrasound money I'm<00:21:03.780> still<00:21:04.080> trying<00:21:04.260> to<00:21:04.500> digest<00:21:04.980> and<00:21:05.820> to 00:21:05.990 --> 00:21:06.000 align:start position:0% I'm still trying to digest and to 00:21:06.000 --> 00:21:07.909 align:start position:0% I'm still trying to digest and to understand<00:21:06.179> everything<00:21:07.140> that<00:21:07.440> is<00:21:07.559> involved 00:21:07.909 --> 00:21:07.919 align:start position:0% understand everything that is involved 00:21:07.919 --> 00:21:10.490 align:start position:0% understand everything that is involved here<00:21:08.179> but<00:21:09.179> I<00:21:09.539> was<00:21:09.660> struck<00:21:10.020> and<00:21:10.200> I'll<00:21:10.320> finish 00:21:10.490 --> 00:21:10.500 align:start position:0% here but I was struck and I'll finish 00:21:10.500 --> 00:21:12.950 align:start position:0% here but I was struck and I'll finish with<00:21:10.679> this<00:21:10.860> I<00:21:11.160> was<00:21:11.280> struck<00:21:11.580> by<00:21:11.760> this<00:21:12.000> idea 00:21:12.950 --> 00:21:12.960 align:start position:0% with this I was struck by this idea 00:21:12.960 --> 00:21:16.549 align:start position:0% with this I was struck by this idea that<00:21:13.860> in<00:21:14.640> the<00:21:14.760> ethereum<00:21:15.240> economy<00:21:16.200> in<00:21:16.440> the 00:21:16.549 --> 00:21:16.559 align:start position:0% that in the ethereum economy in the 00:21:16.559 --> 00:21:18.289 align:start position:0% that in the ethereum economy in the ethereum<00:21:16.980> system 00:21:18.289 --> 00:21:18.299 align:start position:0% ethereum system 00:21:18.299 --> 00:21:21.650 align:start position:0% ethereum system money<00:21:18.900> can<00:21:19.140> be<00:21:19.260> destroyed<00:21:19.740> it<00:21:20.280> is<00:21:20.880> permanently 00:21:21.650 --> 00:21:21.660 align:start position:0% money can be destroyed it is permanently 00:21:21.660 --> 00:21:24.590 align:start position:0% money can be destroyed it is permanently being<00:21:22.020> created<00:21:22.500> and<00:21:22.799> destroyed<00:21:23.600> there's 00:21:24.590 --> 00:21:24.600 align:start position:0% being created and destroyed there's 00:21:24.600 --> 00:21:27.409 align:start position:0% being created and destroyed there's permanently<00:21:25.380> issuance<00:21:25.980> and<00:21:26.400> burning<00:21:26.880> of 00:21:27.409 --> 00:21:27.419 align:start position:0% permanently issuance and burning of 00:21:27.419 --> 00:21:30.830 align:start position:0% permanently issuance and burning of ether<00:21:28.100> which<00:21:29.100> seems<00:21:29.460> to<00:21:29.580> me<00:21:29.760> a<00:21:30.419> radically 00:21:30.830 --> 00:21:30.840 align:start position:0% ether which seems to me a radically 00:21:30.840 --> 00:21:32.390 align:start position:0% ether which seems to me a radically different<00:21:31.020> way<00:21:31.440> of<00:21:31.620> thinking<00:21:31.919> about<00:21:32.039> money 00:21:32.390 --> 00:21:32.400 align:start position:0% different way of thinking about money 00:21:32.400 --> 00:21:34.909 align:start position:0% different way of thinking about money than<00:21:33.360> perhaps<00:21:33.900> every<00:21:34.200> previous<00:21:34.440> way<00:21:34.740> of 00:21:34.909 --> 00:21:34.919 align:start position:0% than perhaps every previous way of 00:21:34.919 --> 00:21:36.529 align:start position:0% than perhaps every previous way of thinking<00:21:35.159> about<00:21:35.220> money<00:21:35.520> and<00:21:36.059> certainly<00:21:36.299> from 00:21:36.529 --> 00:21:36.539 align:start position:0% thinking about money and certainly from 00:21:36.539 --> 00:21:39.409 align:start position:0% thinking about money and certainly from Bitcoin<00:21:37.020> as<00:21:37.140> well<00:21:37.320> because<00:21:38.159> it<00:21:38.640> breaks<00:21:39.059> with 00:21:39.409 --> 00:21:39.419 align:start position:0% Bitcoin as well because it breaks with 00:21:39.419 --> 00:21:41.870 align:start position:0% Bitcoin as well because it breaks with the<00:21:39.600> taboo<00:21:40.020> that<00:21:40.440> money<00:21:40.679> is<00:21:41.100> a<00:21:41.280> physical<00:21:41.460> thing 00:21:41.870 --> 00:21:41.880 align:start position:0% the taboo that money is a physical thing 00:21:41.880 --> 00:21:44.810 align:start position:0% the taboo that money is a physical thing that<00:21:42.480> has<00:21:42.600> an<00:21:42.780> existence<00:21:43.140> of<00:21:43.380> its<00:21:43.679> own<00:21:44.220> the 00:21:44.810 --> 00:21:44.820 align:start position:0% that has an existence of its own the 00:21:44.820 --> 00:21:47.690 align:start position:0% that has an existence of its own the idea<00:21:45.120> is<00:21:45.419> that<00:21:45.960> we<00:21:46.140> have<00:21:46.320> control<00:21:46.559> over<00:21:46.919> ether 00:21:47.690 --> 00:21:47.700 align:start position:0% idea is that we have control over ether 00:21:47.700 --> 00:21:49.850 align:start position:0% idea is that we have control over ether and<00:21:48.179> we<00:21:48.299> can<00:21:48.419> create<00:21:48.659> a<00:21:48.900> system<00:21:49.080> where<00:21:49.380> if<00:21:49.740> it's 00:21:49.850 --> 00:21:49.860 align:start position:0% and we can create a system where if it's 00:21:49.860 --> 00:21:53.090 align:start position:0% and we can create a system where if it's necessary<00:21:50.400> for<00:21:51.360> ether<00:21:51.900> to<00:21:52.140> be<00:21:52.260> issued<00:21:52.679> for 00:21:53.090 --> 00:21:53.100 align:start position:0% necessary for ether to be issued for 00:21:53.100 --> 00:21:55.010 align:start position:0% necessary for ether to be issued for reasons<00:21:53.520> providing<00:21:54.059> security<00:21:54.240> to<00:21:54.720> the<00:21:54.840> system 00:21:55.010 --> 00:21:55.020 align:start position:0% reasons providing security to the system 00:21:55.020 --> 00:21:58.190 align:start position:0% reasons providing security to the system to<00:21:55.559> the<00:21:55.740> network<00:21:55.919> that<00:21:56.880> can<00:21:57.059> be<00:21:57.179> done<00:21:57.360> but<00:21:58.080> then 00:21:58.190 --> 00:21:58.200 align:start position:0% to the network that can be done but then 00:21:58.200 --> 00:22:00.529 align:start position:0% to the network that can be done but then it<00:21:58.380> can<00:21:58.559> also<00:21:58.740> be<00:21:58.919> freely<00:21:59.360> destroyed<00:22:00.360> and 00:22:00.529 --> 00:22:00.539 align:start position:0% it can also be freely destroyed and 00:22:00.539 --> 00:22:02.330 align:start position:0% it can also be freely destroyed and consumed<00:22:01.080> by<00:22:01.380> the<00:22:01.559> system 00:22:02.330 --> 00:22:02.340 align:start position:0% consumed by the system 00:22:02.340 --> 00:22:04.070 align:start position:0% consumed by the system then<00:22:02.640> you<00:22:02.820> have<00:22:02.940> a<00:22:03.059> kind<00:22:03.179> of<00:22:03.299> permanent<00:22:03.780> cycle 00:22:04.070 --> 00:22:04.080 align:start position:0% then you have a kind of permanent cycle 00:22:04.080 --> 00:22:06.529 align:start position:0% then you have a kind of permanent cycle of<00:22:04.380> creation<00:22:04.740> and<00:22:04.980> destruction 00:22:06.529 --> 00:22:06.539 align:start position:0% of creation and destruction 00:22:06.539 --> 00:22:09.710 align:start position:0% of creation and destruction in<00:22:07.080> the<00:22:07.200> ethereum<00:22:07.740> system<00:22:08.100> ether<00:22:09.059> is<00:22:09.360> in<00:22:09.600> the 00:22:09.710 --> 00:22:09.720 align:start position:0% in the ethereum system ether is in the 00:22:09.720 --> 00:22:11.330 align:start position:0% in the ethereum system ether is in the service<00:22:09.840> of<00:22:10.200> the<00:22:10.380> system 00:22:11.330 --> 00:22:11.340 align:start position:0% service of the system 00:22:11.340 --> 00:22:13.310 align:start position:0% service of the system David<00:22:11.760> Hoffman<00:22:12.240> told<00:22:12.480> me<00:22:12.600> yesterday<00:22:12.840> this<00:22:13.260> is 00:22:13.310 --> 00:22:13.320 align:start position:0% David Hoffman told me yesterday this is 00:22:13.320 --> 00:22:15.590 align:start position:0% David Hoffman told me yesterday this is very<00:22:13.500> different<00:22:13.679> from<00:22:13.980> Bitcoin<00:22:14.520> where 00:22:15.590 --> 00:22:15.600 align:start position:0% very different from Bitcoin where 00:22:15.600 --> 00:22:18.289 align:start position:0% very different from Bitcoin where Bitcoin<00:22:16.559> system<00:22:16.740> is<00:22:17.159> in<00:22:17.340> the<00:22:17.460> service<00:22:17.640> of 00:22:18.289 --> 00:22:18.299 align:start position:0% Bitcoin system is in the service of 00:22:18.299 --> 00:22:20.570 align:start position:0% Bitcoin system is in the service of Bitcoin<00:22:18.900> the<00:22:19.440> currency 00:22:20.570 --> 00:22:20.580 align:start position:0% Bitcoin the currency 00:22:20.580 --> 00:22:23.990 align:start position:0% Bitcoin the currency but<00:22:21.000> this<00:22:21.120> I<00:22:21.360> believe<00:22:21.539> one<00:22:22.320> way<00:22:22.500> to<00:22:22.620> put<00:22:22.799> it<00:22:23.000> is 00:22:23.990 --> 00:22:24.000 align:start position:0% but this I believe one way to put it is 00:22:24.000 --> 00:22:27.049 align:start position:0% but this I believe one way to put it is that<00:22:24.360> if<00:22:24.720> there<00:22:24.960> is<00:22:25.140> really<00:22:25.320> the<00:22:25.679> code<00:22:25.980> of<00:22:26.940> an 00:22:27.049 --> 00:22:27.059 align:start position:0% that if there is really the code of an 00:22:27.059 --> 00:22:29.090 align:start position:0% that if there is really the code of an economic<00:22:27.480> metaverse 00:22:29.090 --> 00:22:29.100 align:start position:0% economic metaverse 00:22:29.100 --> 00:22:31.610 align:start position:0% economic metaverse and<00:22:29.580> ether<00:22:29.940> is<00:22:30.179> understood<00:22:30.840> as<00:22:31.140> a<00:22:31.320> virtual 00:22:31.610 --> 00:22:31.620 