WEBVTT Kind: captions Language: en 00:00:01.010 --> 00:00:04.670 align:start position:0% [Music] 00:00:04.670 --> 00:00:04.680 align:start position:0% [Music] 00:00:04.680 --> 00:00:06.110 align:start position:0% [Music] all<00:00:04.799> right<00:00:04.960> can<00:00:05.040> you<00:00:05.120> guys<00:00:05.279> hear<00:00:05.440> me<00:00:05.839> okay 00:00:06.110 --> 00:00:06.120 align:start position:0% all right can you guys hear me okay 00:00:06.120 --> 00:00:09.070 align:start position:0% all right can you guys hear me okay great<00:00:07.000> um<00:00:07.439> okay<00:00:07.680> so<00:00:08.320> um<00:00:08.559> they<00:00:08.679> asked<00:00:08.880> me<00:00:08.960> to 00:00:09.070 --> 00:00:09.080 align:start position:0% great um okay so um they asked me to 00:00:09.080 --> 00:00:10.390 align:start position:0% great um okay so um they asked me to talk<00:00:09.240> about<00:00:09.400> stable<00:00:09.760> coins<00:00:10.120> I've<00:00:10.240> been 00:00:10.390 --> 00:00:10.400 align:start position:0% talk about stable coins I've been 00:00:10.400 --> 00:00:12.830 align:start position:0% talk about stable coins I've been talking<00:00:10.599> to<00:00:10.759> friends<00:00:11.040> about<00:00:11.200> stable<00:00:11.679> coins<00:00:12.679> uh 00:00:12.830 --> 00:00:12.840 align:start position:0% talking to friends about stable coins uh 00:00:12.840 --> 00:00:14.669 align:start position:0% talking to friends about stable coins uh a<00:00:13.000> lot<00:00:13.280> over<00:00:13.480> the<00:00:13.599> last<00:00:13.799> little<00:00:14.000> while<00:00:14.480> and<00:00:14.559> so 00:00:14.669 --> 00:00:14.679 align:start position:0% a lot over the last little while and so 00:00:14.679 --> 00:00:16.670 align:start position:0% a lot over the last little while and so I'm<00:00:14.839> very<00:00:15.000> excited<00:00:15.360> to<00:00:15.519> kind<00:00:15.599> of<00:00:15.719> share<00:00:16.199> my<00:00:16.480> my 00:00:16.670 --> 00:00:16.680 align:start position:0% I'm very excited to kind of share my my 00:00:16.680 --> 00:00:18.070 align:start position:0% I'm very excited to kind of share my my thoughts<00:00:16.960> and<00:00:17.160> where<00:00:17.279> I<00:00:17.400> think<00:00:17.600> they're<00:00:17.840> going 00:00:18.070 --> 00:00:18.080 align:start position:0% thoughts and where I think they're going 00:00:18.080 --> 00:00:19.189 align:start position:0% thoughts and where I think they're going and<00:00:18.279> why<00:00:18.400> I<00:00:18.480> think<00:00:18.600> it's<00:00:18.760> important<00:00:19.039> for 00:00:19.189 --> 00:00:19.199 align:start position:0% and why I think it's important for 00:00:19.199 --> 00:00:22.710 align:start position:0% and why I think it's important for ethereum<00:00:19.920> so<00:00:20.920> um<00:00:21.840> I'm<00:00:22.000> giving<00:00:22.199> them<00:00:22.320> a<00:00:22.480> second 00:00:22.710 --> 00:00:22.720 align:start position:0% ethereum so um I'm giving them a second 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it's<00:01:56.640> happen<00:01:57.240> sometimes 00:01:57.830 --> 00:01:57.840 align:start position:0% conference uh but it's happen sometimes 00:01:57.840 --> 00:02:00.029 align:start position:0% conference uh but it's happen sometimes yeah<00:01:58.159> so<00:01:58.799> sorry<00:01:59.079> about<00:01:59.320> that<00:01:59.479> I<00:01:59.560> think<00:01:59.680> we 00:02:00.029 --> 00:02:00.039 align:start position:0% yeah so sorry about that I think we 00:02:00.039 --> 00:02:02.670 align:start position:0% yeah so sorry about that I think we probably<00:02:00.320> need<00:02:00.479> a<00:02:00.600> few<00:02:00.799> minutes<00:02:01.600> so<00:02:02.240> Liam<00:02:02.560> not 00:02:02.670 --> 00:02:02.680 align:start position:0% probably need a few minutes so Liam not 00:02:02.680 --> 00:02:04.029 align:start position:0% probably need a few minutes so Liam not sure<00:02:02.880> if<00:02:02.960> you're<00:02:03.159> comfortable<00:02:03.600> to<00:02:03.719> share 00:02:04.029 --> 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a little bit about it so some 00:02:10.800 --> 00:02:12.430 align:start position:0% share a little bit about it so some context<00:02:11.319> why<00:02:11.560> why<00:02:11.680> am<00:02:11.800> I<00:02:11.920> even<00:02:12.080> interested<00:02:12.360> in 00:02:12.430 --> 00:02:12.440 align:start position:0% context why why am I even interested in 00:02:12.440 --> 00:02:13.990 align:start position:0% context why why am I even interested in stable<00:02:12.720> coins<00:02:13.000> at<00:02:13.080> all<00:02:13.280> like<00:02:13.440> my<00:02:13.640> background 00:02:13.990 --> 00:02:14.000 align:start position:0% stable coins at all like my background 00:02:14.000 --> 00:02:16.030 align:start position:0% stable coins at all like my background in<00:02:14.120> this<00:02:14.280> industry<00:02:14.720> has<00:02:14.879> been<00:02:15.640> uh<00:02:15.800> as<00:02:15.920> an 00:02:16.030 --> 00:02:16.040 align:start position:0% in this industry has been uh as an 00:02:16.040 --> 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stuff<00:02:23.160> but<00:02:23.319> stable<00:02:23.640> coins 00:02:23.869 --> 00:02:23.879 align:start position:0% and all the tech stuff but stable coins 00:02:23.879 --> 00:02:25.509 align:start position:0% and all the tech stuff but stable coins have<00:02:24.000> always<00:02:24.160> been<00:02:24.280> sort<00:02:24.400> of<00:02:24.519> like<00:02:24.720> outside<00:02:25.319> of 00:02:25.509 --> 00:02:25.519 align:start position:0% have always been sort of like outside of 00:02:25.519 --> 00:02:27.350 align:start position:0% have always been sort of like outside of the<00:02:25.640> realm<00:02:26.200> of<00:02:26.440> the<00:02:26.599> technology<00:02:27.080> they've<00:02:27.280> been 00:02:27.350 --> 00:02:27.360 align:start position:0% the realm of the technology they've been 00:02:27.360 --> 00:02:30.470 align:start position:0% the realm of the technology they've been a<00:02:27.480> lot<00:02:27.640> more<00:02:27.959> like<00:02:28.680> around<00:02:29.160> exchanges 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industry like 00:02:36.040 --> 00:02:37.710 align:start position:0% at like dinners in this industry like there's<00:02:36.200> not<00:02:36.360> a<00:02:36.599> kind<00:02:36.720> of<00:02:36.840> a<00:02:37.120> coherent 00:02:37.710 --> 00:02:37.720 align:start position:0% there's not a kind of a coherent 00:02:37.720 --> 00:02:39.110 align:start position:0% there's not a kind of a coherent understanding<00:02:38.040> of<00:02:38.239> why<00:02:38.360> are<00:02:38.519> they<00:02:38.680> relevant 00:02:39.110 --> 00:02:39.120 align:start position:0% understanding of why are they relevant 00:02:39.120 --> 00:02:41.270 align:start position:0% understanding of why are they relevant what<00:02:39.200> is<00:02:39.319> it<00:02:39.480> about<00:02:39.720> them<00:02:39.920> that's<00:02:40.159> special<00:02:41.080> um 00:02:41.270 --> 00:02:41.280 align:start position:0% what is it about them that's special um 00:02:41.280 --> 00:02:42.830 align:start position:0% what is it about them that's special um and<00:02:41.360> you<00:02:41.480> know<00:02:41.560> you<00:02:41.640> can<00:02:41.760> use<00:02:41.959> phrases<00:02:42.400> like 00:02:42.830 --> 00:02:42.840 align:start position:0% and you know you can use phrases like 00:02:42.840 --> 00:02:45.070 align:start position:0% and you know you can use phrases like people<00:02:43.200> you<00:02:43.319> know<00:02:43.519> build<00:02:44.159> stable<00:02:44.560> coins<00:02:44.879> on 00:02:45.070 --> 00:02:45.080 align:start position:0% people you know build stable coins on 00:02:45.080 --> 00:02:47.110 align:start position:0% people you know build stable coins on ethereum<00:02:46.040> or<00:02:46.239> is<00:02:46.360> it<00:02:46.480> is<00:02:46.560> it<00:02:46.680> the<00:02:46.800> case<00:02:46.959> that 00:02:47.110 --> 00:02:47.120 align:start position:0% ethereum or is it is it the case that 00:02:47.120 --> 00:02:48.990 align:start position:0% ethereum or is it is it the case that stable<00:02:47.400> coins<00:02:47.599> are<00:02:47.680> enabled<00:02:48.080> by<00:02:48.280> ethereum<00:02:48.840> or 00:02:48.990 --> 00:02:49.000 align:start position:0% stable coins are enabled by ethereum or 00:02:49.000 --> 00:02:51.630 align:start position:0% stable coins are enabled by ethereum or is<00:02:49.120> it<00:02:49.239> the<00:02:49.400> case<00:02:49.680> that<00:02:50.440> um<00:02:50.920> stable<00:02:51.280> coins<00:02:51.519> are 00:02:51.630 --> 00:02:51.640 align:start position:0% is it the case that um stable coins are 00:02:51.640 --> 00:02:53.229 align:start position:0% is it the case that um stable coins are just<00:02:51.760> like<00:02:51.879> a<00:02:52.000> customer<00:02:52.400> of<00:02:52.519> ethereum<00:02:53.080> it's 00:02:53.229 --> 00:02:53.239 align:start position:0% just like a customer of ethereum it's 00:02:53.239 --> 00:02:56.030 align:start position:0% just like a customer of ethereum it's unclear<00:02:53.800> why<00:02:54.080> they're<00:02:54.360> so<00:02:54.920> uh<00:02:55.040> impactful<00:02:55.959> and 00:02:56.030 --> 00:02:56.040 align:start position:0% unclear why they're so uh impactful and 00:02:56.040 --> 00:02:57.470 align:start position:0% unclear why they're so uh impactful and so<00:02:56.239> what<00:02:56.360> I<00:02:56.440> wanted<00:02:56.680> to<00:02:56.840> do<00:02:57.040> in<00:02:57.200> this<00:02:57.319> whole 00:02:57.470 --> 00:02:57.480 align:start position:0% so what I wanted to do in this whole 00:02:57.480 --> 00:02:59.270 align:start position:0% so what I wanted to do in this whole presentation<00:02:58.040> in<00:02:58.239> just<00:02:58.400> the<00:02:58.599> past<00:02:59.000> several 00:02:59.270 --> 00:02:59.280 align:start position:0% presentation in just the past several 00:02:59.280 --> 00:03:00.830 align:start position:0% presentation in just the past several months<00:02:59.480> of<00:02:59.560> thinking<00:02:59.959> about<00:03:00.080> stable<00:03:00.400> coins<00:03:00.680> is 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00:03:08.920 align:start position:0% that might be the thing that makes uh 00:03:08.920 --> 00:03:10.390 align:start position:0% that might be the thing that makes uh ultimately<00:03:09.440> might<00:03:09.599> be<00:03:09.760> the<00:03:09.840> biggest<00:03:10.120> impact 00:03:10.390 --> 00:03:10.400 align:start position:0% ultimately might be the biggest impact 00:03:10.400 --> 00:03:13.030 align:start position:0% ultimately might be the biggest impact of<00:03:10.519> cryptog<00:03:11.080> into<00:03:11.239> the<00:03:11.360> future<00:03:12.360> so<00:03:12.760> so<00:03:12.920> that's 00:03:13.030 --> 00:03:13.040 align:start position:0% of cryptog into the future so so that's 00:03:13.040 --> 00:03:17.229 align:start position:0% of cryptog into the future so so that's where<00:03:13.159> I'm<00:03:13.280> coming<00:03:13.480> from<00:03:13.680> with 00:03:17.229 --> 00:03:17.239 align:start position:0% 00:03:17.239 --> 00:03:20.110 align:start position:0% this<00:03:18.239> all<00:03:18.400> right<00:03:18.879> let's<00:03:19.080> do<00:03:19.239> it<00:03:19.599> so<00:03:19.840> I<00:03:19.920> already 00:03:20.110 --> 00:03:20.120 align:start position:0% this all right let's do it so I already 00:03:20.120 --> 00:03:21.270 align:start position:0% this all right let's do it so I already just<00:03:20.239> jumped<00:03:20.480> into<00:03:20.599> a<00:03:20.680> bit<00:03:20.799> of<00:03:20.879> it<00:03:21.000> why<00:03:21.080> do<00:03:21.200> we 00:03:21.270 --> 00:03:21.280 align:start position:0% just jumped into a bit of it why do we 00:03:21.280 --> 00:03:23.470 align:start position:0% just jumped into a bit of it why do we want<00:03:21.360> to<00:03:21.440> make<00:03:21.560> sense<00:03:21.760> of<00:03:21.879> stable<00:03:22.200> coins<00:03:23.080> um 00:03:23.470 --> 00:03:23.480 align:start position:0% want to make sense of stable coins um 00:03:23.480 --> 00:03:25.710 align:start position:0% want to make sense of stable coins um last<00:03:23.799> year<00:03:24.120> I<00:03:24.200> took<00:03:24.319> a<00:03:24.400> bit<00:03:24.519> of<00:03:24.599> a<00:03:24.720> step<00:03:25.040> back<00:03:25.599> U 00:03:25.710 --> 00:03:25.720 align:start position:0% last year I took a bit of a step back U 00:03:25.720 --> 00:03:27.309 align:start position:0% last year I took a bit of a step back U from<00:03:25.920> being<00:03:26.159> really<00:03:26.360> hardcore<00:03:26.840> in<00:03:26.959> the<00:03:27.120> tech 00:03:27.309 --> 00:03:27.319 align:start position:0% from being really hardcore in the tech 00:03:27.319 --> 00:03:29.509 align:start position:0% from being really hardcore in the tech of<00:03:27.440> the<00:03:27.640> space<00:03:28.280> and<00:03:28.400> I<00:03:28.560> wanted<00:03:28.760> to<00:03:28.879> see<00:03:29.280> where 00:03:29.509 --> 00:03:29.519 align:start position:0% of the space and I wanted to see where 00:03:29.519 --> 00:03:31.509 align:start position:0% of the space and I wanted to see where are<00:03:29.799> are<00:03:30.000> their<00:03:30.200> Real<00:03:30.439> World<00:03:30.920> Adoption<00:03:31.319> of 00:03:31.509 --> 00:03:31.519 align:start position:0% are are their Real World Adoption of 00:03:31.519 --> 00:03:33.830 align:start position:0% are are their Real World Adoption of crypto<00:03:32.400> and<00:03:32.599> one<00:03:32.720> of<00:03:32.840> the<00:03:33.000> most<00:03:33.239> like<00:03:33.400> jarring 00:03:33.830 --> 00:03:33.840 align:start position:0% crypto and one of the most like jarring 00:03:33.840 --> 00:03:35.350 align:start position:0% crypto and one of the most like jarring things<00:03:34.200> when<00:03:34.360> you<00:03:34.560> kind<00:03:34.680> of<00:03:34.840> talk<00:03:35.000> to<00:03:35.159> people 00:03:35.350 --> 00:03:35.360 align:start position:0% things when you kind of talk to people 00:03:35.360 --> 00:03:37.229 align:start position:0% things when you kind of talk to people and<00:03:35.439> you<00:03:35.560> look<00:03:35.640> at<00:03:35.760> the<00:03:35.920> data<00:03:36.560> is<00:03:36.760> that<00:03:37.080> the 00:03:37.229 --> 00:03:37.239 align:start position:0% and you look at the data is that the 00:03:37.239 --> 00:03:39.509 align:start position:0% and you look at the data is that the biggest<00:03:37.760> use<00:03:38.120> case<00:03:38.560> of<00:03:38.799> like<00:03:38.959> payments<00:03:39.319> in 00:03:39.509 --> 00:03:39.519 align:start position:0% biggest use case of like payments in 00:03:39.519 --> 00:03:41.710 align:start position:0% biggest use case of like payments in crypto<00:03:40.239> shockingly<00:03:40.959> is<00:03:41.159> not<00:03:41.360> even<00:03:41.560> on 00:03:41.710 --> 00:03:41.720 align:start position:0% crypto shockingly is not even on 00:03:41.720 --> 00:03:44.110 align:start position:0% crypto shockingly is not even on ethereum<00:03:42.159> at<00:03:42.239> all<00:03:42.439> it's<00:03:42.640> on<00:03:42.840> Tether<00:03:43.159> on<00:03:43.400> Tron 00:03:44.110 --> 00:03:44.120 align:start position:0% ethereum at all it's on Tether on Tron 00:03:44.120 --> 00:03:45.750 align:start position:0% ethereum at all it's on Tether on Tron and<00:03:44.239> that<00:03:44.360> led<00:03:44.560> to<00:03:44.760> like<00:03:44.879> writing<00:03:45.200> this<00:03:45.360> blog 00:03:45.750 --> 00:03:45.760 align:start position:0% and that led to like writing this blog 00:03:45.760 --> 00:03:48.429 align:start position:0% and that led to like writing this blog post<00:03:46.760> um<00:03:46.920> earlier<00:03:47.319> this<00:03:47.480> year<00:03:48.040> which<00:03:48.200> kind<00:03:48.319> of 00:03:48.429 --> 00:03:48.439 align:start position:0% post um earlier this year which kind of 00:03:48.439 --> 00:03:50.309 align:start position:0% post um earlier this year which kind of Dove<00:03:48.840> deep<00:03:49.080> into<00:03:49.439> how<00:03:49.680> that<00:03:49.879> happened<00:03:50.200> which 00:03:50.309 --> 00:03:50.319 align:start position:0% Dove deep into how that happened which 00:03:50.319 --> 00:03:51.470 align:start position:0% Dove deep into how that happened which I'm<00:03:50.400> going<00:03:50.480> to<00:03:50.599> talk<00:03:50.760> a<00:03:50.840> little<00:03:51.000> bit<00:03:51.159> about<00:03:51.360> in 00:03:51.470 --> 00:03:51.480 align:start position:0% I'm going to talk a little bit about in 00:03:51.480 --> 00:03:53.509 align:start position:0% I'm going to talk a little bit about in this<00:03:51.720> presentation<00:03:52.720> uh<00:03:52.799> and<00:03:52.879> I<00:03:52.959> wanted<00:03:53.159> to<00:03:53.280> see 00:03:53.509 --> 00:03:53.519 align:start position:0% this presentation uh and I wanted to see 00:03:53.519 --> 00:03:54.589 align:start position:0% this presentation uh and I wanted to see well<00:03:53.720> if<00:03:53.840> we're<00:03:53.959> building<00:03:54.239> all<00:03:54.360> of<00:03:54.439> this 00:03:54.589 --> 00:03:54.599 align:start position:0% well if we're building all of this 00:03:54.599 --> 00:03:56.149 align:start position:0% well if we're building all of this decentralization<00:03:55.360> infrastructure<00:03:55.920> is<00:03:56.040> it 00:03:56.149 --> 00:03:56.159 align:start position:0% decentralization infrastructure is it 00:03:56.159 --> 00:03:57.990 align:start position:0% decentralization infrastructure is it the<00:03:56.280> case<00:03:56.480> that<00:03:56.599> the<00:03:56.720> lasting<00:03:57.120> impact<00:03:57.799> might 00:03:57.990 --> 00:03:58.000 align:start position:0% the case that the lasting impact might 00:03:58.000 --> 00:03:59.830 align:start position:0% the case that the lasting impact might actually<00:03:58.200> not<00:03:58.319> even<00:03:58.480> be<00:03:58.599> on<00:03:58.760> ethereum<00:03:59.159> at<00:03:59.239> all 00:03:59.830 --> 00:03:59.840 align:start position:0% actually not even be on ethereum at all 00:03:59.840 --> 00:04:01.270 align:start position:0% actually not even be on ethereum at all and<00:04:00.040> and<00:04:00.200> how<00:04:00.319> does<00:04:00.519> the<00:04:00.640> industry<00:04:00.959> maybe 00:04:01.270 --> 00:04:01.280 align:start position:0% and and how does the industry maybe 00:04:01.280 --> 00:04:03.509 align:start position:0% and and how does the industry maybe evolve<00:04:01.599> in<00:04:01.720> a<00:04:01.840> way<00:04:02.040> that<00:04:02.239> we<00:04:02.560> we<00:04:03.000> we<00:04:03.120> don't<00:04:03.319> end 00:04:03.509 --> 00:04:03.519 align:start position:0% evolve in a way that we we we don't end 00:04:03.519 --> 00:04:05.069 align:start position:0% evolve in a way that we we we don't end up<00:04:03.640> in<00:04:03.760> that<00:04:03.920> scenario<00:04:04.480> where<00:04:04.840> you<00:04:04.959> know 00:04:05.069 --> 00:04:05.079 align:start position:0% up in that scenario where you know 00:04:05.079 --> 00:04:06.429 align:start position:0% up in that scenario where you know ethereum<00:04:05.480> is<00:04:05.599> just<00:04:05.720> kind<00:04:05.840> of<00:04:05.959> this<00:04:06.079> Niche 00:04:06.429 --> 00:04:06.439 align:start position:0% ethereum is just kind of this Niche 00:04:06.439 --> 00:04:07.630 align:start position:0% ethereum is just kind of this Niche Cipher<00:04:06.799> Punk<00:04:07.000> movement<00:04:07.319> and<00:04:07.439> doesn't 00:04:07.630 --> 00:04:07.640 align:start position:0% Cipher Punk movement and doesn't 00:04:07.640 --> 00:04:09.309 align:start position:0% Cipher Punk movement and doesn't actually<00:04:07.879> end<00:04:08.040> up<00:04:08.159> mattering<00:04:08.480> a<00:04:08.560> lot<00:04:08.799> in<00:04:09.200> in 00:04:09.309 --> 00:04:09.319 align:start position:0% actually end up mattering a lot in in 00:04:09.319 --> 00:04:10.710 align:start position:0% actually end up mattering a lot in in the<00:04:09.439> rest<00:04:09.560> of<00:04:09.680> the<00:04:09.799> world<00:04:10.239> so<00:04:10.400> I<00:04:10.439> wanted<00:04:10.599> to 00:04:10.710 --> 00:04:10.720 align:start position:0% the rest of the world so I wanted to 00:04:10.720 --> 00:04:13.589 align:start position:0% the rest of the world so I wanted to kind<00:04:10.799> of<00:04:10.879> figure<00:04:11.159> that<00:04:11.280> out<00:04:12.239> so<00:04:13.239> uh<00:04:13.400> I'm<00:04:13.480> going 00:04:13.589 --> 00:04:13.599 align:start position:0% kind of figure that out so uh I'm going 00:04:13.599 --> 00:04:15.390 align:start position:0% kind of figure that out so uh I'm going to<00:04:13.760> dive<00:04:14.000> through<00:04:14.360> what<00:04:14.640> is<00:04:14.760> it<00:04:14.920> about<00:04:15.079> stable 00:04:15.390 --> 00:04:15.400 align:start position:0% to dive through what is it about stable 00:04:15.400 --> 00:04:16.710 align:start position:0% to dive through what is it about stable coins<00:04:15.680> that<00:04:15.799> how<00:04:15.959> product<00:04:16.160> Market<00:04:16.400> fit<00:04:16.639> and 00:04:16.710 --> 00:04:16.720 align:start position:0% coins that how product Market fit and 00:04:16.720 --> 00:04:18.189 align:start position:0% coins that how product Market fit and then<00:04:16.840> the<00:04:16.919> history<00:04:17.160> of<00:04:17.280> how<00:04:17.400> we<00:04:17.560> got<00:04:17.759> there<00:04:18.120> and 00:04:18.189 --> 00:04:18.199 align:start position:0% then the history of how we got there and 00:04:18.199 --> 00:04:19.469 align:start position:0% then the history of how we got there and then<00:04:18.320> I'm<00:04:18.400> going<00:04:18.519> to<00:04:18.639> speculate<00:04:19.040> a<00:04:19.160> little<00:04:19.280> bit 00:04:19.469 --> 00:04:19.479 align:start position:0% then I'm going to speculate a little bit 00:04:19.479 --> 00:04:20.710 align:start position:0% then I'm going to speculate a little bit about<00:04:19.720> where<00:04:19.919> I<00:04:20.000> think<00:04:20.120> we're<00:04:20.239> going<00:04:20.359> to<00:04:20.519> go 00:04:20.710 --> 00:04:20.720 align:start position:0% about where I think we're going to go 00:04:20.720 --> 00:04:23.469 align:start position:0% about where I think we're going to go next<00:04:21.519> so<00:04:22.079> why<00:04:22.280> is<00:04:22.400> it<00:04:22.520> that<00:04:22.840> stable<00:04:23.120> CS<00:04:23.320> have 00:04:23.469 --> 00:04:23.479 align:start position:0% next so why is it that stable CS have 00:04:23.479 --> 00:04:25.189 align:start position:0% next so why is it that stable CS have product<00:04:23.680> Market<00:04:23.960> fit<00:04:24.479> uh<00:04:24.600> I<00:04:24.680> want<00:04:24.759> to<00:04:24.919> start 00:04:25.189 --> 00:04:25.199 align:start position:0% product Market fit uh I want to start 00:04:25.199 --> 00:04:27.830 align:start position:0% product Market fit uh I want to start with<00:04:25.360> just<00:04:25.759> some<00:04:25.960> mind-boggling<00:04:26.759> stats<00:04:27.720> uh 00:04:27.830 --> 00:04:27.840 align:start position:0% with just some mind-boggling stats uh 00:04:27.840 --> 00:04:30.430 align:start position:0% with just some mind-boggling stats uh nearly<00:04:28.280> $180<00:04:29.000> billion<00:04:29.919> now<00:04:30.120> are<00:04:30.240> in 00:04:30.430 --> 00:04:30.440 align:start position:0% nearly $180 billion now are in 00:04:30.440 --> 00:04:32.710 align:start position:0% nearly $180 billion now are in circulation<00:04:31.120> of<00:04:31.280> stable<00:04:31.680> coins<00:04:32.320> and<00:04:32.440> this<00:04:32.520> is 00:04:32.710 --> 00:04:32.720 align:start position:0% circulation of stable coins and this is 00:04:32.720 --> 00:04:35.909 align:start position:0% circulation of stable coins and this is a<00:04:32.880> 400x<00:04:33.720> in<00:04:33.840> the<00:04:34.039> past<00:04:34.320> 5<00:04:34.560> years<00:04:35.199> so<00:04:35.639> you<00:04:35.759> know 00:04:35.909 --> 00:04:35.919 align:start position:0% a 400x in the past 5 years so you know 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moving money around and and they're<00:04:49.960> using<00:04:50.199> it<00:04:50.440> not<00:04:50.600> only<00:04:51.000> just<00:04:51.759> uh<00:04:51.880> for 00:04:52.189 --> 00:04:52.199 align:start position:0% they're using it not only just uh for 00:04:52.199 --> 00:04:53.550 align:start position:0% they're using it not only just uh for speculation<00:04:52.800> purposes<00:04:53.240> but<00:04:53.360> they're 00:04:53.550 --> 00:04:53.560 align:start position:0% speculation purposes but they're 00:04:53.560 --> 00:04:56.070 align:start position:0% speculation purposes but they're consistently<00:04:54.120> using<00:04:54.360> it<00:04:54.560> month<00:04:54.840> over<00:04:55.080> month 00:04:56.070 --> 00:04:56.080 align:start position:0% consistently using it month over month 00:04:56.080 --> 00:04:58.189 align:start position:0% consistently using it month over month uh<00:04:56.240> for<00:04:57.000> uh<00:04:57.120> all<00:04:57.320> kinds<00:04:57.479> of<00:04:57.600> purposes<00:04:58.000> and<00:04:58.080> you 00:04:58.189 --> 00:04:58.199 align:start position:0% uh for uh all kinds of purposes and you 00:04:58.199 --> 00:05:00.189 align:start position:0% uh for uh all kinds of purposes and you can<00:04:58.320> see<00:04:58.639> volumes<00:04:59.120> this<00:04:59.199> is<00:04:59.320> from<00:04:59.720> visas 00:05:00.189 --> 00:05:00.199 align:start position:0% can see volumes this is from visas 00:05:00.199 --> 00:05:02.710 align:start position:0% can see volumes this is from visas onchain<00:05:00.919> dashboard<00:05:01.919> uh<00:05:02.039> and<00:05:02.240> transaction 00:05:02.710 --> 00:05:02.720 align:start position:0% onchain dashboard uh and transaction 00:05:02.720 --> 00:05:04.550 align:start position:0% onchain dashboard uh and transaction couns<00:05:02.919> are<00:05:03.080> just<00:05:03.199> up<00:05:03.360> and<00:05:03.479> to<00:05:03.639> the<00:05:03.800> right<00:05:04.440> and 00:05:04.550 --> 00:05:04.560 align:start position:0% couns are just up and to the right and 00:05:04.560 --> 00:05:05.950 align:start position:0% couns are just up and to the right and the<00:05:04.680> cool<00:05:04.880> thing<00:05:05.039> about<00:05:05.199> it<00:05:05.360> is<00:05:05.479> that<00:05:05.639> it's<00:05:05.759> not 00:05:05.950 --> 00:05:05.960 align:start position:0% the cool thing about it is that it's not 00:05:05.960 --> 00:05:08.830 align:start position:0% the cool thing about it is that it's not just<00:05:06.160> Tethered<00:05:06.560> to<00:05:06.919> speculation<00:05:07.919> you<00:05:08.039> can<00:05:08.199> see 00:05:08.830 --> 00:05:08.840 align:start position:0% just Tethered to speculation you can see 00:05:08.840 --> 00:05:11.550 align:start position:0% just Tethered to speculation you can see even<00:05:09.199> as<00:05:09.440> you<00:05:09.560> know<00:05:09.720> nft<00:05:10.240> craziness<00:05:10.960> happened 00:05:11.550 --> 00:05:11.560 align:start position:0% even as you know nft craziness happened 00:05:11.560 --> 00:05:14.629 align:start position:0% even as you know nft craziness happened Ico<00:05:12.000> Mania<00:05:12.479> the<00:05:12.600> recent<00:05:12.880> meme<00:05:13.240> coin<00:05:13.520> Mania<00:05:14.479> um 00:05:14.629 --> 00:05:14.639 align:start position:0% Ico Mania the recent meme coin Mania um 00:05:14.639 --> 00:05:17.029 align:start position:0% Ico Mania the recent meme coin Mania um stable<00:05:15.039> coin<00:05:15.280> transacting<00:05:15.840> addresses<00:05:16.759> and 00:05:17.029 --> 00:05:17.039 align:start position:0% stable coin transacting addresses and 00:05:17.039 --> 00:05:18.990 align:start position:0% stable coin transacting addresses and also<00:05:17.320> the<00:05:17.479> transaction<00:05:17.960> counts<00:05:18.520> just<00:05:18.759> keep 00:05:18.990 --> 00:05:19.000 align:start position:0% also the transaction counts just keep 00:05:19.000 --> 00:05:20.469 align:start position:0% also the transaction counts just keep going<00:05:19.240> up<00:05:19.400> and<00:05:19.479> to<00:05:19.639> the<00:05:19.759> right<00:05:20.000> month<00:05:20.240> over 00:05:20.469 --> 00:05:20.479 align:start position:0% going up and to the right month over 00:05:20.479 --> 00:05:22.390 align:start position:0% going up and to the right month over month<00:05:20.800> and<00:05:21.080> if<00:05:21.199> you're<00:05:21.319> in<00:05:21.479> crypto<00:05:22.199> and<00:05:22.319> you 00:05:22.390 --> 00:05:22.400 align:start position:0% month and if you're in crypto and you 00:05:22.400 --> 00:05:24.029 align:start position:0% month and if you're in crypto and you see<00:05:22.720> something<00:05:23.080> like<00:05:23.280> this<00:05:23.520> that's<00:05:23.720> not<00:05:23.880> a 