align:start position:0% and ether is understood as a virtual 00:22:31.620 --> 00:22:35.930 align:start position:0% and ether is understood as a virtual currency<00:22:32.039> in<00:22:32.640> a<00:22:32.760> way<00:22:32.880> that<00:22:33.320> Bitcoin<00:22:34.320> is<00:22:34.919> not 00:22:35.930 --> 00:22:35.940 align:start position:0% currency in a way that Bitcoin is not 00:22:35.940 --> 00:22:38.330 align:start position:0% currency in a way that Bitcoin is not finished<00:22:36.480> with<00:22:36.840> two<00:22:37.320> minutes<00:22:37.500> to<00:22:37.799> spare<00:22:38.100> or 00:22:38.330 --> 00:22:38.340 align:start position:0% finished with two minutes to spare or 00:22:38.340 --> 00:22:39.470 align:start position:0% finished with two minutes to spare or perhaps<00:22:38.700> even 00:22:39.470 --> 00:22:39.480 align:start position:0% perhaps even 00:22:39.480 --> 00:22:42.350 align:start position:0% perhaps even seven<00:22:40.140> minutes<00:22:40.380> to<00:22:40.679> spare<00:22:41.039> very<00:22:41.940> glad<00:22:42.240> to 00:22:42.350 --> 00:22:42.360 align:start position:0% seven minutes to spare very glad to 00:22:42.360 --> 00:22:44.870 align:start position:0% seven minutes to spare very glad to answer<00:22:42.600> your<00:22:42.900> questions<00:22:43.260> uh<00:22:44.220> please<00:22:44.520> don't 00:22:44.870 --> 00:22:44.880 align:start position:0% answer your questions uh please don't 00:22:44.880 --> 00:22:47.110 align:start position:0% answer your questions uh please don't ask<00:22:45.059> me<00:22:45.240> questions<00:22:45.480> about 00:22:47.110 --> 00:22:47.120 align:start position:0% ask me questions about 00:22:47.120 --> 00:22:52.190 align:start position:0% ask me questions about proofs<00:22:48.320> uh<00:22:49.320> I<00:22:49.740> I<00:22:49.919> am<00:22:50.640> not<00:22:50.880> the<00:22:51.600> best<00:22:51.780> person<00:22:51.960> to 00:22:52.190 --> 00:22:52.200 align:start position:0% proofs uh I I am not the best person to 00:22:52.200 --> 00:22:54.950 align:start position:0% proofs uh I I am not the best person to answer<00:22:52.380> that<00:22:52.679> but<00:22:53.100> uh<00:22:53.640> very<00:22:54.000> very<00:22:54.419> happy<00:22:54.720> to 00:22:54.950 --> 00:22:54.960 align:start position:0% answer that but uh very very happy to 00:22:54.960 --> 00:22:58.070 align:start position:0% answer that but uh very very happy to answer<00:22:55.080> all<00:22:55.380> your<00:22:55.559> questions<00:22:55.679> thank<00:22:56.640> you<00:22:57.299> is 00:22:58.070 --> 00:22:58.080 align:start position:0% answer all your questions thank you is 00:22:58.080 --> 00:23:00.830 align:start position:0% answer all your questions thank you is there<00:22:58.320> an<00:22:58.820> issue<00:22:59.820> for 00:23:00.830 --> 00:23:00.840 align:start position:0% there an issue for 00:23:00.840 --> 00:23:02.870 align:start position:0% there an issue for the<00:23:01.320> modernness<00:23:01.740> of<00:23:01.860> ether<00:23:02.220> that<00:23:02.520> it's<00:23:02.700> not 00:23:02.870 --> 00:23:02.880 align:start position:0% the modernness of ether that it's not 00:23:02.880 --> 00:23:05.810 align:start position:0% the modernness of ether that it's not backed<00:23:03.360> by<00:23:03.659> men<00:23:04.080> with<00:23:04.380> guns 00:23:05.810 --> 00:23:05.820 align:start position:0% backed by men with guns 00:23:05.820 --> 00:23:09.649 align:start position:0% backed by men with guns it's<00:23:06.120> not<00:23:06.299> backed<00:23:06.659> by<00:23:06.720> men<00:23:07.320> with<00:23:07.740> guns 00:23:09.649 --> 00:23:09.659 align:start position:0% it's not backed by men with guns 00:23:09.659 --> 00:23:14.690 align:start position:0% it's not backed by men with guns yes<00:23:10.320> uh<00:23:11.100> I<00:23:12.059> mean<00:23:12.179> I<00:23:12.360> I<00:23:12.539> think<00:23:13.200> it<00:23:13.380> is 00:23:14.690 --> 00:23:14.700 align:start position:0% yes uh I mean I I think it is 00:23:14.700 --> 00:23:16.430 align:start position:0% yes uh I mean I I think it is uh 00:23:16.430 --> 00:23:16.440 align:start position:0% uh 00:23:16.440 --> 00:23:18.710 align:start position:0% uh every<00:23:17.039> political<00:23:17.400> system<00:23:17.760> is<00:23:18.360> ultimately 00:23:18.710 --> 00:23:18.720 align:start position:0% every political system is ultimately 00:23:18.720 --> 00:23:21.770 align:start position:0% every political system is ultimately based<00:23:19.440> on<00:23:19.919> the<00:23:20.280> Monopoly<00:23:20.820> of<00:23:20.880> violence 00:23:21.770 --> 00:23:21.780 align:start position:0% based on the Monopoly of violence 00:23:21.780 --> 00:23:25.310 align:start position:0% based on the Monopoly of violence so<00:23:22.740> how<00:23:23.640> do<00:23:23.820> we<00:23:23.940> solve<00:23:24.299> this<00:23:24.419> problem<00:23:24.600> for<00:23:25.020> for 00:23:25.310 --> 00:23:25.320 align:start position:0% so how do we solve this problem for for 00:23:25.320 --> 00:23:28.010 align:start position:0% so how do we solve this problem for for ethereum<00:23:26.340> um<00:23:26.460> that's<00:23:27.000> one<00:23:27.240> of<00:23:27.360> the<00:23:27.480> reasons<00:23:27.840> I 00:23:28.010 --> 00:23:28.020 align:start position:0% ethereum um that's one of the reasons I 00:23:28.020 --> 00:23:30.590 align:start position:0% ethereum um that's one of the reasons I think<00:23:28.140> and<00:23:28.320> I've<00:23:28.500> argued<00:23:28.919> many<00:23:29.460> people<00:23:29.700> in<00:23:30.120> in 00:23:30.590 --> 00:23:30.600 align:start position:0% think and I've argued many people in in 00:23:30.600 --> 00:23:33.169 align:start position:0% think and I've argued many people in in the<00:23:30.840> crypto<00:23:31.200> community<00:23:31.520> that<00:23:32.520> this<00:23:32.820> approach 00:23:33.169 --> 00:23:33.179 align:start position:0% the crypto community that this approach 00:23:33.179 --> 00:23:35.090 align:start position:0% the crypto community that this approach that<00:23:33.720> we're<00:23:33.900> going<00:23:34.020> to<00:23:34.200> do<00:23:34.320> whatever<00:23:34.620> we<00:23:34.980> want 00:23:35.090 --> 00:23:35.100 align:start position:0% that we're going to do whatever we want 00:23:35.100 --> 00:23:35.990 align:start position:0% that we're going to do whatever we want to<00:23:35.280> do 00:23:35.990 --> 00:23:36.000 align:start position:0% to do 00:23:36.000 --> 00:23:37.789 align:start position:0% to do and<00:23:36.360> political<00:23:36.659> authorities<00:23:37.200> will<00:23:37.500> have<00:23:37.679> to 00:23:37.789 --> 00:23:37.799 align:start position:0% and political authorities will have to 00:23:37.799 --> 00:23:40.190 align:start position:0% and political authorities will have to go<00:23:37.919> along<00:23:38.100> seems<00:23:38.760> to<00:23:38.820> be<00:23:38.940> naive 00:23:40.190 --> 00:23:40.200 align:start position:0% go along seems to be naive 00:23:40.200 --> 00:23:42.649 align:start position:0% go along seems to be naive and<00:23:40.740> that<00:23:40.980> if<00:23:41.460> ethereum<00:23:41.880> or<00:23:42.000> crypto<00:23:42.360> are<00:23:42.539> going 00:23:42.649 --> 00:23:42.659 align:start position:0% and that if ethereum or crypto are going 00:23:42.659 --> 00:23:44.450 align:start position:0% and that if ethereum or crypto are going to<00:23:42.780> take<00:23:42.900> over<00:23:43.140> our<00:23:43.559> economies<00:23:44.100> are<00:23:44.220> going<00:23:44.340> to 00:23:44.450 --> 00:23:44.460 align:start position:0% to take over our economies are going to 00:23:44.460 --> 00:23:47.390 align:start position:0% to take over our economies are going to become<00:23:44.820> the<00:23:45.780> center<00:23:46.020> of<00:23:46.320> our<00:23:46.500> economies<00:23:46.980> this 00:23:47.390 --> 00:23:47.400 align:start position:0% become the center of our economies this 00:23:47.400 --> 00:23:48.770 align:start position:0% become the center of our economies this will<00:23:47.580> have<00:23:47.760> to<00:23:47.940> be<00:23:48.120> a<00:23:48.299> process<00:23:48.600> of 00:23:48.770 --> 00:23:48.780 align:start position:0% will have to be a process of 00:23:48.780 --> 00:23:51.470 align:start position:0% will have to be a process of transformation<00:23:49.380> from<00:23:49.980> within<00:23:50.460> with<00:23:51.299> high 00:23:51.470 --> 00:23:51.480 align:start position:0% transformation from within with high 00:23:51.480 --> 00:23:53.210 align:start position:0% transformation from within with high levels<00:23:51.840> of<00:23:52.020> cooperation<00:23:52.500> with<00:23:52.919> political 00:23:53.210 --> 00:23:53.220 align:start position:0% levels of cooperation with political 00:23:53.220 --> 00:23:54.409 align:start position:0% levels of cooperation with political authorities 00:23:54.409 --> 00:23:54.419 align:start position:0% authorities 00:23:54.419 --> 00:23:56.390 align:start position:0% authorities if<00:23:54.960> there<00:23:55.140> is<00:23:55.260> a<00:23:55.380> confrontation<00:23:55.860> the<00:23:56.220> sense 00:23:56.390 --> 00:23:56.400 align:start position:0% if there is a confrontation the sense 00:23:56.400 --> 00:23:58.490 align:start position:0% if there is a confrontation the sense that<00:23:56.640> cryptography<00:23:57.419> is<00:23:57.780> resistance<00:23:58.320> to 00:23:58.490 --> 00:23:58.500 align:start position:0% that cryptography is resistance to 00:23:58.500 --> 00:23:59.870 align:start position:0% that cryptography is resistance to violence 00:23:59.870 --> 00:23:59.880 align:start position:0% violence 00:23:59.880 --> 00:24:02.750 align:start position:0% violence seems<00:24:00.780> to<00:24:00.900> me<00:24:00.960> profoundly<00:24:01.559> naive<00:24:01.980> because 00:24:02.750 --> 00:24:02.760 align:start position:0% seems to me profoundly naive because 00:24:02.760 --> 00:24:04.130 align:start position:0% seems to me profoundly naive because