00:05:24.029 --> 00:05:24.039 align:start position:0% see something like this that's not a 00:05:24.039 --> 00:05:25.909 align:start position:0% see something like this that's not a crazy<00:05:24.400> you<00:05:24.479> know<00:05:24.680> bubble<00:05:25.000> up<00:05:25.120> and<00:05:25.319> down<00:05:25.800> this 00:05:25.909 --> 00:05:25.919 align:start position:0% crazy you know bubble up and down this 00:05:25.919 --> 00:05:27.150 align:start position:0% crazy you know bubble up and down this is<00:05:26.080> like<00:05:26.240> beautiful<00:05:26.680> because<00:05:26.840> it<00:05:26.919> means 00:05:27.150 --> 00:05:27.160 align:start position:0% is like beautiful because it means 00:05:27.160 --> 00:05:28.510 align:start position:0% is like beautiful because it means there's<00:05:27.400> like<00:05:27.560> something<00:05:27.919> here<00:05:28.160> that<00:05:28.440> you 00:05:28.510 --> 00:05:28.520 align:start position:0% there's like something here that you 00:05:28.520 --> 00:05:31.510 align:start position:0% there's like something here that you know<00:05:28.840> is<00:05:29.000> sustainable<00:05:29.759> long<00:05:30.080> lasting<00:05:30.840> so<00:05:31.240> so 00:05:31.510 --> 00:05:31.520 align:start position:0% know is sustainable long lasting so so 00:05:31.520 --> 00:05:33.710 align:start position:0% know is sustainable long lasting so so what<00:05:31.720> what<00:05:31.919> what<00:05:32.080> exactly<00:05:32.360> is<00:05:32.560> going<00:05:32.759> on<00:05:33.560> um 00:05:33.710 --> 00:05:33.720 align:start position:0% what what what exactly is going on um 00:05:33.720 --> 00:05:36.350 align:start position:0% what what what exactly is going on um one<00:05:33.840> of<00:05:33.960> the<00:05:34.160> best<00:05:34.919> uh<00:05:35.080> indications<00:05:35.720> of<00:05:36.120> why 00:05:36.350 --> 00:05:36.360 align:start position:0% one of the best uh indications of why 00:05:36.360 --> 00:05:39.670 align:start position:0% one of the best uh indications of why this<00:05:36.479> is<00:05:36.680> valuable<00:05:37.280> I've<00:05:37.440> seen<00:05:38.000> is<00:05:38.880> uh<00:05:39.319> the 00:05:39.670 --> 00:05:39.680 align:start position:0% this is valuable I've seen is uh the 00:05:39.680 --> 00:05:42.029 align:start position:0% this is valuable I've seen is uh the simple<00:05:40.039> use<00:05:40.360> case<00:05:40.560> of<00:05:40.759> accessing<00:05:41.240> the<00:05:41.400> dollar 00:05:42.029 --> 00:05:42.039 align:start position:0% simple use case of accessing the dollar 00:05:42.039 --> 00:05:43.870 align:start position:0% simple use case of accessing the dollar and<00:05:42.160> here's<00:05:42.360> like<00:05:42.520> a<00:05:42.720> really<00:05:43.039> clear<00:05:43.360> chart<00:05:43.720> of 00:05:43.870 --> 00:05:43.880 align:start position:0% and here's like a really clear chart of 00:05:43.880 --> 00:05:45.430 align:start position:0% and here's like a really clear chart of how<00:05:44.000> you<00:05:44.080> can<00:05:44.520> understand<00:05:44.919> why<00:05:45.080> it's<00:05:45.199> so 00:05:45.430 --> 00:05:45.440 align:start position:0% how you can understand why it's so 00:05:45.440 --> 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the past couple<00:05:54.240> of<00:05:54.360> years<00:05:54.880> there's<00:05:55.080> been<00:05:55.199> a<00:05:55.319> 10,000% 00:05:56.230 --> 00:05:56.240 align:start position:0% couple of years there's been a 10,000% 00:05:56.240 --> 00:05:58.150 align:start position:0% couple of years there's been a 10,000% increase<00:05:56.800> in<00:05:56.960> stable<00:05:57.360> coin<00:05:57.560> trading<00:05:57.840> volumes 00:05:58.150 --> 00:05:58.160 align:start position:0% increase in stable coin trading volumes 00:05:58.160 --> 00:06:00.230 align:start position:0% increase in stable coin trading volumes in<00:05:58.280> that<00:05:58.479> area<00:05:59.160> it's<00:05:59.400> in<00:05:59.639> in<00:05:59.759> essence<00:06:00.039> and<00:06:00.160> you 00:06:00.230 --> 00:06:00.240 align:start position:0% in that area it's in in essence and you 00:06:00.240 --> 00:06:02.070 align:start position:0% in that area it's in in essence and you can<00:06:00.400> go<00:06:00.600> there<00:06:00.680> and<00:06:00.840> talk<00:06:01.000> to<00:06:01.160> the<00:06:01.280> people 00:06:02.070 --> 00:06:02.080 align:start position:0% can go there and talk to the people 00:06:02.080 --> 00:06:03.909 align:start position:0% can go there and talk to the people their<00:06:02.319> currency<00:06:02.680> isn't<00:06:02.919> working<00:06:03.199> for<00:06:03.440> them 00:06:03.909 --> 00:06:03.919 align:start position:0% their currency isn't working for them 00:06:03.919 --> 00:06:05.710 align:start position:0% their currency isn't working for them but<00:06:04.120> stable<00:06:04.520> coins<00:06:04.800> are<00:06:04.960> giving<00:06:05.240> them<00:06:05.440> a 00:06:05.710 --> 00:06:05.720 align:start position:0% but stable coins are giving them a 00:06:05.720 --> 00:06:07.670 align:start position:0% but stable coins are giving them a really<00:06:06.080> easy<00:06:06.479> way<00:06:06.680> to<00:06:06.880> kind<00:06:06.960> of<00:06:07.080> get<00:06:07.280> access<00:06:07.479> to 00:06:07.670 --> 00:06:07.680 align:start position:0% really easy way to kind of get access to 00:06:07.680 --> 00:06:09.749 align:start position:0% really easy way to kind of get access to us<00:06:07.919> stable<00:06:08.280> currency<00:06:08.960> for<00:06:09.160> their<00:06:09.360> everyday 00:06:09.749 --> 00:06:09.759 align:start position:0% us stable currency for their everyday 00:06:09.759 --> 00:06:11.749 align:start position:0% us stable currency for their everyday basic<00:06:10.080> financial<00:06:10.479> needs<00:06:11.039> it's<00:06:11.199> not<00:06:11.400> about 00:06:11.749 --> 00:06:11.759 align:start position:0% basic financial needs it's not about 00:06:11.759 --> 00:06:14.070 align:start position:0% basic financial needs it's not about crypto<00:06:12.479> token<00:06:12.800> trading<00:06:13.440> it's<00:06:13.639> about 00:06:14.070 --> 00:06:14.080 align:start position:0% crypto token trading it's about 00:06:14.080 --> 00:06:16.430 align:start position:0% crypto token trading it's about genuinely<00:06:14.960> improving<00:06:15.440> their<00:06:15.720> lives<00:06:16.039> and<00:06:16.319> the 00:06:16.430 --> 00:06:16.440 align:start position:0% genuinely improving their lives and the 00:06:16.440 --> 00:06:18.990 align:start position:0% genuinely improving their lives and the financial<00:06:16.800> access<00:06:17.080> that<00:06:17.240> they<00:06:17.360> can<00:06:17.520> get<00:06:18.479> um 00:06:18.990 --> 00:06:19.000 align:start position:0% financial access that they can get um 00:06:19.000 --> 00:06:20.270 align:start position:0% financial access that they can get um and<00:06:19.160> there's<00:06:19.360> this<00:06:19.560> really<00:06:19.720> great<00:06:19.919> survey 00:06:20.270 --> 00:06:20.280 align:start position:0% and there's this really great survey 00:06:20.280 --> 00:06:21.749 align:start position:0% and there's this really great survey that<00:06:20.440> came<00:06:20.599> out<00:06:20.840> I<00:06:20.919> think<00:06:21.039> about<00:06:21.199> a<00:06:21.319> month<00:06:21.520> ago 00:06:21.749 --> 00:06:21.759 align:start position:0% that came out I think about a month ago 00:06:21.759 --> 00:06:23.350 align:start position:0% that came out I think about a month ago month<00:06:21.919> and<00:06:22.039> a<00:06:22.160> half<00:06:22.479> by<00:06:22.720> Castle<00:06:23.039> Island 00:06:23.350 --> 00:06:23.360 align:start position:0% month and a half by Castle Island 00:06:23.360 --> 00:06:25.629 align:start position:0% month and a half by Castle Island Ventures<00:06:24.199> uh<00:06:24.319> brevan<00:06:24.680> Howard<00:06:24.960> digital<00:06:25.520> they 00:06:25.629 --> 00:06:25.639 align:start position:0% Ventures uh brevan Howard digital they 00:06:25.639 --> 00:06:27.230 align:start position:0% Ventures uh brevan Howard digital they went<00:06:25.800> around<00:06:26.039> to<00:06:26.199> these<00:06:26.400> countries<00:06:26.919> where<00:06:27.120> you 00:06:27.230 --> 00:06:27.240 align:start position:0% went around to these countries where you 00:06:27.240 --> 00:06:28.469 align:start position:0% went around to these countries where you know<00:06:27.360> there's<00:06:27.560> charts<00:06:27.919> just<00:06:28.039> like<00:06:28.199> the<00:06:28.280> one<00:06:28.400> I 00:06:28.469 --> 00:06:28.479 align:start position:0% know there's charts just like the one I 00:06:28.479 --> 00:06:29.990 align:start position:0% know there's charts just like the one I showed<00:06:28.759> you<00:06:29.080> and<00:06:29.199> they<00:06:29.319> asked<00:06:29.599> people<00:06:29.919> what 00:06:29.990 --> 00:06:30.000 align:start position:0% showed you and they asked people what 00:06:30.000 --> 00:06:31.629 align:start position:0% showed you and they asked people what are<00:06:30.080> you<00:06:30.199> doing<00:06:30.400> with<00:06:30.560> these<00:06:30.720> stable<00:06:31.080> coins 00:06:31.629 --> 00:06:31.639 align:start position:0% are you doing with these stable coins 00:06:31.639 --> 00:06:32.950 align:start position:0% are you doing with these stable coins and<00:06:31.759> you<00:06:31.840> know<00:06:31.960> the<00:06:32.080> biggest<00:06:32.360> answer<00:06:32.639> actually 00:06:32.950 --> 00:06:32.960 align:start position:0% and you know the biggest answer actually 00:06:32.960 --> 00:06:35.749 align:start position:0% and you know the biggest answer actually was<00:06:33.240> not<00:06:33.400> on<00:06:33.560> this<00:06:33.880> slide<00:06:34.240> 50%<00:06:34.880> was<00:06:35.479> you<00:06:35.599> know 00:06:35.749 --> 00:06:35.759 align:start position:0% was not on this slide 50% was you know 00:06:35.759 --> 00:06:37.990 align:start position:0% was not on this slide 50% was you know crypto<00:06:36.080> trading<00:06:36.400> nfts<00:06:36.880> but<00:06:36.960> it<00:06:37.039> was<00:06:37.160> just<00:06:37.280> 50 00:06:37.990 --> 00:06:38.000 align:start position:0% crypto trading nfts but it was just 50 00:06:38.000 --> 00:06:41.189 align:start position:0% crypto trading nfts but it was just 50 and<00:06:38.240> 47%<00:06:39.199> is<00:06:39.360> still<00:06:39.560> saving<00:06:40.000> in<00:06:40.199> in<00:06:40.400> dollars<00:06:41.080> as 00:06:41.189 --> 00:06:41.199 align:start position:0% and 47% is still saving in in dollars as 00:06:41.199 --> 00:06:43.110 align:start position:0% and 47% is still saving in in dollars as well<00:06:41.319> as<00:06:41.520> pretty<00:06:41.759> high<00:06:41.960> percentages<00:06:42.520> are<00:06:42.800> just 00:06:43.110 --> 00:06:43.120 align:start position:0% well as pretty high percentages are just 00:06:43.120 --> 00:06:45.150 align:start position:0% well as pretty high percentages are just getting<00:06:43.440> currency<00:06:43.840> conversion<00:06:44.680> benefits 00:06:45.150 --> 00:06:45.160 align:start position:0% getting currency conversion benefits 00:06:45.160 --> 00:06:46.950 align:start position:0% getting currency conversion benefits they're<00:06:45.319> earning<00:06:45.680> yield<00:06:45.960> on<00:06:46.120> their<00:06:46.280> savings 00:06:46.950 --> 00:06:46.960 align:start position:0% they're earning yield on their savings 00:06:46.960 --> 00:06:48.710 align:start position:0% they're earning yield on their savings they<00:06:47.080> want<00:06:47.199> to<00:06:47.280> move<00:06:47.479> money<00:06:47.720> internationally 00:06:48.710 --> 00:06:48.720 align:start position:0% they want to move money internationally 00:06:48.720 --> 00:06:49.990 align:start position:0% they want to move money internationally and<00:06:48.840> so<00:06:48.960> it's<00:06:49.080> indicative<00:06:49.560> that<00:06:49.720> people<00:06:49.880> are 00:06:49.990 --> 00:06:50.000 align:start position:0% and so it's indicative that people are 00:06:50.000 --> 00:06:52.150 align:start position:0% and so it's indicative that people are using<00:06:50.240> stable<00:06:50.639> coins<00:06:50.960> not<00:06:51.160> just<00:06:51.280> for<00:06:51.479> trading 00:06:52.150 --> 00:06:52.160 align:start position:0% using stable coins not just for trading 00:06:52.160 --> 00:06:54.550 align:start position:0% using stable coins not just for trading but<00:06:52.360> also<00:06:52.599> for<00:06:52.840> real<00:06:53.440> um<00:06:53.919> important<00:06:54.280> elements 00:06:54.550 --> 00:06:54.560 align:start position:0% but also for real um important elements 00:06:54.560 --> 00:06:56.270 align:start position:0% but also for real um important elements of<00:06:54.680> their<00:06:54.800> financial<00:06:55.240> lives<00:06:55.879> and<00:06:55.960> there<00:06:56.080> are 00:06:56.270 --> 00:06:56.280 align:start position:0% of their financial lives and there are 00:06:56.280 --> 00:06:57.950 align:start position:0% of their financial lives and there are businesses<00:06:56.720> being<00:06:56.919> built<00:06:57.240> now<00:06:57.639> that 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--> 00:07:07.830 align:start position:0% it's effectively giving uh all the uh movement<00:07:06.000> of<00:07:06.160> money<00:07:06.720> um<00:07:07.240> products<00:07:07.639> that<00:07:07.720> you 00:07:07.830 --> 00:07:07.840 align:start position:0% movement of money um products that you 00:07:07.840 --> 00:07:09.390 align:start position:0% movement of money um products that you might<00:07:08.000> need<00:07:08.280> to<00:07:08.440> kind<00:07:08.560> of<00:07:08.680> benefit<00:07:09.039> those<00:07:09.160> use 00:07:09.390 --> 00:07:09.400 align:start position:0% might need to kind of benefit those use 00:07:09.400 --> 00:07:11.589 align:start position:0% might need to kind of benefit those use cases<00:07:09.680> or<00:07:09.800> to<00:07:10.000> enact<00:07:10.319> those<00:07:10.479> use<00:07:10.759> cases<00:07:11.319> as<00:07:11.440> an 00:07:11.589 --> 00:07:11.599 align:start position:0% cases or to enact those use cases as an 00:07:11.599 --> 00:07:13.189 align:start position:0% cases or to enact those use cases as an API<00:07:12.360> and<00:07:12.479> that's<00:07:12.599> one<00:07:12.680> of<00:07:12.759> the<00:07:12.840> reasons<00:07:13.080> why 00:07:13.189 --> 00:07:13.199 align:start position:0% API and that's one of the reasons why 00:07:13.199 --> 00:07:15.710 align:start position:0% API and that's one of the reasons why they<00:07:13.280> were<00:07:13.479> so<00:07:13.800> valuable<00:07:14.800> um<00:07:14.919> and<00:07:15.080> those<00:07:15.280> API 00:07:15.710 --> 00:07:15.720 align:start position:0% they were so valuable um and those API 00:07:15.720 --> 00:07:17.589 align:start position:0% they were so valuable um and those API are<00:07:15.800> being<00:07:15.960> used<00:07:16.160> for<00:07:16.319> products<00:07:16.800> like<00:07:17.440> uh 00:07:17.589 --> 00:07:17.599 align:start position:0% are being used for products like uh 00:07:17.599 --> 00:07:20.909 align:start position:0% are being used for products like uh remittances<00:07:18.520> loyalty<00:07:19.000> point<00:07:19.599> conversion<00:07:20.599> uh 00:07:20.909 --> 00:07:20.919 align:start position:0% remittances loyalty point conversion uh 00:07:20.919 --> 00:07:23.230 align:start position:0% remittances loyalty point conversion uh you<00:07:21.000> know<00:07:21.080> aish<00:07:21.720> Board<00:07:22.080> of<00:07:22.319> financial<00:07:22.960> use 00:07:23.230 --> 00:07:23.240 align:start position:0% you know aish Board of financial use 00:07:23.240 --> 00:07:25.589 align:start position:0% you know aish Board of financial use cases<00:07:23.479> in<00:07:23.639> Argentina<00:07:24.120> with<00:07:24.280> lemon<00:07:24.919> stripe<00:07:25.360> now 00:07:25.589 --> 00:07:25.599 align:start position:0% cases in Argentina with lemon stripe now 00:07:25.599 --> 00:07:27.029 align:start position:0% cases in Argentina with lemon stripe now supports<00:07:26.039> payments<00:07:26.280> and<00:07:26.400> stable<00:07:26.680> coins<00:07:26.960> as 00:07:27.029 --> 00:07:27.039 align:start position:0% supports payments and stable coins as 00:07:27.039 --> 00:07:28.749 align:start position:0% supports payments and stable coins as well<00:07:27.160> as<00:07:27.319> payouts<00:07:27.879> to<00:07:28.080> people<00:07:28.360> after<00:07:28.560> you've 00:07:28.749 --> 00:07:28.759 align:start position:0% well as payouts to people after you've 00:07:28.759 --> 00:07:31.230 align:start position:0% well as payouts to people after you've accured<00:07:29.199> that<00:07:29.639> that<00:07:29.879> capital<00:07:30.440> and<00:07:30.639> PayPal<00:07:31.080> is 00:07:31.230 --> 00:07:31.240 align:start position:0% accured that that capital and PayPal is 00:07:31.240 --> 00:07:32.430 align:start position:0% accured that that capital and PayPal is entering<00:07:31.560> the<00:07:31.720> game<00:07:31.919> with<00:07:32.080> both<00:07:32.240> like<00:07:32.360> a 00:07:32.430 --> 00:07:32.440 align:start position:0% entering the game with both like a 00:07:32.440 --> 00:07:34.070 align:start position:0% entering the game with both like a payments<00:07:32.840> product<00:07:33.160> and<00:07:33.280> a<00:07:33.400> branded<00:07:33.759> stable 00:07:34.070 --> 00:07:34.080 align:start position:0% payments product and a branded stable 00:07:34.080 --> 00:07:36.390 align:start position:0% payments product and a branded stable coin<00:07:34.360> product<00:07:35.160> and<00:07:35.319> I<00:07:35.400> showed<00:07:35.759> the<00:07:36.000> the<00:07:36.080> bridge 00:07:36.390 --> 00:07:36.400 align:start position:0% coin product and I showed the the bridge 00:07:36.400 --> 00:07:38.629 align:start position:0% coin product and I showed the the bridge docks<00:07:36.680> and<00:07:36.800> if<00:07:36.919> you<00:07:37.000> don't<00:07:37.199> know<00:07:37.919> just<00:07:38.400> uh<00:07:38.560> I 00:07:38.629 --> 00:07:38.639 align:start position:0% docks and if you don't know just uh I 00:07:38.639 --> 00:07:40.309 align:start position:0% docks and if you don't know just uh I think<00:07:38.800> a<00:07:38.919> week<00:07:39.080> and<00:07:39.199> a<00:07:39.360> half<00:07:39.560> ago<00:07:39.840> like<00:07:40.000> not<00:07:40.120> too 00:07:40.309 --> 00:07:40.319 align:start position:0% think a week and a half ago like not too 00:07:40.319 --> 00:07:42.189 align:start position:0% think a week and a half ago like not too long<00:07:40.520> ago<00:07:40.960> stripe<00:07:41.400> acquired<00:07:41.840> that<00:07:41.960> company 00:07:42.189 --> 00:07:42.199 align:start position:0% long ago stripe acquired that company 00:07:42.199 --> 00:07:44.950 align:start position:0% long ago stripe acquired that company for<00:07:42.400> $<00:07:42.520> 1.1<00:07:43.080> billion<00:07:44.039> which<00:07:44.159> is<00:07:44.280> the<00:07:44.400> largest 00:07:44.950 --> 00:07:44.960 align:start position:0% for $ 1.1 billion which is the largest 00:07:44.960 --> 00:07:46.149 align:start position:0% for $ 1.1 billion which is the largest acquisition<00:07:45.479> in<00:07:45.599> the<00:07:45.680> history<00:07:45.960> of<00:07:46.039> the 00:07:46.149 --> 00:07:46.159 align:start position:0% acquisition in the history of the 00:07:46.159 --> 00:07:48.110 align:start position:0% acquisition in the history of the industry<00:07:47.120> um<00:07:47.319> so<00:07:47.520> this<00:07:47.599> is<00:07:47.800> not<00:07:47.960> just 00:07:48.110 --> 00:07:48.120 align:start position:0% industry um so this is not just 00:07:48.120 --> 00:07:49.189 align:start position:0% industry um so this is not just something<00:07:48.360> that's<00:07:48.520> kind<00:07:48.599> of<00:07:48.720> happening<00:07:49.039> it's 00:07:49.189 --> 00:07:49.199 align:start position:0% something that's kind of happening it's 00:07:49.199 --> 00:07:50.469 align:start position:0% something that's kind of happening it's kind<00:07:49.280> of<00:07:49.400> rising<00:07:49.800> this<00:07:49.879> is<00:07:50.080> already 00:07:50.469 --> 00:07:50.479 align:start position:0% kind of rising this is already 00:07:50.479 --> 00:07:52.149 align:start position:0% kind of rising this is already enormously<00:07:51.039> valuable<00:07:51.400> and<00:07:51.520> big<00:07:51.680> players<00:07:52.000> are 00:07:52.149 --> 00:07:52.159 align:start position:0% enormously valuable and big players are 00:07:52.159 --> 00:07:55.430 align:start position:0% enormously valuable and big players are taking<00:07:52.440> note<00:07:53.400> um<00:07:54.159> and<00:07:54.680> if<00:07:54.759> you<00:07:54.879> don't<00:07:55.120> know 00:07:55.430 --> 00:07:55.440 align:start position:0% taking note um and if you don't know 00:07:55.440 --> 00:07:56.790 align:start position:0% taking note um and if you don't know this<00:07:55.680> fact<00:07:56.000> hopefully<00:07:56.280> you<00:07:56.360> know<00:07:56.520> at<00:07:56.639> this 00:07:56.790 --> 00:07:56.800 align:start position:0% this fact hopefully you know at this 00:07:56.800 --> 00:07:59.749 align:start position:0% this fact hopefully you know at this point<00:07:57.440> uh<00:07:57.560> The<00:07:57.759> Business<00:07:58.360> of<00:07:58.560> Being<00:07:58.759> a<00:07:58.840> stable 00:07:59.749 --> 00:07:59.759 align:start position:0% point uh The Business of Being a stable 00:07:59.759 --> 00:08:02.510 align:start position:0% point uh The Business of Being a stable is<00:07:59.960> insane<00:08:00.599> tether<00:08:01.080> is<00:08:01.400> I<00:08:01.520> think<00:08:01.720> the<00:08:01.879> largest 00:08:02.510 --> 00:08:02.520 align:start position:0% is insane tether is I think the largest 00:08:02.520 --> 00:08:04.830 align:start position:0% is insane tether is I think the largest it's<00:08:02.759> the<00:08:03.080> the<00:08:03.280> most<00:08:03.639> profitable<00:08:04.120> company<00:08:04.560> by 00:08:04.830 --> 00:08:04.840 align:start position:0% it's the the most profitable company by 00:08:04.840 --> 00:08:06.990 align:start position:0% it's the the most profitable company by headcount<00:08:05.280> in<00:08:05.400> the<00:08:05.520> world<00:08:06.240> so<00:08:06.440> far<00:08:06.680> this<00:08:06.800> year 00:08:06.990 --> 00:08:07.000 align:start position:0% headcount in the world so far this year 00:08:07.000 --> 00:08:08.950 align:start position:0% headcount in the world so far this year they've<00:08:07.199> already<00:08:07.520> earned<00:08:07.879> nearly<00:08:08.159> 8<00:08:08.560> billion 00:08:08.950 --> 00:08:08.960 align:start position:0% they've already earned nearly 8 billion 00:08:08.960 --> 00:08:11.550 align:start position:0% they've already earned nearly 8 billion doar<00:08:09.319> in<00:08:09.560> pure<00:08:09.919> profit<00:08:10.280> on<00:08:10.440> the<00:08:10.840> the<00:08:11.000> yields 00:08:11.550 --> 00:08:11.560 align:start position:0% doar in pure profit on the the yields 00:08:11.560 --> 00:08:13.510 align:start position:0% doar in pure profit on the the yields from<00:08:11.720> the<00:08:11.840> treasury<00:08:12.199> bills<00:08:12.599> they<00:08:12.800> buy<00:08:13.360> with 00:08:13.510 --> 00:08:13.520 align:start position:0% from the treasury bills they buy with 00:08:13.520 --> 00:08:15.629 align:start position:0% from the treasury bills they buy with the<00:08:13.639> stable<00:08:14.000> coins<00:08:14.360> that<00:08:14.599> they<00:08:14.960> uh<00:08:15.240> they<00:08:15.520> the 00:08:15.629 --> 00:08:15.639 align:start position:0% the stable coins that they uh they the 00:08:15.639 --> 00:08:16.950 align:start position:0% the stable coins that they uh they the cash<00:08:15.840> they<00:08:15.960> get<00:08:16.080> from<00:08:16.199> the<00:08:16.280> stable<00:08:16.560> coins<00:08:16.840> they 00:08:16.950 --> 00:08:16.960 align:start position:0% cash they get from the stable coins they 00:08:16.960 --> 00:08:19.230 align:start position:0% cash they get from the stable coins they issue<00:08:17.759> and<00:08:17.960> this<00:08:18.039> is<00:08:18.199> on<00:08:18.360> the<00:08:18.520> level<00:08:18.759> of<00:08:18.919> nation 00:08:19.230 --> 00:08:19.240 align:start position:0% issue and this is on the level of nation 00:08:19.240 --> 00:08:21.950 align:start position:0% issue and this is on the level of nation states<00:08:20.039> like<00:08:20.479> Germany<00:08:20.840> and<00:08:21.000> Mexico<00:08:21.599> are<00:08:21.840> kind 00:08:21.950 --> 00:08:21.960 align:start position:0% states like Germany and Mexico are kind 00:08:21.960 --> 00:08:24.469 align:start position:0% states like Germany and Mexico are kind of<00:08:22.039> in<00:08:22.199> the<00:08:22.360> same<00:08:22.960> uh<00:08:23.520> order<00:08:23.759> of<00:08:23.919> magnitude<00:08:24.400> in 00:08:24.469 --> 00:08:24.479 align:start position:0% of in the same uh order of magnitude in 00:08:24.479 --> 00:08:27.029 align:start position:0% of in the same uh order of magnitude in terms<00:08:24.680> of<00:08:24.800> treasury<00:08:25.199> bill<00:08:25.520> purchases<00:08:26.319> as<00:08:26.840> as 00:08:27.029 --> 00:08:27.039 align:start position:0% terms of treasury bill purchases as as 00:08:27.039 --> 00:08:28.909 align:start position:0% terms of treasury bill purchases as as kind<00:08:27.120> of<00:08:27.280> combination<00:08:27.680> of<00:08:27.800> tether<00:08:28.080> and<00:08:28.240> circle 00:08:28.909 --> 00:08:28.919 align:start position:0% kind of combination of tether and circle 00:08:28.919 --> 00:08:30.390 align:start position:0% kind of combination of tether and circle so<00:08:29.120> it<00:08:29.240> just<00:08:29.479> it's<00:08:29.599> just<00:08:29.759> wild<00:08:30.080> I<00:08:30.159> just<00:08:30.240> kind<00:08:30.360> of 00:08:30.390 --> 00:08:30.400 align:start position:0% so it just it's just wild I just kind of 00:08:30.400 --> 00:08:31.749 align:start position:0% so it just it's just wild I just kind of want<00:08:30.520> to<00:08:30.639> employ<00:08:30.919> to<00:08:31.000> you<00:08:31.159> how<00:08:31.319> how<00:08:31.479> big<00:08:31.680> this 00:08:31.749 --> 00:08:31.759 align:start position:0% want to employ to you how how big this 00:08:31.759 --> 00:08:34.029 align:start position:0% want to employ to you how how big this has<00:08:31.960> gotten<00:08:32.839> and<00:08:33.000> it's<00:08:33.159> not<00:08:33.320> like<00:08:33.479> this<00:08:33.599> is 00:08:34.029 --> 00:08:34.039 align:start position:0% has gotten and it's not like this is 00:08:34.039 --> 00:08:35.709 align:start position:0% has gotten and it's not like this is some<00:08:34.240> other<00:08:34.440> things<00:08:34.599> in<00:08:34.760> crypto<00:08:35.159> where<00:08:35.560> it's 00:08:35.709 --> 00:08:35.719 align:start position:0% some other things in crypto where it's 00:08:35.719 --> 00:08:37.149 align:start position:0% some other things in crypto where it's very<00:08:35.959> regulatorily<00:08:36.560> challenging<00:08:37.000> and 00:08:37.149 --> 00:08:37.159 align:start position:0% very regulatorily challenging and 00:08:37.159 --> 00:08:39.790 align:start position:0% very regulatorily challenging and confusing<00:08:38.120> uh<00:08:38.200> there's<00:08:38.399> a<00:08:38.680> huge<00:08:39.279> uh<00:08:39.399> group<00:08:39.640> of 00:08:39.790 --> 00:08:39.800 align:start position:0% confusing uh there's a huge uh group of 00:08:39.800 --> 00:08:41.870 align:start position:0% confusing uh there's a huge uh group of people<00:08:40.240> Lobby<00:08:40.719> lobbying<00:08:41.159> for<00:08:41.399> regulation 00:08:41.870 --> 00:08:41.880 align:start position:0% people Lobby lobbying for regulation 00:08:41.880 --> 00:08:43.990 align:start position:0% people Lobby lobbying for regulation across<00:08:42.200> the<00:08:42.320> world<00:08:42.680> and<00:08:43.200> and<00:08:43.399> Regulators 00:08:43.990 --> 00:08:44.000 align:start position:0% across the world and and Regulators 00:08:44.000 --> 00:08:45.710 align:start position:0% across the world and and Regulators especially<00:08:44.320> Forward<00:08:44.920> Thinking<00:08:45.399> um 00:08:45.710 --> 00:08:45.720 align:start position:0% especially Forward Thinking um 00:08:45.720 --> 00:08:47.949 align:start position:0% especially Forward Thinking um governments<00:08:46.720> um<00:08:46.920> like<00:08:47.040> the<00:08:47.160> Singapore<00:08:47.560> money 00:08:47.949 --> 00:08:47.959 align:start position:0% governments um like the Singapore money 00:08:47.959 --> 00:08:50.030 align:start position:0% governments um like the Singapore money Authority<00:08:48.959> um<00:08:49.240> and<00:08:49.360> the<00:08:49.440> Central<00:08:49.680> Bank<00:08:49.839> of<00:08:49.959> the 00:08:50.030 --> 00:08:50.040 align:start position:0% Authority um and the Central Bank of the 00:08:50.040 --> 00:08:52.230 align:start position:0% Authority um and the Central Bank of the UAE<00:08:50.519> they're<00:08:50.760> already<00:08:51.160> adapting<00:08:51.680> to<00:08:51.880> stable 00:08:52.230 --> 00:08:52.240 align:start position:0% UAE they're already adapting to stable 00:08:52.240 --> 00:08:55.030 align:start position:0% UAE they're already adapting to stable coins<00:08:52.480> and<00:08:52.600> writing<00:08:53.240> policies<00:08:53.880> to<00:08:54.560> regulate 00:08:55.030 --> 00:08:55.040 align:start position:0% coins and writing policies to regulate 00:08:55.040 --> 00:08:56.670 align:start position:0% coins and writing policies to regulate issuance<00:08:55.720> and<00:08:55.880> make<00:08:56.000> sure<00:08:56.200> that<00:08:56.320> it's<00:08:56.480> done 00:08:56.670 --> 00:08:56.680 align:start position:0% issuance and make sure that it's done 00:08:56.680 --> 00:08:58.910 align:start position:0% issuance and make sure that it's done correctly<00:08:57.440> so<00:08:57.760> the<00:08:57.839> world<00:08:58.079> is<00:08:58.320> adapting<00:08:58.760> to 00:08:58.910 --> 00:08:58.920 align:start position:0% correctly so the world is adapting to 00:08:58.920 --> 00:09:00.790 align:start position:0% correctly so the world is adapting to this<00:08:59.040> in<00:08:59.160> a<00:08:59.279> way<00:08:59.560> that<00:08:59.680> it's<00:08:59.839> not<00:09:00.279> has<00:09:00.440> not<00:09:00.640> as 00:09:00.790 --> 00:09:00.800 align:start position:0% this in a way that it's not has not as 00:09:00.800 --> 00:09:03.430 align:start position:0% this in a way that it's not has not as much<00:09:01.000> done<00:09:01.320> with<00:09:01.560> say<00:09:02.279> uh 00:09:03.430 --> 00:09:03.440 align:start position:0% much done with say uh 00:09:03.440 --> 00:09:05.870 align:start position:0% much done with say uh tokenization<00:09:04.440> so<00:09:04.920> you<00:09:05.040> know<00:09:05.360> what<00:09:05.480> is<00:09:05.720> about 00:09:05.870 --> 00:09:05.880 align:start position:0% tokenization so you know what is about 00:09:05.880 --> 00:09:07.350 align:start position:0% tokenization so you know what is about the<00:09:05.959> product<00:09:06.160> Market<00:09:06.399> fit<00:09:06.880> it's<00:09:07.000> the<00:09:07.160> fact 00:09:07.350 --> 00:09:07.360 align:start position:0% the product Market fit it's the fact 00:09:07.360 --> 00:09:08.990 align:start position:0% the product Market fit it's the fact that<00:09:07.480> stable<00:09:07.760> coins<00:09:07.959> are<00:09:08.079> programmable 00:09:08.990 --> 00:09:09.000 align:start position:0% that stable coins are programmable 00:09:09.000 --> 00:09:10.310 align:start position:0% that stable coins are programmable they're<00:09:09.279> highly<00:09:09.560> traceable<00:09:10.160> they're 00:09:10.310 --> 00:09:10.320 align:start position:0% they're highly traceable they're 00:09:10.320 --> 00:09:12.550 align:start position:0% they're highly traceable they're fungible<00:09:10.920> they're<00:09:11.320> interoperable<00:09:12.320> uh<00:09:12.440> they 00:09:12.550 --> 00:09:12.560 align:start position:0% fungible they're interoperable uh they 00:09:12.560 --> 00:09:15.190 align:start position:0% fungible they're interoperable uh they settle<00:09:12.920> instantly<00:09:13.560> 247<00:09:14.240> they're<00:09:14.480> Global<00:09:15.079> it's 00:09:15.190 --> 00:09:15.200 align:start position:0% settle instantly 247 they're Global it's 00:09:15.200 --> 00:09:16.710 align:start position:0% settle instantly 247 they're Global it's a<00:09:15.399> basically<00:09:15.720> it's<00:09:15.880> programmable<00:09:16.360> money<00:09:16.640> it's 00:09:16.710 --> 00:09:16.720 align:start position:0% a basically it's programmable money it's 00:09:16.720 --> 00:09:18.870 align:start position:0% a basically it's programmable money it's a<00:09:16.839> better<00:09:17.079> form<00:09:17.279> of<00:09:17.399> money<00:09:18.279> uh<00:09:18.480> that<00:09:18.600> make<00:09:18.760> them 00:09:18.870 --> 00:09:18.880 align:start position:0% a better form of money uh that make them 00:09:18.880 --> 00:09:22.710 align:start position:0% a better form of money uh that make them so<00:09:19.079> useful<00:09:20.000> so<00:09:21.000> that's<00:09:21.320> what's<00:09:21.560> going<00:09:21.760> on<00:09:22.560> uh 00:09:22.710 --> 00:09:22.720 align:start position:0% so useful so that's what's going on uh 00:09:22.720 --> 00:09:24.949 align:start position:0% so useful so that's what's going on uh it's<00:09:22.839> a<00:09:22.959> pretty<00:09:23.160> big<00:09:23.399> deal<00:09:24.079> uh<00:09:24.200> I<00:09:24.279> wanted<00:09:24.480> to 00:09:24.949 --> 00:09:24.959 align:start position:0% it's a pretty big deal uh I wanted to 00:09:24.959 --> 00:09:27.030 align:start position:0% it's a pretty big deal uh I wanted to understand<00:09:25.480> why<00:09:26.200> is<00:09:26.320> this<00:09:26.519> happening<00:09:26.880> though 00:09:27.030 --> 00:09:27.040 align:start position:0% understand why is this happening though 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00:09:33.630 align:start position:0% of money and how is it that it's all been<00:09:31.640> kind<00:09:31.760> of<00:09:31.959> accepted<00:09:32.959> uh<00:09:33.079> and<00:09:33.200> this<00:09:33.320> is<00:09:33.480> now 00:09:33.630 --> 00:09:33.640 align:start position:0% been kind of accepted uh and this is now 00:09:33.640 --> 00:09:35.389 align:start position:0% been kind of accepted uh and this is now the<00:09:33.720> new<00:09:33.880> norm<00:09:34.560> and<00:09:34.640> so<00:09:34.880> I<00:09:34.959> looked<00:09:35.160> at<00:09:35.279> the 00:09:35.389 --> 00:09:35.399 align:start position:0% the new norm and so I looked at the 00:09:35.399 --> 00:09:37.389 align:start position:0% the new norm and so I looked at the history<00:09:35.800> and<00:09:36.120> just<00:09:36.480> it's<00:09:37.000> it's<00:09:37.200> very 00:09:37.389 --> 00:09:37.399 align:start position:0% history and just it's it's very 00:09:37.399 --> 00:09:39.030 align:start position:0% history and just it's it's very interesting<00:09:37.760> how<00:09:37.880> it<00:09:38.000> all<00:09:38.240> occurred<00:09:38.920> it 00:09:39.030 --> 00:09:39.040 align:start position:0% interesting how it all occurred it 00:09:39.040 --> 00:09:41.990 align:start position:0% interesting how it all occurred it started<00:09:39.800> uh<00:09:39.880> in<00:09:40.000> 2014<00:09:40.880> during<00:09:41.399> a<00:09:41.600> time<00:09:41.839> when 00:09:41.990 --> 00:09:42.000 align:start position:0% started uh in 2014 during a time when 00:09:42.000 --> 00:09:43.550 align:start position:0% started uh in 2014 during a time when there<00:09:42.120> was<00:09:42.320> a<00:09:42.440> lot<00:09:42.560> of<00:09:42.680> Bitcoin<00:09:43.079> trading<00:09:43.440> and 00:09:43.550 --> 00:09:43.560 align:start position:0% there was a lot of Bitcoin trading and 00:09:43.560 --> 00:09:46.470 align:start position:0% there was a lot of Bitcoin trading and new<00:09:43.720> altcoins<00:09:44.240> popping<00:09:44.560> up<00:09:45.160> and<00:09:45.760> uh<00:09:46.040> a<00:09:46.200> new 00:09:46.470 --> 00:09:46.480 align:start position:0% new altcoins popping up and uh a new 00:09:46.480 --> 00:09:49.269 align:start position:0% new altcoins popping up and uh a new coin<00:09:47.240> uh<00:09:47.360> was<00:09:47.519> created<00:09:47.920> by<00:09:48.040> Brock<00:09:48.320> Pierce<00:09:48.800> who 00:09:49.269 --> 00:09:49.279 align:start position:0% coin uh was created by Brock Pierce who 00:09:49.279 --> 00:09:50.670 align:start position:0% coin uh was created by Brock Pierce who actually<00:09:49.560> was<00:09:49.720> the<00:09:49.880> guy<00:09:50.079> from<00:09:50.279> The<00:09:50.399> Mighty 00:09:50.670 --> 00:09:50.680 align:start position:0% actually was the guy from The Mighty 00:09:50.680 --> 00:09:53.509 align:start position:0% actually was the guy from The Mighty Ducks<00:09:51.120> movie<00:09:52.120> um<00:09:52.240> which<00:09:52.360> is<00:09:52.480> really<00:09:52.720> cool<00:09:53.360> uh 00:09:53.509 --> 00:09:53.519 align:start position:0% Ducks movie um which is really cool uh 00:09:53.519 --> 00:09:55.110 align:start position:0% Ducks movie um which is really cool uh and<00:09:53.600> they<00:09:53.760> announced<00:09:54.079> real<00:09:54.399> coin<00:09:54.720> and<00:09:54.839> real 00:09:55.110 --> 00:09:55.120 align:start position:0% and they announced real coin and real 00:09:55.120 --> 00:09:57.069 align:start position:0% and they announced real coin and real coin<00:09:55.360> the<00:09:55.519> pitch<00:09:55.880> was<00:09:56.200> basically<00:09:56.640> today<00:09:57.000> what 00:09:57.069 --> 00:09:57.079 align:start position:0% coin the pitch was basically today what 00:09:57.079 --> 00:09:58.870 align:start position:0% coin the pitch was basically today what you'd<00:09:57.360> recognize<00:09:57.959> as<00:09:58.200> what's<00:09:58.399> called<00:09:58.800> a 00:09:58.870 --> 00:09:58.880 align:start position:0% you'd recognize as what's called a 00:09:58.880 --> 00:10:00.990 align:start position:0% you'd recognize as what's called a stable<00:09:59.160> coin<00:09:59.560> today<00:10:00.320> it<00:10:00.440> was<00:10:00.720> get<00:10:00.880> the 00:10:00.990 --> 00:10:01.000 align:start position:0% stable coin today it was get the 00:10:01.000 --> 00:10:02.630 align:start position:0% stable coin today it was get the advantage<00:10:01.320> of<00:10:01.440> the<00:10:01.519> Bitcoin<00:10:01.920> protocol<00:10:02.320> to<00:10:02.480> the 00:10:02.630 --> 00:10:02.640 align:start position:0% advantage of the Bitcoin protocol to the 00:10:02.640 --> 00:10:04.670 align:start position:0% advantage of the Bitcoin protocol to the dollar<00:10:02.959> meaning<00:10:03.600> uh<00:10:03.720> anyone<00:10:04.040> can<00:10:04.240> access<00:10:04.519> it 00:10:04.670 --> 00:10:04.680 align:start position:0% dollar meaning uh anyone can access it 00:10:04.680 --> 00:10:06.350 align:start position:0% dollar meaning uh anyone can access it without<00:10:04.839> a<00:10:04.959> trust<00:10:05.200> to<00:10:05.360> third<00:10:05.600> party<00:10:06.120> but<00:10:06.240> it's 00:10:06.350 --> 00:10:06.360 align:start position:0% without a trust to third party but it's 00:10:06.360 --> 00:10:08.750 align:start position:0% without a trust to third party but it's backed<00:10:06.680> one<00:10:06.880> to<00:10:07.040> one<00:10:07.440> by<00:10:07.800> a<00:10:08.000> company's<00:10:08.399> Reserve 00:10:08.750 --> 00:10:08.760 align:start position:0% backed one to one by a company's Reserve 00:10:08.760 --> 00:10:10.430 align:start position:0% backed one to one by a company's Reserve this<00:10:08.880> was<00:10:09.000> the<00:10:09.120> first<00:10:09.360> time<00:10:09.600> this<00:10:09.800> product<00:10:10.120> was 00:10:10.430 --> 00:10:10.440 align:start position:0% this was the first time this product was 00:10:10.440 --> 00:10:12.190 align:start position:0% this was the first time this product was introduced<00:10:11.440> um<00:10:11.560> you<00:10:11.680> know<00:10:11.800> later<00:10:12.079> they 00:10:12.190 --> 00:10:12.200 align:start position:0% introduced um you know later they 00:10:12.200 --> 00:10:15.310 align:start position:0% introduced um you know later they renamed<00:10:12.839> that<00:10:13.040> to<00:10:13.279> to<00:10:13.519> tether<00:10:14.519> uh<00:10:14.720> and<00:10:15.040> and<00:10:15.200> I 00:10:15.310 --> 00:10:15.320 align:start position:0% renamed that to to tether uh and and I 00:10:15.320 --> 00:10:17.030 align:start position:0% renamed that to to tether uh and and I want<00:10:15.440> to<00:10:15.519> show<00:10:15.839> what<00:10:16.000> is<00:10:16.120> it<00:10:16.480> about<00:10:16.800> that 00:10:17.030 --> 00:10:17.040 align:start position:0% want to show what is it about that 00:10:17.040 --> 00:10:18.470 align:start position:0% want to show what is it about that product<00:10:17.320> that<00:10:17.440> ended<00:10:17.680> up<00:10:17.800> being<00:10:18.000> so<00:10:18.160> useful 00:10:18.470 --> 00:10:18.480 align:start position:0% product that ended up being so useful 00:10:18.480 --> 00:10:20.670 align:start position:0% product that ended up being so useful with<00:10:18.600> a<00:10:18.720> kind<00:10:18.800> of<00:10:18.920> a<00:10:19.040> a<00:10:19.200> very<00:10:19.360> simple<00:10:19.720> diagram 00:10:20.670 --> 00:10:20.680 align:start position:0% with a kind of a a very simple diagram 00:10:20.680 --> 00:10:23.910 align:start position:0% with a kind of a a very simple diagram here<00:10:21.680> uh<00:10:21.839> at<00:10:21.959> the<00:10:22.160> time<00:10:22.839> there<00:10:22.959> were<00:10:23.399> a<00:10:23.519> lot<00:10:23.680> of 00:10:23.910 --> 00:10:23.920 align:start position:0% here uh at the time there were a lot of 00:10:23.920 --> 00:10:25.790 align:start position:0% here uh at the time there were a lot of these<00:10:24.120> exchanges<00:10:24.640> and<00:10:25.040> the<00:10:25.279> the<00:10:25.519> supposed<00:10:25.720> to 00:10:25.790 --> 00:10:25.800 align:start position:0% these exchanges and the the supposed to 00:10:25.800 --> 00:10:28.069 align:start position:0% these exchanges and the the supposed to be<00:10:25.920> emojis<00:10:26.279> in<00:10:26.440> the<00:10:26.560> bottom<00:10:27.279> that<00:10:27.440> were 00:10:28.069 --> 00:10:28.079 align:start position:0% be emojis in the bottom that were 00:10:28.079 --> 00:10:29.389 align:start position:0% be emojis in the bottom that were opening<00:10:28.399> up<00:10:28.600> around<00:10:28.760> the<00:10:28.880> world<00:10:29.079> to 00:10:29.389 --> 00:10:29.399 align:start position:0% opening up around the world to 00:10:29.399 --> 00:10:31.110 align:start position:0% opening up around the world to facilitate<00:10:29.880> Bitcoin<00:10:30.279> trading<00:10:30.680> people<00:10:30.880> wanted 00:10:31.110 --> 00:10:31.120 align:start position:0% facilitate Bitcoin trading people wanted 00:10:31.120 --> 00:10:33.750 align:start position:0% facilitate Bitcoin trading people wanted to<00:10:31.279> buy<00:10:31.560> and<00:10:31.800> and<00:10:32.160> and<00:10:32.240> sell<00:10:32.519> digital<00:10:32.920> assets 00:10:33.750 --> 00:10:33.760 align:start position:0% to buy and and and sell digital assets 00:10:33.760 --> 00:10:36.230 align:start position:0% to buy and and and sell digital assets uh<00:10:33.880> altcoins<00:10:34.560> Bitcoin<00:10:34.959> and<00:10:35.120> so<00:10:35.279> on<00:10:36.000> and<00:10:36.160> they 00:10:36.230 --> 00:10:36.240 align:start position:0% uh altcoins Bitcoin and so on and they 00:10:36.240 --> 00:10:38.069 align:start position:0% uh altcoins Bitcoin and so on and they were<00:10:36.399> trying<00:10:36.600> to<00:10:36.720> get<00:10:36.880> banked<00:10:37.680> uh<00:10:37.839> with<00:10:38.000> you 00:10:38.069 --> 00:10:38.079 align:start position:0% were trying to get banked uh with you 00:10:38.079 --> 00:10:39.389 align:start position:0% were trying to get banked uh with you know<00:10:38.240> for<00:10:38.440> example<00:10:38.920> you<00:10:39.040> know<00:10:39.160> different 00:10:39.389 --> 00:10:39.399 align:start position:0% know for example you know different 00:10:39.399 --> 00:10:41.470 align:start position:0% know for example you know different banks<00:10:39.680> around<00:10:39.839> the<00:10:39.959> world<00:10:40.519> but<00:10:40.639> a<00:10:40.800> big<00:10:41.079> problem 00:10:41.470 --> 00:10:41.480 align:start position:0% banks around the world but a big problem 00:10:41.480 --> 00:10:43.069 align:start position:0% banks around the world but a big problem in<00:10:41.639> this<00:10:41.800> era<00:10:42.160> because<00:10:42.360> of<00:10:42.600> things<00:10:42.800> like<00:10:42.959> the 00:10:43.069 --> 00:10:43.079 align:start position:0% in this era because of things like the 00:10:43.079 --> 00:10:44.949 align:start position:0% in this era because of things like the Silk<00:10:43.360> Road<00:10:44.000> was<00:10:44.160> that<00:10:44.279> they<00:10:44.399> would<00:10:44.560> regularly 00:10:44.949 --> 00:10:44.959 align:start position:0% Silk Road was that they would regularly 00:10:44.959 --> 00:10:46.590 align:start position:0% Silk Road was that they would regularly get<00:10:45.160> debanked<00:10:45.720> you<00:10:45.800> would<00:10:46.000> have<00:10:46.160> trouble 00:10:46.590 --> 00:10:46.600 align:start position:0% get debanked you would have trouble 00:10:46.600 --> 00:10:48.949 align:start position:0% get debanked you would have trouble making<00:10:46.839> your<00:10:47.079> exchange<00:10:47.600> work<00:10:48.519> uh<00:10:48.639> because<00:10:48.839> you 00:10:48.949 --> 00:10:48.959 align:start position:0% making your exchange work uh because you 00:10:48.959 --> 00:10:51.150 align:start position:0% making your exchange work uh because you couldn't<00:10:49.240> get<00:10:49.440> access<00:10:49.680> to<00:10:50.240> a<00:10:50.360> US<00:10:50.639> dollar<00:10:50.880> bank 00:10:51.150 --> 00:10:51.160 align:start position:0% couldn't get access to a US dollar bank 00:10:51.160 --> 00:10:53.629 align:start position:0% couldn't get access to a US dollar bank account<00:10:51.959> uh<00:10:52.120> what<00:10:52.240> tether<00:10:52.680> realized<00:10:53.200> is<00:10:53.399> that 00:10:53.629 --> 00:10:53.639 align:start position:0% account uh what tether realized is that 00:10:53.639 --> 00:10:56.470 align:start position:0% account uh what tether realized is that that<00:10:53.760> is<00:10:53.880> a<00:10:54.279> solvable<00:10:54.959> problem<00:10:55.440> by<00:10:55.760> bundling 00:10:56.470 --> 00:10:56.480 align:start position:0% that is a solvable problem by bundling 00:10:56.480 --> 00:10:59.509 align:start position:0% that is a solvable problem by bundling the<00:10:56.720> relationship<00:10:57.440> to<00:10:58.079> the<00:10:58.279> banks<00:10:59.040> and<00:10:59.360> sort 00:10:59.509 --> 00:10:59.519 align:start position:0% the relationship to the banks and sort 00:10:59.519 --> 00:11:01.269 align:start position:0% the relationship to the banks and sort of<00:10:59.680> going<00:11:00.000> directly<00:11:00.360> to<00:11:00.519> the<00:11:00.639> exchanges<00:11:01.160> that 00:11:01.269 --> 00:11:01.279 align:start position:0% of going directly to the exchanges that 00:11:01.279 --> 00:11:03.509 align:start position:0% of going directly to the exchanges that wanted<00:11:01.519> to<00:11:01.720> facilitate<00:11:02.360> that<00:11:02.839> uh<00:11:03.360> those 00:11:03.509 --> 00:11:03.519 align:start position:0% wanted to facilitate that uh those 00:11:03.519 --> 00:11:05.629 align:start position:0% wanted to facilitate that uh those exchange<00:11:03.880> of<00:11:04.000> digital<00:11:04.399> assets<00:11:05.279> and 00:11:05.629 --> 00:11:05.639 align:start position:0% exchange of digital assets and 00:11:05.639 --> 00:11:06.990 align:start position:0% exchange of digital assets and effectively<00:11:06.040> use<00:11:06.320> blockchains<00:11:06.800> as<00:11:06.920> The 00:11:06.990 --> 00:11:07.000 align:start position:0% effectively use blockchains as The 00:11:07.000 --> 00:11:08.790 align:start position:0% effectively use blockchains as The Ledger<00:11:07.320> so<00:11:07.480> tether<00:11:07.760> could<00:11:07.880> go<00:11:08.000> to<00:11:08.120> the<00:11:08.240> banks 00:11:08.790 --> 00:11:08.800 align:start position:0% Ledger so tether could go to the banks 00:11:08.800 --> 00:11:10.470 align:start position:0% Ledger so tether could go to the banks the<00:11:08.920> exchanges<00:11:09.360> could<00:11:09.519> leverage<00:11:09.880> tether<00:11:10.200> for 00:11:10.470 --> 00:11:10.480 align:start position:0% the exchanges could leverage tether for 00:11:10.480 --> 00:11:12.790 align:start position:0% the exchanges could leverage tether for on<00:11:10.760> an<00:11:10.920> off-<00:11:11.160> ramping<00:11:11.560> of<00:11:11.760> of<00:11:11.959> assets<00:11:12.680> and 00:11:12.790 --> 00:11:12.800 align:start position:0% on an off- ramping of of assets and 00:11:12.800 --> 00:11:13.910 align:start position:0% on an off- ramping of of assets and there'd<00:11:13.000> be<00:11:13.120> a<00:11:13.240> much<00:11:13.399> more<00:11:13.600> sort<00:11:13.760> of 00:11:13.910 --> 00:11:13.920 align:start position:0% there'd be a much more sort of 00:11:13.920 --> 00:11:15.509 align:start position:0% there'd be a much more sort of decentralized<00:11:14.680> way<00:11:14.880> in<00:11:14.959> which<00:11:15.120> people<00:11:15.360> got 00:11:15.509 --> 00:11:15.519 align:start position:0% decentralized way in which people got 00:11:15.519 --> 00:11:18.269 align:start position:0% decentralized way in which people got money<00:11:15.760> in<00:11:15.880> and<00:11:16.000> out<00:11:16.160> of<00:11:16.560> exchanges<00:11:17.560> so<00:11:18.120> this 00:11:18.269 --> 00:11:18.279 align:start position:0% money in and out of exchanges so this 00:11:18.279 --> 00:11:19.990 align:start position:0% money in and out of exchanges so this helped<00:11:18.600> exchanges<00:11:19.120> all<00:11:19.240> over<00:11:19.440> the<00:11:19.560> world 00:11:19.990 --> 00:11:20.000 align:start position:0% helped exchanges all over the world 00:11:20.000 --> 00:11:21.990 align:start position:0% helped exchanges all over the world start<00:11:20.440> trading<00:11:20.800> digital<00:11:21.200> assets<00:11:21.760> but<00:11:21.920> the 00:11:21.990 --> 00:11:22.000 align:start position:0% start trading digital assets but the 00:11:22.000 --> 00:11:23.750 align:start position:0% start trading digital assets but the other<00:11:22.279> really<00:11:22.600> important<00:11:23.040> thing<00:11:23.279> that<00:11:23.399> it<00:11:23.560> did 00:11:23.750 --> 00:11:23.760 align:start position:0% other really important thing that it did 00:11:23.760 --> 00:11:25.750 align:start position:0% other really important thing that it did is<00:11:23.880> it<00:11:24.040> enabled<00:11:24.839> because<00:11:25.200> blockchains<00:11:25.639> are 00:11:25.750 --> 00:11:25.760 align:start position:0% is it enabled because blockchains are 00:11:25.760 --> 00:11:28.389 align:start position:0% is it enabled because blockchains are open<00:11:26.040> protocols<00:11:26.560> they're<00:11:26.720> not<00:11:26.959> closed<00:11:27.440> silos 00:11:28.389 --> 00:11:28.399 align:start position:0% open protocols they're not closed silos 00:11:28.399 --> 00:11:30.550 align:start position:0% open protocols they're not closed silos uh<00:11:28.519> siloed<00:11:28.920> Banks<00:11:29.560> it<00:11:29.720> enabled<00:11:30.160> inter 00:11:30.550 --> 00:11:30.560 align:start position:0% uh siloed Banks it enabled inter 00:11:30.560 --> 00:11:33.230 align:start position:0% uh siloed Banks it enabled inter exchange<00:11:31.399> Arbitrage<00:11:32.399> uh<00:11:32.560> which<00:11:32.639> is<00:11:32.959> really 00:11:33.230 --> 00:11:33.240 align:start position:0% exchange Arbitrage uh which is really 00:11:33.240 --> 00:11:35.030 align:start position:0% exchange Arbitrage uh which is really interesting<00:11:33.680> and<00:11:33.800> you<00:11:33.880> can<00:11:34.040> see<00:11:34.360> how<00:11:34.800> you<00:11:34.920> know 00:11:35.030 --> 00:11:35.040 align:start position:0% interesting and you can see how you know 00:11:35.040 --> 00:11:37.710 align:start position:0% interesting and you can see how you know this<00:11:35.120> is<00:11:35.200> a<00:11:35.320> bit<00:11:35.480> later<00:11:35.720> on<00:11:36.279> as<00:11:37.000> the<00:11:37.279> trading 00:11:37.710 --> 00:11:37.720 align:start position:0% this is a bit later on as the trading 00:11:37.720 --> 00:11:40.750 align:start position:0% this is a bit later on as the trading volumes<00:11:38.120> of<00:11:38.279> crypto<00:11:38.639> assets<00:11:39.000> went<00:11:39.320> up<00:11:40.279> um<00:11:40.480> so 00:11:40.750 --> 00:11:40.760 align:start position:0% volumes of crypto assets went up um so 00:11:40.760 --> 00:11:43.150 align:start position:0% volumes of crypto assets went up um so too<00:11:41.040> did<00:11:41.240> the<00:11:41.440> supply<00:11:41.880> of<00:11:42.040> stable<00:11:42.440> coins<00:11:43.040> and 00:11:43.150 --> 00:11:43.160 align:start position:0% too did the supply of stable coins and 00:11:43.160 --> 00:11:45.430 align:start position:0% too did the supply of stable coins and the<00:11:43.279> reason<00:11:43.760> why<00:11:44.399> is<00:11:44.639> that<00:11:44.880> when<00:11:45.120> people 00:11:45.430 --> 00:11:45.440 align:start position:0% the reason why is that when people 00:11:45.440 --> 00:11:47.430 align:start position:0% the reason why is that when people wanted<00:11:45.680> to<00:11:45.880> trade<00:11:46.200> digital<00:11:46.600> assets<00:11:47.040> that<00:11:47.200> led 00:11:47.430 --> 00:11:47.440 align:start position:0% wanted to trade digital assets that led 00:11:47.440 --> 00:11:50.310 align:start position:0% wanted to trade digital assets that led to<00:11:47.959> huge<00:11:48.920> uh<00:11:49.399> price<00:11:49.680> differences<00:11:50.120> in 00:11:50.310 --> 00:11:50.320 align:start position:0% to huge uh price differences in 00:11:50.320 --> 00:11:52.150 align:start position:0% to huge uh price differences in different<00:11:50.600> markets<00:11:51.279> which<00:11:51.399> led<00:11:51.639> to<00:11:51.800> massive 00:11:52.150 --> 00:11:52.160 align:start position:0% different markets which led to massive 00:11:52.160 --> 00:11:54.190 align:start position:0% different markets which led to massive Arbitrage<00:11:52.760> opportunities<00:11:53.720> which<00:11:53.839> means<00:11:54.120> if 00:11:54.190 --> 00:11:54.200 align:start position:0% Arbitrage opportunities which means if 00:11:54.200 --> 00:11:55.509 align:start position:0% Arbitrage opportunities which means if you<00:11:54.279> want<00:11:54.399> to<00:11:54.519> make<00:11:54.639> money<00:11:54.839> in<00:11:54.959> an<00:11:55.079> Arbitrage 00:11:55.509 --> 00:11:55.519 align:start position:0% you want to make money in an Arbitrage 00:11:55.519 --> 00:11:57.110 align:start position:0% you want to make money in an Arbitrage opportunity<00:11:55.959> you<00:11:56.040> want<00:11:56.120> to<00:11:56.240> flood<00:11:56.600> liquidity 00:11:57.110 --> 00:11:57.120 align:start position:0% opportunity you want to flood liquidity 00:11:57.120 --> 00:11:59.550 align:start position:0% opportunity you want to flood liquidity into<00:11:57.360> those<00:11:57.720> exchanges<00:11:58.720> uh<00:11:58.839> and<00:11:58.959> do<00:11:59.440> the 00:11:59.550 --> 00:11:59.560 align:start position:0% into those exchanges uh and do the 00:11:59.560 --> 00:12:01.550 align:start position:0% into those exchanges uh and do the market<00:11:59.839> Mak<00:12:00.200> you<00:12:00.279> have<00:12:00.399> to<00:12:00.480> do<00:12:00.600> to<00:12:00.760> kind<00:12:00.880> of<00:12:01.399> uh 00:12:01.550 --> 00:12:01.560 align:start position:0% market Mak you have to do to kind of uh 00:12:01.560 --> 00:12:03.350 align:start position:0% market Mak you have to do to kind of uh get<00:12:01.680> the<00:12:01.800> prices<00:12:02.120> all<00:12:02.279> in<00:12:02.440> line<00:12:02.680> and<00:12:02.839> earn<00:12:03.120> your 00:12:03.350 --> 00:12:03.360 align:start position:0% get the prices all in line and earn your 00:12:03.360 --> 00:12:05.550 align:start position:0% get the prices all in line and earn your profits<00:12:03.680> from<00:12:04.000> arbitraging<00:12:05.000> and<00:12:05.200> who<00:12:05.360> is 00:12:05.550 --> 00:12:05.560 align:start position:0% profits from arbitraging and who is 00:12:05.560 --> 00:12:07.710 align:start position:0% profits from arbitraging and who is doing<00:12:05.880> this<00:12:06.760> um<00:12:07.040> it's<00:12:07.240> kind<00:12:07.360> of<00:12:07.440> interesting 00:12:07.710 --> 00:12:07.720 align:start position:0% doing this um it's kind of interesting 00:12:07.720 --> 00:12:09.350 align:start position:0% doing this um it's kind of interesting to<00:12:07.800> see<00:12:07.959> the<00:12:08.079> history<00:12:08.560> the<00:12:08.680> biggest<00:12:08.959> one<00:12:09.240> by 00:12:09.350 --> 00:12:09.360 align:start position:0% to see the history the biggest one by 00:12:09.360 --> 00:12:12.389 align:start position:0% to see the history the biggest one by far<00:12:09.560> was<00:12:09.720> Alam<00:12:10.240> research<00:12:11.079> SPF<00:12:11.920> um<00:12:12.120> you<00:12:12.240> know 00:12:12.389 --> 00:12:12.399 