there<00:24:03.000> are<00:24:03.120> many<00:24:03.179> ways<00:24:03.419> and<00:24:03.539> I<00:24:03.720> think<00:24:03.780> over<00:24:03.900> the 00:24:04.130 --> 00:24:04.140 align:start position:0% there are many ways and I think over the 00:24:04.140 --> 00:24:05.630 align:start position:0% there are many ways and I think over the past<00:24:04.260> year<00:24:04.500> or<00:24:04.679> two<00:24:04.860> people<00:24:05.039> in<00:24:05.220> the<00:24:05.340> crypto 00:24:05.630 --> 00:24:05.640 align:start position:0% past year or two people in the crypto 00:24:05.640 --> 00:24:07.070 align:start position:0% past year or two people in the crypto space<00:24:05.820> have<00:24:06.059> discovered<00:24:06.480> this<00:24:06.659> there<00:24:06.960> are 00:24:07.070 --> 00:24:07.080 align:start position:0% space have discovered this there are 00:24:07.080 --> 00:24:08.630 align:start position:0% space have discovered this there are many<00:24:07.260> ways<00:24:07.559> that<00:24:07.679> you<00:24:07.799> can<00:24:07.919> use<00:24:08.039> violence<00:24:08.460> to 00:24:08.630 --> 00:24:08.640 align:start position:0% many ways that you can use violence to 00:24:08.640 --> 00:24:10.010 align:start position:0% many ways that you can use violence to destroy<00:24:09.000> crypto 00:24:10.010 --> 00:24:10.020 align:start position:0% destroy crypto 00:24:10.020 --> 00:24:12.890 align:start position:0% destroy crypto so<00:24:10.260> the<00:24:10.500> way<00:24:10.620> I<00:24:10.799> see<00:24:10.980> it<00:24:11.220> is<00:24:11.400> perhaps<00:24:12.240> in<00:24:12.659> one 00:24:12.890 --> 00:24:12.900 align:start position:0% so the way I see it is perhaps in one 00:24:12.900 --> 00:24:14.810 align:start position:0% so the way I see it is perhaps in one article<00:24:13.559> that<00:24:13.860> I<00:24:14.039> published<00:24:14.460> a<00:24:14.580> couple<00:24:14.700> of 00:24:14.810 --> 00:24:14.820 align:start position:0% article that I published a couple of 00:24:14.820 --> 00:24:16.970 align:start position:0% article that I published a couple of years<00:24:14.940> ago<00:24:15.120> I<00:24:15.360> thought<00:24:15.539> that<00:24:15.780> the<00:24:16.080> tax<00:24:16.320> issue 00:24:16.970 --> 00:24:16.980 align:start position:0% years ago I thought that the tax issue 00:24:16.980 --> 00:24:19.970 align:start position:0% years ago I thought that the tax issue would<00:24:17.280> be<00:24:17.640> Central<00:24:17.900> that<00:24:18.900> eventually<00:24:19.559> there 00:24:19.970 --> 00:24:19.980 align:start position:0% would be Central that eventually there 00:24:19.980 --> 00:24:21.289 align:start position:0% would be Central that eventually there might<00:24:20.220> be<00:24:20.400> some<00:24:20.700> kind<00:24:20.880> of<00:24:20.940> agreement 00:24:21.289 --> 00:24:21.299 align:start position:0% might be some kind of agreement 00:24:21.299 --> 00:24:22.730 align:start position:0% might be some kind of agreement compromised<00:24:22.020> between<00:24:22.200> political 00:24:22.730 --> 00:24:22.740 align:start position:0% compromised between political 00:24:22.740 --> 00:24:26.690 align:start position:0% compromised between political authorities<00:24:23.280> and<00:24:23.700> crypto<00:24:24.179> that 00:24:26.690 --> 00:24:26.700 align:start position:0% authorities and crypto that 00:24:26.700 --> 00:24:29.529 align:start position:0% authorities and crypto that crypto<00:24:27.419> acquires<00:24:27.960> a<00:24:28.140> certain<00:24:28.320> of<00:24:28.679> evil 00:24:29.529 --> 00:24:29.539 align:start position:0% crypto acquires a certain of evil 00:24:29.539 --> 00:24:32.630 align:start position:0% crypto acquires a certain of evil unvulnerability<00:24:30.539> to<00:24:30.900> political<00:24:31.260> coercion<00:24:31.980> in 00:24:32.630 --> 00:24:32.640 align:start position:0% unvulnerability to political coercion in 00:24:32.640 --> 00:24:36.289 align:start position:0% unvulnerability to political coercion in exchange<00:24:33.000> for<00:24:33.740> some<00:24:34.740> form<00:24:34.860> of<00:24:35.039> access<00:24:35.340> and<00:24:36.059> and 00:24:36.289 --> 00:24:36.299 align:start position:0% exchange for some form of access and and 00:24:36.299 --> 00:24:37.789 align:start position:0% exchange for some form of access and and some<00:24:36.600> form<00:24:36.780> of<00:24:36.960> collaboration<00:24:37.500> with 00:24:37.789 --> 00:24:37.799 align:start position:0% some form of collaboration with 00:24:37.799 --> 00:24:39.350 align:start position:0% some form of collaboration with political<00:24:38.159> authorities<00:24:38.640> on<00:24:38.880> the<00:24:39.000> taxing 00:24:39.350 --> 00:24:39.360 align:start position:0% political authorities on the taxing 00:24:39.360 --> 00:24:41.690 align:start position:0% political authorities on the taxing issue<00:24:39.720> but<00:24:40.440> I<00:24:40.620> feel<00:24:40.740> very<00:24:40.980> strongly<00:24:41.280> that<00:24:41.520> this 00:24:41.690 --> 00:24:41.700 align:start position:0% issue but I feel very strongly that this 00:24:41.700 --> 00:24:43.970 align:start position:0% issue but I feel very strongly that this has<00:24:41.880> been<00:24:42.059> done<00:24:42.360> cooperatively<00:24:43.200> throughout 00:24:43.970 --> 00:24:43.980 align:start position:0% has been done cooperatively throughout 00:24:43.980 --> 00:24:45.890 align:start position:0% has been done cooperatively throughout the<00:24:44.100> process<00:24:44.460> and<00:24:44.940> I'm<00:24:45.120> kind<00:24:45.299> of<00:24:45.419> optimistic 00:24:45.890 --> 00:24:45.900 align:start position:0% the process and I'm kind of optimistic 00:24:45.900 --> 00:24:48.649 align:start position:0% the process and I'm kind of optimistic that<00:24:46.140> I<00:24:46.320> see<00:24:46.500> in<00:24:47.340> my<00:24:47.460> contacts<00:24:47.880> with<00:24:48.179> the 00:24:48.649 --> 00:24:48.659 align:start position:0% that I see in my contacts with the 00:24:48.659 --> 00:24:50.210 align:start position:0% that I see in my contacts with the crypto<00:24:48.960> space<00:24:49.140> that<00:24:49.440> there's<00:24:49.620> been<00:24:49.799> a<00:24:50.039> lot<00:24:50.100> of 00:24:50.210 --> 00:24:50.220 align:start position:0% crypto space that there's been a lot of 00:24:50.220 --> 00:24:51.890 align:start position:0% crypto space that there's been a lot of evolution<00:24:50.520> on<00:24:50.880> this<00:24:51.120> point<00:24:51.240> and<00:24:51.539> that<00:24:51.720> sense 00:24:51.890 --> 00:24:51.900 align:start position:0% evolution on this point and that sense 00:24:51.900 --> 00:24:53.930 align:start position:0% evolution on this point and that sense of<00:24:52.020> that<00:24:52.260> we<00:24:52.440> are<00:24:52.620> in<00:24:52.860> a<00:24:52.980> deadly<00:24:53.280> confrontation 00:24:53.930 --> 00:24:53.940 align:start position:0% of that we are in a deadly confrontation 00:24:53.940 --> 00:24:55.909 align:start position:0% of that we are in a deadly confrontation with<00:24:54.539> Fiat<00:24:54.960> and<00:24:55.140> political<00:24:55.440> authorities 00:24:55.909 --> 00:24:55.919 align:start position:0% with Fiat and political authorities 00:24:55.919 --> 00:24:57.529 align:start position:0% with Fiat and political authorities slowly<00:24:56.520> disappearing<00:24:57.059> in<00:24:57.240> a<00:24:57.419> more 00:24:57.529 --> 00:24:57.539 align:start position:0% slowly disappearing in a more 00:24:57.539 --> 00:24:59.810 align:start position:0% slowly disappearing in a more constructive<00:24:57.960> attitude<00:24:58.380> is<00:24:58.620> developing 00:24:59.810 --> 00:24:59.820 align:start position:0% constructive attitude is developing 00:24:59.820 --> 00:25:04.070 align:start position:0% constructive attitude is developing thanks 00:25:04.070 --> 00:25:04.080 align:start position:0% 00:25:04.080 --> 00:25:08.289 align:start position:0% we<00:25:04.799> have<00:25:04.980> six<00:25:05.400> minutes<00:25:05.700> so<00:25:06.480> if<00:25:06.900> you<00:25:07.020> want<00:25:07.200> Hello 00:25:08.289 --> 00:25:08.299 align:start position:0% we have six minutes so if you want Hello 00:25:08.299 --> 00:25:11.210 align:start position:0% we have six minutes so if you want Hello uh<00:25:09.299> I<00:25:09.600> want<00:25:09.659> to<00:25:09.780> ask<00:25:09.960> you<00:25:10.140> how<00:25:10.679> do<00:25:10.799> you<00:25:10.919> think<00:25:11.039> is 00:25:11.210 --> 00:25:11.220 align:start position:0% uh I want to ask you how do you think is 00:25:11.220 --> 00:25:13.490 align:start position:0% uh I want to ask you how do you think is going<00:25:11.400> to<00:25:11.580> be<00:25:11.760> the<00:25:12.179> transition<00:25:12.539> from<00:25:13.020> Fiat 00:25:13.490 --> 00:25:13.500 align:start position:0% going to be the transition from Fiat 00:25:13.500 --> 00:25:16.130 align:start position:0% going to be the transition from Fiat money<00:25:13.740> that<00:25:14.100> we<00:25:14.280> have<00:25:14.580> today<00:25:14.820> to<00:25:15.659> Virtual 00:25:16.130 --> 00:25:16.140 align:start position:0% money that we have today to Virtual 00:25:16.140 --> 00:25:19.370 align:start position:0% money that we have today to Virtual money<00:25:16.640> especially<00:25:17.640> regarding<00:25:18.299> uh<00:25:18.900> how<00:25:19.200> fast 00:25:19.370 --> 00:25:19.380 align:start position:0% money especially regarding uh how fast 00:25:19.380 --> 00:25:21.590 align:start position:0% money especially regarding uh how fast this<00:25:19.679> is<00:25:19.799> going<00:25:19.919> to<00:25:20.100> be<00:25:20.220> and<00:25:20.760> how<00:25:21.000> traumatic 00:25:21.590 --> 00:25:21.600 align:start position:0% this is going to be and how traumatic 00:25:21.600 --> 00:25:25.190 align:start position:0% this is going to be and how traumatic this<00:25:21.960> is<00:25:22.080> going<00:25:22.200> to<00:25:22.320> be 00:25:25.190 --> 00:25:25.200 align:start