align:start position:0% far was Alam research SPF um you know 00:12:12.399 --> 00:12:13.750 align:start position:0% far was Alam research SPF um you know there's<00:12:12.560> also<00:12:12.760> Cumberland<00:12:13.279> other<00:12:13.480> market 00:12:13.750 --> 00:12:13.760 align:start position:0% there's also Cumberland other market 00:12:13.760 --> 00:12:16.030 align:start position:0% there's also Cumberland other market makers<00:12:14.519> what<00:12:14.680> they<00:12:14.760> were<00:12:14.959> doing<00:12:15.519> effectively 00:12:16.030 --> 00:12:16.040 align:start position:0% makers what they were doing effectively 00:12:16.040 --> 00:12:18.790 align:start position:0% makers what they were doing effectively is<00:12:16.240> going<00:12:16.720> to<00:12:16.959> tether<00:12:17.760> giving<00:12:18.160> dollars 00:12:18.790 --> 00:12:18.800 align:start position:0% is going to tether giving dollars 00:12:18.800 --> 00:12:21.550 align:start position:0% is going to tether giving dollars getting<00:12:19.079> tether<00:12:19.560> back<00:12:19.959> going<00:12:20.199> to<00:12:20.560> exchanges 00:12:21.550 --> 00:12:21.560 align:start position:0% getting tether back going to exchanges 00:12:21.560 --> 00:12:23.269 align:start position:0% getting tether back going to exchanges and<00:12:21.720> then<00:12:21.920> putting<00:12:22.360> liquidity<00:12:22.839> across 00:12:23.269 --> 00:12:23.279 align:start position:0% and then putting liquidity across 00:12:23.279 --> 00:12:25.590 align:start position:0% and then putting liquidity across multiple<00:12:23.720> exchanges<00:12:24.279> to<00:12:24.560> Arbitrage<00:12:25.199> across 00:12:25.590 --> 00:12:25.600 align:start position:0% multiple exchanges to Arbitrage across 00:12:25.600 --> 00:12:27.870 align:start position:0% multiple exchanges to Arbitrage across them<00:12:26.199> and<00:12:26.360> that<00:12:26.480> is<00:12:26.639> what<00:12:26.880> caused<00:12:27.240> a<00:12:27.480> huge 00:12:27.870 --> 00:12:27.880 align:start position:0% them and that is what caused a huge 00:12:27.880 --> 00:12:30.269 align:start position:0% them and that is what caused a huge spike<00:12:28.160> in<00:12:28.279> the<00:12:28.480> supply<00:12:28.839> of 00:12:30.269 --> 00:12:30.279 align:start position:0% spike in the supply of 00:12:30.279 --> 00:12:33.110 align:start position:0% spike in the supply of um<00:12:31.079> and<00:12:31.399> and<00:12:31.560> ultimately<00:12:32.199> drove<00:12:32.600> huge<00:12:32.880> numbers 00:12:33.110 --> 00:12:33.120 align:start position:0% um and and ultimately drove huge numbers 00:12:33.120 --> 00:12:35.670 align:start position:0% um and and ultimately drove huge numbers of<00:12:33.240> transactions<00:12:33.920> through<00:12:34.680> the<00:12:34.839> blockchains 00:12:35.670 --> 00:12:35.680 align:start position:0% of transactions through the blockchains 00:12:35.680 --> 00:12:37.389 align:start position:0% of transactions through the blockchains that<00:12:35.839> were<00:12:36.079> the<00:12:36.240> things<00:12:36.440> that<00:12:36.600> tethered<00:12:37.040> them 00:12:37.389 --> 00:12:37.399 align:start position:0% that were the things that tethered them 00:12:37.399 --> 00:12:39.030 align:start position:0% that were the things that tethered them together<00:12:38.279> um<00:12:38.440> and<00:12:38.560> you<00:12:38.680> know<00:12:38.839> really 00:12:39.030 --> 00:12:39.040 align:start position:0% together um and you know really 00:12:39.040 --> 00:12:40.949 align:start position:0% together um and you know really interesting<00:12:39.399> kind<00:12:39.519> of<00:12:40.079> uh<00:12:40.199> Quirk<00:12:40.480> of<00:12:40.639> history 00:12:40.949 --> 00:12:40.959 align:start position:0% interesting kind of uh Quirk of history 00:12:40.959 --> 00:12:43.189 align:start position:0% interesting kind of uh Quirk of history is<00:12:41.160> that<00:12:41.519> it<00:12:41.680> started<00:12:42.000> out<00:12:42.199> on<00:12:42.680> the<00:12:42.800> Omni 00:12:43.189 --> 00:12:43.199 align:start position:0% is that it started out on the Omni 00:12:43.199 --> 00:12:45.790 align:start position:0% is that it started out on the Omni Network<00:12:43.839> which<00:12:44.040> was<00:12:44.680> back<00:12:44.880> in<00:12:45.279> the<00:12:45.440> day<00:12:45.639> when 00:12:45.790 --> 00:12:45.800 align:start position:0% Network which was back in the day when 00:12:45.800 --> 00:12:48.629 align:start position:0% Network which was back in the day when they<00:12:45.920> launched<00:12:46.279> tether<00:12:47.040> pre<00:12:47.519> ethereum<00:12:48.360> was 00:12:48.629 --> 00:12:48.639 align:start position:0% they launched tether pre ethereum was 00:12:48.639 --> 00:12:50.829 align:start position:0% they launched tether pre ethereum was was<00:12:49.160> mastercoin<00:12:50.160> uh<00:12:50.279> which<00:12:50.399> is<00:12:50.519> actually<00:12:50.720> the 00:12:50.829 --> 00:12:50.839 align:start position:0% was mastercoin uh which is actually the 00:12:50.839 --> 00:12:52.790 align:start position:0% was mastercoin uh which is actually the product<00:12:51.120> that<00:12:51.240> falic<00:12:51.760> almost<00:12:52.240> uh<00:12:52.360> joined 00:12:52.790 --> 00:12:52.800 align:start position:0% product that falic almost uh joined 00:12:52.800 --> 00:12:54.189 align:start position:0% product that falic almost uh joined before<00:12:53.040> they<00:12:53.240> kind<00:12:53.320> of<00:12:53.440> rejected<00:12:53.839> him<00:12:54.000> and<00:12:54.120> he 00:12:54.189 --> 00:12:54.199 align:start position:0% before they kind of rejected him and he 00:12:54.199 --> 00:12:56.629 align:start position:0% before they kind of rejected him and he went<00:12:54.360> and<00:12:54.440> started<00:12:54.959> ethereum<00:12:55.959> um<00:12:56.360> but<00:12:56.480> then 00:12:56.629 --> 00:12:56.639 align:start position:0% went and started ethereum um but then 00:12:56.639 --> 00:12:58.870 align:start position:0% went and started ethereum um but then ethereum<00:12:57.120> took<00:12:57.279> over<00:12:57.639> as<00:12:57.760> the<00:12:57.839> rc20<00:12:58.399> is<00:12:58.600> became 00:12:58.870 --> 00:12:58.880 align:start position:0% ethereum took over as the rc20 is became 00:12:58.880 --> 00:13:01.189 align:start position:0% ethereum took over as the rc20 is became very<00:12:59.320> popular<00:13:00.199> um<00:13:00.320> but<00:13:00.480> because<00:13:00.760> ethereum 00:13:01.189 --> 00:13:01.199 align:start position:0% very popular um but because ethereum 00:13:01.199 --> 00:13:03.670 align:start position:0% very popular um but because ethereum didn't<00:13:01.399> scale<00:13:01.839> Tron<00:13:02.279> was<00:13:02.480> able<00:13:02.760> to<00:13:03.440> kind<00:13:03.560> of 00:13:03.670 --> 00:13:03.680 align:start position:0% didn't scale Tron was able to kind of 00:13:03.680 --> 00:13:05.269 align:start position:0% didn't scale Tron was able to kind of take<00:13:03.839> a<00:13:03.959> bit<00:13:04.079> more<00:13:04.199> of<00:13:04.320> the<00:13:04.440> market<00:13:04.760> over<00:13:05.040> time 00:13:05.269 --> 00:13:05.279 align:start position:0% take a bit more of the market over time 00:13:05.279 --> 00:13:06.389 align:start position:0% take a bit more of the market over time and<00:13:05.639> now<00:13:05.760> we're<00:13:05.920> in<00:13:06.040> this<00:13:06.160> kind<00:13:06.279> of 00:13:06.389 --> 00:13:06.399 align:start position:0% and now we're in this kind of 00:13:06.399 --> 00:13:07.790 align:start position:0% and now we're in this kind of equilibrium<00:13:06.920> where<00:13:07.040> it's<00:13:07.199> kind<00:13:07.320> of<00:13:07.399> ethereum 00:13:07.790 --> 00:13:07.800 align:start position:0% equilibrium where it's kind of ethereum 00:13:07.800 --> 00:13:10.310 align:start position:0% equilibrium where it's kind of ethereum and<00:13:07.959> Tron<00:13:08.320> are<00:13:08.480> the<00:13:08.639> main<00:13:08.920> places<00:13:09.360> where<00:13:10.199> uh 00:13:10.310 --> 00:13:10.320 align:start position:0% and Tron are the main places where uh 00:13:10.320 --> 00:13:12.590 align:start position:0% and Tron are the main places where uh stable<00:13:10.720> coins<00:13:11.279> end<00:13:11.440> up<00:13:11.639> living<00:13:12.040> for<00:13:12.279> this<00:13:12.440> sort 00:13:12.590 --> 00:13:12.600 align:start position:0% stable coins end up living for this sort 00:13:12.600 --> 00:13:15.750 align:start position:0% stable coins end up living for this sort of<00:13:12.720> inter<00:13:13.399> exchange<00:13:13.839> Arbitrage<00:13:14.760> opportunity 00:13:15.750 --> 00:13:15.760 align:start position:0% of inter exchange Arbitrage opportunity 00:13:15.760 --> 00:13:19.189 align:start position:0% of inter exchange Arbitrage opportunity um<00:13:16.240> another<00:13:16.560> cool<00:13:16.920> part<00:13:17.079> of<00:13:17.279> this<00:13:17.639> was<00:13:18.199> that 00:13:19.189 --> 00:13:19.199 align:start position:0% um another cool part of this was that 00:13:19.199 --> 00:13:21.790 align:start position:0% um another cool part of this was that binance<00:13:19.760> played<00:13:20.040> a<00:13:20.160> really<00:13:20.360> big<00:13:20.560> role<00:13:21.360> as<00:13:21.600> more 00:13:21.790 --> 00:13:21.800 align:start position:0% binance played a really big role as more 00:13:21.800 --> 00:13:23.269 align:start position:0% binance played a really big role as more and<00:13:21.920> more<00:13:22.120> people<00:13:22.320> were<00:13:22.480> buying<00:13:22.800> digital 00:13:23.269 --> 00:13:23.279 align:start position:0% and more people were buying digital 00:13:23.279 --> 00:13:24.949 align:start position:0% and more people were buying digital assets<00:13:23.600> in<00:13:23.800> all<00:13:24.079> these<00:13:24.240> different<00:13:24.480> countries 00:13:24.949 --> 00:13:24.959 align:start position:0% assets in all these different countries 00:13:24.959 --> 00:13:26.870 align:start position:0% assets in all these different countries binance<00:13:25.440> was<00:13:25.720> really<00:13:26.000> effective<00:13:26.360> at<00:13:26.519> getting 00:13:26.870 --> 00:13:26.880 align:start position:0% binance was really effective at getting 00:13:26.880 --> 00:13:29.509 align:start position:0% binance was really effective at getting huge<00:13:27.240> numbers<00:13:27.519> of<00:13:27.800> users<00:13:28.800> um<00:13:29.120> on<00:13:29.279> their 00:13:29.509 --> 00:13:29.519 align:start position:0% huge numbers of users um on their 00:13:29.519 --> 00:13:31.550 align:start position:0% huge numbers of users um on their platforms<00:13:30.440> and<00:13:30.560> when<00:13:30.680> it<00:13:30.839> came<00:13:31.079> time<00:13:31.279> to<00:13:31.480> kind 00:13:31.550 --> 00:13:31.560 align:start position:0% platforms and when it came time to kind 00:13:31.560 --> 00:13:33.870 align:start position:0% platforms and when it came time to kind of<00:13:31.720> move<00:13:32.079> Assets<00:13:32.800> in<00:13:33.000> and<00:13:33.120> out<00:13:33.240> of<00:13:33.399> binance 00:13:33.870 --> 00:13:33.880 align:start position:0% of move Assets in and out of binance 00:13:33.880 --> 00:13:35.150 align:start position:0% of move Assets in and out of binance they<00:13:33.959> would<00:13:34.120> end<00:13:34.240> up<00:13:34.360> using<00:13:34.639> tether<00:13:35.000> they'd 00:13:35.150 --> 00:13:35.160 align:start position:0% they would end up using tether they'd 00:13:35.160 --> 00:13:37.509 align:start position:0% they would end up using tether they'd end<00:13:35.320> up<00:13:35.440> using<00:13:35.680> Tron<00:13:36.320> because<00:13:36.639> of<00:13:37.320> what 00:13:37.509 --> 00:13:37.519 align:start position:0% end up using Tron because of what 00:13:37.519 --> 00:13:39.509 align:start position:0% end up using Tron because of what actually<00:13:37.720> ended<00:13:37.920> up<00:13:38.079> becoming<00:13:38.639> the<00:13:38.880> default 00:13:39.509 --> 00:13:39.519 align:start position:0% actually ended up becoming the default 00:13:39.519 --> 00:13:42.350 align:start position:0% actually ended up becoming the default way<00:13:39.800> to<00:13:39.959> move<00:13:40.279> tether<00:13:40.639> in<00:13:40.760> and<00:13:40.920> out<00:13:41.160> of<00:13:41.360> binance 00:13:42.350 --> 00:13:42.360 align:start position:0% way to move tether in and out of binance 00:13:42.360 --> 00:13:45.470 align:start position:0% way to move tether in and out of binance uh<00:13:42.519> was<00:13:42.800> via<00:13:43.199> Tron<00:13:44.199> um<00:13:44.600> I<00:13:44.680> don't<00:13:44.800> know<00:13:45.079> exactly 00:13:45.470 --> 00:13:45.480 align:start position:0% uh was via Tron um I don't know exactly 00:13:45.480 --> 00:13:47.350 align:start position:0% uh was via Tron um I don't know exactly how<00:13:45.680> that<00:13:45.880> deal<00:13:46.120> ended<00:13:46.399> up<00:13:46.600> being<00:13:46.800> arranged 00:13:47.350 --> 00:13:47.360 align:start position:0% how that deal ended up being arranged 00:13:47.360 --> 00:13:49.790 align:start position:0% how that deal ended up being arranged but<00:13:47.720> it<00:13:47.880> kind<00:13:48.000> of<00:13:48.360> cemented<00:13:48.880> Tron<00:13:49.399> as<00:13:49.560> kind<00:13:49.680> of 00:13:49.790 --> 00:13:49.800 align:start position:0% but it kind of cemented Tron as kind of 00:13:49.800 --> 00:13:51.749 align:start position:0% but it kind of cemented Tron as kind of the<00:13:49.959> place<00:13:50.279> that<00:13:50.360> you<00:13:50.519> ended<00:13:50.720> up<00:13:50.839> using<00:13:51.199> tether 00:13:51.749 --> 00:13:51.759 align:start position:0% the place that you ended up using tether 00:13:51.759 --> 00:13:53.230 align:start position:0% the place that you ended up using tether for<00:13:51.959> a<00:13:52.040> lot<00:13:52.160> of<00:13:52.320> places<00:13:52.639> where<00:13:52.800> people<00:13:53.079> had 00:13:53.230 --> 00:13:53.240 align:start position:0% for a lot of places where people had 00:13:53.240 --> 00:13:55.509 align:start position:0% for a lot of places where people had binance<00:13:53.680> accounts<00:13:54.320> and<00:13:54.399> that<00:13:54.519> ended<00:13:54.800> up<00:13:55.240> now 00:13:55.509 --> 00:13:55.519 align:start position:0% binance accounts and that ended up now 00:13:55.519 --> 00:13:56.670 align:start position:0% binance accounts and that ended up now into<00:13:55.759> the<00:13:55.920> situation<00:13:56.279> that<00:13:56.399> we<00:13:56.519> find 00:13:56.670 --> 00:13:56.680 align:start position:0% into the situation that we find 00:13:56.680 --> 00:13:58.470 align:start position:0% into the situation that we find ourselves<00:13:57.079> in<00:13:57.360> where<00:13:57.800> there's<00:13:58.040> huge<00:13:58.279> amounts 00:13:58.470 --> 00:13:58.480 align:start position:0% ourselves in where there's huge amounts 00:13:58.480 --> 00:14:01.310 align:start position:0% ourselves in where there's huge amounts of<00:13:58.639> supply<00:13:59.240> concentrated<00:13:59.680> than<00:13:59.920> tether<00:14:00.920> um 00:14:01.310 --> 00:14:01.320 align:start position:0% of supply concentrated than tether um 00:14:01.320 --> 00:14:03.230 align:start position:0% of supply concentrated than tether um binance<00:14:01.759> is<00:14:01.920> still<00:14:02.079> the<00:14:02.240> largest<00:14:02.600> holder<00:14:03.079> of 00:14:03.230 --> 00:14:03.240 align:start position:0% binance is still the largest holder of 00:14:03.240 --> 00:14:06.150 align:start position:0% binance is still the largest holder of tether<00:14:04.199> uh<00:14:04.320> and<00:14:04.480> other<00:14:04.759> exchanges<00:14:05.720> uh<00:14:06.079> you 00:14:06.150 --> 00:14:06.160 align:start position:0% tether uh and other exchanges uh you 00:14:06.160 --> 00:14:07.550 align:start position:0% tether uh and other exchanges uh you know<00:14:06.320> just<00:14:06.560> just<00:14:06.880> you<00:14:06.959> know<00:14:07.160> pretty<00:14:07.360> far 00:14:07.550 --> 00:14:07.560 align:start position:0% know just just you know pretty far 00:14:07.560 --> 00:14:10.509 align:start position:0% know just just you know pretty far beneath<00:14:07.839> it<00:14:08.199> actually<00:14:09.199> and<00:14:09.519> Supplies<00:14:10.040> on<00:14:10.399> uh 00:14:10.509 --> 00:14:10.519 align:start position:0% beneath it actually and Supplies on uh 00:14:10.519 --> 00:14:14.269 align:start position:0% beneath it actually and Supplies on uh ethereum<00:14:10.920> and<00:14:11.440> Tron<00:14:12.440> so<00:14:13.160> that's<00:14:13.639> how<00:14:13.800> we<00:14:13.959> got 00:14:14.269 --> 00:14:14.279 align:start position:0% ethereum and Tron so that's how we got 00:14:14.279 --> 00:14:15.749 align:start position:0% ethereum and Tron so that's how we got here<00:14:14.519> and<00:14:14.639> so<00:14:14.880> I<00:14:15.000> looked<00:14:15.199> at<00:14:15.320> that<00:14:15.440> and<00:14:15.519> I<00:14:15.639> was 00:14:15.749 --> 00:14:15.759 align:start position:0% here and so I looked at that and I was 00:14:15.759 --> 00:14:16.910 align:start position:0% here and so I looked at that and I was thinking<00:14:16.079> okay<00:14:16.240> what<00:14:16.320> are<00:14:16.440> the<00:14:16.560> network 00:14:16.910 --> 00:14:16.920 align:start position:0% thinking okay what are the network 00:14:16.920 --> 00:14:19.230 align:start position:0% thinking okay what are the network effects<00:14:17.440> that<00:14:17.959> maybe<00:14:18.360> we<00:14:18.480> can<00:14:18.680> observe 00:14:19.230 --> 00:14:19.240 align:start position:0% effects that maybe we can observe 00:14:19.240 --> 00:14:21.030 align:start position:0% effects that maybe we can observe occurred<00:14:19.880> between<00:14:20.240> those<00:14:20.519> those<00:14:20.720> companies 00:14:21.030 --> 00:14:21.040 align:start position:0% occurred between those those companies 00:14:21.040 --> 00:14:23.389 align:start position:0% occurred between those those companies and<00:14:21.199> maybe<00:14:21.440> are<00:14:21.920> potentially<00:14:22.880> uh<00:14:23.079> going<00:14:23.160> to<00:14:23.240> be 00:14:23.389 --> 00:14:23.399 align:start position:0% and maybe are potentially uh going to be 00:14:23.399 --> 00:14:26.069 align:start position:0% and maybe are potentially uh going to be important<00:14:23.759> going<00:14:23.959> into<00:14:24.160> the<00:14:24.320> future<00:14:25.320> and<00:14:25.959> uh 00:14:26.069 --> 00:14:26.079 align:start position:0% important going into the future and uh 00:14:26.079 --> 00:14:27.110 align:start position:0% important going into the future and uh what<00:14:26.199> I<00:14:26.279> want<00:14:26.360> to<00:14:26.480> kind<00:14:26.560> of<00:14:26.680> pause<00:14:26.920> it<00:14:27.000> to 00:14:27.110 --> 00:14:27.120 align:start position:0% what I want to kind of pause it to 00:14:27.120 --> 00:14:28.430 align:start position:0% what I want to kind of pause it to everyone<00:14:27.360> today<00:14:27.639> is<00:14:27.759> that<00:14:27.880> there's<00:14:28.160> three 00:14:28.430 --> 00:14:28.440 align:start position:0% everyone today is that there's three 00:14:28.440 --> 00:14:30.550 align:start position:0% everyone today is that there's three really<00:14:28.639> interesting<00:14:29.279> players<00:14:29.759> in<00:14:29.959> in<00:14:30.160> here 00:14:30.550 --> 00:14:30.560 align:start position:0% really interesting players in in here 00:14:30.560 --> 00:14:32.629 align:start position:0% really interesting players in in here which<00:14:30.680> are<00:14:30.839> stable<00:14:31.160> coin<00:14:31.399> issuers 00:14:32.629 --> 00:14:32.639 align:start position:0% which are stable coin issuers 00:14:32.639 --> 00:14:36.110 align:start position:0% which are stable coin issuers blockchains<00:14:33.639> and<00:14:34.079> uh<00:14:34.360> ramps<00:14:35.360> and<00:14:35.639> you<00:14:35.759> can 00:14:36.110 --> 00:14:36.120 align:start position:0% blockchains and uh ramps and you can 00:14:36.120 --> 00:14:37.949 align:start position:0% blockchains and uh ramps and you can look<00:14:36.279> at<00:14:36.480> this<00:14:36.639> diagram<00:14:37.240> it's<00:14:37.680> I'm<00:14:37.759> not<00:14:37.880> going 00:14:37.949 --> 00:14:37.959 align:start position:0% look at this diagram it's I'm not going 00:14:37.959 --> 00:14:39.189 align:start position:0% look at this diagram it's I'm not going to<00:14:38.040> go<00:14:38.160> through<00:14:38.320> all<00:14:38.440> the<00:14:38.519> labels<00:14:38.920> but<00:14:39.040> you<00:14:39.120> can 00:14:39.189 --> 00:14:39.199 align:start position:0% to go through all the labels but you can 00:14:39.199 --> 00:14:40.550 align:start position:0% to go through all the labels but you can see<00:14:39.399> there's<00:14:39.560> a<00:14:39.680> lot<00:14:39.800> of<00:14:39.959> very<00:14:40.160> naturally 00:14:40.550 --> 00:14:40.560 align:start position:0% see there's a lot of very naturally 00:14:40.560 --> 00:14:42.269 align:start position:0% see there's a lot of very naturally occurring<00:14:40.920> Network<00:14:41.279> effects<00:14:41.639> between<00:14:42.000> these 00:14:42.269 --> 00:14:42.279 align:start position:0% occurring Network effects between these 00:14:42.279 --> 00:14:45.430 align:start position:0% occurring Network effects between these three<00:14:42.839> sort<00:14:43.040> of<00:14:43.440> entities<00:14:44.440> um<00:14:44.759> stable<00:14:45.199> coins 00:14:45.430 --> 00:14:45.440 align:start position:0% three sort of entities um stable coins 00:14:45.440 --> 00:14:47.110 align:start position:0% three sort of entities um stable coins obviously<00:14:45.720> earn<00:14:45.959> huge<00:14:46.199> amounts<00:14:46.399> of<00:14:46.519> yield 00:14:47.110 --> 00:14:47.120 align:start position:0% obviously earn huge amounts of yield 00:14:47.120 --> 00:14:48.670 align:start position:0% obviously earn huge amounts of yield that's<00:14:47.360> reinvest<00:14:48.000> for<00:14:48.199> all<00:14:48.360> kinds<00:14:48.519> of 00:14:48.670 --> 00:14:48.680 align:start position:0% that's reinvest for all kinds of 00:14:48.680 --> 00:14:51.790 align:start position:0% that's reinvest for all kinds of purposes<00:14:49.639> apps<00:14:50.160> Drive<00:14:51.000> transactions<00:14:51.680> those 00:14:51.790 --> 00:14:51.800 align:start position:0% purposes apps Drive transactions those 00:14:51.800 --> 00:14:52.749 align:start position:0% purposes apps Drive transactions those are<00:14:51.920> the<00:14:52.000> things<00:14:52.199> going<00:14:52.399> and<00:14:52.519> getting 00:14:52.749 --> 00:14:52.759 align:start position:0% are the things going and getting 00:14:52.759 --> 00:14:54.829 align:start position:0% are the things going and getting customers<00:14:53.240> to<00:14:53.399> put<00:14:53.560> money<00:14:53.839> into<00:14:54.079> the<00:14:54.240> system 00:14:54.829 --> 00:14:54.839 align:start position:0% customers to put money into the system 00:14:54.839 --> 00:14:56.870 align:start position:0% customers to put money into the system for<00:14:55.040> whatever<00:14:55.320> use<00:14:55.680> case<00:14:56.079> trading<00:14:56.600> or 00:14:56.870 --> 00:14:56.880 align:start position:0% for whatever use case trading or 00:14:56.880 --> 00:14:58.670 align:start position:0% for whatever use case trading or whatever<00:14:57.279> might<00:14:57.480> be<00:14:57.839> and<00:14:57.959> chains<00:14:58.360> ultimately 00:14:58.670 --> 00:14:58.680 align:start position:0% whatever might be and chains ultimately 00:14:58.680 --> 00:14:59.829 align:start position:0% whatever might be and chains ultimately are<00:14:58.880> place<00:14:59.040> places<00:14:59.240> where<00:14:59.360> transactions 00:14:59.829 --> 00:14:59.839 align:start position:0% are place places where transactions 00:14:59.839 --> 00:15:02.189 align:start position:0% are place places where transactions settle<00:15:00.480> fees<00:15:00.880> can<00:15:01.040> ACR<00:15:01.480> and<00:15:01.560> it's<00:15:01.720> also<00:15:01.920> where 00:15:02.189 --> 00:15:02.199 align:start position:0% settle fees can ACR and it's also where 00:15:02.199 --> 00:15:04.710 align:start position:0% settle fees can ACR and it's also where liquidity<00:15:02.880> Aggregates<00:15:03.880> um<00:15:04.199> and<00:15:04.399> I<00:15:04.480> want<00:15:04.560> to 00:15:04.710 --> 00:15:04.720 align:start position:0% liquidity Aggregates um and I want to 00:15:04.720 --> 00:15:06.710 align:start position:0% liquidity Aggregates um and I want to say<00:15:05.279> historically<00:15:06.040> I<00:15:06.120> think<00:15:06.360> these<00:15:06.519> three 00:15:06.710 --> 00:15:06.720 align:start position:0% say historically I think these three 00:15:06.720 --> 00:15:09.430 align:start position:0% say historically I think these three players<00:15:07.120> were<00:15:07.360> really<00:15:08.000> U<00:15:08.199> successful<00:15:09.120> at<00:15:09.320> kind 00:15:09.430 --> 00:15:09.440 align:start position:0% players were really U successful at kind 00:15:09.440 --> 00:15:11.550 align:start position:0% players were really U successful at kind of<00:15:10.040> uh<00:15:10.199> leveraging<00:15:10.720> some<00:15:10.880> of<00:15:11.000> those<00:15:11.160> Network 00:15:11.550 --> 00:15:11.560 align:start position:0% of uh leveraging some of those Network 00:15:11.560 --> 00:15:13.110 align:start position:0% of uh leveraging some of those Network effects<00:15:12.360> uh<00:15:12.440> and<00:15:12.519> it's<00:15:12.639> one<00:15:12.759> of<00:15:12.839> the<00:15:12.880> reasons 00:15:13.110 --> 00:15:13.120 align:start position:0% effects uh and it's one of the reasons 00:15:13.120 --> 00:15:14.189 align:start position:0% effects uh and it's one of the reasons where<00:15:13.240> they've<00:15:13.399> kind<00:15:13.519> of<00:15:13.600> gotten<00:15:13.959> themselves 00:15:14.189 --> 00:15:14.199 align:start position:0% where they've kind of gotten themselves 00:15:14.199 --> 00:15:15.670 align:start position:0% where they've kind of gotten themselves into<00:15:14.399> that's<00:15:14.519> a<00:15:14.680> very<00:15:14.839> dominant<00:15:15.279> position<00:15:15.560> in 00:15:15.670 --> 00:15:15.680 align:start position:0% into that's a very dominant position in 00:15:15.680 --> 00:15:18.189 align:start position:0% into that's a very dominant position in the<00:15:15.800> market<00:15:16.800> and<00:15:17.000> similarly<00:15:17.639> today<00:15:18.000> if<00:15:18.079> you 00:15:18.189 --> 00:15:18.199 align:start position:0% the market and similarly today if you 00:15:18.199 --> 00:15:19.829 align:start position:0% the market and similarly today if you look<00:15:18.320> at<00:15:18.440> what's<00:15:18.600> going<00:15:18.759> on<00:15:18.839> with<00:15:18.959> coinbase 00:15:19.829 --> 00:15:19.839 align:start position:0% look at what's going on with coinbase 00:15:19.839 --> 00:15:21.629 align:start position:0% look at what's going on with coinbase base<00:15:20.079> and<00:15:20.279> circle<00:15:21.040> I<00:15:21.120> think<00:15:21.240> that<00:15:21.399> they're 00:15:21.629 --> 00:15:21.639 align:start position:0% base and circle I think that they're 00:15:21.639 --> 00:15:25.189 align:start position:0% base and circle I think that they're replicating<00:15:22.399> a<00:15:22.480> lot<00:15:22.639> of<00:15:22.800> these<00:15:23.440> benefits<00:15:24.440> um 00:15:25.189 --> 00:15:25.199 align:start position:0% replicating a lot of these benefits um 00:15:25.199 --> 00:15:26.829 align:start position:0% replicating a lot of these benefits um but<00:15:25.839> uh<00:15:26.079> something<00:15:26.320> interesting<00:15:26.680> has 00:15:26.829 --> 00:15:26.839 align:start position:0% but uh something interesting has 00:15:26.839 --> 00:15:29.189 align:start position:0% but uh something interesting has happened<00:15:27.120> in<00:15:27.199> the<00:15:27.399> past<00:15:27.600> few<00:15:27.880> years<00:15:28.360> which<00:15:29.079> uh 00:15:29.189 --> 00:15:29.199 align:start position:0% happened in the past few years which uh 00:15:29.199 --> 00:15:30.749 align:start position:0% happened in the past few years which uh I<00:15:29.279> think<00:15:29.399> is<00:15:29.600> very<00:15:29.839> exciting<00:15:30.240> and<00:15:30.360> it's<00:15:30.519> worth 00:15:30.749 --> 00:15:30.759 align:start position:0% I think is very exciting and it's worth 00:15:30.759 --> 00:15:32.629 align:start position:0% I think is very exciting and it's worth everyone<00:15:31.040> kind<00:15:31.120> of<00:15:31.240> being<00:15:31.399> aware<00:15:31.720> of<00:15:32.240> which<00:15:32.360> is 00:15:32.629 --> 00:15:32.639 align:start position:0% everyone kind of being aware of which is 00:15:32.639 --> 00:15:34.110 align:start position:0% everyone kind of being aware of which is that<00:15:32.959> uh<00:15:33.040> this<00:15:33.160> is<00:15:33.279> sort<00:15:33.440> of<00:15:33.560> changed<00:15:33.920> and<00:15:34.000> so 00:15:34.110 --> 00:15:34.120 align:start position:0% that uh this is sort of changed and so 00:15:34.120 --> 00:15:35.910 align:start position:0% that uh this is sort of changed and so I'm<00:15:34.199> going<00:15:34.279> to<00:15:34.440> explain<00:15:35.199> what's<00:15:35.440> changed<00:15:35.759> and 00:15:35.910 --> 00:15:35.920 align:start position:0% I'm going to explain what's changed and 00:15:35.920 --> 00:15:38.870 align:start position:0% I'm going to explain what's changed and why<00:15:36.040> it's<00:15:36.199> gotten<00:15:36.440> easier<00:15:37.279> um<00:15:37.880> historically 00:15:38.870 --> 00:15:38.880 align:start position:0% why it's gotten easier um historically 00:15:38.880 --> 00:15:40.910 align:start position:0% why it's gotten easier um historically it's<00:15:39.120> really<00:15:39.440> hard<00:15:40.120> to<00:15:40.279> do<00:15:40.480> any<00:15:40.600> of<00:15:40.759> these 00:15:40.910 --> 00:15:40.920 align:start position:0% it's really hard to do any of these 00:15:40.920 --> 00:15:42.629 align:start position:0% it's really hard to do any of these three<00:15:41.160> things<00:15:41.880> every<00:15:42.079> time<00:15:42.240> there's<00:15:42.360> a<00:15:42.480> new 00:15:42.629 --> 00:15:42.639 align:start position:0% three things every time there's a new 00:15:42.639 --> 00:15:44.749 align:start position:0% three things every time there's a new chain<00:15:43.399> it's<00:15:43.519> a<00:15:43.680> new<00:15:43.880> algorithm<00:15:44.399> it's<00:15:44.519> a<00:15:44.639> new 00:15:44.749 --> 00:15:44.759 align:start position:0% chain it's a new algorithm it's a new 00:15:44.759 --> 00:15:47.309 align:start position:0% chain it's a new algorithm it's a new token<00:15:45.240> it's<00:15:45.360> a<00:15:45.519> New<00:15:45.759> Foundation<00:15:46.440> it's<00:15:46.560> a<00:15:46.720> new 00:15:47.309 --> 00:15:47.319 align:start position:0% token it's a New Foundation it's a new 00:15:47.319 --> 00:15:49.430 align:start position:0% token it's a New Foundation it's a new you<00:15:47.480> know<00:15:47.720> new<00:15:47.959> brand<00:15:48.440> it's<00:15:48.560> a<00:15:48.680> new<00:15:48.880> community 00:15:49.430 --> 00:15:49.440 align:start position:0% you know new brand it's a new community 00:15:49.440 --> 00:15:51.710 align:start position:0% you know new brand it's a new community it's<00:15:49.600> it's<00:15:49.720> a<00:15:49.880> really<00:15:50.160> complicated<00:15:50.720> Endeavor 00:15:51.710 --> 00:15:51.720 align:start position:0% it's it's a really complicated Endeavor 00:15:51.720 --> 00:15:53.069 align:start position:0% it's it's a really complicated Endeavor um<00:15:51.920> every<00:15:52.079> time<00:15:52.199> there<00:15:52.319> was<00:15:52.440> a<00:15:52.519> new<00:15:52.639> stable 00:15:53.069 --> 00:15:53.079 align:start position:0% um every time there was a new stable 00:15:53.079 --> 00:15:55.189 align:start position:0% um every time there was a new stable coin<00:15:53.519> it's<00:15:53.720> again<00:15:54.000> very<00:15:54.279> complicated<00:15:55.079> you 00:15:55.189 --> 00:15:55.199 align:start position:0% coin it's again very complicated you 00:15:55.199 --> 00:15:56.189 align:start position:0% coin it's again very complicated you have<00:15:55.279> to<00:15:55.399> get<00:15:55.519> all<00:15:55.639> these<00:15:55.800> banking 00:15:56.189 --> 00:15:56.199 align:start position:0% have to get all these banking 00:15:56.199 --> 00:15:57.590 align:start position:0% have to get all these banking Partnerships<00:15:56.800> you<00:15:56.880> have<00:15:56.959> to<00:15:57.040> build<00:15:57.199> a<00:15:57.319> brand 00:15:57.590 --> 00:15:57.600 align:start position:0% Partnerships you have to build a brand 00:15:57.600 --> 00:15:59.910 align:start position:0% Partnerships you have to build a brand for<00:15:57.720> your<00:15:57.880> stable<00:15:58.279> coin<00:15:59.040> uh<00:15:59.160> it's<00:15:59.279> a<00:15:59.440> very<00:15:59.680> big 00:15:59.910 --> 00:15:59.920 align:start position:0% for your stable coin uh it's a very big 00:15:59.920 --> 00:16:01.030 align:start position:0% for your stable coin uh it's a very big business<00:16:00.319> you<00:16:00.440> know<00:16:00.560> these<00:16:00.639> are<00:16:00.800> these<00:16:00.880> are 00:16:01.030 --> 00:16:01.040 align:start position:0% business you know these are these are 00:16:01.040 --> 00:16:03.030 align:start position:0% business you know these are these are companies<00:16:01.360> that<00:16:01.480> are<00:16:01.600> getting<00:16:01.839> started<00:16:02.839> um 00:16:03.030 --> 00:16:03.040 align:start position:0% companies that are getting started um 00:16:03.040 --> 00:16:05.350 align:start position:0% companies that are getting started um and<00:16:03.160> similarly<00:16:03.600> with<00:16:03.759> ramps<00:16:04.440> or<00:16:04.639> or<00:16:04.759> exchanges 00:16:05.350 --> 00:16:05.360 align:start position:0% and similarly with ramps or or exchanges 00:16:05.360 --> 00:16:07.189 align:start position:0% and similarly with ramps or or exchanges whichever<00:16:05.720> kind<00:16:05.800> of<00:16:06.040> term<00:16:06.240> you<00:16:06.360> want<00:16:06.440> to<00:16:06.560> use 00:16:07.189 --> 00:16:07.199 align:start position:0% whichever kind of term you want to use 00:16:07.199 --> 00:16:08.389 align:start position:0% whichever kind of term you want to use um<00:16:07.319> these<00:16:07.440> are<00:16:07.560> very<00:16:07.720> big<00:16:07.880> businesses<00:16:08.240> too 00:16:08.389 --> 00:16:08.399 align:start position:0% um these are very big businesses too 00:16:08.399 --> 00:16:10.030 align:start position:0% um these are very big businesses too you're<00:16:08.560> going<00:16:08.759> to<00:16:08.920> Time<00:16:09.160> Square<00:16:09.480> Billboards 00:16:10.030 --> 00:16:10.040 align:start position:0% you're going to Time Square Billboards 00:16:10.040 --> 00:16:11.629 align:start position:0% you're going to Time Square Billboards driving<00:16:10.480> people<00:16:10.720> to<00:16:10.880> want<00:16:11.000> to<00:16:11.120> buy<00:16:11.279> and<00:16:11.399> sell 00:16:11.629 --> 00:16:11.639 align:start position:0% driving people to want to buy and sell 00:16:11.639 --> 00:16:13.870 align:start position:0% driving people to want to buy and sell crypto<00:16:12.040> assets<00:16:13.040> um<00:16:13.240> and<00:16:13.360> so<00:16:13.519> this<00:16:13.600> has<00:16:13.720> been 00:16:13.870 --> 00:16:13.880 align:start position:0% crypto assets um and so this has been 00:16:13.880 --> 00:16:16.230 align:start position:0% crypto assets um and so this has been very<00:16:14.079> hard<00:16:14.759> but<00:16:14.959> in<00:16:15.079> the<00:16:15.240> past<00:16:15.399> few<00:16:15.680> years<00:16:16.120> this 00:16:16.230 --> 00:16:16.240 align:start position:0% very hard but in the past few years this 00:16:16.240 --> 00:16:18.670 align:start position:0% very hard but in the past few years this has<00:16:16.480> radically<00:16:17.120> changed<00:16:18.120> we've<00:16:18.319> solved 00:16:18.670 --> 00:16:18.680 align:start position:0% has radically changed we've solved 00:16:18.680 --> 00:16:20.749 align:start position:0% has radically changed we've solved scaling<00:16:19.240> for<00:16:19.360> the<00:16:19.519> most<00:16:19.759> part<00:16:20.240> we've<00:16:20.399> made<00:16:20.560> it 00:16:20.749 --> 00:16:20.759 align:start position:0% scaling for the most part we've made it 00:16:20.759 --> 00:16:23.389 align:start position:0% scaling for the most part we've made it very<00:16:21.000> low<00:16:21.240> fee<00:16:21.800> and<00:16:22.000> and<00:16:22.240> very<00:16:22.519> easy<00:16:22.959> to<00:16:23.079> launch 00:16:23.389 --> 00:16:23.399 align:start position:0% very low fee and and very easy to launch 00:16:23.399 --> 00:16:25.910 align:start position:0% very low fee and and very easy to launch a<00:16:23.519> new<00:16:23.880> blockchain<00:16:24.880> uh<00:16:25.040> similarly<00:16:25.560> stable 00:16:25.910 --> 00:16:25.920 align:start position:0% a new blockchain uh similarly stable 00:16:25.920 --> 00:16:27.949 align:start position:0% a new blockchain uh similarly stable coin<00:16:26.160> issuance<00:16:26.800> has<00:16:26.959> gotten<00:16:27.519> a<00:16:27.639> lot<00:16:27.759> more 00:16:27.949 --> 00:16:27.959 align:start position:0% coin issuance has gotten a lot more 00:16:27.959 --> 00:16:29.710 align:start position:0% coin issuance has gotten a lot more normalized<00:16:28.560> and<00:16:28.680> you<00:16:28.800> can<00:16:28.959> can<00:16:29.240> launch<00:16:29.560> a 00:16:29.710 --> 00:16:29.720 align:start position:0% normalized and you can can launch a 00:16:29.720 --> 00:16:31.150 align:start position:0% normalized and you can can launch a stable<00:16:30.120> coin<00:16:30.399> through<00:16:30.600> something<00:16:30.880> like<00:16:31.000> a 00:16:31.150 --> 00:16:31.160 align:start position:0% stable coin through something like a 00:16:31.160 --> 00:16:34.389 align:start position:0% stable coin through something like a paxos<00:16:31.759> or<00:16:31.920> a<00:16:32.199> braille<00:16:33.199> um<00:16:33.560> and<00:16:33.839> Sexes<00:16:34.279> are 00:16:34.389 --> 00:16:34.399 align:start position:0% paxos or a braille um and Sexes are 00:16:34.399 --> 00:16:36.550 align:start position:0% paxos or a braille um and Sexes are being<00:16:34.600> unbundled<00:16:35.199> into<00:16:35.440> apis<00:16:36.120> what<00:16:36.199> I<00:16:36.279> showed 00:16:36.550 --> 00:16:36.560 align:start position:0% being unbundled into apis what I showed 00:16:36.560 --> 00:16:38.670 align:start position:0% being unbundled into apis what I showed with<00:16:36.680> Bridge<00:16:37.000> earlier<00:16:37.360> their<00:16:37.680> documentation 00:16:38.670 --> 00:16:38.680 align:start position:0% with Bridge earlier their documentation 00:16:38.680 --> 00:16:40.350 align:start position:0% with Bridge earlier their documentation is<00:16:38.920> effectively<00:16:39.399> something<00:16:39.639> that<00:16:39.800> people<00:16:39.959> are 00:16:40.350 --> 00:16:40.360 align:start position:0% is effectively something that people are 00:16:40.360 --> 00:16:42.590 align:start position:0% is effectively something that people are leveraging<00:16:40.959> exchanges<00:16:41.440> for<00:16:41.759> historically 00:16:42.590 --> 00:16:42.600 align:start position:0% leveraging exchanges for historically 00:16:42.600 --> 00:16:45.710 align:start position:0% leveraging exchanges for historically now<00:16:42.800> as<00:16:42.920> an<00:16:43.120> API<00:16:44.120> so<00:16:44.360> it's<00:16:44.519> kind<00:16:44.600> of<00:16:44.720> this<00:16:44.880> like 00:16:45.710 --> 00:16:45.720 align:start position:0% now as an API so it's kind of this like 00:16:45.720 --> 00:16:48.030 align:start position:0% now as an API so it's kind of this like unbundling<00:16:46.720> uh<00:16:46.959> of<00:16:47.240> of<00:16:47.440> the<00:16:47.600> of<00:16:47.720> the<00:16:47.839> things 00:16:48.030 --> 00:16:48.040 align:start position:0% unbundling uh of of the of the things 00:16:48.040 --> 00:16:49.910 align:start position:0% unbundling uh of of the of the things that<00:16:48.199> those<00:16:48.399> businesses<00:16:48.839> did<00:16:49.319> and<00:16:49.440> being<00:16:49.680> made 00:16:49.910 --> 00:16:49.920 align:start position:0% that those businesses did and being made 00:16:49.920 --> 00:16:51.870 align:start position:0% that those businesses did and being made available<00:16:50.440> for<00:16:50.680> people<00:16:50.920> to<00:16:51.360> build<00:16:51.600> on<00:16:51.759> their 00:16:51.870 --> 00:16:51.880 align:start position:0% available for people to build on their 00:16:51.880 --> 00:16:55.110 align:start position:0% available for people to build on their own<00:16:52.600> so<00:16:53.319> examples<00:16:54.120> you<00:16:54.240> can<00:16:54.399> now<00:16:54.600> launch<00:16:54.839> a<00:16:54.959> new 00:16:55.110 --> 00:16:55.120 align:start position:0% own so examples you can now launch a new 00:16:55.120 --> 00:16:56.629 align:start position:0% own so examples you can now launch a new blockchain<00:16:55.480> like<00:16:55.639> you<00:16:55.720> launch<00:16:55.959> a<00:16:56.079> new<00:16:56.199> server 00:16:56.629 --> 00:16:56.639 align:start position:0% blockchain like you launch a new server 00:16:56.639 --> 00:16:59.309 align:start position:0% blockchain like you launch a new server using<00:16:56.959> conduit<00:16:57.480> Alchemy<00:16:58.399> uh<00:16:58.519> or<00:16:58.639> any<00:16:58.959> Ras 00:16:59.309 --> 00:16:59.319 align:start position:0% using conduit Alchemy uh or any Ras 00:16:59.319 --> 00:17:01.069 align:start position:0% using conduit Alchemy uh or any Ras platform<00:17:00.000> you<00:17:00.120> can<00:17:00.240> now<00:17:00.399> launch<00:17:00.600> a<00:17:00.720> stable 00:17:01.069 --> 00:17:01.079 align:start position:0% platform you can now launch a stable 00:17:01.079 --> 00:17:02.710 align:start position:0% platform you can now launch a stable coin<00:17:01.480> like<00:17:01.600> you<00:17:01.759> would<00:17:01.959> work<00:17:02.160> with<00:17:02.319> any<00:17:02.480> other 00:17:02.710 --> 00:17:02.720 align:start position:0% coin like you would work with any other 00:17:02.720 --> 00:17:04.990 align:start position:0% coin like you would work with any other vendor<00:17:03.720> there<00:17:03.839> are<00:17:04.120> plenty<00:17:04.360> of<00:17:04.480> vendors<00:17:04.880> that 00:17:04.990 --> 00:17:05.000 align:start position:0% vendor there are plenty of vendors that 00:17:05.000 --> 00:17:06.990 align:start position:0% vendor there are plenty of vendors that will<00:17:05.160> help<00:17:05.360> with<00:17:05.439> the<00:17:05.559> regulatory<00:17:06.079> components 00:17:06.990 --> 00:17:07.000 align:start position:0% will help with the regulatory components 00:17:07.000 --> 00:17:08.630 align:start position:0% will help with the regulatory components and<00:17:07.160> figure<00:17:07.400> out<00:17:07.520> how<00:17:07.600> to<00:17:07.720> pass<00:17:07.959> the<00:17:08.079> yield<00:17:08.520> to 00:17:08.630 --> 00:17:08.640 align:start position:0% and figure out how to pass the yield to 00:17:08.640 --> 00:17:11.750 align:start position:0% and figure out how to pass the yield to you<00:17:08.799> or<00:17:08.919> your<00:17:09.199> customers<00:17:10.199> um<00:17:10.360> and<00:17:10.520> ramps<00:17:11.240> are 00:17:11.750 --> 00:17:11.760 align:start position:0% you or your customers um and ramps are 00:17:11.760 --> 00:17:14.309 align:start position:0% you or your customers um and ramps are you<00:17:11.880> know<00:17:12.000> there's<00:17:12.160> a<00:17:12.439> huge<00:17:12.919> industry<00:17:13.880> of 00:17:14.309 --> 00:17:14.319 align:start position:0% you know there's a huge industry of 00:17:14.319 --> 00:17:15.669 align:start position:0% you know there's a huge industry of ramps<00:17:14.640> and<00:17:14.760> I've<00:17:14.799> have<00:17:14.880> a<00:17:15.000> slide<00:17:15.240> showing<00:17:15.559> some 00:17:15.669 --> 00:17:15.679 align:start position:0% ramps and I've have a slide showing some 00:17:15.679 --> 00:17:18.069 align:start position:0% ramps and I've have a slide showing some of<00:17:15.799> them<00:17:16.600> uh<00:17:16.760> later<00:17:17.039> on<00:17:17.559> that<00:17:17.720> now<00:17:17.880> are 00:17:18.069 --> 00:17:18.079 align:start position:0% of them uh later on that now are 00:17:18.079 --> 00:17:19.789 align:start position:0% of them uh later on that now are possible<00:17:18.360> for<00:17:18.480> you<00:17:18.559> to<00:17:18.679> integrate<00:17:19.160> with<00:17:19.720> uh 00:17:19.789 --> 00:17:19.799 align:start position:0% possible for you to integrate with uh 00:17:19.799 --> 00:17:21.549 align:start position:0% possible for you to integrate with uh for<00:17:19.959> your<00:17:20.120> business<00:17:20.799> so<00:17:20.959> the<00:17:21.079> question<00:17:21.319> I<00:17:21.439> kind 00:17:21.549 --> 00:17:21.559 align:start position:0% for your business so the question I kind 00:17:21.559 --> 00:17:23.429 align:start position:0% for your business so the question I kind of<00:17:21.679> pose<00:17:21.959> is<00:17:22.120> like<00:17:22.600> okay<00:17:22.760> in<00:17:22.880> a<00:17:23.000> world<00:17:23.199> where<00:17:23.319> we 00:17:23.429 --> 00:17:23.439 align:start position:0% of pose is like okay in a world where we 00:17:23.439 --> 00:17:24.949 align:start position:0% of pose is like okay in a world where we don't<00:17:23.559> need<00:17:23.880> different<00:17:24.240> companies<00:17:24.640> for<00:17:24.839> each 00:17:24.949 --> 00:17:24.959 align:start position:0% don't need different companies for each 00:17:24.959 --> 00:17:27.270 align:start position:0% don't need different companies for each of<00:17:25.160> these<00:17:25.400> kind<00:17:25.520> of<00:17:25.760> three<00:17:26.360> um<00:17:27.000> kind<00:17:27.120> of 00:17:27.270 --> 00:17:27.280 align:start position:0% of these kind of three um kind of 00:17:27.280 --> 00:17:29.909 align:start position:0% of these kind of three um kind of pillars<00:17:28.039> of<00:17:28.199> the<00:17:28.319> industry<00:17:29.200> what<00:17:29.480> what<00:17:29.679> things 00:17:29.909 --> 00:17:29.919 align:start position:0% pillars of the industry what what things 00:17:29.919 --> 00:17:32.230 align:start position:0% pillars of the industry what what things can<00:17:30.080> get<00:17:30.280> built<00:17:30.720> what<00:17:30.919> what<00:17:31.000> fills<00:17:31.480> in<00:17:31.679> these 00:17:32.230 --> 00:17:32.240 align:start position:0% can get built what what fills in these 00:17:32.240 --> 00:17:34.510 align:start position:0% can get built what what fills in these circles<00:17:33.240> um<00:17:33.400> and<00:17:33.520> what<00:17:33.640> I'll<00:17:33.840> pause<00:17:34.080> it<00:17:34.320> is 00:17:34.510 --> 00:17:34.520 align:start position:0% circles um and what I'll pause it is 00:17:34.520 --> 00:17:37.150 align:start position:0% circles um and what I'll pause it is that<00:17:35.160> uh<00:17:35.240> it's<00:17:35.400> all<00:17:35.559> about<00:17:35.919> distribution<00:17:36.919> uh 00:17:37.150 --> 00:17:37.160 align:start position:0% that uh it's all about distribution uh 00:17:37.160 --> 00:17:38.789 align:start position:0% that uh it's all about distribution uh this<00:17:37.240> is<00:17:37.400> what<00:17:37.600> I've<00:17:37.760> been<00:17:37.919> really<00:17:38.320> occupied 00:17:38.789 --> 00:17:38.799 align:start position:0% this is what I've been really occupied 00:17:38.799 --> 00:17:40.029 align:start position:0% this is what I've been really occupied with<00:17:38.960> in<00:17:39.080> the<00:17:39.200> past<00:17:39.360> a<00:17:39.400> little<00:17:39.600> while<00:17:39.799> is<00:17:39.919> how 00:17:40.029 --> 00:17:40.039 align:start position:0% with in the past a little while is how 00:17:40.039 --> 00:17:41.990 align:start position:0% with in the past a little while is how do<00:17:40.160> we<00:17:40.320> get<00:17:40.840> more<00:17:41.039> and<00:17:41.200> more<00:17:41.480> companies<00:17:41.840> that 00:17:41.990 --> 00:17:42.000 align:start position:0% do we get more and more companies that 00:17:42.000 --> 00:17:44.750 align:start position:0% do we get more and more companies that have<00:17:42.240> huge<00:17:42.559> amounts<00:17:42.840> of<00:17:43.240> distribution<00:17:44.240> like 00:17:44.750 --> 00:17:44.760 align:start position:0% have huge amounts of distribution like 00:17:44.760 --> 00:17:46.950 align:start position:0% have huge amounts of distribution like you<00:17:44.919> know<00:17:45.160> the<00:17:45.320> top<00:17:45.600> apps<00:17:45.880> on<00:17:46.080> the<00:17:46.360> finance 00:17:46.950 --> 00:17:46.960 align:start position:0% you know the top apps on the finance 00:17:46.960 --> 00:17:49.470 align:start position:0% you know the top apps on the finance page<00:17:47.160> in<00:17:47.280> the<00:17:47.400> App<00:17:47.600> Store<00:17:48.160> the<00:17:48.320> revolutes<00:17:49.280> uh 00:17:49.470 --> 00:17:49.480 align:start position:0% page in the App Store the revolutes uh 00:17:49.480 --> 00:17:51.310 align:start position:0% page in the App Store the revolutes uh this<00:17:49.559> is<00:17:49.760> this<00:17:49.840> is<00:17:49.960> America<00:17:50.440> no<00:17:50.640> revolute<00:17:51.080> but 00:17:51.310 --> 00:17:51.320 align:start position:0% this is this is America no revolute but 00:17:51.320 --> 00:17:53.549 align:start position:0% this is this is America no revolute but the<00:17:51.480> cash<00:17:51.760> apps<00:17:52.120> the<00:17:52.280> robin<00:17:52.640> hoods<00:17:53.320> you<00:17:53.440> know 00:17:53.549 --> 00:17:53.559 align:start position:0% the cash apps the robin hoods you know 00:17:53.559 --> 00:17:56.070 align:start position:0% the cash apps the robin hoods you know the<00:17:53.640> venos<00:17:54.240> PayPal<00:17:54.919> how<00:17:55.000> do<00:17:55.159> we<00:17:55.320> get<00:17:55.600> them<00:17:55.919> who 00:17:56.070 --> 00:17:56.080 align:start position:0% the venos PayPal how do we get them who 00:17:56.080 --> 00:17:59.630 align:start position:0% the venos PayPal how do we get them who have<00:17:56.360> huge<00:17:56.880> customer<00:17:57.280> bases<00:17:58.000> to<00:17:58.320> want<00:17:58.840> to 00:17:59.630 --> 00:17:59.640 align:start position:0% have huge customer bases to want to 00:17:59.640 --> 00:18:01.750 align:start position:0% have huge customer bases to want to integrate<00:18:00.400> with<00:18:00.600> ethereum<00:18:01.320> because<00:18:01.480> if<00:18:01.640> we 00:18:01.750 --> 00:18:01.760 align:start position:0% integrate with ethereum because if we 00:18:01.760 --> 00:18:04.710 align:start position:0% integrate with ethereum because if we can<00:18:01.960> bring<00:18:02.640> hundreds<00:18:03.039> of<00:18:03.240> millions<00:18:03.679> or<00:18:03.919> more 00:18:04.710 --> 00:18:04.720 align:start position:0% can bring hundreds of millions or more 00:18:04.720 --> 00:18:06.230 align:start position:0% can bring hundreds of millions or more users<00:18:05.240> effectively<00:18:05.720> through<00:18:06.000> their 00:18:06.230 --> 00:18:06.240 align:start position:0% users effectively through their 00:18:06.240 --> 00:18:08.270 align:start position:0% users effectively through their distribution<00:18:07.159> that<00:18:07.320> might<00:18:07.520> be<00:18:07.679> the<00:18:07.799> fastest 00:18:08.270 --> 00:18:08.280 align:start position:0% distribution that might be the fastest 00:18:08.280 --> 00:18:10.669 align:start position:0% distribution that might be the fastest path<00:18:08.440> for<00:18:08.640> us<00:18:09.000> as<00:18:09.320> as<00:18:09.400> the<00:18:09.520> ethereum<00:18:09.960> community 00:18:10.669 --> 00:18:10.679 align:start position:0% path for us as as the ethereum community 00:18:10.679 --> 00:18:13.630 align:start position:0% path for us as as the ethereum community to<00:18:10.919> get<00:18:11.400> uh<00:18:11.520> this<00:18:11.679> technology<00:18:12.159> to<00:18:12.360> the<00:18:12.640> masses 00:18:13.630 --> 00:18:13.640 align:start position:0% to get uh this technology to the masses 00:18:13.640 --> 00:18:16.230 align:start position:0% to get uh this technology to the masses um<00:18:14.240> and<00:18:14.600> I<00:18:14.880> I<00:18:14.960> think<00:18:15.120> there's<00:18:15.400> three<00:18:15.760> major 00:18:16.230 --> 00:18:16.240 align:start position:0% um and I I think there's three major 00:18:16.240 --> 00:18:17.950 align:start position:0% um and I I think there's three major kind<00:18:16.360> of<00:18:16.760> ways<00:18:17.000> you<00:18:17.080> can<00:18:17.240> look<00:18:17.360> at<00:18:17.520> this<00:18:17.840> in 00:18:17.950 --> 00:18:17.960 align:start position:0% kind of ways you can look at this in 00:18:17.960 --> 00:18:20.029 align:start position:0% kind of ways you can look at this in terms<00:18:18.159> of<00:18:18.320> how<00:18:18.440> it'll<00:18:18.760> evolve<00:18:19.520> I<00:18:19.640> think<00:18:19.840> the 00:18:20.029 --> 00:18:20.039 align:start position:0% terms of how it'll evolve I think the 00:18:20.039 --> 00:18:21.390 align:start position:0% terms of how it'll evolve I think the apps<00:18:20.400> are<00:18:20.520> going<00:18:20.640> to<00:18:20.720> be<00:18:20.840> a<00:18:20.919> lot<00:18:21.120> less 00:18:21.390 --> 00:18:21.400 align:start position:0% apps are going to be a lot less 00:18:21.400 --> 00:18:23.310 align:start position:0% apps are going to be a lot less speculative<00:18:22.080> in<00:18:22.240> this<00:18:22.400> world<00:18:22.799> where 00:18:23.310 --> 00:18:23.320 align:start position:0% speculative in this world where 00:18:23.320 --> 00:18:25.190 align:start position:0% speculative in this world where distribution<00:18:23.880> is<00:18:24.039> the<00:18:24.200> most<00:18:24.400> important<00:18:24.799> part 00:18:25.190 --> 00:18:25.200 align:start position:0% distribution is the most important part 00:18:25.200 --> 00:18:26.710 align:start position:0% distribution is the most important part it'll<00:18:25.400> be<00:18:25.520> a<00:18:25.600> lot<00:18:25.760> less<00:18:26.000> about<00:18:26.240> how<00:18:26.360> do<00:18:26.440> you<00:18:26.559> buy 00:18:26.710 --> 00:18:26.720 align:start position:0% it'll be a lot less about how do you buy 00:18:26.720 --> 00:18:28.789 align:start position:0% it'll be a lot less about how do you buy and<00:18:26.799> sell<00:18:27.000> crypto<00:18:27.360> assets<00:18:27.720> and<00:18:27.840> more<00:18:28.080> about 00:18:28.789 --> 00:18:28.799 align:start position:0% and sell crypto assets and more about 00:18:28.799 --> 00:18:30.950 align:start position:0% and sell crypto assets and more about how<00:18:28.880> do<00:18:29.000> you<00:18:29.320> do<00:18:29.600> payments<00:18:30.120> cross<00:18:30.400> border 00:18:30.950 --> 00:18:30.960 align:start position:0% how do you do payments cross border 00:18:30.960 --> 00:18:33.549 align:start position:0% how do you do payments cross border Commerce<00:18:31.919> settlement<00:18:32.919> uh<00:18:33.039> how<00:18:33.159> do<00:18:33.240> you<00:18:33.360> how<00:18:33.440> do 00:18:33.549 --> 00:18:33.559 align:start position:0% Commerce settlement uh how do you how do 00:18:33.559 --> 00:18:35.549 align:start position:0% Commerce settlement uh how do you how do you<00:18:33.640> kind<00:18:33.760> of<00:18:33.960> provide<00:18:34.280> consumer<00:18:34.679> fintech<00:18:35.400> uh 00:18:35.549 --> 00:18:35.559 align:start position:0% you kind of provide consumer fintech uh 00:18:35.559 --> 00:18:38.110 align:start position:0% you kind of provide consumer fintech uh products<00:18:36.559> the<00:18:36.760> chains<00:18:37.400> will<00:18:37.559> be<00:18:37.679> a<00:18:37.799> lot<00:18:37.960> less 00:18:38.110 --> 00:18:38.120 align:start position:0% products the chains will be a lot less 00:18:38.120 --> 00:18:40.270 align:start position:0% products the chains will be a lot less narratively<00:18:38.679> driven<00:18:39.360> personally<00:18:40.080> I<00:18:40.159> think 00:18:40.270 --> 00:18:40.280 align:start position:0% narratively driven personally I think 00:18:40.280 --> 00:18:41.590 align:start position:0% narratively driven personally I think it's<00:18:40.360> a<00:18:40.480> lot<00:18:40.640> less<00:18:40.799> exciting<00:18:41.159> what<00:18:41.280> the<00:18:41.400> next 00:18:41.590 --> 00:18:41.600 align:start position:0% it's a lot less exciting what the next 00:18:41.600 --> 00:18:43.350 align:start position:0% it's a lot less exciting what the next ethereum<00:18:42.000> color<00:18:42.360> is<00:18:42.840> they're<00:18:43.080> very 00:18:43.350 --> 00:18:43.360 align:start position:0% ethereum color is they're very 00:18:43.360 --> 00:18:45.110 align:start position:0% ethereum color is they're very incremental<00:18:44.159> it's<00:18:44.280> going<00:18:44.400> to<00:18:44.480> be<00:18:44.559> a<00:18:44.640> lot<00:18:44.840> more 00:18:45.110 --> 00:18:45.120 align:start position:0% incremental it's going to be a lot more 00:18:45.120 --> 00:18:46.710 align:start position:0% incremental it's going to be a lot more interoperability<00:18:46.000> driven<00:18:46.320> how<00:18:46.400> do<00:18:46.520> you<00:18:46.600> make 00:18:46.710 --> 00:18:46.720 align:start position:0% interoperability driven how do you make 00:18:46.720 --> 00:18:49.230 align:start position:0% interoperability