position:0% 00:25:25.200 --> 00:25:27.950 align:start position:0% I<00:25:25.559> think<00:25:25.980> it<00:25:26.159> will<00:25:26.279> be<00:25:26.460> traumatic<00:25:26.940> that<00:25:27.720> I 00:25:27.950 --> 00:25:27.960 align:start position:0% I think it will be traumatic that I 00:25:27.960 --> 00:25:30.649 align:start position:0% I think it will be traumatic that I agree<00:25:28.200> with<00:25:28.380> the<00:25:28.620> kind<00:25:28.799> of<00:25:29.000> consensus<00:25:30.000> view<00:25:30.240> in 00:25:30.649 --> 00:25:30.659 align:start position:0% agree with the kind of consensus view in 00:25:30.659 --> 00:25:32.990 align:start position:0% agree with the kind of consensus view in in<00:25:30.900> the<00:25:31.140> community<00:25:31.320> I<00:25:32.279> don't<00:25:32.400> think<00:25:32.520> and<00:25:32.760> you 00:25:32.990 --> 00:25:33.000 align:start position:0% in the community I don't think and you 00:25:33.000 --> 00:25:34.549 align:start position:0% in the community I don't think and you can<00:25:33.059> probably<00:25:33.240> tell<00:25:33.480> from<00:25:33.779> my<00:25:33.960> from<00:25:34.320> my 00:25:34.549 --> 00:25:34.559 align:start position:0% can probably tell from my from my 00:25:34.559 --> 00:25:36.049 align:start position:0% can probably tell from my from my comments<00:25:34.980> I<00:25:35.279> don't<00:25:35.340> think<00:25:35.520> the<00:25:35.700> question<00:25:35.880> is 00:25:36.049 --> 00:25:36.059 align:start position:0% comments I don't think the question is 00:25:36.059 --> 00:25:38.390 align:start position:0% comments I don't think the question is really<00:25:36.360> about<00:25:36.600> inflation 00:25:38.390 --> 00:25:38.400 align:start position:0% really about inflation 00:25:38.400 --> 00:25:41.350 align:start position:0% really about inflation I<00:25:38.880> don't<00:25:39.059> think<00:25:39.240> that<00:25:39.419> and<00:25:40.140> again<00:25:40.380> Bitcoin 00:25:41.350 --> 00:25:41.360 align:start position:0% I don't think that and again Bitcoin 00:25:41.360 --> 00:25:43.549 align:start position:0% I don't think that and again Bitcoin bitcoiners<00:25:42.360> are<00:25:42.600> very<00:25:42.960> obsessed<00:25:43.320> with<00:25:43.380> the 00:25:43.549 --> 00:25:43.559 align:start position:0% bitcoiners are very obsessed with the 00:25:43.559 --> 00:25:45.890 align:start position:0% bitcoiners are very obsessed with the idea<00:25:43.799> of<00:25:43.860> inflation<00:25:44.159> the<00:25:44.820> question<00:25:45.000> for<00:25:45.299> me<00:25:45.419> is 00:25:45.890 --> 00:25:45.900 align:start position:0% idea of inflation the question for me is 00:25:45.900 --> 00:25:48.350 align:start position:0% idea of inflation the question for me is fundamentally<00:25:46.500> about<00:25:46.799> this<00:25:47.220> search<00:25:47.520> which<00:25:48.179> is 00:25:48.350 --> 00:25:48.360 align:start position:0% fundamentally about this search which is 00:25:48.360 --> 00:25:50.870 align:start position:0% fundamentally about this search which is becoming<00:25:48.779> more<00:25:49.020> and<00:25:49.200> more<00:25:49.440> desperate<00:25:49.860> for<00:25:50.640> a 00:25:50.870 --> 00:25:50.880 align:start position:0% becoming more and more desperate for a 00:25:50.880 --> 00:25:54.169 align:start position:0% becoming more and more desperate for a form<00:25:51.120> of<00:25:51.720> outside<00:25:52.080> money<00:25:52.520> that<00:25:53.520> that<00:25:53.760> the 00:25:54.169 --> 00:25:54.179 align:start position:0% form of outside money that that the 00:25:54.179 --> 00:25:56.690 align:start position:0% form of outside money that that the system<00:25:54.299> we<00:25:54.600> have<00:25:54.900> where<00:25:55.799> money<00:25:56.100> has<00:25:56.460> really 00:25:56.690 --> 00:25:56.700 align:start position:0% system we have where money has really 00:25:56.700 --> 00:25:58.730 align:start position:0% system we have where money has really disappeared<00:25:57.299> I<00:25:57.539> would<00:25:57.720> go<00:25:57.900> so<00:25:58.020> far<00:25:58.200> as<00:25:58.320> to<00:25:58.500> say 00:25:58.730 --> 00:25:58.740 align:start position:0% disappeared I would go so far as to say 00:25:58.740 --> 00:26:00.950 align:start position:0% disappeared I would go so far as to say we<00:25:59.159> live<00:25:59.340> in<00:25:59.640> an<00:25:59.760> economy<00:26:00.120> where<00:26:00.419> there<00:26:00.600> is<00:26:00.779> no 00:26:00.950 --> 00:26:00.960 align:start position:0% we live in an economy where there is no 00:26:00.960 --> 00:26:03.169 align:start position:0% we live in an economy where there is no money<00:26:01.620> there's<00:26:02.039> only<00:26:02.220> credit<00:26:02.520> there's<00:26:02.940> a 00:26:03.169 --> 00:26:03.179 align:start position:0% money there's only credit there's a 00:26:03.179 --> 00:26:05.210 align:start position:0% money there's only credit there's a credit<00:26:03.600> everywhere<00:26:04.320> and<00:26:04.679> everything<00:26:04.919> is 00:26:05.210 --> 00:26:05.220 align:start position:0% credit everywhere and everything is 00:26:05.220 --> 00:26:07.909 align:start position:0% credit everywhere and everything is credit<00:26:05.460> even<00:26:06.299> cash<00:26:06.720> is<00:26:06.960> credit<00:26:07.200> because<00:26:07.620> after 00:26:07.909 --> 00:26:07.919 align:start position:0% credit even cash is credit because after 00:26:07.919 --> 00:26:09.230 align:start position:0% credit even cash is credit because after all<00:26:08.159> credit 00:26:09.230 --> 00:26:09.240 align:start position:0% all credit 00:26:09.240 --> 00:26:12.110 align:start position:0% all credit cash<00:26:09.779> is<00:26:10.140> a<00:26:10.320> promise<00:26:10.620> to<00:26:10.980> pay<00:26:11.220> a<00:26:11.940> certain 00:26:12.110 --> 00:26:12.120 align:start position:0% cash is a promise to pay a certain 00:26:12.120 --> 00:26:13.909 align:start position:0% cash is a promise to pay a certain basket<00:26:12.600> of<00:26:12.900> goods 00:26:13.909 --> 00:26:13.919 align:start position:0% basket of goods 00:26:13.919 --> 00:26:16.610 align:start position:0% basket of goods and<00:26:14.520> with<00:26:14.760> inflation<00:26:15.120> of<00:26:15.299> 10<00:26:15.480> this<00:26:16.020> I<00:26:16.260> think<00:26:16.380> a 00:26:16.610 --> 00:26:16.620 align:start position:0% and with inflation of 10 this I think a 00:26:16.620 --> 00:26:18.590 align:start position:0% and with inflation of 10 this I think a point<00:26:17.039> where<00:26:17.220> inflation<00:26:17.580> is<00:26:17.820> important<00:26:18.179> that 00:26:18.590 --> 00:26:18.600 align:start position:0% point where inflation is important that 00:26:18.600 --> 00:26:22.010 align:start position:0% point where inflation is important that promise<00:26:18.960> evaporates<00:26:19.919> but<00:26:20.400> even<00:26:20.580> in<00:26:20.820> India<00:26:21.120> in 00:26:22.010 --> 00:26:22.020 align:start position:0% promise evaporates but even in India in 00:26:22.020 --> 00:26:25.730 align:start position:0% promise evaporates but even in India in 2016<00:26:22.940> banknotes<00:26:23.940> will<00:26:24.059> recall<00:26:24.740> coercively 00:26:25.730 --> 00:26:25.740 align:start position:0% 2016 banknotes will recall coercively 00:26:25.740 --> 00:26:28.490 align:start position:0% 2016 banknotes will recall coercively recall<00:26:26.100> and<00:26:26.460> so<00:26:26.580> even<00:26:26.820> cash<00:26:27.179> is<00:26:27.840> not<00:26:28.020> the<00:26:28.380> kind 00:26:28.490 --> 00:26:28.500 align:start position:0% recall and so even cash is not the kind 00:26:28.500 --> 00:26:30.950 align:start position:0% recall and so even cash is not the kind of<00:26:28.679> money<00:26:28.919> we<00:26:29.220> want<00:26:29.460> there<00:26:30.179> is<00:26:30.360> today<00:26:30.539> in<00:26:30.840> our 00:26:30.950 --> 00:26:30.960 align:start position:0% of money we want there is today in our 00:26:30.960 --> 00:26:33.350 align:start position:0% of money we want there is today in our societies<00:26:31.380> more<00:26:31.860> and<00:26:31.980> more<00:26:32.220> discontent<00:26:32.820> with 00:26:33.350 --> 00:26:33.360 align:start position:0% societies more and more discontent with 00:26:33.360 --> 00:26:35.269 align:start position:0% societies more and more discontent with the<00:26:33.600> sense<00:26:33.840> that<00:26:34.260> we<00:26:34.740> don't<00:26:34.860> have<00:26:35.100> anything 00:26:35.269 --> 00:26:35.279 align:start position:0% the sense that we don't have anything 00:26:35.279 --> 00:26:36.590 align:start position:0% the sense that we don't have anything like<00:26:35.580> money 00:26:36.590 --> 00:26:36.600 align:start position:0% like money 00:26:36.600 --> 00:26:38.750 align:start position:0% like money we<00:26:37.380> have<00:26:37.500> forms<00:26:37.799> of<00:26:37.919> credit<00:26:38.159> there<00:26:38.580> are 00:26:38.750 --> 00:26:38.760 align:start position:0% we have forms of credit there are 00:26:38.760 --> 00:26:40.250 align:start position:0% we have forms of credit there are obviously<00:26:39.179> under<00:26:39.419> the<00:26:39.659> control<00:26:39.840> of<00:26:40.140> the 00:26:40.250 --> 00:26:40.260 align:start position:0% obviously under the control of the 00:26:40.260 --> 00:26:42.710 align:start position:0% obviously under the control of the correlators<00:26:40.799> and<00:26:41.400> debtors<00:26:41.820> are<00:26:42.120> subject<00:26:42.539> to 00:26:42.710 --> 00:26:42.720 align:start position:0% correlators and debtors are subject to 00:26:42.720 --> 00:26:45.169 align:start position:0% correlators and debtors are subject to relations<00:26:43.080> of<00:26:43.320> power<00:26:43.500> I<00:26:44.340> think<00:26:44.460> it's<00:26:44.700> a<00:26:45.000> very 00:26:45.169 --> 00:26:45.179 align:start position:0% relations of power I think it's a very 00:26:45.179 --> 00:26:47.590 align:start position:0% relations of power I think it's a very political<00:26:45.720> question<00:26:46.140> of<00:26:46.500> this<00:26:46.679> kind 00:26:47.590 --> 00:26:47.600 align:start position:0% political question of this kind 00:26:47.600 --> 00:26:51.710 align:start position:0% political question of this kind and<00:26:48.600> it<00:26:49.080> is<00:26:49.260> also<00:26:49.679> geopolitical 00:26:51.710 --> 00:26:51.720 align:start position:0% and it is also geopolitical 00:26:51.720 --> 00:26:53.930 align:start position:0% and it is also geopolitical the<00:26:52.260> system<00:26:52.380> today<00:26:52.679> works<00:26:53.159> because<00:26:53.400> at<00:26:53.820> the 00:26:53.930 --> 00:26:53.940 align:start position:0% the system today works because at the 00:26:53.940 --> 00:26:55.909 align:start position:0% the system today works because at the top<00:26:54.000> at<00:26:54.240> the<00:26:54.360> Apex<00:26:54.720> it's<00:26:54.960> the<00:26:55.140> dollar 00:26:55.909 --> 00:26:55.919 align:start position:0% top at the Apex it's the dollar 00:26:55.919 --> 00:26:57.710 align:start position:0% top at the Apex it's the dollar the<00:26:56.400> dollar<00:26:56.520> is<00:26:56.820> quite<00:26:57.000> interesting<00:26:57.419> because 00:26:57.710 --> 00:26:57.720 align:start position:0% the dollar is quite interesting because 00:26:57.720 --> 00:26:59.149 align:start position:0% the dollar is quite interesting because even<00:26:58.080> though<00:26:58.260> it's<00:26:58.380> not<00:26:58.559> a<00:26:58.679> form<00:26:58.799> of<00:26:58.980> outside 00:26:59.149 --> 00:26:59.159 align:start position:0% even though it's not a form of outside 00:26:59.159 --> 00:27:02.810 align:start position:0% even though it's not a form of outside money<00:26:59.580> it<00:27:00.120> is<00:27:00.240> hierarchical<00:27:00.840> superior 00:27:02.810 --> 00:27:02.820 align:start position:0% money it is hierarchical superior 00:27:02.820 --> 00:27:06.529 align:start position:0% money it is hierarchical superior I<00:27:03.299> think<00:27:03.419> I<00:27:03.659> would<00:27:03.779> argue<00:27:04.080> that<00:27:04.940> even<00:27:05.940> treasury 00:27:06.529 --> 00:27:06.539 align:start position:0% I think I would argue that even treasury 00:27:06.539 --> 00:27:09.710 align:start position:0% I think I would argue that even treasury bills<00:27:07.200> are<00:27:07.860> hierarchical<00:27:08.580> superior<00:27:09.120> to<00:27:09.360> cash 00:27:09.710 --> 00:27:09.720 align:start position:0% bills are hierarchical superior to cash 00:27:09.720 --> 00:27:11.690 align:start position:0% bills are hierarchical superior to cash if<00:27:10.140> the<00:27:10.260> cash<00:27:10.440> is<00:27:10.679> in<00:27:10.860> a<00:27:10.980> different<00:27:11.220> currency 00:27:11.690 --> 00:27:11.700 align:start position:0% if the cash is in a different currency 00:27:11.700 --> 00:27:13.909 align:start position:0% if the cash is in a different currency at<00:27:12.659> the<00:27:12.779> top<00:27:12.900> of<00:27:13.080> the<00:27:13.200> system<00:27:13.380> is<00:27:13.620> the<00:27:13.799> dollar 00:27:13.909 --> 00:27:13.919 align:start position:0% at the top of the system is the dollar 00:27:13.919 --> 00:27:15.769 align:start position:0% at the top of the system is the dollar but<00:27:14.760> then<00:27:14.880> the<00:27:15.059> question<00:27:15.179> you<00:27:15.419> have<00:27:15.539> to<00:27:15.600> ask 00:27:15.769 --> 00:27:15.779 align:start position:0% but then the question you have to ask 00:27:15.779 --> 00:27:17.029 align:start position:0% but then the question you have to ask yourself<00:27:15.960> is<00:27:16.200> not<00:27:16.440> a<00:27:16.559> question<00:27:16.679> that<00:27:16.919> is 00:27:17.029 --> 00:27:17.039 align:start position:0% yourself is not a question that is 00:27:17.039 --> 00:27:18.890 align:start position:0% yourself is not a question that is discussed<00:27:17.520> in<00:27:17.700> in<00:27:17.880> the<00:27:18.059> crypto<00:27:18.360> space<00:27:18.539> a<00:27:18.779> lot 00:27:18.890 --> 00:27:18.900 align:start position:0% discussed in in the crypto space a lot 00:27:18.900 --> 00:27:22.730 align:start position:0% discussed in in the crypto space a lot is<00:27:19.140> to<00:27:19.620> what<00:27:19.860> extent<00:27:20.299> is<00:27:21.299> the<00:27:21.720> system<00:27:21.900> reliant 00:27:22.730 --> 00:27:22.740 align:start position:0% is to what extent is the system reliant 00:27:22.740 --> 00:27:25.490 align:start position:0% is to what extent is the system reliant on<00:27:23.039> the<00:27:23.220> survival<00:27:23.580> of<00:27:24.240> the<00:27:24.600> dollar<00:27:24.779> as<00:27:25.200> the<00:27:25.380> top 00:27:25.490 --> 00:27:25.500 align:start position:0% on the survival of the dollar as the top 00:27:25.500 --> 00:27:26.890 align:start position:0% on the survival of the dollar as the top of<00:27:25.679> the<00:27:25.799> pyramid 00:27:26.890 --> 00:27:26.900 align:start position:0% of the pyramid 00:27:26.900 --> 00:27:30.289 align:start position:0% of the pyramid and<00:27:27.900> how<00:27:28.440> much<00:27:28.559> is<00:27:28.919> that<00:27:29.100> survival<00:27:29.460> of<00:27:29.700> the<00:27:29.820> top 00:27:30.289 --> 00:27:30.299 align:start position:0% and how much is that survival of the top 00:27:30.299 --> 00:27:32.810 align:start position:0% and how much is that survival of the top of<00:27:30.419> the<00:27:30.539> pyramid<00:27:30.840> dependent<00:27:31.440> on<00:27:32.220> American 00:27:32.810 --> 00:27:32.820 align:start position:0% of the pyramid dependent on American 00:27:32.820 --> 00:27:34.430 align:start position:0% of the pyramid dependent on American geopolitical<00:27:33.600> power 00:27:34.430 --> 00:27:34.440 align:start position:0% geopolitical power 00:27:34.440 --> 00:27:36.470 align:start position:0% geopolitical power and<00:27:34.860> America's<00:27:35.279> ability<00:27:35.580> to<00:27:36.000> project<00:27:36.179> and 00:27:36.470 --> 00:27:36.480 align:start position:0% and America's ability to project and 00:27:36.480 --> 00:27:38.690 align:start position:0% and America's ability to project and impose<00:27:36.900> its<00:27:37.200> power<00:27:37.320> worldwide 00:27:38.690 --> 00:27:38.700 align:start position:0% impose its power worldwide 00:27:38.700 --> 00:27:42.110 align:start position:0% impose its power worldwide now<00:27:39.299> that<00:27:39.539> that<00:27:39.779> power<00:27:40.080> is<00:27:40.860> in<00:27:41.340> crisis<00:27:41.760> and 00:27:42.110 --> 00:27:42.120 align:start position:0% now that that power is in crisis and 00:27:42.120 --> 00:27:44.690 align:start position:0% now that that power is in crisis and increasingly<00:27:42.720> Under<00:27:43.020> Pressure<00:27:43.340> what<00:27:44.340> impact 00:27:44.690 --> 00:27:44.700 align:start position:0% increasingly Under Pressure what impact 00:27:44.700 --> 00:27:46.190 align:start position:0% increasingly Under Pressure what impact will<00:27:44.940> that<00:27:45.120> have<00:27:45.299> on<00:27:45.480> the<00:27:45.600> monetary<00:27:45.960> system 00:27:46.190 --> 00:27:46.200 align:start position:0% will that have on the monetary system 00:27:46.200 --> 00:27:48.590 align:start position:0% will that have on the monetary system can<00:27:46.559> the<00:27:46.799> monetary<00:27:47.159> system<00:27:47.400> survive<00:27:47.940> without 00:27:48.590 --> 00:27:48.600 align:start position:0% can the monetary system survive without 00:27:48.600 --> 00:27:50.630 align:start position:0% can the monetary system survive without a<00:27:48.900> negomonic 00:27:50.630 --> 00:27:50.640 align:start position:0% a negomonic 00:27:50.640 --> 00:27:53.810 align:start position:0% a negomonic power<00:27:51.059> at<00:27:51.539> the<00:27:51.720> top<00:27:51.919> and<00:27:52.919> I<00:27:53.039> would<00:27:53.400> argue<00:27:53.700> with 00:27:53.810 --> 00:27:53.820 align:start position:0% power at the top and I would argue with 00:27:53.820 --> 00:27:57.590 align:start position:0% power at the top and I would argue with Kent<00:27:54.179> and<00:27:54.539> we're<00:27:54.659> seeing<00:27:54.900> already<00:27:55.200> the<00:27:56.000> uh<00:27:57.000> the 00:27:57.590 --> 00:27:57.600 align:start position:0% Kent and we're seeing already the uh the 00:27:57.600 --> 00:28:00.289 align:start position:0% Kent and we're seeing already the uh the waves<00:27:57.840> of<00:27:58.020> that<00:27:58.140> and<00:27:58.559> of<00:27:58.799> course<00:27:58.919> I<00:27:59.400> advise<00:28:00.120> you 00:28:00.289 --> 00:28:00.299 align:start position:0% waves of that and of course I advise you 00:28:00.299 --> 00:28:02.149 align:start position:0% waves of that and of course I advise you to<00:28:00.480> be<00:28:00.720> very<00:28:01.260> attentive<00:28:01.620> to<00:28:01.799> what<00:28:01.980> is 00:28:02.149 --> 00:28:02.159 align:start position:0% to be very attentive to what is 00:28:02.159 --> 00:28:04.070 align:start position:0% to be very attentive to what is happening<00:28:02.400> this<00:28:02.640> week<00:28:02.820> both<00:28:03.240> in<00:28:03.419> the<00:28:03.539> UK<00:28:03.779> with 00:28:04.070 --> 00:28:04.080 align:start position:0% happening this week both in the UK with 00:28:04.080 --> 00:28:07.010 align:start position:0% happening this week both in the UK with guilds<00:28:04.559> and<00:28:05.340> yesterday<00:28:05.640> Janet<00:28:06.419> Yellen<00:28:06.779> said 00:28:07.010 --> 00:28:07.020 align:start position:0% guilds and yesterday Janet Yellen said 00:28:07.020 --> 00:28:10.250 align:start position:0% guilds and yesterday Janet Yellen said that<00:28:07.320> she<00:28:08.100> is<00:28:08.279> extremely<00:28:08.760> concerned<00:28:09.419> by<00:28:10.020> the 00:28:10.250 --> 00:28:10.260 align:start position:0% that she is extremely concerned by the 00:28:10.260 --> 00:28:12.769 align:start position:0% that she is extremely concerned