driven how do you make it<00:18:46.799> so<00:18:47.000> that<00:18:47.120> your<00:18:47.320> chain<00:18:47.799> connects<00:18:48.400> with<00:18:49.039> sort 00:18:49.230 --> 00:18:49.240 align:start position:0% it so that your chain connects with sort 00:18:49.240 --> 00:18:51.909 align:start position:0% it so that your chain connects with sort of<00:18:49.360> the<00:18:49.480> city<00:18:49.760> of<00:18:50.039> ethereum<00:18:51.039> um<00:18:51.320> and<00:18:51.480> you<00:18:51.559> know 00:18:51.909 --> 00:18:51.919 align:start position:0% of the city of ethereum um and you know 00:18:51.919 --> 00:18:53.190 align:start position:0% of the city of ethereum um and you know how<00:18:52.000> do<00:18:52.120> you<00:18:52.200> make<00:18:52.320> it<00:18:52.440> so<00:18:52.559> that<00:18:52.640> your<00:18:52.840> chain<00:18:53.039> is 00:18:53.190 --> 00:18:53.200 align:start position:0% how do you make it so that your chain is 00:18:53.200 --> 00:18:55.230 align:start position:0% how do you make it so that your chain is also<00:18:53.400> going<00:18:53.480> to<00:18:53.679> benefit<00:18:54.039> your<00:18:54.280> customers 00:18:55.230 --> 00:18:55.240 align:start position:0% also going to benefit your customers 00:18:55.240 --> 00:18:57.149 align:start position:0% also going to benefit your customers I'll<00:18:55.400> give<00:18:55.520> an<00:18:55.640> example<00:18:56.039> about<00:18:56.520> what<00:18:56.679> world<00:18:57.039> is 00:18:57.149 --> 00:18:57.159 align:start position:0% I'll give an example about what world is 00:18:57.159 --> 00:18:59.270 align:start position:0% I'll give an example about what world is doing<00:18:57.480> with<00:18:57.679> with<00:18:57.799> World<00:18:58.080> chain<00:18:58.840> but<00:18:59.080> if<00:18:59.159> you 00:18:59.270 --> 00:18:59.280 align:start position:0% doing with with World chain but if you 00:18:59.280 --> 00:19:00.430 align:start position:0% doing with with World chain but if you have<00:18:59.400> a<00:18:59.480> world<00:18:59.760> ID<00:19:00.080> you're<00:19:00.240> kind<00:19:00.320> of 00:19:00.430 --> 00:19:00.440 align:start position:0% have a world ID you're kind of 00:19:00.440 --> 00:19:02.029 align:start position:0% have a world ID you're kind of privileged<00:19:00.840> on<00:19:00.960> world<00:19:01.159> chain<00:19:01.400> in<00:19:01.520> a<00:19:01.640> way<00:19:01.840> which 00:19:02.029 --> 00:19:02.039 align:start position:0% privileged on world chain in a way which 00:19:02.039 --> 00:19:03.789 align:start position:0% privileged on world chain in a way which attracts<00:19:02.520> you<00:19:02.679> to<00:19:02.840> that<00:19:03.000> chain<00:19:03.559> I<00:19:03.640> think 00:19:03.789 --> 00:19:03.799 align:start position:0% attracts you to that chain I think 00:19:03.799 --> 00:19:04.830 align:start position:0% attracts you to that chain I think that's<00:19:04.000> the<00:19:04.120> kind<00:19:04.240> of<00:19:04.400> thing<00:19:04.559> that'll 00:19:04.830 --> 00:19:04.840 align:start position:0% that's the kind of thing that'll 00:19:04.840 --> 00:19:07.190 align:start position:0% that's the kind of thing that'll differentiate<00:19:05.360> chains<00:19:05.720> into<00:19:05.919> the<00:19:06.080> future<00:19:07.000> um 00:19:07.190 --> 00:19:07.200 align:start position:0% differentiate chains into the future um 00:19:07.200 --> 00:19:09.110 align:start position:0% differentiate chains into the future um and<00:19:07.320> then<00:19:07.480> Stables<00:19:08.280> it'll<00:19:08.480> be<00:19:08.600> a<00:19:08.720> lot<00:19:08.919> less 00:19:09.110 --> 00:19:09.120 align:start position:0% and then Stables it'll be a lot less 00:19:09.120 --> 00:19:11.190 align:start position:0% and then Stables it'll be a lot less about<00:19:09.360> sort<00:19:09.559> of<00:19:09.720> the<00:19:09.919> Branded<00:19:10.440> stable<00:19:10.840> coin 00:19:11.190 --> 00:19:11.200 align:start position:0% about sort of the Branded stable coin 00:19:11.200 --> 00:19:13.310 align:start position:0% about sort of the Branded stable coin how<00:19:11.320> do<00:19:11.440> we<00:19:11.559> get<00:19:11.799> maximum<00:19:12.320> liquidity<00:19:13.080> and<00:19:13.200> a 00:19:13.310 --> 00:19:13.320 align:start position:0% how do we get maximum liquidity and a 00:19:13.320 --> 00:19:14.950 align:start position:0% how do we get maximum liquidity and a lot<00:19:13.480> more<00:19:13.679> about<00:19:13.919> this<00:19:14.120> these<00:19:14.280> short-term 00:19:14.950 --> 00:19:14.960 align:start position:0% lot more about this these short-term 00:19:14.960 --> 00:19:17.110 align:start position:0% lot more about this these short-term Journeys<00:19:15.720> where<00:19:15.880> money<00:19:16.159> goes<00:19:16.400> into<00:19:16.600> a<00:19:16.720> stable 00:19:17.110 --> 00:19:17.120 align:start position:0% Journeys where money goes into a stable 00:19:17.120 --> 00:19:19.549 align:start position:0% Journeys where money goes into a stable temporarily<00:19:18.000> for<00:19:18.159> the<00:19:18.280> benefit<00:19:18.600> of<00:19:18.720> moving<00:19:19.039> it 00:19:19.549 --> 00:19:19.559 align:start position:0% temporarily for the benefit of moving it 00:19:19.559 --> 00:19:22.070 align:start position:0% temporarily for the benefit of moving it and<00:19:19.720> then<00:19:20.159> uh<00:19:20.320> comes<00:19:20.600> back<00:19:20.760> out<00:19:21.000> later<00:19:21.919> so 00:19:22.070 --> 00:19:22.080 align:start position:0% and then uh comes back out later so 00:19:22.080 --> 00:19:24.549 align:start position:0% and then uh comes back out later so that's<00:19:22.280> kind<00:19:22.360> of<00:19:22.480> my<00:19:22.840> thesis<00:19:23.840> um<00:19:24.280> and<00:19:24.440> I'm 00:19:24.549 --> 00:19:24.559 align:start position:0% that's kind of my thesis um and I'm 00:19:24.559 --> 00:19:25.710 align:start position:0% that's kind of my thesis um and I'm hoping<00:19:24.760> that<00:19:24.880> we'll<00:19:25.039> see<00:19:25.159> a<00:19:25.240> world<00:19:25.440> that<00:19:25.559> looks 00:19:25.710 --> 00:19:25.720 align:start position:0% hoping that we'll see a world that looks 00:19:25.720 --> 00:19:28.710 align:start position:0% hoping that we'll see a world that looks a<00:19:25.799> bit<00:19:25.960> more<00:19:26.159> like<00:19:26.360> this<00:19:27.039> where<00:19:27.799> PayPal 00:19:28.710 --> 00:19:28.720 align:start position:0% a bit more like this where PayPal 00:19:28.720 --> 00:19:30.549 align:start position:0% a bit more like this where PayPal through<00:19:29.320> the<00:19:29.480> combination<00:19:29.880> of<00:19:30.000> stable<00:19:30.360> coin 00:19:30.549 --> 00:19:30.559 align:start position:0% through the combination of stable coin 00:19:30.559 --> 00:19:32.230 align:start position:0% through the combination of stable coin issuance<00:19:31.320> and<00:19:31.440> the<00:19:31.600> combination<00:19:32.080> of 00:19:32.230 --> 00:19:32.240 align:start position:0% issuance and the combination of 00:19:32.240 --> 00:19:34.190 align:start position:0% issuance and the combination of leveraging<00:19:32.679> blockchain<00:19:33.159> platforms<00:19:33.880> will<00:19:34.080> be 00:19:34.190 --> 00:19:34.200 align:start position:0% leveraging blockchain platforms will be 00:19:34.200 --> 00:19:36.510 align:start position:0% leveraging blockchain platforms will be able<00:19:34.400> to<00:19:34.520> kind<00:19:34.640> of<00:19:35.240> effectively<00:19:36.120> take<00:19:36.320> a<00:19:36.400> lot 00:19:36.510 --> 00:19:36.520 align:start position:0% able to kind of effectively take a lot 00:19:36.520 --> 00:19:37.830 align:start position:0% able to kind of effectively take a lot of<00:19:36.679> the<00:19:36.799> values<00:19:37.159> that<00:19:37.320> we've<00:19:37.600> kind<00:19:37.720> of 00:19:37.830 --> 00:19:37.840 align:start position:0% of the values that we've kind of 00:19:37.840 --> 00:19:39.750 align:start position:0% of the values that we've kind of embedded<00:19:38.200> into<00:19:38.400> the<00:19:38.520> technology<00:19:38.919> of<00:19:39.039> ethereum 00:19:39.750 --> 00:19:39.760 align:start position:0% embedded into the technology of ethereum 00:19:39.760 --> 00:19:42.630 align:start position:0% embedded into the technology of ethereum and<00:19:39.880> bring<00:19:40.120> it<00:19:40.280> to<00:19:41.159> uh<00:19:41.280> to<00:19:41.480> their 00:19:42.630 --> 00:19:42.640 align:start position:0% and bring it to uh to their 00:19:42.640 --> 00:19:45.470 align:start position:0% and bring it to uh to their customers<00:19:43.640> so<00:19:44.520> um<00:19:44.840> that's<00:19:44.960> where<00:19:45.120> I<00:19:45.280> think 00:19:45.470 --> 00:19:45.480 align:start position:0% customers so um that's where I think 00:19:45.480 --> 00:19:47.549 align:start position:0% customers so um that's where I think things<00:19:45.760> might<00:19:45.919> be<00:19:46.120> going<00:19:46.880> I<00:19:46.960> think<00:19:47.320> for 00:19:47.549 --> 00:19:47.559 align:start position:0% things might be going I think for 00:19:47.559 --> 00:19:49.750 align:start position:0% things might be going I think for ethereum<00:19:48.000> to<00:19:48.120> win<00:19:48.360> there's<00:19:48.799> three<00:19:49.200> major 00:19:49.750 --> 00:19:49.760 align:start position:0% ethereum to win there's three major 00:19:49.760 --> 00:19:51.669 align:start position:0% ethereum to win there's three major areas<00:19:50.120> that<00:19:50.240> it<00:19:50.320> needs<00:19:50.520> to<00:19:50.679> focus<00:19:51.000> on<00:19:51.440> like<00:19:51.600> if 00:19:51.669 --> 00:19:51.679 align:start position:0% areas that it needs to focus on like if 00:19:51.679 --> 00:19:53.270 align:start position:0% areas that it needs to focus on like if I<00:19:51.799> was<00:19:51.960> CEO<00:19:52.320> of<00:19:52.400> ethereum<00:19:52.799> is<00:19:52.919> the<00:19:53.080> kind<00:19:53.159> of 00:19:53.270 --> 00:19:53.280 align:start position:0% I was CEO of ethereum is the kind of 00:19:53.280 --> 00:19:54.830 align:start position:0% I was CEO of ethereum is the kind of things<00:19:53.480> I<00:19:53.600> would<00:19:53.760> like<00:19:54.039> make<00:19:54.159> sure<00:19:54.559> like<00:19:54.679> are 00:19:54.830 --> 00:19:54.840 align:start position:0% things I would like make sure like are 00:19:54.840 --> 00:19:57.870 align:start position:0% things I would like make sure like are really<00:19:55.000> being<00:19:55.240> nailed<00:19:56.240> um<00:19:56.480> one<00:19:56.679> is<00:19:57.000> access<00:19:57.679> two 00:19:57.870 --> 00:19:57.880 align:start position:0% really being nailed um one is access two 00:19:57.880 --> 00:19:59.750 align:start position:0% really being nailed um one is access two is<00:19:58.039> liquidity<00:19:58.840> and<00:19:59.000> thre<00:19:59.240> is<00:19:59.320> in<00:19:59.480> our 00:19:59.750 --> 00:19:59.760 align:start position:0% is liquidity and thre is in our 00:19:59.760 --> 00:20:02.310 align:start position:0% is liquidity and thre is in our operability<00:20:00.760> um<00:20:01.320> pretty<00:20:01.559> straightforward 00:20:02.310 --> 00:20:02.320 align:start position:0% operability um pretty straightforward 00:20:02.320 --> 00:20:04.270 align:start position:0% operability um pretty straightforward access<00:20:02.799> basically<00:20:03.159> means<00:20:03.640> if<00:20:03.799> you<00:20:03.960> are 00:20:04.270 --> 00:20:04.280 align:start position:0% access basically means if you are 00:20:04.280 --> 00:20:06.230 align:start position:0% access basically means if you are someone<00:20:04.960> that<00:20:05.120> has<00:20:05.240> a<00:20:05.400> business<00:20:05.720> in<00:20:05.880> any<00:20:06.080> one 00:20:06.230 --> 00:20:06.240 align:start position:0% someone that has a business in any one 00:20:06.240 --> 00:20:07.909 align:start position:0% someone that has a business in any one of<00:20:06.400> these<00:20:06.679> countries<00:20:07.120> or<00:20:07.280> anywhere<00:20:07.600> else<00:20:07.799> in 00:20:07.909 --> 00:20:07.919 align:start position:0% of these countries or anywhere else in 00:20:07.919 --> 00:20:09.990 align:start position:0% of these countries or anywhere else in the<00:20:08.039> world<00:20:08.559> where<00:20:08.760> this<00:20:09.080> huge<00:20:09.400> you<00:20:09.520> know<00:20:09.720> very 00:20:09.990 --> 00:20:10.000 align:start position:0% the world where this huge you know very 00:20:10.000 --> 00:20:12.110 align:start position:0% the world where this huge you know very disperate<00:20:10.480> Patchwork<00:20:10.919> of<00:20:11.080> banks<00:20:11.720> how<00:20:11.799> do<00:20:11.960> we 00:20:12.110 --> 00:20:12.120 align:start position:0% disperate Patchwork of banks how do we 00:20:12.120 --> 00:20:14.029 align:start position:0% disperate Patchwork of banks how do we make<00:20:12.280> it<00:20:12.440> so<00:20:12.679> that<00:20:13.000> no<00:20:13.159> matter<00:20:13.480> where<00:20:13.679> you<00:20:13.799> are 00:20:14.029 --> 00:20:14.039 align:start position:0% make it so that no matter where you are 00:20:14.039 --> 00:20:15.669 align:start position:0% make it so that no matter where you are no<00:20:14.159> matter<00:20:14.360> where<00:20:14.440> your<00:20:14.679> money<00:20:14.960> is<00:20:15.400> you<00:20:15.520> can 00:20:15.669 --> 00:20:15.679 align:start position:0% no matter where your money is you can 00:20:15.679 --> 00:20:18.310 align:start position:0% no matter where your money is you can get<00:20:15.840> it<00:20:16.000> into<00:20:16.360> ethereum<00:20:17.039> through<00:20:17.720> some<00:20:17.919> ramp 00:20:18.310 --> 00:20:18.320 align:start position:0% get it into ethereum through some ramp 00:20:18.320 --> 00:20:20.990 align:start position:0% get it into ethereum through some ramp providers<00:20:18.799> some<00:20:19.000> API<00:20:19.679> some<00:20:20.120> some<00:20:20.760> through 00:20:20.990 --> 00:20:21.000 align:start position:0% providers some API some some through 00:20:21.000 --> 00:20:22.870 align:start position:0% providers some API some some through some<00:20:21.240> means<00:20:22.159> uh<00:20:22.240> and<00:20:22.360> this<00:20:22.480> is<00:20:22.679> you<00:20:22.760> know 00:20:22.870 --> 00:20:22.880 align:start position:0% some means uh and this is you know 00:20:22.880 --> 00:20:24.430 align:start position:0% some means uh and this is you know ethereum<00:20:23.200> has<00:20:23.320> a<00:20:23.400> huge<00:20:23.600> Head<00:20:23.880> Start<00:20:24.159> it's<00:20:24.280> been 00:20:24.430 --> 00:20:24.440 align:start position:0% ethereum has a huge Head Start it's been 00:20:24.440 --> 00:20:27.190 align:start position:0% ethereum has a huge Head Start it's been around<00:20:24.760> for<00:20:25.559> um<00:20:25.720> nearly<00:20:26.039> a<00:20:26.200> decade<00:20:26.840> we<00:20:27.000> have 00:20:27.190 --> 00:20:27.200 align:start position:0% around for um nearly a decade we have 00:20:27.200 --> 00:20:29.149 align:start position:0% around for um nearly a decade we have tons<00:20:27.440> of<00:20:27.559> Integrations<00:20:28.120> already<00:20:28.760> and<00:20:28.919> I<00:20:29.000> think 00:20:29.149 --> 00:20:29.159 align:start position:0% tons of Integrations already and I think 00:20:29.159 --> 00:20:31.549 align:start position:0% tons of Integrations already and I think we<00:20:29.240> can<00:20:29.400> leverage<00:20:30.039> also<00:20:31.039> all<00:20:31.240> of<00:20:31.360> these 00:20:31.549 --> 00:20:31.559 align:start position:0% we can leverage also all of these 00:20:31.559 --> 00:20:32.789 align:start position:0% we can leverage also all of these companies<00:20:31.960> that<00:20:32.080> have<00:20:32.200> been<00:20:32.280> built<00:20:32.520> in<00:20:32.640> our 00:20:32.789 --> 00:20:32.799 align:start position:0% companies that have been built in our 00:20:32.799 --> 00:20:35.230 align:start position:0% companies that have been built in our ecosystem<00:20:33.679> to<00:20:33.880> get<00:20:34.120> all<00:20:34.280> of<00:20:34.480> that<00:20:34.880> um<00:20:35.080> all 00:20:35.230 --> 00:20:35.240 align:start position:0% ecosystem to get all of that um all 00:20:35.240 --> 00:20:38.070 align:start position:0% ecosystem to get all of that um all those<00:20:35.400> Integrations<00:20:36.400> done<00:20:37.400> um<00:20:37.559> and<00:20:37.640> if<00:20:37.760> we<00:20:37.880> do 00:20:38.070 --> 00:20:38.080 align:start position:0% those Integrations done um and if we do 00:20:38.080 --> 00:20:39.390 align:start position:0% those Integrations done um and if we do that<00:20:38.280> it's<00:20:38.440> going<00:20:38.520> to<00:20:38.640> make<00:20:38.760> it<00:20:38.840> incrementally 00:20:39.390 --> 00:20:39.400 align:start position:0% that it's going to make it incrementally 00:20:39.400 --> 00:20:41.870 align:start position:0% that it's going to make it incrementally easier<00:20:39.760> for<00:20:39.960> companies<00:20:40.400> like<00:20:40.520> a<00:20:40.720> Dao<00:20:41.559> which 00:20:41.870 --> 00:20:41.880 align:start position:0% easier for companies like a Dao which 00:20:41.880 --> 00:20:43.990 align:start position:0% easier for companies like a Dao which has<00:20:42.120> building<00:20:42.600> sort<00:20:42.799> of<00:20:43.200> uh<00:20:43.360> an<00:20:43.559> app<00:20:43.720> on<00:20:43.840> the 00:20:43.990 --> 00:20:44.000 align:start position:0% has building sort of uh an app on the 00:20:44.000 --> 00:20:46.070 align:start position:0% has building sort of uh an app on the App<00:20:44.159> Store<00:20:44.679> you<00:20:44.840> download<00:20:45.280> it<00:20:45.720> if<00:20:45.840> it's 00:20:46.070 --> 00:20:46.080 align:start position:0% App Store you download it if it's 00:20:46.080 --> 00:20:47.270 align:start position:0% App Store you download it if it's possible<00:20:46.360> no<00:20:46.520> matter<00:20:46.720> where<00:20:46.840> you<00:20:46.960> are<00:20:47.080> in<00:20:47.159> the 00:20:47.270 --> 00:20:47.280 align:start position:0% possible no matter where you are in the 00:20:47.280 --> 00:20:48.710 align:start position:0% possible no matter where you are in the world<00:20:47.480> to<00:20:47.600> just<00:20:47.760> get<00:20:47.880> your<00:20:47.960> money<00:20:48.200> into<00:20:48.480> this 00:20:48.710 --> 00:20:48.720 align:start position:0% world to just get your money into this 00:20:48.720 --> 00:20:50.350 align:start position:0% world to just get your money into this app<00:20:49.159> all<00:20:49.280> of<00:20:49.400> a<00:20:49.480> sudden<00:20:49.720> we<00:20:49.880> have<00:20:50.000> sort<00:20:50.159> of<00:20:50.280> a 00:20:50.350 --> 00:20:50.360 align:start position:0% app all of a sudden we have sort of a 00:20:50.360 --> 00:20:51.870 align:start position:0% app all of a sudden we have sort of a universal<00:20:50.799> venmo<00:20:51.280> that<00:20:51.400> just<00:20:51.480> works<00:20:51.720> for 00:20:51.870 --> 00:20:51.880 align:start position:0% universal venmo that just works for 00:20:51.880 --> 00:20:54.430 align:start position:0% universal venmo that just works for everyone<00:20:52.679> um<00:20:52.880> so<00:20:53.039> it's<00:20:53.600> the<00:20:53.760> access<00:20:54.080> is<00:20:54.240> really 00:20:54.430 --> 00:20:54.440 align:start position:0% everyone um so it's the access is really 00:20:54.440 --> 00:20:57.110 align:start position:0% everyone um so it's the access is really really<00:20:54.919> important<00:20:55.919> the<00:20:56.280> second<00:20:56.600> one<00:20:56.919> is 00:20:57.110 --> 00:20:57.120 align:start position:0% really important the second one is 00:20:57.120 --> 00:20:59.870 align:start position:0% really important the second one is liquidity<00:20:58.039> ethereum<00:20:58.720> is<00:20:58.919> way<00:20:59.159> ahead<00:20:59.400> on<00:20:59.600> this 00:20:59.870 --> 00:20:59.880 align:start position:0% liquidity ethereum is way ahead on this 00:20:59.880 --> 00:21:02.430 align:start position:0% liquidity ethereum is way ahead on this we're<00:21:00.120> already<00:21:00.600> by<00:21:00.840> far<00:21:01.120> the<00:21:01.280> largest<00:21:02.240> um 00:21:02.430 --> 00:21:02.440 align:start position:0% we're already by far the largest um 00:21:02.440 --> 00:21:04.750 align:start position:0% we're already by far the largest um aggregator<00:21:03.080> of<00:21:03.280> capital<00:21:03.640> in<00:21:03.760> this<00:21:03.919> industry<00:21:04.679> I 00:21:04.750 --> 00:21:04.760 align:start position:0% aggregator of capital in this industry I 00:21:04.760 --> 00:21:05.870 align:start position:0% aggregator of capital in this industry I think<00:21:04.919> it's<00:21:05.080> really<00:21:05.320> important<00:21:05.640> that<00:21:05.720> we 00:21:05.870 --> 00:21:05.880 align:start position:0% think it's really important that we 00:21:05.880 --> 00:21:07.230 align:start position:0% think it's really important that we continue<00:21:06.159> to<00:21:06.320> double<00:21:06.600> down<00:21:06.760> in<00:21:06.919> that<00:21:07.039> and<00:21:07.120> we 00:21:07.230 --> 00:21:07.240 align:start position:0% continue to double down in that and we 00:21:07.240 --> 00:21:09.190 align:start position:0% continue to double down in that and we don't<00:21:07.400> lose<00:21:07.799> sight<00:21:08.039> of<00:21:08.240> that<00:21:08.679> and<00:21:08.880> it's<00:21:09.039> been 00:21:09.190 --> 00:21:09.200 align:start position:0% don't lose sight of that and it's been 00:21:09.200 --> 00:21:11.190 align:start position:0% don't lose sight of that and it's been great<00:21:09.400> to<00:21:09.480> see<00:21:09.679> in<00:21:09.799> the<00:21:10.039> past<00:21:10.559> you<00:21:10.679> know<00:21:10.880> year 00:21:11.190 --> 00:21:11.200 align:start position:0% great to see in the past you know year 00:21:11.200 --> 00:21:12.430 align:start position:0% great to see in the past you know year the<00:21:11.320> ethereum<00:21:11.679> foundation<00:21:12.000> and<00:21:12.120> etherum 00:21:12.430 --> 00:21:12.440 align:start position:0% the ethereum foundation and etherum 00:21:12.440 --> 00:21:15.310 align:start position:0% the ethereum foundation and etherum researchers<00:21:13.000> have<00:21:13.279> really<00:21:14.000> focused<00:21:14.559> on<00:21:14.840> defi 00:21:15.310 --> 00:21:15.320 align:start position:0% researchers have really focused on defi 00:21:15.320 --> 00:21:17.310 align:start position:0% researchers have really focused on defi as<00:21:15.400> a<00:21:15.520> use<00:21:15.840> case<00:21:16.520> uh<00:21:16.640> I<00:21:16.720> think<00:21:16.880> the<00:21:17.000> fact<00:21:17.159> that 00:21:17.310 --> 00:21:17.320 align:start position:0% as a use case uh I think the fact that 00:21:17.320 --> 00:21:19.149 align:start position:0% as a use case uh I think the fact that ethereum<00:21:17.799> is<00:21:17.919> kind<00:21:18.039> of<00:21:18.159> the<00:21:18.279> New<00:21:18.480> York<00:21:18.760> of<00:21:19.000> the 00:21:19.149 --> 00:21:19.159 align:start position:0% ethereum is kind of the New York of the 00:21:19.159 --> 00:21:20.990 align:start position:0% ethereum is kind of the New York of the you<00:21:19.240> know<00:21:19.400> the<00:21:19.480> city<00:21:19.720> on<00:21:19.880> Mars<00:21:20.480> which<00:21:20.600> is<00:21:20.760> what 00:21:20.990 --> 00:21:21.000 align:start position:0% you know the city on Mars which is what 00:21:21.000 --> 00:21:22.830 align:start position:0% you know the city on Mars which is what what<00:21:21.159> Paradigm<00:21:21.600> calls<00:21:21.799> it<00:21:22.159> is<00:21:22.279> really<00:21:22.600> really 00:21:22.830 --> 00:21:22.840 align:start position:0% what Paradigm calls it is really really 00:21:22.840 --> 00:21:24.390 align:start position:0% what Paradigm calls it is really really important<00:21:23.559> and<00:21:23.720> we<00:21:23.799> have<00:21:23.880> to<00:21:24.000> continue<00:21:24.279> to 00:21:24.390 --> 00:21:24.400 align:start position:0% important and we have to continue to 00:21:24.400 --> 00:21:25.870 align:start position:0% important and we have to continue to aggregate<00:21:24.799> that<00:21:24.919> liquidity<00:21:25.440> because<00:21:25.600> it's 00:21:25.870 --> 00:21:25.880 align:start position:0% aggregate that liquidity because it's 00:21:25.880 --> 00:21:28.630 align:start position:0% aggregate that liquidity because it's that<00:21:26.440> liquidity<00:21:26.919> aggregation<00:21:27.440> which<00:21:27.600> enables 00:21:28.630 --> 00:21:28.640 align:start position:0% that liquidity aggregation which enables 00:21:28.640 --> 00:21:31.110 align:start position:0% that liquidity aggregation which enables this<00:21:28.760> kind<00:21:28.880> of<00:21:29.039> use<00:21:29.400> case<00:21:30.159> where<00:21:30.760> because 00:21:31.110 --> 00:21:31.120 align:start position:0% this kind of use case where because 00:21:31.120 --> 00:21:33.149 align:start position:0% this kind of use case where because ethereum<00:21:31.720> has<00:21:31.840> it<00:21:31.960> all<00:21:32.120> in<00:21:32.279> one<00:21:32.520> place<00:21:32.799> we<00:21:32.919> can 00:21:33.149 --> 00:21:33.159 align:start position:0% ethereum has it all in one place we can 00:21:33.159 --> 00:21:36.870 align:start position:0% ethereum has it all in one place we can enable<00:21:34.159> um<00:21:34.640> really<00:21:35.000> low<00:21:35.400> fee<00:21:35.919> FX<00:21:36.360> conversions 00:21:36.870 --> 00:21:36.880 align:start position:0% enable um really low fee FX conversions 00:21:36.880 --> 00:21:38.750 align:start position:0% enable um really low fee FX conversions for<00:21:37.039> example<00:21:37.400> on<00:21:37.600> chain<00:21:38.240> in<00:21:38.360> a<00:21:38.480> way<00:21:38.640> that 00:21:38.750 --> 00:21:38.760 align:start position:0% for example on chain in a way that 00:21:38.760 --> 00:21:41.070 align:start position:0% for example on chain in a way that competes<00:21:39.159> with<00:21:39.440> wise<00:21:40.440> you<00:21:40.520> can<00:21:40.679> almost<00:21:40.919> think 00:21:41.070 --> 00:21:41.080 align:start position:0% competes with wise you can almost think 00:21:41.080 --> 00:21:43.549 align:start position:0% competes with wise you can almost think of<00:21:41.279> wise<00:21:41.720> as<00:21:41.919> like<00:21:42.480> a<00:21:42.640> blockchain<00:21:43.120> in<00:21:43.200> a<00:21:43.360> sense 00:21:43.549 --> 00:21:43.559 align:start position:0% of wise as like a blockchain in a sense 00:21:43.559 --> 00:21:45.830 align:start position:0% of wise as like a blockchain in a sense that<00:21:43.720> has<00:21:43.840> a<00:21:43.960> ton<00:21:44.120> of<00:21:44.240> integration<00:21:44.840> Partners 00:21:45.830 --> 00:21:45.840 align:start position:0% that has a ton of integration Partners 00:21:45.840 --> 00:21:47.510 align:start position:0% that has a ton of integration Partners um<00:21:46.000> that<00:21:46.159> they've<00:21:46.360> manually<00:21:46.880> had<00:21:47.000> to<00:21:47.120> build<00:21:47.360> up 00:21:47.510 --> 00:21:47.520 align:start position:0% um that they've manually had to build up 00:21:47.520 --> 00:21:50.029 align:start position:0% um that they've manually had to build up over<00:21:47.720> the<00:21:47.880> past<00:21:48.120> decade<00:21:48.840> but<00:21:49.080> compared<00:21:49.480> to<00:21:49.720> the 00:21:50.029 --> 00:21:50.039 align:start position:0% over the past decade but compared to the 00:21:50.039 --> 00:21:51.710 align:start position:0% over the past decade but compared to the aggregate<00:21:50.600> Manpower<00:21:51.200> of<00:21:51.320> the<00:21:51.440> entire 00:21:51.710 --> 00:21:51.720 align:start position:0% aggregate Manpower of the entire 00:21:51.720 --> 00:21:54.230 align:start position:0% aggregate Manpower of the entire ethereum<00:21:52.120> industry<00:21:52.720> I<00:21:52.799> don't<00:21:52.960> think<00:21:53.080> it<00:21:53.240> can 00:21:54.230 --> 00:21:54.240 align:start position:0% ethereum industry I don't think it can 00:21:54.240 --> 00:21:56.750 align:start position:0% ethereum industry I don't think it can compete<00:21:55.240> um<00:21:55.559> similarly<00:21:56.120> you<00:21:56.200> can<00:21:56.320> see<00:21:56.520> more 00:21:56.750 --> 00:21:56.760 align:start position:0% compete um similarly you can see more 00:21:56.760 --> 00:21:59.190 align:start position:0% compete um similarly you can see more apps<00:21:57.039> like<00:21:57.200> stable<00:21:58.080> which<00:21:58.600> effectively<00:21:59.000> is 00:21:59.190 --> 00:21:59.200 align:start position:0% apps like stable which effectively is 00:21:59.200 --> 00:22:01.669 align:start position:0% apps like stable which effectively is going<00:21:59.480> out<00:21:59.679> and<00:21:59.880> saying<00:22:00.600> hey<00:22:01.120> the<00:22:01.279> crypto 