by the lack<00:28:10.440> of<00:28:10.559> demand<00:28:10.919> for<00:28:11.159> treasuries 00:28:12.769 --> 00:28:12.779 align:start position:0% lack of demand for treasuries 00:28:12.779 --> 00:28:17.090 align:start position:0% lack of demand for treasuries uh<00:28:13.500> so<00:28:13.740> things<00:28:14.100> are<00:28:14.279> happening 00:28:17.090 --> 00:28:17.100 align:start position:0% 00:28:17.100 --> 00:28:20.750 align:start position:0% hi<00:28:18.059> my<00:28:18.600> question<00:28:18.840> is<00:28:19.200> could<00:28:19.860> you<00:28:20.159> give<00:28:20.340> a<00:28:20.580> real 00:28:20.750 --> 00:28:20.760 align:start position:0% hi my question is could you give a real 00:28:20.760 --> 00:28:23.870 align:start position:0% hi my question is could you give a real life<00:28:21.000> example<00:28:21.539> of<00:28:22.080> why<00:28:22.500> it's<00:28:23.100> a<00:28:23.279> shortcoming 00:28:23.870 --> 00:28:23.880 align:start position:0% life example of why it's a shortcoming 00:28:23.880 --> 00:28:27.230 align:start position:0% life example of why it's a shortcoming that<00:28:24.360> gold<00:28:24.659> is<00:28:25.020> not<00:28:25.260> programmable<00:28:25.919> yeah<00:28:26.700> many 00:28:27.230 --> 00:28:27.240 align:start position:0% that gold is not programmable yeah many 00:28:27.240 --> 00:28:28.789 align:start position:0% that gold is not programmable yeah many many<00:28:27.480> ways<00:28:27.840> to<00:28:27.960> do<00:28:28.080> it<00:28:28.140> I<00:28:28.320> mean<00:28:28.440> the<00:28:28.679> most 00:28:28.789 --> 00:28:28.799 align:start position:0% many ways to do it I mean the most 00:28:28.799 --> 00:28:30.049 align:start position:0% many ways to do it I mean the most Prozac 00:28:30.049 --> 00:28:30.059 align:start position:0% Prozac 00:28:30.059 --> 00:28:32.390 align:start position:0% Prozac problem<00:28:30.539> is<00:28:30.840> since<00:28:31.260> it<00:28:31.440> is<00:28:31.620> a<00:28:31.799> physical<00:28:31.919> object 00:28:32.390 --> 00:28:32.400 align:start position:0% problem is since it is a physical object 00:28:32.400 --> 00:28:34.430 align:start position:0% problem is since it is a physical object there's<00:28:33.179> problems<00:28:33.600> of<00:28:33.779> storage<00:28:34.020> there's 00:28:34.430 --> 00:28:34.440 align:start position:0% there's problems of storage there's 00:28:34.440 --> 00:28:36.230 align:start position:0% there's problems of storage there's problems<00:28:34.799> of<00:28:34.980> transfer<00:28:35.460> there<00:28:35.760> are<00:28:35.940> problems 00:28:36.230 --> 00:28:36.240 align:start position:0% problems of transfer there are problems 00:28:36.240 --> 00:28:38.570 align:start position:0% problems of transfer there are problems of<00:28:36.360> movement<00:28:36.720> you<00:28:37.440> cannot<00:28:37.740> program<00:28:37.919> it<00:28:38.220> in<00:28:38.400> the 00:28:38.570 --> 00:28:38.580 align:start position:0% of movement you cannot program it in the 00:28:38.580 --> 00:28:40.549 align:start position:0% of movement you cannot program it in the sense<00:28:38.700> of<00:28:38.880> determining<00:28:39.480> that<00:28:39.720> at<00:28:40.020> your<00:28:40.200> death 00:28:40.549 --> 00:28:40.559 align:start position:0% sense of determining that at your death 00:28:40.559 --> 00:28:43.850 align:start position:0% sense of determining that at your death your<00:28:41.220> supply<00:28:41.520> of<00:28:41.880> gold<00:28:42.059> will<00:28:42.600> be<00:28:42.900> divided 00:28:43.850 --> 00:28:43.860 align:start position:0% your supply of gold will be divided 00:28:43.860 --> 00:28:45.890 align:start position:0% your supply of gold will be divided between<00:28:44.100> your<00:28:44.460> children<00:28:44.700> in<00:28:45.059> three<00:28:45.299> parts<00:28:45.539> I 00:28:45.890 --> 00:28:45.900 align:start position:0% between your children in three parts I 00:28:45.900 --> 00:28:47.570 align:start position:0% between your children in three parts I mean<00:28:46.020> you<00:28:46.140> can<00:28:46.260> tell<00:28:46.380> a<00:28:46.559> bank<00:28:46.740> to<00:28:46.980> do<00:28:47.159> this<00:28:47.279> but 00:28:47.570 --> 00:28:47.580 align:start position:0% mean you can tell a bank to do this but 00:28:47.580 --> 00:28:49.250 align:start position:0% mean you can tell a bank to do this but you<00:28:47.700> cannot<00:28:47.940> program<00:28:48.120> the<00:28:48.419> gold<00:28:48.600> itself<00:28:48.960> but 00:28:49.250 --> 00:28:49.260 align:start position:0% you cannot program the gold itself but 00:28:49.260 --> 00:28:50.870 align:start position:0% you cannot program the gold itself but obviously<00:28:49.559> you<00:28:49.679> can<00:28:49.860> program<00:28:50.039> ether<00:28:50.520> to<00:28:50.760> do 00:28:50.870 --> 00:28:50.880 align:start position:0% obviously you can program ether to do 00:28:50.880 --> 00:28:53.029 align:start position:0% obviously you can program ether to do this<00:28:51.059> very<00:28:51.240> easily<00:28:51.600> so<00:28:52.140> at<00:28:52.260> very<00:28:52.440> Prozac<00:28:52.860> level 00:28:53.029 --> 00:28:53.039 align:start position:0% this very easily so at very Prozac level 00:28:53.039 --> 00:28:56.649 align:start position:0% this very easily so at very Prozac level it's<00:28:53.340> this<00:28:53.580> then<00:28:53.880> at<00:28:54.120> a<00:28:54.299> more<00:28:54.419> systemic<00:28:55.440> level 00:28:56.649 --> 00:28:56.659 align:start position:0% it's this then at a more systemic level 00:28:56.659 --> 00:29:00.710 align:start position:0% it's this then at a more systemic level it's<00:28:57.659> an<00:28:57.900> economic<00:28:58.440> question<00:28:58.740> of<00:28:59.460> how<00:29:00.120> do<00:29:00.480> we 00:29:00.710 --> 00:29:00.720 align:start position:0% it's an economic question of how do we 00:29:00.720 --> 00:29:05.269 align:start position:0% it's an economic question of how do we for<00:29:01.440> example<00:29:01.860> counteract<00:29:02.779> pressure<00:29:04.279> a 00:29:05.269 --> 00:29:05.279 align:start position:0% for example counteract pressure a 00:29:05.279 --> 00:29:07.430 align:start position:0% for example counteract pressure a certain<00:29:05.580> heating<00:29:05.940> up<00:29:06.120> of<00:29:06.299> the<00:29:06.419> economy<00:29:06.840> how<00:29:07.260> do 00:29:07.430 --> 00:29:07.440 align:start position:0% certain heating up of the economy how do 00:29:07.440 --> 00:29:09.370 align:start position:0% certain heating up of the economy how do we<00:29:07.559> adjust<00:29:07.860> the<00:29:08.220> economy 00:29:09.370 --> 00:29:09.380 align:start position:0% we adjust the economy 00:29:09.380 --> 00:29:12.529 align:start position:0% we adjust the economy to<00:29:10.380> different<00:29:10.559> circumstances<00:29:11.340> and<00:29:12.179> we<00:29:12.360> know 00:29:12.529 --> 00:29:12.539 align:start position:0% to different circumstances and we know 00:29:12.539 --> 00:29:14.390 align:start position:0% to different circumstances and we know from<00:29:12.779> economics<00:29:13.260> this<00:29:13.440> is<00:29:13.679> necessary<00:29:14.039> I'm 00:29:14.390 --> 00:29:14.400 align:start position:0% from economics this is necessary I'm 00:29:14.400 --> 00:29:15.890 align:start position:0% from economics this is necessary I'm sure<00:29:14.640> there's<00:29:14.760> a<00:29:14.940> lot<00:29:15.000> of<00:29:15.120> resistance<00:29:15.539> in<00:29:15.779> this 00:29:15.890 --> 00:29:15.900 align:start position:0% sure there's a lot of resistance in this 00:29:15.900 --> 00:29:17.510 align:start position:0% sure there's a lot of resistance in this room<00:29:16.080> to<00:29:16.260> this<00:29:16.440> idea<00:29:16.740> of<00:29:16.860> adjusting<00:29:17.400> the 00:29:17.510 --> 00:29:17.520 align:start position:0% room to this idea of adjusting the 00:29:17.520 --> 00:29:19.549 align:start position:0% room to this idea of adjusting the economy<00:29:17.940> but<00:29:18.419> I<00:29:18.600> would<00:29:18.720> suggest<00:29:19.080> that<00:29:19.380> the 00:29:19.549 --> 00:29:19.559 align:start position:0% economy but I would suggest that the 00:29:19.559 --> 00:29:22.010 align:start position:0% economy but I would suggest that the resistance<00:29:19.980> is<00:29:20.220> to<00:29:20.580> the<00:29:20.760> idea<00:29:21.120> that<00:29:21.480> a<00:29:21.840> central 00:29:22.010 --> 00:29:22.020 align:start position:0% resistance is to the idea that a central 00:29:22.020 --> 00:29:24.590 align:start position:0% resistance is to the idea that a central Authority<00:29:22.679> will<00:29:22.980> do<00:29:23.159> this<00:29:23.399> adjustment 00:29:24.590 --> 00:29:24.600 align:start position:0% Authority will do this adjustment 00:29:24.600 --> 00:29:27.230 align:start position:0% Authority will do this adjustment but<00:29:25.380> if<00:29:25.740> the<00:29:25.919> adjustment<00:29:26.220> is<00:29:26.460> being<00:29:26.700> done<00:29:26.940> by 00:29:27.230 --> 00:29:27.240 align:start position:0% but if the adjustment is being done by 00:29:27.240 --> 00:29:28.850 align:start position:0% but if the adjustment is being done by everyone<00:29:27.480> collectively 00:29:28.850 --> 00:29:28.860 align:start position:0% everyone collectively 00:29:28.860 --> 00:29:30.830 align:start position:0% everyone collectively I<00:29:29.460> don't<00:29:29.580> see<00:29:29.760> that<00:29:30.059> that<00:29:30.179> is<00:29:30.360> such<00:29:30.600> a<00:29:30.720> big 00:29:30.830 --> 00:29:30.840 align:start position:0% I don't see that that is such a big 00:29:30.840 --> 00:29:32.450 align:start position:0% I don't see that that is such a big problem<00:29:31.080> and<00:29:31.440> I<00:29:31.559> don't<00:29:31.679> see<00:29:31.860> how<00:29:32.100> a<00:29:32.279> modern 00:29:32.450 --> 00:29:32.460 align:start position:0% problem and I don't see how a modern 00:29:32.460 --> 00:29:34.789 align:start position:0% problem and I don't see how a modern economy<00:29:33.000> can<00:29:33.240> work<00:29:33.480> in<00:29:33.720> that<00:29:33.899> way<00:29:34.080> we're<00:29:34.620> going 00:29:34.789 --> 00:29:34.799 align:start position:0% economy can work in that way we're going 00:29:34.799 --> 00:29:36.289 align:start position:0% economy can work in that way we're going through<00:29:34.980> booms<00:29:35.399> and<00:29:35.520> busts<00:29:35.940> in<00:29:36.059> the<00:29:36.179> gold 00:29:36.289 --> 00:29:36.299 align:start position:0% through booms and busts in the gold 00:29:36.299 --> 00:29:38.870 align:start position:0% through booms and busts in the gold standard<00:29:36.899> extremely<00:29:37.860> painful<00:29:38.279> adjustments 00:29:38.870 --> 00:29:38.880 align:start position:0% standard extremely painful adjustments 00:29:38.880 --> 00:29:40.549 align:start position:0% standard extremely painful adjustments and<00:29:39.120> most<00:29:39.360> economic<00:29:39.779> historians<00:29:40.260> that<00:29:40.440> I 00:29:40.549 --> 00:29:40.559 align:start position:0% and most economic historians that I 00:29:40.559 --> 00:29:42.049 align:start position:0% and most economic historians that I respect<00:29:40.860> think<00:29:41.220> that 00:29:42.049 --> 00:29:42.059 align:start position:0% respect think that 00:29:42.059 --> 00:29:43.909 align:start position:0% respect think that the<00:29:42.539> two<00:29:42.659> world<00:29:42.840> wars<00:29:43.260> were<00:29:43.500> directly 00:29:43.909 --> 00:29:43.919 align:start position:0% the two world wars were directly 00:29:43.919 --> 00:29:47.389 align:start position:0% the two world wars were directly connected<00:29:44.340> to<00:29:44.580> the<00:29:44.880> inability<00:29:45.419> to<00:29:46.220> have<00:29:47.220> some 00:29:47.389 --> 00:29:47.399 align:start position:0% connected to the inability to have some 00:29:47.399 --> 00:29:49.730 align:start position:0% connected to the inability to have some control<00:29:47.640> of<00:29:48.000> our<00:29:48.179> economies 00:29:49.730 --> 00:29:49.740 align:start position:0% control of our economies 00:29:49.740 --> 00:29:51.649 align:start position:0% control of our economies the<00:29:50.159> idea<00:29:50.340> of<00:29:50.460> the<00:29:50.580> virtual<00:29:50.880> world<00:29:51.059> is<00:29:51.299> that<00:29:51.480> we 00:29:51.649 --> 00:29:51.659 align:start position:0% the idea of the virtual world is that we 00:29:51.659 --> 00:29:53.930 align:start position:0% the idea of the virtual world is that we are<00:29:51.840> in<00:29:52.020> control<00:29:52.200> as<00:29:52.559> human<00:29:52.740> beings<00:29:53.100> it's<00:29:53.760> not 00:29:53.930 --> 00:29:53.940 align:start position:0% are in control as human beings it's not 00:29:53.940 --> 00:29:57.590 align:start position:0% are in control as human beings it's not that<00:29:54.240> reality<00:29:54.899> is<00:29:55.559> in<00:29:55.980> control 00:29:57.590 --> 00:29:57.600 align:start position:0% that reality is in control 00:29:57.600 --> 00:30:01.850 align:start position:0% that reality is in control hi<00:29:58.380> over<00:29:59.340> here<00:29:59.600> very<00:30:00.600> very<00:30:00.840> nice<00:30:01.140> talk<00:30:01.380> I<00:30:01.679> found 00:30:01.850 --> 00:30:01.860 align:start position:0% hi over here very very nice talk I found 00:30:01.860 --> 00:30:04.130 align:start position:0% hi over here very very nice talk I found it<00:30:02.100> really<00:30:02.360> I<00:30:03.360> found<00:30:03.720> it<00:30:03.960> really 00:30:04.130 --> 00:30:04.140 align:start position:0% it really I found it really 00:30:04.140 --> 00:30:07.250 align:start position:0% it really I found it really thought-provoking<00:30:05.100> and<00:30:06.059> I<00:30:06.600> wanted<00:30:06.720> to<00:30:06.960> ask 00:30:07.250 --> 00:30:07.260 align:start position:0% thought-provoking and I wanted to ask 00:30:07.260 --> 00:30:09.950 align:start position:0% thought-provoking and I wanted to ask you<00:30:07.500> about<00:30:08.220> these<00:30:08.640> properties<00:30:09.059> of<00:30:09.299> money<00:30:09.539> as 00:30:09.950 --> 00:30:09.960 align:start position:0% you about these properties of money as 00:30:09.960 --> 00:30:12.830 align:start position:0% you about these properties of money as both<00:30:10.919> virtual<00:30:11.520> currency<00:30:11.940> and<00:30:12.419> debt 00:30:12.830 --> 00:30:12.840 align:start position:0% both virtual currency and debt 00:30:12.840 --> 00:30:14.810 align:start position:0% both virtual currency and debt representation 00:30:14.810 --> 00:30:14.820 align:start position:0% representation 00:30:14.820 --> 00:30:17.630 align:start position:0% representation um<00:30:15.299> over<00:30:15.899> the<00:30:16.200> last<00:30:16.380> couple<00:30:16.740> of<00:30:16.980> improvement 00:30:17.630 --> 00:30:17.640 align:start position:0% um over the last couple of improvement 00:30:17.640 --> 00:30:20.269 align:start position:0% um over the last couple of improvement proposals<00:30:18.480> ethereum<00:30:19.140> has 00:30:20.269 --> 00:30:20.279 align:start position:0% proposals ethereum has 00:30:20.279 --> 00:30:22.789 align:start position:0% proposals ethereum has effectively<00:30:21.179> implemented<00:30:21.960> deflationary 00:30:22.789 --> 00:30:22.799 align:start position:0% effectively implemented deflationary 00:30:22.799 --> 00:30:25.669 align:start position:0% effectively implemented deflationary properties<00:30:23.419> and<00:30:24.419> I<00:30:24.600> wanted<00:30:24.720> to<00:30:24.960> ask<00:30:25.140> what<00:30:25.440> do 00:30:25.669 --> 00:30:25.679 align:start position:0% properties and I wanted to ask what do 00:30:25.679 --> 00:30:27.350 align:start position:0% properties and I wanted to ask what do you think<00:30:25.799> about<00:30:26.039> this<00:30:26.460> and<00:30:26.700> if<00:30:26.940> this<00:30:27.240> can 00:30:27.350 --> 00:30:27.360 align:start position:0% you think about this and if this can 00:30:27.360 --> 00:30:31.310 align:start position:0% you think about this and if this can affect<00:30:28.220> ethereum<00:30:29.220> as<00:30:29.600> virtual<00:30:30.600> currency<00:30:31.020> and 00:30:31.310 --> 00:30:31.320 align:start position:0% affect ethereum as virtual currency and 00:30:31.320 --> 00:30:32.690 align:start position:0% affect ethereum as virtual currency and real<00:30:31.559> money<00:30:31.860> yes 00:30:32.690 --> 00:30:32.700 align:start position:0% real money yes 00:30:32.700 --> 00:30:35.149 align:start position:0% real money yes yes<00:30:32.760> so<00:30:32.940> as<00:30:33.179> I<00:30:33.360> said<00:30:33.480> what<00:30:34.200> I<00:30:34.380> find<00:30:34.500> interesting 00:30:35.149 --> 00:30:35.159 align:start position:0% yes so as I said what I find interesting 00:30:35.159 --> 00:30:37.850 align:start position:0% yes so as I said what I find interesting is<00:30:35.399> just<00:30:35.700> so<00:30:35.940> Justin<00:30:36.899> thinks<00:30:37.320> that<00:30:37.440> it's<00:30:37.620> the 00:30:37.850 --> 00:30:37.860 align:start position:0% is just so Justin thinks that it's the 00:30:37.860 --> 00:30:40.610 align:start position:0% is just so Justin thinks that it's the first<00:30:38.039> currency<00:30:38.520> that<00:30:38.820> is<00:30:38.940> deflationary<00:30:39.659> not 00:30:40.610 --> 00:30:40.620 align:start position:0% first currency that is deflationary not 00:30:40.620 --> 00:30:42.230 align:start position:0% first currency that is deflationary not that<00:30:40.740> it<00:30:40.860> has<00:30:41.039> a<00:30:41.159> deflationary<00:30:41.760> impact<00:30:42.059> on 00:30:42.230 --> 00:30:42.240 align:start position:0% that it has a deflationary impact on 00:30:42.240 --> 00:30:43.970 align:start position:0% that it has a deflationary impact on prices<00:30:42.480> but<00:30:42.840> that<00:30:43.020> the<00:30:43.260> currency<00:30:43.440> itself<00:30:43.799> is 00:30:43.970 --> 00:30:43.980 align:start position:0% prices but that the currency itself is 00:30:43.980 --> 00:30:45.710 align:start position:0% prices but that the currency itself is deflationary<00:30:44.520> that<00:30:44.700> the<00:30:44.820> money<00:30:45.000> supply<00:30:45.240> will 00:30:45.710 --> 00:30:45.720 align:start position:0% deflationary that the money supply will 00:30:45.720 --> 00:30:48.610 align:start position:0% deflationary that the money supply will reduce<00:30:46.020> I'm<00:30:46.980> not<00:30:47.220> entirely<00:30:47.640> sure<00:30:47.880> that 00:30:48.610 --> 00:30:48.620 align:start position:0% reduce I'm not entirely sure that 00:30:48.620 --> 00:30:52.070 align:start position:0% reduce I'm not entirely sure that economists<00:30:49.620> might<00:30:50.460> argue<00:30:50.820> that<00:30:51.120> Fiat<00:30:51.600> in<00:30:51.960> some 00:30:52.070 --> 00:30:52.080 align:start position:0% economists might argue that Fiat in some 00:30:52.080 --> 00:30:53.750 align:start position:0% economists might argue that Fiat in some circumstances<00:30:52.620> can<00:30:52.980> also<00:30:53.279> have<00:30:53.460> these 00:30:53.750 --> 00:30:53.760 align:start position:0% circumstances can also have these 00:30:53.760 --> 00:30:55.130 align:start position:0% circumstances can also have these characteristics<00:30:54.299> when<00:30:54.539> a<00:30:54.779> central<00:30:54.899> bank 00:30:55.130 --> 00:30:55.140 align:start position:0% characteristics when a central bank 00:30:55.140 --> 00:30:57.350 align:start position:0% characteristics when a central bank decides<00:30:55.620> to<00:30:55.799> contract<00:30:56.039> the<00:30:56.220> money<00:30:56.399> supply<00:30:56.640> but 00:30:57.350 --> 00:30:57.360 align:start position:0% decides to contract the money supply but 00:30:57.360 --> 00:30:59.269 align:start position:0% decides to contract the money supply but I<00:30:57.539> do<00:30:57.600> think<00:30:57.779> it's<00:30:57.960> different<00:30:58.200> and<00:30:58.860> I<00:30:58.980> think<00:30:59.100> it 