00:22:01.669 --> 00:22:01.679 align:start position:0% going out and saying hey the crypto 00:22:01.679 --> 00:22:03.830 align:start position:0% going out and saying hey the crypto economy<00:22:02.240> has<00:22:02.520> really<00:22:02.799> good<00:22:03.000> yields<00:22:03.480> and<00:22:03.600> so<00:22:03.760> if 00:22:03.830 --> 00:22:03.840 align:start position:0% economy has really good yields and so if 00:22:03.840 --> 00:22:05.269 align:start position:0% economy has really good yields and so if you<00:22:03.919> want<00:22:04.039> to<00:22:04.159> get<00:22:04.360> access<00:22:04.559> to<00:22:04.720> the<00:22:04.919> best 00:22:05.269 --> 00:22:05.279 align:start position:0% you want to get access to the best 00:22:05.279 --> 00:22:07.549 align:start position:0% you want to get access to the best highest<00:22:05.840> dollar<00:22:06.159> denominated<00:22:06.760> yield<00:22:07.120> that's 00:22:07.549 --> 00:22:07.559 align:start position:0% highest dollar denominated yield that's 00:22:07.559 --> 00:22:09.149 align:start position:0% highest dollar denominated yield that's you<00:22:07.679> know<00:22:08.200> obviously<00:22:08.480> there's<00:22:08.640> risk<00:22:08.919> and<00:22:09.039> so 00:22:09.149 --> 00:22:09.159 align:start position:0% you know obviously there's risk and so 00:22:09.159 --> 00:22:11.070 align:start position:0% you know obviously there's risk and so on<00:22:09.320> but<00:22:09.679> relatively<00:22:10.240> risk-free 00:22:11.070 --> 00:22:11.080 align:start position:0% on but relatively risk-free 00:22:11.080 --> 00:22:13.230 align:start position:0% on but relatively risk-free comparatively<00:22:12.080> um<00:22:12.320> you<00:22:12.440> know<00:22:12.640> just<00:22:12.880> one<00:22:13.120> you 00:22:13.230 --> 00:22:13.240 align:start position:0% comparatively um you know just one you 00:22:13.240 --> 00:22:15.430 align:start position:0% comparatively um you know just one you know<00:22:13.400> Jal<00:22:13.919> app<00:22:14.120> face<00:22:14.400> idea<00:22:14.760> and<00:22:14.960> get<00:22:15.120> and<00:22:15.320> get 00:22:15.430 --> 00:22:15.440 align:start position:0% know Jal app face idea and get and get 00:22:15.440 --> 00:22:17.510 align:start position:0% know Jal app face idea and get and get and<00:22:15.559> get<00:22:15.720> that<00:22:15.919> value<00:22:16.720> so<00:22:17.039> that's<00:22:17.240> the 00:22:17.510 --> 00:22:17.520 align:start position:0% and get that value so that's the 00:22:17.520 --> 00:22:19.990 align:start position:0% and get that value so that's the liquidity<00:22:18.520> and<00:22:18.600> then<00:22:18.720> the<00:22:18.840> final<00:22:19.120> piece<00:22:19.279> is 00:22:19.990 --> 00:22:20.000 align:start position:0% liquidity and then the final piece is 00:22:20.000 --> 00:22:22.310 align:start position:0% liquidity and then the final piece is interoperability<00:22:21.000> which<00:22:21.279> is<00:22:21.960> I<00:22:22.039> want<00:22:22.159> to 00:22:22.310 --> 00:22:22.320 align:start position:0% interoperability which is I want to 00:22:22.320 --> 00:22:23.789 align:start position:0% interoperability which is I want to describe<00:22:22.640> in<00:22:22.760> kind<00:22:22.880> of<00:22:23.000> two<00:22:23.320> two<00:22:23.520> different 00:22:23.789 --> 00:22:23.799 align:start position:0% describe in kind of two two different 00:22:23.799 --> 00:22:27.630 align:start position:0% describe in kind of two two different ways<00:22:24.799> um<00:22:25.080> one<00:22:25.320> is<00:22:25.880> super<00:22:26.240> apps<00:22:26.960> so<00:22:27.400> if<00:22:27.480> you're 00:22:27.630 --> 00:22:27.640 align:start position:0% ways um one is super apps so if you're 00:22:27.640 --> 00:22:29.510 align:start position:0% ways um one is super apps so if you're not<00:22:27.799> familiar<00:22:28.120> with<00:22:28.240> super<00:22:28.679> app<00:22:29.039> is<00:22:29.320> an 00:22:29.510 --> 00:22:29.520 align:start position:0% not familiar with super app is an 00:22:29.520 --> 00:22:31.710 align:start position:0% not familiar with super app is an application<00:22:30.039> like<00:22:30.240> this<00:22:30.360> one<00:22:30.960> which<00:22:31.159> has<00:22:31.400> tons 00:22:31.710 --> 00:22:31.720 align:start position:0% application like this one which has tons 00:22:31.720 --> 00:22:35.470 align:start position:0% application like this one which has tons of<00:22:31.919> different<00:22:32.880> um<00:22:33.360> use<00:22:33.799> cases<00:22:34.400> all<00:22:34.600> in<00:22:34.840> one<00:22:35.200> m 00:22:35.470 --> 00:22:35.480 align:start position:0% of different um use cases all in one m 00:22:35.480 --> 00:22:37.669 align:start position:0% of different um use cases all in one m one<00:22:35.679> single<00:22:36.080> app<00:22:36.279> this<00:22:36.440> is<00:22:36.600> very<00:22:36.880> popular 00:22:37.669 --> 00:22:37.679 align:start position:0% one single app this is very popular 00:22:37.679 --> 00:22:40.070 align:start position:0% one single app this is very popular especially<00:22:38.120> throughout<00:22:38.559> Asia<00:22:39.320> um<00:22:39.480> WeChat 00:22:40.070 --> 00:22:40.080 align:start position:0% especially throughout Asia um WeChat 00:22:40.080 --> 00:22:42.710 align:start position:0% especially throughout Asia um WeChat grab<00:22:40.559> here<00:22:41.000> and<00:22:41.120> so<00:22:41.320> on<00:22:42.080> uh<00:22:42.240> I<00:22:42.320> think<00:22:42.520> that 00:22:42.710 --> 00:22:42.720 align:start position:0% grab here and so on uh I think that 00:22:42.720 --> 00:22:44.470 align:start position:0% grab here and so on uh I think that super<00:22:43.039> apps<00:22:43.360> might<00:22:43.600> be<00:22:43.880> a<00:22:44.039> type<00:22:44.240> of 00:22:44.470 --> 00:22:44.480 align:start position:0% super apps might be a type of 00:22:44.480 --> 00:22:46.149 align:start position:0% super apps might be a type of application<00:22:44.840> that<00:22:45.000> ethereum<00:22:45.520> can<00:22:45.799> really 00:22:46.149 --> 00:22:46.159 align:start position:0% application that ethereum can really 00:22:46.159 --> 00:22:48.470 align:start position:0% application that ethereum can really accelerate<00:22:46.720> the<00:22:47.000> developments<00:22:47.559> of<00:22:48.279> um<00:22:48.400> and 00:22:48.470 --> 00:22:48.480 align:start position:0% accelerate the developments of um and 00:22:48.480 --> 00:22:49.710 align:start position:0% accelerate the developments of um and I'll<00:22:48.640> kind<00:22:48.720> of<00:22:48.840> give<00:22:48.960> like<00:22:49.080> a<00:22:49.200> really<00:22:49.440> fast 00:22:49.710 --> 00:22:49.720 align:start position:0% I'll kind of give like a really fast 00:22:49.720 --> 00:22:52.230 align:start position:0% I'll kind of give like a really fast pitch<00:22:50.000> as<00:22:50.120> to<00:22:50.400> to<00:22:50.559> how<00:22:50.760> that<00:22:50.919> is<00:22:51.799> um<00:22:52.039> if<00:22:52.120> you 00:22:52.230 --> 00:22:52.240 align:start position:0% pitch as to to how that is um if you 00:22:52.240 --> 00:22:54.310 align:start position:0% pitch as to to how that is um if you think<00:22:52.400> of<00:22:52.520> a<00:22:52.640> super<00:22:52.960> app<00:22:53.400> you<00:22:53.559> start<00:22:53.840> with<00:22:54.039> some 00:22:54.310 --> 00:22:54.320 align:start position:0% think of a super app you start with some 00:22:54.320 --> 00:22:56.510 align:start position:0% think of a super app you start with some concept<00:22:54.640> of<00:22:54.799> identity<00:22:55.320> so<00:22:55.520> like<00:22:55.880> WeChat<00:22:56.440> you 00:22:56.510 --> 00:22:56.520 align:start position:0% concept of identity so like WeChat you 00:22:56.520 --> 00:22:59.070 align:start position:0% concept of identity so like WeChat you know<00:22:56.760> has<00:22:57.080> all<00:22:57.279> WeChat<00:22:57.679> users<00:22:58.520> in<00:22:58.600> China<00:22:58.919> for 00:22:59.070 --> 00:22:59.080 align:start position:0% know has all WeChat users in China for 00:22:59.080 --> 00:23:01.430 align:start position:0% know has all WeChat users in China for example<00:22:59.760> some<00:23:00.080> integration<00:23:00.559> with<00:23:00.720> a<00:23:00.840> payment 00:23:01.430 --> 00:23:01.440 align:start position:0% example some integration with a payment 00:23:01.440 --> 00:23:04.149 align:start position:0% example some integration with a payment system<00:23:02.440> uh<00:23:02.679> Integrations<00:23:03.240> with<00:23:03.520> other 00:23:04.149 --> 00:23:04.159 align:start position:0% system uh Integrations with other 00:23:04.159 --> 00:23:06.110 align:start position:0% system uh Integrations with other companies<00:23:04.679> and<00:23:04.919> products<00:23:05.799> and<00:23:05.919> then 00:23:06.110 --> 00:23:06.120 align:start position:0% companies and products and then 00:23:06.120 --> 00:23:09.149 align:start position:0% companies and products and then engagement<00:23:07.039> uh<00:23:07.120> with<00:23:07.240> the<00:23:07.840> application<00:23:08.840> um<00:23:09.080> I 00:23:09.149 --> 00:23:09.159 align:start position:0% engagement uh with the application um I 00:23:09.159 --> 00:23:10.950 align:start position:0% engagement uh with the application um I think<00:23:09.559> the<00:23:09.679> cool<00:23:09.919> thing<00:23:10.039> about<00:23:10.240> ethereum<00:23:10.799> is 00:23:10.950 --> 00:23:10.960 align:start position:0% think the cool thing about ethereum is 00:23:10.960 --> 00:23:13.110 align:start position:0% think the cool thing about ethereum is that<00:23:11.240> it<00:23:11.360> makes<00:23:11.720> this<00:23:11.880> step<00:23:12.159> permissionless 00:23:13.110 --> 00:23:13.120 align:start position:0% that it makes this step permissionless 00:23:13.120 --> 00:23:14.590 align:start position:0% that it makes this step permissionless meaning<00:23:13.480> instead<00:23:13.760> of<00:23:13.919> having<00:23:14.320> you<00:23:14.400> know<00:23:14.520> if 00:23:14.590 --> 00:23:14.600 align:start position:0% meaning instead of having you know if 00:23:14.600 --> 00:23:15.909 align:start position:0% meaning instead of having you know if you<00:23:14.679> want<00:23:14.760> to<00:23:14.840> build<00:23:15.000> a<00:23:15.080> super<00:23:15.360> app<00:23:15.559> going<00:23:15.760> out 00:23:15.909 --> 00:23:15.919 align:start position:0% you want to build a super app going out 00:23:15.919 --> 00:23:17.990 align:start position:0% you want to build a super app going out and<00:23:16.039> building<00:23:16.400> hundreds<00:23:16.720> of<00:23:16.919> Partnerships<00:23:17.840> to 00:23:17.990 --> 00:23:18.000 align:start position:0% and building hundreds of Partnerships to 00:23:18.000 --> 00:23:19.990 align:start position:0% and building hundreds of Partnerships to get<00:23:18.120> them<00:23:18.240> into<00:23:18.480> your<00:23:18.640> application<00:23:19.480> ethereum 00:23:19.990 --> 00:23:20.000 align:start position:0% get them into your application ethereum 00:23:20.000 --> 00:23:21.630 align:start position:0% get them into your application ethereum mean<00:23:20.480> uh<00:23:20.600> ethereum<00:23:21.000> lets<00:23:21.200> you<00:23:21.360> have 00:23:21.630 --> 00:23:21.640 align:start position:0% mean uh ethereum lets you have 00:23:21.640 --> 00:23:24.630 align:start position:0% mean uh ethereum lets you have permissionless<00:23:22.720> Partnerships<00:23:23.720> uh<00:23:23.919> and<00:23:24.360> I 00:23:24.630 --> 00:23:24.640 align:start position:0% permissionless Partnerships uh and I 00:23:24.640 --> 00:23:26.909 align:start position:0% permissionless Partnerships uh and I give<00:23:24.840> the<00:23:24.960> example<00:23:25.240> of<00:23:25.360> worldcoin<00:23:26.360> which<00:23:26.600> has 00:23:26.909 --> 00:23:26.919 align:start position:0% give the example of worldcoin which has 00:23:26.919 --> 00:23:28.830 align:start position:0% give the example of worldcoin which has about<00:23:27.240> 15<00:23:27.520> million<00:23:27.840> people<00:23:28.120> now<00:23:28.279> that<00:23:28.640> sign 00:23:28.830 --> 00:23:28.840 align:start position:0% about 15 million people now that sign 00:23:28.840 --> 00:23:30.870 align:start position:0% about 15 million people now that sign that<00:23:28.919> are<00:23:29.080> signed<00:23:29.320> up<00:23:29.440> for<00:23:29.600> an<00:23:29.760> orb<00:23:30.600> uh<00:23:30.760> they 00:23:30.870 --> 00:23:30.880 align:start position:0% that are signed up for an orb uh they 00:23:30.880 --> 00:23:35.710 align:start position:0% that are signed up for an orb uh they are<00:23:31.080> all<00:23:31.880> effectively<00:23:32.440> able<00:23:32.760> to<00:23:33.480> uh<00:23:33.640> be<00:23:34.559> uh<00:23:35.440> uh 00:23:35.710 --> 00:23:35.720 align:start position:0% are all effectively able to uh be uh uh 00:23:35.720 --> 00:23:37.430 align:start position:0% are all effectively able to uh be uh uh using<00:23:35.960> the<00:23:36.080> world<00:23:36.360> app<00:23:36.799> they're<00:23:37.000> able<00:23:37.200> to<00:23:37.320> kind 00:23:37.430 --> 00:23:37.440 align:start position:0% using the world app they're able to kind 00:23:37.440 --> 00:23:39.149 align:start position:0% using the world app they're able to kind of<00:23:37.799> uh<00:23:37.960> access<00:23:38.279> different<00:23:38.600> applications 00:23:39.149 --> 00:23:39.159 align:start position:0% of uh access different applications 00:23:39.159 --> 00:23:40.830 align:start position:0% of uh access different applications permissionless<00:23:40.000> through<00:23:40.240> something<00:23:40.480> called 00:23:40.830 --> 00:23:40.840 align:start position:0% permissionless through something called 00:23:40.840 --> 00:23:42.909 align:start position:0% permissionless through something called minikit<00:23:41.840> uh<00:23:42.000> which<00:23:42.120> is<00:23:42.400> going<00:23:42.520> to<00:23:42.640> end<00:23:42.799> up 00:23:42.909 --> 00:23:42.919 align:start position:0% minikit uh which is going to end up 00:23:42.919 --> 00:23:45.070 align:start position:0% minikit uh which is going to end up showing<00:23:43.240> up<00:23:43.480> on<00:23:43.679> the<00:23:43.919> world<00:23:44.240> app<00:23:44.559> using<00:23:44.799> mini 00:23:45.070 --> 00:23:45.080 align:start position:0% showing up on the world app using mini 00:23:45.080 --> 00:23:47.190 align:start position:0% showing up on the world app using mini apps<00:23:45.880> uh<00:23:46.000> and<00:23:46.080> the<00:23:46.200> reason<00:23:46.440> why<00:23:46.559> it's<00:23:46.799> possible 00:23:47.190 --> 00:23:47.200 align:start position:0% apps uh and the reason why it's possible 00:23:47.200 --> 00:23:48.149 align:start position:0% apps uh and the reason why it's possible is<00:23:47.360> because<00:23:47.600> of<00:23:47.799> this<00:23:47.960> kind<00:23:48.039> of 00:23:48.149 --> 00:23:48.159 align:start position:0% is because of this kind of 00:23:48.159 --> 00:23:50.310 align:start position:0% is because of this kind of permissionless<00:23:48.640> integration<00:23:49.200> anyone<00:23:49.600> can<00:23:50.200> uh 00:23:50.310 --> 00:23:50.320 align:start position:0% permissionless integration anyone can uh 00:23:50.320 --> 00:23:53.070 align:start position:0% permissionless integration anyone can uh create<00:23:50.520> a<00:23:50.640> mini<00:23:51.360> app<00:23:52.360> um<00:23:52.600> I'm<00:23:52.679> going<00:23:52.799> to<00:23:52.880> skip 00:23:53.070 --> 00:23:53.080 align:start position:0% create a mini app um I'm going to skip 00:23:53.080 --> 00:23:54.710 align:start position:0% create a mini app um I'm going to skip over<00:23:53.200> the<00:23:53.279> Partnerships<00:23:53.799> example<00:23:54.320> but<00:23:54.600> the 00:23:54.710 --> 00:23:54.720 align:start position:0% over the Partnerships example but the 00:23:54.720 --> 00:23:57.070 align:start position:0% over the Partnerships example but the tldr<00:23:55.360> is<00:23:56.000> maybe<00:23:56.240> through<00:23:56.480> ethereum<00:23:56.880> we<00:23:56.960> can 00:23:57.070 --> 00:23:57.080 align:start position:0% tldr is maybe through ethereum we can 00:23:57.080 --> 00:23:58.750 align:start position:0% tldr is maybe through ethereum we can enable<00:23:57.400> Partnerships<00:23:57.919> between<00:23:58.159> brand<00:23:58.440> BS<00:23:58.679> in 00:23:58.750 --> 00:23:58.760 align:start position:0% enable Partnerships between brand BS in 00:23:58.760 --> 00:24:00.390 align:start position:0% enable Partnerships between brand BS in a<00:23:58.919> way<00:23:59.120> that<00:23:59.440> they<00:23:59.600> already<00:23:59.880> kind<00:24:00.000> of<00:24:00.120> want<00:24:00.240> to 00:24:00.390 --> 00:24:00.400 align:start position:0% a way that they already kind of want to 00:24:00.400 --> 00:24:03.510 align:start position:0% a way that they already kind of want to do<00:24:01.080> but<00:24:01.279> with<00:24:01.440> ethereum<00:24:01.880> it's<00:24:02.039> a<00:24:02.159> lot<00:24:02.520> easier 00:24:03.510 --> 00:24:03.520 align:start position:0% do but with ethereum it's a lot easier 00:24:03.520 --> 00:24:07.190 align:start position:0% do but with ethereum it's a lot easier so<00:24:04.320> those<00:24:04.440> are<00:24:04.559> the<00:24:04.679> three<00:24:04.919> things<00:24:06.039> um<00:24:07.039> in 00:24:07.190 --> 00:24:07.200 align:start position:0% so those are the three things um in 00:24:07.200 --> 00:24:09.590 align:start position:0% so those are the three things um in short<00:24:07.720> I<00:24:07.840> kind<00:24:07.960> of<00:24:08.039> went<00:24:08.200> over<00:24:08.480> them<00:24:09.159> access 00:24:09.590 --> 00:24:09.600 align:start position:0% short I kind of went over them access 00:24:09.600 --> 00:24:11.350 align:start position:0% short I kind of went over them access liquidity<00:24:10.159> and<00:24:10.320> interoperability<00:24:11.120> those<00:24:11.200> are 00:24:11.350 --> 00:24:11.360 align:start position:0% liquidity and interoperability those are 00:24:11.360 --> 00:24:12.870 align:start position:0% liquidity and interoperability those are the<00:24:11.520> three<00:24:11.799> most<00:24:12.039> important<00:24:12.400> things<00:24:12.679> I<00:24:12.760> think 00:24:12.870 --> 00:24:12.880 align:start position:0% the three most important things I think 00:24:12.880 --> 00:24:14.950 align:start position:0% the three most important things I think that<00:24:13.000> ethereum<00:24:13.480> really<00:24:13.679> needs<00:24:13.880> to<00:24:14.039> nail<00:24:14.720> if<00:24:14.799> we 00:24:14.950 --> 00:24:14.960 align:start position:0% that ethereum really needs to nail if we 00:24:14.960 --> 00:24:16.549 align:start position:0% that ethereum really needs to nail if we get<00:24:15.120> these<00:24:15.320> down<00:24:15.640> then<00:24:15.840> I<00:24:15.919> don't<00:24:16.080> think<00:24:16.320> really 00:24:16.549 --> 00:24:16.559 align:start position:0% get these down then I don't think really 00:24:16.559 --> 00:24:18.789 align:start position:0% get these down then I don't think really any<00:24:16.720> other<00:24:16.919> ecosystem<00:24:17.440> can<00:24:17.679> compete<00:24:18.679> all 00:24:18.789 --> 00:24:18.799 align:start position:0% any other ecosystem can compete all 00:24:18.799 --> 00:24:20.750 align:start position:0% any other ecosystem can compete all right<00:24:19.000> Liam<00:24:19.440> I<00:24:19.559> think<00:24:19.679> I<00:24:19.760> need<00:24:19.880> to<00:24:20.000> cut<00:24:20.240> you<00:24:20.400> off 00:24:20.750 --> 00:24:20.760 align:start position:0% right Liam I think I need to cut you off 00:24:20.760 --> 00:24:22.789 align:start position:0% right Liam I think I need to cut you off because<00:24:21.240> uh<00:24:21.440> it<00:24:21.600> has<00:24:21.720> to<00:24:21.840> be<00:24:21.960> on<00:24:22.240> time<00:24:22.520> I'm<00:24:22.640> so 00:24:22.789 --> 00:24:22.799 align:start position:0% because uh it has to be on time I'm so 00:24:22.799 --> 00:24:24.430 align:start position:0% because uh it has to be on time I'm so sorry<00:24:23.080> do<00:24:23.159> you<00:24:23.279> want<00:24:23.400> to<00:24:23.559> say<00:24:24.039> I<00:24:24.120> got<00:24:24.240> one<00:24:24.320> more 00:24:24.430 --> 00:24:24.440 align:start position:0% sorry do you want to say I got one more 00:24:24.440 --> 00:24:26.789 align:start position:0% sorry do you want to say I got one more I<00:24:24.520> got<00:24:24.640> one<00:24:24.720> more<00:24:24.880> slide<00:24:25.640> um<00:24:26.279> Let<00:24:26.399> me<00:24:26.559> let<00:24:26.640> me<00:24:26.720> do 00:24:26.789 --> 00:24:26.799 align:start position:0% I got one more slide um Let me let me do 00:24:26.799 --> 00:24:29.549 align:start position:0% I got one more slide um Let me let me do one<00:24:26.919> more<00:24:27.039> side<00:24:27.279> really<00:24:27.480> fast<00:24:28.120> if<00:24:28.440> I 00:24:29.549 --> 00:24:29.559 align:start position:0% one more side really fast if I 00:24:29.559 --> 00:24:33.430 align:start position:0% one more side really fast if I can<00:24:30.559> okay<00:24:30.720> screw<00:24:31.000> it<00:24:31.960> I<00:24:32.080> can<00:24:32.399> I<00:24:32.480> can<00:24:32.600> do<00:24:32.720> it<00:24:33.320> okay 00:24:33.430 --> 00:24:33.440 align:start position:0% can okay screw it I can I can do it okay 00:24:33.440 --> 00:24:35.789 align:start position:0% can okay screw it I can I can do it okay I<00:24:33.520> just<00:24:33.640> want<00:24:33.720> to<00:24:33.840> share<00:24:34.039> this<00:24:34.159> one<00:24:34.360> meme<00:24:35.279> um<00:24:35.640> I 00:24:35.789 --> 00:24:35.799 align:start position:0% I just want to share this one meme um I 00:24:35.799 --> 00:24:38.269 align:start position:0% I just want to share this one meme um I think<00:24:36.120> that<00:24:36.760> not<00:24:36.960> this<00:24:37.120> one<00:24:37.600> I<00:24:37.679> think<00:24:37.960> that 00:24:38.269 --> 00:24:38.279 align:start position:0% think that not this one I think that 00:24:38.279 --> 00:24:40.190 align:start position:0% think that not this one I think that stable<00:24:38.679> coins<00:24:39.039> are<00:24:39.240> basically<00:24:39.600> the<00:24:39.760> gateway 00:24:40.190 --> 00:24:40.200 align:start position:0% stable coins are basically the gateway 00:24:40.200 --> 00:24:43.269 align:start position:0% stable coins are basically the gateway drug<00:24:40.559> to<00:24:40.799> ethereum<00:24:41.720> if<00:24:41.880> we<00:24:42.039> can<00:24:42.360> get<00:24:42.720> this<00:24:42.919> use 00:24:43.269 --> 00:24:43.279 align:start position:0% drug to ethereum if we can get this use 00:24:43.279 --> 00:24:45.750 align:start position:0% drug to ethereum if we can get this use case<00:24:43.440> really<00:24:43.720> nailed<00:24:44.720> uh<00:24:44.919> I<00:24:45.120> hope<00:24:45.320> is<00:24:45.520> that<00:24:45.679> in 00:24:45.750 --> 00:24:45.760 align:start position:0% case really nailed uh I hope is that in 00:24:45.760 --> 00:24:48.510 align:start position:0% case really nailed uh I hope is that in the<00:24:45.919> future<00:24:46.799> we<00:24:46.960> get<00:24:47.240> kind<00:24:47.360> of<00:24:47.840> the<00:24:48.039> technology 00:24:48.510 --> 00:24:48.520 align:start position:0% the future we get kind of the technology 00:24:48.520 --> 00:24:50.070 align:start position:0% the future we get kind of the technology of<00:24:48.640> ethereum<00:24:49.000> in<00:24:49.120> the<00:24:49.240> door<00:24:49.480> into<00:24:49.720> the<00:24:49.840> hands 00:24:50.070 --> 00:24:50.080 align:start position:0% of ethereum in the door into the hands 00:24:50.080 --> 00:24:52.110 align:start position:0% of ethereum in the door into the hands of<00:24:50.240> consumer<00:24:50.600> fintech<00:24:51.320> and<00:24:51.440> it's<00:24:51.840> by 00:24:52.110 --> 00:24:52.120 align:start position:0% of consumer fintech and it's by 00:24:52.120 --> 00:24:53.870 align:start position:0% of consumer fintech and it's by espousing<00:24:52.640> our<00:24:52.799> values<00:24:53.120> and<00:24:53.279> coding<00:24:53.520> it<00:24:53.640> into 00:24:53.870 --> 00:24:53.880 align:start position:0% espousing our values and coding it into 00:24:53.880 --> 00:24:55.990 align:start position:0% espousing our values and coding it into the<00:24:54.320> into<00:24:54.520> the<00:24:54.679> technology<00:24:55.679> uh<00:24:55.760> and<00:24:55.880> then 00:24:55.990 --> 00:24:56.000 align:start position:0% the into the technology uh and then 00:24:56.000 --> 00:24:57.630 align:start position:0% the into the technology uh and then selling<00:24:56.320> it<00:24:56.520> via<00:24:56.760> stable<00:24:57.120> coins<00:24:57.399> that<00:24:57.480> will'll 00:24:57.630 --> 00:24:57.640 align:start position:0% selling it via stable coins that will'll 00:24:57.640 --> 00:24:59.950 align:start position:0% selling it via stable coins that will'll get<00:24:57.799> ethereum<00:24:58.399> into<00:24:58.559> the<00:24:58.679> world<00:24:59.240> so<00:24:59.760> yeah 00:24:59.950 --> 00:24:59.960 align:start position:0% get ethereum into the world so yeah 00:24:59.960 --> 00:25:01.350 align:start position:0% get ethereum into the world so yeah thank<00:25:00.080> you<00:25:00.200> very<00:25:00.320> much<00:25:00.640> all<00:25:00.760> right<00:25:00.960> let's<00:25:01.200> give 00:25:01.350 --> 00:25:01.360 align:start position:0% thank you very much all right let's give 00:25:01.360 --> 00:25:04.909 align:start position:0% thank you very much all right let's give him<00:25:01.480> a<00:25:01.600> big<00:25:01.760> round<00:25:02.000> of<00:25:02.360> applause<00:25:03.720> wow<00:25:04.720> thank 00:25:04.909 --> 00:25:04.919 align:start position:0% him a big round of applause wow thank 00:25:04.919 --> 00:25:07.269 align:start position:0% him a big round of applause wow thank you<00:25:05.399> and<00:25:05.520> I<00:25:05.640> think<00:25:05.799> St<00:25:06.200> cor<00:25:06.480> is<00:25:06.640> really<00:25:06.919> taking 00:25:07.269 --> 00:25:07.279 align:start position:0% you and I think St cor is really taking 00:25:07.279 --> 00:25:09.710 align:start position:0% you and I think St cor is really taking the<00:25:07.679> right<00:25:07.799> now<00:25:08.360> as<00:25:08.480> you<00:25:08.600> can<00:25:08.720> see<00:25:08.960> it's<00:25:09.200> full 00:25:09.710 --> 00:25:09.720 align:start position:0% the right now as you can see it's full 00:25:09.720 --> 00:25:12.750 align:start position:0% the right now as you can see it's full house<00:25:10.640> okay<00:25:10.799> let's<00:25:10.960> do<00:25:11.240> Q&A<00:25:12.240> uh<00:25:12.399> do<00:25:12.480> you<00:25:12.640> think 00:25:12.750 --> 00:25:12.760 align:start position:0% house okay let's do Q&A uh do you think 00:25:12.760 --> 00:25:14.070 align:start position:0% house okay let's do Q&A uh do you think we<00:25:12.880> should<00:25:13.039> have<00:25:13.200> spent<00:25:13.480> more<00:25:13.640> time<00:25:13.799> thinking 00:25:14.070 --> 00:25:14.080 align:start position:0% we should have spent more time thinking 00:25:14.080 --> 00:25:16.389 align:start position:0% we should have spent more time thinking about<00:25:14.360> transaction<00:25:15.039> privacy<00:25:15.480> for<00:25:15.840> stable 00:25:16.389 --> 00:25:16.399 align:start position:0% about transaction privacy for stable 00:25:16.399 --> 00:25:18.590 align:start position:0% about transaction privacy for stable before<00:25:16.679> the<00:25:16.840> space<00:25:17.240> grow<00:25:17.520> to<00:25:17.880> yeah<00:25:18.279> this<00:25:18.360> is<00:25:18.440> a 00:25:18.590 --> 00:25:18.600 align:start position:0% before the space grow to yeah this is a 00:25:18.600 --> 00:25:20.590 align:start position:0% before the space grow to yeah this is a really<00:25:18.840> fantastic<00:25:19.440> question<00:25:19.880> I<00:25:19.960> think<00:25:20.399> one 00:25:20.590 --> 00:25:20.600 align:start position:0% really fantastic question I think one 00:25:20.600 --> 00:25:21.950 align:start position:0% really fantastic question I think one way<00:25:20.720> of<00:25:20.840> thinking<00:25:21.039> about<00:25:21.240> ethereum<00:25:21.679> is<00:25:21.799> is 00:25:21.950 --> 00:25:21.960 align:start position:0% way of thinking about ethereum is is 00:25:21.960 --> 00:25:23.389 align:start position:0% way of thinking about ethereum is is kind<00:25:22.080> of<00:25:22.200> somewhat<00:25:22.559> a<00:25:22.640> bit<00:25:22.799> torant<00:25:23.200> in<00:25:23.279> the 00:25:23.389 --> 00:25:23.399 align:start position:0% kind of somewhat a bit torant in the 00:25:23.399 --> 00:25:24.870 align:start position:0% kind of somewhat a bit torant in the sense<00:25:23.640> that<00:25:23.760> it's<00:25:23.919> the<00:25:24.080> alternative<00:25:24.679> thing 