00:30:59.269 --> 00:30:59.279 align:start position:0% I do think it's different and I think it 00:30:59.279 --> 00:31:00.769 align:start position:0% I do think it's different and I think it is<00:30:59.399> a<00:30:59.580> revolution<00:30:59.880> in<00:31:00.179> the<00:31:00.360> way<00:31:00.419> we<00:31:00.600> think 00:31:00.769 --> 00:31:00.779 align:start position:0% is a revolution in the way we think 00:31:00.779 --> 00:31:02.690 align:start position:0% is a revolution in the way we think about<00:31:00.899> money<00:31:01.200> the<00:31:01.860> sense<00:31:02.039> that<00:31:02.220> money<00:31:02.399> can<00:31:02.580> be 00:31:02.690 --> 00:31:02.700 align:start position:0% about money the sense that money can be 00:31:02.700 --> 00:31:03.710 align:start position:0% about money the sense that money can be destroyed 00:31:03.710 --> 00:31:03.720 align:start position:0% destroyed 00:31:03.720 --> 00:31:07.549 align:start position:0% destroyed the<00:31:04.200> sense<00:31:04.440> that<00:31:04.620> money<00:31:04.919> is<00:31:05.399> just<00:31:05.700> a<00:31:06.179> a<00:31:06.539> a<00:31:06.559> code 00:31:07.549 --> 00:31:07.559 align:start position:0% the sense that money is just a a a code 00:31:07.559 --> 00:31:10.610 align:start position:0% the sense that money is just a a a code a<00:31:08.220> social<00:31:08.520> code<00:31:08.899> a<00:31:09.899> way<00:31:10.080> of<00:31:10.260> organizing 00:31:10.610 --> 00:31:10.620 align:start position:0% a social code a way of organizing 00:31:10.620 --> 00:31:12.409 align:start position:0% a social code a way of organizing society<00:31:10.980> and<00:31:11.220> not<00:31:11.340> a<00:31:11.460> physical<00:31:11.580> thing<00:31:11.940> and 00:31:12.409 --> 00:31:12.419 align:start position:0% society and not a physical thing and 00:31:12.419 --> 00:31:14.210 align:start position:0% society and not a physical thing and yesterday<00:31:12.659> I<00:31:13.020> was<00:31:13.140> thinking<00:31:13.380> after<00:31:13.559> just<00:31:14.039> in 00:31:14.210 --> 00:31:14.220 align:start position:0% yesterday I was thinking after just in 00:31:14.220 --> 00:31:16.370 align:start position:0% yesterday I was thinking after just in stock<00:31:14.399> that<00:31:14.880> it<00:31:15.600> actually<00:31:15.779> seems<00:31:16.140> to<00:31:16.260> make 00:31:16.370 --> 00:31:16.380 align:start position:0% stock that it actually seems to make 00:31:16.380 --> 00:31:18.230 align:start position:0% stock that it actually seems to make intuitive<00:31:16.860> sense<00:31:17.100> to<00:31:17.340> me<00:31:17.460> that<00:31:17.640> as<00:31:17.880> you<00:31:18.059> use 00:31:18.230 --> 00:31:18.240 align:start position:0% intuitive sense to me that as you use 00:31:18.240 --> 00:31:21.049 align:start position:0% intuitive sense to me that as you use money<00:31:18.539> part<00:31:18.840> of<00:31:19.020> it<00:31:19.080> has<00:31:19.320> to<00:31:19.440> be<00:31:19.620> consumed 00:31:21.049 --> 00:31:21.059 align:start position:0% money part of it has to be consumed 00:31:21.059 --> 00:31:23.029 align:start position:0% money part of it has to be consumed when<00:31:21.480> you<00:31:21.659> use<00:31:21.840> oil 00:31:23.029 --> 00:31:23.039 align:start position:0% when you use oil 00:31:23.039 --> 00:31:25.010 align:start position:0% when you use oil you<00:31:23.580> don't<00:31:23.700> end<00:31:23.940> up<00:31:24.120> with<00:31:24.419> the<00:31:24.539> same<00:31:24.659> amount<00:31:24.840> of 00:31:25.010 --> 00:31:25.020 align:start position:0% you don't end up with the same amount of 00:31:25.020 --> 00:31:27.289 align:start position:0% you don't end up with the same amount of oil<00:31:25.200> that<00:31:25.440> you<00:31:25.620> started<00:31:26.460> when<00:31:26.820> you<00:31:26.880> go<00:31:27.059> to<00:31:27.179> a 00:31:27.289 --> 00:31:27.299 align:start position:0% oil that you started when you go to a 00:31:27.299 --> 00:31:29.990 align:start position:0% oil that you started when you go to a shop<00:31:27.480> and<00:31:27.720> buy<00:31:28.020> something<00:31:28.320> why<00:31:28.980> should<00:31:29.220> you 00:31:29.990 --> 00:31:30.000 align:start position:0% shop and buy something why should you 00:31:30.000 --> 00:31:31.970 align:start position:0% shop and buy something why should you end<00:31:30.120> up<00:31:30.240> with<00:31:30.419> the<00:31:30.600> same<00:31:30.720> amount<00:31:30.899> of<00:31:31.080> money 00:31:31.970 --> 00:31:31.980 align:start position:0% end up with the same amount of money 00:31:31.980 --> 00:31:34.549 align:start position:0% end up with the same amount of money some<00:31:32.460> of<00:31:32.580> it<00:31:32.700> should<00:31:32.940> be<00:31:33.120> consumed<00:31:33.539> as<00:31:33.720> it<00:31:33.899> is 00:31:34.549 --> 00:31:34.559 align:start position:0% some of it should be consumed as it is 00:31:34.559 --> 00:31:38.029 align:start position:0% some of it should be consumed as it is uh<00:31:35.520> in<00:31:35.760> in<00:31:36.000> transaction<00:31:36.779> fees<00:31:37.320> in<00:31:37.919> the 00:31:38.029 --> 00:31:38.039 align:start position:0% uh in in transaction fees in the 00:31:38.039 --> 00:31:39.889 align:start position:0% uh in in transaction fees in the ethereum<00:31:38.399> system<00:31:38.640> but<00:31:39.360> then<00:31:39.480> of<00:31:39.600> course<00:31:39.720> you 00:31:39.889 --> 00:31:39.899 align:start position:0% ethereum system but then of course you 00:31:39.899 --> 00:31:41.870 align:start position:0% ethereum system but then of course you also<00:31:40.200> have<00:31:40.260> to<00:31:40.440> create<00:31:40.559> it<00:31:40.799> and<00:31:41.039> allows<00:31:41.460> you<00:31:41.580> I 00:31:41.870 --> 00:31:41.880 align:start position:0% also have to create it and allows you I 00:31:41.880 --> 00:31:43.669 align:start position:0% also have to create it and allows you I think<00:31:42.059> uh<00:31:42.360> like<00:31:42.720> to<00:31:42.840> know<00:31:42.899> what<00:31:43.080> Justin<00:31:43.260> thinks 00:31:43.669 --> 00:31:43.679 align:start position:0% think uh like to know what Justin thinks 00:31:43.679 --> 00:31:47.210 align:start position:0% think uh like to know what Justin thinks about<00:31:43.799> this<00:31:44.039> but<00:31:44.460> it<00:31:45.120> allows<00:31:45.480> you<00:31:45.600> to<00:31:46.080> the<00:31:46.980> more 00:31:47.210 --> 00:31:47.220 align:start position:0% about this but it allows you to the more 00:31:47.220 --> 00:31:50.090 align:start position:0% about this but it allows you to the more ether<00:31:48.120> is<00:31:48.299> burned<00:31:48.720> the<00:31:49.140> more<00:31:49.260> ether<00:31:49.679> can<00:31:49.980> be 00:31:50.090 --> 00:31:50.100 align:start position:0% ether is burned the more ether can be 00:31:50.100 --> 00:31:51.830 align:start position:0% ether is burned the more ether can be created<00:31:50.460> and<00:31:50.880> the<00:31:51.059> sense<00:31:51.360> that<00:31:51.539> you<00:31:51.720> can 00:31:51.830 --> 00:31:51.840 align:start position:0% created and the sense that you can 00:31:51.840 --> 00:31:54.289 align:start position:0% created and the sense that you can create<00:31:52.080> ether<00:31:52.679> uh<00:31:53.340> also<00:31:53.640> allows<00:31:53.940> you<00:31:54.000> to<00:31:54.120> do 00:31:54.289 --> 00:31:54.299 align:start position:0% create ether uh also allows you to do 00:31:54.299 --> 00:31:56.110 align:start position:0% create ether uh also allows you to do lots<00:31:54.600> of<00:31:54.659> things<00:31:54.840> that<00:31:55.080> for<00:31:55.260> example<00:31:55.500> Bitcoin 00:31:56.110 --> 00:31:56.120 align:start position:0% lots of things that for example Bitcoin 00:31:56.120 --> 00:31:58.310 align:start position:0% lots of things that for example Bitcoin will<00:31:57.120> not<00:31:57.240> be<00:31:57.360> able<00:31:57.539> to<00:31:57.659> do<00:31:57.840> in<00:31:58.080> terms<00:31:58.200> of 00:31:58.310 --> 00:31:58.320 align:start position:0% will not be able to do in terms of 00:31:58.320 --> 00:31:59.810 align:start position:0% will not be able to do in terms of providing<00:31:58.679> for<00:31:58.860> the<00:31:59.039> security<00:31:59.220> of<00:31:59.520> the<00:31:59.640> system 00:31:59.810 --> 00:31:59.820 align:start position:0% providing for the security of the system 00:31:59.820 --> 00:32:01.610 align:start position:0% providing for the security of the system so<00:32:00.419> I<00:32:00.539> do<00:32:00.659> think<00:32:00.779> it's<00:32:00.960> a<00:32:01.080> new<00:32:01.200> way<00:32:01.380> to<00:32:01.559> think 00:32:01.610 --> 00:32:01.620 align:start position:0% so I do think it's a new way to think 00:32:01.620 --> 00:32:04.190 align:start position:0% so I do think it's a new way to think about<00:32:01.799> money<00:32:02.039> or<00:32:02.279> not<00:32:02.460> quite<00:32:02.700> clear<00:32:03.600> yet<00:32:03.899> of 00:32:04.190 --> 00:32:04.200 align:start position:0% about money or not quite clear yet of 00:32:04.200 --> 00:32:05.870 align:start position:0% about money or not quite clear yet of all<00:32:04.320> the<00:32:04.500> implications<00:32:04.919> I<00:32:05.279> think<00:32:05.399> maybe<00:32:05.640> a 00:32:05.870 --> 00:32:05.880 align:start position:0% all the implications I think maybe a 00:32:05.880 --> 00:32:07.430 align:start position:0% all the implications I think maybe a last<00:32:06.000> question<00:32:06.299> there 00:32:07.430 --> 00:32:07.440 align:start position:0% last question there 00:32:07.440 --> 00:32:13.130 align:start position:0% last question there the<00:32:08.220> blue<00:32:08.520> sweater 00:32:13.130 --> 00:32:13.140 align:start position:0% 00:32:13.140 --> 00:32:21.590 align:start position:0% see 00:32:21.590 --> 00:32:21.600 align:start position:0% 00:32:21.600 --> 00:32:24.600 align:start position:0% us