00:25:24.870 --> 00:25:24.880 align:start position:0% sense that it's the alternative thing 00:25:24.880 --> 00:25:27.149 align:start position:0% sense that it's the alternative thing that<00:25:25.039> you<00:25:25.200> could<00:25:25.480> use<00:25:26.200> if<00:25:26.520> uh<00:25:26.799> if<00:25:26.880> you<00:25:27.000> didn't 00:25:27.149 --> 00:25:27.159 align:start position:0% that you could use if uh if you didn't 00:25:27.159 --> 00:25:28.789 align:start position:0% that you could use if uh if you didn't want<00:25:27.279> to<00:25:27.399> use<00:25:27.600> whatever<00:25:27.840> else<00:25:28.039> aside<00:25:28.600> gives 00:25:28.789 --> 00:25:28.799 align:start position:0% want to use whatever else aside gives 00:25:28.799 --> 00:25:30.990 align:start position:0% want to use whatever else aside gives you<00:25:29.240> and<00:25:29.360> I<00:25:29.520> think<00:25:29.840> that<00:25:30.320> this<00:25:30.399> is<00:25:30.559> the<00:25:30.760> kind<00:25:30.880> of 00:25:30.990 --> 00:25:31.000 align:start position:0% you and I think that this is the kind of 00:25:31.000 --> 00:25:32.990 align:start position:0% you and I think that this is the kind of a<00:25:31.120> feature<00:25:31.440> that<00:25:31.559> ethereum<00:25:32.159> we<00:25:32.360> we<00:25:32.520> believe<00:25:32.760> in 00:25:32.990 --> 00:25:33.000 align:start position:0% a feature that ethereum we we believe in 00:25:33.000 --> 00:25:34.549 align:start position:0% a feature that ethereum we we believe in right<00:25:33.120> it's<00:25:33.279> kind<00:25:33.360> of<00:25:33.600> part<00:25:33.760> of<00:25:33.840> the<00:25:33.960> cyer<00:25:34.279> punk 00:25:34.549 --> 00:25:34.559 align:start position:0% right it's kind of part of the cyer punk 00:25:34.559 --> 00:25:37.350 align:start position:0% right it's kind of part of the cyer punk e<00:25:34.799> ethos<00:25:35.679> we<00:25:35.840> should<00:25:36.320> embed<00:25:36.640> it<00:25:37.000> right<00:25:37.159> there's 00:25:37.350 --> 00:25:37.360 align:start position:0% e ethos we should embed it right there's 00:25:37.360 --> 00:25:38.750 align:start position:0% e ethos we should embed it right there's there's<00:25:37.480> a<00:25:37.640> counterfactual<00:25:38.279> version<00:25:38.520> of<00:25:38.640> the 00:25:38.750 --> 00:25:38.760 align:start position:0% there's a counterfactual version of the 00:25:38.760 --> 00:25:41.190 align:start position:0% there's a counterfactual version of the world<00:25:39.159> where<00:25:39.600> we<00:25:39.760> don't<00:25:40.000> have<00:25:40.240> privacy<00:25:41.080> you 00:25:41.190 --> 00:25:41.200 align:start position:0% world where we don't have privacy you 00:25:41.200 --> 00:25:43.149 align:start position:0% world where we don't have privacy you know<00:25:41.320> this<00:25:41.480> technology<00:25:41.919> goes<00:25:42.159> mainstream<00:25:42.919> and 00:25:43.149 --> 00:25:43.159 align:start position:0% know this technology goes mainstream and 00:25:43.159 --> 00:25:45.669 align:start position:0% know this technology goes mainstream and privacy<00:25:43.640> just<00:25:44.080> wasn't<00:25:44.440> implemented<00:25:44.919> in<00:25:45.120> time 00:25:45.669 --> 00:25:45.679 align:start position:0% privacy just wasn't implemented in time 00:25:45.679 --> 00:25:47.710 align:start position:0% privacy just wasn't implemented in time and<00:25:45.799> we've<00:25:46.000> almost<00:25:46.279> normalized<00:25:47.039> this<00:25:47.320> so<00:25:47.520> it's 00:25:47.710 --> 00:25:47.720 align:start position:0% and we've almost normalized this so it's 00:25:47.720 --> 00:25:49.470 align:start position:0% and we've almost normalized this so it's actually<00:25:48.240> a<00:25:48.399> good<00:25:48.600> thing<00:25:48.760> for<00:25:48.960> ethereum<00:25:49.360> to 00:25:49.470 --> 00:25:49.480 align:start position:0% actually a good thing for ethereum to 00:25:49.480 --> 00:25:50.789 align:start position:0% actually a good thing for ethereum to think<00:25:49.600> about<00:25:49.799> is<00:25:50.000> how<00:25:50.080> do<00:25:50.200> we<00:25:50.360> make<00:25:50.480> sure<00:25:50.679> that 00:25:50.789 --> 00:25:50.799 align:start position:0% think about is how do we make sure that 00:25:50.799 --> 00:25:52.750 align:start position:0% think about is how do we make sure that we<00:25:50.960> codify<00:25:51.559> into<00:25:51.799> the<00:25:51.919> protocol<00:25:52.440> the<00:25:52.600> things 00:25:52.750 --> 00:25:52.760 align:start position:0% we codify into the protocol the things 00:25:52.760 --> 00:25:54.870 align:start position:0% we codify into the protocol the things that<00:25:52.960> really<00:25:53.200> must<00:25:53.440> be<00:25:53.679> there<00:25:54.200> such<00:25:54.440> that<00:25:54.600> in<00:25:54.720> a 00:25:54.870 --> 00:25:54.880 align:start position:0% that really must be there such that in a 00:25:54.880 --> 00:25:56.830 align:start position:0% that really must be there such that in a world<00:25:55.200> where<00:25:55.679> you<00:25:55.799> know<00:25:55.960> technology<00:25:56.520> just 00:25:56.830 --> 00:25:56.840 align:start position:0% world where you know technology just 00:25:56.840 --> 00:25:58.590 align:start position:0% world where you know technology just just<00:25:57.039> lifts<00:25:57.480> off<00:25:57.640> in<00:25:57.760> a<00:25:57.880> way<00:25:58.000> that<00:25:58.360> can't 00:25:58.590 --> 00:25:58.600 align:start position:0% just lifts off in a way that can't 00:25:58.600 --> 00:26:00.669 align:start position:0% just lifts off in a way that can't control<00:25:59.360> the<00:25:59.559> key<00:25:59.760> things<00:26:00.000> we<00:26:00.200> really<00:26:00.399> need<00:26:00.559> to 00:26:00.669 --> 00:26:00.679 align:start position:0% control the key things we really need to 00:26:00.679 --> 00:26:02.110 align:start position:0% control the key things we really need to be<00:26:00.840> there<00:26:01.000> are<00:26:01.159> actually<00:26:01.360> in<00:26:01.480> the<00:26:01.600> protocol<00:26:02.000> so 00:26:02.110 --> 00:26:02.120 align:start position:0% be there are actually in the protocol so 00:26:02.120 --> 00:26:03.590 align:start position:0% be there are actually in the protocol so yeah<00:26:02.240> I<00:26:02.320> think<00:26:02.480> privacy<00:26:02.919> really<00:26:03.080> needs<00:26:03.279> to<00:26:03.399> be 00:26:03.590 --> 00:26:03.600 align:start position:0% yeah I think privacy really needs to be 00:26:03.600 --> 00:26:05.630 align:start position:0% yeah I think privacy really needs to be emphasized<00:26:04.120> very<00:26:04.320> highly<00:26:04.840> at<00:26:04.960> the<00:26:05.039> evm<00:26:05.399> layer 00:26:05.630 --> 00:26:05.640 align:start position:0% emphasized very highly at the evm layer 00:26:05.640 --> 00:26:07.789 align:start position:0% emphasized very highly at the evm layer for<00:26:05.760> sure<00:26:06.279> okay<00:26:06.960> and<00:26:07.159> what's<00:26:07.320> your<00:26:07.520> opinion 00:26:07.789 --> 00:26:07.799 align:start position:0% for sure okay and what's your opinion 00:26:07.799 --> 00:26:09.710 align:start position:0% for sure okay and what's your opinion about<00:26:08.080> why<00:26:08.240> wouldn't<00:26:08.600> government<00:26:09.039> just<00:26:09.279> Crush 00:26:09.710 --> 00:26:09.720 align:start position:0% about why wouldn't government just Crush 00:26:09.720 --> 00:26:12.149 align:start position:0% about why wouldn't government just Crush third<00:26:09.960> party<00:26:10.200> stable<00:26:10.559> and<00:26:10.720> enforce<00:26:11.240> cbdc<00:26:11.840> in 00:26:12.149 --> 00:26:12.159 align:start position:0% third party stable and enforce cbdc in 00:26:12.159 --> 00:26:13.389 align:start position:0% third party stable and enforce cbdc in yeah<00:26:12.240> I<00:26:12.320> think<00:26:12.440> the<00:26:12.520> bull<00:26:12.840> case<00:26:12.960> for<00:26:13.159> this<00:26:13.279> is 00:26:13.389 --> 00:26:13.399 align:start position:0% yeah I think the bull case for this is 00:26:13.399 --> 00:26:15.710 align:start position:0% yeah I think the bull case for this is that<00:26:13.520> ethereum<00:26:13.919> is<00:26:14.039> credible<00:26:14.799> NE<00:26:15.320> incredibly 00:26:15.710 --> 00:26:15.720 align:start position:0% that ethereum is credible NE incredibly 00:26:15.720 --> 00:26:17.590 align:start position:0% that ethereum is credible NE incredibly neutral<00:26:16.080> block<00:26:16.360> space<00:26:16.799> right<00:26:17.240> it's<00:26:17.399> kind<00:26:17.480> of 00:26:17.590 --> 00:26:17.600 align:start position:0% neutral block space right it's kind of 00:26:17.600 --> 00:26:19.510 align:start position:0% neutral block space right it's kind of like<00:26:17.799> is<00:26:17.880> it<00:26:18.360> is<00:26:18.440> it<00:26:18.600> really<00:26:18.960> possible<00:26:19.240> to<00:26:19.399> get 00:26:19.510 --> 00:26:19.520 align:start position:0% like is it is it really possible to get 00:26:19.520 --> 00:26:20.990 align:start position:0% like is it is it really possible to get a<00:26:19.600> bunch<00:26:19.799> of<00:26:19.880> different<00:26:20.080> government<00:26:20.480> entities 00:26:20.990 --> 00:26:21.000 align:start position:0% a bunch of different government entities 00:26:21.000 --> 00:26:22.470 align:start position:0% a bunch of different government entities all<00:26:21.159> to<00:26:21.360> collaborate<00:26:21.799> on<00:26:21.960> launching<00:26:22.360> some 00:26:22.470 --> 00:26:22.480 align:start position:0% all to collaborate on launching some 00:26:22.480 --> 00:26:24.510 align:start position:0% all to collaborate on launching some sort<00:26:22.640> of<00:26:22.760> a<00:26:22.840> chain<00:26:23.159> that<00:26:23.320> has<00:26:23.600> this<00:26:23.840> level<00:26:24.080> of 00:26:24.510 --> 00:26:24.520 align:start position:0% sort of a chain that has this level of 00:26:24.520 --> 00:26:26.789 align:start position:0% sort of a chain that has this level of liquidity<00:26:25.520> um<00:26:26.080> and<00:26:26.279> this<00:26:26.480> level<00:26:26.679> of 00:26:26.789 --> 00:26:26.799 align:start position:0% liquidity um and this level of 00:26:26.799 --> 00:26:28.389 align:start position:0% liquidity um and this level of interoperability<00:26:27.520> across<00:26:27.840> the<00:26:27.960> world 00:26:28.389 --> 00:26:28.399 align:start position:0% interoperability across the world 00:26:28.399 --> 00:26:29.909 align:start position:0% interoperability across the world banking<00:26:28.640> systems<00:26:29.080> like<00:26:29.200> it<00:26:29.360> might<00:26:29.520> not<00:26:29.760> be 00:26:29.909 --> 00:26:29.919 align:start position:0% banking systems like it might not be 00:26:29.919 --> 00:26:32.950 align:start position:0% banking systems like it might not be actually<00:26:30.159> be<00:26:30.440> possible<00:26:31.440> um<00:26:32.200> so<00:26:32.600> I<00:26:32.679> think<00:26:32.840> the 00:26:32.950 --> 00:26:32.960 align:start position:0% actually be possible um so I think the 00:26:32.960 --> 00:26:34.310 align:start position:0% actually be possible um so I think the fact<00:26:33.120> that<00:26:33.240> ethereum<00:26:33.559> is<00:26:33.679> credibly<00:26:34.000> neutral 00:26:34.310 --> 00:26:34.320 align:start position:0% fact that ethereum is credibly neutral 00:26:34.320 --> 00:26:35.789 align:start position:0% fact that ethereum is credibly neutral means<00:26:34.559> that<00:26:34.720> people<00:26:34.919> want<00:26:35.039> to<00:26:35.159> integrate<00:26:35.600> with 00:26:35.789 --> 00:26:35.799 align:start position:0% means that people want to integrate with 00:26:35.799 --> 00:26:38.190 align:start position:0% means that people want to integrate with that<00:26:36.600> uh<00:26:36.799> and<00:26:37.039> and<00:26:37.240> it<00:26:37.399> becomes<00:26:37.840> the<00:26:38.000> thing 00:26:38.190 --> 00:26:38.200 align:start position:0% that uh and and it becomes the thing 00:26:38.200 --> 00:26:39.789 align:start position:0% that uh and and it becomes the thing that<00:26:38.559> governments<00:26:39.120> themselves<00:26:39.399> integrate 00:26:39.789 --> 00:26:39.799 align:start position:0% that governments themselves integrate 00:26:39.799 --> 00:26:42.870 align:start position:0% that governments themselves integrate with<00:26:39.960> even<00:26:40.120> if<00:26:40.200> they<00:26:40.320> do<00:26:40.440> a<00:26:40.919> cbdc<00:26:41.919> okay<00:26:42.640> next 00:26:42.870 --> 00:26:42.880 align:start position:0% with even if they do a cbdc okay next 00:26:42.880 --> 00:26:44.470 align:start position:0% with even if they do a cbdc okay next one<00:26:43.120> uh<00:26:43.240> do<00:26:43.320> you<00:26:43.440> think<00:26:43.640> there's<00:26:43.919> demand<00:26:44.320> for 00:26:44.470 --> 00:26:44.480 align:start position:0% one uh do you think there's demand for 00:26:44.480 --> 00:26:46.870 align:start position:0% one uh do you think there's demand for non<00:26:44.720> USD<00:26:45.120> stable<00:26:45.480> coin<00:26:46.279> what<00:26:46.440> do<00:26:46.520> you<00:26:46.640> think 00:26:46.870 --> 00:26:46.880 align:start position:0% non USD stable coin what do you think 00:26:46.880 --> 00:26:48.149 align:start position:0% non USD stable coin what do you think what<00:26:47.000> about<00:26:47.159> it<00:26:47.440> yeah<00:26:47.559> what<00:26:47.640> do<00:26:47.720> you<00:26:47.799> think 00:26:48.149 --> 00:26:48.159 align:start position:0% what about it yeah what do you think 00:26:48.159 --> 00:26:50.389 align:start position:0% what about it yeah what do you think yeah<00:26:48.320> I<00:26:48.440> think<00:26:48.760> my<00:26:49.120> take<00:26:49.320> on<00:26:49.480> non-usd<00:26:50.080> stable 00:26:50.389 --> 00:26:50.399 align:start position:0% yeah I think my take on non-usd stable 00:26:50.399 --> 00:26:53.789 align:start position:0% yeah I think my take on non-usd stable coins<00:26:50.880> is<00:26:51.159> that<00:26:52.039> um<00:26:52.919> it's<00:26:53.200> probably<00:26:53.559> going<00:26:53.679> to 00:26:53.789 --> 00:26:53.799 align:start position:0% coins is that um it's probably going to 00:26:53.799 --> 00:26:56.789 align:start position:0% coins is that um it's probably going to be<00:26:53.960> the<00:26:54.159> case<00:26:54.600> that<00:26:55.120> uh<00:26:55.320> government<00:26:56.120> entities 00:26:56.789 --> 00:26:56.799 align:start position:0% be the case that uh government entities 00:26:56.799 --> 00:26:58.549 align:start position:0% be the case that uh government entities are<00:26:56.960> going<00:26:57.039> to<00:26:57.200> want<00:26:57.360> to<00:26:57.600> prioritize<00:26:58.360> their 00:26:58.549 --> 00:26:58.559 align:start position:0% are going to want to prioritize their 00:26:58.559 --> 00:27:01.230 align:start position:0% are going to want to prioritize their local<00:26:59.039> currency<00:27:00.039> in<00:27:00.200> a<00:27:00.360> world<00:27:00.640> where<00:27:00.840> stable 00:27:01.230 --> 00:27:01.240 align:start position:0% local currency in a world where stable 00:27:01.240 --> 00:27:04.510 align:start position:0% local currency in a world where stable coins<00:27:01.880> do<00:27:02.159> take<00:27:02.360> off<00:27:02.640> anyway<00:27:03.640> but<00:27:04.200> it's<00:27:04.399> kind 00:27:04.510 --> 00:27:04.520 align:start position:0% coins do take off anyway but it's kind 00:27:04.520 --> 00:27:06.070 align:start position:0% coins do take off anyway but it's kind of<00:27:04.679> like<00:27:04.799> I<00:27:04.880> said<00:27:05.039> with<00:27:05.120> a<00:27:05.240> bit<00:27:05.399> torned<00:27:05.760> example 00:27:06.070 --> 00:27:06.080 align:start position:0% of like I said with a bit torned example 00:27:06.080 --> 00:27:07.669 align:start position:0% of like I said with a bit torned example it's<00:27:06.360> it's<00:27:06.480> the<00:27:06.600> alternative<00:27:07.120> you<00:27:07.279> could<00:27:07.480> go 00:27:07.669 --> 00:27:07.679 align:start position:0% it's it's the alternative you could go 00:27:07.679 --> 00:27:09.750 align:start position:0% it's it's the alternative you could go to<00:27:08.200> so<00:27:08.399> if<00:27:08.520> it's<00:27:08.720> always<00:27:09.080> possible<00:27:09.399> to<00:27:09.520> just<00:27:09.640> go 00:27:09.750 --> 00:27:09.760 align:start position:0% to so if it's always possible to just go 00:27:09.760 --> 00:27:11.149 align:start position:0% to so if it's always possible to just go to<00:27:09.880> your<00:27:10.039> laptop<00:27:10.440> and<00:27:10.600> effectively<00:27:11.000> get 00:27:11.149 --> 00:27:11.159 align:start position:0% to your laptop and effectively get 00:27:11.159 --> 00:27:13.190 align:start position:0% to your laptop and effectively get access<00:27:11.360> to<00:27:11.480> the<00:27:11.559> US<00:27:11.880> dollar<00:27:12.559> then<00:27:12.720> you're<00:27:12.880> not 00:27:13.190 --> 00:27:13.200 align:start position:0% access to the US dollar then you're not 00:27:13.200 --> 00:27:15.230 align:start position:0% access to the US dollar then you're not in<00:27:13.399> in<00:27:13.520> your<00:27:13.720> government's<00:27:14.200> currency<00:27:14.600> sucks 00:27:15.230 --> 00:27:15.240 align:start position:0% in in your government's currency sucks 00:27:15.240 --> 00:27:16.470 align:start position:0% in in your government's currency sucks you're<00:27:15.480> probably<00:27:15.679> just<00:27:15.799> going<00:27:15.919> to<00:27:16.039> go<00:27:16.200> get<00:27:16.360> the 00:27:16.470 --> 00:27:16.480 align:start position:0% you're probably just going to go get the 00:27:16.480 --> 00:27:18.190 align:start position:0% you're probably just going to go get the US<00:27:16.799> dollar<00:27:17.200> but<00:27:17.480> if<00:27:17.600> it's<00:27:17.760> the<00:27:17.880> case<00:27:18.000> that<00:27:18.080> your 00:27:18.190 --> 00:27:18.200 align:start position:0% US dollar but if it's the case that your 00:27:18.200 --> 00:27:19.149 align:start position:0% US dollar but if it's the case that your government's<00:27:18.520> currency<00:27:18.840> actually<00:27:19.039> is 00:27:19.149 --> 00:27:19.159 align:start position:0% government's currency actually is 00:27:19.159 --> 00:27:21.110 align:start position:0% government's currency actually is reasonably<00:27:19.640> well-run<00:27:20.480> like<00:27:20.600> in<00:27:20.720> the<00:27:20.840> case<00:27:20.960> of 00:27:21.110 --> 00:27:21.120 align:start position:0% reasonably well-run like in the case of 00:27:21.120 --> 00:27:23.070 align:start position:0% reasonably well-run like in the case of maybe<00:27:21.320> in<00:27:21.399> Euro<00:27:21.760> people<00:27:22.279> prefer<00:27:22.640> the<00:27:22.799> Euro 00:27:23.070 --> 00:27:23.080 align:start position:0% maybe in Euro people prefer the Euro 00:27:23.080 --> 00:27:25.149 align:start position:0% maybe in Euro people prefer the Euro over<00:27:23.320> the<00:27:23.440> dollar<00:27:24.200> then<00:27:24.640> maybe<00:27:24.880> people<00:27:25.039> will 00:27:25.149 --> 00:27:25.159 align:start position:0% over the dollar then maybe people will 00:27:25.159 --> 00:27:26.990 align:start position:0% over the dollar then maybe people will use<00:27:25.360> Euro<00:27:25.640> stable<00:27:26.000> coins<00:27:26.320> there<00:27:26.559> in<00:27:26.679> a<00:27:26.799> world 00:27:26.990 --> 00:27:27.000 align:start position:0% use Euro stable coins there in a world 00:27:27.000 --> 00:27:28.870 align:start position:0% use Euro stable coins there in a world where<00:27:27.120> this<00:27:27.279> stuff<00:27:27.440> takes<00:27:27.679> off<00:27:27.919> so<00:27:28.559> the<00:27:28.720> good 00:27:28.870 --> 00:27:28.880 align:start position:0% where this stuff takes off so the good 00:27:28.880 --> 00:27:30.510 align:start position:0% where this stuff takes off so the good thing<00:27:29.080> about<00:27:29.320> this<00:27:29.480> technology<00:27:29.919> is<00:27:30.000> it<00:27:30.159> raises 00:27:30.510 --> 00:27:30.520 align:start position:0% thing about this technology is it raises 00:27:30.520 --> 00:27:32.870 align:start position:0% thing about this technology is it raises the<00:27:30.679> bar<00:27:31.279> of<00:27:31.559> the<00:27:31.760> credible<00:27:32.159> alternative<00:27:32.720> you 00:27:32.870 --> 00:27:32.880 align:start position:0% the bar of the credible alternative you 00:27:32.880 --> 00:27:35.630 align:start position:0% the bar of the credible alternative you could<00:27:33.159> use<00:27:34.159> uh<00:27:34.279> if<00:27:34.399> your<00:27:34.640> if<00:27:34.760> your<00:27:35.000> local<00:27:35.520> kind 00:27:35.630 --> 00:27:35.640 align:start position:0% could use uh if your if your local kind 00:27:35.640 --> 00:27:37.149 align:start position:0% could use uh if your if your local kind of<00:27:35.720> more<00:27:35.880> centralized<00:27:36.440> version<00:27:36.679> isn't<00:27:36.960> that 00:27:37.149 --> 00:27:37.159 align:start position:0% of more centralized version isn't that 00:27:37.159 --> 00:27:39.430 align:start position:0% of more centralized version isn't that great<00:27:38.080> okay<00:27:38.279> I<00:27:38.360> think<00:27:38.480> we<00:27:38.600> got<00:27:38.720> 40<00:27:39.039> seconds 00:27:39.430 --> 00:27:39.440 align:start position:0% great okay I think we got 40 seconds 00:27:39.440 --> 00:27:41.789 align:start position:0% great okay I think we got 40 seconds left<00:27:40.039> um<00:27:40.720> what<00:27:40.880> are<00:27:41.039> the<00:27:41.159> most<00:27:41.399> promising 00:27:41.789 --> 00:27:41.799 align:start position:0% left um what are the most promising 00:27:41.799 --> 00:27:43.190 align:start position:0% left um what are the most promising decentralized<00:27:42.399> stable<00:27:42.679> coin<00:27:42.919> in<00:27:43.039> your 00:27:43.190 --> 00:27:43.200 align:start position:0% decentralized stable coin in your 00:27:43.200 --> 00:27:44.990 align:start position:0% decentralized stable coin in your opinion<00:27:43.640> crypto<00:27:43.960> wasn't<00:27:44.159> mean<00:27:44.360> to<00:27:44.440> be<00:27:44.559> secured 00:27:44.990 --> 00:27:45.000 align:start position:0% opinion crypto wasn't mean to be secured 00:27:45.000 --> 00:27:47.590 align:start position:0% opinion crypto wasn't mean to be secured by<00:27:45.120> a<00:27:45.200> company's<00:27:45.640> bang<00:27:46.080> account<00:27:47.080> yeah<00:27:47.279> this<00:27:47.399> is 00:27:47.590 --> 00:27:47.600 align:start position:0% by a company's bang account yeah this is 00:27:47.600 --> 00:27:49.870 align:start position:0% by a company's bang account yeah this is I<00:27:47.640> mean<00:27:47.799> this<00:27:47.880> is<00:27:48.000> a<00:27:48.200> good<00:27:48.399> question<00:27:49.240> um<00:27:49.799> I 00:27:49.870 --> 00:27:49.880 align:start position:0% I mean this is a good question um I 00:27:49.880 --> 00:27:51.470 align:start position:0% I mean this is a good question um I don't<00:27:50.000> know<00:27:50.200> I've<00:27:50.320> been<00:27:50.480> a<00:27:50.559> fan<00:27:50.760> of<00:27:50.919> D<00:27:51.279> since 00:27:51.470 --> 00:27:51.480 align:start position:0% don't know I've been a fan of D since 00:27:51.480 --> 00:27:54.389 align:start position:0% don't know I've been a fan of D since the<00:27:51.640> beginning<00:27:52.519> um<00:27:53.320> I<00:27:53.440> think<00:27:53.760> that<00:27:54.200> I<00:27:54.279> think 00:27:54.389 --> 00:27:54.399 align:start position:0% the beginning um I think that I think 00:27:54.399 --> 00:27:56.389 align:start position:0% the beginning um I think that I think sky<00:27:54.720> is<00:27:54.799> a<00:27:54.919> great<00:27:55.080> protocol<00:27:55.600> I<00:27:55.720> I<00:27:55.840> use<00:27:56.000> Sky<00:27:56.320> a 00:27:56.389 --> 00:27:56.399 align:start position:0% sky is a great protocol I I use Sky a 00:27:56.399 --> 00:27:58.710 align:start position:0% sky is a great protocol I I use Sky a lot<00:27:57.240> um<00:27:57.559> but<00:27:57.760> I<00:27:57.919> I<00:27:58.159> I<00:27:58.279> know<00:27:58.399> where<00:27:58.519> this<00:27:58.600> is 00:27:58.710 --> 00:27:58.720 align:start position:0% lot um but I I I know where this is 00:27:58.720 --> 00:28:00.029 align:start position:0% lot um but I I I know where this is going<00:27:58.799> to<00:27:58.960> go<00:27:59.120> honestly<00:27:59.440> the<00:27:59.559> hard<00:27:59.720> part<00:27:59.880> about 00:28:00.029 --> 00:28:00.039 align:start position:0% going to go honestly the hard part about 00:28:00.039 --> 00:28:01.750 align:start position:0% going to go honestly the hard part about the<00:28:00.200> centralized<00:28:00.640> stable<00:28:00.960> coins<00:28:01.279> is<00:28:01.480> that 00:28:01.750 --> 00:28:01.760 align:start position:0% the centralized stable coins is that 00:28:01.760 --> 00:28:03.710 align:start position:0% the centralized stable coins is that they're<00:28:02.320> fundamentally<00:28:02.919> it's<00:28:03.159> way<00:28:03.320> harder<00:28:03.600> to 00:28:03.710 --> 00:28:03.720 align:start position:0% they're fundamentally it's way harder to 00:28:03.720 --> 00:28:05.110 align:start position:0% they're fundamentally it's way harder to build<00:28:03.960> one<00:28:04.039> of<00:28:04.200> those<00:28:04.399> than<00:28:04.519> it<00:28:04.640> is<00:28:04.720> to<00:28:04.840> build<00:28:05.000> a 00:28:05.110 --> 00:28:05.120 align:start position:0% build one of those than it is to build a 00:28:05.120 --> 00:28:07.470 align:start position:0% build one of those than it is to build a centrally<00:28:05.519> issued<00:28:05.840> one<00:28:06.720> um<00:28:07.080> I<00:28:07.159> think<00:28:07.320> that 00:28:07.470 --> 00:28:07.480 align:start position:0% centrally issued one um I think that 00:28:07.480 --> 00:28:08.750 align:start position:0% centrally issued one um I think that this<00:28:07.640> industry<00:28:08.000> would<00:28:08.200> have<00:28:08.279> to<00:28:08.440> kind<00:28:08.559> of 00:28:08.750 --> 00:28:08.760 align:start position:0% this industry would have to kind of 00:28:08.760 --> 00:28:11.269 align:start position:0% this industry would have to kind of espouse<00:28:09.440> like<00:28:09.600> its<00:28:09.840> values<00:28:10.320> on<00:28:10.559> stable<00:28:11.000> coins 00:28:11.269 --> 00:28:11.279 align:start position:0% espouse like its values on stable coins 00:28:11.279 --> 00:28:13.630 align:start position:0% espouse like its values on stable coins and<00:28:11.399> we'd<00:28:11.559> have<00:28:11.679> to<00:28:11.799> all<00:28:12.080> agree<00:28:12.799> that<00:28:13.039> the<00:28:13.320> the 00:28:13.630 --> 00:28:13.640 align:start position:0% and we'd have to all agree that the the 00:28:13.640 --> 00:28:15.789 align:start position:0% and we'd have to all agree that the the the<00:28:13.760> denomination<00:28:14.399> on<00:28:14.600> like<00:28:14.760> dex's<00:28:15.559> instead 00:28:15.789 --> 00:28:15.799 align:start position:0% the denomination on like dex's instead 00:28:15.799 --> 00:28:17.950 align:start position:0% the denomination on like dex's instead of<00:28:15.880> it<00:28:15.960> being<00:28:16.120> usdc<00:28:16.600> or<00:28:16.720> usdt<00:28:17.240> it<00:28:17.440> should<00:28:17.720> be 00:28:17.950 --> 00:28:17.960 align:start position:0% of it being usdc or usdt it should be 00:28:17.960 --> 00:28:19.990 align:start position:0% of it being usdc or usdt it should be die<00:28:18.960> um<00:28:19.080> but<00:28:19.200> that's<00:28:19.360> going<00:28:19.480> to<00:28:19.559> take<00:28:19.679> a<00:28:19.760> lot<00:28:19.880> of 00:28:19.990 --> 00:28:20.000 align:start position:0% die um but that's going to take a lot of 00:28:20.000 --> 00:28:22.669 align:start position:0% die um but that's going to take a lot of political<00:28:20.480> willpower<00:28:21.480> I<00:28:21.600> think<00:28:22.279> all<00:28:22.480> right 00:28:22.669 --> 00:28:22.679 align:start position:0% political willpower I think all right 00:28:22.679 --> 00:28:26.389 align:start position:0% political willpower I think all right ladies<00:28:22.919> and<00:28:23.120> gentlemen<00:28:23.559> Liam<00:28:24.000> horn<00:28:25.000> thank<00:28:25.399> you 00:28:26.389 --> 00:28:26.399 align:start position:0% ladies and gentlemen Liam horn thank you 00:28:26.399 --> 00:28:28.389 align:start position:0% ladies and gentlemen Liam horn thank you thank<00:28:26.559> you<00:28:26.679> for<00:28:26.880> your<00:28:27.120> inspiration<00:28:27.720> and<00:28:28.159> side 00:28:28.389 --> 00:28:28.399 align:start position:0% thank you for your inspiration and side 00:28:28.399 --> 00:28:31.559 align:start position:0% thank you for your inspiration and side talk<00:28:28.600> about<00:28:28.799> stoc<00:28:29.279> C